Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2018shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | PRANA BIOTECHNOLOGY LTD |
Entity Central Index Key | 1,131,343 |
Trading Symbol | pran |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Current Fiscal Year End Date | --06-30 |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding | 533,891,470 |
Document Type | 20-F |
Document Period End Date | Jun. 30, 2018 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - AUD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 15,235,556 | $ 21,884,957 |
Trade and other receivables (Notes 5) | 3,152,410 | 3,035,573 |
Other current assets (Notes 6) | 266,625 | 329,601 |
Total Current Assets | 18,654,591 | 25,250,131 |
Non-Current Assets | ||
Property and equipment, net of accumulated depreciation of A$299,817 and $353,443 respectively | 71,422 | 30,815 |
Total Non-Current Assets | 71,422 | 30,815 |
Total Assets | 18,726,013 | 25,280,946 |
Current Liabilities | ||
Trade and other payables (Notes 7) | 2,055,247 | 892,434 |
Provisions (Notes 8) | 588,693 | 698,038 |
Total Current Liabilities | 2,643,940 | 1,590,472 |
Non-Current Liabilities | ||
Provisions (Note 8) | 916 | 440 |
Total Non-Current Liabilities | 916 | 440 |
Total Liabilities | 2,644,856 | 1,590,912 |
Net Assets | 16,081,157 | 23,690,034 |
Equity | ||
Issued capital 2018: 533,891,470 fully paid ordinary shares Nil options over fully paid ordinary shares 2017: 533,891,470 fully paid ordinary shares Nil options over fully paid ordinary shares (Notes 10) | 143,910,328 | 144,018,006 |
Reserves (Notes 11) | 1,753,954 | 2,320,480 |
Accumulated deficit during the development stage (Notes 12) | (129,583,125) | (122,648,452) |
Total Equity | $ 16,081,157 | $ 23,690,034 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parentheticals) - AUD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Statement of financial position [abstract] | ||
Accumulated depreciation of property and equipment (in dollars) | $ 299,817 | $ 353,443 |
Number of shares issued | 533,891,470 | 533,891,470 |
Number of ordinary shares issued |
CONSOLIDATED STATEMENTS OF PROF
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - AUD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of profit or loss and other comprehensive income [abstract] | |||
Revenues from ordinary activities (Notes 2) | $ 201,174 | $ 132,396 | $ 142,657 |
Other income (Notes 2) | 3,125,775 | 3,022,673 | 4,753,697 |
Intellectual property expenses | (224,580) | (241,892) | (241,954) |
General and administration expenses (Notes 3) | (4,341,058) | (3,968,630) | (3,610,551) |
Research and development expenses (Notes 3) | (6,698,016) | (5,700,339) | (9,585,371) |
Other operating expenses | (58,172) | (126,071) | (45,276) |
Other gains/(losses) (Notes 3) | (270,860) | (660,213) | 857,247 |
Loss before income tax expense | (8,265,737) | (7,542,076) | (7,729,551) |
Income tax expense (Notes 4) | 0 | 0 | 0 |
Loss for the year | (8,265,737) | (7,542,076) | (7,729,551) |
Other comprehensive loss | 0 | 0 | 0 |
Total comprehensive loss for the year (Notes 13(a)) | $ (8,265,737) | $ (7,542,076) | $ (7,729,551) |
Loss per share (basic and diluted - cents per share) (Notes 17) | $ (1.55) | $ (1.41) | $ (1.45) |
Weighted average number of ordinary shares used in computing basic and diluted net loss per share (In shares) | 533,891,470 | 533,891,470 | 533,891,470 |
CONSOLIDATED CASH FLOW STATEMEN
CONSOLIDATED CASH FLOW STATEMENTS - AUD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities | |||
Payments to suppliers and employees | $ (9,466,459) | $ (10,766,301) | $ (14,055,879) |
Interest received | 198,598 | 147,575 | 120,392 |
Grants received | 0 | 0 | 0 |
R&D tax refund | 3,022,673 | 4,753,646 | 6,516,961 |
Net cash flows used in operating activities (Note 13(a)) | (6,245,188) | (5,865,080) | (7,418,526) |
Cash Flows from Investing Activities | |||
Payment for payroll and rental security deposits | 43,988 | 1,474 | |
Payments for purchase of plant and equipment | (62,405) | (27,918) | (2,307) |
Net cash flows used in investing activities | (18,417) | (27,918) | (833) |
Cash Flows from Financing Activities | |||
Proceeds from exercise of options and issue of securities | 0 | 0 | 0 |
Payment of share issue costs | (107,678) | (159,564) | |
Net cash flows (used in) / provided by financing activities | (107,678) | (159,564) | |
Net (decrease) in cash and cash equivalents | (6,371,284) | (6,052,562) | (7,419,359) |
Opening cash and cash equivalents brought forward | 21,884,957 | 28,593,538 | 34,909,574 |
Redemption of security deposit | 152,603 | ||
Exchange rate adjustments on cash and cash equivalents held in foreign currencies | (278,118) | (656,019) | 950,720 |
Closing cash and cash equivalents carried forward {Notes 13(b)} | $ 15,235,556 | $ 21,884,957 | $ 28,593,538 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - AUD ($) | Issued Capital | Reserves | Accumulated Deficit During Development Stage | Total |
Balance at Jun. 30, 2015 | $ 146,895,714 | $ 9,363,181 | $ (117,145,631) | $ 39,113,264 |
Balance (in shares) at Jun. 30, 2015 | 533,891,470 | |||
Transactions with owners in their capacity as owners: | ||||
Issuance of shares in connection with At-The-Market facility, net of costs (Note 10(b)) | 0 | |||
Issuance of shares in connection with share purchase plan, net of costs (10 (b)) | $ (16,500) | $ (16,500) | ||
Issuance of shares in connection with share purchase plan, net of costs (10 (b)) (in shares) | 0 | |||
Non-cash issuance of options to employees (Note 11(b)) | $ 0 | |||
Non-cash issuance of options to consultants (Note 11(b)) | 0 | |||
Issuance of shares in connection with exercise of options, net of costs (Note 10(b) & 11(b)) | 0 | |||
Total transactions with owners in their capacity as owners | (16,500) | (16,500) | ||
Net loss | (7,729,551) | (7,729,551) | ||
Total comprehensive loss for the year | (7,729,551) | (7,729,551) | ||
Balance at Jun. 30, 2016 | $ 146,879,214 | 9,363,181 | (124,875,181) | 31,367,214 |
Balance (in shares) at Jun. 30, 2016 | 533,891,470 | |||
Transactions with owners in their capacity as owners: | ||||
Issuance of shares in connection with At-The-Market facility, net of costs (Note 10(b)) | 0 | |||
Issuance of shares in connection with share purchase plan, net of costs (10 (b)) | 0 | |||
Non-cash issuance of options to employees (Note 11(b)) | 22,743 | 22,743 | ||
Non-cash issuance of options to consultants (Note 11(b)) | 1,717 | 1,717 | ||
Issuance of shares in connection with exercise of options, net of costs (Note 10(b) & 11(b)) | 0 | |||
Transaction costs | $ (159,564) | (159,564) | ||
Expired options | (2,701,644) | (7,067,161) | 9,768,805 | |
Total transactions with owners in their capacity as owners | (2,861,208) | (7,042,701) | 9,768,805 | (135,104) |
Net loss | (7,542,076) | (7,542,076) | ||
Total comprehensive loss for the year | (7,542,076) | (7,542,076) | ||
Balance at Jun. 30, 2017 | $ 144,018,006 | 2,320,480 | (122,648,452) | 23,690,034 |
Balance (in shares) at Jun. 30, 2017 | 533,891,470 | |||
Transactions with owners in their capacity as owners: | ||||
Issuance of shares in connection with At-The-Market facility, net of costs (Note 10(b)) | $ 0 | |||
Issuance of shares in connection with At-The-Market facility, net of costs (Note 10(b)) (in shares) | 0 | |||
Issuance of shares in connection with share purchase plan, net of costs (10 (b)) | $ 0 | |||
Non-cash issuance of options to employees (Note 11(b)) | 764,538 | 764,538 | ||
Non-cash issuance of options to consultants (Note 11(b)) | 0 | |||
Issuance of shares in connection with exercise of options, net of costs (Note 10(b) & 11(b)) | 0 | |||
Transaction costs | $ (107,678) | (107,678) | ||
Expired options | (1,331,064) | 1,331,064 | ||
Total transactions with owners in their capacity as owners | (107,678) | (566,526) | 1,331,064 | 656,860 |
Net loss | (8,265,737) | (8,265,737) | ||
Total comprehensive loss for the year | (8,265,737) | (8,265,737) | ||
Balance at Jun. 30, 2018 | $ 143,910,328 | $ 1,753,954 | $ (129,583,125) | $ 16,081,157 |
Balance (in shares) at Jun. 30, 2018 | 533,891,470 |
BACKGROUND AND SUMMARY OF SIGNI
BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Background And Significant Accounting Policies [Abstract] | |
BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Background Prana Biotechnology Limited and its controlled subsidiaries, Prana Biotechnology Inc. and Prana Biotechnology UK Limited (referred to collectively as “Prana” or the “Company”), is a development stage enterprise engaged in the research and development of therapeutic drugs designed to treat the underlying cause of degeneration of the brain focusing on Alzheimer’s disease, Huntington disease, Parkinson’s disease and other neurological disorders. Prana Biotechnology Limited, the parent entity, was incorporated on November 11, 1997 in Melbourne, Australia and the UK and U.S. subsidiaries were incorporated in August 2004. Financial Reporting Framework The financial report of Prana Biotechnology Limited for the year ended June 30, 2018 was authorized for issue in accordance with a resolution of the Board of Directors on August 31, 2018. Prana Biotechnology Limited is a for-profit entity for the purpose of preparing the financial statements. The consolidated financial statements of the Company comply with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board (IASB). These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial liabilities at fair value through profit or losses. Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported. The accounting policies set out below have been applied in preparing the financial statements for the year ended June 30, 2018 and the comparative information presented in these financial statements for the years ended June 30, 2017 and 2016. Critical accounting estimates, judgments and assumptions Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (a) Critical judgments in applying the entity’s accounting policies - use of volatility period in valuing warrant liabilities Warrants and options exercisable into American Depository Receipts ("ADRs") recorded as financial liabilities under IAS 32 Financial Instruments: Presentation Share-based Payments The value attributed to share options and remuneration shares issued is an estimate calculated using an appropriate mathematical formula based on an option pricing model. The choice of models and the resultant option value require assumptions to be made in relation to the likelihood and timing of the conversion of the options to shares and the value and volatility of the price of the underlying shares. R&D Tax Incentives The Australian Government replaced the research and development tax concession with the research and development tax incentive from July 1, 2011. The provisions provide refundable or non-refundable tax offsets. The research and development tax incentive applies to expenditure incurred and the use of depreciating assets in an income year commencing on or after July 1, 2011. A 43.5% for FY2018 (43.5% for FY2017 & 45% for FY2016) refundable tax offset, will be available to eligible small companies with an annual aggregate turnover of less than $20 million. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. For the period to June 30, 2018 the Company has recorded an item in other income of A$3.1 million (2017: A$3.0 million) to recognize this amount which relates to this period. Going Concern Basis The Company is a development stage medical biotechnology company and as such expects to be utilizing cash until its research activities have become marketable. For the year ended June 30, 2018, the Company incurred an operating loss of A$8.3 million (2017: Loss: A$7.5 million) and an operating cash outflow of A$6.2 million (2017: A$5.9 million). As at year end the net assets of the Company stood at A$15.9 million (2017: A$23.7 million) and the cash position has decreased to A$15.2 million from A$21.9 million at 30 June 2017. Cash on hand at 30 June 2018 are considered sufficient to meet the Group's forecast cash outflows in relation to research and development activities currently underway and other business activities for at least 12 months from the date of this report. The Directors have determined that no additional commitments towards later stage research and development activities will occur until the raising of additional funds. While there is uncertainty in the Group's cash flow forecast in relation to the phasing of proposed expenditure on research and development which may impact the forecast cash position, the Directors believe the Group will be able to maintain sufficient cash reserves through these activities. Additional options available to contribute to the cash reserves include the following: · The Company continues to pursue the raising of additional funds through alternative funding structures and has a strong history of raising capital. The Company has an existing "at market” (ATM) facility through which it could raise additional funds of up to US$50 million by the sale of American Depositary Receipts ("ADRs"). This facility, established through the filing of a shelf registration statement on Form F-3 with the United States Securities and Exchange Commission in October 2017 has been a successful source of raising funds. In prior reporting periods, the Company has raised A$48.68 million (US$44.5 million) under this and a previous ATM facility. · Notwithstanding, in the event that the Company Company In addition to these options, the Company has recorded a Trade and Other Receivable at June 30, 2018 in the amount of A$3.1 million from the Australian Tax Office in respect of its 2018 research and development tax incentive claim. The Company expects to receive this amount during the 12 months ending 30 June 2019 and also expects the research and development tax incentive to continue to be applicable in the subsequent years. On this basis, the Directors are satisfied that the Company is a going concern and at this time and are of the opinion that no asset is likely to be realized for an amount less than the amount at which it is recorded in the Consolidated Statement of Financial Position as at June 30, 2018. Therefore, no adjustments have been made to the financial report relating to the recoverability and classification of the asset carrying amounts or the classification of liabilities that might be necessary should the Company not continue as a going concern. Significant Accounting Policies Accounting policies are selected and applied in a manner which ensures that the resulting financial information satisfies the concepts of relevance and reliability, thereby ensuring that the substance of the underlying transactions or other events is reported. The following significant accounting policies have been adopted in the preparation and presentation of the financial report. (a) Principles of Consolidation The consolidated financial statements are prepared by combining the financial statements of all the entities that comprise the Company, being Prana Biotechnology Limited and its subsidiaries as defined in Accounting Standard IAS 27: Consolidated and Separate Financial Statements Subsidiaries are all those entities (including special purpose entities) over which the Company has the power to govern the financial and operating policies, generally accompanying a shareholder of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. In preparing the consolidated financial statements, all inter-company balances and transactions, and unrealized profits/losses arising within the Company are eliminated in full. Investments in subsidiaries are accounted for at cost in the individual financial statements of Prana Biotechnology Limited. (b) Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer of Prana Biotechnology Limited. For the current and previous reporting periods, the Company operated in one segment, being research into Alzheimer’s disease disease disease (c) Income Tax Current tax Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by reporting date. Current tax for current and prior periods is recognized as a liability (or asset) to the extent that it is unpaid (or refundable). Deferred tax Deferred tax is accounted for using the liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax base of those items. In principle, deferred tax assets and liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilized. However, deferred tax assets and liabilities are not recognized if the temporary differences giving rise to them arise from the initial recognition of assets and liabilities (other than as a result of a business combination) which affects neither taxable income nor accounting profit or loss. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries except where the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with these investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realized or settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset when the entity has a legally enforceable right to offset and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Current and deferred tax for the period Current and deferred tax is recognized as an expense or income in the Statement of Profit or Loss and Other Comprehensive Income, except when it relates to items credited or debited directly to equity, in which case the deferred tax is also recognized directly in equity, or where it arises from the initial accounting for a business combination, in which case it is taken into account in the determination of goodwill. The Company has significant unused tax losses and as such a significant deferred tax asset; however, the deferred tax asset has not been recognized, as it is not probable that future taxable profit will be available against which the unused losses and unused tax credits can be utilized, given the nature of the Company’s business (research and development) and its history of losses. (d) Property and Equipment Property and equipment is measured at historical cost less accumulated depreciation and impairment and consists of laboratory equipment, computer equipment, furniture and fittings and leasehold improvements attributable to the Company’s premises at Melbourne, Victoria, Australia and San Francisco, USA . Historical cost includes expenditure that is directly attributable to the acquisition of the item. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to the income statement during the reporting period in which they are incurred. Depreciation Depreciation is provided on property and equipment. Depreciation is calculated on a straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. The following estimated useful lives, ranging from three to 20 years are used in the calculation of depreciation: Class of Fixed Asset Depreciation Rate Furniture and fittings 5-33 % Computer equipment 33 % Plant and equipment 10-33 % Leasehold improvements 33 % Leasehold improvements are depreciated over the shorter of the lease term and useful life. The depreciation method, residual values and useful lives are reviewed, and adjusted if appropriate, at each annual reporting period. (e) Leases Leases in which a significant proportion of the risks and rewards of ownership are not transferred to the Company as lessee are classified as operating leases. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. (f) Financial Instruments Loans and Receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date which are classified as non-current assets. Loans and receivables are included in trade and other receivables in the balance sheet. Trade receivables, loans, and other receivables are recorded at amortized cost less impairment. Warrants and Options Under IAS 32, options and warrants issued other than for goods or services that are exercisable in a currency other than the functional currency of the Company and meet the definition of a liability, are recorded as financial liabilities rather than equity. See accounting policy (r) share-based payments for the accounting policy for warrants and options issued as share-based payments for goods or services. Warrants and options recorded as financial liabilities under IAS 32 are valued at fair value using the Black-Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. At each reporting date, the options and warrants are revalued to their current fair value, with the difference in fair value recorded in the Statement of Profit or Loss and Other Comprehensive Income. (g) Impairment of Assets At each reporting date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). No impairment charges were incurred during the three years ended June 30, 2018. (h) Intangible Assets - Research and Development Expenditure during the research phase of a project is recognized as an expense when incurred. Where no internally generated intangible assets can be recognized, development expenditure is recognized as an expense in the period as incurred. Development costs are capitalized if and only if, all of the following are demonstrated: • the technical feasibility of completing the intangible asset so that it will be available for use or sale; • the intention to complete the intangible asset and use or sell it; • the ability to use or sell the intangible asset; • how the intangible asset will generate probable future economic benefits; • the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and • the ability to measure reliably the expenditure attributable to the intangible asset during its development. Internally-generated intangible assets (capitalized development costs) are stated at cost less accumulated amortization and impairment, and are amortized on a straight-line basis over their useful lives over a maximum of five years. At June 30, 2018, 2017 and 2016, Prana had no capitalized research and development costs. (i) Foreign Currency Transactions and Balances Functional and Presentation Currency Items included in the financial statements of each of the Company’s entities are measured using Australian dollars, which is the currency of the primary economic environment in which the Company operates (the functional currency). Foreign currency transactions All foreign currency transactions during the financial year are brought to account using the exchange rate in effect at the date of the transaction. Foreign currency monetary items at each reporting date are translated at the exchange rate existing at each reporting date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Exchange differences are recognized in profit or loss in the period in which they arise except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned or likely to occur, which form part of the net investment in a foreign operation, are recognized in the foreign currency translation reserve and recognized in profit or loss on disposal of the net investment. The results and financial position of all the Company’s entities that have a functional currency difference from the presentation currency are translated into the presentation currency as follows: · assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet, and · income and expenses for each income statement are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and · all resulting exchange differences are recognized as a separate component of equity. On consolidation, the assets and liabilities of the Company’s overseas operations are translated at exchange rates prevailing at the reporting date. Income and expense items are translated at the average exchange rates for the period unless exchange rates fluctuate significantly. Exchange differences arising, if any, are recognized in the foreign currency translation reserve, and recognized in profit or loss on disposal of the foreign operations. (j) Employee Benefits Short-term obligations Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages, and salaries. