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, 2017.

Enanta's cash, cash equivalents and short-term and long-term marketable securities totaled $240.9 million at March 31, 2017. This compares to a total of $242.2 million in such accounts at September 30, 2016. Enanta expects that its current cash, cash equivalents and marketable securities will be sufficient to meet the anticipated cash requirements of its existing business and development programs for the foreseeable future.

Fiscal Second Quarter Ended March 31, 2017 Financial Results

Total revenue for the three months ended March 31, 2017 was $9.0 million, compared to $13.0 million for the three months ended March 31, 2016. For the six months ended March 31, 2017, total revenue was $19.4 million, compared to $61.4 million for the same period in 2016. For the three and six month periods ended March 31 2017, revenue consisted exclusively of royalties earned on AbbVie's worldwide net sales of HCV regimens containing paritaprevir. For the 2016 six month period, revenue consisted primarily of royalty revenues as well as a $30.0 million milestone payment for the reimbursement approval of VIEKIRAX® in Japan. Milestone payments and royalties have varied significantly from period to period, and we expect that variability to continue in the future.

Research and development expenses totaled $13.0 million for the three months ended March 31, 2017, compared to $9.1 million for the three months ended March 31, 2016. For the six months ended March 31, 2017, research and development expenses totaled $25.5 million compared to $18.2 million for the same period in 2016. 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 non-alcoholic steatohepatitis (NASH)/primary biliary cholangitis (PBC), respiratory syncytial virus (RSV) and hepatitis B virus (HBV).

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