Benitec Biopharma Releases Full Year 2024 Financial Results and Provides Operational Update

Core Insights - Benitec Biopharma Inc. reported positive interim clinical trial data for its gene therapy BB-301 targeting Oculopharyngeal Muscular Dystrophy (OPMD), showing significant improvements in swallowing efficiency in subjects [2][5][6] - The company successfully closed an oversubscribed private placement financing of $40 million, extending its cash runway through 2025 [1][9] - The second subject was dosed in February 2024, with a third subject expected to be dosed in Q4 2024 [1][7] Clinical Trial Results - The 90-day and 180-day interim results from the Phase 1b/2a clinical study indicated clinically meaningful improvements in key assessments, including Total Pharyngeal Residue (TPR) and the Sydney Swallow Questionnaire (SSQ) [2][4][5] - At the 90-day post-dose assessment, Subject 1 showed improvements in VFSS assessments and SSQ scores, indicating enhanced swallowing function [4][6] - At the 180-day post-dose assessment, TPR values remained significantly reduced compared to pre-dose averages, and SSQ scores continued to decline, reflecting ongoing improvements in swallowing ability [5][6] Safety and Tolerability - The safety profile of BB-301 has been favorable, with only transient Grade 2 Gastroesophageal Reflux Disease (GERD) reported, and no Serious Adverse Events (SAEs) observed in the subjects dosed so far [8] Financial Highlights - For the fiscal year ending June 30, 2024, total revenues were reported at $0 million, a decrease from $75,000 in the previous year [12] - Total expenses increased to $22.5 million from $19.2 million year-over-year, with R&D expenses rising to $15.6 million from $12.8 million [13][14] - The net loss attributable to shareholders for the year was $22.4 million, or $5.51 per share, compared to a net loss of $19.6 million, or $14.12 per share, in the prior year [15] Corporate Updates - The company appointed Kishen Mehta to its board of directors following the successful PIPE financing [9] - Benitec's proprietary "Silence and Replace" platform is designed to treat chronic conditions like OPMD by silencing disease-causing genes while delivering functional replacement genes [17]