Cover Page
Cover Page - shares | 9 Months Ended | |
Mar. 31, 2021 | May 06, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-39267 | |
Entity Registrant Name | Benitec Biopharma Inc. | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001808898 | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 3940 Trust Way Hayward | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | 94545 | |
City Area Code | (510) | |
Local Phone Number | 780-0819 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | BNTC | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 7,854,416 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 11,988 | $ 9,801 |
Trade and other receivables | 10 | 59 |
Other current assets | 409 | 949 |
Total current assets | 12,407 | 10,809 |
Property and equipment, net | 563 | 374 |
Deposits | 9 | 9 |
Other assets | 197 | |
Right-of-use assets | 252 | 395 |
Total assets | 13,428 | 11,587 |
Current liabilities: | ||
Trade and other payables | 2,005 | 741 |
Accrued employee benefits | 231 | 203 |
Lease liabilities, current portion | 208 | 192 |
Total current liabilities | 2,444 | 1,136 |
Lease liabilities, less current portion | 54 | 213 |
Total liabilities | 2,498 | 1,349 |
Stockholders' equity: | ||
Common stock, $0.0001 par value—10,000,000 shares authorized; 4,818,050 and 1,108,374 shares issued and outstanding at March 31, 2021 and June 30, 2020, respectively | 5 | 1 |
Additional paid-in capital | 138,632 | 128,826 |
Accumulated deficit | (126,116) | (116,636) |
Accumulated other comprehensive loss | (1,591) | (1,953) |
Total stockholders' equity | 10,930 | 10,238 |
Total liabilities and stockholders' equity | $ 13,428 | $ 11,587 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock Par Value | $ 0.0001 | $ 0.0001 |
Common Stock Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Shares Issued | 4,818,050 | 1,108,374 |
Common Stock, Shares Outstanding | 4,818,050 | 1,108,374 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue: | ||||
Revenues from customers | $ 1 | $ 28 | $ 57 | $ 137 |
Total revenues | 1 | 28 | 57 | 137 |
Operating expenses | ||||
Royalties and license fees | 7 | 47 | 122 | (233) |
Research and development | 2,758 | 805 | 4,700 | 2,095 |
General and administrative | 1,029 | 1,287 | 4,976 | 3,669 |
Total operating expenses | 3,794 | 2,139 | 9,798 | 5,531 |
Loss from operations | (3,793) | (2,111) | (9,741) | (5,394) |
Other income (loss): | ||||
Foreign currency transaction gain (loss) | (112) | (7) | (167) | 4 |
Interest income (expense), net | (2) | 16 | (5) | 52 |
Other income, net | 37 | |||
Unrealized loss on investment | (2) | (3) | (1) | |
Total other income (loss), net | (116) | 9 | (138) | 55 |
Net loss | (3,909) | (2,102) | (9,879) | (5,339) |
Other comprehensive income (loss): | ||||
Unrealized foreign currency translation gain (loss) | (24) | (901) | 362 | (869) |
Total other comprehensive income (loss) | (24) | (901) | 362 | (869) |
Total comprehensive loss | $ (3,933) | $ (3,003) | $ (9,517) | $ (6,208) |
Net loss per share: | ||||
Basic and diluted | $ (0.82) | $ (1.96) | $ (2.93) | $ (5.36) |
Weighted average number of shares outstanding: | ||||
Basic and diluted | 4,747,059 | 1,070,957 | 3,375,228 | 995,246 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Balance at the beginning at Jun. 30, 2019 | $ 16,594 | $ 1 | $ 127,327 | $ (108,870) | $ (1,864) |
Balance at the beginning (In shares) at Jun. 30, 2019 | 856,765 | ||||
Common stock sold for cash, net of issuance costs of $240 | 1,720 | 1,720 | |||
Common stock sold for cash, net of issuance costs of $240, Shares | 186,666 | ||||
Issuance of pre-funded warrants, net of transaction costs of $240 | 50 | 50 | |||
Share-based compensation | 55 | 55 | |||
Forfeiture of share-based payments | (61) | 61 | |||
Foreign currency translation loss (Gain) | (304) | (304) | |||
Net loss | (1,147) | (1,147) | |||
Balance at end (In shares) at Sep. 30, 2019 | 1,043,431 | ||||
Balance at end at Sep. 30, 2019 | 16,968 | $ 1 | 129,091 | (109,956) | (2,168) |
Balance at the beginning at Jun. 30, 2019 | 16,594 | $ 1 | 127,327 | (108,870) | (1,864) |
Balance at the beginning (In shares) at Jun. 30, 2019 | 856,765 | ||||
Foreign currency translation loss (Gain) | (869) | ||||
Net loss | (5,339) | ||||
Balance at end (In shares) at Mar. 31, 2020 | 1,070,957 | ||||
Balance at end at Mar. 31, 2020 | 12,336 | $ 1 | 128,897 | (113,829) | (2,733) |
Balance at the beginning at Sep. 30, 2019 | 16,968 | $ 1 | 129,091 | (109,956) | (2,168) |
Balance at the beginning (In shares) at Sep. 30, 2019 | 1,043,431 | ||||
Exercise of pre-funded warrants, Shares | 27,526 | ||||
Share-based compensation | 37 | 37 | |||
Forfeiture of share-based payments | (319) | 319 | |||
Foreign currency translation loss (Gain) | 336 | 336 | |||
Net loss | (2,090) | (2,090) | |||
Balance at end (In shares) at Dec. 31, 2019 | 1,070,957 | ||||
Balance at end at Dec. 31, 2019 | 15,251 | $ 1 | 128,809 | (111,727) | (1,832) |
Share-based compensation | 88 | 88 | |||
Foreign currency translation loss (Gain) | (901) | (901) | |||
Net loss | (2,102) | (2,102) | |||
Balance at end (In shares) at Mar. 31, 2020 | 1,070,957 | ||||
Balance at end at Mar. 31, 2020 | 12,336 | $ 1 | 128,897 | (113,829) | (2,733) |
Balance at the beginning at Jun. 30, 2020 | 10,238 | $ 1 | 128,826 | (116,636) | (1,953) |
Balance at the beginning (In shares) at Jun. 30, 2020 | 1,108,374 | ||||
Share-based compensation | 38 | 38 | |||
Forfeiture of share-based payments | (14) | 14 | |||
Foreign currency translation loss (Gain) | 178 | 178 | |||
Net loss | (2,718) | (2,718) | |||
Balance at end (In shares) at Sep. 30, 2020 | 1,108,374 | ||||
Balance at end at Sep. 30, 2020 | 7,736 | $ 1 | 128,850 | (119,340) | (1,775) |
Balance at the beginning at Jun. 30, 2020 | 10,238 | $ 1 | 128,826 | (116,636) | (1,953) |
Balance at the beginning (In shares) at Jun. 30, 2020 | 1,108,374 | ||||
Foreign currency translation loss (Gain) | 362 | ||||
Net loss | (9,879) | ||||
Balance at end (In shares) at Mar. 31, 2021 | 4,818,050 | ||||
Balance at end at Mar. 31, 2021 | 10,930 | $ 5 | 138,632 | (126,116) | (1,591) |
Balance at the beginning at Sep. 30, 2020 | 7,736 | $ 1 | 128,850 | (119,340) | (1,775) |
Balance at the beginning (In shares) at Sep. 30, 2020 | 1,108,374 | ||||
Issuance of pre-funded warrants, net of transaction costs of $240 | 9,851 | $ 3 | 9,848 | ||
Issuance of pre-funded warrants, net of transaction costs of $240, Shares | 3,150,514 | ||||
Exercise of pre-funded warrants, Shares | 281,581 | ||||
Share-based compensation | 82 | 82 | |||
Forfeiture of share-based payments | (385) | 385 | |||
Foreign currency translation loss (Gain) | 208 | 208 | |||
Net loss | (3,252) | (3,252) | |||
Balance at end (In shares) at Dec. 31, 2020 | 4,540,469 | ||||
Balance at end at Dec. 31, 2020 | 14,625 | $ 4 | 138,395 | (122,207) | (1,567) |
Exercise of pre-funded warrants, Shares | 277,581 | ||||
Exercise of pre-funded warrants | 3 | $ 1 | 2 | ||
Share-based compensation | 235 | 235 | |||
