Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Trading Symbol | MESO |
Entity Registrant Name | MESOBLAST LTD |
Entity Central Index Key | 0001345099 |
Current Fiscal Year End Date | --06-30 |
Title of 12(b) Security | American Depositary Shares, each representing five Ordinary Shares |
Security Exchange Name | NASDAQ |
Entity File Number | 001-37626 |
Entity Incorporation, State or Country Code | C3 |
Entity Address Address Line1 | Level 38 |
Entity Address Address Line2 | 55 Collins Street |
Entity Address City Or Town | Melbourne |
Entity Address Postal Zip Code | 3000 |
Document Annual Report | true |
Document Transition Report | false |
Document Registration Statement | false |
Document Shell Company Report | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Address Country | AU |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 650,454,551 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Auditor Firm ID | 1379 |
Auditor Name | PricewaterhouseCoopers |
Auditor Location | Melbourne, Australia |
Business Contact | |
Document Information [Line Items] | |
Entity Address Address Line1 | Level 38 |
Entity Address Address Line2 | 55 Collins Street |
Entity Address City Or Town | Melbourne |
Entity Address Postal Zip Code | 3000 |
Contact Personnel Name | Silviu Itescu |
City Area Code | +61 (3) |
Local Phone Number | 9639 6036 |
Contact Personnel Fax Number | +61 (3) 9639 6030 |
Entity Address Country | AU |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 10,214 | $ 7,456 | $ 32,156 |
Research & development | (32,815) | (53,012) | (56,188) |
Manufacturing commercialization | (30,757) | (32,719) | (25,309) |
Management and administration | (27,210) | (30,867) | (25,609) |
Fair value remeasurement of contingent consideration | 913 | 18,687 | 1,380 |
Fair value remeasurement of warrant liability | 5,896 | ||
Other operating income and expenses | (539) | 1,539 | 324 |
Finance costs | (17,288) | (10,714) | (14,109) |
Loss before income tax | (91,586) | (99,630) | (87,355) |
Income tax benefit/(expense) | 239 | 819 | 9,415 |
Loss attributable to the owners of Mesoblast Limited | $ (91,347) | $ (98,811) | $ (77,940) |
Losses per share from continuing operations attributable to the ordinary equity holders of the Group: | |||
Basic - losses per share | $ (0.1408) | $ (0.1633) | $ (0.1474) |
Diluted - losses per share | $ (0.1408) | $ (0.1633) | $ (0.1474) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement Of Comprehensive Income [Abstract] | |||
Loss for the period | $ (91,347) | $ (98,811) | $ (77,940) |
Items that may be reclassified to profit and loss | |||
Exchange differences on translation of foreign operations | 91 | (1,524) | 1,146 |
Items that will not be reclassified to profit and loss | |||
Financial assets at fair value through other comprehensive income | (322) | 209 | (446) |
Other comprehensive (loss)/income for the period, net of tax | (231) | (1,315) | 700 |
Total comprehensive losses attributable to the owners of Mesoblast Limited | $ (91,578) | $ (100,126) | $ (77,240) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Issued Capital | Share Option Reserve | Investment Revaluation Reserve | Foreign Currency Translation Reserve | Warrant Reserve | Retained Earnings/ (accumulated losses) |
Beginning balance at Jun. 30, 2019 | $ 481,052 | $ 910,405 | $ 80,034 | $ 17 | $ (39,413) | $ (469,991) | |
Adjustment on adoption of IFRS 16 (net of tax) at Jun. 30, 2020 | (827) | (827) | |||||
Equity, adjusted opening balance at Jun. 30, 2019 | 480,225 | 910,405 | 80,034 | 17 | (39,413) | (470,818) | |
Loss for the period | (77,940) | (77,940) | |||||
Other comprehensive income/(loss) | 700 | (446) | 1,146 | ||||
Total comprehensive profit/(loss) for the period | (77,240) | (446) | 1,146 | (77,940) | |||
Transactions with owners in their capacity as owners: | |||||||
Contributions of equity net of transaction costs | 137,840 | 137,840 | |||||
Transactions with owners in their capacity as owners | 137,840 | 137,840 | |||||
Tax credited / (debited) to equity | 979 | 979 | |||||
Transfer of exercised options | 3,205 | (3,205) | |||||
Fair value of share-based payments | 7,522 | 7,522 | |||||
Increase (decrease) in equity | 8,501 | 3,205 | 5,296 | ||||
Ending balance at Jun. 30, 2020 | 549,326 | 1,051,450 | 85,330 | (429) | (38,267) | (548,758) | |
Loss for the period | (98,811) | (98,811) | |||||
Other comprehensive income/(loss) | (1,315) | 209 | (1,524) | ||||
Total comprehensive profit/(loss) for the period | (100,126) | 209 | (1,524) | (98,811) | |||
Transactions with owners in their capacity as owners: | |||||||
Contributions of equity net of transaction costs | 106,809 | 106,809 | |||||
Transactions with owners in their capacity as owners | 106,809 | 106,809 | |||||
Transfer of exercised options | 4,894 | (4,894) | |||||
Fair value of share-based payments | 12,510 | 12,510 | |||||
Issuance of warrants | 12,969 | $ 12,969 | |||||
Increase (decrease) in equity | 25,388 | 4,894 | 7,525 | 12,969 | |||
Tax credited / (debited) to equity | (91) | (91) | |||||
Ending balance at Jun. 30, 2021 | 581,397 | 1,163,153 | 92,855 | (220) | (39,791) | 12,969 | (647,569) |
Loss for the period | (91,347) | (91,347) | |||||
Other comprehensive income/(loss) | (231) | (322) | 91 | ||||
Total comprehensive profit/(loss) for the period | (91,578) | (322) | 91 | (91,347) | |||
Transactions with owners in their capacity as owners: | |||||||
Contributions of equity net of transaction costs | 1,928 | 1,928 | |||||
Transactions with owners in their capacity as owners | 1,928 | 1,928 | |||||
Tax credited / (debited) to equity | (239) | (239) | |||||
Transfer of exercised options | 228 | (228) | |||||
Fair value of share-based payments | 5,536 | 5,536 | |||||
Increase (decrease) in equity | 5,297 | 228 | 5,069 | ||||
Ending balance at Jun. 30, 2022 | $ 497,044 | $ 1,165,309 | $ 97,924 | $ (542) | $ (39,700) | $ 12,969 | $ (738,916) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Current Assets | ||
Cash & cash equivalents | $ 60,447 | $ 136,881 |
Trade & other receivables | 4,403 | 4,842 |
Prepayments | 4,987 | 6,504 |
Total Current Assets | 69,837 | 148,227 |
Non-Current Assets | ||
Property, plant and equipment | 2,045 | 3,021 |
Right-of-use assets | 7,920 | 9,119 |
Financial assets at fair value through other comprehensive income | 1,758 | 2,080 |
Other non-current assets | 1,930 | 1,724 |
Intangible assets | 578,652 | 580,546 |
Total Non-Current Assets | 592,305 | 596,490 |
Total Assets | 662,142 | 744,717 |
Current Liabilities | ||
Trade and other payables | 23,079 | 19,598 |
Provisions | 17,906 | 18,710 |
Borrowings | 5,017 | 53,200 |
Lease liabilities | 3,186 | 2,765 |
Warrant liability | 2,185 | |
Total Current Liabilities | 51,373 | 94,273 |
Non-Current Liabilities | ||
Provisions | 12,523 | 17,017 |
Borrowings | 91,617 | 41,045 |
Lease liabilities | 7,085 | 8,485 |
Deferred consideration | 2,500 | 2,500 |
Total Non-Current Liabilities | 113,725 | 69,047 |
Total Liabilities | 165,098 | 163,320 |
Net Assets | 497,044 | 581,397 |
Equity | ||
Issued Capital | 1,165,309 | 1,163,153 |
Reserves | 70,651 | 65,813 |
(Accumulated losses)/retained earnings | (738,916) | (647,569) |
Total Equity | $ 497,044 | $ 581,397 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | |||
Commercialization revenue received | $ 9,980 | $ 6,121 | $ 7,676 |
Upfront and milestone payments received | 17,500 | ||
Government grants and tax incentives received | 24 | 68 | 1,577 |
Payments to suppliers and employees (inclusive of goods and services tax) | (75,769) | (106,920) | (77,710) |
Interest received | 7 | 17 | 546 |
Income taxes paid | (24) | (35) | (7) |
Net cash (outflows) in operating activities | (65,782) | (100,749) | (50,418) |
Cash flows from investing activities | |||
Investment in fixed assets | (157) | (1,647) | (2,096) |
Payments for contingent consideration | (1,027) | ||
Payments for licenses | (75) | (150) | |
Net cash (outflows) in investing activities | (232) | (1,647) | (3,273) |
Cash flows from financing activities | |||
Proceeds from borrowings | 51,919 | 512 | |
Repayment of borrowings | (55,458) | (512) | |
Payment of transaction costs from borrowings | (5,527) | (13) | |
Interest and other costs of finance paid | (6,084) | (5,932) | (5,947) |
Proceeds from issue of shares | 209 | 106,268 | 144,946 |
Proceeds from issue of warrants | 8,081 | 12,969 | |
Payments for share issue costs | (222) | (1,827) | (6,277) |
Payments for lease liabilities | (2,788) | (2,931) | (1,625) |
Net cash (outflows)/inflows by financing activities | (9,870) | 108,534 | 131,097 |
Net (decrease)/increase in cash and cash equivalents | (75,884) | 6,138 | 77,406 |
Cash and cash equivalents at beginning of period | 136,881 | 129,328 | 50,426 |
FX (loss)/gain on the translation of foreign bank accounts | (550) | 1,415 | 1,496 |
Cash and cash equivalents at end of period | $ 60,447 | $ 136,881 | $ 129,328 |
Basis of preparation
Basis of preparation | 12 Months Ended |
Jun. 30, 2022 | |
Basis Of Preparation [Abstract] | |
Basis of Preparation | 1. The general purpose financial statements of Mesoblast Limited and its subsidiaries have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board and Australian equivalent International Financial Reporting Standards, as issued by the Australian Accounting Standards Board. Mesoblast Limited is a for-profit entity for the purpose of preparing the financial statements. The financial statements cover Mesoblast Limited and its subsidiaries. The financial statements were authorized for issue by the board of directors on August 31, 2022. The directors have the power to amend and reissue the financial statements. (i) Going concern As of June 30, 2022, the Group held total cash reserves of $60.4 million. On August 9, 2022, the Group raised additional gross proceeds of $45.0 million. The Group continues its focus on maintaining tight control of net cash outflows from operating activities, which were $65.8 million for the 12 months ended June 30, 2022, a reduction of 35% compared to the prior period. Management and the directors believe that the Group’s existing cash reserves are sufficient to meet the Group’s next 12 months of expenditure requirements, including expenditure needed for the BLA approval process of remestemcel-L for SR-aGvHD, from the issuance date of the consolidated financial statements. If the Group obtain first product approval and launch within the next 12 months, the Group will be able to access funds from the Group’s existing loan arrangements. If the Group is delayed, additional cash inflows from strategic partnerships, product specific financing, debt or equity capital markets will be required. Because of the uncertainty on whether the Group can achieve cash inflows, this creates material uncertainty related to events or conditions that may cast significant doubt (or raise substantial doubt as contemplated by Public Company Accounting Oversight Board (“PCAOB”) standards) on the Group’s ability to continue as a going concern and, therefore, that the Group may be unable to realize our assets and discharge our liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. (ii) Historical cost convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through other comprehensive income and financial assets and liabilities (including derivative instruments) at fair value through profit or loss. (iii) New and amended standards adopted by the Group There were no new or amended standards adopted by the Group in the year ended June 30, 2022. These financial statements follow the same accounting policies as compared to the June 30, 2021 consolidated financial statements and related notes as filed with the Australian Securities Exchange and the Securities and Exchange Commission. (iv) New accounting standards and interpretations not yet adopted by the Group There were no new accounting standards and interpretations not yet adopted by the Group for the June 30, 2022 reporting period that are expected to materially impact the Group. ( v) Change in accounting policy The Group routinely reviews the financial statements for opportunities to improve the quality of financial reporting. In November 2021, the Group refinanced its existing senior debt facility with a new US$90.0 million five-year facility provided by funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and as a result, the Group received proceeds from borrowings and repaid the Hercules loan. In connection with the refinancing of the Hercules debt, substantial balances related to payment of transaction costs from borrowings and charges on repayment of borrowings were recorded in the Statement of Cash Flows, this prompted management to enhance the relevance and reliability of the Statement of Cash Flows by changing the accounting policy relating to the classification of the Interest and other costs of finance paid, previously classified within the operating activities of the Statement of Cash Flows. The Group has changed its accounting policy to classify cash flows from interest and other costs of finance paid as a financing activity because it improves the relevance of the cash flows paid from obtaining capital resources. This change in accounting policy also diminishes the mismatch in operating cash flows from the profit and loss and improves the reliability of the operating cash flow balance. This change in presentation has been retrospectively applied to the years ended June 3 0 , 2021 and 2020 financial statements. For the years ended June 3 0 , 2021 and 2020 , $ million and $ 5.9 million of interest and other costs of finance paid has been reclassified from operating activities to financing activities in the Statement of Cash Flows , respectively . (vi) Use of estimates The preparation of these consolidated financial statements requires the Group to make estimates and judgments that affect the reported amounts of assets, liabilities, income and expenses and related disclosures. On an ongoing basis, the Group evaluates its significant accounting policies and estimates. Estimates are based on historical experience and on various market-specific and other relevant assumptions that the Group believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. (vi i ) Impact of COVID-19 Estimates are assessed each period and updated to reflect current information, such as the economic considerations related to the impact that COVID-19 could have on the Group’s significant accounting estimates. COVID-19 has not led to a material deterioration in the Group’s financial circumstances, nor required the Group to utilize government support. The Group is facing some challenges from the pandemic. The Group’s current and potential future clinical trials have and may experience some delays given reduced capacity at hospitals for completing activities and impacts on patient mobility for treatments or final visits. In addition, requested meetings with FDA are delayed by a minimum of 3 months while the public health crisis is in effect, due to the increased workload burden on agency staff. The Group is also having to account in its product-launch plans for the impacts of the pandemic on future potential customers, such as transplant centers, which have been and may continue to be impacted by the pandemic with respect to patient care, operations/staffing, financials, and health and safety protocols. These impacts change the way (channel, message, frequency) that Mesoblast will have to engage with these entities. Due to the COVID-19 pandemic, and recent geopolitical instability, countries in which the Group has operations have experienced some challenges in the ability of the Group’s suppliers and contractors to source, supply or acquire raw materials or components needed for its manufacturing process and supply chain. As a result, the manufacturing and commercialization of remestemcel-L and other product candidates could be adversely affected. |
Significant changes in the curr
Significant changes in the current reporting period | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Significant Changes In Current Reporting Period [Abstract] | |
Significant changes in the current reporting period | 2. Significant changes in the current reporting period ( i ) Significant events The financial position and performance of the Group was affected by the following events during the year ended June 30, 2022: • In November 2021, the Group refinanced its existing senior debt facility with a new $90.0 million five-year facility provided by funds managed by Oaktree Capital Management, L.P. (“Oaktree”). The Group drew the first tranche of $60.0 million on closing, with $55.5 million of proceeds being used to repay the outstanding balance of the existing senior debt facility with Hercules Capital, Inc. The $60.0 million proceeds were first allocated to the issue of warrants at fair value of $8.1 million, with the remainder to the loan from Oaktree. A $1.3 million loss was recognized on prepaying the Group’s outstanding balance and extinguishing the loan with Hercules Capital, Inc. Up to an additional $30.0 million may be drawn on or before December 31, 2022, subject to the Group achieving certain milestones. The facility has a three-year interest only period, at a fixed rate of 9.75% per annum, after which time 40% of the principal amortizes over two years and a final payment is due no later than November 2026. The facility also allows the Group to make quarterly payments of interest at a rate of 8.0% per annum for the first two years, and the unpaid interest portion (1.75% per annum) will be added to the outstanding loan balance and shall accrue further interest at a fixed rate of 9.75% per annum. Oaktree was also granted warrants to purchase 1,769,669 American Depositary Shares (ADSs) at $7.26 per ADS, a 15% premium to the 30-day VWAP. The Group has determined that an obligation to issue the warrants has arisen from the time the debt facility was signed; consequently, a liability for the warrants has been recognized in November 2021. The warrants were legally issued on January 11, 2022 and may be exercised within 7 years of issuance. Refer to Note 5(g)(vi) for more details on warrants issued. |
Loss before income tax
Loss before income tax | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Loss Before Income Tax [Abstract] | |
Loss before income tax | 3. Loss before income tax Year Ended June 30, (in U.S. dollars, in thousands) Note 2022 2021 2020 Revenue Commercialization revenue 9,039 7,434 6,614 Milestone revenue 1,172 — 25,000 Interest revenue 3 22 542 Total Revenue 10,214 7,456 32,156 Clinical trial and research & development (10,483 ) (18,569 ) (24,565 ) Manufacturing production & development (28,884 ) (31,590 ) (23,944 ) Employee benefits Salaries and employee benefits (18,997 ) (26,804 ) (25,100 ) Defined contribution superannuation expenses (402 ) (379 ) (327 ) Equity settled share-based payment transactions ( 1) (5,536 ) (12,510 ) (7,522 ) Total Employee benefits (24,935 ) (39,693 ) (32,949 ) Depreciation and amortization of non-current assets Plant and equipment depreciation (1,144 ) (1,016 ) (585 ) Right of use asset depreciation (1,717 ) (1,691 ) (1,508 ) Intellectual property amortization (1,519 ) (1,557 ) (1,574 ) Total Depreciation and amortization of non-current assets (4,380 ) (4,264 ) (3,667 ) Other Management & administration expenses Overheads & administration (10,157 ) (7,757 ) (8,276 ) Consultancy (3,751 ) (5,386 ) (5,168 ) Legal, patent and other professional fees (5,571 ) (6,950 ) (5,854 ) Intellectual property expenses (excluding the amount amortized above) (2,621 ) (2,389 ) (2,683 ) Total Other Management & administration expenses (22,100 ) (22,482 ) (21,981 ) Fair value remeasurement of contingent consideration Remeasurement of contingent consideration 5(g)(iii) 913 18,687 1,380 Total Fair value remeasurement of contingent consideration 913 18,687 1,380 Fair value remeasurement of warrant liability Remeasurement of warrant liability 5(g)(vi) 5,896 — — Total Fair value remeasurement of warrant liability 5,896 — — Other operating income and expenses Government grant revenue — 68 78 Foreign exchange gains/(losses) (536 ) 1,471 246 Foreign withholding tax paid (3 ) — — Total Other operating income and expenses (539 ) 1,539 324 Finance (costs)/gains Remeasurement of borrowing arrangements (382 ) 5,225 607 Interest expense (16,906 ) (15,939 ) (14,716 ) Total Finance costs (17,288 ) (10,714 ) (14,109 ) Total loss before income tax (91,586 ) (99,630 ) (87,355 ) (1) Share-based payment transactions For the years ended June 30, 2022, 2021 and 2020, share-based payment transactions have been reflected in the Consolidated Statement of Comprehensive Income functional expense categories as follows: Year Ended June 30, (in U.S. dollars) 2022 2021 2020 Research and development 3,547,182 7,782,330 3,194,695 Manufacturing and commercialization 378,096 547,998 434,403 Management and administration 1,610,567 4,179,416 3,892,647 Equity settled share-based payment transactions 5,535,845 12,509,744 7,521,745 Revenue recognition Grünenthal arrangement In September 2019, the Group entered into a strategic partnership with Grünenthal for the development and commercialization in Europe and Latin America of the Group’s allogeneic mesenchymal precursor cell (“MPC”) product, MPC-06-ID, receiving exclusive rights to the Phase 3 allogeneic product candidate for the treatment of low back pain due to degenerative disc disease. The Group received a non-refundable upfront payment of $15.0 million in October 2019, on signing of the contract with Grünenthal. The Group received a milestone payment in December 2019 of $2.5 million in relation to meeting a milestone event as part of the strategic partnership with Grünenthal. In June 2021, the Group announced its intention to leverage the results from a planned US trial to support potential product approvals in both the US and EU by including 20% EU patients in order to provide regulatory harmonization, cost efficiencies and streamlined timelines, without initiating an EU trial. As a result, the strategic partnership with Grünenthal has been amended, and milestone payments relating to R&D and CMC services and other development services which were linked to the Europe trial have been removed, instead the Group is eligible to receive payments up to $112.5 million prior to product launch in the EU, inclusive of $17.5 million already received, if certain clinical and regulatory milestones are satisfied and reimbursement targets are achieved. Cumulative milestone payments could reach $1 billion depending on the final outcome of Phase 3 studies and patient adoption. The Group will also receive tiered double-digit royalties on product sales as per the original agreement. The $2.5 million milestone payment received in December 2019 from Grünenthal was considered deferred consideration as of June 30, 2022. The performance obligation for the $2.5 million was previously satisfied under the original agreement, however under the amended agreement with Grünenthal it is subject to repayment to Grünenthal. Revenue will be recognized when the clinical trial has recruited the required amount of European patients, as the $2.5 million will no longer be subject to repayment to See Note 23(e) for further details about the Group’s revenue recognition policies. |
Income tax benefit_(expense)
Income tax benefit/(expense) | 12 Months Ended |
Jun. 30, 2022 | |
Major Components Of Tax Expense Income [Abstract] | |
Income tax benefit/(expense) | 4. Income tax benefit/(expense) Year Ended June 30, (in U.S. dollars, in thousands) 2022 2021 2020 (a) Reconciliation of income tax to prima facie tax payable Loss from continuing operations before income tax (91,586 ) (99,630 ) (87,355 ) Tax benefit at the Australian tax rate of 30% (2021: 30%, 2020: 30%) (27,476 ) (29,889 ) (26,207 ) Tax effect of amounts which are not deductible/(exempt) in calculating taxable income: Share-based payments expense 1,588 2,836 1,367 Research and development tax concessions (869 ) (894 ) (876 ) Foreign exchange translation gains/(losses) 159 313 129 Contingent consideration (274 ) (5,606 ) (414 ) Other sundry items (2,036 ) 121 97 Current year tax expense/(benefit) (28,908 ) (33,119 ) (25,904 ) Adjustments for current tax of prior periods (923 ) (1 ) 283 Differences in overseas tax rates 8,407 13,218 9,397 Tax benefit not recognized 21,185 19,083 6,809 Change in tax rate on Deferred tax assets ( 1) (8,326 ) (482 ) (3,412 ) Change in tax rate on Deferred tax liability ( 1) 8,326 482 3,412 Previously unrecognized tax losses now recouped to reduce deferred tax expense/(benefit) — — — Income tax expense/(benefit) attributable to loss before income tax (239 ) (819 ) (9,415 ) (1) On June 30, 2022, there was a change in the expected tax rate applicable on future taxable profits in Singapore. The Group was expecting to benefit from concessionary tax rates (tax holiday) in Singapore under the tax incentives granted to the Group by the Singapore Economic Development Board, however at June 30, 2022 the Group had not met the conditions under the agreement to access the concessionary tax rates and therefore have recognized a change in the expected tax rate in Singapore to reflect the statutory tax rate of 17%. The Group is in current discussions with the Singapore Economic Development Board to amend the conditions of the incentive agreement and access these concessionary tax rates in the future. Year Ended June 30, (in U.S. dollars, in thousands) 2022 2021 2020 (b) Income tax (benefit)/expense Current tax Current tax — — — Total current tax (benefit)/expense — — — Deferred tax (Increase)/decrease in deferred tax assets (8,317 ) (1,158 ) (12,687 ) (Decrease)/increase in deferred tax liabilities 8,078 339 3,272 Total deferred tax (benefit)/expense (239 ) (819 ) (9,415 ) Income tax (benefit)/expense (239 ) (819 ) (9,415 ) Deferred tax assets have been brought to account only to the extent that it is foreseeable that they are recoverable against future tax liabilities. Deferred tax assets are recognized for unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilized. Deferred tax assets are offset against taxable temporary differences (deferred tax liabilities) when the deferred tax balances relate to the same tax jurisdiction in accordance with our accounting policy. Deferred taxes are measured at the rate in which they are expected to settle within the respective jurisdictions, which can change based on factors such as new legislation or timing of utilization and reversal of associated assets and liabilities. Year Ended June 30, (in U.S. dollars, in thousands) 2022 2021 2020 (c) Amounts that would be recognized directly in equity if brought to account Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but which would have been directly applied to equity had it been brought to account: Current tax recorded in equity (if brought to account) (142 ) (525 ) (2,293 ) Deferred tax recorded in equity (if brought to account) 715 905 1,266 573 380 (1,027 ) Year Ended June 30, (in U.S. dollars, in thousands) 2022 2021 2020 (d) Amounts recognized directly in equity Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but debited/credited to equity Current tax recorded in equity — — — Deferred tax recorded in equity 239 91 (979 ) 239 91 (979 ) Year Ended June 30, (in U.S. dollars, in thousands) 2022 2021 2020 (e) Deferred tax assets not brought to account Unused tax losses Potential tax benefit at local tax rates 111,283 77,738 55,573 Other temporary differences Potential tax benefit at local tax rates 11,046 7,424 6,782 Other tax credits Potential tax benefit at local tax rates 3,220 3,220 3,220 125,549 88,382 65,575 The Group has not brought to account $477.8 million (2021: $424.9 million, 2020: $160.5 million) of gross tax losses, which includes the benefit arising from tax losses in overseas countries. As of June 30, 2022 $477.8 million of tax losses not brought to account have an indefinite life. Gross tax losses of $44.4 million recognized as deferred tax asset expire within a range of 10 to 16 years. The benefits of unused tax losses will only be brought to account when it is probable that they will be realized. This benefit of tax losses will only be obtained if: • the Group derives future assessable income of a nature and an amount sufficient to enable the benefit from the deductions for the losses to be realized; • the Group continues to comply with the conditions for deductibility imposed by tax legislation; and • no changes in tax legislation adversely affect the Group in realizing the benefit from the deductions for the losses. |
Financial assets and liabilitie
Financial assets and liabilities | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Financial Assets And Liabilities [Abstract] | |
Financial assets and liabilities | 5. Financial assets and liabilities This note provides information about the Group's financial instruments, including: • an overview of all financial instruments held by the Group; • specific information about each type of financial instrument; • accounting policies; and • information used to determine the fair value of the instruments, including judgments and estimation uncertainty involved. The Group holds the following financial instruments: Financial assets (in U.S. dollars, in thousands) Notes Assets at FVOCI ( 1) Assets at FVTPL ( 2) Assets at amortized cost Total As of June 30, 2022 Cash & cash equivalents 5(a) — — 60,447 60,447 Trade & other receivables 5(b) — — 4,403 4,403 Financial assets at fair value through other comprehensive income 5(c) 1,758 — — 1,758 Other non-current assets 5(d) — — 1,930 1,930 1,758 — 66,780 68,538 As of June 30, 2021 Cash & cash equivalents 5(a) — — 136,881 136,881 Trade & other receivables 5(b) — — 4,842 4,842 Financial assets at fair value through other comprehensive income 5(c) 2,080 — — 2,080 Other non-current assets 5(d) — — 1,724 1,724 2,080 — 143,447 145,527 (1) Fair value through other comprehensive income (2) Fair value through profit or loss Financial liabilities (in U.S. dollars, in thousands) Notes Liabilities at FVOCI ( 1) Liabilities at FVTPL ( 2) Liabilities at amortized cost Total As of June 30, 2022 Trade and other payables 5(e) — — 23,079 23,079 Borrowings 5(f) — — 96,634 96,634 Contingent consideration 5(g)(iii) — 23,284 — 23,284 Warrant liability 5(g)(vi) — 2,185 — 2,185 — 25,469 119,713 145,182 As of June 30, 2021 Trade and other payables 5(e) — — 19,598 19,598 Borrowings 5(f) — — 94,245 94,245 Contingent consideration 5(g)(iii) — 25,409 — 25,409 — 25,409 113,843 139,252 (1) Fair value through other comprehensive income (2) Fair value through profit or loss The Group’s exposure to various risks associated with the financial instruments is discussed in Note 10. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. a. Cash and cash equivalents As of June 30, (in U.S. dollars, in thousands) 2022 2021 Cash at bank 60,034 136,430 Deposits at call ( 1) 413 451 60,447 136,881 (1) As of June 30, 2022 and June 30, 2021, interest-bearing deposits at call include amounts of $0.4 million and $0.5 million, respectively, held as security and restricted for use. ( i ) Classification as cash equivalents Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition. b. Trade and other receivables and prepayments (i) Trade and other receivables As of June 30, (in U.S. dollars, in thousands) 2022 2021 Trade debtors 2,224 2,000 Foreign withholding tax recoverable 471 471 U.S. Tax credits 1,473 1,473 Security deposit — 252 Other recoverable taxes (Goods and services tax and value-added tax) 235 646 Trade and other receivables 4,403 4,842 (ii) Prepayments As of June 30, (in U.S. dollars, in thousands) 2022 2021 Clinical trial research and development expenditure 1,313 2,823 Prepaid insurance and subscriptions 2,420 1,921 Other 1,254 1,760 Prepayments 4,987 6,504 (iii) Classification as trade and other receivables Trade receivables and other receivables represent the principal amounts due at balance date less, where applicable, any provision for expected credit losses. The Group uses the simplified approach to measuring expected credit losses, which uses a lifetime expected credit loss allowance. Debts which are known to be uncollectible are written off in the consolidated income statement. All trade receivables and other receivables are recognized at the value of the amounts receivable, as they are due for settlement within 60 days and therefore do not require remeasurement. (iv) Fair values of trade and other receivables Due to the short-term nature of the current receivables, their carrying amount is assumed to be the same as their fair value. (v) Impairment and risk exposure Information about the impairment of trade and other receivables, their credit quality and the Group’s exposure to credit risk, foreign currency risk and interest rate risk can be found in Note 10(a) and (b). c. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income include the following classes of financial assets: As of June 30, (in U.S. dollars, in thousands) 2022 2021 Unlisted securities: Equity securities 1,758 2,080 1,758 2,080 (i) Classification of financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income comprises equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognize in this category. These are strategic investments and the Group considers this classification to be more relevant. The financial assets are presented as non-current assets unless they mature, or management intends to dispose of them within 12 months of the end of the reporting period. (ii) Impairment indicators for financial assets at fair value through other comprehensive income Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. See Note 23(m)(iv) for further details about the Group’s impairment policies for financial assets. (iii) Amounts recognized in other comprehensive income For the years ended June 30, 2022, 2021 and 2020, the Group recognized in statement of comprehensive income a loss of $0.3 million, a gain of $0.2 million and a loss of $0.4 million respectively, for change in fair value of the financial assets through other comprehensive income. (iv) Fair value, impairment and risk exposure Information about the methods and assumptions used in determining fair value is provided in Note 5(g). None of the financial assets through other comprehensive income are either past due or impaired. All financial assets at fair value through other comprehensive income are denominated in USD. d. Other non-current assets As of June 30, (in U.S. dollars, in thousands) 2022 2021 Bank Guarantee 500 546 Letter of Credit 1,178 1,178 Security deposit 252 — 1,930 1,724 (i) Classification of financial assets as other non-current assets Bank guarantee These funds are held in an account named Mesoblast Limited at National Australia Bank according to the terms of a Bank Guarantee which is security for the sublease agreement for our occupancy of Level 38, 55 Collins Street, Melbourne, Victoria, Australia. The Bank Guarantee is security for the full and faithful performance and observance by the subtenant of the terms, covenants and conditions of the sublease. The Bank Guarantee continues in force until it is released by the lessor. Letter of credit These funds held in an account named Mesoblast, Inc. at the Bank of America according to the terms of an irrevocable standby letter of credit which is security for the sublease agreement for our occupancy of 505 Fifth Avenue, New York, New York, United States of America. The letter of credit is security for the full and faithful performance and observance by the subtenant of the terms, covenants and conditions of the sublease. The letter of credit is deemed to automatically extend without amendment for a period of one year at each anniversary. (ii) Impairment and risk exposure No other non-current assets are either past due or impaired. e. Trade and other payables As of June 30, (in U.S. dollars, in thousands) 2022 2021 Trade payables and other payables 23,079 19,598 Trade and other payables 23,079 19,598 The carrying amounts of trade and other payables are assumed to be the same as their fair values, due to their short-term nature. f. Borrowings As of June 30, (in U.S. dollars, in thousands) 2022 2021 Borrowings Secured liabilities: Borrowing arrangements 81,919 80,000 Less: transaction costs (8,247 ) (6,751 ) Amortization of carrying amount, net of payments made 22,962 20,996 96,634 94,245 As of June 30, (in U.S. dollars, in thousands) 2022 2021 Borrowings Current Borrowings - NovaQuest 372 336 Borrowings - Oaktree 4,645 — Borrowings - Hercules — 52,864 5,017 53,200 Non-current Borrowings - NovaQuest 47,898 41,045 Borrowings - Oaktree 43,719 — 91,617 41,045 96,634 94,245 (i) Borrowing arrangements Funds associated with Oaktree Capital Management, L.P. (“Oaktree”) In November 2021, the Group’s senior debt facility with Hercules was refinanced with a new $90.0 million five-year facility provided by funds associated with Oaktree. The Group drew the first tranche of $60.0 million on closing, with $55.5 million of proceeds being used to discharge our obligations under the Hercules loan. Up to an additional $30.0 million may be drawn on or before December 31, 2022, subject to the Group achieving certain milestones. The facility has a three-year interest only period, at a fixed rate of 9.75% per annum, after which time 40% of the principal amortizes over two years and a final payment is due no later than November 2026. The facility also allows the Group to make quarterly payments of interest at a rate of 8.0% per annum for the first two years, and the unpaid interest portion (1.75% per annum) will be added to the outstanding loan balance and shall accrue further interest at a fixed rate of 9.75% per annum. On November 19, 2021, Oaktree was also granted warrants to purchase 1,769,669 American Depositary Shares (“ADSs”) at US$7.26 per ADS, a 15% premium to the 30-day VWAP. The Group determined that an obligation to issue the warrants has arisen from the time the debt facility was signed; consequently, a liability for the warrants was recognized in November 2021. The warrants were legally issued on January 11, 2022 and may be exercised within 7 years of issuance. On the issuance date of the Oaktree facility and the warrants, the warrants were initially measured at fair value and the Oaktree borrowing liability measured as the difference between the $60.0 million received from the Oaktree facility and the fair value of the warrants. Refer to Note 5(g)(vi) for more details on warrants issued. In the year ended June 30, 2022, the Group recognized a minimal gain in the Income Statement as remeasurement of borrowing arrangements within finance costs in relation to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our credit facility. No remeasurement of borrowing arrangements was recognized in the years ended June 30, 2021 and 2020. Hercules Capital, Inc. In March 2018, the Group entered into a loan and security agreement with Hercules, for a $75.0 million non-dilutive, four-year credit facility. The Group drew the first tranche of $35.0 million on closing and a further tranche of $15.0 million was drawn in January 2019. In November 2021, this loan was refinanced with a new $90.0 million five-year facility provided by Oaktree. The Group drew the first tranche of $60.0 million on closing, with $55.5 million of proceeds being used to repay the outstanding balance with Hercules. Prior to extinguishing this loan with Hercules, the Group amended the terms of the loan and security agreement to extend the interest-only period to January 2022 and therefore the Group had not commenced principal repayments. Interest on the loan was payable monthly in arrears on the 1st day of the month. At closing date, the interest rate was 9.45%. On June 30, August 1, September 19 and October 31, 2019, in line with the changes in the U.S. prime rate, the interest rate on the loan was 10.45%, 10.20%, 9.95% and 9.70%, respectively, and remained at 9.70% in line with the terms of the loan agreement until extinguishing this loan with Hercules. In the year ended June 30, 2022, the Group recognized a loss of $0.9 million in the Income Statement as remeasurement of borrowing arrangements within finance costs. $1.3 million of this loss relates to prepaying the Group’s outstanding balance and extinguishing the loan with Hercules, offset by a $0.4 million gain to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our credit facility. In the year ended June 30, 2021, the Group recognized a gain of $0.4 million in the Income Statement as remeasurement of borrowing arrangements within finance costs. This remeasurement relates to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our credit facility. NovaQuest Capital Management, L.L.C. On June 29, 2018, the Group entered into an eight-year Following approval and first commercial sales, repayments commence based on a percentage of net sales and are limited by a payment cap which is equal to the principal due for the next 12 months, plus accumulated unpaid principal and accrued unpaid interest. During the four-year period commencing July 8, 2022, principal amortizes in equal quarterly instalments payable only after approval and first commercial sales. If in any quarterly period, 25% of net sales of remestemcel-L for pediatric SR-aGVHD exceed the annual payment cap, the Group will pay the payment cap and an additional portion of excess sales which will be used towards the prepayment amount in the event there is an early prepayment of the loan. If in any quarterly period 25% of net sales of remestemcel-L for pediatric SR-aGVHD is less than the annual payment cap, then the payment is limited to 25% of net sales of remestemcel-L for pediatric SR-aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid. Because of this relationship of net sales and repayments, changes in our estimated net sales may trigger an adjustment of the carrying amount of the financial liability to reflect the revised estimated cash flows. The carrying amount adjustment is recalculated by computing the present value of the revised estimated future cash flows at the financial instrument’s original effective interest rate. The adjustment is recognized in the Income Statement as remeasurement of borrowing arrangements within finance costs in the period the revision is made. In the year ended June 30, 2022, the Group recognized a gain of $0.5 million in the Income Statement as remeasurement of borrowing arrangements within finance costs in relation to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows as a net result of changes to the key assumptions in development timelines. In the year ended June 30, 2021 and 2020, respectively, the Group recognized a gain of $4.8 million and a loss of $0.7 million in the Income Statement as remeasurement of borrowing arrangements within finance costs in relation to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows. The Group recognizes a liability as current based on repayments linked to estimates of sales of remestemcel-L. However, if sales of remestemcel-L are higher than estimated, actual repayments will exceed this amount, subject to the annual payment cap described above. The carrying amount of the loan and security agreement with NovaQuest is subordinated to the Group’s fixed rate loan with the senior creditor, Oaktree. The Group have pledged a portion of our assets relating to the SR-aGVHD product candidate as collateral under the loan facility with NovaQuest. (ii) Compliance with loan covenants Our loan facilities with Oaktree and NovaQuest contain a number of covenants that impose operating restrictions on us, which may restrict our ability to respond to changes in our business or take specified actions. The Group has an operating objective to at all times maintain unrestricted cash reserves in excess of six months liquidity. The objective aligns with our loan and security agreement with Oaktree where the Group is currently obliged to maintain a minimum unrestricted cash balance in the United States of $35.0 million. The Group has complied with the financial and other restrictive covenants of its borrowing facilities during the year ended June 30, 2022 and during the year ended June 30, 2021. (iii) debt reconciliation As of June 30, (in U.S. dollars, in thousands) 2022 2021 Cash and cash equivalents 60,447 136,881 Borrowings (96,634 ) (94,245 ) Lease liabilities (10,271 ) (11,250 ) Warrant liability (2,185 ) — Net Debt ( 1) (48,643 ) 31,386 Cash and cash equivalents 60,447 136,881 Gross debt - fixed interest rates (106,905 ) (52,631 ) Gross debt - variable interest rates — (52,864 ) Warrant liability (2,185 ) — Net Debt ( 1) (48,643 ) 31,386 (1) Net debt amount includes leases and borrowing arrangements Liabilities from financing activities Other assets (in U.S. dollars, in thousands) Borrowings Leases Warrant liability Sub-total Cash and cash equivalents Total Net Debt as at June 30, 2021 (94,245 ) (11,250 ) — (105,495 ) 136,881 31,386 Cash Flows ( 1) 14,512 3,427 (8,081 ) 9,858 (75,884 ) (66,026 ) Remeasurement adjustments (382 ) — 5,896 5,514 — 5,514 Other Changes ( 2) (16,519 ) (1,229 ) — (17,748 ) — (17,748 ) Acquisition – leases — (1,463 ) — (1,463 ) — (1,463 ) Foreign exchange adjustments — 244 244 (550 ) (306 ) Net Debt as at June 30, 2022 (96,634 ) (10,271 ) (2,185 ) (109,090 ) 60,447 (48,643 ) (1) Cash flows include the payments of borrowings, lease liabilities and interest which are presented as financing cash flows in the statement of cash flows. (2) Other changes include modification of leases and accrued interest expenses for borrowings and leases. (iv) Fair values of borrowing arrangements The carrying amount of the borrowings at amortized cost in accordance with our accounting policy is a reasonable approximation of fair value. g. Recognized fair value measurements (i) Fair value hierarchy The following table presents the Group's financial assets and financial liabilities measured and recognized at fair value as of June 30, 2022 and June 30, 2021 on a recurring basis, categorized by level according to the significance of the inputs used in making the measurements: As of June 30, 2022 (in U.S. dollars, in thousands) Notes Level 1 Level 2 Level 3 Total Financial Assets Financial assets at fair value through other comprehensive income: Equity securities - biotech sector 5(c) — — 1,758 1,758 Total Financial Assets — — 1,758 1,758 Financial Liabilities Financial liabilities at fair value through profit or loss: Contingent consideration 5(g)(iii) — — 23,284 23,284 Warrant liabilities 5(g)(vi) — — 2,185 2,185 Total Financial Liabilities — — 25,469 25,469 There were no transfers between any of the levels for recurring fair value measurements during the period. As of June 30, 2021 (in U.S. dollars, in thousands) Notes Level 1 Level 2 Level 3 Total Financial Assets Financial assets at fair value through other comprehensive income: Equity securities - biotech sector 5(c) — — 2,080 2,080 Total Financial Assets — — 2,080 2,080 Financial Liabilities Financial liabilities at fair value through profit or loss: Contingent consideration 5(g)(iii) — — 25,409 25,409 Total Financial Liabilities — — 25,409 25,409 The Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and financial assets at fair value through other comprehensive income securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of financial instruments that are not traded in an active market (for example, foreign exchange contracts) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for provisions (contingent consideration), equity securities (unlisted) and warrant liabilities. (ii) Valuation techniques used. The Group did not hold any level 1 or 2 financial instruments as at June 30, 2022 or June 30, 2021. The Group’s level 3 assets consists of an investment in unlisted equity securities in the biotechnology sector. Level 3 assets were 100% of total assets measured at fair value as at June 30, 2022 and June 30, 2021. The Group’s level 3 liabilities consist of a contingent consideration provision related to the acquisition of Osiris’ MSC business and warrant liabilities related to the warrants granted to Oaktree as part of the debt facility. Level 3 liabilities were 100 % of total liabilities measured at fair value as at June 3 0 , 2022 and June 30, 2021. The Group used discounted cash flow analysis to determine the fair value measurements of Osiris’ MSC business and used the Black-Scholes valuation method to determine the fair value of warrant liabilities. Refer to Note 5( g )(vi) for the fair value measurement and movements in warrant liability for the period ended June 3 0 , 2022 and June 30, 2021 . (iii) Fair value measurements using significant unobservable inputs (level 3) The following table presents the changes in the contingent consideration balances within the level 3 instruments for the years ended June 30, 2022 and June 30, 2021: (in U.S. dollars, in thousands) Contingent consideration provision Opening balance - July 1, 2020 45,166 Amount used during the period (1,070 ) Charged/(credited) to consolidated income statement: Remeasurement ( 1) (18,687 ) Closing balance - June 30, 2021 25,409 Opening balance - July 1, 2021 25,409 Amount used during the period (1,212 ) Charged/(credited) to consolidated income statement: Remeasurement ( 2) (913 ) Closing balance - June 30, 2022 23,284 (1) In the year ended June 30, 2021 a gain of $18.7 million (2) In the year ended June 30, 2022 a gain of $0.9 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This remeasurement was a net result of changing key assumptions of the contingent consideration valuation such as developmental timelines, market growth and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration. (iv) Valuation inputs and relationship to fair value The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Range of inputs (weighted average) (in U.S. dollars, in thousands, except percent data) Fair value as of June 30, Fair value as of June 30, Valuation Unobservable Year Ended June 30, Year Ended June 30, Relationship of unobservable inputs to Description 2022 2021 technique inputs ( 1) 2022 2021 fair value Contingent consideration provision 23,284 25,409 Discounted cash flows Risk adjusted discount rate 11%-13% (12.5%) 11%-13% (12.5%) Year ended June 30, 2022: A change in the discount rate by 0.5% would increase/decrease the fair value by 0.2%. Year ended June 30, 2021: A change in the discount rate by 0.5% would increase/decrease the fair value by 0.3%. Expected unit sales price Various Various Year ended June 30, 2022: A change in the price assumptions by 10% would increase/decrease the fair value by 2%. Year ended June 30, 2021: A change in the price assumptions by 10% would increase/decrease the fair value by 3%. Expected sales volumes Various Various Year ended June 30, 2022: A change in the volume assumptions by 10% would increase/decrease the fair value by 2%. Year ended June 30, 2021: A change in the volume assumptions by 10% would increase/decrease the fair value by 3%. Probability of success Various Various Year ended June 30, 2022: A change in the probability of success assumptions by 10% and 20% would increase/decrease the fair value by 8.6% and 17.2%, respectively. Year ended June 30, 2021: A change in the probability of success assumptions by 10% and 20% would increase/decrease the fair value by 8.6% and 17.3%, respectively. (1) There were no significant inter-relationships between unobservable inputs that materially affect fair values. (v) Valuation processes In connection with the Osiris acquisition, on October 11, 2013 (the “acquisition date”), an independent valuation of the contingent consideration was carried out by an independent valuer. For the years ended June 30, 2022 and June 30, 2021, the Group has adopted a process to value contingent consideration internally. This valuation has been completed by the Group’s internal valuation team and reviewed by the Chief Financial Officer (the "CFO"). The valuation team is responsible for the valuation model. The valuation team also manages a process to continually refine the key assumptions within the model. This is done with input from the relevant business units. The key assumptions in the model have been clearly defined and the responsibility for refining those assumptions has been assigned to the most relevant business units. For each indication we determine the probability of success based on the current development status within each jurisdiction. Cash flows relevant to each jurisdiction are discounted appropriately based on the discount rate assumed. The remeasurement charged to the consolidated income statement in the year ended June 30, 202 2 was a net result of changing the key assumptions of the contingent consideration valuation such as development timelines, market growth and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration. As of June 30, The fair value of contingent consideration (in U.S. dollars, in thousands) 2022 2021 Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets 17,827 18,328 Fair value of royalty payments from commercialization of the intellectual property acquired 5,457 7,081 23,284 25,409 The main level 3 inputs used by the Group are evaluated as follows: Risk adjusted discount rate: The discount rate used in the valuation has been determined based on required rates of returns of listed companies in the biotechnology industry (having regards to their stage of development, their size and number of projects) and the indicative rates of return required by suppliers of venture capital for investments with similar technical and commercial risks. This assumption is reviewed as part of the valuation process outlined above. Expected unit sales prices: Expected market sale price of the most comparable products currently available in the market place. This assumption is reviewed as part of the valuation process outlined above. Expected sales volumes: Expected sales volumes of the most comparable products currently available in the market place. This assumption is reviewed as part of the valuation process outlined above. Probability of success: Expected cash flows used to measure contingent consideration are risk adjusted for the probability of successful development (vi) Warrant liability (in U.S. dollars, in thousands) As of June 30, Warrant liability 2022 2021 Opening balance — — Warrants fair value at grant date - November 19, 2021 8,081 — Remeasurement of warrant liability (5,896 ) — Closing Balance 2,185 — On November 19, 2021, in connection with the $60.0 million drawdown of the Oaktree debt, Oaktree was granted the right to warrants to purchase 1,769,669 ADSs at US$7.26 per ADS, a 15% premium to the 30-day VWAP. Given that Oaktree received an unconditional right to the warrants on November 19, 2021, this date has been determined as the measurement date. The warrant instruments were issued on January 11, 2022, following the required administrative process, and these warrants may be exercised within 7 years of issuance of the warrant instruments. The warrants do not confer any rights to dividends or a right to participate in a new issue without exercising the warrant. The exercise price of the warrants will be received in USD, which is different to Mesoblast Limited’s functional currency of AUD which gives rise to variability in the cash flow. As a result, the warrants are classified as a financial liability in accordance with IAS32 Financial Instruments: Presentation As at grant date of November 19, 2021 and June 30, 2022, the fair value of warrant liability was $8.1 million and $2.2 million, respectively. During the period ended June 30, 2022, a gain of $5.9 million was recognized on the remeasurement of warrant liability. (vii) Fair value of warrants The warrants granted are not traded in an active market and therefore the fair value has been estimated by using the Black-Scholes valuation method based on the following assumptions. Key terms of the warrants are included below. The following assumptions were based on observable market conditions that existed at the issue date and as of June 30, 2022. As of June 30, At Grant date - November 19, Assumption 2022 2021 Rationale Share Price US$2.22 US$6.24 Closing share price on valuation date from external market source Exercise Price US$7.26 US$7.26 As per subscription agreement Expected Term 6 years 6 months 7 years As per subscription agreement Dividend Yield 0% 0% Based on Company’s nil dividend history Expected Volatility 83.22% 83.94% Based on historical volatility data for the Company Risk Free Interest Rate 3.08% 1.46% Based on the closing U.S treasury issued bonds with tenors approximating the expected term of the warrants Fair value per warrant US$1.2350 US$4.5664 Determined using Black Scholes-valuation model with the inputs above Fair value $ 2,185,476 $ 8,081,028 Fair value of 1,769,669 warrants as at grant date and as of June 30, 2022 |
