Enanta Pharmaceuticals Inc (ENTA) Options

At this point it seems a deal will be after the company (not necessarily public) sees the HR data bc they are already so close. The current RSV season is over and they should wrap up even if a few patients short of target enrollment. So they will have data this summer I think and things should progress quickly from there IMO.

It would be huge if ENTA somehow managed to become successful in the immunology area, market thinks it’s a waste of money now

It would change over time I guess, especially when they get clinical data.

HR Adult RSV study should be wrapped up soon, hopefully, we get excellent data there.

The question is if the deal is going to happen, would it be before the data or after?

ABBV 1Q25 Mavyret sales=$306M, +5.2% QoQ, -9.6% YoY in constant currency:

https://investors.abbvie.com/static-files/3f892a1f-9727-4aae-b39d-29f8dd904cb5

Indeed.

It's the Humira of type 2 inflammation

Dupixent had annualized sales_of $15.8B(!) (+20% YoY) in 1Q25:

https://ml-eu.globenewswire.com/Resource/Download/4f3e0abb-0b19-4fe9-81e3-ca91afaf8af6 (p.3)

Somewhere in between I guess

Would or could?

Deal would potentially be days or weeks away.

And now the volume is so low compared the few months back.

The market is not treating these biotechs as individual companies, just a basket of the same for their eyes. At least until something concrete happens

Those “services” do not seems to be very attractive to the targeted companies

If management wants to sell, why won’t they just run the sales process?

No need at this time...

That company's "services" are not applicable to ENTA at this time.

Bingo !
https://finance.yahoo.com/news/alis-biosciences-launches-fund-free-070000220.html

Saw a similar list before. Buyer beware, some of those are with cash burn vs net cash, won't even last for a year. Some are back to the drawing board as their lead compounds just failed. Any interesting one you see?

Lots of microcap bios trading for less than cash:Given green-shoots (ok, maybe green-shoot) are emerging for bios trading well below Net-Cash, here is a screen of #biotech cos all trading below Net-Cash, sorted in order of largest negative EV to smallest, and only for cos with Cash above $50 mill. Surprisingly large # have… pic.twitter.com/VVmboflhRL— Eden (@EdenRahim) April 16, 2025

ENTA made the list...

Let’s hope he can’t buy now ;)

Luly needs to buy another 45,000 shares to get this dog moving.

I think it would be more like news hit and we open up 4x ;)

At the mean time, we continue to suck wind

No worries we will get back to 8s and then some. There is a trend going on right now look up EPIX and THIRD.
ENTA may just be the next name on the list.

You are not alone… nobody has a crystal ball. One day at a time.

Hopefully, we find out soon. I feel dumb to not sell at 8s and ride it back down to 4s


I kept thinking a good RSV deal can move the stock up significantly and rapidly

So selling at 8 seemed like a bad idea

Some day......

That's immaterial to the statement in my previous post.

I have calculated how long it will take to fulfill the royalty obligations that are due to OMERS. The time period is well outside of the time period from which this conversation chain stemmed.

it is a package deal with 938 so..

ENTA does not have any actual debt to pay off. The royalty-based obligations to OMERS will be satisfied entirely from ENTA’s Mavyret royalty stream.

Enta most likely wouldn't have to pay Pfizers attorney fees.

>> 323 alone is enough to get more than the cash on hand

Show me the deal already!

Yes, and yes.

same MOA that NVS recently licensed - and paid a decent up front of 55M for even though it is only preclinical, so gives you a sense of the appetite for deals in this area even when playing from behind

Private company tests oral agent in CSU:

https://www.prnewswire.com/news-releases/evommune-initiates-phase-2b-trial-of-mrgprx2-antagonist-evo756-in-adults-with-moderate-to-severe-chronic-spontaneous-urticaria-302428672.html Evommune …today announced the enrollment of the first patient in a global Phase 2b trial of EVO756, an orally available, highly potent and selective small molecule antagonist of mas-related G-protein coupled receptor X2 (MRGPRX2), in adults with moderate to severe chronic spontaneous urticaria (CSU).

Wind down costs, there may be many of those. Pfizer's attorney fees. Remaining debt on the sale of Glecaprevir income. Long term contract on Watertown lease. There could be a lot of debts that are amortized in a way enabling them to be shadow parked and not fully declared on required statements.

there are wind down costs but yeah I agree and certainly not now. I know the THRD news yesterday is putting this possibility on everyone's radar, but there is zero chance prior to the HR data, and even then I think 323 alone is enough to get more than the cash on hand if the company were to pursue "strategic alternatives"

Why would the company be sold for below cash?

Unless the market in trash mode, I will vote against it.