Foreign currency translation loss (Gain) | (24) | (24) | |||
Net loss | (3,909) | (3,909) | |||
Balance at end (In shares) at Mar. 31, 2021 | 4,818,050 | ||||
Balance at end at Mar. 31, 2021 | $ 10,930 | $ 5 | $ 138,632 | $ (126,116) | $ (1,591) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||||
Payments For Stock Issuance Costs | $ 1,643 | $ 480 | $ 1,643 | $ 480 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (9,879) | $ (5,339) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 179 | 150 |
Amortization of right-of-use assets | 143 | 138 |
Loss on disposal of fixed assets | 1 | |
Unrealized loss on investment | 3 | 1 |
Share-based compensation expense | 355 | 180 |
Changes in operating assets and liabilities: | ||
Trade and other receivables | 21 | 2,494 |
Other assets | 377 | (69) |
Trade and other payables | 1,214 | (1,197) |
Accrued employee benefits | 55 | |
Lease liabilities | (143) | (749) |
Net cash used in operating activities | (7,675) | (4,390) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (362) | (82) |
Proceeds from disposal of property and equipment | 1 | |
Net cash used in investing activities | (362) | (81) |
Cash flows from financing activities: | ||
Proceeds from issues of shares and pre-funded warrants | 11,497 | 2,250 |
Shares and pre-funded warrant issuance costs | (1,643) | (480) |
Net cash provided by financing activities | 9,854 | 1,770 |
Effects of exchange rate changes on cash and cash equivalents | 370 | (1,617) |
Net increase (decrease) in cash and cash equivalents | 2,187 | (4,318) |
Cash and cash equivalents, beginning of period | 9,801 | 15,718 |
Cash and cash equivalents, end of period | $ 11,988 | 11,400 |
Supplemental disclosure of cash flow information: | ||
Initial measurement of operating lease right-of-use assets and liabilities | $ (579) |
Business
Business | 9 Months Ended |
Mar. 31, 2021 | |
Schedule Of Entities In Control [Abstract] | |
Business | 1. Business Benitec Biopharma Inc. (the “Company”) is a corporation formed under the laws of Delaware, United States of America, on November 22, 2019 and listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “BNTC”. Benitec Biopharma Inc. is the parent entity of a number of subsidiaries including the previous parent entity Benitec Biopharma Limited (“BBL”). BBL was incorporated under the laws of Australia in 1995 and was listed on the Australian Securities Exchange, or ASX, from 1997 until April 15, 2020. On August 14, 2020, BBL reorganized as a Proprietary Limited company and changed its name to Benitec Biopharma Proprietary Limited. The Company’s business focuses on the development of novel genetic medicines. Our proprietary platform, called DNA-directed On November 27, 2019, BBL announced its intention to re-domicile re-domiciliation, re-domiciliation In accordance with the U.S. Securities and Exchange Commission’s (“SEC”) Staff Accounting Bulletin Topic 4C, all issued and outstanding shares of the Company’s common stock have been retroactively adjusted in these consolidated financial statements to reflect the 300:1 ratio and share consolidation as if it occurred on July 1, 2019. The terms the “Company,” “we,” “us,” “our” and similar terms used herein refer (i), prior to the re-domiciliation re-domiciliation, The Company’s fiscal year end is June 30. References to a particular “fiscal year” are to our fiscal year end June 30 of that calendar year. The consolidated financial statements of Benitec Biopharma Inc. are presented in United States dollars and consist of Benitec Biopharma Inc. and its wholly owned subsidiaries: Principal place of business/country of incorporation Ownership Ownership Benitec Biopharma Proprietary Limited (“BBL”) Australia 100 % — Benitec Australia Proprietary Limited Australia 100 % 100 % Benitec Limited United Kingdom 100 % 100 % Benitec, Inc. USA 100 % 100 % Benitec LLC USA 100 % 100 % RNAi Therapeutics, Inc. USA 100 % 100 % Tacere Therapeutics, Inc. USA 100 % 100 % The Company is continuing to monitor the impact of the pandemic of the novel strain of coronavirus COVID-19 (“COVID-19”) COVID-19 pre-clinical COVID-19 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation and summary of significant accounting policies | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements contained in this Quarterly Report on Form 10-Q 10-Q S-X. 10-K Reference is frequently made herein to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative US GAAP recognized by the FASB to be applied to non-governmental Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates and assumptions in the Company’s consolidated financial statements include the estimates of useful lives of property and equipment, valuation of the operating lease liability and related right-of-use Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. Foreign Currency Translation and Other Comprehensive Income (Loss) The Company’s functional currency and reporting currency is the United States dollar. BBL’s functional currency is the Australian dollar (AUD). Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity as “Accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency translation are included in the consolidated statements of operations and comprehensive income (loss) as other comprehensive income (loss). Other Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses). Fair Value Measurements The Company measures its financial assets and liabilities in accordance with US GAAP using ASC 820, Fair Value Measurements. The Company follows accounting guidance for financial assets and liabilities. ASC 820 defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: 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. As of March 31, 2021, and June 30, 2020, the Company had no financial assets or liabilities measured at fair value on a recurring basis. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of three months or less with financial institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the consolidated balance sheets. Concentrations of Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits at federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Trade and Other Receivables As amounts become uncollectible, they will be charged to an allowance and operations in the period when a determination of collectability is made. Any estimates of potentially uncollectible customer accounts receivable will be made based on an analysis of individual customer and historical write-off Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals, and improvements are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation and amortization are removed from the respective accounts, and any gain or loss is included in operations. Depreciation and amortization of property and equipment is calculated using the straight-line basis over the following estimated useful lives: Software 3-4 Lab equipment 3-7 Computer hardware 3-5 Leasehold improvements shorter of the lease term or estimated useful lives Impairment of Long-Lived