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled. The Company’s obligations for short-term employee benefits such as wages and salaries are recognized as a part of current trade and other payables in the statement of financial position. The Company’s obligations for annual leave are presented as part of provisions in the Statement of Financial Position. The obligations are presented as current liabilities in the Statement of Financial Position if the Company does not have an unconditional right to defer settlement for at least twelve months after the reporting period regardless of when the actual settlement is expected to occur. Other long-term obligations The liability for long service leave is not expected to be settled wholly within twelve months after the end of the period in which the employees render the related service. The liability is therefore recognized in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of government bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Re-measurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. (k) Provisions Provisions are recognized when the Company has a present obligation, the future sacrifice of economic benefits is probable, and the amount of the provision can be measured reliably. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that recovery will be received and the amount of the receivable can be measured reliably. (l) Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. (m) Revenue from ordinary activities Revenue is recognized to the extent that it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured. Revenue is made up of interest income which is recognized on a time proportion basis using the effective interest method. (n) Grants Grants are recognized when there is reasonable assurance that the grant will be received and all grant conditions will be complied with. When the grant relates to an expense item, it is recognized as income over the periods necessary to match the grant on a systematic basis to the costs that it is expected to compensate. (o) Goods and Services Tax (“GST”) Revenues, expenses and assets are recognized net of the amount of GST, except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances the GST is recognized as part of the cost of acquisition of the asset or as part of an item of expense. Receivables and payables in the Balance Sheet are shown inclusive of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Cash flows are included in the Cash Flow Statement on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified as operating cash flows. (p) Trade and Other Payables These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. (q) Borrowings Loans and borrowings are initially recognized at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortized cost using the effective interest method. Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, the loans or borrowings are classified as non-current. (r) Share-Based Payments Equity-settled share-based payments granted after November 7, 2002 that were unvested as of January 1, 2005 are measured at fair value. The measurement date is determined for share-based payments issued to directors, employees and consultants as follows: Directors The issuance of share-based payments to directors is subject to approval by shareholders as per ASX Listing Rule 10.11. The measurement date for share-based payments issued to directors is the grant date, being the date at which the share-based payments are approved by shareholders. Employees The issuance of share-based payments to employees may be subject to shareholder approval per ASX Listing Rule 7.1 which prohibits the issuance of more than 15% of the Company’s shares in a 12 month period without shareholder approval. The measurement date for share-based payments issued to employees is the grant date, being the date at which a shared understanding of the terms and conditions of the arrangement is reached. However, if an issuance to an employee is subject to shareholder approval because it exceeds the 15% threshold per ASX Listing Rule 7.1, then the measurement date of these share-based payments is the date at which the share-based payments are approved by shareholders. Consultants The issuance of share-based payments to consultants may be subject to shareholder approval per ASX Listing Rule 7.1 which prohibits the issuance of more than 15% of the Company’s shares in a 12 month period without shareholder approval. The measurement date for share-based payments issued to consultants who provide services considered to be similar to employees is deemed to be the date at which a shared understanding of the terms and conditions of the arrangement is reached. The measurement date for share-based payments issued to consultants who provide services considered to be differentiated from those provided by employees is deemed to be the date at which the entity obtains the goods or the counterparty renders the service. If a service period applies and the work is continually provided over the service period, and if the share price of the Company does not change significantly during the service period, then the average share price, volatility and risk-free rate over the service period are used in calculating the value of the share-based payments issued. However, if the underlying share price of the Company does change significantly during the service period, then the value of share-based payments are calculated at each individual date that goods and services are provided, using the actual valuation inputs at that date. Shares issued to consultants for services are recorded as non-cash compensation and are recognized at either the fair value of the services rendered, or if this cannot be reasonably estimated, the fair value of the underlying equity instruments issued. Equity-based compensation benefits are provided to directors, employees and consultants under the 2004 ASX Plan (the “2004 ASX Plan”) and the 2004 American Depository Share (ADS) Option Plan (the “2004 ADS Plan”). Information relating to this plan is set out in Note 18. The fair value of options granted under the 2004 ASX Plan is recognized as an expense with a corresponding increase in equity. The fair value is measured at grant date and recognized over the period during which the recipients become unconditionally entitled to the options. The fair value at grant date is independently determined using a Black-Scholes (for options without market condition) and Barrier Pricing (for options with market conditions) model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest. (s) Loss Per Share Basic loss per share is determined by dividing the net loss after income tax expense by the weighted average number of ordinary shares outstanding during the financial period. For all periods presented, diluted loss per share is equivalent to basic loss per share as the potentially dilutive securities are excluded from the computation of diluted loss per share because the effect is anti-dilutive. (t) Share Capital Ordinary share capital is recognized as the fair value of the consideration received by the Company. Any transaction costs arising on the issue of ordinary shares are recognized directly in equity as a reduction of the share proceeds received. (u) Trade and Other Receivables Trade and other receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method less provision for impairment. (v) Comparative Figures Comparative figures, are, where appropriate, reclassified to be comparable with figures presented in the current financial year. (w) Parent Information The financial information for the parent entity, Prana Biotechnology Limited, has been prepared on the same basis as the consolidated statements, except as set out below: Investments in Subsidiaries Investments in subsidiaries are accounted for at cost in the financial statements of Prana Biotechnology Limited. (x) New Accounting Standards And Interpretations New and amended Accounting Standards and Interpretations issued and effective There are no IFRS or IFRIC interpretations that are effective for the first time for the financial year beginning on or after June 30, 2018 that would be expected to have a material impact on the Company. Accounting Standards issued by not yet effective Certain new accounting standards and interpretations have been published that are not mandatory for June 30, 2018 reporting periods. Initial application of the following Standards and Interpretations are not expected to affect any of the amounts recognized in the financial report, but may change the disclosures presently made in relation to the Company. Pronouncement Title (Issue date) Effective date Impact on financial report IFRS 15 Revenue from contracts with customers Annual periods beginning on or after January 1, 2018 The Company is currently not generating revenue from contracts and thus the impact is expected to be nil. IFRS 9 Financial instruments Annual periods beginning on or after January 1, 2018 The Company has |
REVENUE AND OTHER INCOME FROM C
REVENUE AND OTHER INCOME FROM CONTINUING OPERATIONS | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Revenue And Other Income From Continuing Operations [Abstract] | |
REVENUE AND OTHER INCOME FROM CONTINUING OPERATIONS | 2. REVENUE AND OTHER INCOME FROM CONTINUING OPERATIONS Years Ended June 30, 2018 2017 2016 Other revenue Interest 201,174 132,396 142,657 Total other revenue 201,174 132,396 142,657 Other income R&D Tax Incentive (1) 3,125,775 3,022,673 4,753,697 Total other income 3,125,775 3,022,673 4,753,697 Total revenue and other income from continuing operations 3,326,949 3,155,069 4,896,354 |
EXPENSES FROM ORDINARY ACTIVITI
EXPENSES FROM ORDINARY ACTIVITIES | 12 Months Ended |
Jun. 30, 2018 | |
Expenses by nature [abstract] | |
EXPENSES FROM ORDINARY ACTIVITIES | 3. EXPENSES FROM ORDINARY ACTIVITIES Years Ended June 30, 2018 2017 2016 Research and Development Expenses (2) Employee expenses 2,223,807 1,673,473 1,821,717 Other research and development expenses 4,474,209 4,026,866 7,763,654 General and Administration Expenses Depreciation on fixed assets 21,799 21,328 22,810 Employee expenses (non R&D related) 909,756 1,033,897 992,751 Consultant and director expenses 1,279,014 849,588 750,158 Audit, internal control and other assurance expenses 186,660 200,480 204,776 Corporate compliance expenses 351,611 377,920 358,097 Office rental 142,233 200,704 195,561 Other administrative and office expenses 1,449,985 1,284,713 1,086,398 Other gains and losses Foreign exchange (gain)/loss 270,860 660,213 (857,247 ) (1) The Company’s research and development activities are eligible for a 43.5% offset under an Australian Government tax incentive for eligible expenditure from 1 July 2011. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. For the year ended 30 June 2018 the Company has recorded an item in other income of A$3,125,775 (2017: A$3,022,673) to recognise this amount which relates to this financial year. (2) Research and development expenses consist of expenses paid for contracted research and development activities conducted by third parties on behalf of the Company. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Jun. 30, 2018 | |
Major components of tax expense (income) [abstract] | |
INCOME TAX | 4. INCOME TAX Years Ended June 30, 2018 2017 2016 (a) Income tax expense: Current tax - - - Adjustment for current tax of prior periods - - - Deferred tax - - - (b) Numerical reconciliation of income tax expense to prima facie tax payable: Prima facie tax on net loss before income tax (2,273,078 ) (2,074,071 ) (2,318,865 ) Effect of lower tax rates of tax on overseas income 12,375 (28,639 ) (11,111 ) Add tax effect of: (Over)/Under provision of income tax in previous year relating to a revision of estimates - - 4,582,839 Research and development expenditure (net of tax incentive) 1,187,557 1,079,650 1,743,004 Gain/(loss) on fair value of financial liabilities - - Other 324,249 94,877 54,222 Deferred tax asset not recognized 748,896 928,183 (4,050,088 ) Income tax expense attributable to loss before income tax - - - (c) Potential deferred tax asset at June 30, 2018, 2017 and 2016 in respect of: tax losses not brought to account is (1): 34,376,607 33,625,059 35,687,127 Temporary differences (1,254,136 ) (2,114,243 ) (1,655,223 ) (1) Subject to the Group continuing to meet the relevant statutory tests, the tax losses are available for offset against future taxable income. At 30 June 2018, the Group had a potential tax benefit related to tax losses carried forward of $125,041,203. Such amount includes net losses of $440,122 related to subsidiaries in the United States (U.S.). The Tax Cuts and Jobs Act (TCJA) enacted by Congress in the U.S on 22 December 2017 cut the top corporate income tax rate from 35% to 21%. For tax years beginning after December 31, 2017, the graduated corporate tax rate structure is eliminated and corporate taxable income will be taxed at 21-percent flat rate. Additionally, the previous 20-year limitation on carry forward net operating losses (NOL’s) has been removed, allowing the NOL’s to be carried forward indefinitely. The remaining tax losses carried forward are indefinite and are attributable to the Group’s operations in Australia. As such the total unused tax losses available to the Group, equal $125,041,203. |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 12 Months Ended |
Jun. 30, 2018 | |
Trade and other current receivables [abstract] | |
TRADE AND OTHER RECEIVABLES | 5. TRADE AND OTHER RECEIVABLES Years Ended June 30, 2018 2017 Accrued interest income 12,680 10,104 R&D tax incentive receivable 3,125,775 3,022,673 Goods and services tax receivable 13,955 2,796 Total Trade and Other Receivables 3,152,410 3,035,573 R&D tax incentive receivable represents the amount of the financial year 2018 R&D tax incentive the Company expects to recover. For further details, see note 2. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Other Assets [Abstract] | |
OTHER ASSETS | 6. OTHER ASSETS Years Ended June 30, 2018 2017 Current Prepayments 256,821 285,613 Rental term deposit 9,514 43,988 Other 290 Total 266,625 329,601 Non-current Rental term deposit - - Total - - |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
Jun. 30, 2018 | |
Trade and other current payables [abstract] | |
TRADE AND OTHER PAYABLES | 7. TRADE AND OTHER PAYABLES Years Ended June 30, 2018 2017 Trade creditors 1,333,890 65,049 Accrued research and development expenses 333,645 493,307 Accrued corporate personnel expenses - 345 Accrued professional fees 183,795 261,232 Other accrued expenses 192,726 50,355 Other Payables 11,191 22,146 Total 2,055,247 892,434 |
PROVISIONS
PROVISIONS | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of other provisions [abstract] | |
PROVISIONS | 8. PROVISIONS Years Ended June 30, 2018 2017 Current Annual leave (1) 266,487 298,508 Long service leave (1)(2) 322,206 399,530 Total 588,693 698,038 Non-Current Long service leave (2) 916 440 A provision has been recognized for employee entitlements relating to long service leave. In calculating the present value of future cash flows in respect of long service leave, the probability of long service leave being taken is based on historical data. The measurement and recognition criteria relating to employee benefits have been included in Note 1 to this report. (1) Movements in provisions Movements in each class of provision during the financial year are set out below: Years Ended June 30, 2018 2017 Annual leave Carrying amount at start of year 298,508 288,122 Charged/(credited) to profit or loss -additional provisions recognized 261,354 134,198 Amounts used during the year (293,375 ) (123,812 ) Carrying amount at end of year 266,487 298,508 Long service leave Carrying amount at start of year 399,970 321,119 Charged/(credited) to profit or loss (103,363 ) -additional provisions recognized 26,515 78,851 Carrying amount at end of year 323,122 399,970 TOTAL 589,609 698,478 (2) Amounts not expected to be settled within the next 12 months The current provision for long service leave includes all unconditional entitlements where employees have completed the required period of service and also those where employees are entitled to pro-rata payments in certain circumstances. The entire amount is presented as current, since the Company does not have an unconditional right to defer settlement. However, based on past experience, the Company does not expect all employees to take the full amount of accrued long service leave or require payment within the next 12 months. The following amounts reflect leave that is not expected to be taken or paid within the next 12 months. Years Ended June 30, 2018 2017 Long service leave obligation expected to be settled after 12 months 916 197,940 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Commitments And Contingencies Abstract [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES There are no contingent assets or liabilities at the date of this report. The Company is not involved in any legal or arbitration proceedings and, so far as management is aware, no such proceedings are pending or threatened against the Company. As at balance sheet date, the Company had a bank guarantee of A$41,701 in relation to the head office lease. In respect of expenditure commitments, refer to Note 14. |
ISSUED CAPITAL
ISSUED CAPITAL | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Issued Capital [Abstract] | |
ISSUED CAPITAL | 10. ISSUED CAPITAL (a) Issued Capital Years Ended June 30, Notes 2018 2017 2016 533,891,470 (2017: 533,891,470) fully paid ordinary shares 10(b) 143,910,328 144,018,006 144,177,570 Nil (2017: Nil) options for fully paid ordinary shares 10(c) - - 2,701,644 143,910,328 144,018,006 146,879,214 (b) Movements in Issued Shares June 30, 2018 2017 2016 No. A$ No. A$ No. A$ Beginning of the year 533,891,470 144,018,006 533,891,470 144,177,570 533,891,470 144,194,070 Movement during the year - (107,678 ) - (159,564 ) - (16,500 ) End of the year 533,891,470 143,910,328 533,891,470 144,018,006 533,891,470 144,177,570 Details of share issuances are as follows: Date Details Notes Number Issue Price A$ Year ended June 30, 2015 45,244,510 - 6,886,299 July 1, 2015 Reverse proposed issue to a consultant - - (16,500 ) Year end June 30, 2016 - - (16,500 ) June 30, 2017 Security issuance costs - - (159,564 ) Year end June 30, 2017 - - (159,564 ) June 30, 2018 Security issuance costs - - (107,678 ) Year end June 30, 2018 - - (107,678 ) (i) Shares issued to consultants for services are recorded as non-cash compensation and are recognized at either the fair value of the services rendered, or if this cannot be reasonably estimated, the fair value of the underlying equity instruments issued. Shares issued to consultants have been valued as outlined below: The services provided by these consultants were documented in consultancy agreements which outlined remuneration in the form of an annual fee and share-based compensation in the form of shares. The equity-based compensation is not linked to any particular milestone or element of the services to be provided under the terms of the agreements. Given the extended period of consultants’ involvement and associated milestones, the Company determined there were no comparable service examples against which to benchmark the value of the consultants’ services. Additionally, there was no distinction between the portion of the services which gave rise to the cash entitlements and the portion that gave rise to share entitlements. As the Company could not reliably estimate the fair value of the services received, the Company determined that it was appropriate to measure the services at the fair value of the underlying equity instruments issued. (c) Movements in Options June 30, 2018 2017 2016 Number of A$ Number of A$ Number of A$ Beginning of the year - - - 2,701,644 - 2,701,644 Reclassify expired options to accumulated losses - - - (2,701,644 ) End of the year* - - - - - 2,701,644 * In 2017 expired options were reclassified to accumulated losses. There was no movement in options during the financial years ended June 30, 2018 and 2016. (d) Terms and Conditions of Issued Capital Ordinary shares Ordinary shares have the right to receive dividends as declared and, in the event of a winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to vote, either in person or by proxy, at a meeting of the Company’s shareholders. Options Option holders do not have the right to receive dividends and are not entitled to vote at a meeting of the Company’s shareholders. Options may be exercised at any time from the date they vest to the date of their expiration. Share options convert into ordinary shares on a one for one basis on the date they are exercised. (e) Shares Issued after Reporting Date Subsequent to the end of the current financial year, on July 12, 2018, 3,083,580 new ordinary shares were issued. |
RESERVES
RESERVES | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of reserves within equity [abstract] | |
RESERVES | 11. RESERVES Years Ended June 30, Notes 2018 2017 2016 (a) Share Based Payments 25,216,490 (2017: 26,826,063) options for fully paid ordinary shares 13(b) 1,753,954 2,320,480 7,394,184 Nil (2017: Nil) options for ADRs 13(c) - - 1,515,434 Nil (2017: Nil) warrants for ADRs 13(d) - - 453,563 1,753,954 2,320,480 9,363,181 The share-based payment reserve is used to recognize the fair value of options and warrants issued to directors, executives, employees and consultants but not exercised. Amounts are transferred out of the reserve and into issued capital when the options or warrants are exercised. (b) Movements in Options for Fully Paid Ordinary Shares Years Ended June 30, 2018 2017 2016 Number of Options Comp. Number of Comp. Number of Comp. Beginning of the year 26,826,063 2,320,480 19,395,582 2,320,480 19,395,582 7,394,184 Issued during the year 12,100,000 764,539 8,550,000 - - - Expired during the year (11,349,573 ) (1,126,843 ) (1,119,519 ) - - - Forfeited during the year (2,360,000 ) (204,221 ) - - - - Exercised during the year - - - - - - End of the year 25,216,490 1,753,954 26,826,063 2,320,480 19,395,582 7,394,184 Details of option grants are summarized as follows. Year ended June 30, 2016: None Year ended June 30, 2017: · · On March 20, 2017 1,119,519 options expired. Year ended June 30, 2018: · · · · On April 6, 2018, 1,200,000 options expired. · On June 25, 2018, 1,649,573 options expired. (c) Movements in Options for ADRs Years Ended June 30, 2018 2017 2016 Number of Comp. Number of Comp. Number of Comp. Beginning of the year - - - 1,515,434 - 1,515,434 Expiration of options (1) - - - (1,515,434 ) - - End of the year - - - - - 1,515,434 (1) Options exercisable at US5.00 on or before December 17, 2012. These options are convertible to ADRs, 1 ADR = 60 ordinary shares. At time of issue, 1 ADR = 10 ordinary shares. These options expired without being exercised on December 17, 2012. (d) Movement in Warrants for ADRs Years Ended June 30, 2018 2017 2016 Number of Comp. Number of Comp. Number of Comp. Beginning of the year (1) - - - 453,563 - 453,563 Beginning of the year (2) - - - - 612,397 - Expired - - - (453,563 ) (612,397 ) - End of the year - - - - - 453,563 (2) Warrants exercisable at A$0.17 on or before February 25, 2016. These warrants expired without being exercised on February 25, 2016. (e) Terms and Conditions of Reserves Options and warrants Option holders and warrant holders do not have the right to receive dividends and are not entitled to vote at a meeting of the Company’s shareholders. Options and warrants may be exercised at any time from the date they vest to the date of their expiration. Share options are exercisable into ordinary shares on a one for one basis on the date they are exercised. Options granted under the 2004 ADS Plan are exercisable into ADRs, being one option for one ADR, which equals ten ordinary shares, on the date they are exercised. In Australia, there is not a set number of authorized shares, shares are not reserved for the exercise of options, and shares do not have a par value. (f) Options and Warrants Issued after Reporting Date No option issues have occurred after reporting date. There have been no warrants granted after reporting date. |
