$BNTC
Benitec Biopharma Inc.

2022 Q4 Form 10-Q Financial Statement

#000119312522281978 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $14.00K $0.00 $0.00
YoY Change -44.0% -100.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $1.863M $1.920M $2.042M
YoY Change 8.69% -5.97% 10.98%
% of Gross Profit
Research & Development $3.761M $2.660M $2.780M
YoY Change 19.55% -4.32% 259.17%
% of Gross Profit
Depreciation & Amortization $41.00K $42.00K $52.00K
YoY Change -25.45% -19.23% 15.56%
% of Gross Profit
Operating Expenses $5.624M $4.580M $4.822M
YoY Change 15.72% -5.02% 75.66%
Operating Profit -$5.610M -$4.580M -$4.822M
YoY Change 16.03% -5.02% 79.26%
Interest Expense -$9.000K -$9.000K -$223.0K
YoY Change -164.29% -95.96% 22200.0%
% of Operating Profit
Other Income/Expense, Net $199.0K -$513.0K $0.00
YoY Change -100.0%
Pretax Income -$5.411M -$5.093M -$5.045M
YoY Change 12.24% 0.95% 85.48%
Income Tax
% Of Pretax Income
Net Earnings -$5.411M -$5.100M -$5.045M
YoY Change 12.24% 1.09% 85.61%
Net Earnings / Revenue -38650.0%
Basic Earnings Per Share -$0.20 -$0.47 -$0.62
Diluted Earnings Per Share -$0.20 -$0.47 -$617.4K
COMMON SHARES
Basic Shares Outstanding 27.98M 8.172M 8.172M
Diluted Shares Outstanding 27.56M 10.86M 8.172M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.54M $16.53M $15.73M
YoY Change -14.53% 5.13% 111.1%
Cash & Equivalents $10.50M $16.50M $15.74M
Short-Term Investments
Other Short-Term Assets $356.0K $531.0K $642.0K
YoY Change 5.33% -17.29% 9.18%
Inventory
Prepaid Expenses $468.0K $643.0K
Receivables $68.00K $3.000K $3.000K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.98M $17.08M $16.37M
YoY Change -13.39% 4.33% 103.23%
LONG-TERM ASSETS
Property, Plant & Equipment $139.0K $179.0K $1.270M
YoY Change -87.98% -85.91% 152.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $116.0K $119.0K $194.0K
YoY Change -37.63% -38.66% 1840.0%
Total Long-Term Assets $930.0K $1.034M $1.464M
YoY Change -30.7% -29.37% 70.23%
TOTAL ASSETS
Total Short-Term Assets $10.98M $17.08M $16.37M
Total Long-Term Assets $930.0K $1.034M $1.464M
Total Assets $11.91M $18.12M $17.84M
YoY Change -15.05% 1.56% 100.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $531.0K $608.0K $323.0K
YoY Change -22.14% 88.24% 7.67%
Accrued Expenses $1.917M $2.275M $1.192M
YoY Change 21.71% 90.86% 95.41%
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 $2.489M $3.011M $1.601M
YoY Change 0.36% 88.07% 57.11%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $422.0K $491.0K $760.0K
YoY Change -39.54% -35.39% 375.0%
Total Long-Term Liabilities $422.0K $491.0K $760.0K
YoY Change -39.54% -35.39% 375.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.489M $3.011M $1.601M
Total Long-Term Liabilities $422.0K $491.0K $760.0K
Total Liabilities $2.911M $3.502M $2.361M
YoY Change -8.4% 48.33% 100.08%
SHAREHOLDERS EQUITY
Retained Earnings -$158.8M -$153.4M
YoY Change
Common Stock $168.7M $168.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.994M $14.61M $15.48M
YoY Change
Total Liabilities & Shareholders Equity $11.91M $18.12M $17.84M
YoY Change -15.05% 1.56% 100.04%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$5.411M -$5.100M -$5.045M
YoY Change 12.24% 1.09% 85.61%
Depreciation, Depletion And Amortization $41.00K $42.00K $52.00K
YoY Change -25.45% -19.23% 15.56%
Cash From Operating Activities -$5.843M -$4.000M -$4.278M
YoY Change 74.73% -6.5% 81.27%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 16.02M
YoY Change
NET CHANGE
Cash From Operating Activities -5.843M -4.000M -4.278M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 0.000 16.02M
Net Change In Cash -5.843M 12.47M -4.278M
YoY Change 74.73% -391.51% 68.89%
FREE CASH FLOW
Cash From Operating Activities -$5.843M -$4.000M -$4.278M
Capital Expenditures $0.00
Free Cash Flow -$4.278M
YoY Change 68.89%

