Benitec Biopharma Inc. reported its financial results for the three months ended September 30, 2024, showing a net loss of $5.1 million, a decrease from a net loss of $6.0 million in the same period of 2023. The company’s total operating expenses slightly decreased to $5.8 million from $5.9 million year-over-year. Research and development expenses fell to $3.6 million from $4.4 million, reflecting ongoing clinical development efforts for its lead product candidate, BB-301, aimed at treating Oculopharyngeal Muscular Dystrophy (OPMD). In contrast, general and administrative expenses increased to $2.2 million from $1.6 million, attributed to higher share-based compensation and corporate costs related to an At-the-Market offering.

Benitec's cash and cash equivalents rose significantly to $67.8 million as of September 30, 2024, compared to $50.9 million at the end of the previous quarter and $25.9 million a year earlier. This increase was bolstered by $21.7 million in net cash provided by financing activities during the quarter, primarily from the exercise of warrants, although this was lower than the $27.9 million raised in the same quarter of 2023. The company has not generated any revenue from product sales, and no licensing fees were recognized for the periods ended September 30, 2024, and 2023.

The company’s total assets increased to $68.8 million from $52.2 million at the end of June 2024, with total stockholders’ equity rising to $64.2 million from $47.2 million. The increase in additional paid-in capital to $260.5 million from $238.4 million reflects ongoing financing activities.

Strategically, Benitec completed a PIPE financing on April 22, 2024, raising $40 million by selling shares at $4.80 each. The company also entered into a Sales Agreement with Leerink Partners LLC on October 11, 2024, to offer up to $75 million in common stock. The company continues to focus on advancing BB-301 through clinical trials, having received FDA clearance for its IND application in June 2023, with the first subject treated in November 2023.

As of September 30, 2024, Benitec had 23,216,425 shares of common stock outstanding and reported a cumulative loss of $195 million since its inception. The company anticipates continued operating losses as it progresses with its clinical programs and seeks additional financing to support its operations.