Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2022 | May 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | KTRA | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | Kintara Therapeutics, Inc. | |
Entity Central Index Key | 0001498382 | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 65,532,826 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Incorporation, State or Country Code | NV | |
Entity File Number | 001-37823 | |
Entity Tax Identification Number | 99-0360497 | |
Entity Address, Address Line One | 9920 Pacific Heights Blvd | |
Entity Address, Address Line Two | Suite 150 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | 858 | |
Local Phone Number | 350-4364 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheet - USD ($) $ in Thousands | Mar. 31, 2022 | Jun. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 8,839 | $ 10,537 |
Prepaid expenses, deposits and other | 1,254 | 756 |
Clinical trial deposit | 500 | |
Total current assets | 10,093 | 11,793 |
Clinical trial deposit | 2,600 | 1,600 |
Property, equipment and intangibles, net | 105 | 150 |
Total assets | 12,798 | 13,543 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,782 | 2,219 |
Related party payables | 458 | 561 |
Total current liabilities | 3,240 | 2,780 |
Milestone payment liability | 172 | 182 |
Total liabilities | 3,412 | 2,962 |
Stockholders' equity | ||
Common stock Authorized 175,000 shares at March 31, 2022 and June 30, 2021, $0.001 par value 49,306 issued at March 31, 2022 (June 30, 2021 - 32,740) | 49 | 33 |
Additional paid-in capital | 127,670 | 106,821 |
Accumulated deficit | (130,908) | (111,225) |
Accumulated other comprehensive income | 21 | 21 |
Total stockholders’ equity | 9,386 | 10,581 |
Total liabilities and stockholders’ equity | 12,798 | 13,543 |
Preferred Stock Series A | ||
Stockholders' equity | ||
Preferred stock | 279 | 279 |
Preferred Stock Series C | ||
Stockholders' equity | ||
Preferred stock | $ 12,275 | $ 14,652 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheet (Parenthetical) - $ / shares | Mar. 31, 2022 | Jun. 30, 2021 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 49,306,000 | 32,740,000 |
Preferred Stock Series A | ||
Preferred Stock, shares issued | 279,000 | 279,000 |
Preferred stock, shares outstanding | 279,000 | 279,000 |
Preferred Stock Series C | ||
Preferred Stock, shares issued | 17,000 | 20,000 |
Preferred stock, shares outstanding | 17,000 | 20,000 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Expenses | ||||
Research and development | $ 3,474 | $ 3,843 | $ 11,169 | $ 7,784 |
General and administrative | 1,884 | 2,762 | 6,055 | 7,091 |
Merger costs | 500 | |||
In-process research and development | 16,094 | |||
Operating Expenses | (5,358) | (6,605) | (17,224) | (31,469) |
Other income (loss) | ||||
Foreign exchange | 1 | (1) | 6 | (3) |
Amortization of deferred loan costs | (23) | (74) | ||
Interest, net | 1 | (6) | 3 | (20) |
Other loss (income) | 2 | (30) | 9 | (97) |
Net loss for the period | (5,356) | (6,635) | (17,215) | (31,566) |
Computation of basic loss per share | ||||
Net loss for the period | (5,356) | (6,635) | (17,215) | (31,566) |
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance | (3,181) | |||
Series A Preferred cash dividend | (2) | (2) | (6) | (6) |
Net loss for the period attributable to common stockholders | $ (5,358) | $ (6,643) | $ (19,683) | $ (34,768) |
Basic and fully diluted loss per share | $ (0.11) | $ (0.23) | $ (0.45) | $ (1.47) |
Basic and fully diluted weighted average number of shares | 49,128,000 | 29,273,000 | 43,942,000 | 23,701,000 |
Preferred Stock Series B | ||||
Computation of basic loss per share | ||||
Preferred stock dividend | $ (6) | $ (15) | ||
Preferred Stock Series C | ||||
Computation of basic loss per share | ||||
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance | $ (3,181) | |||
Preferred stock dividend | $ (2,462) |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive income | Preferred stock | Accumulated deficit |
Beginning Balance at Jun. 30, 2020 | $ 263 | $ 11 | $ 65,148 | $ 21 | $ 4,804 | $ (69,721) |
Beginning Balance, shares at Jun. 30, 2020 | 11,458,000 | |||||
Adgero merger (note 3) | 16,725 | $ 12 | 16,713 | |||
Adgero merger, shares | 12,011,000 | |||||
Issuance of Series C Preferred stock | 25,028 | 25,028 | ||||
Series C placement agent warrants | 3,287 | (3,287) | ||||
Series C Preferred stock share issuance costs | (3,386) | (3,386) | ||||
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance | 3,181 | (3,181) | ||||
Exercise of warrants | 994 | $ 1 | 993 | |||
Exercise of warrants, shares | 993,000 | |||||
Warrants issued for services | 45 | 45 | ||||
Stock option expense | 405 | 405 | ||||
Series A Preferred cash dividend | (2) | (2) | ||||
Series B preferred stock dividend | 5 | (5) | ||||
Series B preferred stock dividend, shares | 4,000 | |||||
Loss for the period | (19,518) | (19,518) | ||||
Ending Balance at Sep. 30, 2020 | 20,554 | $ 24 | 89,777 | 21 | 23,159 | (92,427) |
Ending Balance, shares at Sep. 30, 2020 | 24,466,000 | |||||
Beginning Balance at Jun. 30, 2020 | 263 | $ 11 | 65,148 | 21 | 4,804 | (69,721) |
Beginning Balance, shares at Jun. 30, 2020 | 11,458,000 | |||||
Loss for the period | (31,566) | |||||
Ending Balance at Mar. 31, 2021 | 16,118 | $ 32 | 100,828 | 21 | 19,726 | (104,489) |
Ending Balance, shares at Mar. 31, 2021 | 31,764,000 | |||||
Beginning Balance at Sep. 30, 2020 | 20,554 | $ 24 | 89,777 | 21 | 23,159 | (92,427) |
Beginning Balance, shares at Sep. 30, 2020 | 24,466,000 | |||||
Series C Preferred stock share issuance costs | (69) | (69) | ||||
Conversion of Series B Preferred stock to common stock | 268 | (268) | ||||
Conversion of Series B preferred stock to common stock, shares | 10,000 | |||||
Conversion of Series C Preferred stock to common stock | $ 1 | 987 | (988) | |||
Conversion of Series C preferred stock to common stock, shares | 1,168,000 | |||||
Exercise of warrants | 186 | 186 | ||||
Exercise of warrants, shares | 186,000 | |||||
Warrants issued for services | 183 | 183 | ||||
Stock options exercised | 21 | 21 | ||||
Stock options exercised, Shares | 35,000 | |||||
Stock option expense | 2,125 | 2,125 | ||||
Series A Preferred cash dividend | (2) | (2) | ||||
Series B preferred stock dividend | 4 | (4) | ||||
Series B preferred stock dividend, shares | 3,000 | |||||
Loss for the period | (5,413) | (5,413) | ||||
Ending Balance at Dec. 31, 2020 | 17,585 | $ 25 | 93,551 | 21 | 21,834 | (97,846) |
Ending Balance, shares at Dec. 31, 2020 | 25,868,000 | |||||
Conversion of Series B Preferred stock to common stock | 61 | (61) | ||||
Conversion of Series B preferred stock to common stock, shares | 2,000 | |||||
Conversion of Series C Preferred stock to common stock | $ 3 | 2,115 | (2,118) | |||
Conversion of Series C preferred stock to common stock, shares | 2,379,000 | |||||
Series C Agent Warrants Exercised | (71) | 71 | ||||
Exercise of warrants | 3,219 | $ 3 | 3,216 | |||
Exercise of warrants, shares | 3,478,000 | |||||
Warrants issued for services | 210 | 210 | ||||
Stock options exercised | 22 | $ 1 | 21 | |||
Stock options exercised, Shares | 34,000 | |||||
Stock option expense | 1,719 | 1,719 | ||||
Series A Preferred cash dividend | (2) | (2) | ||||
Series B preferred stock dividend | 6 | (6) | ||||
Series B preferred stock dividend, shares | 3,000 | |||||
Loss for the period | (6,635) | (6,635) | ||||
Ending Balance at Mar. 31, 2021 | 16,118 | $ 32 | 100,828 | 21 | 19,726 | (104,489) |
Ending Balance, shares at Mar. 31, 2021 | 31,764,000 | |||||
Beginning Balance at Jun. 30, 2021 | 10,581 | $ 33 | 106,821 | 21 | 14,931 | (111,225) |
Beginning Balance, shares at Jun. 30, 2021 | 32,740,000 | |||||
Issuance of shares and warrants - net of issue costs | 13,634 | $ 7 | 13,627 | |||
Issuance of shares and warrants - net of issue costs, shares | 7,200,000 | |||||
Conversion of Series C Preferred stock to common stock | $ 1 | 1,255 | (1,256) | |||
Conversion of Series C preferred stock to common stock, shares | 1,467,000 | |||||
Exercise of 2020 Investor Warrants for cash | 69 | 69 | ||||
Exercise of 2020 Investor Warrants for Cash, shares | 69,000 | |||||
Exercise of pre-funded warrants for cash | 5 | $ 5 | ||||
Exercise of pre-funded warrants for cash, shares | 4,800,000 | |||||
Warrants issued for services | 31 | 31 | ||||
Stock option expense | 811 | 811 | ||||
Series A Preferred cash dividend | (2) | (2) | ||||
Series C Preferred stock dividend | $ 2 | 2,460 | (2,462) | |||
Series C Preferred stock dividend, shares | 1,698,000 | |||||
Loss for the period | (5,966) | (5,966) | ||||
Ending Balance at Sep. 30, 2021 | 19,163 | $ 48 | 125,074 | 21 | 13,675 | (119,655) |
Ending Balance, shares at Sep. 30, 2021 | 47,974,000 | |||||
Beginning Balance at Jun. 30, 2021 | 10,581 | $ 33 | 106,821 | 21 | 14,931 | (111,225) |
Beginning Balance, shares at Jun. 30, 2021 | 32,740,000 | |||||
Loss for the period | (17,215) | |||||
Ending Balance at Mar. 31, 2022 | 9,386 | $ 49 | 127,670 | 21 | 12,554 | (130,908) |
Ending Balance, shares at Mar. 31, 2022 | 49,306,000 | |||||
Beginning Balance at Sep. 30, 2021 | 19,163 | $ 48 | 125,074 | 21 | 13,675 | (119,655) |
Beginning Balance, shares at Sep. 30, 2021 | 47,974,000 | |||||
Conversion of Series C Preferred stock to common stock | $ 1 | 873 | (874) | |||
Conversion of Series C preferred stock to common stock, shares | 1,039,000 | |||||
Warrants issued for services | 4 | 4 | ||||
Stock option expense | 830 | 830 | ||||
Series A Preferred cash dividend | (2) | (2) | ||||
Loss for the period | (5,893) | (5,893) | ||||
Ending Balance at Dec. 31, 2021 | 14,102 | $ 49 | 126,781 | 21 | 12,801 | (125,550) |
Ending Balance, shares at Dec. 31, 2021 | 49,013,000 | |||||
Conversion of Series C Preferred stock to common stock | 247 | (247) | ||||
Conversion of Series C preferred stock to common stock, shares | 293,000 | |||||
Stock option expense | 642 | 642 | ||||
Series A Preferred cash dividend | (2) | (2) | ||||
Loss for the period | (5,356) | (5,356) | ||||
Ending Balance at Mar. 31, 2022 | $ 9,386 | $ 49 | $ 127,670 | $ 21 | $ 12,554 | $ (130,908) |
Ending Balance, shares at Mar. 31, 2022 | 49,306,000 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Loss for the period | $ (17,215) | $ (31,566) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Amortization of intangible assets | 2 | |
Depreciation of property and equipment | 45 | 15 |
In-process research and development | 16,094 | |
Change in fair value of milestone liability | (10) | 14 |
Interest expense | 23 | |
Amortization of deferred loan costs | 74 | |
Warrants issued for services | 35 | 438 |
Stock option expense | 2,283 | 4,248 |
Changes in operating assets and liabilities | ||
Prepaid expenses, deposits and other | (998) | (2,594) |
Accounts payable and accrued liabilities | 563 | (640) |
Related party payables | (103) | (279) |
Net cash used in operating activities | (15,400) | (14,171) |
Cash flows from investing activities | ||
Cash acquired on merger with Adgero | 969 | |
Purchase of equipment | (8) | |
Proceeds on sale of equipment | 3 | |
Net cash provided by investing activities | 964 | |
Cash flows from financing activities | ||
Net proceeds from the issuance of shares and warrants | 13,634 | 21,598 |
Warrants exercised for cash | 74 | 4,399 |
Stock options exercised for cash | 42 | |
Proceeds from loan | 500 | |
Series A preferred cash dividend | (6) | (6) |
Net cash provided by financing activities | 13,702 | 26,533 |
(Decrease) increase in cash and cash equivalents | (1,698) | 13,326 |
Cash and cash equivalents – beginning of period | 10,537 | 2,392 |
Cash and cash equivalents – end of period | $ 8,839 | $ 15,718 |
Nature of operations, corporate