Non-financial Assets and Liabil
Non-financial Assets and Liabilities | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Non Financial Assets And Liabilities [Abstract] | |
Non-financial Assets and Liabilities | 6. Non-financial assets and liabilities a. Property, plant and equipment (in U.S. dollars, in thousands) Plant and Equipment Office Furniture and Equipment Computer Hardware and Software Total Year Ended June 30, 2021 Opening net book amount 1,336 707 250 2,293 Additions 1,427 138 156 1,721 Exchange differences (75 ) 89 9 23 Depreciation charge (735 ) (123 ) (158 ) (1,016 ) Closing net book value 1,953 811 257 3,021 As of June 30, 2021 Cost 6,955 2,009 3,505 12,469 Accumulated depreciation (5,002 ) (1,198 ) (3,248 ) (9,448 ) Net book value 1,953 811 257 3,021 Year Ended June 30, 2022 Opening net book amount 1,953 811 257 3,021 Additions 143 3 42 188 Exchange differences 54 (70 ) (4 ) (20 ) Depreciation charge (942 ) (52 ) (150 ) (1,144 ) Closing net book value 1,208 692 145 2,045 As of June 30, 2022 Cost 6,846 1,925 3,379 12,150 Accumulated depreciation (5,638 ) (1,233 ) (3,234 ) (10,105 ) Net book value 1,208 692 145 2,045 (i) Depreciation methods and useful lives Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over the estimated useful lives. The estimated useful lives are: • Plant and equipment 3 – 15 years • Office furniture and equipment 3 – 10 years • Computer hardware and software 3 – 4 years See Note 23(o) for other accounting policies relevant to property, plant and equipment. b. Leases (i) Right-of-use assets (in U.S. dollars, in thousands) Buildings Manufacturing Total Year Ended June 30, 2021 Opening net book amount 3,760 4,218 7,978 Additions 395 — 395 Reassessment 2,721 842 3,563 Exchange differences 232 — 232 Depreciation charge (1,691 ) (1,358 ) (3,049 ) Closing net book value 5,417 3,702 9,119 As of June 30, 2021 Cost 8,665 5,684 14,349 Accumulated depreciation (3,248 ) (1,982 ) (5,230 ) Net book value 5,417 3,702 9,119 Year Ended June 30, 2022 Opening net book amount 5,417 3,702 9,119 Additions 1,464 — 1,464 Reassessment 97 494 591 Exchange differences (165 ) — (165 ) Depreciation charge (1,717 ) (1,372 ) (3,089 ) Closing net book value 5,096 2,824 7,920 As of June 30, 2022 Cost 9,957 6,178 16,135 Accumulated depreciation (4,861 ) (3,354 ) (8,215 ) Net book value 5,096 2,824 7,920 Lease liabilities As of June 30, 2022 2021 Current 3,186 2,765 Non-current 7,085 8,485 Lease liabilities included in the balance sheet 10,271 11,250 The lease liability is measured at the present value of the fixed and variable lease payments net of cash lease incentives that are not paid at the balance date. Lease payments are apportioned between the finance charges and reduction of the lease liability using the incremental borrowing rate to achieve a constant rate of interest on the remaining balance of the liability. Lease payments for buildings exclude service fees for cleaning and other costs. The interest expense (included in finance costs) for leases was $0.6 million for the year ended June 30, 2022 and 2021, respectively, and $0.5 million for the year ended June 30, 2020. In the year ended June 30, 2022 and 2021, total payments associated with lease liabilities were $3.4 million and $3.5 million, respectively. Payments associated with short-term leases with a lease term of 12 months or less, contracts that contain lease and non-lease components that are cancellable within 12 months and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. The expense relating to short term leases was $ million for the year ended June 30, 2022 and $ million for the year ended June 30, 2021 . (ii) Depreciation methods and useful lives of right-of use assets Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over the estimated useful lives. Depreciation for leases for the years ended June 30, 2022, 2021 and 2020 was $1.7 million, $1.7 million and $1.5 million, respectively. (iii) Extension and termination options Extension options and termination options may be included in the right-of-use asset leases across the Group. These are used to maximize operational flexibility in terms of managing the assets used in the Group’s operations. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options and periods after termination options are only included in the lease term if the lease is reasonably certain to be extended or not terminated. A right-of-use asset and lease liability has been recognized in relation to the manufacturing service agreement entered into with Lonza in October 2019 for the supply of commercial product for the potential approval and launch of remestemcel-L for the treatment of SR-aGVHD in the US market. Management has determined that this agreement has a non-cancellable lease term expiring within 3 years As of June 30, 2022, the anticipated future contractual cash flows relating to the lease component of the Lonza agreement are $4.1 million on an undiscounted basis, as included within lease liabilities in Note 10(c). The anticipated future contractual cash flows exclude cashflows beyond the initial non-cancellable lease term as it is not reasonably certain the Group will extend the agreement. See Note 23(v) for other accounting policies relevant to lease accounting. c . Intangible assets (in U.S. dollars, in thousands) Goodwill Acquired to In-process research development acquired Current marketed products Total Year Ended June 30, 2021 Opening net book amount 134,453 1,673 427,779 17,696 581,601 Additions — 500 — — 500 Exchange differences — 1 — 21 22 Amortization charge — (102 ) — (1,475 ) (1,577 ) Closing net book amount 134,453 2,072 427,779 16,242 580,546 As of June 30, 2021 Cost 134,453 3,407 489,698 23,999 651,557 Accumulated amortization — (1,335 ) — (7,757 ) (9,092 ) Accumulated impairment — — (61,919 ) — (61,919 ) Net book amount 134,453 2,072 427,779 16,242 580,546 Year Ended June 30, 2022 Opening net book amount 134,453 2,072 427,779 16,242 580,546 Additions/(Reversals) — (450 ) — — (450 ) Exchange differences — 74 — 1 75 Amortization charge — (64 ) — (1,455 ) (1,519 ) Closing net book amount 134,453 1,632 427,779 14,788 578,652 As of June 30, 2022 Cost 134,453 2,987 489,698 24,000 651,138 Accumulated amortization — (1,355 ) — (9,212 ) (10,567 ) Accumulated impairment — — (61,919 ) — (61,919 ) Net book amount 134,453 1,632 427,779 14,788 578,652 (i) Carrying value of in-process research and development acquired by product As of June 30, (in U.S. dollars, in thousands) 2022 2021 Cardiovascular products ( 1) 254,351 254,351 Intravenous products for metabolic diseases and inflammatory/immunologic conditions ( 2) 70,730 70,730 MSC products ( 3) 102,698 102,698 427,779 427,779 (1) Includes MPC-150-IM for the treatment or prevention of chronic heart failure and MPC-25-IC for the treatment or prevention of acute myocardial infarction (2) Includes MPC-300-IV for the treatment of biologic-refractory rheumatoid arthritis and diabetic nephropathy (3) Includes remestemcel-L for the treatment of children with SR-aGVHD and remestemcel-L for the treatment of Crohn’s disease For all products included within the above balances, the underlying currency of each item recorded is USD. (ii) Amortization methods and useful lives The Group amortizes intangible assets with a finite useful life using the straight-line method over the following periods: • Acquired licenses to patents 7 – 16 years • Current marketed products 15 – 20 years See Note 23(p) for the other accounting policies relevant to intangible assets and Note 23(j) for the Group’s policy regarding impairments. (iii) Significant estimate: Impairment of goodwill and assets with an indefinite useful life The Group tests annually whether goodwill and its assets with indefinite useful lives have suffered any impairment in accordance with its accounting policy stated in Note 23(j). The recoverable amounts of these assets and cash-generating units have been determined based on fair value less costs to dispose calculations, which require the use of certain assumptions . A full annual impairment assessment was performed at March 31, 2022 and no impairment of the in-process research and development and goodwill was identified. (iv) Impairment tests for goodwill and intangible assets with and indefinite useful life The Group has recognized goodwill as a result of two separate acquisitions. Goodwill of $118.4 million was recognized on acquisition of Angioblast Systems Inc. in 2010, $13.9 million was recognized on the acquisition of the MSC assets from Osiris (“MSC business combination”) in 2013 and $2.1 million was recognized on finalization of the MSC business combination of Osiris in 2015. In all cases the goodwill recognized represented excess in the purchase price over the net identifiable assets and in-process research and development acquired in the transaction. On acquisition, goodwill was not able to be allocated to the cash generating unit (“CGU”) level or to a group of CGU given the synergies of the underlying research and development. For the purpose of impairment testing, goodwill is monitored by management at the operating segment level. The Group is managed as one operating segment, being the development of cell technology platform for commercialization. IFRS requires that acquired in-process research and development be measured at fair value and carried as an indefinite life intangible asset subject to annual impairment reviews. The Group have recognized in-process research and development as a result of two separate acquisitions. In-process research and development of $387.0 million was recognized on the acquisition of Angioblast Systems Inc. in 2010 and $126.7 million was recognized on the acquisition of assets from Osiris in 2013 and $24.0 million was reclassified to current marketed products upon the TEMCELL asset becoming available for use in Japan. In 2016, the Group fully impaired $61.9 million of in-process research and development relating to our product candidates, MPC-MICRO-IO for the treatment of age-related macular degeneration and MPC-CBE for the expansion of hematopoietic stem cells within cord blood, as the Group suspended further patient enrollment of the Phase IIa MPC-MICRO-IO clinical trial and the Phase III MPC-CBE clinical trial as the Group prioritized the funding of our Tier 1 product candidates. The Group still believe these product candidates remain viable upon further funding, or partnership, and accordingly these products should not be regarded as abandoned, where typically, abandoned programs would be closed down and the related research and development efforts are considered impaired and the asset is fully expensed. The remaining carrying amount of in-process research and development as at June 30, 2022 and June 30, 2021 was $427.8 million. In-process research and development acquired is considered to be an indefinite life intangible asset on the basis that it is incomplete and cannot be used in its current form (see Note 23(p)(iii)). The intangible asset’s life will remain indefinite until such time it is completed and commercialized or impaired. The carrying value of in-process research and development is a separate asset which has been subject to impairment testing at the cash generating unit level, which has been determined to be at the product level. The recoverable amount of both goodwill and in-process research and development was assessed as of March 31, 2022 based on the fair value less costs to dispose. Management assess for indicators of impairment as at June 30, 2022 including considering events up to the date of the approval financial statements. No impairment as at June 30, 2022, was identified. (v) Key assumptions used for fair value less costs to dispose calculations In determining the fair value less costs to dispose the Group has given consideration to the following internal and external indicators: • discounted expected future cash flows of programs valued by the Group’s internal valuation team and reviewed by the CFO. The valuation team is responsible for the valuation model. The valuation team also manages a process to continually refine the key assumptions within the model. This is done with input from the relevant business units. The key assumptions in the model have been clearly defined and the responsibility for refining those assumptions has been assigned to the most relevant business units. When determining key assumptions, the business units refer to both external sources and past experience as appropriate. The valuation is considered to be level 3 in the fair value hierarchy due to unobservable inputs used in the valuation; • the scientific results and progress of the trials since acquisition; • the market capitalization of the Group on the ASX (ASX:MSB) on the impairment testing date of March 31, 2022; and • the valuation of the Group’s assets from an independent valuation as of March 31, 2020. Costs of disposal were assumed to be immaterial as at March 31, 2022. Discounted cash-flows used a real post-tax discount rate range of 13.8% to 15.5%, and include estimated real cash inflows and outflows for each program through to expected patent expiry which ranges from 11 to 23 years. In relation to cash outflows consideration has been given to cost of goods sold, selling costs and clinical trial schedules including estimates of numbers of patients and per patient costs. Associated expenses such as regulatory fees and patent maintenance have been included as well as any further preclinical development if applicable. In relation to cash inflows consideration has been given to product pricing, market population and penetration, sales rebates and discounts, launch timings and probability of success in the relevant applicable markets. The assessment of goodwill showed the recoverable amount of the Group’s operating segment, including goodwill and remaining in-process research and development, exceeds the carrying amounts, and therefore there is no impairment. Additionally, the recoverable amount of remaining in-process research and development also exceeds the carrying amounts, and therefore there is no impairment. There are no standard growth rates applied, other than our estimates of market penetration which increase initially, plateau and then decline. The assessment of the recoverable amount of each product has been made in accordance with the discounted cash-flow assumptions outlined above. The assessment showed that the recoverable amount of each product exceeds the carrying amount and therefore there is no impairment. (vi) Impact of possible changes in key assumptions The Group has considered and assessed reasonably possible changes in the key assumptions and has not identified any instances that could cause the carrying amount of our intangible assets as at June 30, 2022 to exceed its recoverable amount. Whilst there is no impairment, the key sensitivities in the valuation remain the continued successful development of our technology platform. If the Group is unable to successfully develop our technology platforms, an impairment of the carrying amount of our intangible assets may result. d. Provisions As of As of June 30, 2022 June 30, 2021 (in U.S. dollars, in thousands) Current Non-current Total Current Non-current Total Contingent consideration 10,823 12,461 23,284 10,764 14,645 25,409 Employee benefits 3,333 62 3,395 4,195 47 4,242 Provision for license agreements 3,750 — 3,750 3,751 2,325 6,076 17,906 12,523 30,429 18,710 17,017 35,727 (i) Information about individual provisions and significant estimates Contingent consideration The contingent consideration provision relates to the Group’s liability for certain milestones and royalty achievements pertaining to the acquired MSC assets from Osiris. Further disclosures can be found in Note 5(g)(iii). Employee benefits The provision for employee benefits relates to the Group’s liability for annual leave, short term incentives and long service leave. Employee benefits include accrued annual leave. As of June 30, 2022 and 2021, the entire amount of the annual leave accrual was $1.0 million and $1.0 million respectively, and is presented as current, since the Group does not have an unconditional right to defer settlement for any of these obligations. (ii) Movements The contingent consideration provision relates to the Group’s liability for certain milestones and royalty achievements. Refer to Note 5(g)(iii) for movements in contingent consideration for the years ended June 30, 2022 and 2021. e. Deferred tax balances (i) Deferred tax balances As of June 30, (in U.S. dollars, in thousands) 2022 2021 Deferred tax assets The balance comprises temporary differences attributable to: Tax losses 80,411 71,916 Other temporary differences 7,831 8,248 Total deferred tax assets 88,242 80,164 Deferred tax liabilities The balance comprises temporary differences attributable to: Intangible assets 88,242 80,164 Total deferred tax liabilities 88,242 80,164 Net deferred tax liabilities — — (ii) Movements (in U.S. dollars, in thousands) Tax losses ( 1) (DTA) Other temporary differences ( 1) (DTA) Intangible assets (DTL) Total (DTL) As of June 30, 2020 (72,899 ) (6,196 ) 79,825 730 Charged/(credited) to: - profit or loss 1,449 (2,609 ) 339 (821 ) - directly to equity (466 ) 557 — 91 As of June 30, 2021 (71,916 ) (8,248 ) 80,164 — Charged/(credited) to: - profit or loss (8,742 ) 425 8,078 (239 ) - directly to equity 247 (8 ) — 239 As of June 30, 2022 (80,411 ) (7,831 ) 88,242 — (1) Deferred tax assets are netted against deferred tax liabilities. f. Deferred consideration As of June 30, (in U.S. dollars, in thousands) 2022 2021 Opening balance ( 1) 2,500 2,500 Milestone consideration received during the period — — Amount recognized as revenue during the period — — Balance as of the end of the period 2,500 2,500 (1) The $2.5 million milestone payment received in December 2019 from Grünenthal was considered constrained and resulted in deferred consideration as of June 30, 2022. |
Equity
Equity | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Equity | 7. Equity a. Contributed equity (i) Share capital As of June 30, 2022 2021 2020 2022 2021 2020 Shares No. (U.S. dollars, in thousands) Contributed equity (i) Share capital Ordinary shares 650,454,551 648,696,070 583,949,612 1,165,309 1,163,153 1,051,450 Less: Treasury Shares (542,903 ) (771,983 ) (3,500,000 ) — — — Total Contributed Equity 649,911,648 647,924,087 580,449,612 1,165,309 1,163,153 1,051,450 (ii) Movements in ordinary share capital As of June 30, As of June 30, 2022 2021 2020 2022 2021 2020 Shares No. (U.S. dollars, in thousands) Opening balance 648,696,070 583,949,612 498,626,208 1,163,153 1,051,450 910,405 Issues of ordinary shares during the period Exercise of share options ( 1) — — 4,223,404 209 9,223 4,364 Transfer to employee share trust ( 1) — 3,450,000 — — — — Share based compensation for services rendered 1,758,481 1,187,168 600,000 1,698 1,867 864 Placement of shares under a share placement agreement ( 2) (3) — 60,109,290 80,500,000 — 97,031 139,483 Transaction costs arising on share issue — — — 21 (1,312 ) (6,871 ) Total contributions of equity during the period 1,758,481 64,746,458 85,323,404 1,928 106,809 137,840 Share options reserve transferred to equity on exercise of options — — — 228 4,894 3,205 Ending balance 650,454,551 648,696,070 583,949,612 1,165,309 1,163,153 1,051,450 (1) Options are issued to employees, directors and consultants in accordance with the Mesoblast Employee Share Option Plan. From July 1, 2020, unpaid shares are issued to the share trust to enable future option exercises to be settled. On exercise of options, the proceeds of the exercise are recorded in ordinary share capital in Mesoblast Limited and the exercise is settled by transfer of the shares from the share trust to the employee. Prior to July 1, 2020, the shares issued and share capital received on the exercise of options were recorded in ordinary share capital. (2) In October 2019, the Group completed a A$75.0 million (US$50.7 million) capital raise through the placement of 37.5 million new fully-paid ordinary shares at a price of A$2.00 per share to existing and new institutional investors, representing a 3.15% discount to the 10 day volume weighted average price calculated at the close of trading. In May 2020, the Group completed a A$138.0 million (US$88.8 million) capital raise through the placement of 43.0 million new fully-paid ordinary shares at a price of A$3.20 per share to existing and new institutional investors, representing a 7% discount to the 5 day volume weighted average price calculated at the close of trading May 8, 2020. (3) In March 2021, 60,109,290 shares were issued in an equity purchase of Mesoblast Limited at A$2.30 per share to existing and new institutional investors, representing a 6.50% discount to the price calculated at the close of trading February 25, 2021. The investors also received warrants to acquire a further 15 million shares at a price of A$2.88 per share, a 25% premium to the placement price, which may raise up to a further A$43.2 million, on or before March 15, 2028. These warrants have been classified within warrant reserves, refer to Note 7(b). (iii) Movements of shares in share trust As of June 30 As of June 30 2022 2021 2022 2021 Shares No. (U.S. dollars, in thousands) Opening balance ( 1) 771,983 3,500,000 — — Movement of shares in share trust Transfer to employee share trust ( 2) — 3,450,000 — — Exercise of share options ( 2) (229,080 ) (6,178,017 ) — — Ending balance 542,903 771,983 — — (1) In July 2020, the Group formed the Mesoblast Employee Share Trust, being a new trust formed to administer the Group’s employee share scheme. Prior to forming the new trust, the Group had been using the Mesoblast Limited Employee Share Trust for administering some aspects of the Group’s employee share scheme. In July 2020, 3,500,000 shares were transferred from Mesoblast Limited Employee Share Trust to the new Mesoblast Employee Share Trust. These trusts have been consolidated, as the substance of the relationship is that the trusts are controlled by the Group. (2) Options are issued to employees, directors and consultants in accordance with the Mesoblast Employee Share Option Plan. From July 1, 2020, unpaid shares are issued to the share trust to enable future option exercises to be settled. On exercise of options, the proceeds of the exercise are recorded in ordinary share capital in Mesoblast Limited and the exercise is settled by transfer of the shares from the share trust to the employee. Prior to July 1, 2020, the shares issued and share capital received on the exercise of options were recorded in ordinary share capital. (iv) Ordinary shares Ordinary shares participate in dividends and the proceeds on winding up of the Group in equal proportion to the number of shares held. At shareholders meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands. Ordinary shares have no par value and the Company does not have a limited amount of authorized capital. (v) Employee share options Information relating to the Group’s employee share option plan, including details of shares issued under the scheme, is set out in Note 17. b. Reserves (i) Reserves As at June 30, (in U.S. dollars, in thousands) 2022 2021 Share-based payments reserve 97,924 92,855 Investment revaluation reserve (542 ) (220 ) Foreign currency translation reserve (39,700 ) (39,791 ) Warrants reserve 12,969 12,969 70,651 65,813 (ii) Reconciliation of reserves (in U.S. dollars, in thousands) As at June 30, Share-based payments reserve 2022 2021 Opening balance 92,855 85,330 Tax credited / (debited) to equity (239 ) (91 ) Transfer to ordinary shares on exercise of options (228 ) (4,894 ) Share-based payment expense for the year 5,536 12,510 Closing Balance 97,924 92,855 Investment revaluation reserve Opening balance (220 ) (429 ) Changes in the fair value of financial assets through other comprehensive income (322 ) 209 Closing Balance (542 ) (220 ) Foreign currency translation reserve Opening balance (39,791 ) (38,267 ) Currency gain/(loss) on translation of foreign operations net assets 91 (1,524 ) Closing Balance (39,700 ) (39,791 ) Warrant reserve Opening balance 12,969 — Warrants fair value at issue date - March 18, 2021 — 12,969 Closing Balance 12,969 12,969 (iii) Nature and purpose of reserves Share-based payment reserve The share-based payments reserve is used to recognize: • the fair value ( 1) • the fair value ( 1) (1) The fair value recognized is determined at the acceptance date, which is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement. Foreign currency translation reserve Exchange differences arising on translation of a foreign controlled entity are recognized in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of. Warrants reserve In March 2021, the Group completed a A$138.0 million (US$110.0 million) private placement of 60,109,290 15,027,327 The Group has a right to compel exercise of the warrants at any time, subject to the price of the Group’s ordinary shares trading at least A$4.32 for 45 consecutive days on the ASX. The warrants do not confer any rights to dividends or a right to participate in a new issue without exercising the warrant. The terms of the warrants include certain anti-dilution clauses, which adjust the exercise price or conversion ratio in the event of a rights issue or bonus issue. Management analyzed these clauses and determined the fixed-for-fixed requirement was still satisfied because the relative rights of shareholders and warrant holders were maintained. Therefore the warrants were classified as equity. The warrants were initially measured in equity at fair value, which was determined using a Monte Carlo simulation (refer to Note 7(b)(iv)), with the residual consideration being attributed to the ordinary shares issued in the same transaction. The warrants are not remeasured for subsequent changes in fair value. (iv) Fair value of warrants The warrants granted are not traded in an active market and therefore the fair value has been estimated by using the Monte Carlo pricing model based on the following assumptions. Key terms of the warrants are included above. The following assumptions were based on observable market conditions that existed at the issue date. Assumption At Issue date - March 18, 2021 Rationale Share Price A$2.41 Closing share price on valuation date from external market source Exercise Price A$2.88 As per subscription agreement Expected Term 7 years As per subscription agreement Dividend Yield 0% Based on Company’s nil dividend history Expected Volatility 66.88% Based on historical volatility data for the Company A$-US$ FX Spot Rate 0.7827 Closing FX rate on valuation date from the Reserve Bank of Australia historical foreign exchange rate tables Risk Free Interest Rate 1.24% Based on the mid-point of the Australian Government issued 5 year and 10 year bonds Fair value per warrant A$1.103 US$0.863 Determined using Monte Carlo pricing models with the inputs above Fair value $ 12,968,583 Fair value of 15,027,327 warrants as at issue date |
Cash flow information
Cash flow information | 12 Months Ended |
Jun. 30, 2022 | |
Statement Of Cash Flows [Abstract] | |
Cash flow information | 8. Cash flow information (in U.S. dollars, in thousands) As of June 30, (a) Reconciliation of cash and cash equivalents 2022 2021 2020 Cash at bank 60,034 136,430 128,916 Deposits at call 413 451 412 60,447 136,881 129,328 (in U.S. dollars, in thousands) As of June 30, (b) Reconciliation of net cash flows used in operations with loss after income tax 2022 2021 2020 Loss for the period (91,347 ) (98,811 ) (77,940 ) Add/(deduct) net loss for non-cash items as follows: Depreciation and amortization 4,380 4,264 3,667 Foreign exchange (gains)/losses 536 (1,499 ) (302 ) Finance costs 16,906 15,936 14,747 Remeasurement of borrowing arrangements 382 (5,225 ) (607 ) Remeasurement of contingent consideration (913 ) (18,687 ) (1,380 ) Remeasurement of warrant liabilities (5,896 ) — - Equity settled share-based payment 5,536 12,510 7,522 Deferred tax benefit (235 ) (819 ) (9,415 ) Change in operating assets and liabilities: Decrease/(increase) in trade and other receivables 140 (1,739 ) 890 Decrease/(increase) in prepayments 1,555 (213 ) 2,292 Increase/(decrease) in trade creditors and accruals 4,777 (5,061 ) 3,601 Increase/(decrease) in provisions (1,603 ) (1,405 ) (7,500 ) Net cash outflows used in operations (65,782 ) (100,749 ) (50,418 ) |
Significant estimates, judgment
Significant estimates, judgments and errors | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Significant Estimates Judgments And Errors [Abstract] | |
Significant estimates, judgments and errors | 9. Significant estimates, judgments and errors The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgment in applying the Group’s accounting policies. This note provides an overview of the areas that involved a higher degree of judgment or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information about each of these estimates and judgments is included in Notes 1 to 8 together with information about the basis of calculation for each affected line item in the financial statements. In addition, this note also explains where there have been actual adjustments this year as a result of an error and of changes to previous estimates. Significant estimates and judgments The areas involving significant estimates or judgments are: • recognition of revenue (Note 3 and Note 23(e)); • fair value of contingent liabilities and contingent purchase consideration in a business combination (Note 5(g) and 13); • recoverable amount of goodwill and other intangible assets including in-process research and development (Note 6(c)); • useful life of intangible assets (Note 6(c)); • recognition of deferred tax assets and deferred tax liabilities (Note 4); • fair value of share-based payments (Note 17); • remeasurement of borrowings due to change in estimated cash flows (Note 5(f)); • recognition of pre-launch inventory costs (Note 23(f)); and • fair value of warrant liability (Note 5(g)). The preparation of these consolidated financial statements requires the Group to make estimates and judgments that affect the reported amounts of assets, liabilities, income and expenses and related disclosures. On an ongoing basis, the Group evaluates its significant accounting policies and estimates. Estimates are based on historical experience and on various market-specific and other relevant assumptions that the Group believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Financial Risk Management [Abstract] | |
Financial Risk Management | 10. Financial risk management This note explains the Group’s exposure to financial risks and how these risks could affect the Group’s future financial performance. Current year profit and loss information has been included where relevant to add further context. Risk Exposure arising from Measurement Management Market risk – currency risk Future commercial transactions Recognized financial assets and liabilities not denominated in the functional currency of each entity within the Group Cash flow forecasting Sensitivity analysis The future cash flows of each currency are forecast and the quantum of cash reserves held for each currency are managed in line with future forecasted requirements. Cross currency swaps are undertaken as required. Market risk – interest rate risk Long-term borrowings at floating rates Sensitivity analysis The Group does not currently have long-term borrowings at floating rates. Previously, long-term borrowings at floating rates were managed as follows: The facility could be refinanced and/or repaid. Interest rate swaps could be entered into to convert the floating interest rate to a fixed interest rate as required. Term deposits at fixed rates Sensitivity analysis Vary length of term deposits, utilize interest bearing accounts and periodically review interest rates available to ensure we earn interest at market rates. Market risk – price risk Long-term borrowings Sensitivity analysis Forecasts of net sales of the product underlying the NovaQuest borrowing arrangement are updated on a quarterly basis to evaluate the impact on the carrying amount of the financial liability. Credit risk Cash and cash equivalents, and trade and other receivables Aging analysis Credit ratings Only transact with the best risk rated banks available in each region giving consideration to the products required. Liquidity risk Cash and cash equivalents Borrowings Rolling cash flow forecasts Future cash flows requirements are forecasted and capital raising strategies are planned to ensure sufficient cash balances are maintained to meet the Group’s future commitments. a. Market risk (i) Currency risk The Group has foreign currency amounts owing relating to clinical, regulatory and overhead activities and foreign currency deposits held primarily in the Group’s Australian based entity, whose functional currency is the A$. The Group also has foreign currency amounts owing in the Group’s Swiss and Singapore based entities, whose functional currencies are the US$. The Group also has foreign currency amounts owing in various other non-US$ currencies in A$ and US$ functional currency entities in the Group relating to clinical, regulatory and overhead activities. These foreign currency balances give rise to a currency risk, which is the risk of the exchange rate moving, in either direction, and the impact it may have on the Group’s financial performance. Currency risk is minimized by ensuring the proportion of cash reserves held in each currency matches the expected rate of spend of each currency. As of June 30, 2022, the Group held 97% of its cash in USD, and 3% in AUD. As of June 30, 2021 the Group held 89% of its cash in USD, and 11% in AUD. The balances held at the end of the year that give rise to currency risk exposure are presented in USD in the following table, together with a sensitivity analysis which assesses the impact that a change of +/-20% in the exchange rate as of June 30, 2022 and June 30, 2021 would have had on the Group’s reported net profits/(losses) and/or equity balance. The bank balances held at the end of the year that are presented in the following table give rise to currency risk exposure as they are not in the functional currency of the entity in which it is held. +20% -20% (in U.S. dollars, in thousands) As of June 30, 2022 Foreign currency balance held Profit/(Loss) USD Profit/(Loss) USD Bank accounts – USD USD 93 $ 19 $ (19 ) Bank accounts – CHF CHF 55 $ 12 $ (12 ) Bank accounts – SGD SGD 140 $ 20 $ (20 ) Bank accounts – EUR EUR 289 $ 60 $ (60 ) Trade and other receivables - SGD SGD 205 $ 30 $ (30 ) Trade and other receivables - CHF CHF 6 $ 1 $ (1 ) Trade and other receivables - EUR EUR 153 $ 32 $ (32 ) Trade payables and accruals - USD (USD 274) $ (55 ) $ 55 Trade payables and accruals - AUD (AUD 752) $ (104 ) $ 104 Trade payables and accruals - SGD (SGD 429) $ (62 ) $ 62 Trade payables and accruals - GBP (GBP 50) $ (12 ) $ 12 Trade payables and accruals - EUR EUR (42) $ (9 ) $ 9 Trade payables and accruals - CHF (CHF 36) $ (7 ) $ 7 Provisions – USD (USD 1,750) $ (350 ) $ 350 Provisions – SGD (SGD 62) $ (9 ) $ 9 $ (434 ) $ 434 +20% -20% (in U.S. dollars, in thousands) As of June 30, 2021 Foreign currency balance held Profit/(Loss) USD Profit/(Loss) USD Bank accounts – USD USD 2 $ 0 $ (0 ) Bank accounts – CHF CHF 68 $ 15 $ (15 ) Bank accounts – SGD SGD 33 $ 5 $ (5 ) Bank accounts – EUR EUR 147 $ 35 $ (35 ) Trade and other receivables - SGD SGD 369 $ 55 $ (55 ) Trade and other receivables - CHF CHF 5 $ 1 $ (1 ) Trade and other receivables - EUR EUR 136 $ 32 $ (32 ) Trade payables and accruals - USD (USD 1,792) $ (358 ) $ 358 Trade payables and accruals - AUD (AUD 392) $ (59 ) $ 59 Trade payables and accruals - SGD (SGD 356) $ (53 ) $ 53 Trade payables and accruals - GBP (GBP 47) $ (13 ) $ 13 Trade payables and accruals - EUR EUR (53) $ (13 ) $ 13 Trade payables and accruals - CHF (CHF 53) $ (12 ) $ 12 Provisions – USD (USD 1,750) $ (350 ) $ 350 Provisions – SGD (SGD 94) $ (14 ) $ 14 $ (729 ) $ 729 (ii) Cash flow and interest rate risk The Group’s main interest rate risk arises from long-term borrowings with a floating interest rate, which exposes the Group to cash flow interest rate risk. As interest rates fluctuate, the amount of interest payable on financing where the interest rate is not fixed will also fluctuate. The Group can repay its loan facility at its discretion and can also refinance if the terms are suitable in the marketplace or from the existing lender. In November 2021, the Group refinanced its variable interest rate loan with a fixed rate loan thereby eliminating its current exposure to interest rate risk on long-term borrowings. As at June 30, 2022, the Group does not hold any floating interest rate borrowings. The exposure of the Group’s borrowing to interest rate changes are as follows: As of As of Jun 30, 2022 June 30, 2021 (in U.S. dollars, in thousands, except percent data) Total % of total loans Total % of total loans Financial liabilities Current borrowings Variable rate borrowings – Hercules — 0 % 52,864 55 % Non-current borrowings Variable rate borrowings – Hercules — 0 % — 0 % — 0 % 52,864 55 % An analysis by maturities is provided in Note 10(c) below. The percentage of total loans shows the proportion of loans that are currently at variable rates in relation to the total amount of borrowings. The borrowings which expose the Group to interest rate risk are described in the table below, together with the maximum and minimum interest rates being earned as of June 30, 2022 and June 30, 2021. The effect on profit is shown if interest rates change by 5%, in either direction, is as follows: As of As of Jun 30, 2022 June 30, 2021 (in U.S. dollars, in thousands, except percent data) Low High USD Low High USD Borrowings – USD 0.00 % 0.00 % 0 (1) 9.70 % 9.70 % 52,864 (1) Rate increase by 5% 0.00 % 0.00 % - 10.19 % 10.19 % 243 Rate decrease by 5% 0.00 % 0.00 % - 9.22 % 9.22 % (243 ) (1) Effect on profit/loss of interest rate changes is based on the loan principal amount of nil as of June 30, 2022, and loan principal amount of $50.0 million as of June 30, 2021. In November 2021, proceeds provided by Oaktree were used to repay the outstanding balance with Hercules. The Group is also exposed to interest rate movements which impacts interest income earned on its deposits and at call accounts. The interest income derived from these balances can fluctuate due to interest rate changes. This interest rate risk is managed by periodically reviewing interest rates available for suitable interest bearing accounts to ensure we earn interest at market rates. The Group ensures that sufficient funds are available, in at call accounts, to meet the working capital requirements of the Group. The deposits held which derive interest revenue are described in the table below, together with the maximum and minimum interest rates being earned as of June 30, 2022 and June 30, 2021. The effect on profit is shown if interest rates change by 10%, in either direction, is as follows: As of As of Jun 30, 2022 June 30, 2021 (in U.S. dollars, in thousands, except percent data) Low High USD Low High USD Funds invested – USD 0.00 % ( 1) 0.00 % ( 1) 49,383 0.00 % ( 1) 0.00 % ( 1) 107,564 Rate increase by 10% 0.03 % ( 1) 0.03 % ( 1) 15 0.03 % ( 1) 0.03 % ( 1) 32 Rate decrease by 10% 0.03 % ( 1) 0.03 % ( 1) (15 ) 0.03 % ( 1) 0.03 % ( 1) (32 ) AUD Low High AUD Low High AUD Funds invested – AUD 1.50 % 1.50 % 600 0.24 % 0.24 % 600 Rate increase by 10% 1.65 % 1.65 % 1 0.26 % 0.26 % 0 Rate decrease by 10% 1.35 % 1.35 % (1 ) 0.22 % 0.22 % (0 ) (1) The interest rate reduced to 0% during the period ended June 30, 2021 and has remained at 0% for the period ended June 30, 2022. The sensitivity assumes the interest rate to increase or decrease by 0.03%, which is consistent with prior periods. (iii) Price risk Price risk is the risk that future cash flows derived from financial instruments will be altered as a result of a market price movement, which is defined as movements other than foreign currency rates and interest rates. The Group is exposed to price risk which arises from long-term borrowings under its facility with NovaQuest, where the timing and amounts of principal and interest payments is dependent on net sales of remestemcel-L for the treatment of SR-aGVHD in pediatric patients in the United States and other territories excluding Asia. As net sales of remestemcel-L for the treatment of SR-aGVHD in pediatric patients in these territories increase/decrease, the timing and amount of principal and interest payments relating to the financing arrangement will also fluctuate, resulting in an adjustment to the carrying amount of financial liability. The adjustment is recognized in the Income Statement as remeasurement of borrowing arrangements within finance costs in the period the revision is made. The exposure of the Group’s borrowing to price rate changes are as follows: As of As of Jun 30, 2022 June 30, 2021 (in U.S. dollars, in thousands, except percent data) Total % of total loans Total % of total loans Financial liabilities Current borrowings Borrowings – NovaQuest 372 0 % 336 0 % Non-current borrowings Borrowings – NovaQuest 47,898 50 % 41,045 45 % 48,270 50 % 41,381 45 % As at June 30, 2022, all other factors held constant, a 20% increase in the forecast net sales of remestemcel-L for the treatment of SR-aGVHD in pediatric patients in the United States and other territories excluding Asia would increase non-current borrowing and decrease profit by $0.2 million, whereas a 20% decrease in the net sales of remestemcel-L for the treatment of SR-aGVHD in pediatric patients in the United States and other territories excluding Asia would decrease non-current borrowings and The Group is also exposed to price risk on contingent consideration provision balances, as expected unit revenues are a significant unobservable input used in the level 3 fair value measurements. As at June 30, 2022, all other factors held constant, the increase/decrease in price assumptions adopted in the fair value measurements of the contingent consideration provision are discussed in Note 5(g)( iv The Group does not consider it has any exposure to price risk other than those already described above. b. Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge its obligation and cause financial loss to the other party. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets. The Group’s receivables are tabled below. As of June 30, (in U.S. dollars, in thousands) 2022 2021 Cash and cash equivalents Deposits at call (Note 5(a)) - minimum A rated 413 451 Cash at bank (Note 5(a)) - minimum A rated 60,033 136,430 Trade and other receivables Receivable from other parties (non-rated) 2,382 2,122 Receivable from the Australian Government (Income Tax) 5 — Receivable from the Australian Government (Foreign Withholding Tax) 400 400 Receivable from minimum A rated bank deposits (interest) 254 257 Receivable from the Australian Government (Goods and Services Tax) 102 388 Receivable from the United States Government (Income Tax) 20 3 Receivable from the Swiss Government (Value-Added Tax) 105 — Receivable from the United States Government (U.S. tax credits) 2 — Other non-current assets Receivable from the United States Government (U.S. tax credits) 1,473 1,473 c. Liquidity risk Liquidity risk is the risk that the Group will not be able to pay its debts as and when they fall due. Liquidity risk has been assessed in Note 1( i All financial liabilities, excluding contingent consideration, borrowings and lease liabilities held by the Group as of June 30, 2022 and June 30, 2021 are non-interest bearing and mature within 6 months As of June 30, 2022, the maturity profile of the anticipated future contractual cash flows, on an undiscounted basis and removing probability adjustments as applicable for contingent consideration, and which, therefore differs from the carrying value, is as follows: (in U.S. dollars, in thousands) Within 1 year Between 1-2 years Between 2-5 years Over 5 years Total contractual cash flows Carrying amount Borrowings ( 1)(2) (5,628 ) (12,575 ) (157,009 ) — (175,212 ) (96,634 ) Trade payables (23,079 ) — — — (23,079 ) (23,079 ) Lease liabilities (3,682 ) (4,824 ) (2,714 ) — (11,220 ) (10,271 ) Contingent consideration ( 3) (1,179 ) (2,130 ) (6,795 ) — (10,104 ) (5,457 ) (33,568 ) (19,529 ) (166,518 ) — (219,615 ) (135,441 ) (1) Contractual cash flows include payments of principal, interest and other charges. Interest is calculated based on debt held at June 30, 2022 without taking into account drawdowns of further tranches. (2) In relation to the contractual maturities of the NovaQuest borrowings, there is variability in the maturity profile of the anticipated future contractual cash flows given the timing and amount of payments are calculated based on our estimated net sales of remestemcel-L for the treatment of pediatric SR-aGVHD . (3) In relation to the contractual maturities of the royalty payments related to contingent consideration, there is variability in the maturity profile of the anticipated future contractual cash flows given the timing and amount of payments are calculated based on our estimated net sales of remestemcel-L for the treatment of children and adults with aGVHD. The carrying amount reflects the discounted and probability adjusted contractual balance. Product royalties will be payable in cash which will be funded from royalties received from net sales. With respect to future milestone payments, contingent consideration will be payable in cash or shares at our discretion. The carrying amount reflects the discounted and probability adjusted contractual balance related to royalty payments. |
Capital Management
Capital Management | 12 Months Ended |
Jun. 30, 2022 | |
Capital Management [Abstract] | |
Capital Management | 11. Capital management The Group’s objective when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders. See Note 5(a) for the cash reserves of the Group as at the end of the financial reporting period. |
Interests in other entities
Interests in other entities | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Interests in other entities | 12. Interests in other entities The Group’s subsidiaries as of June 30, 2022 and 2021 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business, aside from BeiCell Ltd, which was incorporated on November 15, 2018 in the Cayman Islands however operates in Hong Kong. Country of Class of incorporation shares Equity holding As of June 30, 2022 2021 % % Mesoblast, Inc. USA Ordinary 100 100 Mesoblast International Sàrl (includes Mesoblast International Sàrl Singapore Branch) Switzerland Ordinary 100 100 Mesoblast Australia Pty Ltd Australia Ordinary 100 100 Mesoblast UK Ltd United Kingdom Ordinary 100 100 Mesoblast International (UK) Ltd United Kingdom Ordinary — 100 BeiCell Ltd Cayman Islands Ordinary 100 100 |
Contingent assets and liabiliti
Contingent assets and liabilities | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Contingent Assets And Liabilities [Abstract] | |
Contingent assets and liabilities | 13. Contingent assets and liabilities a. Contingent assets The Group did not have any contingent assets outstanding as of June 30, 2022 and June 30, 2021. b. Contingent liabilities (i) Central Adelaide Local Health Network Incorporated (“CALHNI”) (formerly Medvet) The Group acquired certain intellectual property relating to our MPCs, or Medvet IP, pursuant to an Intellectual Property Assignment Deed, or IP Deed, with Medvet Science Pty Ltd, or Medvet. Medvet’s rights under the IP Deed were transferred to Central Adelaide Local Health Network Incorporated, or CALHNI, in November 2011. In connection with its use of the Medvet IP, on completion of certain milestones the Group will be obligated to pay CALHNI, as successor in interest to Medvet, (i) certain aggregated milestone payments of up to $2.2 million and single-digit royalties on net sales of products covered by the Medvet IP, for cardiac muscle and blood vessel applications and bone and cartilage regeneration and repair applications, subject to minimum annual royalties beginning in the first year of commercial sale of those products and (ii) single-digit royalties on net sales of the specified products for applications outside the specified fields. (ii) Other contingent liabilities The Group has entered into a number of other agreements with other third parties pertaining to intellectual property. Contingent liabilities may arise in the future if certain events or developments occur in relation to these agreements. As of June 30, 2022, the Group has assessed these contingent liabilities to be remote and specific disclosure is not required. |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2022 | |
Commitments [Abstract] | |
Commitments | 14. Commitments a. Capital commitments The Group did not have any commitments for future capital expenditure outstanding as of June 30, 2022 and June 30, 2021. b. Purchase commitments In December 2019, the Group commenced production under its manufacturing service agreement with Lonza for the supply of commercial product for the potential approval and launch of remestemcel-L for the treatment of pediatric SR-aGVHD in the US market. This agreement contains lease and non-lease components. As of June 30, 2022, the agreement contains a minimum remaining financial commitment of the non-lease component of $12.2 million, payable until June 2024. The Group has accounted for the lease component within the agreement as a lease liability separately from the non-lease components. As of June 30, 2022, the lease component is $4.1 million on an undiscounted basis, as disclosed within the total contractual cash flows as lease liabilities in Note 10(c). The group have agreements with third parties related to contract manufacturing and other goods and services. As of June 30, 2022, the Group had $9.4 million of non-cancellable purchase commitments related to raw materials, manufacturing agreements and other goods and services. This amount represents our minimum contractual obligations, including termination fees. Certain agreements provide for termination rights subject to termination fees. Under such agreement, the Group are contractually obligated to make certain payments, mainly, to reimburse them for their unrecoverable outlays incurred prior to cancellation. The Group did not have any other purchase commitments as of June 30, 2022. |
