ENTA’s royalty rate on Mavyret sales from ABBV is tiered, as shown in the table in #msg-142808661. The royalty rate is applied to the 50% Glecaprevir component of Mavyret (a 2-drug combination). The royalty tiers reset at the start of each calendar year (like tax brackets), so ENTA’s royalty rate is highest in the fourth calendar quarter (ENTA’s fiscal* Q1) and is lowest during the first calendar quarter (ENTA’s fiscal* Q2).
During calendar 2Q21 (ENTA’s FY3Q21*), ABBV sold $441M of Mavyret. ABBV has issued calendar-2021 guidance for Mavyret sales of $1.9B (#msg-165196250), implying quarterly sales in calendar 2H21 approximately $500M per quarter.
ENTA’s 6/30/21 cash balance of $372.5M was down $27.5M from 3/31/21 (#msg-163650007); the relatively high cash burn was mostly due to R&D spend (see below).
ENTA previously issued FY2021* guidance for gross operating expenses (including non-cash components such as stock-based compensation): $145-165M for R&D; and $27-33M for G&A. The actual FY3Q21 R&D spend of $47.0M was well above that range ($188M annualized), while the actual FY3Q21 G&A spend of was at the top end of the prior guidance.
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