Nature of operations, corporate history, and going concern and management plans | 9 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of operations, corporate history, and going concern and management plans | 1 Nature of operations, corporate history, and going concern and management plans Nature of operations Kintara Therapeutics, Inc. (the “Company”) is a clinical-stage drug development company with a focus on the development of novel cancer therapies for patients with unmet medical needs. The Company is developing two late-stage, Phase 3-ready therapeutics - VAL-083 for glioblastoma multiforme and REM-001 for cutaneous metastatic breast cancer. In order to accelerate the Company’s development timelines, it leverages existing preclinical and clinical data from a wide range of sources. The Company may seek marketing partnerships in order to potentially offset clinical costs and to generate future royalty revenue from approved indications of its product candidates. On June 9, 2020, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), by and among Adgero Acquisition Corp., the Company’s wholly-owned subsidiary incorporated in the State of Delaware (“Merger Sub”), and Adgero Biopharmaceuticals Holdings, Inc., a Delaware corporation (“Adgero”). On August 19, 2020, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub merged with and into Adgero (the “Merger”), the separate corporate existence of Merger Sub ceased and Adgero continued its existence under Delaware law as the surviving corporation in the Merger and became a direct, wholly-owned subsidiary of the Company. As a result of the Merger, each issued and outstanding share of Adgero common stock, par value $ 0.0001 per share (the “Adgero Common Stock”) (other than treasury shares held by Adgero), was converted automatically into 1.5740 shares (the “Exchange Ratio”) of the Company’s common stock per share of Adgero Common Stock, and cash in lieu of any fractional shares. Also, each outstanding warrant to purchase Adgero Common Stock was converted into a warrant exercisable for that number of shares of the Company’s common stock equal to the product of (x) the aggregate number of shares of Adgero Common Stock for which such warrant was exercisable and (y) the Exchange Ratio. Following the completion of the Merger, the Company changed its name from DelMar Pharmaceuticals, Inc. to Kintara Therapeutics, Inc. and began trading on Nasdaq under the symbol “KTRA”. Corporate history The Company is a Nevada corporation formed on June 24, 2009 under the name Berry Only, Inc. On January 25, 2013, the Company entered into and closed an exchange agreement (the “Exchange Agreement”), with Del Mar Pharmaceuticals (BC) Ltd. (“Del Mar (BC)”), 0959454 B.C. Ltd. (“Callco”), and 0959456 B.C. Ltd. (“Exchangeco”) and the security holders of Del Mar (BC). Upon completion of the Exchange Agreement, Del Mar (BC) became a wholly-owned subsidiary of the Company (the “Reverse Acquisition”). Kintara Therapeutics, Inc. is the parent company of Del Mar (BC), a British Columbia, Canada corporation and Adgero, a Delaware corporation, which are clinical-stage companies with a focus on the development of drugs for the treatment of cancer. The Company is also the parent company to Callco and Exchangeco which are British Columbia, Canada corporations. Callco and Exchangeco were formed to facilitate the Reverse Acquisition. In connection with the Merger, the Company also became the parent company of Adgero Biopharmaceuticals, Inc. (“Adgero Bio”), formerly a wholly-owned subsidiary of Adgero. References to the Company refer to the Company and its wholly-owned subsidiaries. Going concern and management plans These condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that the Company will continue its operations for the foreseeable future and contemplates the realization of assets and the settlement of liabilities in the normal course of business. For the nine months ended March 31, 2022, the Company reported a loss of $ 17,215 and a negative cash flow from operations of $ 15,400 . The Company had an accumulated deficit of $ 130,908 and had cash and cash equivalents of $ 8,839 as of March 31, 2022. The Company is in the clinical stage and has not generated any revenues to date. The Company does not have the prospect of achieving revenues until such time that its product candidates are commercialized, or partnered, which may not ever occur. On April 14, 2022, the Company completed a registered direct financing for net proceeds of approximately $ 7.9 million. Even with the proceeds from this financing, the Company will require additional funding to maintain its clinical trials, research and development projects, and for general operations. These circumstances indicate substantial doubt exists about the Company’s ability to continue as a going concern within one year from the date of filing of these condensed consolidated interim financial statements. Consequently, management is pursuing various financing alternatives to fund the Company’s operations so it can continue as a going concern. However, the coronavirus (“COVID-19”) pandemic has created significant economic uncertainty and volatility in the credit and capital markets. Management plans to continue to pursue opportunities to secure the necessary financing through the issue of new equity, debt, and/or the entering into of strategic partnership arrangements but the ultimate impact of the COVID-19 pandemic on the Company’s ability to raise additional capital is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak and any new information which may emerge concerning the severity of the COVID-19 pandemic. The Company may not be able to raise sufficient additional capital and may tailor its drug candidate development programs based on the amount of funding the Company is able to raise in the future. Nevertheless, there is no assurance that these initiatives will be successful. These condensed consolidated financial statements do not give effect to any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Such adjustments could be material. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 2 Significant accounting policies Basis of presentation The condensed consolidated interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and are presented in United States dollars. The functional currency of the Company and each of its subsidiaries is the United States dollar. The accompanying condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries, Adgero, Adgero Bio, Del Mar (BC), Callco, and Exchangeco. All intercompany balances and transactions have been eliminated in consolidation. The principal accounting policies applied in the preparation of these condensed consolidated interim financial statements are set out below and have been consistently applied to all periods presented. Certain prior period balances have been reclassified to conform with the current year’s presentation. Unaudited interim financial data The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the June 30, 2021 audited consolidated financial statements of the Company included in the Company’s Form 10-K filed with the SEC on September 28, 2021. In the opinion of management, the unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation. The results for three and nine months ended March 31, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2022, or for any other future annual or interim period. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets, and contingent liabilities as at the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the valuation of equity instruments issued for services and clinical trial accruals. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements. Loss per share Income or loss per share is calculated based on the weighted average number of common shares outstanding. For the nine-month periods ended March 31, 2022, and 2021, diluted loss per share does not differ from basic loss per share since the effect of the Company’s warrants, stock options, and convertible preferred shares is anti-dilutive. As of March 31, 2022, potential common shares of 18,397 (2021 – 8,226 ) related to outstanding common share warrants, 2,100 (2021 – 2,104 ) related to outstanding Series C preferred stock warrants, 9,846 (2021 – 6,453 ) related to stock options, nil (2021 – 150 ) relating to outstanding Series B convertible preferred shares, and 14,496 (2021 – 17,997 ) relating to outstanding Series C convertible preferred shares were excluded from the calculation of net loss per common share. Acquired in-process research and development expense The Company acquired in-process research and development assets in connection with its Merger with Adgero (note 3). As the acquired in-process research and development assets were deemed to have no current, or alternative future use, an expense of $ 16,094 was recognized in the condensed consolidated interim statements of operations for the nine-month period ended March 31, 2021. Property, equipment, and intangibles Property, equipment and intangibles are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over its estimated useful life of three years . Depreciation expense is recognized from the date the equipment was put into use. Recently adopted accounting standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective July 1, 2022, and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on July 1, 2021. The Company adopted ASU 2020-06 effective July 1, 2021. The adoption of ASU 2020-06 did not have a material impact on the Company’s financial statements. Recently issued accounting standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated interim financial statements. |
Merger
Merger | 9 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Merger | 3 Merger As described in note 1, on August 19, 2020, the Company completed its Merger with Adgero in accordance with the terms of the Merger Agreement. In connection with the Merger, substantially all of the fair value was concentrated in in-process research and development (“IPR&D”). As such, the Merger has been treated as an acquisition of Adgero assets and an assumption of Adgero liabilities. Under the terms of the Merger Agreement, upon closing of the Merger, the Company issued 11,439 shares of Company common stock and 2,314 stock purchase warrants (“Adgero Warrants”) to the security holders of Adgero. The Adgero Warrants are exercisable at $ 3.18 per share (note 6). Also, in conjunction with the Merger, the Company issued 572 shares of common stock to the placement agent as a success fee. The aggregate fair value of consideration transferred to the Adgero shareholders was $ 16,724 . As part of the Merger, the Company acquired in-process research and development of $ 16,094 and other net assets of $ 630 . The fair value of the acquired in-process research and development assets has been expensed as a charge in the condensed consolidated interim statements of operations for the nine months ended March 31, 2021, as there is no alternative use for these assets. The Company incurred approximately $ 1,554 of legal, consulting and other professional fees related to the Merger of which approximately $ 500 was incurred during the nine months ended March 31, 2021. The transaction costs have been classified as merger expenses in the condensed consolidated statement of operations. In connection with the Merger, the Company recorded a milestone payment liability which relates to an asset purchase agreement with St. Cloud Investments, LLC (“St. Cloud”) that Adgero has regarding the acquisition of REM-001. The Agreement, as amended, is dated November 26, 2012 (the “St. Cloud Agreement”). Pursuant to the terms of the St. Cloud Agreement, the Company is obligated to make certain payments under the agreement. The future contingent amounts payable under that agreement are as follows: Upon the earlier of (i) a subsequent equity financing to take place after the Company conducts a Phase 2B clinical study in which 50 patients complete the study and their clinical data can be evaluated or (ii) the commencement of a clinical study intended to be used as a definitive study for market approval in any country, the Company is obligated to pay an aggregate amount of $ 300 in cash or an equivalent amount of common stock, with $ 240 to St. Cloud and $ 60 to a former employee of the Company; and Upon receipt of regulatory approval of REM-001 Therapy, the Company is obligated to pay an aggregate amount of $ 700 in cash or an equivalent amount of common stock, with $ 560 to St. Cloud and $ 140 to a former employee of the Company. With respect to the $300 and $700 potential milestone payments referenced above (each a “Milestone Payment”), if either such Milestone Payment becomes payable, and in the event the Company elects to pay either such Milestone Payment in shares of its common stock, the value of the common stock will equal the average of the closing price per share of the Company’s common stock over the twenty (20) trading days following the first public announcement of the applicable event described above. As of March 31, 2022, the Company reviewed its estimates with respect to the planned timing of completion of the respective milestones and adjusted the liability accordingly. $ Balance – June 30, 2021 182 Change in fair value estimate ( 10 ) Balance – March 31, 2022 172 |
