Opthea Limited (OPT) 6-K 30 Mar 22 2022 Q2 Index to Condensed Consolidated Financial Statements Financial data

Cover Page

Cover Page	6 Months Ended
	Dec. 31, 2021
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	OPTHEA LIMITED
Entity Central Index Key	0001815620
Current Fiscal Year End Date	--06-30

Condensed Consolidated Statemen

Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($)	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
Revenue	$ 91,218	$ 197,840
Other income	153,370	58,237
Operating expenses:
Research and development	(31,819,649)	(13,778,940)
Administrative expenses	(5,189,807)	(3,838,723)
Share-based payment expense	(2,443,221)	(1,595,244)
Patent and intellectual property expenses	(36,847)	(73,164)
Occupancy expenses	(9,281)	(8,857)
Net foreign exchange (loss)/gain	(1,375,143)	(9,238,403)
Loss before income tax	(40,629,360)	(28,277,254)
Income tax benefit	2,916,601	2,546,983
Loss for the period	(37,712,759)	(25,730,271)
Items that will not be reclassified subsequently to profit or loss:
Fair value gains on investments in financial assets	0	469,767
Other comprehensive income for the period, net of tax	0	469,767
Total comprehensive loss for the period	$ (37,712,759)	$ (25,260,504)
Earnings per share for loss attributable for the ordinary equity holders
Basic and diluted loss per share (cents)	$ (10.74)	$ (9.08)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Position - USD ($)	Dec. 31, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 88,273,668	$ 118,193,177
Current tax receivable	2,916,601	4,972,898
Receivables	483,628	565,286
Prepayments	17,338,934	14,386,155
Total current assets	109,012,831	138,117,516
Non-current assets:
Investment in financial assets	0	0
Property and equipment, net	18,737	23,259
Right-of-use assets	46,926	93,852
Prepayments	141,240	174,541
Total non-current assets	206,903	291,652
Total assets	109,219,734	138,409,168
Current liabilities:
Payables	8,311,435	2,501,518
Lease liabilities	67,250	112,965
Provisions	543,846	492,002
Total current liabilities	8,922,531	3,106,485
Non-current liabilities:
Provisions	23,799	16,915
Total non-current liabilities	23,799	16,915
Total liabilities	8,946,330	3,123,400
Net assets	100,273,404	135,285,768
Equity
Contributed equity	234,639,230	234,147,526
Accumulated Loss	(161,836,741)	(124,123,982)
Reserves	27,470,915	25,262,224
Total equity	$ 100,273,404	$ 135,285,768

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($)	Total	Contributed Equity	Pre-funded Warrants	Share-based Payment Reserve	Fair Value of Investment Reserve	FX Translation Reserve	Accumulated Losses
Beginning balance at Jun. 30, 2020	$ 44,567,972	$ 113,852,364		$ 3,116,080	$ 551,409	$ 5,827,605	$ (78,779,486)
Fair value gains on investments in financial assets	469,767				469,767
Net loss for the period	(25,730,271)						(25,730,271)
Total comprehensive income and expense for the period	(25,260,504)				469,767		(25,730,271)
Issue of ordinary shares	105,477,591	105,477,591	$ 0
Issue of pre-funded warrants	11,546,029		11,546,029
Recognition of share based payment	1,595,244			1,595,244
Issue of ordinary shares on conversion of LTIP	14,377,979			114,632	1,789	14,261,558
Ending balance at Dec. 31, 2020	152,304,311	219,329,955	$ 11,546,029	4,825,956	1,022,965	20,089,163	(104,509,757)
Beginning balance at Jun. 30, 2021	135,285,768	234,147,526		4,087,650	1,085,411	20,089,163	(124,123,982)
Net loss for the period	(37,712,759)						(37,712,759)
Total comprehensive income and expense for the period	(37,712,759)						(37,712,759)
Recognition of share based payment	2,443,221			2,443,221
Issue of ordinary shares on conversion of LTIP	257,174	491,704		(234,530)
Ending balance at Dec. 31, 2021	$ 100,273,404	$ 234,639,230		$ 6,296,341	$ 1,085,411	$ 20,089,163	$ (161,836,741)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Interest received	$ 100,757	$ 163,856
Royalty and license income received	1,570	33,176
Grant income received	0	26,950
Payment of lease interest	(2,960)	(2,794)
Payments to suppliers, employees and for research & development and intellectual property costs (inclusive of GST)	(33,826,440)	(24,426,278)
Research and development tax incentive scheme credit received	4,972,898	5,699,649
Net cash flows used in operating activities	(28,754,175)	(18,505,441)
Cash flows from investing activities:
Purchase of plant and equipment	(1,651)	(7,293)
Cash received on disposal of financial asset	0	670,973
Net cash flows used in investing activities	(1,651)	663,680
Cash flows from financing activities:
Payment of lease liabilities	(45,714)	(57,779)
Net proceeds on issue of ordinary shares	0	105,477,591
Net proceeds on issue of pre-funded warrants	0	11,546,029
Cash received for ordinary shares issued on exercise of options	257,174	0
Net cash flows provided by financing activities	211,460	116,965,841
Net (decrease)/increase in cash and cash equivalents	(28,544,366)	99,124,080
Effects of exchange rate changes on the balance of cash held in foreign currencies	(1,375,143)	14,351,800
Cash and cash equivalents at beginning of period	118,193,177	42,650,858
Cash and cash equivalents at end of period	$ 88,273,668	$ 156,126,738

Corporate Information

Corporate Information	6 Months Ended
	Dec. 31, 2021
Corporate Information [Abstract]
Corporate Information Explanatory	Note 1. Corporate Information Opthea Limited (the parent) is a company limited by shares incorporated in Australia whose ordinary shares are publicly traded on the Australian Securities Exchange (“ ASX ADSs The principal activity of Opthea limited is to develop and commercialize therapies primarily for eye disease. Opthea’s lead asset, OPT-302, is a soluble form of VEGFR-3 in clinical development as a novel therapy for wet (neovascular) age-related macular degeneration and diabetic macular edema (DME). Wet AMD and DME are leading causes of blindness in the elderly and diabetic populations respectively and are increasing in prevalence worldwide. The condensed consolidated financial report of Opthea Limited (the “ Group Significant changes in the current reporting period: For the six months period ended Decemb er 31, 2021, the Company’s net loss before tax attributable to members is $40,629,360 (December 31, 2020: $28,277,254). The increased loss compared to the prior period is mainly due to the increase in research and development (R&D) spending, which can be attributed to the manufacturing of OPT-302 OPT-302 Set out below are other factors affecting financial performance: • The total R&D expense was $31,819,649 (December 31, 2020: $13,778,940). • The net income tax benefit for the half year is $2,916,601 (December 31, 2020: $2,546,983). • Basic earnings per share were a loss of 10.74 cents (December 31, 2020: loss of 9.08 cents) .

