$BNTC
Benitec Biopharma Inc.

2021 Q2 Form 10-Q Financial Statement

#000119312521159276 Filed on May 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q4
Revenue $2.000K $1.000K $1.000K
YoY Change -98.04% -96.43% -98.7%
Cost Of Revenue $10.00K -$20.00K
YoY Change -78.72% -93.71%
Gross Profit -$10.00K $20.00K
YoY Change -47.37% -95.47%
Gross Profit Margin -1000.0% 2000.0%
Selling, General & Admin $1.536M $1.030M $2.110M
YoY Change -72.41% -19.97% -45.78%
% of Gross Profit 10550.0%
Research & Development $2.320M $2.758M $1.168M
YoY Change -22.69% 242.61% 94.99%
% of Gross Profit 5840.0%
Depreciation & Amortization $67.00K $67.00K
YoY Change 39.58% 31.37%
% of Gross Profit 335.0%
Operating Expenses $3.857M $3.794M $3.260M
YoY Change -54.98% 77.37% 48.99%
Operating Profit -$3.793M -$3.259M
YoY Change 79.68% 54.38%
Interest Expense -$148.0K -$2.000K -$2.000K
YoY Change 448.15% -112.5% -111.76%
% of Operating Profit
Other Income/Expense, Net $0.00 -$116.0K $7.000K
YoY Change -100.0% -1388.89% -66.67%
Pretax Income -$4.003M -$3.910M -$3.250M
YoY Change -51.62% 86.01% -10.95%
Income Tax
% Of Pretax Income
Net Earnings -$4.003M -$3.909M -$3.252M
YoY Change -51.62% 85.97% 55.6%
Net Earnings / Revenue -200150.0% -390900.0% -325200.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$567.3K -$823.2K -$755.8K
COMMON SHARES
Basic Shares Outstanding 7.854M 4.540M 4.405M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.77M $11.99M $14.01M
YoY Change 0.79%
Cash & Equivalents $0.00 $11.99M $14.01M
Short-Term Investments
Other Short-Term Assets $814.0K $409.0K $352.0K
YoY Change -14.23% -37.14%
Inventory
Prepaid Expenses $967.0K $587.0K $538.0K
Receivables $25.00K $10.00K $20.00K
Other Receivables $0.00 $0.00 $21.00K
Total Short-Term Assets $20.61M $12.41M $14.38M
YoY Change 90.66% -6.54%
LONG-TERM ASSETS
Property, Plant & Equipment $577.0K $563.0K $610.0K
YoY Change 54.28% -35.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.00K $10.00K
YoY Change 0.0%
Other Assets $194.0K $197.0K $210.0K
YoY Change
Total Long-Term Assets $771.0K $1.021M $1.129M
YoY Change -0.9% 17.6%
TOTAL ASSETS
Total Short-Term Assets $20.61M $12.41M $14.38M
Total Long-Term Assets $771.0K $1.021M $1.129M
Total Assets $21.38M $13.43M $15.51M
YoY Change 84.51% -5.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $274.0K $1.640M $90.00K
YoY Change -10.0%
Accrued Expenses $921.0K $620.0K $600.0K
YoY Change 275.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.369M $2.444M $779.0K
YoY Change 20.51% 2.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $0.00 $50.00K $110.0K
YoY Change
Total Long-Term Liabilities $0.00 $50.00K $110.0K
YoY Change -66.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.369M $2.444M $779.0K
Total Long-Term Liabilities $0.00 $50.00K $110.0K
Total Liabilities $1.369M $2.498M $887.0K
YoY Change 1.48% -18.62%
SHAREHOLDERS EQUITY
Retained Earnings -$130.1M -$126.1M -$122.2M
YoY Change 11.56%
Common Stock $151.6M $138.6M $138.4M
YoY Change 17.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.01M $10.93M $14.63M
YoY Change
Total Liabilities & Shareholders Equity $21.38M $13.43M $15.51M
YoY Change 84.51% -5.13%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q4
OPERATING ACTIVITIES
Net Income -$4.003M -$3.909M -$3.252M
YoY Change -51.62% 85.97% 55.6%
Depreciation, Depletion And Amortization $67.00K $67.00K
YoY Change 39.58% 31.37%
Cash From Operating Activities -$5.152M -$1.990M -$3.330M
YoY Change 63.82% 432.53% -17.09%
INVESTING ACTIVITIES
Capital Expenditures $139.0K -$10.00K -$180.0K
YoY Change -1169.23% -214.97% 98.46%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $139.0K -$10.00K -$180.0K
YoY Change -1169.23% -212.07% 100.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.90M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.67M 0.000 9.850M
YoY Change -100.0% 412.15%
NET CHANGE
Cash From Operating Activities -5.152M -1.990M -3.330M
Cash From Investing Activities 139.0K -10.00K -180.0K
Cash From Financing Activities 12.67M 0.000 9.850M
Net Change In Cash 7.659M -2.000M 6.340M
YoY Change -342.53% 286.07% -390.43%
FREE CASH FLOW
Cash From Operating Activities -$5.152M -$1.990M -$3.330M
Capital Expenditures $139.0K -$10.00K -$180.0K
Free Cash Flow -$5.291M -$1.980M -$3.150M
YoY Change 68.93% 417.8% -19.76%