Assets Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. Trade and other payables These amounts represent liabilities for goods and services provided to the Company prior to the end of the period and which are unpaid. Due to their short-term nature, they are measured at amortized cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. Leases At lease commencement, the Company records a lease liability based on the present value of lease payments over the expected lease term. The Company calculates the present value of lease payments using the discount rate implicit in the lease, unless that rate cannot be readily determined. In that case, the Company uses its incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments over the expected lease term. The Company records a corresponding right-of-use After lease commencement, the Company measures its leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the discount rate determined at lease commencement; and (ii) the right-of-use Basic and Diluted Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding plus potential common shares. Stock options, warrants and convertible instruments are considered potential common shares and are included in the calculation of diluted net income (loss) per share using the treasury stock method when their effect is dilutive. Potential common shares are excluded from the calculation of diluted net income (loss) per share when their effect is anti-dilutive. As of March 31, 2021, and 2020, there were 694,388 and 324,903 potential common shares, respectively, that were excluded from the calculation of diluted net income (loss) per share because their effect was anti-dilutive. Revenue Recognition The Company recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies judgement in determining whether contracts entered into fall within the scope of ASC 606 – Revenue from Contracts with Customers Management has also made the judgement that the grant of the license and transfer of associated know-how know-how know-how Licensing revenues Revenue from licensees of the Company’s intellectual property reflects the transfer of a right to use the intellectual property as it exists at the point in time in which the license is transferred to the customer. Consideration can be variable and is estimated using the most likely amount method. Subsequently, the estimate is constrained until it is highly probable that a significant revenue reversal will not occur when the uncertainty is resolved. Revenue is recognized as or when the performance obligations are satisfied. The Company recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in the consolidated balance sheet. Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognizes either a contract asset or a receivable in its consolidated balance sheet, depending on whether something other than the passage of time is required before the consideration is due. Royalties Revenue from licensees of the Company’s intellectual property reflect a right to use the intellectual property as it exists at the point in time in which the license is granted. Where consideration is based on sales of product by the licensee, revenue is recognized when the customer’s subsequent sales of products occur. Services revenue Revenue is earned (constrained by variable considerations) from the provision of research and development services to customers. Services revenue is recognized when performance obligations are either satisfied over time or at a point in time. Generally, the provision of research and development services under a contract with a customer will represent satisfaction of a performance obligation over time where the Company retains the right to payment for services performed but not yet completed. Government Research and Development Grants Government grants are recognized at fair value where there is reasonable assurance that the grant will be received, and all grant conditions will be met. Grants relating to expense items are recognized as income over the periods necessary to match the grant costs they are compensating. Grant income is generated through the Australian federal government’s Research and Development Tax Incentive program, under which the government provides a cash refund for 43.5% of eligible research and development expenditures. This grant is available for our research and development activities in Australia, as well as activities in the United States to the extent such U.S.-based expenses relate to our activities in Australia, do not exceed half the expenses for the relevant activities and are approved by the Australian government. Grants are recorded when a reliable estimate can be made. The Company will not be claiming the Australian Government research and development grants going forward. Research and Development Expense Research and development costs are expensed when incurred. These costs have been recognized as an expense when incurred. Research and development expenses relate primarily to the cost of conducting clinical and pre-clinical Pre-clinical Share-based Compensation Expense The Company records share-based compensation in accordance with ASC 718, Stock Compensation non-employee The Company adopted FASB Accounting Standard Update (“ASU”) 2018-07 non-employee Income Taxes The Company is governed by Australia and United States income tax laws. The Company follows ASC 740 Accounting for Income Taxes For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the consolidated financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the consolidated statements of operations. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13: Financial Instruments – Credit Losses 2019-10: Financial Instruments-Credit Losses, Derivatives and Hedging, and Leases: Effective Dates |
Going concern
Going concern | 9 Months Ended |
Mar. 31, 2021 | |
Going Concern [Abstract] | |
Going concern | 3. Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. For the nine months ended March 31, 2021, and 2020, the Company incurred a net loss of $9.9 million and $5.3 million and used net cash of $7.7 million and $4.4 million in operations, respectively. The Company expects to continue to incur additional operating losses in the foreseeable future. As of March 31, 2021, the Company had $12 million in cash and cash equivalents. The Company has performed a review of the cash flow forecasts and believes that the current funding will be sufficient for a period of at least twelve months from the date of this Report. The Company’s ability to continue as a going concern is dependent upon its ability to generate revenue and obtain adequate financing. While the Company believes in its ability to generate revenue and raise additional funds, there can be no assurances to that effect. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern due to unsuccessful product development or commercialization, or the inability to obtain adequate financing in the future. |
Revenue
Revenue | 9 Months Ended |
Mar. 31, 2021 | |
Revenues [Abstract] | |
