Enanta Pharmaceuticals, Inc.
ENTAHealthcare|Biotechnology|US
$11.00
+0.92 (+9.13%)
Tangible Book / Share
$3.47
Cash / Share
$6.51
Financials
Financial Snapshot
Market Cap
$320.4M
Enterprise Value
$342.6M
Revenue (TTM)
$65.3M
Net Income (TTM)
-$63.2M
Cash & Investments
$189.5M
Net Cash
$133.8M
Free Cash Flow (TTM)
-$36.9M
Operating CF (TTM)
-$35.3M
Debt/Equity
0.55
Cash Runway & Burn Rate
Cash on Hand
$189.5M
Quarterly Burn
$8.8M
Monthly Burn
$2.9M
Est. Runway
~21.5 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $210.1M | $223.7M | $308.7M | $335.2M | $386.6M | $244.0M | $249.2M | $369.9M | $248.2M | $188.9M | $189.5M | |
| Operating Cash Flow | $35.8M | $52.7M | $29.2M | $71.4M | $7.1M | -$70.0M | -$84.8M | -$103.2M | -$78.8M | -$19.3M | -$35.3M | |
| Free Cash Flow | $31.1M | $50.1M | $26.2M | $66.0M | $5.6M | -$70.7M | -$86.9M | -$112.2M | -$96.7M | -$32.2M | -$36.9M | |
| Capital Expenditure | -$4.7M | -$2.5M | -$3.0M | -$5.4M | -$1.4M | -$750.0K | -$2.1M | -$9.1M | -$17.9M | -$12.9M | -$1.6M | |
| Financing Cash Flow | $2.7M | $1.0M | $4.4M | $2.6M | $9.0M | $3.1M | $20.0M | $198.1M | -$27.6M | -$26.6M | $43.0M |
R&D Spending
R&D (TTM)
$86.2M
R&D Intensity
132.1%
R&D Growth vs Prior
-19.2%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $88.3M | $102.8M | $206.6M | $205.2M | $122.5M | $97.1M | $86.2M | $79.2M | $67.6M | $65.3M | $65.3M | |
| R&D Expense | $40.5M | $57.5M | $94.9M | $142.2M | $136.8M | $174.1M | $164.5M | $163.5M | $131.5M | $106.7M | $86.2M | |
| R&D % of Revenue | 45.8% | 55.9% | 45.9% | 69.3% | 111.7% | 179.4% | 190.9% | 206.5% | 194.4% | 163.4% | 132.1% | |
| SG&A | $17.0M | $20.7M | $23.4M | $26.2M | $27.4M | $32.5M | $45.5M | $52.9M | $57.9M | $43.9M | $37.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $88.3M | $102.8M | $206.6M | $205.2M | $122.5M | $97.1M | $86.2M | $79.2M | $67.6M | $65.3M | $65.3M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.6M | $1.2M | |
| Gross Profit | $88.3M | $102.8M | $206.6M | $205.2M | $122.5M | $97.1M | $86.2M | $79.2M | $67.6M | $60.7M | $64.0M | |
| R&D | $40.5M | $57.5M | $94.9M | $142.2M | $136.8M | $174.1M | $164.5M | $163.5M | $131.5M | $106.7M | $86.2M | |
| SG&A | $17.0M | $20.7M | $23.4M | $26.2M | $27.4M | $32.5M | $45.5M | $52.9M | $57.9M | $43.9M | $37.7M | |
| Operating Income | $30.8M | $24.6M | $88.3M | $36.7M | -$41.6M | -$109.6M | -$123.8M | -$137.2M | -$121.7M | -$85.3M | -$58.7M | |
| Interest Expense | $45.0K | $40.0K | $4.9M | $0.00 | $0.00 | $0.00 | $0.00 | $5.1M | $10.9M | $7.7M | $12.9M | |
| Pretax Income | $32.6M | $26.9M | $93.1M | $45.6M | -$35.0M | -$107.6M | -$122.2M | -$131.0M | -$117.8M | -$83.5M | -$63.1M | |
| Net Income | $21.7M | $17.7M | $72.0M | $46.4M | -$36.2M | -$79.0M | -$121.8M | -$133.8M | -$116.0M | -$81.9M | -$63.2M | |
| EPS (Diluted) | 1.13 | 0.91 | 3.48 | 2.21 | -1.81 | -3.92 | -5.91 | -6.38 | -5.48 | -3.84 | -2.41 | |
| EBITDA | $32.5M | $26.8M | $90.8M | $40.0M | -$38.0M | -$104.2M | -$119.2M | -$123.5M | -$104.5M | -$70.8M | -$45.3M | |
| Shares Out. (M) | 19.22 | 19.41 | 20.65 | 20.97 | 19.94 | 20.17 | 20.60 | 20.97 | 21.16 | 21.34 | 29.09 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16.6M | $65.7M | $63.9M | $51.2M | $87.1M | $57.2M | $44.0M | $85.4M | $37.2M | $32.3M | $33.4M | |
