Document And Entity Information
Document And Entity Information | 6 Months Ended |
Dec. 31, 2021 | |
Document Information Line Items | |
Entity Registrant Name | ALTERITY THERAPEUTICS LTD |
Document Type | 6-K |
Current Fiscal Year End Date | --06-30 |
Amendment Flag | false |
Entity Central Index Key | 0001131343 |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
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, 2021 | Dec. 31, 2020 | |
Income | ||
Interest income | $ 1,350 | $ 6,553 |
Other income | 2,359,198 | 1,924,389 |
Expenses | ||
Intellectual property expenses | (205,896) | (160,304) |
General and administration expenses | (3,194,790) | (3,673,407) |
Research and development expenses | (6,761,542) | (5,806,841) |
Other operating expenses | (624) | (20) |
Other gains/(losses) | 1,218,745 | (852,232) |
Loss for the period | (6,583,559) | (8,561,862) |
Loss before income tax | (6,583,559) | (8,561,862) |
Income tax expense | ||
Other comprehensive loss | ||
Other comprehensive income for the period, net of tax | ||
Total comprehensive loss for the period | $ (6,583,559) | $ (8,561,862) |
Loss per share for profit attributable to the ordinary equity holders of the Group: | ||
Basic loss per share (in Dollars per share) | $ (0.27) | $ (0.65) |
Diluted loss per share (in Dollars per share) | $ (0.27) | $ (0.65) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position (Unaudited) - AUD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 37,002,201 | $ 28,115,516 |
Trade and other receivables | 6,260,577 | 4,277,677 |
Other current assets | 1,599,963 | 1,095,753 |
Total current assets | 44,862,741 | 33,488,946 |
Non-current assets | ||
Property, plant and equipment | 27,270 | 31,313 |
Right-of-use assets | 41,039 | 65,495 |
Total non-current assets | 68,309 | 96,808 |
Total assets | 44,931,050 | 33,585,754 |
Current liabilities | ||
Trade and other payables | 3,134,160 | 2,502,509 |
Provisions | 613,098 | 537,368 |
Other current liabilities | 15,167 | 27,746 |
Total current liabilities | 3,762,425 | 3,067,623 |
Non-current liabilities | ||
Provisions | 12,907 | 9,768 |
Other non-current liabilities | 26,727 | 37,903 |
Total non-current liabilities | 39,634 | 47,671 |
Total liabilities | 3,802,059 | 3,115,294 |
Net assets | 41,128,991 | 30,470,460 |
EQUITY | ||
Contributed equity | 213,814,776 | 197,447,990 |
Reserves | 3,626,188 | 2,750,884 |
Accumulated losses | (176,311,973) | (169,728,414) |
Total equity | $ 41,128,991 | $ 30,470,460 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity (Unaudited) - AUD ($) | Contributed equity | Reserves | Accumulated losses | Total |
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. 30, 2020 | 194,893,304 | 2,443,841 | (162,980,923) | 34,356,222 |
Balance at Jun. 30, 2021 | 197,447,990 | 2,750,884 | (169,728,414) | 30,470,460 |
Total comprehensive income for the period | (6,583,559) | |||
Balance at Dec. 31, 2021 | 41,128,991 | |||
Balance at Jun. 30, 2021 | 197,447,990 | 2,750,884 | (169,728,414) | 30,470,460 |
Loss for the period | (6,583,559) | (6,583,559) | ||
Total comprehensive income for the period | (6,583,559) | (6,583,559) | ||
Transactions with owners in their capacity as owners: | ||||
Issue of ordinary shares | 17,176,040 | 17,176,040 | ||
Share-based payment expenses | 875,304 | 875,304 | ||
Transaction costs | (809,254) | (809,254) | ||
Total transactions with owners in their capacity as owners | 16,366,786 | 875,304 | 17,242,090 | |
Balance at Dec. 30, 2021 | $ 213,814,776 | $ 3,626,188 | $ (176,311,973) | $ 41,128,991 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - AUD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Payments to suppliers and employees | $ (9,002,490) | $ (7,385,267) |
COVID-19 government relief | 103,338 | 53,564 |
Other grant received | 225,746 | |
Interest received | 1,352 | 1,397 |
Net cash (outflow) from operating activities | (8,672,054) | (7,330,306) |
Cash flows from investing activities | ||
Payments for property, plant and equipment | (2,559) | (2,494) |
Net cash (outflow) from investing activities | (2,559) | (2,494) |
Cash flows from financing activities | ||
Proceeds from issues of shares and other equity securities | 17,176,040 | 36,562,055 |
