Detailed financial statements for Enanta Pharmaceuticals, Inc. (ENTA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Enanta Pharmaceuticals, Inc. is a biotechnology firm dedicated to discovering and advancing small molecule therapies designed to combat a range of viral infections and various liver conditions. Its research and development efforts are primarily focused on addressing pathogens such as respiratory syncytial virus (RSV), SARS-CoV-2, human metapneumovirus (hMPV), and the hepatitis B virus (HBV).
Analysis Summary
Enanta Pharmaceuticals, Inc. reported revenue of $65.3M in the most recent fiscal year, growing at a 5-year CAGR of -11.8%.
Trailing-twelve-month margins: gross margin 98.1%, operating margin -90.0%, net margin -96.9%.
At the current price of $12.70, ENTA has negative trailing earnings (P/E not meaningful) and an ROE of -61.84%. Market capitalisation stands at $369M.
Balance sheet quality for ENTA: current ratio of 4.2, net debt of $12.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $88.3M | $102.8M | $206.6M | $205.2M | $122.5M | $97.1M | $86.2M | $79.2M | $67.6M | $65.3M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $4.6M |
| Gross Profit | $88.3M | $102.8M | $206.6M | $205.2M | $122.5M | $97.1M | $86.2M | $79.2M | $67.6M | $60.7M |
| Research & Development | $40.5M | $57.5M | $94.9M | $142.2M | $136.8M | $174.1M | $164.5M | $163.5M | $131.5M | $106.7M |
| Selling, General & Admin | $17.0M | $20.7M | $23.4M | $26.2M | $27.4M | $32.5M | $45.5M | $52.9M | $57.9M | $43.9M |
| Operating Expenses | $57.4M | $78.2M | $118.3M | $168.5M | $164.1M | $206.6M | $210.0M | $216.4M | $189.3M | $146.1M |
| Operating Income | $30.8M | $24.6M | $88.3M | $36.7M | -$41.6M | -$109.6M | -$123.8M | -$137.2M | -$121.7M | -$85.3M |
| EBITDA | $32.5M | $26.8M | $90.8M | $40.0M | -$38.0M | -$104.2M | -$119.2M | -$123.5M | -$104.5M | -$70.8M |
| Interest Expense | $45000 | $40000 | $4.9M | 0 | 0 | 0 | 0 | $5.1M | $10.9M | $7.7M |
| Pre-tax Income | $32.6M | $26.9M | $93.1M | $45.6M | -$35.0M | -$107.6M | -$122.2M | -$131.0M | -$117.8M | -$83.5M |
| Income Tax | $10.9M | $9.2M | $21.2M | -$826000 | $1.1M | -$28.6M | -$433000 | $2.8M | -$1.7M | -$1.7M |
| Net Income | $21.7M | $17.7M | $72.0M | $46.4M | -$36.2M | -$79.0M | -$121.8M | -$133.8M | -$116.0M | -$81.9M |
| EPS | $1.14 | $0.93 | $3.48 | $2.37 | $-1.81 | $-3.92 | $-5.91 | $-6.38 | $-5.48 | $-3.84 |
| EPS (Diluted) | $1.13 | $0.91 | $3.48 | $2.21 | $-1.81 | $-3.92 | $-5.91 | $-6.38 | $-5.48 | $-3.84 |
| Shares Outstanding (Diluted) | $19.2M | $19.4M | $20.6M | $21.0M | $19.9M | $20.2M | $20.6M | $21.0M | $21.2M | $21.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $15.1M | $18.6M | $17.2M | $14.4M |
| Gross Profit | $15.1M | $18.6M | $15.9M | $14.4M |
| Operating Income | -$18.4M | -$11.3M | -$11.9M | -$17.2M |
| EBITDA | -$15.0M | -$7.6M | -$8.6M | -$15.3M |
| Net Income | -$18.7M | -$11.9M | -$13.1M | -$19.5M |
| EPS | $-0.87 | $-0.42 | $-0.45 | $-0.67 |