| Short-Term Investments | $193.5M | $158.0M | $244.8M | $284.0M | $299.5M | $186.8M | $205.2M | $284.5M | $211.0M | $156.6M | $156.1M | |
| Total Current Assets | $232.2M | $237.8M | $380.4M | $401.8M | $436.8M | $319.0M | $311.7M | $422.8M | $299.9M | $204.3M | $203.6M | |
| Total Assets | $281.3M | $326.6M | $414.2M | $489.8M | $490.8M | $440.9M | $380.6M | $462.3M | $376.7M | $280.7M | $296.9M | |
| Total Current Liabilities | $7.9M | $21.0M | $16.0M | $22.6M | $24.2M | $36.2M | $29.8M | $62.8M | $57.5M | $48.6M | $54.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $1.5M | $1.5M | $1.4M | $0.00 | $136.1M | $112.4M | $0.00 | |
| Total Liabilities | $11.3M | $25.0M | $20.5M | $27.3M | $35.2M | $41.4M | $59.3M | $245.5M | $247.8M | $216.0M | $195.8M | |
| Stockholders' Equity | $269.9M | $301.7M | $393.7M | $462.5M | $455.6M | $399.4M | $321.3M | $216.7M | $128.8M | $64.7M | $101.1M | |
| Retained Earnings | $27.6M | $45.4M | $117.4M | $163.7M | $127.6M | $48.6M | -$73.2M | -$207.0M | -$323.0M | -$404.9M | -$449.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $35.8M | $52.7M | $29.2M | $71.4M | $7.1M | -$70.0M | -$84.8M | -$103.2M | -$78.8M | -$19.3M | -$35.3M | |
| Capital Expenditure | -$4.7M | -$2.5M | -$3.0M | -$5.4M | -$1.4M | -$750.0K | -$2.1M | -$9.1M | -$17.9M | -$12.9M | -$1.6M | |
| Free Cash Flow | $31.1M | $50.1M | $26.2M | $66.0M | $5.6M | -$70.7M | -$86.9M | -$112.2M | -$96.7M | -$32.2M | -$36.9M | |
| Investing Cash Flow | -$43.7M | -$4.6M | -$35.4M | -$86.7M | $19.8M | $37.0M | $54.9M | -$53.6M | $58.2M | $40.3M | -$19.1M | |
| Financing Cash Flow | $2.7M | $1.0M | $4.4M | $2.6M | $9.0M | $3.1M | $20.0M | $198.1M | -$27.6M | -$26.6M | $43.0M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.6M | $21.3M | $2.2M | $147.0K | $145.0K | $70.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$68.0K | -$73.0K | -$79.0K | -$86.0K | $0.00 | $0.00 | $0.00 | $199.7M | -$27.5M | -$26.5M | -$32.3M | |
| Stock Based Comp. | $9.4M | $13.1M | $15.8M | $19.2M | $19.6M | $21.0M | $27.0M | $28.2M | $26.8M | $18.6M | $15.3M | |
| Net Change in Cash | -$5.1M | $49.1M | -$1.8M | -$12.7M | $35.9M | -$29.9M | -$9.9M | $41.4M | -$48.2M | -$5.5M | -$11.4M |
Dilution Tracker
Shares Outstanding
29M
5-Year Share Growth
+7.0%
Stock Issuance (TTM)
$70.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 19.22 | 19.41 | 20.65 | 20.97 | 19.94 | 20.17 | 20.60 | 20.97 | 21.16 | 21.34 | 29.09 | |
| Change vs Prior % | — | 1.0% | 6.4% | 1.5% | -4.9% | 1.2% | 2.1% | 1.8% | 0.9% | 0.8% | 36.3% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.6M | $21.3M | $2.2M | $147.0K | $145.0K | $70.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $9.4M | $13.1M | $15.8M | $19.2M | $19.6M | $21.0M | $27.0M | $28.2M | $26.8M | $18.6M | $15.3M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 93.0% | 98.1% | |
| Operating Margin % | 34.9% | 23.9% | 42.7% | 17.9% | -34.0% | -112.9% | -143.7% | -173.2% | -179.9% | -130.7% | -90.0% | |
| Net Margin % | 24.5% | 17.2% | 34.8% | 22.6% | -29.5% | -81.4% | -141.3% | -169.0% | -171.6% | -125.4% | -96.9% | |
| EBITDA Margin % | 36.8% | 26.0% | 44.0% | 19.5% | -31.0% | -107.4% | -138.4% | -155.9% | -154.5% | -108.4% | -69.4% | |
| FCF Margin % | 35.2% | 48.8% | 12.7% | 32.2% | 4.6% | -72.9% | -100.9% | -141.7% | -143.0% | -49.2% | -56.6% | |
