Non-Reliance of Financial Report (Form 8-K)

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

In connection with the preparation of Benitec Biopharma Inc.'s ("Benitec," or the "Company") Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (the "2025 Form 10-K"), the Company determined that in prior periods it had not appropriately recorded certain non-cash share-based compensation expenses.

Accordingly, on September 10, 2025, the Audit Committee (the "Audit Committee") of the Company's Board of Directors, after discussion with management and the Company's independent registered public accountants, concluded that (i) the Company's unaudited consolidated financial statements as of and for the three and nine months ended March 31, 2025 contained in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, originally filed with the Securities and Exchange Commission (the "SEC") on May 14, 2025, and (ii) the Company's unaudited consolidated financial statements as of and for the three and six months 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 incorrect configuration had a material effect on the unaudited consolidated financial statements as of and for the quarterly periods ended December 31, 2024 and March 31, 2025, the Prior Financial Statements.

The Company is preparing restatements of the Prior Financial Statements to be included in the 2025 Form 10-K inclusive of restatements to reflect the adjustments discussed above. We expect to file the 2025 Form 10-K with the SEC on a timely basis, on or prior to the deadline for the 2025 Form 10-K.

The Audit Committee and management have discussed with Baker Tilly US, LLP, the Company's independent registered public accounting firm, the matters disclosed in this filing.