Enanta Pharmaceuticals Inc (ENTA)

[DC15]

I would like to propose a benefit of the doubt for the poor performing stock and attribute the decline in price to an expectation of the masses that the entire market is going to decline.

This poor stock is taking the hit upfront because it is strictly a provider of research and development.

I do not understand the accounting methods for the sale of a portion of the HCV revenue. I do understand the terms of the agreement, I do not understand the accounting practice, i.e., recording it as debt.
Please correct me if I am wrong and I am thankful for any explanation that can be provided.