Clinical Trial Deposit
Clinical Trial Deposit | 9 Months Ended |
Mar. 31, 2022 | |
Other Liabilities [Abstract] | |
Clinical Trial Deposit | 4 Clinical trial deposit In October 2020, the Company announced that it had entered into a final agreement with a contract research organization (“CRO”) for the management of the Company’s registration study for glioblastoma multiforme. Under the agreement, the Company will supply the drug for the study and the CRO will manage all operational aspects of the study including site activation and patient enrollment. The Company is required to make certain payments under the agreement related to patient enrollment milestones. For the three and nine months ended March 31, 2022, the Company has recognized $ 1,840 (2021 – $ 1,708 ) and $ 5,770 (2021 – $ 2,958 ), respectively, of expenses for this study in relation to clinical site initiation and patient enrollment. In relation to this study, the Company has made a deposit payment of $ 2,600 to the CRO. It is anticipated that the deposit will be applied to future invoices, or refunded to the Company, beyond twelve months from March 31, 2022. The Company can terminate the study at any time. Upon termination, the Company will be liable for any payments due to the effective date of the termination as well as any non-refundable costs incurred by the CRO prior to the date of termination. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related party transactions | 5 Related party transactions Valent Technologies, LLC Agreements One of the Company’s officers is a principal of Valent Technologies, LLC (“Valent”) and as a result Valent is a related party to the Company. On September 12, 2010, the Company entered into a Patent Assignment Agreement (the “Valent Assignment Agreement”) with Valent pursuant to which Valent transferred to the Company all its right, title and interest in, and to, the patents for VAL-083 owned by Valent. The Company now owns all rights and title to VAL-083 and is responsible for further development and commercialization. In accordance with the terms of the Valent Assignment Agreement, Valent is entitled to receive a future royalty on all revenues derived from the development and commercialization of VAL-083. In the event that the Company terminates the agreement, the Company may be entitled to receive royalties from Valent’s subsequent development of VAL-083 depending on the development milestones the Company has achieved prior to the termination of the Valent Assignment Agreement. On September 30, 2014, the Company entered into an exchange agreement (the “Valent Exchange Agreement”) with Valent and Del Mar (BC). Pursuant to the Valent Exchange Agreement, Valent exchanged its loan payable in the outstanding amount of $ 279 (including aggregate accrued interest to September 30, 2014, of $ 29 ), issued to Valent by Del Mar (BC), for 279 shares of the Company’s Series A Preferred Stock. The Series A Preferred Stock has a stated value of $ 1.00 per share (the “Series A Stated Value”) and is not convertible into common stock. The holder of the Series A Preferred Stock is entitled to dividends at the rate of 3 % of the Series A Stated Value per year, payable quarterly in arrears. For the three months ended March 31, 2022, and 2021, respectively, the Company recorded $ 2 related to the dividend paid to Valent, while for the nine months ended March 31, 2022, and 2021, respectively, the Company recorded $ 6 related to the dividend paid to Valent. The dividends have been recorded as a direct increase in accumulated deficit. Related party payables As of March 31, 2022, there is an aggregate amount of $ 458 (June 30, 2021 - $ 561 ) payable to the Company’s officers and directors for fees, expenses, and accrued bonuses and other liabilities. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 6 Stockholders’ equity Preferred stock Series C Preferred Stock Series C Preferred Stock Number $ Balance – June 30, 2021 20,092 14,652 Conversion of Series C Preferred stock to common stock ( 3,254 ) ( 2,377 ) Balance – March 31, 2022 16,838 12,275 In connection with the Merger (note 3), in August 2020, the Company issued 25,028 shares of Series C Convertible Preferred Stock (the “Series C Preferred Stock”) in three separate closings of a private placement (Series C-1, C-2, and C-3). Each share of Series C Preferred Stock was issued at a purchase price of $ 1,000 per share and is convertible into shares of common stock based on the respective conversion prices which were determined at the closing of each round of the private placement. The conversion prices for the Series C-1 Preferred Stock, Series C-2 Preferred Stock, and the Series C-3 Preferred Stock are $ 1.16 , $ 1.214 , and $ 1.15 , respectively. Subject to ownership limitations, the owners of the Series C Preferred Stock are entitled to receive dividends, payable in shares of common stock at a rate of 10 %, 15 %, 20 % and 25 % of the number of shares of common stock issuable upon conversion of the Series C Preferred Stock, on the 12 th , 24 th , 36 th and 48 th month, anniversary of the initial closing of the private placement which occurred on August 19, 2020. The Series C Preferred Stock dividends do not require declaration by the Board of Directors and are accrued annually as of the date the dividend is earned in an amount equal to the fair value of the Company’s common stock on the dates the respective dividends are paid. The fair value of the Series C Preferred Stock dividend paid on August 19, 2021, was determined by multiplying the dividends paid of 1,698 by the Company’s closing share price on August 19, 2021, of $ 1.45 per share for a total fair value of $ 2,462 . Any outstanding shares of Series C Preferred Stock will automatically convert to shares of common stock on August 19, 2024. Total gross proceeds from the private placement were $ 25,028 , or approximately $ 21,573 in net proceeds after deducting financing costs of $ 3,455 with respect to agent commissions and expenses, as well as legal and accounting fees. In addition, the Company issued 2,504 Series C Preferred Stock purchase warrants with a fair value of $ 3,287 to the placement agent (“Series C Agent Warrants”). The Company’s Series C Preferred Stock outstanding, conversion shares, and aggregate dividends as of March 31, 2022, are as follows: Series Number Conversion Number of Dividend Shares (in thousands) Series 1 13,945 1.16 12,022 8,641 Series 2 898 1.21 740 518 Series 3 1,995 1.15 1,734 1,237 16,838 14,496 10,396 Series C Dividends Dividend Shares 10% - August 19, 2021 (actual) 1,698 15% - August 19, 2022 (estimated) 2,174 20% - August 19, 2023 (estimated) 2,899 25% - August 19, 2024 (estimated) 3,625 10,396 The conversion feature of the Series C Convertible Preferred Stock at the time of issuance was determined to be beneficial on the commitment date. Because the Series C Convertible Preferred Stock was perpetual with no stated maturity date, and the conversions could occur any time from inception, the Company immediately recorded a non-cash deemed dividend of $ 3,181 related to the beneficial conversion feature arising from the issuance of Series C Convertible Preferred Stock. This non-cash deemed dividend increased the Company’s net loss attributable to common stockholders and net loss per share for the nine months ended March 31, 2021. The Series C Preferred Stock shall with respect to distributions of assets and rights upon the occurrence of a liquidation, rank (i) senior to the Company’s common stock and (ii) senior to any other class or series of capital stock of the Company hereafter created which does not expressly rank pari passu with, or senior to, the Series C Preferred Stock. The Series C Preferred Stock shall be pari passu in liquidation to the Company’s Series A Preferred Stock. The liquidation value of the Series C Preferred Stock at March 31, 2022, is the stated value of $ 16,838 (June 30, 2021 - $ 20,092 ). Series B Preferred Stock During the year ended June 30, 2016, the Company issued 902 shares of Series B Preferred Stock. The remaining balance of 601 shares of Series B Preferred Stock were fully converted to 150 shares of common stock on April 29, 2021. The holders of the Series B Preferred Stock were entitled to an annual cumulative, in arrears, dividend at the rate of 9 % payable quarterly. The 9% dividend accrued quarterly commencing on the date of issue and was payable quarterly on September 30, December 31, March 31, and June 30 of each year commencing on June 30, 2016. Dividends were payable solely by delivery of shares of common stock, in an amount for each holder equal to the aggregate dividend payable to such holder with respect to the shares of Series B Preferred Stock held by such holder divided by the conversion price. Pursuant to the Series B Preferred Stock dividend, during the three months ended March 31, 2022, the Company issued nil (2021 – 3 ) shares of common stock and recognized $ nil (2021 - $ 6 ) and during the nine months ended March 31, 2022, the Company issued nil (2021 – 10 ) shares of common stock and recognized $ nil (2021 - $ 15 ). These dividends have been recognized as an increase in accumulated deficit. In addition, the Company and the Series B Preferred Stockholders entered into a royalty agreement, pursuant to which the Company will pay the holders of the Series B Preferred Stock, in aggregate, a single-digit royalty based on their pro rata ownership of the Series B Preferred Stock on products sold directly by the Company or sold pursuant to a licensing or partnering arrangement. Series A Preferred Stock Effective September 30, 2014, the Company filed a Certificate of Designation of Series A Preferred Stock (the “Series A Certificate of Designation”) with the Secretary of State of Nevada. Pursuant to the Series A Certificate of Designation, the Company designated 279 shares of preferred stock as Series A Preferred Stock. The shares of Series A Preferred Stock have a stated value of $ 1.00 per share (the “Series A Stated Value”) and are not convertible into common stock. The holder of the Series A Preferred Stock is entitled to dividends at the rate of 3 % of the Series A Stated Value per year, payable quarterly in arrears. Upon any liquidation of the Company, the holder of the Series A Preferred Stock will be entitled to be paid, out of any assets of the Company available for distribution to stockholders, the Series A Stated Value of the shares of Series A Preferred Stock held by such holder, plus any accrued but unpaid dividends thereon, prior to any payments being made with respect to the common stock. The Series A Preferred Stock is held by Valent (note 5). The Series A Preferred Stock shall with respect to distributions of assets and rights upon the occurrence of a liquidation, rank (i) senior to the Company’s common stock, and (ii) senior to any other class or series of capital stock of the Company hereafter created which does not expressly rank pari passu with, or senior to, the Series A Preferred Stock. The Series A Preferred Stock shall be pari passu in liquidation to the Company’s Series C Preferred Stock. The liquidation value of the Series A Preferred stock at March 31, 2022 is its stated value of $ 279 (June 30, 2021 - $ 279 ). There was no change to the Series A Preferred stock for the three or nine months ended March 31, 2022 or 2021. Common stock Stock issuances during the nine months ended March 31, 2022 Registered direct financing On September 28, 2021, the Company closed on the sale of (i) 7,200 shares of its common stock, par value $ 0.001 per share, (ii) pre-funded warrants (“PFW”) to purchase an aggregate of 4,800 shares of common stock and (iii) common warrants to purchase an aggregate of 12,000 shares of common stock (“2022 Investor Warrants”) in the Company’s registered direct offering (the “September Offering”). Each share of common stock, or PFW as applicable, was sold together with a 2022 Investor Warrant to purchase one share of common stock at a combined effective price of $1.25 per share of common stock and accompanying 2022 Investor Warrant. The 2022 Investor Warrants have been valued at $ 7,023 and have been treated as equity. They have been valued using a Black-Scholes valuation with a risk-free rate of 0.55 %, a contractual term of 3.5 years, a volatility of 116.7 %, and a dividend rate of 0 %. The estimated volatility of the Company’s common stock is based on the historical volatility of the Company. