$BNTC
Benitec Biopharma Inc.

2023 Q4 Form 10-Q Financial Statement

#000119312523275377 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue $1.000K -$106.0K
YoY Change
Gross Profit -$1.000K $106.0K
YoY Change
Gross Profit Margin
Selling, General & Admin $1.824M $1.551M
YoY Change -2.09% -19.22%
% of Gross Profit 1463.21%
Research & Development $5.102M $4.429M
YoY Change 35.66% 66.5%
% of Gross Profit 4178.3%
Depreciation & Amortization $17.00K $19.00K
YoY Change -58.54% -54.76%
% of Gross Profit 17.92%
Operating Expenses $6.927M $5.874M
YoY Change 23.17% 28.25%
Operating Profit -$6.927M -$5.874M
YoY Change 23.48% 28.25%
Interest Expense -$6.000K -$6.000K
YoY Change -33.33% -33.33%
% of Operating Profit
Other Income/Expense, Net $129.0K -$80.00K
YoY Change -35.18% -84.41%
Pretax Income -$6.798M -$5.954M
YoY Change 25.63% 16.91%
Income Tax
% Of Pretax Income
Net Earnings -$6.798M -$6.000M
YoY Change 25.63% 17.65%
Net Earnings / Revenue
Basic Earnings Per Share -$2.64 -$2.76
Diluted Earnings Per Share -$2.64 -$2.76
COMMON SHARES
Basic Shares Outstanding 2.572M 2.547M
Diluted Shares Outstanding 2.576M 2.157M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.37M $25.86M
YoY Change 93.36% 56.43%
Cash & Equivalents $20.40M $25.90M
Short-Term Investments
Other Short-Term Assets $355.0K $482.0K
YoY Change -0.28% -9.23%
Inventory
Prepaid Expenses $435.0K $565.0K
Receivables $53.00K $53.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $20.80M $26.41M
YoY Change 89.49% 54.63%
LONG-TERM ASSETS
Property, Plant & Equipment $51.00K $68.00K
YoY Change -63.31% -62.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $81.00K $85.00K
YoY Change -30.17% -28.57%
Total Long-Term Assets $557.0K $641.0K
YoY Change -40.11% -38.01%
TOTAL ASSETS
Total Short-Term Assets $20.80M $26.41M
Total Long-Term Assets $557.0K $641.0K
Total Assets $21.35M $27.05M
YoY Change 79.36% 49.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.619M $1.528M
YoY Change 393.22% 151.32%
Accrued Expenses $3.053M $2.966M
YoY Change 59.26% 30.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.746M $4.534M
YoY Change 130.86% 50.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $137.0K $211.0K
YoY Change -67.54% -57.03%
Total Long-Term Liabilities $137.0K $211.0K
YoY Change -67.54% -57.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.746M $4.534M
Total Long-Term Liabilities $137.0K $211.0K
Total Liabilities $5.883M $4.745M
YoY Change 102.1% 35.49%
SHAREHOLDERS EQUITY
Retained Earnings -$180.6M -$173.8M
YoY Change 13.73% 13.31%
Common Stock $197.1M $196.9M
YoY Change 16.8% 16.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.47M $22.31M
YoY Change
Total Liabilities & Shareholders Equity $21.35M $27.05M
YoY Change 79.36% 49.34%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$6.798M -$6.000M
YoY Change 25.63% 17.65%
Depreciation, Depletion And Amortization $17.00K $19.00K
YoY Change -58.54% -54.76%
Cash From Operating Activities -$5.365M -$4.600M
YoY Change -8.18% 15.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 39.00K 27.92M
YoY Change 74.33%
NET CHANGE
Cash From Operating Activities -5.365M -4.600M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 39.00K 27.92M
Net Change In Cash -5.326M 23.39M
YoY Change -8.85% 87.53%
FREE CASH FLOW
Cash From Operating Activities -$5.365M -$4.600M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023Q3 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: 12pt; 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-size: 8pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-size: 8pt; letter-spacing: 0px; top: 0px;;display:inline;"></div></div> <div style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font-family: Times New Roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">consolidated financial statements include the estimates of useful lives of property and equipment, valuation of the operating lease liability and related right-of-use asset, valuation of equity-based instruments issued for other than cash, the valuation allowance on deferred tax assets, and accrued research and development expense. 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></div>
CY2023Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;">Concentrations of Risk </div></div> <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;">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 Net Income Loss
NetIncomeLoss
-5100000
CY2023Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4600000
CY2022Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4000000
CY2023Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
13000
CY2023Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
13000
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33584433
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2456032
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-6000000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
25900000
CY2023Q3 us-gaap Due From Banks
DueFromBanks
25864000
CY2023Q2 us-gaap Due From Banks
DueFromBanks
2477000
CY2023Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
13000
CY2023Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
13000
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
25877000
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2490000
CY2023Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
565000
CY2023Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1280000
CY2023Q3 bntc Market Value Of Listed Shares
MarketValueOfListedShares
2000
CY2023Q2 bntc Market Value Of Listed Shares
MarketValueOfListedShares
1000
CY2023Q3 us-gaap Other Assets
OtherAssets
567000
CY2023Q2 us-gaap Other Assets
OtherAssets
1281000
CY2023Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
85000
CY2023Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
97000
CY2023Q3 us-gaap Other Assets Current
OtherAssetsCurrent
482000
CY2023Q2 us-gaap Other Assets Current
OtherAssetsCurrent
1184000
CY2023Q3 bntc Accrued Consultant Fees Current
AccruedConsultantFeesCurrent
61000
CY2023Q2 bntc Accrued Clinical Development Project Costs
AccruedClinicalDevelopmentProjectCosts
-1750000
CY2023Q2 bntc Accrued Consultant Fees Current
AccruedConsultantFeesCurrent
88000
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1404000
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1405000
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1336000
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1318000
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
68000
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
87000
CY2023Q3 us-gaap Depreciation
Depreciation
19000
CY2022Q3 us-gaap Depreciation
Depreciation
42000
CY2023Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
1528000
CY2023Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
1140000
CY2023Q3 bntc Accrued Licence Fees Current
AccruedLicenceFeesCurrent
2000
CY2023Q2 bntc Accrued Licence Fees Current
AccruedLicenceFeesCurrent
109000
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
49000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
75000
CY2023Q3 bntc Accrued Clinical Development Project Costs
AccruedClinicalDevelopmentProjectCosts
-2088000
CY2023Q3 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
26000
CY2023Q2 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
0
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
40000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
69000
CY2023Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
3794000
CY2023Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
3231000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
526000
CY2023Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
63000
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
463000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
559000
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
68000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
491000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
211000
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
280000
CY2023Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P1Y8M15D
CY2023Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0467
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
221000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
291000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
512000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
21000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
491000
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.22
CY2023Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
1.9299
CY2023Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
27900000
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
33476440
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2348039
CY2023Q2 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Outstanding
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsOutstanding
1.92
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
33476440
CY2023Q3 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Outstanding
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsOutstanding
1.98
CY2023Q3 bntc Class Of Warrants Or Rights Excercisable
ClassOfWarrantsOrRightsExcercisable
33476440
CY2023Q3 bntc Weighted Average Exercise Price Of Class Of Warrants Or Rights Excercisable
WeightedAverageExercisePriceOfClassOfWarrantsOrRightsExcercisable
1.98
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
91000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
302000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
300000

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