Enanta details $75 million at-the-market stock program with Jefferies, cites $9.23 dilution

Enanta Pharmaceuticals filed a prospectus supplement dated July 2, 2026 covering an at-the-market stock sale program. The company entered into an Open Market Sale Agreement with Jefferies LLC, dated July 2, 2026, relating to the sale of shares of common stock offered by the prospectus supplement.¹ Under the arrangement, Enanta may offer and sell shares of common stock with an aggregate offering price of up to $75,000,000 over time through Jefferies acting as sales agent.¹

On July 1, 2026, the last reported sale price of Enanta's common stock on the Nasdaq Global Select Market was $14.77 per share.¹ Jefferies is entitled to a commission of up to 3.0% of the aggregate gross proceeds of any shares sold under the sales agreement.¹

Assuming the sale of up to 5,077,860 shares at $14.77 per share, after deducting 3.0% in commissions and estimated offering expenses, the company's as-adjusted net tangible book value as of March 31, 2026 would have been approximately $189.1 million, or $5.54 per share, representing an immediate increase in net tangible book value of $1.53 per share to existing stockholders and immediate dilution of $9.23 per share to investors purchasing common stock in the offering.¹ The net tangible book value per share as of March 31, 2026 was $4.01.¹

The company said it currently intends to use net proceeds from the sale of shares in this offering, together with existing cash, cash equivalents and short-term and long-term investments, to fund clinical trials, research, and development efforts, as well as for working capital and other general corporate purposes.¹

The company noted there can be no assurance it will sell any shares under, or fully utilize, the sales agreement with Jefferies as a source of financing.¹