Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 | Sep. 28, 2021 | Dec. 31, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
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 | $ 26.9 | ||
Entity Common Stock, Shares Outstanding | 43,174,989 | ||
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 | 12707 High Bluff Dr | ||
Entity Address, Address Line Two | Suite 200 | ||
Entity Address, City or Town | San Diego | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92130 | ||
City Area Code | 858 | ||
Local Phone Number | 350-4364 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | None |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 10,537 | $ 2,392 |
Prepaid expenses, deposits and other | 756 | 365 |
Clinical trial deposit | 500 | |
Deferred loan costs | 94 | |
Total current assets | 11,793 | 2,851 |
Clinical trial deposit | 1,600 | |
Property, equipment and intangibles - net | 150 | 2 |
Deferred financing costs | 85 | |
Total assets | 13,543 | 2,938 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,219 | 2,011 |
Related party payables | 561 | 664 |
Total current liabilities | 2,780 | 2,675 |
Milestone payment liability | 182 | |
Total liabilities | 2,962 | 2,675 |
Stockholders’ equity | ||
Common stock Authorized 175,000 shares at June 30, 2021 (June 30, 2020 - 95,000) $0.001 par value 32,740 issued at June 30, 2021 (June 30, 2020 – 11,458) | 33 | 11 |
Additional paid-in capital | 106,821 | 65,148 |
Accumulated deficit | (111,225) | (69,721) |
Accumulated other comprehensive income | 21 | 21 |
Total stockholders’ equity | 10,581 | 263 |
Total liabilities and stockholders’ equity | 13,543 | 2,938 |
Preferred Stock Series A | ||
Stockholders’ equity | ||
Preferred stock | 279 | 279 |
Preferred Stock Series B | ||
Stockholders’ equity | ||
Preferred stock | 4,525 | |
Total stockholders’ equity | $ 4,525 | |
Preferred Stock Series C | ||
Stockholders’ equity | ||
Preferred stock | $ 14,652 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Jun. 30, 2020 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 175,000,000 | 95,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 32,740,000 | 11,458,000 |
Preferred Stock Series A | ||
Preferred Stock, shares issued | 279,000 | 279,000 |
Preferred stock, shares outstanding | 279,000 | 279,000 |
Preferred Stock Series B | ||
Preferred Stock, shares issued | 0 | 649,000 |
Preferred stock, shares outstanding | 0 | 649,000 |
Preferred Stock Series C | ||
Preferred Stock, shares issued | 20,000 | 0 |
Preferred stock, shares outstanding | 20,000 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Expenses | ||
Research and development | $ 11,815 | $ 3,630 |
General and administrative | 9,757 | 4,514 |
Merger costs | 500 | 1,054 |
In-process research and development | 16,094 | |
Operating expenses | (38,166) | (9,198) |
Other income (loss) | ||
Foreign exchange | (12) | (3) |
Amortization of deferred loan costs | (94) | |
Interest - net | (26) | 75 |
Other loss (income) | (132) | 72 |
Net loss for the year | (38,298) | (9,126) |
Computation of basic loss per share | ||
Net loss for the year | (38,298) | (9,126) |
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance | (3,181) | |
Series A Preferred cash dividend | (8) | (8) |
Series B Preferred stock dividend | (17) | (9) |
Net loss for the year attributable to common stockholders | $ (41,504) | $ (9,143) |
Basic and fully diluted loss per share | $ (1.60) | $ (0.87) |
Basic and fully diluted weighted average number of shares | 25,886,000 | 10,444,000 |
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, 2019 | $ 1,968 | $ 4 | $ 57,543 | $ 21 | $ 4,978 | $ (60,578) |
Beginning Balance, shares at Jun. 30, 2019 | 3,839,000 | |||||
Issuance of shares and warrants - net of issue costs | 6,583 | $ 5 | 6,578 | |||
Issuance of shares and warrants - net of issue costs, shares | 4,895,000 | |||||
Exercise of pre-funded warrants for cash | 26 | $ 2 | 24 | |||
Exercise of pre-funded warrants for cash, shares | 2,655,000 | |||||
Exercise of warrants for cash | 25 | 25 | ||||
Exercise of warrants for cash, shares | 25,000 | |||||
Conversion of Series B preferred stock to common stock | 174 | (174) | ||||
Conversion of Series B preferred stock to common stock, shares | 6,000 | |||||
Shares issued for services | 13 | 13 | ||||
Shares issued for services, shares | 23,000 | |||||
Warrants issued for services | 287 | 287 | ||||
Stock option expense | 495 | 495 | ||||
Series A preferred cash dividend | (8) | (8) | ||||
Series B preferred stock dividend | 9 | (9) | ||||
Series B preferred stock dividend, shares | 15,000 | |||||
Loss for the year | (9,126) | (9,126) | ||||
Ending Balance at Jun. 30, 2020 | 263 | $ 11 | 65,148 | 21 | 4,804 | (69,721) |
Ending 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) | ||||
Exercise of warrants for cash | 4,404 | $ 4 | 4,400 | |||
Exercise of warrants for cash, shares | 4,677,000 | |||||
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 | ||||
Shares issued for services | 0 | |||||
Shares issued for services, shares | 0 | |||||
Warrants issued for services | 569 | 569 | ||||
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 | |||||
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 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities | ||
Loss for the year | $ (38,298) | $ (9,126) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Amortization of intangible assets | 2 | 10 |
Depreciation of property and equipment | 30 | |
Impairment of in-process research and development | 16,094 | |
Change in fair value of milestone liability | (6) | |
Interest expense | 30 | |
Amortization of deferred loan costs | 94 | |
Shares issued for services | 13 | |
Warrants issued for services | 569 | 193 |
Stock option expense | 5,276 | 495 |
Changes in operating assets and liabilities | ||
Prepaid expenses, deposits and other | (381) | (59) |
Clinical trial deposits | (2,100) | |
Accounts payable and accrued liabilities | (67) | 207 |
Related party payables | (103) | 339 |
Net cash used in operating activities | (18,860) | (7,928) |
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 | 21,598 | 6,583 |
Warrants exercised for cash | 4,404 | 51 |
Stock options exercised for cash | 77 | |
Proceeds from loan | 500 | |
Repayment of loan | (500) | |
Interest paid | (30) | |
Deferred financing costs | (25) | |
Series A preferred cash dividend | (8) | (8) |
Net cash provided by financing activities | 26,041 | 6,601 |
Increase (decrease) in cash and cash equivalents | 8,145 | (1,327) |
Cash and cash equivalents – beginning of year | 2,392 | 3,719 |
Cash and cash equivalents – end of year | $ 10,537 | $ 2,392 |
Nature of operations, corporate
Nature of operations, corporate history, and going concern and management plans | 12 Months Ended |
Jun. 30, 2021 | |
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 August 19, 2020, the Company completed its merger with Adgero Biopharmaceuticals Holdings, Inc. (“Adgero”) (note 3). In conjunction with the Adgero merger, the Company changed its name from DelMar Pharmaceuticals, Inc. to Kintara Therapeutics, Inc. 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 Inc.”), 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, 2021, the Company reported a loss of $38,298 and a negative cash flow from operations of $18,860. The Company had an accumulated deficit of $111,225 and had cash and cash equivalents of $10,537 as of June 30, 2021. 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. Despite the receipt of approximately $13.6 million in net proceeds from a registered direct financing subsequent to June 30, 2021, in the near future, 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 secure the necessary financing through the issue of new equity and/or the entering into strategic partnership arrangements but the The Company may not be able to raise sufficient additional capital and may tailor its drug candidates 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 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, 2021 | |
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. Certain prior period balances have been reclassified to conform with the current year’s presentation. Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Adgero, Adgero Inc., Del Mar BC, Callco, and Exchangeco as of, and for the years ended June 30, 2021 and 2020. 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, 2021 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 The Company acquired in-process research and development assets in connection with its Merger with Adgero. 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, 2021, and 2020, 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, 2021, 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, 2021, 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, 2021, 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 Website development costs Website development costs are stated at cost less accumulated amortization. The Company capitalizes website development costs associated with graphics design and development of the website application and infrastructure. Costs related to planning, content input, and website operations are expensed as incurred. The Company amortizes website development costs on a straight-line basis over three years. 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. Once the Company has achieved 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, 2021 and 2020, 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 ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting For the years ended June 30, 2021 and 2020, 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, 2021 and 2020, 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, 2021 and 2020 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, 2021, potential common shares of 6,974 (2020 – 10,309) related to outstanding common stock warrants, 2,100 (2020 – nil) related to outstanding Series C preferred stock warrants, 6,392 (2020 – 1,559) related to stock options, nil (2020 – 162) relating to outstanding Series B convertible preferred shares, and 17,295 (2020 – nil) 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 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. Not yet adopted Accounting Standards Update (“ASU”) 2020-06 — Debt - Debt with conversion and other options (subtopic 470-20) and derivatives and hedging – contracts in entity’s own equity (subtopic 815-40): 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 has not yet evaluated the impact of adoption of this ASU on its consolidated financial statements and related disclosures. ASU 2020-10 — Codification Improvements The amendments in this update remove references to various FASB Concepts Statements, situates all disclosure guidance in the appropriate disclosure section of the Codification, and makes other improvements and technical corrections to the Codification. The amendments in Sections B and C of this amendment are effective for fiscal periods beginning after December 15, 2020, for public business entities. For all other entities, the amendments are effective for fiscal periods beginning after December 15, 2021, and interim periods within fiscal periods beginning after December 15, 2022. The Company has not yet evaluated the impact of adoption of this ASU on its consolidated financial statements and related disclosures. ASU 2021-04 — Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The amendments in this update are intended to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange and that are not within the scope of another FASB Accounting Standards Codification. The amendments in ASU 2021-04 are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. The Company has not yet evaluated the impact of adoption of this ASU on its consolidated financial statements and related disclosures. During the year ended June 30, 2021, other than ASUs 2020-06, 2020-10, and 2021-04, 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, 2021 | |