Transaction costs relating to issue of equity | (809,254) | (2,372,505) |
Principle elements of lease payments | (23,755) | (24,249) |
Net cash inflow from financing activities | 16,343,031 | 34,165,301 |
Net increase in cash and cash equivalents | 7,668,418 | 26,832,501 |
Cash and cash equivalents at the beginning of the financial year | 28,115,516 | 9,196,892 |
Effects of exchange rate changes on cash and cash equivalents | 1,218,267 | (987,215) |
Cash and cash equivalents at end of period | $ 37,002,201 | $ 35,042,178 |
Basis of Preparation of Half-Ye
Basis of Preparation of Half-Year Report | 6 Months Ended |
Dec. 31, 2021 | |
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 2021 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 2021 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. (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, 2021 | |
Significant Changes In Current Reporting Period [Abstract] | |
Significant changes in the current reporting period | 2 Significant changes in the current reporting period In July 2021, the Group raised A$17,176,040 by issuing 322,857,900 shares at $0.0532 per share through the use of its “at-the-market” (ATM) facility to fund working capital and progress its research and development activities. There have been no other significant changes in the state of affairs of the Company during the period. |
Segment Information
Segment Information | 6 Months Ended |
Dec. 31, 2021 | |
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, 2021 | |
Dividends [Abstract] | |
Dividends | 4 Dividends The Group has not declared any dividends in the period ended 31 December 2021 (2020: nil |
Loss Per Share
Loss Per Share | 6 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Loss per share | 5 Loss per share (a) Basic and diluted loss per share 31 December 31 December 2021 2020 Loss per share for profit attributable to the ordinary equity holders of the Group: Basic loss per share (0.27 ) (0.65 ) Diluted loss per share (0.27 ) (0.65 ) (b) Reconciliation of loss used in calculating loss per share 31 December 31 December 2021 2020 Basic loss per share Loss attributable to the ordinary equity holders of the company used in calculating basic loss per share: (6,583,559 ) (8,561,862 ) Diluted loss per share Loss attributable to the ordinary equity holders of the company used in calculating diluted loss per share: (6,583,559 ) (8,561,862 ) (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 2,405,110,327 1,323,432,372 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, 2021 | |
Interest and Other Income [Abstract] | |
Interest and other income | 6 Interest and other income 31 December 31 December 2021 2020 Interest and other income Interest income 1,350 6,553 1,350 6,553 Other Income R&D tax incentive 2,133,452 1,883,325 COVID-19 relief - 41,064 Other grant (1) 225,746 - 2,359,198 1,924,389 1 Other grants relates to the receipt of grant funding awarded by Michael J. Fox Foundation during the period ended 31 December 2021. |
Loss for the Period
Loss for the Period | 6 Months Ended |
Dec. 31, 2021 | |
Loss for the Period [Abstract] | |
Loss for the period | 7 Loss for the period 31 December 31 December 2021 2020 Loss before income tax has been determined after: General and administration expenses Depreciation on fixed assets 6,602 12,417 Depreciation on leased assets 24,934 23,215 Employee expenses (non R&D related) 370,564 376,220 Consultant and director expenses 242,563 387,310 Audit, internal control and other assurance expenses 109,398 115,798 Corporate compliance expenses 217,776 372,697 Office rental 30,458 66,664 Other administrative and office expenses 503,885 332,784 Insurance expenses 324,798 258,582 Share-based payment expenses 875,304 1,577,720 Corporate advisory 488,508 150,000 3,194,790 3,673,407 Research and development expenses Employee expenses 1,192,238 1,072,468 Other research and development expenses 1 5,569,304 4,734,373 6,761,542 5,806,841 Other gains and losses Foreign exchange (gain)/ loss (1,218,745 ) 852,232 (1,218,745 ) 852,232 (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 Group. |
Financial Assets and Financial
Financial Assets and Financial Liabilities | 6 Months Ended |
