Benitec Biopharma Inc. (BNTC): Business Model Canvas [Dec-2025 Updated]

You're digging into the operational blueprint of Benitec Biopharma Inc. (BNTC) right now, trying to map out how this gene therapy play funds its next steps. Honestly, looking at their canvas as of late 2025, it's a classic pre-commercial biotech story: they are burning cash-with G&A at $23.4 million and R&D at $18.3 million for FY2025-to push their lead asset, BB-301 for OPMD, through the clinic, relying on a $94.5 million cash pile from September 30, 2025. We need to see if their unique ddRNAi platform and Orphan Drug status can translate that capital into a revenue stream beyond the equity raises they just closed. Dive below to see the full nine blocks of their strategy.

Benitec Biopharma Inc. (BNTC) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Benitec Biopharma Inc. relies on to move its gene therapy pipeline forward, especially the lead asset, BB-301. These partnerships are critical for clinical execution, manufacturing scale-up, oversight, and funding the runway.

Clinical researchers and healthcare providers for BB-301 trials

Benitec Biopharma Inc. maintains close collaborations with clinical researchers and healthcare providers to advance the BB-301 program for Oculopharyngeal Muscular Dystrophy (OPMD)-related dysphagia. The Phase 1b/2a clinical trial (NCT06185673) is a key focus. As of late 2025, the trial has progressed through Cohort 1, which involved 6 treated patients, all of whom demonstrated a 100% responder rate based on interim results. The first patient in Cohort 2 was successfully treated in the fourth calendar quarter of 2025. The trial was reported to be underway at a single site in New York City as of February 2025. The company's Executive Chairman and CEO, Jerel A. Banks, M.D., Ph.D., frequently acknowledges the support from these groups.

Contract Manufacturing Organizations (CMOs) for AAV vector production

The development of BB-301, an adeno-associated virus (AAV) vector-based therapy, necessitates specialized manufacturing. While the research and development expenses for the year ended June 30, 2025, reflected the timing of contract manufacturing activities, specific CMO partners for AAV production in late 2025 weren't detailed in recent updates. Historically, Benitec Biopharma Inc. had an agreement with US-based Omnia Biologics for clinical material for a different program (TT-034) back in 2015, noting Omnia's established process for AAV-based products. The general trend in the advanced therapy CDMO sector for 2025 shows companies increasingly outsourcing comprehensive services, with smaller biotechs relying on CDMOs for formulation, clinical packaging, and technology transfer.

Independent Data Safety Monitoring Board (DSMB) for clinical oversight

Clinical oversight is managed through an Independent Data Safety Monitoring Board (DSMB). This board plays a direct role in trial progression decisions. Following the safe treatment of the sixth and final Subject in Cohort 1 of the BB-301 Phase 1b/2a Treatment Study, the DSMB provided a favorable recommendation to continue enrollment into Cohort 2. This external validation is a crucial checkpoint for regulatory confidence.

Potential out-licensing partners for future ddRNAi programs

Benitec Biopharma Inc. actively evaluates and enters into collaborations to expand its capabilities and accelerate the development and commercialization of its proprietary DNA-directed RNA interference (ddRNAi) therapeutics. The strategy involves seeking to partner current or future therapeutic programs with leading pharmaceutical partners once they reach key pre-clinical or clinical development milestones. The company positions itself as a partner of choice for pharmaceutical companies looking to enter the viral vector-based gene therapy and gene silencing space, offering a differentiated approach for 'single administration' multi-target therapies.

Financial institutions for equity financing and capital raises

The company has secured significant capital through partnerships with financial institutions acting as placement or bookrunning agents. Benitec Biopharma Inc. concluded an oversubscribed equity financing on November 5, 2025, which grossed approximately $100 million before costs. This followed a March 25, 2025, pricing of an underwritten offering and a concurrent registered direct offering that generated aggregate gross proceeds of approximately $30 million.

The institutions involved in the March 2025 financing included:

• Bookrunning Managers: Leerink Partners and TD Cowen
• Lead Manager: Citizens Capital Markets

A key long-term investor, Suvretta Capital, participated in the March 2025 registered direct offering and the November 2025 registered direct offering. As of September 30, 2025, the company held $94.5 million in cash and cash equivalents.

