Operating margins remain deeply negative, bottoming at -193.8% in 2024Q1, as R&D expenses consistently exceed quarterly revenue, which reached only $17.2 million in 2026Q2.
| 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 | 69.21M | 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 % | 7.37% | -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 | 68M | 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 % | 98.25% | 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 | 128.39M | 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 | 38.28M | 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 | 91.32M | 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 | -60.38M | -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 % | -87.24% | -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 | -55.45M | -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 % | -80.12% | -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 % | 43.96% | 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) | 4.93M | 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 | -53.57M | -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 | -1.51M | 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 | 8.9M | 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 | 10.4M | 7.68M | 10.94M | 5.15M | 0 | 0 | 0 | 0 | 4.85M | 40K | 45K | 8K | 18K | 31K | 0 | 3.16M |
| Other Income/Expense | -1.51M | 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 | -61.89M | -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 % | -89.42% | -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 | 92K | -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 % | -0.15% | 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 | -61.98M | -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 % | -89.56% | -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 % | 35.71% | 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) | -61.98M | -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) | -2.15 | -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 % | 39.65% | 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 | 28.89M | 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 | 28.89M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and financing risk
As reported in financial statements, Enanta's revenue growth remains highly inconsistent, fluctuating between a 15% increase in 2026Q2 and a 23.7% contraction in 2024Q1, reflecting the inherent unpredictability of royalty-based income streams that lack the stability of a diversified commercial product portfolio.
The revenue trajectory appears heavily dependent on the timing of royalty payments rather than organic growth, suggesting that the underlying HCV asset is in a terminal decline phase. Investors should monitor whether future milestone payments can provide sufficient bridge funding, as the current revenue base is insufficient to support the company's aggressive R&D expenditure.
Based on Enanta's reported figures, the company maintains a high-fixed cost structure where R&D expenses consistently exceed quarterly revenue, with R&D spending reaching $36.4 million in 2024Q1, highlighting a strategic commitment to pipeline development that currently lacks a self-sustaining commercial foundation.
The company's cost structure is dominated by clinical trial and personnel expenses, which appear to be the primary drivers of the persistent net losses. This expense discipline warrants further investigation, as the current burn rate suggests that management is prioritizing long-term pipeline potential over near-term operational efficiency.
According to recent SEC filings, Enanta's operating margin has remained deeply negative, bottoming out at -193.8% in 2024Q1, which indicates that the company has yet to achieve the necessary scale to leverage its high gross margins against its substantial fixed operating overhead.
The lack of operating leverage suggests that the company's current business model is not yet optimized for profitability, as SG&A and R&D costs continue to scale independently of revenue. This may indicate that the company is in a high-risk phase where operational success is entirely contingent on clinical trial outcomes rather than commercial execution.
As indicated by the provided data, the company's cash position of $32.3 million against a TTM net loss of approximately $81.9 million suggests a precarious financial situation that may necessitate dilutive capital raises to sustain the current R&D trajectory over the next twelve months.
Short-sellers would likely focus on the widening gap between cash reserves and the annual burn rate, which appears to be the most significant threat to shareholder value. The reliance on a single, declining royalty stream to fund a broad respiratory pipeline may be viewed as an unsustainable capital allocation strategy.
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.