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. , the Merger 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 are exercisable at $3.18 per share (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 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 (2020 - $1,054). The transaction costs applicable to the Merger have been classified as merger expenses in the consolidated statement of operations for the years ended June 30, 2021 and 2020. 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: $ (in thousands) 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 $ (in thousands) Balance – June 30, 2020 — Addition 188 Change in fair value estimate (6 ) Balance – June 30, 2021 182 |
Clinical Trial Deposit
Clinical Trial Deposit | 12 Months Ended |
Jun. 30, 2021 | |
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, 2021, the Company has recognized $5,430 (2020 – nil) of expenses for this study. As part of study startup, the Company made an initial deposit payment of $2,600 to the CRO in relation to the commencement of the recruitment of patients. Of the $2,600 total, $500 was expensed during the year ended June 30, 2021 (2020 – nil). It is anticipated that the remainder of the deposit of $2,100 will be applied to future invoices, or refunded to the Company, of which $500 is anticipated to be applied in the near term and $1,600 beyond twelve months from June 30, 2021. 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 or non-cancellable costs incurred by the CRO prior to the date of termination. |
Property Equipment and Intangib
Property Equipment and Intangibles | 12 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property Equipment and Intangibles | 5 Property, equipment and intangibles Property, equipment and intangibles $ (thousands) Balance, June 30, 2019 12 Less amortization (10 ) Balance, June 30, 2020 2 Acquired in Adgero merger (note 3) 175 Laboratory equipment purchased 8 Disposal of furniture (3 ) Property and equipment 182 Less depreciation and amortization (32 ) Balance, June 30, 2021 150 At June 30, 2021, the total capitalized cost of intangibles was $80 (2020 - $80) and the Company has recognized $2 and $10, respectively, in amortization expense during the years ended June 30, 2021 and 2020. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 respectively, the Company recorded $8 Related party payables At June 30, 2021 there is an aggregate amount of $561 (2020 - $664) 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, 2021 | |
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 Research $ (in thousands) 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, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | 8 Stockholders’ equity Preferred stock Series C Preferred stock Series C Preferred Stock Number of shares $ (in thousands) Balance – June 30, 2019 and 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 In connection with the Merger (note 3), 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) in August, 2020. 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. 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 th th th Total gross proceeds from the private placement were $25,028, or approximately $21,573 in net proceeds after deducting financing costs of $3,455 with respect to agent commissions and expenses, as well as legal and accounting fees. Of the total financing costs, $ 85 was deferred as of June 30, 2020. 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 conversion prices for the Series C-1 Preferred Stock, Series C-2 Preferred Stock and Series C-3 Preferred Stock are $1.16, $1.214 and $1.15, respectively. Based on the conversion prices of the three respective classes of the Series C Preferred Stock, the originally issued 25,028 shares of Series C Preferred Stock were convertible into an aggregate of 21,516 shares of common stock. The cumulative dividends to be issued on the 12 th th th th The Company’s Series C Preferred Stock outstanding, conversion shares, and future dividends as of June 30, 2021 are as follows: Series Number Conversion Price $ Number of conversion shares (in thousands) Dividend Shares (in thousands) Series 1 16,564 1.16 14,279 9,995 Series 2 1,148 1.21 946 662 Series 3 2,380 1.15 2,070 1,449 20,092 17,295 12,106 Series C Dividends Dividend Shares (in thousands) 10% - August 19, 2021 1,729 15% - August 19, 2022 2,594 20% - August 19, 2023 3,459 25% - August 19, 2024 4,324 12,106 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. 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 and Series B Preferred Stock. The liquidation value of the Series C Preferred Stock at June 30, 2021 is the stated value of $20,092. Series B Preferred stock Series B Preferred Stock (in thousands) Number of shares $ Balance – June 30, 2019 674 4,699 Conversion of Series B Preferred stock to common stock (25 ) (174 ) Balance – June 30, 2020 649 4,525 Conversion of Series B Preferred stock to common stock (649 ) (4,525 ) Balance – June 30, 2021 — — During the year ended June 30, 2016, the Company issued an aggregate of 902 shares of Series B Preferred Stock at a purchase price of $8.00 per share. Each share of Series B Preferred Stock was convertible into 0.25 shares of common stock equating to a conversion price of $32.00 (the “Conversion Price”) and automatically converted to common stock on April 29, 2021. T The liquidation value of the Series B Preferred Stock at June 30, 2021 was the stated value of $nil (2020 - $5,189). In addition, in relation to the VAL-083 compound, the Company and the former holders of the Series B Preferred Stock entered into a royalty agreement pursuant to which the Company will pay the former holders of the Series B Preferred Stock, in aggregate, a single-digit royalty based on their pro rata ownership of the former Series B Preferred Stock on products sold directly by the Company or sold pursuant to a licensing or partnering arrangement (the “Royalty Agreement”). Rights to the royalties vested during the first three years following the applicable original closing dates in equal thirds to the former holders of the Series B Preferred Stock on each of the three vesting dates. Upon such vesting dates, the royalty amounts became vested royalties. If the holder converted their Series B Preferred Stock to common stock prior to a respective vesting date, such holder forfeited any royalty rights that had not vested prior to such conversion date and shall no longer receive ongoing future royalty payments under the Royalty Agreement but will be entitled to receive any residual royalty payments that have vested. Pursuant to the Series B Preferred Stock dividend, during the year ended June 30, 2021, the Company issued 11 (2020 – 15) shares of common stock and recognized $17 (2020 – $9) as a direct increase in accumulated deficit. Prior to mandatory conversion to common stock on April 29, 2021, during the year ended June 30, 2021, a total of 48 (2020 – 25) shares of Series B Preferred Stock were converted for an aggregate 12 On April 29, 2021, the remaining 601 shares of Series B Preferred Stock were converted into 150 shares of common stock pursuant to the five-year 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 B and Series C Preferred Stock. The liquidation value of the Series A Preferred stock at June 30, 2021 of $279. There was no change to the Series A Preferred stock for the years ended June 30, 2021 or 2020. 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 shares. Stock Issuances Year ended June 30, 2020 Underwritten public offering On August 16, 2019, the Company closed on the sale of (i) 4,895 shares of its common stock, par value $0.001 per share (the “Common Stock”), (ii) pre-funded warrants (“PFW”) to purchase an aggregate of 2,655 shares of Common Stock and (iii) common warrants to purchase an aggregate of 7,763 shares of Common Stock (“2020 Investor Warrants”), including 800 shares of Common Stock and 2020 Investor Warrants to purchase an aggregate of 1,013 shares of Common Stock sold pursuant to a partial exercise by the underwriters of the underwriters’ option to purchase additional securities, in the Company’s underwritten public offering (the “Offering”). Each share of Common Stock or PFW, as applicable, was sold together with a 2020 Investor Warrant to purchase one share of Common Stock at a combined effective price to the public of $1.00 per share of Common Stock and accompanying 2020 Investor Warrant. The net proceeds from the Offering, including from the partial exercise of the underwriters’ option to purchase additional securities, were $6,583 after deducting underwriting discounts and commissions, and other offering expenses. The 2020 Investor Warrants are exercisable at $1.00 per share until their expiry on August 16, 2024 and the PFW are exercisable at $0.01 per share at any time after August 16, 2019. The Company also issued 377 warrants to the underwriters of the Offering. The underwriter warrants are exercisable at $1.15 per share commencing February 10, 2020 until their expiry on August 14, 2022. During the year ended June 30, 2020, all of the 2,655 PFW were exercised at $0.01 per PFW for proceeds of $27. Shares issued for services During the year ended June 30, 2021, the Company issued nil 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 adoption of the Company’s 2017 Omnibus Equity Incentive Plan (the “2017 Plan”). The board of directors also approved a form of Performance Stock Unit Award Agreement to be used in connection with grants of performance stock units (“PSUs”) under the 2017 Plan. As approved by the Company’s stockholders on June 25, 2021, the number of common shares available under the 2017 Plan was increased to 13,000 shares. Under the 2017 Plan 13,000 shares of Company common stock are currently reserved for issuance, less the number of shares of common stock issued under the Del Mar (BC) 2013 Amended and Restated Stock Option Plan (the “Legacy Plan”), or that are subject to grants of stock options made, or that may be made, under the Legacy Plan, or that have been previously exercised. A total of 136 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 6,256 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 6,414 shares of common stock available at June 30, 2021 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, but awards granted prior to that date may extend beyond that date. During the year ended June 30, 2021, a total of 223 options to purchase shares of common stock issued to directors of the Company were amended such that the period to exercise vested options to purchase shares of common stock from the date of termination of continuous service with the Company was extended from 90 days to one year. Of the total, th During the year ended June 30, 2021, a total of 4,834 options to purchase shares of common stock were granted to executive officers and directors of the Company. Of these, 4,699 have an exercise price of $1.70 per share, 60 have an exercise price of $1.355 per share, and 75 have an exercise price of $1.37. Of the total granted, 4,279 options to purchase shares of common stock vest as to 1/6 on the six-month anniversary of the grant date with the remaining portion vesting in equal monthly installments over a period of 30 months commencing on the seven-month anniversary of the grant date, 480 vest in 12 equal monthly installments beginning on October 15, 2020, and 75 vest as to 1/6 on the twelve-month anniversary of the grant date with the remaining portion vesting in equal quarterly installments over a period of eight quarters commencing on the fifteen-month anniversary of the grant date. 