For me, it’s really about the value of the cash at that moment.

So you would not vote your shares for a buyout below $20? I would hope for $20, but would vote yes for $10. I do think the board is more aligned with you.

That would be the best of the best outcome.

But I would think most big pharm would love getting a play in the immunology area so chance of a spin off would be quite low

There is a scenario where you get the immediate upside of a buyout along with the longer term potential of the pipeline. Thats exactly what BHVN shareholders got when PFE bought the company and spun out the non crgp assets. Enta would need excellent RSV data to pull that off

You know, the issue for me anyways is the current admin brings in a lot of uncertainties. I am not just talking about in bio investments.

So if I can lock in 20s tomorrow for my shares, I am willing to part the remaining upside to the buyers.

Immunology would be a home run, but if they really want to push ahead, I wish they also partner it out to lower the expense. With this admin and current market sentiment, cash is king really.

Of coz, one billion buyout from PFE or others would be the best lol

my guess is if the kit enters clinic later this year they will wait out that data
BPMC started their hv study in q3 last year and had data in q1 this year so it doesn't have to drag out like THLD's phase 1
This really should be the worst case scenario, but the market at these prices clearly is factoring in the company won't have that wind down mentality in 12 or even 24 months time

My thinking is if we continue to stuck around current trading range and no partnership in next 6 months, management should do it.

yup but hopefully it doesn't come to that bc I think ENTA will want to see RSV through the HR data and partnering, as well as phase 1 for kit and perhaps even the appeal on pfe suit
but in a year from now if nothing pans out that probably would be on the table, and at that point it is likely down to low teens after a year more spend
THRD in licensed their drugs they don't have any real R&D behind this asset so nothing to fall back on

Imagine if ENTA announced that, will trade ~$20 minimum in a heartbeat!

re-Kit

On the heels of the THRD data today worth noting that BPMC did have their first listing on ct.gov for allergic rhinitis/allergic conjunctivitis, and plan a POC in CU in !H, and then two mroe POCs in Asthma and MCAS in second half this year. there may be some data from open label portions by end of year but much more in 2026 including any randomized data
source BPMC presentations on their website sorry no link

THRD
Indeed the THRD kit drug is officially dead. They are closing shop and returning cash to shareholders which is why the stock is up sharply

https://ir.thirdharmonicbio.com/news-releases/news-release-details/third-harmonic-bio-announces-plan-liquidation-and-dissolution

I think a company like ENTA will almost always disclose data at a scientific meeting so on the surface that is not necessarily true - look at 235 where it was presented and no partnership
this is a bit different because this is like the 3rd time they are presenting 323 data with some additional data and color each time. My take is they want as much visibility as possible. I still remember that back in the day Bruce Carter who was CEO of ZGEN said BMY got interested in interferon lambda after it was presented at a meeting (albeit more high profile than this one) and they inked a deal shortly thereafter. He is on the ENTA board. FWIW

I doubt they would participate in these events if they think the asset is a big negative one

April 13, 2025 - POSTER - EDP-323, a First-in-Class, Oral, RSV L-Protein Inhibitor Reduces Disease Severity (Respiratory Mucus Production) and Accelerates Viral Clearance in a Human Viral Challenge Study

DISCUSSION & CONCLUSIONS
Figure 7: Mean Total Symptom Score (10 Symptoms) and AUC (ITT-I Population)
Figure 8. Viral Dynamics in RSV Challenge
Studies: Fusion vs Polymerase Inhibitors
• EDP-323 was well tolerated, with a safety profile similar to placebo
• Mean trough plasma concentrations were maintained at 16- to
35-fold above protein-adjusted EC90
• Met primary endpoint with statistical significance at both dose
levels compared with placebo
• Antiviral effect started rapidly after dosing, in contrast to
that of fusion inhibitors (Figure 8)
• Met key secondary endpoints (viral load by qRT-PCR and
viral culture, total symptom score) with statistical significance
at both dose levels vs placebo
• Accelerated clearance of viral RNA and infectious virus vs placebo
• Reduced clinical disease severity relative to placebo was shown
by both total symptom score and by respiratory mucus production,
assessed by mucus weight and by number of tissues used
• Findings confirm the potential of EDP-323 as a once-daily oral
treatment for RSV and support further clinical evaluation.

Read more:
https://www.enanta.com/wp-content/uploads/2025/04/ESCMID_EDP-323-Study-Challenge-ePoster_Final.pdf

I'd definitely feel better if this traded above $6, but since $6 is still far from my target sell price, it’s kind of irrelevant. Human nature is just interesting.

So now we go back to $6+ over the next 3 weeks… and then press higher.