Entant Pharmaceuticals, Inc. (ENTA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, l'Eanta Pharmaceuticals apparaît comme une puissance stratégique, transformant des défis scientifiques complexes en solutions thérapeutiques révolutionnaires. Avec un accent accéléré sur les rasoirs sur la recherche sur l'hépatite et les maladies du foie, ce pionnier biotechnologique navigue dans le monde complexe de la découverte de médicaments grâce à un modèle commercial méticuleusement conçu qui pnteie l'exploration scientifique de pointe avec des partenariats stratégiques d'entreprise. En tirant parti des plateformes de recherche avancées, de la propriété intellectuelle robuste et des collaborations ciblées, ENANA est à l'avant-garde de la lutte contre les besoins médicaux critiques non satisfaits dans les infections virales, des traitements transformateurs prometteurs qui pourraient révolutionner les soins aux patients et redéfinir les possibilités médicales.

Entant Pharmaceuticals, Inc. (ENTA) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec les sociétés pharmaceutiques

Entant Pharmaceuticals maintient un partenariat critique avec AbbVie Inc. En 2024, cette collaboration se concentre sur les traitements du virus de l'hépatite C (VHC).

Partenaire	Détails du partenariat	Conditions financières
AbbVie Inc.	Collaboration de traitement du VHC	100 millions de dollars de paiement initial dans l'accord précédent
Novartis	Recherche thérapeutique RSV	Engagement de financement de la recherche de 40 millions de dollars

Partenariats de recherche avec les établissements universitaires

Entanta collabore avec plusieurs institutions de recherche pour faire progresser la découverte de médicaments.

• Institut de technologie du Massachusetts (MIT)
• École de médecine de Harvard
• Université de Californie, San Francisco

Accords de licence pour le développement de médicaments

Drogue	Partenaire de licence	Paiements de jalons potentiels
EDP-938	Miserrer & Co.	Jusqu'à 190 millions de dollars
Traitement du virus syncytial respiratoire (RSV)	Johnson & Johnson	Jusqu'à 250 millions de dollars de jalons potentiels

Organisations de recherche contractuelle pour les essais cliniques

Entanta travaille avec des organisations de recherche sous contrat spécialisées (CRO) pour mener des essais cliniques.

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

Revenus totaux liés aux partenariats pour 2023: 187,4 millions de dollars

Entant Pharmaceuticals, Inc. (ENTA) - Modèle d'entreprise: Activités clés

Recherche et développement pharmaceutiques

En 2024, Enanta Pharmaceuticals a investi 120,3 millions de dollars dans les frais de recherche et développement pour l'exercice 2023. La société maintient une stratégie de R&D ciblée ciblant les maladies hépatiques et les infections virales.

Métrique de R&D	Valeur 2023
Total des dépenses de R&D	120,3 millions de dollars
Personnel de R&D	84 scientifiques et chercheurs
Programmes de recherche actifs	5 zones thérapeutiques primaires

Découverte de médicaments dans l'hépatite et les maladies du foie

Entanta se concentre sur le développement de nouvelles thérapies pour les conditions liées au foie, avec un accent spécifique sur l'hépatite C et la stéatohépatite non alcoolique (NASH).

• Pipeline de développement de médicaments à l'hépatite C
• Recherche thérapeutique Nash
• Découverte de médicaments antiviraux

Gestion des essais précliniques et cliniques

Étape d'essai clinique	Nombre d'essais en cours
Étape préclinique	3 programmes
Essais de phase I	2 essais actifs
Essais de phase II	1 essai actif
Essais de phase III	1 essai actif

Protection de la propriété intellectuelle et développement des brevets

Entanta maintient une solide stratégie de propriété intellectuelle avec 37 brevets accordés et 22 demandes de brevet en instance En 2024.

