Executive Summary
Benitec Biopharma reported a no-revenue QQ1 2025, with an operating loss driven by ongoing R&D and SG&A expenditure. Total operating expenses were $5.791 million, comprised of $3.585 million in R&D and $2.206 million in G&A, yielding an EBITDA of $(5.70) million and a net loss of $(5.059) million ($-0.48 per share). The company’s cash burn persisted, with operating cash flow of $(4.586) million, underscored by a modest change in working capital. Notably, Benitec secured a financing inflow of $21.655 million, which supported a cash balance of $67.905 million at period end and lifted the net cash position to a clearly net cash stance (net debt of $(67.63) million). The balance sheet reflects substantial liquidity, minimal liabilities, and no long-term debt, with a current ratio of 15.01 and stockholders’ equity of $64.18 million against retained earnings of $(195.32) million, signaling a pre-revenue company optimizing liquidity to advance pipeline work. The quarter’s result is characteristic of early-stage biotech peers: no revenue in QQ1 2025, significant R&D investment, and reliance on equity financing to fund operations until clinical milestones materialize. Going forward, the primary value driver remains the progression of BB301 (AAV-based gene therapy for oculopharyngeal muscular dystrophy) and BB103 for chronic hepatitis B virus infection, with potential upside from partnerships or licensing arrangements, should clinical readouts or regulatory milestones improve the risk/reward profile.
Key Performance Indicators
Key Insights
Revenue: N/A; Gross Profit: N/A; Operating Income: $(5.791) million; EBITDA: $(5.70) million; Net Income: $(5.059) million; EPS: $(0.48); Revenue per share: N/A; R&D Expenses: $3.585 million; General and Administrative Expenses: $2.206 million; SG&A (as reported): $2.206 million; Depreciation & Amortization: $0.091 million; Interest Expense: N/A; Weighted Average Shares Outstanding: 10,644,533; Operating Cash Flow: $(4.586) million; Free Cash Flow: $(4.586) million; Cash and Cash Equ...
Financial Highlights
Revenue: N/A; Gross Profit: N/A; Operating Income: $(5.791) million; EBITDA: $(5.70) million; Net Income: $(5.059) million; EPS: $(0.48); Revenue per share: N/A; R&D Expenses: $3.585 million; General and Administrative Expenses: $2.206 million; SG&A (as reported): $2.206 million; Depreciation & Amortization: $0.091 million; Interest Expense: N/A; Weighted Average Shares Outstanding: 10,644,533; Operating Cash Flow: $(4.586) million; Free Cash Flow: $(4.586) million; Cash and Cash Equivalents (end of period): $67.841 million; Cash at Beginning: $50.929 million; Net Cash Provided by Financing Activities: $21.655 million; Common Stock Issued: $21.655 million; Net Change in Cash: $16.976 million; Cash from Operations / Cash Burn: negative cash burn of $(4.586) million in the quarter; Current Assets: $68.335 million; Total Assets: $68.774 million; Total Current Liabilities: $4.553 million; Total Liabilities: $4.594 million; Shareholders’ Equity: $64.180 million; Retained Earnings: $(195.318) million; Total Debt: $0.211 million; Net Debt: $(67.63) million; Current Ratio: 15.01; Return on Assets (ROA): (−7.36)%; Return on Equity (ROE): (−7.88)%; Enterprise Value / M (EV): (−5.30)x; Price / Book Value (P/B): 1.524x; Price / Earnings (P/E): Not meaningful due to negative earnings; Cash per Share: $6.37; Operating Cash Flow per Share: $(0.431); Free Cash Flow per Share: $(0.431); Price / Operating Cash Flows Ratio: (−21.33)x.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-5.79M |
1.41% |
-4.38% |
| Net Income |
-5.06M |
15.03% |
-7.18% |
| EPS |
-0.48 |
65.22% |
17.24% |
Key Financial Ratios
operatingCashFlowPerShare
$-0.43
freeCashFlowPerShare
$-0.43
Management Commentary
Earnings call transcript not provided in the dataset for QQ1 2025. Key qualitative takeaways cannot be extracted from management quotes in the transcript. The analysis relies on the 10-Q financial data and company profile to infer strategic focus, notably continued investment in BB301 and BB103 and a liquidity-oriented funding approach to support pre-revenue pipeline development.
Forward Guidance
No explicit forward guidance was disclosed for QQ1 2025. Investors should monitor potential catalysts including: (1) clinical milestones or readouts for BB301 and BB103; (2) strategic partnership or licensing discussions; (3) updates on cost containment or operating efficiency; (4) any additional financing activities or equity issuances. Given a cash balance of approximately $67.9 million and no long-term debt, the company has liquidity to support ongoing R&D for multiple quarters absent revenue; however, further financing or milestone-driven inflows may be required to sustain operations if clinical timelines extend beyond the near term.