Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2022 | Sep. 26, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 24.7 | ||
Entity Common Stock, Shares Outstanding | 80,807,316 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | 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 Annual Report | true | ||
Document Transition Report | false | ||
Auditor Name | Marcum LLP | ||
Auditor Firm ID | 688 | ||
Auditor Location | San Francisco, CA | ||
Documents Incorporated by Reference | None |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 11,780 | $ 10,537 |
Prepaid expenses, deposits and other | 1,478 | 756 |
Clinical trial deposit | 500 | |
Total current assets | 13,258 | 11,793 |
Clinical trial deposit | 2,600 | 1,600 |
Property, equipment and intangibles - net | 90 | 150 |
Total assets | 15,948 | 13,543 |
Current liabilities | ||
Accounts payable and accrued liabilities | 3,269 | 2,219 |
Related party payables | 721 | 561 |
Total current liabilities | 3,990 | 2,780 |
Milestone payment liability | 163 | 182 |
Total liabilities | 4,153 | 2,962 |
Stockholders’ equity | ||
Common stock Authorized 275,000 shares at June 30, 2022 (June 30, 2021 - 175,000), $0.001 par value Issued and outstanding 65,533 issued at June 30, 2022 (June 30, 2021 32,740) | 66 | 33 |
Additional paid-in capital | 135,510 | 106,821 |
Accumulated deficit | (136,356) | (111,225) |
Accumulated other comprehensive income | 21 | 21 |
Total stockholders’ equity | 11,795 | 10,581 |
Total liabilities and stockholders’ equity | 15,948 | 13,543 |
Preferred Stock Series A | ||
Stockholders’ equity | ||
Preferred stock | 279 | 279 |
Preferred Stock Series C | ||
Stockholders’ equity | ||
Preferred stock | $ 12,275 | $ 14,652 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 275,000 | 175,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 65,533 | 32,740 |
Preferred Stock Series A | ||
Preferred Stock, shares issued | 279 | 279 |
Preferred stock, shares outstanding | 279 | 279 |
Preferred Stock Series C | ||
Preferred Stock, shares issued | 17 | 20 |
Preferred stock, shares outstanding | 17 | 20 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Expenses | ||
Research and development | $ 15,173 | $ 11,815 |
General and administrative | 7,509 | 9,757 |
Merger costs | 500 | |
In-process research and development | 16,094 | |
Operating expenses | (22,682) | (38,166) |
Other income (loss) | ||
Foreign exchange | 7 | (12) |
Amortization of deferred loan costs | (94) | |
Interest - net | 14 | (26) |
Other loss (income) | 21 | (132) |
Net loss for the year | (22,661) | (38,298) |
Computation of basic loss per share | ||
Net loss for the year | (22,661) | (38,298) |
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance | (3,181) | |
Series A Preferred cash dividend | (8) | (8) |
Net loss for the year attributable to common stockholders | $ (25,131) | $ (41,504) |
Basic and fully diluted loss per share | $ (0.52) | $ (1.60) |
Basic and fully diluted weighted average number of shares | 48,702,000 | 25,886,000 |
Preferred Stock Series B | ||
Computation of basic loss per share | ||
Preferred stock dividend | $ (17) | |
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) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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 | (3,455) | (3,455) | ||||
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance | 3,181 | (3,181) | ||||
Conversion of Series B preferred stock to common stock | 4,525 | (4,525) | ||||
Conversion of Series B preferred stock to common stock, shares | 162,000 | |||||
Conversion of Series C Preferred stock to common stock | 3,713 | $ 5 | 3,708 | (3,713) | ||
Conversion of Series C preferred stock to common stock, shares | 4,251,000 | |||||
Series C Agent Warrants exercised | (79) | 79 | ||||
Warrants issued for services | 569 | 569 | ||||
Exercise of warrants | 4,404 | $ 4 | 4,400 | |||
Exercise of warrants , Shares | 4,677,000 | |||||
Stock options exercised | 77 | $ 1 | 76 | |||
Stock options exercised, Shares | 170,000 | |||||
Stock option expense | 5,276 | 5,276 | ||||
Series A preferred cash dividend | $ (8) | (8) | ||||
Series B preferred stock dividend | 17 | (17) | ||||
Series B preferred stock dividend, shares | 11,000 | 11,000 | ||||
Net loss for the year | $ (38,298) | (38,298) | ||||
Ending Balance at Jun. 30, 2021 | 10,581 | $ 33 | 106,821 | 21 | 14,931 | (111,225) |
Ending Balance, shares at Jun. 30, 2021 | 32,740,000 | |||||
Issuance of shares and warrants - net of issue costs | 21,526 | $ 23 | 21,503 | |||
Issuance of shares and warrants - net of issue costs, shares | 23,427,000 | |||||
Conversion of Series C Preferred stock to common stock | 2,377 | $ 3 | 2,374 | (2,377) | ||
Conversion of Series C preferred stock to common stock, shares | 2,799,000 | |||||
Warrants issued for services | 35 | 35 | ||||
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 | |||||
Stock option expense | 2,248 | 2,248 | ||||
Series A preferred cash dividend | (8) | (8) | ||||
Series C Preferred Stock Dividend | $ 2 | 2,460 | (2,462) | |||
Series C Preferred Stock Dividend Shares | 1,698,000 | |||||
Net loss for the year | (22,661) | (22,661) | ||||
Ending Balance at Jun. 30, 2022 | $ 11,795 | $ 66 | $ 135,510 | $ 21 | $ 12,554 | $ (136,356) |
Ending Balance, shares at Jun. 30, 2022 | 65,533,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net loss for the year | $ (22,661) | $ (38,298) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Amortization of intangible assets | 2 | |
Depreciation of property and equipment | 60 | 30 |
Impairment of in-process research and development | 16,094 | |
Change in fair value of milestone liability | (19) | (6) |
Interest expense | 30 | |
Amortization of deferred loan costs | 94 | |
Warrants issued for services | 35 | 569 |
Stock option expense | 2,248 | 5,276 |
Changes in operating assets and liabilities | ||
Prepaid expenses, deposits and other | (722) | (381) |
Clinical trial deposits | (500) | (2,100) |
Accounts payable and accrued liabilities | 1,007 | (67) |
Related party payables | 160 | (103) |
Net cash used in operating activities | (20,392) | (18,860) |
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 | 21,569 | 21,598 |
Warrants exercised for cash | 74 | 4,404 |
Stock options exercised for cash | 77 | |
Proceeds from loan | 500 | |
Repayment of loan | (500) | |
Interest paid | (30) | |
Series A preferred cash dividend | (8) | (8) |
Net cash provided by financing activities | 21,635 | 26,041 |
Increase in cash and cash equivalents | 1,243 | 8,145 |
Cash and cash equivalents – beginning of year | 10,537 | 2,392 |
Cash and cash equivalents – end of year | $ 11,780 | $ 10,537 |
Nature of operations, corporate
Nature of operations, corporate history, and going concern and management plans | 12 Months Ended |
Jun. 30, 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. 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”). 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 The Nasdaq Capital Market LLC under the symbol “KTRA”. 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 Adgero 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 consolidated 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 year ended June 30, 2022, the Company reported a loss of $ 22,661 and a negative cash flow from operations of $ 20,392 . The Company had an accumulated deficit of $ 136,356 and had cash and cash equivalents of $ 11,780 as of June 30, 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. During the year ended June 30, 2022, the Company completed two registered direct financings for aggregate net proceeds of approximately $ 21.6 million and on August 2, 2022, the Company entered into a stock purchase agreement which subject to certain limitations, may allow the Company to sell shares of its common stock for a total of up to $ 20 million in gross proceeds. However, potential proceeds under the stock purchase agreement are uncertain as to timing and amount. Even with the proceeds from the two registered direct financings and the existence of the stock purchase agreement, 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 consolidated 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 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 | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies Basis of presentation The consolidated 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 principal accounting policies applied in the preparation of these consolidated financial statements are set out below and have been consistently applied to all years presented. Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Adgero, Adgero Bio, Del Mar BC, Callco, and Exchangeco as of, and for the years ended June 30, 2022, and 2021. All intercompany balances and transactions have been eliminated in consolidation. 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 fair value of the milestone payment liability, the valuation of equity instruments issued for services, clinical trial accruals, deferred tax valuation allowance and assessment of going concern. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these consolidated financial statements. Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid investments with original maturities from the purchase date of three months or less that can be readily convertible into known amounts of cash. Cash and cash equivalents are held at recognized Canadian and United States financial institutions. Interest earned is recognized in the consolidated statement of operations. Foreign currency translation The functional currency of the Company at June 30, 2022, is the United States dollar. Transactions that are denominated in a foreign currency are remeasured into the functional currency at the current exchange rate on the date of the transaction. Any foreign-currency denominated monetary assets and liabilities are subsequently remeasured at current exchange rates, with gains or losses recognized as foreign exchange losses or gains in the consolidated statement of operations. Non-monetary assets and liabilities are translated at historical exchange rates. Expenses are translated at average exchange rates during the period. Exchange gains and losses are included in consolidated statement of operations for the period. Acquired in-process research and development expense T he 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 consolidated statements of operations for the year ended June 30, 2021. Property and equipment Property and equipment is 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 is put into use. Income taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. To the extent that deferred tax assets cannot be recognized under the preceding criteria, the Company establishes valuation allowances, as necessary, to reduce deferred tax assets to the amounts expected to be realized. As of June 30, 2022, and 2021, all deferred tax assets were fully offset by a valuation allowance. The realization of deferred tax assets is dependent upon future federal, state and foreign taxable income. The Company’s judgments regarding deferred tax assets may change due to future market conditions, as the Company expands into international jurisdictions, due to changes in U.S. or international tax laws and other factors. These changes, if any, may require material adjustments to the Company’s deferred tax assets, resulting in a reduction in net income or an increase in net loss in the period in which such determinations are made. The Company recognizes the impact of uncertain tax positions based upon a two-step process. To the extent that a tax position does not meet a more-likely-than-not level of certainty, no impact is recognized in the consolidated financial statements. If a tax position meets the more-likely-than-not level of certainty, it is recognized in the consolidated financial statements at the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company’s policy is to analyze the Company’s tax positions taken with respect to all applicable income tax issues for all open tax years in each respective jurisdiction. Interest and penalties with respect to uncertain tax positions would be included in income tax expense. As of June 30, 2022, the Company concluded that there were no uncertain tax provisions required to be recognized in its consolidated financial statements. The Company does not record U.S. income taxes on the undistributed earnings of its foreign subsidiaries based upon the Company’s intention to permanently reinvest undistributed earnings to ensure sufficient working capital and further expansion of existing operations outside the United States. As June 30, 2022, the Company’s foreign subsidiaries operated at a cumulative deficit for U.S. earnings and profit purposes. In the event the Company is required to repatriate funds from outside of the United States, such repatriation would be subject to local laws, customs, and tax consequences. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable. 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 of June 30, 2022, the Company’s milestone payment liability was measured using level 3 inputs (note 3). 