Document and Entity Information
Document and Entity Information | 6 Months Ended |
Dec. 31, 2020 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | ALTERITY THERAPEUTICS LTD |
Entity Central Index Key | 0001131343 |
Amendment Flag | false |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --06-30 |
Document Type | 6-K |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2021 |
Entity File Number | 000-49843 |
Consolidated Statement of Profi
Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) - AUD ($) | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income | ||
Interest income | $ 6,553 | $ 14,133 |
Other income | 1,924,389 | 1,855,172 |
Expenses | ||
Intellectual property expenses | (160,304) | (102,232) |
General and administration expenses | (3,673,407) | (1,747,986) |
Research and development expenses | (5,806,841) | (5,747,034) |
Other operating expenses | (20) | (40,136) |
Other (losses)/gains | (852,232) | 127,825 |
Loss for the period | (8,561,862) | (5,640,258) |
Loss before income tax | (8,561,862) | (5,640,258) |
Income tax expense | ||
Other comprehensive loss | ||
Other comprehensive income for the period, net of tax | ||
Total comprehensive loss for the period | $ (8,561,862) | $ (5,640,258) |
Loss per share for profit attributable to the ordinary equity holders of the Group: | ||
Basic loss per share | $ (0.65) | $ (0.65) |
Diluted loss per share | $ (0.65) | $ (0.65) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position (Unaudited) - AUD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 35,042,178 | $ 9,196,892 |
Trade and other receivables | 1,977,441 | 61,321 |
Other current assets | 348,691 | 578,136 |
Total current assets | 37,368,310 | 9,836,349 |
Non-current assets | ||
Property, plant and equipment | 29,580 | 39,503 |
Right-of-use assets | 8,650 | 31,866 |
Total non-current assets | 38,230 | 71,369 |
Total assets | 37,406,540 | 9,907,718 |
Current liabilities | ||
Trade and other payables | 2,325,108 | 2,069,604 |
Provisions | 708,011 | 612,039 |
Other current liabilities | 9,110 | 32,879 |
Total current liabilities | 3,042,229 | 2,714,522 |
Non-current liabilities | ||
Provisions | 8,089 | 41,514 |
Other non-current liabilities | 868 | |
Total non-current liabilities | 8,089 | 42,382 |
Total liabilities | 3,050,318 | 2,756,904 |
Net assets | 34,356,222 | 7,150,814 |
EQUITY | ||
Contributed equity | 194,893,304 | 160,703,754 |
Reserves | 2,443,841 | 866,121 |
Accumulated losses | (162,980,923) | (154,419,061) |
Total equity | $ 34,356,222 | $ 7,150,814 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Equity (Unaudited) - AUD ($) | Contributed equity | Reserves | Accumulated losses | Total |
Balance at Jun. 30, 2019 | $ 156,632,636 | $ 1,158,975 | $ (141,236,838) | $ 16,554,773 |
Initial adoption of AASB 16 | (6,261) | (6,261) | ||
Restated total equity at the beginning of the financial period | 156,632,636 | 1,158,975 | (141,243,099) | 16,548,512 |
Loss for the period | (5,640,258) | (5,640,258) | ||
Total comprehensive income for the period | (5,640,258) | (5,640,258) | ||
Transactions with owners in their capacity as owners: | ||||
Issue of ordinary shares | 372,506 | 372,506 | ||
Transaction costs | (83,090) | (83,090) | ||
Total transactions with owners in their capacity as owners | 289,416 | 289,416 | ||
Balance at Dec. 31, 2019 | 156,922,052 | 1,158,975 | (146,883,357) | 11,197,670 |
Balance at Jun. 30, 2020 | 160,703,754 | 866,121 | (154,419,061) | 7,150,814 |
Loss for the period | (8,561,862) | (8,561,862) | ||
Total comprehensive income for the period | (8,561,862) | (8,561,862) | ||
Transactions with owners in their capacity as owners: | ||||
Issue of ordinary shares | 36,562,055 | 36,562,055 | ||
Share-based payment expenses | 1,577,720 | 1,577,720 | ||
Transaction costs | (2,372,505) | (2,372,505) | ||
Total transactions with owners in their capacity as owners | 34,189,550 | 1,577,720 | 35,767,270 | |
Balance at Dec. 31, 2020 | $ 194,893,304 | $ 2,443,841 | $ (162,980,923) | $ 34,356,222 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - AUD ($) | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||
Payments to suppliers and employees | $ (7,385,267) | $ (7,424,156) |
R&D tax incentive refund | 4,824,880 | |
Interest paid | (2,474) | |
COVID-19 government relief | 53,564 | |
Interest received | 1,397 | 16,124 |
Net cash (outflow) from operating activities | (7,330,306) | (2,585,626) |
Cash flows from investing activities | ||
Payments for property, plant and equipment | (2,494) | (7,499) |
Net cash (outflow) from investing activities | (2,494) | (7,499) |
Cash flows from financing activities | ||
Proceeds from issues of shares and other equity securities | 36,562,055 | 372,506 |
Transaction costs relating to issue of equity | (2,372,505) | (83,090) |
Principle elements of lease payments | (24,249) | (45,325) |
Net cash inflow from financing activities | 34,165,301 | 244,091 |
Net increase (decrease) in cash and cash equivalents | 26,832,501 | (2,349,034) |
