Enanta Pharmaceuticals Inc (ENTA)

[mouton29]

I’d also point out that the $200 of debt isn’t $200 anymore, its been partially paid down. The 6/30/2024 Q says the balance as of 6/30/2024 is $174 million. See page 12 of https://www.sec.gov/Archives/edgar/data/1177648/000095017024092714/enta-20240630.htm

If you believe that 54.5 percent of the royalty stream is worth at least $174 as of 6/30, the remaining unemcumbered 45.5 is worth at least $145.