0001564590-19-016489.txt : 20190507 0001564590-19-016489.hdr.sgml : 20190507 20190507160427 ACCESSION NUMBER: 0001564590-19-016489 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190507 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190507 DATE AS OF CHANGE: 20190507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENANTA PHARMACEUTICALS INC CENTRAL INDEX KEY: 0001177648 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35839 FILM NUMBER: 19803037 BUSINESS ADDRESS: STREET 1: 500 ARSENAL STREET CITY: WATERTOWN STATE: MA ZIP: 02472 BUSINESS PHONE: 617 607 0800 MAIL ADDRESS: STREET 1: 500 ARSENAL STREET CITY: WATERTOWN STATE: MA ZIP: 02472 8-K 1 enta-8k_20190507.htm Q2 2019 8-K enta-8k_20190507.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 7, 2019

 

ENANTA PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

001-35839

04-3205099

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

500 Arsenal Street, Watertown, Massachusetts 02472

(Address of principal executive offices, including zip code)

 

(617) 607-0800

(Registrant’s telephone number, including area code)

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

 

Written communications pursuant to rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17, CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Title of Each Class

Trading Symbol

Name of Each Exchange on which registered

Common stock

ENTA

NASDAQ

 

 

 


 

Item 2.02 Results of Operations and Financial Condition.

On May 7, 2019, Enanta Pharmaceuticals, Inc. announced via press release its results for the fiscal quarter ended March 31, 2019. A copy of Enanta's press release is hereby furnished to the Commission and incorporated by reference herein as Exhibit 99.1.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

 

 

 


 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Date: May 7, 2019

ENANTA PHARMACEUTICALS, INC.

 

By:

/s/ Paul J. Mellett

 

Paul J. Mellett

Senior Vice President, Finance and Administration and Chief Financial Officer

 

 

EX-99.1 2 enta-ex991_6.htm EX-99.1 enta-ex991_6.htm

  

Exhibit 99.1

For Immediate Release

 

Enanta Pharmaceuticals Reports Financial Results for its Fiscal Second Quarter Ended March 31, 2019

Webcast and Conference Call today at 4:30 p.m. ET

 

 

Data from Phase 2a RSV program anticipated mid-2019 and Phase 2a NASH program by the end of third quarter of calendar 2019

 

Royalty revenue for the quarter was $39.6 million

 

Cash and marketable securities totaled $386.7 million at March 31, 2019

WATERTOWN, Mass., May 7, 2019 – Enanta Pharmaceuticals, Inc. (NASDAQ:ENTA), a research and development-focused biotechnology company dedicated to creating small molecule drugs for viral infections and liver diseases, today reported financial results for its fiscal second quarter ended March 31, 2019.

“Enanta remains in a strong financial position that allows us to continue to execute and advance our planned clinical objectives, with important data readouts by the end of next quarter,” said Jay R. Luly, Ph.D. President and CEO, Enanta Pharmaceuticals. “We expect to announce three clinical milestones in the coming months − topline data from our Phase 2a human challenge study of EDP-938 for RSV by mid-year, followed by initiation of a Phase 1 study of EDP-514, our first HBV molecule, in the third quarter, and then Phase 2a data from our study of EDP-305 in NASH by the end of the third quarter.”

Fiscal Second Quarter Ended March 31, 2019 Financial Results

Total revenue for the three months ended March 31, 2019 was $39.6 million and consisted of royalty revenue derived primarily from worldwide net sales of AbbVie’s hepatitis C virus (HCV) regimen MAVYRET™/MAVIRET™.  For the three months ended March 31, 2018, total revenue was $44.0 million, which consisted of royalty revenue earned on AbbVie’s global net sales of its HCV regimens. The decrease in royalty revenue in 2019 was due to a decrease in AbbVie’s international HCV sales quarter over quarter.

Research and development expenses totaled $34.2 million for the three months ended March 31, 2019, compared to $21.5 million for the three months ended March 31, 2018. The increase in research and development expenses was primarily due to increased preclinical and clinical costs associated with the progression of Enanta’s wholly-owned R&D programs in respiratory syncytial virus (RSV), non-alcoholic steatohepatitis (NASH) and primary biliary cholangitis (PBC), as well as preclinical efforts in hepatitis B virus (HBV) preparing EDP-514 for an initial clinical trial.

Enanta Pharmaceuticals, Inc. Page | 1 of 6

 


General and administrative expenses totaled $6.8 million for the three months ended March 31, 2019, compared to $5.7 million for the three months ended March 31, 2018. The increase in general and administrative expenses was primarily due to increases in compensation expense driven by increased headcount.

Enanta recorded an income tax benefit of $3.2 million for the three months ended March 31, 2019 compared to income tax expense of $5.4 million for the same period in 2018.  Despite reporting pre-tax income, Enanta recorded an income tax benefit during the quarter due to tax deductions from employee stock award-related activity during the quarter. Enanta’s effective tax rate for the six months ended March 31, 2019 was approximately 2% and differs from the federal statutory rate of 21% due to federal research and development tax credits and tax deductions from employee stock award-related activity.