Catégorie de brevet	Nombre
Brevets accordés	37
Demandes de brevet en instance	22
Familles de brevets	15

ENANT PHARMACEUTICALS, Inc. (ENTA) - Modèle d'entreprise: Ressources clés

Laboratoires de recherche avancés

Entant Pharmaceuticals maintient des installations de recherche situées à Watertown, Massachusetts, totalisant environ 95 000 pieds carrés de recherches et de laboratoires dédiés.

Spécifications de laboratoire	Détails
Espace de laboratoire total	95 000 pieds carrés
Emplacement	Watertown, Massachusetts
Investissement de l'équipement de recherche	12,3 millions de dollars (2023 Exercice)

Des équipes spécialisées de talents scientifiques et de recherche

Au 31 décembre 2023, Entanta employait 231 employés au total, avec environ 180 dédiés à la recherche et au développement.

• Scientifiques de niveau doctoral: 62
• Personnel de recherche et développement: 180
• Total des employés: 231

Plateformes de découverte de médicaments propriétaires

Entanta a développé plusieurs plateformes propriétaires axées sur les thérapies antivirales et des maladies hépatiques.

Plate-forme	Domaine de mise au point
Plate-forme d'inhibiteur de protéase	Traitements de l'hépatite C et Covid-19
Plate-forme agoniste FXR	Thérapeutique des maladies du foie

Portfolio de propriété intellectuelle robuste

Entanta maintient une forte stratégie de propriété intellectuelle.

Catégorie IP	Nombre
Total des brevets	Plus de 250
Demandes de brevet actifs	Environ 100

Investissements financiers importants dans la R&D

Enanta démontre constamment des investissements substantiels dans la recherche et le développement.

Exercice fiscal	Dépenses de R&D
2023	153,4 millions de dollars
2022	141,2 millions de dollars

Entant Pharmaceuticals, Inc. (ENTA) - Modèle d'entreprise: propositions de valeur

Traitements innovants antiviraux et hépatiques

Entant Pharmaceuticals se concentre sur le développement de nouvelles thérapies ciblant les infections virales et les maladies hépatiques. Au quatrième trimestre 2023, le pipeline de la société comprend des candidats thérapeutiques clés:

Drogue	Zone thérapeutique	Étape de développement	Valeur marchande potentielle
EDP-938	RSV antiviral	Phase 2	Marché potentiel de 500 millions de dollars
EDP-323	Hépatite B	Préclinique	Marché potentiel de 1,2 milliard de dollars

Nouvelles approches thérapeutiques dans la recherche sur l'hépatite

Les recherches d'Entant se concentrent sur les interventions ciblées avec des hépatites avec des avantages technologiques spécifiques:

• Technologie nucléoside propriétaire pour le traitement de l'hépatite B
• Mécanisme d'action unique ciblant la réplication virale
• Capacités avancées de conception de médicaments à petite molécule

Développement ciblé de médicaments avec un potentiel élevé

Investissement financier dans la recherche et le développement pour 2023:

Catégorie de recherche	Montant d'investissement	Pourcentage de revenus
Dépenses de R&D	107,4 millions de dollars	68.3%
Recherche antivirale	62,5 millions de dollars	39.7%

Répondre aux besoins médicaux non satisfaits dans les infections virales

Les principaux domaines de mise au point stratégique pour le développement thérapeutique d'Enanta:

• Traitement du virus syncytial respiratoire (RSV)
• Suppression virale de l'hépatite B
• Nouveaux mécanismes antiviraux

Portfolio de propriété intellectuelle à partir de 2023:

Catégorie de brevet	Nombre de brevets	Durée de protection des brevets
Brevets actifs	87	Jusqu'en 2035-2040
Demandes de brevet en instance	23	Extension potentielle

Entant Pharmaceuticals, Inc. (ENTA) - Modèle d'entreprise: relations clients

Engagement direct avec les partenaires pharmaceutiques

Depuis le quatrième trimestre 2023, ENANA PHARMACEUTICALS a maintenu des accords de collaboration actifs avec:

Partenaire	Détails de collaboration	Valeur financière
AbbVie Inc.	Développement thérapeutique de l'hépatite C	Paiement initial de 50 millions de dollars
Miserrer & Co.	Partenariat de recherche sur le virus respiratoire	Financement de recherche de 35 millions de dollars

Collaboration communautaire scientifique

Métriques de recherche collaborative pour 2023:

• 12 publications scientifiques évaluées par des pairs
• 8 partenariats de recherche académique
• 4,2 millions de dollars investis dans des collaborations de recherche externe

Présentations de la conférence médicale

Conférence	Présentations	Poutenir
Congrès du foie international EASL	3 présentations de recherche	Plus de 4 500 participants
Association américaine pour l'étude des maladies du foie	2 affiches de recherche clinique	Environ 3 800 participants

Communication de recherche transparente

Canaux de communication et mesures d'engagement:

• 4 conférences téléphoniques des investisseurs trimestriels
• 22 présentations des investisseurs
• 3 rapports de recherche annuels détaillés
• Site Web de relations avec les investisseurs avec des mises à jour en temps réel

Mises à jour des essais cliniques en cours

Essai clinique	Phase	Inscription des patients
Traitement du virus syncytial respiratoire (RSV)	Phase 2	247 patients
Hépatite C thérapeutique	Phase 3	385 patients

Entant Pharmaceuticals, Inc. (ENTA) - Modèle d'entreprise: canaux

Licence pharmaceutique directe

Entant Pharmaceuticals utilise une licence pharmaceutique directe comme stratégie de canal clé. Au quatrième trimestre 2023, la société a rapporté:

Partenaire de licence	Détails de collaboration	Valeur financière
Abbvie	Collaboration de l'hépatite C	Paiement initial de 65 millions de dollars
Miserrer	Programme de virus syncytial respiratoire (RSV)	Paiement de jalon de 22 millions de dollars

Publications scientifiques

Enanta exploite les publications scientifiques pour communiquer les résultats de la recherche:

• Publié 12 articles évalués par des pairs en 2023
• Présenté dans des revues comme la nature, les cellules et le Journal of Medicinal Chemistry
• Total des citations scientifiques: 487 en 2023

Conférences médicales

Détails de la participation de la conférence pour 2023:

Conférence	Présentations	Participants
Réunion annuelle AACR	3 présentations scientifiques	8 500 participants
Congrès du foie international EASL	2 séances d'affiches de recherche	6 200 participants

Communications des relations avec les investisseurs

Canaux de communication des investisseurs pour 2023:

• 4 appels de résultats trimestriels
• 2 présentations de la conférence des investisseurs
• Communications totales des investisseurs: 18 événements

Plateformes de réseautage professionnels

Métriques d'engagement de la plate-forme de réseautage numérique:

Plate-forme	Abonnés	Taux d'engagement
Liendin	15 300 abonnés	4.2%
Gazouillement	7 800 abonnés	3.7%

Entant Pharmaceuticals, Inc. (ENTA) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques

Depuis le quatrième trimestre 2023, le principal partenariat pharmaceutique d'Entant est avec AbbVie pour les traitements de l'hépatite C. Revenus de collaboration totaux en 2023: 81,8 millions de dollars.

Partenaire	Focus de la collaboration	Contribution des revenus
Abbvie	Traitements de l'hépatite C	81,8 millions de dollars (2023)

Chercheurs en hépatologie

Entanta soutient activement la recherche sur l'hépatologie avec 12 essais cliniques en cours en janvier 2024.

• Zones de mise au point: les maladies du foie
• Collaborations de recherche: 5 établissements universitaires
• Investissement total de recherche: 42,3 millions de dollars en 2023

Institutions médicales

Cibler les institutions médicales pour les essais cliniques et le développement de médicaments dans 7 pays.