Adoption of New and Revised Acc

Adoption of New and Revised Accounting Standards	6 Months Ended
	Dec. 31, 2021
Disclosure of expected impact of initial application of new standards or interpretations [abstract]
Adoption of New and Revised Accounting Standards	Note 2. Adoption of New and Revised Accounting Standards These condensed consolidated interim financial statements as of December 31, 2021 and for the half-year reporting period ended December 31, 2021 and 2020 (the “ half-year condensed consolidated financial statements IAS Interim Financial Reporting IFRS The half-year condensed consolidated financial statements do not include all the notes of the type normally included in an annual financial report. Accordingly, they are to be read in conjunction with the consolidated statements of financial position of the Group as of June 30, 2021, and 2020, the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for each of the three years in the period ended June 30, 2021, and the related notes (collectively referred to as the “ annual financial report The half-year condensed consolidated financial statements have been prepared using the same accounting policies as used in the annual financial report. There were no changes in accounting policy during the half-year December 31, 2021, nor did the introduction of new accounting standard lead to any changes in measurement or disclosure in these half-year condensed consolidated financial statements. The Group has not adopted any accounting standard that are issued by not yet effective. We have considered the applicability and impact of all recently issued accounting pronouncements and have determined that they were either not applicable or were not expected to have a material impact on our interim report. Significant accounting policies that summarize the measurement basis used and are relevant to an understanding of the financial statements are provided in the annual financial report.

Significant of Accounting Polic

Significant of Accounting Policies	6 Months Ended
	Dec. 31, 2021
Description Of Business And Summary Of Significant Accounting Policies [Abstract]
Significant of Accounting Policies	Note 3. Significant Accounting Policies Basis of preparation These half-year condensed consolidated financial statements have been prepared on the basis of historical cost, except for the investments classified as financial assets, which have been measured at fair value. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in United States dollars, unless otherwise noted. The Interim Financial Statements have been prepared on a going concern basis, which assumes the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. Change in presentation and functional currencies Functional currency An entity’s functional currency is the currency of the primary economic environment in which the entity operates. During the year ended June 30, 2021, the Group’s operations have continued to move further towards being US$ denominated and several other factors during the period have also contributed to the Group changing its functional currency, such as the completion of U.S. initial public offering (IPO) and the Nasdaq listing in October 2020, opening a US subsidiary in May 2021 for a planned expansion into the US, and expanding the Board of Directors with the appointment of four US based Directors. A significant element in the Group’s assessment to change the functional currency resulted from the significant increase in expenses denominated in US dollars relating to advanced clinical trials since the commencement of Phase 3 trials in March 2021. These changes, as well as the fact that the Group’s principal source of financing is now the U.S. capital market and all of the Group’s budgeting and planning is conducted solely in dollars led to the Company determining that the U.S. dollar (US$) best represents the currency of the primary economic environment in which the entity now operates. Accordingly, the Group changed its functional currency from Australian dollar (A$) to U.S. dollar (US$) effective January 1, 2021. The change in functional currency has been applied prospectively with effect from January 1, 2021 in accordance with the requirements of IAS 21 The Effects of Changes in Foreign Exchange Rates Presentation Currency Following the change in functional currency, the Group changed its presentation currency from Australian dollars (A$) to US$. The change in presentation currency is to better reflect the Group’s business activities and to enhance access to U.S. capital markets. Prior to the change, the Group reported its financial statements in Australian dollars (A$). A change in presentation currency is a change in accounting policy which is accounted for retrospectively, including the restatement of 2019 Balance Sheet. In making this change in presentation currency, the Group followed the requirements set out in IAS 21 The Effects of Changes in Foreign Exchange Rates. As required by IAS 21, the consolidated statements of profit or loss and other comprehensive income and the consolidated statements of cash flows for each period have been translated into the presentation currency using the average exchange rates prevailing during each reporting period. All assets and liabilities have been translated using the exchange rates prevailing at the consolidated statements of financial position dates. Shareholders’ equity transactions have been translated using the rates of exchange in effect as of the dates of various capital transactions. All resulting exchange differences arising from the translation are included as a separate component of other comprehensive income. All comparative financial information has been restated to reflect the Group’s results as if they had been historically reported in US$ and the effect on the consolidated financial statements resulted in an addition to the foreign currency translation reserve of US$14.3 million at December 31, 2020. Research and development costs Research costs are expensed as incurred. An intangible asset arising from the development expenditure on an internal project will only be recognized when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the development and the ability to measure reliably the expenditure attributable to the intangible asset during its development. As of December 31, 2021 and June 30, 2021, the Group is in the research phase and has not capitalized any development costs to date. Income tax Current tax Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Research and development tax incentive The Research and Development (R&D) Tax Incentive Scheme is an Australian Federal Government program under which eligible companies with annual aggregated revenue of less than A$20 million can receive cash amounts equal to 43.5 % of eligible research and development expenditures from the Australian Taxation Office (ATO). The R&D Tax Incentive Scheme incentive relates to eligible expenditure incurred in Australia and, under certain circumstances, overseas on the development of the Group’s lead candidate, OPT-302. The Group estimates the amount of R&D tax incentive after the completion of the financial year based on eligible Australia and overseas expenditures incurred during that year. The Group has presented incentives in respect of the R&D Tax Incentive Scheme within income tax benefit in the Statements of Profit or Loss and Other Comprehensive Income by analogizing with IAS 12 “ Income Taxes ”. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term low-value right-of-use Right-of-use Right-of-use Right-of-use right-of-use Right-of-use straight-line Lease liabilities Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is determined using market yields on bonds with similar terms to maturity. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate). Leases of low-value For short-term low-value straight-line Comparatives The comparative condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows have been restated due to the change in presentation currency described above. Movement schedules in the notes to condensed consolidated financial statements for the comparative period covers the twelve months from July 1, 2020 to June 30, 2021.

Operating Segments

Operating Segments	6 Months Ended
	Dec. 31, 2021
Disclosure of operating segments [abstract]
Operating Segments	Note 4. Operating Segment The Group operates in industry which is the biotechnology and healthcare industry. Additionally, the Group operates in two geographical areas being Australia and the United States of America. The Group is focused primarily on developing a novel therapy for the treatment of highly prevalent and progressive retinal diseases. The chief executive officer regularly reviews entity wide information that is compliant with IFRS. The Group’s only revenue stream in the current and previous six months period is royalty income generated from licenses granted in respect of the Group’s intellectual property that are unrelated to the Group’s core business and the development of OPT-302 and that are not under development. These licenses are primarily used by third-party licensees for research purposes. All of the royalty income for the half year ended December 31, 2021 of US$