Dec. 31, 2021 | |
Financial Assets and Financial 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 A$ A$ A$ A$ A$ A$ R&D tax incentive receivable 6,259,819 - 6,259,819 4,126,364 - 4,126,364 Accrued interest income 267 - 267 269 - 269 Goods and services tax receivable 491 - 491 47,706 - 47,706 Other receivable - - - 103,338 - 103,338 6,260,577 - 6,260,577 4,277,677 - 4,277,677 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). A 43.5% R&D Tax incentive refundable tax offset is available to eligible small companies with an annual aggregate turnover of less than $20 million. For the year ended 30 June 2021 and half-year ended 31 December 2021, the Group recorded $4,126,364 and $2,133,722 respectively in other income and receivables. (i) Classification as trade and other receivables Trade receivables and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. If collection of the amounts is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets. Trade and other receivables are generally due for settlement within one year and therefore are all classified as current. (b) Recognised fair value measurements The financial instruments recognised at fair value in the statement of financial position have been analysed and classified using a fair value hierarchy reflecting the significance of the inputs used in making the measurements. The fair value hierarchy consists of the following levels: ● quoted prices in active markets for identical assets or liabilities (Level 1); ● inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and ● inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level3). During the period, none of the Group’s assets and liabilities had their fair value determined using the fair value hierarchy. No transfers between the levels of the fair value hierarchy occurred during the current or previous periods. |
Equity
Equity | 6 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity | 9 Equity (a) Contributed equity 31 December 30 June 31 December 30 June Ordinary shares - fully paid 2,406,874,578 2,084,016,678 213,814,776 197,447,990 Movements in ordinary share: Details Number of shares A$ Opening balance 1 July 2021 2,084,016,678 197,447,990 Shares issued during the year 322,857,900 17,176,040 Transaction costs - (809,254 ) Balance 31 December 2021 2,406,874,578 213,814,776 Details of shares issued during the current period: Issue price Amount Details Number A$ A$ 2-Jul-2021 Issue of shares under ATM facility 322,857,900 0.0532 17,176,040 322,857,900 17,176,040 (b) Accumulated losses Movements in accumulated losses were as follows: 31 December 31 December Balance at the beginning of the period 169,728,414 154,419,061 Net loss for the period 6,583,559 8,561,862 Balance at the end of the period 176,311,973 162,980,923 (c) Reserves (i) Options 31 December 30 June 31 December 30 June Options over fully paid ordinary shares 205,692,720 160,542,720 3,626,188 2,750,884 The table below presents the movements in options granted and issued during the half-year ended 31 December 2021. Details Number Amount 8-Dec-2021 Unlisted options issued to consultant 12,000,000 326,544 8-Dec-2021 Unlisted options issued to employees 13,900,000 13,326 8-Dec-2021 Unlisted options issued to employees 19,250,000 18,816 45,150,000 358,686 Date issued Quantity Grant Date Expiry Date Exercise price ($) date per option ($) * 08-Dec-2021 12,000,000 31-Jul-2021 31-Jul-2024 $ 0.0700 $ 0.0272 08-Dec-2021 13,900,000 29-Nov-2021 29-Nov-2026 $ 0.0238 $ 0.0210 08-Dec-2021 19,250,000 29-Nov-2021 29-Nov-2026 $ 0.0375 $ 0.0214 45,150,000 * Rounded to the nearest four decimal points. (ii) Free-attaching options 31 December 30 June 31 December 30 June Free-attaching options 674,694,939 674,694,939 - - There was no movement during the half-year ended 31 December 2021. 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, 2021 | |
