☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 84-462-0206 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $0.0001 | BNTC | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
2 | ||||||
ITEM 1. Financial Statements |
September 30, | June 30, | |||||||
2021 | 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 | 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 | 0 | ||||||
Total liabilities | 2,361 | 1,369 | ||||||
Commitments and contingencies (Note 12) | 0 | 0 | ||||||
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’ equit y | $ | 17,836 | $ | 21,379 | ||||
March 31, | June 30, | |||||||
2022 | 2021 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 8,630 | $ | 19,769 | ||||
Trade and other receivables | 5 | 25 | ||||||
Prepaid and other assets | 206 | 814 | ||||||
Total current assets | 8,841 | 20,608 | ||||||
Property and equipment, net | 214 | 375 | ||||||
Deposits | 25 | 9 | ||||||
Other assets | 156 | 185 | ||||||
Right-of-use | 828 | 202 | ||||||
Total assets | $ | 10,064 | $ | 21,379 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Trade and other payables | $ | 1,320 | $ | 880 | ||||
Accrued employee benefits | 357 | 276 | ||||||
Lease liabilities, current portion | 232 | 213 | ||||||
Total current liabilities | 1,909 | 1,369 | ||||||
Lease liabilities, less current portion | 635 | 0 | ||||||
Total liabilities | 2,544 | 1,369 | ||||||
Commitments and contingencies (Note 10) | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
Common stock, $0.0001 par value-40,000,000 shares authorized; 8,171,690 shares issued and outstanding at March 31, 2022 and June 30, 2021 | 1 | 1 | ||||||
Additional paid-in capital | 152,285 | 151,583 | ||||||
Accumulated deficit | (143,260 | ) | (130,119 | ) | ||||
Accumulated other comprehensive loss | (1,506 | ) | (1,455 | ) | ||||
Total stockholders’ equity | 7,520 | 20,010 | ||||||
Total liabilities and stockholders’ equity | $ | 10,064 | $ | 21,379 | ||||
Three Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Revenue: | ||||||||
Revenues from customers | $ | 0 | $ | 55 | ||||
Total revenues | 0 | 55 | ||||||
Operating expenses | ||||||||
Royalties and license fees | 0 | 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 | ||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenue: | ||||||||||||||||
Licensing revenues from customers | $ | 48 | $ | 1 | $ | 73 | $ | 57 | ||||||||
Total revenues | 48 | 1 | 73 | 57 | ||||||||||||
Operating expenses | ||||||||||||||||
Royalties and license fees | 0 | 7 | 0 | 122 | ||||||||||||
Research and development | 2,171 | 2,758 | 8,096 | 4,700 | ||||||||||||
General and administrative | 1,337 | 1,029 | 5,093 | 4,976 | ||||||||||||
Total operating expenses | 3,508 | 3,794 | 13,189 | 9,798 | ||||||||||||
Loss from operations | (3,460 | ) | (3,793 | ) | (13,116 | ) | (9,741 | ) | ||||||||
Other income (loss): | ||||||||||||||||
Foreign currency transaction gain (loss) | 229 | (112 | ) | 36 | (167 | ) | ||||||||||
Interest expense, net | (10 | ) | (2 | ) | (22 | ) | (5 | ) | ||||||||
Other income (expense), net | (29 | ) | 0 | (29 | ) | 37 | ||||||||||
Unrealized loss on investment | (5 | ) | (2 | ) | (10 | ) | (3 | ) | ||||||||
Total other income (loss), net | 185 | (116 | ) | (25 | ) | (138 | ) | |||||||||
Net loss | $ | (3,275 | ) | $ | (3,909 | ) | $ | (13,141 | ) | $ | (9,879 | ) | ||||
Other comprehensive income: | ||||||||||||||||
Unrealized foreign currency translation (loss) gain | (233 | ) | (24 | ) | (51 | ) | 362 | |||||||||
