Enanta Pharmaceuticals Reports Q2 2024 Financial Results and Updates on RSV and CSU Clinical Programs

Enanta Pharmaceuticals, Inc., a clinical-stage biotechnology company focused on developing small molecule drugs for virology and immunology, reported its financial results for the fiscal second quarter ended March 31, 2024. The company is dedicated to advancing treatments for respiratory syncytial virus (RSV) and chronic spontaneous urticaria (CSU), with significant progress in both areas.

Enanta's financial results revealed total revenue of $17.1 million for the second quarter, primarily from royalty revenue on AbbVie’s hepatitis C virus (HCV) regimen MAVYRET®/MAVIRET®. This figure was slightly lower compared to the previous year's $17.8 million. A portion of these royalties is paid to OMERS, Canada’s pension plan, following a royalty sale transaction. This transaction led to a $200 million upfront payment being recorded as a liability, with 54.5% of cash royalty payments being paid to OMERS until a cap is reached.

Research and development (R&D) expenses for the quarter were reported at $35.6 million, a decrease from $43.5 million in the previous year. This reduction was largely due to decreased costs in Enanta’s COVID-19 program, following a strategic shift to pursue future efforts in collaboration. However, there were increased costs associated with Enanta’s RSV and new immunology programs. General and administrative expenses rose to $14.2 million, driven by increased legal expenses related to a patent infringement lawsuit against Pfizer.

Enanta reported a net loss of $31.2 million for the quarter, an improvement compared to the $37.7 million net loss in the same period the previous year. The company’s cash, cash equivalents, and short-term marketable securities totaled $300.3 million as of March 31, 2024. This financial position is expected to support Enanta’s operations through the third quarter of fiscal 2027.

In the virology domain, Enanta is making significant strides in its RSV portfolio. Zelicapavir, an oral N-protein inhibitor, is being tested in two Phase 2 clinical trials for high-risk pediatric and adult populations. The RSVPEDs trial, a pediatric study, is nearing completion with final recruitment ongoing. Data from this study are anticipated in the second half of 2024. Meanwhile, the RSVHR trial, targeting high-risk adults, is progressing with further updates expected as the Southern Hemisphere RSV season advances.

Another key RSV program involves EDP-323, an oral L-protein inhibitor. Enanta plans to announce data from a Phase 2a challenge study of EDP-323 in the third quarter of 2024. This study will evaluate the safety, pharmacokinetics, and effects on viral load and symptoms in healthy adults infected with RSV.

In immunology, Enanta is advancing its initial program focused on developing KIT inhibitors to treat CSU, a debilitating inflammatory skin condition characterized by chronic hives. Given the significant unmet need and limited effective oral treatments available, Enanta aims to deliver a leading oral KIT inhibitor therapy. Preclinical optimization of these inhibitors is ongoing, with a development candidate expected to be selected in the fourth quarter of 2024. The company also plans to introduce a second immunology program within the same year.

On the corporate front, Enanta appointed Matthew P. Kowalsky as Chief Legal Officer in April. Kowalsky, with over 20 years of experience in the life sciences industry, will lead Enanta’s legal and compliance activities, bringing expertise in corporate governance, intellectual property, and business development.

Looking ahead, Enanta is preparing for several key events and presentations, including the JMP Securities Life Sciences Conference and the Jefferies Healthcare Conference in May and June 2024, respectively. The company is also set to release its fiscal third quarter financial results on August 5, 2024. 

Enanta Pharmaceuticals continues to leverage its robust drug discovery capabilities to advance its clinical programs in RSV and CSU, while maintaining a strong financial position to support ongoing and future developments.

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