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the contractual life of the instrument at the valuation date. The term is based on the contractual term of the warrant. The net proceeds from the September Offering were $ 13,634 after deducting commissions and other offering expenses. The 2022 Investor Warrants are exercisable at $1.25 per share until their expiry on March 28, 2025 , and the PFW are exercisable at $0.001 per share at any time after September 28, 2021. The Company also issued 600 agent warrants that are exercisable at $ 1.5265 per share commencing September 28, 2021 , until their expiry on March 28, 2025 (the “2022 Agent Warrants”). The 2022 Agent Warrants have been valued at $ 333 and have been treated as non-cash issue costs of the common stock, 2022 Investor Warrants, and PFW. The 2022 Agent Warrants have been valued using a Black-Scholes valuation with a risk-free rate of 0.55 %, a contractual term of 3.5 years, a volatility of 116.7 %, and a dividend rate of 0 %. The estimated volatility of the Company’s common stock is based on the historical volatility of the Company. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the contractual life of the instrument at the valuation date. The term is based on the contractual term of the warrant . During the nine months ended March 31, 2022, all of the 4,800 PFW were exercised at $ 0.001 per PFW for proceeds of $ 4.8 . Stock options 2017 Omnibus Incentive Plan As subsequently approved by the Company’s stockholders at an annual meeting of stockholders on April 11, 2018, the Company’s board of directors approved the adoption of the Company’s 2017 Omnibus Equity Incentive Plan (the “2017 Plan”), as amended. The board of directors also approved a form of Performance Stock Unit Award Agreement to be used in connection with grants of performance stock units (“PSUs”) under the 2017 Plan. As approved by the Company’s stockholders on June 25, 2021, the number of common shares available under the 2017 Plan is 13,000 shares. Under the 2017 Plan, 13,000 shares of Company common stock are currently reserved for issuance, less the number of shares of common stock issued under the Del Mar (BC) 2013 Amended and Restated Stock Option Plan (the “Legacy Plan”), or that are subject to grants of stock options made, or that may be made, under the Legacy Plan, or that have been previously exercised. A total of 120 shares of common stock have been issued under the Legacy Plan and/or are subject to outstanding stock options granted under the Legacy Plan, and a total of 9,726 shares of common stock have been issued under the 2017 Plan and/or are subject to outstanding stock options granted under the 2017 Plan leaving 2,960 shares of common stock available at March 31, 2022 for issuance under the 2017 Plan if all such options under the Legacy Plan were exercised, net of stock options previously exercised. The maximum number of shares of Company common stock with respect to which any one participant may be granted awards during any calendar year is 8 % of the Company’s fully diluted shares of common stock on the date of grant (excluding the number of shares of common stock issued under the 2017 Plan and/or the Legacy Plan or subject to outstanding awards granted under the 2017 Plan and/or the Legacy Plan). No award will be granted under the 2017 Plan on, or after, July 7, 2027. During the nine months ended March 31, 2022, a total of 3,954 stock options to purchase shares of common stock were granted to directors and an officer of the Company. Of the total stock options granted, 435 have an exercise price of $ 1.24 per share and vest in 12 equal monthly installments beginning on October 22, 2021. The remaining 3,519 stock options granted have an exercise price of $ 0.96 per share and vest as to 25% on November 8, 2022, with the remaining portion vesting in equal monthly installments over a period of 36 months commencing on December 8, 2022. All of the options to purchase shares of common stock granted have a 10 -year term and are subject to cancellation upon the grantees’ termination of service for the Company, with certain exceptions. In addition, 2,715 stock options previously issued to an officer of the Company were modified such that 754 stock options that were to vest over the period December 15, 2022, to September 15, 2023, now vest on a contingent basis dependent on the achievement of certain strategic partnership initiatives. In relation to the termination of an officer of the Company, the Company has recognized $31 in stock option expense due to the acceleration of vesting of certain stock options granted to that officer. The following table sets forth changes in stock options outstanding under all plans: Number of Weighted Balance – June 30, 2021 6,392 2.26 Granted 3,964 0.99 Expired ( 28 ) 15.45 Forfeited ( 482 ) 1.64 Balance – March 31, 2022 9,846 1.74 The following table summarizes stock options outstanding and exercisable under all plans at March 31, 2022: Exercise price Number Weighted Number 0.33 10 9.96 — 0.61 816 7.43 781 0.74 250 7.61 125 0.96 3,519 9.60 — 1.24 368 9.48 201 1.36 300 8.48 150 1.37 75 9.08 — 1.70 4,283 8.46 2,578 6.10 17 6.60 17 8.70 12 5.59 12 9.83 83 6.14 83 10.60 4 6.03 4 11.70 30 0.91 30 15.99 2 0.21 2 21.10 7 5.27 7 29.60 2 2.84 2 37.60 5 3.86 5 41.00 4 4.61 4 42.00 30 1.37 30 44.80 3 3.86 3 49.50 13 4.88 13 53.20 8 4.10 8 61.60 2 1.00 2 92.00 3 1.17 3 9,846 4,060 Included in the number of stock options outstanding are 2.0 stock options granted at an exercise price of CA$20.00. The exercise price of these options shown in the above table have been converted to US $ 15.99 per share using the period ending closing exchange rate. Stock options granted during the nine months ended March 31, 2022, have been valued using a Black-Scholes pricing model with the following assumptions: March 31, 2022 Dividend rate — % Estimated volatility 91.71 % Risk-free rate 1.78 % Expected term – years 5.99 The estimated volatility of the Company’s common stock at the date of issuance of the stock options is based on the historical volatility of the Company. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining term of the stock options at the valuation date. The expected term of the stock options has been estimated using the plain vanilla method. The Company has recognized the following amounts as stock option expense for the periods noted (in thousands): Three months ended Nine months ended 2022 2021 2022 2021 Research and development ( 29 ) 508 464 1,171 General and administrative 671 1,210 1,819 3,077 642 1,718 2,283 4,248 All of the stock option expense for the periods ended March 31, 2022, and 2021, has been recognized as additional paid in capital. The aggregate intrinsic value of stock options outstanding at March 31, 2022 was $ nil (2021 - $ 1,618 ) and the aggregate intrinsic value of stock options exercisable at March 31, 2022 was $ nil (2021 - $ 1,044 ). As of March 31, 2022, there was $ 2,961 in unrecognized compensation expense that will be recognized over the next 3.96 years. The following table sets forth changes in unvested stock options under all plans: Number of Weighted Unvested at June 30, 2021 3,860 1.60 Granted 3,964 0.99 Vested ( 1,556 ) 1.55 Forfeited ( 482 ) 1.64 Unvested at March 31, 2022 5,786 1.19 The aggregate intrinsic value of unvested stock options at March 31, 2022 was $ nil (2021 - $ 573 ). The unvested stock options have a remaining weighted average contractual term of 9.17 years (2021 – 9.39 ). Common stock warrants The following table sets forth changes in outstanding common stock warrants: Number of Weighted Balance – June 30, 2021 6,974 3.34 Issuance of 2022 Investor Warrants 12,000 1.25 Issuance of PFW 4,800 0.001 Issuance of 2022 Agent Warrants 600 1.5625 Exercise of PFW ( 4,800 ) 0.001 Exercise of 2020 Investor Warrants ( 69 ) 1.00 Expiry of Adgero replacement warrants ( 1,108 ) 3.18 Balance – March 31, 2022 18,397 1.94 The following table summarizes the Company’s outstanding common stock warrants as of March 31, 2022: Description of warrants Number Exercise Expiry date 2022 Investor warrants 12,000 1.25 March 28, 2025 2020 Investor warrants 3,264 1.00 August 16, 2024 2019 Investor warrants 760 3.10 June 5, 2024 2018 Investor warrants 280 12.50 September 22, 2022 2017 Investor warrants 208 35.00 April 19, 2022 NBTS Warrants 125 1.09 June 19, 2025 (i) Warrants issued for services 6 17.80 January 25, 2023 Warrants issued for services 34 11.70 February 27, 2023 Warrants issued for services 14 9.00 September 15, 2023 Warrants issued for services 280 0.75 November 18, 2023 Warrants issued for services 125 0.64 January 20, 2024 Warrants issued for services 330 1.49 September 22, 2023 Warrants issued for services 50 1.82 November 13, 2023 Warrants issued for services 100 1.47 January 7, 2024 Warrants issued for services 70 2.75 February 17, 2024 Warrants issued for services 50 2.38 February 25, 2024 2022 Agent warrants 600 1.56 March 28, 2025 2019 Agent warrants 47 3.88 June 3, 2024 2018 Agent warrants 40 12.50 September 20, 2022 2017 Agent warrants 14 40.60 April 12, 2022 18,397 Series C Preferred Stock warrants In connection with the Series C Preferred Stock private placement, the Company issued 2,504 Series C Agent Warrants. The Series C Agent Warrants have an exercise price of $ 1,000 per share, provide for a cashless exercise feature, and are exercisable for a period of four years from August 19, 2020. The Series C Preferred Stock issuable upon exercise of the Series C Agent Warrants is convertible into shares of common stock in the same manner as each respective underlying series of outstanding Series C Preferred Stock and will be entitled to the same dividend rights as each respective series. The Series C Agent Warrants were valued at a total of $ 3,287 using a binomial pricing model with a risk-free interest rate of 0.27 %, a term of 4.0 years, and a volatility of 95.2 % to 95.8 %. The estimated volatility of the Company’s common stock at the date of measurement is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the instrument at the valuation date. The expected term has been estimated using the contractual term of the warrant. The following table sets forth changes in outstanding Series C Agent Warrants: Balance Number of Number of Balance, Conversion Preferred Series C-1 Agent Warrants 1,929 — — 1,929 1.16 Preferred Series C-2 Agent Warrants 219 — — 219 1.21 Preferred Series C-3 Agent Warrants 296 — — 296 1.15 2,444 — — 2,444 The following table summarizes the Company’s outstanding Series C Agent Warrants as of March 31, 2022: Series C Agent Warrants Number Conversion Number of Cumulative Series 1 1,929 1.16 1,663 1,164 Series 2 219 1.21 180 126 Series 3 296 1.15 257 180 2,444 2,100 1,470 |
Supplementary Statement of Cash
Supplementary Statement of Cash Flows Information | 9 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplementary statement of cash flows information | 7 Supplementary statement of cash flows information The Company incurred the following non-cash investing and financing transactions (in thousands): Nine months ended March 31, March 31, Series C Preferred Stock common stock dividend (note 6) 2,462 — Series B Preferred Stock common stock dividend (note 6) — 15 Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 6) — 3,181 Non-cash issue costs (note 6) 333 3,287 Cashless exercise of Series C warrants (note 6) — 71 Income taxes paid — — Interest paid — — |
