Revenue oscillated between $14.4M and $18.6M over the last four quarters, ending 2026Q3 down 21.6% year-over-year, while near-100% gross margins and an ~$13.5M reduction in R&D (from $35.6M to $22.1M) narrowed the operating loss to -$17.2M — an improvement driven by cost cuts rather than durable organic growth.
Enanta Pharmaceuticals, Inc. (ENTA) annual income statement — 15-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 65.26M | 65.32M | 67.64M | 79.2M | 86.16M | 97.07M | 122.47M | 205.2M | 206.63M | 102.81M | 88.27M | 160.88M | 47.74M | 32.05M | 41.71M | 41.88M |
| Revenue Growth % | 0.7% | -3.42% | -14.61% | -8.07% | -11.24% | -20.74% | -40.31% | -0.69% | 100.97% | 16.48% | -45.13% | 236.99% | 48.94% | -23.15% | -0.42% | - |
| Cost of Goods Sold | 1.21M | 4.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 7.02% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 64.05M | 60.74M | 67.64M | 79.2M | 86.16M | 97.07M | 122.47M | 205.2M | 206.63M | 102.81M | 88.27M | 160.88M | 47.74M | 32.05M | 41.71M | 41.88M |
| Gross Margin % | 98.15% | 92.98% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -10.2% | -14.61% | -8.07% | -11.24% | -20.74% | -40.31% | -0.69% | 100.97% | 16.48% | -45.13% | 236.99% | 48.94% | -23.15% | -0.42% | - |
| Operating Expenses | 122.78M | 146.09M | 189.33M | 216.41M | 210M | 206.65M | 164.11M | 168.46M | 118.3M | 78.2M | 57.43M | 36.73M | 28.76M | 23.02M | 20.42M | 16.58M |
| OpEx % of Revenue | - | 223.63% | 279.92% | 273.23% | 243.74% | 212.88% | 134% | 82.1% | 57.25% | 76.06% | 65.06% | 22.83% | 60.23% | 71.83% | 48.95% | 39.59% |
| Selling, General & Admin | 37.75M | 43.93M | 57.85M | 52.89M | 45.48M | 32.54M | 27.36M | 26.25M | 23.44M | 20.75M | 16.97M | 13.54M | 10.02M | 6.18M | 5.3M | 5.04M |
| SG&A % of Revenue | - | 67.25% | 85.53% | 66.77% | 52.79% | 33.52% | 22.34% | 12.79% | 11.34% | 20.18% | 19.22% | 8.42% | 20.98% | 19.29% | 12.71% | 12.02% |
| Research & Development | 86.24M | 106.74M | 131.48M | 163.52M | 164.52M | 174.11M | 136.76M | 142.21M | 94.86M | 57.45M | 40.46M | 23.19M | 18.74M | 16.84M | 15.12M | 11.55M |
| R&D % of Revenue | - | 163.4% | 194.39% | 206.46% | 190.95% | 179.36% | 111.66% | 69.31% | 45.91% | 55.88% | 45.84% | 14.41% | 39.25% | 52.54% | 36.24% | 27.57% |
| Other Operating Expenses | -1000K | -4.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 283K | 0 | 0 | 0 |
| Operating Income | -58.73M | -85.35M | -121.69M | -137.21M | -123.84M | -109.57M | -41.64M | 36.74M | 88.33M | 24.61M | 30.84M | 124.15M | 18.98M | 9.03M | 21.29M | 25.3M |
| Operating Margin % | -89.99% | -130.65% | -179.92% | -173.23% | -143.74% | -112.88% | -34% | 17.9% | 42.75% | 23.94% | 34.94% | 77.17% | 39.77% | 28.17% | 51.05% | 60.41% |
| Operating Income Growth % | - | 29.86% | 11.31% | -10.79% | -13.02% | -163.15% | -213.34% | -58.41% | 258.85% | -20.19% | -75.16% | 553.93% | 110.27% | -57.59% | -15.85% | - |
| EBITDA | -53.1M | -80.26M | -119.36M | -134.84M | -120.87M | -106.24M | -37.99M | 40M | 90.85M | 26.75M | 32.5M | 124.79M | 19.34M | 9.25M | 21.46M | 25.8M |
| EBITDA Margin % | -81.37% | -122.86% | -176.47% | -170.24% | -140.29% | -109.44% | -31.02% | 19.49% | 43.97% | 26.02% | 36.82% | 77.57% | 40.5% | 28.86% | 51.46% | 61.6% |
