Enanta Pharmaceuticals, Inc. (ENTA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica, a Enanta Pharmaceuticals surge como uma potência estratégica, transformando desafios científicos complexos em soluções terapêuticas inovadoras. Com um foco nítido na pesquisa de hepatite e doenças hepáticas, este pioneiro de biotecnologia navega no mundo intrincado da descoberta de drogas através de um modelo de negócios meticulosamente criado que preenche a exploração científica de ponta com parcerias corporativas estratégicas. Ao alavancar plataformas de pesquisa avançada, propriedade intelectual robusta e colaborações direcionadas, a Enanta está na vanguarda de atender às necessidades médicas críticas não atendidas em infecções virais, promissores tratamentos transformadores que podem revolucionar o atendimento ao paciente e redefinir as possibilidades médicas.

Enanta Pharmaceuticals, Inc. (ENTA) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com empresas farmacêuticas

Enanta Pharmaceuticals mantém uma parceria crítica com AbbVie Inc. A partir de 2024, essa colaboração se concentra nos tratamentos do vírus da hepatite C (HCV).

Parceiro	Detalhes da parceria	Termos financeiros
AbbVie Inc.	Colaboração de tratamento do HCV	Pagamento inicial de US $ 100 milhões em contrato anterior
Novartis	RSV Pesquisa terapêutica	US $ 40 milhões de compromisso de financiamento de pesquisa

Parcerias de pesquisa com instituições acadêmicas

Enanta colabora com várias instituições de pesquisa para promover a descoberta de medicamentos.

• Instituto de Tecnologia de Massachusetts (MIT)
• Escola de Medicina de Harvard
• Universidade da Califórnia, São Francisco

Acordos de licenciamento para desenvolvimento de medicamentos

Candidato a drogas	Parceiro de licenciamento	Potenciais pagamentos marcantes
EDP-938	Merck & Co.	Até US $ 190 milhões
Tratamento do vírus sincicial respiratório (RSV)	Johnson & Johnson	Até US $ 250 milhões em possíveis marcos

Organizações de pesquisa contratada para ensaios clínicos

A ENANTA trabalha com organizações especializadas de pesquisa de contratos (CROs) para realizar ensaios clínicos.

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

Receita total relacionada à parceria para 2023: US $ 187,4 milhões

Enanta Pharmaceuticals, Inc. (ENTA) - Modelo de negócios: Atividades -chave

Pesquisa e Desenvolvimento Farmacêutico

A partir de 2024, a Enanta Pharmaceuticals investiu US $ 120,3 milhões em despesas de pesquisa e desenvolvimento para o ano fiscal de 2023. A empresa mantém uma estratégia de P&D focada direcionada a doenças hepáticas e infecções virais.

Métrica de P&D	2023 valor
Despesas totais de P&D	US $ 120,3 milhões
Pessoal de P&D	84 cientistas e pesquisadores
Programas de pesquisa ativa	5 áreas terapêuticas primárias

Descoberta de drogas em hepatite e doenças hepáticas

Enanta se concentra no desenvolvimento de novas terapêuticas para condições relacionadas ao fígado, com ênfase específica na hepatite C e na esteato-hepatite não alcoólica (NASH).

• Oleoduto de desenvolvimento de medicamentos para hepatite C
• NASH Pesquisa terapêutica
• Descoberta antiviral de medicamentos

Gerenciamento de ensaios pré -clínicos e clínicos

Estágio do ensaio clínico	Número de ensaios em andamento
Estágio pré -clínico	3 programas
Ensaios de Fase I.	2 ensaios ativos
Ensaios de Fase II	1 teste ativo
Ensaios de Fase III	1 teste ativo

Proteção à propriedade intelectual e desenvolvimento de patentes

Enanta mantém uma estratégia de propriedade intelectual robusta com 37 Patentes concedidas e 22 pedidos de patente pendente a partir de 2024.