Revenue | 4. Revenue Three Months Ended Nine Months Ended Revenues from customers (US$’000) March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Licensing revenue $ 1 $ — $ 57 $ 60 Royalty revenue — 28 — 73 Service revenue — — — 4 Total $ 1 $ 28 $ 57 $ 137 Three Months Ended March 31, 2021 Disaggregated revenue (US$’000) Licensing Royalties Development activities Total Services transferred at a point in time $ — $ — $ — $ — Services transferred over time 1 — — 1 Total $ 1 $ — $ — $ 1 Nine Months Ended March 31, 2021 Disaggregated revenue (US$’000) Licensing Royalties Development activities Total Services transferred at a point in time $ — $ — $ — $ — Services transferred over time 57 — — 57 Total $ 57 $ — $ — $ 57 Three Months Ended March 31, 2020 Disaggregated revenue (US$’000) Licensing Royalties Development activities Total Services transferred at a point in time $ — $ — $ — $ — Services transferred over time — 28 — 28 Total $ — $ 28 $ — $ 28 Nine Months Ended March 31, 2020 Disaggregated revenue (US$’000) Licensing Royalties Development activities Total Services transferred at a point in time $ — $ 73 $ — $ 73 Services transferred over time 60 — 4 64 Total $ 60 $ 73 $ 4 $ 137 |
Cash and Cash equivalents
Cash and Cash equivalents | 9 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash and cash equivalents | 5. Cash and Cash equivalents (US$’000) March 31, June 30, 2020 Cash at Bank $ 11,988 $ 5,231 Term Deposit — 4,570 Total $ 11,988 $ 9,801 |
Other current assets
Other current assets | 9 Months Ended |
Mar. 31, 2021 | |
Other Assets [Abstract] | |
Other current assets | 6. Other current assets (US$’000) March 31, 2021 June 30, 2020 Prepaid expenses $ 587 $ 861 Security deposit 15 69 Other deposit — 18 Market value of listed shares 4 1 Total other assets 606 949 Less: non-current (197 ) — Current portion $ 409 $ 949 |
Property and equipment, net
Property and equipment, net | 9 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment, Net [Abstract] | |
Property and equipment, net | 7. Property and equipment, net (US$’000) March 31, 2021 June 30, 2020 Software $ 14 $ 11 Lab equipment 1,471 1,109 Computer hardware 26 26 Leasehold improvements 24 24 Total property and equipment, gross 1,535 1,170 Accumulated depreciation and amortization (972 ) (796 ) Total property and equipment, net $ 563 $ 374 Depreciation expense was $67,000 and $179,000 for the three months and nine months ended March 31, 2021, respectively, and $48,000 and $150,000, respectively, for the same periods in 2020. |
Trade and other payables
Trade and other payables | 9 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Trade and other payables | 8. Trade and other payables (US$’000) March 31, 2021 June 30, 2020 Trade payable $ 1,640 $ 282 Accrued license fees 142 54 Accrued professional fees 42 155 Other payables 181 250 Total $ 2,005 $ 741 |
Leases
Leases | 9 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 9. Leases The Company has entered into an operating lease for office space under an agreement that expires in 2022. The lease requires the Company to pay utilities, insurance, taxes and other operating expenses. The Company’s lease does not contain any residual value guarantees or material restrictive covenants. As of March 31, 2021, the Company’s operating lease has a remaining lease term of 1.21 years and a discount rate of 4.67%. The maturities of the operating lease liabilities are as follows: (US$’000) March 2021 $ 52 2022 218 Total operating lease payments 270 Less imputed interest (8 ) Present value of operating lease liabilities $ 262 The Company recorded lease liabilities and right-of-use |
Stockholders' equity
Stockholders' equity | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' equity | 10. Stockholders’ equity Common Stock On October 6, 2020, the Company announced the closing of an underwritten public offering of 2,666,644 shares of its common stock at a price to the public of $3.10 per share. The Company also announced that the underwriter fully exercised its over-allotment option to purchase 483,870 additional shares of its common stock at the offering price of $3.10 per share. Warrants On October 6, 2020, the Company announced the closing of an underwritten public offering of 559,162 shares of common stock underlying pre-funded (“Pre-Funded Pre-Funded The activity related to warrants during for the three and nine months ended March 31, 2021, is summarized as follows: Common Stock Weighted- Outstanding at July 1, 2020 145,424 $ 29.48 Granted — — Exercised — — Forfeited (38,326 ) 82.50 Outstanding and exercisable at September 30, 2020 107,098 $ 10.50 Granted 559,162 3.09 Exercised (281,581 ) 3.10 Forfeited — — Outstanding and exercisable at December 31, 2020 384,679 $ 5.15 Granted — — Exercised (277,581 ) 3.10 Forfeited — — Outstanding and exercisable at March 31, 2021 107,098 $ 10.50 Equity Incentive Plan Employee Share Option Plan Upon the re-domiciliation, re-domiciliation re-domiciliation, Equity and Incentive Compensation Plan On December 9, 2020, the Company’s stockholders approved the Company’s 2020 Equity and Incentive Compensation Plan (the “2020 Plan”). The 2020 Plan provides for the grant of various equity awards. Currently, only stock options are outstanding under the 2020 Plan. Each option when exercised entitles the option holder to one share of the Company’s common stock. Options are exercisable on or before an expiry date, do not carry any voting or dividend rights, and are not transferable except on death of the option holder or in certain other limited circumstances. Employee stock options vest in increments of one-third Non-employee one-third Equity Awards The activity related to equity awards, which comprised of stock options during the three and nine months ended March 31, 2021, is summarized as follows: Stock Weighted- Weighted- Aggregate Outstanding at June 30, 2020 70,154 $ 60.42 2.89 years $ — Granted — — Exercised — — Forfeited (444 ) 69.32 Outstanding at September 30, 2020 69,710 $ 60.00 2.65 years — Granted 525,547 2.98 9.95 years Exercised — — Forfeited (7,967 ) 153.78 Outstanding at December 31, 2020 587,290 7.64 9.2 years — Outstanding at March 31, 2021 587,290 7.64 8.9 years — Exercisable at March 31, 2021 41,686 $ 47.34 2.3 years $ — Share-Based Compensation Expense The classification of share-based compensation expense is summarized as follows: Three Months Ended March 31, Nine Months Ended March 31, (US$’000) 2021 2020 2021 2020 Research and development $ 18 $ 18 $ 33 $ 53 General and administrative 217 70 322 127 Total share-based compensation expense $ 235 $ 88 $ 355 $ 180 As of March 31, 2021, there was $1,159,000 of unrecognized share-based compensation expense related to stock options issued under the Share Option Plan and the 2020 Plan. |
Income taxes
