Enanta Pharmaceuticals Inc (ENTA)

[DewDiligence]

ENTA’s pro forma cash @6/30/23=$221.2M—treating_ENTA’s_deferred-royalty_obligations_as debt (as is done under GAAP [#msg-172603887]—but see note at bottom of this post). The $212.2M figure consists of:

• $380.3M of net current assets on the 6/30/22 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001177648/000095017023039754/enta-20230630.htm#consolidated_balance_sheets );

• $5.9M of marketable securities on the 6/30/23 balance sheet designated as long-term (e.g. bonds with a time to maturity greater than one year) (ibid); and

• ($165.0M) deferred long-term liabilities relating to the Omers royalty agreement. ($36.7M of liabilities relating to the Omers agreement are booked as current liabilities and hence are included in the $380.3M figure in the first bulleted item.)

Note: Excluding the “debt” associated with the Omers royalty agreement, ENTA’s pro forma net cash at 6/30/23 was $422.9M ($221.2M + $165.0M + $36.7M).