Benitec Biopharma reported minimal quarterly revenue in QQ3 2024 and continued to incur substantial operating losses, underscoring the company’s pre-commercial status. Revenue for the quarter was $6,000, down -88.89% year over year from $54,000 in QQ3 2023, and gross profit was negative at -$84,000, yielding a gross margin of -14%. The company generated an operating loss of -$4.144 million and a net loss of -$4.279 million, or -$0.82 per share, as R&D and SG&A expenses remained elevated while revenue stayed scarce. Despite the top-line weakness, Benitec maintains a liquidity buffer with approximately $14.16 million in cash and equivalents and a modest total debt footprint, resulting in a net cash position of about -$13.80 million (net debt negative). The operating cash burn for the quarter was -$6.238 million, contributing to a free cash flow of -$6.418 million. Balance sheet metrics show a robust current ratio (~4.18) and limited near-term liabilities, but the company carries a substantial accumulated deficit (-$184.92 million) and ongoing dependence on external financing to fund its R&D program. Absent a meaningful improvement in top-line commercialization or a strategic partnership/licensing deal, the near-term outlook hinges on pipeline progress (BB301 for oculopharyngeal muscular dystrophy; BB103 for chronic hepatitis B) and the ability to secure additional funding. Management commentary for QQ3 2024 is not included in the provided dataset, so direct quotes from the earnings call are not available for incorporation.
Key Performance Indicators
Revenue
6.00K
QoQ: N/A | YoY:-88.89%
Gross Profit
-84.00K
-14.00% margin
QoQ: -8 300.00% | YoY:-255.56%
Operating Income
-4.14M
QoQ: 40.18% | YoY:4.54%
Net Income
-4.28M
QoQ: 37.06% | YoY:2.68%
EPS
-0.82
QoQ: 37.88% | YoY:69.29%
Revenue Trend
Margin Analysis
Key Insights
Revenue: $6,000 (Q3 2024) | YoY change: -88.89% (vs Q3 2023, $54,000) | QoQ: Not available from the provided data
Net Income: -$4,279,000 | Net Margin: -713.17% | YoY change: +2.68% (improvement vs prior year)
EPS (Diluted): -$0.82 | YoY EPS change: +69.29%
Financial Highlights
- Revenue: $6,000 (Q3 2024) | YoY change: -88.89% (vs Q3 2023, $54,000) | QoQ: Not available from the provided data
- Gross Profit: -$84,000 | Gross Margin: -14.00% | YoY Gross Profit change: -255.56% (Q3 2023 gross profit $54,000)
- Operating Income: -$4,144,000 | Operating Margin: -690.67% | YoY change: +4.54% (improvement vs prior year)
- Net Income: -$4,279,000 | Net Margin: -713.17% | YoY change: +2.68% (improvement vs prior year)
- EPS (Diluted): -$0.82 | YoY EPS change: +69.29%
- Cash from operations: -$6,237,701 | Free cash flow: -$6,417,125
- Cash at end of period: $14,156,000 | Total debt: $354,000 | Net debt: -$13,802,000
- Current ratio: 4.18 | Quick ratio: 4.18 | Cash burn rate suggests limited runway absent additional financing
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
6.00K
-88.89%
N/A
Gross Profit
-84.00K
-255.56%
-8 300.00%
Operating Income
-4.14M
4.54%
40.18%
Net Income
-4.28M
2.68%
37.06%
EPS
-0.82
69.29%
37.88%
Key Financial Ratios
currentRatio
4.18
grossProfitMargin
-1400%
operatingProfitMargin
-69067%
netProfitMargin
-71317%
returnOnAssets
-28.5%
returnOnEquity
-37.2%
debtEquityRatio
0.03
operatingCashFlowPerShare
$-0.6
freeCashFlowPerShare
$-0.62
priceToBookRatio
4.63
priceEarningsRatio
-3.11
Net Income vs. Revenue
Expense Breakdown
Management Commentary
Transcript data not provided in the input. No earnings-call quotes available to group by strategy, operations, or market conditions.
Transcript not available in the provided data.
— N/A
Transcript not available in the provided data.