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 6,583,559 8,561,862 Depreciation on fixed assets (6,602 ) (12,417 ) Depreciation on leased assets (24,934 ) (23,215 ) Non-cash employee benefits expense - share-based payments (875,304 ) (1,577,720 ) Net foreign exchange differences 1,218,745 (987,215 ) (Increase)/decrease in provisions (78,869 ) (62,547 ) Increase/(decrease) in trade and other receivables 1,982,900 1,916,120 Increase/(decrease) in other current assets 504,210 (229,445 ) (Increase)/decrease in trade and other payables (631,651 ) (255,505 ) (Increase)/decrease in other current liabilities - 388 8,672,054 7,330,306 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2021 | |
Related party transactions [Abstract] | |
Related party transactions | 11 Related party transactions During the half-year ended 31 December 2021 the Group paid a total of A$37,500 (excl. GST) in corporate advisory fees to Montoya Pty Ltd, an associated entity of Mr. Lawrence Gozlan, a director of the Group and A$101,400 (excl. GST) in corporate advisory fees to Kemdev Pty Ltd, an associated entity of Mr. Geoffrey Kempler. A$75,000 (excl. GST) is payable to Kemdev Pty Ltd at the end of the period. 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, 2021 | |
Events Occurring after the Reporting Period [Abstract] | |
Events occurring after the reporting period | 12 Events occurring after the reporting period Resignation of Non-Executive Directors On 4 January 2022 Dr. David Sinclair and Mr. Tristan Edwards resigned as Non-Executive Directors of the Group. Options issued under the ESOP Plan to Dr. Sinclair (7,000,000) and Mr. Edwards (7,000,000) as approved in September 2020 were forfeited and cancelled upon resignation. 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, 2021 | |
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 The Australian Government replaced the research and development tax concession with the research and development tax incentive from 1 July 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 1 July 2011. A 43.5% 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 31 December 2021 the Group has recorded an item in other income of $A2,133,452 (31 Dec 2020: $1,883,325) to recognise this amount which relates to this period. On 7 October 2020, the Treasury Laws Amendment (A Tax Plan for the Covid-19 Economic Recovery Bill 2020) was introduced to the Parliament. This legislation supersedes the Treasury Laws Amendment (Research and Development Incentive) Bill 2019. Under the amendments, commencing 1 July 2021, the refundable tax offset rate for companies with aggregated turnover below $20 million would become 18.5% above the companies tax rate and the R&D expenditure threshold would be increased from $100 million to $150 million. Management does not consider the rate reduction or the refund cap has material impact towards the Group’s R&D tax incentive claim for the next financial year going forward. The rate reduction has no material impact on the R&D tax incentive estimate reported in financial statements for the half-year ended 31 December 2021. |
Covid-19 Impact on Business
Covid-19 Impact on Business | 6 Months Ended |
Dec. 31, 2021 | |
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. |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of earnings per share [text block] [Abstract] | |
Schedule of earning loss per share | 31 December 31 December 2021 2020 Loss per share for profit attributable to the ordinary equity holders of the Group: Basic loss per share (0.27 ) (0.65 ) Diluted loss per share (0.27 ) (0.65 ) 31 December 31 December 2021 2020 Basic loss per share Loss attributable to the ordinary equity holders of the company used in calculating basic loss per share: (6,583,559 ) (8,561,862 ) Diluted loss per share Loss attributable to the ordinary equity holders of the company used in calculating diluted loss per share: (6,583,559 ) (8,561,862 ) 31 December 31 December Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share 2,405,110,327 1,323,432,372 |
Interest and Other Income (Tabl
Interest and Other Income (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Interest and Other Income [Abstract] | |
Schedule of interest and other income | 31 December 31 December 2021 2020 Interest and other income Interest income 1,350 6,553 1,350 6,553 Other Income R&D tax incentive 2,133,452 1,883,325 COVID-19 relief - 41,064 Other grant (1) 225,746 - 2,359,198 1,924,389 1 Other grants relates to the receipt of grant funding awarded by Michael J. Fox Foundation during the period ended 31 December 2021. |