Financial instruments
Financial instruments | 9 Months Ended |
Mar. 31, 2022 | |
Investments All Other Investments [Abstract] | |
Financial Instruments | 8 Financial instruments The Company has financial instruments that are measured at fair value. To determine the fair value, the Company uses the fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use to value an asset or liability and are developed based on market data obtained from independent sources. Unobservable inputs are inputs based on assumptions about the factors market participants would use to value an asset or liability. The three levels of inputs that may be used to measure fair value are as follows: Level one - inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities; Level two - inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals; and Level three - unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. As at March 31, 2022, the Company’s milestone payment liability was measured using level 3 inputs (note 3). March 31, 2022 Liability Level 1 Level 2 Level 3 Milestone payment liability — — 172 The Company’s financial instruments consist of cash and cash equivalents, other receivables, accounts payable, and related party payables. The carrying values of cash and cash equivalents, other receivables, accounts payable and related party payables approximate their fair values due to the immediate or short-term maturity of these financial instruments. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | 9 Subsequent events Registered direct financing On April 14, 2022, the Company closed on the sale of 16,266 shares of its common stock, par value $ 0.001 per share, and common warrants to purchase an aggregate of 16,266 shares of common stock (“2022 April Investor Warrants”) in the Company’s registered direct offering (the “April Offering”). Each share of common stock was sold together with a 2022 April Investor Warrant to purchase one share of common stock at a combined effective price of $0.53 per share of common stock and accompanying 2022 April Investor Warrant. The net proceeds from the April Offering were approximately $ 7,900 after deducting commissions and other offering expenses. The 2022 April Investor Warrants are exercisable at $0.41 per share until their expiry on April 14, 2027 . The Company also issued 811 agent warrants that are exercisable at $ 0.6625 per share commencing October 14, 2022 , until their expiry on October 14, 2026 . Warrants and stock options Subsequent to March 31, 2022, a total of 222 common stock warrants exercisable at a weighted average price of $ 35.35 per share expired and 280 stock options exercisable at a weighted average exercise price of $ 1.65 expired. The Company has evaluated its subsequent events from March 31, 2022, through the date these condensed consolidated interim financial statements were issued and has determined that there are no subsequent events requiring disclosure in these condensed consolidated interim financial statements other than the items noted above. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The condensed consolidated interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and are presented in United States dollars. The functional currency of the Company and each of its subsidiaries is the United States dollar. The accompanying condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries, Adgero, Adgero Bio, Del Mar (BC), Callco, and Exchangeco. All intercompany balances and transactions have been eliminated in consolidation. The principal accounting policies applied in the preparation of these condensed consolidated interim financial statements are set out below and have been consistently applied to all periods presented. Certain prior period balances have been reclassified to conform with the current year’s presentation. |
Unaudited Interim Financial Data | Unaudited interim financial data The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the June 30, 2021 audited consolidated financial statements of the Company included in the Company’s Form 10-K filed with the SEC on September 28, 2021. In the opinion of management, the unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation. The results for three and nine months ended March 31, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2022, or for any other future annual or interim period. |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets, and contingent liabilities as at the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the valuation of equity instruments issued for services and clinical trial accruals. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements. |
Loss Per Share | Loss per share Income or loss per share is calculated based on the weighted average number of common shares outstanding. For the nine-month periods ended March 31, 2022, and 2021, diluted loss per share does not differ from basic loss per share since the effect of the Company’s warrants, stock options, and convertible preferred shares is anti-dilutive. As of March 31, 2022, potential common shares of 18,397 (2021 – 8,226 ) related to outstanding common share warrants, 2,100 (2021 – 2,104 ) related to outstanding Series C preferred stock warrants, 9,846 (2021 – 6,453 ) related to stock options, nil (2021 – 150 ) relating to outstanding Series B convertible preferred shares, and 14,496 (2021 – 17,997 ) relating to outstanding Series C convertible preferred shares were excluded from the calculation of net loss per common share. |
Acquired In-process Research And Development Expense | Acquired in-process research and development expense The Company acquired in-process research and development assets in connection with its Merger with Adgero (note 3). As the acquired in-process research and development assets were deemed to have no current, or alternative future use, an expense of $ 16,094 was recognized in the condensed consolidated interim statements of operations for the nine-month period ended March 31, 2021. |
Property, equipment and intangibles | Property, equipment, and intangibles Property, equipment and intangibles are stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over its estimated useful life of three years . Depreciation expense is recognized from the date the equipment was put into use. |
Recent Accounting Standards | Recently adopted accounting standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective July 1, 2022, and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on July 1, 2021. The Company adopted ASU 2020-06 effective July 1, 2021. The adoption of ASU 2020-06 did not have a material impact on the Company’s financial statements. Recently issued accounting standards Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated interim financial statements. |
Merger (Tables)
Merger (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Schedule of Milestone Payment Liability | As of March 31, 2022, the Company reviewed its estimates with respect to the planned timing of completion of the respective milestones and adjusted the liability accordingly. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Class Of Stock [Line Items] | |
Schedule of Stock Option Expense | Three months ended Nine months ended 2022 2021 2022 2021 Research and development ( 29 ) 508 464 1,171 General and administrative 671 1,210 1,819 3,077 642 1,718 2,283 4,248 |
Schedule of Unvested Stock Options | Number of Weighted Unvested at June 30, 2021 3,860 1.60 Granted 3,964 0.99 Vested ( 1,556 ) 1.55 Forfeited ( 482 ) 1.64 Unvested at March 31, 2022 5,786 1.19 |
Schedule of Warrants | Number of Weighted Balance – June 30, 2021 6,974 3.34 Issuance of 2022 Investor Warrants 12,000 1.25 Issuance of PFW 4,800 0.001 Issuance of 2022 Agent Warrants 600 1.5625 Exercise of PFW ( 4,800 ) 0.001 Exercise of 2020 Investor Warrants ( 69 ) 1.00 Expiry of Adgero replacement warrants ( 1,108 ) 3.18 Balance – March 31, 2022 18,397 1.94 |
Schedule of Changes in Outstanding Warrants | Description of warrants Number Exercise Expiry date 2022 Investor warrants 12,000 1.25 March 28, 2025 2020 Investor warrants 3,264 1.00 August 16, 2024 2019 Investor warrants 760 3.10 June 5, 2024 2018 Investor warrants 280 12.50 September 22, 2022 2017 Investor warrants 208 35.00 April 19, 2022 NBTS Warrants 125 1.09 June 19, 2025 (i) Warrants issued for services 6 17.80 January 25, 2023 Warrants issued for services 34 11.70 February 27, 2023 Warrants issued for services 14 9.00 September 15, 2023 Warrants issued for services 280 0.75 November 18, 2023 Warrants issued for services 125 0.64 January 20, 2024 Warrants issued for services 330 1.49 September 22, 2023 Warrants issued for services 50 1.82 November 13, 2023 Warrants issued for services 100 1.47 January 7, 2024 Warrants issued for services 70 2.75 February 17, 2024 Warrants issued for services 50 2.38 February 25, 2024 2022 Agent warrants 600 1.56 March 28, 2025 2019 Agent warrants 47 3.88 June 3, 2024 2018 Agent warrants 40 12.50 September 20, 2022 2017 Agent warrants 14 40.60 April 12, 2022 18,397 |
Series C Warrants [Member] | |
Class Of Stock [Line Items] | |
Schedule of Changes in Outstanding Warrants | Series C Agent Warrants Number Conversion Number of Cumulative Series 1 1,929 1.16 1,663 1,164 Series 2 219 1.21 180 126 Series 3 296 1.15 257 180 2,444 2,100 1,470 |
Schedule of Conversion of Series C Preferred Stock to Series C Warrants | Balance Number of Number of Balance, Conversion Preferred Series C-1 Agent Warrants 1,929 — — 1,929 1.16 Preferred Series C-2 Agent Warrants 219 — — 219 1.21 Preferred Series C-3 Agent Warrants 296 — — 296 1.15 2,444 — — 2,444 |
Stock options [Member] | |
Class Of Stock [Line Items] | |
Schedule of Outstanding Under the Legacy Plan | Number of Weighted Balance – June 30, 2021 6,392 2.26 Granted 3,964 0.99 Expired ( 28 ) 15.45 Forfeited ( 482 ) 1.64 Balance – March 31, 2022 9,846 1.74 |
Summary of Stock Options Currently Outstanding and Exercisable | Exercise price Number Weighted Number 0.33 10 9.96 — 0.61 816 7.43 781 0.74 250 7.61 125 0.96 3,519 9.60 — 1.24 368 9.48 201 1.36 300 8.48 150 1.37 75 9.08 — 1.70 4,283 8.46 2,578 6.10 17 6.60 17 8.70 12 5.59 12 9.83 83 6.14 83 10.60 4 6.03 4 11.70 30 0.91 30 15.99 2 0.21 2 21.10 7 5.27 7 29.60 2 2.84 2 37.60 5 3.86 5 41.00 4 4.61 4 42.00 30 1.37 30 44.80 3 3.86 3 49.50 13 4.88 13 53.20 8 4.10 8 61.60 2 1.00 2 92.00 3 1.17 3 9,846 4,060 |
Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model | March 31, 2022 Dividend rate — % Estimated volatility 91.71 % Risk-free rate 1.78 % Expected term – years 5.99 |
Performance stock units [Member] | |
Class Of Stock [Line Items] | |
Schedule of Issuance of Series C Preferred Stock | Series C Preferred Stock Number $ Balance – June 30, 2021 20,092 14,652 Conversion of Series C Preferred stock to common stock ( 3,254 ) ( 2,377 ) Balance – March 31, 2022 16,838 12,275 |
Schedule of Series C Preferred Stock Outstanding, Conversion Shares and Aggregate Dividends | The Company’s Series C Preferred Stock outstanding, conversion shares, and aggregate dividends as of March 31, 2022, are as follows: Series Number Conversion Number of Dividend Shares (in thousands) Series 1 13,945 1.16 12,022 8,641 Series 2 898 1.21 740 518 Series 3 1,995 1.15 1,734 1,237 16,838 14,496 10,396 Series C Dividends Dividend Shares 10% - August 19, 2021 (actual) 1,698 15% - August 19, 2022 (estimated) 2,174 20% - August 19, 2023 (estimated) 2,899 25% - August 19, 2024 (estimated) 3,625 10,396 |
Supplementary Statement of Ca_2
Supplementary Statement of Cash Flows Information (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplementary Statement of Cash Flows Information | The Company incurred the following non-cash investing and financing transactions (in thousands): Nine months ended March 31, March 31, Series C Preferred Stock common stock dividend (note 6) 2,462 — Series B Preferred Stock common stock dividend (note 6) — 15 Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 6) — 3,181 Non-cash issue costs (note 6) 333 3,287 Cashless exercise of Series C warrants (note 6) — 71 Income taxes paid — — Interest paid — — |