Income taxes | 9 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 11. Income taxes For the three and nine months ended March 31, 2021, and 2020, the Company did not recognize a provision or benefit for income taxes as it has incurred net losses. In addition, the net deferred tax assets generated from net operating losses are fully offset by a valuation allowance as the Company believes it is more likely than not that the benefit will not be realized. |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 12. Commitments and contingencies Contract commitments The Company enters into contracts in the normal course of business with third-party contract research organizations, contract development and manufacturing organizations and other service providers and vendors. These contracts generally provide for termination on notice and, therefore, are cancellable contracts and not considered contractual obligations and commitments. Contingencies From time to time, the Company may become subject to claims and litigation arising in the ordinary course of business. The Company is not a party to any material legal proceedings, nor is it aware of any material pending or threatened litigation. |
Subsequent events
Subsequent events | 9 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | 13. Subsequent events On April 30, 2021, the Company closed an underwritten, firm commitment public offering of 3,036,366 shares of the Company’s common stock at a public offering price of $4.25 per share resulting in gross proceeds to the Company of approximately $12.9 million. In addition, the Company granted the underwriter an option for a period of 30 days to purchase up to an additional 455,454 shares of the Company’s common stock at the public offering price. On May 11, 2021, the underwriter partially exercised the overallotment option by purchasing 317,274 shares resulting in approximately $1.35 million of additional gross proceeds to the Company. The Company intends to use the net proceeds from this offering for the continued advancement of development activities for it’s product pipeline, general corporate purposes, and strategic growth opportunities. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s consolidated financial statements contained in this Quarterly Report on Form 10-Q 10-Q S-X. 10-K Reference is frequently made herein to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative US GAAP recognized by the FASB to be applied to non-governmental |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated. |
Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates and assumptions in the Company’s consolidated financial statements include the estimates of useful lives of property and equipment, valuation of the operating lease liability and related right-of-use |
Segment Reporting | Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. |
Foreign Currency Translation and Other Comprehensive Income (Loss) | Foreign Currency Translation and Other Comprehensive Income (Loss) The Company’s functional currency and reporting currency is the United States dollar. BBL’s functional currency is the Australian dollar (AUD). Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity as “Accumulated other comprehensive income (loss).” Gains and losses resulting from foreign currency translation are included in the consolidated statements of operations and comprehensive income (loss) as other comprehensive income (loss). Other Comprehensive Income (Loss) for all periods presented includes only foreign currency translation gains (losses). |
Fair Value Measurements | Fair Value Measurements The Company measures its financial assets and liabilities in accordance with US GAAP using ASC 820, Fair Value Measurements. The Company follows accounting guidance for financial assets and liabilities. ASC 820 defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: 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. As of March 31, 2021, and June 30, 2020, the Company had no financial assets or liabilities measured at fair value on a recurring basis. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of three months or less with financial institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the consolidated balance sheets. |
Concentrations of Risk | Concentrations of Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits at federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. |
Trade and Other Receivables | Trade and Other Receivables As amounts become uncollectible, they will be charged to an allowance and operations in the period when a determination of collectability is made. Any estimates of potentially uncollectible customer accounts receivable will be made based on an analysis of individual customer and historical write-off |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals, and improvements are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation and amortization are removed from the respective accounts, and any gain or loss is included in operations. Depreciation and amortization of property and equipment is calculated using the straight-line basis over the following estimated useful lives: Software 3-4 Lab equipment 3-7 Computer hardware 3-5 Leasehold improvements shorter of the lease term or estimated useful lives |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. |
Trade and other payables | Trade and other payables These amounts represent liabilities for goods and services provided to the Company prior to the end of the period and which are unpaid. Due to their short-term nature, they are measured at amortized cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. |
Leases | Leases At lease commencement, the Company records a lease liability based on the present value of lease payments over the expected lease term. The Company calculates the present value of lease payments using the discount rate implicit in the lease, unless that rate cannot be readily determined. In that case, the Company uses its incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments over the expected lease term. The Company records a corresponding right-of-use After lease commencement, the Company measures its leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the discount rate determined at lease commencement; and (ii) the right-of-use |
