Enanta Pharmaceuticals Inc (ENTA)

[DewDiligence]

ENTA’s pro forma net cash @9/30/23=$200.6M—treating ENTA’s deferred-royalty obligations as debt (as is done under GAAP [#msg-172603887]—but see note at bottom of this post). The $200.6M figure, which is down $20.6M relative to 6/30/23, consists of:

• $360.0M net current assets on the 9/30/22 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001177648/000095017023065884/enta-20230930.htm#consolidated_balance_sheets );

• ($159.4M) deferred long-term liabilities on the 9/30/23 balance sheet relating to the OMERS royalty agreement. ($35.1M of liabilities relating to the OMERS agreement are booked as current liabilities and hence are included in the $360.0M figure in the first bulleted item.)

Note: Excluding the “debt” associated with the OMERS royalty agreement, ENTA’s pro forma net cash at 9/30/23 was $394.1M ($200.6M + $159.4M + $35.1M).