Cash and cash equivalents at the beginning of the financial year | 9,196,892 | 14,399,904 |
Effects of exchange rate changes on cash and cash equivalents | (987,215) | 127,825 |
Cash and cash equivalents at end of period | $ 35,042,178 | $ 12,178,695 |
Basis of preparation of half-ye
Basis of preparation of half-year report | 6 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Background And Significant Accounting Policies [Abstract] | |
Basis of preparation of half-year report | 1 Basis of preparation of half-year report This condensed consolidated interim report for the half-year reporting period ended 31 December 2020 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting Corporations Act 2001. This condensed consolidated interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2020 and any public announcements made by Alterity Therapeutics Limited ("the "Group") during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period except as discussed below. Preparation of interim financial statements for users in multiple jurisdictions The Group has prepared the interim financial statements to conform to the requirements and needs of users of the financial statements located in both Australia and the U.S. For U.S users, the Group has prepared the interim financial statements to conform to the requirements of IAS 34 Interim Financial Reporting. Consistent with U.S. domestic registrants, the Group has labelled the interim financial information "unaudited" because the interim financial information is not subject to an audit by our independent registered public accounting firm. The auditor's independence declaration and independent auditor's review report are included within this filing to meet the requirements of Australian laws and regulations and are furnished, not filed, for the purposes of incorporation of the related financial statements in any U.S. registration document. For Australian users, the Group has prepared the interim financial statements to conform to the requirements of the Corporations Act 2001 and AASB 134 Interim Financial Reporting. A review of the interim financial information has been performed by the Group's independent auditors to meet the requirements of Australian Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity and users should refer to the auditor's independence declaration and independent auditor's review report included within this filing. (a) New and amended standards adopted by the Group The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board 'AASB' that are mandatory for the current reporting period. The adoption of these standards has not had any impact on the disclosures or amounts reported in these financial statements. |
Significant Changes in the Curr
Significant Changes in the Current Reporting Period | 6 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Background And Significant Accounting Policies [Abstract] | |
Significant changes in the current reporting period | 2 Significant changes in the current reporting period In October 2020, Alterity received commitments for a capital raising of A$35 million via a two tranche placement to Australian and international institutions and other unrelated sophisticated, professional or exempt investors. The Placement was fully subscribed and was conducted at $0.037, representing a discount of 25.7% to the 30-day VWAP and 24.8% discount to the 15-day VWAP prior to the trading halt. For every share allocated in tranche two of the placement, one option was issued. The option has an exercise price of A$0.07 and an expiry date of three years post allotment. The first tranche was completed on 23 October 2020 with A$10 million received by the Company. The second tranche was completed on 24 November 2020 following approval by shareholders at the Annual General Meeting held on 18 November 2020. The remaining A$25 million was received by the Company at the same time. A total of 945,945,946 shares and 674,694,939 free-attaching options were issued across both tranches. The proceeds from the Placement are being used to progress Alterity's clinical development program for ATH434 including the bioMUSE Natural History study and a Phase 2 trial, both in MSA patients, ongoing research and discovery, and working capital. There have been no other significant changes in the state of affairs of the Group during the period. |
Segment Information
Segment Information | 6 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment information | 3 Segment information 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 Alterity Therapeutics Limited. For the current and previous reporting periods, the Group operated in one segment, being research and development in the field of Parkinsonian and other neurodegenerative disorders. |
Dividends
Dividends | 6 Months Ended |
Dec. 31, 2020 | |
Dividends [Abstract] | |
Dividends | 4 Dividends The Group has not declared any dividends in the period ended 31 December 2020 (2019 : nil) |
Loss Per Share