Critical Accounting Judgements

Critical Accounting Judgements and Key Sources of Estimation Uncertainty	6 Months Ended
	Dec. 31, 2021
Disclosure of changes in accounting estimates [abstract]
Critical Accounting Judgements and Key Sources of Estimation Uncertainty	Note 5. Critical Accounting Judgments and Key Sources of Estimation Uncertainty In applying the Group’s accounting policies, management continually evaluates judgments, estimates and assumptions based on experience and other factors, including expectations of future events that may have an impact on the Group. All judgments, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances available to management. Actual results may differ from the judgments, estimates and assumptions. Significant judgments, estimates and assumptions made by management in the preparation of these financial statements are outlined below: Critical judgements in applying accounting policies Research and development costs The majority of Opthea’s expenditure is incurred as a result of clinical investigation of OPT-302. During the year ended June 30, 2021 Opthea completed the Company’s Phase 1b/2a diabetic macular edema (DME) trial and progressed planning of the Phase 3 registrational trials for OPT-302 in wet AMD. In the six months ended December 31, 2021 Opthea progressed regulatory interactions and patient recruitment into the Company’s global Phase 3 registrational clinical trials of OPT-302 for wet age-related macular degeneration. A key measure of Opthea’s performance is the level of expenditure incurred on the research of OPT-302. Judgment is required in relation to: • The classification of expenses in the condensed statements of profit or loss and other comprehensive income between research and development costs and operating expenses; and • Whether costs relate to R&D, and consequently if they meet the capitalization criteria under IAS 138 “Intangible Assets.” The directors have determined that the Group is still in a research phase and accordingly, no development costs have been capitalized as of December 31, 2021, and June 30, 2021. Taxation Research and development tax incentive The Research and Development (R&D) Tax Incentive Scheme is an Australian Federal Government program under which eligible companies can receive cash refunds of 43.5% of eligible R&D expenditure. Judgements are required as to the R&D tax incentive refundable offset eligibility in respect of: • The Group’s ability to make claims and its continued compliance under the scheme; • R&D and other supporting costs previously approved by Australian tax authorities; • Estimated amounts, timing and geographical location of future costs related to the projects for which applications have been approved to date; and • Assessment of whether expenditure on projects for which approval has been given by Australian tax authorities relate to Australian or overseas expenditure. As of December 31, 2021 and June 30, 2021, the Group has recognized an R&D tax incentive receivable of US$2.9 million and US$5.0 million, respectively, within the condensed consolidated statement s The R&D tax incentive receivable as of June 30, 2021 and December 31, 2021 is based on the legislation as currently enacted as of June 30, 2021 and December 31, 2021, respectively. Any proposed changes to the legislation, such as rate changes to the eligibility requirements, may have a retrospective impact if the legislation is passed, currently no such legislative changes have occurred. Investment tax credits such as the R&D tax incentive are outside of the scope of IAS 12 “Income Taxes” and IAS 20 “Accounting for Government Grants and Disclosure of Government Assistance.” Based on the guidance in IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors,” companies need to make an accounting policy choice on how to present these incentives, which in practice is done by either analogizing with IAS 12 or with IAS 20. In the Group’s opinion, the R&D tax incentive should be presented by analogizing to IAS 12 because the nature of the incentive is considered to be more closely aligned to income taxes, based on the following considerations: • The R&D tax incentive is considered an income tax offset which will be offset against the Group’s tax obligation if and when, the Group returns to a net tax payable position. In addition, whilst the Group is currently eligible to receive cash payments under the scheme since its consolidation revenue is currently below A$20 million, if and when the Group generates revenue in excess of A$20 million the R&D tax incentive will become non-refundable and can only be offset against any future income tax payable by the Group. • The ATO, which is the tax authority in Australia, manages the annual claims process as the R&D tax incentive is included in the Group’s annual income tax return. • The ATO is also responsible for making the R&D tax incentive cash payment if a company is eligible for a cash refund under the program, oversees compliance with the requirements of the R&D tax incentive scheme and performs pre-issuance reviews Income tax The Group’s accounting policy for taxation requires judgments as to the differences between tax and accounting treatments of income and costs recognized in the consolidated statements of profit or loss and other comprehensive income. Judgment is also required in assessing whether deferred tax assets and liabilities are recognized in the statements of financial position and if accumulated income tax losses can be used to offset potential future tax profits. Functional currency Effective January 1, 2021 the Group’s functional and presentation currency changed from Australian dollars to U.S. dollars as disclosed in Note 3. The Group’s assets, liabilities and equity which were previously denominated in Australian dollars were translated into U.S. dollars on the date the functional currency changed. Significant judgment is required in determining the currency of the primary economic environment in which the Group operates, which requires an evaluation of various indicators related to the Group’s underlying transactions, events and conditions as they relate to generating and expending cash. Key sources of estimation uncertainty Share-based payment transactions The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Fair values are determined internally using Binomial models. The accounting estimates and assumptions relating to equity-settled share-based payments have no impact on the carrying amounts of assets and liabilities in future reporting periods but may impact expenses and equity. Should one or more of the assumptions and estimates used in estimating the fair value of share-based payments change, this could have a material impact on the amounts recognized in equity and employee-related expenses.

Net Foreign Exchange (Loss)_Gai

Net Foreign Exchange (Loss)/Gain	6 Months Ended
	Dec. 31, 2021
Net Foreign Exchange Loss Gain [Abstract]
Net Foreign Exchange (Loss)/Gain	Note 6. Net Foreign Exchange (Loss)/Gain For the six months ended 2021 2020 (Restated) US$ US$ Net foreign exchange (loss)/gain (1,375,143 ) (9,238,403 ) Total net foreign exchange (loss)/gain (1,375,143 ) (9,238,403 )

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2021
Major components of tax expense (income) [abstract]
Income Taxes	Note 7. Income Taxes A reconciliation between income tax benefit and the product of accounting loss before income tax multiplied by the Group’s applicable income tax rate is as follows: For the six months ended 2021 2020 (Restated) US$ US$ Accounting loss before tax (40,629,360 ) (28,277,254 ) At parent entity statutory tax rate of 30% (2020: 27.5%) 12,188,808 7,776,245 R&D tax incentive on eligible expenses 2,916,601 2,546,983 Non-deductible (2,011,449 ) (1,635,517 ) Other non-deductible (732,966 ) (447,983 ) Amount of temporary differences and carried forward tax losses not recognized (9,444,393 ) (5,692,745 ) 2,916,601 2,546,983

Current Assets - Cash and Cash

Current Assets - Cash and Cash Equivalents	6 Months Ended
	Dec. 31, 2021
Current Assets Cash And Cash Equivalents [Abstract]
Cash and Cash Equivalents	Note 8. Current Assets – Cash and Cash Equivalents December , June 30, 2021 US$ US$ Cash at bank and in hand 6,642,804 15,538,510 Short-term deposits 81,630,864 102,654,667 Total cash and cash equivalents 88,273,668 118,193,177 Cash at bank earns interest at floating rates based on daily bank deposit rates. The carrying amounts of cash and cash equivalents represent fair value. Short term-deposits short-term % (2020 half year:

Current Assets - Prepayments

Current Assets - Prepayments	6 Months Ended
	Dec. 31, 2021
Current prepayments [abstract]
Current Assets - Prepayments	Note 9. Current Assets - Prepayments​​​​​​​ December 31, 2021 June 30, 2021 US$ US$ R&D Contract Research Organization 14,661,943 12,551,398 Insurance 2,649,328 1,820,059 Other prepayments 27,663 14,698 Total current prepayments 17,338,934 14,386,155

Non-Current Assets – Inve

Non-Current Assets – Investments in Financial Assets	6 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
Non-Current Assets – Investments in Financial Assets	Note 10. Non-Current Details of listed Australian shares: Listed investments Ownership interest % Fair value 1 US$ Exchange o US$ Disposal US$ Financial US$ Opening value US$ December 31, 2021 Non-current Total listed investments — — — — — June 30, 2021 Non-current Optiscan Imaging Limited — % — — (669,184 ) 469,767 199,417 Total listed investments — — (669,184 ) 469,767 199,417 1. The fair value represents the share (bid) price at year end and does not include any capital gains tax or selling costs that may be applicable on the disposal of these investments. Non-current investments in listed shares (which are not associates) are designated and accounted for as investments in financial assets pursuant to IFRS 9.

