Enanta Pharmaceuticals, Inc., a biotechnology company, discovers and develops small molecule drugs for the treatment of viral infections and liver diseases. Its research and development disease targets include respiratory syncytial virus, SARS-CoV-2, human metapneumovirus, and hepatitis B virus. The company has a collaborative development and license agreement with Abbott Laboratories to identify, develop, and commercialize HCV NS3 and NS3/4A protease inhibitor compounds, including paritaprevir and glecaprevir for the treatment of chronic hepatitis C virus. Enanta Pharmaceuticals, Inc. was founded in 1995 and is headquartered in Watertown, Massachusetts.
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Here are 1-3 brief analogies for Enanta Pharmaceuticals (ENTA):
- A discovery-focused Gilead Sciences for new small molecule antiviral treatments.
- A small molecule Vertex Pharmaceuticals, but concentrating on infectious and liver diseases.
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- Hepatitis C Virus (HCV) Drug Components: Compounds like glecaprevir and paritaprevir, discovered by Enanta and licensed to AbbVie, are key components in approved multi-drug regimens for treating chronic HCV infection.
- EDP-938: An investigational N-protein inhibitor currently in Phase 2b clinical trials for the treatment of Respiratory Syncytial Virus (RSV) infection.
- EDP-305: An investigational farnesoid X receptor (FXR) agonist that has completed Phase 2 clinical trials for the treatment of Nonalcoholic Steatohepatitis (NASH).
- Hepatitis B Virus (HBV) Program: A portfolio of investigational nucleoside reverse transcriptase inhibitors (NRTIs), including EDP-514 and EDP-721, in clinical development for treating chronic HBV infection.
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Enanta Pharmaceuticals (ENTA) primarily generates its revenue through collaboration and licensing agreements with other pharmaceutical companies, rather than selling directly to individuals.
Its major customer is:
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Jay R. Luly, Ph.D., President, Chief Executive Officer and Director
Dr. Luly has led Enanta Pharmaceuticals since July 2003, guiding the company through its venture-financed years and a successful IPO in 2013. Under his leadership, Enanta collaborated with AbbVie to discover and develop hepatitis C virus protease inhibitors, glecaprevir and paritaprevir, which are components of MAVYRET® and VIEKIRA PAK® regimens. Prior to joining Enanta, Dr. Luly was an Entrepreneur in Residence at Oxford Bioscience Partners. He also held senior leadership positions at Millennium Pharmaceuticals, following its acquisition of LeukoSite, Inc. in 1999, where he had served as Senior Vice President, Drug Discovery and Preclinical Development. From 1983 to 1997, he held several senior drug discovery roles at Abbott Laboratories.
Paul J. Mellett, Chief Financial Officer, Senior Vice President of Finance & Administration
Mr. Mellett joined Enanta in September 2003. Before his tenure at Enanta, he served as Senior Vice President and Chief Financial Officer of Essential Therapeutics from April 2001 to August 2003.
Tara L. Kieffer, Ph.D., Chief Product Strategy Officer
Dr. Kieffer joined Enanta in December 2020. Her previous experience includes various roles of increasing responsibility at Vertex Pharmaceuticals, most recently as Vice President, External Innovation, Business Development, where she evaluated external innovation and led in-licensing and acquisition opportunities. She also held the position of Vice President, Integrated Program Management at Vertex. Earlier in her career at Vertex, she was Director, Clinical Biomarkers and Head of Clinical Virology, leading a team focused on antiviral drug resistance research for Hepatitis C and influenza viruses.
Brendan Luu, Chief Business Officer
Mr. Luu joined Enanta in January 2021. Prior to Enanta, he held several roles at Merck KGaA, including Vice President and Global Head of Oncology Business Development, where he was responsible for business development strategy and executing major transactions across drug development stages. He also worked in regional business development at Merck KGaA. His early career involved engineering, sales, and marketing roles in the chemicals industry with BASF Corporation and in telecommunications with Tyco International.
