Enanta Pharmaceuticals Reports Fiscal Third Quarter 2025 Results and Provides Pipeline Progress Update
Enanta Pharmaceuticals, Inc. (NASDAQ: ENTA), a clinical-stage biotechnology company dedicated to the discovery and development of small molecule drugs for viral infections and immunological diseases, today announced its financial results for the fiscal third quarter ended June 30, 2025, alongside significant updates on its research and development pipeline.
CEO Commentary on Pipeline and Corporate Strategy
“This past quarter, we continued to make steady progress across our pipeline, highlighted by the completion of enrollment in the RSVHR trial—a proof-of-concept study of our N-protein inhibitor, zelicapavir, in high-risk adults with respiratory syncytial virus (RSV) infection,” said Jay R. Luly, Ph.D., President and Chief Executive Officer of Enanta Pharmaceuticals.
“These patients represent a particularly vulnerable population with an elevated risk of serious illness from RSV, yet there are currently no approved antiviral treatments available for them,” Dr. Luly noted. “We are on track to report topline data from the RSVHR trial in September, which will mark an important milestone for both the program and the field of RSV therapeutics.”
He further added, “We have also advanced multiple immunology programs targeting high-impact pathways, including KIT and STAT6. We are progressing IND-enabling studies for our oral KIT inhibitor, EPS-1421, and remain on track to select a lead development candidate for our STAT6 inhibitor program in the second half of this year. Later in 2025, we plan to expand our immunology pipeline with a third program focused on a novel target, further reinforcing our position in the inflammatory disease space.”
Fiscal Third Quarter 2025 Financial Results
Revenue
Total revenue for the three months ended June 30, 2025, was $18.3 million, primarily consisting of royalties from worldwide net sales of AbbVie’s hepatitis C virus (HCV) regimen MAVYRET®/MAVIRET® (glecaprevir/pibrentasvir). This compares to $18.0 million in the same period of 2024, representing a modest year-over-year increase.
Royalty Revenue Structure with OMERS
Under the terms of a 2023 royalty monetization agreement with OMERS, one of Canada’s largest defined benefit pension plans, Enanta receives ongoing royalty revenue from AbbVie but remits 54.5% of the cash proceeds from MAVYRET®/MAVIRET® net sales to OMERS.
The transaction, which involved a $200 million upfront purchase payment, is treated as debt for accounting purposes. Each quarter, Enanta records 100% of the royalty earned as revenue, while proportionally amortizing the liability as the company makes the required royalty share payments to OMERS. The obligation continues until June 30, 2032, or until OMERS receives 1.42 times the purchase price, whichever comes first. After that point, Enanta will retain 100% of future cash royalties.
For the fiscal third quarter of 2025, interest expense from the royalty sale was $1.6 million, compared to $2.4 million in the prior-year quarter.
Operating Expenses
- Research and Development (R&D): R&D expenses were $27.2 million for Q3 FY2025, down from $28.7 million in Q3 FY2024. The decrease was primarily attributed to lower costs associated with the timing of clinical trials in Enanta’s RSV programs.
- General and Administrative (G&A): G&A expenses totaled $10.0 million for the quarter, down from $13.4 million in the year-ago period. This reduction was mainly driven by lower legal costs following the resolution of certain patent infringement litigation against Pfizer.
Other Income
Net interest and investment income was $2.3 million for the quarter, compared to $3.5 million in the prior year, reflecting lower average cash and investment balances.
Taxes
Enanta recorded an income tax expense of less than $0.1 million in Q3 FY2025, compared to a $0.4 million income tax benefit in Q3 FY2024. Notably, the company received a $33.8 million federal income tax refund in April 2025.
Net Loss
Net loss for the quarter was $18.3 million, or $0.85 per diluted common share, compared to a net loss of $22.7 million, or $1.07 per diluted share, in the same quarter last year.
