ENTA Shareholder/Stockholder Letter Transcript:
Annual Report
2024
January 2025
To Our Shareholders,
At Enanta, we are dedicated to our mission of discovering
and developing groundbreaking small molecule drugs for
diseases with significant unmet need.
We are proud to report that 2024 was marked
once-daily single agents or in combination for
by progress toward accomplishing many of
specific high-risk populations. Looking forward,
our goals. We made strides in advancing our
we expect to report results from RSVHR, our
clinical-stage
respiratory
ongoing Phase 2b study of zelicapavir in adults
syncytial virus (RSV) as well as leveraging our
with RSV infection who are at high risk of
proven expertise in medicinal chemistry to
complications, in the third quarter of 2025.
candidates
for
expand our discovery efforts in immunology.
Both our pipeline and R&D efforts underscore
In 2024, we expanded our pipeline into an
our commitment to discovering and developing
adjacent area, immunology, where we are
novel, best-in-class medicines to transform the
concentrating on diseases with high unmet
lives of patients with curative therapies.
medical need, validated targets and a clear
clinical development path. We made notable
Our development programs in virology are
progress as we focused on designing and
focused on RSV, an area of significant unmet
developing highly potent and selective, oral
need with no therapies currently available.
small molecule inhibitors for the treatment
We have two clinical-stage candidates for the
of inflammatory diseases. Specifically, in
treatment of RSV zelicapavir (EDP-938), an
November, we announced the selection of
N-protein inhibitor, and EDP-323, an L-protein
EPS-1421, a novel, potent and selective oral
inhibitor. In December, we announced positive
inhibitor of KIT, designed to treat chronic
data from a first-in-pediatrics Phase 2 study
spontaneous urticaria and other mast cell-
evaluating zelicapavir in both hospitalized and
driven indications by depleting mast cells,
non-hospitalized children aged 28 days to 36
thereby addressing a primary driver of these
months with RSV. Prior to that, in September,
diseases. We plan to conduct scale-up activities
we reported positive data from a Phase 2a
and IND enabling studies for EPS-1421 in 2025.
challenge study of EDP-323. We believe the
results for EDP-323 are among the strongest
We also introduced a second immunology
ever reported in an RSV challenge study,
program aimed at developing an oral treatment
raising the high bar set by zelicapavir, and
of type 2 immune-driven diseases. Specifically,
demonstrating the potential for our leading
we are focused on discovering oral STAT6
clinical candidates in RSV to be developed as
inhibitors for atopic dermatitis, and other
indications, by blocking the IL-4/IL-13 signaling
programs in a capital efficient manner and will
pathway, thereby addressing a primary driver
also evaluate partnering opportunities. We look
of these diseases. Enanta s prototype inhibitors
forward to reporting on the next milestones
in development demonstrate potent activity
in 2025, including announcing data from our
and high selectivity for STAT6 over other
RSVHR trial, further progressing our KIT and
STATs in both biochemical and cellular assays.
STAT6 programs, and continuing to expand our
We continue to evaluate multiple compounds
immunology portfolio.
in preclinical studies and expect to select
a development candidate in the second half
In closing, I would like to recognize the
of 2025.
patients and caregivers involved in our
ongoing and completed studies. I would also
Operationally and financially, we ended 2024
like to acknowledge our employees for their
in a solid position. As of September 30, 2024,
dedication and hard work in the past year.
Enanta had $248 million in cash, cash
And again, I d especially like to thank you, our
equivalents and marketable securities, in
shareholders. We owe you our sincere gratitude
addition to a pending net operating loss refund
for the opportunity to execute our mission
of approximately $30 million from the Internal
of developing transformative medicines and
Revenue Service. This cash position is enhanced
appreciate your support to do so.
by the ongoing portion of royalty revenue
from AbbVie s sales of MAVYRET /MAVIRET ,
which remains a leading treatment for
Sincerely,
hepatitis C virus. In 2023, we monetized
54.5% of our royalties, and as such we still
receive 45.5% of all royalties. Through
prudent cash management, combined with
our ongoing royalties, we are able to support
our programs into fiscal year 2027. This
provides us with a strong foundation as we
execute our clinical and corporate goals,
working to deliver improved value to all our
stakeholders patients, caregivers, physicians,
and shareholders.
As we turn the corner on 2024 and look ahead
to 2025, I believe we are in a strong position
on multiple fronts financially, scientifically,
clinically and operationally. We enter the new
year with a continued focus on advancing our
Jay R. Luly, Ph.D.
President and Chief Executive Officer
1/27/2025 Letter Continued (Full PDF)