Benitec Biopharma (BNTC) 10-Q 13 Nov 23 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Sep. 30, 2023	Nov. 07, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39267
Entity Registrant Name	BENITEC BIOPHARMA INC.
Entity Tax Identification Number	84-4620206
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001808898
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	3940 Trust Way
Entity Address, City or Town	Hayward
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94545
City Area Code	510
Local Phone Number	780-0819
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	BNTC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		2,572,434

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 25,864	$ 2,477
Restricted cash	13	13
Trade and other receivables	53	55
Prepaid and other assets	482	1,184
Total current assets	26,412	3,729
Property and equipment, net	68	87
Deposits	25	25
Prepaid and other assets	85	97
Right-of-use assets	463	526
Total assets	27,053	4,464
Current liabilities:
Trade and other payables	3,794	3,231
Accrued employee benefits	460	472
Lease liabilities, current portion	280	275
Total current liabilities	4,534	3,978
Lease liabilities, less current portion	211	284
Total liabilities	4,745	4,262
Commitments and contingencies (Note 10)
Stockholders' equity:
Common stock, $0.0001 par value-160,000,000 shares authorized; 2,547,434 shares and 1,645,951 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively	0	0
Additional paid-in capital	196,931	168,921
Accumulated deficit	(173,843)	(167,889)
Accumulated other comprehensive loss	(780)	(830)
Total stockholders' equity	22,308	202
Total liabilities and stockholders' equity	$ 27,053	$ 4,464

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Common Stock Par Value	$ 0.0001	$ 0.0001
Common Stock Shares Authorized	160,000,000	160,000,000
Common Stock, Shares Issued	2,547,434	1,671,485
Common Stock, Shares Outstanding	2,547,434	1,671,485

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Total revenues	$ 0	$ 0
Operating expenses
Royalties and license fees	(106)	0
Research and development	4,429	2,660
General and administrative	1,551	1,920
Total operating expenses	5,874	4,580
Loss from operations	(5,874)	(4,580)
Other income (loss):
Foreign currency transaction loss	(56)	(507)
Interest expense, net	(6)	(9)
Other expense, net	(18)	0
Unrealized gain on investment	0	3
Total other loss, net	(80)	(513)
Net loss	(5,954)	(5,093)
Other comprehensive income:
Unrealized foreign currency translation gain	50	507
Total other comprehensive income	50	507
Total comprehensive loss	$ (5,904)	$ (4,586)
Net loss per share: basic	$ (2.76)	$ (7.98)
Net loss per share: diluted	$ (2.76)	$ (7.98)
Weighted average number of shares outstanding: basic	2,157,065	638,572
Weighted average number of shares outstanding: diluted	2,157,065	638,572

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at the beginning at Jun. 30, 2022	$ 2,882	$ 0	$ 152,454	$ (148,327)	$ (1,245)
Balance at the beginning (In shares) at Jun. 30, 2022		480,688
Issuance of common stock, pre-funded warrants, and common Warrants sold for cash, net of offering costs	16,015	$ 0	16,015
Issuance of common stock, pre-funded warrants, and common Warrants sold for cash, net of offering costs, Shares		1,037,520
Share-based compensation	302		302
Foreign currency translation gain	507				507
Net loss	(5,093)			(5,093)
Balance at end at Sep. 30, 2022	14,613	$ 0	168,771	(153,420)	(738)
Balance at end (In shares) at Sep. 30, 2022		1,518,208
Balance at the beginning at Jun. 30, 2023	202	$ 0	168,921	(167,889)	(830)
Balance at the beginning (In shares) at Jun. 30, 2023		1,671,485
Issuance of common stock, pre-funded warrants, and common Warrants sold for cash, net of offering costs	27,919	$ 0	27,919	0	0
Issuance of common stock, pre-funded warrants, and common Warrants sold for cash, net of offering costs, Shares		875,949
Share-based compensation	91		91
Foreign currency translation gain	50				50
Net loss	(5,954)			(5,954)
Balance at end at Sep. 30, 2023	$ 22,308	$ 0	$ 196,931	$ (173,843)	$ (780)
Balance at end (In shares) at Sep. 30, 2023		2,547,434

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Payments For Stock Issuance Costs	$ 2,964	$ 1,869

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (5,954)	$ (5,093)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	19	42
Amortization of right-of-use assets	63	60
Unrealized gain on investment		(3)
Share-based compensation expense	91	302
Changes in operating assets and liabilities:
Prepaid and other assets	709	220
Trade and other payables	566	500
Accrued employee benefits	(4)	(11)
Lease liabilities	(67)	(62)
Net cash used in operating activities	(4,577)	(4,045)
Cash flows from investing activities:
Net cash used in investing activities	0	0
Cash flows from financing activities:
Proceeds from issuance of common stock, pre-funded warrants, and common warrants	30,883	17,884
Stock issuance costs	(2,964)	(1,869)
Net cash provided by financing activities	27,919	16,015
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	45	501
Net increase in cash, cash equivalents, and restricted cash	23,387	12,471
Cash, cash equivalents, and restricted cash, beginning of period	2,490	4,076
Cash, cash equivalents, and restricted cash, end of period	$ 25,877	$ 16,547

Business

Business	3 Months Ended
	Sep. 30, 2023
Schedule Of Entities In Control [Abstract]
Business	1. Business Benitec Biopharma Inc. (the “Company”) is a corporation formed under the laws of Delaware, United States of America, on November 22, 2019 and listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “BNTC”. Benitec Biopharma Inc. is the parent entity of a number of subsidiaries including the previous parent entity Benitec Biopharma Limited (“BBL”). BBL was incorporated under the laws of Australia in 1995 and was listed on the Australian Securities Exchange, or ASX, from 1997 until April 15, 2020. On August 14, 2020, BBL reorganized as a Proprietary Limited company and changed its name to Benitec Biopharma Proprietary Limited. The Company’s business focuses on the development of novel genetic medicines. Our proprietary platform, called DNA-directed RNA interference, or ddRNAi, combines RNA interference, or RNAi, with gene therapy to create medicines that facilitate sustained silencing of disease-causing genes. During the year ended June 30, 2021, the Company completed an organization restructuring as part of the commercial desire to provide a more efficient structure for the future as the Company transitioned its operations to the United States. The Company’s fiscal year end is June 30. References to a particular “fiscal year” are to our fiscal year end June 30 of that calendar year. The consolidated financial statements of Benitec Biopharma Inc. are presented in United States dollars and consist of Benitec Biopharma Inc. and its wholly owned subsidiaries as listed below. Aside from Benitec Biopharma Proprietary Limited, the international subsidiaries are dormant. Principal place of Benitec Biopharma Proprietary Limited (“BBL”) Australia Benitec Australia Proprietary Limited Australia Benitec Limited United Kingdom Benitec, Inc. USA Benitec LLC USA RNAi Therapeutics, Inc. USA Tacere Therapeutics, Inc. USA Benitec IP Holdings, Inc. USA