Total other comprehensive (loss) income | (233 | ) | (24 | ) | (51 | ) | 362 | |||||||||
Total comprehensive loss | $ | (3,508 | ) | $ | (3,933 | ) | $ | (13,192 | ) | $ | (9,517 | ) | ||||
Net loss | $ | (3,275 | ) | $ | (3,909 | ) | $ | (13,141 | ) | $ | (9,879 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic and diluted | $ | (0.40 | ) | $ | (0.82 | ) | $ | (1.61 | ) | $ | (2.93 | ) | ||||
Weighted average number of shares outstanding: basic and diluted | 8,171,690 | 4,747,059 | 8,171,690 | 3,375,228 | ||||||||||||
Common Stock | Additional Paid-in | Accumulated | Accumulated Other Comprehensive | Total Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Deficit | Loss | Equity | |||||||||||||||||||
Balance at June 30, 2020 | 1,108,374 | $ | 1 | $ | 128,826 | $ | (116,636 | ) | $ | (1,953 | ) | $ | 10,238 | |||||||||||
Share-based compensation | — | — | 38 | — | — | 38 | ||||||||||||||||||
Forfeiture of share-based payments | — | — | (14 | ) | 14 | — | — | |||||||||||||||||
Foreign currency translation gain | — | — | — | — | 178 | 178 | ||||||||||||||||||
Net loss | — | — | — | (2,718 | ) | (2,718 | ) | |||||||||||||||||
Balance at September 30, 2020 | 1,108,374 | $ | 1 | $ | 128,850 | $ | (119,340 | ) | $ | (1,775 | ) | $ | 7,736 | |||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Balance at June 30, 2020 | 1,108,374 | $ | 1 | $ | 128,826 | $ | (116,636 | ) | $ | (1,953 | ) | $ | 10,238 | |||||||||||
Share-based compensation | — | — | 38 | — | — | 38 | ||||||||||||||||||
Forfeiture of share-based payments | — | — | (14 | ) | 14 | — | — | |||||||||||||||||
Foreign currency translation gain | — | — | — | — | 178 | 178 | ||||||||||||||||||
Net loss | — | — | — | (2,718 | ) | (2,718 | ) | |||||||||||||||||
Balance at September 30, 2020 | 1,108,374 | 1 | 128,850 | (119,340 | ) | (1,775 | ) | 7,736 | ||||||||||||||||
Issuance of common stock and pre-funded warrants sold for cash, net of issuance costs of $1,643 | 3,150,514 | 3 | 9,848 | — | — | 9,851 | ||||||||||||||||||
Exercise of pre-funded warrants | 281,581 | — | — | — | — | — | ||||||||||||||||||
Share-based compensation | — | — | 82 | — | — | 82 | ||||||||||||||||||
Forfeiture of share-based payments | — | — | (385 | ) | 385 | — | — | |||||||||||||||||
Foreign currency translation gain | — | — | — | — | 208 | 208 | ||||||||||||||||||
Net loss | — | — | — | (3,252 | ) | — | (3,252 | ) | ||||||||||||||||
Balance at December 31, 2020 | 4,540,469 | 4 | 138,395 | (122,207 | ) | (1,567 | ) | 14,625 | ||||||||||||||||
Exercise of pre-funded warrants | 277,581 | 1 | 2 | — | — | 3 | ||||||||||||||||||
Share-based compensation | — | — | 235 | — | — | 235 | ||||||||||||||||||
Foreign currency translation loss | — | — | — | — | (24 | ) | (24 | ) | ||||||||||||||||
Net loss | — | — | — | (3,909 | ) | — | (3,909 | ) | ||||||||||||||||
Balance at March 31, 2021 | 4,818,050 | $ | 5 | $ | 138,632 | $ | (126,116 | ) | $ | (1,591 | ) | $ | 10,930 | |||||||||||
Common Stock | Additional Paid-in | Accumulated | Accumulated Other Comprehensive | Total Stockholders’ | ||||||||||||||||||||
Shares | Amount | Capital | Deficit | Loss | Equity | |||||||||||||||||||
Balance at June 30, 2021 | 8,171,690 | $ | 1 | $ | 151,583 | $ | (130,119 | ) | $ | (1,455 | ) | $ | 20,010 | |||||||||||
Share-based compensation | — | — | 271 | — | — | 271 | ||||||||||||||||||
Foreign currency translation gain | — | — | — | — | 239 | 239 | ||||||||||||||||||
Net loss | — | — | — | (5,045 | ) | — | (5,045 | ) | ||||||||||||||||
