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ENTA on Nasdaq

ENANTA PHARMACEUTICALS INC

In its 2025 annual report the company says: “We are a biotechnology company that uses our robust, chemistry-driven approach and drug discovery capabilities to discover and develop small molecule drugs for virology and immunology indications. Our active development programs in virology are focused on respiratory syncytial virus, or RSV, the most common cause of bronchiolitis and pneumonia and a leading cause of U.S. hospitalization in young children and a significant cause of respiratory illness in older adults.”6 It is headquartered in Watertown, Massachusetts.1 Its shares trade on Nasdaq under the symbol ENTA.1

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Last updated Oct 21, 2026.

Overview

$65.3MRevenue, fiscal 20252
-$81.9MNet income, fiscal 20253

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  • TickerENTA on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersWatertown, Massachusetts1
  • Business address4 Kingsbury Avenue, Watertown, Ma 024724
  • Filer categoryNon-accelerated filer, Smaller reporting company4

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We are a biotechnology company that uses our robust, chemistry-driven approach and drug discovery capabilities to discover and develop small molecule drugs for virology and immunology indications.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-130.7%Operating margin2
-125.4%Net margin3
-3.4%Revenue growth, 20252
-126.5%Return on equity2
-$32.2MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development98¢$106.7M
  • Income tax2¢$1.7M

Out of $65.3M in revenue.23 The company lost money this year.

Financial statements

Revenue78910112$65.3M in 2025−68% since 2018
0$100.0M$200.0M$300.0M2018: $206.6M$206.6M20182019: $205.2M$205.2M2019−1%2020: $122.5M$122.5M2020−40%2021: $97.1M$97.1M2021−21%2022: $86.2M$86.2M2022−11%2023: $79.2M$79.2M2023−8%2024: $67.6M$67.6M2024−15%2025: $65.3M$65.3M2025−3%
Operating income78910112-$85.3M in 2025
-$200.0M-$100.0M0$100.0M2018: $88.3M$88.3M20182019: $36.7M$36.7M2019−58%2020: -$41.6M-$41.6M20202021: -$109.6M-$109.6M2021+163%2022: -$123.8M-$123.8M2022+13%2023: -$137.2M-$137.2M2023+11%2024: -$121.7M-$121.7M2024−11%2025: -$85.3M-$85.3M2025−30%
Net income789101123-$81.9M in 2025
-$200.0M-$100.0M0$100.0M2018: $72.0M$72.0M20182019: $46.4M$46.4M2019−36%2020: -$36.2M-$36.2M20202021: -$79.0M-$79.0M2021+118%2022: -$121.8M-$121.8M2022+54%2023: -$133.8M-$133.8M2023+10%2024: -$116.0M-$116.0M2024−13%2025: -$81.9M-$81.9M2025−29%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-09-302024-09-302023-09-30
Total revenue$65.3M$67.6M$79.2M
Research and development$106.7M$131.5M$163.5M
General and administrative$43.9M$57.9M$52.9M
Total operating expenses$150.7M$189.3M$216.4M
Loss from operations-$85.3M-$121.7M-$137.2M
Interest expense-$7.7M-$10.9M-$5.1M
Interest and investment income, net$9.4M$14.8M$11.4M
Change in fair value of Series 1 nonconvertible preferred stock$39.0K$73.0K$0
Total other income, net$1.8M$3.9M$6.2M
Loss before income taxes-$83.5M-$117.8M-$131.0M
Income tax benefit (expense)$1.7M$1.7M-$2.8M
Net loss-$81.9M-$116.0M-$133.8M
Basic-$3.84-$5.48-$6.38
Diluted-$3.84-$5.48-$6.38
Basic21.3K shares21.2K shares21.0K shares
Diluted21.3K shares21.2K shares21.0K shares

Compare ENANTA PHARMACEUTICALS INC with another company

Corporate structure

ENANTA PHARMACEUTICALS INC sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ENANTA PHARMACEUTICALS INC

  • ENANTA PHARMACEUTICALS INC Watertown, Massachusetts
    • Enanta Pharmaceuticals Security Corporation Subsidiary · Massachusetts, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ENANTA PHARMACEUTICALS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$59.2M2 Sep 30, 2025$57.7M2 Sep 30, 2024+2.5%
Accumulated depreciation$23.8M2 Sep 30, 2025$25.0M2 Sep 30, 2024−5.0%
Property and equipment, net$35.4M2 Sep 30, 2025$32.7M2 Sep 30, 2024+8.3%
Operating-lease assets (leased space)$37.5M2 Sep 30, 2025$40.7M2 Sep 30, 2024−7.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$32.3M2 Sep 30, 2025$37.2M2 Sep 30, 2024−13.3%
Marketable securities, current$156.6M2 Sep 30, 2025$211.0M2 Sep 30, 2024−25.8%
Debt securities available for sale$156.6M2 Sep 30, 2025$211.0M2 Sep 30, 2024−25.8%