Loss Per Share | 6 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Loss per share | 5 Loss per share (a) Basic and diluted loss per share 31 December 31 December Loss per share for profit attributable to the ordinary equity holders of the Group: Basic loss per share (0.65 ) (0.65 ) Diluted loss per share (0.65 ) (0.65 ) (b) Reconciliation of loss used in calculating loss per share 31 December 31 December Basic loss per share Loss attributable to the ordinary equity holders of the company used in calculating basic loss per share: (8,561,862 ) (5,640,258 ) Diluted loss per share Loss attributable to the ordinary equity holders of the company used in calculating diluted loss per share: (8,561,862 ) (5,640,258 ) (c) Weighted average number of shares used as the denominator 31 December 31 December Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share 1,323,432,372 868,327,981 Options that are considered to be potential ordinary shares are excluded from the weighted average number of ordinary shares used in the calculation of basic loss per share. Where dilutive, potential ordinary shares are included in the calculation of diluted loss per share. All the options on issue do not have the effect to dilute the loss per share. Therefore, they have been excluded from the calculation of diluted loss per share. |
Interest and Other Income
Interest and Other Income | 6 Months Ended |
Dec. 31, 2020 | |
Interest and Other Income [Abstract] | |
Interest and other income | 31 December 31 December Interest and other income Interest income 6,553 14,133 6,553 14,133 Other Income R&D tax incentive 1,883,325 1,855,172 COVID-19 relief 41,064 - 1,924,389 1,855,172 |
Loss for the Period
Loss for the Period | 6 Months Ended |
Dec. 31, 2020 | |
Loss for the Period [Abstract] | |
Loss for the period | 7 Loss for the period 31 December 31 December Loss before income tax has been determined after: General and administration expenses Depreciation on fixed assets 12,417 14,390 Depreciation on leased assets 23,215 42,827 Employee expenses (non R&D related) 376,220 286,064 Consultant and director expenses 537,310 371,559 Audit, internal control and other assurance expenses 115,798 120,604 Corporate compliance expenses 372,697 194,569 Office rental 66,664 30,317 Other administrative and office expenses 332,784 358,599 Insurance expenses 258,582 329,057 Share-based payment expenses 1,577,720 - 3,673,407 1,747,986 Research and development expenses Employee expenses 1,072,468 1,356,509 Other research and development expenses 1 4,734,373 4,390,525 5,806,841 5,747,034 Other losses and gains Foreign exchange loss / (gain) 852,232 (127,825 ) 852,232 (127,825 ) (1) Other research and development expenses mainly consist of expenses paid for contracted research and development activities conducted by third parties on behalf of the Company. |
Financial Assets and Financial
Financial Assets and Financial Liabilities | 6 Months Ended |
Dec. 31, 2020 | |
Disclosure of redesignated financial assets and liabilities [abstract] | |
Financial assets and financial liabilities | 8 Financial assets and financial liabilities (a) Trade and other receivables 31 December 30 June Current Non- Total Current Non- Total R&D tax incentive receivable 1,883,325 - 1,883,325 - - - Accrued interest income 5,240 - 5,240 12,584 - 12,584 Goods and services tax receivable 88,876 - 88,876 48,737 - 48,737 1,977,441 - 1,977,441 61,321 - 61,321 R&D tax incentive receivable represents the amount of R&D tax incentive the Group expects to recover. For further details, see note 13(a). For the R&D tax incentive claim relating to the year ended 30 June 2020, the Group is yet to receive the final ATO commissioner discretion pursuant to subsection 328-126(6) of the Income Tax Assessment Act 1997 (i) Classification as trade and other receivables Trade receivables and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. If collection of the amounts is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets. Trade and other receivables are generally due for settlement within one year and therefore are all classified as current. (b) Recognised fair value measurements The financial instruments recognised at fair value in the statement of financial position have been analysed 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) (Level3). During the period, none of the Group'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 periods. |
Equity
