$BNTC
Benitec Biopharma Inc.

2020 Q3 Form 10-K Financial Statement

#000119312520252381 Filed on September 23, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2020
Revenue $55.00K $102.0K $102.0K
YoY Change 66.67% -89.52% -99.16%
Cost Of Revenue $130.0K -$185.0K -$190.0K
YoY Change 333.33% -365.16% -143.18%
Gross Profit -$80.00K $287.0K $290.0K
YoY Change -900.0% -68.22% -97.46%
Gross Profit Margin -145.45% 281.37% 284.31%
Selling, General & Admin $1.840M $5.567M $5.570M
YoY Change 145.33% 54.37% -18.09%
% of Gross Profit 1939.72% 1920.69%
Research & Development $774.0K $3.001M $3.001M
YoY Change 82.98% 166.07% -34.29%
% of Gross Profit 1045.64% 1034.83%
Depreciation & Amortization $45.00K $190.0K
YoY Change -11.76% 20.25%
% of Gross Profit 65.52%
Operating Expenses $2.745M $8.568M $8.383M
YoY Change 128.94% 77.24% -12.82%
Operating Profit -$2.690M -$8.281M -$8.281M
YoY Change 130.7% 110.66% -420.6%
Interest Expense -$1.000K -$27.00K $62.00K
YoY Change -105.56% -133.82% -49.18%
% of Operating Profit
Other Income/Expense, Net -$28.00K $34.00K $7.000K
YoY Change -247.37% -73.08%
Pretax Income -$2.720M -$8.274M -$299.0K
YoY Change 136.52% 114.71% -276.92%
Income Tax
% Of Pretax Income
Net Earnings -$2.718M -$8.274M -$8.274M
YoY Change 136.97% 114.71% -417.13%
Net Earnings / Revenue -4941.82% -8111.76% -8111.76%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.450M -$8.102M -$8.108M
COMMON SHARES
Basic Shares Outstanding 1.108M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.450M $9.800M
YoY Change -38.21%
Cash & Equivalents $7.450M $9.801M $4.570M
Short-Term Investments
Other Short-Term Assets $588.0K $949.0K $950.0K
YoY Change 89.04% 150.0%
Inventory
Prepaid Expenses $564.0K $861.0K
Receivables $20.00K $60.00K
Other Receivables $0.00 $59.00K $0.00
Total Short-Term Assets $8.056M $10.81M $10.81M
YoY Change -42.37% -42.41%
LONG-TERM ASSETS
Property, Plant & Equipment $503.0K $374.0K $770.0K
YoY Change -20.43% 63.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.00K $10.00K
YoY Change 0.0%
Other Assets $10.00K $10.00K
YoY Change
Total Long-Term Assets $860.0K $778.0K $780.0K
YoY Change 62.42% 62.5%
TOTAL ASSETS
Total Short-Term Assets $8.056M $10.81M $10.81M
Total Long-Term Assets $860.0K $778.0K $780.0K
Total Assets $8.916M $11.59M $11.59M
YoY Change -39.76% -39.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $300.0K $280.0K
YoY Change -80.95%
Accrued Expenses $610.0K $600.0K
YoY Change 328.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.019M $1.136M $1.140M
YoY Change -56.99% -56.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $160.0K $210.0K
YoY Change
Total Long-Term Liabilities $160.0K $210.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.019M $1.136M $1.140M
Total Long-Term Liabilities $160.0K $210.0K
Total Liabilities $1.180M $1.349M $1.350M
YoY Change -48.92% -48.86%
SHAREHOLDERS EQUITY
Retained Earnings -$119.3M -$116.6M
YoY Change 7.13%
Common Stock $128.9M $128.8M
YoY Change 1.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.736M $10.24M $10.24M
YoY Change
Total Liabilities & Shareholders Equity $8.916M $11.59M $11.59M
YoY Change -39.76% -39.79%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2020
OPERATING ACTIVITIES
Net Income -$2.718M -$8.274M -$8.274M
YoY Change 136.97% 114.71% -417.13%
Depreciation, Depletion And Amortization $45.00K $190.0K
YoY Change -11.76% 20.25%
Cash From Operating Activities -$2.360M -$3.145M -$7.535M
YoY Change 333.03% -132.42% -257.31%
INVESTING ACTIVITIES
Capital Expenditures $173.0K -$13.00K $95.00K
YoY Change -388.33% -96.64% -76.49%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$173.0K -$13.00K -$94.00K
YoY Change -17400.0% -95.69% -76.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.250M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 1.770M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.360M -3.145M -7.535M
Cash From Investing Activities -173.0K -13.00K -94.00K
Cash From Financing Activities 0.000 0.000 1.770M
Net Change In Cash -2.533M -3.158M -5.859M
YoY Change -306.61% -133.6% -233.46%
FREE CASH FLOW
Cash From Operating Activities -$2.360M -$3.145M -$7.535M
Capital Expenditures $173.0K -$13.00K $95.00K
Free Cash Flow -$2.533M -$3.132M -$7.630M
YoY Change 422.27% -131.05% -273.96%