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. Intangible assets Patents Expenditures associated with the filing, or maintenance of patents, licensing or technology agreements are expensed as incurred. Costs previously recognized as an expense are not recognized as an asset in subsequent periods. If the Company achieves regulatory approval, patent costs will be deferred and amortized over the remaining life of the related patent. Accruals for research and development expenses and clinical trials As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants, and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment terms that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate expenses in its financial statements by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the timing of various aspects of the expenses. The Company determines accrual estimates by taking into account discussion with applicable personnel and outside service providers as to the progress of clinical trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. For the years ended June 30, 2022, and 2021, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials. Warrants and shares issued for services The Company has issued equity instruments for services provided by employees and non-employees. The equity instruments are valued at the fair value of the instrument issued. Stock options The Company recognizes compensation costs resulting from the issuance of stock-based awards to employees, non-employees and directors as an expense in the statement of operations over the service period based on a measurement of fair value for each stock-based award. Prior to our adoption of Accounting Standards Update ("ASU") 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”), stock options granted to non-employee consultants were revalued at the end of each reporting period until vested using the Black-Scholes option-pricing model and the changes in their fair value were recorded as adjustments to expense over the related vesting period. For the years ended June 30, 2022, and 2021, the determination of grant-date fair value for stock option awards was estimated using the Black-Scholes model, which includes variables such as the expected volatility of our share price, the anticipated exercise behavior of its grantee, interest rates, and dividend yields. For years ended June 30, 2022, and 2021, the Company utilized the plain vanilla method to determine the expected life of stock options. These variables are projected based on our historical data, experience, and other factors. Changes in any of these variables could result in material adjustments to the expense recognized for share-based payments. Such value is recognized as expense over the requisite service period, net of actual forfeitures, using the accelerated attribution method. The Company recognizes forfeitures as they occur. The estimation of stock awards that will ultimately vest requires judgment, and to the extent actual results, or updated estimates, differ from current estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. Loss per share Income or loss per share is calculated based on the weighted average number of common shares outstanding. For the years ended June 30, 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, performance stock units, and convertible preferred shares is anti-dilutive. As of June 30, 2022, potential common shares of 36,024 (2021 – 6,974 ) related to outstanding common stock warrants, 2,100 (2021 – 2,100 ) related to outstanding Series C preferred stock warrants, 8,810 (2021 – 6,392 ) related to stock options, and 14,497 (2021 – 17,295 ) relating to outstanding Series C convertible preferred shares were excluded from the calculation of net loss per common share. Segment information The Company identifies its operating segments based on business activities, management responsibility and geographical location. The Company operates within a single operating segment being the research and development of cancer indications, and operates primarily in one geographic area, being North America. The Company previously conducted one clinical trial in China but the expenses incurred over the course of the study were not significant. All of the Company’s assets are located in either Canada or the United States. Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Recently adopted 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): accounting for convertible instruments and contracts in an entity’s own equity The amendments in this update are intended to simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. For public business entities that are not smaller reporting companies, the ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. For all other entities, the effective date is for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The guidance may be early adopted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. 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. During the year ended June 30, 2022, there have been no new, or existing, recently issued accounting pronouncements that are of significance, or potential significance, that impact the Company’s consolidated financial statements. |
Merger
Merger | 12 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Merger | 3. Merger On June 9, 2020, the Company, Adgero Acquisition Corp., a wholly-owned subsidiary of the Company (“Merger Sub”), and Adgero, entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) pursuant to which upon closing the Merger Sub will merge with and into Adgero, with Adgero surviving the merger and becoming a direct, wholly-owned subsidiary of the Company (the “Merger”). Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), (i) each outstanding share of Adgero common stock (the “Adgero Common Stock”) was converted into shares of Company common stock (the “Kintara Common Stock”) based on the exchange ratio, (ii) each outstanding warrant to purchase Adgero Common Stock was converted into a warrant exercisable for that number of shares of Kintara 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 (as defined in the Merger Agreement); and (iii) each outstanding Adgero stock option, whether vested or unvested, that had not been exercised was cancelled for no consideration. 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 separate corporate existence of Merger Sub ceased and Adgero continued its existence under Delaware law as the surviving corporation and a direct, wholly-owned subsidiary of the Company. The Exchange Ratio in the Merger Agreement was negotiated so that the existing stockholders of Adgero would own 49.5 % of the total voting shares outstanding of the Company and the existing stockholders of the Company would own 50.5 % of the total voting shares outstanding of the Company immediately after the merger (less the effect of the payment of cash in lieu of any fractional shares of Kintara Common Stock). The final Exchange Ratio determined immediately prior to the Effective Time to reflect the Company’s and Adgero’s capitalization as of immediately prior to such time was 1.574 . 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 to the security holders of Adgero (“Adgero Warrants”). The Adgero Warrants were exercisable at $ 3.18 per share but have all expired as of June 30, 2022 (note 8). The Adgero Warrants were valued using a Black-Scholes valuation with a weighted-average risk-free interest rate of 0.21 %, a term of one year , a volatility of 115.96 %, and a dividend rate of 0 %. The estimated volatility of the Company’s common stock at the date of measurement 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 life of the instrument at the valuation date. The expected term has been estimated using the remaining life of the warrant. Also, in conjunction with the Merger, the Company issued 572 shares of common stock to the placement agent as a success fee. The shares of common stock issued to the former Adgero stockholders as well as the success fee shares, have been valued at $ 1.34 per share which was the closing price of the Company’s common stock on August 19, 2020, the date the Merger closed. In connection with the Merger, the Company completed a private placement of Series C Convertible Preferred Stock in three separate closings (note 8). To determine the accounting for this transaction under ASU 2017-01, an assessment was made as to whether an integrated set of assets and activities should be accounted for as an acquisition of a business or an asset acquisition. The guidance requires an initial screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If that screen is met, the set is not a business. 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. The Company incurred approximately $ 1,554 of legal, consulting and other professional fees related to the Merger, of which approximately $ 500 was incurred in the year ended June 30, 2021. The transaction costs incurred during the year ended June 30, 2021, applicable to the Merger have been classified as merger expenses in the consolidated statement of operations for the year ended June 30, 2021. The following summarizes total consideration transferred to the Adgero stockholders under the Merger as well as the assets acquired and liabilities assumed under the Merger: $ Consideration: Common stock 15,328 Warrants 630 Success fee shares 766 16,724 Net assets acquired: Cash ( 969 ) Other current assets ( 11 ) Property and equipment (note 5) ( 175 ) Accounts payable and accrued liabilities 337 Milestone payment liability 188 In-process research and development 16,094 The fair value of the IPR&D assets has been expensed as a charge in the consolidated statements of operations for the year ended June 30, 2021, as there is no alternative use for these assets. Property and equipment includes office furniture that was subsequently sold and laboratory equipment that was put into use during the third quarter of the year ended June 30, 2021. The milestone payment liability 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 fifty 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 an 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 an 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. The milestone payment liability has been estimated using a scenario-based method (or “SBM”). An SBM is an income-based approach under which possible outcomes are identified, the contingent consideration payoff of each outcome is probability weighted, and then a suitable discount rate is used to arrive at the expected present value of the contingent consideration at the valuation date. The probability used in the valuation was based on published research for the probability of success of oncology companies at a similar stage of development as the Company. The discount rate was based on published rates for corporate bonds and the term was based on an estimate of the planned timing of completion of the respective development achievement that would result in payment of the respective milestones. $ Balance – June 30, 2020 — Addition 188 Change in fair value estimate ( 6 ) Balance – June 30, 2021 182 Change in fair value estimate ( 19 ) Balance – June 30, 2022 163 |
Clinical Trial Deposit
Clinical Trial Deposit | 12 Months Ended |
Jun. 30, 2022 | |
Other Liabilities [Abstract] | |
Clinical Trial Deposit | 4. Clinical trial deposit The Company has entered into an 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 year ended June 30, 2022, the Company has recognized $ 8,163 (2021 – $ 5,430 ) of expenses for this study. 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 June 30, 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. |
Property Equipment and Intangib
Property Equipment and Intangibles, Net | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property Equipment and Intangibles, Net | 5. Property, equipment and intangibles, net $ Balance, June 30, 2020 2 Acquired in Adgero merger (note 3) 175 Laboratory equipment purchased 8 Disposal of furniture ( 3 ) Less depreciation and amortization ( 32 ) Balance, June 30, 2021 150 Less depreciation ( 60 ) Balance, June 30, 2022 90 At June 30, 2022, the total capitalized cost of intangibles was $ 80 (2021 - $ 80 ) and the Company has recognized nil and $ 2 , respectively, in amortization expense during the years ended June 30, 2022 and 2021. The intangible assets were fully amortized at June 30, 2021. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related party transactions | 6. Related party transactions Valent Technologies, LLC Agreements One of the Company’s officers is a principal of Valent Technologies, LLC (“Valent”) and as 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 the drug’s 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 years ended June 30, 2022, and 2021, respectively, the Company recorded $ 8 related to the dividend paid to Valent. The dividends have been recorded as a direct increase in accumulated deficit. Related party payables At June 30, 2022 there is an aggregate amount of $ 721 (2021 - $ 561 ) payable to the Company’s officers and directors for fees, expenses, and accrued bonuses and other liabilities. |
Loan from National Brain Tumor
Loan from National Brain Tumor Society and National Foundation for Cancer Research | 12 Months Ended |
Jun. 30, 2022 | |
Loans Payable [Abstract] | |
Loan from National Brain Tumor Society and National Foundation for Cancer Research | 7. Loan from National Brain Tumor Society and National Foundation for Cancer Researc h $ Balance – June 30, 2020 — Funding 500 Financing costs ( 94 ) Interest expense 30 Amortization of deferred financing costs 94 Payment of principal and interest ( 530 ) Balance – June 30, 2021 — During the year ended June 30, 2021, the Company received a loan of $ 500 from National Brain Tumor Society (“NBTS”) and the National Foundation for Cancer Research (the “NBTS Loan”) to support VAL-083's preparation for participation in the Global Coalition for Adaptive Research's sponsored trial, Adaptive Global Innovative Learning Environment study. In relation to the NBTS Loan, the Company issued 125 share purchase warrants which are exercisable at a price of $ 1.09 per common share until June 19, 2025 and were included in deferred financing costs as of June 30, 2020 (“NBTS Warrants”). The NBTS Loan is secured by a promissory note, accrues interest at a rate of 6 % per annum and matures on June 19, 2021 . On June 19, 2021, the Company repaid the NBTS Loan principal of $ 500 and loan interest of $ 30 . The NBTS Warrants were valued at $ 94 using a Black-Scholes valuation with a risk-free interest rate of 0.37 %, a term of 5 years, a volatility of 89.82 %, and a dividend rate of 0 %. The estimated volatility of the Company’s common stock at the date of measurement 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 life of the instrument at the valuation date. The expected term has been estimated using the remaining life of the NBTS Warrants. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ equity Preferred stock Series C Preferred Stock Series C Preferred Stock Number $ Balance – June 30, 2020 — — Issuance 25,028 18,286 Issued on exercise of Series C Agent Warrants 33 79 Conversion of Series C Preferred stock to common stock ( 4,969 ) ( 3,713 ) Balance – June 30, 2021 20,092 14,652 Conversion of Series C Preferred stock to common stock ( 3,254 ) ( 2,377 ) Balance – June 30, 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 $ 21,598 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 future dividends as of June 30, 2022, are as follows: Series Number Conversion Price Number of conversion shares Dividend Shares Series 1 13,945 1.16 12,022 8,641 Series 2 898 1.21 740 518 Series 3 1,995 1.15 1,735 1,237 16,838 14,497 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 June 30, 2022, is the stated value of $ 16,838 . Series B Preferred Stock Series B Preferred Stock Number $ Balance – June 30, 2020 649 4,525 Conversion of Series B Preferred stock to common stock ( 649 ) ( 4,525 ) Balance – June 30, 2021 and 2022 — — During the year ended June 30, 2016, the Company issued 902 shares of Series B Preferred Stock. During the year ended June 30, 2021, the remaining 649 shares of Series B Preferred Stock were fully converted to 162 shares of common stock. 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 year ended June 30, 2022, the Company issued nil (2021 – 11 ) shares of common stock and recognized nil (2021 - $ 17 ). 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 6). 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 June 30, 2022, of $ 279 . There was no change to the Series A Preferred stock for the years ended June 30, 2022, or 2021. Common stock Amended articles of incorporation On June 25, 2021, the Company amended its articles of incorporation to increase the number of authorized shares of common stock from 95,000 to 175,000 and on June 21, 2022, the Company amended its articles of incorporation to increase the number of authorized shares of common stock from 175,000 to 275,000 . Stock issuances Year ended June 30, 2022 Registered direct financing - September 28, 2021 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. As of June 30, 2022, all of the 4,800 PFW have been exercised at $ 0.001 per PFW for proceeds of $ 4.8 . Registered direct financing - April 14, 2022 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 2022 April Investor Warrants have been valued at $ 3,898 and have been treated as equity. They have been valued using a Black-Scholes valuation with a risk-free rate of 0.54 %, a contractual term of 5 years, a volatility of 109.4 %, 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 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 1,623 agent warrants that are exercisable at $ 0.6625 per share commencing October 14, 2022, until their expiry on October 14, 2026 (the "2022 April Agent Warrants"). The 2022 April Agent Warrants have been valued at $ 350 and have been treated as non-cash issue costs of the common stock and the 2022 April Investor Warrants. The 2022 April Agent Warrants have been valued using a Black-Scholes valuation with a risk-free rate of 0.54 %, a contractual term of 4.5 years, a volatility of 112.3 %, 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. 