Enanta Pharmaceuticals, Inc. (ENTA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación farmacéutica, Enanta Pharmaceuticals surge como una potencia estratégica, transformando desafíos científicos complejos en soluciones terapéuticas innovadoras. Con un enfoque afilado en la hepatitis y la investigación de enfermedades hepáticas, este pionero de biotecnología navega por el intrincado mundo del descubrimiento de fármacos a través de un modelo de negocio meticulosamente elaborado que une la exploración científica de vanguardia con asociaciones estratégicas corporativas. Al aprovechar las plataformas de investigación avanzadas, la propiedad intelectual robusta y las colaboraciones específicas, Enanta está a la vanguardia de abordar las necesidades médicas no satisfechas críticas en las infecciones virales, prometedores tratamientos transformadores que podrían revolucionar la atención al paciente y redefinir las posibilidades médicas.

Enanta Pharmaceuticals, Inc. (Enta) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con compañías farmacéuticas

Enanta Pharmaceuticals mantiene una asociación crítica con Abbvie Inc. A partir de 2024, esta colaboración se centra en los tratamientos del virus de la hepatitis C (VHC).

Pareja	Detalles de la asociación	Términos financieros
Abbvie Inc.	Colaboración del tratamiento con VHC	$ 100 millones de pago por adelantado en un acuerdo anterior
Novartis	Investigación terapéutica de RSV	Compromiso de financiación de investigación de $ 40 millones

Asociaciones de investigación con instituciones académicas

Enanta colabora con múltiples instituciones de investigación para avanzar en el descubrimiento de drogas.

• Instituto de Tecnología de Massachusetts (MIT)
• Escuela de Medicina de Harvard
• Universidad de California, San Francisco

Acuerdos de licencia para el desarrollo de fármacos

Candidato a la droga	Socio de licencia	Pagos potenciales de hitos
EDP-938	Merck & Co.	Hasta $ 190 millones
Tratamiento del virus sincitial respiratorio (RSV)	Johnson & Johnson	Hasta $ 250 millones en hitos potenciales

Organizaciones de investigación por contrato para ensayos clínicos

Enanta trabaja con organizaciones de investigación de contratos especializadas (CRO) para realizar ensayos clínicos.

• IQVIA Holdings Inc.
• Parexel International Corporation
• PPD Inc.

Ingresos relacionados con la asociación total para 2023: $ 187.4 millones

Enanta Pharmaceuticals, Inc. (Enta) - Modelo de negocios: actividades clave

Investigación y desarrollo farmacéutico

A partir de 2024, Enanta Pharmaceuticals invirtió $ 120.3 millones en gastos de investigación y desarrollo para el año fiscal 2023. La compañía mantiene una estrategia de I + D enfocada dirigida a enfermedades hepáticas e infecciones virales.

I + D Métrica	Valor 2023
Gastos totales de I + D	$ 120.3 millones
Personal de I + D	84 científicos e investigadores
Programas de investigación activos	5 áreas terapéuticas primarias

Descubrimiento de drogas en hepatitis y enfermedades hepáticas

Enanta se enfoca en desarrollar nuevas terapias para afecciones relacionadas con el hígado, con énfasis específico en la hepatitis C y la esteatohepatitis no alcohólica (NASH).

• Tubería de desarrollo de fármacos de hepatitis C
• Investigación terapéutica de Nash
• Descubrimiento de fármacos antivirales

Gestión de ensayos preclínicos y clínicos

Etapa de ensayo clínico	Número de pruebas en curso
Etapa preclínica	3 programas
Pruebas de fase I	2 pruebas activas
Pruebas de fase II	1 prueba activa
Pruebas de fase III	1 prueba activa

Protección de propiedad intelectual y desarrollo de patentes

Enanta mantiene una sólida estrategia de propiedad intelectual con 37 patentes otorgadas y 22 solicitudes de patentes pendientes a partir de 2024.

Categoría de patente	Número
Patentes concedidas	37
Aplicaciones de patentes pendientes	22
Familias de patentes	15

Enanta Pharmaceuticals, Inc. (Enta) - Modelo de negocios: recursos clave

Laboratorios de investigación avanzados

Enanta Pharmaceuticals mantiene instalaciones de investigación ubicadas en Watertown, Massachusetts, por un total de aproximadamente 95,000 pies cuadrados de investigación dedicada y espacio de laboratorio.

