☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Securities registered or to be registered pursuant to Section 12(b) of the Act: |
Title of each class | Name of each exchange on which registered |
American Depositary Shares, each representing | NASDAQ Capital Market |
U.S. GAAP | International Financial Reporting Standards as issued by the International Accounting Standards Board | Other |
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A. | Selected Consolidated Financial Data | 5 |
B. | Capitalization and Indebtedness | 6 |
C. | Reasons for the Offer and Use of Proceeds | 6 |
D. | Risk Factors | 7 |
A. | History and Development of the Company | |
B. | Business Overview | |
C. | Organizational Structure | |
D. | Property, Plants and Equipment | |
A. | Operating Results | |
B. | Liquidity and Capital Resources | |
C. | Research and Development, Patents and Licenses | |
D. | Trend Information | |
E. | Off-Balance Sheet Arrangements | |
F. | Tabular Disclosure of Contractual Obligations | |
A. | Directors and Senior Management | |
B. | Compensation | |
C. | Board Practices | |
D. | Employees | |
E. | Share Ownership | |
A. | Major Shareholders | |
B. | Related Party Transactions | |
C. | Interests of Experts and Counsel | |
A. | Financial Statements and Other Financial Information | |
B. | Significant Changes | |
A. | Offer and Listing Details | |
B. | Plan of Distribution | |
C. | Markets | |
D. | Selling Shareholders | |
E. | Dilution | |
F. | Expenses of the Issue | |
A. | Share Capital | |
B. | Memorandum and Articles of Association | |
C. | Material Contracts | |
D. | Exchange Controls | |
E. | Taxation | |
F. | Dividends and Paying Agents | |
G. | Statement by Experts | |
H. | Documents on Display | |
I. | Subsidiary Information | |
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ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3. | KEY INFORMATION |
A. | Selected Consolidated Financial Data |
Statement of Comprehensive Income: | ||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2016 | 2015 | 2014 | 2013 | |||||||||||||
(in A$, except loss per share and number of shares) | ||||||||||||||||
Revenue from continuing operations | 142,657 | 176,842 | 363,775 | 150,867 | ||||||||||||
Other income | 4,753,697 | 6,317,438 | 7,845,396 | 4,488,526 | ||||||||||||
Research and development expenses | (9,585,371 | ) | (12,298,167 | ) | (14,908,098 | ) | (8,203,822 | ) | ||||||||
General and administration expenses | (3,610,551 | ) | (4,506,122 | ) | (4,925,411 | ) | (3,793,235 | ) | ||||||||
Intellectual property expenses | (241,954 | ) | (257,299 | ) | (477,079 | ) | (294,894 | ) | ||||||||
Other operating expenses | (45,276 | ) | (39,210 | ) | (451,251 | ) | (257,769 | ) | ||||||||
Finance expense – ADDF | - | - | (29,978 | ) | (17,676 | ) | ||||||||||
Other gains and losses | 857,247 | 4,721,449 | (746,593 | ) | 140,761 | |||||||||||
Net loss | (7,729,551 | ) | (5,885,069 | ) | (13,329,239 | ) | (7,787,242 | ) | ||||||||
Loss per share– basic and diluted | (1.45 | ) | (1.17 | ) | (3.11 | ) | (2.30 | ) | ||||||||
Weighted average number of ordinary shares outstanding - basic and diluted | 533,891,470 | 502,714,982 | 428,047,123 | 338,700,006 |
Statement of Comprehensive Income: | ||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(in A$, except loss per share and number of shares) | ||||||||||||||||||||
Revenue from continuing operations | 176,842 | 363,775 | 150,867 | 186,664 | 156,135 | |||||||||||||||
Other income | 6,317,438 | 7,845,396 | 4,488,526 | 2,340,851 | 6,785 | |||||||||||||||
Research and development expenses | (12,298,167 | ) | (14,908,098 | ) | (8,203,822 | ) | (4,252,002 | ) | (3,498,035 | ) | ||||||||||
Corporate personnel expenses | (2,344,337 | ) | (2,059,642 | ) | (2,298,426 | ) | (1,835,279 | ) | (1,225,754 | ) | ||||||||||
Intellectual property expenses | (257,299 | ) | (477,079 | ) | (294,894 | ) | (261,706 | ) | (399,237 | ) | ||||||||||
Auditor and accounting expenses | (416,271 | ) | (342,609 | ) | (166,086 | ) | (153,597 | ) | (157,436 | ) | ||||||||||
Travel expenses | (125,532 | ) | (421,013 | ) | (131,710 | ) | (91,624 | ) | (159,971 | ) | ||||||||||
Public relations and marketing expenses | (87,851 | ) | (358,597 | ) | (136,186 | ) | (124,970 | ) | (110,646 | ) | ||||||||||
Depreciation expenses | (31,587 | ) | (22,384 | ) | (23,130 | ) | (19,621 | ) | (31,577 | ) | ||||||||||
Other expenses | (1,626,076 | ) | (2,142,179 | ) | (1,169,407 | ) | (1,095,739 | ) | (853,523 | ) | ||||||||||
Interest expense – ADDF (see below) | - | (29,978 | ) | (17,676 | ) | (11,544 | ) | (3,758 | ) | |||||||||||
Foreign exchange gain (loss) | 4,721,449 | (746,593 | ) | 140,761 | 45,959 | (145,377 | ) | |||||||||||||
Gain (loss) on fair value of financial liabilities | 86,322 | (30,238 | ) | (126,059 | ) | 33,139 | (8,791 | ) | ||||||||||||
Net loss | (5,885,069 | ) | (13,329,239 | ) | (7,787,242 | ) | (5,239,469 | ) | (6,431,185 | ) | ||||||||||
Loss per share (cents per share) – basic and diluted | (1.17 | ) | (3.11 | ) | (2.30 | ) | (1.82 | ) | (2.60 | ) | ||||||||||
Weighted average number of ordinary shares outstanding - basic and diluted | 502,714,982 | 428,047,123 | 338,700,006 | 287,765,812 | 247,578,570 |
Balance Sheet Data | ||||||||||||||||||||||||||||||||||||
As at June 30, | As at June 30, | |||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||
(in A$ ) | (in A$ ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 34,909,574 | 34,167,018 | 13,346,760 | 5,636,469 | 8,838,245 | 28,593,538 | 34,909,574 | 34,167,018 | 13,346,760 | |||||||||||||||||||||||||||
Working capital | 39,025,487 | 37,597,770 | 13,883,965 | 5,544,497 | 6,856,842 | 31,299,470 | 39,025,487 | 37,597,770 | 13,883,965 | |||||||||||||||||||||||||||
Total assets | 41,834,382 | 41,640,855 | 17,073,821 | 7,341,868 | 9,010,952 | 33,725,020 | 41,834,382 | 41,640,855 | 17,073,821 | |||||||||||||||||||||||||||
Net assets | 39,113,264 | 37,686,287 | 13,974,713 | 5,623,447 | 6,931,202 | 31,367,213 | 39,113,264 | 37,686,287 | 13,974,713 | |||||||||||||||||||||||||||
Issued capital | 146,895,714 | 140,009,415 | 101,379,111 | 86,134,077 | 82,340,819 | 146,879,214 | 146,895,714 | 140,009,415 | 101,379,111 | |||||||||||||||||||||||||||
Share based payment reserves | 9,363,181 | 8,937,434 | 10,526,925 | 9,633,451 | 9,494,995 | 9,363,181 | 9,363,181 | 8,937,434 | 10,526,925 | |||||||||||||||||||||||||||
Accumulated deficit during development stage | (117,145,631 | ) | (111,260,562 | ) | (97,931,323 | ) | (90,144,081 | ) | (84,904,612 | ) | (124,875,182 | ) | (117,145,631 | ) | (111,260,562 | ) | (97,931,323 | ) | ||||||||||||||||||
Total equity | 39,113,264 | 37,686,287 | 13,974,713 | 5,623,447 | 6,931,202 | 31,367,213 | 39,113,264 | 37,686,287 | 13,974,713 |
Year Ended June 30, | At Period End | Average Rate | High | Low | At Period End | Average Rate | High | Low | ||||||||||||||||||||||||
2011 | 1.0597 | 0.9894 | 1.1011 | 0.8323 | ||||||||||||||||||||||||||||
2012 | 1.0161 | 1.0327 | 1.1080 | 0.9387 | 1.0161 | 1.0327 | 1.1080 | 0.9387 | ||||||||||||||||||||||||
2013 | 0.9146 | 1.0273 | 1.0624 | 0.9112 | 0.9146 | 1.0273 | 1.0624 | 0.9112 | ||||||||||||||||||||||||
2014 | 0.9439 | 0.9183 | 0.9757 | 0.8659 | 0.9439 | 0.9183 | 0.9757 | 0.8659 | ||||||||||||||||||||||||
2015 | 0.7655 | 0.8369 | 0.9457 | 0.7580 | 0.7655 | 0.8369 | 0.9457 | 0.7580 | ||||||||||||||||||||||||
2016 | 0.7432 | 0.7289 | 0.7817 | 0.6855 |
Month | High | Low | ||||||
April 2015 | 0.8011 | 0.7580 | ||||||
May 2015 | 0.8103 | 0.7637 | ||||||
June 2015 | 0.7783 | 0.7618 | ||||||
July 2015 | 0.7690 | 0.7277 | ||||||
August 2015 (through August 24) | 0.7417 | 0.7288 |
Month | High | Low |
April 2016 | 0.7817 | 0.7504 |
May 2016 | 0.7641 | 0.7184 |
June 2016 | 0.7598 | 0.7225 |
July 2016 | 0.7632 | 0.7453 |
August 2016 | 0.7717 | 0.7516 |
September 2016 (through September 23) | 0.7470 | 0.7675 |
B. | Capitalization and Indebtedness |
C. | Reasons for the Offer and Use of Proceeds |
D. | Risk Factors |
· | the continued progress of our research and development programs; |
· | the timing, scope, results and costs of pre-clinical studies and clinical trials; |
· | the cost, timing and outcome of regulatory submissions and approvals; |
· | determinations as to the commercial potential of our product candidates; |
· | our ability to successfully expand our contract manufacturing services; |
· | our ability to establish and maintain collaborative arrangements; and |
· | the status and timing of competitive developments. |
· | government or regulatory delays, including delays in obtaining approvals from applicable hospital ethics committees and internal review boards; |
· | slower than expected patient enrollment; |
· | our inability to manufacture sufficient quantities of our new proprietary compound or our other product candidates or matching controls; |
· | unforeseen safety issues; or |
· | lack of efficacy or unacceptable toxicity during the clinical trials or non-clinical studies. |
· | the receipt and timing of regulatory approvals for the uses that we are studying; |
· | the establishment and demonstration to the medical community of the safety, clinical efficacy or cost-effectiveness of our product candidates and their potential advantages over existing therapeutics and technologies; and |
· | the pricing and reimbursement policies of governments and third-party payors. |
· | obtain and maintain patents to protect our own products and technologies; |
· | obtain orphan designation for our products and technologies; |
· | obtain licenses to the patented technologies of third parties; |
· | operate without infringing on the proprietary rights of third parties; and |
· | protect our trade secrets, know-how and other confidential information. |
· | Others may be able to make products that are similar to ours but that are not covered by the claims of the patents that we own. |
· | Others may independently develop similar or alternative technologies or otherwise circumvent any of our technologies without infringing our intellectual property rights. |
· | We or any of our collaboration partners might not have been the first to conceive and reduce to practice the inventions covered by the patents or patent applications that we own, license or will own or license. |
· | We or any of our collaboration partners might not have been the first to file patent applications covering certain of the patents or patent applications that we or they own or have obtained a license, or will own or will have obtained a license. |
· | It is possible that our pending patent applications will not lead to issued patents. |
· | Issued patents that we own may not provide us with any competitive advantage, or may be held invalid or unenforceable, as a result of legal challenges by our competitors. |
· | Our competitors might conduct research and development activities in countries where we do not have patent rights, or in countries where research and development safe harbor laws exist, and then use the information learned from such activities to develop competitive products for sale in our major commercial markets. |
· | The patents of third parties or pending or future applications of third parties, if issued, may have an adverse effect on our business. |
· | Compulsory licensing provisions of certain governments to patented technologies that are deemed necessary for the government to access. |
· | the results of pre-clinical testing and clinical trials by us and our competitors; |
· | developments concerning research and development, manufacturing, and marketing alliances or collaborations by us and our competitors; |
· | announcements of technological innovations or new commercial products by us and our competitors; |
· | determinations regarding our patent applications, patents and those of others; |
· | publicity regarding actual or potential results relating to medicinal products under development by us and our competitors; |
· | proposed governmental regulations and developments in Australia, the United States and elsewhere; |
· | litigation; |
· | economic and other external factors; and |
· | period-to-period fluctuations in our operating results. |
ITEM 4. |
A. | History and Development of the Company |
B. | Business Overview |
· | The Massachusetts General Hospital, Genetics and Aging Unit in Boston. Massachusetts General Hospital is the largest teaching hospital for Harvard Medical School; |
· | University of California, San Francisco; |
· | The University of Melbourne, Department of Pathology; and |
· | The Florey Institute of Neuroscience and Mental Health in Melbourne. |
v | Preservation of motor function in animal models of Parkinson's disease created by administration of the Parkinsonian toxins (MPTP) and 6-OHDA. |
v | Significantly improved motor function and coordination as tested by the ability of MSA mice to remain on a rotating rod. Indeed this improvement has been sustained for five |
In TgA53T, a generic model of synucleinopathy, to investigate Dementia with Lewy Bodies, animals treated with PBT434 exhibited significantly increased numbers of s.nigra neurons and a |
In mutant overexpressing tau mice, rTg4510, PBT434 has demonstrated highly significant improvement in the Y-maze cognitive |
v | Significant reduction in the levels of α-synuclein and tau in the cerebrospinal fluid (CSF) sampled from normal healthy rats within 4 hours and a reduction in α-synuclein (non-significant) in CSF of dogs over a 28-day period. |
1. | A drug to drug interaction study, ‘PBT2-104’. Based on in vitro metabolism studies indicating that PBT2 is both a substrate for, and an inhibitor of, CYP1A2, this study was designed to investigate the potential for drug to drug interactions in healthy volunteers when PBT2 is concurrently administered with other agents metabolized by this CYP450 isozyme. |