Right-of-Use Assets

Right-of-Use Assets	6 Months Ended
	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [abstract]
Right-of-Use Assets	Note 11. Right-of-Use The Group leases its main office accommodation for employees. The term of the lease is three years and is the renewal of a lease for the same premise that expired on July 15, 2019. The lease does not include the option to extend the term of the lease on expiry. The maturity analysis of lease liabilities is presented in Note 12. For the six months For the year US$ US$ Right-of-Use Opening balance as at July 1, 2021/July 1, 2020 281,554 251,189 Additions — — Exchange on translation — 30,365 281,554 281,554 Accumulated depreciation Opening balance as at July 1, 2021/July 1, 2020 (187,702 ) (83,729 ) Charge to the period (46,926 ) (91,656 ) Exchange on translation — (12,317 ) (234,628 ) (187,702 ) Net carrying amount 46,926 93,852 For the six months 2021 2020 (Restated) US$ US$ Amounts recognized in profit or loss: Depreciation expense on right-of-use 46,926 69,197 Lease finance costs 2,960 3,556 Expense relating to leases of low value assets 9,669 4,835 59,555 77,588

Lease Liabilities

Lease Liabilities	6 Months Ended
	Dec. 31, 2021
Lease liabilities [abstract]
Lease Liabilities	Note 12. Lease Liabilities For the six months For the year US$ US$ Carrying amount at July 1, 2021/July 1, 2020 112,965 182,290 New lease — — Payments (45,715 ) (69,325 ) Carrying amount at December 31/June 30 67,250 112,965 Maturity analysis: Year 1 73,170 124,495 Year 2 — — 73,170 124,495 Less: unearned interest (5,920 ) (11,530 ) 67,250 112,965 Analyzed into: Current portion 67,250 112,965 Non-current — — 67,250 112,965

Contributed Equity

Contributed Equity	6 Months Ended
	Dec. 31, 2021
Contributed Equity [Abstract]
Contributed Equity	Note 13. Contributed Equity For the six months For the year US$ US$ (a) Ordinary shares Issued and fully paid at December 31/June 30 234,639,230 234,147,526 Movement in ordinary shares: Opening balance at July 1, 2021/July 1, 2020 234,147,526 113,852,364 Issue of shares on exercise of options granted under the LTIP 491,704 3,271,542 Issue of shares on exercise of pre-funded — 11,546,029 Issue of shares in a US initial public offering and NASDAQ listing — 105,477,591 234,639,230 234,147,526 Ordinary shares on issue: No: No: Opening balance at July 1, 2021/July 1, 2020 351,003,541 269,157,769 Issue of shares on exercise of options granted under the LTIP 935,739 5,845,804 Issue of shares on exercise of pre-funded — 7,493,568 Issue of shares on NASDAQ listing — 68,506,400 351,939,280 351,003,541 Issued capital of ordinary shares at December 31, 2021 amounted to $234,639,230 (351,939,280 Fully paid ordinary shares) net of share issue costs and tax. For the six months For the year US$ US$ (b) Pre-funded Movement in pre-funded Opening balance at July 1, 2021/July 1, 2020 — — Issue of pre-funded — 12,645,441 Cost of issue of pre-funded — (1,099,412 ) Issue of shares on exercise of pre-funded — (11,546,029 ) — — Pre-funded No: No: Opening balance at July 1, 2021/July 1, 2020 — — Issue of pre-funded — 7,493,600 Exercise of pre-funded — (7,493,568 ) Forfeiture on exercise — (32 ) — — In O pre-funded

Reserves

Reserves	6 Months Ended
	Dec. 31, 2021
Disclosure of reserves within equity [abstract]
Reserves	Note 14. Reserves For the six months For the year US$ US$ Reserves Fair value of investments reserve (i) 1,085,411 1,085,411 Share-based payments reserve (ii) 6,296,341 4,087,650 Foreign translation reserve (iii) 20,089,163 20,089,163 Total reserves 27,470,915 25,262,224 (i) Movement in fair value of investments reserve: Opening balance at July 1, 2021/July 1, 2020 1,085,411 551,409 Fair value on gains on investments in financial assets — 469,767 Exchange on translation — 64,235 Closing balance 1,085,411 1,085,411 (ii) Movement in share-based payments reserve: Opening balance at July 1, 2021/July 1, 2020 4,087,650 3,116,080 Share-based payments expense 2,443,221 3,897,638 Exercise of options (234,530 ) (3,271,542 ) Exchange on translation — 345,474 Closing balance 6,296,341 4,087,650 (iii) Movement in foreign translation reserve: Opening balance at July 1, 2021/July 1, 2020 20,089,163 5,827,605 (Gains)/loss on translation — 14,261,558 Closing balance 20,089,163 20,089,163 (i) Fair value of investments reserve This reserve records fair value changes on listed investments. (ii) Share-based This reserve is used to record the value of equity benefits provided to executives and employees as part of their remuneration. (iii) Foreign currency translation reserve The reserve records the value of foreign currency movements on translation of financial statements from A$ to US$.

Commitments

Commitments	6 Months Ended
	Dec. 31, 2021
Commitments [Abstract]
Commitments	Note 15. Commitments The Company has entered into research and development contracts with various third parties in respect of the manufacture of clinical grade OPT-302 December June 30, 2021 US$ US$ Within one year 45,036,888 26,377,778 After one year but not more than five years 4,048,790 2,347,060 After more than five years — — 49,085,678 28,724,838

Events Subsequent To Reporting

Events Subsequent To Reporting Date	6 Months Ended
	Dec. 31, 2021
Disclosure of non-adjusting events after reporting period [abstract]
Events Subsequent To Reporting Date	Note 16. Events Subsequent to Reporting Date On February 1, 2022, Opthea announced the establishment of an At-the-Market Equity Program with Jefferies LLC, whereby the Company may offer and sell up to million of its Ordinary Shares in the form of ADSs. At present no shares have been sold using this facility. Besides the above mentioned no matters or circumstances have arisen since the end of the reporting period, which significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.

