Benitec Biopharma Inc. priced a $100 million public offering of its common stock on November 5, 2025. The offering consists of 5,930,000 shares underwritten by Leerink Partners, TD Cowen and Evercore ISI, and 1,481,481 shares sold in a registered direct offering. Shares were priced at $13.50 each, and the underwriters received a 30‑day option to purchase an additional 889,500 shares on the same terms.
The company expects gross proceeds of approximately $100 million, with the offering scheduled to close on November 7, 2025. Proceeds will be directed toward advancing the lead candidate BB‑301 for oculopharyngeal muscular dystrophy (OPMD), covering working‑capital needs, and supporting general corporate expenses. The financing is intended to extend Benitec’s operational runway by at least twelve months, giving the company additional flexibility to progress clinical trials and manage ongoing manufacturing and regulatory activities.
Benitec’s cash position has been steadily declining since the end of March 2025. As of March 31, 2025, the company reported $103.6 million in cash and cash equivalents; by June 30, 2025, that balance had fallen to $97.7 million. The new capital injection will bring the cash balance to roughly $197 million, providing a more robust financial cushion for the company’s R&D pipeline.
The offering comes after Benitec announced positive interim results from the Phase 1b/2a trial of BB‑301, in which all six patients in Cohort 1 achieved a response. The drug has also received FDA Fast Track designation, underscoring the unmet medical need for OPMD and the potential market opportunity for a first‑in‑class therapy.
Management emphasized that the financing will accelerate the development timeline for BB‑301 and support the company’s proprietary DNA‑directed RNA interference (“ddRNAi”) “Silence and Replace” platform. CEO Jerel A. Banks noted that the company is “excited by the profound effect that BB‑301 can potentially have on this progressive disease,” and that the new capital will enable continued progress toward regulatory milestones.
The market reacted to the pricing of the equity offering, with the stock falling after the announcement. Investors cited the discount to the prior closing price and the dilutive nature of the offering as primary concerns, despite the company’s strong clinical data and strategic focus.
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