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 21, 2022, the number of common shares available under the 2017 Plan is 22,000 shares. Under the 2017 Plan, 22,000 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 117 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 8,693 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 12,996 shares of common stock available at June 30, 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 year ended June 30, 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, were changed to vest on a contingent basis dependent on the achievement of certain strategic partnership initiatives. As the conditions to meet the contingent vesting were unlikely to be met, the compensation expense for these stock options was recognized over the pre-amendment basis. The contingent vesting stock options were subsequently forfeited upon the termination of that officer. In relation to the termination of two officers of the Company, the Company has recognized $120 in stock option expense due to the acceleration of vesting of certain stock options granted to those officers. The following table sets forth changes in stock options outstanding under all plans: Number of Weighted Balance – June 30, 2020 1,559 4.61 Granted 5,074 1.67 Exercised ( 195 ) 0.61 Forfeited ( 32 ) 34.88 Expired ( 14 ) 1.42 Balance – June 30, 2021 6,392 2.26 Granted 3,964 0.99 Expired ( 309 ) 3.02 Forfeited ( 1,237 ) 1.68 Balance – June 30, 2022 8,810 1.74 The following table summarizes stock options outstanding and exercisable under all plans at June 30, 2022: Exercise price Number Weighted Number 0.33 10 9.72 — 0.61 816 3.52 799 0.74 250 7.38 146 0.96 3,519 9.36 — 1.24 335 9.24 251 1.36 300 8.24 175 1.37 75 8.84 25 1.70 3,282 3.05 2,992 6.10 17 6.36 17 8.70 12 0.65 12 9.83 83 0.65 83 10.60 4 5.79 4 11.70 30 0.66 30 21.10 7 2.84 7 29.60 2 2.61 2 37.60 5 3.62 5 41.00 4 4.37 4 42.00 30 1.13 30 44.80 3 3.62 3 49.50 13 4.64 13 53.20 8 3.85 8 61.60 2 0.75 2 92.00 3 0.92 3 8,810 4,611 Stock options issued during the years ended June 30, 2022, and 2021, have been valued using a Black-Scholes pricing model with the following assumptions: June 30, June 30, Dividend rate — % — % Volatility 91 % to 94 % 103 % to 152 % Risk-free rate 0.88 % to 2.18 % 0.19 % to 1.28 % Term – years 5.3 to 6.1 0.4 to 5.9 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 life of the stock options at the valuation date. The expected life 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: Years ended June 30, 2022 2021 Research and development 601 1,478 General and administrative 1,647 3,798 2,248 5,276 All of the stock option expense for the periods ended June 30, 2022, and 2021, has been recognized as additional paid in capital. The aggregate intrinsic value of stock options outstanding at June 30, 2022, was nil (2021 - $ 4,759 ) and the aggregate intrinsic value of stock options exercisable at June 30, 2022, was nil (2021 - $ 2,181 ). As of June 30, 2022, there was $ 1,792 in unrecognized compensation expense that will be recognized over the next 2.25 years. The following table sets forth changes in unvested stock options under all plans: Number of Weighted Unvested at June 30, 2020 858 0.98 Granted 5,074 1.67 Vested ( 2,058 ) 1.52 Forfeited ( 14 ) 1.42 Unvested at June 30, 2021 3,860 1.60 Granted 3,964 0.99 Vested ( 2,388 ) 1.56 Forfeited ( 1,237 ) 1.68 Unvested at June 30, 2022 4,199 1.02 The aggregate intrinsic value of unvested stock options at June 30, 2022 was nil (2021 - $ 2,577 ). The unvested stock options have a remaining weighted average contractual term of 9.19 (2021 – 9.16 ) years. Common stock warrants The following table sets forth changes in outstanding warrants: Number of Weighted average exercise price Balance – June 30, 2020 10,309 2.71 Issuance of Adgero Warrants 2,314 3.18 Exercise of warrants (ii) ( 4,907 ) 1.00 Warrants issued for services (i) 600 1.74 Expiry of warrants ( 1,342 ) 6.00 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 Issuance of 2022 April Investor Warrants 16,226 0.41 Issuance of 2022 April Agent Warrants 1,623 0.6625 Exercise of PFW ( 4,800 ) 0.001 Exercise of 2020 Investor Warrants ( 69 ) 1.00 Expiry of warrants (iii) ( 1,330 ) 8.55 Balance – June 30, 2022 36,024 0.99 i) Warrants issued for services are exercisable at various prices and expire at the various dates noted in the table below. ii) A total of 4,404 2020 Investor Warrants were exercised at $ 1.00 per share and 503 warrants issued as either agent warrants or issued for services were exercised on a cashless basis for which 273 common shares were issued. iii) Expired warrants include: 1,108 Adgero replacement warrants with an exercise price of $ 3.18 , 208 2017 Investor Warrants with an exercise price of $ 35.00 , and 14 2017 Agent Warrants with an exercise price of $ 40.60 . The following table summarizes the Company’s outstanding warrants as of June 30, 2022: Description of warrants Number Exercise Expiry date 2022 April Investor warrants 16,226 0.41 April 14, 2027 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 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 October 11, 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 April Agent warrants 1,623 0.66 October 14, 2026 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 36,024 (i) NBTS Warrants were issued with respect to loan proceeds received during the year ended June 30, 2021 (note 7). Series C preferred stock warrants In connection with the Series C Preferred Stock private placement, the Company initially 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, Exercise Issuance of Preferred Series C-1 Agent Warrants 1,929 — — 1,929 1.16 Issuance of Preferred Series C-2 Agent Warrants 219 — — 219 1.21 Issuance of 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 June 30, 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 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income taxes For the years ended June 30, 2022, and 2021, the Company did not record a provision for income taxes due to a full valuation allowance against the deferred tax assets. Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below: June 30, June 30, Deferred tax assets: Non-capital losses carried forward 25,541 20,148 Stock-based compensation 635 155 Capital losses carried forward 18 18 Financing costs 326 326 Bonus - compensation 85 — Scientific research and development 803 761 Scientific research and development – Investment 690 665 28,098 22,073 Deferred tax liabilities: Scientific research and development – ITC ( 114 ) ( 110 ) 27,984 21,963 Valuation allowance ( 27,984 ) ( 21,963 ) Net future tax assets — — The income tax benefit of these tax attributes has not been recorded in these consolidated financial statements because of the uncertainty of their recovery. The Company’s effective income tax rate differs from the statutory income tax rate of 21 % (2021 – 21 %). The differences arise from the following items: June 30, June 30, Tax recovery at statutory income tax rates ( 4,743 ) ( 8,015 ) Permanent differences 802 4,506 Effect of rate differentials between jurisdictions ( 345 ) ( 551 ) Effect of foreign exchange rates 445 ( 954 ) Non-capital losses acquired with Adgero — ( 4,114 ) Scientific research and development – ITC ( 44 ) 97 Adjustment to prior year's provision versus statutory tax returns ( 2,332 ) 228 Other 196 — Change in valuation allowance 6,021 8,803 — — The Company has no current income tax expense for the year ended June 30, 2022, as there was a taxable loss for this period. The components of the Company’s loss before income taxes for the year ended June 30, 2022, were allocated as to $ 8.5 million in the U.S. and $ 4.3 million in Canada. As of June 30, 2022, the Company had combined U.S. and Canadian net operating loss (“NOL”) carry forwards of $ 96.4 million (2021 – $ 77.7 million). The U.S. federal NOL carryforwards consist of $ 15.8 million generated before July 1, 2018, which begin expiring in 2026 , and $ 29.7 million that can be carried forward indefinitely, but are subject to the 80 % taxable income limitation. The Canadian NOL carryforwards of $ 50.8 million begin expiring in 2030 . In addition, the Company has non-refundable Canadian federal investment tax credits of $ 422 (2021 - $ 407 ) that expire between 2031 and 2041 and non-refundable British Columbia investment tax credits of $ 248 (2021 – $ 258 ) that expire between 2022 and 2031 . The Company also has Canadian scientific research and development tax incentives of $ 3.0 million (2021 – $ 2.8 million) that do not expire. The Company files U.S. federal, U.S. state, and Canadian income tax returns with varying statues of limitations. The tax years from 2007 to 2021 remain open to examination due to the carryover of unused NOL carryforwards and tax credits. The Company currently is not under examination by any tax authority. Internal Revenue Code (“IRC”) Section 382 and 383 places a limitation on the amount of taxable income that can be offset by NOL and credit carryforwards after a change in control (generally greater than 50 % change in ownership within a three-year period) of a loss corporation. Generally, after a change in control, a loss corporation cannot deduct NOL and credit carryforwards in excess of the IRC Section 382 and 383 limitations. The limitation in the federal and state NOL and research and development credit carryforwards reduce the deferred tax assets, which are further offset by a full valuation allowance. The limitation can result in the expiration of the NOLs and research and development credit carryforwards available. The Company has performed an IRC Section 382 and 383 analysis and determined there was an ownership change in 2013. The Company has not performed any section 382 and 383 analyses since 2013. An assessed change in ownership subsequent to 2013 could limit future use of NOL and research and development credit carryforwards. The acquisition of Adgero Biopharmaceuticals Holdings, Inc. also triggers IRC Section 382 on the pre-acquisition NOLs. An analysis for IRC Section 382 has not been performed at this time on the pre-acquisition NOLs. The CARES Act, was enacted March 27, 2020. Among the business provision, the CARES Act provided for various payroll tax incentives, changes to net operating loss carryback and carryforward rules, business interest expense limitation increases, and bonus depreciation on qualified improvement property. Additionally, the Consolidated Appropriations Act of 2021 was signed on December 27, 2020, which provided additional COVID-19 relief provisions for businesses. The Company has evaluated the impact of both the Acts and has determined that any impact is not material to its financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 10. Commitments and contingencies The Company has the following obligations over the next five fiscal years ending June 30, 2027: Clinical development The Company has entered into contracts for drug manufacturing, clinical study management and safety related to its clinical trials for a total of $ 14,880 . Pursuant to the commitments for clinical trials, the Company has paid a total of $ 3,269 in deposits related to study initiation and certain study costs. These deposits are available to be applied against invoices received from the contract research organization but have not been netted against the Company’s commitments for the fiscal year ended June 30, 2022. Office lease The Company currently rents its shared head office on a one-year renewable lease at $ 2.4 per year and rents its administrative offices on a month-to-month basis at a total rate of $ 3.4 (CA $ 4.4 per month) per month. During the year ended June 30, 2022, the Company recorded a total of $ 41.4 as rent expense (2021 - $ 40 ). |
Supplementary Statement of Cash
Supplementary Statement of Cash Flows Information | 12 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplementary statement of cash flows information | 11. Supplementary statement of cash flows information Year ended Year ended Series B Preferred Stock common stock dividend (note 8) — 17 Series C Preferred Stock common stock dividend (note 8) 2,462 — Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 8) — 3,181 Non-cash issue costs (note 8) 683 3,287 Issue costs in accounts payable 43 — Cashless exercise of Series C warrants (note 8) — 79 Conversion of Series B Preferred Stock to common stock (note 8) — 4,525 Conversion of Series C Preferred Stock to common stock (note 8) 2,377 3,713 Income taxes paid — — Interest paid — — |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Jun. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Financial Risk Management | 12. Financial risk management Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company’s income or valuation of its financial instruments. The Company is exposed to financial risk related to fluctuation of foreign exchange rates. Foreign currency risk is limited to the portion of the Company’s business transactions denominated in currencies other than the United Sates dollar, primarily general and administrative expenses incurred in Canadian dollars. The Company believes that the results of operations, financial position and cash flows would be affected by a sudden change in foreign exchange rates but would not impair or enhance its ability to pay its Canadian dollar accounts payable. The Company manages foreign exchange risk by converting its US$ to CA$ as needed. The Company maintains the majority of its cash in US$. As of June 30, 2022, Canadian dollar denominated accounts payable and accrued liabilities exposure in US$ totaled $ 57 . a) Foreign exchange risk Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. If foreign exchange rates were to fluctuate within +/-10% of the closing rate at year-end, the maximum exposure is $ 14 . Balances in foreign currencies at June 30, 2022 and 2021 were as follows: June 30, June 30, Trade payables 74 114 Cash 27 30 Interest, taxes, and other receivables 11 11 b) Interest rate risk The Company is subject to interest rate risk on its cash and cash equivalents and believes that the results of operations, financial position and cash flows would not be significantly affected by a sudden change in market interest rates relative to the investment interest rates due to the short-term nature of the investments. As of June 30, 2022, cash and cash equivalents held by the Company were $ 11,780 . The Company’s cash balance currently earns interest at standard bank rates. If interest rates were to fluctuate within +/-10% of the closing rate at year end the impact of the Company’s interest-bearing accounts will not be significant due to the current low market interest rates. The only financial instruments that expose the Company to interest rate risk are its cash and cash equivalents. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet cash flow requirements associated with financial instruments. The Company continues to manage its liquidity risk based on the outflows experienced for the period ended June 30, 2022, and is undertaking efforts to conserve cash resources wherever possible. The maximum exposure of the Company’s liquidity risk is $ 4,282 as of June 30, 2022. Credit risk Credit risk arises from cash and cash equivalents, deposits with banks, financial institutions, and contractors as well as outstanding receivables. The Company limits its exposure to credit risk, with respect to cash and cash equivalents, by placing them with high quality credit financial institutions. The Company’s cash equivalents consist primarily of operating funds with commercial banks. Of the amounts on deposit with financial institutions, the following table summarizes the amounts at risk should the financial institutions with which the deposits are held cease trading: The maximum exposure of the Company’s credit risk is $ 19 at June 30, 2022 relating to interest, taxes, and other receivables. The credit risk related to uninsured cash and cash equivalents balances is $ 11,185 at June 30, 2022. Cash and Insured Non- 11,780 595 11,185 Concentration of credit risk Financial instruments that subject the Company to credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents in accredited financial institutions and therefore the Company’s management believes these funds are subject to minimal credit risk. The Company has no significant off-balance sheet concentrations of credit risk such as foreign currency exchange contracts, option contracts or other hedging arrangements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | 13. Subsequent events The Company has evaluated its subsequent events from June 30, 2022, through the date these consolidated financial statements were issued and has determined that there are no subsequent events requiring disclosure in these consolidated financial statements other than the items noted below. Equity Purchase Agreement On August 2, 2022, the Company entered into a purchase agreement, dated as of August 2, 2022 (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), pursuant to which Lincoln Park has committed to purchase up to $ 20,000 of shares (the “Purchase Shares”) of the Company’s common stock. Concurrently with entering into the Purchase Agreement, the Company also entered into a registration rights agreement with Lincoln Park, pursuant to which it agreed to take certain actions relating to the registration of the offer and sale of the shares of common stock available for issuance under the Purchase Agreement. The Company issued 1,630 shares of common stock to Lincoln Park as a commitment fee in connection with entering into the Purchase Agreement. Pursuant to the Purchase Agreement, the Company has the right, in its sole discretion, to present Lincoln Park with a purchase notice directing Lincoln Park to purchase up to 500 Purchase Shares provided that the closing sale price of the common stock on the purchase date is not below a threshold price set forth in the Purchase Agreement (a “Regular Purchase”). The Company and Lincoln Park may mutually agree to increase the Regular Purchase amount with respect to any Regular Purchase under the Purchase Agreement, provided that Lincoln Park’s maximum committed purchase obligation under any single Regular Purchase shall not exceed $ 2,000 . The purchase price per share for each Regular Purchase will be based on prevailing market prices of the common stock immediately preceding the time of sale as computed in accordance with the terms set forth in the Purchase Agreement. There are no upper limits on the price per share that Lincoln Park must pay for shares of common stock under the Purchase Agreement. If the Company directs Lincoln Park to purchase the maximum number of shares of common stock that the Company may sell in a Regular Purchase, then in addition to such Regular Purchase, and subject to certain conditions and limitations in the Purchase Agreement, the Company may direct Lincoln Park to purchase additional shares of common stock in an “accelerated purchase” (each, an “Accelerated Purchase”) and an “additional accelerated purchase” (each, an “Additional Accelerated Purchase”) (including multiple Additional Accelerated Purchases on the same trading day) as provided in the Purchase Agreement. The purchase price per share for each Accelerated Purchase and Additional Accelerated Purchase will be based on market prices of the common stock on the applicable purchase date for such Accelerated Purchases and such Additional Accelerated Purchases. The aggregate number of shares that the Company can sell to Lincoln Park under the Purchase Agreement may in no case exceed 13,100 shares of the common stock (which is equal to approximately 19.99 % of the shares of the common stock outstanding immediately prior to the execution of the Purchase Agreement) (the “Exchange Cap”), unless (i) stockholder approval is obtained to issue Purchase Shares above the Exchange Cap, in which case the Exchange Cap will no longer apply, or (ii) the average price of all applicable sales of our common stock to Lincoln Park under the Purchase Agreement equals or exceeds $ 0.2024 per share (which represents the lower of (A) the official closing price of the Company's common stock on Nasdaq on the trading day immediately preceding the date of the Purchase Agreement and (B) the average official closing price of our common stock on Nasdaq for the five consecutive trading days ending on the trading day on the date of the Purchase Agreement, adjusted such that the transactions contemplated by the Purchase Agreement are exempt from the Exchange Cap limitation under applicable Nasdaq rules). The Purchase Agreement may be terminated by the Company at any time, at its sole discretion, without any cost or penalty, by giving one business day notice to Lincoln Park to terminate the Purchase Agreement. Subsequent to June 30, 2022, the Company sold 11,470 shares of common stock for total gross proceeds of approximately $ 1,976 under this facility. Series C Preferred Stock On August 19, 2022, the Company paid the common stock dividend on its Series C Preferred Stock as well as the Series C Agent Warrants. The common stock dividend corresponds to the 15 % dividend payable on the second anniversary of the initial closing of the Series C Preferred Stock which occurred on August 19, 2020. The 15 % stock dividend was payable on August 19, 2022, to the holders of the Series C Preferred Stock and the Series C Agent Warrants on that date. The 15 % dividend is not payable on Series C Preferred Stock or Series C Agent Warrants that were converted, or exercised, prior to August 19, 2022. The dividend resulted in 2,174 shares of common stock being issued to the Series C Preferred Stock holders and 315 shares of common stock being accrued to the Series C Agent Warrants holders. The common stock accrued to the Series C Agent Warrants holders will be released to the Series C Agent Warrant holders upon the exercise of the respective Series C Agent Warrant. Stock Options Subsequent to June 30, 2022, 3,181 stock options were granted at $ 0.1757 per share and are exercisable until August 1, 2032 . The options vest as to 25 % on the first anniversary of grant with the remaining portion vesting pro rata monthly thereafter over 36 months. In addition, 300 stock options were granted at $ 0.255 per share and are exercisable until July 1, 2032 . These options vest in 12 equal monthly installments commencing August 1, 2022 . Restricted Stock Units Subsequent to June 30, 2022, 880 restricted stock units were issued to the Company's management. The restricted stock units vest in four equal amounts commencing August 1, 2023. Clinical Trials Deposit Subsequent to June 30, 2022, the Company paid an additional $ 1,700 in relation to its clinical trial deposit. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The consolidated 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 principal accounting policies applied in the preparation of these consolidated financial statements are set out below and have been consistently applied to all years presented. |
Consolidation | Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Adgero, Adgero Bio, Del Mar BC, Callco, and Exchangeco as of, and for the years ended June 30, 2022, and 2021. All intercompany balances and transactions have been eliminated in consolidation. |
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 fair value of the milestone payment liability, the valuation of equity instruments issued for services, clinical trial accruals, deferred tax valuation allowance and assessment of going concern. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these consolidated financial statements. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid investments with original maturities from the purchase date of three months or less that can be readily convertible into known amounts of cash. Cash and cash equivalents are held at recognized Canadian and United States financial institutions. Interest earned is recognized in the consolidated statement of operations. |
Foreign Currency Translation | Foreign currency translation The functional currency of the Company at June 30, 2022, is the United States dollar. Transactions that are denominated in a foreign currency are remeasured into the functional currency at the current exchange rate on the date of the transaction. Any foreign-currency denominated monetary assets and liabilities are subsequently remeasured at current exchange rates, with gains or losses recognized as foreign exchange losses or gains in the consolidated statement of operations. Non-monetary assets and liabilities are translated at historical exchange rates. Expenses are translated at average exchange rates during the period. Exchange gains and losses are included in consolidated statement of operations for the period. |
Acquired In-process Research And Development Expense | Acquired in-process research and development expense T he 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 consolidated statements of operations for the year ended June 30, 2021. |
Property, Plant and Equipment, Policy | Property and equipment Property and equipment is 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 is put into use. |
Income Taxes | Income taxes The Company uses the asset and liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. To the extent that deferred tax assets cannot be recognized under the preceding criteria, the Company establishes valuation allowances, as necessary, to reduce deferred tax assets to the amounts expected to be realized. As of June 30, 2022, and 2021, all deferred tax assets were fully offset by a valuation allowance. The realization of deferred tax assets is dependent upon future federal, state and foreign taxable income. The Company’s judgments regarding deferred tax assets may change due to future market conditions, as the Company expands into international jurisdictions, due to changes in U.S. or international tax laws and other factors. These changes, if any, may require material adjustments to the Company’s deferred tax assets, resulting in a reduction in net income or an increase in net loss in the period in which such determinations are made. The Company recognizes the impact of uncertain tax positions based upon a two-step process. To the extent that a tax position does not meet a more-likely-than-not level of certainty, no impact is recognized in the consolidated financial statements. If a tax position meets the more-likely-than-not level of certainty, it is recognized in the consolidated financial statements at the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company’s policy is to analyze the Company’s tax positions taken with respect to all applicable income tax issues for all open tax years in each respective jurisdiction. Interest and penalties with respect to uncertain tax positions would be included in income tax expense. As of June 30, 2022, the Company concluded that there were no uncertain tax provisions required to be recognized in its consolidated financial statements. The Company does not record U.S. income taxes on the undistributed earnings of its foreign subsidiaries based upon the Company’s intention to permanently reinvest undistributed earnings to ensure sufficient working capital and further expansion of existing operations outside the United States. As June 30, 2022, the Company’s foreign subsidiaries operated at a cumulative deficit for U.S. earnings and profit purposes. In the event the Company is required to repatriate funds from outside of the United States, such repatriation would be subject to local laws, customs, and tax consequences. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable. |
Financial Instruments | 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 of June 30, 2022, the Company’s milestone payment liability was measured using level 3 inputs (note 3). 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. |
Intangible Assets | Intangible assets Patents Expenditures associated with the filing, or maintenance of patents, licensing or technology agreements are expensed as incurred. Costs previously recognized as an expense are not recognized as an asset in subsequent periods. If the Company achieves regulatory approval, patent costs will be deferred and amortized over the remaining life of the related patent. |
Accruals for Research and Development Expenses and Clinical Trials | Accruals for research and development expenses and clinical trials As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants, and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment terms that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate expenses in its financial statements by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the timing of various aspects of the expenses. The Company determines accrual estimates by taking into account discussion with applicable personnel and outside service providers as to the progress of clinical trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. For the years ended June 30, 2022, and 2021, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials. |
Warrants and Shares Issued For Services | Warrants and shares issued for services The Company has issued equity instruments for services provided by employees and non-employees. The equity instruments are valued at the fair value of the instrument issued. |