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. Stock Options The following table sets forth changes in stock options outstanding under all plans: Number of stock options outstanding (in thousands) Weighted average exercise price Balance – June 30, 2019 288 22.31 Granted 1,291 0.63 Forfeited (19 ) 0.61 Expired (1 ) 40.00 Balance – June 30, 2020 1,559 4.61 Granted 5,074 1.67 Exercised (195 ) 0.61 Expired (32 ) 34.88 Forfeited (14 ) 1.42 Balance – June 30, 2021 6,392 2.26 The following table summarizes stock options outstanding and exercisable under all plans at June 30, 2021: Exercise price $ Number Outstanding at June 30, 2021 (in thousands) Weighted average remaining contractual life (years) Number exercisable at June 30, 2021 (in thousands) 0.61 816 8.18 729 0.74 250 8.37 62 1.36 300 9.23 75 1.37 75 9.83 — 1.70 4,699 9.21 1,415 6.10 25 7.36 24 7.00 3 6.98 3 8.70 12 6.34 12 9.83 83 6.89 83 10.60 4 6.79 4 11.70 30 1.66 30 16.14 3 0.92 3 20.00 9 0.59 9 21.10 11 6.02 11 29.60 5 3.60 5 37.60 5 4.61 5 41.00 4 5.36 4 42.00 30 2.13 30 44.80 3 4.61 3 49.50 13 5.63 13 53.20 8 4.85 8 61.60 1 1.75 1 92.00 3 1.92 3 6,392 2,532 Included in the number of stock options outstanding are 2.5 stock options granted at an exercise price of CA$20.00. The exercise price of these options shown in the above table have been converted to US$16.14 using the period ending closing exchange rate. Stock options issued during the years ended June 30, 2021 and 2020 have been valued using a Black-Scholes pricing model with the following assumptions: June 30, 2021 June 30, 2020 Dividend rate — % — % Volatility 103% to 152% 89% to 102% Risk-free rate 0.19% to 1.28% 0.32% to 1.50% Term – years 0.4 to 5.9 4.7 to 5.7 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, 2021 $ 2020 $ Research and development 1,478 87 General and administrative 3,798 408 5,276 495 All of the stock option expense for the periods ended June 30, 2021 and 2020 has been recognized as additional paid in capital. The aggregate intrinsic value of stock options outstanding at June 30, 2021 was $4,759 (2020 - $80) and the aggregate intrinsic value of stock options exercisable at June 30, 2021 was $2,181 (2020 - $35). As of June 30, 2021, there was $3,014 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 options (in thousands) Weighted average exercise price $ Unvested at June 30, 2019 85 11.35 Granted 1,291 0.63 Vested (500 ) 1.87 Forfeited (18 ) 0.61 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 The aggregate intrinsic value of unvested stock options at June 30, 2021 was $2,577 (2020 - $45). The unvested stock options have a remaining weighted average contractual term of 9.16 (2020 – 9.19) years. Common Stock Warrants The following table sets forth changes in outstanding warrants: Number of warrants (in thousands) Weighted average exercise price $ Balance – June 30, 2019 1,543 12.60 Underwritten public offering 10,418 0.75 Issuance of 2020 Underwriter Warrants 377 1.15 Exercise of PFW (2,655 ) 0.01 Exercise of 2020 Investor Warrants (25 ) 1.00 Warrants issued for services (i) 655 0.77 Expiry of warrants issued for services (i) (4 ) 59.30 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 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. The following table summarizes the Company’s outstanding warrants as of June 30, 2021: Description of warrants Number (in thousands) Exercise price $ Expiry date 2020 Investor warrants 3,333 1.00 August 16, 2024 2019 Investor warrants 760 3.10 June 5, 2024 2018 Investor warrants 280 12.50 September 22, 2022 2017 Investor warrants 208 35.00 April 19, 2022 NBTS Warrants (i) 125 1.09 June 19, 2025 Warrants issued for services 6 17.80 January 25, 2023 Warrants issued for services 34 11.70 February 27, 2023 Warrants issued for services 12 9.00 September 15, 2023 Warrants issued for services 2 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 2019 Agent warrants 47 3.88 June 3, 2024 2018 Agent warrants 40 12.50 September 20, 2022 2017 Agent warrants 14 40.60 April 12, 2022 Adgero Warrants (ii) 353 3.18 August 31, 2021 Adgero Warrants 755 3.18 January 17, 2022 6,974 (i) NBTS Warrants were issued with respect to loan proceeds received during the year ended June 30, 2021 (note 7). (i i ) Expired unexercised subsequent to June 30, 2021. 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 June 30, 2020 Number of Warrants Issued Number of Warrants Exercised Balance, June 30, 2021 Exercise price $ Issuance of Preferred Series C-1 Agent Warrants — 1,959 (30 ) 1,929 1.16 Issuance of Preferred Series C-2 Agent Warrants — 219 — 219 1.21 Issuance of Preferred Series C-3 Agent Warrants — 326 (30 ) 296 1.15 — 2,504 (60 ) 2,444 The following table summarizes the Company’s outstanding Series C Agent Warrants as of June 30, 2021: Series C Agent Warrants Number Conversion price $ Number of conversion shares (in thousands) Cumulative common stock dividends (in thousands) 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, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9 Income taxes For the years ended June 30, 2021, and 2020, 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, 2021 $ June 30, 2020 $ Deferred tax assets: Non-capital losses carried forward 20,148 11,871 Stock-based compensation 155 — Capital losses carried forward 18 18 Financing costs 326 221 Scientific research and development 761 604 Scientific research and development – Investment Tax Credits (“ITC”) 665 534 22,073 13,248 Deferred tax liabilities: Scientific research and development – ITC (110 ) (88 ) 21,963 13,160 Valuation allowance (21,963 ) (13,160 ) 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% (2020 – 21%). The differences arise from the following items: June 30, 2021 $ June 30, 2020 $ Tax recovery at statutory income tax rates (8,015 ) (1,916 ) Permanent differences 4,506 142 Effect of rate differentials between jurisdictions (551 ) (239 ) Effect of foreign exchange rates (954 ) 347 Non-capital losses acquired with Adgero (4,114 ) — Scientific research and development – ITC 97 (38 ) Adjustment to prior year's provision versus statutory tax returns 228 323 Change in valuation allowance 8,803 1,381 — — The Company has no current income tax expense for the year ended June 30, 2021, 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, 2021 were allocated as to $29.0 million in the U.S. and $9.2 million in Canada. As of June 30, 2021, the Company had combined U.S. and Canadian net operating loss (“NOL”) carry forwards of $77.7 million (2020 – $47.8 million). The U.S. federal NOL carryforwards consist of $15.8 million generated before July 1, 2018, which begin expiring in 2026, and $20.4 million that can be carried forward indefinitely, but are subject to the 80% taxable income limitation. The Canadian NOL carryforwards of $41.5 million begin expiring in 2030. In addition, the Company has non-refundable Canadian federal investment tax credits of $407 (2020 - $329) that expire between 2031 and 2040 and non-refundable British Columbia investment tax credits of $258 (2020 – $205) that expire between 2021 and 2030. The Company also has Canadian scientific research and development tax incentives of $2.8 million (2020 – $2.2 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 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, 2021 | |
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, 2026: Clinical development The Company has entered into contracts for drug manufacturing, clinical study management and safety related to its clinical trials Office lease The Company currently rents its shared head office on a one-year |
Supplementary Statement of Cash
Supplementary Statement of Cash Flows Information | 12 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplementary statement of cash flows information | 11 Supplementary statement of cash flows information Year ended June 30, 2021 Year ended June 30, 2020 Series B Preferred Stock common stock dividend (note 8) 17 9 Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 8) 3,181 — Non-cash issue costs (note 8) 3,287 182 Deferred costs in accounts payable — 60 Warrants issued as deferred costs (note 7) — 94 Cashless exercise of Series C warrants (note 8) 79 — Conversion of Series B Preferred Stock to common stock (note 8) 4,525 174 Conversion of Series C Preferred Stock to common stock (note 8) 3,713 — Income taxes paid — — Interest paid — — |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Jun. 30, 2021 | |
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$. As of June 30, 2021, Canadian dollar denominated accounts payable and accrued liabilities exposure in US$ totaled $59. 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 $10. Balances in foreign currencies at June 30, 2021 and 2020 were as follows: June 30, 2021 balances CA$ June 30, 2020 balances CA$ Trade payables 114 167 Cash 30 21 Interest, taxes, and other receivables 11 13 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, 2021, cash and cash equivalents held by the Company were $10,537. 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 be 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, 2021 and is undertaking efforts to conserve cash resources wherever possible. The maximum exposure of the Company’s liquidity risk is $2,962 as of June 30, 2021. 