| EBITDA Growth % | 42.92% | 32.76% | 11.48% | -11.55% | -13.77% | -179.61% | -195% | -55.97% | 239.6% | -17.69% | -73.95% | 545.33% | 109.05% | -56.9% | -16.81% | - |
| D&A (Non-Cash Add-back) | 3.72M | 5.09M | 2.34M | 2.37M | 2.97M | 3.33M | 3.64M | 3.26M | 2.52M | 2.14M | 1.66M | 639K | 352K | 221K | 172K | 499K |
| EBIT | -50.22M | -75.87M | -106.85M | -125.85M | -122.19M | -107.58M | -41.64M | 36.74M | 88.33M | 24.61M | 30.84M | 124.15M | 18.98M | 9.66M | 21.4M | 26.47M |
| Net Interest Income | -6.3M | 1.8M | 3.83M | 6.21M | 1.57M | 2.02M | 6.47M | 8.82M | 4.85M | 2.49M | 1.69M | 960K | 449K | 217K | 118K | -3.08M |
| Interest Income | 6.61M | 9.48M | 14.77M | 11.36M | 1.57M | 2.02M | 6.47M | 8.82M | 0 | 2.53M | 1.74M | 968K | 467K | 248K | 118K | 83K |
| Interest Expense | 12.92M | 7.68M | 10.94M | 5.15M | 0 | 0 | 0 | 0 | 4.85M | 40K | 45K | 8K | 18K | 31K | 0 | 3.16M |
| Other Income/Expense | -4.4M | 1.8M | 3.9M | 6.21M | 1.66M | 1.99M | 6.62M | 8.82M | 4.79M | 2.33M | 1.72M | 1.31M | 283K | 598K | 110K | -1.99M |
| Pretax Income | -63.13M | -83.55M | -117.79M | -131M | -122.19M | -107.58M | -35.02M | 45.56M | 93.12M | 26.95M | 32.56M | 125.45M | 19.27M | 9.63M | 21.4M | 23.31M |
| Pretax Margin % | -96.74% | -127.9% | -174.15% | -165.39% | -141.82% | -110.82% | -28.59% | 22.2% | 45.07% | 26.21% | 36.89% | 77.98% | 40.36% | 30.03% | 51.31% | 55.66% |
| Income Tax | 99K | -1.66M | -1.74M | 2.82M | -433K | -28.58M | 1.15M | -826K | 21.16M | 9.24M | 10.89M | 46.46M | -15.17M | 0 | 0 | 0 |
| Effective Tax Rate % | -0.16% | 1.99% | 1.48% | -2.15% | 0.35% | 26.57% | -3.28% | -1.81% | 22.73% | 34.28% | 33.46% | 37.04% | -78.73% | 0% | 0% | 0% |
| Net Income | -63.23M | -81.89M | -116.05M | -133.82M | -121.75M | -79M | -36.17M | 46.38M | 71.96M | 17.71M | 21.67M | 78.99M | 34.44M | 9.63M | 21.4M | 23.31M |
| Net Margin % | -96.89% | -125.36% | -171.58% | -168.95% | -141.31% | -81.38% | -29.53% | 22.6% | 34.82% | 17.23% | 24.55% | 49.1% | 72.14% | 30.03% | 51.31% | 55.66% |
| Net Income Growth % | 31.28% | 29.43% | 13.28% | -9.91% | -54.13% | -118.41% | -177.98% | -35.54% | 306.3% | -18.26% | -72.57% | 129.37% | 257.72% | -55.01% | -8.2% | - |
| Net Income (Continuing) | -63.23M | -81.89M | -116.05M | -133.82M | -121.75M | -79M | -36.17M | 46.38M | 71.96M | 17.71M | 21.67M | 78.99M | 34.44M | 9.63M | 21.4M | 23.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.17 | -3.84 | -5.48 | -6.38 | -5.91 | -3.92 | -1.81 | 2.21 | 3.48 | 0.91 | 1.13 | 4.09 | 1.80 | -0.67 | 8.11 | 8.84 |
| EPS Growth % | 44.34% | 29.93% | 14.11% | -7.95% | -50.77% | -116.57% | -181.9% | -36.49% | 282.42% | -19.47% | -72.37% | 127.22% | 368.66% | -108.26% | -8.26% | - |
| EPS (Basic) | - | -3.84 | -5.48 | -6.38 | -5.91 | -3.92 | -1.81 | 2.37 | 3.48 | 0.93 | 1.14 | 4.23 | 1.88 | -0.67 | 1.89 | 1.82 |
| Diluted Shares Outstanding | 29.09M | 21.34M | 21.16M | 20.97M | 20.6M | 20.17M | 19.94M | 20.97M | 20.65M | 19.41M | 19.22M | 19.3M | 19.18M | 9.79M | 9.36M | 12.81M |
| Basic Shares Outstanding | 29.09M | 21.34M | 21.16M | 20.97M | 20.6M | 20.17M | 19.94M | 19.58M | 20.65M | 19.07M | 18.93M | 18.67M | 18.36M | 9.79M | 11.3M | 12.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ENTA stock.
For fiscal year 2025, Enanta Pharmaceuticals, Inc. (ENTA) reported total revenue of $65.3M. This represents a 56.0% increase compared to $41.9M in 2011.