Stock Options | Stock options The Company recognizes compensation costs resulting from the issuance of stock-based awards to employees, non-employees and directors as an expense in the statement of operations over the service period based on a measurement of fair value for each stock-based award. Prior to our adoption of Accounting Standards Update ("ASU") 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”), stock options granted to non-employee consultants were revalued at the end of each reporting period until vested using the Black-Scholes option-pricing model and the changes in their fair value were recorded as adjustments to expense over the related vesting period. For the years ended June 30, 2022, and 2021, the determination of grant-date fair value for stock option awards was estimated using the Black-Scholes model, which includes variables such as the expected volatility of our share price, the anticipated exercise behavior of its grantee, interest rates, and dividend yields. For years ended June 30, 2022, and 2021, the Company utilized the plain vanilla method to determine the expected life of stock options. These variables are projected based on our historical data, experience, and other factors. Changes in any of these variables could result in material adjustments to the expense recognized for share-based payments. Such value is recognized as expense over the requisite service period, net of actual forfeitures, using the accelerated attribution method. The Company recognizes forfeitures as they occur. The estimation of stock awards that will ultimately vest requires judgment, and to the extent actual results, or updated estimates, differ from current estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. |
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 years ended June 30, 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, performance stock units, and convertible preferred shares is anti-dilutive. As of June 30, 2022, potential common shares of 36,024 (2021 – 6,974 ) related to outstanding common stock warrants, 2,100 (2021 – 2,100 ) related to outstanding Series C preferred stock warrants, 8,810 (2021 – 6,392 ) related to stock options, and 14,497 (2021 – 17,295 ) relating to outstanding Series C convertible preferred shares were excluded from the calculation of net loss per common share. |
Segment Information | Segment information The Company identifies its operating segments based on business activities, management responsibility and geographical location. The Company operates within a single operating segment being the research and development of cancer indications, and operates primarily in one geographic area, being North America. The Company previously conducted one clinical trial in China but the expenses incurred over the course of the study were not significant. All of the Company’s assets are located in either Canada or the United States. |
Recent Accounting Pronouncements | Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Recently adopted 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): accounting for convertible instruments and contracts in an entity’s own equity The amendments in this update are intended to simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. For public business entities that are not smaller reporting companies, the ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. For all other entities, the effective date is for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The guidance may be early adopted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. 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. During the year ended June 30, 2022, there have been no new, or existing, recently issued accounting pronouncements that are of significance, or potential significance, that impact the Company’s consolidated financial statements. |
Merger (Tables)
Merger (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Business Combinations [Abstract] | |
Schedule of Consideration Transferred Stockholders, Recognized Identified Assets Acquired and Liabilities Assumed Under Merger | The following summarizes total consideration transferred to the Adgero stockholders under the Merger as well as the assets acquired and liabilities assumed under the Merger: $ Consideration: Common stock 15,328 Warrants 630 Success fee shares 766 16,724 Net assets acquired: Cash ( 969 ) Other current assets ( 11 ) Property and equipment (note 5) ( 175 ) Accounts payable and accrued liabilities 337 Milestone payment liability 188 In-process research and development 16,094 |
Schedule Of Milestone Payment Liability | The discount rate was based on published rates for corporate bonds and the term was based on an estimate of the planned timing of completion of the respective development achievement that would result in payment of the respective milestones. $ Balance – June 30, 2020 — Addition 188 Change in fair value estimate ( 6 ) Balance – June 30, 2021 182 Change in fair value estimate ( 19 ) Balance – June 30, 2022 163 |
Property Equipment and Intang_2
Property Equipment and Intangibles, Net (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Equipment and Intangibles, Net | $ Balance, June 30, 2020 2 Acquired in Adgero merger (note 3) 175 Laboratory equipment purchased 8 Disposal of furniture ( 3 ) Less depreciation and amortization ( 32 ) Balance, June 30, 2021 150 Less depreciation ( 60 ) Balance, June 30, 2022 90 |
Loan from National Brain Tumo_2
Loan from National Brain Tumor Society and National Foundation for Cancer Research (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Loans Payable [Abstract] | |
Summary of Loan | $ Balance – June 30, 2020 — Funding 500 Financing costs ( 94 ) Interest expense 30 Amortization of deferred financing costs 94 Payment of principal and interest ( 530 ) Balance – June 30, 2021 — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Class Of Stock [Line Items] | |
Schedule of Stock Option Expense | The Company has recognized the following amounts as stock option expense for the periods noted: Years ended June 30, 2022 2021 Research and development 601 1,478 General and administrative 1,647 3,798 2,248 5,276 |
Schedule of Unvested Stock Options | The following table sets forth changes in unvested stock options under all plans: Number of Weighted Unvested at June 30, 2020 858 0.98 Granted 5,074 1.67 Vested ( 2,058 ) 1.52 Forfeited ( 14 ) 1.42 Unvested at June 30, 2021 3,860 1.60 Granted 3,964 0.99 Vested ( 2,388 ) 1.56 Forfeited ( 1,237 ) 1.68 Unvested at June 30, 2022 4,199 1.02 |
Schedule of Warrants | The following table sets forth changes in outstanding warrants: Number of Weighted average exercise price Balance – June 30, 2020 10,309 2.71 Issuance of Adgero Warrants 2,314 3.18 Exercise of warrants (ii) ( 4,907 ) 1.00 Warrants issued for services (i) 600 1.74 Expiry of warrants ( 1,342 ) 6.00 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 Issuance of 2022 April Investor Warrants 16,226 0.41 Issuance of 2022 April Agent Warrants 1,623 0.6625 Exercise of PFW ( 4,800 ) 0.001 Exercise of 2020 Investor Warrants ( 69 ) 1.00 Expiry of warrants (iii) ( 1,330 ) 8.55 Balance – June 30, 2022 36,024 0.99 i) Warrants issued for services are exercisable at various prices and expire at the various dates noted in the table below. ii) A total of 4,404 2020 Investor Warrants were exercised at $ 1.00 per share and 503 warrants issued as either agent warrants or issued for services were exercised on a cashless basis for which 273 common shares were issued. iii) Expired warrants include: 1,108 Adgero replacement warrants with an exercise price of $ 3.18 , 208 2017 Investor Warrants with an exercise price of $ 35.00 , and 14 2017 Agent Warrants with an exercise price of $ 40.60 . |
Schedule of Changes in Outstanding Warrants | The following table summarizes the Company’s outstanding warrants as of June 30, 2022: Description of warrants Number Exercise Expiry date 2022 April Investor warrants 16,226 0.41 April 14, 2027 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 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 October 11, 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 April Agent warrants 1,623 0.66 October 14, 2026 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 36,024 (i) NBTS Warrants were issued with respect to loan proceeds received during the year ended June 30, 2021 (note 7). |
Series C Warrants | |
Class Of Stock [Line Items] | |
Schedule of Changes in Outstanding Warrants | The following table summarizes the Company’s outstanding Series C Agent Warrants as of June 30, 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 |
Schedule of Conversion of Series C Preferred Stock to Series C Warrants | The following table sets forth changes in outstanding Series C Agent Warrants: Balance, Number of Number of Balance, Exercise Issuance of Preferred Series C-1 Agent Warrants 1,929 — — 1,929 1.16 Issuance of Preferred Series C-2 Agent Warrants 219 — — 219 1.21 Issuance of 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 | The following table sets forth changes in stock options outstanding under all plans: Number of Weighted Balance – June 30, 2020 1,559 4.61 Granted 5,074 1.67 Exercised ( 195 ) 0.61 Forfeited ( 32 ) 34.88 Expired ( 14 ) 1.42 Balance – June 30, 2021 6,392 2.26 Granted 3,964 0.99 Expired ( 309 ) 3.02 Forfeited ( 1,237 ) 1.68 Balance – June 30, 2022 8,810 1.74 |
Summary of Stock Options Currently Outstanding and Exercisable | The following table summarizes stock options outstanding and exercisable under all plans at June 30, 2022: Exercise price Number Weighted Number 0.33 10 9.72 — 0.61 816 3.52 799 0.74 250 7.38 146 0.96 3,519 9.36 — 1.24 335 9.24 251 1.36 300 8.24 175 1.37 75 8.84 25 1.70 3,282 3.05 2,992 6.10 17 6.36 17 8.70 12 0.65 12 9.83 83 0.65 83 10.60 4 5.79 4 11.70 30 0.66 30 21.10 7 2.84 7 29.60 2 2.61 2 37.60 5 3.62 5 41.00 4 4.37 4 42.00 30 1.13 30 44.80 3 3.62 3 49.50 13 4.64 13 53.20 8 3.85 8 61.60 2 0.75 2 92.00 3 0.92 3 8,810 4,611 |
Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model | Stock options issued during the years ended June 30, 2022, and 2021, have been valued using a Black-Scholes pricing model with the following assumptions: June 30, June 30, Dividend rate — % — % Volatility 91 % to 94 % 103 % to 152 % Risk-free rate 0.88 % to 2.18 % 0.19 % to 1.28 % Term – years 5.3 to 6.1 0.4 to 5.9 |
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, 2020 — — Issuance 25,028 18,286 Issued on exercise of Series C Agent Warrants 33 79 Conversion of Series C Preferred stock to common stock ( 4,969 ) ( 3,713 ) Balance – June 30, 2021 20,092 14,652 Conversion of Series C Preferred stock to common stock ( 3,254 ) ( 2,377 ) Balance – June 30, 2022 16,838 12,275 |
Schedule of Series C Preferred Stock Outstanding, Conversion Shares and Future Dividends | The Company’s Series C Preferred Stock outstanding, conversion shares, and future dividends as of June 30, 2022, are as follows: Series Number Conversion Price Number of conversion shares Dividend Shares Series 1 13,945 1.16 12,022 8,641 Series 2 898 1.21 740 518 Series 3 1,995 1.15 1,735 1,237 16,838 14,497 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 |
Schedule of Conversion of Series B Preferred Stock to Common Stock | Series B Preferred Stock Number $ Balance – June 30, 2020 649 4,525 Conversion of Series B Preferred stock to common stock ( 649 ) ( 4,525 ) Balance – June 30, 2021 and 2022 — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Future Tax Assets and Deferred Tax Liabilities | Significant components of the Company’s deferred tax assets and deferred tax liabilities are shown below: June 30, June 30, Deferred tax assets: Non-capital losses carried forward 25,541 20,148 Stock-based compensation 635 155 Capital losses carried forward 18 18 Financing costs 326 326 Bonus - compensation 85 — Scientific research and development 803 761 Scientific research and development – Investment 690 665 28,098 22,073 Deferred tax liabilities: Scientific research and development – ITC ( 114 ) ( 110 ) 27,984 21,963 Valuation allowance ( 27,984 ) ( 21,963 ) Net future tax assets — — |
Schedule of Difference Between Income Tax Rate and Statutory Income Tax Rate | The differences arise from the following items: June 30, June 30, Tax recovery at statutory income tax rates ( 4,743 ) ( 8,015 ) Permanent differences 802 4,506 Effect of rate differentials between jurisdictions ( 345 ) ( 551 ) Effect of foreign exchange rates 445 ( 954 ) Non-capital losses acquired with Adgero — ( 4,114 ) Scientific research and development – ITC ( 44 ) 97 Adjustment to prior year's provision versus statutory tax returns ( 2,332 ) 228 Other 196 — Change in valuation allowance 6,021 8,803 — — |
Supplementary Statement of Ca_2
Supplementary Statement of Cash Flows Information (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplementary Statement of Cash Flows Information | Year ended Year ended Series B Preferred Stock common stock dividend (note 8) — 17 Series C Preferred Stock common stock dividend (note 8) 2,462 — Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 8) — 3,181 Non-cash issue costs (note 8) 683 3,287 Issue costs in accounts payable 43 — Cashless exercise of Series C warrants (note 8) — 79 Conversion of Series B Preferred Stock to common stock (note 8) — 4,525 Conversion of Series C Preferred Stock to common stock (note 8) 2,377 3,713 Income taxes paid — — Interest paid — — |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Schedule of Balances in Foreign Currencies | Balances in foreign currencies at June 30, 2022 and 2021 were as follows: June 30, June 30, Trade payables 74 114 Cash 27 30 Interest, taxes, and other receivables 11 11 |
Schedule of Fair Value of Off-Balance Sheet Risks | Cash and Insured Non- 11,780 595 11,185 |
Nature of Operations, Corpora_2
Nature of Operations, Corporate History, and Going Concern and Management Plans - Additional Information (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Aug. 02, 2022 USD ($) | Jun. 30, 2022 USD ($) RegisteredDirectFinancings $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Aug. 19, 2020 $ / shares | |
Net loss | $ (22,661) | $ (38,298) | ||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.0001 | |
Conversion of convertible common stock | 1.5740 | |||
Negative cash flow from operations | $ (20,392) | $ (18,860) | ||
Cash and cash equivalents | 11,780 | 10,537 | ||
Accumulated deficit | $ (136,356) | $ (111,225) | ||
Number of registered direct financings completed | RegisteredDirectFinancings | 2 | |||
Aggregate net proceeds from registered direct financing subsequent | $ 21,600 | |||
Common stock, shares issued | shares | 65,533 | 32,740 | ||
Subsequent Event [Member] | ||||
Gross proceeds | $ 20,000 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2022 USD ($) Segment shares | Jun. 30, 2021 USD ($) Segment shares | |
Significant Accounting Policies (Textual) | ||
Additional uncertain tax provisions | $ | $ 0 | |
Number of operating segments | Segment | 1 | 1 |
Number of reportable segments | Segment | 1 | |
In-process research and development | $ | $ 16,094,000 | |
Property and equipment estimated useful life | three years | |
Series C Preferred Share Warrants [Member] | ||
Significant Accounting Policies (Textual) | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 2,100,000 | 2,100,000 |
Series C Convertible Preferred Shares [Member] | ||
Significant Accounting Policies (Textual) | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 14,497,000 | 17,295,000 |
Stock options [Member] | ||
Significant Accounting Policies (Textual) | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 8,810,000 | 6,392,000 |