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of presentation and summary of significant accounting policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Interim financial results are not necessarily indicative of results anticipated for the full year. These consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023. On July 26, 2023, the Company effected a 1-for-17 reverse stock split (the “Reverse Stock Split”) of its common stock. In accordance with the Reverse Stock Split, 17 pre-split shares of the Company’s common stock were automatically converted into one issued and outstanding post-split share. Proportional adjustments were also made to all outstanding stock options, pre-funded warrants, and common warrants in accordance with their respective terms. The Reverse Stock Split did not change the par value of the Company’s common stock or the authorized number of shares. No fractional shares were issued in connection with the Reverse Stock Split. All fractional shares were rounded up to the nearest whole share with respect to outstanding shares of common stock. All share and earnings per share amounts presented in this Form 10-Q reflect the impact of this reverse split as if it had taken effect on June 30, 2022. Reference is frequently made herein to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative GAAP recognized by the FASB to be applied to non-governmental entities. Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates and assumptions in the Company’s consolidated financial statements include the estimates of useful lives of property and equipment, valuation of the operating lease liability and related right-of-use asset, valuation of equity-based instruments issued for other than cash, the valuation allowance on deferred tax assets, and accrued research and development expense. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not lim it There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties. Moreover, the COVID-19 pandemic, which impacted and may in the future impact worldwide economic activity, and similar events pose risks that the Company or its employees, contractors, suppliers, and other partners may be prevented or inhibited from conducting business activities for an indefinite period of time which may delay the start-up and conduct of the Company’s clinical trials, and negatively impact manufacturing and testing activities performed by third parties. Any significant delays may impact the use and sufficiency of the Company’s existing cash reserves, and the Company may be required to raise additional capital earlier than it had previously planned. The Company may be unable to raise additional capital if and when needed, which may result in delays or suspension of its development plans. The extent to which the pandemic will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. Foreign Currency Translation and Other Comprehensive Income (Loss) The Company’s functional currency and reporting currency is the United States dollar. BBL’s functional currency is the Australian dollar (AUD). Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity as “Accumulated other comprehensive loss.” Gains and losses resulting from foreign currency translation are included in the consolidated statements of operations and comprehensive loss as other comprehensive income (loss). Other comprehensive income for all periods presented consists entirely of foreign currency translation gains and losses. Fair Value Measurements The Company measures its financial assets and liabilities in accordance with GAAP using ASC 820, Fair Value Measurements The Company follows accounting guidance for financial assets and liabilities. ASC 820 defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs, other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of three months or less with financial institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the consolidated balance sheets. There were no cash equivalents as of September 30, 2023 and June 30, 2023. Restricted cash balances of $13 thousand as of both September 30, 2023 and June 30, 2023 secure the Company’s credit cards. Concentrations of Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits at federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Trade and Other Receivables The Company adopted ASC 326— Financial Instruments—Credit Losses (Topic 326). Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals, and improvements are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation and amortization are removed from the respective accounts, and any gain or loss is included in operations. Depreciation and amortization of property and equipment is calculated using the straight-line basis over the following estimated useful lives: Software 3-4 years Lab equipment 3-7 years Computer hardware 3-5 years Leasehold improvements shorter of the lease term or estimated useful lives Impairment of Long-Lived Assets Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. Trade and other payables These amounts represent liabilities for goods and services provided to the Company prior to the end of the period and which are unpaid. Due to their short-term nature, they are measured at amortized cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. Leases At lease commencement, the Company records a lease liability based on the present value of lease payments over the expected lease term. The Company calculates the present value of lease payments using the discount rate implicit in the lease, unless that rate cannot be readily determined. In that case, the Company uses its incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments over the expected lease term. The Company records a corresponding right-of-use lease asset based on the lease liability, adjusted for any lease incentives received and any initial direct costs paid to the lessor prior to the lease commencement date. After lease commencement, the Company measures its leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the discount rate determined at lease commencement; and (ii) the right-of-use lease asset based on the remeasured lease liability, adjusted for any unamortized lease incentives received, any unamortized initial direct costs and the cumulative difference between rent expense and amounts paid under the lease agreement. Any lease incentives received and any initial direct costs are amortized on a straight-line basis over the expected lease term. Rent expense is recorded on a straight-line basis over the expected lease term. Basic and Diluted Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding plus potential common shares. Stock options, warrants and convertible instruments are considered potential common shares and are included in the calculation of diluted net loss per share using the treasury stock method when their effect is dilutive. Potential common shares are excluded from the calculation of diluted net income (loss) per share when their effect is anti-dilutive. As of September 30, 2023, and June 30, 2023, there were 33,584,433 and 2,456,032 potential common shares, respectively, that were excluded from the calculation of diluted net loss per share because their effect was anti-dilutive. Revenue Recognition The Company recognizes revenue in accordance with ASC 606— Revenue from Contracts with Customers The Company recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies judgement in determining whether contracts entered into fall within the scope of ASC 606. In doing so, management considers the commercial substance of the transaction and how risks and benefits of the contract accrue to the various parties to the contract. Management has also made the judgement that the grant of the license and transfer of associated know-how and materials are accounted for as one performance obligation as they are not considered to be distinct; they are highly interrelated and could not provide benefits to the customer independently from each other. Judgements were made in relation to the transfer of the license and know-how and whether this should be recognized over time or a point in time. The point in time has been determined with regard to the point at which the transfer of know-how has substantially been completed and the customer has control of the asset and the ability to direct the use of and receive substantially all of the remaining benefits. Licensing revenues Revenue from licensees of the Company’s intellectual property reflects the transfer of a right to use the intellectual property as it exists at the point in time in which the license is transferred to the customer. Consideration can be variable and is estimated using the most likely amount method and is constrained to the extent that it is probable that a significant reversal will not occur. Revenue is recognized as or when the performance obligations are satisfied. The Company recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in the consolidated balance sheet. Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognizes either a contract asset or a receivable in its consolidated balance sheet, depending on whether something other than the passage of time is required before the consideration is due. Royalties Revenue from licensees of the Company’s intellectual property reflect a right to use the intellectual property as it exists at the point in time in which the license is granted. Where consideration is based on sales of product by the licensee, revenue is recognized when the customer’s subsequent sales of products occur. Services revenue Revenue is earned (constrained by variable considerations) from the provision of research and development services to customers. Services revenue is recognized when performance obligations are either satisfied over time or at a point in time. Generally, the provision of research and development services under a contract with a customer will represent satisfaction of a performance obligation over time where the Company retains the right to payment for services performed but not yet completed. Research and Development Expense Research and development expenses relate primarily to the cost of conducting clinical and pre-clinical trials. Pre- clinical and clinical development costs are a significant component of research and development expenses. The Company records accrued liabilities for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of pre-clinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in trade and other payables on the consolidated balance sheets and within research and development expenses on the consolidated statements of operations and comprehensive loss. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance at the end of each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred. Share-based Compensation Expense The Company records share-based compensation in accordance with ASC 718, Stock Compensation Income Taxes The Company is subject to Australia and United States income tax laws. The Company follows ASC 740, Accounting for Income Taxes For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the consolidated financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the consolidated statements of operations. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13: Financial Instruments—Credit Losses (Topic 326).

