Full Press Release Details
Benitec Biopharma Provides Operational Update and Releases its 2021 Fiscal Year-End Financial
HAYWARD, Calif., September 20, 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 provided an operational update and announced the financial results for its fiscal year ended June 30, 2021. The Company has filed its annual report on Form 10-K for
the year ended June 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)
Jerel A. Banks, M.D., Ph.D., Executive Chairman and Chief Executive Officer of Benitec Biopharma commented, Our team has made significant progress
towards the goal of advancing BB-301 into clinical studies, and we remain focused on improving the lives of patients suffering from Oculopharyngeal Muscular Dystrophy. In the near future, we will begin to apply the ddRNAi platform to the treatment
of other fatal genetic disorders with significant unmet medical need.
Financial Highlights
Total Revenues for the year ended June 30, 2021 were $59,000 compared to $102,000 for the year ended June 30, 2020. Benitec recognized $59,000 in
customer revenues for the year ended June 30, 2021 compared to $97,000 for the comparable year ended June 30, 2020. The decrease in revenues from customers is due to the decrease in licensing and royalty revenues in the current year.
During the year ended June 30, 2021, the Company recognized no revenue from government research and development grants, as compared $5 million for the comparable year ended June 30, 2020. The decrease in grant revenue is a result of
Benitec no longer claiming the grant from the Australian government due to the Re-domiciliation of the Company to the United States of America.
Total expenses were $13.7 million for the year ended June 30, 2021 compared to $8.4 million for the comparable period in 2020. Royalty and
license fees, research and development costs, and general and administrative costs comprise the primary corporate expenses. For the year ended June 30, 2021, Benitec incurred $123,000 in royalties and license fees compared to a gain of $185,000
for the comparable year ended June 30, 2020. The change is primarily due to a reversal of an accrual which created the negative balance for the year ended June 30, 2020. Benitec incurred $7 million of research and development expenses
compared to $3 million for the comparable year ended June 30, 2020. The increase in research and development expenses are related to the pre-clinical studies associated with BB-301 as well as an increase in research and development costs related to stock-based compensation expenses. General and administrative expenses were $6.5 million and $5.5 million for the years ended
June 30, 2021 and 2020, respectively. The increase for the year was due to the increase in insurance, consultants, legal and accounting fees.
loss from operations for fiscal 2021 was $13.9 million compared to a loss of $8.3 million for fiscal 2020. Net loss attributable to shareholders for the fiscal year ended 2021 was $13.9 million, or $3.23 per basic and diluted share,
compared to a net loss of $8.3 million, or $8.10 per basic and diluted share in earnings for the fiscal year ended 2020. At the end of fiscal year 2021 the Company had $19.8 million in cash and cash equivalents.
BENITEC BIOPHARMA INC.
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
| Year Ended June 30, | ||||||||
| 2021 | 2020 | |||||||
| Revenue: | ||||||||
| Revenues from customers | $ | 59 | $ | 97 | ||||
| Government research and development grants | 5 | |||||||
| Total revenues | 59 | 102 | ||||||
| Operating expenses | ||||||||
| Royalties and license fees | 123 | (185 | ) | |||||
| Research and development | 7,020 | 3,001 | ||||||
| General and administrative | 6,512 | 5,567 | ||||||
| Total operating expenses | 13,655 | 8,383 | ||||||
| Loss from operations | (13,596 | ) | (8,281 | ) | ||||
| Other income (loss): | ||||||||
| Foreign currency transaction loss | (333 | ) | (88 | ) | ||||
| Interest income (expense), net | (6 | ) | 62 | |||||
| Other income, net | 37 | 34 | ||||||
| Unrealized gain (loss) on investment | 16 | (1 | ) | |||||
| Total other income (loss), net | (286 | ) | 7 | |||||
| Net loss | $ | (13,882 | ) | $ | (8,274 | ) | ||
| Other comprehensive income (loss): | ||||||||
| Unrealized foreign currency translation gain (loss) | 498 | (89 | ) | |||||
| Total other comprehensive income (loss) | 498 | (89 | ) | |||||
| Total comprehensive loss | $ | (13,384 | ) | $ | (8,363 | ) | ||
| Net loss | $ | (13,882 | ) | $ | (8,274 | ) | ||
| Net loss per share: | ||||||||
| Basic and diluted | $ | (3.23 | ) | $ | (8.10 | ) | ||
| Weighted-average shares outstanding: | ||||||||
| Basic and diluted | 4,295,416 | 1,021,193 |
BENITEC BIOPHARMA INC.
Consolidated Balance Sheets
(in thousands, except par value and share amounts)
| June 30, 2021 | June 30, 2020 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 19,769 | $ | 9,801 | ||||
| Trade and other receivables | 25 | 59 | ||||||
| Prepaid and other assets | 814 | 949 | ||||||
| Total current assets | 20,608 | 10,809 | ||||||
| Property and equipment, net | 375 | 374 | ||||||
| Deposits | 9 | 9 | ||||||
| Other assets | 185 | |||||||
| Right-of-use assets | 202 | 395 | ||||||
| Total assets | $ | 21,379 | $ | 11,587 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Current liabilities: | ||||||||
| Trade and other payables | $ | 880 | $ | 741 | ||||
| Accrued employee benefits | 276 | 203 | ||||||
| Lease liabilities, current portion | 213 | 192 | ||||||
| Total current liabilities | 1,369 | 1,136 | ||||||
| Lease liabilities, less current portion | 213 | |||||||
| Total liabilities | 1,369 | 1,349 | ||||||
| Commitments and contingencies (Note 12) | ||||||||
| Stockholders equity: | ||||||||
| Common stock, $0.0001 par value 10,000,000 shares authorized; 8,171,690 and 1,108,374 shares issued and outstanding at June 30, 2021 and 2020, respectively | 1 | 0 | ||||||
| Additional paid-in capital | 151,583 | 128,827 | ||||||
| Accumulated deficit | (130,119 | ) | (116,636 | ) | ||||
| Accumulated other comprehensive loss | (1,455 | ) | (1,953 | ) | ||||
| Total stockholders equity | 20,010 | 10,238 | ||||||
| Total liabilities and stockholders equity | $ | 21,379 | $ | 11,587 |
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.
Forward Looking Statements
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