Enanta Pharmaceuticals Inc (ENTA)

[dewophile]

Thx DD
The other SEC filing out today is the 10K:

https://ir.enanta.com/sec-filings/sec-filing/10-q/0000950170-25-018810

The costs in our immunology programs increased by $2.5 million primarily due to the scale-up and IND-enabling activities related to our KIT program and the initiation of preclinical studies for our STAT6 program.

Other Programs

Other program costs decreased by $2.2 million primarily due to the completion of the discovery and optimization activities related to our STAT6 program.

So while the company talks about scale up and ind enabling activities for kit as a 2025 event, it definitely started in earnest last quarter (no surprise). what is a bit unclear to me is they are most definitely in the discovery and optimization phase for stat6, yet in the 10k they say this is at "completion". I think they mean the costs are shifted from "early discovery" to the new stat 6 line item, but it is also possible they are further along and sandbagging a bit.
The big drop in early discovery program costs which is most of the 2,2M cited suggests to me they are probably winding down very early discovery, and perhaps the 3rd immunology program to be announced later this year may be the last. No complaints here I mean 4.4M in the same quarter last year on other early discovery might not sound like much, but at a 100M MC cutting down on this 18M annual burn is welcome news