Full Press Release Details
Benitec Biopharma Discloses Q1 2022 Financial Results
HAYWARD, Calif., November 15, 2021 Benitec Biopharma Inc. (NASDAQ: BNTC) ( Benitec or
the Company ), a development-stage, gene therapy-focused, biotechnology company developing novel genetic medicines based on the proprietary DNA-directed RNA interference ( ddRNAi )
platform, today announced the financial results for its Fiscal Year Q1 ended September 30, 2021. The Company has filed its quarterly report on Form 10-Q for the quarter ended September 30, 2021, with
the U.S. Securities and Exchange Commission.
The key milestones related to the investigational agents under development by the Company and other corporate updates are outlined below:
BB-301 (Oculopharyngeal Muscular Dystrophy Program)
Financial Highlights
Total Revenues for the quarter ended September 30, 2021 were $0 compared to fifty-five thousand dollars in total revenue for three months ended
September 30, 2020. The decrease in revenues from customers is due to the decrease in licensing and royalty revenues in the current period.
Operating Expenses were $4.8 million for the quarter ended September 30, 2021 compared to $2.7 million for the comparable period in 2020. For the quarters ended September 30, 2021 and 2020, respectively, Benitec incurred $0 and
$134 thousand in royalties and license fees. During the three months ended September 30, 2021 and 2020, respectively, the Company incurred $2.8 million and $0.8 million in research and development expenses. The increase in
research and development expenses is primarily related to the commencement of the BB-301 GLP Toxicology and Biodistribution Study in large animals at Charles River Laboratories. Additionally, the Company
incurred expenses related to the production of GMP-grade drug product to facilitate submissions of the Clinical Trial Applications outside of the United States and the Investigational New Drug Application in
the United States, as these activities are critical to the planned initiation of the Phase 1b/2a clinical trial for BB-301 in 2022. General and administrative expenses were $2.0 million and
$1.8 million for the three months ended September 30, 2021 and 2020, respectively. The increase during this three-month period was due to small increases in insurance costs, consultant fees, and legal and accounting fees.
Jerel A. Banks, M.D., Ph.D., Executive Chairman and Chief Executive Officer of Benitec Biopharma commented, Our team continues to focus on the core
development activities that will ensure the advancement of BB-301 into the first-in-human study. Our primary goal has been, and
will continue to be, the improvement of the lives of patients suffering from genetic disorders for which no curative interventions exist. We believe that the initiation of the Phase 1b/2a study is critical for patients in the Oculopharyngeal
Muscular Dystrophy community and represents an important milestone with respect to our long-term goals as a company.
BENITEC BIOPHARMA INC.
Consolidated Balance Sheets
(in thousands, except par value and share amounts)
| September 30, 2021 | June 30, 2021 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 15,727 | $ | 19,769 | ||||
| Trade and other receivables | 3 | 25 | ||||||
| Prepaid and other assets | 642 | 814 | ||||||
| Total current assets | 16,372 | 20,608 | ||||||
| Property and equipment, net | 323 | 375 | ||||||
| Deposits | 25 | 9 | ||||||
| Other assets | 169 | 185 | ||||||
| Right-of-use assets | 947 | 202 | ||||||
| Total assets | $ | 17,836 | $ | 21,379 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Current liabilities: | ||||||||
| Trade and other payables | $ | 1,106 | $ | 880 | ||||
| Accrued employee benefits | 301 | 276 | ||||||
| Lease liabilities, current portion | 194 | 213 | ||||||
| Total current liabilities | 1,601 | 1,369 | ||||||
| Lease liabilities, less current portion | 760 | |||||||
| Total liabilities | 2,361 | 1,369 | ||||||
| Commitments and contingencies (Note 12) | ||||||||
| Stockholders equity: | ||||||||
| Common stock, $0.0001 par value 10,000,000 shares authorized; 8,171,690 shares issued and outstanding at September 30, 2021 and June 30, 2021, respectively | 1 | 1 | ||||||
| Additional paid-in capital | 151,854 | 151,583 | ||||||
| Accumulated deficit | (135,164 | ) | (130,119 | ) | ||||
| Accumulated other comprehensive loss | (1,216 | ) | (1,455 | ) | ||||
| Total stockholders equity | 15,475 | 20,010 | ||||||
| Total liabilities and stockholders equity | $ | 17,836 | $ | 21,379 |
BENITEC BIOPHARMA INC.
