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Benitec Biopharma Inc. (BNTC+4.17%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $5.1 million, compared to $6.0 million in the same quarter the previous year. Operating expenses totaled $5.8 million, slightly down from $5.9 million in the previous year.
Research and development expenses were $3.6 million, a decrease from $4.4 million in the previous year, attributed to the timing of contract manufacturing activity and payments for the OPMD studies.
General and administrative expenses increased to $2.2 million from $1.6 million, primarily due to increased share-based compensation and legal fees related to an At-the-Market offering.
Cash and cash equivalents were reported at $67.8 million as of September 30, 2024, with net cash provided by financing activities amounting to $21.7 million.
Benitec's lead product candidate, BB-301, is under development for the treatment of Oculopharyngeal Muscular Dystrophy (OPMD). The company reported positive interim clinical trial data for BB-301, with significant clinical benefits observed in subjects.
The company continues to focus on its proprietary 'silence and replace' technology, which combines RNA interference with gene therapy to target genetic disorders.
Benitec anticipates the need for additional financing to progress its product candidates, with cash reserves expected to fund operations for at least the next twelve months.
The filing also details risks and uncertainties, including the need for additional financing, potential competition, and the impact of economic conditions on operations.
Benitec has entered into a Sales Agreement with Leerink Partners LLC for an at-the-market offering of up to $75 million in common stock.
The company acknowledges a material weakness in its internal controls over financial reporting and plans to remediate this with additional accounting expertise.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Benitec Biopharma Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.