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<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;">The preparation of financial statements in conformity with US&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates in the accompanying consolidated financial statements include the estimates of useful lives for depreciation, valuation of the operating lease liability and related <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">right-of-use</div></div> asset, allowance for uncollectable receivables, valuation of equity based instruments issued for other than cash, the valuation allowance on deferred tax assets and foreign currency translation due to certain average exchange rates applied in lieu of spot rates on transaction dates.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Concentrations of Risk </div></div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash. 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. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020 us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
5000
CY2019 us-gaap Revenue Not From Contract With Customer Other
RevenueNotFromContractWithCustomerOther
648000
CY2020 bntc Issuance And Exercise Of Prefunded Warrants Net Of Transaction Costs
IssuanceAndExerciseOfPrefundedWarrantsNetOfTransactionCosts
50000
CY2020 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
184000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
174000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
405000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
207000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
218000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
425000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
20000
CY2020Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y11M15D
CY2020Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0467
CY2020Q2 bntc Estimated Research Costs To Be Incurred
EstimatedResearchCostsToBeIncurred
462000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-299000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
169000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-7975000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
2440000
CY2020Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
13153000
CY2019Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
10632000
CY2019Q2 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
250000
CY2020Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
209000
CY2019Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
193000
CY2020Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
13447000
CY2019Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
11075000
CY2020Q2 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
83000
CY2020Q2 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
74000
CY2020Q2 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
157000
CY2020Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2019Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2750
CY2020 bntc Effective Income Tax Reconciliation Percentage Permanent Differences
EffectiveIncomeTaxReconciliationPercentagePermanentDifferences
-0.024
CY2019 bntc Effective Income Tax Reconciliation Percentage Permanent Differences
EffectiveIncomeTaxReconciliationPercentagePermanentDifferences
0.0618
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment
0.1573
CY2019 bntc Average Foreign Exchange Rate For The Period
AverageForeignExchangeRateForThePeriod
0.7149
CY2018Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.7385
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0687
CY2020 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.0074
CY2019 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.0706
CY2019 bntc Effective Income Tax Reconciliation Percentage Net Operating Loss Carryforwards
EffectiveIncomeTaxReconciliationPercentageNetOperatingLossCarryforwards
-0.423
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2412
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.073
CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.0626
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2215
CY2020Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.6877
CY2019Q2 us-gaap Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
0.7014
CY2020 bntc Average Foreign Exchange Rate For The Period
AverageForeignExchangeRateForThePeriod
0.6711
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
145421
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38326
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.029
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.041
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0128
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0167
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.029
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.041
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0128
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0167
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
237000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
672000
CY2020 bntc Class Of Warrants Or Rights Grants In Period
ClassOfWarrantsOrRightsGrantsInPeriod
241716
CY2020 bntc Weighted Average Exercise Price Of Class Of Warrants Or Granted During The Period
WeightedAverageExercisePriceOfClassOfWarrantsOrGrantedDuringThePeriod
10.50
CY2020 bntc Class Of Warrants Or Rights Excercised During The Period
ClassOfWarrantsOrRightsExcercisedDuringThePeriod
27526
CY2020 bntc Weighted Average Exercise Price Of Class Of Warrants Or Exercised During The Period
WeightedAverageExercisePriceOfClassOfWarrantsOrExercisedDuringThePeriod
10.50
CY2020 bntc Class Of Warrants Or Rights Cashless Exercise Of Warrants
ClassOfWarrantsOrRightsCashlessExerciseOfWarrants
107095
CY2020 bntc Weighted Average Exercise Price Of Class Of Warrants Or Exercised During The Period Cash Less Exercise Of Warrants
WeightedAverageExercisePriceOfClassOfWarrantsOrExercisedDuringThePeriodCashLessExerciseOfWarrants
10.50
CY2020Q2 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Outstanding
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsOutstanding
29.48
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
242000
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
907000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-8274000
CY2020 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-8.10
CY2019 bntc Weighted Average Exercise Price Of Class Of Warrants Or Granted During The Period
WeightedAverageExercisePriceOfClassOfWarrantsOrGrantedDuringThePeriod
CY2018Q2 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Outstanding
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsOutstanding
82.50
CY2019Q2 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Outstanding
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsOutstanding
82.50
CY2018Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
38326
CY2019Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
38326
CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
145421
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0
CY2020Q2 bntc Deferred Tax Assets Lease Liabilities
DeferredTaxAssetsLeaseLiabilities
85000
CY2020 dei Entity Address Address Line1
EntityAddressAddressLine1
3940 Trust Way Hayward
CY2020 dei City Area Code
CityAreaCode
(510)
CY2020 dei Local Phone Number
LocalPhoneNumber
780-0819
CY2020 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2019 bntc Class Of Warrants Or Rights Grants In Period
ClassOfWarrantsOrRightsGrantsInPeriod
CY2020Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
13290000
CY2019Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11075000

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