Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2019shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | MESO |
Entity Registrant Name | MESOBLAST LTD |
Entity Central Index Key | 0001345099 |
Current Fiscal Year End Date | --06-30 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 498,626,208 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | |||
Revenue | $ 16,722 | $ 17,341 | $ 2,412 |
Research & development | (59,815) | (65,927) | (58,914) |
Manufacturing commercialization | (15,358) | (5,508) | (12,065) |
Management and administration | (21,625) | (21,907) | (23,007) |
Fair value remeasurement of contingent consideration | (6,264) | 10,541 | (130) |
Other operating income and expenses | (1,086) | 1,312 | 1,489 |
Finance costs | (11,328) | (1,829) | |
Loss before income tax | (98,754) | (65,977) | (90,215) |
Income tax benefit | 8,955 | 30,687 | 13,400 |
Loss attributable to the owners of Mesoblast Limited | $ (89,799) | $ (35,290) | $ (76,815) |
Losses per share from continuing operations attributable to the ordinary equity holders of the Group: | |||
Basic - losses per share | $ (0.1816) | $ (0.0758) | $ (0.1925) |
Diluted - losses per share | $ (0.1816) | $ (0.0758) | $ (0.1925) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Comprehensive Income [Abstract] | |||
Loss for the period | $ (89,799) | $ (35,290) | $ (76,815) |
Items that may be reclassified to profit and loss | |||
Changes in the fair value of financial assets | (4) | 324 | 31 |
Exchange differences on translation of foreign operations | (137) | (903) | 316 |
Other comprehensive (loss)/income for the period, net of tax | (141) | (579) | 347 |
Total comprehensive losses attributable to the owners of Mesoblast Limited | $ (89,940) | $ (35,869) | $ (76,468) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Thousands | Total | Issued Capital | Share Option Reserve | Investment Revaluation Reserve | Foreign Currency Translation Reserve | Retained Earnings/ (accumulated losses) |
Beginning balance at Jun. 30, 2016 | $ 528,161 | $ 770,272 | $ 64,999 | $ (334) | $ (38,689) | $ (268,087) |
Loss for the period | (76,815) | (76,815) | ||||
Other comprehensive income/(loss) | 347 | 31 | 316 | |||
Total comprehensive profit/(loss) for the period | (76,468) | 31 | 316 | (76,815) | ||
Transactions with owners in their capacity as owners: | ||||||
Contributions of equity net of transaction costs | 60,140 | 60,140 | ||||
Transactions with owners in their capacity as owners | 60,140 | 60,140 | ||||
Transfer exercised options | 13 | (13) | ||||
Fair value of share-based payments | 5,036 | 5,036 | ||||
Reclassification of modified options to liability | (103) | (103) | ||||
Increase (decrease) in equity | 4,933 | 13 | 4,920 | |||
Ending balance at Jun. 30, 2017 | 516,766 | 830,425 | 69,919 | (303) | (38,373) | (344,902) |
Loss for the period | (35,290) | (35,290) | ||||
Other comprehensive income/(loss) | (579) | 324 | (903) | |||
Total comprehensive profit/(loss) for the period | (35,869) | 324 | (903) | (35,290) | ||
Transactions with owners in their capacity as owners: | ||||||
Contributions of equity net of transaction costs | 49,358 | 49,358 | ||||
Contributions of equity for unissued ordinary shares, net of transaction costs | 9,660 | 9,660 | ||||
Transactions with owners in their capacity as owners | 59,018 | 59,018 | ||||
Transfer exercised options | 38 | (38) | ||||
Fair value of share-based payments | 5,959 | 5,959 | ||||
Reclassification of modified options to liability | 134 | 134 | ||||
Increase (decrease) in equity | 6,093 | 38 | 6,055 | |||
Ending balance at Jun. 30, 2018 | 546,008 | 889,481 | 75,974 | 21 | (39,276) | (380,192) |
Loss for the period | (89,799) | (89,799) | ||||
Other comprehensive income/(loss) | (141) | (4) | (137) | |||
Total comprehensive profit/(loss) for the period | (89,940) | (4) | (137) | (89,799) | ||
Transactions with owners in their capacity as owners: | ||||||
Contributions of equity net of transaction costs | 19,441 | 19,441 | ||||
Transactions with owners in their capacity as owners | 19,441 | 19,441 | ||||
Transfer of services rendered in shares | 1,170 | (1,170) | ||||
Transfer exercised options | 313 | (313) | ||||
Fair value of share-based payments | 5,533 | 5,533 | ||||
Reclassification of modified options to liability | 10 | 10 | ||||
Increase (decrease) in equity | 5,543 | 1,483 | 4,060 | |||
Ending balance at Jun. 30, 2019 | $ 481,052 | $ 910,405 | $ 80,034 | $ 17 | $ (39,413) | $ (469,991) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Current Assets | ||
Cash & cash equivalents | $ 50,426 | $ 37,763 |
Trade & other receivables | 4,060 | 50,366 |
Prepayments | 8,036 | 12,942 |
Total Current Assets | 62,522 | 101,071 |
Non-Current Assets | ||
Property, plant and equipment | 826 | 1,084 |
Financial assets at fair value through other comprehensive income | 2,317 | 2,321 |
Other non-current assets | 3,324 | 3,361 |
Intangible assets | 583,126 | 584,606 |
Total Non-Current Assets | 589,593 | 591,372 |
Total Assets | 652,115 | 692,443 |
Current Liabilities | ||
Trade and other payables | 13,060 | 18,921 |
Provisions | 7,264 | 5,082 |
Borrowings | 14,007 | |
Deferred consideration | 10,000 | |
