$ENTA
ENANTA PHARMACEUTICALS INC

2020 Q2 Form 10-Q Financial Statement

#000156459020038908 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $18.65M $44.37M
YoY Change -57.96% -22.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.820M $6.150M
YoY Change 10.89% 0.16%
% of Gross Profit
Research & Development $34.68M $34.46M
YoY Change 0.64% 20.97%
% of Gross Profit
Depreciation & Amortization $920.0K $890.0K
YoY Change 3.37% 34.85%
% of Gross Profit
Operating Expenses $41.51M $40.61M
YoY Change 2.22% 42.56%
Operating Profit $3.755M
YoY Change -83.41%
Interest Expense $1.450M $2.420M
YoY Change -40.08% 82.23%
% of Operating Profit 64.45%
Other Income/Expense, Net $1.445M $2.415M
YoY Change -40.17% 80.49%
Pretax Income -$21.41M $6.170M
YoY Change -447.0% -74.27%
Income Tax -$7.142M -$866.0K
% Of Pretax Income -14.04%
Net Earnings -$14.27M $7.036M
YoY Change -302.74% -65.32%
Net Earnings / Revenue -76.48% 15.86%
Basic Earnings Per Share -$0.71 $0.36
Diluted Earnings Per Share -$0.71 $0.33
COMMON SHARES
Basic Shares Outstanding 20.02M 19.67M
Diluted Shares Outstanding 20.02M 21.11M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $370.0M $389.2M
YoY Change -4.94% 42.48%
Cash & Equivalents $100.5M $94.21M
Short-Term Investments $270.1M $295.0M
Other Short-Term Assets $24.70M $17.60M
YoY Change 40.34% 87.23%
Inventory
Prepaid Expenses
Receivables $18.70M $44.37M
Other Receivables $0.00 $0.00
Total Short-Term Assets $413.4M $451.3M
YoY Change -8.39% 32.76%
LONG-TERM ASSETS
Property, Plant & Equipment $16.90M $11.37M
YoY Change 48.6% 35.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $65.40M $0.00
YoY Change -100.0%
Other Assets $16.00M $92.00K
YoY Change 17291.3% -98.92%
Total Long-Term Assets $98.30M $22.22M
YoY Change 342.35% -43.31%
TOTAL ASSETS
Total Short-Term Assets $413.4M $451.3M
Total Long-Term Assets $98.30M $22.22M
Total Assets $511.7M $473.5M
YoY Change 8.07% 24.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.100M $6.504M
YoY Change -6.21% 32.73%
Accrued Expenses $13.58M $14.00M
YoY Change -3.01% 53.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.90M $20.50M
YoY Change 16.58% 46.44%
LONG-TERM LIABILITIES
Long-Term Debt $1.600M $1.900M
YoY Change -15.79% 5.56%
Other Long-Term Liabilities $1.058M $3.258M
YoY Change -67.53% 41.65%
Total Long-Term Liabilities $1.058M $3.258M
YoY Change -67.53% -20.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.90M $20.50M
Total Long-Term Liabilities $1.058M $3.258M
Total Liabilities $31.10M $25.39M
YoY Change 22.5% 39.49%
SHAREHOLDERS EQUITY
Retained Earnings $154.5M
YoY Change
Common Stock $293.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $480.6M $448.1M
YoY Change
Total Liabilities & Shareholders Equity $511.7M $473.5M
YoY Change 8.07% 24.9%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$14.27M $7.036M
YoY Change -302.74% -65.32%
Depreciation, Depletion And Amortization $920.0K $890.0K
YoY Change 3.37% 34.85%
Cash From Operating Activities -$4.490M $2.530M
YoY Change -277.47% -37.53%
INVESTING ACTIVITIES
Capital Expenditures -$280.0K -$2.230M
YoY Change -87.44% 102.73%
Acquisitions
YoY Change
Other Investing Activities $27.05M -$12.62M
YoY Change -314.34% -58.45%
Cash From Investing Activities $26.78M -$14.85M
YoY Change -280.34% -52.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.230M 490.0K
YoY Change 559.18% -83.5%
NET CHANGE
Cash From Operating Activities -4.490M 2.530M
Cash From Investing Activities 26.78M -14.85M
Cash From Financing Activities 3.230M 490.0K
Net Change In Cash 25.52M -11.83M
YoY Change -315.72% -51.6%
FREE CASH FLOW
Cash From Operating Activities -$4.490M $2.530M
Capital Expenditures -$280.0K -$2.230M
Free Cash Flow -$4.210M $4.760M
YoY Change -188.45% -7.57%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, <span style="Background-color:#FFFFFF;">management’s judgments with respect to its revenue arrangements; valuation of Series 1 nonconvertible preferred stock and stock-based awards; the accrual of research and development expenses, and the accounting for income taxes, including uncertain tax positions and the valuation of net deferred tax assets. </span>Estimates are periodically reviewed in light of changes in circumstances and other facts. The future developments of the COVID-19 pandemic which may directly or indirectly impact the Company’s business include <span style="color:#000000;">quarantines, border closures, increased border controls, travel restrictions, shelter-in-place orders and shutdowns, business closures, cancellations of public gatherings and other measures. </span>The Company has made estimates of the impact of COVID-19 in the Company’s consolidated financial statements as of <span style="color:#000000;">June 30, 2020</span>. Actual results could differ from the Company’s estimates. </p>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
41.49
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
27838000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4755000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4755000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4164000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14830000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14714000
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
43977000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-14265000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
7036000
us-gaap Net Income Loss
NetIncomeLoss
-6827000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20020000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19673000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19897000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.36
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.90
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-14265000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-866000
us-gaap Risks And Uncertainties In Entitys Business
RisksAndUncertaintiesInEntitysBusiness
In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law in March 2020. The CARES Act lifts certain deduction limitations originally imposed by the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). Under the CARES Act, the Company is permitted to carry back net operating losses originating beginning in fiscal 2018 through fiscal 2020 for up to five years. Net operating loss carrybacks were previously prohibited under the Tax Act. The CARES Act also eliminates the 80% of taxable income limitations by allowing corporate entities to fully utilize net operating loss carryforwards to offset taxable income in fiscal years 2018, 2019 or 2020. In addition, the CARES Act makes qualified improvement property eligible for 15-year cost-recovery and 100% bonus depreciation. The enactment of the CARES Act did not result in any material adjustments to the Company’s consolidated financial statements during the nine months ended June 30, 2020
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
7036000
us-gaap Net Income Loss
NetIncomeLoss
-6827000
us-gaap Net Income Loss
NetIncomeLoss
37192000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20020000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19673000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19897000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19549000
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1432000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1450000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21105000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19897000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20999000
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.77
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
830000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3423000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
740000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-9558000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-340000
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-340000
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
776000
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
539000
CY2020Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
15289000
us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
10178000
enta Number Of Leases
NumberOfLeases
2
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1018000
us-gaap Operating Lease Cost
OperatingLeaseCost
2631000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
403000
us-gaap Variable Lease Cost
VariableLeaseCost
1370000
CY2020Q2 us-gaap Lease Cost
LeaseCost
1421000
us-gaap Lease Cost
LeaseCost
4001000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1111000
us-gaap Operating Lease Payments
OperatingLeasePayments
2895000
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
679000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2676000
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0650
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1174000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4396000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2856000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
608000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
519000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9553000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
742000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8811000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4264000
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4547000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8811000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2728000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
93000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2803000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
101000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2684000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
99000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
608000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
519000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
9342000
CY2019Q3 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
293000
CY2020Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
608000
CY2019Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
608000
CY2020Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
608000
CY2019Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
608000

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