Replies to post #5136 on Enanta Pharmaceuticals Inc (ENTA)

[dewophile]

My method of counting fully-diluted shares is intentionally a maximum-case scenario—i.e. intentionally conservative for calculating enterprise value. My count includes all options, regardless of how far out of the money they may be.

Do you know how often unvested shares are automatically vested in a buyout? Because I get wanting a maximum case scenario bc a company can swoop in and you have to factor in options that are now say all in the money. However if there is no acceleration in the vesting of shares, I think the better share count to use is the fully diluted share count if the company were to be acquired today
Now I guess if most do have a provision to accelerate the vesting , or it happens even sometimes then yeah worth knowing that maximum case scenario. but if it is not standard in buyouts then I would prefer to personally know a maximum case scenario for a buyout in which all options are now potentially made in the money and exercisable

[DewDiligence]

ENTA’s fully-diluted share count @10/2/25=35.2M. This figure consists of:

• 21.39M basic shares on the 9/30/25 balance sheet (https://www.sec.gov/ix?doc=/Archives/edgar/data/0001177648/000119312525288121/enta-20250930.htm#consolidated_balance_sheets );

• 6.35M options and unvested restricted-stock shares and equivalents (whether or not exercisable) (ibid, page F-13); and

• 7.48M shares issued in the public offering that closed on 10/2/25.

NOTE: My method of counting fully-diluted shares is intentionally a maximum-case scenario—i.e. intentionally conservative for calculating enterprise value. My count includes all options, regardless of how far out of the money they may be.