Benitec Biopharma Inc.BNTC

Benitec Biopharma Inc. Leases Disclosure

10-KFiled Sep 22, 20252 min read
9
. Leases
The
Company has entered into two operating leases for office spaces as of June 30, 2025. On February 1, 2025, the Company entered into a new lease which has an initial expiration date in 2026. On February 24, 2025, the
Company entered into an amendment to an existing lease to extend the lease expiration date to 2027 and modify the remaining lease payments. The lease modification was not accounted for as a separate contract and instead the existing operating lease
right-of-use
asset and liability were remeasured during the period under agreements that expire in 2026 and 2027. Both leases contain options to extend for additional renewal periods. The leases require the Company to pay utilities, insurance, taxes, and other operating expenses. The Company’s lease does not contain any residual value guarantees or material restrictive covenants.
The tables below show the changes during the year ended June 30, 2025:
 
(US$’000)    Operating
lease right-
of-
use assets		  
Balance at July 1, 2024
    $ 270  
Re-measurement
during the period
      666  
Initial measurement at February 1, 2025
      254  
Amortization of right of use asset
      (330 ) 
  
 
 
  
Operating lease
right-of-use
asset at June 30, 2025
    $ 860  
  
 
 
  
 
(US$’000)    Operating
lease
liabilities		  
Balance at July 1, 2024
    $ 284  
Re-measurement
during the period
      666  
Initial measurement at February 1, 2025
      255  
Principal payments on operating lease liabilities
      (356 )
  
 
 
  
Operating lease liabilities at June 30 2025
      849  
Less:
non-current
portion
      (495 ) 
  
 
 
  
Current portion at June 30, 2025
    $ 354  
  
 
 
  
As of June 30, 2025, the Company’s operating leases have a weighted average lease term of
2.12
years and a weighted average discount rate of
6
%. The leases’ options to extend are not included within the remaining lease term as the Company is currently not reasonably certain to exercise such options. The calendar year ended maturities of the operating lease liabilities are as follows:
 
(US$’000)    June 30,
2025		  
2025
    $ 145  
2026
      435  
2027
      331  
  
 
 
  
Total operating lease payments
      911  
  
 
 
  
Less imputed interest
      (62 ) 
  
 
 
  
Present value of operating lease liabilities
    $ 849  
  
 
 
  
The Company recorded lease liabilities and
right-of-use
lease assets for the lease based on the present value of lease payments over the expected lease term, discounted using the Company’s incremental borrowing rate. The incremental borrowing rate was determined based on quoted rates by the Company’s business banker for
 
collateralized debt with terms similar to the lease agreements. Rent expense was $
0.4
 million and $0.3 million for the fiscal years ended June 30, 2025 and 2024, respectively, and is reported within general and administrative expenses on the consolidated statements of operations and comprehensive loss.

Historical Timeline

Fiscal YearFiled
2025Sep 22, 2025Showing above
2024Sep 26, 2024
2023Sep 21, 2023
2022Sep 2, 2022
2021Sep 20, 2021
2020Sep 23, 2020

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

Income TaxesRevenueEarnings Per SharePP&ESegmentsCommitmentsNew Standards