Enanta Pharmaceuticals (ENTA) Q2 2026 earnings summary

Executive summary

• Initiated dosing in Phase 1 trial of EDP-978, an oral KIT inhibitor for chronic urticaria, with topline data expected in 4Q 2026.

• Advancing pivotal study preparations for zelicapavir in high-risk adults with RSV and progressing immunology pipeline candidates.

• Cash and marketable securities of $227 million as of March 31, 2026, expected to fund operations into fiscal 2029.

Financial highlights

• Total revenue for Q2 FY26 was $17.2 million, up from $14.9 million in Q2 FY25, driven by higher MAVYRET®/MAVIRET® royalties.

• Net loss for Q2 FY26 was $13.1 million ($0.45 per diluted share), improved from $22.6 million ($1.06 per share) in Q2 FY25.

• Research and development expenses decreased to $19.4 million from $28.1 million year-over-year, mainly due to lower RSV clinical trial costs.

• General and administrative expenses fell to $9.6 million from $11.4 million, primarily due to reduced stock-based compensation.

• Interest expense rose to $3.3 million from $1.7 million, reflecting increased royalty revenue and related debt amortization.

Outlook and guidance

• IND filing for EPS-3903 (STAT6 inhibitor) and selection of MRGPRX2 candidate expected in 2H 2026.

• Cash runway projected to support operations into fiscal 2029, supported by retained royalty revenues.

• Update on pivotal zelicapavir RSV study design and development path anticipated in Q2 2026.