Replies to post #4705 on Enanta Pharmaceuticals Inc (ENTA)

[DewDiligence]

ENTA’s pro forma net cash @6/30/25=$205.9M—excluding balance-sheet “debt” relating to ENTA’s deferred-royalty obligations, which is a GAAP artifact rather than an actual debt instrument.*

The $205.9M figure, which declined $21.7M since 3/31/25, consists of the net current assets on the 6/30/25 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001177648/000119312525179795/enta-20250630.htm#consolidated_balance_sheets ) after excluding the $27.8M line under Current Liabilities called, “Liability related to the sale of future royalties.”* (The $33.8M tax refund ENTA received in April was already included in my 3/31/25 pro forma figure.)

NOTE: My calculation of pro forma net cash is intentionally conservative—i.e. I do not count the cash receivable by the company when existing options are exercised.

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