Liquidity

Liquidity	3 Months Ended
	Sep. 30, 2023
Liquidity [Abstract]
Liquidity	3. Liquidity The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. For the three months ended September 30, 2023, and 2022, the Company incurred a net loss of $6.0 million and $5.1 million, and used net cash of $4.6 million and $4.0 million in operations, respectively. The Company expects to continue to incur additional operating losses in the foreseeable future. The Company’s business focuses on the development of novel genetic medicines and, at this stage in the Company’s development, the Company has not established a source of revenue to cover its full operating costs, and as such, is dependent on funding operations through capital financing activities. As of September 30, 2023, the Company had $25.9 million in cash and cash equivalents. The Company has performed a review of its cash flow forecasts and believes that the current funding will be sufficient for a period of at least twelve months from the date of this report. The Company’s ability to continue as a going concern is dependent upon its ability to generate revenue and obtain adequate financing. While the Company believes in its ability to generate revenue and raise additional funds, there can be no assurances to that effect. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern due to unsuccessful product development or commercialization, or the inability to obtain adequate financing in the future.

Cash, cash equivalents, and res

Cash, cash equivalents, and restricted cash	3 Months Ended
	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Cash, cash equivalents, and restricted cash	4. Cash, cash equivalents, and restricted cash (US$’000) September 30, June 30, Cash at bank $ 25,864 $ 2,477 Restricted cash 13 13 Total $ 25,877 $ 2,490

Prepaid and other assets

Prepaid and other assets	3 Months Ended
	Sep. 30, 2023
Other Assets [Abstract]
Prepaid and other assets	5. Prepaid and other assets (US$’000) September 30, June 30, Prepaid expenses $ 565 $ 1,280 Market value of listed shares 2 1 Total other assets 567 1,281 Less: non-current portion (85 ) (97 ) Current portion $ 482 $ 1,184

Property and equipment, net

Property and equipment, net	3 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment, Net [Abstract]
Property and equipment, net	6. Property and equipment, net (US$’000) September 30, June 30, Software $ 6 $ 6 Lab equipment 1,343 1,343 Computer hardware 31 32 Leasehold improvements 24 24 Total property and equipment, gross 1,404 1,405 Accumulated depreciation and amortization (1,336 ) (1,318 ) Total property and equipment, net $ 68 $ 87 Depreciation expense was $19 thousand and $42 thousand for the three months ended September 30, 2023 and September 30, 2022, respectively.

Trade and other payables

Trade and other payables	3 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Trade and other payables	7. Trade and other payables (US$’000) September 30, June 30, Trade payable $ 1,528 $ 1,140 Accrued license fees 2 109 Accrued professional fees 49 75 Accrued clinical development project costs Accrued consultant fees 2,088 61 1,750 88 Accrued offering costs 26 — Other payables 40 69 Total $ 3,794 $ 3,231

Leases

Leases	3 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	8. Leases The Company has entered into an operating lease for office space under an agreement that expires in 2025. The lease requires the Company to pay utilities, insurance, taxes and other operating expenses. The Company’s lease does not contain any residual value guarantees or material restrictive covenants. The tables below show the changes during the three months ended September 30, 2023: (US$’000) Operating Balance at July 1, 2023 $ 526 Amortization of right of use asset (63 ) Operating lease right-of-use asset at September 30, 2023 $ 463 (US$’000) Operating Balance at July 1, 2023 $ 559 Principal payments on operating lease liabilities (68 ) Operating lease liabilities at September 30, 2023 491 Less: non-current portion (211 ) Current portion at September 30, 2023 $ 280 As of September 30, 2023, the Company’s operating lease has a remaining lease term of 1.71 years and a discount rate of 4.67%. The maturities of the operating lease liabilities are as follows: (US$’000) September 30, 2024 $ 221 2025 291 Total operating lease payments 512 Less imputed interest (21 ) Present value of operating lease liabilities $ 491 The Company recorded lease liabilities and right-of-use lease assets for the lease based on the present value of lease payments over the expected lease term, discounted using the Company’s incremental borrowing rate. Rent expense was $0.1 million and $0.1 million for the three months ended September 30, 2023 and September 30, 2022, respectively.