Enanta Pharmaceuticals, Inc. (ENTA) reported a net loss of $81.9M for the fiscal year ending 2025.
Enanta Pharmaceuticals, Inc. (ENTA) reported an operating income of $-85.3M, resulting in an operating profit margin of -130.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Enanta Pharmaceuticals, Inc. (ENTA) generated $60.7M in gross profit for the year, representing a gross profit margin of 93.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Concentration in contractual royalty revenue
Metrics are mathematically derived from official filings.
Contract Revenue Drives Choppy Top Line
Quarterly revenue oscillates between roughly $14.4M and $18.6M with recent year-over-year growth of -21.6% in 2026Q3, per the company's reported figures, indicating that ENTA's top line is tied to milestone and royalty timing rather than a durable organic growth trajectory.
The revenue line shows no clear expansion trend: 2024Q2 revenue of $17.1M has moved through peaks of $18.6M (2026Q1) and troughs of $14.4M (2026Q3), a pattern more consistent with collaboration and royalty lumps than recurring product sales. Because COGS is essentially nil, this revenue carries very high incremental economics, but the absence of a rising base suggests the business lacks a compounding revenue engine — investors should monitor whether any partnered program is nearing commercialization that could shift the growth profile.
Near-Perfect Gross Margins Mask Operating Deficits
Gross margin sits at or near 100% in eight of the last ten quarters — peaking at $18.6M of gross profit on $18.6M of revenue in 2026Q1 — a level consistent with pure royalty economics but one that provides little cushion for the operating losses beneath it.
The consistently ~100% gross margin implies the revenue carries no meaningful manufacturing or delivery cost, which is structurally attractive relative to peers such as Arcutis (90.2% gross margin) and Arcus (96.0%). However, this margin profile is a function of the revenue mix rather than pricing power in a product market; the value of the margin is entirely contingent on the durability of the underlying royalty stream, which the fluctuating top line does not yet confirm.
Losses Narrowing as R&D Retrenches
Operating loss improved from -$32.8M in 2024Q2 to -$17.2M in 2026Q3 — a ~47% reduction — driven by a $13.5M cut in R&D and a $4.7M reduction in SG&A rather than revenue growth, per ENTA's reported statements.
Operating leverage here is negative: the narrowing of operating losses is entirely an expense story, not a scaling-revenue story. R&D has fallen from $35.6M to $22.1M per quarter and SG&A from $14.2M to $9.5M over the period, and while this materially reduces cash burn, it also suggests the pipeline is being prioritized rather than expanded. The improvement in operating margin from -192.1% to -120.0% should be read as cost discipline rather than evidence of a business approaching breakeven.
R&D Retrenchment Sets the Cost Ceiling
R&D remains ENTA's dominant expense at $22.1M in 2026Q3 versus SG&A of $9.5M, and its decline from $35.6M in 2024Q2 — a ~38% reduction — represents the single largest driver of improved cost structure, based on the company's quarterly disclosures.
The cost base has been deliberately compressed: SG&A fell nearly one-third over the period alongside the R&D cut, and stock-based compensation declined from $7.7M (2024Q4) to $3.7M (2026Q3), suggesting headcount and program scope have been rationalized in tandem. The analytical question is whether this represents sustainable efficiency or deferred development that will require re-investment; if the R&D run rate is re-escalated without a commensurate revenue inflection, the loss-narrowing trend could reverse quickly.
Losses Narrow but Remain Deeply Dilutive
Net loss improved from -$31.2M in 2024Q2 to -$19.5M in 2026Q3, with diluted EPS improving from -$1.47 to -$0.67, yet stock-based compensation of $3.7M still absorbed a meaningful share of the remaining loss base.
The quality of this improving bottom line rests on the fact that the gap between operating and net loss remains small — -$17.2M vs -$19.5M in 2026Q3 — implying limited non-operating offsets or tax benefits flattering the result. SBC declining alongside the narrowing loss is a positive signal that dilution is contracting, but the absence of positive net income means EPS remains entirely a function of loss magnitude rather than earnings generation; the trajectory is favorable in direction but not yet in substance.
Burn Reduction Without Revenue Proof
A short-seller would note that ENTA's ~47% operating loss improvement came entirely from an ~$18M annualized R&D reduction while revenue fell to $14.4M in 2026Q3, down 21.6% year-over-year — a trade-off that trades future pipeline value for near-term burn optics.
The strongest challenge to the narrative is that the financial profile is converging toward smaller losses but not toward viability: with revenue declining and gross profit effectively capped by a non-recurring contract stream, the current cost base may still exceed sustainable levels absent a new revenue catalyst. The 100% gross margin that appears attractive on paper offers no operating leverage because there is no volume growth beneath it, and the peer set — several of which are generating commercial revenue at negative margins — underscores that ENTA's loss profile is not improving on a revenue-quality basis. Investors should weigh whether the R&D retrenchment is a bridge to a stronger pipeline outcome or a symptom of constrained capital allocation.