ACCUMULATED DEFICIT DURING DEVE
ACCUMULATED DEFICIT DURING DEVELOPMENT STAGE | 12 Months Ended |
Jun. 30, 2018 | |
Accumulated Deficit During Development Stage [Abstract] | |
ACCUMULATED DEFICIT DURING DEVELOPMENT STAGE | 12. ACCUMULATED DEFICIT DURING DEVELOPMENT STAGE Years Ended June 30, 2018 2017 2016 Balance at beginning of year 122,648,452 (124,875,182 ) (117,145,631 ) Net loss for the year 8,265,737 (7,542,076 ) (7,729,551 ) Reclassify expired options from contributed equity - 2,701,644 - Reclassify expired options from reserves (1,331,064 ) 5,098,165 - Reclassify expired options from reserves - 1,968,997 - Balance at end of year 129,583,125 (122,648,452 ) (124,875,182 ) |
CASH FLOW INFORMATION
CASH FLOW INFORMATION | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Cash Flow Information [Abstract] | |
CASH FLOW INFORMATION | 13. CASH FLOW INFORMATION Years Ended June 30, 2018 2017 2016 (a) Reconciliation of Net Loss to Net Cash Flows From Operations Net loss (8,265,737 ) (7,542,076 ) (7,729,551 ) Non-cash items Depreciation of property and equipment 21,799 21,328 22,810 Non-cash issue of equity in consideration of operating expenses 764,539 24,460 (16,500 ) Foreign exchange (gain) loss 278,117 656,019 (950,720 ) Changes in assets and liabilities Decrease (increase) in trade and other receivables (116,837 ) 1,746,152 1,734,389 Decrease (increase) in other current assets 18,988 (4,069 ) (115,643 ) (Decrease) increase in trade and other payables 1,162,812 (856,131 ) (403,449 ) (Decrease) in other current liabilities - - (12,076 ) Increase in provision for employee entitlements (108,869 ) 89,237 52,214 Net cash flows used in operating activities (6,245,188 ) (5,865,080 ) (7,418,526 ) (b) Reconciliation of Cash and Cash Equivalents Cash and cash equivalents balance comprises: - cash and cash equivalents on hand 15,235,556 21,884,957 28,593,538 Closing cash and cash equivalents balance 15,235,556 21,884,957 28,593,538 (c) Non-Cash Financing and Investing Activities There were no non-cash financing and investing activities during the years ended June 30, 2018, 2017 and 2016. |
EXPENDITURE COMMITMENTS
EXPENDITURE COMMITMENTS | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Expenditure Commitments [Abstract] | |
EXPENDITURE COMMITMENTS | 14. EXPENDITURE COMMITMENTS The Company has non-cancelable operating leases contracted for but not capitalized in the financial statements. The Company has commitments under these contracts within one year of A$115,885 and greater than one year but less than three years of A$111,121. The property lease comprises of two a non-cancellable leases with an 36 and 24 months term, respectively, and with rent payable monthly in advance. These leases commenced on September 18, 2017 and November 1, 2017, respectively and expired on September 17, 2020 and October 31, 2019, respectively. The majority of our contracts for research and development programs have a termination notice period of 30 days. As at June 30, 2018, we had research and development termination commitments approximating A$1.8 million. No liability has been recognized within our financial statements for this period. In addition, we have the ability to scale down our operations and prioritize our research and development programs in neurology to reduce expenditures. Details in relation to commitments under employee service agreements with Directors and Key Management Personnel are outlined in Note 18 |
SHARE BASED PAYMENTS
SHARE BASED PAYMENTS | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SHARE BASED PAYMENTS | 15. SHARE BASED PAYMENTS (a) Employee and Consultant Plans At the Annual General Meeting held on November 17, 2004, the shareholders approved the establishment of employee and consultant plans designed to reward directors, employees and consultants for their contributions to the Company. The plans are to be used as a method of retaining key personnel for the growth and development of the Company. Due to Prana’s U.S. presence, a U.S. plan (the 2004 ADS Plan) and an Australian plan (the 2004 ASX Plan) were developed. At 30 June 2018 equity, had been issued to 5 Directors, 2 Key Management Personnel, 11 employees and 9 consultants under the Australian Plan. At 30 June 2017 equity, had been issued to 1 previous Director, while a Director, under the US plan and 5 Directors, 3 Key Management Personnel, 9 employees and 10 consultants under the Australian Plan. At 30 June 2016 equity had been issued to 1 previous Director, while a Director, under the US plan and 6 Directors, 2 Key Management Personnel, 12 employees and 19 consultants under the Australian Plan. At the 2004 Annual General Meeting, shareholders authorized the Company to issue in the aggregate up to 12 million ordinary shares under the two plans. This was increased to 22 million ordinary shares at the 2005 Annual General Meeting and further increased to 30 million ordinary shares at the 2007 Annual General Meeting, 45 million ordinary shares at the 2008 Annual General Meeting and 60 million ordinary shares at the 2009 Annual General Meeting. The Share Plan Committee, a sub-committee of the Remuneration Committee administers the two plans and is able to change the terms of the equity issued under them from the default terms . Under the 2004 ADS Plan, the exercise price must equal or exceed the fair value of the ADS on the date the options are awarded. The option expiration date cannot exceed ten years from the date the options were awarded. The default vesting conditions are 25% per year on the date the options were awarded. Under the 2004 ASX Plan, the exercise price must be equal or be less than the market value of the ordinary shares on ASX on the date of grant. The option expiration date cannot exceed ten years from the date the options were granted. The default vesting conditions are 25% per year on the date the options were granted. Information with respect to the number of options granted under the 2004 ASX Plan as follows: Years Ended June 30, 2018 2017 2016 Number of Weighted Number of Weighted Number of Weighted Beginning of the year 26,826,063 0.29 19,395,582 0.38 19,395,582 0.38 Issued during the year 12,100,000 0.11 8,550,000 0.07 - - Exercised during the year - - - - - - Expired during the year (11,349,573 ) 0.31 (1,119,519 ) 0.25 - - Lapsed during the year (2,360,000 ) 0.19 - - - - Outstanding at year end 25,216,490 0.19 26,826,063 0.29 19,395,582 0.38 Exercisable at year end 25,216,490 0.19 26,826,063 0.29 19,395,582 0.38 Options outstanding at the end of the year have the following expiry date and exercise prices: Exercise Price Share options Share options Series Grant Date Expiry Date $A 2018 2017 PBTAA October 25, 2013 October 24, 2018 0.61 200,000 200,000 PBTAB October 3, 2014 October 2, 2018 0.34 - 1,000,000 PBTAC June 26, 2013 June 25, 2018 0.37 - 1,649,573 PBTAD November 4, 2013 November 3, 2018 0.73 200,000 360,000 PBTAE December 13, 2013 December 11, 2018 1.04 1,200,000 1,200,000 PBTAF February 7, 2014 February 5, 2019 1.12 100,000 100,000 PBTAG April 7, 2014 April 6, 2018 0.25 - 1,200,000 PBTAH February 19, 2015 February 18, 2020 0.26 2,000,000 2,000,000 PBTAQ December 12, 2012 December 13, 2017 0.33 - 8,500,000 PBTAR May 27, 2015 May 25, 2020 0.27 1,400,000 1,400,000 PBTAY August 5, 2013 August 4, 2018 0.66 306,490 306,490 PBTAZ October 2, 2013 October 1, 2018 0.66 360,000 360,000 PBTAS June 7, 2017 June 6, 2022 0.07 7,350,000 8,550,000 PBTAAA 18-Dec-17 December 14, 2022 0.11 12,100,000 - Total 25,216,490 26,826,063 Weighted average remaining contractual life of options outstanding at end of period 3.56 years 2.34 years Risk free interest rate Dividend yield Expected volatility Expected life Model inputs – The model inputs for the valuations of options approved and issued during the current and previous financial years are as follows: Series Grant Date Exercise Price Share Price at Expected Years to Dividend Risk-free PBTAY August 5, 2013 0.66 0.38 62.00 % 5.00 0 % 3.05 % PBTAZ October 2, 2013 0.66 0.41 61.00 % 5.00 0 % 3.24 % PBTAA October 25, 2013 0.61 0.38 63.60 % 5.00 0 % 3.31 % PBTAD November 4, 2013 0.73 0.44 68.80 % 5.00 0 % 3.46 % PBTAE December 13, 2013 1.04 0.69 70.70 % 5.00 0 % 3.45 % PBTAF February 7, 2014 1.12 1.18 58.50 % 5.00 0 % 3.44 % PBTAG April 7, 2014 0.25 0.23 289.40 % 4.00 0 % 3.02 % PBTAB October 3, 2014 0.34 0.22 130.50 % 4.00 0 % 2.71 % PBTAH February 19, 2015 0.26 0.16 74.80 % 5.00 0 % 2.00 % PBTAR May 27, 2015 0.27 0.17 69.40 % 5.00 0 % 2.25 % PBTAS June 7, 2017 0.07 0.05 100.00 % 5.00 0 % 1.97 % PBTAAA December 18, 2017 0.11 0.07 100 % 5.00 0 % 2.38 % PBTAI February 1, 2018 0.08 0.06 100 % 5.00 0 % 2.24 % Information with respect to the number of shares issued under the 2004 ASX Plan as follows: Years Ended June 30, 2018 2017 2016 Number of Number of Number of Beginning of the year 13,277,715 13,277,715 13,277,715 Issued during the year - - - End of the financial year 13,277,715 13,277,715 13,277,715 No shares were granted during the year ended June 30, 2018, 2017 and 2016. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | 16. SUBSEQUENT EVENTS No matters or circumstances have arisen since the end of the reporting period, not otherwise disclosed in this report, which significantly affected or may significantly affect the operations of the Company, the result of those operations or the state of affairs of the Company in subsequent financial years. |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Jun. 30, 2018 | |
Basic and diluted earnings per share [abstract] | |
LOSS PER SHARE | 17. LOSS PER SHARE Years Ended June 30, 2018 2017 2016 Basic and diluted loss per share (cents per share) (1.55 ) (1.41 ) (1.45 ) Weighted average number of ordinary shares on issue used in the calculation of basic and diluted loss per share 533,891,470 533,891,470 533,891,470 The options and warrants in place do not have the effect of diluting the loss per share. |
KEY MANAGEMENT PERSONNEL COMPEN
KEY MANAGEMENT PERSONNEL COMPENSATION | 12 Months Ended |
Jun. 30, 2018 | |
Key Management Personnel Compensation [Abstract] | |
KEY MANAGEMENT PERSONNEL COMPENSATION | 18. KEY MANAGEMENT PERSONNEL COMPENSATION Years Ended June 30, 2018 2017 2016 Short-term employee benefits 1,522,777 1,537,198 1,429,615 Post-employment benefits 44,389 87,465 95,117 Long-term benefits (1,061 ) 28,600 13,817 Share-based payments 608,179 16,307 - 2,174,284 1,669,570 1,538,549 |
AUDITORS' REMUNERATION
AUDITORS' REMUNERATION | 12 Months Ended |
Jun. 30, 2018 | |
Auditor's remuneration [abstract] | |
AUDITORS' REMUNERATION | 19. AUDITORS’ REMUNERATION Years Ended June 30, 2018 2017 2016 - audit and review fees: current year financial reports 252,960 260,645 166,479 - audit and review fees: internal controls - 20,590 38,297 252,960 281,235 204,776 PricewaterhouseCoopers was appointed as the Company’s principal independent registered public accounting firm on November 30, 2006. Australian law does not require the Company’s Auditors to be appointed at the Company’s annual general meeting of shareholders. There is an annual engagement letter which is signed, subject to the Company’s audit committee approval, with PricewaterhouseCoopers for audit and review work. No non-audit services were provided by PricewaterhouseCoopers during the 2018, and 2016 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY TRANSACTIONS | 20. RELATED PARTY TRANSACTIONS a. Equity Interests in Subsidiaries Prana Biotechnology Limited owns 100% of its subsidiaries, Prana Biotechnology Inc. and Prana Biotechnology UK Ltd. b. Key Management Personnel Remuneration The Directors of Prana during the year: Geoffrey Kempler Executive Chairman Lawrence Gozlan Non-Executive Independent Director Brian Meltzer Non-Executive Independent Director George Mihaly Non-Executive Independent Director Peter Marks Non-Executive Independent Director Ira Shoulson Non-Executive Director The Key Management Personnel of the Company during the year: Dianne Angus* Chief Operating Officer Dr. David Stamler Chief Medical Officer and Senior Vice President Clinical Development Kathryn Andrews Chief Financial Officer * Dianne Angus resigned from the Company on 10 October 2017 Remuneration of all key management personnel of the Company is determined by the Board of Directors following recommendation by the Remuneration Committee. The Company is committed to remunerating senior executives in a manner that is market competitive and consistent with ‘best practice’ including the interests of shareholders. Remuneration packages are based on fixed and variable components, determined by the executive’s position, experience and performance, and may be satisfied via cash or equity. Non-executive Directors are remunerated out of the aggregate amount approved by shareholders and at a level that is consistent with industry standards. Non-executive Directors do not receive performance based bonuses and prior shareholder approval is required to participate in any issuance of equity. No retirement benefits are payable other than statutory superannuation, if applicable. The Company's remuneration policy is not solely based on the Company's performance, but also on industry practice. The Company's primary focus is research activities with a long term objective of developing and commercializing its research and development results. The Company envisages its performance in terms of earnings will remain negative whilst the Company continues in the research and clinical trials. Shareholder wealth reflects this speculative and volatile market sector. This pattern is indicative of the Company's performance over the past four years. The purpose of a performance bonus is to reward individual performance in line with Company objectives. Consequently, performance based remuneration is paid to an individual where the individual's performance clearly contributes to a successful outcome for the Company. This is regularly measured in respect of performance against key performance indicators ("KPI's"). The Company uses a variety of KPI's to determine achievement, depending on the role of the executive being assessed. These include: · successful contract negotiations; · Company share price reaching a targeted rate on the ASX or applicable market over a period of time; or · achievement of research project milestones within scheduled time and/or budget. Post- Long Term Employment Benefits Short Term Benefits Superannuation Long-service Equity 2018 Base Fee Bonus Contribution Leave Options Total Directors’ remuneration A$ A$ A$ A$ A$ A$ Geoffrey Kempler (1)(3) 381,340 - 20,049 7,763 235,000 644,152 Lawrence Gozlan (3) 60,000 - - - 58,750 118,750 Brian Meltzer (3) 82,500 - - - 58,750 141,250 George Mihaly (3) 77,500 - - - 58,750 136,250 Peter Marks (3) 60,000 - - - 58,750 118,750 Ira Shoulson (2) 78,885 - - - - 78,885 740,225 - 20,049 - 470,000 1,238,037 (1) Base Fee includes movements in the annual leave provision relating to Mr. Geoffrey Kempler. (2) Includes consulting fees paid to Dr. Ira Shoulson in the amount of A$12,021. (3) The Directors received unlisted options during the year. The option prices were calculated using the Black-Scholes Model applying the inputs as disclosed in note 15. Post- Long Term Employment Benefits Short Term Benefits Superannuation Long-service Equity 2017 Base Fee Bonus Contribution Leave Options Total Directors’ remuneration A$ A$ A$ A$ A$ A$ Geoffrey Kempler (1) 419,313 - 26,411 8,146 - 453,870 Lawrence Gozlan (2) 140,000 - - - - 140,000 Brian Meltzer 55,833 - 29,167 - - 85,000 George Mihaly 75,000 - - - - 75,000 Peter Marks 60,000 - - - - 60,000 Ira Shoulson (2) 268,137 - - - - 268,137 1,018,283 - 55,578 8,146 - 1,082,007 (1) Base Fee includes movements in the annual leave provision relating to Mr. Geoffrey Kempler. (2) Includes consulting fees paid to an associated entity of Mr. Lawrence Gozlan, and Dr. Ira Shoulson in the amount of $80,000 and $223,201, respectively Post- Long Term Employment Benefits Short Term Benefits Superannuation Long-service Equity 2016 Base Fee Bonus Contribution Leave Options Total Directors’ remuneration A$ A$ A$ A$ A$ A$ Geoffrey Kempler (3) 436,132 - 29,990 7,766 - 473,888 Lawrence Gozlan 60,000 - - - - 60,000 Brian Meltzer 50,000 - 35,000 - - 85,000 George Mihaly 75,000 - - - - 75,000 Peter Marks 60,000 - - - - 60,000 Ira Shoulson (4) 303,474 - - - - 303,474 984,606 - 64,990 7,766 - 1,057,362 (1) Base Fee includes movements in annual leave provision for Mr. Kempler accrued in accordance with his employment contract. (2) Includes consulting fees paid to Dr. Ira Shoulson in the amount of $258,474. Post- Long Term Employment Benefits Short Benefits Term Superannuation Long-service Equity 2018 Base Fee Other Contribution Leave Options Total Executives’ Remuneration A$ A$ A$ A$ A$ A$ Dianne Angus (1) (2) 81,589 - 5,736 (8,920 ) (3,433 ) 74,972 Kathryn Andrews (1) (3) 196,689 - 18,604 96 15,735 231,124 Dr. David Stamler (1) (3) 504,274 - - - 125,877 630,151 (1) Base Fee includes movements in annual leave provision for Ms Dianne Angus ,Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. (2) The remuneration for Ms. Dianne Angus covers the period from 1 July 2017 to 10 October 2017, being the last day of her employment with the Company. The amount also includes payments of unused leave balances. (3) The equity component of Kathryn Andrews' and David Stamler's remuneration represents the portion of unlisted options granted in prior year but vested during the current year. Post- Long Term Employment Benefits Short Benefits Term Superannuation Long-service Equity 2017 Base Fee Other Contribution Leave Options Total Executives’ Remuneration A$ A$ A$ A$ A$ A$ Dianne Angus (1) 328,799 - 19,616 20,354 3,433 372,202 Kathryn Andrews (1) 131,826 - 12,271 101 1,430 145,628 Dr. David Stamler (1) (2) 58,290 - - - 11,443 69,733 518,915 - 31,887 20,455 16,306 587,563 (1) Base Fee includes movements in annual leave provision for Ms Dianne Angus , Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. (2) Dr David Stamler was appointed as Chief Medical Officer and Senior Vice President Clinical Development on 15 May 2017. Post- Long Term Employment Benefits Short Benefits Term Superannuation Long-service Equity 2016 Base Fee Other Contribution Leave Options Total Executives’ Remuneration A$ A$ A$ A$ A$ A$ Dianne Angus (1) 329,690 - 19,307 6,051 - 355,049 Kathryn Andrews (1) 115,319 - 10,820 - - 126,139 445,009 - 30,127 6,051 - 481,188 (1) Base Fee includes movements in annual leave provision for Ms Dianne Angus and Ms Kathryn Andrews accrued in accordance with their employment contracts. The following Director was under contract during the year ended June 30, 2018: Directors Duration Notice Requirements Termination Geoffrey Kempler Until termination by either For Good Reason Mr Kempler Pay Geoffrey Kempler within ninety (90) Accrued entitlements including all unreimbursed Accelerate the vesting of any unvested options Without Good Reason Mr Bonus pro-rated only if termination occurs in Without Cause the Company Pay Geoffrey Kempler within ninety (90) Accrued entitlements including all Accelerate the vesting of any unvested options With Cause the Company may Bonus pro-rated only if termination occurs in The following Senior Executives were under contract during the year ended June 30, 2018: Key management personnel Duration Notice Requirements Termination Kathryn Andrews Until termination by either party. Signed 11 November 2014 Ms Andrews may terminate with 30 days’ notice, or Accrued entitlements including all unreimbursed business expenses Without Cause the Company may terminate with 30 days’ notice, or Permitted to keep and/or exercise options that have vested at the time of termination With Cause the Company may terminate without notice David Stamler Until termination by either party. Signed 18 April 2017. Each party is required to provide 3 months’ notice, increasing to 6 months’ notice after 18 months of employment, unless otherwise agreed in writing Accrued entitlements including all unreimbursed business expenses Unexercised options shall be exercisable within 30 days after the date of termination With Cause, the Company may terminate at any time upon written notice Accrued entitlements including all unreimbursed business expenses Unexercised options shall be exercisable within 30 days after the date of termination c. Key Management Personnel Equity Holdings Fully Paid Ordinary Balance July 1, 2017 Received as Received on Exercise Net Change Other Balance No. No. No. No. No. Geoffrey Kempler 18,011,000 - - - 18,011,000 Lawrence Gozlan - - - - - Brian Meltzer 326,666 - - - 326,666 George Mihaly 226,666 - - - 226,666 Peter Marks 43,111 - - - 43,111 Ira Shoulson - - - - - Dianne Angus (1) 146,128 - - (146,128 ) - Kathryn Andrews - - - - - David Stamler - - - - - 18,753,571 - - - 18,607,443 (1) Forfeited on termination Fully Paid Ordinary Balance July 1, 2016 Received as Received on Exercise Net Change Other Balance No. No. No. No. No. Geoffrey Kempler 18,011,000 - - - 18,011,000 Lawrence Gozlan - - - - - Brian Meltzer 326,666 - - - 326,666 George Mihaly 226,666 - - - 226,666 Peter Marks 43,111 - - - 43,111 Ira Shoulson - - - - - Dianne Angus 146,128 - - - 146,128 Kathryn Andrews - - - - - David Stamler (1) - - - - - 18,753,571 - - - 18,753,571 Fully Paid Ordinary Balance July 1, 2015 Received as Received on Exercise Net Change Other Balance No. No. No. No. No. Geoffrey Kempler 18,011,000 - - - 18,011,000 Lawrence Gozlan - - - - - Brian Meltzer 326,666 - - - 326,666 George Mihaly 226,666 - - - 226,666 Peter Marks 43,111 - - - 43,111 Ira Shoulson - - - - - Dianne Angus 146,128 - - - 146,128 Kathryn Andrews - - - - - 18,753,571 - - - 18,753,571 (1) Opening balance on appointment as Senior Vice President Development and Chief Medical Officer on 15 May 2017. (2) Balance at date of appointment, November 4 2014. Share Options of Balance Granted as Options Options Options Net Options Vested During 2018 fiscal year Balance Total Vested and Total Unvested Geoffrey Kempler 4,000,000 5,000,000 - (4,000,000 ) - 5,000,000 5,000,000 - Lawrence Gozlan 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Brian Meltzer 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - George Mihaly 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Peter Marks 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Ira Shoulson - - - - - - - - Dianne Angus (1) 2,360,000 - - - (2,360,000 ) - - - Kathryn Andrews 500,000 - - - - 500,000 500,000 500,000 - Dr. David Stamler 4,000,000 - - - - 4,000,000 4,000,000 4,000,000 - 14,860,000 10,000,000 - (8,000,000 ) (2,360,000 ) 4,500,000 14,500,000 14,500,000 (1) Ms Angus resigned effective October 10, 2017. Share Options of Balance Granted as Options Options Options Net Options Vested During 2017 fiscal year Balance Total Vested and Total Unvested Geoffrey Kempler 4,000,000 - - - - - - 4,000,000 4,000,000 - Lawrence Gozlan 1,000,000 - - - - - - 1,000,000 1,000,000 - Brian Meltzer 1,000,000 - - - - - - 1,000,000 1,000,000 - George Mihaly 1,000,000 - - - - - - 1,000,000 1,000,000 - Peter Marks 1,000,000 - - - - - - 1,000,000 1,000,000 - Ira Shoulson - - - - - - - - - - Dianne Angus 1,317,819 1,200,000 - (157,819 ) - - - 2,360,000 1,160,000 1,200,000 Kathryn Andrews - 500,000 - - - - - 500,000 - 500,000 Dr. David Stamler - 4,000,000 - - - - - 4,000,000 - 4,000,000 9,317,819 5,700,000 - (157,819 ) - - - 14,860,000 9,160,000 5,700,000 Share Options of Balance Granted as Options Options Options Net Options Vested During 2016 fiscal year Balance Total Vested and Total Unvested Geoffrey Kempler 4,000,000 - - - - - 4,000,000 4,000,000 - Lawrence Gozlan 1,000,000 - - - - - 1,000,000 1,000,000 - Brian Meltzer 1,000,000 - - - - - 1,000,000 1,000,000 - George Mihaly 1,000,000 - - - - - 1,000,000 1,000,000 - Peter Marks 1,000,000 - - - - - 1,000,000 1,000,000 - Ira Shoulson - - - - - - - - - Dianne Angus 1,317,819 - - - - - 1,317,819 1,317,819 - Kathryn Andrews - - - - - - - - - 9,317,819 - - - - - - 9,317,819 9,317,819 - |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of operating segments [abstract] | |