Properties, in its own words

Our corporate headquarters is located in Watertown, Massachusetts, where we lease approximately 73,000 square feet of office and laboratory space under the 4 Kingsbury Avenue Agreement. We also lease approximately 38,000 square feet of additional office space located at 400 Talcott Avenue in Watertown, Massachusetts. Both property leases expire in September 2034.

Item 2 of the 10-K filed Nov 19, 2025.6

Leadership

Who has led ENANTA PHARMACEUTICALS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jay R. Luly2013–now

President

  1. Jay R. Luly2013–now

Chief financial officer

  1. Paul J. Mellett2013–2023
201520202025
Board members and other officers (26)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Enanta Pharmaceuticals Security Corporation Massachusetts5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 10, 20268-K Results of operations41
  2. Jul 2, 20268-K Entered a material agreement42
  3. Jun 23, 20268-K Other events43
  4. Jun 18, 20268-K Regulation FD disclosure44
  5. May 11, 20268-K Results of operations45
  6. Mar 26, 20268-K Other events46
  7. Mar 12, 20268-K Executive or director change; Shareholder vote47
  8. Feb 9, 20268-K Results of operations48
  9. Nov 17, 20258-K Results of operations49
  10. Oct 1, 20258-K Other events50
  11. Sep 29, 20258-K Regulation FD disclosure; Other events51
  12. Sep 29, 20258-K Regulation FD disclosure52
  13. Mar 20, 2013New chief executive Jay R. Luly becomes CEO14

Calendar

Coming up

  1. Nov 16, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.87) a share, on Nov 17, 2025.53

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results41
  2. May 11, 2026Reported quarterly or annual results45
  3. Feb 9, 2026Reported quarterly or annual results48
  4. Nov 17, 2025Reported quarterly or annual results49
  5. Aug 11, 2025Reported quarterly or annual results54
  6. May 12, 2025Reported quarterly or annual results55
  7. Feb 10, 2025Reported quarterly or annual results56
  8. Nov 25, 2024Reported quarterly or annual results57

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

322 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 43 major events, 179 insider forms, 40 large holders, 40 other. The latest 20:

  1. Aug 14, 2026SCHEDULE 13G/A EDGAR
  2. Aug 14, 2026SCHEDULE 13G/A EDGAR
  3. Aug 12, 202610-Q EDGAR
  4. Aug 10, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  5. Aug 10, 20268-K EDGAR
  6. Jul 2, 20268-K EDGAR
  7. Jul 2, 2026424B5 EDGAR
  8. Jun 23, 20268-K EDGAR
  9. Jun 18, 20268-K EDGAR
  10. May 13, 2026S-8 EDGAR
  11. May 13, 202610-Q EDGAR
  12. May 11, 20268-K EDGAR
  13. Mar 26, 20268-K EDGAR
  14. Mar 26, 2026SCHEDULE 13G/A EDGAR
  15. Mar 13, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  16. Mar 13, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  17. Mar 13, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  18. Mar 13, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  19. Mar 13, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR
  20. Mar 13, 20264 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES EDGAR