Here's a look at the recent capital structure events:

Benitec Biopharma Inc. (BNTC) - Canvas Business Model: Key Activities

You're looking at the core engine driving Benitec Biopharma Inc.'s value proposition-the day-to-day, high-stakes work that turns science into potential medicine. For a clinical-stage company like Benitec Biopharma Inc., Key Activities are where the cash goes and where the milestones are won or lost. Here's the breakdown based on late 2025 figures.

Advancing BB-301 Phase 1b/2a Clinical Development for OPMD

The primary activity centers on pushing the BB-301 gene therapy candidate through its human trials for Oculopharyngeal Muscular Dystrophy (OPMD). This involves meticulous patient management and data collection. The company reported that the sixth and final Subject of Cohort 1, receiving the low dose of BB-301, was safely treated in April 2025. Following this, Benitec Biopharma Inc. successfully treated the first patient in Cohort 2 with BB-301 in the fourth quarter of 2025, indicating advancement to the next dose level. The clinical protocol for the BB-301 Phase 1b/2a Clinical Trial employs serial evaluation of dysphagic symptom burden and serial radiographic evaluation of swallowing elements at intervals of approximately every 3-months. The interim results for Cohort 1 were highly positive, with all six patients enrolled meeting the formal statistical criteria for response, equating to a 100% response rate. This activity is directly tied to the platform's core mechanism, which combines RNA interference (RNAi) with gene therapy to silence disease-causing genes and deliver replacement genes following a single administration.

Research and Development (R&D) of the Proprietary ddRNAi Platform

Sustaining the proprietary DNA-directed RNA interference (ddRNAi) "Silence and Replace" platform requires consistent investment, even as clinical trials dominate the immediate focus. You can see this investment reflected in the reported expenses. For the full year ended June 30, 2025, Research and Development expenses totaled $18.3 million, an increase from $15.6 million the prior year. More recently, for the first fiscal quarter ended September 30, 2025, R&D expenses were reported at $3.4 million. These figures cover the ongoing development of BB-301 and the underlying technology that supports the entire pipeline.

Protecting and Enforcing a Broad Intellectual Property (IP) Portfolio

Protecting the core technology is a non-negotiable Key Activity in this sector. Benitec Biopharma Inc.'s value is heavily anchored in its proprietary ddRNAi platform. While specific enforcement costs aren't itemized as a standalone activity number, the commitment is evidenced by the company's focus on its pipeline, which is built upon this protected technology. The platform itself is designed to facilitate sustained silencing of disease-causing genes and concomitant delivery of wildtype replacement genes.

Securing Capital Through Equity Offerings to Fund Operations

Funding the high-cost, long-duration R&D is a critical, recurring activity. Benitec Biopharma Inc. executed two significant capital raises in 2025 to extend its operational runway. Most recently, in November 2025, the company priced a combined stock offering expected to generate approximately $100 million in gross proceeds, with shares sold at $13.50 each. This followed a raise in March 2025, which secured about $30 million in gross proceeds at a price of $13.00 per share. Here's a quick look at the November 2025 financing structure:

As of June 30, 2025, the company held $97.7 million in cash and cash equivalents, which this latest raise significantly bolstered to fund operations well into 2026.

Regulatory Filings and Strategic Planning for Pivotal Studies (e.g., FDA Meetings)

Translating clinical success into regulatory approval requires focused interaction with agencies like the FDA. A major milestone achieved was the U.S. Food and Drug Administration granting Fast Track designation for BB-301 following review of the positive interim data. Furthermore, Benitec Biopharma Inc. has a concrete plan to advance this: the company plans to meet with the FDA in 2026 to confirm the pivotal study design for BB-301. This is the next strategic step after the completion of the Phase 1b/2a trial and the positive Cohort 1 data.

• BB-301 received Fast Track designation from the FDA.
• BB-301 also holds Orphan Drug Designation from both the FDA and EMA.
• Planned engagement with the FDA in 2026 for pivotal study confirmation.
• Full Year 2025 total expenses were $41.8 million.

Benitec Biopharma Inc. (BNTC) - Canvas Business Model: Key Resources

You're looking at the core assets Benitec Biopharma Inc. (BNTC) is relying on to drive value, which is critical when assessing a clinical-stage biotech. Here's the breakdown of what they hold as of late 2025.