Stockholders' equity

Stockholders' equity	3 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' equity	9. Stockholders’ equity Common Stock On December 8, 2021, the stockholders of the Company approved an amendment (the “Charter Amendment”) to the Company’s Amended and Restated Certificate of Incorporation to increase the total number of authorized shares of common stock of the Company from 10,000,000 to 40,000,000. The Charter Amendment was filed with the Secretary of State of the State of Delaware and became effective on December 17, 2021. On December 7, 2022, the stockholders of the Company approved another amendment to the Company’s Amended and Restated Articles of Incorporation to increase the number of authorized shares of common stock from 40,000,000 to 160,000,000. The Charter Amendment was filed with the Secretary of State of the State of Delaware and became effective December 9, 2022. Warrants On December 6, 2019, the Investors were issued 4 Purchase Warrants that were exercisable into 12,600 fully paid shares of common stock should the Purchase Warrants be exercised in full (“Purchase Warrants”). The exercise price for the Purchase Warrants is US$178.50 per share issued on exercise of a Purchase Warrant. The Purchase Warrants are exercisable, in whole or in part, any time from the date of issue until the fifth anniversary of the date of issue (December 6, 2024). On April 22, 2020, the Company issued 2,201 shares of common stock in connection with a cashless exercise of Purchase Warrants exercisable for 6,300 shares of common stock. The Company did not have an effective registration statement registering the resale of the Warrant Shares by the Holder at the time the Holder wanted to exercise the warrant; therefore, the Holder carried out a cashless exercise. The formula for conducting a cashless exercise was outlined in the Warrant agreement. Based on this formula, the Holder would have been entitled to receive 6,300 shares of common stock if they had exercised the Purchase Warrants for cash. Because of the cashless exercise, the holder received 2,201 shares. On September 15, 2022, we closed an underwritten public offering in which we issued and sold (i) 1,037,520 shares of the Company’s common stock, (ii) 12,171,628 pre-funded warrants, which, after giving effect to the Reverse Stock Split, are currently exercisable into 715,979 shares of common stock at an exercise price of $0.0017 per share until exercised in full and (iii) 29,809,471 Series 2 warrants (the “Series 2 Warrants”), which, after 1,753,503 shares of common stock at an exercise price of $11.22 per share. The Series 2 warrants sold in the offering became exercisable commencing December 9, 2022, the date on which the Company had both (a) received approval from its stockholders to increase the number of shares of common stock it is authorized to issue and (b) effected such stockholder approval by filing with the Secretary of State of the State of Delaware a certificate of amendment to its Amended and Restated Certificate of Incorporation, and will expire on the fifth anniversary of such initial exercise date. The combined purchase price for each share of common stock and accompanying common warrant was $10.20, which was allocated as $10.03 per share of common stock and $0.17 per common warrant. The Series 2 Warrants contain an exercise price adjustment mechanism providing that certain issuances of common stock (or common stock equivalents), if made at a price lower than the then existing exercise price of such Series 2 Warrants would reset the exercise price to such lower price. As a result of the August 11, 2023 public offering, the exercise price of the Series 2 Warrants has been automatically reset as of the closing time of such public offering to $1.9299. On October 17, 2022 and October 27, 2022, investors exercised 117,939 and 9,804 pre-funded warrants, respectively, at an exercise price of $0.0017 per share. On August 11, 2023 we closed an underwritten public offering in which we sold 875,949 shares of common stock, 15,126,226 pre-funded warrants to purchase 15,126,226 shares of common stock, and 16,002,175 common warrants to purchase up to 16,002,175 shares of common stock. The combined purchase price for each share of common stock and accompanying common warrant was $1.93, which was allocated as $1.9299 per share of common stock and $0.0001 per common warrant. Each pre-funded warrant was sold together with one common warrant at a combined price of $1.9299, which was allocated as $1.9298 per pre-funded warrant and $0.0001 per common warrant. The pre-funded warrants were immediately exercisable until exercised in full at an exercise price of $0.0001 per share of common stock. The common warrants were immediately exercisable at an exercise price of $3.86 per share of common stock and will expire on the fifth anniversary of such initial exercisable date. In addition, the Company granted the underwriter an option to purchase up to 2,331,606 additional shares of common stock and/or up to 2,331,606 additional common warrants. As of September 30 As of September 30, 2023, there were 33,476,440 warrants outstanding. The activity related to warrants for the three months ended September 30, 2023, is summarized, after giving effect to the Reverse Stock Split, as follows: Common Weighted- Outstanding at July 1, 2023 2,348,039 $ 1.92 Pre-funded warrants issued August 11, 2023 15,126,226 $ 0.0001 Common warrants issued August 11, 2023 16,002,175 $ 3.86 Outstanding at September 30, 2023 33,476,440 $ 1.98 Exercisable at September 30, 2023 33,476,440 $ 1.98 Equity Incentive Plan Employee Share Option Plan In connection with its re-domiciliation to the United States, the Company assumed BBL’s obligations with respect to the settlement of options that were issued by BBL prior to the Re- domiciliation pursuant to the Benitec Officers’ and Employees’ Share Option Plan (the “Plan”). This includes the Company’s assumptions of the Plan and all award agreements pursuant to which each of the options were granted. Each option when exercised entitles the option holder to one share in the Company. Options are exercisable on or before an expiry date, do not carry any voting or dividend rights and are not transferable except on death of the option holder or in certain other limited circumstances . Employee options vest one third on each anniversary of the applicable grant date for three years. If an employee dies, retires or otherwise leaves the organization, and certain other conditions have been satisfied, generally the employee has 12 months to exercise their options, or the options are cancelled. After the Re-domiciliation, no new options have been or will be issued under the Plan. Equity and Incentive Compensation Plan On December 9, 2020, the Company’s stockholders approved the Company’s 2020 Equity and Incentive Compensation Plan (the “2020 Plan”). The 2020 Plan provides for the grant of various equity awards. Currently, only stock options are outstanding under the 2020 Plan. Each option when exercised entitles the option holder to one share of the Company’s common stock. Options are exercisable on or before an expiry date, do not carry any voting or dividend rights, and are not transferable except on death of the option holder or in certain other limited circumstances. Employee stock options vest in increments of one-third on each anniversary of the applicable grant date over three years. Non-employee director options vest in increments of one-third on the day prior to each of the Company’s next three annual stockholder meetings following the grant date. If an option holder dies or terminates employment or service due to Disability (as defined in the 2020 Plan), the option holder generally has 12 months to exercise their vested options, or the options are cancelled. If an option holder otherwise leaves the Company, other than for a termination by the Company for Cause (as defined in the 2020 Plan), the option holder generally has 90 days to exercise their vested options, or the options are cancelled. The maximum contractual term of options granted under the 2020 Plan is ten years. Upon the consummation of a Change in Control (as defined in the 2020 Plan), all unvested stock options will immediately vest as of immediately prior to the Change in Control. On December 8, 2021, the Company’s stockholders approved an amendment to the 2020 Plan, which increased the number of shares of the Company’s common stock reserved under the 2020 Plan to 1,850,000. For the fiscal year ended June 30, 2023, our named executive officers (“NEO’s”) were each granted equity incentive awards under the 2020 Plan. Equity Awards The activity related to equity awards, which are comprised of stock options during the three months ended September 30, 2023 is summarized as follows: Stock Options Weighted- Price Weighted- Term Aggregate Value Outstanding at June 30, 2023 107,993 $ 31.88 8.96 years $ 11,888 Outstanding at September 30, 2023 107,993 $ 31.88 8.70 years $ 342 Exercisable at September 30, 2023 27,135 $ 88.79 6.97 years $ —  Share-Based Compensation Expense The classification of share-based compensation expense is summarized as follows: Three Months Ended (US$’000) 2023 2022 Research and development $ 34 $ 30 General and administrative 57 272 Total share-based compensation expense $ 91 $ 302 As of September 30, 2023, there was $0.3 million of unrecognized share-based compensation expense related to stock options issued under the Share Option Plan and the 2020 Plan, which is expected to be recognized over a weighted average period of 2.3 years.