Loss for the Period (Tables)
Loss for the Period (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Loss for the Period [Abstract] | |
Schedule of loss for the period | 31 December 31 December 2021 2020 Loss before income tax has been determined after: General and administration expenses Depreciation on fixed assets 6,602 12,417 Depreciation on leased assets 24,934 23,215 Employee expenses (non R&D related) 370,564 376,220 Consultant and director expenses 242,563 387,310 Audit, internal control and other assurance expenses 109,398 115,798 Corporate compliance expenses 217,776 372,697 Office rental 30,458 66,664 Other administrative and office expenses 503,885 332,784 Insurance expenses 324,798 258,582 Share-based payment expenses 875,304 1,577,720 Corporate advisory 488,508 150,000 3,194,790 3,673,407 Research and development expenses Employee expenses 1,192,238 1,072,468 Other research and development expenses 1 5,569,304 4,734,373 6,761,542 5,806,841 Other gains and losses Foreign exchange (gain)/ loss (1,218,745 ) 852,232 (1,218,745 ) 852,232 |
Financial Assets and Financia_2
Financial Assets and Financial Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Financial Assets and Financial Liabilities [Abstract] | |
Schedule of trade and other receivables | 31 December 30 June Current Non- Total Current Non- Total A$ A$ A$ A$ A$ A$ R&D tax incentive receivable 6,259,819 - 6,259,819 4,126,364 - 4,126,364 Accrued interest income 267 - 267 269 - 269 Goods and services tax receivable 491 - 491 47,706 - 47,706 Other receivable - - - 103,338 - 103,338 6,260,577 - 6,260,577 4,277,677 - 4,277,677 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of contributed equity | 31 December 30 June 31 December 30 June Ordinary shares - fully paid 2,406,874,578 2,084,016,678 213,814,776 197,447,990 |
Schedule of movements in ordinary share | Details Number of shares A$ Opening balance 1 July 2021 2,084,016,678 197,447,990 Shares issued during the year 322,857,900 17,176,040 Transaction costs - (809,254 ) Balance 31 December 2021 2,406,874,578 213,814,776 |
Schedule of details of shares issued during the current period | Issue price Amount Details Number A$ A$ 2-Jul-2021 Issue of shares under ATM facility 322,857,900 0.0532 17,176,040 322,857,900 17,176,040 |
Schedule of movements in accumulated losses | 31 December 31 December Balance at the beginning of the period 169,728,414 154,419,061 Net loss for the period 6,583,559 8,561,862 Balance at the end of the period 176,311,973 162,980,923 |
Schedule of options | 31 December 30 June 31 December 30 June Options over fully paid ordinary shares 205,692,720 160,542,720 3,626,188 2,750,884 |
Schedule of presents the movements in options granted and issued | Details Number Amount 8-Dec-2021 Unlisted options issued to consultant 12,000,000 326,544 8-Dec-2021 Unlisted options issued to employees 13,900,000 13,326 8-Dec-2021 Unlisted options issued to employees 19,250,000 18,816 45,150,000 358,686 |
Schedule of fair value at grant date per option | Date issued Quantity Grant Date Expiry Date Exercise price ($) date per option ($) * 08-Dec-2021 12,000,000 31-Jul-2021 31-Jul-2024 $ 0.0700 $ 0.0272 08-Dec-2021 13,900,000 29-Nov-2021 29-Nov-2026 $ 0.0238 $ 0.0210 08-Dec-2021 19,250,000 29-Nov-2021 29-Nov-2026 $ 0.0375 $ 0.0214 45,150,000 |
Schedule of options free-attaching options | 31 December 30 June 31 December 30 June Free-attaching options 674,694,939 674,694,939 - - |
Reconciliation of Profit Afte_2
Reconciliation of Profit After Income Tax to Net Cash Flow From Operating Activities (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of profit (loss) from operating activities [text block] [Abstract] | |
Schedule of profit after income tax to net cash flow from operating activities | 31 December 31 December Loss for the period 6,583,559 8,561,862 Depreciation on fixed assets (6,602 ) (12,417 ) Depreciation on leased assets (24,934 ) (23,215 ) Non-cash employee benefits expense - share-based payments (875,304 ) (1,577,720 ) Net foreign exchange differences 1,218,745 (987,215 ) (Increase)/decrease in provisions (78,869 ) (62,547 ) Increase/(decrease) in trade and other receivables 1,982,900 1,916,120 Increase/(decrease) in other current assets 504,210 (229,445 ) (Increase)/decrease in trade and other payables (631,651 ) (255,505 ) (Increase)/decrease in other current liabilities - 388 8,672,054 7,330,306 |