The most tangible asset right now is the balance sheet strength. As of September 30, 2025, Benitec Biopharma Inc. had $94.5 million in cash and cash equivalents. This liquidity was recently bolstered by a significant capital event; the company raised approximately $100 million in an oversubscribed public offering of common stock concluded on November 5, 2025, which is earmarked to fund the BB-301 Oculopharyngeal Muscular Dystrophy (OPMD) registrational program.

The technology platform is the engine. Benitec Biopharma Inc.'s proprietary asset is the Silence and Replace DNA-directed RNA interference (ddRNAi) gene therapy platform. This technology is designed to achieve sustained silencing of disease-causing genes and the delivery of replacement genes from a single administration.

The lead clinical asset, BB-301, is a key resource tied directly to this platform. It is an adeno-associated virus based gene therapy agent aimed at treating Oculopharyngeal Muscular Dystrophy (OPMD). This asset carries significant regulatory validation, having received Fast Track Designation from the U.S. Food and Drug Administration (FDA). Clinical progress is a resource in itself; positive interim results from the Phase 1b/2a trial for BB-301 showed a 100% responder rate for all six patients in Cohort 1 meeting formal statistical criteria for response.

Intellectual property forms the defensive moat around the technology. Benitec Biopharma Inc. holds a portfolio of intellectual property covering its ddRNAi technology and related gene-silencing applications.

The human capital supporting these assets is also a critical resource. The team is led by management with experience in gene therapy, molecular biology, and drug development. The operational focus is clearly on the clinical development of BB-301, which drove Research and Development expenses of $3.4 million for the quarter ended September 30, 2025.

Here's a quick look at the key tangible and intangible resources:

• Proprietary ddRNAi platform for gene silencing and replacement.
• BB-301 asset with FDA Fast Track Designation.
• Cash and equivalents of $94.5 million as of September 30, 2025.
• Portfolio of patents and exclusive rights for the technology.
• Specialized scientific and clinical development personnel.

You can map the recent financial strength against the development focus:

The company continues to explore partnerships and licensing opportunities to broaden the pipeline. That's the current inventory of what Benitec Biopharma Inc. is working with.

Benitec Biopharma Inc. (BNTC) - Canvas Business Model: Value Propositions

You're looking at the core value Benitec Biopharma Inc. (BNTC) offers to the Oculopharyngeal Muscular Dystrophy (OPMD) patient population, and frankly, it's centered entirely around BB-301. This isn't just another drug; it's a potential first-in-class disease modifier for a condition where the current standard of care is purely palliative treatment. That's a massive value gap to fill.

The primary value proposition rests on the promise of a single-administration gene therapy for OPMD. This is key because OPMD is a chronic, life-threatening genetic disorder affecting an estimated 15,000 patients across the US, Canada, Western Europe, and Israel. The most debilitating symptom, progressive dysphagia (swallowing difficulty), impacts 97% of these patients.

Here's a quick look at the clinical validation supporting this proposition as of late 2025:

• 100% response rate observed in the first cohort.
• All 6 patients in Cohort 1 met formal statistical criteria for response.
• No Severe Adverse Events reported in the initial low-dose cohort.
• The first patient in Cohort 2 was successfully treated in the fourth quarter of 2025.

The potential market impact is huge: BB-301 is positioned as the potential to be the first approved therapy for OPMD-related dysphagia. This is a significant leap from the current situation where no disease-modifying therapies exist.

The mechanism itself is a core differentiator. Benitec Biopharma Inc. offers a unique 'Silence and Replace' mechanism. This proprietary DNA-directed RNA interference (ddRNAi) platform is designed to simultaneously silence the expression of the faulty mutant PABPN1 gene while delivering a functional, codon-optimized copy of the gene. It targets the root cause of the genetic disease, not just the symptoms.

The clinical evidence points toward clinically meaningful, sustained improvements in swallowing function. For example, data shared from the first three subjects showed improvements irrespective of their specific swallowing problem type. Specifically, one patient with inefficient swallowing showed:

This translates to significant continuing reductions in dysphagic symptom burden and post-swallow residue accumulation.

Finally, the regulatory pathway is expedited, which is a major value driver for investors and patients alike. BB-301 has secured Orphan Drug Designation from both the FDA and EMA. Furthermore, the FDA granted Fast Track Designation following the positive interim results. This designation can lead to an expeditious path for cost-efficient development, potentially including a seven-year period of market exclusivity upon approval.