Earnings per Share

Earnings per Share	6 Months Ended
	Dec. 31, 2021
Earnings per share [abstract]
Earnings per Share	Note 17. Earnings per Share For the six months ended 2021 US$ 2020 Restated US$ The following reflects the income used in the basic and diluted earnings per share computations: (a) Earnings used in calculating earnings per share Net loss attributable to ordinary equity holders of the parent (37,712,759 ) (25,730,271 ) (b) Weighted average number of shares Weighted average number of ordinary shares on issue for basic earnings per share 351,075,141 283,422,115 Effect of dilution: Share options — — Weighted average number of ordinary shares adjusted for the effect of dilution 351,075,141 283,422,115 Loss per share (basic and diluted in cents) (10.74 ) (9.08 ) There have been no transactions involving ordinary shares or potential ordinary shares that would significantly change the number of ordinary shares or potential ordinary shares outstanding between the reporting date and the date of completion of these condensed consolidated interim financial statements. Diluted earnings per share is calculated as net loss divided by the weighted average number of ordinary shares and dilutive potential ordinary shares. Options granted under the Long-Term Incentive and Non-Executive Director Share and Option plans would generally be included in the calculation due to the conditions of the issuance being satisfied. As the Group is in a loss position, the options are anti-dilutive and, accordingly, the basic loss per share is the same as the diluted loss per share. We have not declared or paid any dividends on our ordinary shared. We intend to retain any earnings for use in our business and do not currently intend to pay cash dividends on our ordinary shares. Dividends, if any, on our outstanding ordinary shares will be declared by and subject to the discretion of our board of directors, and subject to Australian law.

Significant of Accounting Pol_2

Significant of Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2021
Description Of Business And Summary Of Significant Accounting Policies [Abstract]
Basis of Preparation	Basis of preparation These half-year condensed consolidated financial statements have been prepared on the basis of historical cost, except for the investments classified as financial assets, which have been measured at fair value. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in United States dollars, unless otherwise noted. The Interim Financial Statements have been prepared on a going concern basis, which assumes the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business.
Change in presentation and functional currencies	Change in presentation and functional currencies Functional currency An entity’s functional currency is the currency of the primary economic environment in which the entity operates. During the year ended June 30, 2021, the Group’s operations have continued to move further towards being US$ denominated and several other factors during the period have also contributed to the Group changing its functional currency, such as the completion of U.S. initial public offering (IPO) and the Nasdaq listing in October 2020, opening a US subsidiary in May 2021 for a planned expansion into the US, and expanding the Board of Directors with the appointment of four US based Directors. A significant element in the Group’s assessment to change the functional currency resulted from the significant increase in expenses denominated in US dollars relating to advanced clinical trials since the commencement of Phase 3 trials in March 2021. These changes, as well as the fact that the Group’s principal source of financing is now the U.S. capital market and all of the Group’s budgeting and planning is conducted solely in dollars led to the Company determining that the U.S. dollar (US$) best represents the currency of the primary economic environment in which the entity now operates. Accordingly, the Group changed its functional currency from Australian dollar (A$) to U.S. dollar (US$) effective January 1, 2021. The change in functional currency has been applied prospectively with effect from January 1, 2021 in accordance with the requirements of IAS 21 The Effects of Changes in Foreign Exchange Rates Presentation Currency Following the change in functional currency, the Group changed its presentation currency from Australian dollars (A$) to US$. The change in presentation currency is to better reflect the Group’s business activities and to enhance access to U.S. capital markets. Prior to the change, the Group reported its financial statements in Australian dollars (A$). A change in presentation currency is a change in accounting policy which is accounted for retrospectively, including the restatement of 2019 Balance Sheet. In making this change in presentation currency, the Group followed the requirements set out in IAS 21 The Effects of Changes in Foreign Exchange Rates. As required by IAS 21, the consolidated statements of profit or loss and other comprehensive income and the consolidated statements of cash flows for each period have been translated into the presentation currency using the average exchange rates prevailing during each reporting period. All assets and liabilities have been translated using the exchange rates prevailing at the consolidated statements of financial position dates. Shareholders’ equity transactions have been translated using the rates of exchange in effect as of the dates of various capital transactions. All resulting exchange differences arising from the translation are included as a separate component of other comprehensive income. All comparative financial information has been restated to reflect the Group’s results as if they had been historically reported in US$ and the effect on the consolidated financial statements resulted in an addition to the foreign currency translation reserve of US$14.3 million at December 31, 2020.
Research and development costs	Research and development costs Research costs are expensed as incurred. An intangible asset arising from the development expenditure on an internal project will only be recognized when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the development and the ability to measure reliably the expenditure attributable to the intangible asset during its development. As of December 31, 2021 and June 30, 2021, the Group is in the research phase and has not capitalized any development costs to date.
Income tax	Income tax Current tax Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Research and development tax incentive The Research and Development (R&D) Tax Incentive Scheme is an Australian Federal Government program under which eligible companies with annual aggregated revenue of less than A$20 million can receive cash amounts equal to 43.5 % of eligible research and development expenditures from the Australian Taxation Office (ATO). The R&D Tax Incentive Scheme incentive relates to eligible expenditure incurred in Australia and, under certain circumstances, overseas on the development of the Group’s lead candidate, OPT-302. The Group estimates the amount of R&D tax incentive after the completion of the financial year based on eligible Australia and overseas expenditures incurred during that year. The Group has presented incentives in respect of the R&D Tax Incentive Scheme within income tax benefit in the Statements of Profit or Loss and Other Comprehensive Income by analogizing with IAS 12 “ Income Taxes ”.
Leases	Leases The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term low-value right-of-use Right-of-use Right-of-use Right-of-use right-of-use Right-of-use straight-line Lease liabilities Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is determined using market yields on bonds with similar terms to maturity. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate). Leases of low-value For short-term low-value straight-line
Comparatives	Comparatives The comparative condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows have been restated due to the change in presentation currency described above. Movement schedules in the notes to condensed consolidated financial statements for the comparative period covers the twelve months from July 1, 2020 to June 30, 2021.

Net Foreign Exchange (Loss)_G_2

Net Foreign Exchange (Loss)/Gain (Tables)	6 Months Ended
	Dec. 31, 2021
Net Foreign Exchange Loss Gain [Abstract]
Summary of Net Foreign Exchange (Loss)/Gain	For the six months ended 2021 2020 (Restated) US$ US$ Net foreign exchange (loss)/gain (1,375,143 ) (9,238,403 ) Total net foreign exchange (loss)/gain (1,375,143 ) (9,238,403 )

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Dec. 31, 2021
Major components of tax expense (income) [abstract]
Summary of Reconciliation Between Income Tax Benefit and the Product of Accounting Loss Before Income Tax Multiplied by the Group's Applicable Income Tax Rate	A reconciliation between income tax benefit and the product of accounting loss before income tax multiplied by the Group’s applicable income tax rate is as follows: For the six months ended 2021 2020 (Restated) US$ US$ Accounting loss before tax (40,629,360 ) (28,277,254 ) At parent entity statutory tax rate of 30% (2020: 27.5%) 12,188,808 7,776,245 R&D tax incentive on eligible expenses 2,916,601 2,546,983 Non-deductible (2,011,449 ) (1,635,517 ) Other non-deductible (732,966 ) (447,983 ) Amount of temporary differences and carried forward tax losses not recognized (9,444,393 ) (5,692,745 ) 2,916,601 2,546,983