SEGMENT INFORMATION | 21. SEGMENT INFORMATION The Company’s Chief Executive Officer (Chief Operating Decision Maker) examines internal reports to assess the Company’s performance and determine the allocation of resources. The Company’s activities are predominantly within Australia and cover research into Parkinsonian movement disorders, Alzheimer’s disease disease |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS | 22. FINANCIAL INSTRUMENTS The Company’s activities expose it to a variety of financial risks including market risk, credit risk and liquidity risk. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Company. Risk management is carried out under policies approved by the Board of Directors and overseen by the Audit, Risk and Compliance Committee. (a) Market Risk (i) Foreign Currency Risk The Company engages in international purchase transactions and is exposed to foreign currency risk arising from various currency exposures, primarily with respect to the Australian dollar. The parent entity also has exposure to foreign exchange risk in the currency cash reserves it holds to meet its foreign currency payments. The Company does not make use of derivative financial instruments to hedge foreign exchange risk. The following financial assets and liabilities are subject to foreign currency risk, the currency of the original amounts are displayed in brackets, all the amounts in the table below are displayed in A$ at year-end spot rates: Consolidated Entity 2018 2017 A$ A$ Cash and cash equivalents (USD) 6,309,829 17,508,482 Cash and cash equivalents (€EUR) 173 164 Cash and cash equivalents (£GBP) 428 1,421 Trade and other payables (USD) (607,150 ) (6,509 ) Trade and other payables (€EUR) (1,439 ) - Trade and other payables (£GBP) (39,167 ) - Total exposure 5,662,674 17,503,558 The Company has conducted a sensitivity analysis of its exposure to foreign currency risk. The Company is currently exposed to the US dollar (USD), Euro (EUR) and British Pound (GBP). The sensitivity analysis below is conducted on a currency by currency basis using the sensitivity analysis variable, which has been based on the average annual movement in the AUD/USD, AUD/GBP and AUD/EUR exchange rates over the past 5 years based on the year-end spot rates, which is 7.18% (2017: 7.96%). The variables for USD, GBP and EUR being 10%, 11% and 13% respectively. All the amounts in the table below are displayed in Australian Dollars (A$). Based on the financial instruments held at 30 June 2018, had the Australian dollar weakened/strengthened by 7.18% (2017: 7.96%) against the USD with all other variables held constant, the Company's post-tax profit for the year would have been A$409,391 lower/higher (2017: $1,392,754 lower/higher), mainly as a result of foreign exchange gains/losses on translation of US dollar denominated financial instruments as detailed in the above table. The Company’s exposure to other foreign exchange movements is not material. The Company realized a foreign exchange loss of A$270,860 for the year ended June 30, 2018 compared to a foreign exchange gain of A$656,019 for the year ended June 30, 2017 and a foreign exchange loss of A$950,720 for the year ended June 30, 2016. In 2018, the Australian dollar depreciated against the U.S. dollar by 7.18%. In 2017, the Australian dollar depreciated against the U.S. dollar by 4.12%, while in 2016, the Australian dollar depreciated against the U.S. dollar by 8%. (ii) Interest Rate Risk The Company has an exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of changes in market interest rates and the effective weighted average interest rates on classes of financial assets and financial liabilities. The Company’s exposure to interest rate risk has not changed since the prior year. At June 30, 2018, the Company had the following cash accounts: · · · · · · · · · At June 30, 2017, the Company had the following cash accounts: · · · · · · · · · At June 30, 2016, the Company had the following cash accounts: · · · · · · · · · · The weighted average interest rate is 0.12% for cash and cash equivalents and 2.40% for terms deposits over three months and apart from usual variances in general rates of interest the Company is not exposed to any significant interest rate risk. Receivables and payables are non-interest bearing. The Company’s exposure to interest rates and the effective weighted average interest rate for classes of financial assets and liabilities is set out below: June 30, 2018 Floating Interest Rate (A$) Fixed Interest Maturing in (A$) Non-Interest bearing (A$) TOTAL (A$) Average Interest Rate 1 year 1-5 years Financial Assets Cash and cash equivalents 8,925,124 6,192,713 - 117,718 15,235,555 1.09 % Trade and other receivables - - - 3,152,410 3,152,410 Other current assets - - - 266,625 266,625 Other non-current assets - - - - - Total Financial Assets 8,925,124 6,192,713 3,536,753 18,654,590 1.09 % Financial Liabilities - - Trade and other payables - - - (2,055,247 ) (2,055,247 ) Total Financial Liabilities - - (2,055,247 ) (2,055,247 ) June 30, 2017 Floating Fixed Interest Non-Interest Total Average 1 year 1-5 years Financial Assets Cash and cash equivalents 18,680,923 3,150,000 - 54,034 21,884,957 0.33 % Trade and other receivables - - - 3,035,573 3,035,573 Other current assets - 43,988 - 285,613 329,601 2.55 % Other non-current assets - - - - - Total Financial Assets 18,680,923 3,193,988 - 3,375,220 25,250,131 0.88 % Financial Liabilities - - Trade and other payables - - - 892,434 892,434 Total Financial Liabilities - - - 892,434 892,434 (b) Credit Risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has no significant concentration of credit risk and it is not the Company’s policy to hedge credit risk. The Company ensures that surplus cash is invested with financial institutions of appropriate credit worthiness and limits the amount of credit exposure to any one counter party. There has been no significant change in the Company’s exposure to credit risk since the previous year. The carrying amount of the Company’s financial assets represents (c) Liquidity Risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities. The Company manages liquidity risk by maintaining sufficient bank balances to fund its operations and the availability of funding through committed credit facilities. Management monitors rolling forecasts of the Company’s liquidity reserve on the basis of expected cash flows. Maturities of Financial Liabilities 2018 Less than 6 6-12 months Greater than Total contracted Carrying Trade and other payables 2,055,247 - - 2,055,247 2,055,247 Total 2,055,247 - - 2,055,247 2,055,247 2017 Less than 6 6-12 months Greater than Total contracted Carrying Trade and other payables 892,434 - - 892,434 892,434 Total 892,434 - - 892,434 892,434 (d) Capital Risk Management The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may issue new shares or reduce its capital, subject to the provisions of the Company's constitution. The capital structure of the Company consists of equity attributed to equity holders of the Company, comprising contributed equity, reserves and accumulated losses disclosed in Notes 10, 11 and 12 (e) Fair Value Estimation The carrying amount of financial assets and financial liabilities recorded in the financial statements represents their respective fair values, determined in accordance with the accounting policies disclosed in Note 1 to the financial statements. Financial Instruments measured at Fair Value The financial instruments recognized at fair value in the Statement of Financial Position have been analyzed and classified using a fair value hierarchy reflecting the significance of the inputs used in making the measurements. The fair value hierarchy consists of the following levels: - quoted prices in active markets for identical assets or liabilities (Level 1); - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and - inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). In 2018 and 2017, none of the Company’s assets and liabilities had their fair value determined using the fair value hierarchy. No transfers between the levels of the fair value hierarchy occurred during the current or previous years. |
BACKGROUND AND SUMMARY OF SIG29
BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Background And Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements are prepared by combining the financial statements of all the entities that comprise the Company, being Prana Biotechnology Limited and its subsidiaries as defined in Accounting Standard IAS 27: Consolidated and Separate Financial Statements Subsidiaries are all those entities (including special purpose entities) over which the Company has the power to govern the financial and operating policies, generally accompanying a shareholder of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases. In preparing the consolidated financial statements, all inter-company balances and transactions, and unrealized profits/losses arising within the Company are eliminated in full. Investments in subsidiaries are accounted for at cost in the individual financial statements of Prana Biotechnology Limited. |
Segment Reporting | Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer of Prana Biotechnology Limited. For the current and previous reporting periods, the Company operated in one segment, being research into Alzheimer’s disease disease disease |
Income Tax | Income Tax Current tax Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit or loss for the period. It is calculated using tax rates and tax laws that have been enacted or substantively enacted by reporting date. Current tax for current and prior periods is recognized as a liability (or asset) to the extent that it is unpaid (or refundable). Deferred tax Deferred tax is accounted for using the liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax base of those items. In principle, deferred tax assets and liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary differences or unused tax losses and tax offsets can be utilized. However, deferred tax assets and liabilities are not recognized if the temporary differences giving rise to them arise from the initial recognition of assets and liabilities (other than as a result of a business combination) which affects neither taxable income nor accounting profit or loss. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries except where the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with these investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the asset and liability giving rise to them are realized or settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by reporting date. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset when the entity has a legally enforceable right to offset and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Current and deferred tax for the period Current and deferred tax is recognized as an expense or income in the Statement of Profit or Loss and Other Comprehensive Income, except when it relates to items credited or debited directly to equity, in which case the deferred tax is also recognized directly in equity, or where it arises from the initial accounting for a business combination, in which case it is taken into account in the determination of goodwill. The Company has significant unused tax losses and as such a significant deferred tax asset; however, the deferred tax asset has not been recognized, as it is not probable that future taxable profit will be available against which the unused losses and unused tax credits can be utilized, given the nature of the Company’s business (research and development) and its history of losses. |
Property and Equipment | Property and Equipment Property and equipment is measured at historical cost less accumulated depreciation and impairment and consists of laboratory equipment, computer equipment, furniture and fittings and leasehold improvements attributable to the Company’s premises at Melbourne, Victoria, Australia and San Francisco, USA . Historical cost includes expenditure that is directly attributable to the acquisition of the item. Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to the income statement during the reporting period in which they are incurred. Depreciation Depreciation is provided on property and equipment. Depreciation is calculated on a straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. The following estimated useful lives, ranging from three to 20 years are used in the calculation of depreciation: Class of Fixed Asset Depreciation Rate Furniture and fittings 5-33 % Computer equipment 33 % Plant and equipment 10-33 % Leasehold improvements 33 % Leasehold improvements are depreciated over the shorter of the lease term and useful life. The depreciation method, residual values and useful lives are reviewed, and adjusted if appropriate, at each annual reporting period. |
Leases | Leases Leases in which a significant proportion of the risks and rewards of ownership are not transferred to the Company as lessee are classified as operating leases. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. |
Financial Instruments | Financial Instruments Loans and Receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the reporting date which are classified as non-current assets. Loans and receivables are included in trade and other receivables in the balance sheet. Trade receivables, loans, and other receivables are recorded at amortized cost less impairment. Warrants and Options Under IAS 32, options and warrants issued other than for goods or services that are exercisable in a currency other than the functional currency of the Company and meet the definition of a liability, are recorded as financial liabilities rather than equity. See accounting policy (r) share-based payments for the accounting policy for warrants and options issued as share-based payments for goods or services. Warrants and options recorded as financial liabilities under IAS 32 are valued at fair value using the Black-Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. At each reporting date, the options and warrants are revalued to their current fair value, with the difference in fair value recorded in the Statement of Profit or Loss and Other Comprehensive Income. |
Impairment of Assets | Impairment of Assets At each reporting date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If any such indication exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). No impairment charges were incurred during the three years ended June 30, 2018. |
Intangible Assets - Research and Development | Intangible Assets - Research and Development Expenditure during the research phase of a project is recognized as an expense when incurred. Where no internally generated intangible assets can be recognized, development expenditure is recognized as an expense in the period as incurred. Development costs are capitalized if and only if, all of the following are demonstrated: • the technical feasibility of completing the intangible asset so that it will be available for use or sale; • the intention to complete the intangible asset and use or sell it; • the ability to use or sell the intangible asset; • how the intangible asset will generate probable future economic benefits; • the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and • the ability to measure reliably the expenditure attributable to the intangible asset during its development. Internally-generated intangible assets (capitalized development costs) are stated at cost less accumulated amortization and impairment, and are amortized on a straight-line basis over their useful lives over a maximum of five years. At June 30, 2018, 2017 and 2016, Prana had no capitalized research and development costs. |
Foreign Currency Transactions and Balances | Foreign Currency Transactions and Balances Functional and Presentation Currency Items included in the financial statements of each of the Company’s entities are measured using Australian dollars, which is the currency of the primary economic environment in which the Company operates (the functional currency). Foreign currency transactions All foreign currency transactions during the financial year are brought to account using the exchange rate in effect at the date of the transaction. Foreign currency monetary items at each reporting date are translated at the exchange rate existing at each reporting date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Exchange differences are recognized in profit or loss in the period in which they arise except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned or likely to occur, which form part of the net investment in a foreign operation, are recognized in the foreign currency translation reserve and recognized in profit or loss on disposal of the net investment. The results and financial position of all the Company’s entities that have a functional currency difference from the presentation currency are translated into the presentation currency as follows: · assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet, and · income and expenses for each income statement are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and · all resulting exchange differences are recognized as a separate component of equity. On consolidation, the assets and liabilities of the Company’s overseas operations are translated at exchange rates prevailing at the reporting date. Income and expense items are translated at the average exchange rates for the period unless exchange rates fluctuate significantly. Exchange differences arising, if any, are recognized in the foreign currency translation reserve, and recognized in profit or loss on disposal of the foreign operations. |
Employee Benefits | Employee Benefits Short-term obligations Short-term employee benefits are benefits (other than termination benefits) that are expected to be settled wholly before 12 months after the end of the annual reporting period in which the employees render the related service, including wages, and salaries. Short-term employee benefits are measured at the (undiscounted) amounts expected to be paid when the obligation is settled. The Company’s obligations for short-term employee benefits such as wages and salaries are recognized as a part of current trade and other payables in the statement of financial position. The Company’s obligations for annual leave are presented as part of provisions in the Statement of Financial Position. The obligations are presented as current liabilities in the Statement of Financial Position if the Company does not have an unconditional right to defer settlement for at least twelve months after the reporting period regardless of when the actual settlement is expected to occur. Other long-term obligations The liability for long service leave is not expected to be settled wholly within twelve months after the end of the period in which the employees render the related service. The liability is therefore recognized in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of government bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Re-measurements as a result of experience adjustments and changes in actuarial assumptions are recognized in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. |
Provisions | Provisions Provisions are recognized when the Company has a present obligation, the future sacrifice of economic benefits is probable, and the amount of the provision can be measured reliably. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that recovery will be received and the amount of the receivable can be measured reliably. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less. |
Revenue from ordinary activities | Revenue from ordinary activities Revenue is recognized to the extent that it is probable that the economic benefits will flow to the entity and the revenue can be reliably measured. Revenue is made up of interest income which is recognized on a time proportion basis using the effective interest method. |
Grants | Grants Grants are recognized when there is reasonable assurance that the grant will be received and all grant conditions will be complied with. When the grant relates to an expense item, it is recognized as income over the periods necessary to match the grant on a systematic basis to the costs that it is expected to compensate. |
Goods and Services Tax ("GST") | Goods and Services Tax (“GST”) Revenues, expenses and assets are recognized net of the amount of GST, except where the amount of GST incurred is not recoverable from the taxation authority. In these circumstances the GST is recognized as part of the cost of acquisition of the asset or as part of an item of expense. Receivables and payables in the Balance Sheet are shown inclusive of GST. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables. Cash flows are included in the Cash Flow Statement on a gross basis. The GST component of cash flows arising from investing and financing activities which is recoverable from, or payable to, the taxation authority is classified as operating cash flows. |
Trade and Other Payables | Trade and Other Payables These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. |
Borrowings | Borrowings Loans and borrowings are initially recognized at the fair value of the consideration received, net of transaction costs. They are subsequently measured at amortized cost using the effective interest method. Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, the loans or borrowings are classified as non-current. |