Financial instruments (Tables)
Financial instruments (Tables) | 9 Months Ended |
Mar. 31, 2022 | |
Investments All Other Investments [Abstract] | |
Schedule of Assets and Liabilities Classified , Changes in the Observability of Valuation Inputs Measured using Level 3 Inputs | As at March 31, 2022, the Company’s milestone payment liability was measured using level 3 inputs (note 3). |
Nature of Operations, Corpora_2
Nature of Operations, Corporate History, and Going Concern and Management Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 14, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Aug. 19, 2020 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.0001 | |||
Conversion of convertible common stock | 1.5740 shares | ||||||
Nature of operations, corporate history, and going concern (Textual) | |||||||
Net loss | $ (5,356) | $ (6,635) | $ (17,215) | $ (31,566) | |||
Negative cash flow from operations | (15,400) | $ (14,171) | |||||
Cash and cash equivalents | 8,839 | 8,839 | $ 10,537 | ||||
Accumulated deficit | $ (130,908) | $ (130,908) | $ (111,225) | ||||
Substantial Doubt about Companys Ability to Continues Going Concern Period | 1 year | ||||||
Subsequent Event [Member] | |||||||
Nature of operations, corporate history, and going concern (Textual) | |||||||
Proceeds from registered direct financing subsequent | $ 7,900 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
In-process research and development | $ 16,094 | |
Property, equipment and intangibles estimated useful life | 3 years | |
Series C Preferred Share Warrants [Member] | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 2,100 | 2,104 |
Series B Convertible Preferred Shares [Member] | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 150 | |
Series C Convertible Preferred Shares [Member] | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 14,496 | 17,997 |
Stock options [Member] | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 9,846 | 6,453 |
Warrant [Member] | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 18,397 | 8,226 |
Merger - Additional Information
Merger - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||
Legal fee | $ 1,554 | |
Professional fees | $ 500 | |
Cash or equivalent to common stock | $ 300 | |
Contingent amounts payable to St. Cloud | 240 | |
Cash paid to employees | $ 60 | |
Merger Agreement [Member] | ||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||
Stock purchase warrants | 2,314 | |
Warrants exercisable price | $ 3.18 | |
Fair value of consideration transferred | $ 16,724 | |
Payments to acquire in-process research and development | 16,094 | |
Payments to acquire other net assets | $ 630 | |
Merger Agreement [Member] | Common stock | ||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||
Number of shares issued | 11,439 | |
Merger Agreement [Member] | Common stock | Private Placement [Member] | ||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||
Merger success fee | 572 | |
REM-001 Therapy [Member] | ||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | ||
Cash or equivalent to common stock | $ 700 | |
Contingent amounts payable to St. Cloud | 560 | |
Cash paid to employees | $ 140 |
Merger - Schedule of Milestone
Merger - Schedule of Milestone Payment Liability (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2022USD ($) | |
Business Combinations [Abstract] | |
Balance | $ 182 |
Change in fair value estimate | (10) |
Balance | $ 172 |
Clinical Trial Deposit - Additi
Clinical Trial Deposit - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Other Liabilities [Abstract] | ||||
Patient enrollment milestones, payments | $ 1,840 | $ 1,708 | $ 5,770 | $ 2,958 |
Deposits payments | $ 2,600 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Dividend payable | $ 6 | $ 6 | ||||
Related party payables | $ 458 | $ 458 | $ 561 | |||
Preferred Stock Series A | ||||||
Preferred Stock, shares issued | 279,000 | 279,000 | 279,000 | |||
Preferred stock, rate of dividend | 3.00% | |||||
Valent Technologies LLC [Member] | ||||||
Loan payable outstanding amount | $ 279 | |||||
Aggregate accrued interest | $ 29 | |||||
Dividend payable | $ 2 | $ 2 | $ 6 | $ 6 | ||
Valent Technologies LLC [Member] | Preferred Stock Series A | ||||||
Preferred Stock, shares issued | 279 | |||||
Preferred stock, par value | $ 1 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Issuance of Series C Preferred Stock (Detail) - Preferred Stock Series C $ in Thousands | 9 Months Ended |
Mar. 31, 2022USD ($)shares | |
Class Of Stock [Line Items] | |
Beginning Balance | $ | $ 14,652 |
Beginning Balance, shares | shares | 20,092 |
Conversion of Series C Preferred stock to common stock | $ | $ (2,377) |
Conversion of series C preferred stock to common stock, shares | shares | (3,254) |
Ending Balance | $ | $ 12,275 |
Ending Balance, shares | shares | 16,838 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Sep. 28, 2021USD ($)$ / sharesshares | Aug. 19, 2021USD ($)$ / shares | Sep. 30, 2014$ / sharesshares | Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($)shares | Dec. 31, 2020shares | Sep. 30, 2020shares | Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($)shares | Jun. 30, 2016shares | Jun. 30, 2021USD ($)$ / sharesshares | Apr. 29, 2021shares |
Class Of Stock [Line Items] | ||||||||||||
Non cash dividends of preferred stock | $ | $ 3,181,000 | |||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||
Underwritten public offering, description | the Company closed on the sale of (i) 7,200 shares of its common stock, par value $0.001 per share, (ii) pre-funded warrants (“PFW”) to purchase an aggregate of 4,800 shares of common stock and (iii) common warrants to purchase an aggregate of 12,000 shares of common stock (“2022 Investor Warrants”) in the Company’s registered direct offering (the “September Offering”). Each share of common stock, or PFW as applicable, was sold together with a 2022 Investor Warrant to purchase one share of common stock at a combined effective price of $1.25 per share of common stock and accompanying 2022 Investor Warrant. The 2022 Investor Warrants have been valued at $7,023 and have been treated as equity. They have been valued using a Black-Scholes valuation with a risk-free rate of 0.55%, a contractual term of 3.5 years, a volatility of 116.7%, and a dividend rate of 0%. | |||||||||||
Common stock, shares issued | 49,306,000 | 49,306,000 | 32,740,000 | |||||||||
Warrants exercised for cash | $ | $ 74,000 | $ 4,399,000 | ||||||||||
Number of options granted | 3,964,000 | |||||||||||
Number of stock options outstanding | 9,846,000 | 9,846,000 | ||||||||||
Weighted average contractual term | 9 years 2 months 1 day | 9 years 4 months 20 days | ||||||||||
2017 Omnibus Incentive Plan | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Common stock, shares issued | 13,000 | 13,000 | ||||||||||
Percentage of fully diluted shares of common stock | 8.00% | |||||||||||
Common stock, shares outstanding | 120 | 120 | ||||||||||
Common stock issued under the 2017 Plan | 9,726 | 2,960 | 9,726 | 2,960 | ||||||||
2017 Omnibus Incentive Plan | Exercise Price of 1.24 [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Stock option exercise price | $ / shares | $ 1.24 | |||||||||||
Two Thousand And Seventeen Omnibus Incentive Plan | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Stock option vesting description | vest in 12 equal monthly installments beginning on October 22, 2021. The remaining 3,519 stock options granted have an exercise price of $0.96 per share and vest as to 25% on November 8, 2022, with the remaining portion vesting in equal monthly installments over a period of 36 months commencing on December 8, 2022. All of the options to purchase shares of common stock granted have a 10-year term and are subject to cancellation upon the grantees’ termination of service for the Company, with certain exceptions. In addition, 2,715 stock options previously issued to an officer of the Company were modified such that 754 stock options that were to vest over the period December 15, 2022, to September 15, 2023, now vest on a contingent basis dependent on the achievement of certain strategic partnership initiatives. In relation to the termination of an officer of the Company, the Company has recognized $31 in stock option expense due to the acceleration of vesting of certain stock options granted to that officer. | |||||||||||
Stock option term | 10 years | |||||||||||
Two Thousand And Seventeen Omnibus Incentive Plan | Exercise Price of 1.24 [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Number of options granted | 3,954,000 | |||||||||||
Two Thousand And Seventeen Omnibus Incentive Plan | Exercise Price Of Zero Point Nine Six | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Stock option exercise price | $ / shares | $ 0.96 | |||||||||||
Stock options [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Risk free rate | 1.78% | |||||||||||
Expected term | 5 years 11 months 26 days | |||||||||||
Volatility rate | 91.71% | |||||||||||
Number of options granted | 3,964,000 | |||||||||||
Number of stock options outstanding | 9,846,000 | 9,846,000 | 6,392,000 | |||||||||
Aggregate intrinsic value of stock options outstanding | $ | $ 1,618,000 | $ 1,618,000 | ||||||||||
Aggregate intrinsic value of stock options exercisable | $ | $ 1,044,000 | 1,044,000 | ||||||||||
Unrecognized compensation expense | $ | $ 2,961 | $ 2,961 | ||||||||||
Unrecognized compensation expense, term | 3 years 11 months 15 days | |||||||||||
Aggregate intrinsic value of unvested stock options | $ | 573,000 | |||||||||||
Stock options [Member] | CA$ $20.00 Exercise Price | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Number of stock options outstanding | 2,000 | 2,000 | ||||||||||
Stock options exercise price | $ / shares | $ 15.99 | $ 15.99 | ||||||||||
Common stock | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Convertible preferred stock | 150,000 | |||||||||||
Series B preferred stock dividend, shares | 3,000 | 3,000 | 4,000 | |||||||||
Issued warrants to underwriters | 7,200,000 | |||||||||||
Warrants exercise price | $ / shares | $ 0.001 | |||||||||||
Pre-Funded Warrants | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Issued warrants to underwriters | 4,800,000 | |||||||||||
Warrants exercise price | $ / shares | $ 0.001 | $ 0.001 | ||||||||||
Number | 4,800,000 | 4,800,000 | ||||||||||
Warrants exercised for cash | $ | $ 4,800 | |||||||||||
2022 Investor Warrant [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Issued warrants to underwriters | 12,000,000 | |||||||||||
Value of outstanding warrants | $ | $ 7,023,000 | |||||||||||
Risk free rate | 0.55% | |||||||||||
Expected term | 3 years 6 months | |||||||||||
Volatility rate | 116.70% | |||||||||||
Dividend rate | 0.00% | |||||||||||
Other Underwriting Expense | $ | $ 13,634,000 | |||||||||||
Expiry date | Mar. 28, 2025 | |||||||||||
Placement Agent | Series C Agent Warrants [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Fair value disclosure | $ | $ 3,287,000 | $ 3,287,000 | ||||||||||
Warrants outstanding, term | 4 years | 4 years | ||||||||||
Executive Officers And Director | Two Thousand And Seventeen Omnibus Incentive Plan | Exercise Price of 1.24 [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Number of options granted | 435,000 | |||||||||||
Executive Officers And Director | Two Thousand And Seventeen Omnibus Incentive Plan | Exercise Price Of Zero Point Nine Six | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Number of options granted | 3,519,000 | |||||||||||
Measurement Input, Risk Free Interest Rate | Placement Agent | Series C Agent Warrants [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Warrants outstanding, measurement input | 0.27 | 0.27 | ||||||||||
Measurement Input, Price Volatility | Minimum | Placement Agent | Series C Agent Warrants [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Warrants outstanding, measurement input | 95.2 | 95.2 | ||||||||||
Measurement Input, Price Volatility | Maximum | Placement Agent | Series C Agent Warrants [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Warrants outstanding, measurement input | 95.8 | 95.8 | ||||||||||