2. | A food interaction Study, PBT2-103’. Healthy volunteers were randomized into 2 dosing groups; one which was administered 250mg PBT2 after a 12 hour fast, the other which was administered 250mg PBT2 after a prescribed FDA meal. Blood samples were taken over multiple time points over 24 hours to determine the pharmacokinetic profile of PBT2 and its metabolites. |
3. | Evaluation of the three pharmacokinetic parameters, absorption, metabolism and excretion (ADME) of [C]-PBT2 and to estimate the Absolute Bioavailability of PBT2 in healthy volunteers, ‘PBT2-102’ to understand the passage of the drug in humans after administration. |
(i) | In |
(ii) | In |
In |
(iv) | In August 2015, Prana filed a Continuation Application, with claims directed to the use of Quinazolinone compounds for the treatment of neurological diseases. This case is also in active prosecution with the USPTO. |
(v) | In December 2015, Prana filed a PCT application directed to 4H-Pyrido(1,2-a) Pyrimidin-4-one compounds, which are novel MPAC compounds for the treatment of neurodegenerative diseases. |
(vi) | In March |
(vii) | The patent family cases entitled ‘Compounds for Therapy and Diagnosis’ continues to be prosecuted Europe, with a casein Canada |
(viii) | An Australian provisional patent application entitled ‘Processes for the preparation of an 8-Hydroxyquinoline derivative’ has been re-filed in January |
PATENT | STATUS | INVENTION |
“Beta amyloid peptide inhibitors” Filed: July 21, 2000 Applicant: Biomolecular Research Institute and University of Melbourne Assigned to Prana Biotechnology Limited | Patents have been granted in the USA, Canada and Australia. | The invention encompasses claims to specific classes of metallocomplex agents capable of inhibiting binding of specified metal ions to the N-terminus of beta-amyloid and the use of these agents in the treatment of amyloid related conditions including Alzheimer’s Disease. |
“Neurotoxic Oligomers” Filed: June 28, 2000 Applicants: Prana Biotechnology Limited and The General Hospital Corporation | Patents have been | The invention is directed to an immunotherapy strategy using or targeting tyrosine cross-linked protein aggregates. The approach may be used in the treatment of Alzheimer’s Disease and other amyloid related conditions. |
“8-Hydroxyquinoline Derivatives” Filed: July 16, 2003 Applicant: Prana Biotechnology Limited | Patents in Europe, the USA, New Zealand, Canada, Japan, Russia, Singapore, South Korea, Australia, Israel, China, Mexico and South Africa have been Granted. A patent in Hong Kong has been registered. Applications in India and Brazil are under examination. | The invention is directed to chemical scaffolds of the 8-Hydroxyquinoline MPAC class and their utility in the treatment of neurological conditions. |
“Neurologically-Active Compounds” Filed: October 3, Applicant: Prana Biotechnology Limited | Patents in the USA, New Zealand, Canada, Japan, Mexico, India, Australia, China, South Korea, Japan, Israel, South Africa and Singapore have been granted. A case has been granted in Europe and has been validated in separate countries. An application in Brazil is under examination. A patent in Hong Kong has been registered. | The invention is directed to alternative MPAC chemical structures and their utility in the treatment of neurological conditions. |
“Neurologically- Active Compounds” Filed: April 1, 2005 Applicant: Prana Biotechnology Limited | Patents have been granted in Singapore, Japan, Mexico, Russia, Australia, the USA, China, Canada, Europe, India, Sth Korea, Israel, New Zealand and South Africa. A case has been Granted in Europe and has been validated in separate countries. An application in Brazil is under examination. A patent in Hong Kong has been registered. | The invention is directed to ‘F4’ MPAC chemical structures and their utility in the treatment of neurological conditions and includes Parkinson’s |
“Use of Clioquinol for the treatment of Alzheimer’s Disease” Filed: February 13, 1998 Applicant: Prana Biotechnology Limited | A Patent has been granted in the USA. | This invention is directed to the use of clioquinol for the treatment of Alzheimer’s |
“Pharmaceutical compositions of Clioquinol with B12 for therapeutic use” Filed: February 13, 1998 Applicant: Prana Biotechnology Limited. | A patent has been granted in the USA. | This invention is directed to clioquinol pharmaceutical compositions comprising B12. |
“Use of Clioquinol for the treatment of Parkinson’s Disease” Filed: February 13, 1998 Applicant: Prana Biotechnology Limited. | A patent has been granted in the USA. | This invention is directed to the use of clioquinol for the treatment of Parkinson’s |
“Method of treatment and prophylaxis and agents useful for same" Filed: April 13, 2007 Applicant: Prana Biotechnology Limited | Patents have been granted in Australia, Singapore, South Africa, Canada, Japan, Israel, China and New Zealand. A case has been | This invention was originally filed to claim the use of MPAC compounds for the treatment of Age related Macular Degeneration. |
“A method of prophylaxis or treatment and agents for same”. Filed: June 22, 2007 Applicant: Prana Biotechnology Limited | A patent has been granted in the USA, China, Australia, Canada and Japan. A case has been granted in Europe and has been validated in separate countries. | This invention is directed to novel MPAC compounds and compounds for treating certain brain cancers. |
“Compounds for therapy and diagnosis” Filed: December 5, 2008 Applicant: Prana Biotechnology Limited | Patents have been granted in New Zealand, Japan, USA and Australia. | This invention is directed to anti-amyloid angular metallocomplex compounds for the treatment of Alzheimer’s |
“Processes for the preparation of 8-Hydroxy quinoline Derivatives” Filed: 4 January Applicant: Prana Biotechnology Limited | An Australian provisional application has been refiled. | This invention is directed to synthetic routes for 8-Hydroxyquinoline |
“Quinazolinone compounds” Filed: 24 December 2008 Applicant: Prana Biotechnology Limited | Patents have been granted in Japan and the USA. | This invention is directed to novel MPAC compounds and to selected MPAC’s used in the treatment of Parkinson’s |
“4H-Pyrido(1,2-a) Pyrimiidin-4-one compounds” Filed: 2 December 2014 (prov) Applicant: Prana Biotechnology Limited | A PCT patent application has been filed. | This invention is directed to novel MPAC compounds for the treatment of neurodegenerative diseases. |
“A method of the production of 2-substituted-3H-quinazolin-4-ones-I” Filed: 12 March 2016 Applicant: Prana Biotechnology Limited | An Australian provisional application has been refiled. | This invention is directed to synthetic routes for quinazolinone compounds. |
“A method of the production of 2-substituted-3H-quinazolin-4-ones-II” Filed: 12 March 2016 Applicant: Prana Biotechnology Limited | An Australian provisional application has been refiled. | This invention is directed to synthetic routes for quinazolinone compounds. |
C. | Organizational Structure |
D. | Property, Plants and Equipment |
ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
A. | Operating Results |
· | the technical feasibility of completing the intangible asset so that it will be available for use or sale; |
· | the intention to complete the intangible asset and use or sell it; |
· | the ability to use or sell the intangible asset; |
· | how the intangible asset will generate probable future economic benefits; |
· | the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and |
· | the ability to measure reliably the expenditure attributable to the intangible asset during its development. |
Pronouncement | Title (Issue date) | Effective date |
IFRS 15 | Revenue from contracts with customers | Annual periods beginning on or after January 1, 2017 Earlier application is permitted. | The Company is currently not generating revenue from contracts and thus the impact is expected to be nil. |
IFRS 9 | Financial instruments | Annual periods beginning on or after January 1, 2018 Earlier application is permitted. | Management is in the process of determining the impact of this standard for subsequent reporting periods. |
IFRS 16 | Leases | Annual periods beginning on or after January 1, 2019 Earlier application is permitted. | Management is in the process of determining the impact of this standard for subsequent reporting periods |
IFRS 2 (Amendments) | Classification and Measurement of Share-based Payment Transactions | Annual periods beginning on or after January 1, 2018 Earlier application is permitted. | Management is in the process of determining the impact of this standard for subsequent reporting periods. |
B. | Liquidity and Capital Resources |
· | Core activities, which are experimental activities whose outcome cannot be known or determined in advance, but can only be determined by applying a systematic progression of work; |
· | Core activities conducted for the purpose of generating new knowledge (including new knowledge in the form of new or improved processes and materials); or |
· | Supporting activities that are directly related and designed to support the above). |
Year ended June 30, | Year ended June 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||||
(A$) | (A$) | |||||||||||||||||||||||
Net cash used in operating activities | (10,871,074 | ) | (13,536,223 | ) | (7,951,254 | ) | (7,418,526 | ) | (10,871,074 | ) | (13,536,223 | ) | ||||||||||||
Net cash used in investing activities | (182,834 | ) | (23,048 | ) | (28,151 | ) | (833 | ) | (182,834 | ) | (23,048 | ) | ||||||||||||
Net cash provided by financing activities | 6,843,211 | 34,960,792 | 15,582,031 | - | 6,843,211 | 34,960,792 | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (4,210,697 | ) | 21,401,521 | 7,602,626 | (7,419,359 | ) | (4,210,697 | ) | 21,401,521 | |||||||||||||||
Cash and cash equivalents at beginning of period | 34,167,018 | 13,346,760 | 5,636,469 | 34,909,574 | 34,167,018 | 13,346,760 | ||||||||||||||||||
Redemption of security deposit | 152,603 | - | - | |||||||||||||||||||||
Exchange rate adjustments on cash held in foreign currencies | 4,953,253 | (581,263 | ) | 107,665 | 950,720 | 4,953,253 | (581,263 | ) | ||||||||||||||||
Cash and cash equivalents at end of period | 34,909,574 | 34,167,018 | 13,346,760 | 28,593,538 | 34,909,574 | 34,167,018 |
Contractual Obligations | Payments due by period | |||||||||||||||||||
Total | less than 1 year | 1-3 years | 3-5 Years | more than 5 years | ||||||||||||||||
Operating lease obligations | 193,940 | 145,610 | 48,330 | - | - | |||||||||||||||
Total | 193,940 | 145,610 | 48,330 | - | - |
Contractual Obligations | Payments due by period | |||||||||||||||||||
Total | less than 1 year | 1-3 years | 3-5 Years | more than 5 years | ||||||||||||||||
Operating lease obligations | 167,047 | 134,272 | 32,776 | - | - | |||||||||||||||
Total | 167,047 | 134,272 | 32,776 | - | - |
ITEM 6. | DIRECTORS, |
A. | Directors and Senior Management |
Name | Age | Position | ||
Geoffrey P. Kempler | 60 | Chairman of the Board of Directors and Chief Executive Officer | ||
Kathryn Andrews | 48 | Chief Financial Officer | ||
Phillip A. Hains | 55 | Company Secretary | ||
Dianne M. Angus | 55 | Chief Operating Officer | ||
Peter A. Marks(1) | 59 | Director | ||
Brian D. Meltzer(1)(2)(3) | 61 | Director | ||
George W. Mihaly(1)(2)(3) | 62 | Director | ||
Lawrence B. Gozlan(3) | 36 | Director | ||
Ira Shoulson | 69 | Director |
B. | Compensation |
Salaries, fees, commissions, bonuses and other | Pension, retirement and other similar benefits | |||||||
Geoffrey P. Kempler (1) | $ | -- | ||||||
$ | A378,658 | -- | ||||||
$ | A136,429 | -- | ||||||
$ | ||||||||
A60,000 | -- | |||||||
Brian D. Meltzer | $ | A85,000 | -- | |||||
George W. Mihaly | $ | A75,000 | -- | |||||
Lawrence B. Gozlan | $ | A60,000 | -- | |||||
Ira Shoulson (2) | $ | |||||||
-- |
(1) |
(2) |
Prof. Ira Shoulson provides consulting services to |
· | By our company without cause (as defined in the agreement) or by Mr. Kempler with good reason (as defined in the agreement), he will be entitled to: (i) the sum of A$1 million provided we have sufficient capital requirements to fulfill this obligation within 90 days of termination date; (ii) business expenses that have not been reimbursed and accrued and unused vacation days; and (iii) the acceleration of the vesting of any unvested options to purchase ordinary shares which may be purchased during the remainder of the exercise period of such options. |
· | By our company with cause (as defined in the agreement) or by Mr. Kempler without good reason (as defined in the agreement), he will be entitled to business expenses that have not been reimbursed and accrued and unused vacation days. Mr. Kempler will only be permitted to exercise unvested options to purchase shares that had been granted to him prior to the employment agreement. |
· | Due to death or disability (as defined in the agreement), we shall pay Mr. Kempler or his estate, as applicable, all accrued base salary, pro-rata bonus, business expenses that have not been reimbursed and accrued, unused vacation days (and in the case of disability, less such amounts under any disability policy maintained by our company). Mr. Kempler or his estate, as applicable, will be entitled to exercise vested options for ordinary shares. |
C. | Board Practices |
· | incurred by the person in his or her capacity as an officer of our company or a subsidiary of our company provided that the liability does not arise out of a conduct involving a willful breach of duty in relation to our company or a subsidiary of our company; or |
· | for costs and expenses incurred by that person defending proceedings, whatever their outcome. |
D. | Employees |
Share Ownership |
Name | Number of Ordinary Shares Beneficially Owned (1) | Percentage of Ownership (2) | ||||||
Geoffrey P. Kempler (3) | 22,011,000 | 4.05 | % | |||||
Kathryn Andrews | - | * | ||||||