Especificación de laboratorio	Detalles
Espacio total de laboratorio	95,000 pies cuadrados
Ubicación	Watertown, Massachusetts
Inversión en equipos de investigación	$ 12.3 millones (2023 año fiscal)

Equipos especializados de talento científico e investigación

Al 31 de diciembre de 2023, Enanta empleaba a 231 empleados en total, con aproximadamente 180 dedicados a la investigación y el desarrollo.

• Científicos a nivel de doctorado: 62
• Personal de investigación y desarrollo: 180
• Total de empleados: 231

Plataformas de descubrimiento de drogas patentadas

Enanta ha desarrollado múltiples plataformas propietarias centradas en la terapéutica antiviral y de la enfermedad hepática.

Plataforma	Área de enfoque
Plataforma de inhibidor de proteasa	Tratamientos de hepatitis C y Covid-19
Plataforma agonista FXR	Terapéutica de la enfermedad hepática

Cartera de propiedad intelectual robusta

Enanta mantiene una fuerte estrategia de propiedad intelectual.

Categoría de IP	Número
Patentes totales	Más de 250
Aplicaciones de patentes activas	Aproximadamente 100

Inversiones financieras significativas en I + D

Enanta demuestra constantemente una inversión sustancial en investigación y desarrollo.

Año fiscal	Gasto de I + D
2023	$ 153.4 millones
2022	$ 141.2 millones

Enanta Pharmaceuticals, Inc. (Enta) - Modelo de negocio: propuestas de valor

Tratamientos innovadores de enfermedades antivirales y hepáticas

Enanta Pharmaceuticals se centra en desarrollar nuevas terapias dirigidas a infecciones virales y enfermedades hepáticas. A partir del cuarto trimestre de 2023, la tubería de la compañía incluye candidatos terapéuticos clave:

Candidato a la droga	Área terapéutica	Etapa de desarrollo	Valor de mercado potencial
EDP-938	RSV antiviral	Fase 2	Mercado potencial de $ 500 millones
Edp-323	Hepatitis B	Preclínico	Mercado potencial de $ 1.2 mil millones

Nuevos enfoques terapéuticos en la investigación de hepatitis

La investigación de Enanta se centra en intervenciones de hepatitis específicas con ventajas tecnológicas específicas:

• Tecnología de nucleósidos patentado para el tratamiento de la hepatitis B
• Mecanismo de acción único dirigido a la replicación viral
• Capacidades avanzadas de diseño de fármacos de molécula pequeña

Desarrollo de fármacos dirigido con alto potencial

Inversión financiera en investigación y desarrollo para 2023:

Categoría de investigación	Monto de la inversión	Porcentaje de ingresos
Gasto de I + D	$ 107.4 millones	68.3%
Investigación antiviral	$ 62.5 millones	39.7%

Abordar las necesidades médicas no satisfechas en infecciones virales

Áreas clave de enfoque estratégico para el desarrollo terapéutico de Enanta:

• Tratamiento del virus sincitial respiratorio (RSV)
• Supresión viral de hepatitis B
• Nuevos mecanismos antivirales

Cartera de propiedades intelectuales a partir de 2023:

Categoría de patente	Número de patentes	Duración de protección de patentes
Patentes activas	87	Hasta 2035-2040
Aplicaciones de patentes pendientes	23	Extensión potencial

Enanta Pharmaceuticals, Inc. (Enta) - Modelo de negocios: relaciones con los clientes

Compromiso directo con socios farmacéuticos

A partir del cuarto trimestre de 2023, Enanta Pharmaceuticals mantuvo acuerdos de colaboración activos con:

Pareja	Detalles de colaboración	Valor financiero
Abbvie Inc.	Desarrollo terapéutico de hepatitis C	Pago por adelantado de $ 50 millones
Merck & Co.	Asociación de investigación del virus respiratorio	Financiación de investigación de $ 35 millones

Colaboración de la comunidad científica

Métricas de investigación colaborativa para 2023:

• 12 publicaciones científicas revisadas por pares
• 8 asociaciones de investigación académica
• $ 4.2 millones invertidos en colaboraciones de investigación externas

Presentaciones de conferencia médica

Conferencia	Presentaciones	Alcance de la audiencia
Congreso internacional de hígado de EASL	3 presentaciones de investigación	Más de 4.500 asistentes
Asociación Americana para el Estudio de Enfermedades Hepáticas	2 carteles de investigación clínica	Aproximadamente 3.800 participantes

Comunicación de investigación transparente

Canales de comunicación y métricas de compromiso:

• 4 llamadas de conferencia trimestrales de inversores
• 22 presentaciones de inversores
• 3 informes de investigación anuales detallados
• Sitio web de Relaciones con Inversores con actualizaciones en tiempo real

Actualizaciones de ensayos clínicos en curso

Ensayo clínico	Fase	Inscripción del paciente
Tratamiento del virus sincitial respiratorio (RSV)	Fase 2	247 pacientes
Hepatitis C terapéutica	Fase 3	385 pacientes

Enanta Pharmaceuticals, Inc. (Enta) - Modelo de negocios: canales

Licencias farmacéuticas directas

Enanta Pharmaceuticals utiliza licencias farmacéuticas directas como una estrategia de canal clave. A partir del cuarto trimestre de 2023, la compañía informó:

Socio de licencia	Detalles de colaboración	Valor financiero
Abad	Colaboración de hepatitis C	Pago por adelantado de $ 65 millones
Merck	Programa de virus sincitial respiratorio (RSV)	Pago por hito de $ 22 millones

Publicaciones científicas

Enanta aprovecha las publicaciones científicas para comunicar los resultados de la investigación:

• Publicado 12 artículos revisados ​​por pares en 2023
• Presentado en revistas que incluyen Nature, Cell y Journal of Medicinal Chemistry
• Citas científicas totales: 487 en 2023

Conferencias médicas

Detalles de participación de la conferencia para 2023:

Conferencia	Presentaciones	Asistentes
Reunión anual de AACR	3 presentaciones científicas	8.500 participantes
Congreso internacional de hígado de EASL	2 sesiones de carteles de investigación	6.200 participantes

Comunicaciones de relaciones con los inversores

Canales de comunicación de inversores para 2023:

• 4 llamadas de ganancias trimestrales
• 2 presentaciones de la conferencia de inversores
• Comunicaciones totales de inversores: 18 eventos

Plataformas de redes profesionales

Métricas de participación de la plataforma de redes digitales:

Plataforma	Seguidores	Tasa de compromiso
LinkedIn	15,300 seguidores	4.2%
Gorjeo	7.800 seguidores	3.7%

Enanta Pharmaceuticals, Inc. (Enta) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas

A partir del cuarto trimestre de 2023, la asociación farmacéutica principal de Enanta es con AbbVie para los tratamientos de hepatitis C. Ingresos de colaboración total en 2023: $ 81.8 millones.

Pareja	Enfoque de colaboración	Contribución de ingresos
Abad	Tratamientos de hepatitis C	$ 81.8 millones (2023)

Investigadores de hepatología

Enanta apoya activamente la investigación de hepatología con 12 ensayos clínicos en curso a partir de enero de 2024.

• Áreas de enfoque: enfermedades hepáticas
• Colaboraciones de investigación: 5 instituciones académicas
• Inversión total de investigación: $ 42.3 millones en 2023

Instituciones médicas

Se dirigen a las instituciones médicas para ensayos clínicos y desarrollo de medicamentos en 7 países.

Región	Número de socios institucionales
Estados Unidos	38 centros médicos
Europa	22 centros médicos

Proveedores de atención médica

Potencial de mercado para tratamientos de hepatitis: 58 millones de pacientes globales con hepatitis crónica.

• Especialidades objetivo: hepatólogos, especialistas en enfermedades infecciosas
• Enfoque geográfico: América del Norte, Europa, Asia-Pacífico

Pacientes con enfermedades hepáticas y virales

Segmentos de pacientes primarios para los desarrollos terapéuticos de Enanta.

Categoría de enfermedades	Población de pacientes estimada
Hepatitis C	58 millones de pacientes a nivel mundial
Esteatohepatitis no alcohólica (NASH)	16.5 millones de pacientes potenciales en EE. UU.

Enanta Pharmaceuticals, Inc. (Enta) - Modelo de negocio: Estructura de costos

Extensos gastos de I + D

Para el año fiscal 2023, Enanta Pharmaceuticals reportó gastos de I + D de $ 119.1 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de costos operativos totales
2023	$ 119.1 millones	65.3%
2022	$ 106.3 millones	62.7%

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para Enanta en 2023 totalizaron aproximadamente $ 45.6 millones en múltiples áreas terapéuticas.

• Ensayos clínicos de hepatitis B: $ 18.2 millones
• Ensayos de enfermedades respiratorias: $ 22.4 millones
• Otros ensayos de área terapéutica: $ 5 millones

Potente y mantenimiento

Los gastos anuales relacionados con la patente para Enanta en 2023 fueron de $ 3.7 millones, que cubren la gestión de la cartera de patentes globales y la protección de la propiedad intelectual.