Basic and Diluted Net Income (Loss) Per Share | Basic and Diluted Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding plus potential common shares. Stock options, warrants and convertible instruments are considered potential common shares and are included in the calculation of diluted net income (loss) per share using the treasury stock method when their effect is dilutive. Potential common shares are excluded from the calculation of diluted net income (loss) per share when their effect is anti-dilutive. As of March 31, 2021, and 2020, there were 694,388 and 324,903 potential common shares, respectively, that were excluded from the calculation of diluted net income (loss) per share because their effect was anti-dilutive. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies judgement in determining whether contracts entered into fall within the scope of ASC 606 – Revenue from Contracts with Customers Management has also made the judgement that the grant of the license and transfer of associated know-how know-how know-how Licensing revenues Revenue from licensees of the Company’s intellectual property reflects the transfer of a right to use the intellectual property as it exists at the point in time in which the license is transferred to the customer. Consideration can be variable and is estimated using the most likely amount method. Subsequently, the estimate is constrained until it is highly probable that a significant revenue reversal will not occur when the uncertainty is resolved. Revenue is recognized as or when the performance obligations are satisfied. The Company recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in the consolidated balance sheet. Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognizes either a contract asset or a receivable in its consolidated balance sheet, depending on whether something other than the passage of time is required before the consideration is due. Royalties Revenue from licensees of the Company’s intellectual property reflect a right to use the intellectual property as it exists at the point in time in which the license is granted. Where consideration is based on sales of product by the licensee, revenue is recognized when the customer’s subsequent sales of products occur. Services revenue Revenue is earned (constrained by variable considerations) from the provision of research and development services to customers. Services revenue is recognized when performance obligations are either satisfied over time or at a point in time. Generally, the provision of research and development services under a contract with a customer will represent satisfaction of a performance obligation over time where the Company retains the right to payment for services performed but not yet completed. |
Government Research and Development Grants | Government Research and Development Grants Government grants are recognized at fair value where there is reasonable assurance that the grant will be received, and all grant conditions will be met. Grants relating to expense items are recognized as income over the periods necessary to match the grant costs they are compensating. Grant income is generated through the Australian federal government’s Research and Development Tax Incentive program, under which the government provides a cash refund for 43.5% of eligible research and development expenditures. This grant is available for our research and development activities in Australia, as well as activities in the United States to the extent such U.S.-based expenses relate to our activities in Australia, do not exceed half the expenses for the relevant activities and are approved by the Australian government. Grants are recorded when a reliable estimate can be made. The Company will not be claiming the Australian Government research and development grants going forward. |
Research and Development Expense | Research and Development Expense Research and development costs are expensed when incurred. These costs have been recognized as an expense when incurred. Research and development expenses relate primarily to the cost of conducting clinical and pre-clinical Pre-clinical |
Equity-based Compensation Expense | Share-based Compensation Expense The Company records share-based compensation in accordance with ASC 718, Stock Compensation non-employee The Company adopted FASB Accounting Standard Update (“ASU”) 2018-07 non-employee |
Income Taxes | Income Taxes The Company is governed by Australia and United States income tax laws. The Company follows ASC 740 Accounting for Income Taxes For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the consolidated financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the consolidated statements of operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13: Financial Instruments – Credit Losses 2019-10: Financial Instruments-Credit Losses, Derivatives and Hedging, and Leases: Effective Dates |
Business (Tables)
Business (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Schedule Of Entities In Control [Abstract] | |
Summary of entities in control | The consolidated financial statements of Benitec Biopharma Inc. are presented in United States dollars and consist of Benitec Biopharma Inc. and its wholly owned subsidiaries: Principal place of business/country of incorporation Ownership Ownership Benitec Biopharma Proprietary Limited (“BBL”) Australia 100 % — Benitec Australia Proprietary Limited Australia 100 % 100 % Benitec Limited United Kingdom 100 % 100 % Benitec, Inc. USA 100 % 100 % Benitec LLC USA 100 % 100 % RNAi Therapeutics, Inc. USA 100 % 100 % Tacere Therapeutics, Inc. USA 100 % 100 % |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Revenues [Abstract] | |
Summary of revenue from customers | Three Months Ended Nine Months Ended Revenues from customers (US$’000) March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020 Licensing revenue $ 1 $ — $ 57 $ 60 Royalty revenue — 28 — 73 Service revenue — — — 4 Total $ 1 $ 28 $ 57 $ 137 |
Summary of disaggregation of revenue | Three Months Ended March 31, 2021 Disaggregated revenue (US$’000) Licensing Royalties Development activities Total Services transferred at a point in time $ — $ — $ — $ — Services transferred over time 1 — — 1 Total $ 1 $ — $ — $ 1 Nine Months Ended March 31, 2021 Disaggregated revenue (US$’000) Licensing Royalties Development activities Total Services transferred at a point in time $ — $ — $ — $ — Services transferred over time 57 — — 57 Total $ 57 $ — $ — $ 57 Three Months Ended March 31, 2020 Disaggregated revenue (US$’000) Licensing Royalties Development activities Total Services transferred at a point in time $ — $ — $ — $ — Services transferred over time — 28 — 28 Total $ — $ 28 $ — $ 28 Nine Months Ended March 31, 2020 Disaggregated revenue (US$’000) Licensing Royalties Development activities Total Services transferred at a point in time $ — $ 73 $ — $ 73 Services transferred over time 60 — 4 64 Total $ 60 $ 73 $ 4 $ 137 |
Cash and Cash equivalents (Tabl
Cash and Cash equivalents (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Summary of cash and cash equivalent | (US$’000) March 31, June 30, 2020 Cash at Bank $ 11,988 $ 5,231 Term Deposit — 4,570 Total $ 11,988 $ 9,801 |
Other current assets (Tables)
Other current assets (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Other Assets [Abstract] | |
Summary of other current assets | (US$’000) March 31, 2021 June 30, 2020 Prepaid expenses $ 587 $ 861 Security deposit 15 69 Other deposit — 18 Market value of listed shares 4 1 Total other assets 606 949 Less: non-current (197 ) — Current portion $ 409 $ 949 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment, Net [Abstract] | |
Summary of property and equipment net | (US$’000) March 31, 2021 June 30, 2020 Software $ 14 $ 11 Lab equipment 1,471 1,109 Computer hardware 26 26 Leasehold improvements 24 24 Total property and equipment, gross 1,535 1,170 Accumulated depreciation and amortization (972 ) (796 ) Total property and equipment, net $ 563 $ 374 |