Equity | 6 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | 9 Equity (a) Contributed equity 31 December 30 June 31 December 30 June Ordinary shares - fully paid 2,030,949,978 1,037,358,032 194,893,304 160,703,754 Movements in ordinary share: Details Number of shares A$ Opening balance 1 July 2020 1,037,358,032 160,703,754 Shares issued during the year 993,591,946 36,562,055 Transaction costs - (2,372,505 ) Balance 31 December 2020 2,030,949,978 194,893,304 Details of shares issued during the current period: Issue price (1) Amount 2020 Details Number A$ A$ 2-Jul-2020 Issue of shares under ATM facility 47,646,000 0.033 1,562,055 23-Oct-2020 Issue of shares under private placement 271,251,007 0.037 10,036,287 24-Nov-2020 Issue of shares under private placement 674,694,939 0.037 24,963,713 993,591,946 36,562,055 (1) Reflects the issue price rounded to the nearest three decimal places (b) Accumulated losses Movements in accumulated losses were as follows: 31 December 31 December Balance at the beginning of the period 154,419,061 141,236,838 Net loss for the year 8,561,862 5,640,258 Impact of initial adoption of AASB 16 - 6,261 Balance at the end of the period 162,980,923 146,883,357 (c) Reserves (i) Options 31 December 30 June 31 December 30 June Options over fully paid ordinary shares 70,550,000 21,550,000 2,443,841 866,121 The table below presents the movements in options during the half-year ended 31 December 2020. 2020 Details Number Amount 18-Sep-2020 Unlisted options issued to directors (ATHAAB) 49,000,000 1,577,720 49,000,000 1,577,720 Date Issued Quantity Grant Date Expiry Date Exercise price ($) Fair value at grant date per option ($)* . 18-Sep-2020 49,000,000 18-Sep-2020 17-Sep-2025 0.09 0.0322 49,000,000 * Rounded to the nearest four decimal points. (ii) Free-attaching options 31 December 30 June 31 December 30 June Free-attaching options 674,694,939 - - - The table below presents the movements in free-attaching options during the half-year ended 31 December 2020. 2020 Details Number Amount 24-Nov-2020 Unlisted free-attaching options issued to Tranche 2 investors 674,694,939 - 674,694,939 - Date Issued Quantity Grant Date Expiry Date Exercise price ($) Fair value at grant date per option ($) . 24-Nov-2020 674,694,939 24-Nov-2020 23-Nov-2023 0.07 - 674,694,939 There have been no other options over fully paid ordinary shares issued, exercised or forfeited during the current period. (iii) Nature and purpose of reserves The share based payments reserve is used to recognise the fair value of options issued to employees and consultants but not exercised. |
Reconciliation of Profit After
Reconciliation of Profit After Income Tax to Net Cash Flow from Operating Activities | 6 Months Ended |
Dec. 31, 2020 | |
Reconciliation of profit after income tax to net cash flow from operating activities [Abstract] | |
Reconciliation of profit after income tax to net cash flow from operating activities | 10 Reconciliation of profit after income tax to net cash flow from operating activities 31 December 31 December Loss for the period 8,561,862 5,640,258 Depreciation on fixed assets (12,417 ) (57,217 ) Depreciaton on leased assets (23,215 ) - Other - 6,261 Non-cash employee benefits expense - share-based payments (1,577,720 ) - Net foreign exchange differences (987,215 ) 127,825 (Increase)/decrease in provisions (62,547 ) 54,447 Increase/(decrease) in trade and other receivables 1,916,120 (2,949,539 ) Increase/(decrease) in other current assets (229,445 ) (322,036 ) Increase/(decrease) in other non-current assets - 72,979 (Increase)/decrease in trade and other payables (255,505 ) 93,776 (Increase)/decrease in other current liabilities 388 (70,344 ) (Increase)/decrease in other non-current liabilities - (10,784 ) 7,330,306 2,585,626 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions | 11 Related party transactions During the period from 1 July 2020 to 31 December 2020, the Group paid a total of A$150,000 (excl. GST) in advisory fees to Montoya Pty Ltd, an associated entity of Mr Lawrence Gozlan, a director of the Group. There were no other related party transactions other than those related to director and key management personnel remuneration and equity and transactions by the Group and its subsidiaries. |
Events Occurring after the Repo
Events Occurring after the Reporting Period | 6 Months Ended |
Dec. 31, 2020 | |
Events Occurring after the Reporting Period [Abstract] | |
Events occurring after the reporting period | 12 Events occurring after the reporting period Appointment of CEO Alterity appointed Dr. David Stamler to the role of Chief Executive Officer. Dr Stamler joined the Company in June 2017 as Chief Medical Officer and Senior Vice President Clinical Development. Mr Geoffrey Kempler, who founded the company in November 1997, stepped down from the role of CEO and continues as Non-Executive Chairman. Mr Kempler will be engaged in a consulting capacity in addition to his Non-Executive Chairman role. Dr Stamler has significant pharmaceutical development and commercialisation experience including three New Drug Application approvals with the US FDA for drugs in the neurological space. His succession aligns with the next phase of Alterity's commercial strategy and comes at a time when the company is preparing to advance its lead compound ATH434 to Phase 2 Clinical trials. Share Placement The Group issued 53,066,700 shares at A$0.0504 per share through the use of its "at market" (ATM) facility to fund working capital and progress its research and development activities. No other matter or circumstance has occurred subsequent to period end that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the state of affairs of the Group or economic entity in subsequent financial periods. |
