Enanta Pharmaceuticals Inc (ENTA)

[Rocky3]

excluding balance-sheet “debt” relating to ENTA’s deferred-royalty obligations, which is a GAAP artifact rather than an actual debt instrument.*

GAAP artifact? I would still disagree. It has to be paid (out of the receipts from the royalty payments). Shareholder equity is down to $149MM. That is the real number to me (and under GAAP rules). That would change your numbers significantly. And I think most potential or current investors should look at it the same (though it is clear that many, if not most, posters here agree with you and not me).

JMO.