Categoria de patentes	Número
Patentes concedidas	37
Aplicações de patentes pendentes	22
Famílias de patentes	15

Enanta Pharmaceuticals, Inc. (ENTA) - Modelo de negócios: Recursos -chave

Laboratórios de Pesquisa Avançada

A Enanta Pharmaceuticals mantém instalações de pesquisa localizadas em Watertown, Massachusetts, totalizando aproximadamente 95.000 pés quadrados de pesquisa e espaço de laboratório dedicados.

Especificação de laboratório	Detalhes
Espaço total de laboratório	95.000 pés quadrados
Localização	Watertown, Massachusetts
Investimento em equipamentos de pesquisa	US $ 12,3 milhões (2023 ano fiscal)

Equipes científicas especializadas e de pesquisa

Em 31 de dezembro de 2023, a ENANTA empregou 231 funcionários totais, com aproximadamente 180 dedicados à pesquisa e desenvolvimento.

• Cientistas no nível de doutorado: 62
• Pessoal de pesquisa e desenvolvimento: 180
• Total de funcionários: 231

Plataformas proprietárias de descoberta de medicamentos

A ENANTA desenvolveu várias plataformas proprietárias focadas na terapêutica antiviral e de doença hepática.

Plataforma	Área de foco
Plataforma inibidor da protease	Tratamentos de hepatite C e Covid-19
Plataforma agonista do FXR	Terapêutica da doença hepática

Portfólio de propriedade intelectual robusta

Enanta mantém uma forte estratégia de propriedade intelectual.

Categoria IP	Número
Total de patentes	Mais de 250
Aplicações de patentes ativas	Aproximadamente 100

Investimentos financeiros significativos em P&D

Enanta demonstra consistentemente investimentos substanciais em pesquisa e desenvolvimento.

Ano fiscal	Despesas de P&D
2023	US $ 153,4 milhões
2022	US $ 141,2 milhões

Enanta Pharmaceuticals, Inc. (ENTA) - Modelo de negócios: proposições de valor

Tratamentos antivirais e de doenças hepáticas inovadoras

A Enanta Pharmaceuticals se concentra no desenvolvimento de novas terapêuticas visando infecções virais e doenças hepáticas. No quarto trimestre 2023, o pipeline da empresa inclui candidatos terapêuticos -chave:

Candidato a drogas	Área terapêutica	Estágio de desenvolvimento	Valor potencial de mercado
EDP-938	RSV antiviral	Fase 2	Mercado potencial de US $ 500 milhões
EDP-323	Hepatite B.	Pré -clínico	Mercado potencial de US $ 1,2 bilhão

Novas abordagens terapêuticas na pesquisa de hepatite

A pesquisa de Enanta se concentra em intervenções direcionadas de hepatite com vantagens tecnológicas específicas:

• Tecnologia proprietária de nucleosídeo para tratamento de hepatite B
• Mecanismo de ação exclusivo direcionado à replicação viral
• Capacidades avançadas de design de medicamentos para pequenas moléculas

Desenvolvimento de medicamentos direcionados com alto potencial

Investimento financeiro em pesquisa e desenvolvimento para 2023:

Categoria de pesquisa	Valor do investimento	Porcentagem de receita
Despesas de P&D	US $ 107,4 milhões	68.3%
Pesquisa antiviral	US $ 62,5 milhões	39.7%

Atendendo às necessidades médicas não atendidas em infecções virais

Principais áreas de foco estratégico para o desenvolvimento terapêutico de Enanta:

• Tratamento do vírus sincicial respiratório (RSV)
• Supressão viral da hepatite B
• Novos mecanismos antivirais

Portfólio de propriedade intelectual em 2023:

Categoria de patentes	Número de patentes	Duração da proteção de patentes
Patentes ativas	87	Até 2035-2040
Aplicações de patentes pendentes	23	Extensão potencial

Enanta Pharmaceuticals, Inc. (ENTA) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com parceiros farmacêuticos

A partir do quarto trimestre 2023, a Enanta Pharmaceuticals mantinha acordos de colaboração ativa com:

Parceiro	Detalhes da colaboração	Valor financeiro
AbbVie Inc.	Desenvolvimento terapêutico da hepatite C	Pagamento inicial de US $ 50 milhões
Merck & Co.	Parceria de Pesquisa de Vírus Respiratórios	Financiamento de pesquisa de US $ 35 milhões