Dianne M. Angus (4) | 1,463,947 | * | ||||||
Peter A. Marks (5) | 1,043,111 | * | ||||||
Brian D. Meltzer (6) | 1,326,666 | * | ||||||
George W. Mihaly (7) | 1,226,666 | * | ||||||
Lawrence B. Gozlan (8) | 1,000,000 | * | ||||||
Ira Shoulson | - | * | ||||||
All directors and executive officers as a group (9 persons) | 28,071,390 | 5.17 | % |
Name | Number of Ordinary Shares Beneficially Owned (1) | Percentage of Ownership (2) | ||||||
Geoffrey P. Kempler (3) | 22,011,000 | 4.05 | % | |||||
Kathryn Andrews | - | * | ||||||
Dianne M. Angus (4) | 1,463,947 | * | ||||||
Peter A. Marks (5) | 1,043,111 | * | ||||||
Brian D. Meltzer (6) | 1,326,666 | * | ||||||
George W. Mihaly (7) | 1,226,666 | * | ||||||
Lawrence B. Gozlan (8) | 1,000,000 | * | ||||||
Ira Shoulson | - | * | ||||||
All directors and executive officers as a group (9 persons) | 28,071,390 | 5.17 | % |
* | Less than 1% |
Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission, and generally includes voting or investment power with respect to securities. Ordinary shares relating to options currently exercisable or exercisable within 60 days of the date of the above table are deemed outstanding for computing the percentage of the person holding such securities but are not deemed outstanding for computing the percentage of any other person. Except as indicated by footnote, and subject to community property laws where applicable, the persons named in the table above have sole voting and investment power with respect to all shares shown as beneficially owned by them. |
The percentages shown are based on 543,209,289 consisting of 533,891,470 ordinary shares and 9,317,819 unlisted options, issued and outstanding as of |
Includes options to purchase 4,000,000 ordinary shares that are exercisable for A$0.33 consideration on or before December 13, 2017. Of the 18,011,000 outstanding ordinary shares, 30,000 ordinary shares are held of record by Mr. Kempler, 14,165,000 ordinary shares are held by Baywick Pty Ltd., an Australian corporation owned by Mr. Kempler, |
Includes (i) options to purchase 160,000 ordinary shares that are exercisable for A$0.73 consideration on or before November 3, 2018; (ii) options to purchase 157,819 ordinary shares that are exercisable for A$0.25 consideration on or before March 20, 2017; (iii) options to purchase 1,000,000 ordinary shares that are exercisable for A$0.34 consideration on or before October 2, 2018; and (iv) 146,128 outstanding ordinary shares held of record by Ms. Dianne Angus. |
Includes options to purchase 1,000,000 ordinary shares that are exercisable for A$0.33 consideration on or before December 13, 2017. The 43,111 outstanding ordinary shares are held of record by Lampam Pty |
Includes options to purchase 1,000,000 ordinary shares that are exercisable for A$0.33 consideration on or before December 13, 2017. The 326,666 outstanding ordinary shares are held of record by Navigator Australia Ltd., a superannuation fund of Mr. Meltzer. |
Includes options to purchase 1,000,000 ordinary shares that are exercisable for A$0.33 consideration on or before December 13, 2017. Of the 226,666 outstanding ordinary shares, 166,666 ordinary shares are held of record by Dr. Mihaly, 52,000 ordinary shares are held of record by Waide Pty Ltd., an Australian corporation owned by Dr. Mihaly, and 4,000 ordinary shares are held of record by each of Kieren Mihaly and Warwick Mihaly, Dr. Mihaly’s sons. Dr. Mihaly disclaims beneficial ownership of the ordinary shares held by his sons, Kieren Mihaly and Warwick Mihaly. |
Includes options to purchase 1,000,000 ordinary shares that are exercisable for A$0.33 consideration on or before December 13, 2017. |
As of June 30, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Amount | Weighted average exercise price | Amount | Weighted average exercise price | Amount | Weighted average exercise price | |||||||||||||||||||
Options outstanding at the beginning of the year | 16,375,582 | $ | 0.41 | 17,031,476 | $ | 0.23 | 10,147,683 | $ | 0.27 | |||||||||||||||
Granted | 4,400,000 | $ | 0.28 | 3,926,490 | $ | 0.69 | 10,683,793 | $ | 0.34 | |||||||||||||||
Exercised | (180,000 | ) | -- | (4,582,384 | ) | $ | 0.11 | -- | -- | |||||||||||||||
Expired | (1,000,000 | ) | -- | -- | -- | (3,800,000 | ) | $ | 0.55 | |||||||||||||||
Lapsed | (200,000 | ) | -- | -- | -- | -- | -- | |||||||||||||||||
Options outstanding at the end of the year | 19,395,582 | $ | 0.38 | 16,375,582 | $ | 0.41 | 17,031,476 | $ | 0.23 | |||||||||||||||
Options exercisable at the end of the year | 19,395,582 | $ | 0.38 | 16,175,582 | $ | 0.40 | 16,010,786 | $ | 0.28 | |||||||||||||||
Options that may be granted as of the end of the year | 15,319,202 | 19,629,202 | 21,135,692 |
As of June 30, | |||||||||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||||||
Amount | Weighted average exercise price | Amount | Weighted average exercise price | Amount | Weighted average exercise price | ||||||||||||||||
Options outstanding at the beginning of the year… | 19,395,582 | 16,375,582 | $ | 0.41 | 17,031,476 | $ | 0.23 | ||||||||||||||
Granted | 4,400,000 | $ | 0.28 | 3,926,490 | $ | 0.69 | |||||||||||||||
Exercised | (180,000 | ) | -- | (4,582,384 | ) | $ | 0.11 | ||||||||||||||
Expired | (1,000,000 | ) | -- | -- | -- | ||||||||||||||||
Lapsed | (200,000 | ) | -- | -- | -- | ||||||||||||||||
Options outstanding at the end of the year | 19,395,582 | $ | 0.38 | 16,375,582 | $ | 0.41 | |||||||||||||||
Options exercisable at the end of the year | 19,395,582 | 19,395,582 | $ | 0.38 | 16,175,582 | $ | 0.40 | ||||||||||||||
Options that may be granted as of the end of the year | 15,319,202 | 15,319,202 | 19,629,202 |
ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
A. | Major Shareholders |
B. | Related Party Transactions |
A. | Interests of Experts and Counsel |
A. | Financial Statements and Other Financial Information |
B. | Significant Changes |
ITEM 9. | THE OFFER AND LISTING |
A. | Offer and Listing Details |
Per Ordinary Share (A$) | Per Ordinary Share (A$) | |||||||||||||||
High | Low | High | Low | |||||||||||||
Fiscal Year Ended June 30, | ||||||||||||||||
2011 | 0.38 | 0.11 | ||||||||||||||
2012 | 0.22 | 0.14 | 0.22 | 0.14 | ||||||||||||
2013 | 0.31 | 0.14 | 0.31 | 0.14 | ||||||||||||
2014 | 1.37 | 0.16 | 1.37 | 0.16 | ||||||||||||
2015 | 0.36 | 0.14 | 0.36 | 0.14 | ||||||||||||
2016 | 0.17 | 0.06 | ||||||||||||||
Fiscal Year Ended June 30, 2013: | ||||||||||||||||
Fiscal Year Ended June 30, 2014: | ||||||||||||||||
First Quarter | 0.29 | 0.14 | 0.74 | 0.24 | ||||||||||||
Second Quarter | 0.31 | 0.20 | 0.85 | 0.38 | ||||||||||||
Third Quarter | 0.26 | 0.19 | 1.37 | 0.62 | ||||||||||||
Fourth Quarter | 0.25 | 0.20 | 0.30 | 0.16 | ||||||||||||
Fiscal Year Ended June 30, 2014: | ||||||||||||||||
Fiscal Year Ended June 30, 2015: | ||||||||||||||||
First Quarter | 0.74 | 0.24 | 0.36 | 0.22 | ||||||||||||
Second Quarter | 0.85 | 0.38 | 0.25 | 0.17 | ||||||||||||
Third Quarter | 1.37 | 0.62 | 0.22 | 0.14 | ||||||||||||
Fourth Quarter | 0.30 | 0.16 | 0.26 | 0.14 | ||||||||||||
Fiscal Year Ended June 30, 2015: | ||||||||||||||||
Fiscal Year Ended June 30, 2016: | ||||||||||||||||
First Quarter | 0.36 | 0.22 | 0.18 | 0.13 | ||||||||||||
Second Quarter | 0.25 | 0.17 | 0.14 | 0.10 | ||||||||||||
Third Quarter | 0.22 | 0.14 | 0.11 | 0.06 | ||||||||||||
Fourth Quarter | 0.26 | 0.14 | 0.12 | 0.06 | ||||||||||||
Month Ended: | ||||||||||||||||
April 2015 | 0.15 | 0.14 | ||||||||||||||
May 2015 | 0.20 | 0.14 | ||||||||||||||
June 2015 | 0.26 | 0.15 | ||||||||||||||
July 2015 | 0.18 | 0.15 | ||||||||||||||
August 2015 (through August 24) | 0.17 | 0.14 | ||||||||||||||
Month Ended: | ||||||||||||||||
April 2016 | 0.09 | 0.06 | ||||||||||||||
May 2016 | 0.09 | 0.08 | ||||||||||||||
June 2016 | 0.12 | 0.08 | ||||||||||||||
July 2016 | 0.11 | 0.10 | ||||||||||||||
August 2016 | 0.15 | 0.09 | ||||||||||||||
September 2016 | 0.12 | 0.09 |
Per ADS (U.S. $) | ||||||||
High | Low | |||||||
Fiscal Year Ended June 30, | ||||||||
2010 | 3.35 | 1.02 | ||||||
2011 | 4.50 | 1.09 | ||||||
2012 | 2.31 | 1.40 | ||||||
2013 | 3.06 | 1.50 | ||||||
2014 | 13.29 | 1.47 | ||||||
Fiscal Year Ended June 30, 2013: | ||||||||
First Quarter | 2.74 | 1.50 | ||||||
Second Quarter | 3.06 | 1.81 | ||||||
Third Quarter | 2.94 | 2.06 | ||||||
Fourth Quarter | 2.45 | 2.12 | ||||||
Fiscal Year Ended June 30, 2014: | ||||||||
First Quarter | 6.50 | 2.31 | ||||||
Second Quarter | 7.87 | 3.62 | ||||||
Third Quarter | 13.29 | 2.78 | ||||||
Fourth Quarter | 2.71 | 1.47 | ||||||
Fiscal Year Ended June 30, 2015: | ||||||||
First Quarter | 2.94 | 1.93 | ||||||
Second Quarter | 2.29 | 1.40 | ||||||
Third Quarter | 1.71 | 1.07 | ||||||
Fourth Quarter | 1.85 | 1.08 | ||||||
Month Ended: | ||||||||
April 2015 | 1.30 | 1.08 | ||||||
May 2015 | 1.85 | 1.15 | ||||||
June 2015 | 1.62 | 1.14 | ||||||
July 2015 | 1.28 | 1.12 | ||||||
August 2015 (through August 24) | 1.19 | 0.86 |
Per ADS (U.S. $) | ||||||||
High 1 | Low 1 | |||||||
Fiscal Year Ended June 30, | ||||||||
2012 | 13.86 | 8.40 | ||||||
2013 | 18.36 | 9.00 | ||||||
2014 | 79.74 | 8.82 | ||||||
2015 | 17.64 | 6.42 | ||||||
2016 | 7.68 | 2.70 | ||||||
Fiscal Year Ended June 30, 2014: | ||||||||
First Quarter | 39.00 | 13.86 | ||||||
Second Quarter | 47.22 | 21.72 | ||||||
Third Quarter | 79.74 | 16.68 | ||||||
Fourth Quarter | 16.26 | 8.82 | ||||||
Fiscal Year Ended June 30, 2015: | ||||||||
First Quarter | 17.64 | 11.58 | ||||||
Second Quarter | 13.74 | 8.40 | ||||||
Third Quarter | 10.26 | 6.42 | ||||||
Fourth Quarter | 11.10 | 6.48 | ||||||
Fiscal Year Ended June 30, 2016: | ||||||||
First Quarter | 7.68 | 4.20 | ||||||
Second Quarter | 6.42 | 4.08 | ||||||
Third Quarter | 4.50 | 2.70 | ||||||
Fourth Quarter | 5.14 | 2.79 | ||||||
Month Ended: | ||||||||
April 2016 | 4.01 | 2.79 | ||||||
May 2016 | 3.99 | 3.60 | ||||||
June 2016 | 5.14 | 3.65 | ||||||
July 2016 | 5.04 | 4.25 | ||||||
August 2016 | 6.69 | 4.30 | ||||||
September 2016 | 5.39 | 4.38 |
B. | Plan of Distribution |
C. | Markets |
D. | Selling Shareholders |
E. | Dilution |
F. | Expenses of the Issue |
A. | Share Capital |
B. | Memorandum and Articles of Association |
C. | Material Contracts |
D. | Exchange Controls |
E. | Taxation |
· | Retain access to the full CGT discount for discount capital gains of foreign resident individuals in respect of the increase in the value of a CGT asset that occurred before 9 May 2013; and |
· | Remove the CGT discount for discount capital gains for foreign resident individuals that arise after 8 May 2013. |
· | you will be required to allocate “excess distributions” or gain recognized upon the disposition of ADRs ratably over your holding period for the ADSs. An “excess distribution” is the amount by which distributions during a taxable year in respect of an ADS exceed 125% of the average annual distributions during the three preceding taxable years (or, if shorter, your holding period for the ADSs). |
· | the amount allocated to each year during which we are considered a PFIC, other than the year of the distribution or disposition, will be subject to tax at the highest individual or corporate tax rate, as the case may be, in effect for that year and an interest charge will be imposed with respect to the resulting tax liability allocated to each such year, |
· | the amount allocated to the current taxable year and any taxable year before we became a PFIC will be taxable as ordinary income in the current year, and |
· | you will be required to file an annual return on |
· | a direct or indirect owner of a pass-through entity, including a trust or estate, that is a direct or indirect shareholder of a PFIC, |
· | a shareholder of a PFIC that is a shareholder of another PFIC, or |
· | a 50%-or-more shareholder of a foreign corporation that is not a PFIC and that directly or indirectly owns stock of a PFIC. |
F. | Dividends and Paying Agents |
G. | Statement by Experts |
H. | Documents on Display |
I. | Subsidiary Information |
ITEM 11. |
Persons Depositing or Withdrawing Shares Must Pay: | For: | |
• US$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | • Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property • Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | |
• US$0.005 (or less) per ADS | • Any cash distribution to you | |
• A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | • Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS holders | |
• US$1.50 (or less) per ADS | • Transfers, combination and split-up of ADSs | |
• Expenses of the depositary | • Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement) • Converting foreign currency to U.S. dollars | |
• Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes | • As necessary | |
• Any charges incurred by the depositary or its agents for servicing the deposited securities | • As necessary |
ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
ITEM 14. | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
ITEM 15. | CONTROLS AND PROCEDURES |
· | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; |
· | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and |
· | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use of disposition of the company’s assets that could have a material effect on the financial statements. |
Year Ended June 30, | Year Ended June 30, | |||||||||||||||
Services Rendered | 2015 | 2014 | 2016 | 2015 | ||||||||||||
Audit (1) | $ | A160,158 | $ | A145,187 | $ | A166,479 | $ | A160,158 | ||||||||
Audit-Related (2) | $ | A256,113 | $ | A187,422 | $ | A38,297 | $ | A256,113 | ||||||||
Other (3) | $ | A83,640 | $ | A65,000 | - | $ | A83,640 | |||||||||
Total | $ | A499,911 | $ | A397,609 | $ | A204,776 | $ | A499,911 |
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
ITEM 16F. CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT |
ITEM 17. | FINANCIAL STATEMENTS |
ITEM 18. | FINANCIAL STATEMENTS |
Page | |
Index to Consolidated Financial Statements | |
