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Benitec Biopharma

BNTC on Nasdaq. Pharmaceutical preparations. Market value $322m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-5.3%low

For every $100 of what the whole company costs, it produced $-5.29 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to June 2026
n/a

The filings do not give us enough to work this out.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$9.00 a share, 6% above its 1-year low

Over the past year the price has ranged from $8.52 to $16.76.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.0
-0.0
-0.0
-0.0
-0.0
20222023202420252026
Revenue
$73,000$75,000$0n/an/a
Operating margin
-24457.5%-25441.3%n/an/an/a
Debt to equity
0.000.000.000.000.00
Shares outstanding
0.03bn0.01bn0.03bn0.03bn0.03bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)No
  • Debt0.00× equity
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 25% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • A loss of $13 million, compared with a loss of $9 million a year ago.
  • Over the past 12 months it spent $17 million more cash than it brought in, compared with $24 million a year earlier.
  • It has $180 million more cash than debt, up from $98 million a year ago.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$5m
December 2024-$10m
March 2025-$15m
June 2025-$9m
September 2025-$9m
December 2025-$12m
March 2026-$12m
June 2026-$13m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
14 September 2026
Next quarterly (estimated, 10-Q)
13 August 2026

Who owns it

None of the long-term investors we follow own it. 87 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $22m of shares on the open market.

  • Cowen Aaron
    Director
    Bought
    Date
    29 December 2025
    Shares
    77,387
    Price
    $13.44
    Value
    $1m
  • Cowen Aaron
    Director
    Bought
    Date
    26 December 2025
    Shares
    16,836
    Price
    $13.10
    Value
    $220,552
  • Cowen Aaron
    Director
    Bought
    Date
    23 December 2025
    Shares
    50,000
    Price
    $12.85
    Value
    $642,500
  • Cowen Aaron
    Director
    Bought
    Date
    22 December 2025
    Shares
    19,542
    Price
    $12.08
    Value
    $236,067
  • Cowen Aaron
    Director
    Bought
    Date
    19 December 2025
    Shares
    16,384
    Price
    $11.48
    Value
    $188,088
  • Cowen Aaron
    Director
    Bought
    Date
    18 December 2025
    Shares
    10,215
    Price
    $11.24
    Value
    $114,817
  • SUVRETTA CAPITAL MANAGEMENT, LLC
    Director
    Bought
    Date
    7 November 2025
    Shares
    1,481,481
    Price
    $13.50
    Value
    $20m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Benitec Biopharma’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 14 Sep 2026, plus 2 later 8-Ks.

  • Its past accounts can't be relied on

    Serious

    It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

    8-K Item 4.02 filed 12 Sep 2025: the company said its earlier financial statements should no longer be relied on.

    From an 8-K filed 12 September 2025: Previously issued accounts should no longer be relied on. Open the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On September 18, 2026, the Audit Committee of the Board of Directors of the Company (the “Audit Committee”) determined to dismiss Baker Tilly and on September 21, 2026 notified Baker Tilly of its dismissal and decision to change its independent registered public accounting firm.”

    From an 8-K filed 24 September 2026: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.