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Benitec Biopharma Inc. (BNTC+3.33%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing no revenue from product sales. Licensing revenues were also not recorded for the period.
Operating expenses for the quarter totaled $8.6 million, with research and development expenses accounting for $5.1 million. General and administrative expenses were $3.5 million.
The company reported a net loss of $7.4 million for the quarter, compared to a net loss of $6.8 million in the same period the previous year.
Benitec Biopharma's cash and cash equivalents increased to $78.3 million as of December 31, 2024, due to financing activities including warrant exercises.
The company continues to focus on the development of its lead product candidate, BB-301, a genetic medicine for Oculopharyngeal Muscular Dystrophy (OPMD).
BB-301 has been granted Orphan Drug Designation in the United States and the European Union. The company is conducting a Phase 1b/2a clinical trial for BB-301.
Benitec Biopharma's management has identified a material weakness in its internal controls over financial reporting, which it is working to remediate.
The company anticipates the need for additional financing to continue its operations and advance its product candidates through key development stages.
Benitec Biopharma operates in a competitive biotechnology industry, focusing on the development of novel genetic medicines using its proprietary technology platforms.
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 February 14, 2025. To report an error, please email earnings@qz.com.