Income taxes

Income taxes	3 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	10. Income taxes For the three months ended September 30, 2023, the Company did not recognize a provision or benefit for income taxes as it has incurred net losses. In addition, the net deferred tax assets generated from net operating losses are fully offset by a valuation allowance as the Company believes it is more likely than not that the benefit will not be realized.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	11. Commitments and contingencies Contract commitments The Company enters into contracts in the normal course of business with third-party contract research organizations, contract development and manufacturing organizations and other service providers and vendors. These contracts generally provide for termination on notice and, therefore, are cancellable contracts and not considered contractual obligations and commitments. Contingencies From time to time, the Company may become subject to claims and litigation arising in the ordinary course of business. The Company is not a party to any material legal proceedings, nor is it aware of any material pending or threatened litigation.

Related party transactions

Related party transactions	3 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related party transactions	12. Related party transactions During the three month periods ended September 30, 2023 and September 30, 2022, the Company did not enter into any related party transactions.

Subsequent events

Subsequent events	3 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent events	13. Subsequent events There were no

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of U.S. Securities and Exchange Commission (“SEC”) Regulation S-X. Accordingly, certain information and disclosures required by GAAP for annual financial statements have been omitted. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Interim financial results are not necessarily indicative of results anticipated for the full year. These consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023. On July 26, 2023, the Company effected a 1-for-17 reverse stock split (the “Reverse Stock Split”) of its common stock. In accordance with the Reverse Stock Split, 17 pre-split shares of the Company’s common stock were automatically converted into one issued and outstanding post-split share. Proportional adjustments were also made to all outstanding stock options, pre-funded warrants, and common warrants in accordance with their respective terms. The Reverse Stock Split did not change the par value of the Company’s common stock or the authorized number of shares. No fractional shares were issued in connection with the Reverse Stock Split. All fractional shares were rounded up to the nearest whole share with respect to outstanding shares of common stock. All share and earnings per share amounts presented in this Form 10-Q reflect the impact of this reverse split as if it had taken effect on June 30, 2022. Reference is frequently made herein to the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”). This is the source of authoritative GAAP recognized by the FASB to be applied to non-governmental entities.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates and assumptions in the Company’s consolidated financial statements include the estimates of useful lives of property and equipment, valuation of the operating lease liability and related right-of-use asset, valuation of equity-based instruments issued for other than cash, the valuation allowance on deferred tax assets, and accrued research and development expense. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not lim it There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid technological change and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees, consultants and other third parties. Moreover, the COVID-19 pandemic, which impacted and may in the future impact worldwide economic activity, and similar events pose risks that the Company or its employees, contractors, suppliers, and other partners may be prevented or inhibited from conducting business activities for an indefinite period of time which may delay the start-up and conduct of the Company’s clinical trials, and negatively impact manufacturing and testing activities performed by third parties. Any significant delays may impact the use and sufficiency of the Company’s existing cash reserves, and the Company may be required to raise additional capital earlier than it had previously planned. The Company may be unable to raise additional capital if and when needed, which may result in delays or suspension of its development plans. The extent to which the pandemic will impact the Company’s business will depend on future developments that are highly uncertain and cannot be predicted at this time.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment.
Foreign Currency Translation and Other Comprehensive Income (Loss)	Foreign Currency Translation and Other Comprehensive Income (Loss) The Company’s functional currency and reporting currency is the United States dollar. BBL’s functional currency is the Australian dollar (AUD). Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Equity transactions are translated at each historical transaction date spot rate. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity as “Accumulated other comprehensive loss.” Gains and losses resulting from foreign currency translation are included in the consolidated statements of operations and comprehensive loss as other comprehensive income (loss). Other comprehensive income for all periods presented consists entirely of foreign currency translation gains and losses.
Fair Value Measurements	Fair Value Measurements The Company measures its financial assets and liabilities in accordance with GAAP using ASC 820, Fair Value Measurements The Company follows accounting guidance for financial assets and liabilities. ASC 820 defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs, other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and at banks, short-term deposits with an original maturity of three months or less with financial institutions, and bank overdrafts. Bank overdrafts are reflected as a current liability on the consolidated balance sheets. There were no cash equivalents as of September 30, 2023 and June 30, 2023. Restricted cash balances of $13 thousand as of both September 30, 2023 and June 30, 2023 secure the Company’s credit cards.
Concentrations of Risk	Concentrations of Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits at federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Trade and Other Receivables	Trade and Other Receivables The Company adopted ASC 326— Financial Instruments—Credit Losses (Topic 326).
Property and Equipment	Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals, and improvements are capitalized. When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation and amortization are removed from the respective accounts, and any gain or loss is included in operations. Depreciation and amortization of property and equipment is calculated using the straight-line basis over the following estimated useful lives: Software 3-4 years Lab equipment 3-7 years Computer hardware 3-5 years Leasehold improvements shorter of the lease term or estimated useful lives
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the assets. Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable.
Trade and other payables	Trade and other payables These amounts represent liabilities for goods and services provided to the Company prior to the end of the period and which are unpaid. Due to their short-term nature, they are measured at amortized cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.
Leases	Leases At lease commencement, the Company records a lease liability based on the present value of lease payments over the expected lease term. The Company calculates the present value of lease payments using the discount rate implicit in the lease, unless that rate cannot be readily determined. In that case, the Company uses its incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments over the expected lease term. The Company records a corresponding right-of-use lease asset based on the lease liability, adjusted for any lease incentives received and any initial direct costs paid to the lessor prior to the lease commencement date. After lease commencement, the Company measures its leases as follows: (i) the lease liability based on the present value of the remaining lease payments using the discount rate determined at lease commencement; and (ii) the right-of-use lease asset based on the remeasured lease liability, adjusted for any unamortized lease incentives received, any unamortized initial direct costs and the cumulative difference between rent expense and amounts paid under the lease agreement. Any lease incentives received and any initial direct costs are amortized on a straight-line basis over the expected lease term. Rent expense is recorded on a straight-line basis over the expected lease term.
Basic and Diluted Net Loss Per Share	Basic and Diluted Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding plus potential common shares. Stock options, warrants and convertible instruments are considered potential common shares and are included in the calculation of diluted net loss per share using the treasury stock method when their effect is dilutive. Potential common shares are excluded from the calculation of diluted net income (loss) per share when their effect is anti-dilutive. As of September 30, 2023, and June 30, 2023, there were 33,584,433 and 2,456,032 potential common shares, respectively, that were excluded from the calculation of diluted net loss per share because their effect was anti-dilutive.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with ASC 606— Revenue from Contracts with Customers The Company recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies judgement in determining whether contracts entered into fall within the scope of ASC 606. In doing so, management considers the commercial substance of the transaction and how risks and benefits of the contract accrue to the various parties to the contract. Management has also made the judgement that the grant of the license and transfer of associated know-how and materials are accounted for as one performance obligation as they are not considered to be distinct; they are highly interrelated and could not provide benefits to the customer independently from each other. Judgements were made in relation to the transfer of the license and know-how and whether this should be recognized over time or a point in time. The point in time has been determined with regard to the point at which the transfer of know-how has substantially been completed and the customer has control of the asset and the ability to direct the use of and receive substantially all of the remaining benefits. Licensing revenues Revenue from licensees of the Company’s intellectual property reflects the transfer of a right to use the intellectual property as it exists at the point in time in which the license is transferred to the customer. Consideration can be variable and is estimated using the most likely amount method and is constrained to the extent that it is probable that a significant reversal will not occur. Revenue is recognized as or when the performance obligations are satisfied. The Company recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in the consolidated balance sheet. Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognizes either a contract asset or a receivable in its consolidated balance sheet, depending on whether something other than the passage of time is required before the consideration is due. Royalties Revenue from licensees of the Company’s intellectual property reflect a right to use the intellectual property as it exists at the point in time in which the license is granted. Where consideration is based on sales of product by the licensee, revenue is recognized when the customer’s subsequent sales of products occur. Services revenue Revenue is earned (constrained by variable considerations) from the provision of research and development services to customers. Services revenue is recognized when performance obligations are either satisfied over time or at a point in time. Generally, the provision of research and development services under a contract with a customer will represent satisfaction of a performance obligation over time where the Company retains the right to payment for services performed but not yet completed.
Research and Development Expense	Research and Development Expense Research and development expenses relate primarily to the cost of conducting clinical and pre-clinical trials. Pre- clinical and clinical development costs are a significant component of research and development expenses. The Company records accrued liabilities for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of pre-clinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in trade and other payables on the consolidated balance sheets and within research and development expenses on the consolidated statements of operations and comprehensive loss. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance at the end of each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred.
Share-based Compensation Expense	Share-based Compensation Expense The Company records share-based compensation in accordance with ASC 718, Stock Compensation
Income Taxes	Income Taxes The Company is subject to Australia and United States income tax laws. The Company follows ASC 740, Accounting for Income Taxes For uncertain tax positions that meet a “more likely than not” threshold, the Company recognizes the benefit of uncertain tax positions in the consolidated financial statements. The Company’s practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13: Financial Instruments—Credit Losses (Topic 326).

