Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $0.0001 par
value--160,000,000 shares authorized;
2,724,794 shares and 1,671,485 shares
issued and outstanding at March 31, 2024
and June 30, 2023, respectively -- --
Additional paid-in capital 197,255 168,921
Accumulated deficit (184,920) (167,889)
Accumulated other comprehensive loss (835) (830)
-------- --------
Total stockholders' equity 11,500 202
-------- --------
Total liabilities and stockholders' equity $ 14,999 $ 4,464
======== ========
The accompanying notes are an integral part of these consolidated financial statements.
BENITEC BIOPHARMA INC.
Consolidated Statements of Operations and Comprehensive
Loss
(Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended Nine Months Ended
------------------------ --------------------------
March 31, March 31,
------------------------ --------------------------
2024 2023 2024 2023
----------- --------- ----------- ---------
Revenue:
Licensing
revenues from
customers $ -- $ 54 $ -- $ 68
--------- --------- --------- ---------
Total revenues -- 54 -- 68
--------- --------- --------- ---------
Operating expenses:
Royalties and
license fees (3) -- (108) --
Research and
development 2,566 3,167 12,097 9,588
General and
administrative 1,578 1,228 4,953 5,011
--------- --------- --------- ---------
Total operating
expenses 4,141 4,395 16,942 14,599
--------- --------- --------- ---------
Loss from
operations (4,141) (4,341) (16,942) (14,531)
Other income
(loss):
Foreign
currency
transaction
loss (118) (45) (22) (391)
Interest
expense, net (4) (7) (16) (25)
Other income
(expense),
net (16) -- (50) 50
Unrealized loss
on investment -- (4) (1) (4)
--------- --------- --------- ---------
Total other income
(loss), net (138) (56) (89) (370)
--------- --------- --------- ---------
Net loss $ (4,279) $ (4,397) $ (17,031) $ (14,901)
--------- --------- --------- ---------
Other comprehensive
income (loss):
Unrealized
foreign
currency
translation
gain (loss) 117 45 (5) 392
--------- --------- --------- ---------
Total other
comprehensive
income (loss) 117 45 (5) 392
--------- --------- --------- ---------
Total comprehensive
loss $ (4,162) $ (4,352) $ (17,036) $ (14,509)
--------- --------- --------- ---------
Net loss $ (4,279) $ (4,397) $ (17,031) $ (14,901)
--------- --------- --------- ---------
Net loss per share:
Basic and diluted $ (1.64) $ (2.67) $ (6.95) $ (11.47)
--------- --------- --------- ---------
Weighted average
number of shares
outstanding: basic
and diluted 2,616,288 1,645,951 2,449,295 1,299,423
--------- --------- --------- ---------
The accompanying notes are an integral part of these consolidated financial statements.
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 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, the clinical utility and potential attributes and benefits of ddRNAi and Benitec's product candidates, the intellectual property position, the length of time over which the Company expects its cash and cash equivalents to be sufficient to execute on its business plan, 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 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 Company's ability to satisfy its capital needs through increasing its revenue and obtaining additional financing; the impact of the COVID-19 pandemic, the disease caused by the SARS-CoV-2 virus or any similar events, which may adversely impact the Company's business and pre-clinical and 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.
Investor Relations Contact:
Irina Koffler
LifeSci Advisors, LLC
(917) 734-7387
ikoffler@lifesciadvisors.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8bb63807-b739-42f2-a124-8caa83944152
(END) Dow Jones Newswires
May 13, 2024 08:15 ET (12:15 GMT)
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