Enanta Pharmaceuticals Inc (ENTA)

[DewDiligence]

ENTA’s pro forma net cash @3/31/24=$148.6M—treating ENTA’s deferred-royalty obligations as debt, as is done under GAAP [#msg-172603887]—but see note at bottom of this post. The $148.5M figure, which is down $27.7M relative to 12/31/23, consists of:

• $296.4M net current assets on the 3/31/24 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001177648/000095017024055581/enta-20240331.htm );

• ($147.8M) deferred long-term liabilities on the 12/31/23 balance sheet relating to the OMERS royalty agreement. ($33.7M of liabilities relating to the OMERS agreement are booked as current liabilities and hence are included in the $296.4M figure in the first bulleted item.)

Note: Excluding the “debt” associated with the OMERS royalty agreement, ENTA’s pro forma net cash at 3/31/24 was $330.1M ($148.6M + $147.8M + $33.7M).