Current Assets - Cash and Cas_2

Current Assets - Cash and Cash Equivalents (Tables)	6 Months Ended
	Dec. 31, 2021
Current Assets Cash And Cash Equivalents [Abstract]
Summary of Cash and Cash Equivalents	December , June 30, 2021 US$ US$ Cash at bank and in hand 6,642,804 15,538,510 Short-term deposits 81,630,864 102,654,667 Total cash and cash equivalents 88,273,668 118,193,177

Non-Current Assets – In_2

Non-Current Assets – Investments in Financial Assets (Tables)	6 Months Ended
	Dec. 31, 2021
Disclosure of detailed information about financial instruments [abstract]
Summary of Details of Listed Australian Shares	Details of listed Australian shares: Listed investments Ownership interest % Fair value 1 US$ Exchange o US$ Disposal US$ Financial US$ Opening value US$ December 31, 2021 Non-current Total listed investments — — — — — June 30, 2021 Non-current Optiscan Imaging Limited — % — — (669,184 ) 469,767 199,417 Total listed investments — — (669,184 ) 469,767 199,417 1. The fair value represents the share (bid) price at year end and does not include any capital gains tax or selling costs that may be applicable on the disposal of these investments.

Current Assets - Prepayments (T

Current Assets - Prepayments (Tables)	6 Months Ended
	Dec. 31, 2021
Disclosure Of Noncurrent Assets Prepayments [Abstract]
Summary of Current Assets Prepayments	December 31, 2021 June 30, 2021 US$ US$ R&D Contract Research Organization 14,661,943 12,551,398 Insurance 2,649,328 1,820,059 Other prepayments 27,663 14,698 Total current prepayments 17,338,934 14,386,155

Right-of-Use Assets (Tables)

Right-of-Use Assets (Tables)	6 Months Ended
	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [abstract]
Summary of Carrying Amount of Lease	For the six months For the year US$ US$ Right-of-Use Opening balance as at July 1, 2021/July 1, 2020 281,554 251,189 Additions — — Exchange on translation — 30,365 281,554 281,554 Accumulated depreciation Opening balance as at July 1, 2021/July 1, 2020 (187,702 ) (83,729 ) Charge to the period (46,926 ) (91,656 ) Exchange on translation — (12,317 ) (234,628 ) (187,702 ) Net carrying amount 46,926 93,852
Summary of Lease Liabilities	For the six months 2021 2020 (Restated) US$ US$ Amounts recognized in profit or loss: Depreciation expense on right-of-use 46,926 69,197 Lease finance costs 2,960 3,556 Expense relating to leases of low value assets 9,669 4,835 59,555 77,588

Lease Liabilities (Tables)

Lease Liabilities (Tables)	6 Months Ended
	Dec. 31, 2021
Lease liabilities [abstract]
Summary of Lease Liabilities	For the six months For the year US$ US$ Carrying amount at July 1, 2021/July 1, 2020 112,965 182,290 New lease — — Payments (45,715 ) (69,325 ) Carrying amount at December 31/June 30 67,250 112,965 Maturity analysis: Year 1 73,170 124,495 Year 2 — — 73,170 124,495 Less: unearned interest (5,920 ) (11,530 ) 67,250 112,965 Analyzed into: Current portion 67,250 112,965 Non-current — — 67,250 112,965

Contributed Equity (Tables)

Contributed Equity (Tables)	6 Months Ended
	Dec. 31, 2021
Contributed Equity [Abstract]
Summary of Contributed Equity	For the six months For the year US$ US$ (a) Ordinary shares Issued and fully paid at December 31/June 30 234,639,230 234,147,526 Movement in ordinary shares: Opening balance at July 1, 2021/July 1, 2020 234,147,526 113,852,364 Issue of shares on exercise of options granted under the LTIP 491,704 3,271,542 Issue of shares on exercise of pre-funded — 11,546,029 Issue of shares in a US initial public offering and NASDAQ listing — 105,477,591 234,639,230 234,147,526 Ordinary shares on issue: No: No: Opening balance at July 1, 2021/July 1, 2020 351,003,541 269,157,769 Issue of shares on exercise of options granted under the LTIP 935,739 5,845,804 Issue of shares on exercise of pre-funded — 7,493,568 Issue of shares on NASDAQ listing — 68,506,400 351,939,280 351,003,541 For the six months For the year US$ US$ (b) Pre-funded Movement in pre-funded Opening balance at July 1, 2021/July 1, 2020 — — Issue of pre-funded — 12,645,441 Cost of issue of pre-funded — (1,099,412 ) Issue of shares on exercise of pre-funded — (11,546,029 ) — — Pre-funded No: No: Opening balance at July 1, 2021/July 1, 2020 — — Issue of pre-funded — 7,493,600 Exercise of pre-funded — (7,493,568 ) Forfeiture on exercise — (32 ) — —

Reserves (Tables)

Reserves (Tables)	6 Months Ended
	Dec. 31, 2021
Disclosure of reserves within equity [abstract]
Summary of Reserves	For the six months For the year US$ US$ Reserves Fair value of investments reserve (i) 1,085,411 1,085,411 Share-based payments reserve (ii) 6,296,341 4,087,650 Foreign translation reserve (iii) 20,089,163 20,089,163 Total reserves 27,470,915 25,262,224 (i) Movement in fair value of investments reserve: Opening balance at July 1, 2021/July 1, 2020 1,085,411 551,409 Fair value on gains on investments in financial assets — 469,767 Exchange on translation — 64,235 Closing balance 1,085,411 1,085,411 (ii) Movement in share-based payments reserve: Opening balance at July 1, 2021/July 1, 2020 4,087,650 3,116,080 Share-based payments expense 2,443,221 3,897,638 Exercise of options (234,530 ) (3,271,542 ) Exchange on translation — 345,474 Closing balance 6,296,341 4,087,650 (iii) Movement in foreign translation reserve: Opening balance at July 1, 2021/July 1, 2020 20,089,163 5,827,605 (Gains)/loss on translation — 14,261,558 Closing balance 20,089,163 20,089,163 (i) Fair value of investments reserve This reserve records fair value changes on listed investments. (ii) Share-based This reserve is used to record the value of equity benefits provided to executives and employees as part of their remuneration. (iii) Foreign currency translation reserve The reserve records the value of foreign currency movements on translation of financial statements from A$ to US$.