Events occurring after the repo
Events occurring after the reporting period | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Events occurring after the reporting period | 15. Events occurring after the reporting period In August 2022, the Group completed a US$45.0 million (A$65.0 million) financing in a global private placement predominately to major shareholders of the Company. The proceeds from the placement will facilitate activities for launch and commercialization for remestemcel-L, in the treatment of children with SR-aGVHD for which we seek FDA approval under a planned resubmission of our Biologics License Application (“BLA”); and commencement of a second Phase 3 clinical trial of rexlemestrocel-L to confirm reduction in chronic low back pain associated with degenerative disc disease. On August 11, 2022, proceeds of $42.6 million were received and recognized in cash and cash equivalents. There were no other events that have occurred after June 30, 2022 and prior to the signing of this financial report that would likely have a material impact on the financial results presented. |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Key Management Personnel Compensation [Abstract] | |
Related party transactions | 16. Related party transactions a. Parent entity The parent entity within the Group is Mesoblast Limited. b. Subsidiaries Details of interests in subsidiaries are disclosed in Note 12 to the financial statements. c. Key management personnel compensation The aggregate compensation made to Directors and other members of key management personnel of the Group is set out below Year Ended June 30, (in U.S. dollars) 2022 2021 Short-term employee benefits 2,294,897 2,401,749 Long-term employee benefits 12,206 12,646 Post-employment benefits 31,346 36,444 Share based payments 391,592 1,469,698 2,730,041 3,920,537 d. Transactions with other related parties Accounts receivable from revenues, accounts payable to expenses and loans from subsidiaries as at the end of the fiscal year have been eliminated on consolidation of the Group. e. Terms and conditions All other transactions were made on normal commercial terms and conditions and at market rates, except that there are no fixed terms for the repayment of loans between the parties. Outstanding balances are unsecured and are repayable in cash. |
Share-based payments
Share-based payments | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Sharebased Payment Arrangements [Abstract] | |
Share-based payments | 17. Share-based payments The Company has adopted an Employee Share Option Plan (“ESOP”) and a Loan Funded Share Plan (“LFSP”) (together, “the Plans”) to foster an ownership culture within the Company and to motivate senior management and consultants to achieve performance targets. Selected directors, employees and consultants may be eligible to participate in the Plans at the absolute discretion of the board of directors, and in the case of directors, upon approval by shareholders. The Company has not issued new securities under the LFSP since July 1, 2015, as of December 16, 2019 all LFSP grants had reach their expiry date. Grant policy In accordance with the Company’s policy, options and loan funded shares are typically issued in three equal tranches. For issues granted prior to July 1, 2015 the length of time from grant date to expiry date was typically 5 years. Grants since July 1, 2015, are issued with a seven year term. Options issued to employees generally vest based on performance or time conditions, or both. In the year ended June 30, 2022, senior executives were issued options that vest based on performance and time conditions. These options are required to satisfy certain pre-specified performance conditions and time-based vesting conditions prior to vesting. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. For time-based vesting options, the first tranche typically vests 12 months after grant date, the second tranche 24 months after grant date, and the third tranche 36 months after grant date. The exercise price is determined by reference to the Company policy. Generally the exercise price is the higher of the volume weighted average share price of the five ASX trading days up to Board approval of the grant, and the last closing price of an ordinary share on the ASX at Board approval. In the case of options that have time-based vesting conditions only, the board of directors adds a 10% premium to the market price. Options with performance based vesting conditions are issued with no premium. The board of directors’ policy is not to issue options at a discount to the market price. The aggregate number of options which may be issued pursuant to the ESOP must not exceed 10,000,000 with respect to US incentive stock options, and with respect to Australian residents, the limit imposed under the Australian Securities and Investments Commission Class Order 14/1000. In addition, the LFSP which has not been issued since July 1, 2015 and as of December 16, 2019 all LFSP grants had reach their expiry date, has the following characteristics: On grant date, the Company issues new equity (rather than purchasing shares on market), and the loan funded shares are placed in a trust which holds the shares on behalf of the employee. The trustee issues a limited recourse, interest free, loan to the employee which is equal to the number of shares multiplied by the price. A limited-recourse loan means that the repayment amount will be the lesser of the outstanding loan value (the loan value less any amounts that may have already been repaid) and the market value of the shares that are subject to the loan. The price is the amount the employee must pay for each loan funded share if exercised. The trustee continues to hold the shares on behalf of the employee until the employee chooses to settle the loan pertaining to the shares and all vesting conditions have been satisfied, at which point ownership of the shares is fully transferred to the employee. Any dividends paid by the Company, while the shares are held by the trustee, are applied as a repayment of the loan at the after-tax value of the dividend. a. Reconciliation of outstanding share based payments Series Grant Date ( 1) Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) 32 10-Jul-15 30-Jun-22 AUD 4.20 1,753,334 — — (1,753,334 ) — — 33 26-Aug-15 16-Aug-22 AUD 4.05 75,000 — — (75,000 ) — — 34 27-Apr-16 06-Mar-23 AUD 2.80 1,858,979 — — (180,000 ) 1,678,979 1,678,979 34b 31-Oct-16 06-Mar-23 AUD 2.80 200,000 — — — 200,000 200,000 35a 08-Jul-20 08-Jul-23 AUD 2.86 1,500,000 — — — 1,500,000 1,500,000 36 06-Dec-16 05-Dec-23 AUD 1.31 623,000 — (50,000 ) (40,000 ) 533,000 533,000 36a 06-Dec-16 05-Dec-23 AUD 1.19 1,950,730 — — — 1,950,730 1,809,064 38 16-Sep-17 15-Sep-24 AUD 1.54 50,000 — — — 50,000 50,000 38a 16-Sep-17 15-Sep-24 AUD 1.40 150,000 — — — 150,000 150,000 39 13-Oct-17 12-Oct-24 AUD 1.94 1,090,000 — — (115,000 ) 975,000 975,000 39a 13-Oct-17 12-Oct-24 AUD 1.76 902,425 — — — 902,425 902,425 40 24-Nov-17 23-Nov-24 AUD 1.41 750,000 — — — 750,000 750,000 40a 24-Nov-17 23-Nov-24 AUD 1.28 750,000 — — — 750,000 — 41 18-Jun-18 17-Jun-25 AUD 1.52 200,000 — — — 200,000 200,000 42 11-Jul-18 10-Jul-25 AUD 1.56 200,000 — — — 200,000 200,000 43 18-Jul-18 17-Jul-25 AUD 1.87 4,201,666 — (20,000 ) (388,334 ) 3,793,332 3,793,332 43b 18-Jul-18 17-Jul-25 AUD 1.87 350,000 — — — 350,000 350,000 44 15-Jul-18 14-Jul-25 AUD 1.72 150,000 — — (150,000 ) — — 45 30-Nov-18 29-Nov-25 AUD 1.33 590,000 — — — 590,000 590,000 46 19-Jan-19 18-Jan-26 AUD 1.45 3,333 — — — 3,333 3,333 47 19-Jan-19 18-Jan-26 AUD 1.45 150,000 — — — 150,000 150,000 48 04-Apr-19 03-Apr-26 AUD 1.48 300,000 — — — 300,000 300,000 49 20-Jul-19 19-Jul-26 AUD 1.62 3,638,671 — (113,334 ) (277,999 ) 3,098,670 1,940,654 49 20-Jul-19 19-Jul-26 AUD 1.62 — (148,668 ) * 49a 20-Jul-19 19-Jul-26 AUD 1.47 3,999,998 — — (333,334 ) 3,499,998 1,316,665 49a 20-Jul-19 19-Jul-26 AUD 1.47 — (166,666 ) * 49b 20-Jul-19 19-Jul-26 AUD 1.47 1,346,667 — — — 1,346,667 673,334 49c 20-Jul-19 19-Jul-26 AUD 1.47 538,667 — — — 538,667 359,112 50 20-Jul-19 19-Jul-26 AUD 1.47 700,000 — — — 700,000 — 50a 20-Jul-19 19-Jul-26 AUD 1.47 400,000 — — — 400,000 — 51 29-Aug-19 28-Aug-26 AUD 1.47 150,000 — — (150,000 ) * — — 52 29-Aug-19 28-Aug-26 AUD 1.62 400,000 — — — 400,000 266,666 53 29-Aug-19 28-Aug-26 AUD 1.47 800,000 — — — 800,000 533,334 54 25-Nov-19 24-Nov-26 AUD 1.98 295,000 — — (25,000 ) 153,334 146,668 54 25-Nov-19 24-Nov-26 AUD 1.98 — (116,666 ) * 55 29-May-19 28-May-26 AUD 1.48 350,000 — — — 350,000 300,000 56 18-Nov-19 17-Nov-26 AUD 1.83 200,000 — — — 200,000 133,332 57 25-Nov-19 24-Nov-26 AUD 1.80 100,000 — — — 100,000 100,000 58 25-Nov-19 24-Nov-26 AUD 1.98 450,000 — — — 450,000 300,000 59 24-Jan-20 23-Jan-27 AUD 3.38 10,000 — — — 10,000 10,000 61 17-Apr-20 16-Apr-27 AUD 2.51 50,000 — — (16,666 ) — — 61 17-Apr-20 16-Apr-27 AUD 2.51 — (33,334 ) * 63 18-May-20 17-May-27 AUD 4.02 1,200,000 — — — 1,200,000 800,000 63a 18-May-20 17-May-27 AUD 3.65 2,400,000 — — — 2,400,000 400,000 64 16-Jul-20 15-Jul-27 AUD 3.75 4,280,000 — — (225,003 ) 3,498,333 1,201,676 64 16-Jul-20 15-Jul-27 AUD 3.75 (556,664 ) * 64a 16-Jul-20 15-Jul-27 AUD 3.41 3,050,000 — — (350,000 ) * 2,700,000 133,334 64b 16-Jul-20 15-Jul-27 AUD 3.41 325,000 — — (325,000 ) * — — 64c 16-Jul-20 15-Jul-27 AUD 3.41 350,000 — — — 350,000 — 64d 16-Jul-20 15-Jul-27 AUD 3.41 300,000 — — — 300,000 — 64e 16-Jul-20 15-Jul-27 AUD 3.41 1,200,000 — — — 1,200,000 — 65 26-Aug-20 25-Aug-27 AUD 5.76 5,000 — — — 5,000 1,667 66 11-Sep-20 10-Sep-27 AUD 4.78 200,000 — — — 200,000 100,000 67 08-Oct-20 07-Oct-27 AUD 3.84 200,000 — — (66,667 ) — — 67 08-Oct-20 07-Oct-27 AUD 3.84 — (133,333 ) * 68 20-Nov-20 19-Nov-27 AUD 3.60 200,000 — — — 200,000 66,666 69 20-Nov-20 19-Nov-27 AUD 3.60 100,000 — — — 100,000 100,000 71 17-Feb-21 16-Feb-28 AUD 2.67 250,000 — — — 250,000 — 72 15-Apr-21 14-Apr-28 AUD 2.28 — 200,000 — — 200,000 66,667 73 30-Jun-21 30-Aug-21 AUD 0.00 45,746 — (45,746 ) — — — 74 08-Sep-21 07-Sep-28 AUD 1.77 — 3,973,000 — (550,000 ) * 3,423,000 — 74a 08-Sep-21 07-Sep-28 AUD 1.77 — 4,150,000 — — 4,150,000 — 74b 08-Sep-21 07-Sep-28 AUD 1.77 — 1,550,000 — — 1,550,000 — 74c 08-Sep-21 07-Sep-28 AUD 1.77 — 650,000 — — 650,000 — 75 23-Dec-21 22-Dec-28 AUD 1.42 — 200,000 — — 200,000 — June 30, 2022 45,333,216 10,723,000 (229,080 ) (6,176,668 ) 49,650,468 23,084,908 Weighted average share purchase price AUD 2.42 AUD 1.77 AUD 1.25 AUD 2.99 AUD 2.21 AUD 2.06 (1) The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c). Series Grant Date ( 1) Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) 32 10-Jul-15 30-Jun-22 USD 4.200 2,268,334 — (515,000 ) — 1,753,334 1,753,334 33 26-Aug-15 16-Aug-22 AUD 4.05 75,000 — — — 75,000 75,000 34 27-Apr-16 06-Mar-23 AUD 2.80 2,638,334 — (769,355 ) (10,000 ) 1,858,979 1,858,979 34a 27-Apr-16 17-Apr-23 AUD 2.74 200,000 — (116,666 ) (83,334 ) — — 34b 31-Oct-16 06-Mar-23 AUD 2.80 200,000 — — — 200,000 200,000 35 30-Jun-16 30-Jun-22 (2) AUD 2.20 900,000 — (900,000 ) — — — 35a 08-Jul-20 08-Jul-23 AUD 2.86 — 1,500,000 — — 1,500,000 1,500,000 36 06-Dec-16 05-Dec-23 AUD 1.31 923,000 — (300,000 ) — 623,000 623,000 36a 06-Dec-16 05-Dec-23 AUD 1.19 2,519,064 — (426,668 ) (141,666 ) * 1,950,730 1,809,064 36b 13-Jan-17 12-Jan-24 AUD 1.65 300,000 — (300,000 ) — — — 37 28-Jun-17 27-Jun-24 AUD 2.23 150,000 — (150,000 ) — — — 38 16-Sep-17 15-Sep-24 AUD 1.54 66,666 — (16,666 ) — 50,000 50,000 38a 16-Sep-17 15-Sep-24 AUD 1.40 150,000 — — — 150,000 150,000 39 13-Oct-17 12-Oct-24 AUD 1.94 1,655,000 — (565,000 ) — 1,090,000 1,090,000 39a 13-Oct-17 12-Oct-24 AUD 1.76 1,302,425 — (400,000 ) — 902,425 902,425 40 24-Nov-17 23-Nov-24 AUD 1.41 750,000 — — — 750,000 750,000 40a 24-Nov-17 23-Nov-24 AUD 1.28 750,000 — — — 750,000 — 41 18-Jun-18 17-Jun-25 AUD 1.52 200,000 — — — 200,000 200,000 42 11-Jul-18 10-Jul-25 AUD 1.56 200,000 — — — 200,000 133,334 43 18-Jul-18 17-Jul-25 AUD 1.87 5,398,334 — (944,998 ) (251,670 ) * 4,201,666 2,526,653 43b 18-Jul-18 17-Jul-25 AUD 1.87 350,000 — — — 350,000 233,334 44 15-Jul-18 14-Jul-25 AUD 1.72 300,000 — (150,000 ) — 150,000 50,000 45 30-Nov-18 29-Nov-25 AUD 1.33 590,000 — — — 590,000 393,332 46 19-Jan-19 18-Jan-26 AUD 1.45 5,000 — (1,667 ) — 3,333 1,667 47 19-Jan-19 18-Jan-26 AUD 1.45 150,000 — — — 150,000 150,000 48 04-Apr-19 03-Apr-26 AUD 1.48 300,000 — — — 300,000 200,000 49 20-Jul-19 19-Jul-26 AUD 1.62 4,690,000 — (523,661 ) (6,666 ) 3,638,671 1,030,310 49 20-Jul-19 19-Jul-26 AUD 1.62 — (521,002 ) * 49a 20-Jul-19 19-Jul-26 AUD 1.47 5,500,000 — (800,002 ) (700,000 ) * 3,999,998 400,001 49b 20-Jul-19 19-Jul-26 AUD 1.47 1,346,667 — — — 1,346,667 448,889 49c 20-Jul-19 19-Jul-26 AUD 1.47 538,667 — — — 538,667 179,556 50 20-Jul-19 19-Jul-26 AUD 1.47 700,000 — — — 700,000 — 50a 20-Jul-19 19-Jul-26 AUD 1.47 400,000 — — — 400,000 — 51 29-Aug-19 28-Aug-26 AUD 1.47 150,000 — — — 150,000 — 52 29-Aug-19 28-Aug-26 AUD 1.62 400,000 — — — 400,000 133,333 53 29-Aug-19 28-Aug-26 AUD 1.47 800,000 — — — 800,000 266,667 54 25-Nov-19 24-Nov-26 AUD 1.98 845,000 — (98,334 ) (11,667 ) 295,000 98,334 54 25-Nov-19 24-Nov-26 AUD 1.98 — (439,999 ) * 55 29-May-19 28-May-26 AUD 1.48 450,000 — (100,000 ) — 350,000 300,000 56 18-Nov-19 17-Nov-26 AUD 1.83 200,000 — — — 200,000 66,666 57 25-Nov-19 24-Nov-26 AUD 1.80 100,000 — — — 100,000 100,000 58 25-Nov-19 24-Nov-26 AUD 1.98 450,000 — — — 450,000 150,000 59 24-Jan-20 23-Jan-27 AUD 3.38 — 65,000 — (55,000 ) * 10,000 3,333 60 17-Apr-20 16-Apr-27 AUD 2.51 — 57,660 — (57,660 ) * — — 61 17-Apr-20 16-Apr-27 AUD 2.51 — 250,000 — (200,000 ) * 50,000 16,666 63 18-May-20 17-May-27 AUD 4.02 — 1,200,000 — — 1,200,000 400,000 63a 18-May-20 17-May-27 AUD 3.65 — 2,400,000 — — 2,400,000 — 64 16-Jul-20 15-Jul-27 AUD 3.75 — 5,970,000 — (1,690,000 ) * 4,280,000 — 64a 16-Jul-20 15-Jul-27 AUD 3.41 — 3,400,000 — (350,000 ) * 3,050,000 — 64b 16-Jul-20 15-Jul-27 AUD 3.41 — 325,000 — — 325,000 — 64c 16-Jul-20 15-Jul-27 AUD 3.41 — 350,000 — — 350,000 — 64d 16-Jul-20 15-Jul-27 AUD 3.41 — 300,000 — — 300,000 — 64e 16-Jul-20 15-Jul-27 AUD 3.41 — 1,200,000 — — 1,200,000 — 65 26-Aug-20 25-Aug-27 AUD 5.76 — 140,000 — (135,000 ) * 5,000 — 66 11-Sep-20 10-Sep-27 AUD 4.78 — 200,000 — — 200,000 — 67 08-Oct-20 07-Oct-27 AUD 3.84 — 240,000 — (40,000 ) * 200,000 — 68 20-Nov-20 19-Nov-27 AUD 3.60 — 200,000 — — 200,000 — 69 20-Nov-20 19-Nov-27 AUD 3.60 — 100,000 — — 100,000 100,000 71 17-Feb-21 16-Feb-28 AUD 2.67 — 250,000 — — 250,000 — 73 30-Jun-21 30-Aug-21 AUD 0.00 — 45,746 — — 45,746 45,746 June 30, 2021 38,911,491 18,193,406 (7,078,017 ) (4,693,664 ) 45,333,216 18,389,623 Weighted average share purchase price AUD 1.86 AUD 3.56 AUD 2.06 AUD 2.76 AUD 2.42 AUD 2.15 (1) The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c). (2) Based on the amended terms, the incentive rights granted pursuant to the Equity Facility Agreement with Kentgrove Capital, dated June 30, 2016, will expire thirty six months after the effective date, July 1, 2019. Series Grant Date ( 1) Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) INC 07-Dec-10 26-Oct-19 USD 0.340 319,892 — (319,892 ) — — — 25b 12-Dec-14 31-Oct-19 USD 4.490 50,000 — — (50,000 ) — — 28/LF13 09-Oct-14 08-Oct-19 AUD 4.52 75,000 — — (75,000 ) — — 29 25-Nov-14 24-Nov-19 AUD 4.00 240,000 — — (240,000 ) — — LF14 06-Jan-15 16-Dec-19 AUD 4.66 150,000 — — (150,000 ) — — 31b 12-May-15 16-Feb-20 AUD 4.28 200,000 — — (200,000 ) — — 32 10-Jul-15 30-Jun-22 AUD 4.20 2,308,334 — — (40,000 ) 2,268,334 2,268,334 33 26-Aug-15 16-Aug-22 AUD 4.05 75,000 — — — 75,000 75,000 34 27-Apr-16 06-Mar-23 AUD 2.80 3,193,334 — (475,000 ) (70,000 ) 2,638,334 2,638,334 34 27-Apr-16 06-Mar-23 AUD 2.80 (10,000 ) * 34a 27-Apr-16 17-Apr-23 AUD 2.74 200,000 — — — 200,000 200,000 34b 31-Oct-16 06-Mar-23 AUD 2.80 200,000 — — — 200,000 200,000 35 30-Jun-16 18-Jan-21 AUD 2.20 1,500,000 — (600,000 ) — 900,000 900,000 36 06-Dec-16 05-Dec-23 AUD 1.31 1,670,000 — (720,334 ) (26,666 ) 923,000 923,000 36a 06-Dec-16 05-Dec-23 AUD 1.19 4,188,000 — (1,527,270 ) (141,666 ) 2,519,064 2,023,232 36b 13-Jan-17 12-Jan-24 AUD 1.65 300,000 — — — 300,000 300,000 37 28-Jun-17 27-Jun-24 AUD 2.23 150,000 — — — 150,000 150,000 38 16-Sep-17 15-Sep-24 AUD 1.54 100,000 — (33,334 ) — 66,666 33,334 38a 16-Sep-17 15-Sep-24 AUD 1.40 150,000 — — — 150,000 150,000 39 13-Oct-17 12-Oct-24 AUD 1.94 1,978,333 — (310,000 ) (13,333 ) 1,655,000 999,994 39a 13-Oct-17 12-Oct-24 AUD 1.76 1,900,000 — (297,575 ) (300,000 ) 1,302,425 1,302,425 40 24-Nov-17 23-Nov-24 AUD 1.41 750,000 — — — 750,000 500,000 40a 24-Nov-17 23-Nov-24 AUD 1.28 750,000 — — — 750,000 — 41 18-Jun-18 17-Jun-25 AUD 1.52 200,000 — — — 200,000 133,334 42 11-Jul-18 10-Jul-25 AUD 1.56 200,000 — — — 200,000 66,667 43 18-Jul-18 17-Jul-25 AUD 1.87 5,845,000 — (389,999 ) (9,999 ) 5,398,334 1,544,992 43 18-Jul-18 17-Jul-25 AUD 1.87 (46,668 ) * 43b 18-Jul-18 17-Jul-25 AUD 1.87 — 350,000 — — 350,000 116,667 44 15-Jul-18 14-Jul-25 AUD 1.72 300,000 — — — 300,000 100,000 45 30-Nov-18 29-Nov-25 AUD 1.33 590,000 — — — 590,000 196,666 46 19-Jan-19 18-Jan-26 AUD 1.45 5,000 — — — 5,000 1,667 47 19-Jan-19 18-Jan-26 AUD 1.45 150,000 — — — 150,000 150,000 48 04-Apr-19 03-Apr-26 AUD 1.48 — 300,000 — — 300,000 100,000 49 20-Jul-19 19-Jul-26 AUD 1.62 — 4,810,000 — (120,000 ) * 4,690,000 — 49a 20-Jul-19 19-Jul-26 AUD 1.47 — 5,500,000 — — 5,500,000 — 49b 20-Jul-19 19-Jul-26 AUD 1.47 — 1,346,667 — — 1,346,667 — 49c 20-Jul-19 19-Jul-26 AUD 1.47 — 538,667 — — 538,667 — 50 20-Jul-19 19-Jul-26 AUD 1.47 — 700,000 — — 700,000 — 50a 20-Jul-19 19-Jul-26 AUD 1.47 — 400,000 — — 400,000 — 51 29-Aug-19 28-Aug-26 AUD 1.47 — 300,000 (150,000 ) — 150,000 — 52 29-Aug-19 28-Aug-26 AUD 1.62 — 400,000 — — 400,000 — 53 29-Aug-19 28-Aug-26 AUD 1.47 — 800,000 — — 800,000 — 54 25-Nov-19 24-Nov-26 AUD 1.98 — 845,000 — — 845,000 — 55 29-May-19 28-May-26 AUD 1.48 — 450,000 — — 450,000 300,000 56 18-Nov-19 17-Nov-26 AUD 1.83 — 200,000 — — 200,000 — 57 25-Nov-19 24-Nov-26 AUD 1.80 — 100,000 — — 100,000 — 58 25-Nov-19 24-Nov-26 AUD 1.98 — 450,000 — — 450,000 — June 30, 2020 27,737,893 17,490,334 (4,823,404 ) (1,493,332 ) 38,911,491 15,373,646 Weighted average share purchase price AUD 2.06 AUD 1.57 AUD 1.60 AUD 2.80 AUD 1.86 AUD 2.25 (1) The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c). The weighted average share price at the date of exercise of options exercised during the years ended June 30, 2022, 2021 and 2020 were AUD 1.82, AUD 4.42 and AUD 3.47 respectively. The weighted average remaining contractual life of share options and loan funded shares outstanding as of June 30, 2022, 2021 and 2020 were 4.16 years, 4.49 years and 4.79 years, respectively. b. Existing share-based payment arrangements General terms and conditions attached to share based payments Share options pursuant to the employee share option plan are generally granted in three equal tranches. For issues granted prior to July 1, 2015 the length of time from grant date to expiry date was typically 5 years. Grants since July 1, 2015, are issued with a seven year term. Vesting occurs based on achievement of performance conditions and/or progressively over the life of the option with the first tranche vesting one year from grant date, the second tranche two years from grant date, and the third tranche three years from grant date. On cessation of employment the Company’s board of directors determines if a leaver is a bad leaver or not. If a participant is deemed a bad leaver, all rights, entitlements and interests in any unexercised options or shares (pursuant to the loan funded share plan) held by the participant will be forfeited and will lapse immediately. If a leaver is not a bad leaver they may retain vested options and shares (pursuant to the loan funded share plan), however, they must be exercised within 60 days of cessation of employment (or within a longer period if so determined by the Company’s board of directors), after which time they will lapse. Unvested options will normally be forfeited and lapse. This policy applies to all issues shown in the above table with the exception of the following: 25a(i&ii) Options were granted in two equal tranches and vested on the date that the option holder had direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. INC. As part of the acquisition of Mesoblast, Inc., Mesoblast, Inc. options were converted to options of the Company at a conversion ratio of 63.978. The Mesoblast, Inc. option exercise price per option was adjusted using the same conversion ratio. All options vested on acquisition date (December 7, 2010), and will expire according to their original expiry dates (with the exception of options held by directors which were limited to an expiry date not exceeding four years from acquisition). 31b 35 Options were granted in two Incentive rights granted pursuant to the Equity Facility Agreement with Kentgrove Capital, dated June 30, 2016, had fully vested on the agreement date and will expire thirty six months after the date of the issue of the incentive right. The terms of this agreement were amended on July 30, 2019. Under the amended terms, these incentive rights will expire thirty six months after the effective date of July 1, 2019. 35a Additional incentive rights granted pursuant to the Amendment Deed of the Equity Facility Agreement with Kentgrove Capital, dated July 30, 2019, had fully vested on the agreement date and will expire thirty six months after the date of the issue of the incentive right. 36a & 36b Options were granted in two or three equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. 49a, 49b, 50, 50a, 53, 64b, 64c, 64d, 64e, 71, 74a, 74b, 74c Options were granted two or three equal tranches and are required to satisfy certain pre-specified performance conditions and time-based vesting conditions prior to vesting. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. 38a, 40a, 57 & 66 Options were granted in one tranche and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. 39a Options were granted in one or two equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. 51 & 75 Options were granted in two equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. 55 Options were granted in five tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. 63a Options were granted in three or eight tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. 64a Options were granted in one, two, three or five tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. 69 & 73 Options were granted in one tranche and vested on the date on which board approval was obtained Modifications to share-based payment arrangements There were no modifications made to share-based payment arrangements during the years ended June 30, 2022, June 30, 2021, and June 30, 2020. c. Fair values of share based payments The weighted average fair value of share options granted during the years ended June 30, 2022, 2021 and 2020 were AUD 0.56, AUD 1.42 and AUD 1.07, respectively. The fair value of all shared-based payments made has been calculated using the Black-Scholes model. This model requires the following inputs: Share price at acceptance date The share price used in valuation is the share price at the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement. This price is generally the volume weighted average share price for the five trading days leading up to the date. Exercise price The exercise price is a known value that is contained in the agreements. Share price volatility The model requires the Company’s share price volatility to be measured. In estimating the expected volatility of the underlying shares our objective is to approximate the expectations that would be reflected in a current market or negotiated exchange price for the option. Historical volatility data is considered in determining expected future volatility. Life of the option The life is generally the time period from grant date through to expiry. Certain assumptions have been made regarding “early exercise” i.e. options exercised ahead of the expiry date, with respect to option series 14 and later. These assumptions have been based on historical trends for option exercises within the Company and take into consideration exercise trends that are also evident as a result of local taxation laws. Dividend yield The Company has yet to pay a dividend so it has been assumed the dividend yield on the shares underlying the options will be 0%. Risk free interest rate This has been sourced from the Reserve Bank of Australia historical interest rate tables for government bonds. Model inputs The model inputs for the valuations of options approved and granted during the year ended June 30, 2022 are as follows: Series Valuation date ( 1) Exercise price per share AUD Share price at acceptance date AUD Expected share price volatility Life ( 2) Dividend yield Risk-free interest rate 72 05-May-21 2.28 1.94 66.62% 6.3 yrs 0% 0.69% 74 10-Nov-21 1.95 1.69 65.85% 6.2 yrs 0% 1.31% 74a 30-Jun-22 1.77 0.65 65.55% 5.6 yrs 0% 3.36% 74b 30-Jun-22 1.77 0.65 65.55% 5.6 yrs 0% 3.36% 74c 15-Feb-22 1.77 1.16 65.89% 5.9 yrs 0% 1.91% 75 17-Mar-22 1.42 1.21 65.98% 6.1 yrs 0% 2.18% (1) Valuation date is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement. (2) Expected life after factoring likely early exercise. The closing share market price of an ordinary share of Mesoblast Limited on the ASX as of June 30, 2022 was AUD 0.61. The model inputs for the valuations of options approved and granted during the year ended June 30, 2021 are as follows: Series Valuation date ( 1) Exercise price per share AUD Share price at acceptance date AUD Expected share price volatility Life ( 2) Dividend yield Risk-free interest rate 61 28-Jul-20 2.51 3.60 60.95% 6.1 yrs 0% 0.44% 63 08-Apr-21 4.02 2.21 66.74% 5.5 yrs 0% 0.65% 63a 05-Jul-21 3.65 2.03 66.45% 5.3 yrs 0% 0.72% 64 28-Jul-20 3.75 3.60 60.95% 6.3 yrs 0% 0.44% 64a 05-Jul-21 3.41 2.03 66.45% 5.5 yrs 0% 0.72% 64b 30-Jun-21 3.41 2.09 66.48% 5.5 yrs 0% 0.77% 64c 25-Nov-20 3.41 4.12 65.36% 6.0 yrs 0% 0.30% 64d 30-Jun-22 3.41 0.65 65.55% 4.6 yrs 0% 3.36% 64e 05-Jul-21 3.41 2.03 66.45% 5.5 yrs 0% 0.72% 65 25-Sep-20 5.76 5.02 63.16% 6.3 yrs 0% 0.34% 66 16-Oct-20 4.78 3.24 65.17% 6.3 yrs 0% 0.27% 67 10-Nov-20 3.84 3.22 65.06% 6.3 yrs 0% 0.30% 68 24-Dec-20 3.60 2.38 67.22% 6.3 yrs 0% 0.35% 69 24-Dec-20 3.60 2.38 67.22% 6.3 yrs 0% 0.35% 71 29-Mar-21 2.67 2.35 66.81% 6.2 yrs 0% 0.66% 73 30-Jun-21 0.00 2.09 66.48% 0.2 yrs 0% 0.77% (1) Valuation date is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement. (2) Expected life after factoring likely early exercise. The closing share market price of an ordinary share of Mesoblast Limited on the ASX as of June 30, 2021 was AUD 1.98. The model inputs for the valuations of options approved and granted during the year ended June 30, 2020 are as follows: Series Valuation date ( 1) Exercise price per share AUD Share price at acceptance date AUD Expected share price volatility Life ( 2) Dividend yield Risk-free interest rate 43b 14-May-20 1.87 3.55 60.39% 4.5 yrs 0% 0.37% 49 17-Sep-19 1.62 1.93 54.10% 6.1 yrs 0% 0.89% 49a 15-Mar-20 1.47 1.87 55.48% 5.8 yrs 0% 0.56% 49a 17-Dec-19 1.47 1.93 53.65% 5.9 yrs 0% 0.82% 49b 27-Nov-19 1.47 1.83 53.85% 6.3 yrs 0% 0.73% 49c 27-Nov-19 1.47 1.83 53.85% 6.3 yrs 0% 0.73% 50 13-Sep-19 1.47 1.88 54.02% 6.1 yrs 0% 0.93% 50a 16-Sep-19 1.47 2.03 54.21% 6.1 yrs 0% 0.95% 51 28-Mar-20 1.47 1.17 55.60% 5.7 yrs 0% 0.45% 52 17-Dec-19 1.62 1.93 53.65% 6.0 yrs 0% 0.82% 53 26-Mar-20 1.47 1.17 58.30% 5.8 yrs 0% 0.47% 54 28-Jan-20 1.98 2.86 56.63% 6.1 yrs 0% 0.71% 56 27-Nov-19 1.83 1.83 53.80% 6.3 yrs 0% 0.73% 57 25-Nov-19 1.80 1.80 53.82% 6.3 yrs 0% 0.82% 58 10-Apr-20 1.98 1.97 57.65% 5.9 yrs 0% 0.45% 59 24-May-20 3.38 3.79 60.56% 6.0 yrs 0% 0.40% 60 25-May-20 2.51 3.79 60.56% 6.2 yrs 0% 0.40% (1) Valuation date is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement. (2) Expected life after factoring likely early exercise. The closing share market price of an ordinary share of Mesoblast Limited on the ASX as of June 30, 2020 was AUD 3.25. |
Remuneration of auditors
Remuneration of auditors | 12 Months Ended |
Jun. 30, 2022 | |
Auditors Remuneration [Abstract] | |
Remuneration of auditors | 18. Remuneration of auditors During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices and non-related audit firms: Year Ended June 30, (in U.S. dollars) 2022 2021 2020 a. PricewaterhouseCoopers Australia Audit and other assurance services Audit and review of financial reports 745,021 747,783 713,461 Other audit services ( 1) 67,238 91,750 14,097 Total remuneration of PricewaterhouseCoopers Australia 812,259 839,533 727,558 b. Network firms of PricewaterhouseCoopers Australia Audit and other assurance services Audit and review of financial reports 133,309 130,450 108,262 Total remuneration of Network firms of PricewaterhouseCoopers Australia 133,309 130,450 108,262 Total auditors' remuneration ( 2) 945,568 969,983 835,820 (1) Other audit services relates to services performed in connection with the filing of registration statements on the Form S-8 and F-3. (2) All services provided are considered audit fees for the purpose of SEC classification. |
Losses per share
Losses per share | 12 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Losses per share | 19. Losses per share Years Ended June 30, 2022 2021 2020 (Losses) per share (in cents) (a) Basic (losses) per share From continuing operations attributable to the ordinary equity holders of the company (14.08 ) (16.33 ) (14.74 ) Total basic (losses) per share attributable to the ordinary equity holders of the company (14.08 ) (16.33 ) (14.74 ) (b) Diluted (losses) per share From continuing operations attributable to the ordinary equity holders of the company (14.08 ) (16.33 ) (14.74 ) Total basic (losses) per share attributable to the ordinary equity holders of the company (14.08 ) (16.33 ) (14.74 ) (c) Reconciliation of (losses) used in calculating (losses) per share (in U.S. dollars, in thousands) Basic (losses) per share (Losses) attributable to the ordinary equity holders of the company used in calculating basic (losses) per share: From continuing operations (91,347 ) (98,811 ) (77,940 ) Diluted (losses) per share (Losses) from continuing operations attributable to the ordinary equity holders of the company: Used in calculating basic (losses) per share (91,347 ) (98,811 ) (77,940 ) (Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share (91,347 ) (98,811 ) (77,940 ) 2022 Number 2021 Number 2020 Number Weighted average number of ordinary shares used as the denominator in calculating basic losses per share 648,899,589 605,064,036 528,821,630 Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share 648,899,589 605,064,036 528,821,630 Options granted to employees and warrants (see Note 17) are considered to be potential ordinary shares. These securities have been excluded from the determination of basic losses per shares in the years ended June 30, 2022, 2021 and 2020. Shares that may be paid as contingent consideration have also been excluded from basic losses per share. They have also been excluded from the calculation of diluted losses per share because they are anti-dilutive for the years ended June 30, 2022, 2021 and 2020. |
Parent entity financial informa
Parent entity financial information | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Parent Entity Financial Information [Abstract] | |
Parent entity financial information | 20. Parent entity financial information a. Summary financial information The parent entity financial information disclosure is an Australian Disclosure Requirement as required by Corporations Regulations 2001 As of June 30, (in U.S. dollars, in thousands) 2022 2021 Balance Sheet Current Assets 4,948 21,135 Total Assets 853,380 943,030 Current Liabilities 7,025 9,136 Total Liabilities 13,227 13,904 Shareholders' Equity Issued Capital 1,165,323 1,163,165 Reserves Foreign Currency Translation Reserve (227,441 ) (150,306 ) Share Options Reserve 82,619 77,310 Warrant Reserve 12,969 12,969 (Accumulated losses)/retained earnings (193,317 ) (174,012 ) 840,153 929,126 Loss for the period (19,305 ) (27,436 ) Total comprehensive loss for the period (19,305 ) (27,436 ) b. Contingent liabilities of the parent entity (i) Central Adelaide Local Health Network Incorporated (“CALHNI”) (formerly Medvet) Mesoblast Limited acquired certain intellectual property relating to our MPCs, or Medvet IP, pursuant to an Intellectual Property Assignment Deed, or IP Deed, with Medvet Science Pty Ltd, or Medvet. Medvet’s rights under the IP Deed were transferred to Central Adelaide Local Health Network Incorporated, or CALHNI, in November 2011. In connection with its use of the Medvet IP, on completion of certain milestones Mesoblast Limited will be obligated to pay CALHNI, as successor in interest to Medvet, (i) certain aggregated milestone payments of up to $2.2 million and single-digit royalties on net sales of products covered by the Medvet IP, for cardiac muscle and blood vessel applications and bone and cartilage regeneration and repair applications, subject to minimum annual royalties beginning in the first year of commercial sale of those products and (ii) single-digit royalties on net sales of the specified products for applications outside the specified fields. |
Segment information
Segment information | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Operating Segments [Abstract] | |
Segment information | 21. Segment information Operating segments are identified on the basis of whether the allocation of resources and/or the assessment of performance of a particular component of the Company’s activities are regularly reviewed by the Company’s chief operating decision maker as a separate operating segment. By these criteria, the activities of the Company are considered to be one segment being the development of cell technology platform for commercialization, and the segmental analysis is the same as the analysis for the Company as a whole. The chief operating decision maker (Chief Executive Officer) reviews the consolidated income statement, balance sheet, and statement of cash flows regularly to make decisions about the Company’s resources and to assess overall performance. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Jun. 30, 2022 | |
Legal Proceedings Provision [Abstract] | |
Legal proceedings | 22. Legal proceedings In October 2020, in light of the Complete Response Letter released by the FDA and the decline in the market price of our ADS, a purported class action lawsuit was filed in the U.S Federal District Court for the Southern District of New York on behalf of purchasers or acquirers of our ADSs against the Company, its Chief Executive Officer, its former Chief Financial Officer and its former Chief Medical Officer for alleged violations of the U.S. Securities Exchange Act of 1934. The parties have reached an agreement in principle to settle the securities class action on a class wide basis for $2.0 million, with no admission of liability. This settlement was paid by the Company’s insurer in May 2022, other than the minimum excess as per the Company’s insurance policy. The settlement is subject to final documentation, notice to the class members, and approval of the court. The court granted preliminary approval of the settlement on April 8, 2022 and final approval on August 15, 2022. A class action proceeding in the Federal Court of Australia was served on the Company in May 2022 by the law firm William Roberts Lawyers on behalf of persons who, between February 22, 2018 and December 17, 2020, acquired an interest in Mesoblast shares, American Depository Receipts, and/or related equity swap arrangements. In June 2022, the law firm Phi Finney McDonald commenced a second shareholder class action against the Company in the Federal Court of Australia asserting similar claims arising during the same period. Like the class action lawsuit from October 2020 filed in the U.S. Federal District Court for the Southern District of New York, the Australian class actions relate to the Complete Response Letter released by the FDA; they also, unlike the U.S. action, relate to certain representations made by the Company in relation to our COVID-19 product candidate and the decline in the market price of our ordinary shares in December 2020. The Australian class actions have been assigned to Justice Beach, who has set a hearing date of October 25, 2022 to rule on whether to consolidate the Australian class actions into one lawsuit . Justice Beach has ordered that t he Company need not file a defense until further order . The Company will continue to vigorously defend against both proceedings. The Company cannot provide any assurance as to the possible outcome or cost to us from the lawsuits, particularly as they are at an early stage, nor how long it may take to resolve such lawsuits. Thus, the Company has not accrued any amounts in connection with such legal proceedings. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Summary of significant accounting policies | 23. Summary of significant accounting policies This note provides the principal accounting policies adopted in the preparation of these consolidated financial statements as set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the consolidated entity consisting of Mesoblast Limited and its subsidiaries. a. Change in accounting policies There were no new accounting policies adopted by the Group in the year ended June 30, 2022. In the year ended June 30, 2022, the Group changed its accounting policy to enhance the relevance and reliability of the Statement of Cash Flows by changing the accounting policy relating to the classification of the Interest and other costs of finance paid, previously classified within the operating activities of the Statement of Cash Flows. See Note 1(v) for further details. b. Principles of consolidation i . Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Mesoblast Limited (“Company” or “Parent Entity”) as of June 30, 2022 and the results of all subsidiaries for the year then ended. Mesoblast Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ii. Employee share trust The Group has formed a trust to administer the Group’s employee share scheme. This trust is consolidated, as the substance of the relationship is that the trust is controlled by the Group. c. Segment reporting The Group operates in one segment as set out in Note 21. d. Foreign currency translation ( i ) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Mesoblast Limited is the AUD. The consolidated financial statements are presented in USD, which is the Group’s presentation currency. (ii) Translations and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the transaction at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in net loss, except when they are deferred in equity as qualifying cash flow hedges and qualifying net investment hedges or attributable to part of the net investment in a foreign operation. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in net loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as financial assets at fair value are recognized in other comprehensive income. (iii) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for the balance sheets presented are translated at the closing rate at the date of that balance sheets; • income and expenses for the statements of comprehensive income 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 in other comprehensive income. (iv) Other On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to net loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entities and translated at the closing rate. e . Revenue recognition Revenue from contracts with customers is measured and recognized in accordance with the five step model prescribed by IFRS 15 Revenue from Contracts with Customers First, contracts with customers within the scope of IFRS 15 are identified. Distinct promises within the contract are identified as performance obligations. The transaction price of the contract is measured based on the amount of consideration the Group expect to be entitled from the customer in exchange for goods or services. Factors such as requirements around variable consideration, significant financing components, noncash consideration, or amounts payable to customers also determine the transaction price. The transaction is then allocated to separate performance obligations in the contract based on relative standalone selling prices. Revenue is recognized when, or as, performance obligations are satisfied, which is when control of the promised good or service is transferred to the customer. Revenues from contracts with customers comprise commercialization and milestone revenue. The Group also have revenue from interest revenue. ( i ) Commercialization and milestone revenue Commercialization and milestone revenue generally includes non-refundable upfront license and collaboration fees; milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones; as well as royalties on product sales of licensed products, if and when such product sales occur; and revenue from the supply of products. Payment is generally due on standard terms of 30 to 60 days. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue or deferred consideration in our consolidated balance sheets, depending on the nature of arrangement. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified within current liabilities. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified within non-current liabilities. Milestone revenue The Group applies the five-step method under the standard to measure and recognize milestone revenue. The receipt of milestone payments is often contingent on meeting certain clinical, regulatory or commercial targets, and is therefore considered variable consideration. The Group estimate the transaction price of the contingent milestone using the most likely amount method. The Group include in the transaction price some or all of the amount of the contingent milestone only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the contingent milestone is subsequently resolved. Milestone payments that are not within the control of the Company, such as regulatory approvals, are not considered highly probable of being achieved until those approvals are received. Any changes in the transaction price are allocated to all performance obligations in the contract unless the variable consideration relates only to one or more, but not all, of the performance obligations. When consideration for milestones is a sale-based or usage-based royalty that arises from licenses of IP (such as cumulative net sales targets), revenue is recognized at the later of when (or as) the subsequent sale or usage occurs, or when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Licenses of intellectual property When licenses of IP are distinct from other goods or services promised in the contract, the Group recognize the transaction price allocated to the license as revenue upon transfer of control of the license to the customer. The Group evaluate all other promised goods or services in the license agreement to determine if they are distinct. If they are not distinct, they are combined with other promised goods or services to create a bundle of promised goods or services that is distinct. The transaction price allocated to the license performance obligation is recognized based on the nature of the license arrangement. The transaction price is recognized over time if the nature of the license is a “right to access” license. This is when the Group undertake activities that significantly affect the IP to which the customer has rights, the rights granted by the license directly expose the customer to any positive or negative effects of our activities, and those activities do not result in the transfer of a good or service to the customer as those activities occur. When licenses do not meet the criteria to be a right to access license, the license is a “right to use” license, and the transaction price is recognized at the point in time when the customer obtains control over the license. Sales-based or usage-based royalties Licenses of IP can include royalties that are based on the customer’s usage of the IP or sale of products that contain the IP. The Group apply the specific exception to the general requirements of variable consideration and the constraint on variable consideration for sales-based or usage-based royalties promised in a license of IP. The exception requires such revenue to be recognized at the later of when (or as) the subsequent sale or usage occurs and the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). Grünenthal arrangement In September 2019, the Group entered into a strategic partnership with Grünenthal for the development and commercialization in Europe and Latin America of the Group’s allogeneic mesenchymal precursor cell (“MPC”) product, MPC-06-ID, receiving exclusive rights to the Phase 3 allogeneic product candidate for the treatment of low back pain due to degenerative disc disease. The Group received a non-refundable upfront payment of $15.0 million in October 2019, on signing of the contract with Grünenthal. The Group received a milestone payment in December 2019 of $2.5 million in relation to meeting a milestone event as part of the strategic partnership with Grünenthal. In June 2021, the Group announced its intention to leverage the results from a planned US trial to support potential product approvals in both the US and EU by including 20% EU patients in order to provide regulatory harmonization, cost efficiencies and streamlined timelines, without initiating an EU trial. As a result, the strategic partnership with Grünenthal has been amended and milestone payments relating to R&D and CMC services and other development services which were linked to the Europe trial have been removed, instead the Group is eligible to receive payments up to US$ 112.5 million prior to product launch in the EU, inclusive of US$ 17.5 million already received, if certain clinical and regulatory milestones are satisfied and reimbursement targets are achieved. Cumulative milestone payments could reach US$ 1 billion depending on the final outcome of Phase 3 studies and patient adoption. The Group will also receive tiered double-digit royalties on product sales as per the original agreement. The $2.5 million milestone payment received in December 2019 from Grünenthal was considered deferred consideration as of June 30, 2022. The performance obligation for the $2.5 million was previously satisfied under the original agreement, however under the amended agreement with Grünenthal it is subject to repayment to Grünenthal. Revenue will be recognized when the clinical trial has recruited the required amount of European patients, as the $2.5 million will no longer be subject to repayment to Grünenthal. There was no milestone revenue recognized in relation to this strategic partnership with Grünenthal in the years ended June 30, 2022 and 2021. Tasly arrangement In July 2018, the Group entered into a strategic alliance with Tasly for the development, manufacture and commercialization in China of the Group’s allogeneic mesenchymal precursor cell MPC products, MPC-150-IM and MPC-25-IC. Tasly received all exclusive rights for MPC-150-IM and MPC-25-IC in China and Tasly will fund all development, manufacturing and commercialization activities in China. The Group received a $20.0 million upfront technology access fee from Tasly upon closing of this strategic alliance in October 2018. The Group recognized $10.0 million from this $20.0 million upfront technology fee in milestone revenue at closing in October 2018 and the remaining $10.0 million was recognized in milestone revenue in February 2020. The Group is also entitled to receive $25.0 million on product regulatory approvals in China, double-digit escalating royalties on net product sales and up to six escalating milestone payments when the product candidates reach certain sales thresholds in China. For the years ended June 30, 2022 and 2021, no revenue was recognized in relation to this strategic alliance with Tasly. TiGenix arrangement In December 2017, the Group entered into a patent license agreement with TiGenix, now a wholly owned subsidiary of Takeda, which granted Takeda exclusive access to certain of our patents to support global commercialization of the adipose-derived MSC product, Alofisel® a registered trademark of TiGenix, previously known as Cx601, for the local treatment of fistulae. The agreement includes the right for Takeda to grant sub-licenses to affiliates and third parties. The Group is entitled to further payments up to €10.0 million when Takeda reaches certain product regulatory milestones. Additionally, the Group will receive single digit royalties on net sales of Alofisel®. In the years ended June 30, 2022 and 2021, the Group earned $0.3 million and $0.2 million, respectively, of royalty income on sales of Alofisel® in Europe by our licensee Takeda . The Group recognized $1.2 million in milestone revenue in the year ended June 30, 2022 in relation to our patent license agreement with Takeda entered into in December 2017. This $1.2 million was recognized with regards to the €1.0 million regulatory milestone payment receivable from Takeda given Takeda received approval to manufacture and market Alofisel® (darvadstrocel) in Japan for the treatment of complex perianal fistulas in patients with non-active or mildly active luminal Crohn’s Disease. No milestone revenue was recognized in the year ended June 30, 2021. JCR arrangement In October 2013, the Group acquired all of the culture-expanded, MSC-based assets from Osiris. These assets included assumption of a collaboration agreement with JCR, a research and development oriented pharmaceutical company in Japan. Revenue recognized under this agreement is limited to the amount of cash received or for which the Group is entitled, as JCR has the right to terminate the agreement at any time. Under the JCR Agreement, JCR is responsible for all development and manufacturing costs including sales and marketing expenses. Under the JCR Agreement, JCR has the right to develop our MSCs in two fields for the Japanese market: exclusive in conjunction with the treatment of hematological malignancies by the use of hematopoietic stem cells derived from peripheral blood, cord blood or bone marrow, or the First JCR Field; and non-exclusive for developing assays that use liver cells for non-clinical drug screening and evaluation, or the Second JCR Field. With respect to the First JCR Field, the Group are entitled to payments when JCR reaches certain commercial milestones and to escalating double-digit royalties. These royalties are subject to possible renegotiation downward in the event of competition from non-infringing products in Japan. With respect to the Second JCR Field, the Group are entitled to a double-digit profit share. The Group expanded our partnership with JCR in Japan for two new indications: for wound healing in patients with Epidermolysis Bullosa (“EB”) in October 2018, and for hypoxic ischemic encephalopathy (“HIE”), a condition suffered by newborns who lack sufficient blood supply and oxygen to the brain, in June 2019. The Group will receive royalties on TEMCELL product sales for EB and HIE, if and when JCR begins selling TEMCELL for such indications in Japan. The Group appl ies the sales-based and usage-based royalty exception for licenses of intellectual property and therefore recognize s royalty revenue at the later of when the subsequent sale or usage occurs and the associated performance obligation has been satisfied. In the year ended, June 30, 2022 the Group recognized $8.7 million in commercialization revenue relating to royalty income earned on sales of TEMCELL in Japan by our licensee JCR, compared with $7.2 million for the year ended June 30, 2021. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. (ii) Interest revenue Interest revenue is accrued on a time basis by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. (iii) Research and development tax incentive The Group’s research and development activities can potentially be eligible under an Australian government tax incentive. Management assesses these activities and expenditure to determine which are likely to be eligible under the incentive scheme. At each period end management estimates and recognizes the refundable tax offset available to the Group based on available information at the time. 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. The research and development tax incentive credit is available for the Group’s research and development activities in Australia as well as research and development activities outside of Australia to the extent such non-Australian based activities relate to intellectual property owned by our Australian resident entities do not exceed half the expenses for the relevant activities and are approved by the Australian government. Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. In October 2020, the Australian Government introduced new legislation for the refundable tax offset applicable to eligible companies for income tax years commencing from July 1, 2021. Per the new legislation, for the year ended June 30, 2022 the refundable tax offset for companies with an aggregated turnover of A$20.0 million or more is the Company’s corporate tax rate plus a rate between 8.5% and 16.5% depending on the proportion of research and development expenditures in relation to total expenditures. For companies with an aggregated turnover below A$20.0 million, the refundable research and development tax offset is 48.5% for the year ended June 30, 2022. For the year ended June 30, 2021, a refundable tax offset was only available to eligible companies with an annual aggregate turnover of less than A$20.0 million and the rate of the refundable tax offset was 43.5%. In the years ended June 30, 2022 and 2021, the Group was eligible for the refundable tax offset for the research and development tax incentive and management is currently assessing if the Group’s activities were eligible under the incentive scheme and therefore have not applied for a tax offset. Consequently, no income was recognized from the Research and Development Tax Incentive program for the years ended June 30, 2022 and 2021. The receivable for reimbursable amounts that have not been collected is reflected in trade and other receivables in the Group’s consolidated balance sheets. Income associated with the research and development tax incentive is recorded in the Group’s other operating income and expenses in the Group’s consolidated income statement. f. Inventories Inventories are included in the financial statements at the lower of cost (including raw materials, direct labour, other direct costs and related production overheads) and net realizable value. Pre-launch inventory is held as an asset when there is a high probability of regulatory approval for the product in accordance with IAS 2 Inventories Provisions, Contingent Liabilities and Contingent Assets The Group considers a number of factors in determining the probability of the product candidate realizing future economic benefit, including the product candidate’s current status in the regulatory approval process, results from the related pivotal clinical trial, results from meetings with relevant regulatory agencies prior to the filing of regulatory applications, the market need, historical experience, as well as potential impediments to the approval process such as product safety or efficacy, commercialization and market trends. When a provision is made against the carrying value of pre-launch inventory the costs are recognized within Manufacturing Commercialization expenses. As of June 30, 2022 and June 30, 2021, there was g . Research and development undertaken internally The Group currently does not have any capitalized development costs. Research expenditure is recognized as an expense as incurred. Costs incurred on development projects, which consist of preclinical and clinical trials, manufacturing development, and general research, are recognized as intangible assets when it is probable that the project will, after considering its commercial and technical feasibility, be completed and generate future economic benefits and its costs can be measured reliably. The expenditure capitalized comprises all directly attributable costs, including costs of materials, services, direct labor and an appropriate proportion of overheads. Other development costs that do not meet these criteria are expensed as incurred. Development costs previously recognized as expenses, are not recognized as an asset in a subsequent period and will remain expensed. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life. h. Income tax The income tax expense or benefit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax assets are only recognized to the extent that there are sufficient deferred tax liabilities unwinding. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. 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 where 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 is recognized in net loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. i . Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any asset or liability resulting from a contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any noncontrolling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets. The excess of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired and the measurement of all amounts has been reviewed, the difference is recognized directly in net loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. j . Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to dispose and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets (other than goodwill) that have suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Management maintains internal valuations of each asset annually (or more frequently should indicators of impairment be identified) and valuations from independent experts are requested periodically, within every three year period. The internal valuations are continually reviewed by management and consideration is given as to whether there are indicators of impairment which would warrant impairment testing. An external valuation of our assets was carried out by an independent expert as at March 31, 2020 with the recoverable amount of each asset exceeding its carrying amount. k. Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. l. Trade and other receivables Trade receivables and other receivables represent the principal amounts due at balance date less, where applicable, any provision for expected credit losses. The Group uses the simplified approach to measuring expected credit losses, which uses a lifetime expected credit loss allowance. Debts which are known to be uncollectible are written off in the consolidated income statement. All trade receivables and other receivables are recognized at the value of the amounts receivable, as they are due for settlement within 60 days and therefore do not require remeasurement. m . Investments and other financial assets ( i ) Classification The Group classifies its financial assets in the following measurement categories: • those to be measured subsequently at fair value (either through OCI or through profit or loss); and • those to be measured at amortized cost The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flow. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). See Note 5 for details about each type of financial asset. (ii) Recog |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Basis of Preparation | 1. The general purpose financial statements of Mesoblast Limited and its subsidiaries have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board and Australian equivalent International Financial Reporting Standards, as issued by the Australian Accounting Standards Board. Mesoblast Limited is a for-profit entity for the purpose of preparing the financial statements. The financial statements cover Mesoblast Limited and its subsidiaries. The financial statements were authorized for issue by the board of directors on August 31, 2022. The directors have the power to amend and reissue the financial statements. (i) Going concern As of June 30, 2022, the Group held total cash reserves of $60.4 million. On August 9, 2022, the Group raised additional gross proceeds of $45.0 million. The Group continues its focus on maintaining tight control of net cash outflows from operating activities, which were $65.8 million for the 12 months ended June 30, 2022, a reduction of 35% compared to the prior period. Management and the directors believe that the Group’s existing cash reserves are sufficient to meet the Group’s next 12 months of expenditure requirements, including expenditure needed for the BLA approval process of remestemcel-L for SR-aGvHD, from the issuance date of the consolidated financial statements. If the Group obtain first product approval and launch within the next 12 months, the Group will be able to access funds from the Group’s existing loan arrangements. If the Group is delayed, additional cash inflows from strategic partnerships, product specific financing, debt or equity capital markets will be required. Because of the uncertainty on whether the Group can achieve cash inflows, this creates material uncertainty related to events or conditions that may cast significant doubt (or raise substantial doubt as contemplated by Public Company Accounting Oversight Board (“PCAOB”) standards) on the Group’s ability to continue as a going concern and, therefore, that the Group may be unable to realize our assets and discharge our liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. (ii) Historical cost convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through other comprehensive income and financial assets and liabilities (including derivative instruments) at fair value through profit or loss. (iii) New and amended standards adopted by the Group There were no new or amended standards adopted by the Group in the year ended June 30, 2022. These financial statements follow the same accounting policies as compared to the June 30, 2021 consolidated financial statements and related notes as filed with the Australian Securities Exchange and the Securities and Exchange Commission. (iv) New accounting standards and interpretations not yet adopted by the Group There were no new accounting standards and interpretations not yet adopted by the Group for the June 30, 2022 reporting period that are expected to materially impact the Group. ( v) Change in accounting policy The Group routinely reviews the financial statements for opportunities to improve the quality of financial reporting. In November 2021, the Group refinanced its existing senior debt facility with a new US$90.0 million five-year facility provided by funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and as a result, the Group received proceeds from borrowings and repaid the Hercules loan. In connection with the refinancing of the Hercules debt, substantial balances related to payment of transaction costs from borrowings and charges on repayment of borrowings were recorded in the Statement of Cash Flows, this prompted management to enhance the relevance and reliability of the Statement of Cash Flows by changing the accounting policy relating to the classification of the Interest and other costs of finance paid, previously classified within the operating activities of the Statement of Cash Flows. The Group has changed its accounting policy to classify cash flows from interest and other costs of finance paid as a financing activity because it improves the relevance of the cash flows paid from obtaining capital resources. This change in accounting policy also diminishes the mismatch in operating cash flows from the profit and loss and improves the reliability of the operating cash flow balance. This change in presentation has been retrospectively applied to the years ended June 3 0 , 2021 and 2020 financial statements. For the years ended June 3 0 , 2021 and 2020 , $ million and $ 5.9 million of interest and other costs of finance paid has been reclassified from operating activities to financing activities in the Statement of Cash Flows , respectively . (vi) Use of estimates The preparation of these consolidated financial statements requires the Group to make estimates and judgments that affect the reported amounts of assets, liabilities, income and expenses and related disclosures. On an ongoing basis, the Group evaluates its significant accounting policies and estimates. Estimates are based on historical experience and on various market-specific and other relevant assumptions that the Group believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. (vi i ) Impact of COVID-19 Estimates are assessed each period and updated to reflect current information, such as the economic considerations related to the impact that COVID-19 could have on the Group’s significant accounting estimates. COVID-19 has not led to a material deterioration in the Group’s financial circumstances, nor required the Group to utilize government support. The Group is facing some challenges from the pandemic. The Group’s current and potential future clinical trials have and may experience some delays given reduced capacity at hospitals for completing activities and impacts on patient mobility for treatments or final visits. In addition, requested meetings with FDA are delayed by a minimum of 3 months while the public health crisis is in effect, due to the increased workload burden on agency staff. The Group is also having to account in its product-launch plans for the impacts of the pandemic on future potential customers, such as transplant centers, which have been and may continue to be impacted by the pandemic with respect to patient care, operations/staffing, financials, and health and safety protocols. These impacts change the way (channel, message, frequency) that Mesoblast will have to engage with these entities. Due to the COVID-19 pandemic, and recent geopolitical instability, countries in which the Group has operations have experienced some challenges in the ability of the Group’s suppliers and contractors to source, supply or acquire raw materials or components needed for its manufacturing process and supply chain. As a result, the manufacturing and commercialization of remestemcel-L and other product candidates could be adversely affected. |
Change in accounting policies | a. Change in accounting policies There were no new accounting policies adopted by the Group in the year ended June 30, 2022. In the year ended June 30, 2022, the Group changed its accounting policy to enhance the relevance and reliability of the Statement of Cash Flows by changing the accounting policy relating to the classification of the Interest and other costs of finance paid, previously classified within the operating activities of the Statement of Cash Flows. See Note 1(v) for further details. |
Principles of consolidation | b. Principles of consolidation i . Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Mesoblast Limited (“Company” or “Parent Entity”) as of June 30, 2022 and the results of all subsidiaries for the year then ended. Mesoblast Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ii. Employee share trust The Group has formed a trust to administer the Group’s employee share scheme. This trust is consolidated, as the substance of the relationship is that the trust is controlled by the Group. |
Segment reporting | c. Segment reporting The Group operates in one segment as set out in Note 21. |
Foreign currency translation | d. Foreign currency translation ( i ) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Mesoblast Limited is the AUD. The consolidated financial statements are presented in USD, which is the Group’s presentation currency. (ii) Translations and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the transaction at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in net loss, except when they are deferred in equity as qualifying cash flow hedges and qualifying net investment hedges or attributable to part of the net investment in a foreign operation. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in net loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as financial assets at fair value are recognized in other comprehensive income. (iii) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for the balance sheets presented are translated at the closing rate at the date of that balance sheets; • income and expenses for the statements of comprehensive income 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 in other comprehensive income. (iv) Other On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to net loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entities and translated at the closing rate. |
Revenue recognition | e . Revenue recognition Revenue from contracts with customers is measured and recognized in accordance with the five step model prescribed by IFRS 15 Revenue from Contracts with Customers First, contracts with customers within the scope of IFRS 15 are identified. Distinct promises within the contract are identified as performance obligations. The transaction price of the contract is measured based on the amount of consideration the Group expect to be entitled from the customer in exchange for goods or services. Factors such as requirements around variable consideration, significant financing components, noncash consideration, or amounts payable to customers also determine the transaction price. The transaction is then allocated to separate performance obligations in the contract based on relative standalone selling prices. Revenue is recognized when, or as, performance obligations are satisfied, which is when control of the promised good or service is transferred to the customer. Revenues from contracts with customers comprise commercialization and milestone revenue. The Group also have revenue from interest revenue. ( i ) Commercialization and milestone revenue Commercialization and milestone revenue generally includes non-refundable upfront license and collaboration fees; milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones; as well as royalties on product sales of licensed products, if and when such product sales occur; and revenue from the supply of products. Payment is generally due on standard terms of 30 to 60 days. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue or deferred consideration in our consolidated balance sheets, depending on the nature of arrangement. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified within current liabilities. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified within non-current liabilities. Milestone revenue The Group applies the five-step method under the standard to measure and recognize milestone revenue. The receipt of milestone payments is often contingent on meeting certain clinical, regulatory or commercial targets, and is therefore considered variable consideration. The Group estimate the transaction price of the contingent milestone using the most likely amount method. The Group include in the transaction price some or all of the amount of the contingent milestone only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the contingent milestone is subsequently resolved. Milestone payments that are not within the control of the Company, such as regulatory approvals, are not considered highly probable of being achieved until those approvals are received. Any changes in the transaction price are allocated to all performance obligations in the contract unless the variable consideration relates only to one or more, but not all, of the performance obligations. When consideration for milestones is a sale-based or usage-based royalty that arises from licenses of IP (such as cumulative net sales targets), revenue is recognized at the later of when (or as) the subsequent sale or usage occurs, or when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Licenses of intellectual property When licenses of IP are distinct from other goods or services promised in the contract, the Group recognize the transaction price allocated to the license as revenue upon transfer of control of the license to the customer. The Group evaluate all other promised goods or services in the license agreement to determine if they are distinct. If they are not distinct, they are combined with other promised goods or services to create a bundle of promised goods or services that is distinct. The transaction price allocated to the license performance obligation is recognized based on the nature of the license arrangement. The transaction price is recognized over time if the nature of the license is a “right to access” license. This is when the Group undertake activities that significantly affect the IP to which the customer has rights, the rights granted by the license directly expose the customer to any positive or negative effects of our activities, and those activities do not result in the transfer of a good or service to the customer as those activities occur. When licenses do not meet the criteria to be a right to access license, the license is a “right to use” license, and the transaction price is recognized at the point in time when the customer obtains control over the license. Sales-based or usage-based royalties Licenses of IP can include royalties that are based on the customer’s usage of the IP or sale of products that contain the IP. The Group apply the specific exception to the general requirements of variable consideration and the constraint on variable consideration for sales-based or usage-based royalties promised in a license of IP. The exception requires such revenue to be recognized at the later of when (or as) the subsequent sale or usage occurs and the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). Grünenthal arrangement In September 2019, the Group entered into a strategic partnership with Grünenthal for the development and commercialization in Europe and Latin America of the Group’s allogeneic mesenchymal precursor cell (“MPC”) product, MPC-06-ID, receiving exclusive rights to the Phase 3 allogeneic product candidate for the treatment of low back pain due to degenerative disc disease. The Group received a non-refundable upfront payment of $15.0 million in October 2019, on signing of the contract with Grünenthal. The Group received a milestone payment in December 2019 of $2.5 million in relation to meeting a milestone event as part of the strategic partnership with Grünenthal. In June 2021, the Group announced its intention to leverage the results from a planned US trial to support potential product approvals in both the US and EU by including 20% EU patients in order to provide regulatory harmonization, cost efficiencies and streamlined timelines, without initiating an EU trial. As a result, the strategic partnership with Grünenthal has been amended and milestone payments relating to R&D and CMC services and other development services which were linked to the Europe trial have been removed, instead the Group is eligible to receive payments up to US$ 112.5 million prior to product launch in the EU, inclusive of US$ 17.5 million already received, if certain clinical and regulatory milestones are satisfied and reimbursement targets are achieved. Cumulative milestone payments could reach US$ 1 billion depending on the final outcome of Phase 3 studies and patient adoption. The Group will also receive tiered double-digit royalties on product sales as per the original agreement. The $2.5 million milestone payment received in December 2019 from Grünenthal was considered deferred consideration as of June 30, 2022. The performance obligation for the $2.5 million was previously satisfied under the original agreement, however under the amended agreement with Grünenthal it is subject to repayment to Grünenthal. Revenue will be recognized when the clinical trial has recruited the required amount of European patients, as the $2.5 million will no longer be subject to repayment to Grünenthal. There was no milestone revenue recognized in relation to this strategic partnership with Grünenthal in the years ended June 30, 2022 and 2021. Tasly arrangement In July 2018, the Group entered into a strategic alliance with Tasly for the development, manufacture and commercialization in China of the Group’s allogeneic mesenchymal precursor cell MPC products, MPC-150-IM and MPC-25-IC. Tasly received all exclusive rights for MPC-150-IM and MPC-25-IC in China and Tasly will fund all development, manufacturing and commercialization activities in China. The Group received a $20.0 million upfront technology access fee from Tasly upon closing of this strategic alliance in October 2018. The Group recognized $10.0 million from this $20.0 million upfront technology fee in milestone revenue at closing in October 2018 and the remaining $10.0 million was recognized in milestone revenue in February 2020. The Group is also entitled to receive $25.0 million on product regulatory approvals in China, double-digit escalating royalties on net product sales and up to six escalating milestone payments when the product candidates reach certain sales thresholds in China. For the years ended June 30, 2022 and 2021, no revenue was recognized in relation to this strategic alliance with Tasly. TiGenix arrangement In December 2017, the Group entered into a patent license agreement with TiGenix, now a wholly owned subsidiary of Takeda, which granted Takeda exclusive access to certain of our patents to support global commercialization of the adipose-derived MSC product, Alofisel® a registered trademark of TiGenix, previously known as Cx601, for the local treatment of fistulae. The agreement includes the right for Takeda to grant sub-licenses to affiliates and third parties. The Group is entitled to further payments up to €10.0 million when Takeda reaches certain product regulatory milestones. Additionally, the Group will receive single digit royalties on net sales of Alofisel®. In the years ended June 30, 2022 and 2021, the Group earned $0.3 million and $0.2 million, respectively, of royalty income on sales of Alofisel® in Europe by our licensee Takeda . The Group recognized $1.2 million in milestone revenue in the year ended June 30, 2022 in relation to our patent license agreement with Takeda entered into in December 2017. This $1.2 million was recognized with regards to the €1.0 million regulatory milestone payment receivable from Takeda given Takeda received approval to manufacture and market Alofisel® (darvadstrocel) in Japan for the treatment of complex perianal fistulas in patients with non-active or mildly active luminal Crohn’s Disease. No milestone revenue was recognized in the year ended June 30, 2021. JCR arrangement In October 2013, the Group acquired all of the culture-expanded, MSC-based assets from Osiris. These assets included assumption of a collaboration agreement with JCR, a research and development oriented pharmaceutical company in Japan. Revenue recognized under this agreement is limited to the amount of cash received or for which the Group is entitled, as JCR has the right to terminate the agreement at any time. Under the JCR Agreement, JCR is responsible for all development and manufacturing costs including sales and marketing expenses. Under the JCR Agreement, JCR has the right to develop our MSCs in two fields for the Japanese market: exclusive in conjunction with the treatment of hematological malignancies by the use of hematopoietic stem cells derived from peripheral blood, cord blood or bone marrow, or the First JCR Field; and non-exclusive for developing assays that use liver cells for non-clinical drug screening and evaluation, or the Second JCR Field. With respect to the First JCR Field, the Group are entitled to payments when JCR reaches certain commercial milestones and to escalating double-digit royalties. These royalties are subject to possible renegotiation downward in the event of competition from non-infringing products in Japan. With respect to the Second JCR Field, the Group are entitled to a double-digit profit share. The Group expanded our partnership with JCR in Japan for two new indications: for wound healing in patients with Epidermolysis Bullosa (“EB”) in October 2018, and for hypoxic ischemic encephalopathy (“HIE”), a condition suffered by newborns who lack sufficient blood supply and oxygen to the brain, in June 2019. The Group will receive royalties on TEMCELL product sales for EB and HIE, if and when JCR begins selling TEMCELL for such indications in Japan. The Group appl ies the sales-based and usage-based royalty exception for licenses of intellectual property and therefore recognize s royalty revenue at the later of when the subsequent sale or usage occurs and the associated performance obligation has been satisfied. In the year ended, June 30, 2022 the Group recognized $8.7 million in commercialization revenue relating to royalty income earned on sales of TEMCELL in Japan by our licensee JCR, compared with $7.2 million for the year ended June 30, 2021. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. (ii) Interest revenue Interest revenue is accrued on a time basis by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. (iii) Research and development tax incentive The Group’s research and development activities can potentially be eligible under an Australian government tax incentive. Management assesses these activities and expenditure to determine which are likely to be eligible under the incentive scheme. At each period end management estimates and recognizes the refundable tax offset available to the Group based on available information at the time. 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. The research and development tax incentive credit is available for the Group’s research and development activities in Australia as well as research and development activities outside of Australia to the extent such non-Australian based activities relate to intellectual property owned by our Australian resident entities do not exceed half the expenses for the relevant activities and are approved by the Australian government. Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. In October 2020, the Australian Government introduced new legislation for the refundable tax offset applicable to eligible companies for income tax years commencing from July 1, 2021. Per the new legislation, for the year ended June 30, 2022 the refundable tax offset for companies with an aggregated turnover of A$20.0 million or more is the Company’s corporate tax rate plus a rate between 8.5% and 16.5% depending on the proportion of research and development expenditures in relation to total expenditures. For companies with an aggregated turnover below A$20.0 million, the refundable research and development tax offset is 48.5% for the year ended June 30, 2022. For the year ended June 30, 2021, a refundable tax offset was only available to eligible companies with an annual aggregate turnover of less than A$20.0 million and the rate of the refundable tax offset was 43.5%. In the years ended June 30, 2022 and 2021, the Group was eligible for the refundable tax offset for the research and development tax incentive and management is currently assessing if the Group’s activities were eligible under the incentive scheme and therefore have not applied for a tax offset. Consequently, no income was recognized from the Research and Development Tax Incentive program for the years ended June 30, 2022 and 2021. The receivable for reimbursable amounts that have not been collected is reflected in trade and other receivables in the Group’s consolidated balance sheets. Income associated with the research and development tax incentive is recorded in the Group’s other operating income and expenses in the Group’s consolidated income statement. |
Inventories | f. Inventories Inventories are included in the financial statements at the lower of cost (including raw materials, direct labour, other direct costs and related production overheads) and net realizable value. Pre-launch inventory is held as an asset when there is a high probability of regulatory approval for the product in accordance with IAS 2 Inventories Provisions, Contingent Liabilities and Contingent Assets The Group considers a number of factors in determining the probability of the product candidate realizing future economic benefit, including the product candidate’s current status in the regulatory approval process, results from the related pivotal clinical trial, results from meetings with relevant regulatory agencies prior to the filing of regulatory applications, the market need, historical experience, as well as potential impediments to the approval process such as product safety or efficacy, commercialization and market trends. When a provision is made against the carrying value of pre-launch inventory the costs are recognized within Manufacturing Commercialization expenses. As of June 30, 2022 and June 30, 2021, there was |
Research and development undertaken internally | g . Research and development undertaken internally The Group currently does not have any capitalized development costs. Research expenditure is recognized as an expense as incurred. Costs incurred on development projects, which consist of preclinical and clinical trials, manufacturing development, and general research, are recognized as intangible assets when it is probable that the project will, after considering its commercial and technical feasibility, be completed and generate future economic benefits and its costs can be measured reliably. The expenditure capitalized comprises all directly attributable costs, including costs of materials, services, direct labor and an appropriate proportion of overheads. Other development costs that do not meet these criteria are expensed as incurred. Development costs previously recognized as expenses, are not recognized as an asset in a subsequent period and will remain expensed. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life. |
Income tax | h. Income tax The income tax expense or benefit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax assets are only recognized to the extent that there are sufficient deferred tax liabilities unwinding. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. 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 where 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 is recognized in net loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. |
Business combinations | i . Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any asset or liability resulting from a contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any noncontrolling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets. The excess of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired and the measurement of all amounts has been reviewed, the difference is recognized directly in net loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. |
Impairment of assets | j . Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to dispose and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets (other than goodwill) that have suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Management maintains internal valuations of each asset annually (or more frequently should indicators of impairment be identified) and valuations from independent experts are requested periodically, within every three year period. The internal valuations are continually reviewed by management and consideration is given as to whether there are indicators of impairment which would warrant impairment testing. An external valuation of our assets was carried out by an independent expert as at March 31, 2020 with the recoverable amount of each asset exceeding its carrying amount. |
Cash and cash equivalents | k. Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Trade and other receivables | l. Trade and other receivables Trade receivables and other receivables represent the principal amounts due at balance date less, where applicable, any provision for expected credit losses. The Group uses the simplified approach to measuring expected credit losses, which uses a lifetime expected credit loss allowance. Debts which are known to be uncollectible are written off in the consolidated income statement. All trade receivables and other receivables are recognized at the value of the amounts receivable, as they are due for settlement within 60 days and therefore do not require remeasurement. |
Investments and other financial assets | m . Investments and other financial assets ( i ) Classification The Group classifies its financial assets in the following measurement categories: • those to be measured subsequently at fair value (either through OCI or through profit or loss); and • those to be measured at amortized cost The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flow. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). See Note 5 for details about each type of financial asset. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Details on how the fair value of financial instruments is determined are disclosed in Note 5(g). Equity instruments The group subsequently measures all equity investments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the group’s right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. (iv) Impairment For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see Note 5(b) for further details. |
Derivatives | n. Derivatives Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. As at June 30, 2022 and 2021, the Group did not have any derivative instruments that qualified for hedge accounting. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in other income or other expenses. |
Property, plant and equipment | o. Property, plant and equipment Plant and equipment are stated at historical cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the item. Subsequent cost 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 associates with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit and loss during the reporting period in which they are incurred. Property, plant and equipment, other than freehold land, are depreciated over their estimated useful lives using the straight line method (see Note 6(a)). The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposal of plant and equipment are taken into account in determining the profit for the year. |
Intangible assets | p. Intangible assets ( i ) Goodwill Goodwill is measured as described in Note 23(i). Goodwill on acquisition of subsidiaries is included in intangible assets (Note 6(c)). Goodwill is not amortized but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is tested for impairment in accordance with IAS 36 Impairment of Assets Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segments (Note 21). (ii) Acquired licenses to patents Acquired licenses have a finite useful life and are carried at cost less accumulated amortization and impairment losses. Each asset is amortized through to the estimated patent expiry date which is reviewed and adjusted as patent extensions are granted. Payments made to third parties to acquire licenses to patents, including initial upfront and subsequent milestone payments are capitalized. For subsequent payments under existing license agreements payments are capitalized if they meet the definition of an intangible asset. Management reviews the substance of the payment to determine its classification. Generally, payments made for a verifiable outcome, such as completion of a clinical trial, regulatory approvals and sales target milestones would be accumulated into the cost of the intangible. The Group periodically evaluates whether current facts or circumstances indicate that the carrying value of its acquired intangibles may not be recoverable. If such circumstances are determined to exist, an estimate of the undiscounted future cash flow of these assets, or appropriate assets grouping is compared to the carrying value to determine whether an impairment exists. If the asset is determined to be impaired, the loss is measured based on the differences between the carrying value of the intangible asset and its fair value, which is determined based on the net present value of estimated future cash flows. Royalty payments under license and sublicense agreements are expensed. (iii) In-process research and development acquired In-process research and development that has been acquired as part of a business acquisition is considered to be an indefinite life intangible asset on the basis that it is incomplete and cannot be used in its current form. Indefinite life intangible assets are not amortized but rather are tested for impairment annually in the third quarter of each year, or whenever events or circumstances present an indication of impairment. In-process research and development will continue to be tested for impairment until the related research and development efforts are either completed or abandoned. Upon completion of the related research and development efforts, management determines the remaining useful life of the intangible assets and amortizes them accordingly. In order for management to determine the remaining useful life of the asset, management would consider the expected flow of future economic benefits to the entity with reference to the product life cycle, competitive landscape, obsolescence, market demand, any remaining patent useful life and various other relevant factors. At the time of completion, when the asset becomes available for use, all costs recognized in in-process research and development that related to the completed asset are transferred to the intangible asset category, current marketed products, at the asset’s historical cost. In the case of abandonment, the related research and development efforts are considered impaired and the asset is fully expensed. (iv) Current marketed products Current marketed products contain products that are currently being marketed. The assets are recognized on our balance sheet as a result of business acquisitions or reclassifications from In-process research and development upon completion. Upon completion, when assets become available for use, assets are reclassified from in-process research and development to current marketed products at the historical value that they were recognized at within the in-process research and development category. Upon reclassification to the current market products category management determines the remaining useful life of the intangible assets and amortizes them from the date they become available for use. In order for management to determine the remaining useful life of the asset, management would consider the expected flow of future economic benefits to the entity with reference to the product life cycle, competitive landscape, obsolescence, market demand, any remaining patent useful life and any other relevant factors. Management have chosen to amortize all intangible assets with a finite useful life on a straight-line basis over the useful life of the asset. Current marketed products are tested for impairment in accordance with IAS 36 Impairment of Assets which requires testing whenever there is an indication that an asset may be impaired. |
Trade and other payables | q . Trade and other payables Payables represent the principal amounts outstanding at balance date plus, where applicable, any accrued interest. Liabilities for payables and other amounts are carried at cost which approximates fair value of the consideration to be paid in the future for goods and services received, whether or not billed. The amounts are unsecured and are usually paid within 30 to 60 days of recognition. |
Borrowings | r. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred of liabilities assumed, is recognized in profit or loss as other income or finance costs. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period Funds associated with Oaktree Capital Management, L.P. (“Oaktree”) In November 2021, the Group’s senior debt facility with Hercules was refinanced with a new $90.0 million five-year facility provided by funds associated with Oaktree. The Group drew the first tranche of $60.0 million on closing, with $55.5 million of proceeds being used to discharge our obligations under the Hercules loan. Up to an additional $30.0 million may be drawn on or before December 31, 2022, subject to the Group achieving certain milestones. The facility has a three-year interest only period, at a fixed rate of 9.75% per annum, after which time 40% of the principal amortizes over two years and a final payment is due no later than November 2026. The facility also allows the Group to make quarterly payments of interest at a rate of 8.0% per annum for the first two years, and the unpaid interest portion ( 1.75 % per annum) will be added to the outstanding loan balance and shall accrue further interest at a fixed rate of 9.75 % per annum. On November 19, 2021, Oaktree was also granted warrants to purchase 1,769,669 American Depositary Shares (“ADSs”) at US$7.26 per ADS, a 15% premium to the 30-day VWAP. The Group determined that an obligation to issue the warrants has arisen from the time the debt facility was signed; consequently, a liability for the warrants was recognized in November 2021. The warrants were legally issued on January 11, 2022 and may be exercised within 7 years of issuance. On the issuance date of the Oaktree facility and the warrants, the warrants were initially measured at fair value and the Oaktree borrowing liability measured as the difference between the $60.0 million received from the Oaktree facility and the fair value of the warrants. In the year ended June 30, 2022, the Group recognized a gain of $0.1 million in the Income Statement as remeasurement of borrowing arrangements within finance costs in relation to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our credit facility. No remeasurement of borrowing arrangements was recognized in the years ended June 30, 2021 and 2020. Hercules In March 2018, the Group entered into a loan and security agreement with Hercules, for a $75.0 million non-dilutive, four-year In November 2021, this loan was refinanced with a new $90.0 million five-year facility provided by Oaktree. The Group drew the first tranche of $60.0 million on closing, with $55.5 million of proceeds being used to repay the outstanding balance with Hercules. Prior to extinguishing the loan with Hercules, the Group had amended the terms of the loan and security agreement to extend the interest-only period to January 2022 and therefore the Group had not commenced principal repayments. Interest on the loan was payable monthly in arrears on the 1 st In the year ended June 30, 2022, the Group recognized a loss of $0.9 million in the Income Statement as remeasurement of borrowing arrangements within finance costs. $1.3 million of this loss relates to prepaying the Group’s outstanding balance and extinguishing the loan with Hercules, offset by a $0.4 million gain to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows from our credit facility. In the year ended June 30, 2021, the Group recognized a gain of $0.4 million in the Income Statement as remeasurement of borrowing arrangements within finance costs. NovaQuest On June 29, 2018, the Group entered into an eight-year Following approval and first commercial sales, repayments commence based on a percentage of net sales and are limited by a payment cap which is equal to the principal due for the next 12 months, plus accumulated unpaid principal and accrued unpaid interest. During the four-year period commencing July 8, 2022, principal amortizes in equal quarterly instalments payable only after approval and first commercial sales. If in any quarterly period, 25% of net sales of remestemcel-L for pediatric SR-aGVHD exceed the annual payment cap, the Group will pay the payment cap and an additional portion of excess sales which will be used towards the prepayment amount in the event there is an early prepayment of the loan. If in any quarterly period 25% of net sales of remestemcel-L for pediatric SR-aGVHD is less than the annual payment cap, then the payment is limited to 25% of net sales of remestemcel-L for pediatric SR-aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid. Because of this relationship of net sales and repayments, changes in our estimated net sales may trigger an adjustment of the carrying amount of the financial liability to reflect the revised estimated cash flows. The carrying amount is recalculated by computing the present value of the revised estimated future cash flows at the financial instrument’s original effective interest rate. The adjustment is recognized in the Income Statement as remeasurement of borrowing arrangements within finance costs in the period the revision is made. In the year s ended June 30, 2022 and 2021 , the Group recognized a gain of $ million and $ 4.8 million, respectively, in the Income Statement as remeasurement of borrowing arrangements within finance costs in relation to the adjustment of the carrying amount of our financial liability to reflect the revised estimated future cash flows as a net result of changes to the key assumptions in development timelines. The Group recognizes a liability as current based on repayments linked to estimates of sales of remestemcel-L. However, if sales of remestemcel-L are higher than estimated, actual repayments will exceed this amount, subject to the annual payment cap described above. The carrying amount of the loan and security agreement with NovaQuest is subordinated to the Group’s fixed rate loan with the senior creditor, Oaktree. The Group have pledged a portion of our assets relating to the SR-aGVHD product candidate as collateral under the loan facility with NovaQuest. |
Provisions | s. Provisions Provisions are recognized when the Group has a present legal obligation as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. Provisions are recorded on acquisition of a subsidiary, to the extent they relate to a subsidiary’s contingent liabilities, if it relates to a past event, regardless of whether it is probable the amount will be paid. |
Employee benefits | t. Employee benefits A liability is recognized for benefits accruing to employees in respect of wages and salaries, bonuses, annual leave and long service leave. Liabilities recognized in respect of employee benefits which are expected to be settled within 12 months after the end of the period in which the employees render the related services are measured at their nominal values using the remuneration rates expected to apply at the time of settlement. Liabilities recognized in respect of employee benefits which are not expected to be settled within 12 months after the end of the period in which the employees render the related services are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date. 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. Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: when the Group can no longer withdraw the offer of those benefits and when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. |
Share-based payments | u. Share-based payments Share-based payments are provided to eligible employees, directors and consultants via the Employee Share Option Plan (“ESOP”) and the Australian Loan Funded Share Plan (“LFSP”). The terms and conditions of the LFSP are in substance the same as the employee share options and therefore they are accounted for on the same basis. Equity-settled share-based payments with employees and others providing similar services are measured at the fair value of the equity instrument at acceptance date. Fair value is measured 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 behavioral considerations. It does not make any allowance for the impact of any service and non-market performance vesting conditions. Further details on how the fair value of equity-settled share-based transactions has been determined can be found in Note 17. The fair value determined at the acceptance date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on management’s estimate of shares that will eventually vest, with a corresponding increase in equity. At the end of each period, the entity revises its estimates of the number of shared-based payments that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. |
Leases | v. Leases Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • fixed payments (including in-substance fixed payments), less any lease incentives receivable; • variable lease payment that are based on an index or a rate; • amounts expected to be payable by the lessee under residual value guarantees; • the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and • payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. Variable lease payments that are not based on an index or a rate are not included in the initial measurement of the lease liability and are expensed in the Income Statement when incurred. There were no variable lease payments that were expensed in the Income Statement for the year ended June 30, 2022. The Group remeasures the lease liability and makes a corresponding adjustment to the related right-of-use asset whenever there is a change to the lease terms or expected payments under the lease, or a modification that is not accounted for as a separate lease. For certain contracts that contain lease and non-lease components, the Group accounts for each lease component within the contract as a lease separately from non-lease components of the contract. The Group identifies a separate lease component if there is an explicit or implicit identified asset in the contract and if the Group controls use of the identified asset. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group’s incremental borrowing rate. Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of lease liability; • any lease payments made at or before the commencement date, less any lease incentives received; • any initial direct costs; and • restoration costs. Payments associated with short-term leases with a lease term of 12 months or less, contracts that contain lease and non-lease components that are cancellable within 12 months and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Low-value assets comprise IT-equipment and small items of office furniture. |
Warrants | w. Warrants Warrants reserve is measured as described in Note 7(b). For details on warrant liability, see Note 5(g)(vi). |
Contributed equity | x . Contributed equity Ordinary shares are classified as equity. Transaction costs arising on the issue of equity instruments are recognized separately in equity. Transaction costs are the costs that are incurred directly in connection with the issue of those equity instruments and which would not have been incurred had those instruments not been issued. |
