In a recent SEC filing, Benitec Biopharma Inc. (NASDAQ:BNTC), currently valued at $282.78 million, announced significant changes to its executive team, including the appointment of a new Chief Operating Officer (COO) and adjustments to the roles and compensation of existing officers. According to InvestingPro analysis, the company has demonstrated remarkable momentum with a 273% return over the past year.
On Monday, the company's Board of Directors appointed Sophie Mukadam as the COO, effective January 1, 2025. Mukadam, who has been with Benitec since May 2019, previously held roles within the company's program management team and has a background in regulatory affairs. She will receive an annual base salary of $500,000, with a target bonus of 40% of her base salary.
Additionally, Megan Boston, who has been serving as the Executive Director, was confirmed as the Company’s Secretary and will take on the role of Chief Financial Officer starting January 1, 2025. Boston will continue to serve as the principal financial officer and accounting officer. Her base salary has been increased to $415,000, with a target annual discretionary bonus of 40%.
The SEC filing also disclosed the granting of stock options to Dr. Jerel Banks, the Chairman and Chief Executive Officer, and to Ms. Boston. Dr. Banks and Ms. Boston were granted options to purchase 2,310,000 and 720,000 shares of common stock, respectively, at an exercise price of $12.18 per share.
With the current stock price at $11.77 and analyst targets ranging from $16.73 to $34.43, InvestingPro data suggests significant potential upside.
Subscribers can access 12 additional key insights about BNTC's financial health and market position. These options will vest over four years, with the first vesting date set for March 31, 2025, contingent upon continued service with the company.
Dr. Banks will also receive a salary increase to $667,000, with a target annual discretionary bonus set at 55% of his base salary, effective January 1, 2025. These changes in the executive compensation package come as part of the company's ongoing efforts to align with competitive market practices and to incentivize the leadership team's performance.
While the company maintains strong liquidity with a current ratio of 15.01, InvestingPro's comprehensive research report provides detailed analysis of the company's financial position and growth prospects among 1,400+ US stocks covered.
Benitec Biopharma, listed on the Nasdaq Stock Market under the ticker NASDAQ:BNTC, specializes in pharmaceutical preparations and is incorporated in Delaware. The information regarding these corporate changes is based on a press release statement filed with the SEC.
In other recent news, Benitec BioPharma has been making significant strides with its BB-301 therapy for Oculopharyngeal Muscular Dystrophy (OPMD). Baird initiated coverage on Benitec BioPharma with an Outperform rating and set a price target of $30.00, reflecting the potential of the company's innovative gene therapy treatment.
Piper Sandler and Leerink Partners have also maintained their Overweight and Outperform ratings respectively, with Piper Sandler reaffirming its $30.00 price target.
The company has amended its corporate charter to authorize the issuance of up to 5 million shares of preferred stock, providing Benitec with more flexibility in financing its operations and pursuing growth opportunities. In addition, Benitec BioPharma shareholders have approved key proposals, demonstrating support for the company's current direction and strategy.
Benitec BioPharma's top executives were awarded performance bonuses for their contributions to the company in the fiscal year ending June 30, 2024. Furthermore, the company recently issued shares following the exercise of warrants by Suvretta Capital Management, LLC, resulting in approximately $21.1 million in proceeds. These are the recent developments indicating the ongoing progress of Benitec BioPharma.
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