Benitec Biopharma Releases Third Quarter 2025 Financial Results

Rhea-AI Summary

Benitec Biopharma (NASDAQ: BNTC) reported its Q3 2025 financial results. The company's net loss widened to $9.4 million ($0.24 per share) compared to $4.3 million ($0.23 per share) in Q3 2024. Total expenses increased to $10.2 million from $4.1 million year-over-year, with R&D expenses rising to $6.0 million and G&A expenses reaching $4.2 million. The company maintains a strong cash position of $103.6 million. On the clinical front, Benitec completed treatment of the sixth and final Subject in Cohort 1 with the low dose of BB-301, their gene therapy treatment for OPMD (Oculopharyngeal Muscular Dystrophy). The company plans to enroll additional subjects at a higher dose later this year, with clinical updates for Cohort 1 expected in Q4 2025.

Positive

• Strong cash position of $103.6 million as of March 31, 2025
• Successful completion of Cohort 1 low-dose BB-301 treatment
• Progression to higher dose cohort planned for later in 2025

Negative

• Net loss increased to $9.4 million from $4.3 million year-over-year
• Total expenses more than doubled to $10.2 million from $4.1 million
• R&D expenses increased significantly to $6.0 million from $2.6 million

Insights

Biotechnology Research Scientist

Benitec reports wider losses as R&D costs rise 132% for OPMD therapy BB-301, but maintains strong $103.6M cash position through clinical progression.

Benitec Biopharma's Q3 2025 financial results reveal significant escalation in operating expenses as the company advances its gene therapy program for Oculopharyngeal Muscular Dystrophy (OPMD). Research and development costs more than doubled to $6.0 million compared to $2.6 million in the same quarter last year, reflecting intensified clinical development activities for BB-301. This 132% increase in R&D spending demonstrates the company's commitment to advancing its clinical pipeline.

The completion of dosing for the final subject in Cohort 1 represents a crucial milestone in the BB-301 clinical development program. This "Silence and Replace" therapy utilizes DNA-directed RNA interference (ddRNAi) technology with a bifunctional approach - simultaneously silencing the mutant PABPN1 gene while providing a functional replacement protein. This dual-action mechanism is particularly suited for OPMD, where dysphagia (difficulty swallowing) is a primary symptom.

Despite the accelerated cash burn rate, with total quarterly expenses reaching $10.2 million versus $4.1 million in Q3 2024, Benitec maintains a solid financial position with $103.6 million in cash and cash equivalents. This represents a substantial improvement from the $50.9 million reported at the end of June 2024, likely due to successful financing activities. At the current quarterly burn rate, this provides approximately 10 quarters of operational runway, sufficient to support continued clinical development through several key milestones.

The planned progression to a higher dosing cohort later this year, coupled with forthcoming clinical updates in Q4, signals confidence in the safety profile observed thus far and suggests the program remains on track. The close engagement with the OPMD patient community mentioned by CEO Dr. Banks highlights the company's patient-centric approach to drug development, which is essential for orphan disease therapies.

Financial Analyst

Benitec's quarterly loss widened to $9.4M despite strong $103.6M cash position; costs doubled while advancing OPMD therapy through clinical trials.

Benitec Biopharma's financial performance for Q3 2025 shows a company in active clinical development phase with significantly increased expenditures. The quarterly net loss widened to $9.4 million ($0.24 per share) from $4.3 million ($0.23 per share) year-over-year, reflecting the company's intensified investment in its clinical programs. Total operating expenses increased 146% to $10.2 million, driven primarily by research and development costs that rose to $6.0 million from $2.6 million in the comparable period.

The cash position remains strong at $103.6 million, representing a substantial improvement from $50.9 million at the end of June 2024. This increase in cash reserves provides approximately 10 quarters of runway at the current burn rate, giving the company sufficient capital to progress through significant clinical milestones for its lead asset BB-301. The substantial cash position resulted from successful financing activities during the period, as evidenced by the increase in common stock outstanding from 10.1 million to 25.5 million shares, and the corresponding increase in additional paid-in capital.

General and administrative expenses also increased significantly to $4.2 million from $1.6 million year-over-year, reflecting expanded corporate infrastructure to support clinical operations. Interest income of $823,000 helped partially offset operating losses, compared to a minor interest expense in the prior year period, demonstrating effective cash management.

The weighted average number of shares outstanding more than doubled to 38.6 million from 18.3 million in the comparable period, indicating substantial dilution for existing shareholders. However, this dilution has secured a considerably stronger financial position that supports continued development of the company's gene therapy platform without immediate financing concerns.

