Benitec Biopharma to restate quarterly financial statements

Benitec Biopharma (NASDAQ: BNTC) announced that its audit committee determined the company's quarterly financial statements for periods ended December 31, 2024, and March 31, 2025, should no longer be relied upon due to errors in share-based compensation calculations.

The errors stemmed from the incorrect configuration of a new information recording system implemented in November 2023 for tracking equity awards data. This misconfiguration resulted in understatements of share-based compensation expense, additional paid-in capital, accumulated deficit, net loss and loss per share.

The company stated the errors were non-cash in nature and had immaterial impact on financial statements prior to the quarter ended December 31, 2024. The cumulative effect became material for the quarterly periods ended December 31, 2024, and March 31, 2025.

Benitec plans to include restatements of the affected quarterly reports in its 2025 Form 10-K filing. The company expects to file the annual report with the Securities and Exchange Commission by the required deadline.

The audit committee reached its conclusion on September 10, 2025, after discussions with management and the company's independent registered public accountants, according to the press release statement.

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