| EPS (Diluted) | $-0.87 | $-0.42 | $-0.45 | $-0.67 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $16.6M | $65.7M | $63.9M | $51.2M | $87.1M | $57.2M | $44.0M | $85.4M | $37.2M | $32.3M |
| Short-term Investments | $193.5M | $158.0M | $244.8M | $284.0M | $299.5M | $186.8M | $205.2M | $284.5M | $211.0M | $156.6M |
| Receivables | $12.8M | $10.6M | $67.2M | $51.3M | $23.5M | $60.8M | $49.0M | $39.6M | $38.6M | $6.9M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $232.2M | $237.8M | $380.4M | $401.8M | $436.8M | $319.0M | $311.7M | $422.8M | $299.9M | $204.3M |
| Property, Plant & Equipment | $8.0M | $8.0M | $8.4M | $10.9M | $15.6M | $10.7M | $29.7M | $34.7M | $73.3M | $72.9M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $281.3M | $326.6M | $414.2M | $489.8M | $490.8M | $440.9M | $380.6M | $462.3M | $376.7M | $280.7M |
| Accounts Payable | $3.4M | $3.7M | $4.7M | $6.7M | $5.7M | $9.5M | $6.0M | $4.1M | $8.0M | $1.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | $4.3M | 0 | 0 | 0 | $34.5M | $30.7M |
| Total Current Liabilities | $7.9M | $21.0M | $16.0M | $22.6M | $24.2M | $36.2M | $29.8M | $62.8M | $57.5M | $48.6M |
| Long-term Debt | 0 | 0 | 0 | 0 | $1.5M | $1.5M | $1.4M | 0 | $136.1M | $112.4M |
| Total Liabilities | $11.3M | $25.0M | $20.5M | $27.3M | $35.2M | $41.4M | $59.3M | $245.5M | $247.8M | $216.0M |
| Retained Earnings | $27.6M | $45.4M | $117.4M | $163.7M | $127.6M | $48.6M | -$73.2M | -$207.0M | -$323.0M | -$404.9M |
| Total Equity | $269.9M | $301.7M | $393.7M | $462.5M | $455.6M | $399.4M | $321.3M | $216.7M | $128.8M | $64.7M |
| Total Debt | $531000 | $458000 | $293000 | $200000 | $9.6M | $6.8M | $26.7M | $26.5M | $226.1M | $201.1M |
| Net Debt | -$209.6M | -$223.2M | -$308.4M | -$335.0M | -$377.1M | -$237.2M | -$222.5M | -$343.4M | -$22.1M | $12.2M |
| Working Capital | $224.3M | $216.8M | $364.4M | $379.2M | $412.7M | $282.8M | $281.9M | $360.0M | $242.3M | $155.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $32.3M | $37.4M | $34.9M | $33.4M |
| Total Assets | $280.7M | $329.5M | $314.7M | $296.9M |
| Total Liabilities | $216.0M | $202.9M | $198.1M | $195.8M |
| Total Equity | $64.7M | $126.6M | $116.6M | $101.1M |
| Total Debt | $201.1M | $193.2M | $186.6M | $55.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $21.7M | $17.7M | $72.0M | $46.4M | -$36.2M | -$79.0M | -$121.8M | -$133.8M | -$116.0M | -$81.9M |
| Depreciation & Amortization | $1.7M | $2.1M | $2.5M | $3.3M | $3.6M | $3.3M | $3.0M | $2.4M | $2.3M | $5.1M |
| Stock-based Compensation | $9.4M | $13.1M | $15.8M | $19.2M | $19.6M | $21.0M | $27.0M | $28.2M | $26.8M | $18.6M |
| Change in Working Capital | $6.2M | $22.0M | -$61.8M | $11.5M | $12.9M | -$13.7M | $6.8M | $8.0M | $7.1M | $39.9M |
| Operating Cash Flow | $35.8M | $52.7M | $29.2M | $71.4M | $7.1M | -$70.0M | -$84.8M | -$103.2M | -$78.8M | -$19.3M |
| Capital Expenditure | -$4.7M | -$2.5M | -$3.0M | -$5.4M | -$1.4M | -$750000 | -$2.1M | -$9.1M | -$17.9M | -$12.9M |