Preferred Stock Series C | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Dividends, Preferred Stock | $ | $ 1,698,000 | |||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 1.45 | |||||||||||
Preferred stock | $ | $ 2,462,000 | $ 12,275,000 | $ 12,275,000 | $ 14,652,000 | ||||||||
Non cash dividends of preferred stock | $ | $ 3,181,000 | |||||||||||
Liquidation value | $ | $ 16,838 | $ 16,838 | $ 20,092 | |||||||||
Preferred Stock, shares issued | 17,000 | 17,000 | 20,000 | |||||||||
Number | 16,838,000 | 16,838,000 | ||||||||||
Preferred Stock Series C | Placement Agent | Series C Agent Warrants [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Shares issued of common stock for services | 2,504 | |||||||||||
Fair value of preferred stock | $ | $ 3,287,000 | |||||||||||
Series C-1 Preferred Shares [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Conversion price | $ / shares | $ 1.16 | $ 1.16 | ||||||||||
Number | 13,945,000 | 13,945,000 | ||||||||||
Series C-2 Preferred Shares [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Conversion price | $ / shares | $ 1.214 | $ 1.214 | ||||||||||
Number | 898,000 | 898,000 | ||||||||||
Series C-3 Preferred Shares [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Conversion price | $ / shares | $ 1.15 | $ 1.15 | ||||||||||
Number | 1,995,000 | 1,995,000 | ||||||||||
Series B Preferred Stock | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Shares issued of common stock for services | 902,000 | |||||||||||
Convertible preferred stock | 601,000 | |||||||||||
Preferred stock, rate of dividend | 9.00% | |||||||||||
Series B preferred stock dividend, shares | 3,000 | 10,000 | ||||||||||
Direct increase in accumulated deficit | $ | $ 6,000 | $ 15,000 | ||||||||||
Preferred Stock Series A | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Preferred stock | $ | 279,000 | 279,000 | $ 279,000 | |||||||||
Liquidation value | $ | $ 279,000 | $ 279,000 | $ 279,000 | |||||||||
Preferred stock, rate of dividend | 3.00% | |||||||||||
Preferred Stock, shares issued | 279,000 | 279,000 | 279,000 | |||||||||
Change in preferred stock | $ | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Preferred Stock Series A | Exchange Agreement [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Preferred stock, rate of dividend | 3.00% | |||||||||||
Preferred Stock, shares issued | 279,000 | |||||||||||
Preferred stock, par value | $ / shares | $ 1 | |||||||||||
Private Placement [Member] | Preferred Stock Series C | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Total gross proceeds | $ | 25,028,000 | |||||||||||
Net proceeds from private placement | $ | 21,573,000 | |||||||||||
Deferred financing costs | $ | $ 3,455,000 | |||||||||||
Private Placement [Member] | Series C Preferred Stock Warrants | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Shares issued of common stock for services | 2,504 | |||||||||||
Shares issued, price per share | $ / shares | $ 1,000 | $ 1,000 | ||||||||||
Registered direct financing [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Underwritten public offering, description | the Company closed on the sale of 16,266 shares of its common stock, par value $0.001 per share, and common warrants to purchase an aggregate of 16,266 shares of common stock (“2022 April Investor Warrants”) in the Company’s registered direct offering (the “April Offering”). Each share of common stock was sold together with a 2022 April Investor Warrant to purchase one share of common stock at a combined effective price of $0.53 per share of common stock and accompanying 2022 April Investor Warrant. | |||||||||||
Registered direct financing [Member] | 2022 Investor Warrant [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Number | 600,000 | |||||||||||
Registered direct financing [Member] | 2022 Agent Warrants [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Warrants exercise price | $ / shares | $ 1.5265 | |||||||||||
Risk free rate | 0.55% | |||||||||||
Expected term | 3 years 6 months | |||||||||||
Volatility rate | 116.70% | |||||||||||
Dividend rate | 0.00% | |||||||||||
Expiry date | Sep. 28, 2021 | |||||||||||
Underwriter warrants commencing date | Mar. 28, 2025 | |||||||||||
Non cash issue of common stock | 333,000 | |||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Shares issued of common stock for services | 25,028 | |||||||||||
Shares issued, price per share | $ / shares | $ 1,000 | $ 1,000 | ||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | First Anniversary [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Common stock dividends percentage | 10.00% | |||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | Second Anniversary [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Common stock dividends percentage | 15.00% | |||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | Third Anniversary [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Common stock dividends percentage | 20.00% | |||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | Fourth Anniversary [Member] | ||||||||||||
Class Of Stock [Line Items] | ||||||||||||
Common stock dividends percentage | 25.00% |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Series C Preferred Stock Outstanding, Conversion Shares and Aggregate Dividends (Detail) shares in Thousands | 9 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Series C-1 Preferred Shares [Member] | |
Class Of Stock [Line Items] | |
Number | 13,945 |
Conversion price | $ / shares | $ 1.16 |
Number of conversion shares (in thousands) | 12,022 |
Dividend Shares (in thousands) | 8,641 |
Series C-2 Preferred Shares [Member] | |
Class Of Stock [Line Items] | |
Number | 898 |
Conversion price | $ / shares | $ 1.214 |
Number of conversion shares (in thousands) | 740 |
Dividend Shares (in thousands) | 518 |
Series C-3 Preferred Shares [Member] | |
Class Of Stock [Line Items] | |
Number | 1,995 |
Conversion price | $ / shares | $ 1.15 |
Number of conversion shares (in thousands) | 1,734 |
Dividend Shares (in thousands) | 1,237 |
Preferred Stock Series C | |
Class Of Stock [Line Items] | |
Number | 16,838 |
Number of conversion shares (in thousands) | 14,496 |
Dividend Shares (in thousands) | 10,396 |
Preferred Stock Series C | 10% - August 19, 2021 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 1,698 |
Preferred Stock Series C | 15% - August 19, 2022 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 2,174 |
Preferred Stock Series C | 20% - August 19, 2023 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 2,899 |
Preferred Stock Series C | 25% - August 19, 2024 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 3,625 |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Outstanding Under the Legacy Plan (Detail) | 9 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted | 3,964,000 |
Ending balance | 9,846,000 |
Stock options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | 6,392,000 |
Granted | 3,964,000 |
Expired | (28,000) |
Forfeited | (482,000) |
Ending balance | 9,846,000 |
Beginning balance | $ / shares | $ 2.26 |
Granted | $ / shares | 0.99 |
Expired | $ / shares | 15.45 |
Forfeited | $ / shares | 1.64 |
Ending balance | $ / shares | $ 1.74 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Options Outstanding and Exercisable (Detail) | 9 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of stock options outstanding | 9,846,000 |
Stock options exercisable | 4,060,000 |
Exercise Price One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 0.33 |
Number of stock options outstanding | 10,000 |
Weighted average remaining contractual life (years) | 9 years 11 months 15 days |
Exercise Price Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 0.61 |
Number of stock options outstanding | 816,000 |
Weighted average remaining contractual life (years) | 7 years 5 months 4 days |
Stock options exercisable | 781,000 |
Exercise Price Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 0.74 |
Number of stock options outstanding | 250,000 |
Weighted average remaining contractual life (years) | 7 years 7 months 9 days |
Stock options exercisable | 125,000 |
Exercise Price Four [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 0.96 |
Number of stock options outstanding | 3,519,000 |
Weighted average remaining contractual life (years) | 9 years 7 months 6 days |
Exercise Price Five [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 1.24 |
Number of stock options outstanding | 368,000 |
Weighted average remaining contractual life (years) | 9 years 5 months 23 days |
Stock options exercisable | 201,000 |
Exercise Price Six [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 1.36 |
Number of stock options outstanding | 300,000 |
Weighted average remaining contractual life (years) | 8 years 5 months 23 days |
Stock options exercisable | 150 |
Exercise Price Seven [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 1.37 |
Number of stock options outstanding | 75,000 |
Weighted average remaining contractual life (years) | 9 years 29 days |
Exercise Price Eight [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 1.70 |
Number of stock options outstanding | 4,283,000 |
Weighted average remaining contractual life (years) | 8 years 5 months 15 days |
Stock options exercisable | 2,578,000 |
Exercise Price Nine [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 6.10 |
Number of stock options outstanding | 17,000 |
Weighted average remaining contractual life (years) | 6 years 7 months 6 days |
Stock options exercisable | 17,000 |
Exercise Price Ten [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 8.70 |
Number of stock options outstanding | 12,000 |
Weighted average remaining contractual life (years) | 5 years 7 months 2 days |
Stock options exercisable | 12,000 |
Exercise Price Eleven [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 9.83 |
Number of stock options outstanding | 83,000 |
Weighted average remaining contractual life (years) | 6 years 1 month 20 days |
Stock options exercisable | 83,000 |
Exercise Price Twelve [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 10.60 |
Number of stock options outstanding | 4,000 |
Weighted average remaining contractual life (years) | 6 years 10 days |
Stock options exercisable | 4,000 |
Exercise Price Thirteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 11.70 |
Number of stock options outstanding | 30,000 |
Weighted average remaining contractual life (years) | 10 months 28 days |
Stock options exercisable | 30,000 |
Exercise Price Fourteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 15.99 |
Number of stock options outstanding | 2,000 |
Weighted average remaining contractual life (years) | 2 months 15 days |
Stock options exercisable | 2,000 |
Exercise Price Fifteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 21.10 |
Number of stock options outstanding | 7,000 |
Weighted average remaining contractual life (years) | 5 years 3 months 7 days |
Stock options exercisable | 7,000 |
Exercise Price Sixteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 29.60 |
Number of stock options outstanding | 2,000 |
Weighted average remaining contractual life (years) | 2 years 10 months 2 days |
Stock options exercisable | 2,000 |
Exercise Price Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 37.60 |
Number of stock options outstanding | 5,000 |
Weighted average remaining contractual life (years) | 3 years 10 months 9 days |
Stock options exercisable | 5,000 |
Exercise Price Eighteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 41 |
Number of stock options outstanding | 4,000 |
Weighted average remaining contractual life (years) | 4 years 7 months 9 days |
Stock options exercisable | 4,000 |
Exercise Price Nineteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 42 |
Number of stock options outstanding | 30,000 |
Weighted average remaining contractual life (years) | 1 year 4 months 13 days |
Stock options exercisable | 30,000 |
Exercise Price Twenty [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 44.80 |
Number of stock options outstanding | 3,000 |
Weighted average remaining contractual life (years) | 3 years 10 months 9 days |
