ENTA’s pro forma net cash @12/31/23=$176.3M—treating ENTA’s deferred-royalty obligations as debt (as is done under GAAP [#msg-172603887]—but see note at bottom of this post). The $176.3M figure, which is down $24.3M relative to 9/30/23, consists of:
• ($151.6M) deferred long-term liabilities on the 12/31/23 balance sheet relating to the OMERS royalty agreement. ($36.5M of liabilities relating to the OMERS agreement are booked as current liabilities and hence are included in the $327.9M figure in the first bulleted item.)
Note: Excluding the “debt” associated with the OMERS royalty agreement, ENTA’s pro forma net cash at 12/31/23 was $364.1M ($176.3M + $151.6M + $36.5M).