Balance at September 30, 2021 | 8,171,690 | $ | 1 | $ | 151,854 | $ | (135,164 | ) | $ | (1,216 | ) | $ | 15,475 | |||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | ||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||
Balance at June 30, 2021 | 8,171,690 | $ | 1 | $ | 151,583 | $ | (130,119 | ) | $ | (1,455 | ) | $ | 20,010 | |||||||||||
Share-based compensation | — | — | 271 | — | — | 271 | ||||||||||||||||||
Foreign currency translation gain | — | — | — | — | 239 | 239 | ||||||||||||||||||
Net loss | — | — | — | (5,045 | ) | — | (5,045 | ) | ||||||||||||||||
Balance at September 30, 2021 | 8,171,690 | 1 | 151,854 | (135,164 | ) | (1,216 | ) | 15,475 | ||||||||||||||||
Share-based compensation | — | — | 239 | — | — | 239 | ||||||||||||||||||
Foreign currency translation loss | — | — | — | — | (57 | ) | (57 | ) | ||||||||||||||||
Net loss | — | — | — | (4,821 | ) | — | (4,821 | ) | ||||||||||||||||
Balance at December 31, 2021 | 8,171,690 | 1 | 152,093 | (139,985 | ) | (1,273 | ) | 10,836 | ||||||||||||||||
Share-based compensation | — | — | 192 | — | 192 | |||||||||||||||||||
Foreign currency translation loss | — | — | — | — | (233 | ) | (233 | ) | ||||||||||||||||
Net loss | — | — | — | (3,275 | ) | (3,275 | ) | |||||||||||||||||
Balance at March 31, 2022 | 8,171,690 | $ | 1 | $ | 152,285 | $ | (143,260 | ) | $ | (1,506 | ) | $ | 7,520 | |||||||||||
Nine Months Ended | ||||||||
March 31, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (13,141 | ) | $ | (9,879 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 161 | 179 | ||||||
Amortization of right-of-use | 168 | 143 | ||||||
Unrealized loss on investment | 10 | 3 | ||||||
Share-based compensation expense | 702 | 355 | ||||||
Changes in operating assets and liabilities: | ||||||||
Trade and other receivables | 47 | 21 | ||||||
Other assets | 609 | 377 | ||||||
Trade and other payables | 512 | 1,214 | ||||||
Accrued employee benefits | 28 | 55 | ||||||
Lease liabilities | (140 | ) | (143 | ) | ||||
Net cash used in operating activities | (11,044 | ) | (7,675 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | 0 | (362 | ) | |||||
Net cash used in investing activities | 0 | (362 | ) | |||||
Cash flows from financing activities: | ||||||||
Proceeds from issues of shares and pre-funded warrants | 0 | 11,497 | ||||||
Shares and pre-funded warrant issuance costs | 0 | (1,643 | ) | |||||
Net cash provided by financing activities | 0 | 9,854 | ||||||
Effects of exchange rate changes on cash and cash equivalents | (95 | ) | 370 | |||||
Net increase (decrease) in cash and cash equivalents | (11,139 | ) | 2,187 | |||||
Cash and cash equivalents, beginning of period | 19,769 | 9,801 | ||||||
Cash and cash equivalents, end of period | $ | 8,630 | $ | 11,988 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Re-measurement of operating leaseright-of-use | $ | 794 | $ | 0 | ||||
Three Months Ended | ||||||||
September 30, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (5,045 | ) | $ | (2,718 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 52 | 45 | ||||||
Amortization of right-of-use | 50 | 47 | ||||||
Unrealized loss on investment | (18 | ) | 0 | |||||
Share-based compensation expense | 271 | 38 | ||||||
Changes in operating assets and liabilities: | ||||||||
Trade and other receivables | 0 | 27 | ||||||
Other assets | 179 | 374 | ||||||
Trade and other payables | 293 | (119 | ) | |||||
Accrued employee benefits | (8 | ) | (8 | ) | ||||
