Benitec Biopharma reported a net loss of $9.0 million, or $0.22 per share, for the quarter ended September 30 2025. Total expenses rose to $9.8 million, up from $5.8 million a year earlier, while the company generated no revenue, consistent with its status as a development‑stage biotechnology firm.
Research and development spending fell slightly to $3.4 million from $3.6 million in the prior year, reflecting ongoing investment in the company’s gene‑therapy platform. General and administrative costs jumped to $6.4 million, driven largely by a $14.5 million increase in share‑based compensation recorded for the full 2025 year, rather than the quarter itself. The spike in G&A underscores the company’s focus on attracting and retaining talent as it advances its pipeline.
Benitec also completed a $100 million equity offering on November 5 2025, pricing shares at $13.50 each. The offering comprised 5,930,000 shares underwritten by a syndicate and 1,481,481 shares sold in a registered direct offering. The proceeds extend the company’s cash runway to at least 12 months, providing a financial cushion for continued clinical development.
In clinical news, the first patient of Cohort 2 in the Phase 1b/2a BB‑301 trial was treated in the fourth quarter of 2025, following a 100 % responder rate reported for Cohort 1. BB‑301 also received Fast Track designation from the FDA, positioning the program for accelerated review and potential market entry.
Earnings per share of $0.22 beat the revised consensus estimate of $0.29 set by Leerink Partners, a lift of $0.07 or 24 %. While the company did not provide forward guidance, the earnings beat signals that cost controls and disciplined spending are holding despite the lack of revenue.
The equity offering was priced at a discount to the prior closing price, a factor that typically influences market sentiment. Investors have noted the dilution effect, but the company’s strong clinical milestones and substantial cash balance mitigate short‑term concerns.
Executive Chairman and CEO Jerel A. Banks said the company’s recent milestones—including the Fast Track designation, the first Cohort 2 patient, and the capital raise—position BB‑301 to become the first approved therapy for OPMD, underscoring the company’s strategic focus on delivering a breakthrough treatment.
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