Benitec Biopharma Releases Third Quarter 2025 Financial Results
HAYWARD, Calif., May 14, 2025 (GLOBE NEWSWIRE) -- Benitec Biopharma Inc. $(BNTC)$ ("Benitec" or "Company"), a clinical-stage, gene therapy-focused, biotechnology company developing novel genetic medicines based on its proprietary "Silence and Replace" DNA-directed RNA interference ("ddRNAi") platform, today announced financial results for its third fiscal quarter ended March 31, 2025. The Company has filed its quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission.
"We are profoundly honored to be closely engaged with the OPMD patient community and are thankful for the support of the Subjects and their families as we remain focused on the continued development of BB-301 for the treatment of dysphagia in OPMD patients," said Jerel A. Banks, M.D., Ph.D., Executive Chairman and Chief Executive Officer of Benitec. "The sixth and final Subject of Cohort 1 was safely treated with the low dose of BB-301 in April 2025. We look forward to enrolling additional Subjects at the next, higher dose of BB-301 later this year. Additional clinical study updates for Subjects enrolled in Cohort 1 are planned for the fourth calendar quarter of this year."
Financial Highlights
Third Fiscal Quarter 2025 Financial Results
Total Expenses for the quarter ended March 31, 2025, were $10.2 million compared to $4.1 million for the quarter ended March 31, 2024. The Company incurred $6.0 million of research and development expenses compared to $2.6 million for the comparable quarter ended March 31, 2024. Research and development expenses relate primarily to ongoing clinical development of BB-301 for the treatment of OPMD. General and administrative expenses were $4.2 million compared to $1.6 million for the quarter ended March 31, 2024.
The loss from operations for the quarter ended March 31, 2025, was $10.2 million compared to a loss of $4.1 million for the quarter ended March 31, 2024. Net loss attributable to shareholders for the quarter ended March 31, 2025, was $9.4 million, or $0.24 per basic and diluted share, compared to a net loss of $4.3 million, or $0.23 per basic and diluted share for the quarter ended March 31, 2024. The basic earnings per share calculation has been revised to include pre-funded warrants in the weighted number of shares outstanding for the current period and the comparative periods. As of March 31, 2025, the Company had $103.6 million in cash and cash equivalents.
BENITEC BIOPHARMA INC.
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Consolidated Balance Sheets
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(in thousands, except par value and share amounts)
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March 31, June 30,
-------------------------------------- ------------- ------------
2025 2024
-------------------------------------- ------------- ------------
(Unaudited)
-------------------------------------- ------------- ------------
Assets
-------------------------------------- --------- -----------
Current assets:
-------------------------------------- --------- -----------
Cash and cash equivalents $ 103,583 $ 50,866
--------------------------------------- -------- --------
Restricted Cash 63 63
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Trade and other receivables 3 229
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Prepaid and other assets 361 516
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Total current assets 104,010 51,674
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Property and equipment, net 145 179
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Deposits 55 25
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Other assets 35 62
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Right-of-use assets 964 270
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Total assets $ 105,209 $ 52,210
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Liabilities and Stockholders' Equity
-------------------------------------- --------- -----------
Current liabilities:
-------------------------------------- --------- -----------
Trade and other payables $ 6,254 $ 4,165
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Accrued employee benefits 426 475
--------------------------------------- -------- --------
Lease liabilities, current portion 346 284
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Total current liabilities 7,026 4,924
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Non-current accrued employee benefits - 38
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Lease liabilities, less current portion 613 -
--------------------------------------- -------- --------
Total liabilities 7,639 4,962
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Stockholders' equity:
-------------------------------------- --------- -----------
Preferred stock, $0.0001 par value -
5,000,000 shares authorized; no shares
issued
-------------------------------------- --------- -----------
and outstanding at March 31, 2025
and June 30, 2024, respectively - -
-------------------------------------- -------- --------
Common stock, $0.0001 par value -
160,000,000 shares authorized;
25,546,288 and 10,086,119 shares
issued
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and outstanding at March 31, 2025 and
June 30, 2024, respectively 2 1
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Additional paid-in capital 310,313 238,398
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Accumulated deficit (212,029) (190,259)
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Accumulated other comprehensive loss (716) (892)
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Total stockholders' equity 97,570 47,248
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Total liabilities and stockholders'
equity $ 105,209 $ 52,210
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BENITEC BIOPHARMA INC.
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Consolidated Statements of Operations and Comprehensive
Loss
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(in thousands, except share and per share amounts)
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Three Months Ended March 31, Nine Months Ended March 31,
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2025 2024 2025 2024
----------------- -------------- ----------- ----------- -----------
Revenues $ - $ - $ - $ -
----------------- ---------- ---------- ---------- ----------
Operating
expenses
----------------- ----------- ----------- ----------- -------------
Royalties and
license fees - (3) - (108)
----------------- ---------- ---------- ---------- ----------
Research and
development 5,980 2,566 14,637 12,097
----------------- ---------- ---------- ---------- ----------
General and
administrative 4,208 1,578 9,952 4,953
----------------- ---------- ---------- ---------- ----------
Total operating
expenses 10,188 4,141 24,589 16,942
----------------- ---------- ---------- ---------- ----------
Loss from
operations (10,188) (4,141) (24,589) (16,942)
----------------- ---------- ---------- ---------- ----------
Other income
(loss):
----------------- ----------- ----------- ----------- -------------
Foreign
currency
transaction
gain (loss) 11 (118) (190) (22)
----------------- ---------- ---------- ---------- ----------
Interest income
(expense),
net 823 (4) 2,250 (16)
----------------- ---------- ---------- ---------- ----------
Other income
(expense),
net - (16) (5) (50)
----------------- ---------- ---------- ---------- ----------
Gain on
extinguishment
of
liabilities - - 764 -
----------------- ---------- ---------- ---------- ----------
Unrealized gain
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