Share-Based Payments | Share-Based Payments Equity-settled share-based payments granted after November 7, 2002 that were unvested as of January 1, 2005 are measured at fair value. The measurement date is determined for share-based payments issued to directors, employees and consultants as follows: Directors The issuance of share-based payments to directors is subject to approval by shareholders as per ASX Listing Rule 10.11. The measurement date for share-based payments issued to directors is the grant date, being the date at which the share-based payments are approved by shareholders. Employees The issuance of share-based payments to employees may be subject to shareholder approval per ASX Listing Rule 7.1 which prohibits the issuance of more than 15% of the Company’s shares in a 12 month period without shareholder approval. The measurement date for share-based payments issued to employees is the grant date, being the date at which a shared understanding of the terms and conditions of the arrangement is reached. However, if an issuance to an employee is subject to shareholder approval because it exceeds the 15% threshold per ASX Listing Rule 7.1, then the measurement date of these share-based payments is the date at which the share-based payments are approved by shareholders. Consultants The issuance of share-based payments to consultants may be subject to shareholder approval per ASX Listing Rule 7.1 which prohibits the issuance of more than 15% of the Company’s shares in a 12 month period without shareholder approval. The measurement date for share-based payments issued to consultants who provide services considered to be similar to employees is deemed to be the date at which a shared understanding of the terms and conditions of the arrangement is reached. The measurement date for share-based payments issued to consultants who provide services considered to be differentiated from those provided by employees is deemed to be the date at which the entity obtains the goods or the counterparty renders the service. If a service period applies and the work is continually provided over the service period, and if the share price of the Company does not change significantly during the service period, then the average share price, volatility and risk-free rate over the service period are used in calculating the value of the share-based payments issued. However, if the underlying share price of the Company does change significantly during the service period, then the value of share-based payments are calculated at each individual date that goods and services are provided, using the actual valuation inputs at that date. Shares issued to consultants for services are recorded as non-cash compensation and are recognized at either the fair value of the services rendered, or if this cannot be reasonably estimated, the fair value of the underlying equity instruments issued. Equity-based compensation benefits are provided to directors, employees and consultants under the 2004 ASX Plan (the “2004 ASX Plan”) and the 2004 American Depository Share (ADS) Option Plan (the “2004 ADS Plan”). Information relating to this plan is set out in Note 18 The fair value of options granted under the 2004 ASX Plan is recognized as an expense with a corresponding increase in equity. The fair value is measured at grant date and recognized over the period during which the recipients become unconditionally entitled to the options. The fair value at grant date is independently determined using a Black-Scholes (for options without market condition) and Barrier Pricing (for options with market conditions) model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company's estimate of shares that will eventually vest. |
Loss Per Share | Loss Per Share Basic loss per share is determined by dividing the net loss after income tax expense by the weighted average number of ordinary shares outstanding during the financial period. For all periods presented, diluted loss per share is equivalent to basic loss per share as the potentially dilutive securities are excluded from the computation of diluted loss per share because the effect is anti-dilutive. |
Share Capital | Share Capital Ordinary share capital is recognized as the fair value of the consideration received by the Company. Any transaction costs arising on the issue of ordinary shares are recognized directly in equity as a reduction of the share proceeds received. |
Trade and Other Receivables | Trade and Other Receivables Trade and other receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method less provision for impairment. |
Comparative Figures | Comparative Figures Comparative figures, are, where appropriate, reclassified to be comparable with figures presented in the current financial year. |
Parent Information | Parent Information The financial information for the parent entity, Prana Biotechnology Limited, has been prepared on the same basis as the consolidated statements, except as set out below: Investments in Subsidiaries Investments in subsidiaries are accounted for at cost in the financial statements of Prana Biotechnology Limited. |
New Accounting Standards And Interpretations | New Accounting Standards And Interpretations New and amended Accounting Standards and Interpretations issued and effective There are no IFRS or IFRIC interpretations that are effective for the first time for the financial year beginning on or after June 30, 2018 that would be expected to have a material impact on the Company. Accounting Standards issued by not yet effective Certain new accounting standards and interpretations have been published that are not mandatory for June 30, 2018 reporting periods. Initial application of the following Standards and Interpretations are not expected to affect any of the amounts recognized in the financial report, but may change the disclosures presently made in relation to the Company. Pronouncement Title (Issue date) Effective date Impact on financial report IFRS 15 Revenue from contracts with customers Annual periods beginning on or after January 1, 2018 The Company is currently not generating revenue from contracts and thus the impact is expected to be nil. IFRS 9 Financial instruments Annual periods beginning on or after January 1, 2018 The Company has not conducted a IFRS 16 Leases Annual periods beginning on or after January 1, 2019 The standard will affect primarily the accounting for the Company’s operating leases. As at the reporting date, the Company has non-cancellable operating lease commitments of A$227,006. However, the Company has not yet determined to what extent these commitments will result in the recognition of an asset and a liability for future payments and how this will affect the Company’s profit and classification of cash There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. |
BACKGROUND AND SUMMARY OF SIG30
BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Background And Significant Accounting Policies [Abstract] | |
Schedule of estimated useful lives | Class of Fixed Asset Depreciation Rate Furniture and fittings 5-33 % Computer equipment 33 % Plant and equipment 10-33 % Leasehold improvements 33 % |
REVENUE AND OTHER INCOME FROM31
REVENUE AND OTHER INCOME FROM CONTINUING OPERATIONS (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Revenue And Other Income From Continuing Operations [Abstract] | |
Schedule of revenue and other income | Years Ended June 30, 2018 2017 2016 Other revenue Interest 201,174 132,396 142,657 Total other revenue 201,174 132,396 142,657 Other income R&D Tax Incentive (1) 3,125,775 3,022,673 4,753,697 Total other income 3,125,775 3,022,673 4,753,697 Total revenue and other income from continuing operations 3,326,949 3,155,069 4,896,354 |
EXPENSES FROM ORDINARY ACTIVI32
EXPENSES FROM ORDINARY ACTIVITIES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Expenses by nature [abstract] | |
Schedule of expenses from ordinary activities | Years Ended June 30, 2018 2017 2016 Research and Development Expenses (2) Employee expenses 2,223,807 1,673,473 1,821,717 Other research and development expenses 4,474,209 4,026,866 7,763,654 General and Administration Expenses Depreciation on fixed assets 21,799 21,328 22,810 Employee expenses (non R&D related) 909,756 1,033,897 992,751 Consultant and director expenses 1,279,014 849,588 750,158 Audit, internal control and other assurance expenses 186,660 200,480 204,776 Corporate compliance expenses 351,611 377,920 358,097 Office rental 142,233 200,704 195,561 Other administrative and office expenses 1,449,985 1,284,713 1,086,398 Other gains and losses Foreign exchange (gain)/loss 270,860 660,213 (857,247 ) (1) The Company’s research and development activities are eligible for a 43.5% offset under an Australian Government tax incentive for eligible expenditure from 1 July 2011. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. For the year ended 30 June 2018 the Company has recorded an item in other income of A$3,125,775 (2017: A$3,022,673) to recognise this amount which relates to this financial year. (2) Research and development expenses consist of expenses paid for contracted research and development activities conducted by third parties on behalf of the Company. |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Major components of tax expense (income) [abstract] | |
Schedule of income tax | Years Ended June 30, 2018 2017 2016 (a) Income tax expense: Current tax - - - Adjustment for current tax of prior periods - - - Deferred tax - - - (b) Numerical reconciliation of income tax expense to prima facie tax payable: Prima facie tax on net loss before income tax (2,273,078 ) (2,074,071 ) (2,318,865 ) Effect of lower tax rates of tax on overseas income 12,375 (28,639 ) (11,111 ) Add tax effect of: (Over)/Under provision of income tax in previous year relating to a revision of estimates - - 4,582,839 Research and development expenditure (net of tax incentive) 1,187,557 1,079,650 1,743,004 Gain/(loss) on fair value of financial liabilities - - Other 324,249 94,877 54,222 Deferred tax asset not recognized 748,896 928,183 (4,050,088 ) Income tax expense attributable to loss before income tax - - - (c) Potential deferred tax asset at June 30, 2018, 2017 and 2016 in respect of: tax losses not brought to account is (1): 34,376,607 33,625,059 35,687,127 Temporary differences (1,254,136 ) (2,114,243 ) (1,655,223 ) (1) Subject to the Group continuing to meet the relevant statutory tests, the tax losses are available for offset against future taxable income. |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Trade and other current receivables [abstract] | |
Schedule of trade and other receivables | Years Ended June 30, 2018 2017 Accrued interest income 12,680 10,104 R&D tax incentive receivable 3,125,775 3,022,673 Goods and services tax receivable 13,955 2,796 Total Trade and Other Receivables 3,152,410 3,035,573 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Other Assets [Abstract] | |
Schedule of other assets | Years Ended June 30, 2018 2017 Current Prepayments 256,821 285,613 Rental term deposit 9,514 43,988 Other 290 Total 266,625 329,601 Non-current Rental term deposit - - Total - - |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Trade and other current payables [abstract] | |
Schedule of Trade And Other Payable | Years Ended June 30, 2018 2017 Trade creditors 1,333,890 65,049 Accrued research and development expenses 333,645 493,307 Accrued corporate personnel expenses - 345 Accrued professional fees 183,795 261,232 Other accrued expenses 192,726 50,355 Other Payables 11,191 22,146 Total 2,055,247 892,434 |
PROVISIONS (Tables)
PROVISIONS (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of other provisions [abstract] | |
Schedule of provisions | Years Ended June 30, 2018 2017 Current Annual leave (1) 266,487 298,508 Long service leave (1)(2) 322,206 399,530 Total 588,693 698,038 Non-Current Long service leave (2) 916 440 |
Schedule of movements in provisions | Years Ended June 30, 2018 2017 Annual leave Carrying amount at start of year 298,508 288,122 Charged/(credited) to profit or loss -additional provisions recognized 261,354 134,198 Amounts used during the year (293,375 ) (123,812 ) Carrying amount at end of year 266,487 298,508 Long service leave Carrying amount at start of year 399,970 321,119 Charged/(credited) to profit or loss (103,363 ) -additional provisions recognized 26,515 78,851 Carrying amount at end of year 323,122 399,970 TOTAL 589,609 698,478 |
Schedule of amounts not expected to be settled within the next 12 months | Years Ended June 30, 2018 2017 Long service leave obligation expected to be settled after 12 months 916 197,940 |
ISSUED CAPITAL (Tables)
ISSUED CAPITAL (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Issued Capital [Abstract] | |
Schedule of issued capital by classes | Years Ended June 30, Notes 2018 2017 2016 533,891,470 (2017: 533,891,470) fully paid ordinary shares 10(b) 143,910,328 144,018,006 144,177,570 Nil (2017: Nil) options for fully paid ordinary shares 10(c) - - 2,701,644 143,910,328 144,018,006 146,879,214 |
Schedule of movements in issued shares | June 30, 2018 2017 2016 No. A$ No. A$ No. A$ Beginning of the year 533,891,470 144,018,006 533,891,470 144,177,570 533,891,470 144,194,070 Movement during the year - (107,678 ) - (159,564 ) - (16,500 ) End of the year 533,891,470 143,910,328 533,891,470 144,018,006 533,891,470 144,177,570 |
Schedule of share issuances | Date Details Notes Number Issue Price A$ Year ended June 30, 2015 45,244,510 - 6,886,299 July 1, 2015 Reverse proposed issue to a consultant - - (16,500 ) Year end June 30, 2016 - - (16,500 ) June 30, 2017 Security issuance costs - - (159,564 ) Year end June 30, 2017 - - (159,564 ) June 30, 2018 Security issuance costs - - (107,678 ) Year end June 30, 2018 - - (107,678 ) (i) Shares issued to consultants for services are recorded as non-cash compensation and are recognized at either the fair value of the services rendered, or if this cannot be reasonably estimated, the fair value of the underlying equity instruments issued. Shares issued to consultants have been valued as outlined below: |
Schedule of movements in options | June 30, 2018 2017 2016 Number of A$ Number of A$ Number of A$ Beginning of the year - - - 2,701,644 - 2,701,644 Reclassify expired options to accumulated losses - - - (2,701,644 ) End of the year* - - - - - 2,701,644 * In 2017 expired options were reclassified to accumulated losses. There was no movement in options during the financial years ended June 30, 2018 and 2016. |
RESERVES (Tables)
RESERVES (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of reserves within equity [abstract] | |
Schedule of reserves of share based payments | Years Ended June 30, Notes 2018 2017 2016 (a) Share Based Payments 25,216,490 (2017: 26,826,063) options for fully paid ordinary shares 13(b) 1,753,954 2,320,480 7,394,184 Nil (2017: Nil) options for ADRs 13(c) - - 1,515,434 Nil (2017: Nil) warrants for ADRs 13(d) - - 453,563 1,753,954 2,320,480 9,363,181 |
Schedule of movements in options for fully paid ordinary shares | Years Ended June 30, 2018 2017 2016 Number of Comp. Number of Comp. Number of Comp. Beginning of the year 26,826,063 2,320,480 19,395,582 2,320,480 19,395,582 7,394,184 Issued during the year 12,100,000 764,539 8,550,000 - - - Expired during the year (11,349,573 ) (1,126,843 ) (1,119,519 ) - - - Forfeited during the year (2,360,000 ) (204,221 ) - - - - Exercised during the year - - - - - - End of the year 25,216,490 1,753,954 26,826,063 2,320,480 19,395,582 7,394,184 |
Schedule of movements in options for ADRs | Years Ended June 30, 2018 2017 2016 Number of Comp. Number of Comp. Number of Comp. Beginning of the year - - - 1,515,434 - 1,515,434 Expiration of options (1) - - - (1,515,434 ) - - End of the year - - - - - 1,515,434 (1) Options exercisable at US5.00 on or before December 17, 2012. These options are convertible to ADRs, 1 ADR = 60 ordinary shares. At time of issue, 1 ADR = 10 ordinary shares. These options expired without being exercised on December 17, 2012. |
Schedule of movement in warrants for ADRs | Years Ended June 30, 2018 2017 2016 Number of Comp. Number of Comp. Number of Comp. Beginning of the year (1) - - - 453,563 - 453,563 Beginning of the year (2) - - - - 612,397 - Expired - - - (453,563 ) (612,397 ) - End of the year - - - - - 453,563 (2) Warrants exercisable at A$0.17 on or before February 25, 2016. These warrants expired without being exercised on February 25, 2016. |
ACCUMULATED DEFICIT DURING DE40
ACCUMULATED DEFICIT DURING DEVELOPMENT STAGE (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Accumulated Deficit During Development Stage [Abstract] | |
Schedule of accumulated deficit during development stage | Years Ended June 30, 2018 2017 2016 Balance at beginning of year 122,648,452 (124,875,182 ) (117,145,631 ) Net loss for the year 8,265,737 (7,542,076 ) (7,729,551 ) Reclassify expired options from contributed equity - 2,701,644 - Reclassify expired options from reserves (1,331,064 ) 5,098,165 - Reclassify expired options from reserves - 1,968,997 - Balance at end of year 129,583,125 (122,648,452 ) (124,875,182 ) |
CASH FLOW INFORMATION (Tables)
CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Cash Flow Information [Abstract] | |
Schedule of cash flow information | Years Ended June 30, 2018 2017 2016 (a) Reconciliation of Net Loss to Net Cash Flows From Operations Net loss (8,265,737 ) (7,542,076 ) (7,729,551 ) Non-cash items Depreciation of property and equipment 21,799 21,328 22,810 Non-cash issue of equity in consideration of operating expenses 764,539 24,460 (16,500 ) Foreign exchange (gain) loss 278,117 656,019 (950,720 ) Changes in assets and liabilities Decrease (increase) in trade and other receivables (116,837 ) 1,746,152 1,734,389 Decrease (increase) in other current assets 18,988 (4,069 ) (115,643 ) (Decrease) increase in trade and other payables 1,162,812 (856,131 ) (403,449 ) (Decrease) in other current liabilities - - (12,076 ) Increase in provision for employee entitlements (108,869 ) 89,237 52,214 Net cash flows used in operating activities (6,245,188 ) (5,865,080 ) (7,418,526 ) (b) Reconciliation of Cash and Cash Equivalents Cash and cash equivalents balance comprises: - cash and cash equivalents on hand 15,235,556 21,884,957 28,593,538 Closing cash and cash equivalents balance 15,235,556 21,884,957 28,593,538 |
SHARE BASED PAYMENTS (Tables)
SHARE BASED PAYMENTS (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Schedule of number of options granted | Years Ended June 30, 2018 2017 2016 Number of Weighted Number of Weighted Number of Weighted Beginning of the year 26,826,063 0.29 19,395,582 0.38 19,395,582 0.38 Issued during the year 12,100,000 0.11 8,550,000 0.07 - - Exercised during the year - - - - - - Expired during the year (11,349,573 ) 0.31 (1,119,519 ) 0.25 - - Lapsed during the year (2,360,000 ) 0.19 - - - - Outstanding at year end 25,216,490 0.19 26,826,063 0.29 19,395,582 0.38 Exercisable at year end 25,216,490 0.19 26,826,063 0.29 19,395,582 0.38 |
Schedule of options outstanding | Exercise Price Share options Share options Series Grant Date Expiry Date $A 2018 2017 PBTAA October 25, 2013 October 24, 2018 0.61 200,000 200,000 PBTAB October 3, 2014 October 2, 2018 0.34 - 1,000,000 PBTAC June 26, 2013 June 25, 2018 0.37 - 1,649,573 PBTAD November 4, 2013 November 3, 2018 0.73 200,000 360,000 PBTAE December 13, 2013 December 11, 2018 1.04 1,200,000 1,200,000 PBTAF February 7, 2014 February 5, 2019 1.12 100,000 100,000 PBTAG April 7, 2014 April 6, 2018 0.25 - 1,200,000 PBTAH February 19, 2015 February 18, 2020 0.26 2,000,000 2,000,000 PBTAQ December 12, 2012 December 13, 2017 0.33 - 8,500,000 PBTAR May 27, 2015 May 25, 2020 0.27 1,400,000 1,400,000 PBTAY August 5, 2013 August 4, 2018 0.66 306,490 306,490 PBTAZ October 2, 2013 October 1, 2018 0.66 360,000 360,000 PBTAS June 7, 2017 June 6, 2022 0.07 7,350,000 8,550,000 PBTAAA 18-Dec-17 December 14, 2022 0.11 12,100,000 - Total 25,216,490 26,826,063 Weighted average remaining contractual life of options outstanding at end of period 3.56 years 2.34 years |
Schedule of valuations of options approved and issued | Series Grant Date Exercise Price Share Price at Expected Years to Dividend Risk-free PBTAY August 5, 2013 0.66 0.38 62.00 % 5.00 0 % 3.05 % PBTAZ October 2, 2013 0.66 0.41 61.00 % 5.00 0 % 3.24 % PBTAA October 25, 2013 0.61 0.38 63.60 % 5.00 0 % 3.31 % PBTAD November 4, 2013 0.73 0.44 68.80 % 5.00 0 % 3.46 % PBTAE December 13, 2013 1.04 0.69 70.70 % 5.00 0 % 3.45 % PBTAF February 7, 2014 1.12 1.18 58.50 % 5.00 0 % 3.44 % PBTAG April 7, 2014 0.25 0.23 289.40 % 4.00 0 % 3.02 % PBTAB October 3, 2014 0.34 0.22 130.50 % 4.00 0 % 2.71 % PBTAH February 19, 2015 0.26 0.16 74.80 % 5.00 0 % 2.00 % PBTAR May 27, 2015 0.27 0.17 69.40 % 5.00 0 % 2.25 % PBTAS June 7, 2017 0.07 0.05 100.00 % 5.00 0 % 1.97 % PBTAAA December 18, 2017 0.11 0.07 100 % 5.00 0 % 2.38 % PBTAI February 1, 2018 0.08 0.06 100 % 5.00 0 % 2.24 % |
Schedule of number of shares issued under the 2004 ASX Plan | Years Ended June 30, 2018 2017 2016 Number of Number of Number of Beginning of the year 13,277,715 13,277,715 13,277,715 Issued during the year - - - End of the financial year 13,277,715 13,277,715 13,277,715 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Basic and diluted earnings per share [abstract] | |
Schedule of earning loss per share | Years Ended June 30, 2018 2017 2016 Basic and diluted loss per share (cents per share) (1.55 ) (1.41 ) (1.45 ) Weighted average number of ordinary shares on issue used in the calculation of basic and diluted loss per share 533,891,470 533,891,470 533,891,470 |
KEY MANAGEMENT PERSONNEL COMP44
KEY MANAGEMENT PERSONNEL COMPENSATION (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Key Management Personnel Compensation [Abstract] | |
Schedule of key management personnel compensation | Years Ended June 30, 2018 2017 2016 Short-term employee benefits 1,522,777 1,537,198 1,429,615 Post-employment benefits 44,389 87,465 95,117 Long-term benefits (1,061 ) 28,600 13,817 Share-based payments 608,179 16,307 - 2,174,284 1,669,570 1,538,549 |
AUDITORS' REMUNERATION (Tables)
AUDITORS' REMUNERATION (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Auditor's remuneration [abstract] | |
Schedule of auditors' remuneration | Years Ended June 30, 2018 2017 2016 - audit and review fees: current year financial reports 252,960 260,645 166,479 - audit and review fees: internal controls - 20,590 38,297 252,960 281,235 204,776 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of directors' remuneration | Post- Long Term Employment Benefits Short Term Benefits Superannuation Long-service Equity 2018 Base Fee Bonus Contribution Leave Options Total Directors’ remuneration A$ A$ A$ A$ A$ A$ Geoffrey Kempler (1)(3) 381,340 - 20,049 7,763 235,000 644,152 Lawrence Gozlan (3) 60,000 - - - 58,750 118,750 Brian Meltzer (3) 82,500 - - - 58,750 141,250 George Mihaly (3) 77,500 - - - 58,750 136,250 Peter Marks (3) 60,000 - - - 58,750 118,750 Ira Shoulson (2) 78,885 - - - - 78,885 740,225 - 20,049 - 470,000 1,238,037 (1) Base Fee includes movements in the annual leave provision relating to Mr. Geoffrey Kempler. (2) Includes consulting fees paid to Dr. Ira Shoulson in the amount of A$12,021. (3) The Directors received unlisted options during the year. The option prices were calculated using the Black-Scholes Model applying the inputs as disclosed in note 15. Post- Long Term Employment Benefits Short Term Benefits Superannuation Long-service Equity 2017 Base Fee Bonus Contribution Leave Options Total Directors’ remuneration A$ A$ A$ A$ A$ A$ Geoffrey Kempler (1) 419,313 - 26,411 8,146 - 453,870 Lawrence Gozlan (2) 140,000 - - - - 140,000 Brian Meltzer 55,833 - 29,167 - - 85,000 George Mihaly 75,000 - - - - 75,000 Peter Marks 60,000 - - - - 60,000 Ira Shoulson (2) 268,137 - - - - 268,137 1,018,283 - 55,578 8,146 - 1,082,007 (1) Base Fee includes movements in the annual leave provision relating to Mr. Geoffrey Kempler. (2) Includes consulting fees paid to an associated entity of Mr. Lawrence Gozlan, and Dr. Ira Shoulson in the amount of $80,000 and $223,201, respectively Post- Long Term Employment Benefits Short Term Benefits Superannuation Long-service Equity 2016 Base Fee Bonus Contribution Leave Options Total Directors’ remuneration A$ A$ A$ A$ A$ A$ Geoffrey Kempler (3) 436,132 - 29,990 7,766 - 473,888 Lawrence Gozlan 60,000 - - - - 60,000 Brian Meltzer 50,000 - 35,000 - - 85,000 George Mihaly 75,000 - - - - 75,000 Peter Marks 60,000 - - - - 60,000 Ira Shoulson (4) 303,474 - - - - 303,474 984,606 - 64,990 7,766 - 1,057,362 (1) Base Fee includes movements in annual leave provision for Mr. Kempler accrued in accordance with his employment contract. (2) Includes consulting fees paid to Dr. Ira Shoulson in the amount of $258,474. |
