Enanta Pharmaceuticals reported fiscal fourth‑quarter revenue of $15.1 million, a 3 % decline from $14.6 million in the same period a year earlier. The drop is largely attributable to a reduction in HCV royalty income as AbbVie’s MAVYRET sales fell during the first nine months of 2025, and 54.5 % of those royalties are paid to OMERS under a prior sale agreement.
The company posted a net loss of $18.7 million, or $0.87 per diluted share, compared with a $28.8 million loss ($1.36 per share) in Q4 2024. The loss per share beat consensus estimates of $0.87 by $0.24, a 27 % improvement. The narrower loss is driven by disciplined cost management: research and development expenses fell to $23.8 million from $30.8 million, and general and administrative costs dropped to $9.7 million from $13.7 million.
Full‑year 2025 revenue totaled $65.3 million, down 3 % from $67.6 million in 2024, while the net loss widened to $81.9 million ($3.84 per share) from $116.0 million ($5.48 per share) the prior year. The revenue decline mirrors the royalty shortfall, but the net loss narrowed because operating expenses were trimmed more aggressively than revenue fell.
Cash, cash equivalents and marketable securities stood at $188.9 million as of September 30, 2025, giving the company a runway that management expects to extend through fiscal 2029. The strong liquidity position supports continued investment in the company’s immunology and virology pipelines.
Enanta highlighted progress in its pipeline, naming EPS‑3903 as the lead candidate for its oral STAT6 program and nominating EDP‑978 as a clinical‑stage KIT inhibitor. The RSV program also delivered positive topline data from a high‑risk adult study, positioning Enanta as a potential first‑in‑class oral RSV antiviral.
CEO Jay R. Luly emphasized that the quarter’s results reflect “significant progress across our virology and immunology programs” and that the company’s cost‑control measures have allowed it to maintain profitability margins despite a revenue decline.
The earnings beat and strong cash position reinforce investor confidence in Enanta’s long‑term growth strategy, which focuses on pipeline development and disciplined expense management.
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