Benitec Biopharma Inc. (NASDAQ: BNTC) stock declined by 1.54% at last close while the BNTC stock price plunged by 9.69% in the after-hours trading session. Benitec Biopharma, based in Hayward, California, is a development-stage biotechnology business focused on the advancement of innovative genetic therapies.
BNTC stock’ Financial Highlights
On Nov 15, 2021, Benitec Biopharma announced its financial results for the first quarter of 2022. The summary is stated below:
- Net revenue for the first quarter of 2022 was $0, relative to $55,000 in the first quarter of 2021. The current period’s decline in client revenues is related to a decrease in licensing and royalty revenues.
- Total Operating Expenses for the quarter ending September 30, 2021, were $4.8 million, compared to $2.7 million for the same time in 2020.
- Benitec paid $0 and $134 thousand in royalties and license fees for the periods ending September 30, 2021, and 2020, correspondingly.
- The Company spent $2.8 million and $0.8 million on research and development during the first quarter of 2022 and 2021, respectively. The rise in research and development costs is mostly due to the start of Charles River Laboratories’ BB-301 GLP Toxicology and Biodistribution Study in big animals.
- For the first quarter of 2022 and 2021 general and administrative expenses were $2.0 million and $1.8 million, respectively. Small increases in insurance expenses, consultant fees, and legal and accounting fees contributed to the rise.
Jerel A. Banks Executive Chairman and CEO of Benitec Biopharma stated that,
The team is continuing to focus on the essential development operations that will guarantee that BB-301 is progressed to the first-in-human trial. Their major mission has always been and will remain to enhance the lives of individuals with genetic illnesses for which there are no cures. They feel that the start of the Phase 1b/2a research is vital for patients with Oculopharyngeal Muscular Dystrophy and that it is a significant step toward their long-term objectives as a firm.