Schedule of executives' remuneration | Post- Long Term Employment Benefits Short Benefits Term Superannuation Long-service Equity 2018 Base Fee Other Contribution Leave Options Total Executives’ Remuneration A$ A$ A$ A$ A$ A$ Dianne Angus (1) (2) 81,589 - 5,736 (8,920 ) (3,433 ) 74,972 Kathryn Andrews (1) (3) 196,689 - 18,604 96 15,735 231,124 Dr. David Stamler (1) (3) 504,274 - - - 125,877 630,151 (1) Base Fee includes movements in annual leave provision for Ms Dianne Angus ,Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. (2) The remuneration for Ms. Dianne Angus covers the period from 1 July 2017 to 10 October 2017, being the last day of her employment with the Company. The amount also includes payments of unused leave balances. (3) The equity component of Kathryn Andrews' and David Stamler's remuneration represents the portion of unlisted options granted in prior year but vested during the current year. Post- Long Term Employment Benefits Short Benefits Term Superannuation Long-service Equity 2017 Base Fee Other Contribution Leave Options Total Executives’ Remuneration A$ A$ A$ A$ A$ A$ Dianne Angus (1) 328,799 - 19,616 20,354 3,433 372,202 Kathryn Andrews (1) 131,826 - 12,271 101 1,430 145,628 Dr. David Stamler (1) (2) 58,290 - - - 11,443 69,733 518,915 - 31,887 20,455 16,306 587,563 (1) Base Fee includes movements in annual leave provision for Ms Dianne Angus , Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. (2) Dr David Stamler was appointed as Chief Medical Officer and Senior Vice President Clinical Development on 15 May 2017. Post- Long Term Employment Benefits Short Benefits Term Superannuation Long-service Equity 2016 Base Fee Other Contribution Leave Options Total Executives’ Remuneration A$ A$ A$ A$ A$ A$ Dianne Angus (1) 329,690 - 19,307 6,051 - 355,049 Kathryn Andrews (1) 115,319 - 10,820 - - 126,139 445,009 - 30,127 6,051 - 481,188 (1) Base Fee includes movements in annual leave provision for Ms Dianne Angus and Ms Kathryn Andrews accrued in accordance with their employment contracts. |
Schedule of key management personnel equity holdings | Fully Paid Ordinary Balance July 1, 2017 Received as Received on Exercise Net Change Other Balance No. No. No. No. No. Geoffrey Kempler 18,011,000 - - - 18,011,000 Lawrence Gozlan - - - - - Brian Meltzer 326,666 - - - 326,666 George Mihaly 226,666 - - - 226,666 Peter Marks 43,111 - - - 43,111 Ira Shoulson - - - - - Dianne Angus (1) 146,128 - - (146,128 ) - Kathryn Andrews - - - - - David Stamler - - - - - 18,753,571 - - - 18,607,443 (1) Forfeited on termination Fully Paid Ordinary Balance July 1, 2016 Received as Received on Exercise Net Change Other Balance No. No. No. No. No. Geoffrey Kempler 18,011,000 - - - 18,011,000 Lawrence Gozlan - - - - - Brian Meltzer 326,666 - - - 326,666 George Mihaly 226,666 - - - 226,666 Peter Marks 43,111 - - - 43,111 Ira Shoulson - - - - - Dianne Angus 146,128 - - - 146,128 Kathryn Andrews - - - - - David Stamler (1) - - - - - 18,753,571 - - - 18,753,571 Fully Paid Ordinary Balance July 1, 2015 Received as Received on Exercise Net Change Other Balance No. No. No. No. No. Geoffrey Kempler 18,011,000 - - - 18,011,000 Lawrence Gozlan - - - - - Brian Meltzer 326,666 - - - 326,666 George Mihaly 226,666 - - - 226,666 Peter Marks 43,111 - - - 43,111 Ira Shoulson - - - - - Dianne Angus 146,128 - - - 146,128 Kathryn Andrews - - - - - 18,753,571 - - - 18,753,571 (1) Opening balance on appointment as Senior Vice President Development and Chief Medical Officer on 15 May 2017. (2) Balance at date of appointment, November 4 2014. Share Options of Balance Granted as Options Options Options Net Options Vested Balance Total Vested and Total Unvested Geoffrey Kempler 4,000,000 5,000,000 - (4,000,000 ) - 5,000,000 5,000,000 - Lawrence Gozlan 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Brian Meltzer 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - George Mihaly 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Peter Marks 1,000,000 1,250,000 - (1,000,000 ) - 1,250,000 1,250,000 - Ira Shoulson - - - - - - - - Dianne Angus (1) 2,360,000 - - - (2,360,000 ) - - - Kathryn Andrews 500,000 - - - - 500,000 500,000 500,000 - Dr. David Stamler 4,000,000 - - - - 4,000,000 4,000,000 4,000,000 - 14,860,000 10,000,000 - (8,000,000 ) (2,360,000 ) 4,500,000 14,500,000 14,500,000 (1) Ms Angus resigned effective October 10, 2017. Share Options of Balance Granted as Options Options Options Net Options Vested Balance Total Vested and Total Unvested Geoffrey Kempler 4,000,000 - - - - - - 4,000,000 4,000,000 - Lawrence Gozlan 1,000,000 - - - - - - 1,000,000 1,000,000 - Brian Meltzer 1,000,000 - - - - - - 1,000,000 1,000,000 - George Mihaly 1,000,000 - - - - - - 1,000,000 1,000,000 - Peter Marks 1,000,000 - - - - - - 1,000,000 1,000,000 - Ira Shoulson - - - - - - - - - - Dianne Angus 1,317,819 1,200,000 - (157,819 ) - - - 2,360,000 1,160,000 1,200,000 Kathryn Andrews - 500,000 - - - - - 500,000 - 500,000 Dr. David Stamler - 4,000,000 - - - - - 4,000,000 - 4,000,000 9,317,819 5,700,000 - (157,819 ) - - - 14,860,000 9,160,000 5,700,000 Share Options of Balance Granted as Options Options Options Net Options Vested Balance Total Vested and Total Unvested Geoffrey Kempler 4,000,000 - - - - - 4,000,000 4,000,000 - Lawrence Gozlan 1,000,000 - - - - - 1,000,000 1,000,000 - Brian Meltzer 1,000,000 - - - - - 1,000,000 1,000,000 - George Mihaly 1,000,000 - - - - - 1,000,000 1,000,000 - Peter Marks 1,000,000 - - - - - 1,000,000 1,000,000 - Ira Shoulson - - - - - - - - - Dianne Angus 1,317,819 - - - - - 1,317,819 1,317,819 - Kathryn Andrews - - - - - - - - - 9,317,819 - - - - - - 9,317,819 9,317,819 - |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of financial assets and liabilities subject to foreign currency risk | Consolidated Entity 2018 2017 A$ A$ Cash and cash equivalents (USD) 6,309,829 17,508,482 Cash and cash equivalents (€EUR) 173 164 Cash and cash equivalents (£GBP) 428 1,421 Trade and other payables (USD) (607,150 ) (6,509 ) Trade and other payables (€EUR) (1,439 ) - Trade and other payables (£GBP) (39,167 ) - Total exposure 5,662,674 17,503,558 |
Schedule of interest rates and the effective weighted average interest rate for classes of financial assets and liabilities | June 30, 2018 Floating Interest Rate (A$) Fixed Interest Maturing in (A$) Non-Interest bearing (A$) TOTAL (A$) Average Interest Rate 1 year 1-5 years Financial Assets Cash and cash equivalents 8,925,124 6,192,713 - 117,718 15,235,555 1.09 % Trade and other receivables - - - 3,152,410 3,152,410 Other current assets - - - 266,625 266,625 Other non-current assets - - - - - Total Financial Assets 8,925,124 6,192,713 3,536,753 18,654,590 1.09 % Financial Liabilities - - Trade and other payables - - - (2,055,247 ) (2,055,247 ) Total Financial Liabilities - - (2,055,247 ) (2,055,247 ) June 30, 2017 Floating Fixed Interest Non-Interest Total Average 1 year 1-5 years Financial Assets Cash and cash equivalents 18,680,923 3,150,000 - 54,034 21,884,957 0.33 % Trade and other receivables - - - 3,035,573 3,035,573 Other current assets - 43,988 - 285,613 329,601 2.55 % Other non-current assets - - - - - Total Financial Assets 18,680,923 3,193,988 - 3,375,220 25,250,131 0.88 % Financial Liabilities - - Trade and other payables - - - 892,434 892,434 Total Financial Liabilities - - - 892,434 892,434 |
Schedule of Company's liquidity reserve on the basis of expected cash flows | Maturities of Financial Liabilities 2018 Less than 6 6-12 months Greater than Total contracted Carrying Trade and other payables 2,055,247 - - 2,055,247 2,055,247 Total 2,055,247 - - 2,055,247 2,055,247 2017 Less than 6 6-12 months Greater than Total contracted Carrying Trade and other payables 892,434 - - 892,434 892,434 Total 892,434 - - 892,434 892,434 |
BACKGROUND AND SUMMARY OF SIG48
BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property and equipment | three to 20 years |
Furniture and fittings | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property and equipment | 5-33 |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property and equipment | 33 |
Plant and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property and equipment | 10-30 |
Leasehold improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property and equipment | 33 |
BACKGROUND AND SUMMARY OF SIG49
BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) $ in Millions | 12 Months Ended | |||||
Jun. 30, 2018AUD ($) | Jun. 30, 2017AUD ($) | Jun. 30, 2016AUD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2015AUD ($) | |
Disclosure Of Background And Significant Accounting Policies [Line Items] | ||||||
Other income | $ 3,100,000 | $ 3,000,000 | ||||
Operating loss | (8,265,737) | (7,542,076) | $ (7,729,551) | |||
Operating cash outflow | (6,245,188) | (5,865,080) | (7,418,526) | |||
Net Assets | 16,081,157 | 23,690,034 | ||||
Cash and cash equivalents | 15,235,556 | 21,884,957 | $ 28,593,538 | $ 34,909,574 | ||
Threshold limit of additional funds can be raised through issue of ADR | $ 50 | |||||
Amount of funds raised through issue of ADR | 48,680,000 | $ 44.5 | ||||
Trade and other receivables | $ 3,152,410 | $ 3,035,573 | ||||
Percentage of refundable tax offset | 43.50% | 43.50% | 45.00% | |||
Amount of annual aggregate turnover | $ 20,000,000 |
BACKGROUND AND SUMMARY OF SIG50
BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals 1) | 12 Months Ended |
Jun. 30, 2018AUD ($) | |
Disclosure Of Background And Significant Accounting Policies [Abstract] | |
Estimated useful lives of property and equipment | three to 20 years |
Amortisation method | straight-line basis |
Estimated useful lives of intangible assets | five years |
Payment period of trade and other payables | 30 days |
Commitments under non-cancellable operating lease contract | $ 227,006 |
REVENUE AND OTHER INCOME FROM51
REVENUE AND OTHER INCOME FROM CONTINUING OPERATIONS (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Other revenue | ||||
Interest | $ 201,174 | $ 132,396 | $ 142,657 | |
Total other revenue | 201,174 | 132,396 | 142,657 | |
Other income | ||||
R&D Tax Incentive | [1] | 3,125,775 | 3,022,673 | 4,753,697 |
Total other income | 3,125,775 | 3,022,673 | 4,753,697 | |
Total revenue and other income from continuing operations | $ 3,326,949 | $ 3,155,069 | $ 4,896,354 | |
[1] | The Company's research and development activities are eligible for a 43.5% offset under an Australian Government tax incentive for eligible expenditure from 1 July 2011. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. For the year ended 30 June 2018 the Company has recorded an item in other income of A$3,125,775 (2017: A$3,022,673) to recognise this amount which relates to this financial year. |
EXPENSES FROM ORDINARY ACTIVI52
EXPENSES FROM ORDINARY ACTIVITIES (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Research and Development Expenses | ||||
Employee expenses | [1] | $ 2,223,807 | $ 1,673,473 | $ 1,821,717 |
Other research and development expenses | [1] | 4,474,209 | 4,026,866 | 7,763,654 |
General and Administration Expenses | ||||
Depreciation on fixed assets | 21,799 | 21,328 | 22,810 | |
Employee expenses (non R&D related) | 909,756 | 1,033,897 | 992,751 | |
Consultant and director expenses | 1,279,014 | 849,588 | 750,158 | |
Audit, internal control and other assurance expenses | 186,660 | 200,480 | 204,776 | |
Corporate compliance expenses | 351,611 | 377,920 | 358,097 | |
Office rental | 142,233 | 200,704 | 195,561 | |
Other administrative and office expenses | 1,449,985 | 1,284,713 | 1,086,398 | |
Other gains and losses | ||||
Foreign exchange (gain)/loss | $ 270,860 | $ 660,213 | $ (857,247) | |
[1] | Research and development expenses consist of expenses paid for contracted research and development activities conducted by third parties on behalf of the Company. |
EXPENSES FROM ORDINARY ACTIVI53
EXPENSES FROM ORDINARY ACTIVITIES (Detail Textuals) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Expenses by nature [abstract] | ||||
Other income | [1] | $ 3,125,775 | $ 3,022,673 | $ 4,753,697 |
Percentage of research and development activities tax offset incentive for eligible expenditure | 43.50% | |||
[1] | The Company's research and development activities are eligible for a 43.5% offset under an Australian Government tax incentive for eligible expenditure from 1 July 2011. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. For the year ended 30 June 2018 the Company has recorded an item in other income of A$3,125,775 (2017: A$3,022,673) to recognise this amount which relates to this financial year. |
INCOME TAX (Details)
INCOME TAX (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
(a) Income tax expense: | ||||
Current tax | $ 0 | $ 0 | $ 0 | |
Adjustment for current tax of prior periods | 0 | 0 | 0 | |
Deferred tax | 0 | 0 | 0 | |
(b) Numerical reconciliation of income tax expense to prima facie tax payable: | ||||
Prima facie tax on net loss before income tax | (2,273,078) | (2,074,071) | (2,318,865) | |
Effect of lower tax rates of tax on overseas income | 12,375 | (28,639) | (11,111) | |
Add tax effect of: | ||||
(Over)/Under provision of income tax in previous year relating to a revision of estimates | 0 | 0 | 4,582,839 | |
Research and development expenditure (net of tax incentive) | 1,187,557 | 1,079,650 | 1,743,004 | |
Gain/(loss) on fair value of financial liabilities | 0 | 0 | 0 | |
Other | 324,249 | 94,877 | 54,222 | |
Deferred tax asset not recognized | 748,896 | 928,183 | (4,050,088) | |
Income tax expense attributable to loss before income tax | 0 | 0 | 0 | |
(c) Potential deferred tax asset at June 30, 2018, 2017 and 2016 in respect of: tax losses not brought to account is | [1] | 34,376,607 | 33,625,059 | 35,687,127 |
Temporary differences | $ (1,254,136) | $ (2,114,243) | $ (1,655,223) | |
[1] | Subject to the Group continuing to meet the relevant statutory tests, the tax losses are available for offset against future taxable income. |
INCOME TAX (Detail Textuals)
INCOME TAX (Detail Textuals) - AUD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Period of carried forward for tax losses that has been removed | 20 years | |
Corporate income tax rate after Tax Cuts And Jobs Act (TCJA) | 21.00% | 35.00% |
Unused tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Potential tax benefit related to tax losses carried forward | $ 125,041,203 | |
Unused tax losses | Subsidiaries in United States | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Potential tax benefit related to tax losses carried forward | $ 440,122 |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - AUD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Trade and other current receivables [abstract] | ||
Accrued interest income | $ 12,680 | $ 10,104 |
R&D tax incentive receivable | 3,125,775 | 3,022,673 |
Goods and services tax receivable | 13,955 | 2,796 |
Total Trade and Other Receivables | $ 3,152,410 | $ 3,035,573 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - AUD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Current | ||
Prepayments | $ 256,821 | $ 285,613 |
Rental term deposit | 9,514 | 43,988 |
Other | 290 | |
Total | 266,625 | 329,601 |
Non-current | ||
Rental term deposit | 0 | 0 |
Total | $ 0 | $ 0 |
TRADE AND OTHER PAYABLES (Detai
TRADE AND OTHER PAYABLES (Details) - AUD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Trade and other current payables [abstract] | ||
Trade creditors | $ 1,333,890 | $ 65,049 |
Accrued research and development expenses | 333,645 | 493,307 |
Accrued corporate personnel expenses | 0 | 345 |
Accrued professional fees | 183,795 | 261,232 |
Other accrued expenses | 192,726 | 50,355 |
Other Payables | 11,191 | 22,146 |
Total | $ 2,055,247 | $ 892,434 |
PROVISIONS (Details)
PROVISIONS (Details) - AUD ($) | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of other provisions [line items] | |||
Current | $ 588,693 | $ 698,038 | |
Non-Current | 916 | 440 | |
Annual leave | |||
Disclosure of other provisions [line items] | |||
Current | [1] | 266,487 | 298,508 |
Long service leave | |||
Disclosure of other provisions [line items] | |||
Current | [1],[2] | 322,206 | 399,530 |
Non-Current | [2] | $ 916 | $ 440 |
[1] | Movements in provisions | ||
[2] | Amounts not expected to be settled within the next 12 months |
PROVISIONS (Details 1)
PROVISIONS (Details 1) - AUD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Reconciliation of changes in other provisions [abstract] | ||
Carrying amount at start of year | $ 589,609 | $ 698,478 |
Carrying amount at end of year | 589,609 | 589,609 |
Annual leave | ||
Reconciliation of changes in other provisions [abstract] | ||
Carrying amount at start of year | 298,508 | 288,122 |
Charged/(credited) to profit or loss - additional provisions recognized | 261,354 | 134,198 |
Amounts used during the year | (293,375) | (123,812) |
Carrying amount at end of year | 266,487 | 298,508 |
Long service leave | ||
Reconciliation of changes in other provisions [abstract] | ||
Carrying amount at start of year | 399,970 | 321,119 |
Charged/(credited) to profit or loss | (103,363) | |
Charged/(credited) to profit or loss - additional provisions recognized | 26,515 | 78,851 |
Carrying amount at end of year | $ 323,122 | $ 399,970 |
PROVISIONS (Details 2)
PROVISIONS (Details 2) - AUD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure of other provisions [abstract] | ||
Long service leave obligation expected to be settled after 12 months | $ 916 | $ 197,940 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Detail Textuals) | Jun. 30, 2018AUD ($) |
Disclosure Of Commitments And Contingencies Abstract [Abstract] | |
Bank guarantee liability | $ 41,701 |
ISSUED CAPITAL (Details)
ISSUED CAPITAL (Details) - AUD ($) | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure of classes of share capital [line items] | |||||
Issued Capital | $ 143,910,328 | $ 144,018,006 | $ 146,879,214 | ||
Ordinary shares | |||||
Disclosure of classes of share capital [line items] | |||||
Issued Capital | 143,910,328 | 144,018,006 | 144,177,570 | $ 144,194,070 | |
Options | |||||
Disclosure of classes of share capital [line items] | |||||
Issued Capital | $ 0 | [1] | $ 0 | $ 2,701,644 | $ 2,701,644 |
[1] | In 2017 expired options were reclassified to accumulated losses. There was no movement in options during the financial years ended June 30, 2018 and 2016. |
ISSUED CAPITAL (Parentheticals)
ISSUED CAPITAL (Parentheticals) (Details) - shares | Jul. 12, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 533,891,470 | 533,891,470 | |
Shares Issued after Reporting Date | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 3,083,580 | ||
Ordinary shares | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 533,891,470 | 533,891,470 | |
Options | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued |
ISSUED CAPITAL (Details 1)
ISSUED CAPITAL (Details 1) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure of classes of share capital [line items] | ||||
Beginning of the year | $ 144,018,006 | $ 146,879,214 | ||
End of the year | $ 143,910,328 | $ 144,018,006 | $ 146,879,214 | |
Ordinary shares | ||||
Disclosure of classes of share capital [line items] | ||||
Balance (in shares) | 533,891,470 | 533,891,470 | 533,891,470 | |
Beginning of the year | $ 144,018,006 | $ 144,177,570 | $ 144,194,070 | |
Movement during the year (in shares) | 0 | 0 | 0 | 45,244,510 |
Movement during the year | $ (107,678) | $ (159,564) | $ (16,500) | $ 6,886,299 |
Balance (in shares) | 533,891,470 | 533,891,470 | 533,891,470 | 533,891,470 |
End of the year | $ 143,910,328 | $ 144,018,006 | $ 144,177,570 | $ 144,194,070 |
ISSUED CAPITAL (Details 2)
ISSUED CAPITAL (Details 2) - Ordinary shares - AUD ($) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure of classes of share capital [line items] | ||||
Issued during the year (in shares) | 0 | 0 | 0 | 45,244,510 |
Issued during the year | $ (107,678) | $ (159,564) | $ (16,500) | $ 6,886,299 |
July 1, 2015 | ||||
Disclosure of classes of share capital [line items] | ||||
Reverse proposed issue to a consultant | $ (16,500) | |||
June 30, 2017 | ||||
Disclosure of classes of share capital [line items] | ||||
Security issuance costs | $ (159,564) | |||
June 30, 2018 | ||||
Disclosure of classes of share capital [line items] | ||||
Security issuance costs | $ (107,678) |
ISSUED CAPITAL (Details 3)
ISSUED CAPITAL (Details 3) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Disclosure of classes of share capital [line items] | ||||
Beginning of the year | $ 144,018,006 | $ 146,879,214 | ||
End of the year | $ 143,910,328 | $ 144,018,006 | $ 146,879,214 | |
Options | ||||
Disclosure of classes of share capital [line items] | ||||
Balance (in shares) | 0 | 0 | 0 | |
Beginning of the year | $ 0 | $ 2,701,644 | $ 2,701,644 | |
Reclassify expired options to accumulated losses (in shares) | 0 | 0 | 0 | |
Reclassify expired options to accumulated losses | $ 0 | $ (2,701,644) | $ 0 | |
Balance (in shares) | 0 | [1] | 0 | 0 |
End of the year | $ 0 | [1] | $ 0 | $ 2,701,644 |
[1] | In 2017 expired options were reclassified to accumulated losses. There was no movement in options during the financial years ended June 30, 2018 and 2016. |
RESERVES (Details)
RESERVES (Details) - AUD ($) | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Disclosure of reserves within equity [line items] | ||||
Reserve of share-based payments | $ 1,753,954 | $ 2,320,480 | $ 9,363,181 | |
Options for fully paid ordinary shares | ||||
Disclosure of reserves within equity [line items] | ||||
Reserve of share-based payments | 1,753,954 | 2,320,480 | 2,320,480 | $ 7,394,184 |
Options for ADRs | ||||
Disclosure of reserves within equity [line items] | ||||
Reserve of share-based payments | 0 | 0 | 1,515,434 | 1,515,434 |
Warrants for ADRs | ||||
Disclosure of reserves within equity [line items] | ||||
Reserve of share-based payments | $ 0 | $ 0 | $ 453,563 | $ 453,563 |
RESERVES (Details 1)
RESERVES (Details 1) | Jun. 07, 2017Share | Mar. 20, 2017Share | Jun. 30, 2018AUD ($)Share | Jun. 30, 2017AUD ($)Share | Jun. 30, 2016AUD ($)Share |
Number of Warrants | |||||
Beginning of the year | Share | 26,826,063 | ||||
Outstanding at year end | Share | 25,216,490 | 26,826,063 | |||
Comp.Expense | |||||
Comp. expense Beginning of the year | $ | $ 2,320,480 | $ 9,363,181 | |||
Comp. expense end of the year | $ | $ 1,753,954 | $ 2,320,480 | $ 9,363,181 | ||
Movements in Options for ADRs | |||||
Number of Warrants | |||||
Beginning of the year | Share | 26,826,063 | 19,395,582 | 19,395,582 | ||
Issued during the year | Share | 8,550,000 | 12,100,000 | 8,550,000 | 0 | |
Expired during the year | Share | (1,119,519) | (11,349,573) | (1,119,519) | 0 | |
Forfeited during the year | Share | (2,360,000) | 0 | 0 | ||
Exercised during the year | Share | 0 | 0 | 0 | ||
Outstanding at year end | Share | 25,216,490 | 26,826,063 | 19,395,582 | ||
Comp.Expense | |||||
Comp. expense Beginning of the year | $ | $ 2,320,480 | $ 2,320,480 | $ 7,394,184 | ||
Issued during the year | $ | 764,539 | 0 | 0 | ||
Expired during the year | $ | (1,126,843) | 0 | 0 | ||
Forfeited during the year | $ | (204,221) | 0 | 0 | ||
Exercised during the year | $ | 0 | 0 | 0 | ||
Comp. expense end of the year | $ | $ 1,753,954 | $ 2,320,480 | $ 2,320,480 |
RESERVES (Details 2)
RESERVES (Details 2) | 12 Months Ended | |||
Jun. 30, 2018AUD ($)Share | Jun. 30, 2017AUD ($)Share | Jun. 30, 2016AUD ($)Share | ||
Number of Options | ||||
Beginning of the year | Share | 26,826,063 | |||
Outstanding at year end | Share | 25,216,490 | 26,826,063 | ||
Comp.Expense | ||||
Comp. expense Beginning of the year | $ | $ 2,320,480 | $ 9,363,181 | ||
Comp. expense end of the year | $ | $ 1,753,954 | $ 2,320,480 | $ 9,363,181 | |
