The company's financial leverage has deteriorated, with the debt-to-equity ratio rising to 1.60 in 2026Q2 from 1.15 in 2024Q1, reflecting structural strain from accumulated losses.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 |
|---|
| Total Current Assets | 178.41M | 204.34M | 299.85M | 422.79M | 311.71M | 319.02M | 436.84M | 401.85M | 380.39M | 237.82M | 232.16M | 170.64M | 107.97M | 104.71M | 47.31M | 25.1M |
| Cash & Short-Term Investments | 163.77M | 188.86M | 248.19M | 369.91M | 249.23M | 244M | 386.65M | 335.24M | 308.73M | 223.67M | 210.08M | 145.21M | 90.76M | 101.48M | 43.76M | 23.33M |
| Cash Only | 34.93M | 32.3M | 37.23M | 85.39M | 43.99M | 57.21M | 87.13M | 51.23M | 63.9M | 65.67M | 16.58M | 21.73M | 30.7M | 8.86M | 10.51M | 6.84M |
| Short-Term Investments | 128.85M | 156.57M | 210.95M | 284.52M | 205.24M | 186.8M | 299.52M | 284.01M | 244.83M | 157.99M | 193.51M | 123.48M | 60.06M | 92.62M | 33.25M | 16.49M |
| Accounts Receivable | 7.83M | 6.88M | 38.65M | 39.62M | 49.04M | 60.83M | 23.49M | 51.31M | 67.2M | 10.61M | 12.84M | 15.72M | 4.49M | 1.59M | 2.94M | 261K |
| Days Sales Outstanding | 41.61 | 38.45 | 208.55 | 182.57 | 207.73 | 228.73 | 70.01 | 91.27 | 118.72 | 37.68 | 53.1 | 35.67 | 34.36 | 18.13 | 25.75 | 2.27 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 6.81M | 8.59M | 608K | 13.26M | 0 | 0 | 26.7M | 0 | 4.45M | 3.54M | 9.23M | 9.71M | 12.72M | 0 | 0 | 1.14M |
| Total Non-Current Assets | 136.29M | 76.4M | 76.8M | 39.48M | 68.88M | 121.84M | 53.95M | 87.98M | 33.84M | 88.82M | 49.12M | 75.37M | 47.44M | 12.26M | 4.85M | 997K |
| Property, Plant & Equipment | 69.55M | 72.94M | 73.35M | 34.71M | 29.75M | 10.65M | 15.62M | 10.93M | 8.37M | 8.05M | 8M | 5.89M | 1.8M | 1.12M | 611K | 534K |
| Fixed Asset Turnover | 0.96x | 0.90x | 0.92x | 2.28x | 2.90x | 9.11x | 7.84x | 18.78x | 24.67x | 12.77x | 11.03x | 27.33x | 26.48x | 28.59x | 68.26x | 78.43x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 129.37M | 3.36M | 3.36M | 3.97M | 33.25M | 109.02M | 33.24M | 65.01M | 16.39M | 70.04M | 32.12M | 64.24M | 41M | 10.7M | 1.66M | 0 |
| Other Non-Current Assets | 144K | 92K | 94K | 803K | 696K | 92K | 92K | 700K | 700K | 608K | 608K | 608K | 436K | 436K | 2.59M | 463K |
| Total Assets | 314.7M | 280.73M | 376.65M | 462.27M | 380.59M | 440.86M | 490.79M | 489.83M | 414.23M | 326.64M | 281.28M | 246.01M | 155.41M | 116.97M | 52.16M | 26.1M |
| Asset Turnover | 0.23x | 0.23x | 0.18x | 0.17x | 0.23x | 0.22x | 0.25x | 0.42x | 0.50x | 0.31x | 0.31x | 0.65x | 0.31x | 0.27x | 0.80x | 1.60x |
| Asset Growth % | -58.04% | -25.47% | -18.52% | 21.46% | -13.67% | -10.17% | 0.2% | 18.25% | 26.82% | 16.13% | 14.33% | 58.29% | 32.86% | 124.25% | 99.89% | - |
| Total Current Liabilities | 46.44M | 48.55M | 57.53M | 62.79M | 29.83M | 36.17M | 24.16M | 22.61M | 16.02M | 20.98M | 7.89M | 6.7M | 4.75M | 4.53M | 5.73M | 2.15M |
| Accounts Payable | 4.36M | 1.95M | 8M | 4.1M | 6M | 9.54M | 5.74M | 6.69M | 4.75M | 3.71M | 3.38M | 1.54M | 1.87M | 1.48M | 1.85M | 566K |
| Days Payables Outstanding | 886.31 | 155.04 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 35.22M | 30.71M | 34.46M | 0 | 0 | 0 | 4.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.3M | 0 | 1.2M | 0 | 10K | 17K | 0 |