Adquisición y retención de talentos

Los gastos totales relacionados con el personal para 2023 alcanzaron los $ 82.5 millones, incluidos salarios, beneficios y compensación basada en acciones.

Categoría de gastos	Cantidad
Salarios base	$ 62.3 millones
Beneficios	$ 12.6 millones
Compensación basada en acciones	$ 7.6 millones

Infraestructura de laboratorio e investigación

Los costos relacionados con la infraestructura y las instalaciones para las instalaciones de investigación en 2023 ascendieron a $ 22.4 millones.

• Arrendamiento y mantenimiento del centro de investigación: $ 14.6 millones
• Equipo de laboratorio: $ 5.8 millones
• Tecnología de investigación especializada: $ 2 millones

Enanta Pharmaceuticals, Inc. (Enta) - Modelo de negocios: flujos de ingresos

Acuerdos de licencia

El acuerdo de licencia de AbbVie para los tratamientos antivirales de hepatitis C generó $ 40 millones en ingresos por regalías en 2022.

Socio de licencia	Valor total de acuerdo	Potencial de regalías anual
Abad	$ 120 millones de pago por adelantado	Hasta $ 40 millones anuales
Merck	Pago inicial de $ 25 millones	Pagos potenciales de hitos

Pagos de colaboración de investigación

Los ingresos por colaboración de investigación totalizaron $ 18.7 millones en el año fiscal 2022.

• Programa de colaboración de Merck para el virus sincitial respiratorio (RSV)
• Investigación colaborativa continua con múltiples socios farmacéuticos

Pagos por logros hitos

Los pagos de hitos recibidos en 2022 ascendieron a $ 15.3 millones de varias asociaciones farmacéuticas.

Pareja	Pagos por hito	Enfoque del programa
Abad	$ 10.2 millones	Tratamientos de hepatitis C
Merck	$ 5.1 millones	Investigación de RSV

Posibles regalías futuras de drogas

Rango de regalías potencial potencial estimado de medicamentos: $ 50- $ 100 millones anuales según el desarrollo actual de la tubería.

Ingresos de asociación estratégica

Los ingresos totales de la asociación estratégica en 2022 alcanzaron los $ 74 millones.

• ABBVIE Partnership: Generador de ingresos primarios
• Colaboración de Merck para tratamientos de enfermedades respiratorias
• Múltiples colaboraciones de investigación farmacéutica en curso

Enanta Pharmaceuticals, Inc. (ENTA) - Canvas Business Model: Value Propositions

You're looking at the core value Enanta Pharmaceuticals, Inc. brings to the table as of late 2025, which really boils down to differentiated, small-molecule oral drug candidates and a proven revenue engine from past discovery work. Honestly, the value proposition is built on two pillars: the near-term potential of their pipeline and the steady, albeit declining, cash flow from their established collaboration.

The company's established success comes directly from their chemistry-driven approach, most clearly seen in their work with AbbVie. This is the foundation that funds the next wave of innovation.

• Proven drug discovery success via glecaprevir (part of AbbVie's MAVYRET®/MAVIRET®).
• Total revenue for the twelve months ended September 30, 2025, was $65.3 million, primarily from this royalty stream.
• Royalty revenue for the three months ended September 30, 2025, was $15.1 million.
• This royalty stream is partially encumbered by a prior sale, with 54.5% of cash royalty payments going to OMERS until June 30, 2032, based on the original $200.0 million upfront payment.

Now, let's look at the pipeline, where the real future value is being built. They are focusing heavily on respiratory and immunology targets, aiming for oral treatments where others might use injectables or less convenient dosing.

Here's a quick look at the key pipeline assets that form the forward-looking value proposition:

Program	Target/Indication	Status/Designation	Key Data Point (as of late 2025)
Zelicapavir	RSV (N-protein inhibitor)	Phase 2b (RSVHR study) with Fast Track designation	Reported positive topline data in Q4 FY2025, showing a clinically meaningful benefit in high-risk adult outpatients with RSV.
EDP-323	RSV (L-protein inhibitor)	Clinical-stage with Fast Track designation	Data from a Phase 2 human challenge study was presented, highlighting its profile alongside zelicapavir as a comprehensive RSV portfolio.
EPS-3903	STAT6 Inhibitor (Type 2 inflammatory diseases)	Lead Development Candidate nominated in H2 2025	Showed rapid, continuous, and complete (>90%) in vivo pSTAT6 suppression, with efficacy comparable to Dupilumab in disease models.
EDP-978 (formerly EPS-1421)	KIT Inhibitor (Mast-cell driven diseases like CSU)	Clinical Candidate	Plans to file an Investigational New Drug (IND) Application in Q1 2026.

