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Agreed. But specifically, how much cash did he just put in? To cover the shares and to cover the tax?
Exercising the options starts the one-year clock for long-term tax treatment of potential capital gains on the exercised shares. The market price on the exercise date becomes the cost basis for the shares resulting from the exercise.
The (unrealized) gain from the difference between the market price on the exercise date and the exercise price of the options is generally taxed immediately as ordinary income. Insiders often pay for this immediate tax liability by forfeiting some shares resulting from the exercise; however, as I noted in this thread Nathaniel Gardiner did not forfeit any shares, so we know he paid the immediate tax liability with cash.
All told, the transaction should be construed as bullish. If the options holder did not confidently expect an increase in the share price, there would be no incentive to exercise the options early and pay the immediate tax liability.
Can you provide more detail into the economics of his transaction?
ENTA’s GC exercised and held $250K of stock on 4/18/23:
https://www.sec.gov/Archives/edgar/data/1177648/000106299323009374/xslF345X04/form4.xml
Nathaniel Gardiner (ENTA’s GC) paid for the tax due on exercising with cash rather than by forfeiting shares.
The options in question did not expire until 2026.
Results from ENTA's phase 2 trial of EDP-235 are due sometime in May. Hopefully we will see some impressive anti-viral activity that will drive a deal in the near future.
Still scooping up ‘discount’ shares?
This ‘news’ release is a complete pump job.
EDP-305
EDP-721
EDP-514
EDP-938
Don’t forget them. Gone…
More preclinical data on EDP-235, EDP-323 @ECCMID:
https://www.businesswire.com/news/home/20230417005226/en
6 year low. Don’t think so.
Looks like Biden's announcement that the government is ending the Covid emergency on May 11 might spooked some people. Sadly, Covid will be here a long time so there will be a continuing need for anti-Covid drugs, which hopefully will include EDP-235.
https://www.cnn.com/2023/04/10/politics/covid-19-national-emergency-end-biden/index.html
Big block sold. What’s going on there? Hmmm
ENTA's anti-RSV drugs EDP-323 gets fast track designation. The tortoise that is ENTA continues its painfully slow march towards success and profit for investors.
https://finance.yahoo.com/news/enanta-pharmaceuticals-receives-fda-fast-110000666.html
Let's review. Jake wrote this asinine comment.
Sure. It’s called seropositivity.
GILD’s Obeldesivir* is an oral prodrug of Remdesivir. Hence, the efficacy of (IV-administered) Remdesivir, which is mediocre at best, would seem to be an upper bound on what GILD can hope Obeldesivir will achieve.
* f/k/a GS-5245.
Hmmmmmm.
Some potential validation?
Deflectors on maximum. Hey self-proclaimed expert, why don't you address your asinine comment? You ACTUALLY wrote the following.
It’s not going to beat placebo. The entire world is seropositive, no one here has addressed this. For prophylaxis, you have to beat placebo. These aren’t controlled animal studies. And they are expensive.
Shionogi's drug is also teratogenic, which may give some people pause about using it.
I really hesitate to talk about Shionogi's covid antiviral, but....
It's once a day and unboosted. That's an improvement over Paxlovid.
But I am wondering just how much better it is when the dosing is reduced to 1 x daily.
By many metrics Paxlovid has been highly successful, but the ritonovoir boosting and twice daily dosing is a serious drawback. I have wondered.... what about the efficacy?
And I wonder the same about Shionogi's covid antiviral Xocova?
The once daily dosing is just that but the Day 1 -1st dose is a triple dose I believe. (375mg and 125mg thereafter)
I think it's a 5 day program and the viral declines *seem* on day six (which is to say after 5 doses) are close, but perhaps nearly undetectable - which I assume is aggregate- some probably were and some not quite. The viral shedding has ceased, but you have to wonder if that could account for rebounds.
Recall, we are seeing, or were seeing rebounds with Paxlovid as relatively common.
My point is IF Enanta were able to come up with a higher efficacy drug we might see a few improvements over existing antivirals;
1) A higher rate of undetectable at treatment end.
2) Fewer rebounds due to a longer period of holding undetectable
3) Same as #2 but possibly true due to EDP-235's greater tissue distribution.
4) The above 3 could impact on results for prophylaxis
5) A higher undetectable rate at end of treatment could mean a reduction in long covid.
6) The FDA is currently exploring long covid treatments as a potential label for antivirals.
We will very soon see the efficacy of EDP-235.