Commitments (Tables)

Commitments (Tables)	6 Months Ended
	Dec. 31, 2021
Commitments [Abstract]
Summary of Expenditure Commitments Relating to Services for Clinical Trial and Intellectual Property License Agreements	Expenditure commitments relating to these, and intellectual property license agreements are payable as follows: December June 30, 2021 US$ US$ Within one year 45,036,888 26,377,778 After one year but not more than five years 4,048,790 2,347,060 After more than five years — — 49,085,678 28,724,838

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Dec. 31, 2021
Earnings per share [abstract]
Summary of Income Used in Basic and Diluted Earnings Per Share Computation	For the six months ended 2021 US$ 2020 Restated US$ The following reflects the income used in the basic and diluted earnings per share computations: (a) Earnings used in calculating earnings per share Net loss attributable to ordinary equity holders of the parent (37,712,759 ) (25,730,271 ) (b) Weighted average number of shares Weighted average number of ordinary shares on issue for basic earnings per share 351,075,141 283,422,115 Effect of dilution: Share options — — Weighted average number of ordinary shares adjusted for the effect of dilution 351,075,141 283,422,115 Loss per share (basic and diluted in cents) (10.74 ) (9.08 )

Corporate Information - Additio

Corporate Information - Additional Information (Detail) - USD ($)	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Corporate Information [Abstract]
Loss before income tax	$ 40,629,360	$ 28,277,254
Research and development	31,819,649	13,778,940
Income tax benefit	$ 2,916,601	$ 2,546,983
Basic and diluted loss per share (cents)	$ 10.74	$ 9.08

Summary of Accounting Policies

Summary of Accounting Policies - Additional Information (Details)	6 Months Ended
	Dec. 31, 2021USD ($)AUD ($)	Dec. 31, 2021AUD ($)	Dec. 31, 2020USD ($)
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Fixed exchange rate	1,297.3000
Effect on consolidated financial statements resulted in an addition to foreign currency translation reserve	$ 14,300,000
Sales	$ 91,218		$ 197,840
Percentage of cash amount equal to eligible research and development expenditures	43.50%	43.50%
Top of Range | Research and Development Tax Incentive Scheme
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Sales	$ 20	$ 20,000,000

Operating Segments - Additional

Operating Segments - Additional Information (Details)	6 Months Ended
	Dec. 31, 2021USD ($)SegmentIndustryGeographicalarea	Dec. 31, 2020USD ($)
Disclosure of operating segments [abstract]
Number of operating segment | Industry	1
Number of geographical area | Geographicalarea	2
Number of reporting segment | Segment	1
Royalty income | $	$ 45,048	$ 31,288

Critical Accounting Judgement_2

Critical Accounting Judgements and Key Sources of Estimation Uncertainty - Additional Information (Details)	6 Months Ended			12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2021AUD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2021USD ($)
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items]
Research and development expense	$ 31,819,649		$ 13,778,940
Percentage of cash amount equal to eligible research and development expenditures	43.50%	43.50%
Research and development tax incentive credit receivable	$ 2.9			$ 5
Research and development tax incentive description	The R&D tax incentive is considered an income tax offset which will be offset against the Group’s tax obligation if and when, the Group returns to a net tax payable position. In addition, whilst the Group is currently eligible to receive cash payments under the scheme since its consolidation revenue is currently below A$20 million, if and when the Group generates revenue in excess of A$20 million the R&D tax incentive will become non-refundable and can only be offset against any future income tax payable by the Group.	The R&D tax incentive is considered an income tax offset which will be offset against the Group’s tax obligation if and when, the Group returns to a net tax payable position. In addition, whilst the Group is currently eligible to receive cash payments under the scheme since its consolidation revenue is currently below A$20 million, if and when the Group generates revenue in excess of A$20 million the R&D tax incentive will become non-refundable and can only be offset against any future income tax payable by the Group.
Revenue	$ 91,218		$ 197,840
Research and Development Tax Incentive Scheme | Top of Range
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items]
Revenue	20	$ 20,000,000
Research and Development Tax Incentive Scheme | Bottom of Range | Non Refundable
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items]
Revenue	20
Development Cost Capitalized
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items]
Research and development expense	$ 0			$ 0

Net Foreign Exchange (Loss)_G_3

Net Foreign Exchange (Loss)/Gain - Summary of Net Foreign Exchange (Loss)/Gain (Details) - USD ($)	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net Foreign Exchange Loss Gain [Abstract]
Net foreign exchange (loss)/gain	$ (1,375,143)	$ (9,238,403)
Total	$ (1,375,143)	$ (9,238,403)

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation Between Income Tax Benefit and the Product of Accounting Loss Before Income Tax Multiplied by the Group's Applicable Income Tax Rate (Details) - USD ($)	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Accounting loss before tax	$ (40,629,360)	$ (28,277,254)
At parent entity statutory tax rate	12,188,808	7,776,245
R&D tax incentive on eligible expenses	2,916,601	2,546,983
Non-deductible R&D expenditure	(2,011,449)	(1,635,517)
Other non-deductible expenses	(732,966)	(447,983)
Amount of temporary differences and carried forward tax losses not recognized	(9,444,393)	(5,692,745)
Income tax benefit reported in the Statement of Profit or Loss and Other Comprehensive Income	$ 2,916,601	$ 2,546,983

Income Taxes - Summary of Rec_2

Income Taxes - Summary of Reconciliation Between Income Tax Benefit and the Product of Accounting Loss Before Income Tax Multiplied by the Group's Applicable Income Tax Rate (Parenthetical) (Details)	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Income tax rate	30.00%	27.50%

Current Assets - Cash and Cas_3

Current Assets - Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Categories of current financial assets [abstract]
Cash at bank and in hand	$ 6,642,804	$ 15,538,510
Short-term deposits	81,630,864	102,654,667
Total cash and cash equivalents	$ 88,273,668	$ 118,193,177	$ 156,126,738	$ 42,650,858

Current Assets - Cash and Cas_4

Current Assets - Cash and Cash Equivalents - Additional Information (Details) - Deposit	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Current Assets Cash And Cash Equivalents [Line Items]
Number of Australian banks containing short term deposit	2
Average interest rate of short term deposits	0.22%	0.36%
Bottom of Range
Current Assets Cash And Cash Equivalents [Line Items]
Short term deposit period	30 days
Top of Range
Current Assets Cash And Cash Equivalents [Line Items]
Short term deposit period	90 days

Current Assets - Prepayments -

Current Assets - Prepayments - Summary of Current Assets Prepayments (Details) - USD ($)	Dec. 31, 2021	Jun. 30, 2021
Current prepayments [abstract]
R&D Contract Research Organization	$ 14,661,943	$ 12,551,398
Insurance	2,649,328	1,820,059
Other prepayments	27,663	14,698
Total current prepayments	$ 17,338,934	$ 14,386,155

Non-Current Assets - Investment

Non-Current Assets - Investments in Financial Assets - Summary of Details of Listed Australian Shares (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Disclosure Of Financial Instruments [Line Items]
Disposal in the financial year	$ (669,184)
Financial value gain/(loss) recognized in OCI	469,767
Fair value	$ 199,417
Listed investments | Optiscan Imaging Limited
Disclosure Of Financial Instruments [Line Items]
Ownership interest	0.00%
Fair value	$ 199,417
Disposal in the financial year	(669,184)
Financial value gain/(loss) recognized in OCI	$ 469,767

Right-of-Use Assets - Summary o

Right-of-Use Assets - Summary of Carrying Amount of Lease (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Opening balance	$ 93,852
Net carrying amount	46,926	$ 93,852
Right-of-Use Asset Cost
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Opening balance	281,554	251,189
Additions	0	0
Exchange on translation	0	30,365
Net carrying amount	281,554	281,554
Accumulated Depreciation
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Opening balance	(187,702)	(83,729)
Charge to the period	(46,926)	(91,656)
Exchange on translation	0	(12,317)
Net carrying amount	$ (234,628)	$ (187,702)