| Acquisitions | 0 | 0 | 0 | $86.7M | 0 | -$37.7M | -$54.9M | $44.5M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $31.1M | $50.1M | $26.2M | $66.0M | $5.6M | -$70.7M | -$86.9M | -$112.2M | -$96.7M | -$32.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$6.5M | -$11.7M | -$7.2M | -$10.0M |
| Capital Expenditure | -$1.5M | -$143000 | -$15000 | -$7000 |
| Free Cash Flow | -$7.9M | -$11.8M | -$7.2M | -$10.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $4.0M | $3.8M | $3.7M | $3.7M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +16.5% | +101.0% | -0.7% | -40.3% | -20.7% | -11.2% | -8.1% | -14.6% | -3.4% | |
| Net Income Growth (YoY) | -18.3% | +306.3% | -35.5% | -178.0% | -118.4% | -54.1% | -9.9% | +13.3% | +29.4% | |
| EPS Growth (YoY) | -18.4% | +274.2% | -31.9% | -176.4% | -116.6% | -50.8% | -8.0% | +14.1% | +29.9% | |
| Shares Change (YoY) | +1.0% | +6.4% | +1.5% | -4.9% | +1.2% | +2.1% | +1.8% | +0.9% | +0.8% | |
| FCF Growth (YoY) | +61.4% | -47.7% | +151.5% | -91.5% | -1353.7% | -22.8% | -29.1% | +13.8% | +66.7% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 93.0% |
| Operating Margin | 34.9% | 23.9% | 42.7% | 17.9% | -34.0% | -112.9% | -143.7% | -173.2% | -179.9% | -130.7% |
| EBITDA Margin | 36.8% | 26.0% | 44.0% | 19.5% | -31.0% | -107.4% | -138.4% | -155.9% | -154.5% | -108.4% |
| Net Margin | 24.5% | 17.2% | 34.8% | 22.6% | -29.5% | -81.4% | -141.3% | -169.0% | -171.6% | -125.4% |
| FCF Margin | 35.2% | 48.8% | 12.7% | 32.2% | 4.6% | -72.9% | -100.9% | -141.7% | -143.0% | -49.2% |
| Effective Tax Rate | 33.5% | 34.3% | 22.7% | -1.8% | -3.3% | 26.6% | 0.4% | -2.2% | 1.5% | 2.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.62 | $2.58 | $1.27 | $3.15 | $0.28 | $-3.51 | $-4.22 | $-5.35 | $-4.57 | $-1.51 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $18.9M | $19.1M | $20.6M | $19.6M | $19.9M | $20.2M | $20.6M | $21.0M | $21.2M | $21.3M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -61.84% |
| Return on Invested Capital | -23.81% |
| Return on Assets | -21.30% |
| Gross Margin | 98.15% |
| Operating Margin | -89.99% |
| Net Margin | -96.89% |
Financial Health
| Debt / Equity | 0.55 |
| Current Ratio | 3.76 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 23.34 | 50.32 | 24.17 | 25.35 | -25.29 | -14.49 | -8.78 | -1.75 | -1.89 | -3.12 |
| P/B | 1.87 | 2.96 | 4.41 | 2.54 | 2.00 | 2.87 | 3.33 | 1.08 | 1.70 | 3.95 |
| P/S | 5.71 | 8.68 | 8.41 | 5.73 | 7.45 | 11.80 | 12.40 | 2.96 | 3.24 | 3.91 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 93.0% |
| Operating Margin | 34.9% | 23.9% | 42.7% | 17.9% | -34.0% | -112.9% | -143.7% | -173.2% | -179.9% | -130.7% |
| Net Margin | 24.5% | 17.2% | 34.8% | 22.6% | -29.5% | -81.4% | -141.3% | -169.0% | -171.6% | -125.4% |
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Explore sector: Healthcare · Biotechnology
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