The 322 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

43 open-market trades by officers, directors and large owners since October 2021: 1 buys and 42 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 5, 2025Capps Kathleen S.See RemarksSale323$14.23$4.6KForm 4
Dec 5, 2025Trout Harry R. IIISee RemarksSale542$14.23$7.7KForm 4
Dec 5, 2025Rottinghaus Scott T.Chief Medical OfficerSale798$14.23$11.4KForm 4
Dec 5, 2025Luu BrendanChief Business OfficerSale1,394$14.23$19.8KForm 4
Dec 5, 2025Kieffer Tara LynnChief Product Strategy OfficerSale2,106$14.23$30.0KForm 4
Dec 5, 2025Or Yat SunChief Scientific OfficerSale2,390$14.23$34.0KForm 4
Dec 5, 2025Luly Jay R.President and CEOSale4,743$14.23$67.5KForm 4
Dec 2, 2025Capps Kathleen S.See RemarksSale207$13.96$2.9KForm 4
Dec 2, 2025Trout Harry R. IIISee RemarksSale380$13.96$5.3KForm 4
Feb 12, 2025Luly Jay R.President and CEOBuy45,000$5.69$256.1KForm 4
Dec 6, 2024Kieffer Tara LynnChief Product Strategy OfficerSale2,283$8.06$18.4KForm 4
Dec 6, 2024Luu BrendanChief Business OfficerSale2,283$8.06$18.4KForm 4
Dec 6, 2024Rottinghaus Scott T.Chief Medical OfficerSale866$8.06$7.0KForm 4
Dec 6, 2024Or Yat SunChief Scientific OfficerSale2,591$8.06$20.9KForm 4
Dec 6, 2024MELLETT PAUL JChief Fin. & Admin OfficerSale2,591$8.06$20.9KForm 4
Dec 6, 2024Luly Jay R.President and CEOSale5,142$8.06$41.4KForm 4
Jul 15, 2024Rottinghaus Scott T.Chief Medical OfficerSale5,375$17.08$91.8KForm 4
Jul 12, 2024Rottinghaus Scott T.Chief Medical OfficerSale2,271$15.04$34.2KForm 4
Jul 11, 2024Rottinghaus Scott T.Chief Medical OfficerSale4,299$15.07$64.8KForm 4
Jun 17, 2024Kieffer Tara LynnChief Product Strategy OfficerSale7,266$12.33$89.6KForm 4

All 43 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jay R. LulyPh.D.$803.3K$2.8M73
2025Scott T. RottinghausM.D.52$560.3K$1.3M73
2025Yat Sun OrPh.D.$553.1K$1.3M73
2024President and Chief Executive Officer$779.9K$2.7M73
2024Chief Medical Officer$544.0K$1.3M73
2024Chief Scientific Officer$537.0K$1.2M73

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Jupiter Topco LLC3,654,920$53.3M0.0%New
BlackRock, Inc.3,244,448$47.3M0.0%+140,680
Farallon Capital Management, L.l.c.2,418,202$35.3M0.2%−453,660
Deep Track Capital, LP1,444,167$21.1M0.3%−512,700
ADAR1 Capital Management, LLC1,344,510$19.6M0.9%+1,293,153
Vanguard Capital Management LLC1,211,769$17.7M0.0%+33,720
Spruce Street Capital LP1,088,731$15.9M3.1%+156,133
Vanguard Portfolio Management LLC1,011,494$14.7M0.0%+62,590
Geode Capital Management, LLC776,634$11.3M0.0%+51,573
Millennium Management LLC643,967$9.4M0.0%−238,130
State Street Corp576,117$8.4M0.0%+14,011
Renaissance Technologies LLC557,600$8.1M0.0%−107,658
Hillsdale Investment Management Inc.468,000$6.8M0.2%+32,490
Goldman Sachs Group Inc464,649$6.8M0.0%+199,561
Morgan Stanley315,729$4.6M0.0%+6,218
Charles Schwab Investment Management Inc301,151$4.4M0.0%+6,180
Dimensional Fund Advisors LP282,682$4.1M0.0%+79,430
Northern Trust Corp259,696$3.8M0.0%+18,728
SummitTX Capital, L.P.257,702$3.8M0.1%New
Aqr Capital Management LLC256,870$3.7M0.0%−56,287
Vanguard Fiduciary Trust Co185,618$2.7M0.0%+9,762
Connor, Clark & Lunn Investment Management Ltd.153,008$2.2M0.0%+27,249
Rockefeller Capital Management L.P.150,546$2.2M0.0%+147,983
Marshall Wace, Llp131,995$1.9M0.0%−78,075
Opaleye Management Inc.125,000$1.8M0.2%No change

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

1 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jul 12, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+116.3%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How ENANTA PHARMACEUTICALS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARENANTA PHARMACEUTICALS INC1
  • CIK0001177648
  • Employer ID (EIN)04-32050996
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsSeptember 301
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address4 Kingsbury Avenue, Watertown, MA 024721
  • Phone617 607 08001
  • Shares outstanding29,125,402 as of Aug 7, 20263
  • Public float$110.6M as of Mar 31, 20256
  • AuditorPricewaterhouseCoopers LLP, Boston, Massachusetts PCAOB ID 238; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceJun 21, 20021
  • Filings832 in all: 4 (436), 8-K (112), SC 13G/A (51), 10-Q (41), 3 (29), SC 13G (28), S-8 (14), 10-K (13)1
    All 37 form types

