Enanta Pharmaceuticals is a small-molecule drug discovery and development company focused on virology and immunology. Enanta earns revenue primarily through royalties on MAVYRET, AbbVie's HCV combination treatment. Enanta discovered glecaprevir, one of MAVYRET's two active ingredients, and licensed it to AbbVie under a 2006 collaboration agreement. AbbVie handles all development, manufacturing, and commercialization; Enanta earns tiered royalties in the low double digits to high teens on 50% of AbbVie's worldwide MAVYRET net sales. In 2023, Enanta sold 54.5% of its future MAVYRET royalties to OMERS for $200M upfront, retaining 45.5% until a repayment cap is reached, after which 100% of royalties revert to Enanta. Beyond royalties, Enanta is developing a wholly-owned pipeline funded by HCV cash flows and equity offerings. Its lead programs are two oral RSV antivirals—zelicapavir and EDP-323—both in Phase 2, targeting a market with no approved treatments for active RSV infection. Enanta is seeking a partner to fund Phase 3 development for both RSV programs. Earlier-stage immunology programs include EDP-978, a KIT inhibitor for chronic spontaneous urticaria, and EPS-3903, a STAT6 inhibitor for atopic dermatitis, with IND filings targeted for 2026. Enanta has no commercial sales force and intends to partner or out-license pipeline assets for commercialization.