Net income for the three months ended March 31, 2019 was $4.1 million, or $0.20 per diluted common share, compared to net income of $12.6 million, or $0.61 per diluted common share, for the corresponding period in 2018.

Enanta’s cash, cash equivalents and short-term and long-term marketable securities totaled $386.7 million at March 31, 2019. This compares to a total of $325.1 million at September 30, 2018. Enanta expects that its current cash, cash equivalents and marketable securities, as well as its continuing royalty revenue, will be sufficient to meet the anticipated cash requirements of its existing business and development programs for the foreseeable future.

Development Programs and Business Review

EDP-938, N-Protein Inhibitor for Respiratory Syncytial Virus (RSV):

 

As announced in March, enrollment is complete in the Phase 2a human challenge study of EDP-938 in RSV.  This study is a randomized, double-blind, placebo-controlled study in healthy adult subjects randomized into 1 of 2 dosing arms or a placebo arm. Topline data is expected mid-calendar 2019.

 

Assuming the Phase 2a challenge study data are positive, our goal is to initiate a Phase 2b study by the end of calendar 2019 in adult outpatients with RSV infections.

EDP-305, FXR Agonist for Non-Alcoholic Steatohepatitis (NASH):

 

As announced in March, enrollment is complete in the ARGON-1 study in NASH.  ARGON-1 is a 12-week, randomized, double-blind, placebo-controlled Phase 2a study evaluating the safety, tolerability, pharmacokinetics and efficacy of EDP-305 in subjects with NASH. Topline data is expected by the end of the third quarter of calendar 2019.  

 

Enanta also expects to identify a follow-on FXR clinical candidate in calendar 2019.

EDP-514, Core Inhibitor for Hepatitis B Virus (HBV):

 

New preclinical data was presented in a poster at the International Liver Congress™ 2019, (ILC) in Vienna, Austria in April.  Data in this poster demonstrate that EDP-514, a novel class II HBV core inhibitor, is a potent inhibitor of HBV replication, and prevents the de novo formation of new cccDNA in primary human hepatocytes when given early during infection. Data also show that EDP-514 is pan-genotypic, and that combinations of EDP-514 with nucleoside reverse-transcriptase inhibitors (NRTIs − the current anti-viral therapies for HBV) or a class I core inhibitor, result in additive to synergistic

Enanta Pharmaceuticals, Inc. Page | 2 of 6

 


 

antiviral effects in vitro.  ln vivo, EDP-514 demonstrates excellent efficacy with >4-log viral load reduction in HBV-infected PXB mice.

 

A Phase 1 study of EDP-514 is expected to begin in the third calendar quarter of 2019.  The study will evaluate single and multiple doses of EDP-514 in healthy volunteers and will incorporate a Phase 1b arm in patients with chronic HBV infection.

Upcoming Events and Presentations

 

May 22, 2019 - RBC Capital Markets Healthcare Conference, New York

 

June 18-19, 2019 - Raymond James Life Science and MedTech Conference, New York

 

June 19-20, 2019 - JMP Securities Life Sciences Conference, New York

 

Enanta plans to issue its fiscal third quarter financial results press release, and hold a conference call regarding those results, on August 6, 2019.

Conference Call and Webcast Information
Enanta will host a conference call and webcast today at 4:30 p.m. ET.  To participate in the live conference call, please dial (855) 840-0595 in the U.S. or (518) 444-4814 for international callers.  A replay of the conference call will be available starting at approximately 7:30 p.m. ET on May 7, 2019, through 11:59 p.m. ET on May 8, 2019 by dialing (855) 859-2056 from the U.S. or (404) 537-3406 for international callers. The passcode for both the live call and the replay is 1191209.   A live audio webcast of the call and replay can be accessed by visiting the “Events and Presentation” section on the “Investors” page of Enanta’s website at www.enanta.com.

About Enanta Pharmaceuticals, Inc.
Enanta Pharmaceuticals is using its robust, chemistry-driven approach and drug discovery capabilities to become a leader in the discovery and development of small molecule drugs for the treatment of viral infections and liver diseases.  Enanta’s research and development efforts are currently focused on the following disease targets: respiratory syncytial virus (RSV), non-alcoholic steatohepatitis (NASH)/ primary biliary cholangitis (PBC), and hepatitis B virus (HBV).

Enanta’s research and development activities are funded by royalties from HCV products developed under its collaboration with AbbVie.  Glecaprevir, a protease inhibitor discovered by Enanta, is now sold by AbbVie in numerous countries as part of its newest treatment for chronic hepatitis C virus (HCV) infection. This leading HCV regimen is sold under the tradenames MAVYRET™ (U.S.) and MAVIRET™ (ex-U.S.) (glecaprevir/pibrentasvir). Please visit www.enanta.com for more information.

