Enanta Opens $75M ATM Days After Pfizer Patent Defeat
Capital Build
Company Background
Enanta Pharmaceuticals is a Watertown, Massachusetts clinical-stage biotech focused on small-molecule antivirals and immunology drugs. Its only commercial-stage revenue is a royalty on AbbVie's hepatitis C regimen MAVYRET/MAVIRET — the product contains glecaprevir, a protease inhibitor Enanta discovered. Revenue has run roughly $15–$19 million per quarter, but 54.5% of each royalty payment is forwarded to OMERS, a Canadian pension fund, through June 2032 under a 2023 royalty monetization deal that raised $200 million upfront.
The company's active development program centers on zelicapavir, an RSV N-protein inhibitor that produced positive Phase 2b data in high-risk adult outpatients in September 2025 — reducing time to full symptom resolution by 6.7 days in the target HR3 population and cutting RSV-related hospitalizations to zero versus 5% on placebo. In parallel, Enanta has three early-stage immunology programs targeting KIT, STAT6, and MRGPRX2.
Net losses have improved sharply: the fiscal year ended September 30, 2025 produced an $81.9 million loss, roughly 30% narrower than the prior year's $116 million. The trend has continued into fiscal 2026, with net losses of $11.9 million in Q1 and $13.1 million in Q2. Cash and marketable securities stood at $227 million at March 31, 2026, and management guided in May 2026 that this position — augmented by the retained portion of future AbbVie royalties — would fund operations into fiscal 2029.
What Was Disclosed
Enanta entered into an Open Market Sale Agreement with Jefferies LLC on July 2, 2026, establishing an at-the-market equity program under which it may sell up to $75 million of common stock at prevailing market prices on Nasdaq. Jefferies will receive a commission of up to 3.0% of the gross sales price on each share sold. Enanta retains full discretion over whether, when, and how much to sell — the agreement carries no obligation to draw on the facility.