Shares of Enanta Pharmaceuticals, (NASDAQ: ENTA) tanked in after-hours trading on Monday as the clinical-stage biotechnology company announced its fiscal second-quarter results as losses widened to $1.79 per share from $1.63 per share in the same period last year while analysts were expecting the company to report a loss of $2.35 per share.
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The company posted Q2 revenues of $17.8 million, a decline of 4.8% year-over-year but beating consensus estimates of $17.65 million. ENTA’s revenues consisted of royalty revenue from worldwide net sales of AbbVie’s hepatitis C virus (HCV) regimen Mavyret/ Maviret (glecaprevir/pibrentasvir).
At the end of the second quarter, ENTA had cash, cash equivalents, and short-term and long-term marketable securities totaling $225.1 million, “before giving effect to its April 2023 sale of 54.5% of its ongoing MAVYRET®/MAVIRET® royalties from AbbVie for an upfront payment of $200 million from OMERS, one of Canada’s largest defined benefit pension plans.”
In addition, Enanta also announced positive topline data from a double-blind, placebo-controlled Phase 2 clinical trial of EDP-235, an oral, 3CL protease inhibitor, in non-hospitalized, symptomatic adults with mild or moderate COVID-19 who were not at high risk for severe disease. This trial indicated that EDP-235 “met the primary endpoint and was generally safe and well-tolerated.”
Year-to-date, ENTA stock has tanked by more than 20%.