Report of Independent Registered Public Accounting Firm | |
Consolidated Statements of Financial Position | F-3 |
Consolidated Statements of Profit or Loss and Other Comprehensive Income | F-4 |
Consolidated Cash Flow Statements | F-5 |
Consolidated Statements of Changes in Shareholders’ Equity | F-6 |
Notes to Consolidated Financial Statements | F-7 |
Form | Exhibit | Filing Date/ Period End Date | ||||||
1 | Constitution of Registrant. | 20-F | 1.1 | 6/30/09 | ||||
2.1 | Deposit Agreement dated March 23, 2001, as amended and restated as of December 21, 2007, among the Registrant, the Bank of New York, as Depositary, and owners and holders from time to time of ADRs issued thereunder, including the Form of American Depositary Receipts. | F-6 POS | 1 | 12/21/07 | ||||
4.1 | License Agreement dated January 1, 2001, between the Registrant and The General Hospital Corporation. | 20-F | 5/29/02 | |||||
4.2 | Variation Agreement dated August 8, 2001, between the Registrant and The General Hospital Corporation, which amends the License Agreement dated January 1, 2001, between the parties. | 20-F | 5/29/02 | |||||
4.3 | Agreement to Provide Accounting, Administration, Corporate Advice and Company Secretarial Services dated February 23, 2000, between the Registrant and Malvern Administrative Services (now The CFO solution). | 20-F | 5/29/02 | |||||
4.4 | Second Amendment to Exclusive License Agreement dated January 1, 2001, between the Registrant and The General Hospital Corporation dated March 15, 2004. | 20-F | 4.6 | 6/30/04 | ||||
4.5 | Settlement Agreement dated July 28, 2004, among the Registrant, P.N. Gerolymatos S.A, or PNG, Mr. Gerolymatos, GHC, Professor Ashley Bush, Dr. Rudolph Tanzi and Dr. Robert Cherny and the ancillary agreements of even date therewith exhibited thereto, including the Patent Assignment and Settlement Agreement among the Registrant and PNG, Patent Rights Security Agreement among the Registrant and PNG and the Derivatives Agreement among the Registrant and PNG. | 20-F | 4.21 | 6/30/04 | ||||
4.6 | Prana Biotechnology Limited, 2004 American Depository Share (ADS) Option Plan. | 6-K | Annexure A to Item 1 | 11/3/04 | ||||
4.7 | Prana Biotechnology Limited, 2004 Employees’, Directors’ and Consultants’ Share and Option Plan. | 6-K | Annexure B to Item 1 | 11/3/04 | ||||
4.8 | Fourth Research Funding and Intellectual Property Assignment Agreement dated December 1, 2009. | 20-F | 4.9 | 6/30/12 | ||||
4.9 | Fifth Research Funding and Intellectual Property Assignment Agreement dated December 1, 2012. | 20-F | 4.9 | 6/30/13 |
Exhibit Number | Exhibit Description | Incorporated by Reference | ||||||
Form | Exhibit | Filing Date/ Period End Date | ||||||
1 | Constitution of Registrant. | 20-F | 1.1 | 6/30/09 | ||||
2.1 | Deposit Agreement dated March 23, 2001, as amended and restated as of December 21, 2007, among the Registrant, the Bank of New York, as Depositary, and owners and holders from time to time of ADRs issued thereunder, including the Form of American Depositary Receipts. | F-6 POS | 1 | 12/21/07 | ||||
4.1 | License Agreement dated January 1, 2001, between the Registrant and The General Hospital Corporation. | 20-F | 5/29/02 | |||||
4.2 | Variation Agreement dated August 8, 2001, between the Registrant and The General Hospital Corporation, which amends the License Agreement dated January 1, 2001, between the parties. | 20-F | 5/29/02 | |||||
4.3 | Agreement to Provide Accounting, Administration, Corporate Advice and Company Secretarial Services dated February 23, 2000, between the Registrant and Malvern Administrative Services (now The CFO solution). | 20-F | 5/29/02 | |||||
4.4 | Second Amendment to Exclusive License Agreement dated January 1, 2001, between the Registrant and The General Hospital Corporation dated March 15, 2004. | 20-F | 4.6 | 6/30/04 | ||||
4.5 | Settlement Agreement dated July 28, 2004, among the Registrant, P.N. Gerolymatos S.A, or PNG, Mr. Gerolymatos, GHC, Professor Ashley Bush, Dr. Rudolph Tanzi and Dr. Robert Cherny and the ancillary agreements of even date therewith exhibited thereto, including the Patent Assignment and Settlement Agreement among the Registrant and PNG, Patent Rights Security Agreement among the Registrant and PNG and the Derivatives Agreement among the Registrant and PNG. | 20-F | 4.21 | 6/30/04 | ||||
4.6 | Prana Biotechnology Limited, 2004 American Depository Share (ADS) Option Plan. | 6-K | Annexure A | 11/3/04 | ||||
to Item 1 | ||||||||
4.7 | Prana Biotechnology Limited, 2004 Employees’, Directors’ and Consultants’ Share and Option Plan. | 6-K | Annexure B | 11/3/04 | ||||
to Item 1 | ||||||||
4.8 | Fourth Research Funding and Intellectual Property Assignment Agreement dated December 1, 2009. | 20-F | 4.9 | 6/30/12 | ||||
4.9 | Fifth Research Funding and Intellectual Property Assignment Agreement dated December 1, 2012. | 20-F | 4.9 | 6/30/13 | ||||
4.10* | Sixth Research Funding and Intellectual Property Assignment Agreement dated November 7, 2014. | |||||||
4.11 | Employment Agreement dated September 21, 2007, among the Registrant and Mr. Kempler. | 20-F | 4.19 | 6/30/07 |
4.12 | Letter Agreements effective as of June 12, 2007 between the Registrant and Ms. Dianne Angus. | 20-F | 4.21 | 6/30/07 | ||||
4.13 | Placement Confirmation Letter dated September 8, 2009, between the Registrant and BAM Capital LLC. | 20-F | 4.25 | 6/30/07 | ||||
4.14 | Manufacturing Services Agreement for PBT2 HCI Supply dated August 19, 2013 between the Registrant and Dr. Reddy’s Laboratories Limited. | 20-F | 4.30 | 6/30/13 | ||||
4.15 | Amendments to Manufacturing Services Agreement for PBT2 HCI Supply dated August 19, 2013 between the Registrant and Dr. Reddy’s Laboratories Limited, as amended: Amendment No. 1 effective September 26, 2013; and Amendment No. 2 effective August 31, 2013. | 20-F | 4.35 | 6/30/14 | ||||
4.16 | Manufacturing Services Agreement for PBT434 API supply dated March 28, 2014 | 20-F | 4.36 | 6/30/14 | ||||
4.17 | Master Service Agreement between the Registrant and Certara Portugal dated January 22, 2015 | 20-F | 4.17 | 6/30/15 | ||||
4.18 | Master Service Agreement between the Registrant and d3 Medicine LLC dated March 17, 2015 | 20-F | 4.18 | 6/30/15 | ||||
4.19* | Master Service Agreement between the Registrant and Orgapharm S.A.S. dated September 21, 2015. | |||||||
4.20* | Master Service Agreement between the Registrant and IDT Australia Limited dated September 1, 2015 | |||||||
8.1* | List of Subsidiaries of the Registrant. | |||||||
12.1* | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act, as amended. | |||||||
12.2* | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act, as amended. | |||||||
13.1* | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
13.2* | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
15.1* | Consent of PricewaterhouseCoopers. |
4.10* | Sixth Research Funding and Intellectual Property Assignment Agreement dated November 7, 2014. | |||||||
4.11 | Employment Agreement dated September 21, 2007, among the Registrant and Mr. Kempler. | 20-F | 4.19 | 6/30/07 | ||||
4.12 | Letter Agreements effective as of June 12, 2007 between the Registrant and Ms. Dianne Angus. | 20-F | 4.21 | 6/30/07 | ||||
4.13 | Placement Confirmation Letter dated September 8, 2009, between the Registrant and BAM Capital LLC. | 20-F | 4.25 | 6/30/07 | ||||
4.14 | Manufacturing Services Agreement for PBT2 HCI Supply dated August 19, 2013 between the Registrant and Dr. Reddy’s Laboratories Limited. | 20-F | 4.30 | 6/30/13 | ||||
4.15 | Amendments to Manufacturing Services Agreement for PBT2 HCI Supply dated August 19, 2013 between the Registrant and Dr. Reddy’s Laboratories Limited, as amended: Amendment No. 1 effective September 26, 2013; and Amendment No. 2 effective August 31, 2013. | 20-F | 4.35 | 6/30/14 | ||||
4.16 | Manufacturing Services Agreement for PBT434 API supply dated March 28, 2014 | 20-F | 4.36 | 6/30/14 | ||||
4.17* | Master Service Agreement between the Registrant and Certara Portugal dated January 22, 2015 | |||||||
4.18* | Master Service Agreement between the Registrant and d3 Medicine LLC dated March 17, 2015 | |||||||
8.1* | List of Subsidiaries of the Registrant. | |||||||
12.1* | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act, as amended. | |||||||
12.2* | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act, as amended. | |||||||
13.1* | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
13.2* | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
15.1* | Consent of PricewaterhouseCoopers. |
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June 30, | June 30, | ||||||||||||||||||||||
Notes | 2015 | 2014 | Notes | 2016 | 2015 | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Current Assets | |||||||||||||||||||||||
Cash and cash equivalents | 34,909,574 | 34,167,018 | 28,593,538 | 34,909,574 | |||||||||||||||||||
Trade and other receivables | 5 | 6,521,154 | 7,285,409 | 5 | 4,786,765 | 6,521,154 | |||||||||||||||||
Other current assets | 6 | 313,465 | 96,883 | 6 | 276,504 | 313,465 | |||||||||||||||||
Total Current Assets | 41,744,193 | 41,549,310 | 33,656,807 | 41,744,193 | |||||||||||||||||||
Non-Current Assets | |||||||||||||||||||||||
Property and equipment, net of accumulated depreciation of A$322,342 and $345,238, respectively | 7 | 44,727 | 47,557 | ||||||||||||||||||||
Property and equipment, net of accumulated depreciation of A$329,541 and $322,342, respectively | 7 | 24,225 | 44,727 | ||||||||||||||||||||
Other non-current assets | 6 | 45,462 | 43,988 | 6 | 43,988 | 45,462 | |||||||||||||||||
Total Non-Current Assets | 90,189 | 91,545 | 68,213 | 90,189 | |||||||||||||||||||
Total Assets | 41,834,382 | 41,640,855 | 33,725,020 | 41,834,382 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Current Liabilities | |||||||||||||||||||||||
Trade and other payables | 8 | 2,152,015 | 3,358,358 | 8 | 1,748,566 | 2,152,015 | |||||||||||||||||
Other financial liabilities | 9 | 12,076 | 98,398 | 9 | - | 12,076 | |||||||||||||||||
Provisions | 10 | 554,615 | 494,784 | 10 | 608,771 | 554,615 | |||||||||||||||||
Total Current Liabilities | 2,718,706 | 3,951,540 | 2,357,337 | 2,718,706 | |||||||||||||||||||
Non-Current Liabilities | |||||||||||||||||||||||
Provisions | 10 | 2,412 | 3,028 | 10 | 470 | 2,412 | |||||||||||||||||
Total Non-Current Liabilities | 2,412 | 3,028 | 470 | 2,412 | |||||||||||||||||||
Total Liabilities | 2,721,118 | 3,954,568 | 2,357,807 | 2,721,118 | |||||||||||||||||||
Net Assets | 39,113,264 | 37,686,287 | 31,367,213 | 39,113,264 | |||||||||||||||||||
Equity | |||||||||||||||||||||||
Issued capital 2015: 533,891,470 fully paid ordinary shares Nil options over fully paid ordinary shares 2014: 488,646,960 fully paid ordinary shares Nil options over fully paid ordinary shares | 13 | 146,895,714 | 140,009,415 | ||||||||||||||||||||
Issued capital 2016: 533,891,470 fully paid ordinary shares Nil options over fully paid ordinary shares 2015: 533,891,470 fully paid ordinary shares Nil options over fully paid ordinary shares | 12 | 146,879,214 | 146,895,714 | ||||||||||||||||||||
Reserves | 14 | 9,363,181 | 8,937,434 | 13 | 9,363,181 | 9,363,181 | |||||||||||||||||
Accumulated deficit during the development stage | 15 | (117,145,631 | ) | (111,260,562 | ) | 14 | (124,875,182 | ) | (117,145,631 | ) | |||||||||||||
Total Equity | 39,113,264 | 37,686,287 | 31,367,213 | 39,113,264 |
PRANA BIOTECHNOLOGY LIMITED |
Years ended June 30, | Years ended June 30, | ||||||||||||||||||||||||||||||
Notes | 2015 | 2014 | 2013 | Notes | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Revenues from ordinary activities | 2 | 176,842 | 363,775 | 150,867 | 2 | 142,657 | 176,842 | 363,775 | |||||||||||||||||||||||
Other income | 2 | 6,317,438 | 7,845,396 | 4,488,526 | 2 | 4,753,697 | 6,317,438 | 7,845,396 | |||||||||||||||||||||||
Intellectual property expenses | (241,954 | ) | (257,299 | ) | (477,079 | ) | |||||||||||||||||||||||||
General and administration expenses | 3 | (3,610,551 | ) | (4,506,122 | ) | (4,925,411 | ) | ||||||||||||||||||||||||
Research and development expenses | 3 | (12,298,167 | ) | (14,908,098 | ) | (8,203,822 | ) | 3 | (9,585,371 | ) | (12,298,167 | ) | (14,908,098 | ) | |||||||||||||||||
Corporate personnel expenses | 3 | (2,344,337 | ) | (2,059,642 | ) | (2,298,426 | ) | ||||||||||||||||||||||||
Intellectual property expenses | 3 | (257,299 | ) | (477,079 | ) | (294,894 | ) | ||||||||||||||||||||||||
Auditor and accounting expenses | 3 | (416,271 | ) | (342,609 | ) | (166,086 | ) | ||||||||||||||||||||||||
Travel expenses | 3 | (125,532 | ) | (421,013 | ) | (131,710 | ) | ||||||||||||||||||||||||
Public relations and marketing expenses | 3 | (87,851 | ) | (358,597 | ) | (136,186 | ) | ||||||||||||||||||||||||
Depreciation expenses | 3 | (31,587 | ) | (22,384 | ) | (23,130 | ) | ||||||||||||||||||||||||
Other expenses | 3 | (1,626,076 | ) | (2,142,179 | ) | (1,169,407 | ) | ||||||||||||||||||||||||
Interest expense - ADDF | - | (29,978 | ) | (17,676 | ) | ||||||||||||||||||||||||||
Foreign exchange gain (loss) | 3 | 4,721,449 | (746,593 | ) | 140,761 | ||||||||||||||||||||||||||
Gain (loss) on fair valuation of financial liabilities | 3 | 86,322 | (30,238 | ) | (126,059 | ) | |||||||||||||||||||||||||
Finance expenses | - | - | (29,978 | ) | |||||||||||||||||||||||||||
Other operating expenses | (45,276 | ) | (39,210 | ) | (451,251 | ) | |||||||||||||||||||||||||
Other gains and losses | 3 | 857,247 | 4,721,449 | (746,593 | ) | ||||||||||||||||||||||||||
Loss before income tax expense | (5,885,069 | ) | (13,329,239 | ) | (7,787,242 | ) | (7,729,551 | ) | (5,885,069 | ) | (13,329,239 | ) | |||||||||||||||||||
Income tax expense | 4 | - | - | - | 4 | - | - | - | |||||||||||||||||||||||
Loss for the year | (5,885,069 | ) | (13,329,239 | ) | (7,787,242 | ) | (7,729,551 | ) | (5,885,069 | ) | (13,329,239 | ) | |||||||||||||||||||
Other comprehensive loss | - | - | - | - | - | ||||||||||||||||||||||||||