Facts In Submission

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CY2022Q3 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Use of Estimates </div></div><div style="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;">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 </div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">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, foreign currency translation due to certain average exchange rates applied in lieu of spot rates on transaction dates, and accrued research and development expenses. 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, <div style="display:inline;">the</div> Company’s future results of operations will be affected. </div>
CY2022Q3 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;">Concentrations of Risk </div></div><div style="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>
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
42820593
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
845159
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-5100000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-5000000
CY2022Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4000000
CY2021Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4300000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16500000
CY2022Q3 us-gaap Due From Banks
DueFromBanks
16534000
CY2022Q2 us-gaap Due From Banks
DueFromBanks
4062000
CY2022Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
13000
CY2022Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
14000
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
16547000
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4076000
CY2022Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
643000
CY2022Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
871000
CY2022Q3 bntc Market Value Of Listed Shares
MarketValueOfListedShares
7000
CY2022Q2 bntc Market Value Of Listed Shares
MarketValueOfListedShares
5000
CY2022Q3 us-gaap Other Assets
OtherAssets
650000
CY2022Q2 us-gaap Other Assets
OtherAssets
876000
CY2022Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
119000
CY2022Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
135000
CY2022Q3 us-gaap Other Assets Current
OtherAssetsCurrent
531000
CY2022Q2 us-gaap Other Assets Current
OtherAssetsCurrent
741000
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1403000
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1404000
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1224000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1182000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
179000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
222000
CY2022Q3 us-gaap Depreciation
Depreciation
42000
CY2021Q3 us-gaap Depreciation
Depreciation
52000
CY2022Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
608000
CY2022Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
422000
CY2022Q3 bntc Accrued Licence Fees Current
AccruedLicenceFeesCurrent
112000
CY2022Q2 bntc Accrued Licence Fees Current
AccruedLicenceFeesCurrent
120000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
0
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
131000
CY2022Q3 bntc Accrued Opmd Project Costs Current
AccruedOpmdProjectCostsCurrent
-1194000
CY2022Q2 bntc Accrued Opmd Project Costs Current
AccruedOpmdProjectCostsCurrent
-1089000
CY2022Q3 bntc Accrued Consultant Fees Current
AccruedConsultantFeesCurrent
3000
CY2022Q2 bntc Accrued Consultant Fees Current
AccruedConsultantFeesCurrent
47000
CY2022Q3 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
323000
CY2022Q2 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
0
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
128000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
71000
CY2022Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
2368000
CY2022Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
1880000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
771000
CY2022Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
60000
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
711000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
811000
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
62000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
749000
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
491000
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
258000
CY2022Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P2Y8M15D
CY2022Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0467
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
214000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
295000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
291000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
800000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
51000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
749000
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
107095
CY2022Q2 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Outstanding
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsOutstanding
10.5
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
42088194
CY2022Q3 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Outstanding
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsOutstanding
0.49
CY2022Q3 bntc Class Of Warrants Or Rights Excercisable
ClassOfWarrantsOrRightsExcercisable
12278723
CY2022Q3 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Excercisable
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsExcercisable
0.09
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.66
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
42088194
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
302000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
271000
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
400000

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