The commitment to these programs is substantial; Research and development expenses for the twelve months ended September 30, 2025, totaled $106.7 million. To support this, Enanta Pharmaceuticals ended fiscal 2025 with $188.9 million in cash, cash equivalents, and marketable securities. Plus, they further strengthened this position with gross proceeds of $74.8 million from an upsized public offering in October 2025, which is expected to fund operations into Fiscal Year 2029. That financial runway helps de-risk the development of these potential first-in-class oral therapies.

The value proposition is therefore a dual offering: de-risked, oral antivirals for a major respiratory virus, and novel oral immunology agents targeting key inflammatory pathways, all underpinned by current royalty income.

Enanta Pharmaceuticals, Inc. (ENTA) - Canvas Business Model: Customer Relationships

The customer relationships for Enanta Pharmaceuticals, Inc. (ENTA) are heavily weighted toward strategic corporate alliances and the capital markets, given its clinical-stage focus. The high-touch management is currently centered on the long-standing collaboration that provides a foundational revenue stream.

High-touch, strategic relationship management with AbbVie for HCV royalties.

This relationship is governed by the terms of the MAVYRET®/MAVIRET® royalty stream. The financial performance of this relationship directly impacts Enanta Pharmaceuticals, Inc.'s reported revenue. For instance, the royalty revenue for the three months ended September 30, 2025, was $15.1 million. This contrasts with the $18.3 million reported for the quarter ending June 30, 2025. The structure of the cash flow from this royalty is complex due to a prior transaction; 54.5% of the cash royalty payments are directed to OMERS through June 30, 2032, unless a cap of 1.42 times the purchase payment is met. The interest expense associated with this debt-like liability was $2.4 million for the three months ended September 30, 2025.

Here's a quick look at the key financial metrics tied to this relationship and the company's capital base as of late 2025:

Metric	Value (as of latest reported date)	Period End Date
HCV Royalty Revenue	$15.1 million	September 30, 2025
Cash & Marketable Securities	$204.1 million	June 30, 2025
Federal Income Tax Refund Received	$33.8 million	April 2025
Royalty Payment Share to OMERS	54.5%	Through June 30, 2032
Royalty Sale Upfront Payment Liability	$200.0 million	Historical

Scientific engagement with key opinion leaders (KOLs) and clinical investigators.

While specific KOL engagement metrics aren't public, the relationship is evidenced by the progression of clinical programs that require investigator input and scientific validation. Enanta Pharmaceuticals, Inc. is focused on advancing its pipeline, which necessitates deep scientific interaction with the medical community. Key milestones that drive this engagement include:

• Completion of target enrollment for the RSVHR Phase 2 study of zelicapavir in high-risk adults.
• On track to report topline data for the RSVHR study in September 2025.
• Plans to select a STAT6 development candidate in the second half of 2025.
• Conducting IND enabling studies of EPS-1421, an oral KIT inhibitor candidate.

The engagement model for KOLs in 2025 generally emphasizes omnichannel, purposeful, and tech-backed interactions, moving beyond simple consulting to continuous, connected models that deliver actionable intelligence.

Investor relations and public disclosures for capital markets.

The relationship with the investment community is managed through regular financial disclosures and strategic communication around pipeline catalysts. Institutional investors hold a sizeable 44% stake in Enanta Pharmaceuticals, Inc.. The company actively manages its capital position, which stood at $204.1 million in cash, cash equivalents, and marketable securities as of June 30, 2025. Management has communicated that its current cash reserves, plus the retained portion of future royalty revenue and a $33.8 million federal income tax refund received in April 2025, are expected to be sufficient to fund operations into fiscal year 2028. The Revenue per Share for the fourth quarter of fiscal 2025 was reported as $0.71.

Future direct relationships with pharmaceutical partners for pipeline commercialization.

As Enanta Pharmaceuticals, Inc. advances its internal pipeline beyond the established HCV collaboration, the focus shifts to establishing new, direct commercialization relationships. The company explicitly stated it will evaluate potential partnership opportunities to advance its Respiratory Syncytial Virus (RSV) assets to the next stage of clinical development. This signals a move toward transactional, milestone-driven relationships for its next wave of products, rather than the royalty-based structure of the AbbVie deal.

