Enanta Pharmaceuticals Inc (ENTA)

[Rocky3]

From Fall 2023:

annual decrease in shareholder equity - down to $216,735K from $321,334K last year. With the decreased expenses projected next year, the reduction should be less, but if the loss from operations is still $80M, instead of $133M, net worth might be ~$135M after 09/24.



Actual number as of 9/24 for shareholder equity was $128,814K. Again, expenses should be lower in next 12 months since at least lawyer fees should be reduced since appeal should cost less than preparing for trial. But by 9/25 shareholder equity will probably be around $50M. With "debt" being non recourse, probably won't have "going concern" issue for a few more quarters after 9/25. But pressure to partner/sell/refinance will mount each and every quarter. And whatever bargaining power they have may disappear.

We are now six months later. Shareholder equity now at $93,538K (less than $5/sh). Expenses have been cut, so 9/25 equity will probably be in $60-65M range, not around $50M. Still needs to partner/sell/refinance soon. It will have spent ~$260M of equity in 3 years with not much to show for it. Would not be surprised if it hits 3s before it hits 7s. Of course any sort of partner/sale could send it to the races (but that has been true for last couple years).