To support this advancement, the company reported $97.7 million in cash and cash equivalents as of June 30, 2025, and recently completed a capital raise of approximately $100 million to fund the BB-301 registrational program. For the fiscal year ended June 30, 2025, Research and development expenses were $18.3 million.

Finance: review the burn rate implications of the $41.8 million in total expenses for FY 2025 against the recent capital raise.

Benitec Biopharma Inc. (BNTC) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so your relationships with the few key stakeholders-patients, researchers, regulators, and investors-are everything right now. Benitec Biopharma Inc. focuses its relationship strategy on these four core groups as it advances its lead candidate, BB-301, for Oculopharyngeal Muscular Dystrophy (OPMD).

Close, high-touch collaboration with OPMD patient families and advocates

The relationship with the OPMD community is central, given the rare nature of the disease and the reliance on patient participation for clinical success. The Executive Chairman and Chief Executive Officer stated in May 2025 that Benitec Biopharma Inc. was profoundly honored to be closely engaged with the OPMD patient community. This engagement is directly tied to the clinical trial progress.

• Six patients in Cohort 1 safely treated with low-dose BB-301 by April 2025.
• 100% responder rate achieved by all six patients in Cohort 1 as of November 2025.
• First patient of Cohort 2 treated in Q4 of 2025.

Direct engagement with clinical researchers and principal investigators

Engagement with the clinical research community supports the ongoing development of BB-301. The company's Research and Development expenses reflect this focus, showing significant investment in the OPMD program. The CEO specifically thanked the clinical research community in November 2025.

The company's proprietary ddRNAi platform expertise is also positioned to attract R&D collaborations with pharmaceutical partners looking to enter gene therapy.

Investor relations and transparent communication of clinical milestones

Benitec Biopharma Inc. maintains active communication with the investment community, especially around clinical data readouts and capital needs. The CEO acknowledged the strong support from the investment community in November 2025. The company has demonstrated its ability to secure significant funding following positive data releases.

• Completed an oversubscribed public offering grossing approximately $100 million on November 5, 2025.
• Cash and cash equivalents stood at $94.5 million as of September 30, 2025.
• Cash and cash equivalents were $103.6 million as of March 31, 2025.
• General and administrative expenses for Q3 ended March 31, 2025, were $4.2 million.

Investor Relations contact is Irina Koffler at LifeSci Advisors.

Professional engagement with regulatory bodies (e.g., FDA)

Engagement with the U.S. Food and Drug Administration (FDA) is critical, especially following positive clinical data. The company announced on November 3, 2025, that the FDA granted Fast Track designation for BB-301 for OPMD. This designation facilitates development via rolling review and more frequent FDA interactions. BB-301 also holds Orphan Drug Designation from both the FDA and the European Medicines Agency. Benitec Biopharma Inc. plans to meet with the FDA in 2026 to confirm pivotal study protocol details.

The relationship with regulators is structured around key data points.

This designation often shortens feedback cycles.

Benitec Biopharma Inc. (BNTC) - Canvas Business Model: Channels

You're looking at how Benitec Biopharma Inc. gets its science and its funding story out to the world. For a clinical-stage company, the channels are all about proving the science works and securing the capital to keep the lights on and the trials running.

Clinical trial sites and academic medical centers for drug delivery

The primary channel for delivering the therapeutic construct, BB-301, is through specialized clinical trial sites focused on Oculopharyngeal Muscular Dystrophy (OPMD). The Phase 1b/2a Treatment Study is the core delivery mechanism for the drug candidate.

The data dissemination channel is tightly linked to the clinical progress:

• The BB-301 Phase 1b/2a Clinical Study is the delivery vehicle for the gene therapy.
• Enrollment of the first subject into Cohort 2 was expected in Calendar Q4 of 2025.
• The Independent Data Safety Monitoring Board (DSMB) recommended continuation after reviewing the safety of the six treated subjects in Cohort 1.

Scientific conferences (e.g., MDA Conference) for data dissemination

Benitec Biopharma Inc. uses major scientific and investor conferences to disseminate clinical data and scientific updates. This is where the company translates trial results into actionable information for the scientific community and potential partners.

Here are some key channels used for data presentation in 2025:

The company also uses its own webcasts to control the narrative around key data releases. For instance, an update on the BB-301 Phase 1b/2a Clinical Study was provided via a live webcast on November 3, 2025, at 8:00 am EST.

