Enanta launches $50,000,000 stock offering, later prices $65,000,000

The launch and the pricing

Enanta Pharmaceuticals, Inc. (Nasdaq: ENTA) filed a preliminary prospectus supplement on September 30, 2025 for up to $50,000,000 of common stock. The price and share count were left blank, and the underwriters had a 30-day option to buy up to an additional $7,500,000 of shares. The last reported sale price on September 29, 2025 was $15.16 per share. The preliminary document says the final price would be set through negotiation between the company and the lead underwriters, and that the recent market price may not match it. The final supplement, also dated September 30, 2025, priced 6,500,000 shares at $10.00 per share, or $65,000,000 in total. That is well below the $15.16 last reported price. Underwriting discounts and commissions are $0.60 per share, or $3,900,000, which leaves $9.40 per share, or $61,100,000, to the company before expenses. The company estimates net proceeds of approximately $60.6 million, or $69.8 million if the underwriters exercise their 30-day option in full. That option covers up to 975,000 more shares. Delivery was expected on or about October 2, 2025. After the offering, 27,877,923 common shares would be outstanding, or 28,852,923 if the option is exercised in full.

Who is running the deal

J.P. Morgan Securities LLC, Jefferies LLC and Evercore Group L.L.C. are joint book-running managers and representatives of the underwriters. The company, its directors and its executive officers have agreed to a 60-day lock-up. J.P. Morgan Securities LLC, Jefferies LLC and Evercore Group L.L.C. may release them from it at their sole discretion. The filing names no placement agent or financial advisor. The cover shows the firms as J.P. Morgan, Jefferies and Evercore ISI.

The money behind the raise

The company intends to use the net proceeds, together with existing cash, cash equivalents and short-term and long-term investments, to fund clinical trials, research and development, working capital and other general corporate purposes. The most recent annual figures are for the fiscal year ended September 30, 2024. Cash, cash equivalents and restricted cash fell to $41,201 thousand at the end of that year from $89,356 thousand a year earlier, a decline of $48,155 thousand in the year. The net loss was $116,045 thousand, against $133,816 thousand in fiscal 2023. Stockholders' equity was $128,814 thousand at September 30, 2024, after an accumulated deficit of $323,040 thousand. The company has also been paying down its royalty financing. In fiscal 2023 it received $200,000 thousand from the sale of future royalties. In fiscal 2024 it paid $27,479 thousand on the royalty sale liability, net of imputed interest, and paid $11,710 thousand in cash interest. Those figures come from the annual report for the year that ended a year before the offering.

The programs behind the spending

Enanta describes its virology work as focused on respiratory syncytial virus, or RSV. It has two clinical-stage RSV product candidates, zelicapavir and EDP-323. The filing cites estimates that RSV leads to three million hospitalizations and 101,000 deaths a year globally in children under 5. In the U.S., it cites between 160,000 and 177,000 hospitalizations and 14,000 deaths a year in adults over 65. The company discovered glecaprevir, which is co-formulated in AbbVie's MAVYRET (U.S.) and MAVIRET (ex-U.S.) hepatitis C treatments, marketed since 2017 under the company's collaboration with AbbVie.

What comes next

The offering was expected to close on or about October 2, 2025, and the company says the proceeds will fund trials, research and general purposes alongside its existing investments.

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