Total Current Liabilities | 44,331 | 24,003 |
Non-Current Liabilities | ||
Deferred tax liability | 11,124 | 20,079 |
Provisions | 48,329 | 42,956 |
Borrowings | 67,279 | 59,397 |
Total Non-Current Liabilities | 126,732 | 122,432 |
Total Liabilities | 171,063 | 146,435 |
Net Assets | 481,052 | 546,008 |
Equity | ||
Issued Capital | 910,405 | 889,481 |
Reserves | 40,638 | 36,719 |
(Accumulated losses)/retained earnings | (469,991) | (380,192) |
Total Equity | $ 481,052 | $ 546,008 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities | |||
Commercialization revenue received | $ 4,359 | $ 3,019 | $ 1,332 |
Milestone payment received | 26,409 | 7,125 | 500 |
Research and development tax incentive received | 1,654 | 2,813 | |
Payments to suppliers and employees (inclusive of goods and services tax) | (86,294) | (84,682) | (100,598) |
Interest received | 726 | 367 | 483 |
Interest and other costs of finance paid | (4,641) | (816) | |
Income taxes (paid) | (3) | (25) | (1) |
Net cash (outflows) in operating activities | (57,790) | (75,012) | (95,471) |
Cash flows from investing activities | |||
Investment in fixed assets | (279) | (201) | (311) |
Payments for contingent consideration | (721) | (952) | |
Rental deposits received | 453 | ||
Net cash inflows/(outflows) in investing activities | (1,000) | (1,153) | 142 |
Cash flows from financing activities | |||
Proceeds from borrowings | 43,572 | 31,704 | |
Payments of transaction costs from borrowings | (1,614) | (392) | |
Proceeds from issue of shares | 30,258 | 40,566 | 61,932 |
Payments for share issue costs | (608) | (3,265) | (1,927) |
Net cash inflows by financing activities | 71,608 | 68,613 | 60,005 |
Net increase/(decrease) in cash and cash equivalents | 12,818 | (7,552) | (35,324) |
Cash and cash equivalents at beginning of period | 37,763 | 45,761 | 80,937 |
FX gain/(losses) on the translation of foreign bank accounts | (155) | (446) | 148 |
Cash and cash equivalents at end of period | $ 50,426 | $ 37,763 | $ 45,761 |
Basis of preparation
Basis of preparation | 12 Months Ended |
Jun. 30, 2019 | |
Basis Of Preparation [Abstract] | |
Basis of Preparation | 1. The general purpose financial statements of Mesoblast Limited and its subsidiaries have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board and Australian equivalent International Financial Reporting Standards, as issued by the Australian Accounting Standards Board. Mesoblast Limited is a for-profit entity for the purpose of preparing the financial statements. (i) Going concern For the fiscal years ended June 30, 2019, 2018 and 2017, the Group incurred a total comprehensive loss after income tax of $89.9 million, $35.9 million and $76.5 million, respectively, and had net cash outflows from operations of $57.8 million, $75.0 million and $95.5 million, respectively. As of June 30, 2019, the Group held total cash and cash equivalents of $50.4 million. The Group has an overarching strategy to fund operations predominately through non-dilutive strategic and commercial transactions. In line with this strategy in 2018 the Group entered into a strategic partnership with Tasly and into loan and security agreements with Hercules and NovaQuest. Under the agreements with Hercules and NovaQuest, the Group has up to an additional US$35.0 million available subject to achievement of certain milestones. The Group will also consider equity-based financing to fund operational requirements. Mesoblast has entered into a Subscription Commitment Letter with its largest institutional shareholder, M&G Investment Management, for US$15.0 million in Mesoblast ordinary shares, exercisable by the Company on or before 31 December 2019, subject to customary diligence and with pricing to be agreed at the time Mesoblast gives notice. In addition, in July 2019 the Group extended its fully discretionary equity facility with Kentgrove Capital from which it can raise capital of up to A$120 million (approximately US$ 82 million) over the next 24 months, the quantum and timing of capital raised will be subject to the market price and trading volumes of Mesoblast’s ordinary shares during the period and the Group’s obligations under ASX Listing Rule 7.1. There is uncertainty related to the Group’s ability to raise funds through entering strategic and commercial transactions, equity-based or debt-based financings to meet the Group’s requirements. The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments as they fall due are dependent upon non-dilutive funding in the form of strategic and commercial transactions, equity-based or debt-based financing to fund future operations. Management and the directors believe that the Group will be successful in the above matters and, accordingly, have prepared the financial report on a going concern basis, notwithstanding that there is a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern and that it may be unable to realize its assets and liabilities in the normal course of business. References to matters that may cast significant doubt about the Group’s ability to continue as a going concern also raise substantial doubt as contemplated by the Public Company Accounting