Warrant [Member] | ||
Significant Accounting Policies (Textual) | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 36,024,000 | 6,974,000 |
Merger - Additional Information
Merger - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 09, 2020 | |
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] | ||
Voting power after effective time | 49.50% | |
Voting power prior to effective time | 50.50% | |
Final exchange ratio prior to effective time | 157.40% | |
Stock purchase warrants | 2,314 | |
Warrants exercisable price | $ 3.18 | |
Weighted Average Risk Free Interest Rate | 0.21% | |
Volatility Rate | 115.96% | |
Weighted Average Remaining Term | 1 year | |
Dividend rate | 0% | |
Merger success fee share price | $ 1.34 | |
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 Considerat
Merger - Schedule of Consideration Transferred Stockholders, Recognized Identified Assets Acquired and Liabilities Assumed Under Merger (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Consideration: | |
Common stock | $ 16,724 |
Cash | (969) |
Other current assets | (11) |
Property and equipment (note 5) | (175) |
Accounts payable and accrued liabilities | 337 |
Milestone payment liability | 188 |
In-process research and development | 16,094 |
Warrant [Member] | |
Consideration: | |
Common stock | 630 |
Common stock | |
Consideration: | |
Common stock | 15,328 |
Success Fee Shares [Member] | |
Consideration: | |
Common stock | $ 766 |
Merger - Schedule of Milestone
Merger - Schedule of Milestone Payment Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Business Combinations [Abstract] | ||
Balance | $ 182 | |
Addition | $ 188 | |
Change in fair value estimate | (19) | (6) |
Balance | $ 163 | $ 182 |
Clinical Trial Deposit - Additi
Clinical Trial Deposit - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Other Liabilities [Abstract] | ||
Patient enrollment milestones, payments | $ 8,163 | $ 5,430 |
Deposits payments | $ 2,600 |
Property Equipment and Intang_3
Property Equipment and Intangibles, Net - Schedule of Property Equipment and Intangibles, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property Plant And Equipment [Line Items] | ||
Beginning Balance | $ 150 | $ 2 |
Less depreciation and amortization | (60) | (32) |
Ending Balance | $ 90 | 150 |
Acquired in Adgero Merger [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 175 | |
Laboratory Equipment Purchased [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 8 | |
Disposal of Furniture [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ (3) |
Property Equipment and Intang_4
Property Equipment and Intangibles, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Capitalized cost | $ 80,000 | $ 80,000 |
Amortization expense | $ 0 | $ 2,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Jun. 30, 2022 | Jun. 30, 2021 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Dividend payable | $ 8 | $ 8 | |
Related party payables | $ 721 | $ 561 | |
Preferred Stock Series A | |||
Preferred Stock, shares issued | 279,000 | 279,000 | |
Preferred stock, rate of dividend | 3% | ||
Valent Technologies LLC [Member] | |||
Loan payable outstanding amount | $ 279 | ||
Aggregate accrued interest | $ 29 | ||
Dividend payable | $ 8 | $ 8 | |
Valent Technologies LLC [Member] | Preferred Stock Series A | |||
Preferred Stock, shares issued | 279 | ||
Preferred stock, par value | $ 1 |
Loan from National Brain Tumo_3
Loan from National Brain Tumor Society and National Foundation for Cancer Research - Summary of Loan (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2021 USD ($) | |
Guarantee Obligations [Line Items] | |
Interest expense | $ 30 |
Amortization of deferred financing costs | 94 |
N B T S and N F C R [Member] | |
Guarantee Obligations [Line Items] | |
Funding | 500 |
Deferred financing costs | (94) |
Interest expense | 30 |
Amortization of deferred financing costs | 94 |
Payment of principal and interest | $ (530) |
Loan from National Brain Tumo_4
Loan from National Brain Tumor Society and National Foundation for Cancer Research - Additional information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Apr. 14, 2022 | |
Guarantee Obligations [Line Items] | |||
Warrants exercise price | $ 0.001 | ||
Warrants exercised for cash | $ 74 | $ 4,404 | |
National Brain Tumor Society and National Foundation for Cancer Research [Member] | |||
Guarantee Obligations [Line Items] | |||
Loan received | 500 | ||
National Brain Tumor Society [Member] | |||
Guarantee Obligations [Line Items] | |||
Repayment of loan | 500 | ||
Repayment of loan interest | $ 30 | ||
National Brain Tumor Society [Member] | Warrant [Member] | |||
Guarantee Obligations [Line Items] | |||
Warrants issued | 125 | ||
Warrants exercise price | $ 1.09 | ||
Warrants exercised for cash | $ 94 | ||
Risk-free interest rate | 0.37% | ||
Volatility Rate | 89.82% | ||
Expected Term | 5 years | ||
Dividend Rate | 0% | ||
National Brain Tumor Society [Member] | Promissory Note [Member] | |||
Guarantee Obligations [Line Items] | |||
Accrued interest rate | 6% | ||
Debt, maturity date | Jun. 19, 2021 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Issuance of Series C Preferred Stock (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Class Of Stock [Line Items] | ||
Conversion of Series C Preferred stock to common stock | $ 2,377 | $ 3,713 |
Series C Preferred Stock | ||
Class Of Stock [Line Items] | ||
Beginning Balance | $ 14,652 | |
Beginning Balance, shares | 20,092 | |
Issuance | $ 18,286 | |
Issuance, shares | 25,028 | |
Issued on exercise of Series C Agent Warrants | $ 79 | |
Issued on exercise of Series C Agent Warrants, shares | 33 | |
Conversion of Series C Preferred stock to common stock | $ (2,377) | $ (3,713) |
Conversion of series C preferred stock to common stock, shares | (3,254) | (4,969) |
Ending Balance | $ 12,275 | $ 14,652 |
Ending Balance, shares | 16,838 | 20,092 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Apr. 14, 2022 USD ($) $ / shares shares | Sep. 28, 2021 USD ($) $ / shares shares | Aug. 19, 2021 USD ($) $ / shares | Sep. 30, 2014 $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Jun. 30, 2016 shares | Jun. 21, 2022 shares | Jun. 20, 2022 $ / shares shares | Jun. 25, 2021 shares | Jun. 24, 2021 shares | Apr. 14, 2021 USD ($) | Jun. 30, 2020 shares | |
Class Of Stock [Line Items] | ||||||||||||||
Shares issued, price per share | $ / shares | $ 1,000 | $ 1,000 | ||||||||||||
Non cash dividends of preferred stock | $ | $ 3,181,000 | |||||||||||||
Series B preferred stock dividend, shares | 11,000 | |||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||
Common stock shares authorized | 275,000,000 | 275,000,000 | 175,000,000 | |||||||||||
Underwritten Public Offerings 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. The 2022 April Investor Warrants have been valued at $3,898 and have been treated as equity. They have been valued using a Black-Scholes valuation with a risk-free rate of 0.54%, a contractual term of 5 years, a volatility of 109.4%, and a dividend rate of 0%. | 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%. | ||||||||||||
Warrants exercise price | $ / shares | $ 0.001 | |||||||||||||
Common stock, shares issued | 65,533,000 | 65,533,000 | 32,740,000 | |||||||||||
Warrants exercised for cash | $ | $ 74,000 | $ 4,404,000 | ||||||||||||
Number of options granted | 3,964 | 5,074 | ||||||||||||
Total compensation expense | $ | $ 2,248,000 | $ 5,276,000 | ||||||||||||
Stock options exercisable | 4,611,000 | 4,611,000 | ||||||||||||
Number of stock options outstanding | 8,810,000 | 8,810,000 | ||||||||||||
Aggregate intrinsic value of unvested stock options | $ | $ 2,577,000 | |||||||||||||
2017 Omnibus Incentive Plan [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Common stock, shares issued | 22,000,000 | 22,000,000 | ||||||||||||
Common stock, shares outstanding | 117,000 | 117,000 | ||||||||||||
Common stock issued under the 2017 Plan | 8,693,000 | 8,693,000 | 12,996,000 | |||||||||||
Percentage of fully diluted shares of common stock | 8% | |||||||||||||
2017 Omnibus Incentive Plan [Member] | ||||||||||||||
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, were changed to vest on a contingent basis dependent on the achievement of certain strategic partnership initiatives. As the conditions to meet the contingent vesting were unlikely to be met, the compensation expense for these stock options was recognized over the pre-amendment basis. The contingent vesting stock options were subsequently forfeited upon the termination of that officer. In relation to the termination of two officers of the Company, the Company has recognized $120 in stock option expense due to the acceleration of vesting of certain stock options granted to those officers. | |||||||||||||
Stock option term | 10 years | |||||||||||||
2017 Omnibus Incentive Plan [Member] | Exercise Price of 1.24 [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Number of options granted | 3,954,000 | |||||||||||||
Stock option exercise price | $ / shares | $ 1.24 | $ 1.24 | ||||||||||||
Stock options exercise price | $ / shares | 1.24 | 1.24 | ||||||||||||
2017 Omnibus Incentive Plan [Member] | Exercise Price Of Zero Point Nine Six | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Stock option exercise price | $ / shares | 0.96 | 0.96 | ||||||||||||
Stock options exercise price | $ / shares | $ 0.96 | $ 0.96 | ||||||||||||
Stock options [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Number of options granted | 3,964,000 | 5,074,000 | ||||||||||||
Stock option exercise price | $ / shares | $ 0.61 | |||||||||||||
Number of options forfeited | 1,237,000 | 32,000 | ||||||||||||
Stock options exercised, Shares | 195,000 | |||||||||||||
Number of stock options outstanding | 8,810,000 | 8,810,000 | 6,392,000 | 1,559,000 | ||||||||||
Aggregate intrinsic value of stock options outstanding | $ | $ 0 | $ 0 | $ 4,759,000 | |||||||||||
Aggregate intrinsic value of stock options exercisable | $ | 0 | 0 | $ 2,181,000 | |||||||||||
Unrecognized compensation expense | $ | $ 1,792,000 | $ 1,792,000 | ||||||||||||
Unrecognized compensation expense, term | 2 years 3 months | |||||||||||||
Aggregate intrinsic value of unvested stock options | $ | $ 0 | |||||||||||||
Weighted average contractual term | 9 years 2 months 8 days | 9 years 1 month 28 days | ||||||||||||
Stock options [Member] | Minimum | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Risk-free interest rate | 0.88% | 0.19% | ||||||||||||
Expected Term | 5 years 3 months 18 days | 4 months 24 days | ||||||||||||
Volatility Rate | 91% | 103% | ||||||||||||
Stock options [Member] | Maximum | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Risk-free interest rate | 2.18% | 1.28% | ||||||||||||
Expected Term | 6 years 1 month 6 days | 5 years 10 months 24 days | ||||||||||||
Volatility Rate | 94% | 152% | ||||||||||||
Common stock | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Convertible preferred stock | 162,000 | |||||||||||||
Series B preferred stock dividend, shares | 11,000 | |||||||||||||
Conversion of Series B preferred stock to common stock, shares | 162,000 | |||||||||||||
Common stock shares authorized | 275,000,000 | 175,000,000 | 175,000,000 | 95,000,000 | ||||||||||
Issued warrants to underwriters | 16,266,000 | 7,200,000 | ||||||||||||
Issuance of shares and warrants - net of issue costs, shares | 23,427,000 | |||||||||||||
Warrants exercise price | $ / shares | $ 0.001 | |||||||||||||
Stock options exercised, Shares | 170,000 | |||||||||||||
Pre-Funded Warrants | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Issued warrants to underwriters | 4,800,000 | |||||||||||||
Warrants exercise price | $ / shares | $ 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 interest rate | 0.55% | |||||||||||||
Expected Term | 3 years 6 months | |||||||||||||
Volatility Rate | 116.70% | |||||||||||||
Dividend Rate | 0% | |||||||||||||
Other Underwriting Expense | $ | $ 13,634,000 | |||||||||||||
Expiry date | Mar. 28, 2025 | |||||||||||||
2022 April Investor Warrant [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Issued warrants to underwriters | 16,266,000 | |||||||||||||
Value of outstanding warrants | $ | $ 3,898,000 | |||||||||||||
Risk-free interest rate | 0.54% | |||||||||||||
Expected Term | 5 years | |||||||||||||
Volatility Rate | 109.40% | |||||||||||||
Dividend Rate | 0% | |||||||||||||
Other Underwriting Expense | $ | $ 7,900,000 | |||||||||||||
Expiry date | Apr. 14, 2027 | |||||||||||||
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 | ||||||||||||
Placement Agent | Series C Agent Warrants [Member] | Measurement Input, Risk Free Interest Rate | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Warrants outstanding, measurement input | 0.27 | 0.27 | ||||||||||||
Placement Agent | Series C Agent Warrants [Member] | Minimum | Measurement Input, Price Volatility | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Warrants outstanding, measurement input | 95.2 | 95.2 | ||||||||||||
Placement Agent | Series C Agent Warrants [Member] | Maximum | Measurement Input, Price Volatility | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Warrants outstanding, measurement input | 95.8 | 95.8 | ||||||||||||
Executive Officers and Directors | 2017 Omnibus Incentive Plan [Member] | Exercise Price of 1.24 [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Number of options granted | 435,000 | |||||||||||||
Executive Officers and Directors | 2017 Omnibus Incentive Plan [Member] | Exercise Price Of Zero Point Nine Six | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Number of options granted | 3,519,000 | |||||||||||||
Series C Preferred Stock | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Shares issued of common stock for services | 25,028 | |||||||||||||
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 | $ | $ 16,838,000 | $ 16,838,000 | ||||||||||||
Preferred Stock, shares issued | 17,000 | 17,000 | 20,000 | |||||||||||
Preferred stock, shares outstanding | 17,000 | 17,000 | 20,000 | |||||||||||
Number | 16,838,000 | 16,838,000 | ||||||||||||
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 C3 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] | ||||||||||||||
Stock issued during period shares new issues | 902,000 | |||||||||||||
Preferred stock, rate of dividend | 9% | |||||||||||||
Convertible preferred stock | 649,000 | |||||||||||||
Series B preferred stock dividend, shares | 0 | |||||||||||||
Direct increase in accumulated deficit | $ | $ 0 | $ 17,000 | ||||||||||||
Preferred Stock Series A | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Preferred stock | $ | $ 279,000 | 279,000 | $ 279,000 | |||||||||||
Preferred stock, rate of dividend | 3% | |||||||||||||
Liquidation value | $ | $ 279,000 | $ 279,000 | ||||||||||||
Preferred Stock, shares issued | 279,000 | 279,000 | 279,000 | |||||||||||
Preferred stock, shares outstanding | 279,000 | 279,000 | 279,000 | |||||||||||
Change in preferred stock | $ | $ 0 | $ 0 | ||||||||||||
Preferred Stock Series A | Exchange Agreement | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Preferred stock, rate of dividend | 3% | |||||||||||||
Preferred Stock, shares issued | 279 | |||||||||||||
Preferred stock, par value | $ / shares | $ 1 | |||||||||||||
