Persistent negative free cash flow remains a concern, with quarterly outflows reaching as high as $8.5 million in 2025Q4, necessitating reliance on external capital.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Cash from Operations | -20.57M | -23.59M | -19.4M | -18.01M | -15.9M | -12.83M | -7.54M | 4.79M | -8.55M | -8.3M | -20.21M | -9.69M | -9.69M | -9.27M |
| Operating CF Margin % | - | - | - | -24016% | -21779.45% | -21749.15% | -7768.04% | 59.32% | -4183.48% | -4239.29% | -7816.8% | -1537.18% | -1013.65% | -1837.85% |
| Operating CF Growth % | -140.25% | -21.57% | -7.72% | -13.29% | -23.9% | -70.3% | -257.31% | 156.02% | -2.97% | 58.91% | -108.5% | 0% | -4.54% | - |
| Net Income | -48.88M | -37.92M | -21.75M | -19.56M | -18.21M | -13.88M | -8.27M | 2.61M | -8.55M | -4.37M | -18.5M | -8.83M | -10.84M | -6.42M |
| Depreciation & Amortization | 475K | 396K | 343K | 381K | 392K | 424K | 374K | 158K | 0 | 217K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 12.56M | 17.43M | 830K | 452K | 870K | 634K | 237K | 957.2K | 0 | 386K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -714K | 0 | 0 | 0 | -957.2K | 0 | -819.52K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 13.59M | -764K | 1K | 717K | 10K | -16K | 2K | 700K | 0 | -4.47M | -1.7M | -864.59K | 1.14M | -2.85M |
| Working Capital Changes | -5.65M | -2.73M | 1.17M | 714K | 1.04M | 8K | 126K | 1.32M | 0 | 760K | 0 | 0 | 0 | 0 |
| Change in Receivables | 8.07K | 197K | -176K | -50K | 1K | 28K | 2.4M | 607K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | -1.31M | -1.09M | -83K | -700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -4.66M | -2.38M | 0 | 1.36M | 1.09M | 55K | -1.7M | 740K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -27.51K | -18K | -179K | -1K | -13K | -221K | -94K | -399.19K | -107.98K | -232.07K | -255.4K | -387.33K | -475.45K | -29.2K |
| Capital Expenditures | -27.51K | -18K | -179K | -1K | -13K | -221K | -95K | -403.39K | -60.97K | -131.41K | -255.4K | -387.33K | -475.45K | -29.2K |
| CapEx % of Revenue | - | - | - | 1.33% | 17.81% | 374.58% | 97.94% | 5% | 29.83% | 67.08% | 98.79% | 61.43% | 49.73% | 5.79% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 4K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 202 | -47.01K | 30.33K | 0 | 0 | 0 | 0 |
| Cash from Financing | 106.87M | 70.48M | 68.03M | 16.02M | 0 | 22.52M | 1.77M | -688.12K | 6.25M | 6.1M | 17.51M | 39.88K | 48.96K | 35.66M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 107.05M | 70.48M | 70.88M | 17.88M | 0 | 25.75M | 2.25M | 0 | 6.48M | 6.2M | 14.53M | 295.3K | 362.48K | 35.66M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -178.7K | 0 | -2.85M | -1.87M | 0 | -3.23M | -480K | -688.12K | -229.93K | 1.74M | 2.98M | -255.41K | -313.52K | 0 |
| Net Change in Cash | 81.23M | 46.93M | 48.44M | -1.59M | -15.71M | 9.97M | -5.92M | 4.43M | -947.62K | -657.02K | -2.66M | -7.34M | -9.01M | 27.17M |
| Free Cash Flow | -20.59M | -23.61M | -19.58M | -18.01M | -15.91M | -13.05M | -7.63M | 4.39M | -8.61M | -8.44M | -20.46M | -10.08M | -10.17M | -9.3M |
| FCF Margin % | - | - | - | -24017.33% | -21797.26% | -22123.73% | -7865.98% | 54.33% | -4213.31% | -4306.37% | -7915.6% | -1598.62% | -1063.37% | -1843.64% |
| FCF Growth % | -10.22% | -20.55% | -8.71% | -13.2% | -21.9% | -71.07% | -273.94% | 150.94% | -2.09% | 58.78% | -103.02% | 0.87% | -9.33% | - |
| FCF per Share | -0.42 | -0.65 | -1.91 | -13.00 | -8.28 | -12.92 | -31.75 | 21.76 | -52.17 | -61.31 | -183.34 | -111.26 | -143.35 | -524.61 |
| FCF Conversion (FCF/Net Income) | 0.42x | 0.62x | 0.89x | 0.92x | 0.87x | 0.92x | 0.91x | 2.63x | 1.36x | 2.48x | 1.46x | 1.44x | 0.95x | 1.56x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial dependency
According to recent financial filings, Benitec Biopharma's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.21 and 1.46, suggesting that non-cash adjustments and working capital volatility significantly distort the underlying cash burn reality of the company's development-stage operations.
The persistent gap between net income and operating cash flow indicates that accounting losses are not fully reflective of the actual cash outflow required to sustain the ddRNAi platform. Investors should monitor these fluctuations as they may imply that the company's cash burn is more sensitive to timing of clinical payments than to the reported net loss figures.
As reported in quarterly statements, Benitec Biopharma maintains a consistent negative free cash flow trajectory, with quarterly outflows reaching as high as $8.5 million in 2025Q4, underscoring the company's total reliance on external capital to fund its ongoing research and development activities.
The lack of positive free cash flow is expected for a pre-revenue biotech firm, yet the volatility in quarterly burn rates warrants further investigation into the predictability of clinical trial expenses. This trend suggests that the company remains entirely dependent on its current cash reserves to reach critical data milestones.
Based on the company's reported figures, working capital changes have been erratic, swinging from a $5.5 million outflow in 2025Q4 to a $887.8 thousand inflow in 2024Q4, which suggests that the timing of vendor payments and clinical trial accruals creates significant quarterly cash flow noise.
These swings appear to be driven by the lumpy nature of clinical manufacturing and CRO service contracts rather than operational efficiency. Analysts should interpret these movements as temporary timing differences that do not alter the fundamental, long-term cash burn profile of the business.
As indicated by historical data, Benitec Biopharma has increasingly utilized stock-based compensation, with $7.4 million recorded in 2026Q2, a practice that effectively masks the true economic cost of operations by substituting equity for cash to preserve the company's $97.7 million liquidity position.
While this strategy preserves cash for critical clinical development, it creates a disconnect between the reported cash burn and the actual dilution experienced by shareholders. Investors should monitor the sustainability of this compensation structure as a primary mechanism for extending the company's operational runway.
Quick answers to the most common questions about buying BNTC stock.
Benitec Biopharma Inc. (BNTC) generated $-23.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Benitec Biopharma Inc. (BNTC) reported negative free cash flow of $23.6M in 2025, indicating capital requirements exceeded cash from operations.
Benitec Biopharma Inc. (BNTC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.