Movements in Options for ADRs | ||||
Number of Options | ||||
Beginning of the year | Share | 0 | 0 | 0 | |
Expiration of options | Share | [1] | 0 | 0 | 0 |
Outstanding at year end | Share | 0 | 0 | 0 | |
Comp.Expense | ||||
Comp. expense Beginning of the year | $ | $ 0 | $ 1,515,434 | $ 1,515,434 | |
Comp. Expense, expiration of options | $ | [1] | 0 | (1,515,434) | 0 |
Comp. expense end of the year | $ | $ 0 | $ 0 | $ 1,515,434 | |
[1] | Options exercisable at US5.00 on or before December 17, 2012. These options are convertible to ADRs, 1 ADR = 60 ordinary shares. At time of issue, 1 ADR = 10 ordinary shares. These options expired without being exercised on December 17, 2012. |
RESERVES (Details 3)
RESERVES (Details 3) | 12 Months Ended | |||
Jun. 30, 2018AUD ($)Share | Jun. 30, 2017AUD ($)Share | Jun. 30, 2016AUD ($)Share | ||
Comp.Expense | ||||
Comp. expense Beginning of the year | $ 2,320,480 | $ 9,363,181 | ||
Comp. expense end of the year | $ 1,753,954 | $ 2,320,480 | $ 9,363,181 | |
Warrants for ADRs | ||||
Number of Warrants | ||||
Number of Warrants Beginning of the year | Share | 0 | 0 | ||
Expired | Share | 0 | 0 | ||
Number of Warrants End of the year | Share | 0 | 0 | 0 | |
Comp.Expense | ||||
Comp. expense Beginning of the year | $ 0 | $ 453,563 | $ 453,563 | |
Comp. Expense, Expired | 0 | (453,563) | 0 | |
Comp. expense end of the year | $ 0 | $ 0 | $ 453,563 | |
Warrants for ADRs at Australian dollar 0.17 | ||||
Number of Warrants | ||||
Number of Warrants Beginning of the year | Share | [1] | 0 | 612,397 | |
Expired | Share | (612,397) | |||
Number of Warrants End of the year | Share | [1] | 0 | ||
Comp.Expense | ||||
Comp. expense Beginning of the year | [1] | $ 0 | $ 0 | |
Comp. expense end of the year | [1] | $ 0 | ||
[1] | Warrants exercisable at A$0.17 on or before February 25, 2016. These warrants expired without being exercised on February 25, 2016. |
RESERVES (Detail Textuals)
RESERVES (Detail Textuals) | Jun. 07, 2017AUD ($)Share$ / shares | Mar. 20, 2017Share | Jun. 30, 2018AUD ($)Share$ / shares | Jun. 30, 2017Share | Jun. 30, 2016Share | Jun. 30, 2015Share | |
Disclosure of reserves within equity [line items] | |||||||
Number of stock options outstanding | 25,216,490 | 26,826,063 | |||||
PBTAAA | |||||||
Disclosure of reserves within equity [line items] | |||||||
Number of stock options outstanding | 12,100,000 | 0 | |||||
Exercise price of outstanding share options | $ | $ 0.11 | ||||||
Fair value of outstanding share options | $ / shares | $ 0.047 | ||||||
Expiry Date | December 14, 2022 | ||||||
Number of share options expired | 12,100,000 | ||||||
Options for fully paid ordinary shares | |||||||
Disclosure of reserves within equity [line items] | |||||||
Number of stock options outstanding | 25,216,490 | 26,826,063 | 19,395,582 | 19,395,582 | |||
Number of share options granted | 8,550,000 | 12,100,000 | 8,550,000 | 0 | |||
Exercise price of outstanding share options | $ | $ 0.07 | ||||||
Fair value of outstanding share options | $ / shares | $ 0.03 | ||||||
Options Forfeited | 2,360,000 | 0 | 0 | ||||
Number of share options expired | 1,119,519 | 11,349,573 | 1,119,519 | 0 | |||
Warrants for ADRs exercisable at US Dollar 8.00 | |||||||
Disclosure of reserves within equity [line items] | |||||||
Number of share options outstanding | [1] | 0 | 0 | 0 | |||
Exercise price of outstanding share options | $ / shares | $ 8 | ||||||
Warrants for ADRs at Australian dollar 0.17 | |||||||
Disclosure of reserves within equity [line items] | |||||||
Number of share options outstanding | [2] | 0 | 612,397 | ||||
Exercise price of outstanding share options | $ / shares | $ 0.17 | ||||||
[1] | Warrants exercisable at US8.00 on or before June 4, 2009. These warrants were convertible to ADRs; one ADR represents ten ordinary shares. Warrants expired without being exercised on June 4, 2009. | ||||||
[2] | Warrants exercisable at A$0.17 on or before February 25, 2016. These warrants expired without being exercised on February 25, 2016. |
ACCUMULATED DEFICIT DURING DE73
ACCUMULATED DEFICIT DURING DEVELOPMENT STAGE (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Deficit During Development Stage [Abstract] | |||
Balance at beginning of year | $ (122,648,452) | $ (124,875,182) | $ (117,145,631) |
Net loss for the year | (8,265,737) | (7,542,076) | (7,729,551) |
Reclassify expired options from contributed equity | 0 | 2,701,644 | 0 |
Reclassify expired options from reserves | (1,331,064) | 5,098,165 | 0 |
Reclassify expired options from reserves | 0 | 1,968,997 | 0 |
Balance at end of year | $ (129,583,125) | $ (122,648,452) | $ (124,875,182) |
CASH FLOW INFORMATION (Details)
CASH FLOW INFORMATION (Details) - AUD ($) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
(a) Reconciliation of Net Loss to Net Cash Flows From Operations | ||||
Net loss | $ (8,265,737) | $ (7,542,076) | $ (7,729,551) | |
Non-cash items | ||||
Depreciation of property and equipment | 21,799 | 21,328 | 22,810 | |
Non-cash issue of equity in consideration of operating expenses | 764,539 | 24,460 | (16,500) | |
Foreign exchange (gain) loss | 278,118 | 656,019 | (950,720) | |
Changes in assets and liabilities | ||||
Decrease (increase) in trade and other receivables | (116,837) | 1,746,152 | 1,734,389 | |
Decrease (increase) in other current assets | 18,988 | (4,069) | (115,643) | |
(Decrease) increase in trade and other payables | 1,162,812 | (856,131) | (403,449) | |
(Decrease) in other current liabilities | 0 | 0 | (12,076) | |
Increase in provision for employee entitlements | (108,869) | 89,237 | 52,214 | |
Net cash flows used in operating activities (Note 13(a)) | (6,245,188) | (5,865,080) | (7,418,526) | |
Cash and cash equivalents balance comprises: | ||||
Cash and cash equivalents on hand | 15,235,556 | 21,884,957 | 28,593,538 | |
Closing cash and cash equivalents balance | $ 15,235,556 | $ 21,884,957 | $ 28,593,538 | $ 34,909,574 |
EXPENDITURE COMMITMENTS (Detail
EXPENDITURE COMMITMENTS (Detail Textual) | 12 Months Ended |
Jun. 30, 2018AUD ($)Lease | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitments under non-cancellable operating lease contract | $ 227,006 |
Number of non-cancellable leases | Lease | 2 |
Termination notice period for research and development contracts | 30 days |
Research and development termination commitments | $ 1,800,000 |
Within one year | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitments under non-cancellable operating lease contract | $ 115,885 |
Term of non-cancellable property lease | 36 months |
Greater than one year but less than three years | |
Disclosure of finance lease and operating lease by lessee [line items] | |
Commitments under non-cancellable operating lease contract | $ 111,121 |
Term of non-cancellable property lease | 24 months |
SHARE BASED PAYMENTS (Details)
SHARE BASED PAYMENTS (Details) | 12 Months Ended | |||
Jun. 30, 2018AUD ($)Share | Jun. 30, 2017AUD ($)Share | Jun. 30, 2016AUD ($)Share | Jun. 30, 2015AUD ($)Share | |
Number of Warrants | ||||
Beginning of the year | 26,826,063 | |||
Outstanding at year end | 25,216,490 | 26,826,063 | ||
2004 ASX Plan | ||||
Number of Warrants | ||||
Beginning of the year | 26,826,063 | 19,395,582 | 19,395,582 | |
Issued during the year | 12,100,000 | 8,550,000 | 0 | |
Exercised during the year | 0 | 0 | 0 | 180,000 |
Expired during the year | (11,349,573) | (1,119,519) | 0 | |
Lapsed during the year | (2,360,000) | 0 | 0 | |
Outstanding at year end | 25,216,490 | 26,826,063 | 19,395,582 | 19,395,582 |
Exercisable at year end | 25,216,490 | 26,826,063 | 19,395,582 | |
Weighted Average Exercise Price | ||||
Beginning of the year | $ | $ 0.29 | $ 0.38 | $ 0.38 | |
Issued during the year | $ | 0.11 | 0.07 | 0 | |
Exercised during the year | $ | 0 | 0 | 0 | |
Expired during the year | $ | 0.31 | 0.25 | 0 | |
Lapsed during the year | $ | 0.19 | 0 | 0 | |
Outstanding at year end | $ | 0.19 | 0.29 | 0.38 | $ 0.38 |
Exercisable at year end | $ | $ 0.19 | $ 0.29 | $ 0.38 |
SHARE BASED PAYMENTS (Details 1
SHARE BASED PAYMENTS (Details 1) | 12 Months Ended | |
Jun. 30, 2018AUD ($)ShareYear | Jun. 30, 2017ShareYear | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Share options | 25,216,490 | 26,826,063 |
Weighted average remaining contractual life of options outstanding at end of period | Year | 3.56 | 2.34 |
PBTAA | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | October 25, 2013 | |
Expiry Date | October 24, 2018 | |
Exercise Price | $ | $ 0.61 | |
Share options | 200,000 | 200,000 |
PBTAB | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | October 3, 2014 | |
Expiry Date | October 2, 2018 | |
Exercise Price | $ | $ 0.34 | |
Share options | 0 | 1,000,000 |
PBTAC | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | June 26, 2013 | |
Expiry Date | June 25, 2018 | |
Exercise Price | $ | $ 0.37 | |
Share options | 0 | 1,649,573 |
PBTAD | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | November 4, 2013 | |
Expiry Date | November 3, 2018 | |
Exercise Price | $ | $ 0.73 | |
Share options | 200,000 | 360,000 |
PBTAE | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | December 13, 2013 | |
Expiry Date | December 11, 2018 | |
Exercise Price | $ | $ 1.04 | |
Share options | 1,200,000 | 1,200,000 |
PBTAF | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | February 7, 2014 | |
Expiry Date | February 5, 2019 | |
Exercise Price | $ | $ 1.12 | |
Share options | 100,000 | 100,000 |
PBTAG | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | April 7, 2014 | |
Expiry Date | April 6, 2018 | |
Exercise Price | $ | $ 0.25 | |
Share options | 0 | 1,200,000 |
PBTAH | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | February 19, 2015 | |
Expiry Date | February 18, 2020 | |
Exercise Price | $ | $ 0.26 | |
Share options | 2,000,000 | 2,000,000 |
PBTAQ | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | December 12, 2012 | |
Expiry Date | December 13, 2017 | |
Exercise Price | $ | $ 0.33 | |
Share options | 0 | 8,500,000 |
PBTAR | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | May 27, 2015 | |
Expiry Date | May 25, 2020 | |
Exercise Price | $ | $ 0.27 | |
Share options | 1,400,000 | 1,400,000 |
PBTAY | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | August 5, 2013 | |
Expiry Date | August 4, 2018 | |
Exercise Price | $ | $ 0.66 | |
Share options | 306,490 | 306,490 |
PBTAZ | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | October 2, 2013 | |
Expiry Date | October 1, 2018 | |
Exercise Price | $ | $ 0.66 | |
Share options | 360,000 | 360,000 |
PBTAS | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | June 7, 2017 | |
Expiry Date | June 6, 2022 | |
Exercise Price | $ | $ 0.07 | |
Share options | 7,350,000 | 8,550,000 |
PBTAAA | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Grant Date | 18-Dec-17 | |
Expiry Date | December 14, 2022 | |
Exercise Price | $ | $ 0.11 | |
Share options | 12,100,000 | 0 |
SHARE BASED PAYMENTS (Details 2
SHARE BASED PAYMENTS (Details 2) | 12 Months Ended |
Jun. 30, 2018AUD ($)Year | |
PBTAY | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | August 5, 2013 |
Exercise Price per Share | $ 0.66 |
Share Price at Grant Date | $ 0.38 |
Expected Share Price Volatility | 62.00% |
Years to Expiry | Year | 5 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.05% |
PBTAZ | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | October 2, 2013 |
Exercise Price per Share | $ 0.66 |
Share Price at Grant Date | $ 0.41 |
Expected Share Price Volatility | 61.00% |
Years to Expiry | Year | 5 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.24% |
PBTAA | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | October 25, 2013 |
Exercise Price per Share | $ 0.61 |
Share Price at Grant Date | $ 0.38 |
Expected Share Price Volatility | 63.60% |
Years to Expiry | Year | 5 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.31% |
PBTAD | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | November 4, 2013 |
Exercise Price per Share | $ 0.73 |
Share Price at Grant Date | $ 0.44 |
Expected Share Price Volatility | 68.80% |
Years to Expiry | Year | 5 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.46% |
PBTAE | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | December 13, 2013 |
Exercise Price per Share | $ 1.04 |
Share Price at Grant Date | $ 0.69 |
Expected Share Price Volatility | 70.70% |
Years to Expiry | Year | 5 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.45% |
PBTAF | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | February 7, 2014 |
Exercise Price per Share | $ 1.12 |
Share Price at Grant Date | $ 1.18 |
Expected Share Price Volatility | 58.50% |
Years to Expiry | Year | 5 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.44% |
PBTAG | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | April 7, 2014 |
Exercise Price per Share | $ 0.25 |
Share Price at Grant Date | $ 0.23 |
Expected Share Price Volatility | 289.40% |
Years to Expiry | Year | 4 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 3.02% |
PBTAB | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | October 3, 2014 |
Exercise Price per Share | $ 0.34 |
Share Price at Grant Date | $ 0.22 |
Expected Share Price Volatility | 130.50% |
Years to Expiry | Year | 4 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 2.71% |
PBTAH | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | February 19, 2015 |
Exercise Price per Share | $ 0.26 |
Share Price at Grant Date | $ 0.16 |
Expected Share Price Volatility | 74.80% |
Years to Expiry | Year | 5 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 2.00% |
PBTAR | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | May 27, 2015 |
Exercise Price per Share | $ 0.27 |
Share Price at Grant Date | $ 0.17 |
Expected Share Price Volatility | 69.40% |
Years to Expiry | Year | 5 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 2.25% |
PBTAS | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | June 7, 2017 |
Exercise Price per Share | $ 0.07 |
Share Price at Grant Date | $ 0.05 |
Expected Share Price Volatility | 100.00% |
Years to Expiry | Year | 5 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 1.97% |
PBTAAA | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | 18-Dec-17 |
Exercise Price per Share | $ 0.11 |
Share Price at Grant Date | $ 0.07 |
Expected Share Price Volatility | 100.00% |
Years to Expiry | Year | 5 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 2.38% |
PBTAI | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Grant Date | 01-Feb-18 |
Exercise Price per Share | $ 0.08 |
Share Price at Grant Date | $ 0.06 |
Expected Share Price Volatility | 100.00% |
Years to Expiry | Year | 5 |
Dividend Yield | 0.00% |
Risk-free Interest Rate | 2.24% |
SHARE BASED PAYMENTS (Details 3
SHARE BASED PAYMENTS (Details 3) - 2004 ASX Plan - shares | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Balance (in shares) | 13,277,715 | 13,277,715 | 12,987,715 | |
Issued during the year (in shares) | [1] | 0 | 0 | 0 |
Balance (in shares) | 13,277,715 | 13,277,715 | 13,277,715 | |
[1] | In the years ended June 30, 2015 this includes options to purchase 180,000 ordinary shares, respectively granted under the 2004 ASX Plan that were exercised. |
SHARE BASED PAYMENTS (Detail Te
SHARE BASED PAYMENTS (Detail Textuals) shares in Millions | 12 Months Ended | |||||||
Jun. 30, 2018Key_management_personnelemployeeDirectorConsultant | Jun. 30, 2017Key_management_personnelemployeeprevious_directorDirectorConsultant | Jun. 30, 2016Key_management_personnelemployeeprevious_directorDirectorConsultant | Jun. 30, 2009shares | Jun. 30, 2008shares | Jun. 30, 2007shares | Jun. 30, 2005shares | Jun. 30, 2004shares | |
U.S. plan | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of previous director | previous_director | 1 | 1 | ||||||
Number of ordinary shares authorized under plan | 60 | 45 | 30 | 22 | 12 | |||
Option expiration period | 10 years | |||||||
Percentage of default vesting conditions per year | 25.00% | |||||||
Australian plan | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of director | Director | 5 | 5 | 6 | |||||
Number of key management personnel | Key_management_personnel | 2 | 3 | 2 | |||||
Number of employees | employee | 11 | 9 | 12 | |||||
Number of consultant | Consultant | 9 | 10 | 19 | |||||
Number of ordinary shares authorized under plan | 60 | 45 | 30 | 22 | 12 | |||
Option expiration period | 10 years | |||||||
Percentage of default vesting conditions per year | 25.00% |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basic and diluted earnings per share [abstract] | |||
Basic and diluted loss per share (cents per share) | $ (1.55) | $ (1.41) | $ (1.45) |
Weighted average number of ordinary shares on issue used in the calculation of basic and diluted loss per share | 533,891,470 | 533,891,470 | 533,891,470 |
KEY MANAGEMENT PERSONNEL COMP82
KEY MANAGEMENT PERSONNEL COMPENSATION (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Key Management Personnel Compensation [Abstract] | |||
Short-term employee benefits | $ 1,522,777 | $ 1,537,198 | $ 1,429,615 |
Post-employment benefits | 44,389 | 87,465 | 95,117 |
Long-term benefits | (1,061) | 28,600 | 13,817 |
Share-based payments | 608,179 | 16,307 | 0 |
Total | $ 2,174,284 | $ 1,669,570 | $ 1,538,549 |
AUDITORS' REMUNERATION (Details
AUDITORS' REMUNERATION (Details) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Auditor's remuneration [abstract] | |||
- audit and review fees: current year financial reports | $ 252,960 | $ 260,645 | $ 166,479 |
- audit and review fees: internal controls | 0 | 20,590 | 38,297 |
Total auditors' remuneration | $ 252,960 | $ 281,235 | $ 204,776 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - AUD ($) | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | $ 1,522,777 | $ 1,537,198 | $ 1,429,615 | |||
Post-Employment Superannuation Contribution | 44,389 | 87,465 | 95,117 | |||
Long Term Benefits Long-service Leave | (1,061) | 28,600 | 13,817 | |||
Equity Options | 608,179 | 16,307 | 0 | |||
Total | 2,174,284 | 1,669,570 | 1,538,549 | |||
Directors | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 740,225 | 1,018,283 | 984,606 | |||
Short Term Benefits Bonus | 0 | 0 | 0 | |||
Post-Employment Superannuation Contribution | 20,049 | 55,578 | 64,990 | |||
Long Term Benefits Long-service Leave | 0 | 8,146 | 7,766 | |||
Equity Options | 470,000 | 0 | 0 | |||
Total | 1,238,037 | 1,082,007 | 1,057,362 | |||
Directors | Geoffrey Kempler | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 381,340 | [1],[2] | 419,313 | [1] | 436,132 | [3] |
Short Term Benefits Bonus | 0 | [1],[2] | 0 | [1] | 0 | [3] |
Post-Employment Superannuation Contribution | 20,049 | [1],[2] | 26,411 | [1] | 29,990 | [3] |
Long Term Benefits Long-service Leave | 7,763 | [1],[2] | 8,146 | [1] | 7,766 | [3] |
Equity Options | 235,000 | [1],[2] | 0 | [1] | 0 | [3] |
Total | 644,152 | [1],[2] | 453,870 | [1] | 473,888 | [3] |
Directors | Lawrence Gozlan | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 60,000 | [2] | 140,000 | [4] | 60,000 | |
Short Term Benefits Bonus | 0 | [2] | 0 | [4] | 0 | |
Post-Employment Superannuation Contribution | 0 | [2] | 0 | [4] | 0 | |
Long Term Benefits Long-service Leave | 0 | [2] | 0 | [4] | 0 | |
Equity Options | 58,750 | [2] | 0 | [4] | 0 | |
Total | 118,750 | [2] | 140,000 | [4] | 60,000 | |
Directors | Brian Meltzer | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 82,500 | [2] | 55,833 | 50,000 | ||
Short Term Benefits Bonus | 0 | [2] | 0 | 0 | ||
Post-Employment Superannuation Contribution | 0 | [2] | 29,167 | 35,000 | ||
Long Term Benefits Long-service Leave | 0 | [2] | 0 | 0 | ||
Equity Options | 58,750 | [2] | 0 | 0 | ||
Total | 141,250 | [2] | 85,000 | 85,000 | ||
Directors | George Mihaly | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 77,500 | [2] | 75,000 | 75,000 | ||
Short Term Benefits Bonus | 0 | [2] | 0 | 0 | ||
Post-Employment Superannuation Contribution | 0 | [2] | 0 | 0 | ||
Long Term Benefits Long-service Leave | 0 | [2] | 0 | 0 | ||
Equity Options | 58,750 | [2] | 0 | 0 | ||
Total | 136,250 | [2] | 75,000 | 75,000 | ||
Directors | Peter Marks | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 60,000 | [2] | 60,000 | 60,000 | ||
Short Term Benefits Bonus | 0 | [2] | 0 | 0 | ||
Post-Employment Superannuation Contribution | 0 | [2] | 0 | 0 | ||
Long Term Benefits Long-service Leave | 0 | [2] | 0 | 0 | ||
Equity Options | 58,750 | [2] | 0 | 0 | ||
Total | 118,750 | [2] | 60,000 | 60,000 | ||
Directors | Ira Shoulson | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Short Term Benefits Base Fee | 78,885 | [5] | 268,137 | [4] | 303,474 | [6] |
Short Term Benefits Bonus | 0 | [5] | 0 | [4] | 0 | [6] |
Post-Employment Superannuation Contribution | 0 | [5] | 0 | [4] | 0 | [6] |
Long Term Benefits Long-service Leave | 0 | [5] | 0 | [4] | 0 | [6] |
Equity Options | 0 | [5] | 0 | [4] | 0 | [6] |
Total | $ 78,885 | [5] | $ 268,137 | [4] | $ 303,474 | [6] |
[1] | Base Fee includes movements in the annual leave provision relating to Mr. Geoffrey Kempler. | |||||
[2] | The Directors received unlisted options during the year. The option prices were calculated using the Black-Scholes Model applying the inputs as disclosed in note 15. | |||||
[3] | Base Fee includes movements in annual leave provision for Mr. Kempler accrued in accordance with his employment contract. | |||||
[4] | Includes consulting fees paid to an associated entity of Mr. Lawrence Gozlan, and Dr. Ira Shoulson in the amount of $80,000 and $223,201, respectively | |||||
[5] | Includes consulting fees paid to Dr. Ira Shoulson in the amount of A$12,021. | |||||
[6] | Includes consulting fees paid to Dr. Ira Shoulson in the amount of $258,474. |
RELATED PARTY TRANSACTIONS (D85
RELATED PARTY TRANSACTIONS (Details 1) - AUD ($) | 12 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |||||
Disclosure of transactions between related parties [line items] | |||||||
Short Term Benefits Base Fee | $ 1,522,777 | $ 1,537,198 | $ 1,429,615 | ||||
Post-Employment Superannuation Contribution | 44,389 | 87,465 | 95,117 | ||||
Long Term Benefits Long-service Leave | (1,061) | 28,600 | 13,817 | ||||
Equity Options | 608,179 | 16,307 | 0 | ||||
Total | 2,174,284 | 1,669,570 | 1,538,549 | ||||
Executives | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Short Term Benefits Base Fee | 518,915 | 445,009 | |||||
Short Term Benefits Other | 0 | 0 | |||||
Post-Employment Superannuation Contribution | 31,887 | 30,127 | |||||
Long Term Benefits Long-service Leave | 20,455 | 6,051 | |||||
Equity Options | 16,306 | 0 | |||||
Total | 587,563 | 481,188 | |||||
Executives | Dianne Angus | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Short Term Benefits Base Fee | 81,589 | [1],[2] | 328,799 | [1] | 329,690 | [3] | |
Short Term Benefits Other | 0 | [1],[2] | 0 | [1] | 0 | [3] | |
Post-Employment Superannuation Contribution | 5,736 | [1],[2] | 19,616 | [1] | 19,307 | [3] | |
Long Term Benefits Long-service Leave | (8,920) | [1],[2] | 20,354 | [1] | 6,051 | [3] | |
Equity Options | (3,433) | [1],[2] | 3,433 | [1] | 0 | [3] | |
Total | 74,972 | [1],[2] | 372,202 | [1] | 355,049 | [3] | |
Executives | Kathryn Andrews | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Short Term Benefits Base Fee | 196,689 | [1],[4] | 131,826 | [1] | 115,319 | [3] | |
Short Term Benefits Other | 0 | [1],[4] | 0 | [1] | 0 | [3] | |
Post-Employment Superannuation Contribution | 18,604 | [1],[4] | 12,271 | [1] | 10,820 | [3] | |
Long Term Benefits Long-service Leave | 96 | [1],[4] | 101 | [1] | 0 | [3] | |
Equity Options | 15,735 | [1],[4] | 1,430 | [1] | 0 | [3] | |
Total | 231,124 | [1],[4] | 145,628 | [1] | $ 126,139 | [3] | |
Executives | Dr. David Stamler | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Short Term Benefits Base Fee | [1] | 504,274 | [4] | 58,290 | [5] | ||
