Benitec Biopharma Inc. (BNTC): auditor change — Benitec restates Q2 and Q3 FY2025 financials for stock-comp understatement; prior filings unreliable

Benitec Biopharma Inc.

Audit Committee concluded Dec 31, 2024 and Mar 31, 2025 unaudited financials should no longer be relied upon.
Error from November 2023 system migration incorrectly configured equity awards data, understating share-based compensation.
Non-cash adjustments understated additional paid-in capital, accumulated deficit, net loss, and loss per share.
Restated financials to be included in FY2025 Form 10-K, expected to be filed on or before the deadline.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Benitec Biopharma Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Baker Tilly US, LLP

Exact text from the filing

onths ended December 31, 2024, contained in its Quarterly Report on Form 10-Q for the quarter ended December 31, 2024, originally filed with the SEC on February 14, 2025 (collectively, the “Prior Financial Statements”), should no longer be relied upon. The errors and corrective adjustments identified by the Company are non-cash in nature and resulted from the migration, in November 2023, of equity awards data to a new information recording system used to calculate the Company’s share-based compensation expense, which was incorrectly configured resulting in understatements of share-based compensation expense, which in turn led to understatements of additional paid-in capital, accumulated deficit, net loss and loss per share. The impact was immaterial to the Company’s previously issued financial statements prior to the quarter ended December 31, 2024, but the cumulative impact of the incor

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Source: SEC EDGAR

accession 0000950170-25-114530

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