Significant Estimates and Assum
Significant Estimates and Assumptions | 6 Months Ended |
Dec. 31, 2020 | |
Significant Estimates and Assumptions [Abstract] | |
Significant estimates and assumptions | 13 Significant estimates and assumptions Estimates and judgements 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 and its two wholly-owned subsidiaries (the "Group") 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 period are discussed below. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. (a) R&D tax incentives A refundable research and development tax incentive offset of 43.5%, equivalent to a deduction of 150%, will be available to eligible small companies with an annual aggregate turnover of less than A$20 million. Eligible companies can receive a refundable research and development tax incentive offset of 43.5% of their research and development spending. The Group's research and development activities are eligible 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 period to 31 December 2020 the Group has recorded an item in other income of A$1,883,325 to recognise this amount which relates to this period. |
Covid-19 Impact on Business
Covid-19 Impact on Business | 6 Months Ended |
Dec. 31, 2020 | |
Covid-19 Impact on Business [Abstract] | |
COVID-19 impact on business | 14 COVID-19 impact on business The COVID-19 pandemic has caused uncertainty in global markets and its impact is unable to be reliably measured. However, COVID-19 has had limited effect thus far on the Group's operation. Development activities have continued with minimal disruption. Slowdown in collaborative research activities do not have a material impact on the Group's operations. |
Basis of preparation of half-_2
Basis of preparation of half-year report (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Background And Significant Accounting Policies [Abstract] | |
New and amended standards adopted by the Group | (a) New and amended standards adopted by the Group The Group has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board 'AASB' that are mandatory for the current reporting period. The adoption of these standards has not had any impact on the disclosures or amounts reported in these financial statements. |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Earnings per share [abstract] | |
Schedule of earning loss per share | (a) Basic and diluted loss per share 31 December 31 December Loss per share for profit attributable to the ordinary equity holders of the Group: Basic loss per share (0.65 ) (0.65 ) Diluted loss per share (0.65 ) (0.65 ) (b) Reconciliation of loss used in calculating loss per share 31 December 31 December Basic loss per share Loss attributable to the ordinary equity holders of the company used in calculating basic loss per share: (8,561,862 ) (5,640,258 ) Diluted loss per share Loss attributable to the ordinary equity holders of the company used in calculating diluted loss per share: (8,561,862 ) (5,640,258 ) (c) Weighted average number of shares used as the denominator 31 December 31 December Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share 1,323,432,372 868,327,981 |
Interest and Other Income (Tabl
Interest and Other Income (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Interest and Other Income [Abstract] | |
Schedule of interest and other income | 31 December 31 December Interest and other income Interest income 6,553 14,133 6,553 14,133 Other Income R&D tax incentive 1,883,325 1,855,172 COVID-19 relief 41,064 - 1,924,389 1,855,172 |
Loss for the Period (Tables)
Loss for the Period (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Loss for the Period [Abstract] | |
Schedule of loss for the period | 31 December 31 December Loss before income tax has been determined after: General and administration expenses Depreciation on fixed assets 12,417 14,390 Depreciation on leased assets 23,215 42,827 Employee expenses (non R&D related) 376,220 286,064 Consultant and director expenses 537,310 371,559 Audit, internal control and other assurance expenses 115,798 120,604 Corporate compliance expenses 372,697 194,569 Office rental 66,664 30,317 Other administrative and office expenses 332,784 358,599 Insurance expenses 258,582 329,057 Share-based payment expenses 1,577,720 - 3,673,407 1,747,986 Research and development expenses Employee expenses 1,072,468 1,356,509 Other research and development expenses 1 4,734,373 4,390,525 5,806,841 5,747,034 Other losses and gains Foreign exchange loss / (gain) 852,232 (127,825 ) 852,232 (127,825 ) (1) Other research and development expenses mainly consist of expenses paid for contracted research and development activities conducted by third parties on behalf of the Company. |
Financial Assets and Financia_2
Financial Assets and Financial Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Disclosure of redesignated financial assets and liabilities [abstract] | |