Short Term Benefits Other | [1] | 0 | [4] | 0 | [5] | ||
Post-Employment Superannuation Contribution | [1] | 0 | [4] | 0 | [5] | ||
Long Term Benefits Long-service Leave | [1] | 0 | [4] | 0 | [5] | ||
Equity Options | [1] | 125,877 | [4] | 11,443 | [5] | ||
Total | [1] | $ 630,151 | [4] | $ 69,733 | [5] | ||
[1] | Base Fee includes movements in annual leave provision for Ms Dianne Angus ,Ms Kathryn Andrews and Mr David Stamler accrued in accordance with their employment contracts. | ||||||
[2] | The remuneration for Ms. Dianne Angus covers the period from 1 July 2017 to 10 October 2017, being the last day of her employment with the Company. The amount also includes payments of unused leave balances. | ||||||
[3] | Base Fee includes movements in annual leave provision for Ms Dianne Angus and Ms Kathryn Andrews accrued in accordance with their employment contracts. | ||||||
[4] | The equity component of Kathryn Andrews' and David Stamler's remuneration represents the portion of unlisted options granted in prior year but vested during the current year. | ||||||
[5] | Dr David Stamler was appointed as Chief Medical Officer and Senior Vice President Clinical Development on 15 May 2017. |
RELATED PARTY TRANSACTIONS (D86
RELATED PARTY TRANSACTIONS (Details 2) | 12 Months Ended |
Jun. 30, 2018AUD ($) | |
Directors | Geoffrey Kempler | Termination With Good Reason | |
Disclosure of transactions between related parties [line items] | |
Termination benefits | $ 1,000,000 |
Notice period of termination | 30 days |
Termination benefit to be paid, period | 90 days |
Directors | Geoffrey Kempler | Termination Without Good Reason | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 90 days |
Directors | Geoffrey Kempler | Termination Without Cause By Group | |
Disclosure of transactions between related parties [line items] | |
Termination benefits | $ 1,000,000 |
Notice period of termination | 90 days |
Termination benefit to be paid, period | 90 days |
Directors | Geoffrey Kempler | Termination With Cause By Group | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 30 days |
Executives | Kathryn Andrews | Termination With Good Reason | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 30 days |
Executives | Kathryn Andrews | Termination Without Cause By Group | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 30 days |
Executives | Dianne Angus | Termination With Good Reason | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 6 months |
Termination benefit to be paid, period | 18 months |
Executives | Dianne Angus | Termination With Cause By Group | |
Disclosure of transactions between related parties [line items] | |
Notice period of termination | 30 days |
Termination benefit to be paid, period | 30 days |
RELATED PARTY TRANSACTIONS (D87
RELATED PARTY TRANSACTIONS (Details 3) - shares | 12 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |||||
Directors | Geoffrey Kempler | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Balance (in shares) | 18,011,000 | 18,011,000 | 18,011,000 | ||||
Received as Remuneration | 0 | 0 | 0 | ||||
Received on Exercise of Options | 0 | 0 | 0 | ||||
Net Change | 0 | 0 | 0 | ||||
Balance (in shares) | 18,011,000 | 18,011,000 | 18,011,000 | ||||
Directors | Lawrence Gozlan | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Balance (in shares) | 0 | 0 | 0 | ||||
Received as Remuneration | 0 | 0 | 0 | ||||
Received on Exercise of Options | 0 | 0 | 0 | ||||
Net Change | 0 | 0 | 0 | ||||
Balance (in shares) | 0 | 0 | 0 | ||||
Directors | Brian Meltzer | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Balance (in shares) | 326,666 | 326,666 | 326,666 | ||||
Received as Remuneration | 0 | 0 | 0 | ||||
Received on Exercise of Options | 0 | 0 | 0 | ||||
Net Change | 0 | 0 | 0 | ||||
Balance (in shares) | 326,666 | 326,666 | 326,666 | ||||
Directors | George Mihaly | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Balance (in shares) | 226,666 | 226,666 | 226,666 | ||||
Received as Remuneration | 0 | 0 | 0 | ||||
Received on Exercise of Options | 0 | 0 | 0 | ||||
Net Change | 0 | 0 | 0 | ||||
Balance (in shares) | 226,666 | 226,666 | 226,666 | ||||
Directors | Peter Marks | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Balance (in shares) | 43,111 | 43,111 | 43,111 | ||||
Received as Remuneration | 0 | 0 | 0 | ||||
Received on Exercise of Options | 0 | 0 | 0 | ||||
Net Change | 0 | 0 | 0 | ||||
Balance (in shares) | 43,111 | 43,111 | 43,111 | ||||
Directors | Ira Shoulson | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Balance (in shares) | 0 | 0 | 0 | ||||
Received as Remuneration | 0 | 0 | 0 | ||||
Received on Exercise of Options | 0 | 0 | 0 | ||||
Net Change | 0 | 0 | 0 | ||||
Balance (in shares) | 0 | 0 | 0 | ||||
Executives | Dianne Angus | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Balance (in shares) | 146,128 | [1] | 146,128 | 146,128 | |||
Received as Remuneration | 0 | [1] | 0 | 0 | |||
Received on Exercise of Options | 0 | [1] | 0 | 0 | |||
Net Change | (146,128) | [1] | 0 | 0 | |||
Balance (in shares) | 0 | [1] | 146,128 | [1] | 146,128 | ||
Executives | Kathryn Andrews | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Balance (in shares) | 0 | 0 | 0 | ||||
Received as Remuneration | 0 | 0 | 0 | ||||
Received on Exercise of Options | 0 | 0 | 0 | ||||
Net Change | 0 | 0 | 0 | ||||
Balance (in shares) | 0 | 0 | 0 | ||||
Executives | Dr. David Stamler | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Balance (in shares) | [2] | 0 | 0 | ||||
Received as Remuneration | 0 | 0 | [2] | ||||
Received on Exercise of Options | 0 | 0 | [2] | ||||
Net Change | 0 | 0 | [2] | ||||
Balance (in shares) | 0 | 0 | [2] | 0 | [2] | ||
Directors and Executives | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Balance (in shares) | 18,753,571 | 18,753,571 | 18,753,571 | ||||
Received as Remuneration | 0 | 0 | 0 | ||||
Received on Exercise of Options | 0 | 0 | 0 | ||||
Net Change | 0 | 0 | 0 | ||||
Balance (in shares) | 18,607,443 | 18,753,571 | 18,753,571 | ||||
[1] | Forfeited on termination | ||||||
[2] | Opening balance on appointment as Senior Vice President Development and Chief Medical Officer on 15 May 2017. |
RELATED PARTY TRANSACTIONS (D88
RELATED PARTY TRANSACTIONS (Details 4) - Share | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |||
Disclosure of transactions between related parties [line items] | |||||
Beginning of the year | 26,826,063 | ||||
Outstanding at year end | 25,216,490 | 26,826,063 | |||
Directors | Geoffrey Kempler | |||||
Disclosure of transactions between related parties [line items] | |||||
Beginning of the year | 4,000,000 | 4,000,000 | 4,000,000 | ||
Granted as Remuneration | 5,000,000 | 0 | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | 0 | 0 | ||
Options Expired | (4,000,000) | 0 | 0 | ||
Options Forfeited | 0 | 0 | 0 | ||
Net Change Other | 0 | 0 | |||
Options Vested | 0 | 0 | |||
Outstanding at year end | 5,000,000 | 4,000,000 | 4,000,000 | ||
Total Vested and Exercisable | 5,000,000 | 4,000,000 | 4,000,000 | ||
Total Unvested | 0 | 0 | 0 | ||
Directors | Lawrence Gozlan | |||||
Disclosure of transactions between related parties [line items] | |||||
Beginning of the year | 1,000,000 | 1,000,000 | 1,000,000 | ||
Granted as Remuneration | 1,250,000 | 0 | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | 0 | 0 | ||
Options Expired | (1,000,000) | 0 | |||
Options Forfeited | 0 | 0 | 0 | ||
Net Change Other | 0 | 0 | |||
Options Vested | 0 | 0 | |||
Outstanding at year end | 1,250,000 | 1,000,000 | 1,000,000 | ||
Total Vested and Exercisable | 1,250,000 | 1,000,000 | 1,000,000 | ||
Total Unvested | 0 | 0 | 0 | ||
Directors | Brian Meltzer | |||||
Disclosure of transactions between related parties [line items] | |||||
Beginning of the year | 1,000,000 | 1,000,000 | 1,000,000 | ||
Granted as Remuneration | 1,250,000 | 0 | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | 0 | 0 | ||
Options Expired | (1,000,000) | 0 | |||
Options Forfeited | 0 | 0 | 0 | ||
Net Change Other | 0 | 0 | |||
Options Vested | 0 | 0 | |||
Outstanding at year end | 1,250,000 | 1,000,000 | 1,000,000 | ||
Total Vested and Exercisable | 1,250,000 | 1,000,000 | 1,000,000 | ||
Total Unvested | 0 | 0 | 0 | ||
Directors | George Mihaly | |||||
Disclosure of transactions between related parties [line items] | |||||
Beginning of the year | 1,000,000 | 1,000,000 | 1,000,000 | ||
Granted as Remuneration | 1,250,000 | 0 | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | 0 | 0 | ||
Options Expired | (1,000,000) | 0 | |||
Options Forfeited | 0 | 0 | 0 | ||
Net Change Other | 0 | 0 | |||
Options Vested | 0 | 0 | |||
Outstanding at year end | 1,250,000 | 1,000,000 | 1,000,000 | ||
Total Vested and Exercisable | 1,250,000 | 1,000,000 | 1,000,000 | ||
Total Unvested | 0 | 0 | 0 | ||
Directors | Peter Marks | |||||
Disclosure of transactions between related parties [line items] | |||||
Beginning of the year | 1,000,000 | 1,000,000 | 1,000,000 | ||
Granted as Remuneration | 1,250,000 | 0 | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | 0 | 0 | ||
Options Expired | (1,000,000) | 0 | |||
Options Forfeited | 0 | 0 | 0 | ||
Net Change Other | 0 | 0 | |||
Options Vested | 0 | 0 | |||
Outstanding at year end | 1,250,000 | 1,000,000 | 1,000,000 | ||
Total Vested and Exercisable | 1,250,000 | 1,000,000 | 1,000,000 | ||
Total Unvested | 0 | 0 | 0 | ||
Directors | Ira Shoulson | |||||
Disclosure of transactions between related parties [line items] | |||||
Beginning of the year | 0 | 0 | 0 | ||
Granted as Remuneration | 0 | 0 | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | 0 | 0 | ||
Options Expired | 0 | 0 | |||
Options Forfeited | 0 | 0 | 0 | ||
Net Change Other | 0 | 0 | |||
Options Vested | 0 | 0 | |||
Outstanding at year end | 0 | 0 | 0 | ||
Total Vested and Exercisable | 0 | 0 | 0 | ||
Total Unvested | 0 | 0 | 0 | ||
Executives | Dianne Angus | |||||
Disclosure of transactions between related parties [line items] | |||||
Beginning of the year | 2,360,000 | [1] | 1,317,819 | 1,317,819 | |
Granted as Remuneration | 0 | [1] | 1,200,000 | 0 | |
Number of share options exercised in share-based payment arrangement | 0 | [1] | 0 | 0 | |
Options Expired | 0 | [1] | (157,819) | ||
Options Forfeited | (2,360,000) | [1] | 0 | 0 | |
Net Change Other | 0 | 0 | |||
Options Vested | 0 | 0 | |||
Outstanding at year end | 0 | [1] | 2,360,000 | [1] | 1,317,819 |
Total Vested and Exercisable | 0 | [1] | 1,160,000 | 1,317,819 | |
Total Unvested | 0 | [1] | 1,200,000 | 0 | |
Executives | Kathryn Andrews | |||||
Disclosure of transactions between related parties [line items] | |||||
Beginning of the year | 500,000 | 0 | 0 | ||
Granted as Remuneration | 0 | 500,000 | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | 0 | 0 | ||
Options Expired | 0 | 0 | |||
Options Forfeited | 0 | 0 | 0 | ||
Net Change Other | 0 | 0 | |||
Options Vested | 500,000 | 0 | 0 | ||
Outstanding at year end | 500,000 | 500,000 | 0 | ||
Total Vested and Exercisable | 500,000 | 0 | 0 | ||
Total Unvested | 0 | 500,000 | 0 | ||
Executives | Dr. David Stamler | |||||
Disclosure of transactions between related parties [line items] | |||||
Beginning of the year | 4,000,000 | 0 | |||
Granted as Remuneration | 0 | 4,000,000 | |||
Number of share options exercised in share-based payment arrangement | 0 | 0 | |||
Options Expired | 0 | 0 | |||
Options Forfeited | 0 | 0 | |||
Net Change Other | 0 | ||||
Options Vested | 4,000,000 | 0 | |||
Outstanding at year end | 4,000,000 | 4,000,000 | 0 | ||
Total Vested and Exercisable | 4,000,000 | 0 | |||
Total Unvested | 0 | 4,000,000 | |||
Directors and Executives | |||||
Disclosure of transactions between related parties [line items] | |||||
Beginning of the year | 14,860,000 | 9,317,819 | 9,317,819 | ||
Granted as Remuneration | 10,000,000 | 5,700,000 | 0 | ||
Number of share options exercised in share-based payment arrangement | 0 | 0 | 0 | ||
Options Expired | (8,000,000) | (157,819) | |||
Options Forfeited | (2,360,000) | 0 | 0 | ||
Net Change Other | 0 | 0 | |||
Options Vested | 4,500,000 | 0 | 0 | ||
Outstanding at year end | 14,500,000 | 14,860,000 | 9,317,819 | ||
Total Vested and Exercisable | 14,500,000 | 9,160,000 | 9,317,819 | ||
Total Unvested | 5,700,000 | 0 | |||
[1] | Ms Angus resigned effective October 10, 2017. |
RELATED PARTY TRANSACTIONS (D89
RELATED PARTY TRANSACTIONS (Detail Textuals) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of transactions between related parties [line items] | |||
Consulting fees paid to an associated entity of director | $ 1,279,014 | $ 849,588 | $ 750,158 |
Lawrence Gozlan | |||
Disclosure of transactions between related parties [line items] | |||
Consulting fees paid to an associated entity of director | 80,000 | ||
Ira Shoulson | |||
Disclosure of transactions between related parties [line items] | |||
Consulting fees paid to an associated entity of director | $ 12,021 | $ 223,201 | $ 258,474 |
Prana Biotechnology Inc | |||
Disclosure of transactions between related parties [line items] | |||
Percentage of ownership interest in subsidiary | 100.00% | ||
Prana Biotechnology UK Ltd | |||
Disclosure of transactions between related parties [line items] | |||
Percentage of ownership interest in subsidiary | 100.00% |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - Foreign Currency Risk - AUD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | $ 5,662,674 | $ 17,503,558 |
USD | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | (607,150) | (6,509) |
USD | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | 6,309,829 | 17,508,482 |
EUR | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | (1,439) | 0 |
EUR | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | 173 | 164 |
GBP | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | (39,167) | 0 |
GBP | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total exposure | $ 428 | $ 1,421 |
FINANCIAL INSTRUMENTS (Details
FINANCIAL INSTRUMENTS (Details 1) - Interest Rate Risk - AUD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | $ 18,654,590 | $ 25,250,131 |
Total Financial Liabilities | $ (2,055,247) | $ 892,434 |
Average Interest Rate | 1.09% | 0.88% |
Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | $ (2,055,247) | $ 892,434 |
Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | $ 15,235,555 | $ 21,884,957 |
Average Interest Rate | 1.09% | 0.33% |
Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | $ 3,152,410 | $ 3,035,573 |
Other current assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 266,625 | $ 329,601 |
Average Interest Rate | 2.55% | |
Other non-current assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | $ 0 |
Floating Interest Rate | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 8,925,124 | 18,680,923 |
Total Financial Liabilities | 0 | 0 |
Floating Interest Rate | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | 0 | 0 |
Floating Interest Rate | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 8,925,124 | 18,680,923 |
Floating Interest Rate | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | 0 |
Floating Interest Rate | Other current assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | 0 |
Floating Interest Rate | Other non-current assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | 0 |
Fixed Interest Rate | 1 year or less | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 6,192,713 | 3,193,988 |
Total Financial Liabilities | 0 | 0 |
Fixed Interest Rate | 1 year or less | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | 0 | 0 |
Fixed Interest Rate | 1 year or less | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 6,192,713 | 3,150,000 |
Fixed Interest Rate | 1 year or less | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | 0 |
Fixed Interest Rate | 1 year or less | Other current assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | 43,988 |
Fixed Interest Rate | 1 year or less | Other non-current assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | 0 |
Fixed Interest Rate | 1-5 years | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | 0 |
Total Financial Liabilities | 0 | 0 |
Fixed Interest Rate | 1-5 years | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | 0 | 0 |
Fixed Interest Rate | 1-5 years | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | 0 |
Fixed Interest Rate | 1-5 years | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | 0 |
Fixed Interest Rate | 1-5 years | Other current assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | 0 |
Fixed Interest Rate | 1-5 years | Other non-current assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 0 | 0 |
Non-Interest bearing | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 3,536,753 | 3,375,220 |
Total Financial Liabilities | (2,055,247) | 892,434 |
Non-Interest bearing | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Liabilities | (2,055,247) | 892,434 |
Non-Interest bearing | Cash and cash equivalents | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 117,718 | 54,034 |
Non-Interest bearing | Trade and other receivables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 3,152,410 | 3,035,573 |
Non-Interest bearing | Other current assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | 266,625 | 285,613 |
Non-Interest bearing | Other non-current assets | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Total Financial Assets | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS (Detail92
FINANCIAL INSTRUMENTS (Details 2) - Liquidity Risk - AUD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | $ 2,055,247 | $ 892,434 |
Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 2,055,247 | 892,434 |
Less than 6 months | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 2,055,247 | 892,434 |
Less than 6 months | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 2,055,247 | 892,434 |
6-12 months | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
6-12 months | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Greater than 12 months and less than 5 years | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Greater than 12 months and less than 5 years | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 0 | 0 |
Total contracted cash flows | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | 2,055,247 | 892,434 |
Total contracted cash flows | Trade and other payables | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Financial liabilities | $ 2,055,247 | $ 892,434 |
FINANCIAL INSTRUMENTS (Detail T
FINANCIAL INSTRUMENTS (Detail Textuals) - AUD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of detailed information about financial instruments [line items] | |||
Period for average annual movement in foreign exchange rates | 5 years | ||
Average annual movement foreign exchange rate | 7.18% | 7.96% | |
Impact of strengthening weakening of Australian dollar against US Dollar on post-tax profit | $ 409,391 | $ 1,392,754 | |
Foreign exchange loss | $ (270,860) | $ (950,720) | |
Foreign exchange gain | $ 656,019 | ||
Australian dollar depreciated against U.S. dollar | 7.18% | 4.12% | 8.00% |
USD | |||
Disclosure of detailed information about financial instruments [line items] | |||
Variable rate | 10.00% | ||
EUR | |||
Disclosure of detailed information about financial instruments [line items] | |||
Variable rate | 13.00% | ||
GBP | |||
Disclosure of detailed information about financial instruments [line items] | |||
Variable rate | 11.00% |
FINANCIAL INSTRUMENTS (Detail94
FINANCIAL INSTRUMENTS (Detail Textuals 1) - Interest Rate Risk | 12 Months Ended | |||||
Jun. 30, 2018AUD ($) | Jun. 30, 2017AUD ($) | Jun. 30, 2016AUD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 18,654,590 | $ 25,250,131 | ||||
Interest rate | 2.40% | |||||
Term deposit period | 3 months | |||||
Cash and cash equivalents | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 15,235,555 | 21,884,957 | ||||
Interest rate | 0.12% | |||||
Term deposit period | 3 months | |||||
0.60% | Cash and cash equivalents | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 2,552,615 | $ 1,099,932 | ||||
Interest rate | 0.60% | 0.60% | ||||
0.05% | Cash and cash equivalents | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 63,791 | $ 73,301 | $ 95,890 | |||
Interest rate | 0.05% | 0.05% | 0.05% | |||
0.00% | Cash and cash equivalents | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 114,990 | $ 49,081 | $ 36,361 | |||
Interest rate | 0.00% | 0.00% | 0.00% | |||
0% | Cash and cash equivalents | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 135 | $ 34 | $ 154 | |||
Interest rate | 0.00% | 0.00% | 0.00% | |||
0.00% | Cash and cash equivalents | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Interest rate | 0.00% | |||||
2.40% matures on September 25, 2018 | Term Deposit | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 3,000,000 | |||||
Interest rate | 2.40% | |||||
Term deposit period | 3 months | |||||
2.40% matures on August 3, 2018 | Term Deposit | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 3,000,000 | |||||
Interest rate | 2.40% | |||||
Term deposit period | 3 months | |||||
2.40% matures on September 7, 2018 | Term Deposit | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 42,713 | |||||
Interest rate | 2.40% | |||||
Term deposit period | 3 months | |||||
2.40% matures on September 11, 2018 | Term Deposit | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 150,000 | |||||
Interest rate | 2.40% | |||||
Term deposit period | 3 months | |||||
Interest rate of 1.70% which matures on July 2, 2017 | Term Deposit | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 2,000,000 | |||||
Interest rate | 1.70% | |||||
Term deposit period | 2 months | |||||
Interest rate of 2.55% which matures on March 7,2018 | Term Deposit | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 43,988 | |||||
Interest rate | 2.55% | |||||
Term deposit period | 1 year | |||||
Interest rate of 2.10% which matures on September 11, 2017 | Term Deposit | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 150,000 | |||||
Interest rate | 2.10% | |||||
Term deposit period | 3 months | |||||
Interest rate of 2.15% which matures on July 19, 2017 | Term Deposit | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 1,000,000 | |||||
Interest rate | 2.15% | |||||
Term deposit period | 2 months | |||||
1.50% | Cash and cash equivalents | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 419,324 | |||||
Interest rate | 1.50% | |||||
0.03% | Cash and cash equivalents | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 6,308,538 | $ 21,888,345 | $ 4,675,242 | $ 16,267,416 | ||
Interest rate | 0.03% | 0.03% | ||||
0.00% | Cash and cash equivalents | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 17,535,100 | $ 13,438,903 | ||||
Interest rate | 0.00% | |||||
Interest rate of 3.00% which matures on August 11, 2016 | Term Deposit | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 6,000,000 | |||||
Interest rate | 3.00% | |||||
Term deposit period | 3 months | |||||
Interest rate of 2.92% which matures on September 11, 2016 | Term Deposit | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 150,000 | |||||
Interest rate | 2.92% | |||||
Term deposit period | 6 months | |||||
Interest rate of 2.85% which matures on March 7, 2017 | Term Deposit | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 43,988 | |||||
Interest rate | 2.85% | |||||
Term deposit period | 12 months | |||||
No interest rate | Cash and cash equivalents | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 1,300 | |||||
No interest rate 1 | Cash and cash equivalents | ||||||
Disclosure of financial instruments by type of interest rate [line items] | ||||||
Cash accounts | $ 2,164 | $ 1,608 |