Total comprehensive loss for the year | 16a | (5,885,069 | ) | (13,329,239 | ) | (7,787,242 | ) | 15 (a) | (7,729,551 | ) | (5,885,069 | ) | (13,329,239 | ) | |||||||||||||||||
Loss per share (basic and diluted - cents per share) | 20 | (1.17 | ) | (3.11 | ) | (2.30 | ) | 19 | (1.45 | ) | (1.17 | ) | (3.11 | ) | |||||||||||||||||
Weighted average number of ordinary shares used in computing basic and diluted net loss per share | 502,714,982 | 428,047,123 | 338,700,006 | 533,891,470 | 502,714,982 | 428,047,123 |
Years Ended June 30, | Years Ended June 30, | ||||||||||||||||||||||||||||||
Notes | 2015 | 2014 | 2013 | Notes | 2016 | 2015 | 2014 | ||||||||||||||||||||||||
Cash Flows from Operating Activities | |||||||||||||||||||||||||||||||
Payments to suppliers and employees | (18,124,103 | ) | (18,011,310 | ) | (10,650,823 | ) | (14,055,879 | ) | (18,124,102 | ) | (18,011,310 | ) | |||||||||||||||||||
Interest received | 216,317 | 377,587 | 93,789 | 120,392 | 216,317 | 377,587 | |||||||||||||||||||||||||
Grants received | 228,541 | 2,500 | 107,097 | - | 228,541 | 2,500 | |||||||||||||||||||||||||
R&D tax refund | 6,808,171 | 4,095,000 | 2,492,683 | 6,516,961 | 6,808,170 | 4,095,000 | |||||||||||||||||||||||||
Other | - | - | 6,000 | ||||||||||||||||||||||||||||
Net cash flows used in operating activities | 16(a) | (10,871,074 | ) | (13,536,223 | ) | (7,951,254 | ) | 15(a) | (7,418,526 | ) | (10,871,074 | ) | (13,536,223 | ) | |||||||||||||||||
Cash Flows from Investing Activities | |||||||||||||||||||||||||||||||
Payment for payroll and rental security deposits | (154,077 | ) | - | (6,151 | ) | 1,474 | (154,077 | ) | - | ||||||||||||||||||||||
Payments for purchase of plant and equipment | (28,757 | ) | (23,048 | ) | (22,000 | ) | (2,307 | ) | (28,757 | ) | (23,048 | ) | |||||||||||||||||||
Net cash flows used in investing activities | (182,834 | ) | (23,048 | ) | (28,151 | ) | (833 | ) | (182,834 | ) | (23,048 | ) | |||||||||||||||||||
Cash Flows from Financing Activities | |||||||||||||||||||||||||||||||
Proceeds from exercise of options and issue of securities | 7,128,142 | 37,110,325 | 16,260,806 | - | 7,128,142 | 37,110,325 | |||||||||||||||||||||||||
Payment of share issue costs | (284,931 | ) | (1,339,369 | ) | (1,015,775 | ) | - | (284,931 | ) | (1,339,369 | ) | ||||||||||||||||||||
Proceeds from borrowings | - | - | 337,000 | ||||||||||||||||||||||||||||
Repayment of borrowings | - | (810,164 | ) | - | - | - | (810,164 | ) | |||||||||||||||||||||||
Net cash flows provided by financing activities | 6,843,211 | 34,960,792 | 15,582,031 | - | 6,843,211 | 34,960,792 | |||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (4,210,697 | ) | 21,401,521 | 7,602,626 | |||||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (7,419,359 | ) | (4,210,697 | ) | 21,401,521 | ||||||||||||||||||||||||||
Opening cash and cash equivalents brought forward | 34,167,018 | 13,346,760 | 5,636,469 | 34,909,574 | 34,167,018 | 13,346,760 | |||||||||||||||||||||||||
Redemption of security deposit | 152,603 | - | - | ||||||||||||||||||||||||||||
Exchange rate adjustments on cash and cash equivalents held in foreign currencies | 4,953,253 | (581,263 | ) | 107,665 | 950,720 | 4,953,253 | (581,263 | ) | |||||||||||||||||||||||
Closing cash and cash equivalents carried forward | 16(b) | 34,909,574 | 34,167,018 | 13,346,760 | 15(b) | 28,593,538 | 34,909,574 | 34,167,018 |
Notes | Number of Shares | Issued Capital | Reserves | Accumulated Deficit During Development Stage | Total Equity | Notes | Number of Shares | Issued Capital | Reserves | Accumulated Deficit During Development Stage | Total Equity | ||||||||||||||||||||||||||||||||||
Balance, June 30, 2012 | 297,980,818 | 86,134,077 | 9,633,451 | (90,144,081 | ) | 5,623,447 | |||||||||||||||||||||||||||||||||||||||
Transactions with owners in their capacity as owners: | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with private placement, net of costs | 13(b) | 58,141,030 | 10,629,011 | - | - | 10,629,011 | |||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with share purchase plan, net of costs | 13(b) | 10,370,488 | 1,570,863 | - | - | 1,570,863 | |||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with At-The-Market facility, net of costs | 13(b) | 15,008,090 | 3,023,160 | - | - | 3,023,160 | |||||||||||||||||||||||||||||||||||||||
Non-cash issuance of shares to consultants | 13(b) | 110,000 | 22,000 | - | - | 22,000 | |||||||||||||||||||||||||||||||||||||||
Non-cash issuance of options to employees | 14(b) | - | - | 86,969 | - | 86,969 | |||||||||||||||||||||||||||||||||||||||
Non-cash issuance of options to consultants | 14(b) | - | - | 215,083 | - | 215,083 | |||||||||||||||||||||||||||||||||||||||
Non-cash issuance of options to directors | 14(b) | - | - | 591,422 | - | 591,422 | |||||||||||||||||||||||||||||||||||||||
83,629,608 | 15,245,034 | 893,474 | - | 16,138,508 | |||||||||||||||||||||||||||||||||||||||||
Net loss | 15 | - | - | - | (7,787,242 | ) | (7,787,242 | ) | |||||||||||||||||||||||||||||||||||||
Total comprehensive loss for the year | - | - | - | (7,787,242 | ) | (7,787,242 | ) | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2013 | 381,610,426 | 101,379,111 | 10,526,925 | (97,931,323 | ) | 13,974,713 | 381,610,426 | 101,379,111 | 10,526,925 | (97,931,323 | ) | 13,974,713 | |||||||||||||||||||||||||||||||||
Transactions with owners in their capacity as owners: | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with At-The-Market facility, net of costs | 13(b) | 85,108,500 | 30,818,030 | - | - | 30,818,030 | 12(b) | 85,108,500 | 30,818,030 | - | - | 30,818,030 | |||||||||||||||||||||||||||||||||
Issuance of shares in connection with share purchase plan, net of costs | 13(c) | 1,000,000 | 276,950 | - | - | 276,950 | 12(c) | 1,000,000 | 276,950 | - | - | 276,950 | |||||||||||||||||||||||||||||||||
Non-cash issuance of options to employees | 14(b) | - | - | 33,824 | - | 33,824 | 13(b) | - | - | 33,824 | - | 33,824 | |||||||||||||||||||||||||||||||||
Non-cash issuance of options to consultants | 14(b) | - | - | 959,084 | - | 959,084 | 13(b) | - | - | 959,084 | - | 959,084 | |||||||||||||||||||||||||||||||||
Issuance of shares in connection with exercise of options, net of costs | 13(b) & 14(b) | 20,928,034 | 7,535,324 | (2,582,399 | ) | - | 4,952,925 | 12(b) &(b)(b) | 20,928,034 | 7,535,324 | (2,582,399 | ) | - | 4,952,925 | |||||||||||||||||||||||||||||||
107,036,534 | 38,630,304 | (1,589,491 | ) | - | 37,040,813 | 107,036,534 | 38,630,304 | (1,589,491 | ) | - | 37,040,813 | ||||||||||||||||||||||||||||||||||
Net loss | - | - | - | (13,329,239 | ) | (13,329,239 | ) | - | - | - | (13,329,239 | ) | (13,329,239 | ) | |||||||||||||||||||||||||||||||
Total comprehensive loss for the year | - | - | - | (13,329,239 | ) | (13,329,239 | ) | - | - | - | (13,329,239 | ) | (13,329,239 | ) | |||||||||||||||||||||||||||||||
Balance, June 30, 2014 | 488,646,960 | 140,009,415 | 8,937,434 | (111,260,562 | ) | 37,686,287 | 488,646,960 | 140,009,415 | 8,937,434 | (111,260,562 | ) | 37,686,287 | |||||||||||||||||||||||||||||||||
Transactions with owners in their capacity as owners: | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with At-The-Market facility, net of costs | 13(b) | 44,954,510 | 7,129,242 | (284,931) | - | - | 7,129,242 | 12(b) | 44,954,510 | 6,844,311 | - | - | 6,844,311 | ||||||||||||||||||||||||||||||||
Issuance of shares in connection with share purchase plan, net of costs | 13(c) | 110,000 | 16,500 | - | - | 16,500 | 12(c) | 110,000 | 16,500 | - | - | 16,500 | |||||||||||||||||||||||||||||||||
Non-cash issuance of options to employees | 14(b) | - | - | 170,397 | - | 170,397 | 13(b) | - | - | 170,397 | - | 170,397 | |||||||||||||||||||||||||||||||||
Non-cash issuance of options to consultants | 14(b) | - | - | 280,838 | - | 280,838 | 13(b) | - | - | 280,838 | - | 280,838 | |||||||||||||||||||||||||||||||||
Issuance of shares in connection with exercise of options, net of costs | 13(b) & 14(b) | 180,000 | 25,488 | (25,488 | ) | - | - | 12(b) &(b)(b) | 180,000 | 25,488 | (25,488 | ) | - | - | |||||||||||||||||||||||||||||||
45,244,510 | 6,886,299 | 425,747 | - | 7,312,046 | 45,244,510 | 6,886,299 | 425,747 | - | 7,312,046 | ||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | (5,885,069 | ) | (5,885,069 | ) | - | - | - | (5,885,069 | ) | (5,885,069 | ) | |||||||||||||||||||||||||||||||
Total comprehensive loss for the year | - | - | - | (5,885,069 | ) | (5,885,069 | ) | - | - | - | (5,885,069 | ) | (5,885,069 | ) | |||||||||||||||||||||||||||||||
Balance, June 30, 2015 | 533,891,470 | 146,895,714 | 9,363,181 | (117,145,631 | ) | 39,113,264 | 533,891,470 | 146,895,714 | 9,363,181 | (117,145,631 | ) | 39,113,264 | |||||||||||||||||||||||||||||||||
Transactions with owners in their capacity as owners: | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with At-The-Market facility, net of costs | 12(b) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with share purchase plan, net of costs | 12(c) | - | (16,500 | ) | - | - | (16,500 | ) | |||||||||||||||||||||||||||||||||||||
Non-cash issuance of options to employees | 13(b) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Non-cash issuance of options to consultants | 13(b) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
Issuance of shares in connection with exercise of options, net of costs | 12(b) &(b)(b) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
- | (16,500 | ) | - | - | (16,500 | ) | |||||||||||||||||||||||||||||||||||||||
Net loss | - | - | - | (7,729,551 | ) | (7,729,551 | ) | ||||||||||||||||||||||||||||||||||||||
Total comprehensive loss for the year | �� | - | - | - | (7,729,551 | ) | (7,729,551 | ) | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2016 | 533,891,470 | 146,879,214 | 9,363,181 | (124,875,182 | ) | 31,367,213 |
· | The Company continues to pursue raising additional funds through alternative funding structures and has a strong history of raising capital. The |
· | The Company has on issue a total of |
· | Notwithstanding, in the event that the Company will not have sufficient funds to effect its current plans through the above mentioned methods, the Company has the ability to scale down its operations and prioritize its research and development programs. |
• the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and |
· | assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet, and |
· | income and expenses for each income statement are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and |
· | all resulting exchange differences are recognized as a separate component of equity. |
(k) Provisions |
(l) Cash and Cash Equivalents |
(m) Revenue from ordinary activities |
(n) Grants |
(o) Goods and Services Tax (“GST”) |
(p) Trade and Other Payables |
(q) Borrowings |
(r) Share-Based Payments |
(s) Loss Per Share |
(t) Share Capital |
(u) Trade and Other Receivables |
(v) Comparative Figures |
Impact of Re-classification of Expenses on Comparative Amounts The re-classification of expenses to function in Statement of Profit or Loss and Other Comprehensive Income has recently been completed to conform to standard industry practice and IFRS. The impact of the reclassification is shown in the table below. Prior periods’ comparatives have been revised to align to disclosure in the Financial Statements as shown below. This change in accounting policy has no impact on the total comprehensive loss for the prior periods, or the Statement of Financial Position and cash flow statement. F - 14 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – in Australian dollars (unless otherwise noted) 1. BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
F - 15 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – in Australian dollars (unless otherwise noted) 1. BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (w) Parent Information |
(x) New Accounting Standards And Interpretations |
Pronouncement | Title (Issue date) | Effective date | |
IFRS 15 | Revenue from contracts with customers | Annual periods beginning on or after January 1, 2017 Earlier application is permitted. | The Company is currently not generating revenue from contracts and thus the impact is expected to be nil. |
IFRS 9 | Financial instruments | Annual periods beginning on or after January 1, 2018 Earlier application is permitted. | Management is in the process of determining the impact of this standard for subsequent reporting periods. |
IFRS 16 | Leases | Annual periods beginning on or after January 1, 2019 Earlier application is permitted. | Management is in the process of determining the impact of this standard for subsequent reporting periods |
IFRS 2 (Amendments) | Classification and Measurement of Share-based Payment Transactions | Annual periods beginning on or after January 1, 2018 Earlier application is permitted. | Management is in the process of determining the impact of this standard for subsequent reporting periods. |
Years Ended June 30, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
2. REVENUE AND OTHER INCOME FROM CONTINUING OPERATIONS | ||||||||||||
Other revenue | ||||||||||||
Interest | 142,657 | 176,842 | 363,775 | |||||||||
Total other revenue | 142,657 | 176,842 | 363,775 | |||||||||
Other income | ||||||||||||
R&D Tax Incentive | 4,753,697 | 6,088,897 | 7,802,947 | |||||||||
Michael J Fox Foundation Grant | - | - | 39,949 | |||||||||
Other Grants | - | 228,541 | 2,500 | |||||||||
Total other income | 4,753,697 | 6,317,438 | 7,845,396 | |||||||||
Total revenue and other income from continuing operations | 4,896,354 | 6,494,280 | 8,209,171 |
Years Ended June 30, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
3. EXPENSES FROM ORDINARY ACTIVITIES | ||||||||||||
Research and Development Expenses (1) | ||||||||||||
Employee expenses | 1,821,717 | 1,866,915 | 1,827,934 | |||||||||
Other research and development expenses | 7,763,654 | 10,431,252 | 13,080,164 | |||||||||