| Other Current Liabilities | 6.86M | 0 | 0 | 35.08M | 14.5M | 16.34M | 9.38M | 0 | 0 | 9.22M | 0 | 2.51M | 0 | 0 | 0 | 0 |
| Current Ratio | 3.84x | 4.21x | 5.21x | 6.73x | 10.45x | 8.82x | 18.08x | 17.77x | 23.74x | 11.33x | 29.43x | 25.45x | 22.75x | 23.14x | 8.25x | 11.68x |
| Quick Ratio | 3.84x | 4.21x | 5.21x | 6.73x | 10.45x | 8.82x | 18.08x | 17.77x | 23.74x | 11.33x | 29.43x | 25.45x | 22.75x | 23.14x | 8.25x | 11.68x |
| Cash Conversion Cycle | -844.7 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 151.67M | 167.46M | 190.3M | 182.75M | 29.43M | 5.26M | 11.05M | 4.73M | 4.52M | 3.98M | 3.45M | 3.15M | 2.02M | 1.98M | 2.5M | 155.91M |
| Long-Term Debt | 98.62M | 112.44M | 136.13M | 0 | 1.42M | 1.51M | 1.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 216.97M | 54.76M | 53.94M | 21.24M | 22.37M | 1.13M | 3.84M | 200K | 293K | 379K | 458K | 529K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 5.18M | 2.07M | 4.66M | 1.75M | 1.79M | 1.18M | 745K | 448K | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 278K | 260K | 231K | 161.51M | 454K | 558K | 1.08M | 4.53M | 4.23M | 3.6M | 2.99M | 2.62M | 2.02M | 1.98M | 2.5M | 155.91M |
| Total Liabilities | 198.12M | 216.01M | 247.84M | 245.54M | 59.26M | 41.43M | 35.21M | 27.34M | 20.55M | 24.96M | 11.34M | 9.86M | 6.76M | 6.5M | 8.23M | 158.06M |
| Total Debt | 186.62M | 201.06M | 226.06M | 26.51M | 26.69M | 6.83M | 9.58M | 200K | 293K | 458K | 531K | 598K | 200K | 0 | 0 | 0 |
| Net Debt | 151.69M | 168.76M | 188.82M | -58.88M | -17.31M | -50.37M | -77.55M | -51.03M | -63.61M | -65.22M | -16.05M | -21.13M | -30.5M | -8.86M | -10.51M | -6.84M |
| Debt / Equity | 1.60x | 3.11x | 1.75x | 0.12x | 0.08x | 0.02x | 0.02x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | - | - | - |
| Debt / EBITDA | -3.37x | - | - | - | - | - | - | 0.01x | 0.00x | 0.02x | 0.02x | 0.00x | 0.01x | - | - | - |
| Net Debt / EBITDA | -2.74x | - | - | - | - | - | - | -1.28x | -0.70x | -2.44x | -0.49x | -0.17x | -1.58x | -0.96x | -0.49x | -0.27x |
| Interest Coverage | -5.15x | -9.88x | -9.77x | -24.45x | - | - | - | - | 18.20x | 615.35x | 685.36x | 15518.50x | 1054.72x | 311.55x | - | 8.37x |
| Total Equity | 116.59M | 64.72M | 128.81M | 216.74M | 321.33M | 399.43M | 455.58M | 462.49M | 393.68M | 301.68M | 269.94M | 236.16M | 148.65M | 110.47M | 43.93M | -131.96M |
| Equity Growth % | -58.67% | -49.76% | -40.57% | -32.55% | -19.55% | -12.33% | -1.49% | 17.48% | 30.5% | 11.76% | 14.3% | 58.86% | 34.57% | 151.47% | 133.29% | - |
| Book Value per Share | 4.04 | 3.03 | 6.09 | 10.34 | 15.60 | 19.80 | 22.85 | 22.06 | 19.06 | 15.54 | 14.04 | 12.24 | 7.75 | 11.29 | 4.69 | -10.30 |
| Total Shareholders' Equity | 116.59M | 64.72M | 128.81M | 216.74M | 321.33M | 399.43M | 455.58M | 462.49M | 393.68M | 301.68M | 269.94M | 236.16M | 148.65M | 110.47M | 43.93M | -131.96M |
| Common Stock | 291K | 214K | 212K | 211K | 208K | 202K | 201K | 197K | 194K | 191K | 190K | 187K | 188K | 181K | 13K | 53K |
| Retained Earnings | -429.96M | -404.93M | -323.04M | -207M | -73.18M | 48.58M | 127.57M | 163.74M | 117.36M | 45.36M | 27.65M | 5.98M | -73.01M | -107.45M | -115.37M | -132M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2K | -2K | -2K | -2K |