Right-of-Use Assets - Additiona

Right-of-Use Assets - Additional information (Details)	6 Months Ended
	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [abstract]
Lease liabilities term	Jul. 15, 2019

Right-of-Use Assets - Lease Lia

Right-of-Use Assets - Lease Liabilities (Details) - USD ($)	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Amounts recognized in profit or loss:
Depreciation expense on right-of-use asset	$ 46,926	$ 69,197
Lease finance costs	2,960	3,556
Expense relating to leases of low value assets	9,669	4,835
Lease liability amounts recognized in profit and loss	$ 59,555	$ 77,588

Lease Liabilities - Summary of

Lease Liabilities - Summary of Lease Liabilities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021	Dec. 30, 2021
Lease liabilities [abstract]
Carrying amount at July 1	$ 112,965	$ 182,290
New lease	0	0
Payments	(45,715)	(69,325)
Carrying amount at December 31/June 30	67,250	112,965
Maturity analysis year 1	73,170	124,495
Maturity analysis year 2	0	0
Maturity analysis	73,170	124,495
Less: unearned interest	(5,920)	(11,530)
Lease liabilities maturity analysis, Net	67,250	112,965
Current portion	67,250	112,965
Non-current portion		0	$ 0
Lease liabilities	$ 67,250	$ 112,965

Contributed Equity - Summary of

Contributed Equity - Summary of Contributed Equity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Contributed Equity [Line Items]
Issued and fully paid at December 31/June 30	$ 234,639,230	$ 234,147,526
Movement in ordinary shares:
Beginning balance	135,285,768	44,567,972
Ending balance	100,273,404	135,285,768
Movement in pre-funded warrants:
Issue of pre-funded warrants in a US initial public offering		12,645,441
Cost of issue of pre-funded warrants		(1,099,412)
Issue of shares on exercise of pre-funded warrants	$ (11,546,029)	(11,546,029)
Ending balance		$ 0
Issue of pre-funded warrants in a US Initial public offering	7,493,600	7,493,600
Exercise of pre-funded warrants		(7,493,568)
Forfeiture on exercise		(32)
Ordinary Shares
Contributed Equity [Line Items]
Issued and fully paid at December 31/June 30	$ 234,639,230	$ 234,147,526
Movement in ordinary shares:
Beginning balance	234,147,526	113,852,364
Issue of shares on exercise of options granted under the LTIP	491,704	3,271,542
Issue of shares on exercise of pre-funded warrants net of issuance cost $1,099,412		11,546,029
Issue of shares in a US initial public offering and NASDAQ listing		105,477,591
Ending balance	$ 234,639,230	$ 234,147,526
Ordinary Shares on Issue
Movement in ordinary shares:
Opening balance	351,003,541	269,157,769
Issue of shares on exercise of options granted under the LTIP	935,739	5,845,804
Issue of share on exercise of pre-funded warrants		7,493,568
Issue of shares on NASDAQ listing		68,506,400
Ending balance	351,939,280	351,003,541

Contributed Equity - Summary _2

Contributed Equity - Summary of Contributed Equity (Parenthetical) (Details)	6 Months Ended
	Dec. 31, 2021USD ($)
Exercise of Warrants
Contributed Equity [Line Items]
Shares issuance cost	$ 1,099,412

Contributed Equity - Additional

Contributed Equity - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2021
Contributed Equity [Line Items]
Issued Capital	$ 234,639,230	$ 234,147,526
Fully paid ordinary shares	351,939,280
Issue of pre-funded warrants in initial public offering	7,493,600	7,493,600
Issue of shares on exercise of pre-funded warrants value, net of issuance cost	$ 11,546,029	$ 11,546,029
Warrants exercise price	$ 0.00001
Pre-funded warrants description	The pre-funded warrants were unquoted, having no voting or dividend rights and are exercisable to ADS’s at an exercise price of US$0.00001 per pre-funded warrant on a one for one basis with no expiry date. During the year ended June 30, 2021, all pre-funded warrants were exercised converting to ADSs.

Reserves - Summary of Reserves

Reserves - Summary of Reserves (Detail) - USD ($)	Dec. 31, 2021	Jun. 30, 2021	Jan. 01, 2021
Statements [Line Items]
Total reserves	$ 27,470,915	$ 25,262,224
Exchange on translation	14,300,000
Reserves [Member]
Statements [Line Items]
Fair value of investments reserve	1,085,411	1,085,411
Share-based payments expense	6,296,341	4,087,650
Foreign translation reserve	20,089,163	20,089,163
Total reserves	27,470,915	25,262,224
Movement in Fair Value of Investments Reserve
Statements [Line Items]
Opening balance	1,085,411	1,085,411	$ 551,409
Fair value on gains on investments in financial assets	0	469,767
Exchange on translation	0	64,235
Closing balance	1,085,411	1,085,411	551,409
Movement in share-based payments reserve
Statements [Line Items]
Opening balance	6,296,341	4,087,650	3,116,080
Share-based payments expense	2,443,221	3,897,638
Exchange on translation	0	345,474
Exercise of options	(234,530)	(3,271,542)
Closing balance	6,296,341	4,087,650	3,116,080
FX Translation Reserve
Statements [Line Items]
Opening balance	20,089,163	20,089,163	5,827,605
(Gains)/loss on translation	0	14,261,558
Closing balance	$ 20,089,163	$ 20,089,163	$ 5,827,605

Commitments - Summary of Expend

Commitments - Summary of Expenditure Commitments Relating to Services for Clinical Trial and Intellectual Property License Agreements (Details) - USD ($)	Dec. 31, 2021	Jun. 30, 2021
Commitments [Line Items]
Expenditure commitments relating to services for clinical trial and intellectual property license agreements	$ 49,085,678	$ 28,724,838
Within One Year
Commitments [Line Items]
Expenditure commitments relating to services for clinical trial and intellectual property license agreements	45,036,888	26,377,778
After One Year but not more than Five Years
Commitments [Line Items]
Expenditure commitments relating to services for clinical trial and intellectual property license agreements	4,048,790	2,347,060
After more than Five Years
Commitments [Line Items]
Expenditure commitments relating to services for clinical trial and intellectual property license agreements	$ 0	$ 0

Events Subsequent To Reportin_2

Events Subsequent To Reporting Date - Additional Information (Details) $ in Millions	Feb. 01, 2022USD ($)
American Depository Shares [Member]
Statements [Line Items]
Sale Of Ordinary Shares	$ 75

Earnings Per Share - Summary of

Earnings Per Share - Summary of Income Used in Basic and Diluted Earnings Per Share Computation (Details) - USD ($)	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
(a) Earnings used in calculating earnings per share
Net loss attributable to ordinary equity holders of the parent	$ (37,712,759)	$ (25,730,271)
(b) Weighted average number of shares
Weighted average number of ordinary shares on issue for basic earnings per share	351,075,141	283,422,115
Effect of dilution:
Share options	0	0
Weighted average number of ordinary shares adjusted for the effect of dilution	351,075,141	283,422,115
Loss per share (basic and diluted in cents)	$ (10.74)	$ (9.08)