Benitec Biopharma Inc. Reports Net Loss of $19.56 Million for Fiscal Year 2023
Company Generates $75,000 in Revenue Amidst Challenging Financial Year
Benitec Biopharma Inc.(BNTC), a biotechnology company sp ecializing in RNA interference (RNAi) therapies, has released its consolidated financial statements for the fiscal year ending June 30, 2023. The report reveals a net loss of $19.56 million, demonstrating the challenges faced by the company during the past year. Despite these difficulties, Benitec Biopharma managed to generate $75,000 in revenue.
Consolidated Balance Sheets
Current Assets Decline
The consolidated balance sheets as of June 30, 2023, show a notable decline in current assets compared to the previous year. Cash and cash equivalents dropped from $4.06 million in 2022 to $2.48 million in 2023. Restricted cash decreased slightly from $14,000 to $13,000, while trade and other receivables fell from $3,000 to just $55,000. Prepaid and other assets increased from $741,000 to $1.18 million. In total, current assets decreased to $3.73 million in 2023 from $4.82 million in 2022.
Other Assets and Liabilities
Property and equipment, net, decreased significantly from $222,000 to $87,000. Deposits remained stable at $25,000, while other assets decreased from $135,000 to $97,000. Right-of-use assets also declined from $771,000 to $526,000.
Current Liabilities
The company's current liabilities, including trade and other payables, accrued employee benefits, and current lease liabilities, increased from $2.53 million in 2022 to $3.98 million in 2023.
Total Liabilities
Total liabilities increased to $4.26 million in 2023 from $3.09 million in 2022.
Consolidated Statements of Operations and Comprehensive Loss
Revenue Growth
Benitec Biopharma reported total revenues of $75,000 for the fiscal year 2023, compared to $73,000 in the previous year. Licensing revenues from customers remained stable at $75,000.
Operating Expenses
Operating expenses for the year amounted to $19.16 million, an increase from $17.93 million in the previous year. These expenses included royalties and license fees, research and development costs, and general and administrative expenses.
Net Loss
The company reported a net loss of $19.56 million for the fiscal year 2023, compared to a net loss of $18.21 million in the prior year.
Other Comprehensive Income
In addition to the net loss, Benitec Biopharma reported other comprehensive income of $415,000, primarily driven by unrealized foreign currency translation gains.
Total Comprehensive Loss
The total comprehensive loss for the fiscal year 2023 amounted to $19.15 million, compared to $17.99 million in the previous year.
Benitec Biopharma Inc. faced significant financial challenges during the fiscal year 2023, resulting in a net loss of $19.56 million. However, the company managed to maintain stable revenue generation, reporting $75,000 in revenue. These financial results underscore the importance of the company's ongoing efforts to manage its expenses while pursuing its innovative RNA interference therapies.
