Enanta Pharmaceuticals Inc (ENTA)

[DewDiligence]

ENTA’s pro forma net cash @3/31/25=$227.6M—excluding balance-sheet “debt” relating to ENTA’s deferred-royalty obligations, which is a GAAP artifact rather than an actual debt instrument.*

The $227.6M figure, which declined $24.2M since 12/31/24, consists of the net current assets on the 3/31/25 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001177648/000095017025071340/enta-20250331.htm#consolidated_balance_sheets ) after excluding the $30.7M line under Current Liabilities called, “Liability related to the sale of future royalties.” * (The $227.6M figure does include the $33.8M tax refund ENTA received in April.)

NOTE: My calculation of pro forma net cash is intentionally conservative—i.e. I do not count the cash receivable by the company when existing options are exercised.

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