Schedule of trade and other receivables | 31 December 30 June Current Non- Total Current Non- Total R&D tax incentive receivable 1,883,325 - 1,883,325 - - - Accrued interest income 5,240 - 5,240 12,584 - 12,584 Goods and services tax receivable 88,876 - 88,876 48,737 - 48,737 1,977,441 - 1,977,441 61,321 - 61,321 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of contributed equity | 31 December 30 June 31 December 30 June Ordinary shares - fully paid 2,030,949,978 1,037,358,032 194,893,304 160,703,754 |
Schedule of movements in ordinary share | Details Number of shares A$ Opening balance 1 July 2020 1,037,358,032 160,703,754 Shares issued during the year 993,591,946 36,562,055 Transaction costs - (2,372,505 ) Balance 31 December 2020 2,030,949,978 194,893,304 |
Schedule of details of shares issued during the current period | Issue price (1) Amount 2020 Details Number A$ A$ 2-Jul-2020 Issue of shares under ATM facility 47,646,000 0.033 1,562,055 23-Oct-2020 Issue of shares under private placement 271,251,007 0.037 10,036,287 24-Nov-2020 Issue of shares under private placement 674,694,939 0.037 24,963,713 993,591,946 36,562,055 |
Schedule of movements in accumulated losses | 31 December 31 December Balance at the beginning of the period 154,419,061 141,236,838 Net loss for the year 8,561,862 5,640,258 Impact of initial adoption of AASB 16 - 6,261 Balance at the end of the period 162,980,923 146,883,357 |
Schedule of options | 31 December 30 June 31 December 30 June Options over fully paid ordinary shares 70,550,000 21,550,000 2,443,841 866,121 The table below presents the movements in options during the half-year ended 31 December 2020. 2020 Details Number Amount 18-Sep-2020 Unlisted options issued to directors (ATHAAB) 49,000,000 1,577,720 49,000,000 1,577,720 Date Issued Quantity Grant Date Expiry Date Exercise price ($) Fair value at grant date per option ($)* . 18-Sep-2020 49,000,000 18-Sep-2020 17-Sep-2025 0.09 0.0322 49,000,000 * Rounded to the nearest four decimal points. |
Schedule of options free-attaching options | 31 December 30 June 31 December 30 June Free-attaching options 674,694,939 - - - The table below presents the movements in free-attaching options during the half-year ended 31 December 2020. 2020 Details Number Amount 24-Nov-2020 Unlisted free-attaching options issued to Tranche 2 investors 674,694,939 - 674,694,939 - Date Issued Quantity Grant Date Expiry Date Exercise price ($) Fair value at grant date per option ($) . 24-Nov-2020 674,694,939 24-Nov-2020 23-Nov-2023 0.07 - 674,694,939 |
Reconciliation of Profit Afte_2
Reconciliation of Profit After Income Tax to Net Cash Flow from Operating Activities (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Reconciliation of profit after income tax to net cash flow from operating activities [Abstract] | |
Schedule of profit after income tax to net cash flow from operating activities | 31 December 31 December Loss for the period 8,561,862 5,640,258 Depreciation on fixed assets (12,417 ) (57,217 ) Depreciaton on leased assets (23,215 ) - Other - 6,261 Non-cash employee benefits expense - share-based payments (1,577,720 ) - Net foreign exchange differences (987,215 ) 127,825 (Increase)/decrease in provisions (62,547 ) 54,447 Increase/(decrease) in trade and other receivables 1,916,120 (2,949,539 ) Increase/(decrease) in other current assets (229,445 ) (322,036 ) Increase/(decrease) in other non-current assets - 72,979 (Increase)/decrease in trade and other payables (255,505 ) 93,776 (Increase)/decrease in other current liabilities 388 (70,344 ) (Increase)/decrease in other non-current liabilities - (10,784 ) 7,330,306 2,585,626 |
Significant Changes in the Cu_2
Significant Changes in the Current Reporting Period (Details) | 1 Months Ended |
Oct. 31, 2020 | |
Significant Changes in the Current Reporting Period (Textual) | |
Significant changes in the current reporting period, description | Alterity received commitments for a capital raising of A$35 million via a two tranche placement to Australian and international institutions and other unrelated sophisticated, professional or exempt investors. The Placement was fully subscribed and was conducted at $0.037, representing a discount of 25.7% to the 30-day VWAP and 24.8% discount to the 15-day VWAP prior to the trading halt. For every share allocated in tranche two of the placement, one option was issued. The option has an exercise price of A$0.07 and an expiry date of three years post allotment. The first tranche was completed on 23 October 2020 with A$10 million received by the Company. The second tranche was completed on 24 November 2020 following approval by shareholders at the Annual General Meeting held on 18 November 2020. The remaining A$25 million was received by the Company at the same time. A total of 945,945,946 shares and 674,694,939 free-attaching options were issued across both tranches. |
Dividends (Details)
Dividends (Details) - AUD ($) | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends (Textual) | ||