General and Administration Expenses | ||||||||||||
Depreciation on fixed assets | 22,810 | 31,587 | 22,384 | |||||||||
Employee expenses (non R&D related) | 992,751 | 937,348 | 807,502 | |||||||||
750,158 | 1,227,731 | 1,212,240 | ||||||||||
Audit, internal control and other assurance expenses | 204,776 | 499,911 | 420,519 | |||||||||
Corporate compliance expenses | 358,096 | 421,958 | 493,362 | |||||||||
Office rental | 195,561 | 161,175 | 163,583 | |||||||||
Other administrative and office expenses | 1,086,400 | 1,226,412 | 1,805,821 | |||||||||
Other gains and losses | ||||||||||||
Foreign exchange (gain)/loss | (857,247 | ) | (4,721,449 | ) | 746,593 | |||||||
Years Ended June 30, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
2.REVENUE AND OTHER INCOME FROM CONTINUING OPERATIONS | ||||||||||||
Other revenue | ||||||||||||
Interest | 176,842 | 363,775 | 150,867 | |||||||||
Total other revenue | 176,842 | 363,775 | 150,867 | |||||||||
Other income | ||||||||||||
R&D Tax Incentive | 6,088,897 | 7,802,947 | 4,408,761 | |||||||||
Michael J Fox Foundation Grant | - | 39,949 | 73,765 | |||||||||
Other Grants | 228,541 | 2,500 | 6,000 | |||||||||
Total other income | 6,317,438 | 7,845,396 | 4,488,526 | |||||||||
Total revenue and other income from continuing operations | 6,494,280 | 8,209,171 | 4,639,393 |
Years Ended June 30, | |||||||||||||
Notes | 2015 | 2014 | 2013 | ||||||||||
3.EXPENSES FROM ORDINARY ACTIVITIES | |||||||||||||
Research and development expenses | 3(a) and 3(b) | 12,298,167 | 14,908,098 | 8,203,822 | |||||||||
Corporate personnel expenses | |||||||||||||
Employee expenses | 3(b) | 885,893 | 751,004 | 649,430 | |||||||||
Equity based payments to employees | 3(b) | 170,397 | 33,824 | 18,252 | |||||||||
Consultant and director expenses | 930,393 | 773,601 | 761,584 | ||||||||||
Equity-based payments to consultants and directors | 297,338 | 438,639 | 800,833 | ||||||||||
Defined contribution superannuation expenses | 3(b) | 60,316 | 62,574 | 68,327 | |||||||||
Total corporate personnel expense* | 2,344,337 | 2,059,642 | 2,298,426 | ||||||||||
Intellectual property expenses | |||||||||||||
Overseas | 206,748 | 195,092 | 145,233 | ||||||||||
Local | 50,551 | 281,987 | 149,661 | ||||||||||
Total intellectual property expense | 257,299 | 477,079 | 294,894 | ||||||||||
Depreciation of non-current assets | |||||||||||||
Laboratory equipment | 853 | 44 | 2,831 | ||||||||||
Computer equipment | 27,797 | 19,605 | 17,569 | ||||||||||
Furniture and fittings | 2,937 | 2,735 | 2,730 | ||||||||||
Total depreciation expense | 31,587 | 22,384 | 23,130 | ||||||||||
Other expenses | |||||||||||||
Corporate compliance | 421,958 | 487,632 | 251,552 | ||||||||||
Administrative and office expenses | 865,241 | 1,365,151 | 634,552 | ||||||||||
Computer expenses | 30,023 | 22,316 | 21,609 | ||||||||||
Insurance | 147,679 | 103,497 | 84,679 | ||||||||||
Office rental under operating lease | 161,175 | 163,583 | 177,015 | ||||||||||
Interest Expense - ADDF | - | 29,978 | 17,676 | ||||||||||
Total other expenses | 1,626,076 | 2,172,157 | 1,187,083 | ||||||||||
Auditor and accounting expenses | 416,271 | 342,609 | 166,086 | ||||||||||
Travel expenses | 125,532 | 421,013 | 131,710 | ||||||||||
Public relations and marketing expenses | 87,851 | 358,597 | 136,186 | ||||||||||
Foreign exchange (gain) loss | (4,721,449 | ) | 746,593 | (140,761 | ) | ||||||||
(Gain) loss on fair valuation of financial liabilities | (86,322 | ) | 30,238 | 126,059 | |||||||||
Total expenses | 12,379,349 | 21,538,410 | 12,426,635 | ||||||||||
*Corporate personnel expenses excludes salaries and fees paid to employees and consultants involved in research and development activities. | |||||||||||||
Years Ended June 30, | |||||||||||||
(a) Research and development expenses (1) and (2) | 2015 | 2014 | 2013 | ||||||||||
Personnel expenses related to research and development | 1,866,915 | 1,827,934 | 777,272 | ||||||||||
Research and development expenses | 10,431,252 | 13,080,164 | 7,426,550 | ||||||||||
Total research and development expenses | 12,298,167 | 14,908,098 | 8,203,822 | ||||||||||
Years Ended June 30, | ||||||||||||
(b) Employee benefits expenses | 2015 | 2014 | 2013 | |||||||||
Employee expenses | 2,668,199 | 1,948,607 | 1,413,368 | |||||||||
Equity payments to employees | 170,397 | 33,824 | 382,678 | |||||||||
Defined contribution superannuation expenses | 185,408 | 121,165 | 90,217 | |||||||||
Total employee benefits expenses | 3,024,004 | 2,103,596 | 1,886,263 |
Years Ended June 30, | Years Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||||
4.INCOME TAX | ||||||||||||||||||||||||
4. INCOME TAX | ||||||||||||||||||||||||
(a) The prima facie tax on net (loss) before tax is reconciled to the income tax is as follows: | ||||||||||||||||||||||||
Prima facie tax on net (loss) before income tax at 30% (2015, 2014 & 2013: 30%) | (1,765,521 | ) | (3,998,772 | ) | (2,336,173 | ) | ||||||||||||||||||
(a) Income tax expense: | ||||||||||||||||||||||||
Current tax | - | - | - | |||||||||||||||||||||
Adjustment for current tax of prior periods | - | - | - | |||||||||||||||||||||
Deferred tax | - | - | - | |||||||||||||||||||||
(b) Numerical reconciliation of income tax expense to prima facie tax payable: | ||||||||||||||||||||||||
Prima facie tax on net loss before income tax at 30% (2016, 2015 & 2014: 30%) | (2,318,865 | ) | (1,765,431 | ) | (3,998,686 | ) | ||||||||||||||||||
Effect of lower tax rates of tax on overseas income | (41 | ) | (43 | ) | (499 | ) | (11,111 | ) | (41 | ) | (43 | ) | ||||||||||||
Add tax effect of: | ||||||||||||||||||||||||
(Over)/Under provision of income tax in previous year relating to a correction of estimates (1) | 3,071,631 | 2,214,342 | 1,408,791 | |||||||||||||||||||||
(Over)/Under provision of income tax in previous year relating to a revision of estimates | 4,582,839 | 3,071,631 | 2,214,342 | |||||||||||||||||||||
Equity issued for nil consideration | 140,651 | 1,269,857 | 274,642 | - | 140,651 | 1,269,857 | ||||||||||||||||||
Research and development tax incentive refund | (2,153,737 | ) | (7,180,486 | ) | (1,039,919 | ) | ||||||||||||||||||
Research and development expenditure (net of tax incentive) | 1,743,004 | (2,153,737 | ) | (7,180,486 | ) | |||||||||||||||||||
Gain/(loss) on fair value of financial liabilities | 25,897 | (30,238 | ) | (9,381 | ) | - | 25,897 | (30,238 | ) | |||||||||||||||
Other | 1,549 | 5,761 | 1,766 | 54,222 | 1,549 | 5,761 | ||||||||||||||||||
Deferred tax asset not recognized | 679,571 | 7,719,579 | 1,700,772 | (4,050,088 | ) | 679,571 | 7,719,579 | |||||||||||||||||
Income tax expense attributable to loss before income tax | - | - | - | - | - | - | ||||||||||||||||||
(b)Potential deferred tax asset at June 30, 2015, 2014 and 2013 in respect of: tax losses not brought to account is (2): | 38,463,614 | 39,143,186 | 35,566,969 | |||||||||||||||||||||
(c) Potential deferred tax asset at June 30, 2016, 2015 and 2014 in respect of: tax losses not brought to account is (1): | 35,687,127 | 38,463,614 | 39,143,186 | |||||||||||||||||||||
Temporary differences | 3,934,146 | (37,806 | ) | (338,714 | ) | (1,655,223 | ) | 3,934,146 | (37,806 | ) | ||||||||||||||
Years Ended June 30, | ||||||||
2016 | 2015 | |||||||
5. TRADE AND OTHER RECEIVABLES | ||||||||
Grant receivable | 55,699 | |||||||
Accrued interest income | 25,283 | 4,255 | ||||||
R&D tax incentive receivable | 4,753,646 | 6,461,212 | ||||||
Goods and services tax receivable | 7,836 | (12 | ) | |||||
Total Trade and Other Receivables | 4,786,765 | 6,521,154 |
Years Ended June 30, | ||||||||
2015 | 2014 | |||||||
5.TRADE AND OTHER RECEIVABLES | ||||||||
Grant receivable | 55,699 | - | ||||||
Accrued interest income | 4,255 | 43,730 | ||||||
R&D tax incentive receivable | 6,461,212 | 7,180,486 | ||||||
Goods and services tax receivable | (12 | ) | 61,193 | |||||
Total Trade and Other Receivables | 6,521,154 | 7,285,409 |
Years Ended June 30, | ||||||||
2016 | 2015 | |||||||
6. OTHER ASSETS | ||||||||
Current | ||||||||
Prepayments | 276,504 | 159,963 | ||||||
Payroll term deposit | - | 152,603 | ||||||
Other receivables | - | 899 | ||||||
Total | 276,504 | 313,465 | ||||||
Non-current | ||||||||
Rental term deposit | 43,988 | 45,462 | ||||||
Total | 43,988 | 45,462 | ||||||
Years Ended June 30, | ||||||||
2015 | 2014 | |||||||
6.OTHER ASSETS | ||||||||
Current | ||||||||
Prepayments | 159,963 | 62,771 | ||||||
Payroll term deposit | 152,603 | - | ||||||
Other receivables | 899 | 34,112 | ||||||
Total | 313,465 | 96,883 | ||||||
Non-current | ||||||||
Rental term deposit | 45,462 | 43,988 | ||||||
Total | 45,462 | 43,988 |
Years Ended June 30, | ||||||||||||
Notes | 2016 | 2015 | ||||||||||
7. PROPERTY AND EQUIPMENT | ||||||||||||
Gross carrying amount | ||||||||||||
Balance at beginning of year | 367,069 | 392,795 | ||||||||||
Additions | 2,799 | 28,757 | ||||||||||
Disposals | (16,102 | ) | (54,483 | ) | ||||||||
Balance at end of year | 353,766 | 367,069 | ||||||||||
Accumulated depreciation | ||||||||||||
Balance at beginning of year | (322,342 | ) | (345,238 | ) | ||||||||
Disposals | 15,611 | 54,483 | ||||||||||
Depreciation expense | 3 | (22,810 | ) | (31,587 | ) | |||||||
Balance at end of year | (329,541 | ) | (322,342 | ) | ||||||||
Net book value at end of year | 24,225 | 44,727 |
Years Ended June 30, | |||||||||||
Notes | 2015 | 2014 | |||||||||
7.PROPERTY AND EQUIPMENT | |||||||||||
Gross carrying amount | |||||||||||
Balance at beginning of year | 392,795 | 369,747 | |||||||||
Additions | 28,757 | 23,048 | |||||||||
Disposals | (54,483 | ) | - | ||||||||
Balance at end of year | 367,069 | 392,795 | |||||||||
Accumulated depreciation | |||||||||||
Balance at beginning of year | (345,238 | ) | (322,854 | ) | |||||||
Disposals | 54,483 | - | |||||||||
Depreciation expense | 3 | (31,587 | ) | (22,384 | ) | ||||||
Balance at end of year | (322,342 | ) | (345,238 | ) | |||||||
Net book value at end of year | 44,727 | 47,557 |
Years Ended June 30, | Years Ended June 30, | |||||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||||
Laboratory equipment, at cost | 112,631 | 116,007 | 112,631 | 112,631 | ||||||||||||
Less accumulated depreciation | (110,963 | ) | (113,486 | ) | (111,839 | ) | (110,964 | ) | ||||||||
Total laboratory equipment | 1,668 | 2,521 | 792 | 1,667 | ||||||||||||
Computer equipment, at cost | 140,382 | 185,641 | 127,078 | 140,382 | ||||||||||||
Less accumulated depreciation | (103,771 | ) | (149,190 | ) | (107,583 | ) | (103,771 | ) | ||||||||
Total computer equipment | 36,611 | 36,451 | 19,495 | 36,611 | ||||||||||||
Furniture and fittings, at cost | 38,398 | 37,598 | 38,398 | 38,398 | ||||||||||||
Less accumulated depreciation | (31,949 | ) | (29,012 | ) | (34,460 | ) | (31,949 | ) | ||||||||
Total furniture and fittings | 6,449 | 8,586 | 3,938 | 6,449 | ||||||||||||
Leasehold improvements, at cost | 75,659 | 75,659 | 75,659 | 75,659 | ||||||||||||
Less accumulated depreciation | (75,659 | ) | (75,659 | ) | (75,659 | ) | (75,659 | ) | ||||||||
Total leasehold improvements | - | - | - | - | ||||||||||||
Total | 44,727 | 47,557 | 24,225 | 44,727 |
Years Ended June 30, | ||||||||
2016 | 2015 | |||||||
8. TRADE AND OTHER PAYABLES | ||||||||
Trade creditors | 311,719 | 362,493 | ||||||
Accrued research and development expenses | 1,178,656 | 1,299,492 | ||||||
Accrued intellectual property expenses | 10,910 | - | ||||||
Accrued corporate personnel expenses | 7,421 | 535 | ||||||
Accrued audit and accounting fees | 143,776 | 415,911 | ||||||
Accrued travel expenses | 1,650 | - | ||||||
Other accrued expenses | 94,434 | 73,584 | ||||||
Total | 1,748,566 | 2,152,015 |
Years Ended June 30, | ||||||||
2015 | 2014 | |||||||
8.TRADE AND OTHER PAYABLES | ||||||||
Trade creditors | 362,493 | 651,152 | ||||||
Accrued research and development expenses | 1,299,492 | 2,222,881 | ||||||
Accrued intellectual property expenses | - | 60,380 | ||||||
Accrued corporate personnel expenses | 535 | 361 | ||||||
Accrued audit and accounting fees | 415,911 | 336,866 | ||||||
Accrued travel expenses | - | 10,609 | ||||||
Accrued marketing expenses | - | 22,645 | ||||||
Other accrued expenses | 73,584 | 53,464 | ||||||
Total | 2,152,015 | 3,358,358 |
Years Ended June 30, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
9.FINANCIAL LIABILITIES | No. | No. | A$ | A$ | ||||||||||||
Current | ||||||||||||||||
Warrants over ordinary shares (a) | 612,397 | 612,397 | 12,076 | 98,398 | ||||||||||||
Total | 12,076 | 98,398 |
Years Ended June 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
9. FINANCIAL LIABILITIES | No. | No. | A$ | A$ | ||||||||||||
Current | ||||||||||||||||
Warrants over ordinary shares (a) | - | 612,397 | - | 12,076 | ||||||||||||
Total | - | 12,076 |
Years Ended June 30, | Years Ended June 30, | ||||||||||||||||||
Notes | 2015 | 2014 | 2016 | 2015 | |||||||||||||||
10.PROVISIONS | |||||||||||||||||||
10. PROVISIONS | |||||||||||||||||||
Current | |||||||||||||||||||
Annual leave (1) | 261,823 | 217,646 | 288,122 | 261,823 | |||||||||||||||
Long service leave (1)(2) | 21 | 292,792 | 277,138 | 320,649 | 292,792 | ||||||||||||||
Total | 554,615 | 494,784 | 608,771 | 554,615 | |||||||||||||||
Non-Current | |||||||||||||||||||
Long service leave (2) | 21 | 2,412 | 3,028 | 470 | 2,412 |
(1) Movements in provisions |
Movements in each class of provision during the financial year are set out below: |
Years Ended June 30, | Years Ended June 30, | |||||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||||
Annual leave | ||||||||||||||||
Carrying amount at start of year | 217,646 | 179,609 | 261,823 | 217,646 | ||||||||||||
Charged/(credited) to profit or loss | ||||||||||||||||
-additional provisions recognized | 199,667 | 152,041 | 165,384 | 199,667 | ||||||||||||
-unused amounts reversed | - | - | - | - | ||||||||||||
Amounts used during the year | (155,490 | ) | (114,004 | ) | (139,085 | ) | (155,490 | ) | ||||||||