Stock options exercisable | 3,000 |
Exercise Price Twenty One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 49.50 |
Number of stock options outstanding | 13,000 |
Weighted average remaining contractual life (years) | 4 years 10 months 17 days |
Stock options exercisable | 13,000 |
Exercise Price Twenty Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 53.20 |
Number of stock options outstanding | 8,000 |
Weighted average remaining contractual life (years) | 4 years 1 month 6 days |
Stock options exercisable | 8,000 |
Exercise Price Twenty Three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 61.60 |
Number of stock options outstanding | 2,000 |
Weighted average remaining contractual life (years) | 1 year |
Stock options exercisable | 2,000 |
Exercise Price Twenty Four | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 92 |
Number of stock options outstanding | 3,000 |
Weighted average remaining contractual life (years) | 1 year 2 months 1 day |
Stock options exercisable | 3,000 |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model (Detail) - Stock options [Member] | 9 Months Ended |
Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Volatility rate | 91.71% |
Risk free rate | 1.78% |
Expected term | 5 years 11 months 26 days |
Stockholders' Equity - Schedu_5
Stockholders' Equity - Schedule of Stock Option Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 642 | $ 1,718 | $ 2,283 | $ 4,248 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | (29) | 508 | 464 | 1,171 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 671 | $ 1,210 | $ 1,819 | $ 3,077 |
Stockholders' Equity - Schedu_6
Stockholders' Equity - Schedule of Unvested Stock Options (Detail) | 9 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Equity [Abstract] | |
Beginning balance | shares | 3,860,000 |
Granted | shares | 3,964,000 |
Vested | shares | (1,556,000) |
Forfeited | shares | (482,000) |
Ending balance | shares | 5,786,000 |
Beginning balance | $ / shares | $ 1.60 |
Granted | $ / shares | 0.99 |
Vested | $ / shares | 1.55 |
Forfeited | $ / shares | 1.64 |
Ending balance | $ / shares | $ 1.19 |
Stockholders' Equity - Schedu_7
Stockholders' Equity - Schedule of Warrants (Detail) - Common Stock Warrants [Member] | 9 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Balance – June 30, 2021 | shares | 6,974,000 |
Issuance of 2022 Investor Warrants | shares | 12,000,000 |
Issuance of PFW | shares | 4,800,000 |
Issuance of 2022 Agent Warrants | shares | 600,000 |
Exercise of PFW | shares | (4,800,000) |
Exercise of 2020 Investor Warrants | shares | (69,000) |
Expiry of Adgero replacement warrants | shares | (1,108,000) |
Balance - March 31, 2022 | shares | 18,397,000 |
Beginning balance | $ / shares | $ 3.34 |
Issuance of 2022 Investor Warrants | $ / shares | 1.25 |
Issuance of PFW | $ / shares | 0.001 |
Issuance of 2022 Agent Warrants | $ / shares | 1.5625 |
Exercise of PFW | $ / shares | 0.001 |
Stock option exercise price | $ / shares | 1 |
Expiry of Adgero replacement warrants | $ / shares | 3.18 |
Ending balance | $ / shares | $ 1.94 |
Stockholders' Equity - Schedu_8
Stockholders' Equity - Schedule of Outstanding Warrants (Detail) - Warrant [Member] | 9 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Number | 18,397,000 |
Issued For Services One [Member] | |
Number | 6,000 |
Warrants exercise price | $ / shares | $ 17.80 |
Expiry date | Jan. 25, 2023 |
Issued For Services Two [Member] | |
Number | 34,000 |
Warrants exercise price | $ / shares | $ 11.70 |
Expiry date | Feb. 27, 2023 |
Issued For Services Three [Member] | |
Number | 14,000 |
Warrants exercise price | $ / shares | $ 9 |
Expiry date | Sep. 15, 2023 |
Issued For Services Four [Member] | |
Number | 280,000 |
Warrants exercise price | $ / shares | $ 0.75 |
Expiry date | Nov. 18, 2023 |
Issued For Services Five [Member] | |
Number | 125,000 |
Warrants exercise price | $ / shares | $ 0.64 |
Expiry date | Jan. 20, 2024 |
Issued For Services Six [Member] | |
Number | 330,000 |
Warrants exercise price | $ / shares | $ 1.49 |
Expiry date | Sep. 22, 2023 |
Issued For Services Seven [Member] | |
Number | 50,000 |
Warrants exercise price | $ / shares | $ 1.82 |
Expiry date | Nov. 13, 2023 |
Issued For Services Eight [Member] | |
Number | 100,000 |
Warrants exercise price | $ / shares | $ 1.47 |
Expiry date | Jan. 7, 2024 |
Issued For Services Nine [Member] | |
Number | 70,000 |
Warrants exercise price | $ / shares | $ 2.75 |
Expiry date | Feb. 17, 2024 |
Issued For Services Ten [Member] | |
Number | 50,000 |
Warrants exercise price | $ / shares | $ 2.38 |
Expiry date | Feb. 25, 2024 |
Investor [Member] | |
Number | 12,000,000 |
Warrants exercise price | $ / shares | $ 1.25 |
Expiry date | Mar. 28, 2025 |
InvestorOne [Member] | |
Number | 3,264,000 |
Warrants exercise price | $ / shares | $ 1 |
Expiry date | Aug. 16, 2024 |
InvestorTwo [Member] | |
Number | 760,000 |
Warrants exercise price | $ / shares | $ 3.10 |
Expiry date | Jun. 5, 2024 |
Investor Three [Member] | |
Number | 280,000 |
Warrants exercise price | $ / shares | $ 12.50 |
Expiry date | Sep. 22, 2022 |
Investor Four [Member] | |
Number | 208,000 |
Warrants exercise price | $ / shares | $ 35 |
Expiry date | Apr. 19, 2022 |
NBTS [Member] | |
Number | 125,000 |
Warrants exercise price | $ / shares | $ 1.09 |
Expiry date | Jun. 19, 2025 |
Agent [Member] | |
Number | 600,000 |
Warrants exercise price | $ / shares | $ 1.56 |
Expiry date | Mar. 28, 2025 |
Agent One [Member] | |
Number | 47,000 |
Warrants exercise price | $ / shares | $ 3.88 |
Expiry date | Jun. 3, 2024 |
Agent Two [Member] | |
Number | 40,000 |
Warrants exercise price | $ / shares | $ 12.50 |
Expiry date | Sep. 20, 2022 |
Agent Three [Member] | |
Number | 14,000 |
Warrants exercise price | $ / shares | $ 40.60 |
Expiry date | Apr. 12, 2022 |
Stockholders' Equity - Schedu_9
Stockholders' Equity - Schedule of Outstanding Series C Preferred Stock Warrants (Detail) - Series C Warrants [Member] | 9 Months Ended |
Mar. 31, 2022Warrant$ / sharesshares | |
Balance | 2,444 |
Number of Warrants Issued | Warrant | 0 |
Number of Warrants Exercised | 0 |
Balance | 2,444 |
Preferred Series C-1 Agent Warrants [Member] | |
Balance | 1,929 |
Number of Warrants Issued | Warrant | 0 |
Number of Warrants Exercised | 0 |
Balance | 1,929 |
Warrants exercise price | $ / shares | $ 1.16 |
Preferred Series C-2 Agent Warrants [Member] | |
Balance | 219 |
Number of Warrants Issued | Warrant | 0 |
Number of Warrants Exercised | 0 |
Balance | 219 |
Warrants exercise price | $ / shares | $ 1.21 |
Preferred Series C-3 Agent Warrants [Member] | |
Balance | 296 |
Number of Warrants Issued | Warrant | 0 |
Number of Warrants Exercised | 0 |
Balance | 296 |
Warrants exercise price | $ / shares | $ 1.15 |
Stockholders' Equity - Sched_10
Stockholders' Equity - Schedule of Outstanding Series C Agent Warrants (Detail) - Series C Warrants [Member] - $ / shares | 9 Months Ended | |
Mar. 31, 2022 | Jun. 30, 2021 | |
Number | 2,444 | 2,444 |
Number of conversion shares (in thousands) | 2,100,000 | |
Cumulative common stock dividends | 1,470,000 | |
Series 1 Warrants Outstanding | ||
Number | 1,929 | |
Warrants exercise price | $ 1.16 | |
Number of conversion shares (in thousands) | 1,663,000 | |
Cumulative common stock dividends | 1,164,000 | |
Series 2 Warrants Outstanding Member | ||
Number | 219 | |
Warrants exercise price | $ 1.21 | |
Number of conversion shares (in thousands) | 180,000 | |
Cumulative common stock dividends | 126,000 | |
Series 3 Warrants Outstanding | ||
Number | 296 | |
Warrants exercise price | $ 1.15 | |
Number of conversion shares (in thousands) | 257,000 | |
Cumulative common stock dividends | 180,000 |
Supplementary Statement of Ca_3
Supplementary Statement of Cash Flows Information - Schedule of Supplementary Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |||
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 6) | $ 3,181 | ||
Non-cash issue costs (note 6) | $ 333 | 3,287 | |
Preferred Stock Series C | |||
Supplemental Cash Flow Elements [Abstract] | |||
Preferred Stock common stock dividend (note 7) | $ 2,462 | ||
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 6) | 3,181 | ||
Series B Preferred Stock | |||
Supplemental Cash Flow Elements [Abstract] | |||
Preferred Stock common stock dividend (note 7) | $ 6 | 15 | |
Series C Warrants | |||
Supplemental Cash Flow Elements [Abstract] | |||
Cashless exercise of Series C warrants (note 6) | $ 71 |
Financial instruments -Schedule
Financial instruments -Schedule of Assets and Liabilities Classified , Changes in the Observability of Valuation Inputs Measured using Level 3 Inputs (Details) $ in Thousands | 9 Months Ended |
Mar. 31, 2022USD ($) | |
Level 3 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Milestone payment liability | $ 172 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 14, 2022 | Sep. 28, 2021 | May 13, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 |
Subsequent Event [Line Items] | ||||||
Underwritten public offering, description | the Company closed on the sale of (i) 7,200 shares of its common stock, par value $0.001 per share, (ii) pre-funded warrants (“PFW”) to purchase an aggregate of 4,800 shares of common stock and (iii) common warrants to purchase an aggregate of 12,000 shares of common stock (“2022 Investor Warrants”) in the Company’s registered direct offering (the “September Offering”). Each share of common stock, or PFW as applicable, was sold together with a 2022 Investor Warrant to purchase one share of common stock at a combined effective price of $1.25 per share of common stock and accompanying 2022 Investor Warrant. The 2022 Investor Warrants have been valued at $7,023 and have been treated as equity. They have been valued using a Black-Scholes valuation with a risk-free rate of 0.55%, a contractual term of 3.5 years, a volatility of 116.7%, and a dividend rate of 0%. | |||||
Stock options exercisable | 4,060,000 | |||||
Registered Direct Financing | ||||||
Subsequent Event [Line Items] | ||||||
Underwritten public offering, description | the Company closed on the sale of 16,266 shares of its common stock, par value $0.001 per share, and common warrants to purchase an aggregate of 16,266 shares of common stock (“2022 April Investor Warrants”) in the Company’s registered direct offering (the “April Offering”). Each share of common stock was sold together with a 2022 April Investor Warrant to purchase one share of common stock at a combined effective price of $0.53 per share of common stock and accompanying 2022 April Investor Warrant. | |||||
Warrant [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number | 18,397,000 | |||||
Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Issued warrants to underwriters | 7,200,000 | |||||
Warrants exercise price | $ 0.001 | |||||
Stock options exercised, Shares | 34,000 | 35,000 | ||||
2022 Investor Warrant | ||||||
Subsequent Event [Line Items] | ||||||
Issued warrants to underwriters | 12,000,000 | |||||
Other Underwriting Expense | $ 13,634 | |||||
Expiry date | Mar. 28, 2025 | |||||
2022 Investor Warrant | Registered Direct Financing | ||||||
Subsequent Event [Line Items] | ||||||
Number | 600,000 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Stock options exercised, Shares | 280,000 | |||||
Stock options exercise price | $ 1.65 | |||||
Subsequent Event | Warrant [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Stock options exercisable | 222,000 | |||||
Stock options, exercisable expired or forfeited, price | $ 35.35 | |||||
Subsequent Event | Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Issued warrants to underwriters | 16,266,000 | |||||
Warrants exercise price | $ 0.001 | |||||
Subsequent Event | 2022 Investor Warrant | ||||||
Subsequent Event [Line Items] | ||||||
Issued warrants to underwriters | 16,266,000 | |||||
Other Underwriting Expense | $ 7,900 | |||||
Expiry date | Apr. 14, 2027 | |||||
Subsequent Event | 2022 Investor Warrant | Registered Direct Financing | ||||||
Subsequent Event [Line Items] | ||||||
Warrants exercise price | $ 0.6625 | |||||
Expiry date | Oct. 14, 2022 | |||||
Number | 811,000 | |||||
Underwriter warrants commencing date | Oct. 14, 2026 |