ADDED
s (the Company ) Annual Report on Form 10-K for the fiscal year ended June 30, 2025, the Company determined that in prior periods it had not appropriately recorded certain non-cash share-based compensation expenses.
As previously announced in the Current Report on Form 8-K filed with the U.S.
As a result of these misstatements, the Company is restating financial information for the Non-Reliance Periods.
All restated financial information for the Non-Reliance Periods is included in this Annual Report on Form 10-K and the Company has not filed, and does not intend to file, amendments to any of its filings that it has previously filed with the SEC.
Restatement Background The errors and corrective adjustments identified by the Company are non-cash in nature and resulted from the migration, in November 2023, of equity awards data to a new information recording system used to calculate the Company s share-based compensation expense, which was incorrectly configured resulting in understatements of share-based compensation expense, which in turn led to understatements of additional paid-in capital, accumulated deficit, net loss and loss per share.
The impact was immaterial to the Company s previously issued financial statements prior to the quarter ended December 31, 2024, but the cumulative impact of the incorrect configuration had a material effect on the unaudited consolidated financial statements as of and for the quarterly periods ended December 31, 2024 and March 31, 2025, the Prior Financial Statements.
Refer to Note 3, Restatement of Prior Period Financial Statements, in the accompanying Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for additional information, including the impact on the specific accounts.
Internal Control Considerations In connection with the restatement, management has re-evaluated the effectiveness of the Company s internal controls over financial reporting.
The Audit Committee of the Board, with concurrence of management, has concluded that, in light of the errors described above, a material weakness exists in the Company s internal control over financial reporting as of June 30, 2025.
Management is actively taking steps to remediate the material weakness in the Company s internal control over financial reporting.
REMOVED
There were 10,555,728 shares of the Registrant s common stock, $0.0001 par value per share, outstanding on September 1 7 , 2024.
Certain Relationships and Related Transactions, and Director Independence III-2 Item 14.
On August 14, 2020, BBL reorganized as a Proprietary Limited company and changed its name to Benitec Biopharma Proprietary Limited.
The Company is developing a silence and replace-based therapeutic (BB-301) for the treatment of Oculopharyngeal Muscular Dystrophy (OPMD), a chronic, life- threatening genetic disorder.
Our Strengths We believe that the combination of our proprietary ddRNAi and silence and replace technology, and our deep expertise in the design and development of genetic medicines, will enable us to achieve and maintain a leading position in gene silencing and gene therapy for the treatment of human disease.
Our key strengths include: A first mover advantage for silence and replace-based therapeutics; A proprietary ddRNAi-based silence and replace technology platform that may potentially enable the serial development of single- administration therapeutics capable of facilitating sustained, long-term silencing of disease-causing genes and concomitant replacement of wild type gene function; A proprietary AAV vector technology which improves the endosomal escape capability of virus produced in insect cells using a baculovirus system.
This technology has broad application in AAV-based gene therapies; The capabilities to drive the development of a pipeline of programs focused on chronic diseases with either large patient populations, or rare diseases, which may potentially support the receipt of Orphan Drug Designation, including OPMD; and A growing portfolio of patents protecting improvements to our ddRNAi, and silence and replace, technology and product candidates through at least 2044, with potential to extend this patent term beyond 2044 in jurisdictions with patent term extension provisions for pharmaceuticals.
Our Strategy We endeavor to become the leader in discovery, development, and commercialization of silence and replace-based therapeutic agents.
We apply the following general strategy to drive the Company towards these goals: Selectively develop proprietary and partnered programs; and Continue to explore and secure research and development partnerships with global biopharmaceutical companies supported by the differentiated nature of our scientific platform and intellectual property portfolio.
Our senior leadership team will continue to explore partnership opportunities with global biopharmaceutical companies, as we expect that the unique attributes of the proprietary ddRNAi and silence and replace approaches, and the breadth of potential clinical indications amenable to our proprietary methods, to support the formation of collaborations over a broad range of diseases with significant unmet medical need.