Enanta Pharmaceuticals files for up to $75,000,000 at-the-market stock sales

The sales agreement

Enanta Pharmaceuticals, Inc. (Nasdaq: ENTA) entered into an Open Market Sale Agreement dated July 2, 2026 with Jefferies LLC. Under it the company may offer and sell shares of common stock, par value $0.01, with an aggregate offering price of up to $75,000,000 from time to time through Jefferies as sales agent. Sales are made at the market at prevailing prices, including directly on The Nasdaq Global Select Market. Jefferies will use commercially reasonable efforts to sell shares on the company's instructions, which can include price, time or size limits. The company has no obligation to sell any shares. Jefferies is paid a commission of up to 3.0% of the gross proceeds of each share sold, and the company gave Jefferies customary indemnification rights. The filing says no funds will be held in escrow, trust or a similar arrangement. The program runs under a prospectus supplement dated July 2, 2026 and a base prospectus dated February 20, 2026, with the shelf registration statement on Form S-3 filed under registration number 333-293390. The last reported sale price on July 1, 2026 was $14.77 per share.

Who is named

Jefferies LLC is the only sales agent named. The 8-K says the opinion on the common stock sold under the agreement is from Foley Hoag LLP, filed as Exhibit 5.1, so Foley Hoag is the company's counsel on the shares. The base prospectus says Foley Hoag LLP of Boston passes on the legality of the securities offered. The filings name no placement agent or financial advisor other than Jefferies.

The product base

Enanta says it discovered glecaprevir, the second of two antiviral protease inhibitors it found and developed with AbbVie for chronic hepatitis C virus infection. Glecaprevir is co-formulated in AbbVie's MAVYRET (U.S.) and MAVIRET (ex-U.S.) treatments, which have been marketed since 2017. The 10-K says MAVYRET was also approved as the first and only treatment for acute hepatitis C infection in June 2025. The 10-K also describes a royalty sale liability that the company has been paying down. Payments on that liability were $26,486 thousand in fiscal 2025 and $27,479 thousand in fiscal 2024. In fiscal 2023 the company received $200,000 thousand from the sale of future royalties.

The financial picture

The company's fiscal year ends September 30. For fiscal 2025, the 10-K filed on November 19, 2025 reports a net loss of $81.9 million, or $3.84 per share, against $116.0 million, or $5.48 per share, a year earlier. Research and development expense was $106.7 million, against $131.5 million. Cash used in operations was $19.3 million, against $78.8 million. Cash, cash equivalents and restricted cash were $35,658 thousand at September 30, 2025, down $5,543 thousand from $41,201 thousand a year earlier. Stockholders' equity was $64,717 thousand at September 30, 2025, after an accumulated deficit of $404,929 thousand. The company's royalty sale payments continue alongside the loss, and the sales agreement adds shares for sale into the market as a further source of cash.

What the company says the money is for

The company says it intends to use the net proceeds from the program, together with its existing cash, cash equivalents and short-term and long-term investments, to fund clinical trials, research and development efforts, and working capital and other general corporate purposes. The sales agreement does not require the company to sell any shares at all. The program is an at-the-market facility, so the timing and size of any sales will depend on the share price and on the company's instructions to Jefferies.

Report an error

Companies in this story

ENTAEnanta Pharmaceuticals, Inc.NASDAQ · United StatesOpen the starter desk