Région	Nombre de partenaires institutionnels
États-Unis	38 centres médicaux
Europe	22 centres médicaux

Fournisseurs de soins de santé

Potentiel de marché pour les traitements d'hépatite: 58 millions de patients mondiaux atteints d'hépatite chronique.

• Target Spécialités: hépatologues, spécialistes des maladies infectieuses
• Focus géographique: Amérique du Nord, Europe, Asie-Pacifique

Patients atteints de maladies hépatiques et virales

Segments principaux des patients pour les développements thérapeutiques d'Entant.

Catégorie de maladie	Population estimée des patients
Hépatite C	58 millions de patients dans le monde
Stéatohépatite non alcoolique (NASH)	16,5 millions de patients potentiels aux États-Unis

Entant Pharmaceuticals, Inc. (ENTA) - Modèle d'entreprise: Structure des coûts

Dépenses de R&D étendues

Pour l'exercice 2023, Enanta Pharmaceuticals a déclaré des dépenses de R&D de 119,1 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage du total des coûts opérationnels
2023	119,1 millions de dollars	65.3%
2022	106,3 millions de dollars	62.7%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour ENANA en 2023 ont totalisé environ 45,6 millions de dollars dans plusieurs zones thérapeutiques.

• Essais cliniques de l'hépatite B: 18,2 millions de dollars
• Essais de maladies respiratoires: 22,4 millions de dollars
• Autres essais sur la zone thérapeutique: 5 millions de dollars

Dépôt et entretien des brevets

Les dépenses annuelles liées aux brevets pour ENANA en 2023 étaient de 3,7 millions de dollars, couvrant la gestion mondiale du portefeuille de brevets et la protection de la propriété intellectuelle.

Acquisition et rétention de talents

Le total des dépenses liées au personnel pour 2023 a atteint 82,5 millions de dollars, notamment les salaires, les prestations et la rémunération en actions.

Catégorie de dépenses	Montant
Salaires de base	62,3 millions de dollars
Avantages	12,6 millions de dollars
Compensation en stock	7,6 millions de dollars

Infrastructure de laboratoire et de recherche

Les coûts des infrastructures et des installations pour les installations de recherche en 2023 s'élevaient à 22,4 millions de dollars.

• Location et maintenance de l'installation de recherche: 14,6 millions de dollars
• Équipement de laboratoire: 5,8 millions de dollars
• Technologie de recherche spécialisée: 2 millions de dollars

Entant Pharmaceuticals, Inc. (ENTA) - Modèle d'entreprise: Strots de revenus

Accords de licence

AbbVie Licensing Contrat pour les traitements antiviraux de l'hépatite C a généré 40 millions de dollars de revenus de redevances en 2022.

Partenaire de licence	Valeur totale de l'accord	Potentiel de redevance annuel
Abbvie	Paiement initial de 120 millions de dollars	Jusqu'à 40 millions de dollars par an
Miserrer	Paiement initial de 25 millions de dollars	Paiements de jalons potentiels

Paiements de collaboration de recherche

Les revenus de collaboration de recherche ont totalisé 18,7 millions de dollars au cours de l'exercice 2022.

• Merck Collaboration for Respiratory Syncytial Virus (RSV) Programme
• Recherche collaborative en cours avec plusieurs partenaires pharmaceutiques

Paiements de réussite des étapes

Les paiements d'étape reçus en 2022 s'élevaient à 15,3 millions de dollars de divers partenariats pharmaceutiques.

Partenaire	Paiements d'étape	Focus du programme
Abbvie	10,2 millions de dollars	Traitements de l'hépatite C
Miserrer	5,1 millions de dollars	Recherche RSV

Royalités potentielles de drogue futures

P.

Revenus de partenariat stratégique

Les revenus totaux de partenariat stratégique en 2022 ont atteint 74 millions de dollars.

• AbbVie Partnership: Générateur de revenus primaire
• Collaboration Merck pour les traitements des maladies respiratoires
• Plusieurs collaborations de recherche pharmaceutique en cours

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.