Trade and other payables (Table
Trade and other payables (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Summary of trade and other payables | (US$’000) March 31, 2021 June 30, 2020 Trade payable $ 1,640 $ 282 Accrued license fees 142 54 Accrued professional fees 42 155 Other payables 181 250 Total $ 2,005 $ 741 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Summary of maturities of the operating lease liabilities | As of March 31, 2021, the Company’s operating lease has a remaining lease term of 1.21 years and a discount rate of 4.67%. The maturities of the operating lease liabilities are as follows: (US$’000) March 2021 $ 52 2022 218 Total operating lease payments 270 Less imputed interest (8 ) Present value of operating lease liabilities $ 262 |
Stockholders' equity (Tables)
Stockholders' equity (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of warrants or rights | The activity related to warrants during for the three and nine months ended March 31, 2021, is summarized as follows: Common Stock Weighted- Outstanding at July 1, 2020 145,424 $ 29.48 Granted — — Exercised — — Forfeited (38,326 ) 82.50 Outstanding and exercisable at September 30, 2020 107,098 $ 10.50 Granted 559,162 3.09 Exercised (281,581 ) 3.10 Forfeited — — Outstanding and exercisable at December 31, 2020 384,679 $ 5.15 Granted — — Exercised (277,581 ) 3.10 Forfeited — — Outstanding and exercisable at March 31, 2021 107,098 $ 10.50 |
Schedule of equity awards | The activity related to equity awards, which comprised of stock options during the three and nine months ended March 31, 2021, is summarized as follows: Stock Weighted- Weighted- Aggregate Outstanding at June 30, 2020 70,154 $ 60.42 2.89 years $ — Granted — — Exercised — — Forfeited (444 ) 69.32 Outstanding at September 30, 2020 69,710 $ 60.00 2.65 years — Granted 525,547 2.98 9.95 years Exercised — — Forfeited (7,967 ) 153.78 Outstanding at December 31, 2020 587,290 7.64 9.2 years — Outstanding at March 31, 2021 587,290 7.64 8.9 years — Exercisable at March 31, 2021 41,686 $ 47.34 2.3 years $ — |
Schedule of share-basedcompensation expense | The classification of share-based compensation expense is summarized as follows: Three Months Ended March 31, Nine Months Ended March 31, (US$’000) 2021 2020 2021 2020 Research and development $ 18 $ 18 $ 33 $ 53 General and administrative 217 70 322 127 Total share-based compensation expense $ 235 $ 88 $ 355 $ 180 |
Business - Summary of entities
Business - Summary of entities in control (Detail) | 9 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Entities In Control [Line Items] | |||
Principal place of business/country of incorporation | DE | ||
Benitec Biopharma Proprietary Limited ("BBL") [Member] | |||
Schedule Of Entities In Control [Line Items] | |||
Principal place of business/country of incorporation | C3 | ||
Equity method investment, ownership percentage | 100.00% | ||
Benitec Australia Proprietary Limited [Member] | |||
Schedule Of Entities In Control [Line Items] | |||
Principal place of business/country of incorporation | C3 | ||
Equity method investment, ownership percentage | 100.00% | 100.00% | |
Benitec Limited [Member] | |||
Schedule Of Entities In Control [Line Items] | |||
Principal place of business/country of incorporation | X0 | ||
Equity method investment, ownership percentage | 100.00% | 100.00% | |
Benitec, Inc. [Member] | |||
Schedule Of Entities In Control [Line Items] | |||
Principal place of business/country of incorporation | X1 | ||
Equity method investment, ownership percentage | 100.00% | 100.00% | |
Benitec LLC [Member] | |||
Schedule Of Entities In Control [Line Items] | |||
Principal place of business/country of incorporation | X1 | ||
Equity method investment, ownership percentage | 100.00% | 100.00% | |
RNAi Therapeutics, Inc. [Member] | |||
Schedule Of Entities In Control [Line Items] | |||
Principal place of business/country of incorporation | X1 | ||
Equity method investment, ownership percentage | 100.00% | 100.00% | |
Tacere Therapeutics, Inc. [Member] | |||
Schedule Of Entities In Control [Line Items] | |||
Principal place of business/country of incorporation | X1 | ||
Equity method investment, ownership percentage | 100.00% | 100.00% | |
Benitec Biopharma Proprietary Limited [Member] | |||
Schedule Of Entities In Control [Line Items] | |||
Principal place of business/country of incorporation | C3 |
Business - Additional informati
Business - Additional information (Detail) | Nov. 27, 2019 | Mar. 31, 2021 |
Schedule Of Entities In Control [Abstract] | ||
Entity Incorporation Date Of Incorporation | Nov. 22, 2019 | |
Common Stock, Shares, Re-domiciliation Description | one Benitec Biopharma Inc. share for every 300 BBL shares |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Summary of property and equipment (Detail) | 9 Months Ended |
Mar. 31, 2021 | |
Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Lab equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Lab equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Computer hardware [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer hardware [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | shorter of the lease term or estimated useful lives |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional information (Detail) - USD ($) | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from the computation of earnings per share | 694,388 | 324,903 | |
Grant Receivable on research and development expenditures [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 43.50% | ||
Fair Value, Recurring [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Financial assets at fair value | $ 0 | $ 0 | |
Financial liabilities at fair value | $ 0 | $ 0 |
Going concern - Additional info
Going concern - Additional information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | |
Going Concern [Abstract] | ||||||||||
Net income (loss) | $ (3,909) | $ (3,252) | $ (2,718) | $ (2,102) | $ (2,090) | $ (1,147) | $ (9,879) | $ (5,339) | ||
Net cash used in provided by operations | (7,675) | (4,390) | ||||||||
Cash and cash equivalents | $ 11,988 | $ 11,400 | $ 11,988 | $ 11,400 | $ 9,801 | $ 15,718 |
Revenue - Summary of revenue fr
Revenue - Summary of revenue from customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from External Customer [Line Items] | ||||
Revenues from customers | $ 1 | $ 28 | $ 57 | $ 137 |
Licensing revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues from customers | 1 | 0 | 57 | 60 |
Royalty revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues from customers | 0 | 28 | 0 | 73 |
Service revenue [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenues from customers | $ 0 | $ 0 | $ 0 | $ 4 |
Revenue - Summary of disaggrega
Revenue - Summary of disaggregation of revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregated revenue | $ 1 | $ 28 | $ 57 | $ 137 |
License [Member] | ||||