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 with financial institutions on deposit, 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 $8 at June 30, 2021 relating to interest, taxes, and other receivables. The credit risk related to uninsured cash and cash equivalents balances is $9,909 at June 30, 2021. Cash and cash equivalents $ Insured amount $ Non- insured amount $ 10,537 628 9,909 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, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | 13 Subsequent events The Company has evaluated its subsequent events from June 30, 2021 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. Registered direct financing On September 24, 2021, the Company announced it had entered into securities purchase agreements with certain investors to raise approximately $15 million in gross proceeds, before placement agent fees and other offering expenses payable by the Company, through the issuance of 7,200,000 shares of its common stock, 4,800,000 pre-funded warrants, and investor warrants to purchase up to an aggregate of 12,000,000 shares of common stock in a registered direct offering priced at-the-market under Nasdaq rules. Each share of common stock, or pre-funded warrant, was together with one investor warrant to purchase one share of common stock offered at a combined price of $1.25. The pre-funded warrants are exercisable at $0.001 per share until they are exercised in full. The investor warrants have an exercise price of $1.25 per share and are exercisable for three and one half years from the date of issuance. In addition, the Company will issue 600,000 agent warrants exercisable at $ 1.5625 per share. The closing of the offering occu r r ed on September 28, 2021. Series C Preferred Stock On August 19, 2021, 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 10% dividend payable on the first anniversary of the initial closing of the Series C Preferred Stock which occurred on August 19, 2020. The 10% stock dividend is payable on August 19, 2021 to the holders of the Series C Preferred Stock and the Series C Agent Warrants on that date. No dividends are payable on Series C Preferred Stock or Series C Agent Warrants that were converted, or exercised, prior to August 19, 2021. The dividend resulted in 1,698 shares of common stock being issued to the Series C Preferred Stock holders and 210 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. Subsequent to June 30, 2021, 1,125 shares of Series C-1 Preferred Stock were converted into 970 shares of common stock, 250 shares of Series C-2 Preferred Stock were converted into 206 shares of common stock, and 335 shares of Series C-3 Preferred Stock were converted into 291 shares of common stock. Warrants Subsequent to June 30, 2021, 69 warrants were exercised at $1.00 per share and 353 warrants exercisable at $3.18 per share expired. Stock Options Subsequent to June 30, 2021, 435 stock options were issued to directors of the Company. The stock options are exercisable at $1.24 per share until September 22, 2031. The options vest in 12 equal monthly installments commencing October 22, 2021. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
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. Certain prior period balances have been reclassified to conform with the current year’s presentation. |
Consolidation | Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Adgero, Adgero Inc., Del Mar BC, Callco, and Exchangeco as of, and for the years ended June 30, 2021 and 2020. 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, 2021 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 The Company acquired in-process research and development assets in connection with its Merger with Adgero. 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, 2021, and 2020, 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, 2021, 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, 2021, 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, 2021, 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 Website development costs Website development costs are stated at cost less accumulated amortization. The Company capitalizes website development costs associated with graphics design and development of the website application and infrastructure. Costs related to planning, content input, and website operations are expensed as incurred. The Company amortizes website development costs on a straight-line basis over three years. 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. Once the Company has achieved 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, 2021 and 2020, 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 ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting For the years ended June 30, 2021 and 2020, 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, 2021 and 2020, 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, 2021 and 2020 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, 2021, potential common shares of 6,974 (2020 – 10,309) related to outstanding common stock warrants, 2,100 (2020 – nil) related to outstanding Series C preferred stock warrants, 6,392 (2020 – 1,559) related to stock options, nil (2020 – 162) relating to outstanding Series B convertible preferred shares, and 17,295 (2020 – nil) 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 |
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. Not yet adopted Accounting Standards Update (“ASU”) 2020-06 — Debt - Debt with conversion and other options (subtopic 470-20) and derivatives and hedging – contracts in entity’s own equity (subtopic 815-40): 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 has not yet evaluated the impact of adoption of this ASU on its consolidated financial statements and related disclosures. ASU 2020-10 — Codification Improvements The amendments in this update remove references to various FASB Concepts Statements, situates all disclosure guidance in the appropriate disclosure section of the Codification, and makes other improvements and technical corrections to the Codification. The amendments in Sections B and C of this amendment are effective for fiscal periods beginning after December 15, 2020, for public business entities. For all other entities, the amendments are effective for fiscal periods beginning after December 15, 2021, and interim periods within fiscal periods beginning after December 15, 2022. The Company has not yet evaluated the impact of adoption of this ASU on its consolidated financial statements and related disclosures. ASU 2021-04 — Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. The amendments in this update are intended to clarify and reduce diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange and that are not within the scope of another FASB Accounting Standards Codification. The amendments in ASU 2021-04 are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. The Company has not yet evaluated the impact of adoption of this ASU on its consolidated financial statements and related disclosures. During the year ended June 30, 2021, other than ASUs 2020-06, 2020-10, and 2021-04, 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, 2021 | |
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: $ (in thousands) 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. $ (in thousands) Balance – June 30, 2020 — Addition 188 Change in fair value estimate (6 ) Balance – June 30, 2021 182 |
Property Equipment and Intang_2
Property Equipment and Intangibles (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Equipment and Intangibles | Property, equipment and intangibles $ (thousands) Balance, June 30, 2019 12 Less amortization (10 ) Balance, June 30, 2020 2 Acquired in Adgero merger (note 3) 175 Laboratory equipment purchased 8 Disposal of furniture (3 ) Property and equipment 182 Less depreciation and amortization (32 ) Balance, June 30, 2021 150 |
Loan from National Brain Tumo_2
Loan from National Brain Tumor Society and National Foundation for Cancer Research (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Loans Payable [Abstract] | |
Summary of Loan | $ (in thousands) 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, 2021 | |
Class Of Stock [Line Items] | |
Schedule of Stock Option Expense | Years ended June 30, 2021 $ 2020 $ Research and development 1,478 87 General and administrative 3,798 408 5,276 495 |
Schedule of Unvested Stock Options | Number of options (in thousands) Weighted average exercise price $ Unvested at June 30, 2019 85 11.35 Granted 1,291 0.63 Vested (500 ) 1.87 Forfeited (18 ) 0.61 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 |
Schedule of Warrants | Number of warrants (in thousands) Weighted average exercise price $ Balance – June 30, 2019 1,543 12.60 Underwritten public offering 10,418 0.75 Issuance of 2020 Underwriter Warrants 377 1.15 Exercise of PFW (2,655 ) 0.01 Exercise of 2020 Investor Warrants (25 ) 1.00 Warrants issued for services (i) 655 0.77 Expiry of warrants issued for services (i) (4 ) 59.30 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 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. |
Schedule of Changes in Outstanding Warrants | Description of warrants Number (in thousands) Exercise price $ Expiry date 2020 Investor warrants 3,333 1.00 August 16, 2024 2019 Investor warrants 760 3.10 June 5, 2024 2018 Investor warrants 280 12.50 September 22, 2022 2017 Investor warrants 208 35.00 April 19, 2022 NBTS Warrants (i) 125 1.09 June 19, 2025 Warrants issued for services 6 17.80 January 25, 2023 Warrants issued for services 34 11.70 February 27, 2023 Warrants issued for services 12 9.00 September 15, 2023 Warrants issued for services 2 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 2019 Agent warrants 47 3.88 June 3, 2024 2018 Agent warrants 40 12.50 September 20, 2022 2017 Agent warrants 14 40.60 April 12, 2022 Adgero Warrants (ii) 353 3.18 August 31, 2021 Adgero Warrants 755 3.18 January 17, 2022 6,974 (i) NBTS Warrants were issued with respect to loan proceeds received during the year ended June 30, 2021 (note 7). (i i ) Expired unexercised subsequent to June 30, 2021. |
Series C Warrants [Member] | |
Class Of Stock [Line Items] | |
Schedule of Changes in Outstanding Warrants | Series C Agent Warrants Number Conversion price $ Number of conversion shares (in thousands) Cumulative common stock dividends (in thousands) Series 1 1,929 1.16 1,663 1,164 Series 2 219 1.21 180 126 Series 3 296 1.15 257 180 2,444 2,100 1,470 |
Schedule of Conversion of Series C Preferred Stock to Series C Warrants | Balance June 30, 2020 Number of Warrants Issued Number of Warrants Exercised Balance, June 30, 2021 Exercise price $ Issuance of Preferred Series C-1 Agent Warrants — 1,959 (30 ) 1,929 1.16 Issuance of Preferred Series C-2 Agent Warrants — 219 — 219 1.21 Issuance of Preferred Series C-3 Agent Warrants — 326 (30 ) 296 1.15 — 2,504 (60 ) 2,444 |
Stock options [Member] | |
Class Of Stock [Line Items] | |
Schedule of Outstanding Under the Legacy Plan | Number of stock options outstanding (in thousands) Weighted average exercise price Balance – June 30, 2019 288 22.31 Granted 1,291 0.63 Forfeited (19 ) 0.61 Expired (1 ) 40.00 Balance – June 30, 2020 1,559 4.61 Granted 5,074 1.67 Exercised (195 ) 0.61 Expired (32 ) 34.88 Forfeited (14 ) 1.42 Balance – June 30, 2021 6,392 2.26 |
Summary of Stock Options Currently Outstanding and Exercisable | Exercise price $ Number Outstanding at June 30, 2021 (in thousands) Weighted average remaining contractual life (years) Number exercisable at June 30, 2021 (in thousands) 0.61 816 8.18 729 0.74 250 8.37 62 1.36 300 9.23 75 1.37 75 9.83 — 1.70 4,699 9.21 1,415 6.10 25 7.36 24 7.00 3 6.98 3 8.70 12 6.34 12 9.83 83 6.89 83 10.60 4 6.79 4 11.70 30 1.66 30 16.14 3 0.92 3 20.00 9 0.59 9 21.10 11 6.02 11 29.60 5 3.60 5 37.60 5 4.61 5 41.00 4 5.36 4 42.00 30 2.13 30 44.80 3 4.61 3 49.50 13 5.63 13 53.20 8 4.85 8 61.60 1 1.75 1 92.00 3 1.92 3 6,392 2,532 |
Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model | June 30, 2021 June 30, 2020 Dividend rate — % — % Volatility 103% to 152% 89% to 102% Risk-free rate 0.19% to 1.28% 0.32% to 1.50% Term – years 0.4 to 5.9 4.7 to 5.7 |