Loss per share | y . Loss per share ( i ) Basic losses per share Basic losses per share is calculated by dividing: • the loss attributable to equity holders of the Group, excluding any costs of servicing equity other than ordinary shares; • by the weighted average number of ordinary shares outstanding during the fiscal year, adjusted for bonus elements in ordinary shares issued during the year. (ii) Diluted losses per share Diluted losses per share adjusts the figures used in the determination of basic earnings per share to take into account • the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and • the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. |
Goods and services tax ("GST") | z . Goods and services tax (“GST”) Revenues, expenses and assets are recognized net of the amount of GST except where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognized as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Balance Sheet. Cash flows are included in the statement of cash flow 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, are classified as operating cash flows. |
Rounding of amounts | aa . Rounding of amounts Our company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to the ‘rounding off’ of amounts in the financial report. Unless mentioned otherwise, amounts within this report have been rounded off in accordance with that Legislative Instrument to the nearest thousand dollars, or in certain cases, to the nearest dollar. |
Loss Before Income Tax (Tables)
Loss Before Income Tax (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Loss Before Income Tax [Abstract] | |
Summary of Loss Before Income Tax | Year Ended June 30, (in U.S. dollars, in thousands) Note 2022 2021 2020 Revenue Commercialization revenue 9,039 7,434 6,614 Milestone revenue 1,172 — 25,000 Interest revenue 3 22 542 Total Revenue 10,214 7,456 32,156 Clinical trial and research & development (10,483 ) (18,569 ) (24,565 ) Manufacturing production & development (28,884 ) (31,590 ) (23,944 ) Employee benefits Salaries and employee benefits (18,997 ) (26,804 ) (25,100 ) Defined contribution superannuation expenses (402 ) (379 ) (327 ) Equity settled share-based payment transactions ( 1) (5,536 ) (12,510 ) (7,522 ) Total Employee benefits (24,935 ) (39,693 ) (32,949 ) Depreciation and amortization of non-current assets Plant and equipment depreciation (1,144 ) (1,016 ) (585 ) Right of use asset depreciation (1,717 ) (1,691 ) (1,508 ) Intellectual property amortization (1,519 ) (1,557 ) (1,574 ) Total Depreciation and amortization of non-current assets (4,380 ) (4,264 ) (3,667 ) Other Management & administration expenses Overheads & administration (10,157 ) (7,757 ) (8,276 ) Consultancy (3,751 ) (5,386 ) (5,168 ) Legal, patent and other professional fees (5,571 ) (6,950 ) (5,854 ) Intellectual property expenses (excluding the amount amortized above) (2,621 ) (2,389 ) (2,683 ) Total Other Management & administration expenses (22,100 ) (22,482 ) (21,981 ) Fair value remeasurement of contingent consideration Remeasurement of contingent consideration 5(g)(iii) 913 18,687 1,380 Total Fair value remeasurement of contingent consideration 913 18,687 1,380 Fair value remeasurement of warrant liability Remeasurement of warrant liability 5(g)(vi) 5,896 — — Total Fair value remeasurement of warrant liability 5,896 — — Other operating income and expenses Government grant revenue — 68 78 Foreign exchange gains/(losses) (536 ) 1,471 246 Foreign withholding tax paid (3 ) — — Total Other operating income and expenses (539 ) 1,539 324 Finance (costs)/gains Remeasurement of borrowing arrangements (382 ) 5,225 607 Interest expense (16,906 ) (15,939 ) (14,716 ) Total Finance costs (17,288 ) (10,714 ) (14,109 ) Total loss before income tax (91,586 ) (99,630 ) (87,355 ) (1) Share-based payment transactions For the years ended June 30, 2022, 2021 and 2020, share-based payment transactions have been reflected in the Consolidated Statement of Comprehensive Income functional expense categories as follows: Year Ended June 30, (in U.S. dollars) 2022 2021 2020 Research and development 3,547,182 7,782,330 3,194,695 Manufacturing and commercialization 378,096 547,998 434,403 Management and administration 1,610,567 4,179,416 3,892,647 Equity settled share-based payment transactions 5,535,845 12,509,744 7,521,745 |
Income Tax Benefit_(Expense) (T
Income Tax Benefit/(Expense) (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Major Components Of Tax Expense Income [Abstract] | |
Summary of Reconciliation of Income Tax to Prima Facie Tax Payable | Year Ended June 30, (in U.S. dollars, in thousands) 2022 2021 2020 (a) Reconciliation of income tax to prima facie tax payable Loss from continuing operations before income tax (91,586 ) (99,630 ) (87,355 ) Tax benefit at the Australian tax rate of 30% (2021: 30%, 2020: 30%) (27,476 ) (29,889 ) (26,207 ) Tax effect of amounts which are not deductible/(exempt) in calculating taxable income: Share-based payments expense 1,588 2,836 1,367 Research and development tax concessions (869 ) (894 ) (876 ) Foreign exchange translation gains/(losses) 159 313 129 Contingent consideration (274 ) (5,606 ) (414 ) Other sundry items (2,036 ) 121 97 Current year tax expense/(benefit) (28,908 ) (33,119 ) (25,904 ) Adjustments for current tax of prior periods (923 ) (1 ) 283 Differences in overseas tax rates 8,407 13,218 9,397 Tax benefit not recognized 21,185 19,083 6,809 Change in tax rate on Deferred tax assets ( 1) (8,326 ) (482 ) (3,412 ) Change in tax rate on Deferred tax liability ( 1) 8,326 482 3,412 Previously unrecognized tax losses now recouped to reduce deferred tax expense/(benefit) — — — Income tax expense/(benefit) attributable to loss before income tax (239 ) (819 ) (9,415 ) (1) On June 30, 2022, there was a change in the expected tax rate applicable on future taxable profits in Singapore. The Group was expecting to benefit from concessionary tax rates (tax holiday) in Singapore under the tax incentives granted to the Group by the Singapore Economic Development Board, however at June 30, 2022 the Group had not met the conditions under the agreement to access the concessionary tax rates and therefore have recognized a change in the expected tax rate in Singapore to reflect the statutory tax rate of 17%. The Group is in current discussions with the Singapore Economic Development Board to amend the conditions of the incentive agreement and access these concessionary tax rates in the future. |
Summary of income tax expense/(benefit) | Year Ended June 30, (in U.S. dollars, in thousands) 2022 2021 2020 (b) Income tax (benefit)/expense Current tax Current tax — — — Total current tax (benefit)/expense — — — Deferred tax (Increase)/decrease in deferred tax assets (8,317 ) (1,158 ) (12,687 ) (Decrease)/increase in deferred tax liabilities 8,078 339 3,272 Total deferred tax (benefit)/expense (239 ) (819 ) (9,415 ) Income tax (benefit)/expense (239 ) (819 ) (9,415 ) |
Summary of Amounts That Would Be Recognized Directly in Equity if Brought to Account | Year Ended June 30, (in U.S. dollars, in thousands) 2022 2021 2020 (c) Amounts that would be recognized directly in equity if brought to account Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but which would have been directly applied to equity had it been brought to account: Current tax recorded in equity (if brought to account) (142 ) (525 ) (2,293 ) Deferred tax recorded in equity (if brought to account) 715 905 1,266 573 380 (1,027 ) |
Summary of Amounts That Would Be Recognized Directly in Equity | Year Ended June 30, (in U.S. dollars, in thousands) 2022 2021 2020 (d) Amounts recognized directly in equity Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but debited/credited to equity Current tax recorded in equity — — — Deferred tax recorded in equity 239 91 (979 ) 239 91 (979 ) |
Summary of Deferred Tax Assets Not Brought to Account | Year Ended June 30, (in U.S. dollars, in thousands) 2022 2021 2020 (e) Deferred tax assets not brought to account Unused tax losses Potential tax benefit at local tax rates 111,283 77,738 55,573 Other temporary differences Potential tax benefit at local tax rates 11,046 7,424 6,782 Other tax credits Potential tax benefit at local tax rates 3,220 3,220 3,220 125,549 88,382 65,575 |
Financial assets and liabilit_2
Financial assets and liabilities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Financial Assets And Liabilities [Abstract] | |
Summary of Financial Instruments | The Group holds the following financial instruments: Financial assets (in U.S. dollars, in thousands) Notes Assets at FVOCI ( 1) Assets at FVTPL ( 2) Assets at amortized cost Total As of June 30, 2022 Cash & cash equivalents 5(a) — — 60,447 60,447 Trade & other receivables 5(b) — — 4,403 4,403 Financial assets at fair value through other comprehensive income 5(c) 1,758 — — 1,758 Other non-current assets 5(d) — — 1,930 1,930 1,758 — 66,780 68,538 As of June 30, 2021 Cash & cash equivalents 5(a) — — 136,881 136,881 Trade & other receivables 5(b) — — 4,842 4,842 Financial assets at fair value through other comprehensive income 5(c) 2,080 — — 2,080 Other non-current assets 5(d) — — 1,724 1,724 2,080 — 143,447 145,527 (1) Fair value through other comprehensive income (2) Fair value through profit or loss Financial liabilities (in U.S. dollars, in thousands) Notes Liabilities at FVOCI ( 1) Liabilities at FVTPL ( 2) Liabilities at amortized cost Total As of June 30, 2022 Trade and other payables 5(e) — — 23,079 23,079 Borrowings 5(f) — — 96,634 96,634 Contingent consideration 5(g)(iii) — 23,284 — 23,284 Warrant liability 5(g)(vi) — 2,185 — 2,185 — 25,469 119,713 145,182 As of June 30, 2021 Trade and other payables 5(e) — — 19,598 19,598 Borrowings 5(f) — — 94,245 94,245 Contingent consideration 5(g)(iii) — 25,409 — 25,409 — 25,409 113,843 139,252 (1) Fair value through other comprehensive income (2) Fair value through profit or loss |
Summary of Cash and Cash Equivalents | a. Cash and cash equivalents As of June 30, (in U.S. dollars, in thousands) 2022 2021 Cash at bank 60,034 136,430 Deposits at call ( 1) 413 451 60,447 136,881 (1) As of June 30, 2022 and June 30, 2021, interest-bearing deposits at call include amounts of $0.4 million and $0.5 million, respectively, held as security and restricted for use. |
Summary of Trade and Other Receivables and Prepayments | b. Trade and other receivables and prepayments (i) Trade and other receivables As of June 30, (in U.S. dollars, in thousands) 2022 2021 Trade debtors 2,224 2,000 Foreign withholding tax recoverable 471 471 U.S. Tax credits 1,473 1,473 Security deposit — 252 Other recoverable taxes (Goods and services tax and value-added tax) 235 646 Trade and other receivables 4,403 4,842 (ii) Prepayments As of June 30, (in U.S. dollars, in thousands) 2022 2021 Clinical trial research and development expenditure 1,313 2,823 Prepaid insurance and subscriptions 2,420 1,921 Other 1,254 1,760 Prepayments 4,987 6,504 |
Summary of Financial Assets at Fair Value through Other Comprehensive Income | Financial assets at fair value through other comprehensive income include the following classes of financial assets: As of June 30, (in U.S. dollars, in thousands) 2022 2021 Unlisted securities: Equity securities 1,758 2,080 1,758 2,080 |
Summary of Other Non-current Assets | Other non-current assets As of June 30, (in U.S. dollars, in thousands) 2022 2021 Bank Guarantee 500 546 Letter of Credit 1,178 1,178 Security deposit 252 — 1,930 1,724 |
Summary of Trade and Other Payables | Trade and other payables As of June 30, (in U.S. dollars, in thousands) 2022 2021 Trade payables and other payables 23,079 19,598 Trade and other payables 23,079 19,598 |
Summary of Borrowings | f. Borrowings As of June 30, (in U.S. dollars, in thousands) 2022 2021 Borrowings Secured liabilities: Borrowing arrangements 81,919 80,000 Less: transaction costs (8,247 ) (6,751 ) Amortization of carrying amount, net of payments made 22,962 20,996 96,634 94,245 As of June 30, (in U.S. dollars, in thousands) 2022 2021 Borrowings Current Borrowings - NovaQuest 372 336 Borrowings - Oaktree 4,645 — Borrowings - Hercules — 52,864 5,017 53,200 Non-current Borrowings - NovaQuest 47,898 41,045 Borrowings - Oaktree 43,719 — 91,617 41,045 96,634 94,245 |
Summary of Net Debt | (iii) debt reconciliation As of June 30, (in U.S. dollars, in thousands) 2022 2021 Cash and cash equivalents 60,447 136,881 Borrowings (96,634 ) (94,245 ) Lease liabilities (10,271 ) (11,250 ) Warrant liability (2,185 ) — Net Debt ( 1) (48,643 ) 31,386 Cash and cash equivalents 60,447 136,881 Gross debt - fixed interest rates (106,905 ) (52,631 ) Gross debt - variable interest rates — (52,864 ) Warrant liability (2,185 ) — Net Debt ( 1) (48,643 ) 31,386 (1) Net debt amount includes leases and borrowing arrangements |
Summary of Net Debt Reconciliation | Liabilities from financing activities Other assets (in U.S. dollars, in thousands) Borrowings Leases Warrant liability Sub-total Cash and cash equivalents Total Net Debt as at June 30, 2021 (94,245 ) (11,250 ) — (105,495 ) 136,881 31,386 Cash Flows ( 1) 14,512 3,427 (8,081 ) 9,858 (75,884 ) (66,026 ) Remeasurement adjustments (382 ) — 5,896 5,514 — 5,514 Other Changes ( 2) (16,519 ) (1,229 ) — (17,748 ) — (17,748 ) Acquisition – leases — (1,463 ) — (1,463 ) — (1,463 ) Foreign exchange adjustments — 244 244 (550 ) (306 ) Net Debt as at June 30, 2022 (96,634 ) (10,271 ) (2,185 ) (109,090 ) 60,447 (48,643 ) (1) Cash flows include the payments of borrowings, lease liabilities and interest which are presented as financing cash flows in the statement of cash flows. (2) Other changes include modification of leases and accrued interest expenses for borrowings and leases. |
Summary of Financial Assets and Liabilities Measured and Recognized at Fair Value | The following table presents the Group's financial assets and financial liabilities measured and recognized at fair value as of June 30, 2022 and June 30, 2021 on a recurring basis, categorized by level according to the significance of the inputs used in making the measurements: As of June 30, 2022 (in U.S. dollars, in thousands) Notes Level 1 Level 2 Level 3 Total Financial Assets Financial assets at fair value through other comprehensive income: Equity securities - biotech sector 5(c) — — 1,758 1,758 Total Financial Assets — — 1,758 1,758 Financial Liabilities Financial liabilities at fair value through profit or loss: Contingent consideration 5(g)(iii) — — 23,284 23,284 Warrant liabilities 5(g)(vi) — — 2,185 2,185 Total Financial Liabilities — — 25,469 25,469 |
Summary of Changes in the Contingent Consideration Fair Value of Level 3 Instruments | The following table presents the changes in the contingent consideration balances within the level 3 instruments for the years ended June 30, 2022 and June 30, 2021: (in U.S. dollars, in thousands) Contingent consideration provision Opening balance - July 1, 2020 45,166 Amount used during the period (1,070 ) Charged/(credited) to consolidated income statement: Remeasurement ( 1) (18,687 ) Closing balance - June 30, 2021 25,409 Opening balance - July 1, 2021 25,409 Amount used during the period (1,212 ) Charged/(credited) to consolidated income statement: Remeasurement ( 2) (913 ) Closing balance - June 30, 2022 23,284 (1) In the year ended June 30, 2021 a gain of $18.7 million (2) In the year ended June 30, 2022 a gain of $0.9 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This remeasurement was a net result of changing key assumptions of the contingent consideration valuation such as developmental timelines, market growth and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration. |
Summary of Quantitative Information About the Significant Unobservable Inputs Used in Level 3 Fair Value Measurements | The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Range of inputs (weighted average) (in U.S. dollars, in thousands, except percent data) Fair value as of June 30, Fair value as of June 30, Valuation Unobservable Year Ended June 30, Year Ended June 30, Relationship of unobservable inputs to Description 2022 2021 technique inputs ( 1) 2022 2021 fair value Contingent consideration provision 23,284 25,409 Discounted cash flows Risk adjusted discount rate 11%-13% (12.5%) 11%-13% (12.5%) Year ended June 30, 2022: A change in the discount rate by 0.5% would increase/decrease the fair value by 0.2%. Year ended June 30, 2021: A change in the discount rate by 0.5% would increase/decrease the fair value by 0.3%. Expected unit sales price Various Various Year ended June 30, 2022: A change in the price assumptions by 10% would increase/decrease the fair value by 2%. Year ended June 30, 2021: A change in the price assumptions by 10% would increase/decrease the fair value by 3%. Expected sales volumes Various Various Year ended June 30, 2022: A change in the volume assumptions by 10% would increase/decrease the fair value by 2%. Year ended June 30, 2021: A change in the volume assumptions by 10% would increase/decrease the fair value by 3%. Probability of success Various Various Year ended June 30, 2022: A change in the probability of success assumptions by 10% and 20% would increase/decrease the fair value by 8.6% and 17.2%, respectively. Year ended June 30, 2021: A change in the probability of success assumptions by 10% and 20% would increase/decrease the fair value by 8.6% and 17.3%, respectively. (1) There were no significant inter-relationships between unobservable inputs that materially affect fair values. |
Disclosure of Detailed Information About Valuation Processes of Contingent Consideration at Fair Value Explanatory | As of June 30, The fair value of contingent consideration (in U.S. dollars, in thousands) 2022 2021 Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets 17,827 18,328 Fair value of royalty payments from commercialization of the intellectual property acquired 5,457 7,081 23,284 25,409 |
Summary of Warrant Liability | (vi) Warrant liability (in U.S. dollars, in thousands) As of June 30, Warrant liability 2022 2021 Opening balance — — Warrants fair value at grant date - November 19, 2021 8,081 — Remeasurement of warrant liability (5,896 ) — Closing Balance 2,185 — |
Summary of Fair Value of Warrants | The following assumptions were based on observable market conditions that existed at the issue date and as of June 30, 2022. As of June 30, At Grant date - November 19, Assumption 2022 2021 Rationale Share Price US$2.22 US$6.24 Closing share price on valuation date from external market source Exercise Price US$7.26 US$7.26 As per subscription agreement Expected Term 6 years 6 months 7 years As per subscription agreement Dividend Yield 0% 0% Based on Company’s nil dividend history Expected Volatility 83.22% 83.94% Based on historical volatility data for the Company Risk Free Interest Rate 3.08% 1.46% Based on the closing U.S treasury issued bonds with tenors approximating the expected term of the warrants Fair value per warrant US$1.2350 US$4.5664 Determined using Black Scholes-valuation model with the inputs above Fair value $ 2,185,476 $ 8,081,028 Fair value of 1,769,669 warrants as at grant date and as of June 30, 2022 |
Non-financial Assets and Liab_2
Non-financial Assets and Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Non Financial Assets And Liabilities [Abstract] | |
Summary of Property, Plant and Equipment | a. Property, plant and equipment (in U.S. dollars, in thousands) Plant and Equipment Office Furniture and Equipment Computer Hardware and Software Total Year Ended June 30, 2021 Opening net book amount 1,336 707 250 2,293 Additions 1,427 138 156 1,721 Exchange differences (75 ) 89 9 23 Depreciation charge (735 ) (123 ) (158 ) (1,016 ) Closing net book value 1,953 811 257 3,021 As of June 30, 2021 Cost 6,955 2,009 3,505 12,469 Accumulated depreciation (5,002 ) (1,198 ) (3,248 ) (9,448 ) Net book value 1,953 811 257 3,021 Year Ended June 30, 2022 Opening net book amount 1,953 811 257 3,021 Additions 143 3 42 188 Exchange differences 54 (70 ) (4 ) (20 ) Depreciation charge (942 ) (52 ) (150 ) (1,144 ) Closing net book value 1,208 692 145 2,045 As of June 30, 2022 Cost 6,846 1,925 3,379 12,150 Accumulated depreciation (5,638 ) (1,233 ) (3,234 ) (10,105 ) Net book value 1,208 692 145 2,045 |
Schedule of Right-of-Use Assets | Right-of-use assets (in U.S. dollars, in thousands) Buildings Manufacturing Total Year Ended June 30, 2021 Opening net book amount 3,760 4,218 7,978 Additions 395 — 395 Reassessment 2,721 842 3,563 Exchange differences 232 — 232 Depreciation charge (1,691 ) (1,358 ) (3,049 ) Closing net book value 5,417 3,702 9,119 As of June 30, 2021 Cost 8,665 5,684 14,349 Accumulated depreciation (3,248 ) (1,982 ) (5,230 ) Net book value 5,417 3,702 9,119 Year Ended June 30, 2022 Opening net book amount 5,417 3,702 9,119 Additions 1,464 — 1,464 Reassessment 97 494 591 Exchange differences (165 ) — (165 ) Depreciation charge (1,717 ) (1,372 ) (3,089 ) Closing net book value 5,096 2,824 7,920 As of June 30, 2022 Cost 9,957 6,178 16,135 Accumulated depreciation (4,861 ) (3,354 ) (8,215 ) Net book value 5,096 2,824 7,920 |
Summary of Lease Liabilities | Lease liabilities As of June 30, 2022 2021 Current 3,186 2,765 Non-current 7,085 8,485 Lease liabilities included in the balance sheet 10,271 11,250 |
Summary of Intangible Assets | c . Intangible assets (in U.S. dollars, in thousands) Goodwill Acquired to In-process research development acquired Current marketed products Total Year Ended June 30, 2021 Opening net book amount 134,453 1,673 427,779 17,696 581,601 Additions — 500 — — 500 Exchange differences — 1 — 21 22 Amortization charge — (102 ) — (1,475 ) (1,577 ) Closing net book amount 134,453 2,072 427,779 16,242 580,546 As of June 30, 2021 Cost 134,453 3,407 489,698 23,999 651,557 Accumulated amortization — (1,335 ) — (7,757 ) (9,092 ) Accumulated impairment — — (61,919 ) — (61,919 ) Net book amount 134,453 2,072 427,779 16,242 580,546 Year Ended June 30, 2022 Opening net book amount 134,453 2,072 427,779 16,242 580,546 Additions/(Reversals) — (450 ) — — (450 ) Exchange differences — 74 — 1 75 Amortization charge — (64 ) — (1,455 ) (1,519 ) Closing net book amount 134,453 1,632 427,779 14,788 578,652 As of June 30, 2022 Cost 134,453 2,987 489,698 24,000 651,138 Accumulated amortization — (1,355 ) — (9,212 ) (10,567 ) Accumulated impairment — — (61,919 ) — (61,919 ) Net book amount 134,453 1,632 427,779 14,788 578,652 |
Summary of Carrying Value of In Process Research and Development Acquired by Product | Carrying value of in-process research and development acquired by product As of June 30, (in U.S. dollars, in thousands) 2022 2021 Cardiovascular products ( 1) 254,351 254,351 Intravenous products for metabolic diseases and inflammatory/immunologic conditions ( 2) 70,730 70,730 MSC products ( 3) 102,698 102,698 427,779 427,779 (1) Includes MPC-150-IM for the treatment or prevention of chronic heart failure and MPC-25-IC for the treatment or prevention of acute myocardial infarction (2) Includes MPC-300-IV for the treatment of biologic-refractory rheumatoid arthritis and diabetic nephropathy (3) Includes remestemcel-L for the treatment of children with SR-aGVHD and remestemcel-L for the treatment of Crohn’s disease |
Summary of Provisions | As of As of June 30, 2022 June 30, 2021 (in U.S. dollars, in thousands) Current Non-current Total Current Non-current Total Contingent consideration 10,823 12,461 23,284 10,764 14,645 25,409 Employee benefits 3,333 62 3,395 4,195 47 4,242 Provision for license agreements 3,750 — 3,750 3,751 2,325 6,076 17,906 12,523 30,429 18,710 17,017 35,727 |
Summary of Deferred Tax Balances | (i) Deferred tax balances As of June 30, (in U.S. dollars, in thousands) 2022 2021 Deferred tax assets The balance comprises temporary differences attributable to: Tax losses 80,411 71,916 Other temporary differences 7,831 8,248 Total deferred tax assets 88,242 80,164 Deferred tax liabilities The balance comprises temporary differences attributable to: Intangible assets 88,242 80,164 Total deferred tax liabilities 88,242 80,164 Net deferred tax liabilities — — |
Schedule of Movements Related to Deferred Tax Assets and Liabilities | (ii) Movements (in U.S. dollars, in thousands) Tax losses ( 1) (DTA) Other temporary differences ( 1) (DTA) Intangible assets (DTL) Total (DTL) As of June 30, 2020 (72,899 ) (6,196 ) 79,825 730 Charged/(credited) to: - profit or loss 1,449 (2,609 ) 339 (821 ) - directly to equity (466 ) 557 — 91 As of June 30, 2021 (71,916 ) (8,248 ) 80,164 — Charged/(credited) to: - profit or loss (8,742 ) 425 8,078 (239 ) - directly to equity 247 (8 ) — 239 As of June 30, 2022 (80,411 ) (7,831 ) 88,242 — (1) Deferred tax assets are netted against deferred tax liabilities. |
Schedule of Deferred Consideration | As of June 30, (in U.S. dollars, in thousands) 2022 2021 Opening balance ( 1) 2,500 2,500 Milestone consideration received during the period — — Amount recognized as revenue during the period — — Balance as of the end of the period 2,500 2,500 (1) The $2.5 million milestone payment received in December 2019 from Grünenthal was considered constrained and resulted in deferred consideration as of June 30, 2022. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Schedule of Share Capital | (i) Share capital As of June 30, 2022 2021 2020 2022 2021 2020 Shares No. (U.S. dollars, in thousands) Contributed equity (i) Share capital Ordinary shares 650,454,551 648,696,070 583,949,612 1,165,309 1,163,153 1,051,450 Less: Treasury Shares (542,903 ) (771,983 ) (3,500,000 ) — — — Total Contributed Equity 649,911,648 647,924,087 580,449,612 1,165,309 1,163,153 1,051,450 |
Summary of Movements in Ordinary Share Capital | (ii) Movements in ordinary share capital As of June 30, As of June 30, 2022 2021 2020 2022 2021 2020 Shares No. (U.S. dollars, in thousands) Opening balance 648,696,070 583,949,612 498,626,208 1,163,153 1,051,450 910,405 Issues of ordinary shares during the period Exercise of share options ( 1) — — 4,223,404 209 9,223 4,364 Transfer to employee share trust ( 1) — 3,450,000 — — — — Share based compensation for services rendered 1,758,481 1,187,168 600,000 1,698 1,867 864 Placement of shares under a share placement agreement ( 2) (3) — 60,109,290 80,500,000 — 97,031 139,483 Transaction costs arising on share issue — — — 21 (1,312 ) (6,871 ) Total contributions of equity during the period 1,758,481 64,746,458 85,323,404 1,928 106,809 137,840 Share options reserve transferred to equity on exercise of options — — — 228 4,894 3,205 Ending balance 650,454,551 648,696,070 583,949,612 1,165,309 1,163,153 1,051,450 (1) Options are issued to employees, directors and consultants in accordance with the Mesoblast Employee Share Option Plan. From July 1, 2020, unpaid shares are issued to the share trust to enable future option exercises to be settled. On exercise of options, the proceeds of the exercise are recorded in ordinary share capital in Mesoblast Limited and the exercise is settled by transfer of the shares from the share trust to the employee. Prior to July 1, 2020, the shares issued and share capital received on the exercise of options were recorded in ordinary share capital. (2) In October 2019, the Group completed a A$75.0 million (US$50.7 million) capital raise through the placement of 37.5 million new fully-paid ordinary shares at a price of A$2.00 per share to existing and new institutional investors, representing a 3.15% discount to the 10 day volume weighted average price calculated at the close of trading. In May 2020, the Group completed a A$138.0 million (US$88.8 million) capital raise through the placement of 43.0 million new fully-paid ordinary shares at a price of A$3.20 per share to existing and new institutional investors, representing a 7% discount to the 5 day volume weighted average price calculated at the close of trading May 8, 2020. (3) In March 2021, 60,109,290 shares were issued in an equity purchase of Mesoblast Limited at A$2.30 per share to existing and new institutional investors, representing a 6.50% discount to the price calculated at the close of trading February 25, 2021. The investors also received warrants to acquire a further 15 million shares at a price of A$2.88 per share, a 25% premium to the placement price, which may raise up to a further A$43.2 million, on or before March 15, 2028. These warrants have been classified within warrant reserves, refer to Note 7(b). |
Summary of Movements of Shares in Share Trust | (iii) Movements of shares in share trust As of June 30 As of June 30 2022 2021 2022 2021 Shares No. (U.S. dollars, in thousands) Opening balance ( 1) 771,983 3,500,000 — — Movement of shares in share trust Transfer to employee share trust ( 2) — 3,450,000 — — Exercise of share options ( 2) (229,080 ) (6,178,017 ) — — Ending balance 542,903 771,983 — — (1) In July 2020, the Group formed the Mesoblast Employee Share Trust, being a new trust formed to administer the Group’s employee share scheme. Prior to forming the new trust, the Group had been using the Mesoblast Limited Employee Share Trust for administering some aspects of the Group’s employee share scheme. In July 2020, 3,500,000 shares were transferred from Mesoblast Limited Employee Share Trust to the new Mesoblast Employee Share Trust. These trusts have been consolidated, as the substance of the relationship is that the trusts are controlled by the Group. |
Summary of Reserves | (i) Reserves As at June 30, (in U.S. dollars, in thousands) 2022 2021 Share-based payments reserve 97,924 92,855 Investment revaluation reserve (542 ) (220 ) Foreign currency translation reserve (39,700 ) (39,791 ) Warrants reserve 12,969 12,969 70,651 65,813 |
Summary of Reconciliation of Reserves | (ii) Reconciliation of reserves (in U.S. dollars, in thousands) As at June 30, Share-based payments reserve 2022 2021 Opening balance 92,855 85,330 Tax credited / (debited) to equity (239 ) (91 ) Transfer to ordinary shares on exercise of options (228 ) (4,894 ) Share-based payment expense for the year 5,536 12,510 Closing Balance 97,924 92,855 Investment revaluation reserve Opening balance (220 ) (429 ) Changes in the fair value of financial assets through other comprehensive income (322 ) 209 Closing Balance (542 ) (220 ) Foreign currency translation reserve Opening balance (39,791 ) (38,267 ) Currency gain/(loss) on translation of foreign operations net assets 91 (1,524 ) Closing Balance (39,700 ) (39,791 ) Warrant reserve Opening balance 12,969 — Warrants fair value at issue date - March 18, 2021 — 12,969 Closing Balance 12,969 12,969 |
Summary of Warrant Assumptions Based on Observable Market Conditions Existed at Issue Date | The warrants granted are not traded in an active market and therefore the fair value has been estimated by using the Monte Carlo pricing model based on the following assumptions. Key terms of the warrants are included above. The following assumptions were based on observable market conditions that existed at the issue date. Assumption At Issue date - March 18, 2021 Rationale Share Price A$2.41 Closing share price on valuation date from external market source Exercise Price A$2.88 As per subscription agreement Expected Term 7 years As per subscription agreement Dividend Yield 0% Based on Company’s nil dividend history Expected Volatility 66.88% Based on historical volatility data for the Company A$-US$ FX Spot Rate 0.7827 Closing FX rate on valuation date from the Reserve Bank of Australia historical foreign exchange rate tables Risk Free Interest Rate 1.24% Based on the mid-point of the Australian Government issued 5 year and 10 year bonds Fair value per warrant A$1.103 US$0.863 Determined using Monte Carlo pricing models with the inputs above Fair value $ 12,968,583 Fair value of 15,027,327 warrants as at issue date |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Statement Of Cash Flows [Abstract] | |
Summary of Cash Flow Information | (in U.S. dollars, in thousands) As of June 30, (a) Reconciliation of cash and cash equivalents 2022 2021 2020 Cash at bank 60,034 136,430 128,916 Deposits at call 413 451 412 60,447 136,881 129,328 (in U.S. dollars, in thousands) As of June 30, (b) Reconciliation of net cash flows used in operations with loss after income tax 2022 2021 2020 Loss for the period (91,347 ) (98,811 ) (77,940 ) Add/(deduct) net loss for non-cash items as follows: Depreciation and amortization 4,380 4,264 3,667 Foreign exchange (gains)/losses 536 (1,499 ) (302 ) Finance costs 16,906 15,936 14,747 Remeasurement of borrowing arrangements 382 (5,225 ) (607 ) Remeasurement of contingent consideration (913 ) (18,687 ) (1,380 ) Remeasurement of warrant liabilities (5,896 ) — - Equity settled share-based payment 5,536 12,510 7,522 Deferred tax benefit (235 ) (819 ) (9,415 ) Change in operating assets and liabilities: Decrease/(increase) in trade and other receivables 140 (1,739 ) 890 Decrease/(increase) in prepayments 1,555 (213 ) 2,292 Increase/(decrease) in trade creditors and accruals 4,777 (5,061 ) 3,601 Increase/(decrease) in provisions (1,603 ) (1,405 ) (7,500 ) Net cash outflows used in operations (65,782 ) (100,749 ) (50,418 ) |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Financial Risk Management [Abstract] | |
Schedule of Balances Held at the End of Year with an Analysis which Assesses Impact on Profit and Loss Due to Change in Exchange Rate | The balances held at the end of the year that give rise to currency risk exposure are presented in USD in the following table, together with a sensitivity analysis which assesses the impact that a change of +/-20% in the exchange rate as of June 30, 2022 and June 30, 2021 would have had on the Group’s reported net profits/(losses) and/or equity balance. The bank balances held at the end of the year that are presented in the following table give rise to currency risk exposure as they are not in the functional currency of the entity in which it is held. +20% -20% (in U.S. dollars, in thousands) As of June 30, 2022 Foreign currency balance held Profit/(Loss) USD Profit/(Loss) USD Bank accounts – USD USD 93 $ 19 $ (19 ) Bank accounts – CHF CHF 55 $ 12 $ (12 ) Bank accounts – SGD SGD 140 $ 20 $ (20 ) Bank accounts – EUR EUR 289 $ 60 $ (60 ) Trade and other receivables - SGD SGD 205 $ 30 $ (30 ) Trade and other receivables - CHF CHF 6 $ 1 $ (1 ) Trade and other receivables - EUR EUR 153 $ 32 $ (32 ) Trade payables and accruals - USD (USD 274) $ (55 ) $ 55 Trade payables and accruals - AUD (AUD 752) $ (104 ) $ 104 Trade payables and accruals - SGD (SGD 429) $ (62 ) $ 62 Trade payables and accruals - GBP (GBP 50) $ (12 ) $ 12 Trade payables and accruals - EUR EUR (42) $ (9 ) $ 9 Trade payables and accruals - CHF (CHF 36) $ (7 ) $ 7 Provisions – USD (USD 1,750) $ (350 ) $ 350 Provisions – SGD (SGD 62) $ (9 ) $ 9 $ (434 ) $ 434 +20% -20% (in U.S. dollars, in thousands) As of June 30, 2021 Foreign currency balance held Profit/(Loss) USD Profit/(Loss) USD Bank accounts – USD USD 2 $ 0 $ (0 ) Bank accounts – CHF CHF 68 $ 15 $ (15 ) Bank accounts – SGD SGD 33 $ 5 $ (5 ) Bank accounts – EUR EUR 147 $ 35 $ (35 ) Trade and other receivables - SGD SGD 369 $ 55 $ (55 ) Trade and other receivables - CHF CHF 5 $ 1 $ (1 ) Trade and other receivables - EUR EUR 136 $ 32 $ (32 ) Trade payables and accruals - USD (USD 1,792) $ (358 ) $ 358 Trade payables and accruals - AUD (AUD 392) $ (59 ) $ 59 Trade payables and accruals - SGD (SGD 356) $ (53 ) $ 53 Trade payables and accruals - GBP (GBP 47) $ (13 ) $ 13 Trade payables and accruals - EUR EUR (53) $ (13 ) $ 13 Trade payables and accruals - CHF (CHF 53) $ (12 ) $ 12 Provisions – USD (USD 1,750) $ (350 ) $ 350 Provisions – SGD (SGD 94) $ (14 ) $ 14 $ (729 ) $ 729 |
Summary of Borrowings of Interest Rate Changes | The exposure of the Group’s borrowing to interest rate changes are as follows: As of As of Jun 30, 2022 June 30, 2021 (in U.S. dollars, in thousands, except percent data) Total % of total loans Total % of total loans Financial liabilities Current borrowings Variable rate borrowings – Hercules — 0 % 52,864 55 % Non-current borrowings Variable rate borrowings – Hercules — 0 % — 0 % — 0 % 52,864 55 % |
Schedule of Borrowings which Expose Interest Rate Risk Together with the Maximum and Minimum Interest Rates Being Earned | The effect on profit is shown if interest rates change by 5%, in either direction, is as follows: As of As of Jun 30, 2022 June 30, 2021 (in U.S. dollars, in thousands, except percent data) Low High USD Low High USD Borrowings – USD 0.00 % 0.00 % 0 (1) 9.70 % 9.70 % 52,864 (1) Rate increase by 5% 0.00 % 0.00 % - 10.19 % 10.19 % 243 Rate decrease by 5% 0.00 % 0.00 % - 9.22 % 9.22 % (243 ) (1) Effect on profit/loss of interest rate changes is based on the loan principal amount of nil as of June 30, 2022, and loan principal amount of $50.0 million as of June 30, 2021. In November 2021, proceeds provided by Oaktree were used to repay the outstanding balance with Hercules. |
Schedule of Deposits Held which Derive Interest Revenue with Maximum and Minimum Interest Rates Being Earned | The deposits held which derive interest revenue are described in the table below, together with the maximum and minimum interest rates being earned as of June 30, 2022 and June 30, 2021. The effect on profit is shown if interest rates change by 10%, in either direction, is as follows: As of As of Jun 30, 2022 June 30, 2021 (in U.S. dollars, in thousands, except percent data) Low High USD Low High USD Funds invested – USD 0.00 % ( 1) 0.00 % ( 1) 49,383 0.00 % ( 1) 0.00 % ( 1) 107,564 Rate increase by 10% 0.03 % ( 1) 0.03 % ( 1) 15 0.03 % ( 1) 0.03 % ( 1) 32 Rate decrease by 10% 0.03 % ( 1) 0.03 % ( 1) (15 ) 0.03 % ( 1) 0.03 % ( 1) (32 ) AUD Low High AUD Low High AUD Funds invested – AUD 1.50 % 1.50 % 600 0.24 % 0.24 % 600 Rate increase by 10% 1.65 % 1.65 % 1 0.26 % 0.26 % 0 Rate decrease by 10% 1.35 % 1.35 % (1 ) 0.22 % 0.22 % (0 ) (1) The interest rate reduced to 0% during the period ended June 30, 2021 and has remained at 0% for the period ended June 30, 2022. The sensitivity assumes the interest rate to increase or decrease by 0.03%, which is consistent with prior periods. |
Summary of Borrowing to Price Rate Changes | The exposure of the Group’s borrowing to price rate changes are as follows: As of As of Jun 30, 2022 June 30, 2021 (in U.S. dollars, in thousands, except percent data) Total % of total loans Total % of total loans Financial liabilities Current borrowings Borrowings – NovaQuest 372 0 % 336 0 % Non-current borrowings Borrowings – NovaQuest 47,898 50 % 41,045 45 % 48,270 50 % 41,381 45 % |
Schedule of Group's Receivables | Credit risk is the risk that one party to a financial instrument will fail to discharge its obligation and cause financial loss to the other party. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets. The Group’s receivables are tabled below. As of June 30, (in U.S. dollars, in thousands) 2022 2021 Cash and cash equivalents Deposits at call (Note 5(a)) - minimum A rated 413 451 Cash at bank (Note 5(a)) - minimum A rated 60,033 136,430 Trade and other receivables Receivable from other parties (non-rated) 2,382 2,122 Receivable from the Australian Government (Income Tax) 5 — Receivable from the Australian Government (Foreign Withholding Tax) 400 400 Receivable from minimum A rated bank deposits (interest) 254 257 Receivable from the Australian Government (Goods and Services Tax) 102 388 Receivable from the United States Government (Income Tax) 20 3 Receivable from the Swiss Government (Value-Added Tax) 105 — Receivable from the United States Government (U.S. tax credits) 2 — Other non-current assets Receivable from the United States Government (U.S. tax credits) 1,473 1,473 |
Schedule of Maturity Profile of Anticipated Future Contractual Cash Flows Borrowings and Carrying Value | As of June 30, 2022, the maturity profile of the anticipated future contractual cash flows, on an undiscounted basis and removing probability adjustments as applicable for contingent consideration, and which, therefore differs from the carrying value, is as follows: (in U.S. dollars, in thousands) Within 1 year Between 1-2 years Between 2-5 years Over 5 years Total contractual cash flows Carrying amount Borrowings ( 1)(2) (5,628 ) (12,575 ) (157,009 ) — (175,212 ) (96,634 ) Trade payables (23,079 ) — — — (23,079 ) (23,079 ) Lease liabilities (3,682 ) (4,824 ) (2,714 ) — (11,220 ) (10,271 ) Contingent consideration ( 3) (1,179 ) (2,130 ) (6,795 ) — (10,104 ) (5,457 ) (33,568 ) (19,529 ) (166,518 ) — (219,615 ) (135,441 ) |
Interests in other entities (Ta
Interests in other entities (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Summary of Group's Principal Subsidiaries | The Group’s subsidiaries as of June 30, 2022 and 2021 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business, aside from BeiCell Ltd, which was incorporated on November 15, 2018 in the Cayman Islands however operates in Hong Kong. Country of Class of incorporation shares Equity holding As of June 30, 2022 2021 % % Mesoblast, Inc. USA Ordinary 100 100 Mesoblast International Sàrl (includes Mesoblast International Sàrl Singapore Branch) Switzerland Ordinary 100 100 Mesoblast Australia Pty Ltd Australia Ordinary 100 100 Mesoblast UK Ltd United Kingdom Ordinary 100 100 Mesoblast International (UK) Ltd United Kingdom Ordinary — 100 BeiCell Ltd Cayman Islands Ordinary 100 100 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Key Management Personnel Compensation [Abstract] | |
Summary of Aggregate Compensation made to Directors and other Members of key Management Personnel | The aggregate compensation made to Directors and other members of key management personnel of the Group is set out below Year Ended June 30, (in U.S. dollars) 2022 2021 Short-term employee benefits 2,294,897 2,401,749 Long-term employee benefits 12,206 12,646 Post-employment benefits 31,346 36,444 Share based payments 391,592 1,469,698 2,730,041 3,920,537 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Sharebased Payment Arrangements [Abstract] | |
Reconciliation of Outstanding Share Based Payments | a. Reconciliation of outstanding share based payments Series Grant Date ( 1) Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) 32 10-Jul-15 30-Jun-22 AUD 4.20 1,753,334 — — (1,753,334 ) — — 33 26-Aug-15 16-Aug-22 AUD 4.05 75,000 — — (75,000 ) — — 34 27-Apr-16 06-Mar-23 AUD 2.80 1,858,979 — — (180,000 ) 1,678,979 1,678,979 34b 31-Oct-16 06-Mar-23 AUD 2.80 200,000 — — — 200,000 200,000 35a 08-Jul-20 08-Jul-23 AUD 2.86 1,500,000 — — — 1,500,000 1,500,000 36 06-Dec-16 05-Dec-23 AUD 1.31 623,000 — (50,000 ) (40,000 ) 533,000 533,000 36a 06-Dec-16 05-Dec-23 AUD 1.19 1,950,730 — — — 1,950,730 1,809,064 38 16-Sep-17 15-Sep-24 AUD 1.54 50,000 — — — 50,000 50,000 38a 16-Sep-17 15-Sep-24 AUD 1.40 150,000 — — — 150,000 150,000 39 13-Oct-17 12-Oct-24 AUD 1.94 1,090,000 — — (115,000 ) 975,000 975,000 39a 13-Oct-17 12-Oct-24 AUD 1.76 902,425 — — — 902,425 902,425 40 24-Nov-17 23-Nov-24 AUD 1.41 750,000 — — — 750,000 750,000 40a 24-Nov-17 23-Nov-24 AUD 1.28 750,000 — — — 750,000 — 41 18-Jun-18 17-Jun-25 AUD 1.52 200,000 — — — 200,000 200,000 42 11-Jul-18 10-Jul-25 AUD 1.56 200,000 — — — 200,000 200,000 43 18-Jul-18 17-Jul-25 AUD 1.87 4,201,666 — (20,000 ) (388,334 ) 3,793,332 3,793,332 43b 18-Jul-18 17-Jul-25 AUD 1.87 350,000 — — — 350,000 350,000 44 15-Jul-18 14-Jul-25 AUD 1.72 150,000 — — (150,000 ) — — 45 30-Nov-18 29-Nov-25 AUD 1.33 590,000 — — — 590,000 590,000 46 19-Jan-19 18-Jan-26 AUD 1.45 3,333 — — — 3,333 3,333 47 19-Jan-19 18-Jan-26 AUD 1.45 150,000 — — — 150,000 150,000 48 04-Apr-19 03-Apr-26 AUD 1.48 300,000 — — — 300,000 300,000 49 20-Jul-19 19-Jul-26 AUD 1.62 3,638,671 — (113,334 ) (277,999 ) 3,098,670 1,940,654 49 20-Jul-19 19-Jul-26 AUD 1.62 — (148,668 ) * 49a 20-Jul-19 19-Jul-26 AUD 1.47 3,999,998 — — (333,334 ) 3,499,998 1,316,665 49a 20-Jul-19 19-Jul-26 AUD 1.47 — (166,666 ) * 49b 20-Jul-19 19-Jul-26 AUD 1.47 1,346,667 — — — 1,346,667 673,334 49c 20-Jul-19 19-Jul-26 AUD 1.47 538,667 — — — 538,667 359,112 50 20-Jul-19 19-Jul-26 AUD 1.47 700,000 — — — 700,000 — 50a 20-Jul-19 19-Jul-26 AUD 1.47 400,000 — — — 400,000 — 51 29-Aug-19 28-Aug-26 AUD 1.47 150,000 — — (150,000 ) * — — 52 29-Aug-19 28-Aug-26 AUD 1.62 400,000 — — — 400,000 266,666 53 29-Aug-19 28-Aug-26 AUD 1.47 800,000 — — — 800,000 533,334 54 25-Nov-19 24-Nov-26 AUD 1.98 295,000 — — (25,000 ) 153,334 146,668 54 25-Nov-19 24-Nov-26 AUD 1.98 — (116,666 ) * 55 29-May-19 28-May-26 AUD 1.48 350,000 — — — 350,000 300,000 56 18-Nov-19 17-Nov-26 AUD 1.83 200,000 — — — 200,000 133,332 57 25-Nov-19 24-Nov-26 AUD 1.80 100,000 — — — 100,000 100,000 58 25-Nov-19 24-Nov-26 AUD 1.98 450,000 — — — 450,000 300,000 59 24-Jan-20 23-Jan-27 AUD 3.38 10,000 — — — 10,000 10,000 61 17-Apr-20 16-Apr-27 AUD 2.51 50,000 — — (16,666 ) — — 61 17-Apr-20 16-Apr-27 AUD 2.51 — (33,334 ) * 63 18-May-20 17-May-27 AUD 4.02 1,200,000 — — — 1,200,000 800,000 63a 18-May-20 17-May-27 AUD 3.65 2,400,000 — — — 2,400,000 400,000 64 16-Jul-20 15-Jul-27 AUD 3.75 4,280,000 — — (225,003 ) 3,498,333 1,201,676 64 16-Jul-20 15-Jul-27 AUD 3.75 (556,664 ) * 64a 16-Jul-20 15-Jul-27 AUD 3.41 3,050,000 — — (350,000 ) * 2,700,000 133,334 64b 16-Jul-20 15-Jul-27 AUD 3.41 325,000 — — (325,000 ) * — — 64c 16-Jul-20 15-Jul-27 AUD 3.41 350,000 — — — 350,000 — 64d 16-Jul-20 15-Jul-27 AUD 3.41 300,000 — — — 300,000 — 64e 16-Jul-20 15-Jul-27 AUD 3.41 1,200,000 — — — 1,200,000 — 65 26-Aug-20 25-Aug-27 AUD 5.76 5,000 — — — 5,000 1,667 66 11-Sep-20 10-Sep-27 AUD 4.78 200,000 — — — 200,000 100,000 67 08-Oct-20 07-Oct-27 AUD 3.84 200,000 — — (66,667 ) — — 67 08-Oct-20 07-Oct-27 AUD 3.84 — (133,333 ) * 68 20-Nov-20 19-Nov-27 AUD 3.60 200,000 — — — 200,000 66,666 69 20-Nov-20 19-Nov-27 AUD 3.60 100,000 — — — 100,000 100,000 71 17-Feb-21 16-Feb-28 AUD 2.67 250,000 — — — 250,000 — 72 15-Apr-21 14-Apr-28 AUD 2.28 — 200,000 — — 200,000 66,667 73 30-Jun-21 30-Aug-21 AUD 0.00 45,746 — (45,746 ) — — — 74 08-Sep-21 07-Sep-28 AUD 1.77 — 3,973,000 — (550,000 ) * 3,423,000 — 74a 08-Sep-21 07-Sep-28 AUD 1.77 — 4,150,000 — — 4,150,000 — 74b 08-Sep-21 07-Sep-28 AUD 1.77 — 1,550,000 — — 1,550,000 — 74c 08-Sep-21 07-Sep-28 AUD 1.77 — 650,000 — — 650,000 — 75 23-Dec-21 22-Dec-28 AUD 1.42 — 200,000 — — 200,000 — June 30, 2022 45,333,216 10,723,000 (229,080 ) (6,176,668 ) 49,650,468 23,084,908 Weighted average share purchase price AUD 2.42 AUD 1.77 AUD 1.25 AUD 2.99 AUD 2.21 AUD 2.06 (1) The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c). Series Grant Date ( 1) Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) 32 10-Jul-15 30-Jun-22 USD 4.200 2,268,334 — (515,000 ) — 1,753,334 1,753,334 33 26-Aug-15 16-Aug-22 AUD 4.05 75,000 — — — 75,000 75,000 34 27-Apr-16 06-Mar-23 AUD 2.80 2,638,334 — (769,355 ) (10,000 ) 1,858,979 1,858,979 34a 27-Apr-16 17-Apr-23 AUD 2.74 200,000 — (116,666 ) (83,334 ) — — 34b 31-Oct-16 06-Mar-23 AUD 2.80 200,000 — — — 200,000 200,000 35 30-Jun-16 30-Jun-22 (2) AUD 2.20 900,000 — (900,000 ) — — — 35a 08-Jul-20 08-Jul-23 AUD 2.86 — 1,500,000 — — 1,500,000 1,500,000 36 06-Dec-16 05-Dec-23 AUD 1.31 923,000 — (300,000 ) — 623,000 623,000 36a 06-Dec-16 05-Dec-23 AUD 1.19 2,519,064 — (426,668 ) (141,666 ) * 1,950,730 1,809,064 36b 13-Jan-17 12-Jan-24 AUD 1.65 300,000 — (300,000 ) — — — 37 28-Jun-17 27-Jun-24 AUD 2.23 150,000 — (150,000 ) — — — 38 16-Sep-17 15-Sep-24 AUD 1.54 66,666 — (16,666 ) — 50,000 50,000 38a 16-Sep-17 15-Sep-24 AUD 1.40 150,000 — — — 150,000 150,000 39 13-Oct-17 12-Oct-24 AUD 1.94 1,655,000 — (565,000 ) — 1,090,000 1,090,000 39a 13-Oct-17 12-Oct-24 AUD 1.76 1,302,425 — (400,000 ) — 902,425 902,425 40 24-Nov-17 23-Nov-24 AUD 1.41 750,000 — — — 750,000 750,000 40a 24-Nov-17 23-Nov-24 AUD 1.28 750,000 — — — 750,000 — 41 18-Jun-18 17-Jun-25 AUD 1.52 200,000 — — — 200,000 200,000 42 11-Jul-18 10-Jul-25 AUD 1.56 200,000 — — — 200,000 133,334 43 18-Jul-18 17-Jul-25 AUD 1.87 5,398,334 — (944,998 ) (251,670 ) * 4,201,666 2,526,653 43b 18-Jul-18 17-Jul-25 AUD 1.87 350,000 — — — 350,000 233,334 44 15-Jul-18 14-Jul-25 AUD 1.72 300,000 — (150,000 ) — 150,000 50,000 45 30-Nov-18 29-Nov-25 AUD 1.33 590,000 — — — 590,000 393,332 46 19-Jan-19 18-Jan-26 AUD 1.45 5,000 — (1,667 ) — 3,333 1,667 47 19-Jan-19 18-Jan-26 AUD 1.45 150,000 — — — 150,000 150,000 48 04-Apr-19 03-Apr-26 AUD 1.48 300,000 — — — 300,000 200,000 49 20-Jul-19 19-Jul-26 AUD 1.62 4,690,000 — (523,661 ) (6,666 ) 3,638,671 1,030,310 49 20-Jul-19 19-Jul-26 AUD 1.62 — (521,002 ) * 49a 20-Jul-19 19-Jul-26 AUD 1.47 5,500,000 — (800,002 ) (700,000 ) * 3,999,998 400,001 49b 20-Jul-19 19-Jul-26 AUD 1.47 1,346,667 — — — 1,346,667 448,889 49c 20-Jul-19 19-Jul-26 AUD 1.47 538,667 — — — 538,667 179,556 50 20-Jul-19 19-Jul-26 AUD 1.47 700,000 — — — 700,000 — 50a 20-Jul-19 19-Jul-26 AUD 1.47 400,000 — — — 400,000 — 51 29-Aug-19 28-Aug-26 AUD 1.47 150,000 — — — 150,000 — 52 29-Aug-19 28-Aug-26 AUD 1.62 400,000 — — — 400,000 133,333 53 29-Aug-19 28-Aug-26 AUD 1.47 800,000 — — — 800,000 266,667 54 25-Nov-19 24-Nov-26 AUD 1.98 845,000 — (98,334 ) (11,667 ) 295,000 98,334 54 25-Nov-19 24-Nov-26 AUD 1.98 — (439,999 ) * 55 29-May-19 28-May-26 AUD 1.48 450,000 — (100,000 ) — 350,000 300,000 56 18-Nov-19 17-Nov-26 AUD 1.83 200,000 — — — 200,000 66,666 57 25-Nov-19 24-Nov-26 AUD 1.80 100,000 — — — 100,000 100,000 58 25-Nov-19 24-Nov-26 AUD 1.98 450,000 — — — 450,000 150,000 59 24-Jan-20 23-Jan-27 AUD 3.38 — 65,000 — (55,000 ) * 10,000 3,333 60 17-Apr-20 16-Apr-27 AUD 2.51 — 57,660 — (57,660 ) * — — 61 17-Apr-20 16-Apr-27 AUD 2.51 — 250,000 — (200,000 ) * 50,000 16,666 63 18-May-20 17-May-27 AUD 4.02 — 1,200,000 — — 1,200,000 400,000 63a 18-May-20 17-May-27 AUD 3.65 — 2,400,000 — — 2,400,000 — 64 16-Jul-20 15-Jul-27 AUD 3.75 — 5,970,000 — (1,690,000 ) * 4,280,000 — 64a 16-Jul-20 15-Jul-27 AUD 3.41 — 3,400,000 — (350,000 ) * 3,050,000 — 64b 16-Jul-20 15-Jul-27 AUD 3.41 — 325,000 — — 325,000 — 64c 16-Jul-20 15-Jul-27 AUD 3.41 — 350,000 — — 350,000 — 64d 16-Jul-20 15-Jul-27 AUD 3.41 — 300,000 — — 300,000 — 64e 16-Jul-20 15-Jul-27 AUD 3.41 — 1,200,000 — — 1,200,000 — 65 26-Aug-20 25-Aug-27 AUD 5.76 — 140,000 — (135,000 ) * 5,000 — 66 11-Sep-20 10-Sep-27 AUD 4.78 — 200,000 — — 200,000 — 67 08-Oct-20 07-Oct-27 AUD 3.84 — 240,000 — (40,000 ) * 200,000 — 68 20-Nov-20 19-Nov-27 AUD 3.60 — 200,000 — — 200,000 — 69 20-Nov-20 19-Nov-27 AUD 3.60 — 100,000 — — 100,000 100,000 71 17-Feb-21 16-Feb-28 AUD 2.67 — 250,000 — — 250,000 — 73 30-Jun-21 30-Aug-21 AUD 0.00 — 45,746 — — 45,746 45,746 June 30, 2021 38,911,491 18,193,406 (7,078,017 ) (4,693,664 ) 45,333,216 18,389,623 Weighted average share purchase price AUD 1.86 AUD 3.56 AUD 2.06 AUD 2.76 AUD 2.42 AUD 2.15 (1) The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c). (2) Based on the amended terms, the incentive rights granted pursuant to the Equity Facility Agreement with Kentgrove Capital, dated June 30, 2016, will expire thirty six months after the effective date, July 1, 2019. Series Grant Date ( 1) Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) INC 07-Dec-10 26-Oct-19 USD 0.340 319,892 — (319,892 ) — — — 25b 12-Dec-14 31-Oct-19 USD 4.490 50,000 — — (50,000 ) — — 28/LF13 09-Oct-14 08-Oct-19 AUD 4.52 75,000 — — (75,000 ) — — 29 25-Nov-14 24-Nov-19 AUD 4.00 240,000 — — (240,000 ) — — LF14 06-Jan-15 16-Dec-19 AUD 4.66 150,000 — — (150,000 ) — — 31b 12-May-15 16-Feb-20 AUD 4.28 200,000 — — (200,000 ) — — 32 10-Jul-15 30-Jun-22 AUD 4.20 2,308,334 — — (40,000 ) 2,268,334 2,268,334 33 26-Aug-15 16-Aug-22 AUD 4.05 75,000 — — — 75,000 75,000 34 27-Apr-16 06-Mar-23 AUD 2.80 3,193,334 — (475,000 ) (70,000 ) 2,638,334 2,638,334 34 27-Apr-16 06-Mar-23 AUD 2.80 (10,000 ) * 34a 27-Apr-16 17-Apr-23 AUD 2.74 200,000 — — — 200,000 200,000 34b 31-Oct-16 06-Mar-23 AUD 2.80 200,000 — — — 200,000 200,000 35 30-Jun-16 18-Jan-21 AUD 2.20 1,500,000 — (600,000 ) — 900,000 900,000 36 06-Dec-16 05-Dec-23 AUD 1.31 1,670,000 — (720,334 ) (26,666 ) 923,000 923,000 36a 06-Dec-16 05-Dec-23 AUD 1.19 4,188,000 — (1,527,270 ) (141,666 ) 2,519,064 2,023,232 36b 13-Jan-17 12-Jan-24 AUD 1.65 300,000 — — — 300,000 300,000 37 28-Jun-17 27-Jun-24 AUD 2.23 150,000 — — — 150,000 150,000 38 16-Sep-17 15-Sep-24 AUD 1.54 100,000 — (33,334 ) — 66,666 33,334 38a 16-Sep-17 15-Sep-24 AUD 1.40 150,000 — — — 150,000 150,000 39 13-Oct-17 12-Oct-24 AUD 1.94 1,978,333 — (310,000 ) (13,333 ) 1,655,000 999,994 39a 13-Oct-17 12-Oct-24 AUD 1.76 1,900,000 — (297,575 ) (300,000 ) 1,302,425 1,302,425 40 24-Nov-17 23-Nov-24 AUD 1.41 750,000 — — — 750,000 500,000 40a 24-Nov-17 23-Nov-24 AUD 1.28 750,000 — — — 750,000 — 41 18-Jun-18 17-Jun-25 AUD 1.52 200,000 — — — 200,000 133,334 42 11-Jul-18 10-Jul-25 AUD 1.56 200,000 — — — 200,000 66,667 43 18-Jul-18 17-Jul-25 AUD 1.87 5,845,000 — (389,999 ) (9,999 ) 5,398,334 1,544,992 43 18-Jul-18 17-Jul-25 AUD 1.87 (46,668 ) * 43b 18-Jul-18 17-Jul-25 AUD 1.87 — 350,000 — — 350,000 116,667 44 15-Jul-18 14-Jul-25 AUD 1.72 300,000 — — — 300,000 100,000 45 30-Nov-18 29-Nov-25 AUD 1.33 590,000 — — — 590,000 196,666 46 19-Jan-19 18-Jan-26 AUD 1.45 5,000 — — — 5,000 1,667 47 19-Jan-19 18-Jan-26 AUD 1.45 150,000 — — — 150,000 150,000 48 04-Apr-19 03-Apr-26 AUD 1.48 — 300,000 — — 300,000 100,000 49 20-Jul-19 19-Jul-26 AUD 1.62 — 4,810,000 — (120,000 ) * 4,690,000 — 49a 20-Jul-19 19-Jul-26 AUD 1.47 — 5,500,000 — — 5,500,000 — 49b 20-Jul-19 19-Jul-26 AUD 1.47 — 1,346,667 — — 1,346,667 — 49c 20-Jul-19 19-Jul-26 AUD 1.47 — 538,667 — — 538,667 — 50 20-Jul-19 19-Jul-26 AUD 1.47 — 700,000 — — 700,000 — 50a 20-Jul-19 19-Jul-26 AUD 1.47 — 400,000 — — 400,000 — 51 29-Aug-19 28-Aug-26 AUD 1.47 — 300,000 (150,000 ) — 150,000 — 52 29-Aug-19 28-Aug-26 AUD 1.62 — 400,000 — — 400,000 — 53 29-Aug-19 28-Aug-26 AUD 1.47 — 800,000 — — 800,000 — 54 25-Nov-19 24-Nov-26 AUD 1.98 — 845,000 — — 845,000 — 55 29-May-19 28-May-26 AUD 1.48 — 450,000 — — 450,000 300,000 56 18-Nov-19 17-Nov-26 AUD 1.83 — 200,000 — — 200,000 — 57 25-Nov-19 24-Nov-26 AUD 1.80 — 100,000 — — 100,000 — 58 25-Nov-19 24-Nov-26 AUD 1.98 — 450,000 — — 450,000 — June 30, 2020 27,737,893 17,490,334 (4,823,404 ) (1,493,332 ) 38,911,491 15,373,646 Weighted average share purchase price AUD 2.06 AUD 1.57 AUD 1.60 AUD 2.80 AUD 1.86 AUD 2.25 (1) The dates presented in the grant date column represent the date on which board approval was obtained. For valuation dates per IFRS 2, refer to Note 17(c). |