Significant Changes in The Cu_2
Significant Changes in The Current Reporting Period (Details) | 1 Months Ended |
Jul. 31, 2021AUD ($)$ / sharesshares | |
Significant Changes In Current Reporting Period [Abstract] | |
Company issued amount | $ | $ 17,176,040 |
Number Of Shares Issued | shares | 322,857,900 |
Price per share | $ / shares | $ 0.0532 |
Dividends (Details)
Dividends (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends [Abstract] | ||
Dividends |
Loss Per Share (Details) - Sche
Loss Per Share (Details) - Schedule of earning loss per share - AUD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loss per share for profit attributable to the ordinary equity holders of the Group: | ||
Basic loss per share | $ (0.27) | $ (0.65) |
Diluted loss per share | $ (0.27) | $ (0.65) |
Basic loss per share | ||
Loss attributable to the ordinary equity holders of the company used in calculating basic loss per share: | $ (6,583,559) | $ (8,561,862) |
Diluted loss per share | ||
Loss attributable to the ordinary equity holders of the company used in calculating diluted loss per share: | $ (6,583,559) | $ (8,561,862) |
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share | 2,405,110,327 | 1,323,432,372 |
Interest and Other Income (Deta
Interest and Other Income (Details) - Schedule of interest and other income - AUD ($) | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Interest and other income | |||
Interest income | $ 1,350 | $ 6,553 | |
Total | 1,350 | 6,553 | |
Other Income | |||
R&D tax incentive | 2,133,452 | 1,883,325 | |
COVID-19 relief | 41,064 | ||
Other grant | [1] | 225,746 | |
Total | $ 2,359,198 | $ 1,924,389 | |
[1] | Other grants relates to the receipt of grant funding awarded by Michael J. Fox Foundation during the period ended 31 December 2021. |
Loss for the Period (Details) -
Loss for the Period (Details) - Schedule of loss for the period - AUD ($) | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
General and administration expenses | |||
Depreciation on fixed assets | $ 6,602 | $ 12,417 | |
Depreciation on leased assets | 24,934 | 23,215 | |
Employee expenses (non R&D related) | 370,564 | 376,220 | |
Consultant and director expenses | 242,563 | 387,310 | |
Audit, internal control and other assurance expenses | 109,398 | 115,798 | |
Corporate compliance expenses | 217,776 | 372,697 | |
Office rental | 30,458 | 66,664 | |
Other administrative and office expenses | 503,885 | 332,784 | |
Insurance expenses | 324,798 | 258,582 | |
Share-based payment expenses | 875,304 | 1,577,720 | |
Corporate advisory | 488,508 | 150,000 | |
Total general and administration expense | 3,194,790 | 3,673,407 | |
Research and development expenses | |||
Employee expenses | 1,192,238 | 1,072,468 | |
Other research and development expenses | [1] | 5,569,304 | 4,734,373 |
Total research and development expenses | 6,761,542 | 5,806,841 | |
Other gains and losses | |||
Foreign exchange (gain)/ loss | (1,218,745) | 852,232 | |
Loss for the period | $ (1,218,745) | $ 852,232 | |
[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 Group. |
Financial Assets and Financia_3
Financial Assets and Financial Liabilities (Details) | 6 Months Ended |
Dec. 31, 2021AUD ($) | |
Disclosure of financial instruments [text block] [Abstract] | |
R&D tax incentive percentage | 43.50% |
Company annual aggregate turnover | $ 20,000,000 |
Other income | 4,126,364 |
Other receivables | $ 2,133,722 |
Financial Assets and Financia_4
Financial Assets and Financial Liabilities (Details) - Schedule of trade and other receivables - AUD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Schedule of trade and other receivables [Abstract] | ||
R&D tax incentive receivable, Current | $ 6,259,819 | $ 4,126,364 |
R&D tax incentive receivable, Non-current | ||
R&D tax incentive receivable, Total | 6,259,819 | 4,126,364 |
Accrued interest income, Current | 267 | 269 |
Accrued interest income, Non-current | ||