Colaboração da comunidade científica

Métricas de pesquisa colaborativa para 2023:

• 12 publicações científicas revisadas por pares
• 8 parcerias de pesquisa acadêmica
• US $ 4,2 milhões investidos em colaborações de pesquisa externa

Apresentações da conferência médica

Conferência	Apresentações	Alcance do público
Congresso do Fígado Internacional EASL	3 apresentações de pesquisa	Mais de 4.500 participantes
Associação Americana para o Estudo de Doenças do Fígado	2 pôsteres de pesquisa clínica	Aproximadamente 3.800 participantes

Comunicação de pesquisa transparente

Canais de comunicação e métricas de engajamento:

• 4 chamadas trimestrais de conferência de investidores
• 22 apresentações de investidores
• 3 relatórios de pesquisa anual detalhados
• Site de relações com investidores com atualizações em tempo real

Atualizações de ensaios clínicos em andamento

Ensaio clínico	Fase	Inscrição do paciente
Tratamento do vírus sincicial respiratório (RSV)	Fase 2	247 pacientes
Terapêutica da hepatite C.	Fase 3	385 pacientes

Enanta Pharmaceuticals, Inc. (ENTA) - Modelo de negócios: canais

Licenciamento farmacêutico direto

A Enanta Pharmaceuticals utiliza o licenciamento farmacêutico direto como uma estratégia de canal -chave. A partir do quarto trimestre 2023, a empresa informou:

Parceiro de licenciamento	Detalhes da colaboração	Valor financeiro
Abbvie	Colaboração da hepatite C.	Pagamento antecipado de US $ 65 milhões
Merck	Programa de vírus sincicial respiratório (RSV)	Pagamento de US $ 22 milhões

Publicações científicas

A ENANTA aproveita as publicações científicas para comunicar os resultados da pesquisa:

• Publicado 12 artigos revisados ​​por pares em 2023
• Apresentado em periódicos, incluindo natureza, célula e Journal of Medicinal Chemistry
• Citações científicas totais: 487 em 2023

Conferências médicas

Detalhes da participação da conferência para 2023:

Conferência	Apresentações	Participantes
Reunião Anual da AACR	3 apresentações científicas	8.500 participantes
Congresso do Fígado Internacional EASL	2 sessões de pôster de pesquisa	6.200 participantes

Comunicações de Relações com Investidores

Canais de comunicação de investidores para 2023:

• 4 chamadas trimestrais
• 2 Apresentações da Conferência de Investidores
• Total de Comunicação de Investidores: 18 eventos

Plataformas de redes profissionais

Métricas de engajamento da plataforma de rede digital:

Plataforma	Seguidores	Taxa de engajamento
LinkedIn	15.300 seguidores	4.2%
Twitter	7.800 seguidores	3.7%

Enanta Pharmaceuticals, Inc. (ENTA) - Modelo de negócios: segmentos de clientes

Empresas farmacêuticas

A partir do quarto trimestre 2023, a Parceria Farmacêutica Primária de Enanta é com AbbVie para tratamentos de hepatite C. Receita total de colaboração em 2023: US $ 81,8 milhões.

Parceiro	Foco de colaboração	Contribuição da receita
Abbvie	Tratamentos da hepatite C.	US $ 81,8 milhões (2023)

Pesquisadores de hepatologia

A ENANTA apoia ativamente a pesquisa de hepatologia com 12 ensaios clínicos em andamento em janeiro de 2024.

• Áreas de foco: doenças hepáticas
• Colaborações de pesquisa: 5 instituições acadêmicas
• Investimento total de pesquisa: US $ 42,3 milhões em 2023

Instituições médicas

Instituições médicas -alvo de ensaios clínicos e desenvolvimento de medicamentos em 7 países.

Região	Número de parceiros institucionais
Estados Unidos	38 centros médicos
Europa	22 centros médicos

Provedores de saúde

Potencial de mercado para tratamentos de hepatite: 58 milhões de pacientes globais com hepatite crônica.

