$BNTC
Benitec Biopharma Inc.

2023 Q1 Form 10-Q Financial Statement

#000119312523034339 Filed on February 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $54.00K $14.00K $25.00K
YoY Change 12.5% -44.0% 2400.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $25.00K
YoY Change 25.0%
Gross Profit Margin 100.0%
Selling, General & Admin $1.228M $1.863M $1.714M
YoY Change -8.15% 8.69% -18.77%
% of Gross Profit 6856.0%
Research & Development $3.167M $3.761M $3.146M
YoY Change 45.88% 19.55% 169.35%
% of Gross Profit 12584.0%
Depreciation & Amortization $32.00K $41.00K $55.00K
YoY Change -40.74% -25.45% -17.91%
% of Gross Profit 220.0%
Operating Expenses $4.395M $5.624M $4.860M
YoY Change 25.29% 15.72% 49.08%
Operating Profit -$4.341M -$5.610M -$4.835M
YoY Change 25.46% 16.03% 48.36%
Interest Expense -$7.000K -$9.000K $14.00K
YoY Change -103.27% -164.29% -800.0%
% of Operating Profit
Other Income/Expense, Net -$56.00K $199.0K $0.00
YoY Change 93.1% -100.0%
Pretax Income -$4.397M -$5.411M -$4.821M
YoY Change 34.26% 12.24% 48.34%
Income Tax
% Of Pretax Income
Net Earnings -$4.397M -$5.411M -$4.821M
YoY Change 34.26% 12.24% 48.25%
Net Earnings / Revenue -8142.59% -38650.0% -19284.0%
Basic Earnings Per Share -$0.16 -$0.20 -$0.59
Diluted Earnings Per Share -$0.16 -$0.20 -$590.0K
COMMON SHARES
Basic Shares Outstanding 27.98M 27.98M 8.172M
Diluted Shares Outstanding 27.98M 27.56M 8.172M

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.551M $10.54M $12.33M
YoY Change -24.09% -14.53% -12.0%
Cash & Equivalents $6.600M $10.50M $12.34M
Short-Term Investments
Other Short-Term Assets $774.0K $356.0K $338.0K
YoY Change 275.73% 5.33% -3.98%
Inventory
Prepaid Expenses $332.0K $468.0K
Receivables $56.00K $68.00K $5.000K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.395M $10.98M $12.67M
YoY Change -16.36% -13.39% -11.9%
LONG-TERM ASSETS
Property, Plant & Equipment $106.0K $139.0K $1.156M
YoY Change -89.83% -87.98% 89.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $105.0K $116.0K $186.0K
YoY Change -41.99% -37.63% -11.43%
Total Long-Term Assets $825.0K $930.0K $1.342M
YoY Change -32.54% -30.7% 18.87%
TOTAL ASSETS
Total Short-Term Assets $7.395M $10.98M $12.67M
Total Long-Term Assets $825.0K $930.0K $1.342M
Total Assets $8.220M $11.91M $14.01M
YoY Change -18.32% -15.05% -9.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $635.0K $531.0K $682.0K
YoY Change 535.0% -22.14% 657.78%
Accrued Expenses $2.482M $1.917M $1.575M
YoY Change 41.59% 21.71% 162.5%
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 $3.153M $2.489M $2.480M
YoY Change 65.17% 0.36% 218.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $354.0K $422.0K $698.0K
YoY Change -44.25% -39.54% 534.55%
Total Long-Term Liabilities $354.0K $422.0K $698.0K
YoY Change -44.25% -39.54% 534.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.153M $2.489M $2.480M
Total Long-Term Liabilities $354.0K $422.0K $698.0K
Total Liabilities $3.507M $2.911M $3.178M
YoY Change 37.85% -8.4% 258.29%
SHAREHOLDERS EQUITY
Retained Earnings -$163.2M -$158.8M
YoY Change
Common Stock $168.8M $168.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.713M $8.994M $10.84M
YoY Change
Total Liabilities & Shareholders Equity $8.220M $11.91M $14.01M
YoY Change -18.32% -15.05% -9.66%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income -$4.397M -$5.411M -$4.821M
YoY Change 34.26% 12.24% 48.25%
Depreciation, Depletion And Amortization $32.00K $41.00K $55.00K
YoY Change -40.74% -25.45% -17.91%
Cash From Operating Activities -$4.029M -$5.843M -$3.344M
YoY Change 17.74% 74.73% 0.42%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -4.029M -5.843M -3.344M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -4.029M -5.843M -3.344M
YoY Change 17.74% 74.73% -152.74%
FREE CASH FLOW
Cash From Operating Activities -$4.029M -$5.843M -$3.344M
Capital Expenditures $0.00
Free Cash Flow -$3.344M
YoY Change 6.16%