Carrying amount at end of year | 261,823 | 217,646 | 288,122 | 261,823 | ||||||||||||
Long service leave | ||||||||||||||||
Carrying amount at start of year | 280,166 | 239,700 | 295,204 | 280,166 | ||||||||||||
Charged/(credited) to profit or loss | ||||||||||||||||
-additional provisions recognized | 15,038 | 40,466 | 25,915 | 15,038 | ||||||||||||
-unused amounts reversed | - | - | - | - | ||||||||||||
Amounts used during the year | - | - | - | - | ||||||||||||
Carrying amount at end of year | 295,204 | 280,166 | 321,119 | 295,204 | ||||||||||||
TOTAL | 557,027 | 497,812 | 609,241 | 557,027 |
Years Ended June 30, | ||||||||
2015 | 2014 | |||||||
Long service leave obligation expected to be settled after 12 months | 292,792 | 277,138 |
Years Ended June 30, | ||||||||
2016 | 2015 | |||||||
Long service leave obligation expected to be settled after 12 months | 320,649 | 292,792 |
11. COMMITMENTS AND CONTINGENCIES |
Years Ended June 30, | |||||||||||||
Notes | 2015 | 2014 | 2013 | ||||||||||
13. ISSUED CAPITAL | |||||||||||||
(a) Issued Capital | |||||||||||||
533,891,470 (2014: 488,646,960) fully paid ordinary shares | 13(b) | 144,194,070 | 137,307,771 | 98,677,467 | |||||||||
Nil (2014: Nil) options for fully paid ordinary shares | 13(c) | 2,701,644 | 2,701,644 | 2,701,644 | |||||||||
146,895,714 | 140,009,415 | 101,379,111 |
Years Ended June 30, | ||||||||||||||||
Notes | 2016 | 2015 | 2014 | |||||||||||||
12. ISSUED CAPITAL | ||||||||||||||||
(a) Issued Capital | ||||||||||||||||
533,891,470 (2015: 533,891,470) fully paid ordinary shares | 12(b) | 144,177,570 | 144,194,070 | 137,307,771 | ||||||||||||
Nil (2015: Nil) options for fully paid ordinary shares | 12(c) | 2,701,644 | 2,701,644 | 2,701,644 | ||||||||||||
146,879,214 | 146,895,714 | 140,009,415 |
(b) Movements in Issued Shares |
June 30, | ||||||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||||||
No. | A$ | No. | A$ | No. | A$ | |||||||||||||||||||
Beginning of the year | 533,891,470 | 144,194,070 | 488,646,960 | 137,307,771 | 381,610,426 | 98,677,467 | ||||||||||||||||||
Movement during the year | - | (16,500 | ) | 45,244,510 | 6,886,299 | 107,036,534 | 38,630,304 | |||||||||||||||||
End of the year | 533,891,470 | 144,177,570 | 533,891,470 | 144,194,070 | 488,646,960 | 137,307,771 |
June 30, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
No. | No. | A$ | No. | No. | A$ | |||||||||||||||||||
Beginning of the year | 488,646,960 | 137,307,771 | 381,610,426 | 98,677,467 | 297,980,818 | 83,432,433 | ||||||||||||||||||
Movement during the year | 45,244,510 | 6,886,299 | 107,036,534 | 38,630,304 | 83,629,608 | 15,245,034 | ||||||||||||||||||
End of the year | 533,891,470 | 144,194,070 | 488,646,960 | 137,307,771 | 381,610,426 | 98,677,467 |
Date | Details | Notes | Number | Issue Price | A$ | |||||||||||
Year ended June 30, 2013 | 83,629,608 | 15,245,034 | ||||||||||||||
August 2, 2013 | Shares to investors as part of at-the-market facility | 1,469,780 | 0.40 | 588,216 | ||||||||||||
August 5, 2013 | Shares to investors as part of at-the-market facility | 465,980 | 0.38 | 176,592 | ||||||||||||
August 6, 2013 | Shares to investors as part of at-the-market facility | 3,601,550 | 0.39 | 1,413,617 | ||||||||||||
August 7, 2013 | Shares to investors as part of at-the-market facility | 2,517,590 | 0.38 | 956,832 | ||||||||||||
August 30, 2013 | Exercise of options – consultants | 150,000 | 0.35 | 52,140 | ||||||||||||
August 30, 2013 | Exercise of options – consultants | 100,000 | 0.12 | 11,700 | ||||||||||||
August 30, 2013 | Exercise of options – consultants | 86,625 | 0.14 | 12,266 | ||||||||||||
August 30, 2013 | Exercise of options – consultants | 100,000 | 0.12 | 11,700 | ||||||||||||
August 30, 2013 | Exercise of options – investors | 10,000,000 | 0.39 | 3,857,143 | ||||||||||||
August 30, 2013 | Shares to investors as part of at-the-market facility | 1,167,610 | 0.57 | 662,809 | ||||||||||||
September 9, 2013 | Shares to investors as part of at-the-market facility | 2,160,950 | 0.58 | 1,261,265 | ||||||||||||
September 10, 2013 | Shares to investors as part of at-the-market facility | 1,395,610 | 0.56 | 786,494 | ||||||||||||
September 11, 2013 | Shares to investors as part of at-the-market facility | 523,120 | 0.55 | 288,606 | ||||||||||||
September 12, 2013 | Shares to investors as part of at-the-market facility | 2,056,760 | 0.52 | 1,071,557 | ||||||||||||
October 3, 2013 | Exercise of options – employees | 97,418 | 0.18 | 17,577 | ||||||||||||
October 3, 2013 | Exercise of options – employees | 625,000 | 0.45 | 282,828 | ||||||||||||
October 25, 2013 | Exercise of options – consultants | 60,000 | 0.14 | 8,496 | ||||||||||||
October 25, 2013 | Exercise of options – employees | 217,478 | 0.14 | 30,795 | ||||||||||||
November 4, 2013 | Shares to investors as part of at-the-market facility | 6,745,750 | 0.48 | 3,209,209 | ||||||||||||
November 5, 2013 | Shares to investors as part of at-the-market facility | 143,700 | 0.48 | 69,054 | ||||||||||||
November 4, 2013 | Exercise of options – employees | 722,419 | 0.42 | 300,405 | ||||||||||||
November 6, 2013 | Shares to investors as part of at-the-market facility | 8,380 | 0.49 | 4,070 | ||||||||||||
November 25, 2013 | Exercise of options – consultants | 200,000 | 0.40 | 80,786 |
Date | Details | Notes | Number | Issue Price | A$ | |||||||||||
Year ended June 30, 2012 | 22,694,035 | 3,793,258 | ||||||||||||||
August 24, 2012 | Shares to investors as part of at-the-market facility | 1,364,190 | 0.18 | 239,238 | ||||||||||||
August 27, 2012 | Shares to investors as part of at-the-market facility | 1,656,440 | 0.17 | 288,162 | ||||||||||||
August 28, 2012 | Shares to investors as part of at-the-market facility | 52,000 | 0.17 | 8,970 | ||||||||||||
August 29, 2012 | Shares to investors as part of at-the-market facility | 164,770 | 0.17 | 28,252 | ||||||||||||
August 31, 2012 | Shares to investors as part of at-the-market facility | 347,000 | 0.17 | 58,771 | ||||||||||||
September 3, 2012 | Shares to investors as part of at-the-market facility | 816,330 | 0.17 | 138,954 | ||||||||||||
September 4, 2012 | Shares to investors as part of at-the-market facility | 169,060 | 0.17 | 27,909 | ||||||||||||
September 14, 2012 | Shares to investors as part of at-the-market facility | 1,249,450 | 0.19 | 242,432 | ||||||||||||
September 17, 2012 | Shares to investors as part of at-the-market facility | 2,507,610 | 0.20 | 507,067 | ||||||||||||
September 18, 2012 | Shares to investors as part of at-the-market facility | 354,500 | 0.20 | 70,973 | ||||||||||||
September 25, 2012 | Shares to investors as part of at-the-market facility | 1,196,500 | 0.25 | 296,530 | ||||||||||||
September 26, 2012 | Shares to investors as part of at-the-market facility | 189,210 | 0.24 | 46,289 | ||||||||||||
September 27, 2012 | Shares to investors as part of at-the-market facility | 121,350 | 0.22 | 27,055 | ||||||||||||
September 28, 2012 | Shares to investors as part of at-the-market facility | 20,700 | 0.23 | 4,665 | ||||||||||||
October 8, 2012 | Shares to investors as part of private placement | 32,500,000 | 0.18 | 6,012,500 | ||||||||||||
March 1, 2013 | Non cash share issue in consideration for services provided by consultants | (i) | 110,000 | 0.20 | 22,000 | |||||||||||
March 7, 2013 | Shares to investors as part of at-the-market facility | 1,843,240 | 0.27 | 502,879 | ||||||||||||
March 7, 2013 | Shares to investors as part of at-the-market facility | 1,499,870 | 0.27 | 407,541 |
April 8, 2013 | Shares to investors as part of private placement | 25,641,030 | 0.20 | 5,000,000 | ||||||||||||
April 8, 2013 | Shares to investors as part of at-the-market facility | 1,045,150 | 0.21 | 218,981 | ||||||||||||
April 8, 2013 | Shares to investors as part of at-the-market facility | 244,740 | 0.22 | 53,110 | ||||||||||||
April 8, 2013 | Shares to investors as part of at-the-market facility | 165,980 | 0.22 | 36,284 | ||||||||||||
May 3, 2013 | Share Purchase Plan | 10,370,488 | 0.19 | 2,022,245 | ||||||||||||
Security issuance costs | (1,015,775 | ) | ||||||||||||||
Year ended June 30, 2013 | 83,629,608 | 15,245,034 | ||||||||||||||
August 2, 2013 | Shares to investors as part of at-the-market facility | 1,469,780 | 0.40 | 588,216 | ||||||||||||
August 5, 2013 | Shares to investors as part of at-the-market facility | 465,980 | 0.38 | 176,592 | ||||||||||||
August 6, 2013 | Shares to investors as part of at-the-market facility | 3,601,550 | 0.39 | 1,413,617 | ||||||||||||
August 7, 2013 | Shares to investors as part of at-the-market facility | 2,517,590 | 0.38 | 956,832 | ||||||||||||
August 30, 2013 | Exercise of options – consultants | 150,000 | 0.35 | 52,140 | ||||||||||||
August 30, 2013 | Exercise of options – consultants | 100,000 | 0.12 | 11,700 | ||||||||||||
August 30, 2013 | Exercise of options – consultants | 86,625 | 0.14 | 12,266 | ||||||||||||
August 30, 2013 | Exercise of options – consultants | 100,000 | 0.12 | 11,700 | ||||||||||||
August 30, 2013 | Exercise of options – investors | 10,000,000 | 0.39 | 3,857,143 | ||||||||||||
August 30, 2013 | Shares to investors as part of at-the-market facility | 1,167,610 | 0.57 | 662,809 | ||||||||||||
September 9, 2013 | Shares to investors as part of at-the-market facility | 2,160,950 | 0.58 | 1,261,265 | ||||||||||||
September 10, 2013 | Shares to investors as part of at-the-market facility | 1,395,610 | 0.56 | 786,494 | ||||||||||||
September 11, 2013 | Shares to investors as part of at-the-market facility | 523,120 | 0.55 | 288,606 | ||||||||||||
September 12, 2013 | Shares to investors as part of at-the-market facility | 2,056,760 | 0.52 | 1,071,557 | ||||||||||||
October 3, 2013 | Exercise of options – employees | 97,418 | 0.18 | 17,577 | ||||||||||||
October 3, 2013 | Exercise of options – employees | 625,000 | 0.45 | 282,828 | ||||||||||||
October 25, 2013 | Exercise of options – consultants | 60,000 | 0.14 | 8,496 | ||||||||||||
October 25, 2013 | Exercise of options – employees | 217,478 | 0.14 | 30,795 | ||||||||||||
November 4, 2013 | Shares to investors as part of at-the-market facility | 6,745,750 | 0.48 | 3,209,209 | ||||||||||||
November 5, 2013 | Shares to investors as part of at-the-market facility | 143,700 | 0.48 | 69,054 | ||||||||||||
November 4, 2013 | Exercise of options – employees | 722,419 | 0.42 | 300,405 | ||||||||||||
November 6, 2013 | Shares to investors as part of at-the-market facility | 8,380 | 0.49 | 4,070 | ||||||||||||
November 25, 2013 | Exercise of options – consultants | 200,000 | 0.40 | 80,786 | ||||||||||||
December 13, 2013 | Exercise of options – employees | 73,200 | 0.35 | 25,444 | ||||||||||||
December 20, 2013 | Exercise of options – employees | 81,750 | 0.14 | 11,576 | ||||||||||||
December 20, 2013 | Exercise of options – consultants | 100,000 | 0.40 | 40,393 | ||||||||||||
January 3, 2014 | Exercise of options – investors | 1,700,000 | 0.35 | 593,622 | ||||||||||||
January 28, 2014 | Exercise of options – investors | 500,000 | 0.35 | 174,595 | ||||||||||||
February 6, 2014 | Exercise of options – investors | 3,928,900 | 0.35 | 1,371,931 | ||||||||||||
February 6, 2014 | Exercise of options – employees | 50,000 | 0.35 | 17,380 | ||||||||||||
February 21, 2014 | Exercise of options – employees | 60,000 | 0.28 | 16,800.00 | ||||||||||||
February 21, 2014 | Exercise of options – employees | 146,128 | 0.25 | 36,532 | ||||||||||||
February 21, 2014 | Exercise of options – employees | 157,818 | 0.35 | 54,858 | ||||||||||||
February 26, 2014 | Exercise of options – employees | 34,220 | 0.51 | 17,298 | ||||||||||||
February 26, 2014 | Exercise of options – employees | 47,700 | 0.35 | 16,581 | ||||||||||||
March 11, 2014 | Exercise of options – consultants | 200,000 | 0.40 | 80,786 | ||||||||||||
March 11, 2014 | Exercise of options – employees | 60,000 | 0.35 | 20,856 | ||||||||||||
March 11, 2014 | Exercise of options – employees | 66,500 | 0.28 | 18,620 | ||||||||||||
March 11, 2014 | Exercise of options – consultants | 1,000,000 | 0.26 | 260,000 | ||||||||||||
March 11, 2014 | Exercise of options – employees | 146,128 | 0.25 | 36,532 | ||||||||||||
March 11, 2014 | Shares to investors as part of at-the-market facility | 980,130 | 1.23 | 1,202,928 |
Date | Details | Notes | Number | Issue Price | A$ | ||||||||||
December 13, 2013 | Exercise of options – employees | 73,200 | 0.35 | 25,444 | |||||||||||
December 20, 2013 | Exercise of options – employees | 81,750 | 0.14 | 11,576 | |||||||||||
December 20, 2013 | Exercise of options – consultants | 100,000 | 0.40 | 40,393 | |||||||||||
January 3, 2014 | Exercise of options – investors | 1,700,000 | 0.35 | 593,622 | |||||||||||
January 28, 2014 | Exercise of options – investors | 500,000 | 0.35 | 174,595 | |||||||||||
February 6, 2014 | Exercise of options – investors | 3,928,900 | 0.35 | 1,371,931 | |||||||||||
February 6, 2014 | Exercise of options – employees | 50,000 | 0.35 | 17,380 | |||||||||||
February 21, 2014 | Exercise of options – employees | 60,000 | 0.28 | 16,800.00 | |||||||||||
February 21, 2014 | Exercise of options – employees | 146,128 | 0.25 | 36,532 | |||||||||||
February 21, 2014 | Exercise of options – employees | 157,818 | 0.35 | 54,858 | |||||||||||
February 26, 2014 | Exercise of options – employees | 34,220 | 0.51 | 17,298 | |||||||||||
February 26, 2014 | Exercise of options – employees | 47,700 | 0.35 | 16,581 | |||||||||||
March 11, 2014 | Exercise of options – consultants | 200,000 | 0.40 | 80,786 | |||||||||||
March 11, 2014 | Exercise of options – employees | 60,000 | 0.35 | 20,856 | |||||||||||
March 11, 2014 | Exercise of options – employees | 66,500 | 0.28 | 18,620 | |||||||||||
March 11, 2014 | Exercise of options – consultants | 1,000,000 | 0.26 | 260,000 | |||||||||||
March 11, 2014 | Exercise of options – employees | 146,128 | 0.25 | 36,532 | |||||||||||