Consolidated Statements of Operations and Comprehensive Loss
thousands, except share and per share amounts)
| Three Months Ended September 30, | ||||||||
| 2021 | 2020 | |||||||
| Revenue: | ||||||||
| Revenues from customers | $ | $ | 55 | |||||
| Total revenues | 55 | |||||||
| Operating expenses | ||||||||
| Royalties and license fees | 134 | |||||||
| Research and development | 2,780 | 774 | ||||||
| General and administrative | 2,042 | 1,837 | ||||||
| Total operating expenses | 4,822 | 2,745 | ||||||
| Loss from operations | (4,822 | ) | (2,690 | ) | ||||
| Other income (loss): | ||||||||
| Foreign currency transaction loss | (240 | ) | (54 | ) | ||||
| Interest expense, net | (1 | ) | (1 | ) | ||||
| Other income, net | 27 | |||||||
| Unrealized gain on investment | 18 | |||||||
| Total other loss, net | (223 | ) | (28 | ) | ||||
| Net loss | $ | (5,045 | ) | $ | (2,718 | ) | ||
| Other comprehensive income: | ||||||||
| Unrealized foreign currency translation gain | 239 | 178 | ||||||
| Total other comprehensive income | 239 | 178 | ||||||
| Total comprehensive loss | $ | (4,806 | ) | $ | (2,540 | ) | ||
| Net loss | $ | (5,045 | ) | $ | (2,718 | ) | ||
| Net loss per share: | ||||||||
| Basic and diluted | $ | (0.62 | ) | $ | (2.45 | ) | ||
| Weighted-average shares outstanding: | ||||||||
| Basic and diluted | 8,171,690 | 1,108,374 |
About Benitec Biopharma Inc.
Benitec Biopharma Inc. ( Benitec or the Company ) is a development-stage biotechnology company focused on the advancement of novel
genetic medicines with headquarters in Hayward, California. The proprietary platform, called DNA-directed RNA interference, or ddRNAi, combines RNA interference, or RNAi, with gene therapy to create medicines
that facilitate sustained silencing of disease-causing genes following a single administration. The Company is developing ddRNAi-based therapeutics for chronic and life-threatening human conditions including Oculopharyngeal Muscular Dystrophy
(OPMD), and Chronic Hepatitis B. A comprehensive overview of the Company can be found on Benitec s website at www.benitec.com.
Except for the historical information set forth herein, the matters set forth in this press release include forward-looking
statements, including statements regarding Benitec s plans to develop and commercialize its product candidates, the timing of the initiation and completion of preclinical and clinical trials, the timing of patient enrolment and dosing in
clinical trials, the timing of expected regulatory filings, the clinical utility and potential attributes and benefits of ddRNAi and Benitec s product candidates, potential future out-licenses and
collaborations, the intellectual property position and the ability to procure additional sources of financing, and other forward-looking statements.
These forward-looking statements are based on the Company s current expectations and subject to risks and uncertainties that may cause actual results to
differ materially, including unanticipated developments in and risks related to: unanticipated delays; further research and development and the results of clinical trials possibly being unsuccessful or insufficient to meet applicable regulatory
standards or warrant continued development; the ability to enroll sufficient numbers of subjects in clinical trials; determinations made by the FDA and other governmental authorities; the Company s ability to protect and enforce its patents and
other intellectual property rights; the Company s dependence on its relationships with its collaboration partners and other third parties; the efficacy or safety of the Company s products and the products of the Company s
collaboration partners; the acceptance of the Company s products and the products of the Company s collaboration partners in the marketplace; market competition; sales, marketing, manufacturing and distribution requirements; greater than
expected expenses; expenses relating to litigation or strategic activities; the Company s ability to satisfy its capital needs through increasing its revenue and obtaining additional financing; the impact of the current COVID-19 pandemic, the disease caused by the SARS-CoV-2 virus, which may adversely impact the Company s business and preclinical
and future clinical trials; the impact of local, regional, and national and international economic conditions and events; and other risks detailed from time to time in the Company s reports filed with the Securities and Exchange Commission. The
Company disclaims any intent or obligation to update these forward-looking statements.
Media & Investor Relations Contact:
CEO of M Group Strategic
Communications (for Benitec Biopharma, Inc.)
Email: jmorakis@mgroupsc.com