Oversight Board (“PCAOB”) standards. (ii) Historical cost convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through other comprehensive income, financial assets and liabilities (including derivative instruments) at fair value through profit or loss, certain classes of property, plant and equipment and investment property. (iii) New and amended standards adopted by the Group Revenue recognition The Group adopted IFRS 15 Revenue from Contracts with Customers First, contracts with customers within the scope of IFRS 15 are identified. Distinct promises within the contract are identified as performance obligations. The transaction price of the contract is measured based on the amount of consideration the Group expects to be entitled from the customer in exchange for goods or services. Factors such as requirements around variable consideration, significant financing components, noncash consideration, or amounts payable to customers also determine the transaction price. The transaction is then allocated to separate performance obligations in the contract based on relative standalone selling prices. Revenue is recognized when, or as, performance obligations are satisfied, which is when control of the promised good or service is transferred to the customer. Revenues comprise commercialization and milestone revenue, research and development tax incentives and interest revenue. There was no cumulative impact of the adoption of IFRS 15 Revenue from Contracts with Customers Revenues from contracts with customers comprise commercialization and milestone revenue. The Group also has revenue from research and development tax incentives and interest revenue. Commercialization and milestone revenue Commercialization and milestone revenue generally includes non-refundable up-front license and collaboration fees; milestone payments, the receipt of which is dependent on certain clinical, regulatory or commercial milestones; as well as royalties on product sales of licensed products, if and when such product sales occur; and revenue from the supply of products. Payment is generally due on standard terms of 30 to 60 days. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue or deferred consideration in our consolidated balance sheet, depending on the nature of the arrangement. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified within current liabilities. Amounts not expected to be recognized as revenue within 12 months following the balance sheet date are classified within non-current liabilities. Milestone revenue The Group applies the five-step method under the standard to measure and recognize milestone revenue. The receipt of milestone payments is often contingent on meeting certain clinical, regulatory or commercial targets, and is therefore considered variable consideration. The Group estimate the transaction price of the contingent milestone using the most likely amount method. The Group includes in the transaction price some or all of the amount of the contingent milestone only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the contingent milestone is subsequently resolved. Milestone payments that are not within the control of the Group, such as regulatory approvals, are not considered highly probable of being achieved until those approvals are received. Any changes in the transaction price are allocated to all performance obligations in the contract unless the variable consideration relates only to one or more, but not all, of the performance obligations. When consideration for milestones is a sale-based or usage-based royalty that arises from licenses of IP (such as cumulative net sales targets), revenue is recognized at the later of when (or as) the subsequent sale or usage occurs, or when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Licenses of intellectual property When licenses of IP are distinct from other goods or services promised in the contract, the Group recognizes the transaction price allocated to the license as revenue upon transfer of control of the license to the customer. The Group evaluates all other promised goods or services in the license agreement to determine if they are distinct. If they are not distinct, they are combined with other promised goods or services to create a bundle of promised goods or services that is distinct. The transaction price allocated to the license performance obligation is recognized based on the nature of the license arrangement. The transaction price is recognized over time if the nature of the license is a “right to access” license. This is when the Group undertakes activities that significantly affect the IP to which the customer has rights, the rights granted by the license directly expose the customer to any positive or negative effects of the Group’s activities, and those activities do not result in the transfer of a good or service to the customer as those activities occur. When licenses do not meet the criteria to be a right to access license, the license is a “right to use” license, and the transaction price is recognized at the point in time when the customer obtains control over the license. Sales-based or usage-based royalties