Regulatory submissions (FDA, EMA) for product approval pathway

Regulatory bodies are a critical channel for advancing BB-301 toward commercialization. The pathway is heavily influenced by designations that can accelerate development and review times.

The most significant recent regulatory channel interaction was:

• The U.S. Food and Drug Administration (FDA) granted Fast Track Designation to BB-301 for OPMD on November 3, 2025.

The company's stated goal is to fund advancement of the BB-301 OPMD registrational program and associated regulatory filing activities with recent capital raises.

Investor relations channels (SEC filings, press releases, webcasts) for funding

Investor relations channels are essential for maintaining market confidence and accessing the capital required for operations, which totaled $41.8 million in expenses for the year ended June 30, 2025.

Key financial and disclosure channels as of late 2025 include:

• SEC Filings: The annual report on Form 10-K for the fiscal year ended June 30, 2025, was filed. The quarterly report on Form 10-Q for the quarter ended September 30, 2025, was filed on November 14, 2025.
• Financing Events: An oversubscribed equity financing was concluded on November 5, 2025, grossing approximately $100 million before costs.
• Cash Position: Cash and cash equivalents stood at $94.5 million as of September 30, 2025, prior to the November financing.
• Press Releases: Used to announce milestones, such as the November 3, 2025, release detailing positive interim clinical study results and the FDA Fast Track Designation.

Here's a quick look at the financial context driving the need for these funding channels:

The company defintely uses these formal disclosures to keep the market informed on the progress of BB-301, which showed a 100% responder rate in its initial 6 patients in Cohort 1.

Benitec Biopharma Inc. (BNTC) - Canvas Business Model: Customer Segments

You're hiring before product-market fit, so understanding who is funding the journey and who stands to benefit is key. Here's the breakdown of the Customer Segments for Benitec Biopharma Inc. as of late 2025, grounded in the latest figures.

Patients diagnosed with Oculopharyngeal Muscular Dystrophy (OPMD) with dysphagia

This segment represents the ultimate end-users for the BB-301 investigational gene therapy. Oculopharyngeal Muscular Dystrophy (OPMD) is a rare, late-onset degenerative muscle disorder where the primary debilitating symptom is dysphagia (swallowing problems).

The clinical focus is on patients with this specific presentation, which is highly prevalent within the OPMD population.

• OPMD is principally characterized by severe progressive dysphagia, impacting approximately 97% of patients.
• The Phase 1b/2a clinical trial (NCT06185673) for BB-301 is expected to ultimately enroll an estimated 30 patients.
• As of late 2025, Benitec Biopharma Inc. had treated six patients in Cohort 1 of this study.
• The FDA granted Fast Track designation for BB-301 for OPMD with dysphagia, signaling a pathway to potentially address this unmet need more quickly.

Global pharmaceutical companies seeking gene therapy R&D collaborations

Benitec Biopharma Inc. positions its proprietary "Silence and Replace" DNA-directed RNA interference (ddRNAi) platform as a differentiated approach, making it an attractive partner for larger entities looking to enter or expand in gene therapy and gene silencing therapeutics.

These companies are potential partners for out-licensing or co-development, especially as Benitec Biopharma Inc. advances its programs to key milestones.

Benitec Biopharma Inc. seeks partnerships that can accelerate development and commercialization, leveraging its expertise in ddRNAi therapeutics.

Rare disease specialists and neuromuscular disorder physicians (future prescribers)

This segment comprises the specialists who will ultimately prescribe and administer BB-301, or recommend it to their OPMD patients. Their confidence is built on clinical data.

The data from the ongoing trial is the primary driver for gaining the trust of these prescribers.

• Interim results from the Phase 1b/2a trial showed 100% response rate for all six patients in Cohort 1 meeting formal statistical criteria for response.
• For the first three subjects treated with the low-dose, durable, clinically meaningful improvements in swallowing function were reported.
• The DSMB recommended continuation of enrollment into Cohort 2 following the safe treatment of the six Cohort 1 subjects.

Physicians are looking for therapies that address the underlying cause, as current interventions are limited to palliative surgical procedures and dietary modifications.

Institutional and retail investors funding the clinical development stage

As a clinical-stage biotechnology company, Benitec Biopharma Inc. relies heavily on capital markets to fund its Research and Development expenses, which were $18.3 million for the full year ended June 30, 2025.