Business (Tables)

Business (Tables)	3 Months Ended
	Sep. 30, 2023
Schedule Of Entities In Control [Abstract]
Summary of entities in control	The consolidated financial statements of Benitec Biopharma Inc. are presented in United States dollars and consist of Benitec Biopharma Inc. and its wholly owned subsidiaries as listed below. Aside from Benitec Biopharma Proprietary Limited, the international subsidiaries are dormant. Principal place of Benitec Biopharma Proprietary Limited (“BBL”) Australia Benitec Australia Proprietary Limited Australia Benitec Limited United Kingdom Benitec, Inc. USA Benitec LLC USA RNAi Therapeutics, Inc. USA Tacere Therapeutics, Inc. USA Benitec IP Holdings, Inc. USA

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of property and equipment	Depreciation and amortization of property and equipment is calculated using the straight-line basis over the following estimated useful lives: Software 3-4 years Lab equipment 3-7 years Computer hardware 3-5 years Leasehold improvements shorter of the lease term or estimated useful lives

Cash, cash equivalents, and r_2

Cash, cash equivalents, and restricted cash (Tables)	3 Months Ended
	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Schedule of cash, cash equivalents, and restricted cash and Restricted cash equivalents	(US$’000) September 30, June 30, Cash at bank $ 25,864 $ 2,477 Restricted cash 13 13 Total $ 25,877 $ 2,490

Prepaid and other assets (Table

Prepaid and other assets (Tables)	3 Months Ended
	Sep. 30, 2023
Other Assets [Abstract]
Summary of other current assets	(US$’000) September 30, June 30, Prepaid expenses $ 565 $ 1,280 Market value of listed shares 2 1 Total other assets 567 1,281 Less: non-current portion (85 ) (97 ) Current portion $ 482 $ 1,184

Property and equipment, net (Ta

Property and equipment, net (Tables)	3 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment, Net [Abstract]
Summary of property and equipment net	(US$’000) September 30, June 30, Software $ 6 $ 6 Lab equipment 1,343 1,343 Computer hardware 31 32 Leasehold improvements 24 24 Total property and equipment, gross 1,404 1,405 Accumulated depreciation and amortization (1,336 ) (1,318 ) Total property and equipment, net $ 68 $ 87

Trade and other payables (Table

Trade and other payables (Tables)	3 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Summary of trade and other payables	(US$’000) September 30, June 30, Trade payable $ 1,528 $ 1,140 Accrued license fees 2 109 Accrued professional fees 49 75 Accrued clinical development project costs Accrued consultant fees 2,088 61 1,750 88 Accrued offering costs 26 — Other payables 40 69 Total $ 3,794 $ 3,231

