Benitec Biopharma(BNTC) - 2025 Q3 - Quarterly Report

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This section outlines the company's forward-looking statements, which are subject to various business, market, and regulatory risks and uncertainties - This report contains forward-looking statements concerning the company's business strategy, future commercial revenues, market growth, capital requirements, new product introductions, expansion plans, and funding adequacy, which are subject to numerous risks and uncertainties[9] - Key risks include the success of product candidate development, timing of preclinical studies and clinical trials, regulatory approvals, intellectual property position, capital needs, and the impact of economic conditions[11][12][14] PART I—FINANCIAL INFORMATION This part presents the company's unaudited consolidated financial statements and management's discussion and analysis of financial condition and results of operations ITEM 1. Financial Statements This section presents the unaudited consolidated financial statements for Benitec Biopharma Inc., including the Balance Sheets, Statements of Operations and Comprehensive Loss, Statements of Stockholders' Equity, and Statements of Cash Flows, along with detailed notes explaining the company's business, accounting policies, liquidity, and specific financial accounts Consolidated Balance Sheets | Metric | March 31, 2025 (Unaudited) | June 30, 2024 | | :-------------------------- | :-------------------------- | :-------------------------- | | Cash and cash equivalents | $103,583 | $50,866 | | Total current assets | $104,010 | $51,674 | | Total assets | $105,209 | $52,210 | | Total current liabilities | $7,026 | $4,924 | | Total liabilities | $7,639 | $4,962 | | Total stockholders' equity | $97,570 | $47,248 | | Accumulated deficit | $(212,029) | $(190,259) | Consolidated Statements of Operations and Comprehensive Loss | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Nine Months Ended March 31, 2025 | Nine Months Ended March 31, 2024 | | :---------------------------------- | :-------------------------------- | :-------------------------------- | :------------------------------- | :------------------------------- | | Total revenues | $0 | $0 | $0 | $0 | | Total operating expenses | $10,188 | $4,141 | $24,589 | $16,942 | | Loss from operations | $(10,188) | $(4,141) | $(24,589) | $(16,942) | | Total other income (loss), net | $834 | $(138) | $2,819 | $(89) | | Net loss | $(9,354) | $(4,279) | $(21,770) | $(17,031) | | Net loss per share (Basic and diluted) | $(0.24) | $(0.23) | $(0.63) | $(1.11) | - Net loss increased to $(9,354) thousand for the three months ended March 31, 2025, from $(4,279) thousand in the prior year, primarily due to higher operating expenses[19] - For the nine months ended March 31, 2025, net loss was $(21,770) thousand, compared to $(17,031) thousand in the prior year, driven by increased research and development and general and administrative expenses[19] Consolidated Statements of Stockholders' Equity | Metric | Balance at June 30, 2024 | Balance at March 31, 2025 | | :-------------------------- | :----------------------- | :------------------------ | | Common Stock Shares | 10,086,119 | 25,546,288 | | Additional Paid-in Capital | $238,398 | $310,313 | | Accumulated Deficit | $(190,259) | $(212,029) | | Total Stockholders' Equity | $47,248 | $97,570 | - Total stockholders' equity increased from $47,248 thousand at June 30, 2024, to $97,570 thousand at March 31, 2025, primarily due to proceeds from common stock and warrant issuances and exercises[22][23] - The company issued 2,043,000 shares of common stock and pre-funded warrants for cash, net of offering costs, contributing $28,213 thousand to equity during the three months ended March 31, 2025[23] Consolidated Statements of Cash Flows | Cash Flow Activity | Nine Months Ended March 31, 2025 (US$ thousands) | Nine Months Ended March 31, 2024 (US$ thousands) | | :------------------------------------------ | :----------------------------------------- | :----------------------------------------- | | Net cash used in operating activities | $(15,375) | $(16,110) | | Net cash used in investing activities | $(18) | $(179) | | Net cash provided by financing activities | $67,941 | $27,958 | | Net increase in cash, cash equivalents, and restricted cash | $52,717 | $11,666 | | Cash, cash equivalents, and restricted cash, end of period | $103,646 | $14,156 | - Net cash provided by financing activities significantly increased to $67,941 thousand for the nine months ended March 31, 2025, from $27,958 thousand in the prior year, primarily driven by proceeds from common stock and warrant exercises and offerings[26] - The company's cash, cash equivalents, and restricted cash balance grew substantially to $103,646 thousand at March 31, 2025, from $14,156 thousand at March 31, 2024[26] Notes to Consolidated Financial Statements This section provides detailed explanations and disclosures for the consolidated financial statements, covering the company's business, accounting policies, liquidity, and specific financial accounts, including recent capital raises and clinical trial updates 1. Business - Benitec Biopharma Inc. is a Delaware corporation listed on Nasdaq (BNTC), focused on developing novel genetic medicines using its proprietary 'Silence and Replace' DNA-directed RNA interference platform[29] - The 'Silence and Replace' platform combines RNA interference with gene therapy to simultaneously silence disease-causing genes and deliver wildtype replacement genes with a single administration[29] - The company completed an organizational restructuring in fiscal year 2021 to transition operations to the United States[30] 2. Basis of Presentation and Summary of Significant Accounting Policies - The financial statements are prepared in accordance with U.S. GAAP for interim financial information, with all necessary adjustments included for fair presentation[33] - Key accounting estimates and assumptions relate to accrued research and development expenses and the valuation of equity-based instruments[36] - The company adopted ASU No. 2016-13 (CECL) effective July 1, 2023, with an immaterial impact, and is evaluating ASU No. 2023-09 (Income Tax Disclosures) and ASU 2024-03 (Expense Disaggregation Disclosures) for future adoption[71][72][73] [3. Liquidity](index=1