Dividends |
Loss Per Share (Details)
Loss Per Share (Details) - $ / shares | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loss per share for profit attributable to the ordinary equity holders of the Group: | ||
Basic loss per share | $ (0.65) | $ (0.65) |
Diluted loss per share | $ (0.65) | $ (0.65) |
Basic loss per share | ||
Loss attributable to the ordinary equity holders of the company used in calculating basic loss per share: | (8,561,862) | (5,640,258) |
Diluted loss per share | ||
Loss attributable to the ordinary equity holders of the company used in calculating diluted loss per share: | (8,561,862) | (5,640,258) |
(d) Weighted average number of shares used as denominator | ||
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share | 1,323,432,372 | 868,327,981 |
Interest and Other Income (Deta
Interest and Other Income (Details) - AUD ($) | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and other income | ||
Interest income | $ 6,553 | $ 14,133 |
Total | 6,553 | 14,133 |
Other Income | ||
R&D tax incentive | 1,883,325 | 1,855,172 |
COVID-19 relief | 41,064 | |
Total | $ 1,924,389 | $ 1,855,172 |
Loss for the period (Details)
Loss for the period (Details) - AUD ($) | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
General and administration expenses | |||
Depreciation on fixed assets | $ 12,417 | $ 14,390 | |
Depreciation on leased assets | 23,215 | 42,827 | |
Employee expenses (non R&D related) | 376,220 | 286,064 | |
Consultant and director expenses | 537,310 | 371,559 | |
Audit, internal control and other assurance expenses | 115,798 | 120,604 | |
Corporate compliance expenses | 372,697 | 194,569 | |
Office rental | 66,664 | 30,317 | |
Other administrative and office expenses | 332,784 | 358,599 | |
Insurance expenses | 258,582 | 329,057 | |
Share-based payment expenses | 1,577,720 | ||
Total general and administration expense | 3,673,407 | 1,747,986 | |
Research and development expenses | |||
Employee expenses | 1,072,468 | 1,356,509 | |
Other research and development expenses | [1] | 4,734,373 | 4,390,525 |
Total research and development expenses | 5,806,841 | 5,747,034 | |
Other losses and gains | |||
Foreign exchange loss / (gain) | 852,232 | (127,825) | |
Loss for the period | $ 852,232 | $ (127,825) | |
[1] | Other research and development expenses mainly consist of expenses paid for contracted research and development activities conducted by third parties on behalf of the Company. |
Financial Assets and Financia_3
Financial Assets and Financial Liabilities (Details) - AUD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Disclosure of redesignated financial assets and liabilities [abstract] | ||
R&D tax incentive receivable, current | $ 1,855,562 | |
Accrued interest income, current | 5,240 | 12,584 |
Goods and services tax receivable, current | 88,876 | 48,737 |
Total trade and other receivables, current | 1,977,441 | 61,321 |
R&D tax incentive receivable, non-current | ||
Accrued interest income, non-current | ||
Goods and services tax receivable, non-current | ||
Total trade and other receivables, non-current | ||
R&D tax incentive receivable | 1,855,562 | |
Accrued interest income | 5,240 | 12,584 |
Goods and services tax receivable | 88,876 | 48,737 |
Total trade and other receivables | $ 1,977,441 | $ 61,321 |
Financial Assets and Financia_4
Financial Assets and Financial Liabilities (Details Textual) | 12 Months Ended |
Jun. 30, 2020AUD ($) | |
Financial Assets and Financial Liabilities (Textual) | |
Refundable cash offset | $ 3,396,726 |
Equity (Details)
Equity (Details) - AUD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Equity [Abstract] | ||
Ordinary shares - fully paid | $ 194,893,304 | $ 160,703,754 |
Ordinary shares - fully paid, shares | 2,030,949,978 | 1,037,358,032 |
Equity (Details 1)
Equity (Details 1) | 6 Months Ended |
Dec. 31, 2020AUD ($)shares | |
Equity [Abstract] | |
Opening balance | $ | $ 160,703,754 |
Opening balance, shares | shares | 1,037,358,032 |
Shares issued during the year | $ | $ 36,562,055 |
Shares issued during the year, shares | shares | 993,591,946 |
Transaction costs | $ | $ (2,372,505) |
Transaction costs, shares | shares | |
Ending balance | $ | $ 194,893,304 |
Ending balance, shares | shares | 2,030,949,978 |
Equity (Details 2)
Equity (Details 2) - AUD ($) | Nov. 24, 2020 | Oct. 23, 2020 | Jul. 02, 2020 | Dec. 31, 2020 | |
Equity [Abstract] | |||||
Number Issue of shares under ATM facility | 47,646,000 | ||||
Issue price of shares under ATM facility | [1] | $ 0.033 | |||
Issue of shares under ATM facility | $ 1,562,055 | ||||
Number of Issue of shares under private placement | 674,694,939 | 271,251,007 | |||
Issue price of shares under private placement | [1] | $ 0.037 | $ 0.037 | ||
Issue of shares under private placement | $ 24,963,713 | $ 10,036,287 | |||
Total number of shares issued | 993,591,946 | ||||
Total value of shares issued | $ 36,562,055 | ||||
[1] | Reflects the issue price rounded to the nearest three decimal places |
Equity (Details 3)