Lease liabilities | (52 | ) | (46 | ) | ||||
Net cash used in operating activities | (4,278 | ) | (2,360 | ) | ||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment | 0 | (173 | ) | |||||
Net cash used in investing activities | 0 | (173 | ) | |||||
Effects of exchange rate changes on cash and cash equivalents | 236 | 182 | ||||||
Net decrease in cash and cash equivalents | (4,042 | ) | (2,351 | ) | ||||
Cash and cash equivalents, beginning of period | 19,769 | 9,801 | ||||||
Cash and cash equivalents, end of period | $ | 15,727 | $ | 7,450 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Re-measurement of operatinglease right-of-use assets | $ | 794 | $ | 0 | ||||
Principal place of business/country of incorporation | ||
Benitec Biopharma Proprietary Limited (“BBL”) | Australia | |
Benitec Australia Proprietary Limited | Australia | |
Benitec Limited | United Kingdom | |
Benitec, Inc. | USA | |
Benitec LLC | USA | |
RNAi Therapeutics, Inc. | USA | |
Tacere Therapeutics, Inc. | USA | |
Benitec IP Holdings, Inc. | USA |
Level 1: | Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. |
Level 2: | Inputs, other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. |
Level 3: | Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. |
Software | 3- | |
Lab equipment | 3- | |
Computer hardware | 3- | |
Leasehold improvements | shorter of the lease term or estimated useful lives |
Revenues from customers (US$’000) | Three Months ended September 30, 2021 | Three Months ended September 30, 2020 | ||||||
Licensing revenue from services transferred overtime | $ | — | $ | 55 | ||||
(US$’000) | September 30, 2021 | June 30, 2021 | ||||||
Cash at Bank | $ | 15,727 | $ | 19,769 | ||||
Total | $ | 15,727 | $ | 19,769 | ||||
(US$’000) | March 31, 2022 | June 30, 2021 | ||||||
Prepaid expenses | $ | 340 | $ | 967 | ||||
Security deposit | 15 | 15 | ||||||
Market value of listed shares | 7 | 17 | ||||||
Total other assets | 362 | 999 | ||||||
Less: non-current portion | (156 | ) | (185 | ) | ||||
Current portion | $ | 206 | $ | 814 | ||||
(US$’000) | March 31, 2022 | June 30, 2021 | ||||||
Software | $ | 14 | $ | 14 | ||||
Lab equipment | 1,330 | 1,329 | ||||||
Computer hardware | 25 | 26 | ||||||
Leasehold improvements | 24 | 24 | ||||||
Total property and equipment, gross | 1,393 | 1,393 | ||||||
Accumulated depreciation and amortization | (1,179 | ) | (1,018 | ) | ||||
Total property and equipment, net | $ | 214 | $ | 375 | ||||
(US$’000) | March 31, 2022 | June 30, 2021 | ||||||
Trade payable | $ | 100 | $ | 274 | ||||
Accrued license fees | 140 | 140 | ||||||
Accrued professional fees | 86 | 13 | ||||||
Accrued research and development | 938 | 279 | ||||||
Other payables | 56 | 174 | ||||||
Total | $ | 1,320 | $ | 880 | ||||
(US$’000) | September 30, 2021 | June 30, 2021 | ||||||
Prepaid expenses | $ | 763 | $ | 967 | ||||
Security deposit | 14 | 15 | ||||||
Market value of listed shares | 34 | 17 | ||||||
Total other assets | 811 | 999 | ||||||
Less: non-current portion | (169 | ) | (185 | ) | ||||
Current portion | $ | 642 | $ | 814 | ||||
(US$’000) | September 30, 2021 | June 30, 2021 | ||||||
Software | $ | 14 | $ | 14 | ||||
Lab equipment | 1,328 | 1,329 | ||||||
Computer hardware | 26 | 26 | ||||||
Leasehold improvements | 24 | 24 | ||||||
Total property and equipment, gross | 1,392 | 1,393 | ||||||
Accumulated depreciation and amortization | (1,069 | ) | (1,018 | ) | ||||
Total property and equipment, net | $ | 323 | $ | 375 | ||||
