Enanta Pharmaceuticals Inc (ENTA)

[DewDiligence]

ENTA’s pro forma net cash @9/30/24=$276.8M—excluding balance-sheet “debt” relating to ENTA’s deferred-royalty obligations, which is a GAAP artifact rather than an actual debt instrument.*

The $276.8M figure, which declined $26.3M since 6/30/24, consists of the net current assets on the 9/30/24 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001177648/000095017024131260/enta-20240930.htm page F-4), after excluding the $34.5M line under Current Liabilities called, “Liability related to the sale of future royalties.” * (There were no non-current marketable securities on the 9/30/24 balance sheet).

*The GAAP treatment for ENTA’s deferred-royalty obligations is described in #msg-172603887.