Performance stock units [Member] | |
Class Of Stock [Line Items] | |
Schedule of Issuance of Series C Preferred Stock | Series C Preferred Stock Number of shares $ (in thousands) Balance – June 30, 2019 and 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 |
Schedule of Series C Preferred Stock Outstanding, Conversion Shares and Future Dividends | Series Number Conversion Price $ Number of conversion shares (in thousands) Dividend Shares (in thousands) Series 1 16,564 1.16 14,279 9,995 Series 2 1,148 1.21 946 662 Series 3 2,380 1.15 2,070 1,449 20,092 17,295 12,106 Series C Dividends Dividend Shares (in thousands) 10% - August 19, 2021 1,729 15% - August 19, 2022 2,594 20% - August 19, 2023 3,459 25% - August 19, 2024 4,324 12,106 |
Schedule of Conversion of Series B Preferred Stock to Common Stock | Series B Preferred Stock (in thousands) Number of shares $ Balance – June 30, 2019 674 4,699 Conversion of Series B Preferred stock to common stock (25 ) (174 ) Balance – June 30, 2020 649 4,525 Conversion of Series B Preferred stock to common stock (649 ) (4,525 ) Balance – June 30, 2021 — — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
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, 2021 $ June 30, 2020 $ Deferred tax assets: Non-capital losses carried forward 20,148 11,871 Stock-based compensation 155 — Capital losses carried forward 18 18 Financing costs 326 221 Scientific research and development 761 604 Scientific research and development – Investment Tax Credits (“ITC”) 665 534 22,073 13,248 Deferred tax liabilities: Scientific research and development – ITC (110 ) (88 ) 21,963 13,160 Valuation allowance (21,963 ) (13,160 ) 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, 2021 $ June 30, 2020 $ Tax recovery at statutory income tax rates (8,015 ) (1,916 ) Permanent differences 4,506 142 Effect of rate differentials between jurisdictions (551 ) (239 ) Effect of foreign exchange rates (954 ) 347 Non-capital losses acquired with Adgero (4,114 ) — Scientific research and development – ITC 97 (38 ) Adjustment to prior year's provision versus statutory tax returns 228 323 Change in valuation allowance 8,803 1,381 — — |
Supplementary Statement of Ca_2
Supplementary Statement of Cash Flows Information (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplementary Statement of Cash Flows Information | Year ended June 30, 2021 Year ended June 30, 2020 Series B Preferred Stock common stock dividend (note 8) 17 9 Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 8) 3,181 — Non-cash issue costs (note 8) 3,287 182 Deferred costs in accounts payable — 60 Warrants issued as deferred costs (note 7) — 94 Cashless exercise of Series C warrants (note 8) 79 — Conversion of Series B Preferred Stock to common stock (note 8) 4,525 174 Conversion of Series C Preferred Stock to common stock (note 8) 3,713 — Income taxes paid — — Interest paid — — |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Risks And Uncertainties [Abstract] | |
Schedule of Balances in Foreign Currencies | Balances in foreign currencies at June 30, 2021 and 2020 were as follows: June 30, 2021 balances CA$ June 30, 2020 balances CA$ Trade payables 114 167 Cash 30 21 Interest, taxes, and other receivables 11 13 |
Schedule of Fair Value of Off-Balance Sheet Risks | Cash and cash equivalents $ Insured amount $ Non- insured amount $ 10,537 628 9,909 |
Nature of Operations, Corpora_2
Nature of Operations, Corporate History, and Going Concern and Management Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Net loss | $ (38,298) | $ (9,126) |
Negative cash flow from operations | (18,860) | (7,928) |
Cash and cash equivalents | 10,537 | 2,392 |
Accumulated deficit | (111,225) | $ (69,721) |
Proceeds from registered direct financing subsequent | $ 13,600 | |
Substantial Doubt about Companys Ability to Continues Going Concern Period | 1 year |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2021USD ($)Segmentshares | Jun. 30, 2020shares | |
Significant Accounting Policies (Textual) | ||
Additional uncertain tax provisions | $ | $ 0 | |
Number of operating segments | Segment | 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 | 0 |
Series B Convertible Preferred Shares [Member] | ||
Significant Accounting Policies (Textual) | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 0 | 162,000 |
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 | 17,295,000 | 0 |
Stock options [Member] | ||
Significant Accounting Policies (Textual) | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 6,392,000 | 1,559,000 |
Warrant [Member] | ||
Significant Accounting Policies (Textual) | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 6,974,000 | 10,309,000 |
Website Development Costs [Member] | ||
Significant Accounting Policies (Textual) | ||
Amortization of website development costs | 3 years |
Merger - Additional Information
Merger - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 24 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | |
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||
Legal fee | $ 500 | $ 1,054 | $ 1,554 |
Cash or equivalent to common stock | 300 | ||
Contingent amounts payable to St. Cloud | 240 | $ 240 | |
Cash paid to employees | $ 60 | ||
Merger Agreement [Member] | |||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||
Stock purchase warrants | 2,314 | ||
Warrants exercisable price | $ 3.18 | ||
Weighted Average Risk Free Interest Rate | 0.21% | ||
Weighted Average Remaining Term | 1 year | ||
Volatility Rate | 115.96% | 115.96% | |
Dividend rate | 0.00% | ||
Merger success fee share price | $ 1.34 | $ 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 | $ 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, 2021USD ($) | |
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) $ in Thousands | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Business Combinations [Abstract] | |
Addition | $ 188 |
Change in fair value estimate | (6) |
Balance – June 30, 2021 | $ 182 |
Clinical Trial Deposit - Additi
Clinical Trial Deposit - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Other Liabilities [Abstract] | |
Patient enrollment milestones payments | $ 5,430 |
Deposits payments | 2,600 |
Deposit payment expensed | 500 |
Remainder of Deposits payments anticipated to future invoice | 2,100 |
Deposits payments anticipated in near term | 500 |
Deposits payments anticipated beyond twelve months | $ 1,600 |
Property Equipment and Intang_3
Property Equipment and Intangibles - Schedule of Property Equipment and Intangibles (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property Plant And Equipment [Line Items] | ||
Beginning Balance | $ 2 | $ 12 |
Property and equipment, gross | 182 | |
Less depreciation and amortization | (32) | (10) |
Ending Balance | 150 | $ 2 |
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 - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | ||
Capitalized cost | $ 80 | $ 80 |
Amortization expense | $ 2 | $ 10 |
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, 2021 | Jun. 30, 2020 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Dividend payable | $ 8 | $ 8 | |
Related party payables | $ 561 | $ 664 | |
Preferred Stock Series A | |||
Preferred Stock, shares issued | 279,000 | 279,000 | |
Preferred stock, rate of dividend | 3.00% | ||
Valent Technologies LLC [Member] | |||
Loan payable outstanding amount | $ 279 | ||
Aggregate accrued interest | $ 29 | ||
Dividend payable | $ 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) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Guarantee Obligations [Line Items] | ||
Deferred financing costs | $ (25) | |
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, 2021 | Jun. 30, 2020 | |
Guarantee Obligations [Line Items] | ||
Warrants exercised for cash | $ 4,404 | $ 51 |
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 | 0.00% | |
National Brain Tumor Society [Member] | Promissory Note [Member] | ||
Guarantee Obligations [Line Items] | ||
Accrued interest rate | 6.00% | |
Debt, maturity date | Jun. 19, 2021 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Issuance of Series C Preferred Stock (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2021USD ($)shares | |
Class Of Stock [Line Items] | |
Conversion of Series C Preferred stock to common stock | $ 3,713 |
Preferred Stock Series C | |
Class Of Stock [Line Items] | |
Issuance | $ 18,286 |
Issuance, shares | shares | 25,028 |
Issued on exercise of Series C Agent Warrants | $ 79 |
Issued on exercise of Series C Agent Warrants, shares | shares | 33 |
Conversion of Series C Preferred stock to common stock | $ (3,713) |
Conversion of series C preferred stock to common stock, shares | shares | (4,969) |
Ending Balance | $ 14,652 |
Ending Balance, shares | shares | 20,092 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Apr. 29, 2021shares | Aug. 16, 2019USD ($)$ / sharesshares | Sep. 30, 2014$ / sharesshares | Aug. 19, 2021shares | Jun. 26, 2021shares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2016$ / sharesshares | Jun. 25, 2021shares | Jun. 30, 2019shares | Jun. 26, 2019shares |
Class Of Stock [Line Items] | |||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||||
Common stock shares authorized | 175,000,000 | 95,000,000 | |||||||||
Underwritten Public Offering Description | the Company closed on the sale of (i) 4,895 shares of its common stock, par value $0.001 per share (the “Common Stock”), (ii) pre-funded warrants (“PFW”) to purchase an aggregate of 2,655 shares of Common Stock and (iii) common warrants to purchase an aggregate of 7,763 shares of Common Stock (“2020 Investor Warrants”), including 800 shares of Common Stock and 2020 Investor Warrants to purchase an aggregate of 1,013 shares of Common Stock sold pursuant to a partial exercise by the underwriters of the underwriters’ option to purchase additional securities, in the Company’s underwritten public offering (the “Offering”). Each share of Common Stock or PFW, as applicable, was sold together with a 2020 Investor Warrant to purchase one share of Common Stock at a combined effective price to the public of $1.00 per share of Common Stock and accompanying 2020 Investor Warrant. | ||||||||||
Common stock, shares issued | 32,740,000 | 11,458,000 | |||||||||
Warrants exercised for cash | $ | $ 4,404,000 | $ 51,000 | |||||||||
Shares issued for services | $ | $ 0 | $ 13,000 | |||||||||
Number of options granted | 5,074 | 1,291 | |||||||||
Total compensation expense | $ | $ 5,276,000 | $ 495,000 | |||||||||
Stock options exercisable | 2,532,000 | ||||||||||
Accelerated vested of stock option | 280,000 | ||||||||||
Accelerated expense | $ | $ 53,000 | ||||||||||
Stock option exercise price | $ / shares | $ 0.61 | ||||||||||
Number of stock options outstanding | 6,392,000 | ||||||||||
Stock options exercise price | $ / shares | $ 0.61 | ||||||||||
2017 Omnibus Incentive Plan [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Common stock, shares issued | 13,000 | ||||||||||
Common stock, shares outstanding | 136 | ||||||||||
Common stock issued under the 2017 Plan | 6,256 | 6,414 | |||||||||
Percentage of fully diluted shares of common stock | 8.00% | ||||||||||
2017 Omnibus Incentive Plan [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of options granted | 156,000 | 67,000 | 223,000 | ||||||||