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Summary of supplemental balance sheet information related to leases	The tables below show the changes during the three months ended September 30, 2023: (US$’000) Operating Balance at July 1, 2023 $ 526 Amortization of right of use asset (63 ) Operating lease right-of-use asset at September 30, 2023 $ 463 (US$’000) Operating Balance at July 1, 2023 $ 559 Principal payments on operating lease liabilities (68 ) Operating lease liabilities at September 30, 2023 491 Less: non-current portion (211 ) Current portion at September 30, 2023 $ 280
Summary of maturities of the operating lease liabilities	As of September 30, 2023, the Company’s operating lease has a remaining lease term of 1.71 years and a discount rate of 4.67%. The maturities of the operating lease liabilities are as follows: (US$’000) September 30, 2024 $ 221 2025 291 Total operating lease payments 512 Less imputed interest (21 ) Present value of operating lease liabilities $ 491

Stockholders' equity (Tables)

Stockholders' equity (Tables)	3 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of warrants or rights	The activity related to warrants for the three months ended September 30, 2023, is summarized, after giving effect to the Reverse Stock Split, as follows: Common Weighted- Outstanding at July 1, 2023 2,348,039 $ 1.92 Pre-funded warrants issued August 11, 2023 15,126,226 $ 0.0001 Common warrants issued August 11, 2023 16,002,175 $ 3.86 Outstanding at September 30, 2023 33,476,440 $ 1.98 Exercisable at September 30, 2023 33,476,440 $ 1.98
Schedule of equity awards	The activity related to equity awards, which are comprised of stock options during the three months ended September 30, 2023 is summarized as follows: Stock Options Weighted- Price Weighted- Term Aggregate Value Outstanding at June 30, 2023 107,993 $ 31.88 8.96 years $ 11,888 Outstanding at September 30, 2023 107,993 $ 31.88 8.70 years $ 342 Exercisable at September 30, 2023 27,135 $ 88.79 6.97 years $ —
Schedule of equity-based compensation expense	The classification of share-based compensation expense is summarized as follows: Three Months Ended (US$’000) 2023 2022 Research and development $ 34 $ 30 General and administrative 57 272 Total share-based compensation expense $ 91 $ 302

Business - Summary of entities

Business - Summary of entities in control (Detail)	3 Months Ended
	Sep. 30, 2023
Schedule Of Entities In Control [Line Items]
Principal place of business/country of incorporation	DE
Benitec Biopharma Proprietary Limited ("BBL") [Member]
Schedule Of Entities In Control [Line Items]
Principal place of business/country of incorporation	C3
Benitec Australia Proprietary Limited [Member]
Schedule Of Entities In Control [Line Items]
Principal place of business/country of incorporation	C3
Benitec Limited [Member]
Schedule Of Entities In Control [Line Items]
Principal place of business/country of incorporation	X0
Benitec, Inc. [Member]
Schedule Of Entities In Control [Line Items]
Principal place of business/country of incorporation	X1
Benitec LLC [Member]
Schedule Of Entities In Control [Line Items]
Principal place of business/country of incorporation	X1
RNAi Therapeutics, Inc. [Member]
Schedule Of Entities In Control [Line Items]
Principal place of business/country of incorporation	X1
Tacere Therapeutics, Inc. [Member]
Schedule Of Entities In Control [Line Items]
Principal place of business/country of incorporation	X1
Benitec IP Holdings, Inc.[Member]
Schedule Of Entities In Control [Line Items]
Principal place of business/country of incorporation	X1

Business - Additional informati

Business - Additional information (Detail)	3 Months Ended
	Sep. 30, 2023
Schedule Of Entities In Control [Abstract]
Entity Incorporation Date Of Incorporation	Nov. 22, 2019

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Summary of property and equipment (Detail)	3 Months Ended
	Sep. 30, 2023
Software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	4 years
Lab equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Lab equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Computer hardware [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Computer hardware [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	shorter of the lease term or estimated useful lives

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Additional information (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jul. 26, 2023	Sep. 30, 2023	Jun. 30, 2023
Summary Of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from the computation of earnings per share		33,584,433	2,456,032
Restricted cash		$ 13	$ 13
Stockholders' equity, reverse stock split	On July 26, 2023, the Company effected a 1-for-17 reverse stock split (the “Reverse Stock Split”) of its common stock. In accordance with the Reverse Stock Split, 17 pre-split shares of the Company’s common stock were automatically converted into one issued and outstanding post-split share. Proportional adjustments were also made to all outstanding stock options, pre-funded warrants, and common warrants in accordance with their respective terms. The Reverse Stock Split did not change the par value of the Company’s common stock or the authorized number of shares. No fractional shares were issued in connection with the Reverse Stock Split. All fractional shares were rounded up to the nearest whole share with respect to outstanding shares of common stock.

Liquidity - Additional informat

Liquidity - Additional information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Net loss	$ (5,954)	$ (5,093)
Net cash used in provided by operations	(4,577)	$ (4,045)
Cash and cash equivalents	$ 25,864		$ 2,477

Cash, cash equivalents, and r_3

Cash, cash equivalents, and restricted cash - Schedule of cash, cash equivalents, and restricted cash and Restricted cash equivalents (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Cash and Cash Equivalents [Abstract]
Cash at bank	$ 25,864	$ 2,477
Restricted cash	13	13
Total	$ 25,877	$ 2,490

Prepaid and other assets - Summ

Prepaid and other assets - Summary of other current assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Other Assets [Abstract]
Prepaid expenses	$ 565	$ 1,280
Market value of listed shares	2	1
Total other assets	567	1,281
Less: non-current portion	(85)	(97)
Current portion	$ 482	$ 1,184

Property and equipment, net - S

Property and equipment, net - Summary of property and equipment net (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 1,404	$ 1,405
Accumulated depreciation and amortization	(1,336)	(1,318)
Total property and equipment, net	68	87
Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	6	6
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,343	1,343
Computer hardware [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	31	32
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 24	$ 24

Property and equipment, net - A

Property and equipment, net - Additional information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment, Net [Abstract]
Depreciation	$ 19	$ 42

Trade and other payables- Summa

Trade and other payables- Summary of trade and other payables (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Payables and Accruals [Abstract]
Trade payable	$ 1,528	$ 1,140
Accrued license fees	2	109
Accrued professional fees	49	75
Accrued clinical development project costs	2,088	1,750
Accrued consultant fees	61	88
Accrued offering costs	26	0
Other payables	40	69
Total	$ 3,794	$ 3,231