Accrued interest income, Total | 267 | 269 |
Goods and services tax receivable, Current | 491 | 47,706 |
Goods and services tax receivable, Non-current | ||
Goods and services tax receivable, Total | 491 | 47,706 |
Other receivable, Current | 103,338 | |
Other receivable, Non-current | ||
Other receivable, Total | 103,338 | |
Trade and other receivables, Current | 6,260,577 | 4,277,677 |
Trade and other receivables, Non-current | ||
Trade and other receivables, Total | $ 6,260,577 | $ 4,277,677 |
Equity (Details) - Schedule of
Equity (Details) - Schedule of contributed equity - AUD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Schedule of contributed equity [Abstract] | ||
Ordinary shares - fully paid, shares | 2,406,874,578 | 2,084,016,678 |
Ordinary shares - fully paid value | $ 213,814,776 | $ 197,447,990 |
Equity (Details) - Schedule o_2
Equity (Details) - Schedule of movements in ordinary share | 6 Months Ended |
Dec. 31, 2021AUD ($)shares | |
Schedule of movements in ordinary share [Abstract] | |
Opening balance, shares | shares | 2,084,016,678 |
Opening balance | $ | $ 197,447,990 |
Shares issued during the year, shares | shares | 322,857,900 |
Shares issued during the year | $ | $ 17,176,040 |
Transaction costs, shares | shares | |
Transaction costs | $ | $ | $ (809,254) |
Ending balance, shares | shares | 2,406,874,578 |
Ending balance | $ | $ 213,814,776 |
Equity (Details) - Schedule o_3
Equity (Details) - Schedule of details of shares issued during the current period | Jul. 02, 2021AUD ($)$ / sharesshares |
Schedule of details of shares issued during the current period [Abstract] | |
Number Issue of shares under ATM facility | shares | 322,857,900 |
Issue price Issue of shares under ATM facility | $ / shares | $ 0.0532 |
Amount Issue of shares under ATM facility | $ | $ 17,176,040 |
Total number of shares issued | shares | 322,857,900 |
Total value of shares issued | $ | $ 17,176,040 |
Equity (Details) - Schedule o_4
Equity (Details) - Schedule of movements in accumulated losses - AUD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of movements in accumulated losses [Abstract] | ||
Balance at the beginning of the period | $ 169,728,414 | $ 154,419,061 |
Net loss for the period | 6,583,559 | 8,561,862 |
Balance at the end of the period | $ 176,311,973 | $ 162,980,923 |
Equity (Details) - Schedule o_5
Equity (Details) - Schedule of options - AUD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Schedule of options [Abstract] | ||
Options over fully paid ordinary shares, shares | 205,692,720 | 160,542,720 |
Options over fully paid ordinary shares, value | $ 3,626,188 | $ 2,750,884 |
Equity (Details) - Schedule o_6
Equity (Details) - Schedule of presents the movements in options granted and issued | 6 Months Ended |
Dec. 31, 2021AUD ($)shares | |
Equity (Details) - Schedule of presents the movements in options granted and issued [Line Items] | |
Number of stock option shares issued | shares | 45,150,000 |
Stock option shares issued value | $ | $ 358,686 |
Unlisted options issued to consultant [Member] | |
Equity (Details) - Schedule of presents the movements in options granted and issued [Line Items] | |
Issued Date | Dec. 8, 2021 |
Number of stock option shares issued | shares | 12,000,000 |
Stock option shares issued value | $ | $ 326,544 |
Unlisted options issued to employees [Member] | |
Equity (Details) - Schedule of presents the movements in options granted and issued [Line Items] | |
Issued Date | Dec. 8, 2021 |
Number of stock option shares issued | shares | 13,900,000 |
Stock option shares issued value | $ | $ 13,326 |
Unlisted options issued to employees [Member[ | |
Equity (Details) - Schedule of presents the movements in options granted and issued [Line Items] | |
Issued Date | Dec. 8, 2021 |
Number of stock option shares issued | shares | 19,250,000 |
Stock option shares issued value | $ | $ 18,816 |
Equity (Details) - Schedule o_7
Equity (Details) - Schedule of fair value at grant date per option | 6 Months Ended | |
Dec. 31, 2021$ / sharesshares | ||
Equity (Details) - Schedule of fair value at grant date per option [Line Items] | ||
Quantity | shares | 45,150,000 | |
Date Issued One [Member] | ||
