Cambridge biotech tracker · Watertown
Enanta Pharmaceuticals
Listed on Nasdaq as ENTA, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in September. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $190M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $8.8M
- avg. operating cash flow, 4 qtrs
- Runway
- 5+ yrs
- 3+ years
- Net loss
- $19.5M
- Q2 '26
- R&D expense
- $22.1M
- 70% of opex
- Raised, last 4 qtrs
- +$43.0M
- net financing cash flow
- Next readout
- Dec 2026
- Phase 2 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
5+ years
Cash at Q2 '26 divided by the average burn of the last four quarters, $2.9M a month.
Management’s own date
Into fiscal 2029
Oct 2028–Sep 2029
That implies $4.9M to $7.0M a month, 1.6–2.4× the recent pace. Fiscal year converted to calendar months.
Planning to spend faster“Based on our operating plan, we believe that our existing cash, cash equivalents and short-term and long-term marketable securities as of June 30, 2026, as well as the cash flows from our retained portion of future HCV royalties, will enable us to fund our operating expenses and capital expenditure requirements into fiscal 2029.”
Cash against the calendar
What the runway has to reach.
Dec 2026estimated
A Phase 2 Study to Investigate the Efficacy and Safety of Zelicapavir in Participants Aged ≥28 Days to ≤36 Months of Age Infected With Respiratory Syncytial Virus
RSV Infection · RSV · Respiratory Syncytial Virus (RSV)
NCT07482657 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 5+ years
- Time to the date
- 4 weeks
It is about 4 weeks out. At the current burn there is roughly 64 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Dec 2026Phase 2A Phase 2 Study to Investigate the Efficacy and Safety of Zelicapavir in Participants Aged ≥28 Days to ≤36 Months of Age Infected With Respiratory Syncytial Virus
- Jul 2029Phase 2/3A Study to Investigate the Efficacy and Safety of Zelicapavir Compared With Placebo in Adults With RSV Who Are at High Risk for Severe Disease
Pipeline
3 active trials, through phase 2/3.
Phase 2/3 · 1Phase 2 · 1Phase 1 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 2 readout in Dec 2026, about 4 weeks out. That leaves roughly 64 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 5+ years of runway
Cash and investments of $190M at Q2 '26 against an average operating cash burn of $8.8M per quarter over the last four reported quarters runs out around October 2031. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position down $58.7M since Q3 '24
Net financing inflows of $43.0M over the last four quarters, from equity, debt, or ATM sales, partly offset operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $9.5M above cash burn
The Q2 '26 net loss of $19.5M includes non-cash charges, including $3.7M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 70% of operating expenses
$22.1M of R&D against $31.6M of total operating expenses in Q2 '26, with G&A at $9.5M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Revenue of $14.4M in Q2 '26
Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
Accumulated deficit of $449M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $248M | −$10.4M | −$28.8M | $30.8M | $13.7M | $14.6M | $7.7M | −$7.2M |
| Q4 '24 · Dec 31, 24 | $217M | −$16.8M | −$22.3M | $27.7M | $12.8M | $17.0M | $5.7M | −$5.0M |
| Q1 '25 · Mar 31, 25 | $193M | −$13.5M | −$22.6M | $28.1M | $11.4M | $14.9M | $4.7M | −$6.9M |
| Q2 '25 · Jun 30, 25 | $204M | $17.5M | −$18.3M | $27.2M | $10.0M | $18.3M | $4.2M | −$6.4M |
| Q3 '25 · Sep 30, 25 | $189M | −$6.5M | −$18.7M | $23.8M | $9.7M | $15.1M | $4.0M | −$8.3M |
| Q4 '25 · Dec 31, 25 | $186M | −$11.7M | −$11.9M | $20.9M | $9.0M | $18.6M | $3.8M | $64.1M |
| Q1 '26 · Mar 31, 26 | $164M | −$7.2M | −$13.1M | $19.4M | $9.6M | $17.2M | $3.7M | −$7.3M |
| Q2 '26 · Jun 30, 26 | $190M | −$10.0M | −$19.5M | $22.1M | $9.5M | $14.4M | $3.7M | −$5.5M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.