Benitec Posts a $0.26 Per-Share Loss as First-Quarter Fiscal Losses Widen
Key Facts
Benitec Biopharma reported basic and diluted loss per share of $0.26 in the first quarter of fiscal 2027, ended Sept. 30, 2026, compared with $0.22 in the corresponding period of 2025. The company posted a net loss of $12.925 million for the quarter, compared with $8.965 million a year earlier, according to financial results published on Nov. 13. These figures place the quarter in the company's 2027 fiscal year, not the third quarter of 2026. The widening loss coincided with year-over-year increases in operating expenses and research and development spending. The published disclosure did not substantiate a claim that loss per share was $0.03 better than analysts' estimates.
Total operating expenses rose to $14.477 million in the quarter ended in September, from $9.803 million in the corresponding period of the previous year. Research and development expenses accounted for most of the increase, reaching $8.618 million, compared with $3.370 million a year earlier. The company said the expenses were primarily related to ongoing clinical development of BB-301, its candidate for treating dysphagia associated with OPMD. That puts research spending at the center of the company's explanation for higher expenses during the period, as net loss and loss per share also increased from the year-earlier quarter. The year-over-year comparison gives a picture of the cost of continuing development of the clinical program during the quarter.
In its clinical update, Benitec said interim results for BB-301, presented on Oct. 28, showed a response in all patients in cohorts 1 and 2, which received the low and high doses, respectively. It added that no serious adverse events had been reported in any patient treated with the drug through that date. The update comes as the company develops a treatment for dysphagia associated with OPMD, a rare autosomal dominant degenerative muscle disorder. In its October regulatory filing, the company said the disease affects about 15,000 people in North America, Europe and Israel, and that no approved treatments are available. These interim results and clinical descriptions remain based on company disclosures.
The company plans to complete the design of the pivotal BB-301 study in the first quarter of 2027 and said it still targets starting the trial in the middle of that year. It had said in its regulatory update that enrollment in the pivotal trial was planned to begin in mid-2027. The announced timeline puts completion of the design ahead of the target trial start, while subsequent steps depend on continued development of the clinical program. The company linked the increase in research and development expenses primarily to ongoing clinical development of the candidate. The study design and trial start dates therefore represent the main upcoming milestones the company announced for BB-301.
Benitec also announced plans to move its fiscal year-end from June 30 to Dec. 31. The company said the change will take effect with the first periodic report following its 10-Q for the quarter ended Sept. 30, 2026. The adjustment changes the fiscal calendar the company will use in future reports, after the period covered by the current report. The company also recorded a net loss of $45.546 million in the fiscal year ended June 30, 2026, compared with $37.917 million in the previous year. Annual research and development expenses rose to $23.388 million from $18.332 million, according to its annual report.