Enanta Pharmaceuticals Inc (ENTA)

[dewophile]

sorry to belabor the point, but the raise didn't close until after 9/30, so not sure how that would affect a potential formula for bonus that included such a clause.
I don't like the size and pricing of the raise, and the fact they did one at all means finalizing a deal is by no means imminent. That said the HR data were close to a best case scenario for me, and so I do think these data give Zeli real value that should be realized. My guess is they got some offers that they did not particularly like. IIRC on a recent cc Luly mentioned that they need the right deal, or a deal that makes sense something along those lines - so he was basically messaging potential partners that they are not going to settle for just any deal. In other words your original knee jerk reaction to the raise that it was to provide leverage in BD negotiations may still be correct