    DEF 14A (13), DEFA14A (10), UPLOAD (10), CORRESP (9), SCHEDULE 13G/A (9), 4/A (8), S-1/A (5), 144 (4), 424B5 (4), ARS (4), CT ORDER (4), SCHEDULE 13G (4), 8-K/A (3), EFFECT (3), 3/A (2), S-3 (2), SC 13D/A (2), 10-K/A (1), 424B4 (1), 8-A12B (1), CERTNAS (1), DEFR14A (1), NT 10-Q (1), POSASR (1), REGDEX (1), S-1 (1), S-3ASR (1), SC 13D (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Nov 19, 2025
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Jan 26, 2026
    Latest 8-K (8-K) Aug 10, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareENTANasdaq

From the cover page of the 10-K filed Nov 19, 2025 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks ENANTA PHARMACEUTICALS INC names in Item 1A of its 10-K filed Nov 19, 2025: 50 risks under these headings, as written.6

  • Risks Related to Our Business
  • We will require substantial additional funding to achieve our goals. A failure to obtain this funding when needed could force us to delay, limit, reduce or terminate some or all of our product development efforts.
  • Our revenues are dependent upon royalty revenues derived from AbbVie’s net sales of its MAVYRET/MAVIRET regimen for HCV, which includes our protease inhibitor, glecaprevir. If AbbVie is unable to maintain sales of this regimen at or
  • above current levels of sales, our royalty revenues, as well as our retained cash portion of royalties, will be adversely affected.
  • We and AbbVie face substantial competition in the markets for HCV drugs, and there are many companies developing potential therapies for RSV and other viral infections, as well as for CSU, AD and other immunology diseases, which may result in others discovering, developing or commercializing products before we do or doing so more successfully than we do.
  • RSV, CSU and AD, as well as COVID-19 and HBV, represent competitive therapeutic areas.
  • We have not developed independently any approved products and we have limited clinical development experience, which makes it difficult to assess our ability to develop and commercialize our product candidates.
  • If we are not successful in discovering and developing KIT and STAT6 inhibitors, or in obtaining one or more partners to advance zelicapavir, EDP-323, EDP-235 or EDP-514, or in discovering further product candidates, our ability to expand our business and achieve our strategic objectives will be impaired.
  • If we fail to attract and keep senior management and key scientific personnel, we may be unable to successfully develop our product candidates, conduct our clinical trials and commercialize our product candidates.
  • We may encounter difficulties expanding our operations successfully to advance our product candidates.
  • Risks Related to Development, Clinical Testing and Regulatory Approval of Our Product Candidates
  • Clinical drug development involves a lengthy and expensive process with uncertain timelines and uncertain outcomes. Any ongoing or future clinical trials of our product candidates may fail to demonstrate sufficient safety and efficacy. If clinical trials of any of our proprietary product candidates are prolonged or delayed or fail, we may be unable to commercialize our product candidates on a timely basis or ever.
The other 39 risks
  • Zelicapavir or EDP-323, or any other product candidate emerging from our current research programs, may have undesirable side effects which may delay or prevent marketing approval or, if approval is received, require our product candidate to be taken off the market, require us to include safety warnings or otherwise limit sales.
  • If we are required to suspend or discontinue clinical trials due to side effects or other safety risks associated with our product candidates, or if we are required to conduct studies on the long-term effects associated with the use of any of those product candidates, then commercialization any of those product candidates could be delayed or halted.
  • Results of earlier clinical trials may not be predictive of the results of later-stage clinical trials.
  • The regulatory approval processes of the FDA, the EMA and other comparable foreign authorities are lengthy, time-consuming and inherently unpredictable, and if we are ultimately unable to obtain timely regulatory approval for our product candidates, our business will be substantially harmed.
  • The regulatory pathway for approval of a therapeutic treatment for COVID-19 such as EDP-235 is continually evolving and may result in unexpected or unforeseen challenges and longer timelines than seen for earlier COVID-19 vaccines and therapeutics.
  • Even if we receive regulatory approval for any of our product candidates we develop independently, we will be subject to ongoing FDA obligations and continued regulatory review in other jurisdictions, which may result in significant additional expense. Additionally, our product candidates, if approved, could be subject to labeling and other restrictions and market withdrawal and we may be subject to penalties if we or our collaborators fail to comply with regulatory requirements or experience unanticipated problems with our products.
  • We may delay or terminate the development of a product candidate at any time if we believe the perceived market or commercial opportunity does not justify further investment, which could materially harm our business and adversely affect our stock price.
  • Risks Related to Commercialization of Our Product Candidates
  • Unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives in the United States could harm our business.
  • Foreign governments tend to impose strict price controls, which may adversely affect our future profitability.