Disaggregated revenue | 1 | 0 | 57 | 60 |
Royalty [Member] | ||||
Disaggregated revenue | 0 | 28 | 0 | 73 |
Development Activities [Member] | ||||
Disaggregated revenue | 0 | 0 | 0 | 4 |
Services transferred at a point in time [Member] | ||||
Disaggregated revenue | 73 | |||
Services transferred at a point in time [Member] | Royalty [Member] | ||||
Disaggregated revenue | 73 | |||
Services transferred over time [Member] | ||||
Disaggregated revenue | 1 | 28 | 57 | 64 |
Services transferred over time [Member] | License [Member] | ||||
Disaggregated revenue | $ 1 | $ 57 | 60 | |
Services transferred over time [Member] | Royalty [Member] | ||||
Disaggregated revenue | $ 28 | |||
Services transferred over time [Member] | Development Activities [Member] | ||||
Disaggregated revenue | $ 4 |
Cash and Cash equivalents - Sum
Cash and Cash equivalents - Summary of cash and cash equivalent (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash at Bank | $ 11,988 | $ 5,231 | ||
Term Deposit | 0 | 4,570 | ||
Total | $ 11,988 | $ 9,801 | $ 11,400 | $ 15,718 |
Other current assets - Summary
Other current assets - Summary of other current assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Other Assets [Abstract] | ||
Prepaid expenses | $ 587 | $ 861 |
Security deposit | 15 | 69 |
Other deposit | 18 | |
Market value of listed shares | 4 | 1 |
Total other assets | 606 | 949 |
Less: non-current portion | (197) | |
Current portion | $ 409 | $ 949 |
Property and equipment, net - S
Property and equipment, net - Summary of property and equipment net (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 1,535 | $ 1,170 |
Accumulated depreciation and amortization | (972) | (796) |
Total property and equipment, net | 563 | 374 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 14 | 11 |
Lab equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 1,471 | 1,109 |
Computer hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 26 | 26 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 24 | $ 24 |
Property and equipment, net - A
Property and equipment, net - Additional information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment, Net [Abstract] | ||||
Depreciation | $ 67,000 | $ 48,000 | $ 179,000 | $ 150,000 |
Trade and other payables- Summa
Trade and other payables- Summary of trade and other payables (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Jun. 30, 2020 |
Payables and Accruals [Abstract] | ||
Trade payable | $ 1,640 | $ 282 |
Accrued license fees | 142 | 54 |
Accrued professional fees | 42 | 155 |
Other payables | 181 | 250 |
Total | $ 2,005 | $ 741 |
Leases - Summary of maturities
Leases - Summary of maturities of the operating lease liabilities (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Leases [Abstract] | |
2021 | $ 52 |
2022 | 218 |
Total operating lease payments | 270 |
Less imputed interest | (8) |
Present value of operating lease liabilities | $ 262 |
Leases - Additional information
Leases - Additional information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Operating lease has a remaining lease term | 1 year 2 months 15 days | 1 year 2 months 15 days | ||
Operating lease discount rate | 4.67% | 4.67% | ||
Rent expense | $ 52,000 | $ 52,000 | $ 156,000 | $ 156,000 |
Stockholders' equity - Schedule
Stockholders' equity - Schedule of warrants or rights (Detail) - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Equity [Abstract] | |||
Outstanding, beginning of period | 384,679 | 107,098 | 145,424 |
Granted | 0 | 559,162 | 0 |
Exercised | (277,581) | (281,581) | 0 |
Cashless exercise | 0 | 0 | (38,326) |
Outstanding, ending of period | 107,098 | 384,679 | 107,098 |
Exercise price of class of warrants or rights outstanding | $ 5.15 | $ 10.50 | $ 29.48 |
Granted | 0 | 3.09 | 0 |
Exercised | 3.10 | 3.10 | 0 |
Cashless exercise | 0 | 0 | 82.50 |
Exercise price of class of warrants or rights outstanding and excercisable | $ 10.50 | $ 5.15 | $ 10.50 |
Stockholders' equity - Schedu_2
Stockholders' equity - Schedule of equity awards (Detail) - Employee stock option - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Options,Outstanding, beginning of period | 587,290 | 69,710 | 70,154 | |
Stock Options, Granted | 525,547 | |||
Stock Options, Forfeited | (7,967) | (444) | ||
Stock Options, Outstanding, end of period | 587,290 | 587,290 | 69,710 | 70,154 |
Stock Options, Exercisable, end of period | 41,686 | |||
Exercise price, beginning of period | $ 7.64 | $ 60 | $ 60.42 | |
Weighted-average Exercise Price, Granted | 2.98 | |||
Weighted-average Exercise Price, Forfeited | 153.78 | 69.32 | ||
Weighted-average Exercise Price, Exercise price, end of period | 7.64 | $ 7.64 | $ 60 | $ 60.42 |
Weighted-average Exercise Price, Exercisable, end of period | $ 47.34 | |||
Weighted-average Remaining Contractual Term, Outstanding | 8 years 10 months 24 days | 9 years 2 months 12 days | 2 years 7 months 24 days | 2 years 10 months 20 days |
Weighted-average Remaining Contractual Term, Exercisable | 2 years 3 months 18 days |
Stockholders' equity - Summary
Stockholders' equity - Summary of share-based compensation expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Share-based compensation expense | $ 235 | $ 88 | $ 355 | $ 180 |
Research and development [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Share-based compensation expense | 18 | 18 | 33 | 53 |
General and administrative [Member] | ||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Share-based compensation expense | $ 217 | $ 70 | $ 322 | $ 127 |
Stockholders' equity - Addition
Stockholders' equity - Additional information (Detail) - USD ($) | Oct. 06, 2020 | Dec. 31, 2020 | Apr. 30, 2021 | Mar. 31, 2021 |
Unrecognised share based compensation expense | $ 1,159,000 | |||
IPO [Member] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 2,666,644 | |||
Sale of stock issue price per share | $ 3.10 | $ 4.25 | ||
Over-Allotment Option [Member] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 483,870 | |||
Sale of stock issue price per share | $ 3.10 | |||
Pre-funded warrants [Member] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 559,162 | |||
Sale of stock issue price per share | 3.09 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | |||
Number of Warranrs exercised | 559,162 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 11, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Oct. 06, 2020 |
Subsequent Event [Line Items] | |||||
Gross proceeds from share issued | $ 12,900 | $ 11,497 | $ 2,250 | ||
Additional Shares issued | 455,454 | ||||
IPO [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock issued during period shares, new issues | 3,036,366 | ||||
Sale of stock issue price per share | $ 4.25 | $ 3.10 | |||
Over-Allotment Option [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of stock issue price per share | $ 3.10 | ||||
Over-Allotment Option [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Stock issued during period shares, new issues | 317,274 | ||||
Additional proceeds from issuance of stock | $ 1,350 |