HAYWARD, Calif., May 14, 2025 (GLOBE NEWSWIRE) -- Benitec Biopharma Inc. (NASDAQ: 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.
Consolidated Balance Sheets
(in thousands, except par value and share amounts)
		March 31,					June 30,
		2025					2024
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	103,583				$	50,866
Restricted Cash			63					63
Trade and other receivables			3					229
Prepaid and other assets			361					516
Total current assets			104,010					51,674
Property and equipment, net			145					179
Deposits			55					25
Other assets			35					62
Right-of-use assets			964					270
Total assets		$	105,209				$	52,210
Liabilities and Stockholders’ Equity
Current liabilities:
Trade and other payables		$	6,254				$	4,165
Accrued employee benefits			426					475
Lease liabilities, current portion			346					284
Total current liabilities			7,026					4,924
Non-current accrued employee benefits			-					38
Lease liabilities, less current portion			613					-
Total liabilities			7,639					4,962
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
and outstanding at March 31, 2025 and June 30, 2024, respectively			2					1
Additional paid-in capital			310,313					238,398
Accumulated deficit			(212,029	)				(190,259	)
Accumulated other comprehensive loss			(716	)				(892	)
Total stockholders’ equity			97,570					47,248
Total liabilities and stockholders’ equity		$	105,209				$	52,210

BENITEC BIOPHARMA INC.
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
	Three Months Ended March 31,										Nine Months Ended March 31,
	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 (loss) on investment		-					-					-					(1	)
Total other income (loss), net		834					(138	)				2,819					(89	)
Net loss	$	(9,354	)			$	(4,279	)			$	(21,770	)			$	(17,031	)
Other comprehensive income:
Unrealized foreign currency translation gain (loss)		(28	)				117					176					(5	)
Total other comprehensive income		(28	)				117					176					(5	)
Total comprehensive loss	$	(9,382	)			$	(4,162	)			$	(21,594	)			$	(17,036	)
Net loss	$	(9,354	)			$	(4,279	)			$	(21,770	)			$	(17,031	)
Deemed dividends		-					-					-					(619	)
Net loss attributable to common shareholders	$	(9,354	)			$	(4,279	)			$	(21,770	)			$	(17,650	)
Net loss per share:
Basic and diluted	$	(0.24	)			$	(0.23	)			$	(0.63	)			$	(1.11	)
Weighted average number of shares outstanding: basic and diluted		38,599,453					18,281,896					34,559,870					15,876,753

About BB-301

BB-301 is a novel, modified AAV9 capsid expressing a unique, single bifunctional construct promoting co-expression of both codon-optimized Poly-A Binding Protein Nuclear-1 (PABPN1) and two small inhibitory RNAs (siRNAs) against mutant PABPN1 (the causative gene for OPMD). The two siRNAs are modeled into microRNA backbones to silence expression of faulty mutant PABPN1, while allowing expression of the codon-optimized PABPN1 to replace the mutant with a functional version of the protein. We believe the silence and replace mechanism of BB-301 is uniquely positioned for the treatment of OPMD by halting mutant expression while providing a functional replacement protein.

About Benitec Biopharma, Inc.

Benitec Biopharma Inc. (“Benitec” or the “Company”) is a clinical-stage biotechnology company focused on the advancement of novel genetic medicines with headquarters in Hayward, California. The proprietary “Silence and Replace” DNA-directed RNA interference platform combines RNA interference, or RNAi, with gene therapy to create medicines that simultaneously facilitate sustained silencing of disease-causing genes and concomitant delivery of wildtype replacement genes following a single administration of the therapeutic construct. The Company is developing Silence and Replace-based therapeutics for chronic and life-threatening human conditions including Oculopharyngeal Muscular Dystrophy (OPMD). 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 completion of pre-clinical and clinical trials, the timing of the availability of data from our clinical trials, the timing and sufficiency of patient enrollment and dosing in clinical trials, the timing of expected regulatory filings, and the clinical utility and potential attributes and benefits of ddRNAi and Benitec’s product candidates, 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: the success of our plans to develop and potentially commercialize our product candidates; the timing of the completion of preclinical studies and clinical trials; the timing and sufficiency of patient enrollment and dosing in any future clinical trials; the timing of the availability of data from our clinical trials; the timing and outcome of regulatory filings and approvals; the development of novel AAV vectors; our potential future out-licenses and collaborations; the plans of licensees of our technology; the clinical utility and potential attributes and benefits of ddRNAi and our product candidates, including the potential duration of treatment effects and the potential for a “one shot” cure; our intellectual property position and the duration of our patent portfolio; expenses, ongoing losses, future revenue, capital needs and needs for additional financing, and our ability to access additional financing given market conditions and other factors, including our capital structure; the length of time over which we expect our cash and cash equivalents to be sufficient to execute on our business plan; 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 and other regulatory developments; 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 impact of, and our ability to remediate, the identified material weakness in our internal controls over financial reporting; 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.

Investor Relations Contact:

Irina Koffler
LifeSci Advisors, LLC
(917) 734-7387
ikoffler@lifesciadvisors.com

FAQ

What were BNTC's key financial results for Q3 2025?

Benitec reported a net loss of $9.4 million ($0.24 per share), total expenses of $10.2 million, and held $103.6 million in cash as of March 31, 2025.

What is the current status of Benitec's BB-301 clinical trial?

The company completed treatment of the sixth and final Subject in Cohort 1 with low-dose BB-301 in April 2025, and plans to enroll additional subjects at a higher dose later in 2025.

How much cash does Benitec Biopharma (BNTC) have?

As of March 31, 2025, Benitec had $103.6 million in cash and cash equivalents.

What is BB-301 and what is it designed to treat?

BB-301 is a modified AAV9 gene therapy treatment for OPMD that uses a 'silence and replace' mechanism to halt mutant PABPN1 expression while providing a functional replacement protein.

How did BNTC's operating expenses change compared to Q3 2024?

Total operating expenses increased from $4.1 million in Q3 2024 to $10.2 million in Q3 2025, with R&D expenses rising to $6.0 million and G&A expenses reaching $4.2 million.