  • If, in the future, we are unable to establish our own sales, marketing and distribution capabilities or enter into licensing or collaboration agreements for these purposes, we may not be successful in commercializing any product candidates.
  • Commercial success of our product candidates depends upon significant market acceptance among physicians, patients and healthcare payors of any resulting approved drug.
  • Risks Related to Our Dependence on Third Parties
  • We may not be successful in establishing new product collaborations, which could adversely affect our ability to develop and commercialize one or more of our product candidates. If we are unsuccessful in maintaining or forming alliances on favorable terms, our business may not succeed.
  • We intend to rely on third-party manufacturers to produce our development-stage product candidate supplies and any commercial supplies of any approved product candidates. Any failure by a third-party manufacturer to produce acceptable supplies for us may delay or impair our ability to initiate or complete our clinical trials or sell any resulting product.
  • To the extent we elect to enter into additional licensing or collaboration agreements to partner our product candidates, our dependence on such relationships may adversely affect our business.
  • Risks Related to Our Intellectual Property Rights
  • We are competing to develop intellectual property in areas of small-molecule drug development that are highly competitive. We could be unsuccessful in obtaining or maintaining adequate patent protection for one or more of our product candidates.
  • Claims that our product candidates or the sale or use of our products infringe the patent or other intellectual property rights of third parties could result in costly litigation or could require substantial time and money to resolve, even if litigation is avoided.
  • Issued patents covering one or more of our product candidates could be found invalid or unenforceable if challenged in court, including as a result of counterclaims filed against us in connection with our efforts to enforce our intellectual property rights against third parties.
  • Intellectual property litigation may lead to unfavorable publicity that harms our reputation and causes the market price of our common stock to decline.
  • Intellectual property rights do not necessarily protect us from all potential threats to our competitive advantage.
  • Unfavorable outcomes in intellectual property litigation could limit our research and development activities and/or our ability to commercialize certain products.
  • Confidentiality agreements with employees and third parties may not prevent unauthorized disclosure of trade secrets and other proprietary information.
  • Changes in patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • Risks Related to Our Industry
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of our product candidates.
  • Our internal computer systems, or those of our collaborator, CROs or other contractors or consultants, may fail or suffer security breaches, which could result in a material disruption of development programs for our product candidates.
  • Our relationships with customers and third-party payors in the United States and elsewhere will be subject to applicable anti-kickback, fraud and abuse and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm and diminished profits and future earnings.
  • Risks Related to Our Common Stock
  • Our stock price has been, and is likely to continue to be, volatile, and thus our stockholders could incur substantial losses.
  • A sale of a substantial number of shares of our common stock in the public market could cause the market price of our common stock to drop significantly, even if our business is doing well.
  • If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research about our business, our stock price and trading volume would likely decline.
  • Provisions in our corporate charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
  • Our employment agreements with our executive officers may require us to pay severance benefits to any of those persons who are terminated in connection with a change of control of us, which could harm our financial condition or results.
  • Because we do not anticipate paying cash dividends on our common stock for the foreseeable future, investors in our common stock may never receive a return on their investment.
  • Our ability to use future net operating loss carryforwards, research and development tax credit carryforwards, and certain other tax attributes may be limited.
  • We are a smaller reporting company, and any decision on our part to comply only with reduced reporting and disclosure requirements applicable to such companies could make our common stock less attractive to investors.
  • General Risk Factors
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
  • Our insurance policies are expensive and only protect us from specified business risks, which will leave us exposed to significant uninsured liabilities.
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.
  • Our information technology systems, or those used by our CROs or other contractors or consultants, may fail or suffer other breakdowns, cyber-attacks, or information security breaches, which could adversely affect our business.
  • Use of social media could give rise to liability or reputational harm.
  • We maintain our cash at financial institutions, often in balances that exceed federally insured limits.

Legal proceedings

Information with respect to legal proceedings is included in Note 13 of the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.6

Sources

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  46. 46
    SEC EDGAROther events
  47. 47
  48. 48
  49. 49
  50. 50
    SEC EDGAROther events
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72
  73. 73