Investors provide the necessary runway to reach commercialization milestones, which is reflected in recent financing activities and the company's cash position.

Here's the quick math on recent capital activity and valuation as of late 2025:

The November 2025 equity financing involved selling common stock at an offering price of $13.50 per share. The most recent analyst price target suggests a potential upside, with a rating of Buy and a target of $32.00. What this estimate hides, though, is the inherent risk associated with pre-commercial biotech, as reflected by the net loss attributable to shareholders of $37.9 million for the fiscal year ended June 30, 2025.

Finance: draft 13-week cash view by Friday.

Benitec Biopharma Inc. (BNTC) - Canvas Business Model: Cost Structure

You're looking at the cost side of Benitec Biopharma Inc.'s operations as of late 2025, which is heavily weighted toward advancing its clinical pipeline, specifically the BB-301 program for Oculopharyngeal Muscular Dystrophy (OPMD). The cost structure is dominated by the necessary, non-revenue-generating activities inherent in a clinical-stage biotechnology firm.

For the full year ended June 30, 2025, Benitec Biopharma Inc. reported total expenses of $41.8 million, a significant increase from the $22.5 million reported for the year ended June 30, 2024. This escalation reflects the ramp-up in clinical development activities.

Here's a quick breakdown of the major components of that cost base:

The Research and Development (R&D) expenses totaled $18.3 million for FY2025. This spending is primarily tied to the ongoing clinical development of BB-301 for OPMD. Honestly, this is where the bulk of the future value creation is being funded.

The increase in R&D expenses from the prior year reflected specific operational timings. You should note these drivers:

• Timing of contract manufacturing activities for the drug product.
• Payments associated with the OPMD Natural History and Dosing study.

Clinical trial costs are embedded within R&D, covering everything from manufacturing the investigational product to managing the trial sites. For Benitec Biopharma Inc., this includes the costs for patient enrollment and the ongoing monitoring of subjects in the BB-301 Phase 1b/2a Treatment Study, which saw Cohort 2 enrollment expected to begin in calendar Q4 2025.

General and Administrative (G&A) expenses saw a very sharp rise, totaling $23.4 million in FY2025 compared to $7.0 million in FY2024. This jump wasn't just routine overhead; it was driven by specific, non-cash and operational factors.

The primary drivers for the G&A increase were significant non-operating or non-recurring costs:

• Share-based compensation expense: This was a major factor, totaling $14.5 million for the year. That's a substantial non-cash charge that directly impacts the reported G&A line.
• Increases in professional and operational support fees.

Intellectual property maintenance and legal fees are a constant, necessary cost for a company built on proprietary platforms like Benitec Biopharma Inc.'s "Silence and Replace" ddRNAi technology. For FY2025, the increase in legal fees alone contributed $492,000 to the higher G&A total. Other contributing factors to the G&A rise included consulting fees of $605,000 and increases in salaries and wages of $685,000.

Benitec Biopharma Inc. (BNTC) - Canvas Business Model: Revenue Streams

You're looking at the current financial reality for Benitec Biopharma Inc. (BNTC) as of late 2025. Right now, the model is entirely dependent on capital raises to fund development, not product sales.

Currently $0 in product revenue reflects the pre-commercial stage of Benitec Biopharma Inc. The Trailing Twelve Months (TTM) Revenue as of November 2025 stands at $0.00.

Future revenue hinges on the successful commercial sales of BB-301 following regulatory approval. The clinical progress supports this potential stream; for instance, the Phase 1b/2a interim results showed a 100% responder rate across all 6 patients in Cohort 1. The first patient in Cohort 2 was treated in Q4 of 2025.

Potential revenue also exists from out-licensed programs via milestone payments and royalties, though specific amounts aren't publically detailed in recent filings. This is a standard, albeit currently unrealized, component for a clinical-stage biotech.

The immediate financial lifeline comes from equity financing proceeds. You saw a significant capital raise close in November 2025 to fund the BB-301 registrational program.

• Aggregate gross proceeds from the November 2025 offering: approximately $100 million.
• Offering price per share in November 2025: $13.50.
• Cash and cash equivalents as of September 30, 2025: $94.5 million.
• Gross proceeds from a prior offering in March 2025: approximately $30 million.