Enanta Pharmaceuticals, Inc. (ENTA) - Canvas Business Model: Channels

You're looking at how Enanta Pharmaceuticals, Inc. gets its value propositions-novel small molecule drugs-out to the market and partners. For a clinical-stage biotech, the channels are less about direct-to-consumer sales and more about strategic alliances, clinical execution, and investor communication.

Licensing and Collaboration Agreements with Major Pharmaceutical Companies

The primary channel for monetizing Enanta Pharmaceuticals, Inc.'s historical success, specifically the hepatitis C virus (HCV) regimen, is through the existing collaboration with AbbVie. This channel provides significant, albeit declining, royalty revenue to fund current research.

Here's the structure of that key revenue channel:

Metric	Value/Detail	Period/Context
Royalty Revenue (Q4 FY2025)	$15.1 million	Three months ended September 30, 2025
Royalty Revenue (FY2025)	$65.3 million	Twelve months ended September 30, 2025
Royalty Revenue (Q3 FY2025)	$18.3 million	Three months ended June 30, 2025
Royalty Revenue (Q2 FY2025)	$14.9 million	Three months ended March 31, 2025
OMERS Cash Payment Share	54.5%	Of cash royalty payments through June 30, 2032
Royalty Sale Upfront Payment	$200.0 million	Recorded as liability for the transaction
OMERS Cap Multiplier	1.42 times	Cap on the purchase payment for the royalty sale

Beyond AbbVie, Enanta Pharmaceuticals, Inc. maintains historical agreements that represent potential future channels, including the February 2012 exclusive collaboration with Novartis for EDP-239 and the July 2004 agreement with Shionogi. The company is actively looking to establish new channels by evaluating potential partnership opportunities for its Respiratory Syncytial Virus (RSV) assets, zelicapavir and EDP-323. They plan to expand their immunology pipeline with the announcement of a third program by the end of 2025.

Clinical Trial Sites and Investigators for Drug Development and Data Generation

Clinical trial sites are a critical, temporary channel for generating the data required to advance assets toward commercialization or partnership. These sites are the physical interface for testing the value proposition on human subjects.

Key operational milestones channeled through clinical sites as of late 2025 include:

• Completion of enrollment for the RSVHR Phase 2 study of zelicapavir, involving approximately 180 high-risk adults.
• Anticipated reporting of topline data for the RSVHR trial in September 2025.
• Ongoing IND-enabling studies for the KIT inhibitor, EPS-1421.
• Plans to select a STAT6 development candidate in the second half of 2025.

The company also leverages data from its completed RSVPEDs Phase 2 study to engage with regulators regarding a pediatric pathway for zelicapavir.

Investor Presentations and Press Releases for Communicating Pipeline Progress

Communicating progress through investor channels is vital for maintaining valuation, securing future financing, and attracting potential partners. This channel directly reaches the financial community.

Enanta Pharmaceuticals, Inc. management actively participates in industry events to disseminate information:

• Management participation announced for the Jefferies London Global Healthcare Conference on November 18, 2025.
• Management participation announced for the 8th Annual Evercore Healthcare Conference on December 3, 2025.
• Data presentation for zelicapavir and EDP-323 at IDWeek™ 2025 (October 19 - 22, 2025).
• Press releases for financial results are distributed via channels like Business Wire, with the Q4 and full-year results released on November 17, 2025.

Live webcasts of these events are made available on the "Events and Presentations" section of www.enanta.com, and replays are archived for at least 30 days.

Business Development Outreach for New Partnership Opportunities

Business Development outreach is the proactive channel for establishing future revenue streams and sharing development costs for pipeline assets. Enanta Pharmaceuticals, Inc. explicitly states its intent to partner to accelerate development and commercialization.

This channel is focused on:

• Actively seeking collaboration and licensing opportunities to complement the existing portfolio.
• Looking to identify, advance, and/or in-license promising assets in virology and immunology.
• Evaluating potential partnership opportunities for its RSV assets.

The direct contact point for these opportunities is the dedicated Business Development email: bd@enanta.com.

Enanta Pharmaceuticals, Inc. (ENTA) - Canvas Business Model: Customer Segments

You're looking at the core groups Enanta Pharmaceuticals, Inc. (ENTA) serves or relies upon for its value creation as of late 2025. This isn't just about who buys a pill; it's about who funds the next breakthrough.