I have inferred a few things above.
From Luly I *think* I have the expectation of a 5 day 5 pill treatment, which suggests they don't need to do a larger loading dose. (we will see)
The results of the prophylaxis results on ferrets (I incorrectly wrote weasels above) slide 24 on the stickied post at forum top) seemed to be highly effective- also suggesting a potent antiviral.
Apologies as this is speculative, and some data on Xocova is a bit harder to come up with, and I am a true base layman with no credentials. : )
With all due respect- baseless and personal attacks won’t be tolerated here.
Shionogi's covid antiviral according to ENTA's CEO provides about a 1 log reduction in viral load. (PFE for Paxlovid is about .8 log.)
Shionogi is starting Phase 3 trials both in prophylaxix and long covid. (It seems that some long covid patients have low/sub low viral loads).
Shionogi had some success- limited but not complete with mammal prophylaxis.
It seems to me if ENTA had 100% success with their prophylaxis trial (phase 1 w/ weasels) it may have a more potent drug, and therefore potentially a best in class and also potentially labeling for those treatments.
This is my speculation. We will soon see.
Covid deaths in the USA (per CDC) are still at 1500/ week and the boosted vaccination rate is 16.5%. 1.1 million have died in the USA.
We still need a covid antiviral and we still need a better one than Paxlovid.
Per Pfizer the need is going to continue for years.
(Shionogi had a great CROI presentation available on file. 30 pages of data called E_CROI_2023_Final2 unsure how to post link
I don’t believe this is correct. So to register an antiviral for SARS-CoV-2 you don’t have to show reductions in viral load? Just wanted to be clear.
I could find some advil in my medicine cabinet that would also not show inferiority to Paxlovid in today’s world.
If EDP-235 advances to phase-3, ENTA will likely seek to show non-inferiority to Paxlovid, which ought to be an achievable goal.
There is no FDA requirement that a COVID drug has to show any particular result for viral load or IVA to get approval.
You guys- you’re missing the forest for the trees.
It’s not the drug. It’s the patient landscape. They will never, ever, ever, get stat sig antiviral endpoints at this time. This is required for FDA approval.
This is why I believe it was a joke from the start. Safety as a primary for dose ranging in this indication at this time is absurd.
And on stat sig, unvax vs. vax: hope they enrolled in a third world country. There is just no chance. Not to mention seropositivity in the unvax pts!
Re: PRDS’ PBI-0451 trial vs ENTA’s EDP-235 trial
Edp 235 will not show clinical or statistical significance. Look at prds pbo arm.
PRDS has nothing else in the pipeline. AVIR has a dengue program and a cockamamie attempt to improve on existing HCV regimens.
Yes, PBI-0450 was not potent, which is why PRDS ran the phase-2 trial at such a high dose.
However, I give PRDS credit for acknowledging failure and terminating the program, unlike what AVIR did after getting a bad phase-2 result in their own COVID program.
PRDS terminates COVID antiviral program—one fewer competitor for ENTA:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171603861
40? Now 38. Look out below
Surprised we hover around $40 with news out in May. Any insights as to why? Thought there would be a build to news at least.
Update—ENTA will not have any SVB losses:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171426798
ENTA’s worst-case SVB exposure is ~$12M:
Based on the 8-K filing in the post I’m replying to—and the reasonable assumption that ENTA’s current balance sheet is essentially unchanged from its 12/31/22 balance sheet—the worst-case scenario is SVB exposure of 0.05 x $241M, or about $12M.
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001177648/000095017023002134/enta-20221231.htm#consolidated_balance_sheets
ENTA Reg-FD disclosure re SVB Bank:
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001177648/000095017023007317/enta-20230310.htm
The HCV-eradication program in_Biden’s_budget allocates $11B over_five_years.
Biden’s proposed budget includes program to eradicate HCV, using Louisiana’s plan as a template:
https://endpts.com/francis-collins-readies-a-biden-push-to-eliminate-hepatitis-c-nationwide
ENTA to present on March 14 and March15 at the International Conference on antiviral research. Abstract 21 is the EDP-235 data in ferrets showing the blocking transmission to others in close quarters, which we had seen. Abstract 523 says EDP-235 has the potential to mitigate viral rebound in Covid 19 patients. I don't recall hearing this before so it may be new data form the phase I trial.
https://finance.yahoo.com/news/enanta-pharmaceuticals-present-data-edp-135100715.html
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