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Benitec Biopharma Inc., (BNTC) a leading biotechnology company , has released its consolidated financial statements for the first quarter of 2023. The company reported a net loss of $4.4 million for the quarter. However, it generated $54,000 in revenue during the same period. Let's take a closer look at the financial performance of Benitec Biopharma Inc. in Q1 2023.
Benitec Biopharma Inc. experienced a net loss of $4.4 million in the first quarter of 2023. This represents a decrease compared to the net loss of $3.3 million reported in the same quarter last year. Despite the loss, the company managed to generate $54,000 in revenue during the quarter, slightly higher than the $48,000 generated in the first quarter of the previous year.
As of March 31, 2023, Benitec Biopharma Inc. reported total assets of $8.2 million, an increase from $6.0 million reported on June 30, 2022. The company's current assets, including cash and cash equivalents, restricted cash, trade and other receivables, and prepaid and other assets, amounted to $7.4 million. Property and equipment, net, deposits, other assets, and right-of-use assets accounted for the remaining assets. On the liabilities and stockholders' equity side, Benitec Biopharma Inc. reported total liabilities of $3.5 million as of March 31, 2023, compared to $3.1 million on June 30, 2022. The company's current liabilities, including trade and other payables, accrued employee benefits, and current portion of lease liabilities, amounted to $3.2 million. Lease liabilities, less current portion, accounted for the non-current liabilities. The stockholders' equity was reported at $4.7 million, reflecting an increase from $2.9 million in the previous year.
During the three months ended March 31, 2023, Benitec Biopharma Inc. incurred operating expenses of $4.4 million. These expenses consisted of $3.2 million in research and development costs and $1.2 million in general and administrative expenses. The company reported a net loss of $4.4 million for the quarter, compared to a net loss of $3.3 million in the same period last year. Other income (loss), including foreign currency transaction gain (loss), interest expense, net, other income, net, and unrealized loss on investment, amounted to a net loss of $56,000.
In terms of earnings per share, Benitec Biopharma Inc. reported a loss of $0.16 per share for the first quarter of 2023, based on a weighted average number of shares outstanding of 27,981,161.
Benitec Biopharma Inc. faced a net loss of $4.4 million in the first quarter of 2023. However, the company managed to generate $54,000 in revenue during the same period. The company's financial statements indicate its ongoing investment in research and development efforts. Benitec Biopharma Inc. will continue to focus on advancing its biotechnology projects and striving for financial growth in the coming quarters.