Scott T. Rottinghaus, Chief Medical Officer
Dr. Rottinghaus joined Enanta in August 2022. He brings over 20 years of clinical experience in drug development across various therapeutic areas such as rare disease, hematology, nephrology, neurology, dermatology, rheumatology, and infectious diseases. Before Enanta, Dr. Rottinghaus served as Vice President and Head of Clinical Development for Hematology and Nephrology at Alexion, AstraZeneca Rare Disease, leading the development of several clinical assets.
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The following are clear emerging threats to Enanta Pharmaceuticals (ENTA):
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RSV Market Contraction Due to Preventative Therapies: The recent FDA approvals and commercialization (2023-2024) of multiple highly effective preventative therapies for Respiratory Syncytial Virus (RSV), including Pfizer's Abrysvo (vaccine), Sanofi/AstraZeneca's Beyfortus (nirsevimab, monoclonal antibody), and Moderna's mRNA-1345 (vaccine), pose a significant emerging threat. While Enanta's lead RSV candidate, EDP-938, is an antiviral treatment, widespread adoption of these preventative options could substantially reduce the overall incidence of RSV and, consequently, shrink the market for RSV treatment drugs, thereby impacting the commercial potential of EDP-938.
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NASH Market Competition and First-Mover Advantage: The FDA approval of Madrigal Pharmaceuticals' Rezdiffra (resmetirom) in March 2024 as the first-ever drug for metabolic dysfunction-associated steatohepatitis (MASH, formerly NASH) establishes a significant first-mover advantage and market leader. This creates a challenging competitive landscape for Enanta's earlier-stage MASH pipeline programs (e.g., EDP-766 in Phase 1), which must now compete against an approved, commercially available product. This significantly raises the bar for market entry and potential market share for Enanta's MASH candidates, especially after a prior Phase 2 failure with EDP-305.
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Enanta Pharmaceuticals (ENTA) is focused on developing small molecule drugs primarily in virology and immunology. Their main product candidates in development are for Respiratory Syncytial Virus (RSV) and Hepatitis B Virus (HBV). While not a current primary focus, they have also previously developed clinical candidates in Nonalcoholic Steatohepatitis (NASH).
Respiratory Syncytial Virus (RSV) Treatments
Enanta's lead candidates for RSV are zelicapavir (EDP-938) and EDP-323, both oral inhibitors.
- The global respiratory syncytial virus treatment market was valued at USD 2,387.2 million in 2024 and is projected to reach USD 8,332.5 million by 2033, growing at a Compound Annual Growth Rate (CAGR) of 14.9%.
- Another estimate indicates the global RSV therapeutics market size was USD 1.6 billion in 2024 and is expected to reach USD 4.0 billion by 2031, growing at a CAGR of 14.5% from 2025-2031.
- In 2019, the global respiratory syncytial virus therapeutics market size stood at USD 1,111.3 million and was projected to grow to USD 4,003.4 million by 2027, with a CAGR of 30.9% from 2020–2027.
- The North American market for RSV therapeutics was valued at USD 396.0 million in 2019.
Hepatitis B Virus (HBV) Treatments
Enanta has EDP-514, an HBV core antigen inhibitor, in its pipeline for the treatment of chronic hepatitis B.
- The global market for hepatitis B treatments is projected to increase from USD 1.6 billion in 2022 to USD 10.5 billion in 2029, at a CAGR of 30%.
- The global chronic hepatitis B market size reached USD 2,709.4 million in 2023 and is expected to reach USD 3,379.3 million by 2034, exhibiting a CAGR of 2.03% during 2024-2034.
- Another report estimated the global chronic hepatitis B (CHB) market was valued at USD 4.6 billion in 2021 and is projected to reach USD 6.2 billion by 2031, growing at a CAGR of 3% from 2022 to 2031.
Nonalcoholic Steatohepatitis (NASH) Treatments
Enanta has developed clinical candidates in NASH, such as EDP-305.
- The global Nonalcoholic Steatohepatitis (NASH) market size is estimated at USD 9980.53 million in 2024 and is expected to reach USD 314068.7 million by 2033, with a 46.7% CAGR.