Previous grants during the period | 250,000 | ||||||||||
2017 Omnibus Incentive Plan [Member] | Group Two | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Stock options exercisable | 250,000 | ||||||||||
Stock options [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of options granted | 5,074,000 | 1,291,000 | |||||||||
Stock option exercise price | $ / shares | $ 0.61 | ||||||||||
Number of options forfeited | 14,000 | 19,000 | |||||||||
Stock options exercised, Shares | 195,000 | ||||||||||
Number of stock options outstanding | 6,392,000 | 1,559,000 | 288,000 | ||||||||
Aggregate intrinsic value of stock options outstanding | $ | $ 4,759 | $ 80 | |||||||||
Aggregate intrinsic value of stock options exercisable | $ | 2,181 | 35 | |||||||||
Unrecognized compensation expense | $ | $ 3,014,000 | ||||||||||
Unrecognized compensation expense, term | 2 years 3 months | ||||||||||
Aggregate intrinsic value of unvested stock options | $ | $ 2,577 | $ 45 | |||||||||
Weighted average contractual term | 9 years 1 month 28 days | 9 years 2 months 8 days | |||||||||
Stock options [Member] | CA$ $20.00 Exercise Price | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Stock option exercise price | $ / shares | $ 16.14 | ||||||||||
Number of stock options outstanding | 2.5 | ||||||||||
Stock options exercise price | $ / shares | $ 16.14 | ||||||||||
Common stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Series B preferred stock dividend, shares | 11,000 | 15,000 | |||||||||
Conversion of Series B preferred stock to common stock, shares | 162,000 | 6,000 | |||||||||
Common stock shares authorized | 175,000,000 | 95,000,000 | |||||||||
Issuance of shares and warrants - net of issue costs, shares | 4,895,000 | 4,895,000 | |||||||||
Warrants exercise price | $ / shares | $ 0.001 | ||||||||||
Shares issued for services, shares | 0 | 23,000 | |||||||||
Stock options exercised, Shares | 170,000 | ||||||||||
Pre-Funded Warrants | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Issuance of shares and warrants - net of issue costs, shares | 2,655,000 | ||||||||||
Warrants exercise price | $ / shares | $ 0.01 | ||||||||||
Number | 2,655,000 | ||||||||||
Warrants exercised for cash | $ | $ 27,000 | ||||||||||
2020 Investor Warrant [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Issuance of shares and warrants - net of issue costs, shares | 7,763,000 | ||||||||||
Common stock, shares issued | 800,000 | ||||||||||
Warrants To Purchase Common Stock | 1,013,000 | ||||||||||
Other Underwriting Expense | $ | $ 6,583,000 | ||||||||||
Expiry date | Aug. 16, 2024 | ||||||||||
Director | 2017 Omnibus Incentive Plan [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Total compensation expense | $ | $ 319,000 | ||||||||||
Director | 2017 Omnibus Incentive Plan [Member] | Minimum | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Exercise period | 90 days | ||||||||||
Director | 2017 Omnibus Incentive Plan [Member] | Maximum | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Exercise period | 1 year | ||||||||||
Executive Officers and Directors | 2017 Omnibus Incentive Plan [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of options granted | 4,834,000 | ||||||||||
Number of options expected to vest | 4,279,000 | ||||||||||
Stock option vesting description | Of the total granted, 4,279 options to purchase shares of common stock vest as to 1/6 on the six-month anniversary of the grant date with the remaining portion vesting in equal monthly installments over a period of 30 months commencing on the seven-month anniversary of the grant date, 480 vest in 12 equal monthly installments beginning on October 15, 2020, and 75 vest as to 1/6 on the twelve-month anniversary of the grant date with the remaining portion vesting in equal quarterly installments over a period of eight quarters commencing on the fifteen-month anniversary of the grant date. 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. | ||||||||||
Stock option term | 10 years | ||||||||||
Executive Officers and Directors | 2017 Omnibus Incentive Plan [Member] | Exercise Price of 1.70 | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of options granted | 4,699,000 | ||||||||||
Stock option exercise price | $ / shares | $ 1.70 | ||||||||||
Executive Officers and Directors | 2017 Omnibus Incentive Plan [Member] | Exercise Price of 1.355 | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Stock option exercise price | $ / shares | $ 1.355 | ||||||||||
Number of options forfeited | 60,000 | ||||||||||
Executive Officers and Directors | 2017 Omnibus Incentive Plan [Member] | Exercise Price of One Point Three Seven [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Stock option exercise price | $ / shares | $ 1.37 | ||||||||||
Stock options exercised, Shares | 75,000 | ||||||||||
Preferred Stock Series C | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued of common stock for services | 25,028 | ||||||||||
Conversion of stock | 21,516 | ||||||||||
Preferred Stock, shares issued | 20,000 | 0 | |||||||||
Preferred stock, shares outstanding | 20,000 | 0 | |||||||||
Number | 20,092,000 | ||||||||||
Preferred Stock Series C | Placement Agent | 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 | ||||||||||
Series C-1 Preferred Shares [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Preferred stock | $ / shares | $ 1.16 | ||||||||||
Number | 16,564,000 | ||||||||||
Series C-2 Preferred Shares [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Preferred stock | $ / shares | $ 1.214 | ||||||||||
Number | 1,148,000 | ||||||||||
Series C3 Preferred Shares | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Preferred stock | $ / shares | $ 1.15 | ||||||||||
Number | 2,380,000 | ||||||||||
Preferred Stock Series B | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Stock issued during period shares new issues | 902 | ||||||||||
Preferred stock | $ / shares | $ 32 | ||||||||||
Preferred stock, rate of dividend | 9.00% | ||||||||||
Purchase price of shares | $ / shares | $ 8 | ||||||||||
Convertible preferred stock | 48 | 25 | 0.25 | ||||||||
Conversion Of Preferred Stock To Common Stock Date | Apr. 29, 2021 | ||||||||||
Liquidation value | $ | $ 5,189 | ||||||||||
Conversion of Series B preferred stock to common stock, shares | 150,000 | 162,000 | |||||||||
Direct increase in accumulated deficit | $ | $ 17,000 | $ 9,000 | |||||||||
Preferred Stock, shares issued | 601,000 | 0 | 649,000 | ||||||||
Final closing date | 5 years | ||||||||||
Preferred stock, shares outstanding | 0 | 649,000 | |||||||||
Common stock | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Series B preferred stock dividend, shares | 11 | 15 | |||||||||
Conversion of Series B preferred stock to common stock, shares | 12 | 6 | |||||||||
Preferred Stock Series A | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Preferred stock, rate of dividend | 3.00% | ||||||||||
Liquidation value | $ | $ 279,000 | ||||||||||
Preferred Stock, shares issued | 279,000 | 279,000 | |||||||||
Preferred stock, shares outstanding | 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 | 3.00% | ||||||||||
Preferred Stock, shares issued | 279 | ||||||||||
Preferred stock, par value | $ / shares | $ 1 | ||||||||||
Series C Agent Warrants [Member] | Placement Agent | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Fair value disclosure | $ | $ 3,287,000 | ||||||||||
Warrants outstanding, term | 4 years | ||||||||||
Series C Agent Warrants [Member] | Placement Agent | Measurement Input, Risk Free Interest Rate | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrants outstanding, measurement input | 0.27 | ||||||||||
Series C Agent Warrants [Member] | Placement Agent | Minimum | Measurement Input, Price Volatility | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrants outstanding, measurement input | 95.2 | ||||||||||
Series C Agent Warrants [Member] | Placement Agent | Maximum | Measurement Input, Price Volatility | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrants outstanding, measurement input | 95.8 | ||||||||||
Private Placement [Member] | Preferred Stock Series C | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued of common stock for services | 25,028 | ||||||||||
Proceeds from private placement | $ | $ 25,028,000 | ||||||||||
Net proceeds from private placement | $ | 21,573,000 | ||||||||||
Deferred financing costs | $ | 3,455,000 | ||||||||||
Cumulative dividends | $ | $ 15,062,000 | ||||||||||
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 | ||||||||||
Series C3 Preferred Shares | Preferred Stock Series C | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Deferred financing costs | $ | $ 85,000 | ||||||||||
Underwriting Offering | 2020 Investor Warrant [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrants exercise price | $ / shares | $ 1.15 | ||||||||||
Expiry date | Aug. 14, 2022 | ||||||||||
Number | 377,000 | ||||||||||
Warrants And Rights Outstanding Maturity Date | Feb. 10, 2020 | ||||||||||
Merger Agreement [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Dividend rate | 0.00% | ||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued of common stock for services | 25,028 | ||||||||||
Shares issued, price per share | $ / shares | $ 1,000 | ||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | First Anniversary [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Dividend rate | 10.00% | ||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | Second Anniversary [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Dividend rate | 15.00% | ||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | Third Anniversary [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Dividend rate | 20.00% | ||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | Fourth Anniversary [Member] | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Dividend rate | 25.00% |
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, 2021$ / sharesshares | |
Series C-1 Preferred Shares [Member] | |
Class Of Stock [Line Items] | |
Number | 16,564 |
Preferred stock | $ / shares | $ 1.16 |
Number of conversion shares (in thousands) | 14,279 |
Dividend Shares (in thousands) | 9,995 |
Series C-2 Preferred Shares [Member] | |
Class Of Stock [Line Items] | |
Number | 1,148 |
Preferred stock | $ / shares | $ 1.214 |
Number of conversion shares (in thousands) | 946 |
Dividend Shares (in thousands) | 662 |
Series C3 Preferred Shares | |
Class Of Stock [Line Items] | |
Number | 2,380 |
Preferred stock | $ / shares | $ 1.15 |
Number of conversion shares (in thousands) | 2,070 |
Dividend Shares (in thousands) | 1,449 |
Preferred Stock Series C | |
Class Of Stock [Line Items] | |
Number | 20,092 |
Number of conversion shares (in thousands) | 17,295 |
Dividend Shares (in thousands) | 12,106 |
Preferred Stock Series C | 10% - August 19, 2021 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 1,729 |
Preferred Stock Series C | 15% - August 19, 2022 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 2,594 |
Preferred Stock Series C | 20% - August 19, 2023 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 3,459 |
Preferred Stock Series C | 25% - August 19, 2024 [Member] | |
Class Of Stock [Line Items] | |