| ROE % | 8.0% | 5.9% | 18.3% | 10.0% | -7.9% | -19.8% | -37.9% | -61.7% | -90.1% | -126.5% | -61.8% | |
| ROA % | 7.7% | 5.4% | 17.4% | 9.5% | -7.4% | -17.9% | -32.0% | -28.9% | -30.8% | -29.2% | -21.3% | |
| ROIC % | 7.5% | 5.3% | 17.1% | 7.9% | -8.8% | -19.7% | -34.9% | -33.9% | -33.8% | -31.4% | -23.8% | |
| R&D / Revenue % | 45.8% | 55.9% | 45.9% | 69.3% | 111.7% | 179.4% | 190.9% | 206.5% | 194.4% | 163.4% | 132.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -45.1% | 16.5% | 101.0% | -0.7% | -40.3% | -20.7% | -11.2% | -8.1% | -14.6% | -3.4% | |
| Gross Profit | -45.1% | 16.5% | 101.0% | -0.7% | -40.3% | -20.7% | -11.2% | -8.1% | -14.6% | -10.2% | |
| Operating Income | -75.2% | -20.2% | 258.9% | -58.4% | -213.3% | -163.1% | -13.0% | -10.8% | 11.3% | 29.9% | |
| Net Income | -72.6% | -18.3% | 306.3% | -35.5% | -178.0% | -118.4% | -54.1% | -9.9% | 13.3% | 29.4% | |
| EPS (Diluted) | -72.4% | -19.5% | 282.4% | -36.5% | -181.9% | -116.6% | -50.8% | -8.0% | 14.1% | 29.9% | |
| Operating Cash Flow | -53.3% | 47.0% | -44.5% | 144.4% | -90.1% | -1087.5% | -21.1% | -21.7% | 23.6% | 75.5% | |
| Free Cash Flow | -58.2% | 61.4% | -47.7% | 151.5% | -91.5% | -1353.7% | -22.8% | -29.1% | 13.8% | 66.7% | |
| R&D Expense | 74.5% | 42.0% | 65.1% | 49.9% | -3.8% | 27.3% | -5.5% | -0.6% | -19.6% | -18.8% | |
| SG&A Expense | 25.3% | 22.3% | 13.0% | 12.0% | 4.2% | 18.9% | 39.8% | 16.3% | 9.4% | -24.1% | |
| Total Assets | 14.3% | 16.1% | 26.8% | 18.3% | 0.2% | -10.2% | -13.7% | 21.5% | -18.5% | -25.5% | |
| Book Value / Share | 12.8% | 11.0% | 20.5% | 23.9% | -3.3% | -13.3% | -21.2% | -33.7% | -41.1% | -50.2% | |
| Debt | -11.2% | -13.7% | -36.0% | -31.7% | 4689.0% | -28.6% | 290.4% | -0.6% | 752.6% | -11.1% | |
| Diluted Shares | -0.4% | 1.0% | 6.4% | 1.5% | -4.9% | 1.2% | 2.1% | 1.8% | 0.9% | 0.8% |
Valuation
P/E (TTM)At Loss
10Y Low / Med / High23.34 / 25.35 / 50.32
P/S4.91
10Y Low / Med / High2.96 / 7.45 / 12.40
P/B3.17
10Y Low / Med / High1.08 / 2.87 / 4.41
EV/EBITDAAt Loss
10Y Low / Med / High15.00 / 28.14 / 30.92
EV/Revenue5.25
10Y Low / Med / High2.21 / 6.82 / 12.20
P/FCFAt Loss
10Y Low / Med / High16.21 / 17.83 / 161.77
Intrinsic Value Models (per share)
Tangible Book / Share
$3.47
Net Current Assets / Share
$0.27
Cash / Share
$6.51
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 23.34 | 50.32 | 24.17 | 25.35 | -25.29 | -14.49 | -8.78 | -1.75 | -1.89 | -3.12 | -4.56 | |
| P/S Ratio | 5.71 | 8.68 | 8.41 | 5.73 | 7.45 | 11.80 | 12.40 | 2.96 | 3.24 | 3.91 | 4.91 | |
| P/B Ratio | 1.87 | 2.96 | 4.41 | 2.54 | 2.00 | 2.87 | 3.33 | 1.08 | 1.70 | 3.95 | 3.17 | |
| EV/EBITDA | 15.00 | 30.92 | 18.42 | 28.14 | -21.98 | -10.51 | -8.82 | -1.42 | -3.90 | -5.99 | -7.56 | |
| EV/Revenue | 5.52 | 8.04 | 8.10 | 5.49 | 6.82 | 11.29 | 12.20 | 2.21 | 6.03 | 6.49 | 5.25 |
Analyst Estimates & Quality
Altman Z-Score
-0.87
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 | FY2029 |
|---|---|---|---|
| Revenue | $60.4M | $58.8M | $60.5M |
| Net Income | -$46.9M | -$78.1M | -$65.1M |
| EPS | $-2.20 | $-2.67 | $-3.05 |
| # Analysts (EPS) | 4 | 4 | 2 |
Revenue Segments
By Product
| Segment | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Royalty | $205.2M | $122.5M | $97.1M | $78.2M | $67.6M | $65.3M |
| License | — | — | — | $1.0M | — | — |