— N/A
Forward Guidance
No explicit forward guidance was issued in the provided QQ3 2024 filings. Given the company’s cash runway (~$14.2 million) and ongoing high R&D spend with minimal revenue, investors should monitor: 1) pipeline progress for BB301 (OPMD) and BB103 (HBV) and any milestones that could trigger collaboration or licensing discussions; 2) potential strategic partnerships or licensing arrangements to monetize the pipeline; 3) additional fundraising avenues or equity/debt financing to sustain operations; 4) any early safety signals or ancillary data that could influence value realization. Management commentary, if released separately, could provide more color on timelines, partner discussions, and potential catalysts that would affect achievability of near-term milestones.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
BNTC Focus
-14.00%
-690.67%
-37.20%
-3.11%
PULM
75.70%
-2.25%
-19.00%
-49.10%
AKTX
0.00%
0.00%
43.20%
-0.31%
SONN
0.00%
0.00%
-1.34%
-33.40%
GYRE
96.20%
16.60%
7.92%
53.66%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Given the QQ3 2024 results, Benitec Biopharma remains in a high-burn, pre-commercial phase. The company’s liquidity position is solid relative to its current liabilities and debt, but the lack of revenue and persistent losses create a fragile runway without securing strategic partnerships or licensing deals tied to its BB301 and BB103 programs. The investment thesis hinges on pipeline progress and the ability to monetize through partnerships or upfront licensing revenues. If management communicates clear catalysts (milestones, milestones-based funding, or partner negotiations) and the company can extend its cash runway or secure non-dilutive financing, the outlook could shift toward a value-creation path. Absent near-term catalysts, the stock remains high-risk with substantial downside given the current burn and lack of revenue. Investors should remain cautious and monitor upcoming pipeline updates, potential collaboration talks, and any new financing arrangements that could materially alter the risk-reward profile.
Key Investment Factors
Growth Potential
Significant optionality lies in the BB301 and BB103 programs. Successful advancement to pivotal milestones or favorable partnering/licensing discussions could unlock non-dilutive or dilutive funding and potential upfronts/milestones. If BB301 demonstrates clinical signals or BB103 secures an HBV-related milestone, collaboration or licensing deals could transform the revenue and profitability trajectory.
Profitability Risk
Primary risks include continued lack of product revenue, high annual burn without visible near-term milestones, dependence on external financing, potential clinical/regulatory setbacks in BB301 and BB103, and competitive pressures in gene therapy and RNA interference spaces. Equity market conditions could constrain fundraising and exacerbate dilution.
Financial Position
Liquid balance sheet with ~$14.2 million in cash and equivalents and low debt (short-term debt ~$584k; total debt ~$354k). Net debt is negative by ~$13.8 million, reflecting a cash-rich position relative to modest liabilities. However, accumulated deficits (-$184.92 million) and negative free cash flow indicate ongoing capital burn without revenue, underscoring the need for strategic financing or monetization of the pipeline.
SWOT Analysis
Strengths
Healthy liquidity headroom with ~$14.2M cash and equivalents and a minimal debt burden (~$0.35M)
Very favorable current ratio (~4.18) and solid working capital cushion
Clear long-term pipeline (BB301 for OPMD; BB103 for HBV) with potential partnership/licensing opportunities
Low near-term cash outflows relative to some peers due to cost structure
Weaknesses
No meaningful revenue in QQ3 2024 leading to persistent operating losses
Significant accumulated deficit (-$184.92M) and reliance on external funding for ongoing R&D
No earnings call transcript provided in the dataset limiting qualitative management insights
Very high burn rate with limited visibility on near-term revenue milestones
Opportunities
Potential value inflection if BB301/BB103 milestones are achieved or if licensing agreements materialize
Strategic partnerships could de-risk financing and provide upfront/cipeline milestones
Advancement into clinical milestones may attract non-dilutive funding or better equity financing terms
Threats
Clinical/regulatory risk inherent to gene therapy and RNAi programs
Funding and dilution risk if milestones are delayed or fail
Competitive landscape in biotechnology with many late-stage programs and potential partnerships with larger pharma
Macro funding environment could constrain capital raises and increase cost of capital