Short answer
Benitec Biopharma Inc. (BNTC) filed its fiscal 2026 10-K annual report with the SEC on Sep 14, 2026.
- Top risk flagged: Legislative risk: Medicare drug-price negotiation under Inflation Reduction Act of 2022 may limit pricing on reimbursed products
FY2026 key financial metrics · XBRL
- Net income
- −$46M
- −20.1% YoY
- EPS (diluted)
- −$0.98
- +6.7% YoY
- ROE
- -25.7%
- +13.2 pp YoY
- Operating cash flow
- −$17M
- +30.0% YoY
Source: XBRL data from the Benitec Biopharma Inc. (BNTC) FY2026 10-K on SEC EDGAR. USD.
Benitec Biopharma Inc. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Clinical-stage biotech developing permanent gene silencing and replacement therapies using proprietary ddRNAi platform
- New product focus: BB-301, first silence and replace AAV-based gene therapy for Oculopharyngeal Muscular Dystrophy (OPMD) in Phase 1b/2a clinical trial since Nov 2023
- Strategic emphasis on single-administration, durable gene therapy addressing limitations of RNAi, targeting rare disease with $1B+ commercial potential
- Employee count 24 as of June 30, 2026, with 17 R&D staff, reflecting small, specialized workforce
- Noteworthy patent advances include 2 new patent families in 2025-2026 covering interoperative delivery devices and modified AAV vectors for BB-301
Management Discussion & Analysis
- Revenue $0 for FY2026 and FY2025, no product sales generated
- Operating expenses $51.2M FY2026 vs $41.8M FY2025; R&D $23.4M vs $18.3M and G&A $27.8M vs $23.4M
- Best segment: none with revenue; highest expense: G&A $27.8M vs R&D $23.4M in FY2026
- Cash $180M as of June 30, 2026; net cash from financing $99.0M mostly from $104.5M stock issuance less $6.3M costs; operating cash outflow $16.5M
- Management outlook: increased R&D and G&A expenses expected; cash sufficiency projected for 12+ months; risks include development uncertainties and financing needs
Risk Factors
- Legislative risk: Medicare drug-price negotiation under Inflation Reduction Act of 2022 may limit pricing on reimbursed products
- Geopolitical risk: U.S. federal government workforce reductions cause FDA staffing shortages, potentially delaying product review and approvals
- Operational risk: Dependency on AAV delivery vectors may trigger immune responses restricting patient eligibility and efficacy of gene therapies
- Market disruption risk: Competition from antisense RNA therapies with more advanced development than ddRNAi-based products
- Financial risk: Accumulated losses $273.7M with cash runway estimated only for 12 months, requiring uncertain future capital raises
Generated from the filing text; verify against the original. How to read a 10-K
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