Summary of Valuations of Options Approved and Granted | The model inputs for the valuations of options approved and granted during the year ended June 30, 2022 are as follows: Series Valuation date ( 1) Exercise price per share AUD Share price at acceptance date AUD Expected share price volatility Life ( 2) Dividend yield Risk-free interest rate 72 05-May-21 2.28 1.94 66.62% 6.3 yrs 0% 0.69% 74 10-Nov-21 1.95 1.69 65.85% 6.2 yrs 0% 1.31% 74a 30-Jun-22 1.77 0.65 65.55% 5.6 yrs 0% 3.36% 74b 30-Jun-22 1.77 0.65 65.55% 5.6 yrs 0% 3.36% 74c 15-Feb-22 1.77 1.16 65.89% 5.9 yrs 0% 1.91% 75 17-Mar-22 1.42 1.21 65.98% 6.1 yrs 0% 2.18% (1) Valuation date is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement. (2) Expected life after factoring likely early exercise. The model inputs for the valuations of options approved and granted during the year ended June 30, 2021 are as follows: Series Valuation date ( 1) Exercise price per share AUD Share price at acceptance date AUD Expected share price volatility Life ( 2) Dividend yield Risk-free interest rate 61 28-Jul-20 2.51 3.60 60.95% 6.1 yrs 0% 0.44% 63 08-Apr-21 4.02 2.21 66.74% 5.5 yrs 0% 0.65% 63a 05-Jul-21 3.65 2.03 66.45% 5.3 yrs 0% 0.72% 64 28-Jul-20 3.75 3.60 60.95% 6.3 yrs 0% 0.44% 64a 05-Jul-21 3.41 2.03 66.45% 5.5 yrs 0% 0.72% 64b 30-Jun-21 3.41 2.09 66.48% 5.5 yrs 0% 0.77% 64c 25-Nov-20 3.41 4.12 65.36% 6.0 yrs 0% 0.30% 64d 30-Jun-22 3.41 0.65 65.55% 4.6 yrs 0% 3.36% 64e 05-Jul-21 3.41 2.03 66.45% 5.5 yrs 0% 0.72% 65 25-Sep-20 5.76 5.02 63.16% 6.3 yrs 0% 0.34% 66 16-Oct-20 4.78 3.24 65.17% 6.3 yrs 0% 0.27% 67 10-Nov-20 3.84 3.22 65.06% 6.3 yrs 0% 0.30% 68 24-Dec-20 3.60 2.38 67.22% 6.3 yrs 0% 0.35% 69 24-Dec-20 3.60 2.38 67.22% 6.3 yrs 0% 0.35% 71 29-Mar-21 2.67 2.35 66.81% 6.2 yrs 0% 0.66% 73 30-Jun-21 0.00 2.09 66.48% 0.2 yrs 0% 0.77% (1) Valuation date is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement. (2) Expected life after factoring likely early exercise. The model inputs for the valuations of options approved and granted during the year ended June 30, 2020 are as follows: Series Valuation date ( 1) Exercise price per share AUD Share price at acceptance date AUD Expected share price volatility Life ( 2) Dividend yield Risk-free interest rate 43b 14-May-20 1.87 3.55 60.39% 4.5 yrs 0% 0.37% 49 17-Sep-19 1.62 1.93 54.10% 6.1 yrs 0% 0.89% 49a 15-Mar-20 1.47 1.87 55.48% 5.8 yrs 0% 0.56% 49a 17-Dec-19 1.47 1.93 53.65% 5.9 yrs 0% 0.82% 49b 27-Nov-19 1.47 1.83 53.85% 6.3 yrs 0% 0.73% 49c 27-Nov-19 1.47 1.83 53.85% 6.3 yrs 0% 0.73% 50 13-Sep-19 1.47 1.88 54.02% 6.1 yrs 0% 0.93% 50a 16-Sep-19 1.47 2.03 54.21% 6.1 yrs 0% 0.95% 51 28-Mar-20 1.47 1.17 55.60% 5.7 yrs 0% 0.45% 52 17-Dec-19 1.62 1.93 53.65% 6.0 yrs 0% 0.82% 53 26-Mar-20 1.47 1.17 58.30% 5.8 yrs 0% 0.47% 54 28-Jan-20 1.98 2.86 56.63% 6.1 yrs 0% 0.71% 56 27-Nov-19 1.83 1.83 53.80% 6.3 yrs 0% 0.73% 57 25-Nov-19 1.80 1.80 53.82% 6.3 yrs 0% 0.82% 58 10-Apr-20 1.98 1.97 57.65% 5.9 yrs 0% 0.45% 59 24-May-20 3.38 3.79 60.56% 6.0 yrs 0% 0.40% 60 25-May-20 2.51 3.79 60.56% 6.2 yrs 0% 0.40% (1) Valuation date is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement. (2) Expected life after factoring likely early exercise. |
Remuneration of auditors (Table
Remuneration of auditors (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Auditors Remuneration [Abstract] | |
Summary of Fees were Paid or Payable for Services Provided by the Auditor of the Parent Entity | During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices and non-related audit firms: Year Ended June 30, (in U.S. dollars) 2022 2021 2020 a. PricewaterhouseCoopers Australia Audit and other assurance services Audit and review of financial reports 745,021 747,783 713,461 Other audit services ( 1) 67,238 91,750 14,097 Total remuneration of PricewaterhouseCoopers Australia 812,259 839,533 727,558 b. Network firms of PricewaterhouseCoopers Australia Audit and other assurance services Audit and review of financial reports 133,309 130,450 108,262 Total remuneration of Network firms of PricewaterhouseCoopers Australia 133,309 130,450 108,262 Total auditors' remuneration ( 2) 945,568 969,983 835,820 (1) Other audit services relates to services performed in connection with the filing of registration statements on the Form S-8 and F-3. (2) All services provided are considered audit fees for the purpose of SEC classification. |
Losses per share (Tables)
Losses per share (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Loss Per Share | Years Ended June 30, 2022 2021 2020 (Losses) per share (in cents) (a) Basic (losses) per share From continuing operations attributable to the ordinary equity holders of the company (14.08 ) (16.33 ) (14.74 ) Total basic (losses) per share attributable to the ordinary equity holders of the company (14.08 ) (16.33 ) (14.74 ) (b) Diluted (losses) per share From continuing operations attributable to the ordinary equity holders of the company (14.08 ) (16.33 ) (14.74 ) Total basic (losses) per share attributable to the ordinary equity holders of the company (14.08 ) (16.33 ) (14.74 ) (c) Reconciliation of (losses) used in calculating (losses) per share (in U.S. dollars, in thousands) Basic (losses) per share (Losses) attributable to the ordinary equity holders of the company used in calculating basic (losses) per share: From continuing operations (91,347 ) (98,811 ) (77,940 ) Diluted (losses) per share (Losses) from continuing operations attributable to the ordinary equity holders of the company: Used in calculating basic (losses) per share (91,347 ) (98,811 ) (77,940 ) (Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share (91,347 ) (98,811 ) (77,940 ) 2022 Number 2021 Number 2020 Number Weighted average number of ordinary shares used as the denominator in calculating basic losses per share 648,899,589 605,064,036 528,821,630 Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share 648,899,589 605,064,036 528,821,630 |
Parent entity financial infor_2
Parent entity financial information (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Parent Entity Financial Information [Abstract] | |
Summary Of Parent Entity Financial Information Explanatory | The individual financial statements for the parent entity show the following aggregate amounts As of June 30, (in U.S. dollars, in thousands) 2022 2021 Balance Sheet Current Assets 4,948 21,135 Total Assets 853,380 943,030 Current Liabilities 7,025 9,136 Total Liabilities 13,227 13,904 Shareholders' Equity Issued Capital 1,165,323 1,163,165 Reserves Foreign Currency Translation Reserve (227,441 ) (150,306 ) Share Options Reserve 82,619 77,310 Warrant Reserve 12,969 12,969 (Accumulated losses)/retained earnings (193,317 ) (174,012 ) 840,153 929,126 Loss for the period (19,305 ) (27,436 ) Total comprehensive loss for the period (19,305 ) (27,436 ) |
Basis of Preparation - Addition
Basis of Preparation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Aug. 11, 2022 | Aug. 09, 2022 | Nov. 30, 2021 | Jun. 30, 2019 | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||
Cash & cash equivalents | $ 60,447 | $ 136,881 | $ 129,328 | $ 50,426 | |||
Maximum amount paid in cash outflows from operating activities | 65,800 | ||||||
Interest and other costs of finance paid | $ 6,084 | $ 5,932 | $ 5,947 | ||||
Oaktree Capital Management, L.P. | |||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||
Borrowings Principal Amount | $ 90,000 | ||||||
Oaktree Capital Management, L.P. | Refinancing and Expansion of Senior Debt Facility | |||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||
Borrowings Principal Amount | $ 90,000 | ||||||
Private Placements | |||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||
Cash & cash equivalents | $ 42,600 | $ 45,000 | |||||
Bottom of Range | |||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||||||
Percentage of reduction in cash outflows from operating activities | 35% |
Significant Changes in the Cu_2
Significant Changes in the Current Reporting Period - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2020 | Nov. 19, 2021 | Jun. 30, 2021 | |
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Repayment of loan | $ 55,458 | $ 512 | |||
Borrowings | $ 96,634 | $ 94,245 | |||
Warrants | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Number of warrants granted to purchase American Depositary Shares | 1,769,669 | ||||
Oaktree Capital Management, L.P. | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Borrowings Principal Amount | $ 90,000 | ||||
Borrowings | $ 60,000 | ||||
Oaktree Capital Management, L.P. | American Depositary Shares | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Par value per share | $ 7.26 | ||||
Oaktree Capital Management, L.P. | Tranche One | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Borrowings | 60,000 | $ 60,000 | |||
Oaktree Capital Management, L.P. | Refinancing and Expansion of Senior Debt Facility | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Borrowings Principal Amount | 90,000 | ||||
Borrowings | $ 60,000 | ||||
Issuance of warrant, Fair value | 8,100,000 | ||||
Loss on prepaying outstanding balance and extinguishing debt | $ 1,300 | ||||
Borrowings, interest rate | 9.75% | ||||
Percentage of principal amount payable over two year | 40% | ||||
Percentage of share premium price | 15% | ||||
VWAP, Period | 30 days | ||||
Warrants issuance date | Jan. 11, 2022 | ||||
Warrant exercise term | 7 years | ||||
Oaktree Capital Management, L.P. | Refinancing and Expansion of Senior Debt Facility | American Depositary Shares | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Par value per share | $ 7.26 | ||||
Oaktree Capital Management, L.P. | Refinancing and Expansion of Senior Debt Facility | Tranche One | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Borrowings | $ 60,000 | ||||
Oaktree Capital Management, L.P. | Refinancing and Expansion of Senior Debt Facility | Quarterly Payments | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Borrowings, interest rate | 8% | ||||
Oaktree Capital Management, L.P. | Refinancing and Expansion of Senior Debt Facility | Unpaid Interest | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Borrowings, interest rate | 1.75% | ||||
Oaktree Capital Management, L.P. | Warrants | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Number of warrants granted to purchase American Depositary Shares | 1,769,669 | ||||
Oaktree Capital Management, L.P. | Warrants | Refinancing and Expansion of Senior Debt Facility | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Number of warrants granted to purchase American Depositary Shares | 1,769,669 | ||||
Oaktree Capital Management, L.P. | Top of Range | Refinancing and Expansion of Senior Debt Facility | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Borrowings, maturity | November 2026 | ||||
Oaktree Capital Management, L.P. | Top of Range | Refinancing and Expansion of Senior Debt Facility | Tranche Two | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Borrowings | $ 30,000 | ||||
Hercules Capital, Inc | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Repayment of loan | 55,500 | ||||
Hercules Capital, Inc | Tranche One | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Repayment of loan | 55,500 | ||||
Borrowings | $ 50,000 | ||||
Hercules Capital, Inc | Refinancing and Expansion of Senior Debt Facility | Tranche One | |||||
Disclosure Of Significant Changes In Current Reporting Period [Line Items] | |||||
Repayment of loan | $ 55,500 |
Loss Before Income Tax - Summar
Loss Before Income Tax - Summary of Loss Before Income Tax (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | ||||
Commercialization revenue | $ 9,039 | $ 7,434 | $ 6,614 | |
Milestone revenue | $ 2,500 | 1,172 | 25,000 | |
Interest revenue | 3 | 22 | 542 | |
Total Revenue | 10,214 | 7,456 | 32,156 | |
Clinical trial and research & development | (10,483) | (18,569) | (24,565) | |
Manufacturing production & development | (28,884) | (31,590) | (23,944) | |
Employee benefits | ||||
Salaries and employee benefits | (18,997) | (26,804) | (25,100) | |
Defined contribution superannuation expenses | (402) | (379) | (327) | |
Equity settled share-based payment transactions | (5,536) | (12,510) | (7,522) | |
Total Employee benefits | (24,935) | (39,693) | (32,949) | |
Depreciation and amortization of non-current assets | ||||
Plant and equipment depreciation | (1,144) | (1,016) | (585) | |
Right of use asset depreciation | (1,717) | (1,691) | (1,508) | |
Intellectual property amortization | (1,519) | (1,557) | (1,574) | |
Total Depreciation and amortization of non-current assets | (4,380) | (4,264) | (3,667) | |
Other Management & administration expenses | ||||
Overheads & administration | (10,157) | (7,757) | (8,276) | |
Consultancy | (3,751) | (5,386) | (5,168) | |
Legal, patent and other professional fees | (5,571) | (6,950) | (5,854) | |
Intellectual property expenses (excluding the amount amortized above) | (2,621) | (2,389) | (2,683) | |
Total Other Management & administration expenses | (22,100) | (22,482) | (21,981) | |
Fair value remeasurement of contingent consideration | ||||
Remeasurement of contingent consideration | 913 | 18,687 | 1,380 | |
Total Fair value remeasurement of contingent consideration | 913 | 18,687 | 1,380 | |
Fair value remeasurement of warrant liability | ||||
Remeasurement of warrant liability | 5,896 | |||
Total Fair value remeasurement of warrant liability | 5,896 | |||
Other operating income and expenses | ||||
Government grant revenue | 68 | 78 | ||
Foreign exchange gains/(losses) | (536) | 1,471 | 246 | |
Foreign withholding tax paid | (3) | |||
Total Other operating income and expenses | (539) | 1,539 | 324 | |
Finance (costs)/gains | ||||
Remeasurement of borrowing arrangements | (382) | 5,225 | 607 | |
Interest expense | (16,906) | (15,939) | (14,716) | |
Total Finance costs | (17,288) | (10,714) | (14,109) | |
Total loss before income tax | $ 91,586 | $ 99,630 | $ 87,355 |
Loss Before Income Tax - Summ_2
Loss Before Income Tax - Summary of Loss Before Income Tax (Parenthetical) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Loss Before Income Tax Line Item | |||
Equity settled share-based payment transactions | $ 5,536,000 | $ 12,510,000 | $ 7,522,000 |
Income Statement Functional Expense Categories | |||
Disclosure Of Loss Before Income Tax Line Item | |||
Equity settled share-based payment transactions | 5,535,845 | 12,509,744 | 7,521,745 |
Income Statement Functional Expense Categories | Research and Development | |||
Disclosure Of Loss Before Income Tax Line Item | |||
Equity settled share-based payment transactions | 3,547,182 | 7,782,330 | 3,194,695 |
Income Statement Functional Expense Categories | Manufacturing and Commercialization | |||
Disclosure Of Loss Before Income Tax Line Item | |||
Equity settled share-based payment transactions | 378,096 | 547,998 | 434,403 |
Income Statement Functional Expense Categories | Management and Administration | |||
Disclosure Of Loss Before Income Tax Line Item | |||
Equity settled share-based payment transactions | $ 1,610,567 | $ 4,179,416 | $ 3,892,647 |
Loss Before Income Tax - Additi
Loss Before Income Tax - Additional Information (Details) - Grunenthal - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Oct. 31, 2019 | Jun. 30, 2021 | Dec. 31, 2019 | Oct. 31, 2019 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Loss Before Income Tax Line Item | |||||||
Non-refundable upfront payment received | $ 15,000,000 | $ 17,500,000 | $ 15,000,000 | $ 17,500,000 | |||
Milestone payment received | $ 2,500,000 | ||||||
Percentage of patients to provide regulatory harmonization, cost efficiencies and streamlined timelines | 20% | 20% | |||||
Cumulative milestone payments reachable amount | $ 1,000,000,000 | $ 1,000,000,000 | |||||
Revenue recognized relation to patent license agreement | $ 0 | 0 | $ 0 | ||||
Clinical, Manufacturing, Regulatory and Reimbursement Approval | Top of Range | |||||||
Disclosure Of Loss Before Income Tax Line Item | |||||||
Non-refundable upfront payments receivable | $ 112,500,000 | $ 112,500,000 |
Income Tax Benefit_(Expense) -
Income Tax Benefit/(Expense) - Summary of Reconciliation of Income Tax to Prima Facie Tax Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Reconciliation Of Effective Income Tax Expense [Line Items] | |||
Loss from continuing operations before income tax | $ (91,586) | $ (99,630) | $ (87,355) |
Share-based payments expense | 1,588 | 2,836 | 1,367 |
Research and development tax concessions | (869) | (894) | (876) |
Foreign exchange translation gains/(losses) | 159 | 313 | 129 |
Contingent consideration | (274) | (5,606) | (414) |
Other sundry items | (2,036) | 121 | 97 |
Current year tax expense/(benefit) | (28,908) | (33,119) | (25,904) |
Adjustments for current tax of prior periods | (923) | (1) | 283 |
Differences in overseas tax rates | 8,407 | 13,218 | 9,397 |
Tax benefit not recognized | 21,185 | 19,083 | 6,809 |
Change in tax rate on Deferred tax assets(1) | (8,326) | (482) | (3,412) |
Change in tax rate on Deferred tax liability(1) | 8,326 | 482 | 3,412 |
Income tax expense/(benefit) attributable to loss before income tax | (239) | (819) | (9,415) |
Australian Government | |||
Disclosure Of Reconciliation Of Effective Income Tax Expense [Line Items] | |||
Tax benefit at the Australian tax rate of 30% (2021: 30%, 2020: 30%) | $ (27,476) | $ (29,889) | $ (26,207) |
Income Tax Benefit_(Expense) _2
Income Tax Benefit/(Expense) - Summary of Reconciliation of Income Tax to Prima Facie Tax Payable (Parenthetical) (Details) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Reconciliation Of Effective Income Tax Expense [Line Items] | |||
Difference in tax rate | 30% | 30% | 30% |
Singapore | |||
Disclosure Of Reconciliation Of Effective Income Tax Expense [Line Items] | |||
Statutory tax rate | 17% |
Income Tax Benefit_(Expense) _3
Income Tax Benefit/(Expense) - Summary of Income Tax Expense/(Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Deferred tax | |||
(Increase)/decrease in deferred tax assets | $ (8,317) | $ (1,158) | $ (12,687) |
(Decrease)/increase in deferred tax liabilities | 8,078 | 339 | 3,272 |
Total deferred tax (benefit)/expense | (239) | (819) | (9,415) |
Income tax expense/(benefit) attributable to loss before income tax | $ (239) | $ (819) | $ (9,415) |
Income Tax Benefit_(Expense) _4
Income Tax Benefit/(Expense) - Summary of Amounts That Would Be Recognized Directly in Equity if Brought to Account (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Amounts that would be recognized directly in equity if brought to account | |||
Current tax recorded in equity (if brought to account) | $ (142) | $ (525) | $ (2,293) |
Deferred tax recorded in equity (if brought to account) | 715 | 905 | 1,266 |
Current and deferred tax relating to items credited (charged) directly to equity | $ 573 | $ 380 | $ (1,027) |
Income Tax Benefit_(Expense) _5
Income Tax Benefit/(Expense) - Summary of Amounts That Would Be Recognized Directly in Equity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Amounts recognized directly in equity | |||
Deferred tax recorded in equity | $ 239 | $ 91 | $ (979) |
Current and deferred tax relating to items credited (charged) directly to equity | $ 239 | $ 91 | $ (979) |
Income Tax Benefit_(Expense) _6
Income Tax Benefit/(Expense) - Summary of Deferred Tax Assets Not Brought to Account (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Unused tax losses | |||
Potential tax benefit at local tax rates | $ 111,283 | $ 77,738 | $ 55,573 |
Other temporary differences | |||
Potential tax benefit at local tax rates | 11,046 | 7,424 | 6,782 |
Other tax credits | |||
Potential tax benefit at local tax rates | 3,220 | 3,220 | 3,220 |
Deferred tax assets not brought to account | $ 125,549 | $ 88,382 | $ 65,575 |
Income Tax Benefit_(Expense) _7
Income Tax Benefit/(Expense) - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax asset | $ 88,242 | $ 80,164 | |
Unused Tax Losses | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Tax effect of gross tax losses | 477,800 | $ 424,900 | $ 160,500 |
Deferred tax asset | $ 44,400 | ||
Unused Tax Losses | Bottom of Range | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax asset expiration period | 10 years | ||
Unused Tax Losses | Top of Range | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Deferred tax asset expiration period | 16 years | ||
Indefinite Life | Unused Tax Losses | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Tax effect of gross tax losses | $ 477,800 |
Financial Assets and Liabilit_3
Financial Assets and Liabilities - Summary of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure Of Financial Assets And Liabilities [Line Items] | ||||
Cash & cash equivalents | $ 60,447 | $ 136,881 | $ 129,328 | $ 50,426 |
Trade & other receivables | 4,403 | 4,842 | ||
Financial assets at fair value through other comprehensive income | 1,758 | 2,080 | ||
Other non-current assets | 1,930 | 1,724 | ||
Financial assets, Total | 68,538 | 145,527 | ||
Trade and other payables | 23,079 | 19,598 | ||
Borrowings | 96,634 | 94,245 | ||
Contingent consideration | 23,284 | 25,409 | ||
Warrant liability | 2,185 | |||
Financial liabilities, Total | 145,182 | 139,252 | ||
Liabilities at Amortized Cost | ||||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||||
Trade and other payables | 23,079 | 19,598 | ||
Borrowings | 96,634 | 94,245 | ||
Financial liabilities, Total | 119,713 | 113,843 | ||
Liabilities at FVTPL | ||||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||||
Contingent consideration | 23,284 | 25,409 | ||
Warrant liability | 2,185 | |||
Financial liabilities, Total | 25,469 | 25,409 | ||
Assets at Amortized Cost | ||||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||||
Cash & cash equivalents | 60,447 | 136,881 | ||
Trade & other receivables | 4,403 | 4,842 | ||
Other non-current assets | 1,930 | 1,724 | ||
Financial assets, Total | 66,780 | 143,447 | ||
Assets at FVOCI | ||||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||||
Financial assets at fair value through other comprehensive income | 1,758 | 2,080 | ||
Financial assets, Total | $ 1,758 | $ 2,080 |
Financial Assets and Liabilit_4
Financial Assets and Liabilities - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure Of Financial Assets And Liabilities [Abstract] | ||||
Cash at bank | $ 60,034 | $ 136,430 | $ 128,916 | |
Deposits at call | 413 | 451 | 412 | |
Cash and cash equivalents | $ 60,447 | $ 136,881 | $ 129,328 | $ 50,426 |
Financial Assets and Liabilit_5
Financial Assets and Liabilities - Summary of Cash and Cash Equivalents (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure Of Financial Assets And Liabilities [Abstract] | ||
Interest-bearing deposits at call held as security | $ 0.4 | $ 0.5 |
Financial Assets and Liabilit_6
Financial Assets and Liabilities - Summary of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure Of Financial Assets And Liabilities [Abstract] | ||
Trade debtors | $ 2,224 | $ 2,000 |
Foreign withholding tax recoverable | 471 | 471 |
U.S. Tax credits | 1,473 | 1,473 |
Security deposit | 252 | |
Other recoverable taxes (Goods and services tax and value-added tax) | 235 | 646 |
Trade and other receivables | $ 4,403 | $ 4,842 |
Financial Assets and Liabilit_7
Financial Assets and Liabilities - Summary of Prepayments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure Of Financial Assets And Liabilities [Abstract] | ||
Clinical trial research and development expenditure | $ 1,313 | $ 2,823 |
Prepaid insurance and subscriptions | 2,420 | 1,921 |
Other | 1,254 | 1,760 |
Prepayments | $ 4,987 | $ 6,504 |
Financial Assets and Liabilit_8
Financial Assets and Liabilities - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||
Nov. 19, 2021 | Nov. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Oct. 31, 2019 | Sep. 19, 2019 | Aug. 01, 2019 | Jun. 30, 2019 | Jan. 31, 2019 | Jan. 14, 2019 | Jun. 29, 2018 | Mar. 31, 2018 | |
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Gain (loss) recognized in comprehensive income, for change in fair value of financial assets | $ (300,000) | $ 200,000 | $ (400,000) | ||||||||||
Borrowings | 96,634,000 | 94,245,000 | |||||||||||
Repayment of loan | 55,458,000 | 512,000 | |||||||||||
Financial assets | 68,538,000 | 145,527,000 | |||||||||||
Financial liabilities | 145,182,000 | 139,252,000 | |||||||||||
Warrants fair value at grant date - November 19, 2021 | $ 8,081,000 | 2,200,000 | |||||||||||
Gain (loss) on remeasurement of warrant liability | 5,900,000 | ||||||||||||
Floating Interest Rate | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings | 52,864,000 | ||||||||||||
Fixed interest rate [member] | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings | $ 106,905,000 | 52,631,000 | |||||||||||
Warrants | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Number of warrants granted to purchase American Depositary Shares | 1,769,669 | ||||||||||||
Oaktree Capital Management, L.P. | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings Principal Amount | $ 90,000,000 | ||||||||||||
Borrowings, interest rate | 9.75% | ||||||||||||
Percentage of principal amortizes over two years | 40% | ||||||||||||
Borrowings, unpaid interest portion per annum | 1.75% | ||||||||||||
Oaktree Capital Management, L.P. | Tranche One | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings | $ 60,000,000 | ||||||||||||
Borrowings, interest rate | 9.75% | ||||||||||||
Oaktree Capital Management, L.P. | Tranche Two | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings | $ 30,000,000 | ||||||||||||
Borrowings, interest rate | 8% | ||||||||||||
Oaktree Capital Management, L.P. | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings Principal Amount | $ 90,000,000 | ||||||||||||
Borrowings | $ 60,000,000 | ||||||||||||
Percentage of premium for volume-weighted average price | 15% | ||||||||||||
Issuance warrants exercised period | 7 years | ||||||||||||
Date of warrants legally issued | Jan. 11, 2022 | ||||||||||||
Remeasurement of borrowing arrangements within finance gains (Loss) | $ 100,000 | 0 | 0 | ||||||||||
Oaktree Capital Management, L.P. | Warrants | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Number of warrants granted to purchase American Depositary Shares | 1,769,669 | ||||||||||||
Oaktree Capital Management, L.P. | American Depositary Shares | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Par value per share | $ 7.26 | ||||||||||||
Oaktree Capital Management, L.P. | Tranche One | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings | $ 60,000,000 | 60,000,000 | |||||||||||
Hercules Capital, Inc | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Repayment of loan | 55,500,000 | ||||||||||||
Remeasurement of borrowing arrangements within finance gains (Loss) | $ (900,000) | 400,000 | |||||||||||
Hercules Capital, Inc | Floating Interest Rate | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings Principal Amount | $ 75,000,000 | ||||||||||||
Borrowings, interest rate | 9.45% | 9.70% | 9.95% | 10.20% | 10.45% | 9.45% | |||||||
Hercules Capital, Inc | Floating Interest Rate | Terms of Loan Agreement | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings, interest rate | 9.70% | ||||||||||||
Hercules Capital, Inc | Tranche One | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings | 50,000,000 | ||||||||||||
Repayment of loan | $ 55,500,000 | ||||||||||||
Hercules Capital, Inc | Tranche One | Floating Interest Rate | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings | $ 35,000,000 | ||||||||||||
Hercules Capital, Inc | Tranche Two | Floating Interest Rate | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings | $ 15,000,000 | ||||||||||||
Hercules Capital, Inc | Tranche Two | Potential Ordinary Share Transactions | Floating Interest Rate | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings | $ 15,000,000 | ||||||||||||
Hercules Capital, Inc | Extinguishing Loan with Hercules | Terms of Loan Agreement | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Remeasurement of borrowing arrangements within finance gains (Loss) | $ (1,300,000) | ||||||||||||
Hercules Capital, Inc | Adjustment of Carrying Amount of Financial Liability | Terms of Loan Agreement | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Remeasurement of borrowing arrangements within finance gains (Loss) | 400,000 | ||||||||||||
NovaQuest Capital Management, L.L.C. | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Remeasurement of borrowing arrangements within finance gains (Loss) | $ 500,000 | 4,800,000 | $ (700,000) | ||||||||||
Description of repayment of borrowings | Following approval and first commercial sales, repayments commence based on a percentage of net sales and are limited by a payment cap which is equal to the principal due for the next 12 months, plus accumulated unpaid principal and accrued unpaid interest. During the four-year period commencing July 8, 2022, principal amortizes in equal quarterly instalments payable only after approval and first commercial sales. If in any quarterly period, 25% of net sales of remestemcel-L for pediatric SR-aGVHD exceed the annual payment cap, the Group will pay the payment cap and an additional portion of excess sales which will be used towards the prepayment amount in the event there is an early prepayment of the loan. If in any quarterly period 25% of net sales of remestemcel-L for pediatric SR-aGVHD is less than the annual payment cap, then the payment is limited to 25% of net sales of remestemcel-L for pediatric SR-aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid. | ||||||||||||
Minimum unrestricted cash balance | $ 35,000,000 | ||||||||||||
NovaQuest Capital Management, L.L.C. | Level 1 | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Financial assets | 0 | 0 | |||||||||||
Financial liabilities | 0 | 0 | |||||||||||
NovaQuest Capital Management, L.L.C. | Level 2 | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Financial assets | 0 | 0 | |||||||||||
Financial liabilities | $ 0 | $ 0 | |||||||||||
NovaQuest Capital Management, L.L.C. | Unlisted Equity Securities | Level 3 | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Percentage of assets measured at fair value | 100% | ||||||||||||
NovaQuest Capital Management, L.L.C. | Fixed interest rate [member] | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings Principal Amount | $ 40,000,000 | ||||||||||||
Borrowings, interest rate | 15% | ||||||||||||
Borrowings term | 8 years | ||||||||||||
Borrowings, maturity | July 8, 2026 | ||||||||||||
Borrowings, interest rate basis | The loan term includes an interest only period of approximately four years through until July 8, 2022, then a four-year amortization period through until maturity on July 8, 2026. All interest and principal payments will be deferred until after the first commercial sale of remestemcel-L for the treatment in pediatric patients with SR-aGVHD, in the United States and other geographies excluding Asia (“pediatric SR-aGVHD”). Principal is repayable in equal quarterly instalments over the amortization period of the loan and is subject to the payment cap described below. The loan has a fixed interest rate of 15% per annum. | ||||||||||||
NovaQuest Capital Management, L.L.C. | Contingent Consideration Provision | Level 3 | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Percentage of liabilities measured at fair value | 100% | ||||||||||||
NovaQuest Capital Management, L.L.C. | Tranche One | Fixed interest rate [member] | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Borrowings | $ 30,000,000 | ||||||||||||
Top of Range | |||||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||||
Trade receivables settlement period | 60 days |
Financial Assets and Liabilit_9
Financial Assets and Liabilities - Summary of Financial Assets at Fair Value through Other Comprehensive Income (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets at fair value through other comprehensive income | $ 1,758 | $ 2,080 |
Equity Securities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets at fair value through other comprehensive income | $ 1,758 | $ 2,080 |
Financial Assets and Liabili_10
Financial Assets and Liabilities - Summary of Other Non-current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Other non-current assets | $ 1,930 | $ 1,724 |
Bank Guarantee | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Other non-current assets | 500 | 546 |
Letter of Credit | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Other non-current assets | 1,178 | $ 1,178 |
Security Deposit | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Other non-current assets | $ 252 |
Financial Assets and Liabili_11
Financial Assets and Liabilities - Summary of Trade and Other Payables (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure Of Financial Assets And Liabilities [Abstract] | ||
Trade payables and other payables | $ 23,079 | $ 19,598 |
Trade and other payables | $ 23,079 | $ 19,598 |
Financial Assets and Liabili_12
Financial Assets and Liabilities - Summary of Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Borrowings | ||
Borrowing arrangements | $ 81,919 | $ 80,000 |
Less: transaction costs | (8,247) | (6,751) |
Amortization of carrying amount, net of payments made | 22,962 | 20,996 |
Borrowings | 96,634 | 94,245 |
Current Borrowings | ||
Current Borrowings | 5,017 | 53,200 |
Non-current Borrowings | ||
Non-current Borrowings | 91,617 | 41,045 |
Total borrowings | 96,634 | 94,245 |
NovaQuest Capital Management, L.L.C. | ||
Current Borrowings | ||
Current Borrowings | 372 | 336 |
Non-current Borrowings | ||
Non-current Borrowings | 47,898 | 41,045 |
Oaktree Capital Management, L.P. | ||
Current Borrowings | ||
Current Borrowings | 4,645 | |
Non-current Borrowings | ||
Non-current Borrowings | $ 43,719 | |
Hercules Capital, Inc | ||
Current Borrowings | ||
Current Borrowings | $ 52,864 |
Financial Assets and Liabili_13
Financial Assets and Liabilities - Summary of Net Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||||
Cash and cash equivalents | $ 60,447 | $ 136,881 | $ 129,328 | $ 50,426 |
Borrowings | (96,634) | (94,245) | ||
Lease liabilities | (10,271) | (11,250) | ||
Warrant liability | (2,185) | |||
Net Debt | (48,643) | 31,386 | ||
Fixed interest rate [member] | ||||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||||
Borrowings | $ (106,905) | (52,631) | ||
Floating Interest Rate | ||||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||||
Borrowings | $ (52,864) |
Financial Assets and Liabili_14
Financial Assets and Liabilities - Summary of Net Debt Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Abstract] | ||||
Cash Flows | $ 14,512 | |||
Liabilities from financing activities, Leases | 3,427 | |||
Liabilities from financing activities, Sub-total | (8,081) | |||
Liabilities from financing activities, Sub-total | 9,858 | |||
Net increase/(decrease) in cash and cash equivalents | (75,884) | $ 6,138 | $ 77,406 | |
Cash Flows, Total | (66,026) | |||
Remeasurement adjustments | (382) | |||
Remeasurement adjustments, Warrants | 5,896 | |||
Remeasurement adjustments | 5,514 | |||
Other Changes | (17,748) | |||
Increase decrease in borrowing liabilities classified as financing activities | (16,519) | |||
Increase (decrease)in lease liabilities arising from financing activities | (1,229) | |||
Acquisition – leases | (1,463) | |||
Increase (decrease) in acquisition of lease liabilities arising from financing activities | (1,463) | |||
Foreign exchange adjustments | (550) | 1,415 | 1,496 | |
Foreign exchange adjustments, Leases | 244 | |||
Foreign exchange adjustments, Sub-total | 244 | |||
Foreign exchange adjustments | (306) | |||
Net Debt as at June 30, 2022 | 48,643 | (31,386) | ||
Borrowings | (96,634) | (94,245) | ||
Leases | (10,271) | (11,250) | ||
Warrant liability | (2,185) | |||
Liabilities from financing activities, Sub-total | (109,090) | (105,495) | ||
Cash and cash equivalents | 60,447 | 136,881 | $ 129,328 | $ 50,426 |
Borrowings | (96,634) | (94,245) | ||
Leases | (10,271) | (11,250) | ||
Sub-total | 109,090 | 105,495 | ||
Net Debt | $ (48,643) | $ 31,386 |
Financial Assets and Liabili_15
Financial Assets and Liabilities - Summary of Financial Assets and Liabilities Measured and Recognized at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Financial assets at fair value through other comprehensive income: | ||
Total Financial Assets | $ 1,758 | $ 2,080 |
Financial liabilities at fair value through profit or loss: | ||
Contingent consideration | 23,284 | 25,409 |
Warrant liabilities | 2,185 | |
Total Financial Liabilities | 25,469 | 25,409 |
Level 3 | ||
Financial assets at fair value through other comprehensive income: | ||
Total Financial Assets | 1,758 | 2,080 |
Financial liabilities at fair value through profit or loss: | ||
Contingent consideration | 23,284 | 25,409 |
Warrant liabilities | 2,185 | |
Total Financial Liabilities | 25,469 | 25,409 |
Equity Securities | ||
Financial assets at fair value through other comprehensive income: | ||
Total Financial Assets | 1,758 | 2,080 |
Equity Securities | Level 3 | ||
Financial assets at fair value through other comprehensive income: | ||
Total Financial Assets | $ 1,758 | $ 2,080 |
Financial Assets and Liabili_16
Financial Assets and Liabilities - Summary of Changes in the Contingent Consideration Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Financial Instruments [Line Items] | |||
Remeasurement | $ 913 | $ 18,687 | $ 1,380 |
Level 3 | |||
Disclosure Of Financial Instruments [Line Items] | |||
Opening balance | 25,409 | 45,166 | |
Amount used during the period | (1,212) | (1,070) | |
Remeasurement | (913) | (18,687) | |
Closing balance | $ 23,284 | $ 25,409 | $ 45,166 |
Financial Assets and Liabili_17
Financial Assets and Liabilities - Summary of Changes in the Contingent Consideration Fair Value of Level 3 Instruments (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Level 3 | ||
Disclosure Of Financial Instruments [Line Items] | ||
Gain on re-measurement of contingent consideration provision | $ 0.9 | $ 18.7 |
Financial Assets and Liabili_18
Financial Assets and Liabilities - Summary of Quantitative Information About the Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Financial Instruments [Line Items] | |||
Contingent Consideration Provision | $ 23,284 | $ 25,409 | $ 45,166 |
Unobservable inputs | Expected unit sales price | ||
Relationship of unobservable inputs to fair value | Year ended June 30, 2022: A change in the price assumptions by 10% would increase/decrease the fair value by 2%. Year ended June 30, 2021: A change in the price assumptions by 10% would increase/decrease the fair value by 3%. | ||
Discounted cash flow [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Contingent Consideration Provision | $ 23,284 | $ 25,409 | |
Valuation technique | Discounted cash flows | ||
Unobservable inputs | Risk adjusted discount rate | ||
Relationship of unobservable inputs to fair value | Year ended June 30, 2022: A change in the discount rate by 0.5% would increase/decrease the fair value by 0.2%. Year ended June 30, 2021: A change in the discount rate by 0.5% would increase/decrease the fair value by 0.3%. | ||
Weighted Average | Discounted cash flow [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Range of inputs (weighted average) | (12.50%) | (12.50%) | |
Bottom of Range | Discounted cash flow [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Range of inputs (weighted average) | 11% | 11% | |
Top of Range | Discounted cash flow [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Range of inputs (weighted average) | 13% | 13% | |
Expected Sales Volume | |||
Disclosure Of Financial Instruments [Line Items] | |||
Unobservable inputs | Expected sales volumes | ||
Relationship of unobservable inputs to fair value | Year ended June 30, 2022: A change in the volume assumptions by 10% would increase/decrease the fair value by 2%. Year ended June 30, 2021: A change in the volume assumptions by 10% would increase/decrease the fair value by 3%. | ||
Probability of Success | |||
Disclosure Of Financial Instruments [Line Items] | |||
Unobservable inputs | Probability of success | ||
Relationship of unobservable inputs to fair value | Year ended June 30, 2022: A change in the probability of success assumptions by 10% and 20% would increase/decrease the fair value by 8.6% and 17.2%, respectively. Year ended June 30, 2021: A change in the probability of success assumptions by 10% and 20% would increase/decrease the fair value by 8.6% and 17.3%, respectively. |
Financial Assets and Liabili_19
Financial Assets and Liabilities - Summary of Valuation Processes of Contingent Consideration at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure Of Financial Instruments [Abstract] | ||
Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets | $ 17,827 | $ 18,328 |
Fair value of royalty payments from commercialization of the intellectual property acquired | 5,457 | 7,081 |
Contingent Consideration | $ 23,284 | $ 25,409 |
Financial Assets and Liabili_20
Financial Assets and Liabilities - Summary of Warrant Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 19, 2021 | Jun. 30, 2022 | |
Disclosure Of Financial Instruments [Abstract] | ||
Warrants fair value at grant date - November 19, 2021 | $ 8,081 | $ 2,200 |
Remeasurement of warrant liability | (5,896) | |
Closing Balance | $ 2,185 |
Financial Assets and Liabili_21
Financial Assets and Liabilities - Summary of Fair Value of Warrants (Details) | 12 Months Ended | |||
Nov. 19, 2021 USD ($) Year $ / shares | Mar. 18, 2021 USD ($) $ / shares | Mar. 18, 2021 $ / shares | Jun. 30, 2022 USD ($) Year $ / shares | |
Disclosure Of Financial Instruments [Line Items] | ||||
Dividend Yield | 0% | |||
Expected Volatility | 66.88% | |||
Risk Free Interest Rate | 1.24% | |||
Fair value per warrant | (per share) | $ 0.863 | $ 1.103 | ||
Fair value | $ | $ 12,968,583 | |||
Warrants | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Share Price | $ / shares | $ 6.24 | $ 2.22 | ||
Par value per share | $ / shares | $ 7.26 | $ 7.26 | ||
Expected Term | Year | 7 | 6.5 | ||
Dividend Yield | 0% | 0% | ||
Expected Volatility | 83.94% | 83.22% | ||
Risk Free Interest Rate | 1.46% | 3.08% | ||
Fair value | $ | $ 8,081,028 | $ 2,185,476 |
Financial Assets and Liabili_22
Financial Assets and Liabilities - Summary of Fair Value of Warrants (Parenthetical) (Details) | Jun. 30, 2022 shares |
Warrants | |
Disclosure Of Financial Instruments [Line Items] | |
Number of warrants granted to purchase American Depositary Shares | 1,769,669 |
Non-financial Assets and Liab_3
Non-financial Assets and Liabilities - Additional Information (Details) | 12 Months Ended | |||
Mar. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) Segment | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | |
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Depreciation method, property, plant and equipment | Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over the estimated useful lives. | |||
Payments associated with lease liabilities | $ 3,400,000 | $ 3,500,000 | ||
Interest expense for leases | 600,000 | 500,000 | ||
Short term leases expense | 3,200,000 | 3,600,000 | ||
Depreciation for leases | $ 1,717,000 | 1,691,000 | $ 1,508,000 | |
Number of reportable operating segment | Segment | 1 | |||
In process research and development recognized | $ 427,800,000 | 427,800,000 | ||
Impairment on intangible assets | 0 | |||
Employee Benefits | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Current provisions for accrued annual leave | 1,000,000 | $ 1,000,000 | ||
Angioblast Systems Inc in 2010 | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Goodwill recognized | 118,400,000 | |||
In process research and development recognized | 387,000,000 | |||
Osiris MSC in 2013 | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Goodwill recognized | 13,900,000 | |||
In process research and development recognized | 126,700,000 | |||
Osiris MSC in 2015 | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Goodwill recognized | 2,100,000 | |||
TEMCELL Asset | Japan | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
In process research and development recognized | 24,000,000 | |||
MPC-MICRO-IO and MPC-CBE | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
In process research and development recognized | 61,900,000 | |||
In-process Research and Development Acquired | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Impairment loss recognised in profit or loss | $ 0 | 0 | ||
Goodwill | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Impairment loss recognised in profit or loss | $ 0 | $ 0 | ||
Licenses to Patents | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Intangible assets finite useful life | 7 – 16 years | |||
Current Marketed Products | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Intangible assets finite useful life | 15 – 20 years | |||
Bottom of Range | Discounted Cash Flow | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Real post-tax discount rate | 13.80% | |||
Expected patent expiry | 11 years | |||
Top of Range | Discounted Cash Flow | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Real post-tax discount rate | 15.50% | |||
Expected patent expiry | 23 years | |||
Plant and Equipment | Bottom of Range | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Estimated useful lives | 3 years | |||
Plant and Equipment | Top of Range | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Estimated useful lives | 15 years | |||
Office Furniture and Equipment | Bottom of Range | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Estimated useful lives | 3 years | |||
Office Furniture and Equipment | Top of Range | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Estimated useful lives | 10 years | |||
Computer Hardware and Software | Bottom of Range | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Estimated useful lives | 3 years | |||
Computer Hardware and Software | Top of Range | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Estimated useful lives | 4 years | |||
Lonza Bioscience Singapore Pte Ltd | Manufacturing Service Agreement | ||||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||||
Description of lease extension options and termination options | As of June 30, 2022, the anticipated future contractual cash flows relating to the lease component of the Lonza agreement are $4.1 million on an undiscounted basis, as included within lease liabilities in Note 10(c). The anticipated future contractual cash flows exclude cashflows beyond the initial non-cancellable lease term as it is not reasonably certain the Group will extend the agreement. | |||
Minimum financial commitment of the lease component | $ 4,100,000 | |||
Non-cancellable lease term | 3 years |
Non-financial Assets and Liab_4
Non-financial Assets and Liabilities - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | $ 3,021 | $ 2,293 | |
Additions | 188 | 1,721 | |
Exchange differences | (20) | 23 | |
Depreciation charge | (1,144) | (1,016) | $ (585) |
Property Plant and Equipment, Ending Balance | 2,045 | 3,021 | 2,293 |
Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 12,469 | ||
Property Plant and Equipment, Ending Balance | 12,150 | 12,469 | |
Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | (9,448) | ||
Property Plant and Equipment, Ending Balance | (10,105) | (9,448) | |
Plant and Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 1,953 | 1,336 | |
Additions | 143 | 1,427 | |
Exchange differences | 54 | (75) | |
Depreciation charge | (942) | (735) | |
Property Plant and Equipment, Ending Balance | 1,208 | 1,953 | 1,336 |
Plant and Equipment | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 6,955 | ||
Property Plant and Equipment, Ending Balance | 6,846 | 6,955 | |
Plant and Equipment | Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | (5,002) | ||
Property Plant and Equipment, Ending Balance | (5,638) | (5,002) | |
Office Furniture and Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 811 | 707 | |
Additions | 3 | 138 | |
Exchange differences | (70) | 89 | |
Depreciation charge | (52) | (123) | |
Property Plant and Equipment, Ending Balance | 692 | 811 | 707 |
Office Furniture and Equipment | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 2,009 | ||
Property Plant and Equipment, Ending Balance | 1,925 | 2,009 | |
Office Furniture and Equipment | Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | (1,198) | ||
Property Plant and Equipment, Ending Balance | (1,233) | (1,198) | |
Computer Hardware and Software | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 257 | 250 | |
Additions | 42 | 156 | |
Exchange differences | (4) | 9 | |
Depreciation charge | (150) | (158) | |
Property Plant and Equipment, Ending Balance | 145 | 257 | $ 250 |
Computer Hardware and Software | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 3,505 | ||
Property Plant and Equipment, Ending Balance | 3,379 | 3,505 | |
Computer Hardware and Software | Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | (3,248) | ||
Property Plant and Equipment, Ending Balance | $ (3,234) | $ (3,248) |
Non-financial Assets and Liab_5
Non-financial Assets and Liabilities - Schedule of Right-of-Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | $ 9,119 | ||
Depreciation charge | (1,717) | $ (1,691) | $ (1,508) |
Right-of-use asset, Ending balance | 7,920 | 9,119 | |
Right-of-use Assets | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | 9,119 | 7,978 | |
Additions | 1,464 | 395 | |
Reassessment | 591 | 3,563 | |
Exchange differences | (165) | 232 | |
Depreciation charge | (3,089) | (3,049) | |
Right-of-use asset, Ending balance | 7,920 | 9,119 | 7,978 |
Right-of-use Assets | Adjustment On Adoption Of I F R S16 | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | 9,119 | ||
Right-of-use asset, Ending balance | 9,119 | ||
Right-of-use Assets | Cost | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | 14,349 | ||
Right-of-use asset, Ending balance | 16,135 | 14,349 | |
Right-of-use Assets | Accumulated depreciation | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | (5,230) | ||
Right-of-use asset, Ending balance | (8,215) | (5,230) | |
Right-of-use Assets | Buildings | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | 5,417 | 3,760 | |
Additions | 1,464 | 395 | |
Reassessment | 97 | 2,721 | |
Exchange differences | (165) | 232 | |
Depreciation charge | (1,717) | (1,691) | |
Right-of-use asset, Ending balance | 5,096 | 5,417 | 3,760 |
Right-of-use Assets | Buildings | Adjustment On Adoption Of I F R S16 | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | 5,417 | ||
Right-of-use asset, Ending balance | 5,417 | ||
Right-of-use Assets | Buildings | Cost | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | 8,665 | ||
Right-of-use asset, Ending balance | 9,957 | 8,665 | |
Right-of-use Assets | Buildings | Accumulated depreciation | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | (3,248) | ||
Right-of-use asset, Ending balance | (4,861) | (3,248) | |
Right-of-use Assets | Manufacturing | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | 3,702 | 4,218 | |
Reassessment | 494 | 842 | |
Depreciation charge | (1,372) | (1,358) | |
Right-of-use asset, Ending balance | 2,824 | 3,702 | $ 4,218 |
Right-of-use Assets | Manufacturing | Adjustment On Adoption Of I F R S16 | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | 3,702 | ||
Right-of-use asset, Ending balance | 3,702 | ||
Right-of-use Assets | Manufacturing | Cost | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | 5,684 | ||
Right-of-use asset, Ending balance | 6,178 | 5,684 | |
Right-of-use Assets | Manufacturing | Accumulated depreciation | |||
Disclosure Of Right Of Use Assets Line Item | |||
Right-of-use asset, Beginning balance | (1,982) | ||
Right-of-use asset, Ending balance | $ (3,354) | $ (1,982) |
Non-financial Assets and Liab_6
Non-financial Assets and Liabilities - Schedule of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Lease Liabilities [Abstract] | ||
Current | $ 3,186 | $ 2,765 |
Non-current | 7,085 | 8,485 |
Lease liabilities included in the balance sheet | $ 10,271 | $ 11,250 |
Non-financial Assets and Liab_7
Non-financial Assets and Liabilities - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | $ 580,546 | $ 581,601 |
Additions/(Reversals) | (450) | 500 |
Exchange differences | 75 | 22 |
Amortization charge | (1,519) | (1,577) |
Closing net book amount | 578,652 | 580,546 |
Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 651,557 | |
Closing net book amount | 651,138 | 651,557 |
Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | (9,092) | |
Closing net book amount | (10,567) | (9,092) |
Accumulated Impairment | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | (61,919) | |
Closing net book amount | (61,919) | (61,919) |
Goodwill | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 134,453 | 134,453 |
Closing net book amount | 134,453 | 134,453 |
Goodwill | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 134,453 | |
Closing net book amount | 134,453 | 134,453 |
Acquired Licenses to Patents | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 2,072 | 1,673 |
Additions/(Reversals) | (450) | 500 |
Exchange differences | 74 | 1 |
Amortization charge | (64) | (102) |
