Enanta Pharmaceuticals Inc (ENTA)

[DewDiligence]

ENTA’s pro forma net cash @10/2/25=$256.7M—excluding balance-sheet “debt” relating to ENTA’s deferred-royalty obligations, which is a GAAP artifact rather than an actual debt instrument.*

The $256.7M figure consists of:

• $186.5M net current assets on the 9/30/25 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001177648/000119312525288121/enta-20250930.htm#consolidated_balance_sheets ) after excluding the $30.7M line under Current Liabilities called, “Liability related to the sale of future royalties”*; and

• $70.3M net proceeds from the public offering that closed on 10/2/25.

NOTE: My calculation of pro forma net cash is intentionally conservative for calculating enterprise value. I do not count the cash that will be received by the company when existing options are exercised even though I count all options in the fully-diluted share count.

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