Enanta Pharmaceuticals Inc (ENTA)

[Rocky3]

Including calendar 1Q26 (for which ENTA’s gross royalty from ABBV will be ~$35M), ENTA’s cumulative payments to OMERS will amount to about $118M in only 2.5 years.

Two questions:

1Q26 - gross royalty of ~35M - for just this Quarter? Last year the revenue was around $17M, and sales are up <10%. What did I miss?

2.5 years - really 2.75 years, but not a big deal. With (1) "liability" at $141M as of 9/30/25, (2) annual payments of less than $30M on principal, and (3) royalties steady to increasing slightly, it looks like early '30 it could be paid off - yep, two years early. But that does require sales continue to be steady, which looks a lot more promising now than it did a year ago.