Dividend Shares (in thousands) | 4,324 |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Conversion of Series B Preferred Stock to Common Stock (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Class of Stock [Line Items] | ||
Beginning Balance | $ 263 | $ 1,968 |
Ending Balance | 10,581 | 263 |
Preferred Stock Series B | ||
Class of Stock [Line Items] | ||
Beginning Balance | 4,525 | 4,699 |
Conversion of Series B Preferred stock to common stock | $ (4,525) | (174) |
Ending Balance | $ 4,525 | |
Beginning Balance, shares | 649,000 | 674,000 |
Conversion of Series B Preferred stock to common stock, shares | (649,000) | (25,000) |
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, 2021 | Jun. 30, 2020 | |
Class of Stock [Line Items] | ||
Beginning balance | ||
Granted | 5,074 | 1,291 |
Ending balance | 6,392,000 | |
Stock options [Member] | ||
Class of Stock [Line Items] | ||
Beginning balance | 1,559,000 | 288,000 |
Granted | 5,074,000 | 1,291,000 |
Exercised | (195,000) | |
Forfeited | (14,000) | (19,000) |
Expired | (32,000) | (1,000) |
Ending balance | 6,392,000 | 1,559,000 |
Beginning balance | $ 4.61 | $ 22.31 |
Granted | 1.67 | 0.63 |
Exercised | 0.61 | |
Forfeited | 1.42 | 0.61 |
Expired | 34.88 | 40 |
Ending balance | $ 2.26 | $ 4.61 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Options Outstanding and Exercisable (Detail) | 12 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Class of Stock [Line Items] | |
Number of stock options outstanding | 6,392,000 |
Stock options exercisable | 2,532,000 |
Exercise Price One [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 0.61 |
Number of stock options outstanding | 816,000 |
Weighted average remaining contractual life (years) | 8 years 2 months 4 days |
Stock options exercisable | 729,000 |
Exercise Price Two [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 0.74 |
Number of stock options outstanding | 250,000 |
Weighted average remaining contractual life (years) | 8 years 4 months 13 days |
Stock options exercisable | 62,000 |
Exercise Price Three [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 1.36 |
Number of stock options outstanding | 300,000 |
Weighted average remaining contractual life (years) | 9 years 2 months 23 days |
Stock options exercisable | 75,000 |
Exercise Price Four [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 1.37 |
Number of stock options outstanding | 75,000 |
Weighted average remaining contractual life (years) | 9 years 9 months 29 days |
Exercise Price Five [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 1.70 |
Number of stock options outstanding | 4,699,000 |
Weighted average remaining contractual life (years) | 9 years 2 months 15 days |
Stock options exercisable | 1,415,000 |
Exercise Price Six [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 6.10 |
Number of stock options outstanding | 25,000 |
Weighted average remaining contractual life (years) | 7 years 4 months 9 days |
Stock options exercisable | 24,000 |
Exercise Price Seven [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 7 |
Number of stock options outstanding | 3,000 |
Weighted average remaining contractual life (years) | 6 years 11 months 23 days |
Stock options exercisable | 3,000 |
Exercise Price Eight [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 8.70 |
Number of stock options outstanding | 12,000 |
Weighted average remaining contractual life (years) | 6 years 4 months 2 days |
Stock options exercisable | 12,000 |
Exercise Price Nine [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 9.83 |
Number of stock options outstanding | 83,000 |
Weighted average remaining contractual life (years) | 6 years 10 months 20 days |
Stock options exercisable | 83,000 |
Exercise Price Ten [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 10.60 |
Number of stock options outstanding | 4,000 |
Weighted average remaining contractual life (years) | 6 years 9 months 14 days |
Stock options exercisable | 4,000 |
Exercise Price Eleven [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 11.70 |
Number of stock options outstanding | 30,000 |
Weighted average remaining contractual life (years) | 1 year 7 months 28 days |
Stock options exercisable | 30,000 |
Exercise Price Twelve [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 16.14 |
Number of stock options outstanding | 3,000 |
Weighted average remaining contractual life (years) | 11 months 1 day |
Stock options exercisable | 3,000 |
Exercise Price Thirteen [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 20 |
Number of stock options outstanding | 9,000 |
Weighted average remaining contractual life (years) | 7 months 2 days |
Stock options exercisable | 9,000 |
Exercise Price Fourteen [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 21.10 |
Number of stock options outstanding | 11,000 |
Weighted average remaining contractual life (years) | 6 years 7 days |
Stock options exercisable | 11,000 |
Exercise Price Fifteen [Member] | |
Class of Stock [Line Items] | |
Exercise price | $ / shares | $ 29.60 |
Number of stock options outstanding | 5,000 |
Weighted average remaining contractual life (years) | 3 years 7 months 6 days |
Stock options exercisable | 5,000 |
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) | 4 years 7 months 9 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) | 5 years 4 months 9 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) | 2 years 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) | 4 years 7 months 9 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) | 5 years 7 months 17 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) | 4 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 | 1,000 |
Weighted average remaining contractual life (years) | 1 year 9 months |
Stock options exercisable | 1,000 |
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) | 1 year 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, 2021 | Jun. 30, 2020 | |
Minimum | ||
Class of Stock [Line Items] | ||
Volatility Rate | 103.00% | 89.00% |
Risk-free interest rate | 0.19% | 0.32% |
Expected Term | 4 months 24 days | 4 years 8 months 12 days |
Maximum | ||
Class of Stock [Line Items] | ||
Volatility Rate | 152.00% | 102.00% |
Risk-free interest rate | 1.28% | 1.50% |
Expected Term | 5 years 10 months 24 days | 5 years 8 months 12 days |
Stockholders' Equity - Schedu_6
Stockholders' Equity - Schedule of Stock Option Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Class of Stock [Line Items] | ||
Total compensation expense | $ 5,276 | $ 495 |
Research and Development [Member] | ||
Class of Stock [Line Items] | ||
Total compensation expense | 1,478 | 87 |
General and Administrative [Member] | ||
Class of Stock [Line Items] | ||
Total compensation expense | $ 3,798 | $ 408 |
Stockholders' Equity - Schedu_7
Stockholders' Equity - Schedule of Unvested Stock Options (Detail) - $ / shares | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Equity [Abstract] | ||
Beginning balance | 858 | 85 |
Granted | 5,074 | 1,291 |
Vested | (2,058) | (500) |
Forfeited | (14) | (18) |
Ending balance | 3,860 | 858 |
Beginning balance | $ 0.98 | $ 11.35 |
Granted | 1.67 | 0.63 |
Vested | 1.52 | 1.87 |
Weighted average exercise price unvested, Forfeited | 1.42 | 0.61 |
Ending balance | $ 1.60 | $ 0.98 |
Stockholders' Equity - Schedu_8
Stockholders' Equity - Schedule of Warrants (Detail) - Warrant [Member] - $ / shares | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | |||
Balance – June 30, 2019 | 10,309,000 | 1,543,000 | ||
Underwritten public offering | 10,418,000 | |||
Issuance of 2020 Underwriter Warrants | 377,000 | |||
Exercise of PFW | (2,655,000) | |||
Issuance of Adgero Warrants | 2,314,000 | |||
Exercise of 2020 Investor Warrants | (25,000) | |||
Warrants issued for services | [1] | 600,000 | 655,000 | |
Expiry of warrants issued for services | [1] | (4,000) | ||
Balance – June 30, 2020 | 6,974,000 | 10,309,000 | ||
Exercise of warrants | [2] | (4,907,000) | ||
Expiry of warrants | (1,342,000) | |||
Beginning balance | $ 2.71 | $ 12.60 | ||
Underwritten public offering | 0.75 | |||
Issuance of 2020 Underwriter Warrants | 1.15 | |||
Exercise of PFW | 0.01 | |||
Issuance of Adgero Warrants | 3.18 | |||
Stock option exercise price | 1 | [2] | 1 | |
Warrants issued for services | [1] | 1.74 | 0.77 | |
Expired | 6 | |||
Expiry of warrants issued for services | [1] | 59.30 | ||
Ending balance | $ 3.34 | $ 2.71 | ||
[1] | Warrants issued for services are exercisable at various prices and expire at the various dates noted in the table below. | |||
[2] | A total of 4,404 2020 Investor Warrants were exercised at $1.00 per share and 503 warrants issued as either agent warrants or issued for services were exercised on a cashless basis for which 273 common shares were issued. |
Stockholders' Equity - Schedu_9
Stockholders' Equity - Schedule of Warrants (Parenthetical) (Detail) - 2020 Investor Warrant [Member] | 12 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Investor warrants exercised | 4,404,000 |
Warrants exercise price | $ / shares | $ 1 |
Exercise of warrants for cash, shares | 503,000 |
Number of common shares called by warrants exercise | 273,000 |
Stockholders' Equity - Sched_10
Stockholders' Equity - Schedule of Outstanding Warrants (Detail) - Warrant [Member] | 12 Months Ended | |
Jun. 30, 2021$ / sharesshares | ||
Number | 6,974,000 | |
Issued For Services One [Member] | ||
Number | 6,000 | |
Warrants exercise price | $ / shares | $ 17.80 | |
Expiry date | Jan. 25, 2023 | |
Issued For Services Two [Member] | ||
Number | 34,000 | |
Warrants exercise price | $ / shares | $ 11.70 | |
Expiry date | Feb. 27, 2023 | |
Issued For Services Three [Member] | ||
Number | 12,000 | |
Warrants exercise price | $ / shares | $ 9 | |
Expiry date | Sep. 15, 2023 | |
Issued For Services Four [Member] | ||
Number | 2,000 | |
Warrants exercise price | $ / shares | $ 9 | |
Expiry date | Oct. 11, 2023 | |
Issued For Services Five [Member] | ||
Number | 280,000 | |
Warrants exercise price | $ / shares | $ 0.75 | |
Expiry date | Nov. 18, 2023 | |
Issued For Services Six [Member] | ||
Number | 125,000 | |
Warrants exercise price | $ / shares | $ 0.64 | |
Expiry date | Jan. 20, 2024 | |
Issued For Services Seven [Member] | ||
Number | 330,000 | |
Warrants exercise price | $ / shares | $ 1.49 | |
Expiry date | Sep. 22, 2023 | |
Issued For Services Eight [Member] | ||
Number | 50,000 | |
Warrants exercise price | $ / shares | $ 1.82 | |
Expiry date | Nov. 13, 2023 | |
Issued For Services Nine [Member] | ||
Number | 100,000 | |
Warrants exercise price | $ / shares | $ 1.47 | |
Expiry date | Jan. 7, 2024 | |
Issued For Services Ten [Member] | ||
Number | 70,000 | |
Warrants exercise price | $ / shares | $ 2.75 | |
Expiry date | Feb. 17, 2024 | |
Issued For Services Eleven [Member] | ||
Number | 50,000 | |
Warrants exercise price | $ / shares | $ 2.38 | |
Expiry date | Feb. 25, 2024 | |
Investor One [Member] | ||
Number | 3,333,000 | |
Warrants exercise price | $ / shares | $ 1 | |
Expiry date | Aug. 16, 2024 | |
InvestorTwo [Member] | ||
Number | 760,000 | |
Warrants exercise price | $ / shares | $ 3.10 | |
Expiry date | Jun. 5, 2024 | |
InvestorThree [Member] | ||
Number | 280,000 | |
Warrants exercise price | $ / shares | $ 12.50 | |
Expiry date | Sep. 22, 2022 | |