Equity (Details) - Schedule of fair value at grant date per option [Line Items] | ||
Date issued | Dec. 8, 2021 | |
Quantity | shares | 12,000,000 | |
Grant Date | 31-Jul-2021 | |
Expiry Date | 31-Jul-2024 | |
Exercise price | $ 0.07 | |
Fair value at grant date per option | $ 0.0272 | [1] |
Date Issued Two [Member] | ||
Equity (Details) - Schedule of fair value at grant date per option [Line Items] | ||
Date issued | Dec. 8, 2021 | |
Quantity | shares | 13,900,000 | |
Grant Date | 29-Nov-2021 | |
Expiry Date | 29-Nov-2026 | |
Exercise price | $ 0.0238 | |
Fair value at grant date per option | $ 0.021 | [1] |
Date Issued Three [Member] | ||
Equity (Details) - Schedule of fair value at grant date per option [Line Items] | ||
Date issued | Dec. 8, 2021 | |
Quantity | shares | 19,250,000 | |
Grant Date | 29-Nov-2021 | |
Expiry Date | 29-Nov-2026 | |
Exercise price | $ 0.0375 | |
Fair value at grant date per option | $ 0.0214 | [1] |
[1] | Rounded to the nearest four decimal points. |
Equity (Details) - Schedule o_8
Equity (Details) - Schedule of options free-attaching options - AUD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Schedule of options free-attaching options [Abstract] | ||
Free-attaching options, shares | 674,694,939 | 674,694,939 |
Free-attaching options, value |
Reconciliation of Profit Afte_3
Reconciliation of Profit After Income Tax to Net Cash Flow From Operating Activities (Details) - Schedule of profit after income tax to net cash flow from operating activities - AUD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of profit after income tax to net cash flow from operating activities [Abstract] | ||
Loss for the period | $ 6,583,559 | $ 8,561,862 |
Depreciation on fixed assets | (6,602) | (12,417) |
Depreciation on leased assets | (24,934) | (23,215) |
Non-cash employee benefits expense - share-based payments | (875,304) | (1,577,720) |
Net foreign exchange differences | 1,218,745 | (987,215) |
(Increase)/decrease in provisions | (78,869) | (62,547) |
Increase/(decrease) in trade and other receivables | 1,982,900 | 1,916,120 |
Increase/(decrease) in other current assets | 504,210 | (229,445) |
(Increase)/decrease in trade and other payables | (631,651) | (255,505) |
(Increase)/decrease in other current liabilities | 388 | |
Net cash flows used in operating activities | $ 8,672,054 | $ 7,330,306 |
Related Party Transactions (Det
Related Party Transactions (Details) | 6 Months Ended |
Dec. 31, 2021AUD ($) | |
Related Party Transactions (Details) [Line Items] | |
Advisory fees paid | $ 37,500 |
Lawrence Gozlan [Member] | |
Related Party Transactions (Details) [Line Items] | |
Advisory fees paid | 101,400 |
Geoffrey Kempler [Member] | |
Related Party Transactions (Details) [Line Items] | |
Advisory fees paid | $ 75,000 |
Events Occurring After the Re_2
Events Occurring After the Reporting Period (Details) | 1 Months Ended |
Sep. 30, 2020shares | |
Dr Sinclair [Member] | |
Events Occurring After the Reporting Period (Details) [Line Items] | |
Forfeited and cancelled | (7,000,000) |
Mr Edwards [Member] | |
Events Occurring After the Reporting Period (Details) [Line Items] | |
Forfeited and cancelled | (7,000,000) |
Significant Estimates and Ass_2
Significant Estimates and Assumptions (Details) - AUD ($) | Jul. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Significant Estimates and Assumptions (Details) [Line Items] | |||
Research and development, description | The research and development tax incentive applies to expenditure incurred and the use of depreciating assets in an income year commencing on or after 1 July 2011. A 43.5% 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. | ||
Description of other income | the Group has recorded an item in other income of $A2,133,452 | ||
Other income recognise amount | $ 1,883,325 | ||
Refundable tax offset rate value | $ 20,000,000 | ||
Refundable tax offset rate | 18.50% | ||
Bottom of range [member] | |||
Significant Estimates and Assumptions (Details) [Line Items] | |||
Research and development expenditure | $ 100,000,000 | ||
Top of range [member] | |||
Significant Estimates and Assumptions (Details) [Line Items] | |||
Research and development expenditure | $ 150,000,000 |