Leases - Summary of supplementa

Leases - Summary of supplemental balance sheet information related to leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Balance at July 1, 2023	$ 526
Amortization of right of use asset	(63)
Operating lease right-of-use asset at September 30, 2023	463
Balance at July 1, 2023	559
Principal payments on operating lease liabilities	(68)
Operating lease liabilities at September 30, 2023	491
Less: non-current portion	(211)	$ (284)
Current portion at September 30, 2023	$ 280

Leases - Additional information

Leases - Additional information (Detail) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating lease has a remaining lease term	1 year 8 months 15 days
Operating lease discount rate	4.67%
Operating lease expense	$ 0.1	$ 0.1

Leases - Summary of maturities

Leases - Summary of maturities of the operating lease liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023
Leases [Abstract]
2024	$ 221
2025	291
Total operating lease payments	512
Less imputed interest	(21)
Present value of operating lease liabilities	$ 491	$ 559

Stockholders' equity - Schedule

Stockholders' equity - Schedule of warrants or rights (Detail) - $ / shares		3 Months Ended
	Aug. 11, 2023	Sep. 30, 2023
Outstanding, beginning of period		2,348,039
Outstanding, ending of period		33,476,440
Exercisable at September 30, 2023		33,476,440
Exercise price of class of warrants or rights outstanding		$ 1.92
Exercise price of class of warrants or rights outstanding		1.98
Exercisable at September 30, 2023		$ 1.98
Common warrants [Member]
Common warrants issued		16,002,175
Common warrants issued		$ 3.86
Pre-funded warrants [Member]
Pre-funded warrants issued	15,126,226	15,126,226
Pre-funded warrants issued		$ 0.0001

Stockholders' equity - Schedu_2

Stockholders' equity - Schedule of equity awards (Detail) - Employee stock option [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Options,Outstanding, beginning of period	107,993
Stock Options, Outstanding, end of period	107,993	107,993
Stock Options, Exercisable, end of period	27,135
Weighted-average Exercise price, beginning of period	$ 31.88
Weighted-average Exercise Price, Exercise price, end of period	31.88	$ 31.88
Weighted-average Exercise Price, Exercisable, end of period	$ 88.79
Weighted-average Remaining Contractual Term, Outstanding	8 years 8 months 12 days	8 years 11 months 15 days
Weighted-average Remaining Contractual Term, Exercisable	6 years 11 months 19 days
Aggregate Intrinsic Value, Outstanding at June 30, 2023	$ 342	$ 11,888

Stockholders' equity - Summary

Stockholders' equity - Summary of share-based compensation expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Share-based compensation expense	$ 91	$ 302
Research and development [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Share-based compensation expense	34	30
General and administrative [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Share-based compensation expense	$ 57	$ 272

Stockholders' equity - Addition

Stockholders' equity - Additional information (Detail) $ / shares in Units, $ in Millions							3 Months Ended
	Aug. 11, 2023 USD ($) $ / shares shares	Oct. 27, 2022 $ / shares shares	Oct. 17, 2022 shares	Sep. 15, 2022 $ / shares shares	Dec. 09, 2020	Apr. 22, 2020 shares	Sep. 30, 2023 USD ($) shares	Jun. 30, 2023 shares	Dec. 07, 2022 shares	Dec. 08, 2021 shares	Dec. 06, 2019 shares $ / shares
Sale of stock issue price per share | $ / shares	$ 1.9299
Class of warrant or right, exercise price of warrants or rights | $ / shares				$ 11.22
Net proceeds from public offering | $	$ 27.9
Unrecognised share based compensation expense | $							$ 0.3
Common Stock Shares Authorized							160,000,000	160,000,000
Warrants outstanding							33,476,440	2,348,039
Two Thousand And Twenty Equity Incentive Plan [Member]
Common stock shares reserved for future issuance										1,850,000
Two Thousand And Twenty Equity Incentive Plan [Member] | Employee stock option [Member]
Share based compensation by share based award unrecognized expense remaining period of recognition							2 years 3 months 18 days
Share based compensation by share based award contractual term					10 years
Maximum [Member]
Common Stock Shares Authorized									160,000,000	40,000,000
Minimum [Member]
Common Stock Shares Authorized									40,000,000	10,000,000
Common Stock [Member]
Warrants convertible into shares of common stock on exercise	2,331,606					6,300	458,134
Cashless exercise of purchase warrants (In shares)						2,201
Common Warrants [Member]
Class of warrant or right, exercise price of warrants or rights | $ / shares	$ 3.86
Warrants convertible into shares of common stock on exercise	2,331,606						458,134
Purchase warrants [Member]
Class of warrant or right, exercise price of warrants or rights | $ / shares											$ 178.5
Warrants convertible into shares of common stock on exercise											12,600
Number of series of warrants issued											4
Expiry date of warrants											Dec. 06, 2024
Pre-funded warrants [Member]
Sale of stock issue price per share | $ / shares	$ 1.9298
Class of warrant or right, exercise price of warrants or rights | $ / shares	$ 0.0001
Class Of Warrants Or Rights Excercised During The Period		9,804	117,939
IPO [Member]
Sale of stock number of shares issued in the transaction	875,949			1,037,520
Sale of stock issue price per share | $ / shares	$ 1.9299			$ 10.03
Warrants convertible into shares of common stock on exercise	16,002,175
Class of warrant or rights issued during period	16,002,175
Issue of common stock and warrant price per share	1.93%			10.20%
Class of warrants or rights issue price per unit | $ / shares	$ 0.0001			$ 0.17
IPO [Member] | Series 2 Warrants [Member]
Class of warrant or right, exercise price of warrants or rights | $ / shares	$ 1.9299
Warrants convertible into shares of common stock on exercise				1,753,503
Warrants outstanding				29,809,471
IPO [Member] | Pre-funded warrants [Member]
Class of warrant or right, exercise price of warrants or rights | $ / shares				$ 0.0017
Warrants convertible into shares of common stock on exercise	15,126,226			715,979
Class of warrant or rights issued during period	15,126,226			12,171,628
Pre-funded warrants [Member]
Sale of stock number of shares issued in the transaction	15,126,226						15,126,226
Class of warrant or right, exercise price of warrants or rights | $ / shares		$ 0.0017