Equity (Details 3) - AUD ($) | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||
Balance at the beginning of the period | $ 154,419,061 | $ 141,236,838 |
Net loss for the year | 8,561,862 | 5,640,258 |
Impact of initial adoption of AASB 16 | 6,261 | |
Balance at the end of the period | $ 162,980,923 | $ 146,883,357 |
Equity (Details 4)
Equity (Details 4) - AUD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Equity [Abstract] | ||
Options over fully paid ordinary shares | $ 2,443,841 | $ 866,121 |
Options over fully paid ordinary shares, shares | 70,550,000 | 21,550,000 |
Equity (Details 5)
Equity (Details 5) - Options [Member] | 6 Months Ended |
Dec. 31, 2020AUD ($)shares | |
Statement Line Items [Line Items] | |
Issued Date | Sep. 18, 2020 |
stock option shares issued value | $ | $ 1,577,720 |
Number of stock option shares issued | shares | 49,000,000 |
Unlisted options issued to directors (ATHAAB) [Member] | |
Statement Line Items [Line Items] | |
stock option shares issued value | $ | $ 1,577,720 |
Number of stock option shares issued | shares | 49,000,000 |
Equity (Details 6)
Equity (Details 6) - Options [Member] | 6 Months Ended | |
Dec. 31, 2020$ / sharesshares | ||
Statement Line Items [Line Items] | ||
Issued Date | Sep. 18, 2020 | |
Number of shares quantity | shares | 49,000,000 | |
Number of shares quantity, total | shares | 49,000,000 | |
Grant Date | 18-Sep-2020 | |
Expiry Date | 17-Sep-2025 | |
Exercise price | $ / shares | $ 0.09 | |
Fair value at grant date per option | $ / shares | $ 0.0322 | [1] |
[1] | Rounded to the nearest four decimal points. |
Equity (Details 7)
Equity (Details 7) - Free-attaching options [Member] - AUD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Statement Line Items [Line Items] | ||
Free-attaching options, value | ||
Free-attaching options, shares | 674,694,939 |
Equity (Details 8)
Equity (Details 8) - Free-attaching options [Member] | 6 Months Ended |
Dec. 31, 2020AUD ($)shares | |
Statement Line Items [Line Items] | |
Issued Date | Nov. 24, 2020 |
stock option shares issued value | $ | |
Number of stock option shares issued | shares | 674,694,939 |
Unlisted free-attaching options issued to Tranche 2 investors [Member] | |
Statement Line Items [Line Items] | |
stock option shares issued value | $ | |
Number of stock option shares issued | shares | 674,694,939 |
Equity (Details 9)
Equity (Details 9) - Free-attaching options [Member] | 6 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Statement Line Items [Line Items] | |
Issued Date | Nov. 24, 2020 |
Number of shares quantity | shares | 674,694,939 |
Number of shares quantity, total | shares | 674,694,939 |
Grant Date | 24-Nov-2020 |
Expiry Date | 23-Nov-2023 |
Exercise price | $ / shares | $ 0.07 |
Fair value at grant date per option | $ / shares |
Reconciliation of Profit Afte_3
Reconciliation of Profit After Income Tax to Net Cash Flow from Operating Activities (Details) - AUD ($) | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of profit after income tax to net cash flow from operating activities [Abstract] | ||
Loss for the period | $ (8,561,862) | $ (5,640,258) |
Depreciation on fixed assets | (12,417) | (57,217) |
Depreciaton on leased assets | (23,215) | |
Other | 6,261 | |
Non-cash employee benefits expense - share-based payments | (1,577,720) | |
Net foreign exchange differences | (987,215) | 127,825 |
(Increase)/decrease in provisions | (62,547) | 54,447 |
Increase/(decrease) in trade and other receivables | 1,916,120 | (2,949,539) |
Increase/(decrease) in other current assets | (229,445) | (322,036) |
Increase/(decrease) in other non-current assets | 72,979 | |
(Increase)/decrease in trade and other payables | (255,505) | 93,776 |
(Increase)/decrease in other current liabilities | 388 | (70,344) |
(Increase)/decrease in other non-current liabilities | (10,784) | |
Net cash flows used in operating activities | $ (7,330,306) | $ (2,585,626) |
Related Party Transactions (Det
Related Party Transactions (Details) | 6 Months Ended |
Dec. 31, 2020AUD ($) | |
Related Party Transactions (Textual) | |
Advisory fees | $ 150,000 |
Events Occurring after the Re_2
Events Occurring after the Reporting Period (Details) | Dec. 31, 2020$ / sharesshares |
Events Occurring After the Reporting Period (Textual) | |
Shares issued through at market facility | shares | 53,066,700 |
Price per share | $ / shares | $ 0.0504 |
Significant Estimates and Ass_2
Significant Estimates and Assumptions (Details) | 6 Months Ended |
Dec. 31, 2020AUD ($) | |
Significant Estimates and Assumptions (Textual) | |
Other income recognise to this amount | $ 1,883,325 |
Research and development, description | A refundable research and development tax incentive offset of 43.5%, equivalent to a deduction of 150%, will be available to eligible small companies with an annual aggregate turnover of less than A$20 million. Eligible companies can receive a refundable research and development tax incentive offset of 43.5% of their research and development spending. |