(US$’000) | September 30, 2021 | June 30, 2021 | ||||||
Trade payable | $ | 323 | $ | 274 | ||||
Accrued license fees | 135 | 140 | ||||||
Accrued professional fees | 99 | 13 | ||||||
Accrued OPMD project costs | 351 | 279 | ||||||
Accrued bonuses | 112 | — | ||||||
Other payables | 86 | 174 | ||||||
Total | $ | 1,106 | $ | 880 | ||||
(US$’000) | Operating lease right-of- use assets | |||
Balance at July 1, 2021 | $ | 202 | ||
Re-measurement during the period | 794 | |||
Amortization of right of use asset | (49 | ) | ||
Operating lease right-of-use | $ | 947 | ||
(US$’000) | Operating lease liabilities | |||
Balance at July 1, 2021 | $ | 213 | ||
Re-measurement during the period | 794 | |||
Principal payments on operating lease liabilities | (51 | ) | ||
Operating lease liabilities at September 30, 2021 | 954 | |||
Less: non-current portion | (760 | ) | ||
Current portion at September 30, 2021 | $ | 194 | ||
(US$’000) | Operating lease right-of- use assets | |||
Balance at July 1, 2021 | $ | 202 | ||
Re-measurement during the period | 794 | |||
Amortization of right of use asset | (168 | ) | ||
Operating lease right-of-use | $ | 828 | ||
(US$’000) | Operating lease liabilities | |||
Balance at July 1, 2021 | $ | 213 | ||
Re-measurement during the period | 794 | |||
Principal payments on operating lease liabilities | (140 | ) | ||
Operating lease liabilities at March 31, 2022 | 867 | |||
Less: non-current portion | (635 | ) | ||
Current portion at March 31, 2022 | $ | 232 | ||
(US$’000) | September 30, 2021 | March 31, 202 2 | ||||||
2022 | 235 | $ | 268 | |||||
2023 | 287 | 292 | ||||||
2024 | 297 | 302 | ||||||
2025 | 228 | 76 | ||||||
Total operating lease payment s | 1,047 | |||||||
Total operating lease payments | 938 | |||||||
Less imputed interest | (93 | ) | (71 | ) | ||||
Present value of operating lease liabilities | $ | 954 | $ | 867 | ||||
Common Stock from Warrants | Weighted- average Exercise Price (per share) | |||||||
Outstanding at July 1, 2021 | 107,095 | $ | 10.50 | |||||
Outstanding and exercisable at September 30, 2021 | 107,095 | $ | 10.50 |
Common Stock from Warrants | Weighted- average Exercise Price (per share) | |||||||
Outstanding at July 1, 2021 | 107,095 | $ | 10.50 | |||||
Outstanding and exercisable at March 31, 2022 | 107,095 | $ | 10.50 |
Stock Options | Weighted- average Exercise Price | Weighted- average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding at June 30, 2021 | 702,064 | $ | 7.16 | 8.07 years | $ | — | ||||||||||
Outstanding at September 30, 2021 | 702,064 | 7.16 | 7.82 years | $ | — | |||||||||||
Exercisable at September 30, 2021 | 54,158 | $ | 47.90 | 1.84 years | $ | — | ||||||||||
Stock Options | Weighted- average Exercise Price | Weighted- average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding at July 1, 2021 | 702,064 | $ | 7.16 | 8.07 years | $ | — | ||||||||||
Outstanding at September 30, 2021 | 702,064 | 7.16 | 7.82 years | $ | — | |||||||||||
Granted | 36,000 | 2.99 | 9.93 years | $ | — | |||||||||||
Outstanding at March 31, 2022 | 738,064 | 6.95 | 7.39 years | $ | — | |||||||||||
Exercisable at March 31, 2022 | 247,560 | $ | 13.81 | 6.91 years | $ | — | ||||||||||
Three Months Ended September 30, | Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
(US$’000) | 2021 | 2020 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
Research and development | $ | 81 | $ | 9 | $ | 63 | $ | 18 | $ | 224 | $ | 33 | ||||||||||||