Liquidity Position
As of June 30, 2025, Enanta had $204.1 million in cash, cash equivalents, and short-term marketable securities. Based on its current cash position, expected royalty receipts, and operating plans, the company believes it has sufficient capital to fund its operations and development programs into fiscal year 2028.
Pipeline Updates
Virology Programs
Enanta’s virology research continues to focus on RSV, with the company advancing a leading portfolio of therapeutic candidates aimed at addressing unmet medical needs.
Zelicapavir (N-Protein Inhibitor)
- Current Status: Enrollment completed in the RSVHR Phase 2b trial, involving 186 high-risk adult patients, including individuals over 65 years old and those with comorbidities such as congestive heart failure, chronic obstructive pulmonary disease (COPD), or asthma.
- Upcoming Milestone: Topline data expected in September 2025.
- Recent Data: In May, at the European Society for Paediatric Infectious Diseases (ESPID) 2025 Conference, Enanta presented updated results from a pediatric Phase 2 trial of zelicapavir, including population pharmacokinetics/pharmacodynamics (PK/PD) and evidence of a shortened time to viral load negativity.
EDP-323 (L-Protein Inhibitor)
- Mechanism: Potent oral inhibitor of RSV L-protein, with potential for monotherapy or combination therapy with zelicapavir.
- Recent Data: In April, at the European Society of Clinical Microbiology & Infectious Diseases Global 2025 Conference (ESCMID), Enanta disclosed new findings from its Phase 2a human challenge study, highlighting reduced respiratory mucus production—a clinically meaningful outcome.
Both zelicapavir and EDP-323 have received U.S. FDA Fast Track designation, reinforcing their potential to address significant unmet needs in RSV treatment.
Immunology Programs
Enanta’s immunology pipeline focuses on oral inhibitors designed to selectively target key drivers of type 2 inflammation, with the potential to treat a broad range of inflammatory and allergic conditions.
EPS-1421 (KIT Inhibitor)
- Target Indications: Chronic spontaneous urticaria and other mast cell-driven diseases.
- Mechanism of Action: Depletes mast cells by inhibiting KIT, a primary driver of certain inflammatory and allergic disorders.
- Preclinical Highlights:
- Nanomolar potency in binding and cellular assays.
- Sub-nanomolar activity in vivo.
- High selectivity for KIT over other kinases.
- Favorable absorption, distribution, metabolism, and excretion (ADME) profile.
- Next Steps: IND-enabling studies and manufacturing scale-up are underway.
STAT6 Inhibitor Program
- R&D Stage: Lead candidate selection expected in the second half of 2025.
- Preclinical Data: Prototype oral STAT6 inhibitors have shown potent nanomolar activity, high selectivity, rapid and complete inhibition of IL-4–induced STAT6 phosphorylation in vivo, and efficacy in an acute ovalbumin (OVA) asthma model.
- Potential Advantages: Once-daily dosing feasibility and broad applicability to type 2 inflammatory diseases.
Pipeline Expansion
Enanta plans to announce a third immunology program later in 2025, further diversifying its research portfolio.
Corporate and Partnership Updates
Enanta’s partner AbbVie recently received U.S. FDA approval for an expanded indication of MAVYRET® (glecaprevir/pibrentasvir), making it the first and only approved treatment for patients with acute HCV infection—a development that could support continued royalty revenue for Enanta.
The company also confirmed that its fiscal fourth quarter and year-end financial results will be released on November 17, 2025.
Enanta remains committed to executing on its dual-focused strategy in virology and immunology. The company expects several catalysts in the coming quarters, including:
- Topline data from the RSVHR zelicapavir trial in September 2025.
- Selection of a STAT6 inhibitor development candidate before year-end.
- Announcement of a third immunology program in late 2025.
With a strong cash position, ongoing royalty income from AbbVie, and a diversified early- to mid-stage pipeline, Enanta believes it is well-positioned to deliver meaningful clinical and commercial advancements in the years ahead.
