Benitec Biopharma Inc. (NASDAQ: (BNTC) stock surged by 8.82% at last close while the BNTC stock-price gains by 0.49% in the pre-market trading session. Benitec Biopharma, based in Hayward, California, is a development-stage biotechnology firm focusing on the discovery of new genetic therapies.
BNTC stock’ Financial Highlights
Benitec Biopharma announced its financial outcomes for full year fiscal 2021. Given below is the summary:
- Net Revenues for the fiscal year ended June 30, 2021 were $59,000, opposed to $102,000 for the fiscal year ended June 30, 2020. The drop in customer revenues is attributable to the present year’s fall in licencing and royalty income.
- Total costs for the fiscal year ending June 30, 2021 were $13.7 million, compared to $8.4 million for the same time in 2020. The major business expenses include royalties and licence fees, research and development costs, and general and administrative costs.
- In fiscal 2021, the deficit from operations was $13.9 million, relative to $8.3 million in fiscal 2020. The Company has $19.8 million in cash and cash equivalents at the end of fiscal year 2021.
Updates on the Company,
- The Company reported the completion of an underwritten public offering of ordinary stock and common stock equivalents on April 30, 2021. (The “April 2021 Capital Raise”). The offering netted the Company about $12.7 million in net revenues and about $14.3 million in net earnings.
- The Company announced the conclusion of an underwritten public offering of ordinary stock and common stock equivalents on October 6, 2020. (The “October 2020 Capital Raise”). The Company earned about $11.5 million in gross funds and $9.9 million in net earnings from the transaction.
Jerel A. Banks, Executive Chairman and CEO of Benitec Biopharma stated,
Their company has made great strides toward progressing BB-301 into clinical trials. You will continue to work to improve the lives of patients with Oculopharyngeal Muscular Dystrophy. They plan to use the ddRNAi system to address more fatal genetic diseases with large unmet medical needs in the near term.