General and administrative | 190 | 29 | 129 | 217 | 478 | 322 | ||||||||||||||||||
Total share-based compensation expense | $ | 271 | $ | 38 | $ | 192 | $ | 235 | $ | 702 | $ | 355 | ||||||||||||
Three Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
(US$’000) | ||||||||
Revenues: | ||||||||
Revenues from customers | $ | — | $ | 55 | ||||
Total revenues | $ | — | $ | 55 | ||||
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
(US$’000) | ||||||||||||||||
Revenues: | ||||||||||||||||
Licensing revenues from customers | $ | 48 | $ | 1 | $ | 73 | $ | 57 | ||||||||
Total revenues | $ | 48 | $ | 1 | $ | 73 | $ | 57 | ||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
(US$’000) | ||||||||||||||||
Operating Expenses: | ||||||||||||||||
Royalties and license fees | $ | — | $ | 7 | $ | — | $ | 122 | ||||||||
Research and development | 2,171 | 2,758 | 8,096 | 4,700 | ||||||||||||
General and administrative | 1,337 | 1,029 | 5,093 | 4,976 | ||||||||||||
Total operating expenses | $ | 3,508 | $ | 3,794 | $ | 13,189 | $ | 9,798 | ||||||||
Three Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
(US$’000) | ||||||||
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 | ||||
Three Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
Other Income (Loss): | ||||||||
(US$’000) | ||||||||
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 | ) | ||
Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
(US$’000) | ||||||||||||||||
Other Income (Loss): | ||||||||||||||||
Foreign currency transaction gain (loss) | $ | 229 | $ | (113 | ) | $ | 36 | $ | (167 | ) | ||||||
Interest expense, net | (10 | ) | (2 | ) | (22 | ) | (5 | ) | ||||||||
Other income (expense), net | (29 | ) | 1 | (29 | ) | 37 | ||||||||||
Unrealized loss on investment | (5 | ) | (2 | ) | (10 | ) | (3 | ) | ||||||||
Total other income (loss), net | $ | 185 | $ | (116 | ) | $ | (25 | ) | $ | (138 | ) | |||||
Three Months Ended September 30, | ||||||||
2021 | 2020 | |||||||
(US$’000) | ||||||||
Net cash provided by (used in): | ||||||||
Operating activities | $ | (4,278 | ) | $ | (2,360 | ) | ||
Investing activities | — | (173 | ) | |||||
Effects of exchange rate changes on cash and cash equivalents | 236 | 182 | ||||||
Net decrease in cash | $ | (4,042 | ) | $ | (2,351 | ) | ||
Nine Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
(US$’000) | ||||||||
Net cash provided by (used in): | ||||||||
Operating activities | $ | (11,044 | ) | $ | (7,675 | ) | ||
Investing activities | — | (362 | ) | |||||
Financing activities | — | 9,854 | ||||||
Effects of exchange rate changes on cash and cash equivalents | (95 | ) | 370 | |||||
Net (decrease) increase in cash | $ | (11,139 | ) | $ | 2,187 | |||
Number | Description of Document | |
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101.INS | Inline XBRL Instance Document* | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document* | |
101.CAL | Inline XBRL Calculation Linkbase Document* | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document* | |
101.LAB | Inline XBRL Label Linkbase Document* | |
101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document* | |
104 | Cover Page Interactive Data |
* | Filed herewith. |
** | Furnished, not filed. |
Benitec Biopharma Inc. | ||||
Dated: May 16, 2022 | ||||
/s/ Jerel Banks | ||||
Jerel Banks | ||||
Executive Chairman and Chief Executive Officer (principal executive officer) | ||||
/s/ Megan Boston | ||||
Megan Boston | ||||
Executive Director (principal financial and accounting officer) | ||||