Closing net book amount | 1,632 | 2,072 |
Acquired Licenses to Patents | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 3,407 | |
Closing net book amount | 2,987 | 3,407 |
Acquired Licenses to Patents | Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | (1,335) | |
Closing net book amount | (1,355) | (1,335) |
In-process Research and Development Acquired | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 427,779 | 427,779 |
Closing net book amount | 427,779 | 427,779 |
In-process Research and Development Acquired | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 489,698 | |
Closing net book amount | 489,698 | 489,698 |
In-process Research and Development Acquired | Accumulated Impairment | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | (61,919) | |
Closing net book amount | (61,919) | (61,919) |
Current Marketed Products | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 16,242 | 17,696 |
Exchange differences | 1 | 21 |
Amortization charge | (1,455) | (1,475) |
Closing net book amount | 14,788 | 16,242 |
Current Marketed Products | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 23,999 | |
Closing net book amount | 24,000 | 23,999 |
Current Marketed Products | Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | (7,757) | |
Closing net book amount | $ (9,212) | $ (7,757) |
Non-financial Assets and Liab_8
Non-financial Assets and Liabilities - Summary of Carrying Value of In Process Research and Development Acquired by Product (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure Of Intangible Assets [Line Items] | |||
Carrying value of in process research and development | $ 578,652 | $ 580,546 | $ 581,601 |
In-process Research and Development Acquired | |||
Disclosure Of Intangible Assets [Line Items] | |||
Carrying value of in process research and development | 427,779 | 427,779 | $ 427,779 |
In-process Research and Development Acquired | Cardiovascular Products | |||
Disclosure Of Intangible Assets [Line Items] | |||
Carrying value of in process research and development | 254,351 | 254,351 | |
In-process Research and Development Acquired | Intravenous Products | |||
Disclosure Of Intangible Assets [Line Items] | |||
Carrying value of in process research and development | 70,730 | 70,730 | |
In-process Research and Development Acquired | MSC Products | |||
Disclosure Of Intangible Assets [Line Items] | |||
Carrying value of in process research and development | $ 102,698 | $ 102,698 |
Non-financial Assets and Liab_9
Non-financial Assets and Liabilities - Summary of Provisions (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure Of Other Provisions [Line Items] | ||
Provisions | $ 17,906 | $ 18,710 |
Provisions | 12,523 | 17,017 |
Total provisions | 30,429 | 35,727 |
Contingent Consideration | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions | 10,823 | 10,764 |
Provisions | 12,461 | 14,645 |
Total provisions | 23,284 | 25,409 |
Employee Benefits | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions | 3,333 | 4,195 |
Provisions | 62 | 47 |
Total provisions | 3,395 | 4,242 |
Provision for License Agreements | ||
Disclosure Of Other Provisions [Line Items] | ||
Provisions | 3,750 | 3,751 |
Provisions | 2,325 | |
Total provisions | $ 3,750 | $ 6,076 |
Non-financial Assets and Lia_10
Non-financial Assets and Liabilities - Summary of Deferred Tax Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Deferred tax assets | ||
Tax losses | $ 80,411 | $ 71,916 |
Other temporary differences | 7,831 | 8,248 |
Total deferred tax assets | 88,242 | 80,164 |
Deferred tax liabilities | ||
Intangible assets | 88,242 | 80,164 |
Total deferred tax liabilities | $ 88,242 | $ 80,164 |
Non-financial Assets and Lia_11
Non-financial Assets and Liabilities - Schedule of Movements Related to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Deferred Tax Assets And Liabilities [Line Items] | ||
Beginning balance | $ 730 | |
Charged/(credited) to: | ||
- profit or loss | $ (239) | (821) |
- directly to equity | 239 | 91 |
Tax losses (DTA) | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Beginning balance | (71,916) | (72,899) |
Charged/(credited) to: | ||
- profit or loss | (8,742) | 1,449 |
- directly to equity | 247 | (466) |
Ending balance | (80,411) | (71,916) |
Other Temporary Differences (DTA) | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Beginning balance | (8,248) | (6,196) |
Charged/(credited) to: | ||
- profit or loss | 425 | (2,609) |
- directly to equity | (8) | 557 |
Ending balance | (7,831) | (8,248) |
Intangible Assets (DTL) | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Beginning balance | 80,164 | 79,825 |
Charged/(credited) to: | ||
- profit or loss | 8,078 | 339 |
Ending balance | $ 88,242 | $ 80,164 |
Non-financial Assets and Lia_12
Non-financial Assets and Liabilities - Schedule of Deferred Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Non Financial Assets And Liabilities [Abstract] | ||
Opening balance | $ 2,500 | $ 2,500 |
Milestone consideration received during the period | 0 | 0 |
Amount recognized as revenue during the period | 0 | 0 |
Balance as of the end of the period | $ 2,500 | $ 2,500 |
Non-financial Assets and Lia_13
Non-financial Assets and Liabilities - Schedule of Deferred Consideration (Parenthetical) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2022 | Jun. 30, 2020 | |
Disclosure Of Non Financial Assets And Liabilities [Abstract] | |||
Milestone revenue | $ 2,500 | $ 1,172 | $ 25,000 |
Equity - Schedule of Share Capi
Equity - Schedule of Share Capital (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 |
Contributed equity | ||||
Total Equity | $ 497,044 | $ 581,397 | $ 549,326 | $ 481,052 |
Ordinary Shares | ||||
Contributed equity | ||||
Ordinary shares | 650,454,551 | 648,696,070 | 583,949,612 | 498,626,208 |
Less: Treasury Shares | (542,903) | (771,983) | (3,500,000) | |
Total Contributed Equity | 649,911,648 | 647,924,087 | 580,449,612 | |
Ordinary shares | $ 1,165,309 | $ 1,163,153 | $ 1,051,450 | |
Total Equity | $ 1,165,309 | $ 1,163,153 | $ 1,051,450 | $ 910,405 |
Equity - Summary of Movements i
Equity - Summary of Movements in Ordinary Share Capital (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | Jun. 30, 2020 USD ($) shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Beginning balance | $ 581,397 | $ 549,326 | $ 481,052 |
Transactions with owners in their capacity as owners: | |||
Exercise of share options ,shares | shares | 229,080 | 4,823,404 | |
Ending balance | $ 497,044 | $ 581,397 | $ 549,326 |
Issued Capital | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Beginning balance, Shares | shares | 648,696,070 | 583,949,612 | 498,626,208 |
Beginning balance | $ 1,163,153 | $ 1,051,450 | $ 910,405 |
Transactions with owners in their capacity as owners: | |||
Exercise of share options ,shares | shares | 4,223,404 | ||
Exercise of share options | $ 209 | $ 9,223 | $ 4,364 |
Transfer to employee share trust, shares | shares | 3,450,000 | ||
Share based compensation for services rendered, shares | shares | 1,758,481 | 1,187,168 | 600,000 |
Share based compensation for services rendered | $ 1,698 | $ 1,867 | $ 864 |
Transaction costs arising on share issue | $ 21 | $ (1,312) | $ (6,871) |
Total contributions of equity during the period, shares | shares | 1,758,481 | 64,746,458 | 85,323,404 |
Total contributions of equity during the period | $ 1,928 | $ 106,809 | $ 137,840 |
Share options reserve transferred to equity on exercise of options | $ 228 | $ 4,894 | $ 3,205 |
Ending balance, Shares | shares | 650,454,551 | 648,696,070 | 583,949,612 |
Ending balance | $ 1,165,309 | $ 1,163,153 | $ 1,051,450 |
Placement Agreement | Issued Capital | |||
Transactions with owners in their capacity as owners: | |||
Placement of shares under a share placement agreement, shares | shares | 60,109,290 | 80,500,000 | |
Placement of shares under a share placement agreement | $ 97,031 | $ 139,483 |
Equity - Summary of Movements_2
Equity - Summary of Movements in Ordinary Share Capital (Parenthetical) (Details) $ in Millions, $ in Millions | 1 Months Ended | ||||
Mar. 31, 2021 AUD ($) $ / shares shares | May 31, 2020 USD ($) $ / shares shares | May 31, 2020 AUD ($) $ / shares shares | Oct. 31, 2019 USD ($) $ / shares shares | Oct. 31, 2019 AUD ($) $ / shares shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Proceeds from issue of shares | $ 88.8 | $ 138 | $ 50.7 | $ 75 | |
Number of shares issued and fully paid | shares | 43,000,000 | 43,000,000 | 37,500,000 | 37,500,000 | |
Fully-paid ordinary shares price | $ / shares | 3.20 | 3.20 | 2 | 2 | |
Discount percentage used to calculate equity purchase price per share | 7% | 7% | 3.15% | 3.15% | |
Warrants | |||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Number of shares issued | shares | 15,000,000 | ||||
Warrant exercise price per share | $ / shares | $ 2.88 | ||||
Ratio of issuance of warrants to ordinary shares | 25% | ||||
Warrants | Top of Range | |||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Maximum amount of capital that can be raised from warrants | $ | $ 43.2 | ||||
Equity Purchase Fee | Tasly | |||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||
Discount percentage used to calculate equity purchase price per share | 6.50% | ||||
Sale of equity price per share | $ / shares | $ 2.30 | ||||
Number of shares issued | shares | 60,109,290 |
Equity - Summary of Movements o
Equity - Summary of Movements of Shares in Share Trust (Details) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2020 shares | Jun. 30, 2022 shares | Jun. 30, 2021 shares | Jun. 30, 2020 shares | |
Disclosure Of Movements Of Shares In Share Trust [Line Items] | ||||
Exercise of share options ,shares | (229,080) | (4,823,404) | ||
Mesoblast Employee Share Trust | ||||
Disclosure Of Movements Of Shares In Share Trust [Line Items] | ||||
Opening balance, shares | 3,500,000 | 771,983 | 3,500,000 | |
Transfer to employee share trust, shares | 3,500,000 | 3,450,000 | ||
Exercise of share options ,shares | (229,080) | (6,178,017) | ||
Ending balance, shares | 542,903 | 771,983 | 3,500,000 |
Equity - Summary of Movements_3
Equity - Summary of Movements of Shares in Share Trust (Parenthetical) (Details) - shares | 1 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jun. 30, 2021 | |
Mesoblast Employee Share Trust | ||
Disclosure Of Movements Of Shares In Share Trust [Line Items] | ||
Transfer to employee share trust, shares | 3,500,000 | 3,450,000 |
Equity - Additional Information
Equity - Additional Information (Details) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2021 USD ($) $ / shares | Mar. 31, 2021 AUD ($) $ / shares shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) shares | Jun. 30, 2020 USD ($) shares | May 31, 2020 shares | Oct. 31, 2019 shares | Jun. 30, 2019 shares | |
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Proceeds from issue of shares | $ | $ 209 | $ 106,268 | $ 144,946 | |||||
Fully-paid ordinary shares | 43,000,000 | 37,500,000 | ||||||
Warrants | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Ordinary shares | 15,027,327 | |||||||
Warrant exercise price per share | $ / shares | $ 2.88 | |||||||
Warrant exercise term | 7 years | 7 years | ||||||
Warrants | Bottom of Range | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Share price for right exercise of the warrants | $ / shares | 4.32 | 4.32 | ||||||
Private Placement of Shares | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Par value per share | $ / shares | $ 2.30 | |||||||
Proceeds from issue of shares | $ 110,000 | $ 138 | ||||||
Fully-paid ordinary shares | 60,109,290 | |||||||
Ordinary Shares | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Ordinary shares | 650,454,551 | 648,696,070 | 583,949,612 | 498,626,208 |
Equity - Summary of Reserves (D
Equity - Summary of Reserves (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Disclosure Of Reserves Within Equity [Line Items] | |||
Reserves | $ 70,651 | $ 65,813 | |
Share-Based Payments Reserve | |||
Disclosure Of Reserves Within Equity [Line Items] | |||
Reserves | 97,924 | 92,855 | $ 85,330 |
Investment Revaluation Reserve | |||
Disclosure Of Reserves Within Equity [Line Items] | |||
Reserves | (542) | (220) | (429) |
Foreign Currency Translation Reserve | |||
Disclosure Of Reserves Within Equity [Line Items] | |||
Reserves | (39,700) | (39,791) | $ (38,267) |
Warrants Reserve | |||
Disclosure Of Reserves Within Equity [Line Items] | |||
Reserves | $ 12,969 | $ 12,969 |
Equity - Summary of Reconciliat
Equity - Summary of Reconciliation of Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Reserves Within Equity [Line Items] | |||
Opening balance | $ 65,813 | ||
Fair value of share-based payments | 5,536 | $ 12,510 | $ 7,522 |
Changes in the fair value of financial assets through other comprehensive income | 322 | (209) | 446 |
Closing Balance | 70,651 | 65,813 | |
Share-Based Payments Reserve | |||
Disclosure Of Reserves Within Equity [Line Items] | |||
Opening balance | 92,855 | 85,330 | |
Tax credited / (debited) to equity | (239) | (91) | |
Transfer to ordinary shares on exercise of options | (228) | (4,894) | |
Fair value of share-based payments | 5,536 | 12,510 | |
Closing Balance | 97,924 | 92,855 | 85,330 |
Investment Revaluation Reserve | |||
Disclosure Of Reserves Within Equity [Line Items] | |||
Opening balance | (220) | (429) | |
Changes in the fair value of financial assets through other comprehensive income | (322) | 209 | |
Closing Balance | (542) | (220) | (429) |
Foreign Currency Translation Reserve | |||
Disclosure Of Reserves Within Equity [Line Items] | |||
Opening balance | (39,791) | (38,267) | |
Currency gain/(loss) on translation of foreign operations net assets | 91 | (1,524) | |
Closing Balance | (39,700) | (39,791) | $ (38,267) |
Warrants Reserve | |||
Disclosure Of Reserves Within Equity [Line Items] | |||
Opening balance | 12,969 | ||
Warrants fair value at issue date - March 18, 2021 | 12,969 | ||
Closing Balance | $ 12,969 | $ 12,969 |
Equity - Summary of Assumptions
Equity - Summary of Assumptions Based on Observable Market Conditions Existed at Issue Date (Details) - Mar. 18, 2021 | USD ($) $ / shares | $ / shares |
Disclosure Of Classes Of Share Capital [Abstract] | ||
Share Price | $ 2.41 | |
Exercise Price | 2.88 | |
Expected Term | 7 years | |
Dividend Yield | 0% | |
Expected Volatility | 66.88% | |
A$-US$ FX Spot Rate | 0.7827 | |
Risk Free Interest Rate | 1.24% | |
Fair value per warrant | (per share) | $ 0.863 | $ 1.103 |
Fair value | $ | $ 12,968,583 |
Equity - Summary of Assumptio_2
Equity - Summary of Assumptions Based on Observable Market Conditions Existed at Issue Date (Parenthetical) (Details) | Mar. 18, 2021 shares |
Warrants | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Number of warrants at issue date | 15,027,327 |
Bottom of Range | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Term of bond issued | 5 years |
Top of Range | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Term of bond issued | 10 years |
Cash Flow Information - Summary
Cash Flow Information - Summary of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Reconciliation of cash and cash equivalents | ||||
Cash at bank | $ 60,034 | $ 136,430 | $ 128,916 | |
Deposits at call | 413 | 451 | 412 | |
Cash and cash equivalents | 60,447 | 136,881 | 129,328 | $ 50,426 |
Loss for the period | (91,347) | (98,811) | (77,940) | |
Add/(deduct) net loss for non-cash items as follows: | ||||
Depreciation and amortization | 4,380 | 4,264 | 3,667 | |
Foreign exchange (gains)/losses | 536 | (1,499) | (302) | |
Finance costs | 16,906 | 15,936 | 14,747 | |
Remeasurement of borrowing arrangements | 382 | (5,225) | (607) | |
Remeasurement of contingent consideration | (913) | (18,687) | (1,380) | |
Remeasurement of warrant liabilities | (5,896) | |||
Equity settled share-based payment | 5,536 | 12,510 | 7,522 | |
Deferred tax benefit | (235) | (819) | (9,415) | |
Change in operating assets and liabilities: | ||||
Decrease/(increase) in trade and other receivables | 140 | (1,739) | 890 | |
Decrease/(increase) in prepayments | 1,555 | (213) | 2,292 | |
Increase/(decrease) in trade creditors and accruals | 4,777 | (5,061) | 3,601 | |
Increase/(decrease) in provisions | (1,603) | (1,405) | (7,500) | |
Net cash (outflows) in operating activities | $ (65,782) | $ (100,749) | $ (50,418) |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of Financial Risk Management [Line Items] | ||
Change in interest rate effect on profit loss | 5% | |
Disclosure - Financial Risk Management - Additional Information (Details) [Line Items] | ||
Percentage of forecast net sales | 20% | |
Increase non-current borrowing | $ 0.2 | |
Decrease in profit | 0.2 | |
Decrease non-current borrowings | 0.2 | |
Increase in profit | $ 0.2 | |
Percentage of decrease in net sales | 20% | |
Currency Risk | USD | ||
Disclosure of Financial Risk Management [Line Items] | ||
Percentage of cash held | 97% | 89% |
Currency Risk | AUD | ||
Disclosure of Financial Risk Management [Line Items] | ||
Percentage of cash held | 3% | 11% |
Interest Rate Risk | ||
Disclosure of Financial Risk Management [Line Items] | ||
Effect on profit from change in tax rate | 10% | 10% |
Liquidity Risk | ||
Disclosure of Financial Risk Management [Line Items] | ||
Non-interest bearing financial liabilities maturing period | 6 months | 6 months |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Balances Held at the End of Year with an Analysis which Assesses Impact on Profit and Loss Due to Change in Exchange Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | $ 159 | $ 313 | $ 129 |
Profit/(Loss) | (91,347) | (98,811) | $ (77,940) |
+20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (434) | (729) | |
-20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 434 | 729 | |
Bank Accounts | USD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | 2 | 402 | |
Bank Accounts | USD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 19 | 0 | |
Bank Accounts | USD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (19) | 0 | |
Bank Accounts | CHF | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | 68 | 87 | |
Bank Accounts | CHF | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 12 | 15 | |
Bank Accounts | CHF | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (12) | (15) | |
Bank Accounts | SGD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | 33 | 112 | |
Bank Accounts | SGD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 20 | 5 | |
Bank Accounts | SGD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (20) | (5) | |
Bank Accounts | EUR | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | 147 | 46 | |
Bank Accounts | EUR | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 60 | 35 | |
Bank Accounts | EUR | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (60) | (35) | |
Trade and Other Receivables | CHF | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | 1 | 2 | |
Trade and Other Receivables | CHF | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 1 | 1 | |
Trade and Other Receivables | CHF | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (1) | (1) | |
Trade and Other Receivables | SGD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | 141 | 141 | |
Trade and Other Receivables | SGD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 30 | 55 | |
Trade and Other Receivables | SGD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (30) | (55) | |
Trade and Other Receivables | EUR | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | 110 | 43 | |
Trade and Other Receivables | EUR | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 32 | 32 | |
Trade and Other Receivables | EUR | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (32) | (32) | |
Trade Payables and Accruals | USD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | (1,792) | (4,872) | |
Trade Payables and Accruals | USD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (55) | (358) | |
Trade Payables and Accruals | USD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 55 | 358 | |
Trade Payables and Accruals | CHF | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | (37) | (37) | |
Trade Payables and Accruals | CHF | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (7) | (12) | |
Trade Payables and Accruals | CHF | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 7 | 12 | |
Trade Payables and Accruals | SGD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | (356) | (124) | |
Trade Payables and Accruals | SGD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (62) | (53) | |
Trade Payables and Accruals | SGD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 62 | 53 | |
Trade Payables and Accruals | EUR | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | 27 | (124) | |
Trade Payables and Accruals | EUR | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (9) | (13) | |
Trade Payables and Accruals | EUR | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 9 | 13 | |
Trade Payables and Accruals | AUD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | (392) | (731) | |
Trade Payables and Accruals | AUD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (104) | (59) | |
Trade Payables and Accruals | AUD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 104 | 59 | |
Trade Payables and Accruals | GBP | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | (47) | (60) | |
Trade Payables and Accruals | GBP | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (12) | (13) | |
Trade Payables and Accruals | GBP | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 12 | 13 | |
Provisions | USD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | (1,750) | 0 | |
Provisions | USD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (350) | (350) | |
Provisions | USD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 350 | 350 | |
Provisions | SGD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign exchange translation gains/(losses) | (94) | (98) | |
Provisions | SGD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (9) | (14) | |
Provisions | SGD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | $ 9 | $ 14 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Borrowings of Interest Rate Changes (Details) - Interest Rate Risk - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure of Financial Risk Management [Line Items] | ||
Percentage of loans | 0% | 55% |
Variable rate borrowings | $ 52,864 | |
Hercules Capital, Inc | Non-Current Borrowings | ||
Disclosure of Financial Risk Management [Line Items] | ||
Percentage of loans | 0% | 0% |
Hercules Capital, Inc | Current Borrowings | ||
Disclosure of Financial Risk Management [Line Items] | ||
Percentage of loans | 0% | 55% |
Variable rate borrowings | $ 52,864 |
Financial Risk Management - S_2
Financial Risk Management - Schedule of Borrowings which Expose Interest Rate Risk Together with the Maximum and Minimum Interest Rates Being Earned (Details) - Interest Rate Risk - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of Financial Risk Management [Line Items] | ||
Borrowings | $ 52,864 | |
USD | ||
Disclosure of Financial Risk Management [Line Items] | ||
Borrowings | $ 0 | 52,864 |
Rate increase on borrowings | 243 | |
Rate decrease on borrowings | $ (243) | |
USD | Bottom of Range | ||
Disclosure of Financial Risk Management [Line Items] | ||
Borrowings Interest rate | 0% | 9.70% |
Rate increase | 0.03% | 0.03% |
Rate decrease | 0.03% | 0.03% |
USD | Bottom of Range | Borrowings | ||
Disclosure of Financial Risk Management [Line Items] | ||
Rate increase | 0% | 10.19% |
Rate decrease | 0% | 9.22% |
USD | Top of Range | ||
Disclosure of Financial Risk Management [Line Items] | ||
Borrowings Interest rate | 0% | 9.70% |
Rate increase | 0.03% | 0.03% |
Rate decrease | 0.03% | 0.03% |
USD | Top of Range | Borrowings | ||
Disclosure of Financial Risk Management [Line Items] | ||
Rate increase | 0% | 10.19% |
Rate decrease | 0% | 9.22% |
Financial Risk Management - S_3
Financial Risk Management - Schedule of Borrowings which Expose Interest Rate Risk Together with the Maximum and Minimum Interest Rates Being Earned (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure of Financial Risk Management [Line Items] | ||
Principal amount of loans | $ 96,634 | $ 94,245 |
Hercules Capital, Inc | Tranche One | ||
Disclosure of Financial Risk Management [Line Items] | ||
Principal amount of loans | $ 50,000 |
Financial Risk Management - S_4
Financial Risk Management - Schedule of Deposits Held which Derive Interest Revenue Together with the Maximum and Minimum Interest Rates Being Earned (Details) - Interest Rate Risk $ in Thousands, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 AUD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 AUD ($) | |
USD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested | $ 49,383 | $ 107,564 | ||
Rate increase on funds invested | 15 | 32 | ||
Rate decrease on funds invested | $ (15) | $ (32) | ||
AUD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested | $ 600 | $ 600 | ||
Rate increase on funds invested | 1 | 0 | ||
Rate decrease on funds invested | $ (1) | $ 0 | ||
Bottom of Range | USD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested percentage | 0% | 0% | 0% | 0% |
Rate increase | 0.03% | 0.03% | 0.03% | 0.03% |
Rate decrease | 0.03% | 0.03% | 0.03% | 0.03% |
Bottom of Range | AUD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested percentage | 1.50% | 1.50% | 0.24% | 0.24% |
Rate increase | 1.65% | 1.65% | 0.26% | 0.26% |
Rate decrease | 1.35% | 1.35% | 0.22% | 0.22% |
Top of Range | USD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested percentage | 0% | 0% | 0% | 0% |
Rate increase | 0.03% | 0.03% | 0.03% | 0.03% |
Rate decrease | 0.03% | 0.03% | 0.03% | 0.03% |
Top of Range | AUD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested percentage | 1.50% | 1.50% | 0.24% | 0.24% |
Rate increase | 1.65% | 1.65% | 0.26% | 0.26% |
Rate decrease | 1.35% | 1.35% | 0.22% | 0.22% |
Financial Risk Management - S_5
Financial Risk Management - Schedule of Deposits Held which Derive Interest Revenue Together with the Maximum and Minimum Interest Rates Being Earned (Parenthetical) (Details) - Interest Rate Risk | 12 Months Ended | ||
Jul. 01, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of Financial Risk Management [Line Items] | |||
Effect on profit from change in interest rate increase or decrease | 0.03% | 0% | 0% |
USD | |||
Disclosure of Financial Risk Management [Line Items] | |||
Effect on profit from change in interest rate increase or decrease | 10% | 10% | |
AUD | |||
Disclosure of Financial Risk Management [Line Items] | |||
Effect on profit from change in interest rate increase or decrease | 10% | 10% |
Financial Risk Management - S_6
Financial Risk Management - Summary of Borrowing to Price Rate Changes (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Disclosure of Financial Risk Management [Line Items] | ||
Borrowings | $ 91,617 | $ 41,045 |
Total borrowings | 96,634 | 94,245 |
Commodity price risk [member] | ||
Disclosure of Financial Risk Management [Line Items] | ||
Current borrowings | 372 | 336 |
Borrowings | 47,898 | 41,045 |
Total borrowings | $ 48,270 | $ 41,381 |
Percent of current borrowings | 0% | 0% |
Percent of non-current borrowings | 50% | 45% |
Percent of total loans | 50% | 45% |
Financial Risk Management - S_7
Financial Risk Management - Summary of Group's Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Reconciliation of cash and cash equivalents | |||
Deposits at call | $ 413 | $ 451 | $ 412 |
Cash at bank | 60,034 | 136,430 | $ 128,916 |
Trade and other receivables | |||
Other recoverable taxes (Goods and services tax and value-added tax) | 235 | 646 | |
U.S. Tax credits | 1,473 | 1,473 | |
Credit Risk | Minimum A Rated | |||
Reconciliation of cash and cash equivalents | |||
Deposits at call | 413 | 451 | |
Cash at bank | 60,033 | 136,430 | |
Trade and other receivables | |||
Receivable from minimum A rated bank deposits (interest) | 254 | 257 | |
Credit Risk | Non-Rated | |||
Trade and other receivables | |||
Receivable from other parties (non-rated) | 2,382 | 2,122 | |
Credit Risk | Australian Government | |||
Trade and other receivables | |||
Receivable from the Australian Government (Income Tax) | 5 | ||
Receivable from the Australian Government (Foreign Withholding Tax) | 400 | 400 | |
Other recoverable taxes (Goods and services tax and value-added tax) | 102 | 388 | |
Credit Risk | United States Government | |||
Trade and other receivables | |||
Receivable from the Australian Government (Income Tax) | 20 | 3 | |
U.S. Tax credits | 2 | ||
Other non-current assets | |||
Receivable from the United States Government (U.S. tax credits) | 1,473 | $ 1,473 | |
Credit Risk | Swiss Government | |||
Trade and other receivables | |||
Receivable from the Swiss Government (Value-Added Tax) | $ 105 |
Financial Risk Management - S_8
Financial Risk Management - Schedule of Maturity Profile of Anticipated Future Contractual Cash Flows Carrying Value (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | $ (219,615) |
Carrying amount | (135,441) |
Within 1 year [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (33,568) |
Between 1-2 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (19,529) |
Between 2-5 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (166,518) |
Borrowings | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (175,212) |
Carrying amount | (96,634) |
Borrowings | Within 1 year [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (5,628) |
Borrowings | Between 1-2 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (12,575) |
Borrowings | Between 2-5 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (157,009) |
Trade Payables [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (23,079) |
Carrying amount | (23,079) |
Trade Payables [Member] | Within 1 year [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (23,079) |
Lease Liabilities [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (11,220) |
Carrying amount | (10,271) |
Lease Liabilities [Member] | Within 1 year [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (3,682) |
Lease Liabilities [Member] | Between 1-2 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (4,824) |
Lease Liabilities [Member] | Between 2-5 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (2,714) |
Contingent Consideration | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (10,104) |
Carrying amount | (5,457) |
Contingent Consideration | Within 1 year [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (1,179) |
Contingent Consideration | Between 1-2 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (2,130) |
Contingent Consideration | Between 2-5 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | $ (6,795) |
Interests in Other Entities - S
Interests in Other Entities - Summary of Group's Principal Subsidiaries (Details) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | Mesoblast International Sàrl (includes Mesoblast International Sàrl Singapore Branch) | |
Country of incorporation | Switzerland | |
Equity holding | 100% | 100% |
Ordinary Shares | Mesoblast, Inc. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | Mesoblast, Inc. | |
Country of incorporation | USA | |
Equity holding | 100% | 100% |
Ordinary Shares | Mesoblast Australia Pty Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | Mesoblast Australia Pty Ltd | |
Country of incorporation | Australia | |
Equity holding | 100% | 100% |
Ordinary Shares | Mesoblast UK Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | Mesoblast UK Ltd | |
Country of incorporation | United Kingdom | |
Equity holding | 100% | 100% |
Ordinary Shares | Mesoblast International (UK) Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | Mesoblast International (UK) Ltd | |
Country of incorporation | United Kingdom | |
Equity holding | 100% | |
Ordinary Shares | BeiCell Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | BeiCell Ltd | |
Country of incorporation | Cayman Islands | |
Equity holding | 100% | 100% |
Contingent Assets and Liabili_2
Contingent Assets and Liabilities - Additional Information (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Contingent Assets And Liabilities [Line Items] | ||
Contingent assets outstanding | $ 0 | $ 0 |
CALHNI | Top of Range | ||
Disclosure Of Contingent Assets And Liabilities [Line Items] | ||
Aggregated milestone payments | $ 2,200,000 |
Commitments - Additional Inform
Commitments - Additional Information (Details) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Commitments [Line Items] | ||
Future capital expenditure commitments outstanding | $ 0 | $ 0 |
Non-cancellable purchase commitments related to raw materials, manufacturing agreements and other goods and services | 9,400,000 | |
Other purchase commitments | 0 | |
Lonza Bioscience Singapore Pte Ltd | Manufacturing Service Agreement | ||
Commitments [Line Items] | ||
Minimum remaining financial commitment of non-lease component on exercise of option to extend non-cancellable term | 12,200,000 | |
Minimum financial commitment of lease component on exercise of option to extend non-cancellable term | $ 4,100,000 |
Events Occurring After the Re_2
Events Occurring After the Reporting Period - Additional Information (Details) $ in Thousands, $ in Millions | 1 Months Ended | |||||||
Aug. 31, 2022 USD ($) | Aug. 31, 2022 AUD ($) | Aug. 11, 2022 USD ($) | Aug. 09, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | Jun. 30, 2019 USD ($) | |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||||
Cash & cash equivalents | $ 60,447 | $ 136,881 | $ 129,328 | $ 50,426 | ||||
Private Placements | ||||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||||
Payment for financing global private placement | $ 45,000 | $ 65 | ||||||
Cash & cash equivalents | $ 42,600 | $ 45,000 |
Related party transactions - Su
Related party transactions - Summary of Aggregate Compensation made to Directors and other Members of key Management Personnel (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure Of Key Management Personnel Compensation [Abstract] | ||
Short-term employee benefits | $ 2,294,897 | $ 2,401,749 |
Long-term employee benefits | 12,206 | 12,646 |
Post-employment benefits | 31,346 | 36,444 |
Share based payments | 391,592 | 1,469,698 |
Key management personnel compensation | $ 2,730,041 | $ 3,920,537 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) | 12 Months Ended | ||||||
Jun. 30, 2022 Tranche $ / shares $ / shares shares | Jun. 30, 2022 Tranche $ / shares shares | Jun. 30, 2021 $ / shares $ / shares | Jun. 30, 2021 $ / shares | Jun. 30, 2020 $ / shares $ / shares | Jun. 30, 2020 $ / shares | Jun. 30, 2019 | |
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Description of grant date and expiry term of options and loan funded shares | In accordance with the Company’s policy, options and loan funded shares are typically issued in three equal tranches. For issues granted prior to July 1, 2015 the length of time from grant date to expiry date was typically 5 years. Grants since July 1, 2015, are issued with a seven year term. | In accordance with the Company’s policy, options and loan funded shares are typically issued in three equal tranches. For issues granted prior to July 1, 2015 the length of time from grant date to expiry date was typically 5 years. Grants since July 1, 2015, are issued with a seven year term. | |||||
Description of vesting requirements of options issued | Options issued to employees generally vest based on performance or time conditions, or both. In the year ended June 30, 2022, senior executives were issued options that vest based on performance and time conditions. These options are required to satisfy certain pre-specified performance conditions and time-based vesting conditions prior to vesting. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. For time-based vesting options, the first tranche typically vests 12 months after grant date, the second tranche 24 months after grant date, and the third tranche 36 months after grant date. | Options issued to employees generally vest based on performance or time conditions, or both. In the year ended June 30, 2022, senior executives were issued options that vest based on performance and time conditions. These options are required to satisfy certain pre-specified performance conditions and time-based vesting conditions prior to vesting. Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. For time-based vesting options, the first tranche typically vests 12 months after grant date, the second tranche 24 months after grant date, and the third tranche 36 months after grant date. | |||||
Percentage of premium attached with time based vesting condition options | 10% | 10% | |||||
Percentage of premium attached with performance based vesting condition options | 0% | 0% | |||||
Employee share option plan, maximum number of options available for issuance | shares | 10,000,000 | 10,000,000 | |||||
Weighted average remaining contractual life of outstanding share options and loan funded | 4 years 1 month 28 days | 4 years 1 month 28 days | 4 years 5 months 26 days | 4 years 5 months 26 days | 4 years 9 months 14 days | 4 years 9 months 14 days | |
Number of tranches | 3 | 3 | |||||
Option exercise term in connection with cessation of employment | 60 days | 60 days | |||||
Modification made to share based payment arrangements | no | no | no | no | no | ||
Weighted average share purchase price, Granted No. (during the year) | $ / shares | $ 0.56 | $ 1.42 | $ 1.07 | ||||
Dividend yield on shares underlying options | 0% | 0% | |||||
Closing share market price of ordinary share | $ / shares | $ 0.61 | $ 0.61 | $ 1.98 | 1.98 | $ 3.25 | 3.25 | |
Issues Granted Prior to July 1, 2015 | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Expiry term of options | 5 years | 5 years | |||||
Issues Granted Since July 1, 2015 | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Expiry term of options | 7 years | 7 years | |||||
Tranche One | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Tranche vesting term | 1 year | 1 year | |||||
Tranche One | Bottom of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 1 | 1 | |||||
Tranche Two | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Tranche vesting term | 2 years | 2 years | |||||
Tranche Two | Bottom of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 2 | 2 | |||||
Tranche Three | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Tranche vesting term | 3 years | 3 years | |||||
Tranche Three | Bottom of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 3 | 3 | |||||
Series INC | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Options conversion ratio | 63.978 | 63.978 | |||||
Options vested on acquisition date | Dec. 07, 2010 | Dec. 07, 2010 | |||||
Series 31b | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 2 | 2 | |||||
Series 36(a&b) | Bottom of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 2 | 2 | |||||
Series 36(a&b) | Top of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 3 | 3 | |||||
49a, 49b, 50, 50a, 53, 64b, 64c, 64d, 64e, 71, 74a, 74b, 74c | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Description of vesting requirements of options issued | Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. | Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. | |||||
49a, 49b, 50, 50a, 53, 64b, 64c, 64d, 64e, 71, 74a, 74b, 74c | Bottom of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches prior to vesting | 2 | 2 | |||||
49a, 49b, 50, 50a, 53, 64b, 64c, 64d, 64e, 71, 74a, 74b, 74c | Top of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches prior to vesting | 3 | 3 | |||||
Series 38a, 40a, 57 & 66 | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 1 | 1 | |||||
Series 39a | Bottom of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 1 | 1 | |||||
Series 39a | Top of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 2 | 2 | |||||
Series 51 & 75 | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 2 | 2 | |||||
Series 55 | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 5 | 5 | |||||
Series 63a | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Description of vesting requirements of options issued | Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. | Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. | |||||
Series 63a | Bottom of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 3 | 3 | |||||
Series 63a | Top of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 8 | 8 | |||||
Series 64a | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Description of vesting requirements of options issued | Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. | Time-based conditions restrict vesting to a maximum of one third at 12 months, two thirds at 24 months and full grant at 36 months, but only if the pre-specified performance conditions have been met. | |||||
Tranche Five | Top of Range | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Number of equal tranches vest on date | 5 | 5 | |||||
AUD | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 1.82 | $ 4.42 | $ 3.47 | ||||
Weighted average share purchase price, Granted No. (during the year) | $ / shares | $ 1.77 | $ 3.56 | $ 1.57 | ||||
AUD | Series 31b | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Description of grant date and expiry term of options and loan funded shares | 12-May-15 | 12-May-15 | |||||
AUD | Series 39a | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Description of grant date and expiry term of options and loan funded shares | 13-Oct-17 | 13-Oct-17 | 13-Oct-17 | 13-Oct-17 | 13-Oct-17 | 13-Oct-17 | |
AUD | Series 55 | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Description of grant date and expiry term of options and loan funded shares | 29-May-19 | 29-May-19 | 29-May-19 | 29-May-19 | 29-May-19 | 29-May-19 | |
AUD | Series 63a | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Description of grant date and expiry term of options and loan funded shares | 18-May-20 | 18-May-20 | 18-May-20 | 18-May-20 | |||
AUD | Series 64a | |||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | |||||||
Description of grant date and expiry term of options and loan funded shares | 16-Jul-20 | 16-Jul-20 | 16-Jul-20 | 16-Jul-20 |
Share-Based Payments - Reconcil
Share-Based Payments - Reconciliation of Outstanding Share Based Payments (Details) | 12 Months Ended | |||||||
Mar. 18, 2021 $ / shares | Jun. 30, 2022 USD ($) shares $ / shares | Jun. 30, 2022 shares $ / shares | Jun. 30, 2021 USD ($) shares $ / shares | Jun. 30, 2021 shares $ / shares | Jun. 30, 2020 USD ($) shares $ / shares | Jun. 30, 2020 shares $ / shares | Jun. 30, 2019 shares $ / shares | |
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | In accordance with the Company’s policy, options and loan funded shares are typically issued in three equal tranches. For issues granted prior to July 1, 2015 the length of time from grant date to expiry date was typically 5 years. Grants since July 1, 2015, are issued with a seven year term. | |||||||
Opening Balance | 45,333,216 | 38,911,491 | 27,737,893 | |||||
Granted No. (during the year) | 10,723,000 | 17,490,334 | ||||||
Exercise of share options ,shares | (229,080) | (4,823,404) | ||||||
Lapsed/Forfeited* No. (during the year) | (6,176,668) | (1,493,332) | ||||||
Closing Balance | 49,650,468 | 45,333,216 | 38,911,491 | 27,737,893 | ||||
Vested and exercisable No (end of year) | 23,084,908 | 15,373,646 | ||||||
Share Price | $ / shares | $ 2.41 | |||||||
Weighted average share purchase price, Granted No. (during the year) | $ / shares | $ 0.56 | $ 1.42 | $ 1.07 | |||||
AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Opening Balance | 45,333,216 | 38,911,491 | ||||||
Granted No. (during the year) | 18,193,406 | |||||||
Exercise of share options ,shares | (7,078,017) | |||||||
Lapsed/Forfeited* No. (during the year) | (4,693,664) | |||||||
Closing Balance | 45,333,216 | 38,911,491 | ||||||
Vested and exercisable No (end of year) | 18,389,623 | |||||||
Share Price | $ / shares | $ 2.21 | $ 2.42 | $ 1.86 | $ 2.06 | ||||
Weighted average share purchase price, Granted No. (during the year) | $ / shares | 1.77 | 3.56 | 1.57 | |||||
Weighted average share purchase price, Exercised No. (during the year) | $ / shares | 1.25 | 2.06 | 1.60 | |||||
Weighted average share purchase price, Lapsed/Forfeited* No. (during the year) | $ / shares | $ 2.99 | $ 2.76 | $ 2.80 | |||||
Weighted average share purchase price, Vested and exercisable No (end of year) | $ | $ 2.06 | $ 2.15 | $ 2.25 | |||||
Series 32 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 10-Jul-15 | 10-Jul-15 | ||||||
Expiry Date | 30-Jun-22 | 30-Jun-22 | ||||||
Opening Balance | 1,753,334 | 2,268,334 | 2,308,334 | |||||
Lapsed/Forfeited* No. (during the year) | (1,753,334) | (40,000) | ||||||
Closing Balance | 1,753,334 | 2,268,334 | 2,308,334 | |||||
Vested and exercisable No (end of year) | 2,268,334 | |||||||
Series 32 | USD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 10-Jul-15 | |||||||
Expiry Date | 30-Jun-22 | |||||||
Opening Balance | 1,753,334 | 2,268,334 | ||||||
Exercise of share options ,shares | (515,000) | |||||||
Closing Balance | 1,753,334 | 2,268,334 | ||||||
Vested and exercisable No (end of year) | 1,753,334 | |||||||
Series 33 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 26-Aug-15 | 26-Aug-15 | 26-Aug-15 | |||||
Expiry Date | 16-Aug-22 | 16-Aug-22 | 16-Aug-22 | |||||
Opening Balance | 75,000 | 75,000 | 75,000 | |||||
Lapsed/Forfeited* No. (during the year) | (75,000) | |||||||
Closing Balance | 75,000 | 75,000 | 75,000 | |||||
Vested and exercisable No (end of year) | 75,000 | 75,000 | ||||||
Series 34 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 27-Apr-16 | 27-Apr-16 | 27-Apr-16 | |||||
Expiry Date | 06-Mar-23 | 06-Mar-23 | 06-Mar-23 | |||||
Opening Balance | 1,858,979 | 2,638,334 | 3,193,334 | |||||
Exercise of share options ,shares | (769,355) | (475,000) | ||||||
Lapsed/Forfeited* No. (during the year) | (180,000) | (10,000) | (70,000) | |||||
Closing Balance | 1,678,979 | 1,858,979 | 2,638,334 | 3,193,334 | ||||
Vested and exercisable No (end of year) | 1,678,979 | 1,858,979 | 2,638,334 | |||||
Series 34a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 27-Apr-16 | 27-Apr-16 | ||||||
Expiry Date | 17-Apr-23 | 17-Apr-23 | ||||||
Opening Balance | 200,000 | 200,000 | ||||||
Exercise of share options ,shares | (116,666) | |||||||
Lapsed/Forfeited* No. (during the year) | (83,334) | |||||||
Closing Balance | 200,000 | 200,000 | ||||||
Vested and exercisable No (end of year) | 200,000 | |||||||
Series 34b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 31-Oct-16 | 31-Oct-16 | 31-Oct-16 | |||||
Expiry Date | 06-Mar-23 | 06-Mar-23 | 06-Mar-23 | |||||
Opening Balance | 200,000 | 200,000 | 200,000 | |||||
Closing Balance | 200,000 | 200,000 | 200,000 | 200,000 | ||||
Vested and exercisable No (end of year) | 200,000 | 200,000 | 200,000 | |||||
Series 35 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 30-Jun-16 | 30-Jun-16 | ||||||
Expiry Date | 30-Jun-22 | 18-Jan-21 | ||||||
Opening Balance | 900,000 | 1,500,000 | ||||||
Exercise of share options ,shares | (900,000) | (600,000) | ||||||
Closing Balance | 900,000 | 1,500,000 | ||||||
Vested and exercisable No (end of year) | 900,000 | |||||||
Series 35a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 08-Jul-20 | 08-Jul-20 | ||||||
Expiry Date | 08-Jul-23 | 08-Jul-23 | ||||||
Opening Balance | 1,500,000 | |||||||
Granted No. (during the year) | 1,500,000 | |||||||
Closing Balance | 1,500,000 | 1,500,000 | ||||||
Vested and exercisable No (end of year) | 1,500,000 | 1,500,000 | ||||||
Series 36 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 06-Dec-16 | 06-Dec-16 | 06-Dec-16 | |||||
Expiry Date | 30-Jun-22 | 05-Dec-23 | 05-Dec-23 | |||||
Opening Balance | 623,000 | 923,000 | 1,670,000 | |||||
Exercise of share options ,shares | (50,000) | (300,000) | (720,334) | |||||
Lapsed/Forfeited* No. (during the year) | (40,000) | (26,666) | ||||||
Closing Balance | 533,000 | 623,000 | 923,000 | 1,670,000 | ||||
Vested and exercisable No (end of year) | 533,000 | 623,000 | 923,000 | |||||
Series 36a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 06-Dec-16 | 06-Dec-16 | 06-Dec-16 | |||||
Expiry Date | 05-Dec-23 | 05-Dec-23 | 05-Dec-23 | |||||
Opening Balance | 1,950,730 | 2,519,064 | 4,188,000 | |||||
Exercise of share options ,shares | (426,668) | (1,527,270) | ||||||
Lapsed/Forfeited* No. (during the year) | (141,666) | (141,666) | ||||||
Closing Balance | 1,950,730 | 1,950,730 | 2,519,064 | 4,188,000 | ||||
Vested and exercisable No (end of year) | 1,809,064 | 1,809,064 | 2,023,232 | |||||
Series 37 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 28-Jun-17 | 28-Jun-17 | ||||||
Expiry Date | 27-Jun-24 | 27-Jun-24 | ||||||
Opening Balance | 150,000 | 150,000 | ||||||
Exercise of share options ,shares | (150,000) | |||||||
Closing Balance | 150,000 | 150,000 | ||||||
Vested and exercisable No (end of year) | 150,000 | |||||||
Series 38 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 16-Sep-17 | 16-Sep-17 | 16-Sep-17 | |||||
Expiry Date | 15-Sep-24 | 15-Sep-24 | 15-Sep-24 | |||||
Opening Balance | 50,000 | 66,666 | 100,000 | |||||
Exercise of share options ,shares | (16,666) | (33,334) | ||||||
Closing Balance | 50,000 | 50,000 | 66,666 | 100,000 | ||||
Vested and exercisable No (end of year) | 50,000 | 50,000 | 33,334 | |||||
Series 36b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 13-Jan-17 | 13-Jan-17 | ||||||
Expiry Date | 12-Jan-24 | 12-Jan-24 | ||||||
Opening Balance | 300,000 | 300,000 | ||||||
Exercise of share options ,shares | (300,000) | |||||||
Closing Balance | 300,000 | 300,000 | ||||||
Vested and exercisable No (end of year) | 300,000 | |||||||
Series 38a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 16-Sep-17 | 16-Sep-17 | 16-Sep-17 | |||||
Expiry Date | 15-Sep-24 | 15-Sep-24 | 15-Sep-24 | |||||
Opening Balance | 150,000 | 150,000 | 150,000 | |||||
Closing Balance | 150,000 | 150,000 | 150,000 | 150,000 | ||||
Vested and exercisable No (end of year) | 150,000 | 150,000 | 150,000 | |||||
Series 39 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 13-Oct-17 | 13-Oct-17 | 13-Oct-17 | |||||
Expiry Date | 12-Oct-24 | 12-Oct-24 | 12-Oct-24 | |||||
Opening Balance | 1,090,000 | 1,655,000 | 1,978,333 | |||||
Exercise of share options ,shares | (565,000) | (310,000) | ||||||
Lapsed/Forfeited* No. (during the year) | (115,000) | (13,333) | ||||||
Closing Balance | 975,000 | 1,090,000 | 1,655,000 | 1,978,333 | ||||
Vested and exercisable No (end of year) | 975,000 | 1,090,000 | 999,994 | |||||
Series 39a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 13-Oct-17 | 13-Oct-17 | 13-Oct-17 | |||||
Expiry Date | 12-Oct-24 | 12-Oct-24 | 12-Oct-24 | |||||
Opening Balance | 902,425 | 1,302,425 | 1,900,000 | |||||
Exercise of share options ,shares | (400,000) | (297,575) | ||||||
Lapsed/Forfeited* No. (during the year) | (300,000) | |||||||
Closing Balance | 902,425 | 902,425 | 1,302,425 | 1,900,000 | ||||
Vested and exercisable No (end of year) | 902,425 | 902,425 | 1,302,425 | |||||
Series 40 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 24-Nov-17 | 24-Nov-17 | 24-Nov-17 | |||||
Expiry Date | 23-Nov-24 | 23-Nov-24 | 23-Nov-24 | |||||
Opening Balance | 750,000 | 750,000 | 750,000 | |||||
Closing Balance | 750,000 | 750,000 | 750,000 | 750,000 | ||||
Vested and exercisable No (end of year) | 750,000 | 750,000 | 500,000 | |||||
Series 40a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 24-Nov-17 | 24-Nov-17 | 24-Nov-17 | |||||
Expiry Date | 23-Nov-24 | 23-Nov-24 | 23-Nov-24 | |||||
Opening Balance | 750,000 | 750,000 | 750,000 | |||||
Closing Balance | 750,000 | 750,000 | 750,000 | 750,000 | ||||
Series 41 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 18-Jun-18 | 18-Jun-18 | 18-Jun-18 | |||||
Expiry Date | 17-Jun-25 | 17-Jun-25 | 17-Jun-25 | |||||
Opening Balance | 200,000 | 200,000 | 200,000 | |||||
Closing Balance | 200,000 | 200,000 | 200,000 | 200,000 | ||||
Vested and exercisable No (end of year) | 200,000 | 200,000 | 133,334 | |||||
Series 42 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 11-Jul-18 | 11-Jul-18 | 11-Jul-18 | |||||
Expiry Date | 10-Jul-25 | 10-Jul-25 | 10-Jul-25 | |||||
Opening Balance | 200,000 | 200,000 | 200,000 | |||||
Closing Balance | 200,000 | 200,000 | 200,000 | 200,000 | ||||
Vested and exercisable No (end of year) | 200,000 | 133,334 | 66,667 | |||||
Series 43 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 18-Jul-18 | 18-Jul-18 | 18-Jul-18 | |||||
Expiry Date | 17-Jul-25 | 17-Jul-25 | 17-Jul-25 | |||||
Opening Balance | 4,201,666 | 5,398,334 | 5,845,000 | |||||
Exercise of share options ,shares | (20,000) | (944,998) | (389,999) | |||||
Lapsed/Forfeited* No. (during the year) | (388,334) | (251,670) | (9,999) | |||||
Closing Balance | 3,793,332 | 4,201,666 | 5,398,334 | 5,845,000 | ||||
Vested and exercisable No (end of year) | 3,793,332 | 2,526,653 | 1,544,992 | |||||
Series 43b | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 1.87 | |||||||
Series 43b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 18-Jul-18 | 18-Jul-18 | 18-Jul-18 | |||||
Expiry Date | 17-Jul-25 | 17-Jul-25 | 17-Jul-25 | |||||
Opening Balance | 350,000 | 350,000 | ||||||
Granted No. (during the year) | 350,000 | |||||||
Closing Balance | 350,000 | 350,000 | 350,000 | |||||
Vested and exercisable No (end of year) | 350,000 | 233,334 | 116,667 | |||||
Series 44 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 15-Jul-18 | 15-Jul-18 | 15-Jul-18 | |||||
Expiry Date | 14-Jul-25 | 14-Jul-25 | 14-Jul-25 | |||||