Global pharmaceutical companies seeking to license and commercialize late-stage assets represent a critical segment. These are the partners who take Enanta Pharmaceuticals, Inc.'s discovered molecules and handle the massive undertaking of global marketing and sales for approved drugs. For instance, the ongoing collaboration with AbbVie for the Hepatitis C Virus (HCV) treatment is the prime example of this relationship driving current financial results. Enanta Pharmaceuticals, Inc. will evaluate potential partnership opportunities to further develop its Respiratory Syncytial Virus (RSV) assets, indicating this segment remains a key strategic focus for late-stage assets like zelicapavir and EDP-323.

The financial reality tied to the existing major partnership is clear from the fiscal year-end September 30, 2025, results. This data shows the direct financial impact from the customer segment that ultimately buys the HCV product:

Metric	Fiscal Year Ended September 30, 2025	Fiscal Year Ended September 30, 2024
Total Royalty Revenue	$65.3 million	$67.6 million
Quarterly Royalty Revenue (Q3)	$15.1 million	$14.6 million
Liability Related to Sale of Future Royalties (End of Period)	$141.8 million	$169.2 million

A key detail here is that a portion of Enanta Pharmaceuticals, Inc.'s ongoing royalty revenue from AbbVie's net sales of MAVYRET®/MAVIRET® is paid to OMERS. Specifically, 54.5% of the cash royalty payments are directed to OMERS through June 30, 2032, as part of a prior transaction. So, while AbbVie is the commercial partner, the ultimate end-users of the HCV regimen are the patients.

Patients with chronic Hepatitis C Virus (HCV) are an indirect but foundational customer segment. Their treatment success, via AbbVie's product sales, directly generates the royalty revenue stream for Enanta Pharmaceuticals, Inc. The decrease in the full-year revenue from $67.6 million in fiscal 2024 to $65.3 million in fiscal 2025 is attributed to a decline in AbbVie's sales of MAVYRET®/MAVIRET® during the first nine months of fiscal 2025.

High-risk adult and pediatric patients with Respiratory Syncytial Virus (RSV) infection represent the next major patient population target. Enanta Pharmaceuticals, Inc. has its leading portfolio in development for RSV treatment, consisting of zelicapavir and EDP-323, both holding Fast Track designation from the U.S. Food and Drug Administration. The focus has been on high-risk adults, evidenced by the positive topline data from the RSVHR study, a Phase 2b clinical trial in this group.

The pipeline also targets patients suffering from type 2 immune-driven diseases like atopic dermatitis and asthma. This segment is being addressed through novel small molecule inhibitors:

• EPS-3903: Selected as the lead development candidate for type 2 immune-driven diseases. This candidate showed rapid, continuous and complete pSTAT6 suppression of greater than 90% in mouse models.
• EDP-978: Nominated as the oral, once-daily KIT inhibitor clinical candidate for mast-cell driven diseases.

These immunology programs are advancing toward Investigational New Drug (IND) filings, with plans for EPS-3903 in the second half of 2026 and EDP-978 in the first quarter of 2026. This shows a clear pivot toward direct patient-facing development in immunology.

The company's financial position supports these segments. Enanta Pharmaceuticals, Inc. expects its current cash, cash equivalents, and marketable securities of $188.9 million as of September 30, 2025, plus retained royalty revenue and proceeds from an October 2025 public offering, to fund operations into fiscal 2029. Finance: draft 13-week cash view by Friday.

Enanta Pharmaceuticals, Inc. (ENTA) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that fuel Enanta Pharmaceuticals, Inc.'s engine, which is heavily weighted toward discovery and development. Honestly, for a clinical-stage biotech, the cost structure is dominated by the science, not selling things.

The biggest single bucket is definitely Research and Development (R&D). This is where the cash goes to run the labs, pay the scientists, and fund the trials that might lead to the next big drug. It's a necessary, high-risk investment.

Here's a look at the major cost components for the twelve months ended September 30, 2025, which gives you a clear picture of where the money was allocated:

Cost Category	Fiscal Year 2025 Amount (Twelve Months Ended 9/30/2025)
Research and Development (R&D) Expenses	$106.7 million
General and Administrative (G&A) Expenses	$43.9 million
Interest Expense (OMERS Royalty Sale Debt)	$7.7 million

The R&D spend is the lifeblood. For the full fiscal year 2025, Enanta Pharmaceuticals spent $106.7 million on R&D. This is the cost of pushing the pipeline forward.