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including statements with respect to the prospects for advancement of Enanta’s clinical programs in RSV and NASH/PBC and its preclinical program in HBV, as well as the prospects for future royalty revenue to Enanta from sales of AbbVie’s MAVYRET™/MAVIRET™ regimen for HCV. Statements that are not historical facts are based on management’s current expectations, estimates, forecasts and projections about Enanta’s business and the industry in which it operates and management’s beliefs and assumptions.  The statements contained in this release are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict.  Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Important factors and risks that may affect actual results include: Enanta’s revenues in the short-term are dependent upon the continued success of AbbVie’s commercialization of its MAVYRET™/MAVIRET™ HCV

Enanta Pharmaceuticals, Inc. Page | 3 of 6

 


regimen; the impact of development, regulatory and marketing efforts of others with respect to competitive treatments for RSV, NASH, PBC and HBV; competitive pricing, market acceptance and reimbursement rate actions affecting MAVYRET™/MAVIRET™ compared to competitive HCV products on the market; the discovery and development risks of Enanta’s programs in RSV, NASH, PBC, and HBV; the competitive impact of development, regulatory and marketing efforts of others in those disease areas; Enanta’s lack of clinical development experience; Enanta’s need to attract and retain senior management and key research and development personnel; Enanta’s need to obtain and maintain patent protection for its product candidates and avoid potential infringement of the intellectual property rights of others; and other risk factors described or referred to in “Risk Factors” in Enanta’s most recent Form 10-Q for the quarter ended December 31, 2018, and other periodic reports filed more recently with the Securities and Exchange Commission.  Enanta cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this release, and Enanta undertakes no obligation to update or revise these statements, except as may be required by law.

 

Investor Contact:
Carol Miceli
617-607-0710
cmiceli@enanta.com

Media Contact:
Kari Watson
MacDougall Biomedical Communications
781-235-3060
kwatson@macbiocom.com

 

#

 

Enanta Pharmaceuticals, Inc. Page | 4 of 6

 


ENANTA PHARMACEUTICALS, INC.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

UNAUDITED

 

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

 

March 31,

 

 

March 31,

 

 

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

 

$

39,631

 

 

$

44,049

 

 

$

109,517

 

 

$

82,158

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

34,155

 

 

 

21,484

 

 

 

69,033

 

 

 

39,446

 

 

General and administrative

 

 

6,780

 

 

 

5,706

 

 

 

13,932

 

 

 

11,476

 

 

Total operating expenses

 

 

40,935

 

 

 

27,190

 

 

 

82,965

 

 

 

50,922

 

Income (loss) from operations

 

 

 

(1,304

)

 

 

16,859

 

 

 

26,552

 

 

 

31,236

 

Other income, net

 

 

 

2,245

 

 

 

1,066

 

 

 

4,130

 

 

 

2,026

 

Income before income taxes

 

 

 

941

 

 

 

17,925

 

 

 

30,682

 

 

 

33,262

 

Income tax (expense) benefit

 

 

 

3,204

 

 

 

(5,370

)

 

 

(526

)

 

 

(9,014

)

Net income

 

 

$

4,145

 

 

$

12,555

 

 

$

30,156

 

 

$

24,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

$

0.21

 

 

$

0.65

 

 

$

1.55

 

 

$

1.27

 

 

Diluted

 

 

$

0.20

 

 

$

0.61

 

 

$

1.44

 

 

$

1.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

19,549

 

 

 

19,206

 

 

 

19,487

 

 

 

19,167

 

 

Diluted

 

 

 

21,084

 

 

 

20,601

 

 

 

20,946

 

 

 

20,256

 

 

 

 

 

 

 

 

 

 

 

Enanta Pharmaceuticals, Inc. Page | 5 of 6

 


ENANTA PHARMACEUTICALS, INC.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

UNAUDITED

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

September 30,

 

 

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

106,030

 

 

$

63,902

 

 

Short-term marketable securities

 

264,127

 

 

 

244,828

 

 

Accounts receivable

 

39,631

 

 

 

67,205

 

 

Prepaid expenses and other current assets

 

14,052

 

 

 

4,454

 

 

 

Total current assets

 

423,840

 

 

 

380,389

 

Long-term marketable securities

 

16,510

 

 

 

16,389

 

Property and equipment, net

 

11,476

 

 

 

8,374

 

Deferred tax assets

 

9,052

 

 

 

8,375

 

Restricted cash

 

608

 

 

 

608

 

Other long-term assets

 

92

 

 

 

92

 

 

 

Total assets

$

461,578

 

 

$

414,227

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

$

8,884

 

 

$

4,745

 

 

Accrued expenses and other current liabilities

 

11,607

 

 

 

9,892

 

 

Income taxes payable

 

 

 

 

1,388

 

 

 

Total current liabilities

 

20,491

 

 

 

16,025

 

Series 1 nonconvertible preferred stock

 

1,628

 

 

 

1,628

 

Other long-term liabilities

 

3,249

 

 

 

2,895

 

 

 

Total liabilities

 

25,368

 

 

 

20,548

 

Total stockholders' equity

 

436,210

 

 

 

393,679

 

 

 

Total liabilities and stockholders' equity

$

461,578

 

 

$

414,227

 

 

 

 

 

 

 

 

 

 

 

 

 

GRAPHIC 3 gpsffczggcsr000001.jpg GRAPHIC begin 644 gpsffczggcsr000001.jpg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end