Opening Balance | 150,000 | 300,000 | 300,000 | |||||
Exercise of share options ,shares | (150,000) | |||||||
Lapsed/Forfeited* No. (during the year) | (150,000) | |||||||
Closing Balance | 150,000 | 300,000 | 300,000 | |||||
Vested and exercisable No (end of year) | 50,000 | 100,000 | ||||||
Series 45 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 30-Nov-18 | 30-Nov-18 | 30-Nov-18 | |||||
Expiry Date | 29-Nov-25 | 29-Nov-25 | 29-Nov-25 | |||||
Opening Balance | 590,000 | 590,000 | 590,000 | |||||
Closing Balance | 590,000 | 590,000 | 590,000 | 590,000 | ||||
Vested and exercisable No (end of year) | 590,000 | 393,332 | 196,666 | |||||
Series 46 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 19-Jan-19 | 19-Jan-19 | 19-Jan-19 | |||||
Expiry Date | 18-Jan-26 | 18-Jan-26 | 18-Jan-26 | |||||
Opening Balance | 3,333 | 5,000 | 5,000 | |||||
Exercise of share options ,shares | (1,667) | |||||||
Closing Balance | 3,333 | 3,333 | 5,000 | 5,000 | ||||
Vested and exercisable No (end of year) | 3,333 | 1,667 | 1,667 | |||||
Series 47 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 19-Jan-19 | 19-Jan-19 | 19-Jan-19 | |||||
Expiry Date | 18-Jan-26 | 18-Jan-26 | 18-Jan-26 | |||||
Opening Balance | 150,000 | 150,000 | 150,000 | |||||
Closing Balance | 150,000 | 150,000 | 150,000 | 150,000 | ||||
Vested and exercisable No (end of year) | 150,000 | 150,000 | 150,000 | |||||
Series 48 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 04-Apr-19 | 04-Apr-19 | 04-Apr-19 | |||||
Expiry Date | 03-Apr-26 | 03-Apr-26 | 03-Apr-26 | |||||
Opening Balance | 300,000 | 300,000 | ||||||
Granted No. (during the year) | 300,000 | |||||||
Closing Balance | 300,000 | 300,000 | 300,000 | |||||
Vested and exercisable No (end of year) | 300,000 | 200,000 | 100,000 | |||||
Series 49 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 1.62 | |||||||
Series 49 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 20-Jul-19 | 20-Jul-19 | 20-Jul-19 | |||||
Expiry Date | 19-Jul-26 | 19-Jul-26 | 19-Jul-26 | |||||
Opening Balance | 3,638,671 | 4,690,000 | ||||||
Granted No. (during the year) | 4,810,000 | |||||||
Exercise of share options ,shares | (113,334) | (523,661) | ||||||
Lapsed/Forfeited* No. (during the year) | (277,999) | (6,666) | (120,000) | |||||
Closing Balance | 3,098,670 | 3,638,671 | 4,690,000 | |||||
Vested and exercisable No (end of year) | 1,940,654 | 1,030,310 | ||||||
Series 49 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 20-Jul-19 | 20-Jul-19 | ||||||
Expiry Date | 19-Jul-26 | 19-Jul-26 | ||||||
Lapsed/Forfeited* No. (during the year) | (148,668) | (521,002) | ||||||
Series 49a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 20-Jul-19 | 20-Jul-19 | 20-Jul-19 | |||||
Expiry Date | 19-Jul-26 | 19-Jul-26 | 19-Jul-26 | |||||
Opening Balance | 3,999,998 | 5,500,000 | ||||||
Granted No. (during the year) | 5,500,000 | |||||||
Exercise of share options ,shares | (800,002) | |||||||
Lapsed/Forfeited* No. (during the year) | (333,334) | (700,000) | ||||||
Closing Balance | 3,499,998 | 3,999,998 | 5,500,000 | |||||
Vested and exercisable No (end of year) | 1,316,665 | 400,001 | ||||||
Series 49a | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.47 | |||||||
Series 49a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 20-Jul-19 | |||||||
Expiry Date | 19-Jul-26 | |||||||
Lapsed/Forfeited* No. (during the year) | (166,666) | |||||||
Series 49b | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.47 | |||||||
Series 49b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 20-Jul-19 | 20-Jul-19 | 20-Jul-19 | |||||
Expiry Date | 19-Jul-26 | 19-Jul-26 | 19-Jul-26 | |||||
Opening Balance | 1,346,667 | 1,346,667 | ||||||
Granted No. (during the year) | 1,346,667 | |||||||
Closing Balance | 1,346,667 | 1,346,667 | 1,346,667 | |||||
Vested and exercisable No (end of year) | 673,334 | 448,889 | ||||||
Series 49c | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.47 | |||||||
Series 49c | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 20-Jul-19 | 20-Jul-19 | 20-Jul-19 | |||||
Expiry Date | 19-Jul-26 | 19-Jul-26 | 19-Jul-26 | |||||
Opening Balance | 538,667 | 538,667 | ||||||
Granted No. (during the year) | 538,667 | |||||||
Closing Balance | 538,667 | 538,667 | 538,667 | |||||
Vested and exercisable No (end of year) | 359,112 | 179,556 | ||||||
Series 50 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.47 | |||||||
Series 50 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 20-Jul-19 | 20-Jul-19 | 20-Jul-19 | |||||
Expiry Date | 19-Jul-26 | 19-Jul-26 | 19-Jul-26 | |||||
Opening Balance | 700,000 | 700,000 | ||||||
Granted No. (during the year) | 700,000 | |||||||
Closing Balance | 700,000 | 700,000 | 700,000 | |||||
Series 50a | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.47 | |||||||
Series 50a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 20-Jul-19 | 20-Jul-19 | 20-Jul-19 | |||||
Expiry Date | 19-Jul-26 | 19-Jul-26 | 19-Jul-26 | |||||
Opening Balance | 400,000 | 400,000 | ||||||
Granted No. (during the year) | 400,000 | |||||||
Closing Balance | 400,000 | 400,000 | 400,000 | |||||
Series 51 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.47 | |||||||
Series 51 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 29-Aug-19 | 29-Aug-19 | 29-Aug-19 | |||||
Expiry Date | 28-Aug-26 | 28-Aug-26 | 28-Aug-26 | |||||
Opening Balance | 150,000 | 150,000 | ||||||
Granted No. (during the year) | 300,000 | |||||||
Exercise of share options ,shares | (150,000) | |||||||
Lapsed/Forfeited* No. (during the year) | (150,000) | |||||||
Closing Balance | 150,000 | 150,000 | ||||||
Series 52 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.62 | |||||||
Series 52 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 29-Aug-19 | 29-Aug-19 | 29-Aug-19 | |||||
Expiry Date | 28-Aug-26 | 28-Aug-26 | 28-Aug-26 | |||||
Opening Balance | 400,000 | 400,000 | ||||||
Granted No. (during the year) | 400,000 | |||||||
Closing Balance | 400,000 | 400,000 | 400,000 | |||||
Vested and exercisable No (end of year) | 266,666 | 133,333 | ||||||
Series 53 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.47 | |||||||
Series 53 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 29-Aug-19 | 29-Aug-19 | 29-Aug-19 | |||||
Expiry Date | 28-Aug-26 | 28-Aug-26 | 28-Aug-26 | |||||
Opening Balance | 800,000 | 800,000 | ||||||
Granted No. (during the year) | 800,000 | |||||||
Closing Balance | 800,000 | 800,000 | 800,000 | |||||
Vested and exercisable No (end of year) | 533,334 | 266,667 | ||||||
Series 54 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 1.98 | |||||||
Series 54 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25-Nov-19 | 25-Nov-19 | 25-Nov-19 | |||||
Expiry Date | 24-Nov-26 | 24-Nov-26 | 24-Nov-26 | |||||
Opening Balance | 295,000 | 845,000 | ||||||
Granted No. (during the year) | 845,000 | |||||||
Exercise of share options ,shares | (98,334) | |||||||
Lapsed/Forfeited* No. (during the year) | (25,000) | (11,667) | ||||||
Closing Balance | 153,334 | 295,000 | 845,000 | |||||
Vested and exercisable No (end of year) | 146,668 | 98,334 | ||||||
Series 54 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25-Nov-19 | 25-Nov-19 | ||||||
Expiry Date | 24-Nov-26 | 24-Nov-26 | ||||||
Lapsed/Forfeited* No. (during the year) | (116,666) | (439,999) | ||||||
Series 55 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 29-May-19 | 29-May-19 | 29-May-19 | |||||
Expiry Date | 28-May-26 | 28-May-26 | 28-May-26 | |||||
Opening Balance | 350,000 | 450,000 | ||||||
Granted No. (during the year) | 450,000 | |||||||
Exercise of share options ,shares | (100,000) | |||||||
Closing Balance | 350,000 | 350,000 | 450,000 | |||||
Vested and exercisable No (end of year) | 300,000 | 300,000 | 300,000 | |||||
Series 56 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 1.83 | |||||||
Series 56 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 18-Nov-19 | 18-Nov-19 | 18-Nov-19 | |||||
Expiry Date | 17-Nov-26 | 17-Nov-26 | 17-Nov-26 | |||||
Opening Balance | 200,000 | 200,000 | ||||||
Granted No. (during the year) | 200,000 | |||||||
Closing Balance | 200,000 | 200,000 | 200,000 | |||||
Vested and exercisable No (end of year) | 133,332 | 66,666 | ||||||
Series 57 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.80 | |||||||
Series 57 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25-Nov-19 | 25-Nov-19 | 25-Nov-19 | |||||
Expiry Date | 24-Nov-26 | 24-Nov-26 | 24-Nov-26 | |||||
Opening Balance | 100,000 | 100,000 | ||||||
Granted No. (during the year) | 100,000 | |||||||
Closing Balance | 100,000 | 100,000 | 100,000 | |||||
Vested and exercisable No (end of year) | 100,000 | 100,000 | ||||||
Series 58 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.98 | |||||||
Series 58 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25-Nov-19 | 25-Nov-19 | 25-Nov-19 | |||||
Expiry Date | 24-Nov-26 | 24-Nov-26 | 24-Nov-26 | |||||
Opening Balance | 450,000 | 450,000 | ||||||
Granted No. (during the year) | 450,000 | |||||||
Closing Balance | 450,000 | 450,000 | 450,000 | |||||
Vested and exercisable No (end of year) | 300,000 | 150,000 | ||||||
Series 59 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 3.38 | |||||||
Series 59 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 24-Jan-20 | 24-Jan-20 | ||||||
Expiry Date | 23-Jan-27 | 23-Jan-27 | ||||||
Opening Balance | 10,000 | |||||||
Granted No. (during the year) | 65,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (55,000) | |||||||
Closing Balance | 10,000 | 10,000 | ||||||
Vested and exercisable No (end of year) | 10,000 | 3,333 | ||||||
Series 61 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 2.51 | |||||||
Series 61 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 17-Apr-20 | 17-Apr-20 | ||||||
Expiry Date | 16-Apr-27 | 16-Apr-27 | ||||||
Opening Balance | 50,000 | |||||||
Granted No. (during the year) | 250,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (16,666) | (200,000) | ||||||
Closing Balance | 50,000 | |||||||
Vested and exercisable No (end of year) | 16,666 | |||||||
Series 61 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 17-Apr-20 | |||||||
Expiry Date | 16-Apr-27 | |||||||
Lapsed/Forfeited* No. (during the year) | (33,334) | |||||||
Series 63 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 4.02 | |||||||
Series 63 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 18-May-20 | 18-May-20 | ||||||
Expiry Date | 17-May-27 | 17-May-27 | ||||||
Opening Balance | 1,200,000 | |||||||
Granted No. (during the year) | 1,200,000 | |||||||
Closing Balance | 1,200,000 | 1,200,000 | ||||||
Vested and exercisable No (end of year) | 800,000 | 400,000 | ||||||
Series 60 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 2.51 | |||||||
Series 60 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 17-Apr-20 | |||||||
Expiry Date | 16-Apr-27 | |||||||
Granted No. (during the year) | 57,660 | |||||||
Lapsed/Forfeited* No. (during the year) | (57,660) | |||||||
Series 63a | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 3.65 | |||||||
Series 63a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 18-May-20 | 18-May-20 | ||||||
Expiry Date | 17-May-27 | 17-May-27 | ||||||
Opening Balance | 2,400,000 | |||||||
Granted No. (during the year) | 2,400,000 | |||||||
Closing Balance | 2,400,000 | 2,400,000 | ||||||
Vested and exercisable No (end of year) | 400,000 | |||||||
Series 64 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 3.75 | |||||||
Series 64 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 16-Jul-20 | 16-Jul-20 | ||||||
Expiry Date | 15-Jul-27 | 15-Jul-27 | ||||||
Opening Balance | 4,280,000 | |||||||
Granted No. (during the year) | 5,970,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (225,003) | (1,690,000) | ||||||
Closing Balance | 3,498,333 | 4,280,000 | ||||||
Vested and exercisable No (end of year) | 1,201,676 | |||||||
Series 64 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 16-Jul-20 | |||||||
Expiry Date | 15-Jul-27 | |||||||
Lapsed/Forfeited* No. (during the year) | (556,664) | |||||||
Series 64a | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 3.41 | |||||||
Series 64a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 16-Jul-20 | 16-Jul-20 | ||||||
Expiry Date | 15-Jul-27 | 15-Jul-27 | ||||||
Opening Balance | 3,050,000 | |||||||
Granted No. (during the year) | 3,400,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (350,000) | (350,000) | ||||||
Closing Balance | 2,700,000 | 3,050,000 | ||||||
Vested and exercisable No (end of year) | 133,334 | |||||||
Series 64b | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 3.41 | |||||||
Series 64b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 16-Jul-20 | 16-Jul-20 | ||||||
Expiry Date | 15-Jul-27 | 15-Jul-27 | ||||||
Opening Balance | 325,000 | |||||||
Granted No. (during the year) | 325,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (325,000) | |||||||
Closing Balance | 325,000 | |||||||
Series 64d | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 3.41 | |||||||
Series 64d | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 16-Jul-20 | 16-Jul-20 | ||||||
Expiry Date | 15-Jul-27 | 15-Jul-27 | ||||||
Opening Balance | 300,000 | |||||||
Granted No. (during the year) | 300,000 | |||||||
Closing Balance | 300,000 | 300,000 | ||||||
Series 64e | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 3.41 | |||||||
Series 64e | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 16-Jul-20 | 16-Jul-20 | ||||||
Expiry Date | 15-Jul-27 | 15-Jul-27 | ||||||
Opening Balance | 1,200,000 | |||||||
Granted No. (during the year) | 1,200,000 | |||||||
Closing Balance | 1,200,000 | 1,200,000 | ||||||
Series 65 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 5.76 | |||||||
Series 65 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 26-Aug-20 | 26-Aug-20 | ||||||
Expiry Date | 25-Aug-27 | 25-Aug-27 | ||||||
Opening Balance | 5,000 | |||||||
Granted No. (during the year) | 140,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (135,000) | |||||||
Closing Balance | 5,000 | 5,000 | ||||||
Vested and exercisable No (end of year) | 1,667 | |||||||
Series 66 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 4.78 | |||||||
Series 66 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 11-Sep-20 | 11-Sep-20 | ||||||
Expiry Date | 10-Sep-27 | 10-Sep-27 | ||||||
Opening Balance | 200,000 | |||||||
Granted No. (during the year) | 200,000 | |||||||
Closing Balance | 200,000 | 200,000 | ||||||
Vested and exercisable No (end of year) | 100,000 | |||||||
Series 64c | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 3.41 | |||||||
Series 64c | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 16-Jul-20 | 16-Jul-20 | ||||||
Expiry Date | 15-Jul-27 | 15-Jul-27 | ||||||
Opening Balance | 350,000 | |||||||
Granted No. (during the year) | 350,000 | |||||||
Closing Balance | 350,000 | 350,000 | ||||||
Series 67 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 3.84 | |||||||
Series 67 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 08-Oct-20 | 08-Oct-20 | ||||||
Expiry Date | 07-Oct-27 | 07-Oct-27 | ||||||
Opening Balance | 200,000 | |||||||
Granted No. (during the year) | 240,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (66,667) | (40,000) | ||||||
Closing Balance | 200,000 | |||||||
Series 67 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 08-Oct-20 | |||||||
Expiry Date | 07-Oct-27 | |||||||
Lapsed/Forfeited* No. (during the year) | (133,333) | |||||||
Series 68 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 3.60 | |||||||
Series 68 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 20-Nov-20 | 20-Nov-20 | ||||||
Expiry Date | 19-Nov-27 | 19-Nov-27 | ||||||
Opening Balance | 200,000 | |||||||
Granted No. (during the year) | 200,000 | |||||||
Closing Balance | 200,000 | 200,000 | ||||||
Vested and exercisable No (end of year) | 66,666 | |||||||
Series 69 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 3.60 | |||||||
Series 69 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 20-Nov-20 | 20-Nov-20 | ||||||
Expiry Date | 19-Nov-27 | 19-Nov-27 | ||||||
Opening Balance | 100,000 | |||||||
Granted No. (during the year) | 100,000 | |||||||
Closing Balance | 100,000 | 100,000 | ||||||
Vested and exercisable No (end of year) | 100,000 | 100,000 | ||||||
Series 71 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 2.67 | |||||||
Series 71 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 17-Feb-21 | 17-Feb-21 | ||||||
Expiry Date | 16-Feb-28 | 16-Feb-28 | ||||||
Opening Balance | 250,000 | |||||||
Granted No. (during the year) | 250,000 | |||||||
Closing Balance | 250,000 | 250,000 | ||||||
Series 72 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 2.28 | |||||||
Series 72 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 15-Apr-21 | |||||||
Expiry Date | 14-Apr-28 | |||||||
Granted No. (during the year) | 200,000 | |||||||
Closing Balance | 200,000 | |||||||
Vested and exercisable No (end of year) | 66,667 | |||||||
Series 73 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 0 | |||||||
Series 73 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 30-Jun-21 | 30-Jun-21 | ||||||
Expiry Date | 30-Aug-21 | 30-Aug-21 | ||||||
Opening Balance | 45,746 | |||||||
Granted No. (during the year) | 45,746 | |||||||
Exercise of share options ,shares | (45,746) | |||||||
Closing Balance | 45,746 | |||||||
Vested and exercisable No (end of year) | 45,746 | |||||||
Series 74 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 1.95 | |||||||
Series 74 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 08-Sep-21 | |||||||
Expiry Date | 07-Sep-28 | |||||||
Granted No. (during the year) | 3,973,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (550,000) | |||||||
Closing Balance | 3,423,000 | |||||||
Series 74a | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.77 | |||||||
Series 74a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 08-Sep-21 | |||||||
Expiry Date | 07-Sep-28 | |||||||
Granted No. (during the year) | 4,150,000 | |||||||
Closing Balance | 4,150,000 | |||||||
Series 74b | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.77 | |||||||
Series 74b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 08-Sep-21 | |||||||
Expiry Date | 07-Sep-28 | |||||||
Granted No. (during the year) | 1,550,000 | |||||||
Closing Balance | 1,550,000 | |||||||
Series 74c | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | 1.77 | |||||||
Series 74c | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 08-Sep-21 | |||||||
Expiry Date | 07-Sep-28 | |||||||
Granted No. (during the year) | 650,000 | |||||||
Closing Balance | 650,000 | |||||||
Series 75 | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Exercise Price | $ / shares | $ 1.42 | |||||||
Series 75 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 23-Dec-21 | |||||||
Expiry Date | 22-Dec-28 | |||||||
Granted No. (during the year) | 200,000 | |||||||
Closing Balance | 200,000 | |||||||
Series INC | USD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 07-Dec-10 | |||||||
Expiry Date | 26-Oct-19 | |||||||
Opening Balance | 319,892 | |||||||
Exercise of share options ,shares | (319,892) | |||||||
Closing Balance | 319,892 | |||||||
Series 25b | USD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 12-Dec-14 | |||||||
Expiry Date | 31-Oct-19 | |||||||
Opening Balance | 50,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (50,000) | |||||||
Closing Balance | 50,000 | |||||||
Series 28/LF13 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 09-Oct-14 | |||||||
Expiry Date | 08-Oct-19 | |||||||
Opening Balance | 75,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (75,000) | |||||||
Closing Balance | 75,000 | |||||||
Series 29 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25-Nov-14 | |||||||
Expiry Date | 24-Nov-19 | |||||||
Opening Balance | 240,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (240,000) | |||||||
Closing Balance | 240,000 | |||||||
Series LF14 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 06-Jan-15 | |||||||
Expiry Date | 16-Dec-19 | |||||||
Opening Balance | 150,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (150,000) | |||||||
Closing Balance | 150,000 | |||||||
Series 31b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 12-May-15 | |||||||
Expiry Date | 16-Feb-20 | |||||||
Opening Balance | 200,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (200,000) | |||||||
Closing Balance | 200,000 | |||||||
Series 34 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 27-Apr-16 | |||||||
Expiry Date | 06-Mar-23 | |||||||
Lapsed/Forfeited* No. (during the year) | (10,000) | |||||||
Series 43 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 18-Jul-18 | |||||||
Expiry Date | 17-Jul-25 | |||||||
Lapsed/Forfeited* No. (during the year) | (46,668) |
Share-Based Payments - Summary
Share-Based Payments - Summary of Valuations of Options Approved and Granted (Details) - $ / shares | 12 Months Ended | ||||
Mar. 18, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Expected Volatility | 66.88% | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 1.24% | ||||
Series 72 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 05-May-21 | |||
Exercise Price | $ 2.28 | ||||
Share price at acceptance date | $ 1.94 | ||||
Expected Volatility | 66.62% | ||||
Expected life after factoring | [2] | 6 years 3 months 18 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.69% | ||||
Series 74 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 10-Nov-21 | |||
Exercise Price | $ 1.95 | ||||
Share price at acceptance date | $ 1.69 | ||||
Expected Volatility | 65.85% | ||||
Expected life after factoring | [2] | 6 years 2 months 12 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 1.31% | ||||
Series 74a | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 30-Jun-22 | |||
Exercise Price | $ 1.77 | ||||
Share price at acceptance date | $ 0.65 | ||||
Expected Volatility | 65.55% | ||||
Expected life after factoring | [2] | 5 years 7 months 6 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 3.36% | ||||
Series 74b | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 30-Jun-22 | |||
Exercise Price | $ 1.77 | ||||
Share price at acceptance date | $ 0.65 | ||||
Expected Volatility | 65.55% | ||||
Expected life after factoring | [2] | 5 years 7 months 6 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 3.36% | ||||
Series 74c | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 15-Feb-22 | |||
Exercise Price | $ 1.77 | ||||
Share price at acceptance date | $ 1.16 | ||||
Expected Volatility | 65.89% | ||||
Expected life after factoring | [2] | 5 years 10 months 24 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 1.91% | ||||
Series 75 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 17-Mar-22 | |||
Exercise Price | $ 1.42 | ||||
Share price at acceptance date | $ 1.21 | ||||
Expected Volatility | 65.98% | ||||
Expected life after factoring | [2] | 6 years 1 month 6 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 2.18% | ||||
Series 61 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 28-Jul-20 | |||
Exercise Price | $ 2.51 | ||||
Share price at acceptance date | $ 3.60 | ||||
Expected Volatility | 60.95% | ||||
Expected life after factoring | [2] | 6 years 1 month 6 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.44% | ||||
Series 63 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 08-Apr-21 | |||
Exercise Price | $ 4.02 | ||||
Share price at acceptance date | $ 2.21 | ||||
Expected Volatility | 66.74% | ||||
Expected life after factoring | [2] | 5 years 6 months | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.65% | ||||
Series 63a | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 05-Jul-21 | |||
Exercise Price | $ 3.65 | ||||
Share price at acceptance date | $ 2.03 | ||||
Expected Volatility | 66.45% | ||||
Expected life after factoring | [2] | 5 years 3 months 18 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.72% | ||||
Series 64 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 28-Jul-20 | |||
Exercise Price | $ 3.75 | ||||
Share price at acceptance date | $ 3.60 | ||||
Expected Volatility | 60.95% | ||||
Expected life after factoring | [2] | 6 years 3 months 18 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.44% | ||||
Series 64a | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 05-Jul-21 | |||
Exercise Price | $ 3.41 | ||||
Share price at acceptance date | $ 2.03 | ||||
Expected Volatility | 66.45% | ||||
Expected life after factoring | [2] | 5 years 6 months | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.72% | ||||
Series 64b | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 30-Jun-21 | |||
Exercise Price | $ 3.41 | ||||
Share price at acceptance date | $ 2.09 | ||||
Expected Volatility | 66.48% | ||||
Expected life after factoring | [2] | 5 years 6 months | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.77% | ||||
Series 64c | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 25-Nov-20 | |||
Exercise Price | $ 3.41 | ||||
Share price at acceptance date | $ 4.12 | ||||
Expected Volatility | 65.36% | ||||
Expected life after factoring | [2] | 6 years | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.30% | ||||
Series 64d | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 30-Jun-22 | |||
Exercise Price | $ 3.41 | ||||
Share price at acceptance date | $ 0.65 | ||||
Expected Volatility | 65.55% | ||||
Expected life after factoring | [2] | 4 years 7 months 6 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 3.36% | ||||
Series 64e | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 05-Jul-21 | |||
Exercise Price | $ 3.41 | ||||
Share price at acceptance date | $ 2.03 | ||||
Expected Volatility | 66.45% | ||||
Expected life after factoring | [2] | 5 years 6 months | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.72% | ||||
Series 65 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 25-Sep-20 | |||
Exercise Price | $ 5.76 | ||||
Share price at acceptance date | $ 5.02 | ||||
Expected Volatility | 63.16% | ||||
Expected life after factoring | [2] | 6 years 3 months 18 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.34% | ||||
Series 66 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 16-Oct-20 | |||
Exercise Price | $ 4.78 | ||||
Share price at acceptance date | $ 3.24 | ||||
Expected Volatility | 65.17% | ||||
Expected life after factoring | [2] | 6 years 3 months 18 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.27% | ||||
Series 67 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 10-Nov-20 | |||
Exercise Price | $ 3.84 | ||||
Share price at acceptance date | $ 3.22 | ||||
Expected Volatility | 65.06% | ||||
Expected life after factoring | [2] | 6 years 3 months 18 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.30% | ||||
Series 68 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 24-Dec-20 | |||
Exercise Price | $ 3.60 | ||||
Share price at acceptance date | $ 2.38 | ||||
Expected Volatility | 67.22% | ||||
Expected life after factoring | [2] | 6 years 3 months 18 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.35% | ||||
Series 69 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 24-Dec-20 | |||
Exercise Price | $ 3.60 | ||||
Share price at acceptance date | $ 2.38 | ||||
Expected Volatility | 67.22% | ||||
Expected life after factoring | [2] | 6 years 3 months 18 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.35% | ||||
Series 71 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 29-Mar-21 | |||
Exercise Price | $ 2.67 | ||||
Share price at acceptance date | $ 2.35 | ||||
Expected Volatility | 66.81% | ||||
Expected life after factoring | [2] | 6 years 2 months 12 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.66% | ||||
Series 73 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | [1] | 30-Jun-21 | |||
Exercise Price | $ 0 | ||||
Share price at acceptance date | $ 2.09 | ||||
Expected Volatility | 66.48% | ||||
Expected life after factoring | [2] | 2 months 12 days | |||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.77% | ||||
Series 43b | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 14-May-20 | ||||
Exercise Price | $ 1.87 | ||||
Share price at acceptance date | $ 3.55 | ||||
Expected Volatility | 60.39% | ||||
Expected life after factoring | 4 years 6 months | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.37% | ||||
Series 49 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 17-Sep-19 | ||||
Exercise Price | $ 1.62 | ||||
Share price at acceptance date | $ 1.93 | ||||
Expected Volatility | 54.10% | ||||
Expected life after factoring | 6 years 1 month 6 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.89% | ||||
Series 49a | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 15-Mar-20 | ||||
Exercise Price | $ 1.47 | ||||
Share price at acceptance date | $ 1.87 | ||||
Expected Volatility | 55.48% | ||||
Expected life after factoring | 5 years 9 months 18 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.56% | ||||
Series 49a | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 17-Dec-19 | ||||
Exercise Price | $ 1.47 | ||||
Share price at acceptance date | $ 1.93 | ||||
Expected Volatility | 53.65% | ||||
Expected life after factoring | 5 years 10 months 24 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.82% | ||||
Series 49b | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 27-Nov-19 | ||||
Exercise Price | $ 1.47 | ||||
Share price at acceptance date | $ 1.83 | ||||
Expected Volatility | 53.85% | ||||
Expected life after factoring | 6 years 3 months 18 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.73% | ||||
Series 49c | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 27-Nov-19 | ||||
Exercise Price | $ 1.47 | ||||
Share price at acceptance date | $ 1.83 | ||||
Expected Volatility | 53.85% | ||||
Expected life after factoring | 6 years 3 months 18 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.73% | ||||
Series 50 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 13-Sep-19 | ||||
Exercise Price | $ 1.47 | ||||
Share price at acceptance date | $ 1.88 | ||||
Expected Volatility | 54.02% | ||||
Expected life after factoring | 6 years 1 month 6 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.93% | ||||
Series 50a | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 16-Sep-19 | ||||
Exercise Price | $ 1.47 | ||||
Share price at acceptance date | $ 2.03 | ||||
Expected Volatility | 54.21% | ||||
Expected life after factoring | 6 years 1 month 6 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.95% | ||||
Series 51 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 28-Mar-20 | ||||
Exercise Price | $ 1.47 | ||||
Share price at acceptance date | $ 1.17 | ||||
Expected Volatility | 55.60% | ||||
Expected life after factoring | 5 years 8 months 12 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.45% | ||||
Series 52 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 17-Dec-19 | ||||
Exercise Price | $ 1.62 | ||||
Share price at acceptance date | $ 1.93 | ||||
Expected Volatility | 53.65% | ||||
Expected life after factoring | 6 years | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.82% | ||||
Series 53 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 26-Mar-20 | ||||
Exercise Price | $ 1.47 | ||||
Share price at acceptance date | $ 1.17 | ||||
Expected Volatility | 58.30% | ||||
Expected life after factoring | 5 years 9 months 18 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.47% | ||||
Series 54 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 28-Jan-20 | ||||
Exercise Price | $ 1.98 | ||||
Share price at acceptance date | $ 2.86 | ||||
Expected Volatility | 56.63% | ||||
Expected life after factoring | 6 years 1 month 6 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.71% | ||||
Series 56 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 27-Nov-19 | ||||
Exercise Price | $ 1.83 | ||||
Share price at acceptance date | $ 1.83 | ||||
Expected Volatility | 53.80% | ||||
Expected life after factoring | 6 years 3 months 18 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.73% | ||||
Series 57 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 25-Nov-19 | ||||
Exercise Price | $ 1.80 | ||||
Share price at acceptance date | $ 1.80 | ||||
Expected Volatility | 53.82% | ||||
Expected life after factoring | 6 years 3 months 18 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.82% | ||||
Series 58 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 10-Apr-20 | ||||
Exercise Price | $ 1.98 | ||||
Share price at acceptance date | $ 1.97 | ||||
Expected Volatility | 57.65% | ||||
Expected life after factoring | 5 years 10 months 24 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.45% | ||||
Series 59 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 24-May-20 | ||||
Exercise Price | $ 3.38 | ||||
Share price at acceptance date | $ 3.79 | ||||
Expected Volatility | 60.56% | ||||
Expected life after factoring | 6 years | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.40% | ||||
Series 60 | |||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||||
Valuation date | 25-May-20 | ||||
Exercise Price | $ 2.51 | ||||
Share price at acceptance date | $ 3.79 | ||||
Expected Volatility | 60.56% | ||||
Expected life after factoring | 6 years 2 months 12 days | ||||
Dividend Yield | 0% | ||||
Risk Free Interest Rate | 0.40% | ||||
[1]Valuation date is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement[2]Expected life after factoring likely early exercise |
Remuneration of auditors - Summ
Remuneration of auditors - Summary of Fees were Paid or Payable for Services Provided by the Auditor of the Parent Entity (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Audit and other assurance services | |||
Total auditors' remuneration | $ 945,568 | $ 969,983 | $ 835,820 |
Price Water House Coopers | Australia | |||
Audit and other assurance services | |||
Audit and review of financial reports | 745,021 | 747,783 | 713,461 |
Other audit services | 67,238 | 91,750 | 14,097 |
Total auditors' remuneration | 812,259 | 839,533 | 727,558 |
Network Firms Of Price Water House Coopers | Australia | |||
Audit and other assurance services | |||
Audit and review of financial reports | 133,309 | 130,450 | 108,262 |
Total auditors' remuneration | $ 133,309 | $ 130,450 | $ 108,262 |
Losses Per Share - Summary of L
Losses Per Share - Summary of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
(a) Basic (losses) per share | |||
From continuing operations attributable to the ordinary equity holders of the company | $ (0.1408) | $ (0.1633) | $ (0.1474) |
Total basic (losses) per share attributable to the ordinary equity holders of the company | (0.1408) | (0.1633) | (0.1474) |
(b) Diluted (losses) per share | |||
From continuing operations attributable to the ordinary equity holders of the company | (0.1408) | (0.1633) | (0.1474) |
Total basic (losses) per share attributable to the ordinary equity holders of the company | $ (0.1408) | $ (0.1633) | $ (0.1474) |
(c) Reconciliation of (losses) used in calculating (losses) per share | |||
From continuing operations | $ (91,347) | $ (98,811) | $ (77,940) |
Used in calculating basic (losses) per share | (91,347) | (98,811) | (77,940) |
(Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share | $ (91,347) | $ (98,811) | $ (77,940) |
Weighted average number of ordinary shares used as the denominator in calculating basic losses per share | 648,899,589 | 605,064,036 | 528,821,630 |
Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share | 648,899,589 | 605,064,036 | 528,821,630 |
Parent Entity Financial Infor_3
Parent Entity Financial Information - Summary of Parent Entity Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Parent Entity Financial Information [Line Items] | ||||
Current Assets | $ 69,837 | $ 148,227 | ||
Total Assets | 662,142 | 744,717 | ||
Current Liabilities | 51,373 | 94,273 | ||
Total Liabilities | 165,098 | 163,320 | ||
Equity | ||||
Issued Capital | 1,165,309 | 1,163,153 | ||
Reserves | ||||
(Accumulated losses)/retained earnings | (738,916) | (647,569) | ||
Total Equity | 497,044 | 581,397 | $ 549,326 | $ 481,052 |
Loss for the period | (91,347) | (98,811) | (77,940) | |
Total comprehensive loss for the period | (91,578) | (100,126) | $ (77,240) | |
Parent | ||||
Disclosure Of Parent Entity Financial Information [Line Items] | ||||
Current Assets | 4,948 | 21,135 | ||
Total Assets | 853,380 | 943,030 | ||
Current Liabilities | 7,025 | 9,136 | ||
Total Liabilities | 13,227 | 13,904 | ||
Equity | ||||
Issued Capital | 1,165,323 | 1,163,165 | ||
Reserves | ||||
Foreign Currency Translation Reserve | (227,441) | (150,306) | ||
Share Options Reserve | 82,619 | 77,310 | ||
Warrant Reserve | 12,969 | 12,969 | ||
(Accumulated losses)/retained earnings | (193,317) | (174,012) | ||
Total Equity | 840,153 | 929,126 | ||
Loss for the period | (19,305) | (27,436) | ||
Total comprehensive loss for the period | $ (19,305) | $ (27,436) |
Parent Entity Financial Infor_4
Parent Entity Financial Information - Additional Information (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
CALHNI | Top of Range | |
Disclosure Of Parent Entity Financial Information [Line Items] | |
Aggregated milestone payments | $ 2.2 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Jun. 30, 2022 Segment | |
Disclosure Of Operating Segments [Abstract] | |
Number of operating segment | 1 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Details) - Plaintiffs - USD ($) | 1 Months Ended | |
May 31, 2022 | Jun. 30, 2022 | |
Disclosure Of Legal Proceedings [Line Items] | ||
Provision for litigation settlements | $ 2,000,000 | |
Admission of liability | $ 0 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, € in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Nov. 19, 2021 USD ($) $ / shares shares | Oct. 31, 2019 USD ($) | Oct. 12, 2018 USD ($) | Nov. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2019 USD ($) | Oct. 31, 2019 USD ($) | Mar. 31, 2018 USD ($) | Jun. 30, 2022 USD ($) Segment shares | Jun. 30, 2022 AUD ($) Segment | Jun. 30, 2021 USD ($) | Jun. 30, 2021 AUD ($) | Jun. 30, 2020 USD ($) | Jun. 30, 2022 EUR (€) shares | Sep. 19, 2019 | Aug. 01, 2019 | Jun. 30, 2019 | Jun. 21, 2019 EUR (€) | Jan. 14, 2019 USD ($) | Jun. 29, 2018 USD ($) | |
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Number of operating segment | Segment | 1 | 1 | ||||||||||||||||||
Receipt on non refundable up-front payment upon reaching product regulatory milestone | $ 25,000,000 | |||||||||||||||||||
Revenue recognized from up-front payment as deferred consideration | $ 10,000,000 | |||||||||||||||||||
Annual aggregate turnover of eligible companies description | Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. In October 2020, the Australian Government introduced new legislation for the refundable tax offset applicable to eligible companies for income tax years commencing from July 1, 2021. Per the new legislation, for the year ended June 30, 2022 the refundable tax offset for companies with an aggregated turnover of A$20.0 million or more is the Company’s corporate tax rate plus a rate between 8.5% and 16.5% depending on the proportion of research and development expenditures in relation to total expenditures. For companies with an aggregated turnover below A$20.0 million, the refundable research and development tax offset is 48.5% for the year ended June 30, 2022. For the year ended June 30, 2021, a refundable tax offset was only available to eligible companies with an annual aggregate turnover of less than A$20.0 million and the rate of the refundable tax offset was 43.5%. | Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. In October 2020, the Australian Government introduced new legislation for the refundable tax offset applicable to eligible companies for income tax years commencing from July 1, 2021. Per the new legislation, for the year ended June 30, 2022 the refundable tax offset for companies with an aggregated turnover of A$20.0 million or more is the Company’s corporate tax rate plus a rate between 8.5% and 16.5% depending on the proportion of research and development expenditures in relation to total expenditures. For companies with an aggregated turnover below A$20.0 million, the refundable research and development tax offset is 48.5% for the year ended June 30, 2022. For the year ended June 30, 2021, a refundable tax offset was only available to eligible companies with an annual aggregate turnover of less than A$20.0 million and the rate of the refundable tax offset was 43.5%. | ||||||||||||||||||
Pre Launch Inventory Recognized | $ 21,900,000 | $ 28,900,000 | $ 21,900,000 | |||||||||||||||||
Trade and other receivables due for settlement term | 60 days | 60 days | ||||||||||||||||||
Borrowings | 94,245,000 | $ 96,634,000 | 94,245,000 | |||||||||||||||||
Proceeds receipted from senior debt facility | 51,919,000 | $ 512,000 | ||||||||||||||||||
Repayment of loan | 55,458,000 | 512,000 | ||||||||||||||||||
Remeasurement of borrowing arrangements within finance costs | (382,000) | 5,225,000 | 607,000 | |||||||||||||||||
Variable lease payments | 0 | |||||||||||||||||||
Floating Interest Rate | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings | 52,864,000 | 52,864,000 | ||||||||||||||||||
Fixed interest rate [member] | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings | 52,631,000 | $ 106,905,000 | 52,631,000 | |||||||||||||||||
Warrants | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Number of warrants granted to purchase American Depositary Shares | shares | 1,769,669 | 1,769,669 | ||||||||||||||||||
Manufacturing Commercialization Expenses | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Pre Launch Inventory Recognized | 13,100,000 | $ 7,000,000 | 13,100,000 | 8,800,000 | ||||||||||||||||
Obsolete Stock | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Pre Launch Inventory Recognized | 500,000 | 500,000 | 500,000 | |||||||||||||||||
Research and Development Tax Incentive | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Income recognized | $ 0 | $ 0 | ||||||||||||||||||
Aggregated Turnover Below A$20.0 Millions | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Percentage of research and development to receive a refundable tax offset | 48.50% | 48.50% | 43.50% | 43.50% | ||||||||||||||||
Top of Range | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Trade and other payables maturity period | 60 days | 60 days | ||||||||||||||||||
Top of Range | Aggregated Turnover of A$20.0 Million or More | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Percentage of research and development to receive a refundable tax offset | 16.50% | 16.50% | ||||||||||||||||||
Top of Range | Aggregated Turnover Below A$20.0 Millions | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Amount of annual aggregate turnover | $ 20 | $ 20 | ||||||||||||||||||
Bottom of Range | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Trade and other payables maturity period | 30 days | 30 days | ||||||||||||||||||
Bottom of Range | Aggregated Turnover of A$20.0 Million or More | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Amount of annual aggregate turnover | $ 20 | |||||||||||||||||||
Percentage of research and development to receive a refundable tax offset | 8.50% | 8.50% | ||||||||||||||||||
Grunenthal | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Non-refundable upfront payment received | $ 15,000,000 | $ 17,500,000 | $ 15,000,000 | $ 17,500,000 | ||||||||||||||||
Milestone payment received | $ 2,500,000 | |||||||||||||||||||
Percentage of patients to provide regulatory harmonization, cost efficiencies and streamlined timelines | 20% | 20% | 20% | |||||||||||||||||
Cumulative milestone payments reachable amount | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||||||||||
Revenue from performance obligations satisfied or partially satisfied in previous periods | $ 2,500,000 | |||||||||||||||||||
Revenue recognized relation to patent license agreement | 0 | 0 | ||||||||||||||||||
Grunenthal | Clinical, Manufacturing, Regulatory and Reimbursement Approval | Top of Range | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Non-refundable upfront payments receivable | 112,500,000 | 112,500,000 | ||||||||||||||||||
Tasly | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Deferred consideration up-front milestone receivable recognized | 20,000,000 | 20,000,000 | ||||||||||||||||||
Revenue recognized from up-front payment as deferred consideration | $ 10,000,000 | 0 | 0 | |||||||||||||||||
TiGenix NV | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Royalty income | 300,000 | 200,000 | ||||||||||||||||||
Milestone revenue in relation to patent license agreement | 1,200,000 | 0 | ||||||||||||||||||
Regulatory milestone payment receivable | € | € 1 | |||||||||||||||||||
TiGenix NV | Top of Range | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Milestone revenue relating to non-refundable up-front payment | € | € 10 | |||||||||||||||||||
J C R Pharmaceuticals Co L T D | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Royalties receivable under sales-based milestones | 7,200,000 | 8,700,000 | 7,200,000 | |||||||||||||||||
Oaktree Capital Management, L.P. | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings Principal Amount | $ 90,000,000 | |||||||||||||||||||
Borrowings | $ 60,000,000 | |||||||||||||||||||
Percentage of premium for volume-weighted average price | 15% | |||||||||||||||||||
Issuance warrants exercised period | 7 years | |||||||||||||||||||
Date of warrants legally issued | Jan. 11, 2022 | |||||||||||||||||||
Remeasurement of borrowing arrangements within finance gains (Loss) | 100,000 | 0 | 0 | |||||||||||||||||
Oaktree Capital Management, L.P. | Warrants | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Number of warrants granted to purchase American Depositary Shares | shares | 1,769,669 | |||||||||||||||||||
Oaktree Capital Management, L.P. | American Depositary Shares | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Par value per share | $ / shares | $ 7.26 | |||||||||||||||||||
Oaktree Capital Management, L.P. | Tranche One | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings | $ 60,000,000 | 60,000,000 | ||||||||||||||||||
Oaktree Capital Management, L.P. | Refinancing and Expansion of Senior Debt Facility | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings Principal Amount | $ 90,000,000 | |||||||||||||||||||
Borrowings, interest rate | 9.75% | |||||||||||||||||||
Percentage of principal amount payable over two year | 40% | |||||||||||||||||||
Oaktree Capital Management, L.P. | Refinancing and Expansion of Senior Debt Facility | Tranche One | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings | $ 60,000,000 | |||||||||||||||||||
Proceeds receipted from senior debt facility | 55,500,000 | |||||||||||||||||||
Oaktree Capital Management, L.P. | Refinancing and Expansion of Senior Debt Facility | Tranche Two | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings | $ 30,000,000 | |||||||||||||||||||
Oaktree Capital Management, L.P. | Refinancing and Expansion of Senior Debt Facility | Quarterly Payments | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings, interest rate | 8% | |||||||||||||||||||
Oaktree Capital Management, L.P. | Refinancing and Expansion of Senior Debt Facility | Unpaid Interest | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings, interest rate | 1.75% | |||||||||||||||||||
Oaktree Capital Management, L.P. | Top of Range | Refinancing and Expansion of Senior Debt Facility | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings, maturity | November 2026 | |||||||||||||||||||
Hercules Capital, Inc | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Remeasurement of borrowing arrangements within finance gains (Loss) | $ (900,000) | 400,000 | ||||||||||||||||||
Repayment of loan | $ 55,500,000 | |||||||||||||||||||
Hercules Capital, Inc | Floating Interest Rate | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings Principal Amount | $ 75,000,000 | |||||||||||||||||||
Borrowings, interest rate | 9.70% | 9.70% | 9.45% | 9.45% | 9.45% | 9.95% | 10.20% | 10.45% | ||||||||||||
Credit facility, expiration period | 4 years | |||||||||||||||||||
Hercules Capital, Inc | Floating Interest Rate | Amended Terms of Loan Agreement | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings, interest rate | 9.70% | 9.70% | ||||||||||||||||||
Hercules Capital, Inc | Floating Interest Rate | Terms of Loan Agreement | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings, interest rate | 9.70% | 9.70% | ||||||||||||||||||
Hercules Capital, Inc | Tranche One | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings | $ 50,000,000 | 50,000,000 | ||||||||||||||||||
Repayment of loan | $ 55,500,000 | |||||||||||||||||||
Hercules Capital, Inc | Tranche One | Floating Interest Rate | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings | $ 35,000,000 | |||||||||||||||||||
Hercules Capital, Inc | Tranche Two | Floating Interest Rate | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings | $ 15,000,000 | |||||||||||||||||||
Hercules Capital, Inc | Extinguishing Loan with Hercules | Terms of Loan Agreement | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Remeasurement of borrowing arrangements within finance gains (Loss) | $ (1,300,000) | |||||||||||||||||||
Hercules Capital, Inc | Adjustment of Carrying Amount of Financial Liability | Terms of Loan Agreement | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Remeasurement of borrowing arrangements within finance gains (Loss) | 400,000 | |||||||||||||||||||
NovaQuest Capital Management, L.L.C. | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Remeasurement of borrowing arrangements within finance gains (Loss) | $ 500,000 | 4,800,000 | $ (700,000) | |||||||||||||||||
Description of repayment of borrowings | Following approval and first commercial sales, repayments commence based on a percentage of net sales and are limited by a payment cap which is equal to the principal due for the next 12 months, plus accumulated unpaid principal and accrued unpaid interest. During the four-year period commencing July 8, 2022, principal amortizes in equal quarterly instalments payable only after approval and first commercial sales. If in any quarterly period, 25% of net sales of remestemcel-L for pediatric SR-aGVHD exceed the annual payment cap, the Group will pay the payment cap and an additional portion of excess sales which will be used towards the prepayment amount in the event there is an early prepayment of the loan. If in any quarterly period 25% of net sales of remestemcel-L for pediatric SR-aGVHD is less than the annual payment cap, then the payment is limited to 25% of net sales of remestemcel-L for pediatric SR-aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid. | Following approval and first commercial sales, repayments commence based on a percentage of net sales and are limited by a payment cap which is equal to the principal due for the next 12 months, plus accumulated unpaid principal and accrued unpaid interest. During the four-year period commencing July 8, 2022, principal amortizes in equal quarterly instalments payable only after approval and first commercial sales. If in any quarterly period, 25% of net sales of remestemcel-L for pediatric SR-aGVHD exceed the annual payment cap, the Group will pay the payment cap and an additional portion of excess sales which will be used towards the prepayment amount in the event there is an early prepayment of the loan. If in any quarterly period 25% of net sales of remestemcel-L for pediatric SR-aGVHD is less than the annual payment cap, then the payment is limited to 25% of net sales of remestemcel-L for pediatric SR-aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid. | ||||||||||||||||||
Remeasurement of borrowing arrangements within finance costs | $ 500,000 | $ 4,800,000 | ||||||||||||||||||
NovaQuest Capital Management, L.L.C. | Fixed interest rate [member] | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings Principal Amount | $ 40,000,000 | |||||||||||||||||||
Borrowings, interest rate | 15% | |||||||||||||||||||
Borrowings, maturity | July 8, 2026 | July 8, 2026 | ||||||||||||||||||
Borrowings term | 8 years | 8 years | ||||||||||||||||||
Borrowings, interest rate basis | The loan term includes an interest only period of approximately four years through until July 8, 2022, then a four-year amortization period through until maturity on July 8, 2026. All interest and principal payments will be deferred until after the first commercial sale of remestemcel-L for the treatment in pediatric patients with SR-aGVHD, in the United States and other geographies excluding Asia (“pediatric SR-aGVHD”). Principal is repayable in equal quarterly instalments over the amortization period of the loan and is subject to the payment cap described below. The loan has a fixed interest rate of 15% per annum. | The loan term includes an interest only period of approximately four years through until July 8, 2022, then a four-year amortization period through until maturity on July 8, 2026. All interest and principal payments will be deferred until after the first commercial sale of remestemcel-L for the treatment in pediatric patients with SR-aGVHD, in the United States and other geographies excluding Asia (“pediatric SR-aGVHD”). Principal is repayable in equal quarterly instalments over the amortization period of the loan and is subject to the payment cap described below. The loan has a fixed interest rate of 15% per annum. | ||||||||||||||||||
NovaQuest Capital Management, L.L.C. | Tranche One | Fixed interest rate [member] | ||||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||||
Borrowings | $ 30,000,000 |