Private Placement [Member] | Series C Preferred Stock | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Proceeds from private placement | $ | 25,028,000 | |||||||||||||
Net proceeds from private placement | $ | 21,598,000 | |||||||||||||
Deferred financing costs | $ | $ 3,455,000 | |||||||||||||
Private Placement [Member] | Series C Preferred Stock | Series C Agent Warrants [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Stock issued during period shares new issues | 2,504 | |||||||||||||
Fair value of preferred stock | $ | $ 3,287,000 | |||||||||||||
Private Placement [Member] | Series C Preferred Stock Warrants [Member] | ||||||||||||||
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] | ||||||||||||||
Number | 600,000 | |||||||||||||
Registered direct financing [Member] | 2022 April Investor Warrant [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Risk-free interest rate | 0.54% | |||||||||||||
Expected Term | 4 years 6 months | |||||||||||||
Volatility Rate | 112.30% | |||||||||||||
Dividend Rate | 0% | |||||||||||||
Warrants exercise price | $ / shares | $ 0.6625 | |||||||||||||
Non cash issue of common stock | 350,000 | |||||||||||||
Number | 1,623,000 | |||||||||||||
Registered direct financing [Member] | 2022 Agent Warrants [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Risk-free interest rate | 0.55% | |||||||||||||
Expected Term | 3 years 6 months | |||||||||||||
Volatility Rate | 116.70% | |||||||||||||
Dividend Rate | 0% | |||||||||||||
Warrants exercise price | $ / shares | $ 1.5265 | |||||||||||||
Non cash issue of common stock | 333,000 | |||||||||||||
Merger Agreement [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Dividend rate | 0% | |||||||||||||
Merger Agreement [Member] | Private Placement [Member] | Series C Preferred Stock | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Shares issued of common stock for services | 25,028 | |||||||||||||
Merger Agreement [Member] | Private Placement [Member] | Series C Preferred Stock | First Anniversary [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Dividend rate | 10% | |||||||||||||
Merger Agreement [Member] | Private Placement [Member] | Series C Preferred Stock | Second Anniversary [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Dividend rate | 15% | |||||||||||||
Merger Agreement [Member] | Private Placement [Member] | Series C Preferred Stock | Third Anniversary [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Dividend rate | 20% | |||||||||||||
Merger Agreement [Member] | Private Placement [Member] | Series C Preferred Stock | Fourth Anniversary [Member] | ||||||||||||||
Class Of Stock [Line Items] | ||||||||||||||
Dividend rate | 25% |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Series C Preferred Stock Outstanding, Conversion Shares and Future Dividends (Detail) shares in Thousands | 12 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Series C-1 Preferred Shares [Member] | |
Class Of Stock [Line Items] | |
Number | 13,945 |
Preferred stock | $ / 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 |
Preferred stock | $ / shares | $ 1.214 |
Number of conversion shares (in thousands) | 740 |
Dividend Shares (in thousands) | 518 |
Series C3 Preferred Shares | |
Class Of Stock [Line Items] | |
Number | 1,995 |
Preferred stock | $ / shares | $ 1.15 |
Number of conversion shares (in thousands) | 1,735 |
Dividend Shares (in thousands) | 1,237 |
Series C Preferred Stock | |
Class Of Stock [Line Items] | |
Number | 16,838 |
Number of conversion shares (in thousands) | 14,497 |
Dividend Shares (in thousands) | 10,396 |
Series C Preferred Stock | 10% - August 19, 2021 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 1,698 |
Series C Preferred Stock | 15% - August 19, 2022 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 2,174 |
Series C Preferred Stock | 20% - August 19, 2023 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 2,899 |
Series C Preferred Stock | 25% - August 19, 2024 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 3,625 |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Conversion of Series B Preferred Stock to Common Stock (Detail) - Series B Preferred Stock - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | ||
Beginning Balance | $ 4,525 | $ 4,525 |
Beginning Balance, shares | 649,000 | 649,000 |
Conversion of Series B Preferred stock to common stock | $ (4,525) | $ (4,525) |
Conversion of Series B Preferred stock to common stock, shares | (649,000) | (649,000) |
Ending Balance | $ 4,525 | |
Ending Balance, shares | 649,000 |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Outstanding Under the Legacy Plan (Detail) - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | ||
Beginning balance | ||
Granted | 3,964 | 5,074 |
Ending balance | 8,810,000 | |
Stock options [Member] | ||
Class of Stock [Line Items] | ||
Beginning balance | 6,392,000 | 1,559,000 |
Granted | 3,964,000 | 5,074,000 |
Exercised | (195,000) | |
Forfeited | (1,237,000) | (32,000) |
Expired | (309,000) | (14,000) |
Ending balance | 8,810,000 | 6,392,000 |
Beginning balance | $ 2.26 | $ 4.61 |
Granted | 0.99 | 1.67 |
Exercised | 0.61 | |
Forfeited | 1.68 | 34.88 |
Expired | 3.02 | 1.42 |
Ending balance | $ 1.74 | $ 2.26 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Options Outstanding and Exercisable (Detail) | 12 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Class of Stock [Line Items] | |
Number of stock options outstanding | 8,810,000 |
Stock options exercisable | 4,611,000 |
Exercise Price One [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 0.33 |
Number of stock options outstanding | 10,000 |
Weighted average remaining contractual life (years) | 9 years 8 months 19 days |
Exercise Price Two [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 0.61 |
Number of stock options outstanding | 816,000 |
Weighted average remaining contractual life (years) | 3 years 6 months 7 days |
Stock options exercisable | 799,000 |
Exercise Price Three [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 0.74 |
Number of stock options outstanding | 250,000 |
Weighted average remaining contractual life (years) | 7 years 4 months 17 days |
Stock options exercisable | 146,000 |
Exercise Price Four [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 0.96 |
Number of stock options outstanding | 3,519,000 |
Weighted average remaining contractual life (years) | 9 years 4 months 9 days |
Exercise Price Five [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 1.24 |
Number of stock options outstanding | 335,000 |
Weighted average remaining contractual life (years) | 9 years 2 months 26 days |
Stock options exercisable | 251,000 |
Exercise Price Six [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 1.36 |
Number of stock options outstanding | 300,000 |
Weighted average remaining contractual life (years) | 8 years 2 months 26 days |
Stock options exercisable | 175,000 |
Exercise Price Seven [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 1.37 |
Number of stock options outstanding | 75,000 |
Weighted average remaining contractual life (years) | 8 years 10 months 2 days |
Stock options exercisable | 25,000 |
Exercise Price Eight [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 1.70 |
Number of stock options outstanding | 3,282,000 |
Weighted average remaining contractual life (years) | 3 years 18 days |
Stock options exercisable | 2,992,000 |
Exercise Price Nine [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 6.10 |
Number of stock options outstanding | 17,000 |
Weighted average remaining contractual life (years) | 6 years 4 months 9 days |
Stock options exercisable | 17,000 |
Exercise Price Ten [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 8.70 |
Number of stock options outstanding | 12,000 |
Weighted average remaining contractual life (years) | 7 months 24 days |
Stock options exercisable | 12,000 |
Exercise Price Eleven [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 9.83 |
Number of stock options outstanding | 83,000 |
Weighted average remaining contractual life (years) | 7 months 24 days |
Stock options exercisable | 83,000 |
Exercise Price Twelve [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 10.60 |
Number of stock options outstanding | 4,000 |
Weighted average remaining contractual life (years) | 5 years 9 months 14 days |
Stock options exercisable | 4,000 |
Exercise Price Thirteen [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 11.70 |
Number of stock options outstanding | 30,000 |
Weighted average remaining contractual life (years) | 7 months 28 days |
Stock options exercisable | 30,000 |
Exercise Price Fourteen [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 21.10 |
Number of stock options outstanding | 7,000 |
Weighted average remaining contractual life (years) | 2 years 10 months 2 days |
Stock options exercisable | 7,000 |
Exercise Price Fifteen [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 29.60 |
Number of stock options outstanding | 2,000 |
Weighted average remaining contractual life (years) | 2 years 7 months 9 days |
Stock options exercisable | 2,000 |
Exercise Price Sixteen [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 37.60 |
Number of stock options outstanding | 5,000 |
Weighted average remaining contractual life (years) | 3 years 7 months 13 days |
Stock options exercisable | 5,000 |
Exercise Price Seventeen [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 41 |
Number of stock options outstanding | 4,000 |
Weighted average remaining contractual life (years) | 4 years 4 months 13 days |
Stock options exercisable | 4,000 |
Exercise Price Eighteen [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 42 |
Number of stock options outstanding | 30,000 |
Weighted average remaining contractual life (years) | 1 year 1 month 17 days |
Stock options exercisable | 30,000 |
Exercise Price Nineteen [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 44.80 |
Number of stock options outstanding | 3,000 |
Weighted average remaining contractual life (years) | 3 years 7 months 13 days |
Stock options exercisable | 3,000 |
Exercise Price Twenty [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 49.50 |
Number of stock options outstanding | 13,000 |
Weighted average remaining contractual life (years) | 4 years 7 months 20 days |
Stock options exercisable | 13,000 |
Exercise Price Twenty One [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 53.20 |
Number of stock options outstanding | 8,000 |
Weighted average remaining contractual life (years) | 3 years 10 months 6 days |
Stock options exercisable | 8,000 |
Exercise Price Twenty Two [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 61.60 |
Number of stock options outstanding | 2,000 |
Weighted average remaining contractual life (years) | 9 months |
Stock options exercisable | 2,000 |
Exercise Price Twenty Three [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 92 |
Number of stock options outstanding | 3,000 |
Weighted average remaining contractual life (years) | 11 months 1 day |
Stock options exercisable | 3,000 |
Stockholders' Equity - Schedu_5
Stockholders' Equity - Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model (Detail) - Stock options [Member] | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Minimum | ||
Class of Stock [Line Items] | ||
Volatility Rate | 91% | 103% |
Risk-free interest rate | 0.88% | 0.19% |
Expected Term | 5 years 3 months 18 days | 4 months 24 days |
Maximum | ||
Class of Stock [Line Items] | ||
Volatility Rate | 94% | 152% |
Risk-free interest rate | 2.18% | 1.28% |
Expected Term | 6 years 1 month 6 days | 5 years 10 months 24 days |
Stockholders' Equity - Schedu_6
Stockholders' Equity - Schedule of Stock Option Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | ||
Total compensation expense | $ 2,248 | $ 5,276 |
Research and Development [Member] | ||
Class of Stock [Line Items] | ||
Total compensation expense | 601 | 1,478 |
General and Administrative [Member] | ||
Class of Stock [Line Items] | ||
Total compensation expense | $ 1,647 | $ 3,798 |
Stockholders' Equity - Schedu_7
Stockholders' Equity - Schedule of Unvested Stock Options (Detail) - $ / shares | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Equity [Abstract] | ||
Beginning balance | 3,860 | 858 |
Granted | 3,964 | 5,074 |
Vested | (2,388) | (2,058) |
Forfeited | (1,237) | (14) |
Ending balance | 3,860 | |
Beginning balance | $ 1.60 | $ 0.98 |
Granted | 0.99 | 1.67 |
Vested | 1.56 | 1.52 |
Weighted average exercise price unvested, Forfeited | 1.68 | 1.42 |
Ending balance | 4,199 | $ 1.60 |
Weighted average grant date fair value, Beginning balance | ||
Weighted average grant date fair value, unvested, Ending balance | $ 1.02 |
Stockholders' Equity - Schedu_8
Stockholders' Equity - Schedule of Warrants (Detail) - $ / shares | 12 Months Ended | ||||
Jun. 30, 2022 | Jun. 30, 2021 | ||||
Issuance of 2022 April Agent Warrants | $ 0.6625 | ||||
Warrant [Member] | |||||
Balance - June 30, 2020 | 6,974,000 | 10,309,000 | |||
Underwritten public offering | 2,314,000 | ||||
Exercise of PFW | 4,800,000 | ||||
Exercise of 2020 Investor Warrants | (69,000) | ||||
Warrants issued for services | [1] | 600,000 | |||
Ending balance | 36,024,000 | 6,974,000 | |||
Issuance of 2022 Investor Warrants | 12,000,000 | ||||
Issuance of 2022 Investor Warrants | $ 1.25 | ||||
Issuance of 2022 Agent Warrants | $ 1.5625 | ||||
Issuance Of 2022 April Investor Warrants | 16,226,000 | ||||
Issuance of 2022 April Investor Warrants | $ 0.41 | ||||
Issuance of 2022 April Agent Warrants | 1,623,000 | ||||
Issuance of PFW | 4,800,000 | ||||
Issuance of PFW | $ 0.001 | ||||
Issuance of 2022 Agent Warrants | 600,000 | ||||
Exercise of warrants | [2] | 4,907,000 | |||
Expiry of warrants | (1,330,000) | [3] | 1,342,000 | ||
Beginning balance | $ 3.34 | $ 2.71 | |||
Underwritten public offering | 3.18 | ||||
Exercise of PFW | 0.001 | ||||
Stock option exercise price | 1 | 1 | [2] | ||
Warrants issued for services | [1] | 1.74 | |||
Expired | 8.55 | [3] | 6 | ||
Ending balance | $ 0.99 | $ 3.34 | |||
[1] Warrants issued for services are exercisable at various prices and expire at the various dates noted in the table below. A total of 4,404 2020 Investor Warrants were exercised at $ 1.00 per share and 503 warrants issued as either agent warrants or issued for services were exercised on a cashless basis for which 273 common shares were issued. Expired warrants include: 1,108 Adgero replacement warrants with an exercise price of $ 3.18 , 208 2017 Investor Warrants with an exercise price of $ 35.00 , and 14 2017 Agent Warrants with an exercise price of $ 40.60 . |
Stockholders' Equity - Schedu_9
Stockholders' Equity - Schedule of Warrants (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2022 | Apr. 14, 2022 | |
Warrants exercise price | $ 0.001 | ||
2020 Investor Warrant [Member] | |||
Investor warrants exercised | 4,404,000 | ||
Warrants exercise price | $ 1 | ||
Exercise of warrants for cash, shares | 503,000 | ||
Number of common shares called by warrants exercise | 273,000 | ||
Adgero Replacement Warrants [Member] | |||
Number | 1,108,000 | ||
Warrants exercise price | $ 3.18 | ||
2017 Investor Warrants [Member] | |||
Number | 208,000 | ||
Warrants exercise price | $ 35 | ||
2017 Agent Warrants [Member] | |||
Number | 14,000 | ||
Warrants exercise price | $ 40.60 |
Stockholders' Equity - Sched_10