Within that R&D spend, you see the direct impact of late-stage work. For instance, the third quarter of fiscal 2025 saw R&D expenses of $27.2 million, which was lower than the prior year, primarily because of the timing of clinical trials in the RSV programs. You know the Phase 2b RSV program (RSVHR) was a major focus, with topline data expected in September 2025. Also, they were conducting IND-enabling studies for EPS-1421, the oral KIT inhibitor candidate.

General and administrative (G&A) costs totaled $43.9 million for the twelve months ended September 30, 2025. A significant driver of the year-over-year decrease in G&A was the reduction in legal expenses tied to the patent infringement lawsuit against Pfizer.

You also have the cost of financing the business, specifically the debt related to the OMERS royalty sale. For the twelve months ended September 30, 2025, the interest expense from this royalty sale debt was $7.7 million.

The composition of these operating costs can shift based on trial milestones. Think about it this way:

• Clinical trial expenses for the Phase 2b RSV programs drive R&D up when enrollment is active.
• IND-enabling studies for immunology candidates like the STAT6 program also contribute to R&D costs.
• Legal fees for patent litigation are a major variable within G&A.

For example, in the second quarter ended March 31, 2025, G&A was $11.4 million, down from $14.2 million the prior year, largely due to lower legal expenses related to that Pfizer lawsuit.

Finance: draft 13-week cash view by Friday.

Enanta Pharmaceuticals, Inc. (ENTA) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Enanta Pharmaceuticals, Inc. as of late 2025. The revenue structure is heavily reliant on a key partnership, supplemented by recent capital raises to fuel the pipeline.

The primary, recurring revenue stream for Enanta Pharmaceuticals, Inc. comes from royalty revenue from worldwide net sales of AbbVie's HCV regimen MAVYRET®/MAVIRET®. This stream is the bedrock of their current operating cash flow, though it is subject to a significant obligation.

For the full fiscal year ended September 30, 2025, the total revenue for fiscal year 2025 was $65.3 million, marking a slight decrease from the $67.6 million recognized in fiscal year 2024. This revenue is almost entirely composed of the MAVYRET®/MAVIRET® royalties.

Here's a quick look at the key financial figures driving this revenue stream as of the latest reporting:

Metric	Amount (USD)	Period/Context
Total Revenue	$65.3 million	Fiscal Year Ended September 30, 2025
Quarterly Royalty Revenue	$15.1 million	Three Months Ended September 30, 2025
Gross Proceeds from Equity Financing	$74.75 million	October 2025 Public Offering
Shares Sold in October 2025 Offering	7,475,000 shares	October 2025 Public Offering
Public Offering Price per Share	$10.00	October 2025 Public Offering

The structure of the royalty income is important to understand because not all of it flows directly to the bottom line for operational use. A substantial portion is dedicated to servicing a prior transaction.

• A portion, specifically 54.5%, of the ongoing royalty revenue from AbbVie's net sales of MAVYRET®/MAVIRET® is paid to OMERS.
• This payment obligation is tied to a royalty sale transaction affecting royalties earned after June 2023.
• The proportional amortization of the debt liability continues through June 30, 2032.
• After June 30, 2032, 100% of the cash royalty payments will be retained by Enanta Pharmaceuticals, Inc.

Beyond the established royalty stream, the company secured significant non-recurring funding. You see the proceeds from equity financing, including the $74.75 million gross proceeds from the October 2025 public offering (the outline noted $74.8 million, which is very close to the reported figure). This capital injection, along with existing cash, is intended to fund the pipeline.

The final component of the revenue stream is the potential future milestone payments and royalties from new licensing agreements. While specific dollar amounts for these future events aren't booked yet, the progress in the pipeline suggests potential future value creation.

Management has stated that current cash, cash equivalents, retained royalty revenue, and the October 2025 offering proceeds are expected to be sufficient to meet anticipated cash requirements into fiscal 2029. This runway is supported by the expected progression of their pipeline assets, including:

• Advancing zelicapavir and EDP-323 for RSV treatment.
• Planning an Investigational New Drug (IND) filing for the oral STAT6 program candidate, EPS-3903, in the second half of 2026.
• Planning an IND filing for the oral KIT inhibitor candidate, EDP-978, in the first quarter of 2026.

These pipeline milestones represent the next potential catalysts for new, upfront, or milestone-based revenue events, though they are inherently less certain than the MAVYRET®/MAVIRET® royalties.