March 11, 2014 | Shares to investors as part of at-the-market facility | 980,130 | 1.23 | 1,202,928 | |||||||||||
March 12, 2014 | Shares to investors as part of at-the-market facility | 41,760 | 1.18 | 49,339 | |||||||||||
March 14, 2014 | Shares to investors as part of at-the-market facility | 1,594,220 | 1.11 | 1,767,019 | |||||||||||
March 17, 2014 | Shares to investors as part of at-the-market facility | 2,280,750 | 1.05 | 2,405,397 | |||||||||||
April 3, 2014 | Exercise of options – investors | 216,750 | 0.35 | 75,687 | |||||||||||
April 3, 2014 | Shares to investors as part of at-the-market facility | 22,339,170 | 0.31 | 6,963,613 | |||||||||||
April 4, 2014 | Shares to investors as part of at-the-market facility | 17,290,080 | 0.27 | 4,607,964 | |||||||||||
April 7, 2014 | Shares to investors as part of at-the-market facility | 18,325,610 | 0.25 | 4,672,819 | |||||||||||
April 7, 2014 | Non cash share issue in consideration for services provided by consultants | (i) | 1,000,000 | 0.25 | 252,750 | ||||||||||
June 30, 2014 | Non cash share issue in consideration for services provided by consultants | - | - | 24,200 | |||||||||||
Security issuance costs | - | - | (1,339,369 | ) | |||||||||||
Year ended June 30, 2014 | 107,036,534 | 38,630,304 | |||||||||||||
July 1, 2014 | Reverse proposed issue to a consultant | - | - | (24,200 | ) | ||||||||||
July 21, 2014 | Non cash share issue in consideration for services provided by consultants | (i) | 110,000 | 0.23 | 25,300 | ||||||||||
July 21, 2014 | Exercise of options – employees | 180,000 | - | 25,488 | |||||||||||
February 23, 2015 | Shares to investors as part of at-the-market facility | 35,631,690 | 0.15 | 5,304,319 | |||||||||||
February 24, 2015 | Shares to investors as part of at-the-market facility | 2,538,820 | 0.14 | 357,270 | |||||||||||
June 2, 2015 | Shares to investors as part of at-the-market facility | 6,784,000 | 0.22 | 1,466,553 | |||||||||||
June 30, 2015 | Non cash share issue in consideration for services provided by consultants | - | - | 16,500 | |||||||||||
Security issuance costs | - | - | (284,931 | ) | |||||||||||
Year ended June 30, 2015 | 45,244,510 | 6,886,299 | |||||||||||||
July1, 2015 | Reverse proposed issue to a consultant | - | (16,500 | ) | |||||||||||
Year ended June 30, 2016 | - | (16,500 | ) |
March 12, 2014 | Shares to investors as part of at-the-market facility | 41,760 | 1.18 | 49,339 | ||||||||||||
March 14, 2014 | Shares to investors as part of at-the-market facility | 1,594,220 | 1.11 | 1,767,019 | ||||||||||||
March 17, 2014 | Shares to investors as part of at-the-market facility | 2,280,750 | 1.05 | 2,405,397 | ||||||||||||
April 3, 2014 | Exercise of options – investors | 216,750 | 0.35 | 75,687 | ||||||||||||
April 3, 2014 | Shares to investors as part of at-the-market facility | 22,339,170 | 0.31 | 6,963,613 | ||||||||||||
April 4, 2014 | Shares to investors as part of at-the-market facility | 17,290,080 | 0.27 | 4,607,964 | ||||||||||||
April 7, 2014 | Shares to investors as part of at-the-market facility | 18,325,610 | 0.25 | 4,672,819 | ||||||||||||
April 7, 2014 | Non cash share issue in consideration for services provided by consultants | (i) | 1,000,000 | 0.25 | 252,750 | |||||||||||
June 30, 2014 | Non cash share issue in consideration for services provided by consultants | - | - | 24,200 | ||||||||||||
Security issuance costs | - | - | (1,339,369 | ) | ||||||||||||
Year ended June 30, 2014 | 107,036,534 | 38,630,304 | ||||||||||||||
July 1, 2014 | Reverse proposed issue to a consultant | - | - | (24,200 | ) | |||||||||||
July 21, 2014 | Non cash share issue in consideration for services provided by consultants | (i) | 110,000 | 0.23 | 25,300 | |||||||||||
July 21, 2014 | Exercise of options – employees | 180,000 | - | 25,488 | ||||||||||||
February 23, 2015 | Shares to investors as part of at-the-market facility | 35,631,690 | 0.15 | 5,304,319 | ||||||||||||
February 24, 2015 | Shares to investors as part of at-the-market facility | 2,538,820 | 0.14 | 357,270 | ||||||||||||
June 2, 2015 | Shares to investors as part of at-the-market facility | 6,784,000 | 0.22 | 1,466,553 | ||||||||||||
June 30, 2015 | Non cash share issue in consideration for services provided by consultants | - | - | 16,500 | ||||||||||||
Security issuance costs | - | - | (284,931 | ) | ||||||||||||
Year ended June 30, 2015 | 45,244,510 | 6,886,299 |
(c) Movements in Options |
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||||
Number of Options | A$ | Number of Options | A$ | Number of Options | A$ | Number of Options | A$ | Number of Options | A$ | Number of Options | A$ | |||||||||||||||||||||||||||||||||||||
Beginning of the year | - | 2,701,644 | - | 2,701,644 | - | 2,701,644 | - | 2,701,644 | - | 2,701,644 | - | 2,701,644 | ||||||||||||||||||||||||||||||||||||
End of the year* | - | 2,701,644 | - | 2,701,644 | - | 2,701,644 | - | 2,701,644 | - | 2,701,644 | - | 2,701,644 |
(d) Terms and Conditions of Issued Capital |
Ordinary shares |
Ordinary shares have the right to receive dividends as declared and, in the event of a winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to vote, either in person or by proxy, at a meeting of the Company’s shareholders. |
Options |
Option holders do not have the right to receive dividends and are not entitled to vote at a meeting of the Company’s shareholders. Options may be exercised at any time from the date they vest to the date of their expiration. Share options convert into ordinary shares on a one for one basis on the date they are exercised. |
(e) Shares Issued after Reporting Date |
Years Ended June 30, | ||||||||||||||||
Notes | 2016 | 2015 | 2014 | |||||||||||||
(a) Share Based Payments | ||||||||||||||||
19,395,582 (2015: 19,395,582) options for fully paid ordinary shares | 13(b) | 7,394,184 | 7,394,184 | 6,968,437 | ||||||||||||
Nil (2015: Nil) options for ADRs | 13(c) | 1,515,434 | 1,515,434 | 1,515,434 | ||||||||||||
Nil (2015: 612,397) warrants for ADRs | 13(d) | 453,563 | 453,563 | 453,563 | ||||||||||||
9,363,181 | 9,363,181 | 8,937,434 |
Years Ended June 30, | |||||||||||||
Notes | 2015 | 2014 | 2013 | ||||||||||
(a)Share Based Payments | |||||||||||||
19,395,582 (2014: 18,542,577) options for fully paid ordinary shares | 14(b) | 7,394,184 | 6,968,437 | 8,557,928 | |||||||||
Nil (2014: Nil) options for ADRs | 14(c) | 1,515,434 | 1,515,434 | 1,515,434 | |||||||||
612,397 (2014: 612,397) warrants for ADRs | 14(d) | 453,563 | 453,563 | 453,563 | |||||||||
9,363,181 | 8,937,434 | 10,526,925 |
Years Ended June 30, | ||||||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||||||
Number of Options | Comp. Expense (A$) | Number of Options | Comp. Expense (A$) | Number of Options | Comp. Expense (A$) | |||||||||||||||||||
Beginning of the year | 19,395,582 | 7,394,184 | 18,542,577 | 6,968,437 | 35,544,121 | 8,557,928 | ||||||||||||||||||
Issued during the year | - | - | 4,400,000 | 451,235 | 3,926,490 | 992,908 | ||||||||||||||||||
Expired during the year | - | - | (3,166,995 | ) | - | - | - | |||||||||||||||||
Forfeited during the year | - | - | (200,000 | ) | - | - | - | |||||||||||||||||
Exercised during the year | - | - | (180,000 | ) | (25,488 | ) | (20,928,034 | ) | (2,582,399 | ) | ||||||||||||||
End of the year | 19,395,582 | 7,394,184 | 19,395,582 | 7,394,184 | 18,542,577 | 6,968,437 |
Years Ended June 30, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Number of Options | Comp. Expense (A$) | Number of Options | Comp. Expense (A$) | Number of Options | Comp. Expense (A$) | |||||||||||||||||||
Beginning of the year | 18,542,577 | 6,968,437 | 35,544,121 | 8,557,928 | 28,360,328 | 7,664,454 | ||||||||||||||||||
Issued during the year | 4,400,000 | 451,235 | 3,926,490 | 992,908 | 10,683,793 | 893,474 | ||||||||||||||||||
Expired during the year | (3,166,995 | ) | - | - | - | (3,500,000 | ) | - | ||||||||||||||||
Forfeited during the year | (200,000 | ) | - | - | - | - | - | |||||||||||||||||
Exercised during the year | (180,000 | ) | (25,488 | ) | (20,928,034 | ) | (2,582,399 | ) | - | - | ||||||||||||||
End of the year | 19,395,582 | 7,394,184 | 18,542,577 | 6,968,437 | 35,544,121 | 8,557,928 |
Years Ended June 30, | ||||||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||||||
Number of Options | Comp. Expense (A$) | Number of Options | Comp. Expense (A$) | Number of Options | Comp. Expense (A$) | |||||||||||||||||||
Beginning of the year | - | 1,515,434 | - | 1,515,434 | - | 1,515,434 | ||||||||||||||||||
Expiration of options (1) | - | - | - | - | - | - | ||||||||||||||||||
End of the year | - | 1,515,434 | - | 1,515,434 | - | 1,515,434 |
Years Ended June 30, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Number of Options | Comp. Expense (A$) | Number of Options | Comp. Expense (A$) | Number of Options | Comp. Expense (A$) | |||||||||||||||||||
Beginning of the year | - | 1,515,434 | - | 1,515,434 | 380,000 | 1,515,434 | ||||||||||||||||||
Expiration of options (1) | - | - | - | - | (380,000 | ) | - | |||||||||||||||||
End of the year | - | 1,515,434 | - | 1,515,434 | - | 1,515,434 |
Years Ended June 30, | ||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||
Number of Warrants | Comp. Expense (A$) | Number of Warrants | Comp. Expense (A$) | Number of Warrants | Comp. Expense (A$) | |||||||||||||||||||
Beginning of the year (1) | - | 453,563 | - | 453,563 | - | 453,563 | ||||||||||||||||||
Beginning of the year (2) | 612,397 | - | 612,397 | - | 612,397 | - | ||||||||||||||||||
End of the year | 612,397 | 453,563 | 612,397 | 453,563 | 612,397 | 453,563 |
Years Ended June 30, | ||||||||||||||||||||||||
2016 | 2015 | 2014 | ||||||||||||||||||||||
Number of Warrants | Comp. Expense (A$) | Number of Warrants | Comp. Expense (A$) | Number of Warrants | Comp. Expense (A$) | |||||||||||||||||||
Beginning of the year (1) | - | 453,563 | - | 453,563 | - | 453,563 | ||||||||||||||||||
Beginning of the year (2) | 612,397 | - | 612,397 | - | 612,397 | - | ||||||||||||||||||
Expired | (612,397 | ) | - | - | - | - | - | |||||||||||||||||
End of the year | - | 453,563 | 612,397 | 453,563 | 612,397 | 453,563 |
(e) Terms and Conditions of Reserves | ||||||||
Options and warrants | ||||||||
Option holders and warrant holders do not have the right to receive dividends and are not entitled to vote at a meeting of the Company’s shareholders. Options and warrants may be exercised at any time from the date they vest to the date of their expiration. Share options are exercisable into ordinary shares on a one for one basis on the date they are exercised. Options granted under the 2004 ADS Plan are exercisable into ADRs, being one option for one ADR, which equals ten ordinary shares, on the date they are exercised. |
(f) Options and Warrants Issued after Reporting Date |
Years Ended June 30, | ||||||||
2016 | 2015 | |||||||
14. ACCUMULATED DEFICIT DURING DEVELOPMENT STAGE | ||||||||
Balance at beginning of year | (117,145,631 | ) | (111,260,562 | ) | ||||
Net loss for the year | (7,729,551 | ) | (5,885,069 | ) | ||||
Balance at end of year | (124,875,182 | ) | (117,145,631 | ) |
Years Ended June 30, | ||||||||
2015 | 2014 | |||||||
15.ACCUMULATED DEFICIT DURING DEVELOPMENT STAGE | ||||||||
Balance at beginning of year | (111,260,562 | ) | (97,931,323 | ) | ||||
Net loss for the year | (5,885,069 | ) | (13,329,239 | ) | ||||
Balance at end of year | (117,145,631 | ) | (111,260,562 | ) |
Years Ended June 30, | Years Ended June 30, | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||||
16.CASH FLOW INFORMATION | ||||||||||||||||||||||||
15. CASH FLOW INFORMATION | ||||||||||||||||||||||||
(a) Reconciliation of Net Loss to Net Cash Flows From Operations | ||||||||||||||||||||||||
Net loss | (5,885,069 | ) | (13,329,239 | ) | (7,787,242 | ) | (7,729,551 | ) | (5,885,069 | ) | (13,329,239 | ) | ||||||||||||
Non-cash items | ||||||||||||||||||||||||
Depreciation of property and equipment | 31,587 | 22,384 | 23,130 | 22,810 | 31,587 | 22,384 | ||||||||||||||||||
Non-cash issue of equity in consideration of operating expenses | 468,835 | 1,269,857 | 893,477 | (16,500 | ) | 468,835 | 1,269,857 | |||||||||||||||||
Loss on disposal of plant and equipment | - | - | (150 | ) | ||||||||||||||||||||
Foreign exchange (gain) loss | (4,952,735 | ) | 581,263 | (110,816 | ) | (950,720 | ) | (4,953,253 | ) | 581,263 | ||||||||||||||
(Gain) loss on fair value of financial liabilities | (86,322 | ) | 37,473 | 197,898 | - | (86,322 | ) | 37,473 | ||||||||||||||||
Changes in assets and liabilities | ||||||||||||||||||||||||
Decrease (increase) in trade and other receivables | 764,255 | (3,761,471 | ) | (1,973,102 | ) | 1,734,389 | 764,255 | (3,761,471 | ) | |||||||||||||||
Decrease (increase) in other current assets | (63,979 | ) | 15,359 | (43,567 | ) | (115,643 | ) | (63,979 | ) | 15,359 | ||||||||||||||
(Decrease) increase in trade and other payables | (1,206,343 | ) | 1,582,980 | 817,041 | (403,449 | ) | (1,206,343 | ) | 1,582,980 | |||||||||||||||
(Decrease) in other current liabilities | - | (33,332 | ) | (17,499 | ) | (12,076 | ) | - | (33,332 | ) | ||||||||||||||
Increase in provision for employee entitlements | 59,215 | 78,503 | 49,576 | 52,214 | 59,215 | 78,503 | ||||||||||||||||||
Net cash flows used in operating activities | (10,871,074 | ) | (13,536,223 | ) | (7,951,254 | ) | (7,418,526 | ) | (10,871,074 | ) | (13,536,223 | ) | ||||||||||||
(b) Reconciliation of Cash and Cash Equivalents | ||||||||||||||||||||||||
Cash and cash equivalents balance comprises: | ||||||||||||||||||||||||
- cash and cash equivalents on hand | 34,909,574 | 34,167,018 | 13,346,760 | 28,593,538 | 34,909,574 | 34,167,018 | ||||||||||||||||||
Closing cash and cash equivalents balance | 34,909,574 | 34,167,018 | 13,346,760 | 28,593,538 | 34,909,574 | 34,167,018 |
F - 27 PRANA BIOTECHNOLOGY LIMITED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – in Australian dollars (unless otherwise noted) 17. SHARE BASED PAYMENTS |
(a) Employee and Consultant Plans |