Stockholders' Equity - Schedule of Outstanding Warrants (Detail) - $ / shares | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Apr. 14, 2022 | ||
Warrants exercise price | $ 0.001 | |||
Warrant [Member] | ||||
Number | 36,024,000 | |||
Warrant [Member] | Issued For Services One [Member] | ||||
Number | 6,000 | |||
Warrants exercise price | $ 17.80 | |||
Expiry date | Jan. 25, 2023 | |||
Warrant [Member] | Issued For Services Two [Member] | ||||
Number | 34,000 | |||
Warrants exercise price | $ 11.70 | |||
Expiry date | Feb. 27, 2023 | |||
Warrant [Member] | Issued For Services Four [Member] | ||||
Number | 14,000 | |||
Warrants exercise price | $ 9 | |||
Expiry date | Oct. 11, 2023 | |||
Warrant [Member] | Issued For Services Five [Member] | ||||
Number | 280,000 | |||
Warrants exercise price | $ 0.75 | |||
Expiry date | Nov. 18, 2023 | |||
Warrant [Member] | Issued For Services Six [Member] | ||||
Number | 125,000 | |||
Warrants exercise price | $ 0.64 | |||
Expiry date | Jan. 20, 2024 | |||
Warrant [Member] | Issued For Services Seven [Member] | ||||
Number | 330,000 | |||
Warrants exercise price | $ 1.49 | |||
Expiry date | Sep. 22, 2023 | |||
Warrant [Member] | Issued For Services Eight [Member] | ||||
Number | 50,000 | |||
Warrants exercise price | $ 1.82 | |||
Expiry date | Nov. 13, 2023 | |||
Warrant [Member] | Issued For Services Nine [Member] | ||||
Number | 100,000 | |||
Warrants exercise price | $ 1.47 | |||
Expiry date | Jan. 07, 2024 | |||
Warrant [Member] | Issued For Services Ten [Member] | ||||
Number | 70,000 | |||
Warrants exercise price | $ 2.75 | |||
Expiry date | Feb. 17, 2024 | |||
Warrant [Member] | Issued For Services Eleven [Member] | ||||
Number | 50,000 | |||
Warrants exercise price | $ 2.38 | |||
Expiry date | Feb. 25, 2024 | |||
Warrant [Member] | Investor One [Member] | ||||
Number | 16,226,000 | |||
Warrants exercise price | $ 0.41 | |||
Expiry date | Apr. 14, 2027 | |||
Warrant [Member] | Investor Two [Member] | ||||
Number | 12,000,000 | |||
Warrants exercise price | $ 1.25 | |||
Expiry date | Mar. 28, 2025 | |||
Warrant [Member] | Investor Three [Member] | ||||
Number | 3,264,000 | |||
Warrants exercise price | $ 1 | |||
Expiry date | Aug. 16, 2024 | |||
Warrant [Member] | Investor Four [Member] | ||||
Number | 760,000 | |||
Warrants exercise price | $ 3.10 | |||
Expiry date | Jun. 05, 2024 | |||
Warrant [Member] | Investor Five [Member] | ||||
Number | 280,000 | |||
Warrants exercise price | $ 12.50 | |||
Expiry date | Sep. 22, 2022 | |||
Warrant [Member] | NBTS [Member] | ||||
Number | [1] | 125,000 | ||
Warrants exercise price | [1] | $ 1.09 | ||
Expiry date | [1] | Jun. 19, 2025 | ||
Warrant [Member] | Agent [Member] | ||||
Number | 1,623,000 | |||
Warrants exercise price | $ 0.66 | |||
Expiry date | Oct. 14, 2026 | |||
Warrant [Member] | Agent One [Member] | ||||
Number | 600,000 | |||
Warrants exercise price | $ 1.56 | |||
Expiry date | Mar. 28, 2025 | |||
Warrant [Member] | Agent Two [Member] | ||||
Number | 47,000 | |||
Warrants exercise price | $ 3.88 | |||
Expiry date | Jun. 03, 2024 | |||
Warrant [Member] | Agent Three [Member] | ||||
Number | 40,000 | |||
Warrants exercise price | $ 12.50 | |||
Expiry date | Sep. 20, 2022 | |||
[1] NBTS Warrants were issued with respect to loan proceeds received during the year ended June 30, 2021 (note 7). |
Stockholders' Equity - Sched_11
Stockholders' Equity - Schedule of Outstanding Series C Preferred Stock Warrants (Detail) | 12 Months Ended | ||
Jun. 30, 2022 Warrant shares | Apr. 14, 2022 $ / shares | Jun. 30, 2021 $ / shares | |
Warrants exercise price | $ / shares | $ 0.001 | ||
Series C Warrants | |||
Balance | 2,444,000 | ||
Number of Warrants Issued | Warrant | 0 | ||
Number of Warrants Exercised | 0 | ||
Balance | 2,444,000 | ||
Series C Warrants | Issuance of Preferred Series C-1 Agent Warrants [Member] | |||
Balance | 1,929,000 | ||
Number of Warrants Issued | Warrant | 0 | ||
Number of Warrants Exercised | 0 | ||
Balance | 1,929,000 | ||
Warrants exercise price | $ / shares | $ 1.16 | ||
Series C Warrants | Issuance of Preferred Series C-2 Agent Warrants [Member] | |||
Balance | 219,000 | ||
Number of Warrants Issued | Warrant | 0 | ||
Number of Warrants Exercised | 0 | ||
Balance | 219,000 | ||
Warrants exercise price | $ / shares | 1.21 | ||
Series C Warrants | Issuance of Preferred Series C-3 Agent Warrants [Member] | |||
Balance | 296,000 | ||
Number of Warrants Issued | Warrant | 0 | ||
Number of Warrants Exercised | 0 | ||
Balance | 296,000 | ||
Warrants exercise price | $ / shares | $ 1.15 |
Stockholders' Equity - Sched_12
Stockholders' Equity - Schedule of Outstanding Series C Agent Warrants (Detail) - $ / shares | 12 Months Ended | ||
Jun. 30, 2022 | Apr. 14, 2022 | Jun. 30, 2021 | |
Warrants exercise price | $ 0.001 | ||
Series C Warrants | |||
Number | 2,444,000 | 2,444,000 | |
Number of conversion shares (in thousands) | 2,100,000 | ||
Cumulative common stock dividends (in thousands) | 1,470,000 | ||
Series C Warrants | Series 1 Warrants Outstanding | |||
Number | 1,929,000 | ||
Warrants exercise price | $ 1.16 | ||
Number of conversion shares (in thousands) | 1,663,000 | ||
Cumulative common stock dividends (in thousands) | 1,164,000 | ||
Series C Warrants | Series 2 Warrants Outstanding Member | |||
Number | 219,000 | ||
Warrants exercise price | $ 1.21 | ||
Number of conversion shares (in thousands) | 180,000 | ||
Cumulative common stock dividends (in thousands) | 126,000 | ||
Series C Warrants | Series 3 Warrants Outstanding | |||
Number | 296,000 | ||
Warrants exercise price | $ 1.15 | ||
Number of conversion shares (in thousands) | 257,000 | ||
Cumulative common stock dividends (in thousands) | 180,000 |
Income Taxes - Components of de
Income Taxes - Components of deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Deferred tax assets: | ||
Non-capital losses carried forward | $ 25,541 | $ 20,148 |
Stock-based compensation | 635 | 155 |
Capital losses carried forward | 18 | 18 |
Financing costs | 326 | 326 |
Bonus - compensation | 85 | |
Scientific research and development | 803 | 761 |
Scientific research and development – Investment Tax Credits (“ITC”) | 690 | 665 |
Deferred tax assets | 28,098 | 22,073 |
Deferred tax liabilities: | ||
Scientific research and development – ITC | (114) | (110) |
Gross future tax assets | 27,984 | 21,963 |
Valuation allowance | $ (27,984) | $ (21,963) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Current and Future Income Taxes (Textual) | ||
Statutory income tax rate | 21% | 21% |
Deferred tax assets, Operating loss carryforwards, Not subject to expiration | $ 29,700,000 | |
Percentage of taxable income, limitation on NOLs | 80% | |
Investment tax credits expire, description | expire between 2031 and 2041 | |
Current income tax expense (benefit) | $ 0 | |
Open tax years | 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 |
Represents minimum cumulative percentage of change in ownership as a condition to offset taxable income or tax | 50% | |
Cumulative change in ownership period | 3 years | |
United States [Member] | ||
Current and Future Income Taxes (Textual) | ||
Loss before income taxes | $ 8,500,000 | |
Operating loss carryforwards | $ 15,800,000 | |
Net operating loss expire, description | begin expiring in 2026 | |
US and Canadian [Member] | ||
Current and Future Income Taxes (Textual) | ||
Operating loss carryforwards | $ 96,400,000 | $ 77,700,000 |
Canadian [Member] | ||
Current and Future Income Taxes (Textual) | ||
Loss before income taxes | 4,300,000 | |
Operating loss carryforwards | $ 50,800,000 | |
Net operating loss expire, description | begin expiring in 2030 | |
Non-refundable federal investment tax credits | $ 422,000 | 407,000 |
British Columbia [Member] | ||
Current and Future Income Taxes (Textual) | ||
Investment tax credits expire, description | expire between 2022 and 2031 | |
Non-refundable federal investment tax credits | $ 248,000 | 258,000 |
Canadian Scientific Research and Development [Member] | ||
Current and Future Income Taxes (Textual) | ||
Non-refundable federal investment tax credits | $ 3,000,000 | $ 2,800,000 |
Income Taxes - Schedule of Diff
Income Taxes - Schedule of Difference Between Income Tax Rate and Statutory Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Effective income tax rate differs from the statutory income tax rate | ||
Tax recovery at statutory income tax rates | $ (4,743) | $ (8,015) |
Permanent differences | 802 | 4,506 |
Effect of rate differentials between jurisdictions | (345) | (551) |
Effect of foreign exchange rates | 445 | (954) |
Non-capital losses acquired with Adgero | (4,114) | |
Scientific research and development – ITC | (44) | 97 |
Adjustment to prior year's provision versus statutory tax returns | (2,332) | 228 |
Other | 196 | |
Change in valuation allowance | $ 6,021 | $ 8,803 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Commitments and Contingencies (Textual) | ||
Manufacturing and clinical study management related cost | $ 14,880,000 | |
Deposits related to study initiation | 3,269,000 | |
Rent expense | $ 41,400 | $ 40,000 |
Head Office [Member] | ||
Commitments and Contingencies (Textual) | ||
Lease rent for office space term | 1 year | |
Lease rent for office space | $ 2,400 | |
Administrative Offices [Member] | ||
Commitments and Contingencies (Textual) | ||
Lease rent for office space | 3,400 | |
CAD [Member] | Administrative Offices [Member] | ||
Commitments and Contingencies (Textual) | ||
Lease rent for office space | $ 4,400 |
Supplementary Statement of Ca_3
Supplementary Statement of Cash Flows Information - Schedule of Supplementary Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Supplemental Cash Flow Information [Abstract] | ||
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 8) | $ 3,181 | |
Non-cash issue costs (note 8) | $ 683 | 3,287 |
Issue costs in accounts payable | 43 | |
Conversion of Series B Preferred Stock to common stock (note 8) | 4,525 | |
Conversion of Series C Preferred Stock to common stock (note 8) | 2,377 | 3,713 |
Series B Preferred Stock | ||
Supplemental Cash Flow Information [Abstract] | ||
Preferred Stock common stock dividend (note 8) | 17 | |
Preferred Stock Series C | ||
Supplemental Cash Flow Information [Abstract] | ||
Preferred Stock common stock dividend (note 8) | 2,462 | |
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 8) | 3,181 | |
Conversion of Series C Preferred Stock to common stock (note 8) | $ (2,377) | (3,713) |
Series C Warrants | ||
Supplemental Cash Flow Information [Abstract] | ||
Cashless exercise of warrants | $ 79 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Cash and cash equivalents | $ 11,780 | $ 10,537 |
Credit risk, financial instrument maximum exposure | 19 | |
Credit risk, uninsured cash and cash equivalents | 11,185 | |
Liquidity Risk [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Liquidity risk maximum exposure | 4,282 | |
Foreign exchange risk [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Financial risk, accounts payable and accrued liabilities | $ 57 | |
Maximum exposure of financial currency due to exchange rates, description | Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. If foreign exchange rates were to fluctuate within +/-10% of the closing rate at year-end, the maximum exposure is $14. | |
Foreign exchange risk maximum exposure | $ 14 | |
Cash and cash equivalents | $ 11,780 | |
Maximum exposure of interest rate risk, description | The Company’s cash balance currently earns interest at standard bank rates. If interest rates were to fluctuate within +/-10% of the closing rate at year end the impact of the Company’s interest-bearing accounts will not be significant due to the current low market interest rates. |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Balances in Foreign Currencies (Detail) - Foreign exchange risk [Member] - CAD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Trade payables | $ 74 | $ 114 |
Cash | 27 | 30 |
Interest, taxes, and other receivables | $ 11 | $ 11 |
Financial Risk Management - S_2
Financial Risk Management - Schedule of Fair Value of Off-Balance Sheet Risks (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Risks and Uncertainties [Abstract] | ||
Cash and cash equivalents | $ 11,780 | $ 10,537 |
Insured amount $ | 595 | |
Non- insured amount $ | $ 11,185 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Aug. 19, 2022 | Aug. 18, 2022 | Aug. 02, 2022 | Jul. 01, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Aug. 19, 2021 | |
Subsequent Event [Line Items] | |||||||
Common stock, shares issued | 65,533,000 | 32,740,000 | |||||
Number of options granted | 3,964 | 5,074 | |||||
Preferred Stock Series C | |||||||
Subsequent Event [Line Items] | |||||||
Sale of stock price per share | $ 1.45 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Gross proceeds | $ 20,000 | ||||||
Clinical trial deposit payments | $ 1,700 | ||||||
Subsequent Event [Member] | Preferred Stock Series C | |||||||
Subsequent Event [Line Items] | |||||||
Common stock, shares issued | 2,174,000 | ||||||
Dividend rate | 15% | ||||||
Subsequent Event [Member] | Series C Agent Warrants [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock shares accrued | 315,000 | ||||||
Subsequent Event [Member] | Series C Agent Warrants [Member] | Preferred Stock Series C | |||||||
Subsequent Event [Line Items] | |||||||
Preferred stock, rate of dividend | 15% | 15% | |||||
Purchase Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Gross proceeds | $ 1,976 | ||||||
Common stock, shares issued | 11,470,000 | ||||||
Purchase Agreement [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Amount of purchase common stock issued | $ 20,000 | ||||||
Stock issued during period shares new issues | 1,630,000 | ||||||
Number of shares sold upon closing price | 500,000 | ||||||
Maximum committed purchase obligation | $ 2,000 | ||||||
Aggregate number of shares sell | 13,100,000 | ||||||
Percentage of aggregate number of shares sell | 19.99% | ||||||
Sale of stock price per share | $ 0.2024 | ||||||
Stock options [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of options granted | 3,964,000 | 5,074,000 | |||||
Stock options [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of options granted | 3,181,000 | ||||||
Stock option exercise price | $ 0.1757 | ||||||
Stock option exercise period | Aug. 01, 2032 | ||||||
Restricted Stock Units [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock option commencing date, Description | The restricted stock units vest in four equal amounts commencing August 1, 2023. | ||||||
Restricted Stock Units [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock issued during period shares new issues | 880,000 | ||||||
Tranche One [Member] | Stock options [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Vesting rights, percentage | 25% | ||||||
Tranche Two [Member] | Stock options [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock option commencing date, Description | These options vest in 12 equal monthly installments commencing August 1, 2022 | ||||||
Tranche Two [Member] | Stock options [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of options granted | 300,000 | ||||||
Stock option exercise price | $ 0.255 | ||||||
Stock option exercise period | Jul. 01, 2032 |