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bntc Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
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bntc Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-96000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9888000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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bntc Proceeds From Issuance Of Common Stock Pre Funded Warrants And Common Warrants
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17884000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1869000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
16015000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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348000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
182000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6475000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4076000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19783000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10551000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12343000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
794000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2019-11-22
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Use of Estimates </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 style="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">consolidated financial statements include the estimates of useful lives of property and equipment, valuation of the operating lease liability and <div style="letter-spacing: 0px; top: 0px;;display:inline;">relate</div>d <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, the Company’s future results of operations will be affected. </div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Concentrations of Risk </div><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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40684965
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
871000
CY2022Q4 bntc Market Value Of Listed Shares
MarketValueOfListedShares
4000
CY2022Q2 bntc Market Value Of Listed Shares
MarketValueOfListedShares
5000
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AccruedLegalFeesCurrent
259000
CY2022Q2 bntc Accrued Legal Fees Current
AccruedLegalFeesCurrent
0
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
-9900000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9900000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10500000
CY2022Q4 us-gaap Due From Banks
DueFromBanks
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DueFromBanks
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RestrictedCashCurrent
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RestrictedCashCurrent
14000
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10551000
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4076000
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PrepaidExpenseCurrent
468000
CY2022Q4 bntc Accrued Licence Fees Current
AccruedLicenceFeesCurrent
118000
CY2022Q2 bntc Accrued Licence Fees Current
AccruedLicenceFeesCurrent
120000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
0
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AccruedProfessionalFeesCurrent
131000
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AccruedOpmdProjectCostsCurrent
-825000
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AccruedOpmdProjectCostsCurrent
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CY2022Q4 us-gaap Other Assets
OtherAssets
472000
CY2022Q2 us-gaap Other Assets
OtherAssets
876000
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
116000
CY2022Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
135000
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
356000
CY2022Q2 us-gaap Other Assets Current
OtherAssetsCurrent
741000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1404000
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1404000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1265000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1182000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
139000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
222000
CY2022Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
41000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
83000
CY2021Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
55000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
107000
CY2022Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
531000
CY2022Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
422000
CY2022Q4 bntc Accrued Consultant Fees Current
AccruedConsultantFeesCurrent
56000
CY2022Q2 bntc Accrued Consultant Fees Current
AccruedConsultantFeesCurrent
47000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
41000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
71000
CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
1830000
CY2022Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
1880000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
771000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
121000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
650000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
811000
us-gaap Operating Lease Payments
OperatingLeasePayments
126000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
685000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
422000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
263000
CY2022Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P2Y5M12D
CY2022Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0467
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
289000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
300000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
138000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
727000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
42000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
685000
CY2022Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2021Q4 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
CY2022Q4 bntc Class Of Warrant Or Rights Exercised
ClassOfWarrantOrRightsExercised
2171628
CY2022Q4 bntc Weightedaverageexercisepriceofclassofwarrantsorrightsexercised
Weightedaverageexercisepriceofclassofwarrantsorrightsexercised
0.0001
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39916566
CY2022Q4 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Outstanding
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsOutstanding
0.52
CY2022Q4 bntc Class Of Warrants Or Rights Excercisable
ClassOfWarrantsOrRightsExcercisable
39916566
CY2022Q4 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Excercisable
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsExcercisable
0.52
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.66
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39916566
CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
-48000
CY2021Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
239000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
254000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
510000
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
300000
CY2022Q3 bntc Allocated Share Based Compensation Expenses Overstated
AllocatedShareBasedCompensationExpensesOverstated
167000

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