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Enanta Pharmaceuticals

ENTA Lead: Approved ★ Read the deep dive → 9 Biotech Distilled articles ↓ 22 filings & releases ↓ Cash $33.4M (Jun 30, 2026) ↓ 9 verdicts ↓ 6 timing quotes ↓
DermatologyImmunologyInfectious Disease Small Molecule

Market cap $320M 29.1M shares (10-Q, Aug 7, 2026) × $11.00 close Nov 6, 2026

Most recent annual filing: 2025-11-15

Catalyst timeline

9 trackedQuarter catalyst calendar →
  1. EPS-3903 IND filing2H 2026EPS-3903 IND filing, 2H 2026, notable
  2. MRGPRX2 Inhibitor corporate update2H 2026MRGPRX2 Inhibitor corporate update, 2H 2026, routine
  3. MRGPRX2 program corporate update2H 2026MRGPRX2 program corporate update, 2H 2026, routine
  4. EDP-978 Ph1 topline4Q 2026EDP-978 Ph1 topline, 4Q 2026, material
  5. RESOLVE Ph2b start4Q 2026RESOLVE Ph2b start, 4Q 2026, notable
  6. Zelicapavir Ph3 start4Q 2026Zelicapavir Ph3 start, 4Q 2026, routine
  7. Fiscal Q4 earnings financingNov 16, 2026Fiscal Q4 earnings financing, Nov 16, 2026, routine
  8. ENTA corporate financingNov 16, 2026ENTA corporate financing, Nov 16, 2026, routine
  9. RESOLVE / LOTUS Ph2b readout2027RESOLVE / LOTUS Ph2b readout, 2027, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (7 active programs)

Capital (as filed)

Cash
$33.4M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$156M Jun 30, 2026
Long-term investments
$22.0M Jun 30, 2026
Operating cash flow
−$10.0M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$212M cash, runway fiscal 2029 per the update of Oct 29, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (9)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (9 calls)

Every verdict Biotech Distilled has published on Enanta Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-02-10 Watch Enanta Pharmaceuticals (ENTA): Scientific Deep Dive for Lead and Pipeline Products The RSV Phase 3 design FDA meeting is a binary event; wait for the outcome before taking a position, with the immunology pipeline as a free option protected by cash and royalties.
  2. 2026-02-14 Speculative buy speculative UPDATE: Enanta (ENTA) - Q1 2026 Financial Update Management's explicit RSV business development language de-risks the binary regulatory bet by signaling a potential partner could fund Phase 3, transforming RSV into optionality on top of cash and royalties.
  3. 2026-05-12 Speculative buy speculative UPDATE: Enanta (ENTA) - Q2 FY26 Sets the Clock on Zelicapavir The thesis tracks with cash intact and the RSV FDA update now a weeks-away event; the asymmetry between a partner/FDA-acceptance upside and the cash-floor downside remains compelling.
  4. 2026-06-18 Buy core UPDATE: Enanta (ENTA) - The FDA Said Yes. The Market Said No. FDA acceptance of the HR3 subgroup Phase 3 design retires the single biggest abstract risk; the 18% drawdown on good news creates the entry the original BUY case described, with clinical risk now shifting to the more familiar 'will the effect replicate' question.
  5. 2026-06-23 Buy core UPDATE: Enanta (ENTA) - The Federal Circuit Tore Up One of the Lottery Tickets The U.S. patent loss was already priced in as a lottery ticket; the EU acute-HCV label expansion provides a small royalty tailwind; the FDA de-risking thesis is intact and the $12.66 entry appears validated by the tape.
  6. 2026-07-02 Watch UPDATE: Enanta (ENTA) - The Shelf Wasn't Just Housekeeping The $75M ATM activation signals no near-term partnership is landing and that self-funding the Phase 2b/3 requires optional dilution, dampening the asymmetry that made the stock compelling below $13.
  7. 2026-08-11 Speculative buy speculative UPDATE: Enanta (ENTA) - The ATM They Didn't Use Zero ATM issuance through June 30 and unchanged fiscal 2029 runway guidance confirm the shelf is defensive optionality rather than active financing, satisfying the key condition for reversing the July downgrade, though a 21% royalty decline and five quarters of BD silence keep conviction at speculative.
  8. 2026-10-29 Speculative buy speculative UPDATE: Enanta (ENTA) - The Founder-Era CEO Steps Aside The planned CEO retirement is an orderly transition that doesn't change the science or cash runway, but adds execution risk during an expensive trial launch; the thesis awaits the November ATM draw disclosure and EDP-978 Phase 1 data.
  9. 2026-10-30 Speculative buy speculative UPDATE: Enanta (ENTA) - The Last Lottery Ticket Comes Up Blank The UPC ruling invalidating the European Paxlovid patent removes the last litigation upside path but doesn't change the core clinical thesis; the stock now rests purely on cash, a shrinking royalty, and two clinical shots in 2027.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (6 quotes from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (22)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 4, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

5 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)