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CY2020Q4 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Outstanding
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsOutstanding
5.15
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
384679
CY2021Q1 bntc Class Of Warrants Or Rights Excercised During The Period
ClassOfWarrantsOrRightsExcercisedDuringThePeriod
277581
CY2021Q1 bntc Weighted Average Exercise Price Of Class Of Warrants Or Exercised During The Period
WeightedAverageExercisePriceOfClassOfWarrantsOrExercisedDuringThePeriod
3.10
CY2021Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
107098
CY2021Q1 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Outstanding
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsOutstanding
10.50
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
235000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
88000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
355000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
180000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1159000
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Entity File Number
EntityFileNumber
001-39267
dei Entity Registrant Name
EntityRegistrantName
Benitec Biopharma Inc.
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001808898
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
true
dei Entity Shell Company
EntityShellCompany
false
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Address Address Line1
EntityAddressAddressLine1
3940 Trust Way Hayward
dei Entity Address Country
EntityAddressCountry
CA
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
94545
dei City Area Code
CityAreaCode
(510)
dei Local Phone Number
LocalPhoneNumber
780-0819
dei Security12b Title
Security12bTitle
Common Stock
dei Trading Symbol
TradingSymbol
BNTC
dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2021Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
7854416
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
4818050
CY2020Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1108374
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4818050
CY2020Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1108374
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-112000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-1000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
12336000
CY2020Q4 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1643000
CY2021Q1 bntc Warrants Exercised Value During The Period
WarrantsExercisedValueDuringThePeriod
3000
CY2019Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
480000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2019-11-22
CY2019Q4 bntc Common Stock Shares Redomiciliation Description
CommonStockSharesRedomiciliationDescription
one Benitec Biopharma Inc. share for every 300 BBL shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; 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 the Company&#8217;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&#8217;s consolidated financial statements and accompanying notes. The most significant estimates and assumptions in the Company&#8217;s consolidated financial statements include the estimates of useful lives of property and equipment, 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. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company&#8217;s future results of operations will be affected. </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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: &quot;times new roman&quot;; 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: &quot;times new roman&quot;; 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 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. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2021Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
12900000
CY2021Q2 bntc Additional Shares Issued
AdditionalSharesIssued
455454
CY2020Q3 bntc Class Of Warrants Or Rights Excercised During The Period
ClassOfWarrantsOrRightsExcercisedDuringThePeriod
0
CY2020Q3 bntc Weighted Average Exercise Price Of Class Of Warrants Or Exercised During The Period
WeightedAverageExercisePriceOfClassOfWarrantsOrExercisedDuringThePeriod
0
CY2020Q3 bntc Class Of Warrants Or Rights Grants In Period
ClassOfWarrantsOrRightsGrantsInPeriod
0
CY2020Q3 bntc Weighted Average Exercise Price Of Class Of Warrants Or Granted During The Period
WeightedAverageExercisePriceOfClassOfWarrantsOrGrantedDuringThePeriod
0
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Transition Report
DocumentTransitionReport
false
CY2021Q1 bntc Class Of Warrants Or Rights Cashless Exercise Of Warrants
ClassOfWarrantsOrRightsCashlessExerciseOfWarrants
0
CY2020Q4 bntc Class Of Warrants Or Rights Cashless Exercise Of Warrants
ClassOfWarrantsOrRightsCashlessExerciseOfWarrants
0
CY2020Q4 bntc Weighted Average Exercise Price Of Class Of Warrants Or Exercised During The Period Cash Less Exercise Of Warrants
WeightedAverageExercisePriceOfClassOfWarrantsOrExercisedDuringThePeriodCashLessExerciseOfWarrants
0
CY2021Q1 bntc Class Of Warrants Or Rights Grants In Period
ClassOfWarrantsOrRightsGrantsInPeriod
0
CY2021Q1 bntc Weighted Average Exercise Price Of Class Of Warrants Or Granted During The Period
WeightedAverageExercisePriceOfClassOfWarrantsOrGrantedDuringThePeriod
0
CY2021Q1 bntc Weighted Average Exercise Price Of Class Of Warrants Or Exercised During The Period Cash Less Exercise Of Warrants
WeightedAverageExercisePriceOfClassOfWarrantsOrExercisedDuringThePeriodCashLessExerciseOfWarrants
0
us-gaap Net Income Loss
NetIncomeLoss
-9879000
us-gaap Net Income Loss
NetIncomeLoss
-5339000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
179000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
150000
bntc Amortization Of Right Of Use Assets
AmortizationOfRightOfUseAssets
143000
bntc Amortization Of Right Of Use Assets
AmortizationOfRightOfUseAssets
138000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-1000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-3000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-1000
us-gaap Share Based Compensation
ShareBasedCompensation
355000
us-gaap Share Based Compensation
ShareBasedCompensation
180000
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-21000
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-2494000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-377000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
69000
bntc Increasedecrease In Accounts And Other Payables
IncreasedecreaseInAccountsAndOtherPayables
1214000
bntc Increasedecrease In Accounts And Other Payables
IncreasedecreaseInAccountsAndOtherPayables
-1197000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
55000
bntc Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-143000
bntc Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-749000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7675000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4390000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
362000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11497000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-81000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
82000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-362000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2250000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1643000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
480000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9854000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1770000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
370000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-1617000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
2187000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-4318000
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15718000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11400000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
579000
dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes

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