- The global Nonalcoholic Steatohepatitis Treatment Market size was USD 5.5 billion in 2023 and is expected to grow at a CAGR of 29.9% from 2024 to 2032, reaching USD 57.9 billion by 2032.
- The North America non-alcoholic steatohepatitis treatment market is expected to grow at a 28.4% CAGR, to reach USD 23.2 billion by 2032.
- In 2024, North America dominated the global non-alcoholic steatohepatitis treatment market share by 79%.
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Here are 3-5 expected drivers of future revenue growth for Enanta Pharmaceuticals (ENTA) over the next 2-3 years:
1. Advancement and Potential Commercialization of RSV Treatments: Enanta Pharmaceuticals is heavily focused on its Respiratory Syncytial Virus (RSV) portfolio, with zelicapavir and EDP-323 as its leading oral antiviral candidates. The company successfully met target enrollment for RSVHR, a Phase 2 study of zelicapavir in high-risk adults, and is on track to report topline data in late Q3 2025. Positive Phase 2b results for zelicapavir in high-risk adults were announced in late September 2025, indicating faster symptom resolution and a lower hospitalization rate, which provides support for advancing zelicapavir into Phase 3 development. Enanta possesses the most comprehensive RSV antiviral portfolio in development with two differentiated mechanisms of action (N- and L-protein inhibition) and is evaluating potential partnership opportunities to bring these therapeutics to patients.
2. Progression and Potential Launch of Immunology Pipeline Products: Enanta is actively advancing its immunology pipeline. The company is developing a KIT inhibitor treatment for chronic spontaneous urticaria (CSU), with a candidate selection for EPS-1421 expected in the fourth quarter of fiscal 2024. Additionally, a STAT6 inhibitor program is progressing, with plans to select a development candidate in the second half of 2025. This STAT6 inhibitor program is initially targeting atopic dermatitis with potential for expansion into asthma and other inflammatory diseases. Enanta also plans to introduce a third immunology program in 2025, further diversifying its potential revenue streams from new product introductions.
3. Ongoing Royalty Revenue from MAVYRET/MAVIRET: Enanta continues to generate royalty revenue from AbbVie's global net sales of MAVYRET®/MAVIRET®, a treatment for chronic hepatitis C virus (HCV) infection. While a portion (54.5%) of these royalties is currently paid to OMERS under a royalty sale transaction until June 30, 2032 (subject to a cap), the remaining and eventual full retention of these royalties contributes to Enanta's financial stability and ongoing funding for its development programs. This established revenue stream provides a base, and the increasing retained portion over time could represent a growth driver as the liability is amortized.
4. Strategic Partnerships for RSV Program Development: Enanta is exploring potential partnership opportunities to strategically and capital-efficiently advance its RSV program. A successful partnership for zelicapavir and/or EDP-323 could lead to significant upfront payments, milestone achievements, and shared commercialization revenue, thereby boosting future revenue growth and accelerating the path to market for these promising candidates.
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Share Issuance
- In October 2025, Enanta Pharmaceuticals completed an upsized public offering of 7,475,000 shares of its common stock at $10.00 per share.
- This offering generated gross proceeds of $74.75 million.
- The net proceeds are intended to fund clinical trials, research and development efforts, working capital, and other general corporate purposes.
Inbound Investments
- In April 2023, Enanta sold 54.5% of its ongoing MAVYRET®/MAVIRET® royalties from AbbVie to OMERS, a Canadian pension plan, for an upfront payment of $200 million.
- Enanta retains 45.5% of all royalties until a 1.42x cap on aggregate payments to OMERS is reached, after which 100% of all further royalties revert to Enanta.
Capital Expenditures
- For the fiscal year ended September 30, 2023, Enanta spent approximately $6.3 million in capital expenditures primarily for additional space and tenant improvements.
- The company received a tenant improvement allowance of $2.5 million from the landlord in fiscal year 2023.
- As of June 2025, quarterly capital expenditures were reported as $155,000.