Investor Four | ||
Number | 208,000 | |
Warrants exercise price | $ / shares | $ 35 | |
Expiry date | Apr. 19, 2022 | |
NBTS [Member] | ||
Number | 125,000 | [1] |
Warrants exercise price | $ / shares | $ 1.09 | [1] |
Expiry date | Jun. 19, 2025 | [1] |
Agent [Member] | ||
Number | 47,000 | |
Warrants exercise price | $ / shares | $ 3.88 | |
Expiry date | Jun. 3, 2024 | |
Agent One [Member] | ||
Number | 40,000 | |
Warrants exercise price | $ / shares | $ 12.50 | |
Expiry date | Sep. 20, 2022 | |
Agent Two [Member] | ||
Number | 14,000 | |
Warrants exercise price | $ / shares | $ 40.60 | |
Expiry date | Apr. 12, 2022 | |
Adgero Warrants One | ||
Number | 353,000 | [2] |
Warrants exercise price | $ / shares | $ 3.18 | [2] |
Expiry date | Aug. 31, 2021 | [2] |
Adgero Warrants Two | ||
Number | 755,000 | |
Warrants exercise price | $ / shares | $ 3.18 | |
Expiry date | Jan. 17, 2022 | |
[1] | NBTS Warrants were issued with respect to loan proceeds received during the year ended June 30, 2021 (note 7). | |
[2] | Expired unexercised subsequent to June 30, 2021. |
Stockholders' Equity - Sched_11
Stockholders' Equity - Schedule of Outstanding Series C Preferred Stock Warrants (Detail) - Series C Warrants [Member] | 12 Months Ended |
Jun. 30, 2021warrant$ / sharesshares | |
Number of Warrants Issued | warrant | 2,504 |
Number of Warrants Exercised | (60) |
Balance | 2,444 |
Issuance of Preferred Series C-1 Agent Warrants [Member] | |
Number of Warrants Issued | warrant | 1,959 |
Number of Warrants Exercised | (30) |
Balance | 1,929 |
Warrants exercise price | $ / shares | $ 1.16 |
Issuance of Preferred Series C-2 Agent Warrants [Member] | |
Number of Warrants Issued | warrant | 219 |
Balance | 219 |
Warrants exercise price | $ / shares | $ 1.21 |
Issuance of Preferred Series C-3 Agent Warrants [Member] | |
Number of Warrants Issued | warrant | 326 |
Number of Warrants Exercised | (30) |
Balance | 296 |
Warrants exercise price | $ / shares | $ 1.15 |
Stockholders' Equity - Sched_12
Stockholders' Equity - Schedule of Outstanding Series C Agent Warrants (Detail) - Series C Warrants [Member] | 12 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Number | 2,444 |
Number of conversion shares (in thousands) | 2,100,000 |
Cumulative common stock dividends (in thousands) | 1,470,000 |
Series 1 Warrants Outstanding | |
Number | 1,929 |
Warrants exercise price | $ / shares | $ 1.16 |
Number of conversion shares (in thousands) | 1,663,000 |
Cumulative common stock dividends (in thousands) | 1,164,000 |
Series 2 Warrants Outstanding Member | |
Number | 219 |
Warrants exercise price | $ / shares | $ 1.21 |
Number of conversion shares (in thousands) | 180,000 |
Cumulative common stock dividends (in thousands) | 126,000 |
Series 3 Warrants Outstanding | |
Number | 296 |
Warrants exercise price | $ / shares | $ 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, 2021 | Jun. 30, 2020 |
Deferred tax assets: | ||
Non-capital losses carried forward | $ 20,148 | $ 11,871 |
Stock-based compensation | 155 | |
Capital losses carried forward | 18 | 18 |
Financing costs | 326 | 221 |
Scientific research and development | 761 | 604 |
Scientific research and development – Investment Tax Credits (“ITC”) | 665 | 534 |
Deferred tax assets | 22,073 | 13,248 |
Deferred tax liabilities: | ||
Scientific research and development – ITC | (110) | (88) |
Gross future tax assets | 21,963 | 13,160 |
Valuation allowance | (21,963) | (13,160) |
Net future tax assets |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Current and Future Income Taxes (Textual) | ||
Statutory income tax rate | 21.00% | 21.00% |
Deferred tax assets, Operating loss carryforwards, Not subject to expiration | $ 20,400 | |
Percentage of taxable income, limitation on NOLs | 80.00% | |
Investment tax credits expire, description | expire between 2031 and 2040 | |
Current income tax expense (benefit) | $ 0 | |
Open tax years | 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 | 50.00% | |
Cumulative change in ownership period | 3 years | |
United States [Member] | ||
Current and Future Income Taxes (Textual) | ||
Loss before income taxes | $ 29,000 | |
Operating loss carryforwards | $ 15,800 | |
Net operating loss expire, description | begin expiring in 2026 | |
US and Canadian [Member] | ||
Current and Future Income Taxes (Textual) | ||
Operating loss carryforwards | $ 77,700 | $ 47,800 |
Canadian [Member] | ||
Current and Future Income Taxes (Textual) | ||
Loss before income taxes | 9,200 | |
Operating loss carryforwards | $ 41,500 | |
Net operating loss expire, description | begin expiring in 2030 | |
Non-refundable federal investment tax credits | $ 407 | 329 |
British Columbia [Member] | ||
Current and Future Income Taxes (Textual) | ||
Non-refundable federal investment tax credits | $ 258 | 205 |
Investment tax credits expire, description | expire between 2021 and 2030 | |
Canadian Scientific Research and Development [Member] | ||
Current and Future Income Taxes (Textual) | ||
Non-refundable federal investment tax credits | $ 2,800 | $ 2,200 |
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, 2021 | Jun. 30, 2020 | |
Effective income tax rate differs from the statutory income tax rate | ||
Tax recovery at statutory income tax rates | $ (8,015) | $ (1,916) |
Permanent differences | 4,506 | 142 |
Effect of rate differentials between jurisdictions | (551) | (239) |
Effect of foreign exchange rates | (954) | 347 |
Non-capital losses acquired with Adgero | (4,114) | |
Scientific research and development – ITC | 97 | (38) |
Adjustment to prior year's provision versus statutory tax returns | 228 | 323 |
Change in valuation allowance | 8,803 | 1,381 |
Income tax expense benefit |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Jun. 30, 2021CAD ($) | Jun. 30, 2020USD ($) | |
Commitments and Contingencies (Textual) | |||
Manufacturing and clinical study management related cost | $ 10,049,000 | ||
Deposits related to study initiation | 2,310,000 | ||
Rent expense | $ 40,000 | $ 40,000 | |
Head Office [Member] | |||
Commitments and Contingencies (Textual) | |||
Lease rent for office space term | 1 year | 1 year | |
Lease rent for office space | $ 2,300 | ||
Administrative Offices [Member] | |||
Commitments and Contingencies (Textual) | |||
Lease rent for office space | $ 3,500 | ||
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, 2021 | Jun. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | ||
Series B Preferred Stock common stock dividend (note 8) | $ 17 | $ 9 |
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 8) | 3,181 | |
Non-cash issue costs (note 8) | 3,287 | 182 |
Deferred costs in accounts payable | 60 | |
Warrants issued as deferred costs (note 7) | 94 | |
Conversion of Series B Preferred Stock to common stock (note 8) | 4,525 | 174 |
Conversion of Series C Preferred Stock to common stock (note 8) | 3,713 | |
Income taxes paid | ||
Interest paid | ||
Series C Warrants [Member] | ||
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, 2021 | Jun. 30, 2020 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Cash and cash equivalents | $ 10,537 | $ 2,392 |
Credit risk, financial instrument maximum exposure | 8 | |
Credit risk, uninsured cash and cash equivalents | 9,909 | |
Liquidity Risk [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Liquidity risk maximum exposure | 2,962 | |
Foreign exchange risk [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Financial risk, accounts payable and accrued liabilities | $ 59 | |
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 $10. | |
Foreign exchange risk maximum exposure | $ 10 | |
Cash and cash equivalents | $ 10,537 | |
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 be 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, 2021 | Jun. 30, 2020 |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Trade payables | $ 114 | $ 167 |
Cash | 30 | 21 |
Interest, taxes, and other receivables | $ 11 | $ 13 |
Financial Risk Management - S_2
Financial Risk Management - Schedule of Fair Value of Off-Balance Sheet Risks (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Risks And Uncertainties [Abstract] | ||
Cash and cash equivalents | $ 10,537 | $ 2,392 |
Insured amount $ | 628 | |
Non- insured amount $ | $ 9,909 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Sep. 24, 2021 | Aug. 19, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Aug. 16, 2019 |
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 32,740,000 | 11,458,000 | ||||
Number of options granted | 5,074 | 1,291 | ||||
Stock option exercise price | $ 0.61 | |||||
Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Warrants exercise price | $ 0.001 | |||||
Conversion of Series C preferred stock to common stock, shares | 4,251,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Gross proceeds | $ 15 | |||||
Common stock, shares issued | 7,200,000 | |||||
Warrants To Purchase Common Stock | 12,000,000 | |||||
Warrants exercise price | $ 1.25 | $ 1 | ||||
Investor warrants exercisable period, description | three and one half years from the date of issuance | |||||
Number of warrants exercised | 69 | |||||
Warrants issued | 353 | |||||
Warrants exercise price expired | $ 3.18 | |||||
Subsequent Event [Member] | Stock Option [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of options granted | 435 | |||||
Stock option exercise price | $ 1.24 | |||||
Stock option exercise period | Sep. 22, 2031 | |||||
Stock option commencing date, Description | The options vest in 12 equal monthly installments commencing October 22, 2021 | |||||
Subsequent Event [Member] | Preferred Stock Series C | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 1,698 | |||||
Dividend rate | 10.00% | |||||
Subsequent Event [Member] | Series C-1 Preferred Shares [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 1,125 | |||||
Subsequent Event [Member] | Series C-1 Preferred Shares [Member] | Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 970 | |||||
Subsequent Event [Member] | Series C-2 Preferred Shares [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 250 | |||||
Subsequent Event [Member] | Series C-2 Preferred Shares [Member] | Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 206 | |||||
Subsequent Event [Member] | Series C3 Preferred Shares | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 335 | |||||
Subsequent Event [Member] | Series C3 Preferred Shares | Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 291 | |||||
Subsequent Event [Member] | Pre-Funded Warrants | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 4,800,000 | |||||
Warrants exercise price | $ 0.001 | |||||
Subsequent Event [Member] | Warrant [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Warrants exercise price | $ 1.25 | |||||
Subsequent Event [Member] | Agent Warrant [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common stock, shares issued | 600,000 | |||||
Warrants exercise price | $ 1.5625 | |||||
Subsequent Event [Member] | Series C Agent Warrants [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common stock shares accrued | 210 | |||||
Subsequent Event [Member] | Series C Agent Warrants [Member] | Preferred Stock Series C | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock, rate of dividend | 10.00% | |||||
Dividends payable | 0.00% |