• Especialidades -alvo: hepatologistas, especialistas em doenças infecciosas
• Foco geográfico: América do Norte, Europa, Ásia-Pacífico

Pacientes com doenças hepáticas e virais

Segmentos primários de pacientes para os desenvolvimentos terapêuticos de Enanta.

Categoria de doença	População estimada de pacientes
Hepatite c	58 milhões de pacientes globalmente
Esteato-hepatite não alcoólica (Nash)	16,5 milhões de pacientes em potencial em nós

Enanta Pharmaceuticals, Inc. (ENTA) - Modelo de negócios: estrutura de custos

Extensas despesas de P&D

Para o ano fiscal de 2023, a Enanta Pharmaceuticals registrou despesas de P&D de US $ 119,1 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem de custos operacionais totais
2023	US $ 119,1 milhões	65.3%
2022	US $ 106,3 milhões	62.7%

Investimentos de ensaios clínicos

Os gastos com ensaios clínicos para a ENANTA em 2023 totalizaram aproximadamente US $ 45,6 milhões em várias áreas terapêuticas.

• Ensaios clínicos da hepatite B: US $ 18,2 milhões
• Ensaios de doenças respiratórias: US $ 22,4 milhões
• Outros ensaios da área terapêutica: US $ 5 milhões

Arquivamento e manutenção de patentes

As despesas anuais relacionadas a patentes para a ENANTA em 2023 foram de US $ 3,7 milhões, cobrindo o gerenciamento global de portfólio de patentes e a proteção de propriedade intelectual.

Aquisição e retenção de talentos

As despesas totais relacionadas ao pessoal em 2023 atingiram US $ 82,5 milhões, incluindo salários, benefícios e compensação baseada em ações.

Categoria de despesa	Quantia
Salários da base	US $ 62,3 milhões
Benefícios	US $ 12,6 milhões
Remuneração baseada em ações	US $ 7,6 milhões

Infraestrutura de laboratório e pesquisa

Os custos relacionados à infraestrutura e das instalações para instalações de pesquisa em 2023 totalizaram US $ 22,4 milhões.

• Legação e manutenção da instalação de pesquisa: US $ 14,6 milhões
• Equipamento de laboratório: US $ 5,8 milhões
• Tecnologia de pesquisa especializada: US $ 2 milhões

Enanta Pharmaceuticals, Inc. (ENTA) - Modelo de negócios: fluxos de receita

Acordos de licenciamento

O Contrato de Licenciamento da AbbVie para tratamentos antivirais da hepatite C gerou US $ 40 milhões em receitas de royalties em 2022.

Parceiro de licenciamento	Valor total do acordo	Potencial anual de royalty
Abbvie	Pagamento antecipado de US $ 120 milhões	Até US $ 40 milhões anualmente
Merck	Pagamento inicial de US $ 25 milhões	Potenciais pagamentos marcantes

Pagamentos de colaboração de pesquisa

As receitas de colaboração de pesquisa totalizaram US $ 18,7 milhões no ano fiscal de 2022.

• Colaboração Merck para Programa de Vírus Sintial Respiratório (RSV)
• Pesquisa colaborativa em andamento com vários parceiros farmacêuticos

Pagamentos de conquistas marcantes

Os pagamentos marcantes recebidos em 2022 totalizaram US $ 15,3 milhões de várias parcerias farmacêuticas.

Parceiro	Pagamentos marcantes	Foco do programa
Abbvie	US $ 10,2 milhões	Tratamentos da hepatite C.
Merck	US $ 5,1 milhões	RSV Research

Possíveis royalties futuros de drogas

Faixa de royalties futuras de medicamentos potenciais estimados: US $ 50 a US $ 100 milhões por ano, com base no desenvolvimento atual do pipeline.

Receitas de parceria estratégica

As receitas totais de parceria estratégica em 2022 atingiram US $ 74 milhões.

• Parceria Abbvie: Gerador de Receita Primária
• Colaboração Merck para tratamentos para doenças respiratórias
• Múltiplas colaborações de pesquisa farmacêutica em andamento

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.