| Accumulated OCI | -734K | -339K | 302K | -1.17M | -3.72M | -382K | 844K | 146K | -398K | -112K | 19K | 33K | -100K | -2K | 10K | -1K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and financing risk
As reported in financial statements, Enanta's total assets have contracted from $428.5 million in 2024Q1 to $314.7 million by 2026Q2, a trend that reflects the persistent depletion of capital reserves to fund ongoing research and development activities in the absence of self-sustaining commercial revenue.
The consistent decline in total assets suggests that the company is consuming its foundational capital to support its clinical pipeline. Investors should monitor this trajectory, as the shrinking asset base limits the company's flexibility to pivot or weather extended clinical trial delays.
According to recent SEC filings, Enanta's debt-to-equity ratio has deteriorated significantly, rising from 1.15 in 2024Q1 to 1.60 in 2026Q2, which indicates that the company's reliance on debt-like obligations has increased relative to its shrinking equity base as losses continue to accumulate.
The rising D/E ratio appears to be a function of both rising liabilities and the erosion of retained earnings, which have deepened to -$430.0 million. This leverage profile warrants further investigation, as it suggests that the company's financial structure is becoming increasingly sensitive to interest rate environments and capital market access.
Based on Enanta's reported figures, cash and equivalents have dwindled to $34.9 million as of 2026Q2, a level that appears insufficient to cover the company's historical quarterly burn rate, thereby signaling a heightened risk of near-term dilutive financing or the need for a strategic partnership.
While the current ratio of 3.84 may appear superficially healthy, it is heavily influenced by the composition of current assets relative to liabilities. The rapid depletion of cash reserves suggests that the company's liquidity buffer is under significant pressure, leaving little room for operational error.
As indicated by the provided data, Enanta's equity has declined from $191.9 million in 2024Q1 to $116.6 million in 2026Q2, primarily driven by the relentless accumulation of negative retained earnings that now total $430.0 million, reflecting the high cost of the company's long-term R&D strategy.
The erosion of equity suggests that the company is effectively liquidating its value to fund speculative clinical programs. This trend may indicate that shareholders are bearing the brunt of the company's inability to reach commercial profitability, which warrants caution regarding future dilution risks.
Quick answers to the most common questions about buying ENTA stock.
As of 2025, Enanta Pharmaceuticals, Inc. (ENTA) had total assets of $280.7M including $204.3M in current assets.
Enanta Pharmaceuticals, Inc. (ENTA) carries total debt of $201.1M, offset by $188.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Enanta Pharmaceuticals, Inc. (ENTA) has total shareholders' equity (book value) of $64.7M ($3.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Enanta Pharmaceuticals, Inc. (ENTA) reported a current ratio of 4.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.