Licenses of IP can include royalties that are based on the customer’s usage of the IP or sale of products that contain the IP. The Group applies the specific exception to the general requirements of variable consideration and the constraint on variable consideration for sales-based or usage-based royalties promised in a license of IP. The exception requires such revenue to be recognized at the later of when (or as) the subsequent sale or usage occurs and the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). Tasly arrangement In July 2018, the Group entered into a strategic alliance with Tasly Pharmaceutical Group (“Tasly”) for the development, manufacture and commercialization in China of the Group’s allogeneic mesenchymal precursor cell (“MPC”) products, MPC-150-IM and MPC-25-IC. Tasly received all exclusive rights for MPC-150-IM and MPC-25-IC in China and Tasly will fund all development, manufacturing and commercialization activities in China. The Group received a $20.0 million up-front technology access fee from Tasly upon closing of this strategic alliance in October 2018. The Group is also entitled to receive $25.0 million on product regulatory approvals in China, double-digit escalating royalties on net product sales and up to six escalating milestone payments when the product candidates reach certain sales thresholds in China. Under IFRS 15, upon completion of this strategic alliance on September 14, 2018, the Group recognized $10.0 million in milestone revenue from the $20.0 million up-front technology access fee received from Tasly in October 2018 as this is the portion of revenue that control has been transferred to Tasly. The Group recognized the remaining $10.0 million from the $20.0 million up-front payment as deferred consideration on the consolidated balance sheet. The deferred consideration amount will be recognized in revenue when and if control transfers to Tasly based on the Group’s decision regarding the exercise of the Group’s rights in the terms and conditions of the agreement. For the comparative period, being the year ended June 30, 2018 no milestone revenue was recognized in relation to this strategic alliance with Tasly. TiGenix arrangement In December 2017, the Group entered into a patent license agreement with TiGenix NV (“TiGenix”), now a wholly owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”), which granted Takeda exclusive access to certain of our patents to support global commercialization of the adipose-derived mesenchymal stem cell (“MSC") product, Alofisel® a registered trademark of TiGenix, previously known as Cx601, a product candidate of Takeda, for the local treatment of fistulae. The agreement includes the right for Takeda to grant sub-licenses to affiliates and third parties. As part of the license agreement, the Group received €5.0 million ($5.9 million) as a non-refundable up-front payment and recognized this amount in revenue in December 2017 upon receipt. In December 2018, the Group received a milestone payment of €5.0 million, the Group recognized revenue of €5.0 million ($5.9 million) pertaining to this milestone in December 2017 as all performance obligations had been satisfied at that time. The Group is entitled to further payments up to €10.0 million when Takeda reaches certain product regulatory milestones. Additionally, the Group receives single digit royalties on net sales of Alofisel®. No milestone revenue was recognized in relation to the patent license agreement with Takeda in the year ended June 30, 2019. In the year ended June 30, 2018, we recognized $11.8 million in milestone revenue in relation to our patent license agreement with Takeda. Within this $11.8 million, €5.0 million ($5.9 million) was recognized in relation to the non-refundable up-front payment received upon execution of the Group’s patent license agreement with Takeda in December 2017 and €5.0 million ($5.9 million) was recognized in December 2017 in relation to further payments received in December 2018 for product Alofisel®, as all performance obligations had been satisfied at that time. These amounts were recorded in revenue as there were no further performance obligations required in regards to these milestones. JCR arrangement In October 2013, the Group acquired all of the culture-expanded, MSC-based assets, from Osiris Therapeutics, Inc. (“Osiris”). These assets included assumption of a collaboration agreement (the “JCR Agreement”) with JCR Pharmaceuticals Co., Ltd. (“JCR”), a pharmaceutical company in Japan. Revenue recognized under this model is limited to the amount of cash received or for which the Group are entitled, as JCR has the right to terminate the agreement at any time. Under the JCR Agreement, JCR is responsible for all development and manufacturing costs including sales and marketing expenses. Under the JCR Agreement, JCR has the right to develop our MSCs in two fields for the Japanese market: exclusive in conjunction with the treatment of hematological malignancies by the use of hematopoietic stem cells derived from peripheral blood, cord blood or bone marrow, or the First JCR Field; and non-exclusive for developing assays that use liver cells for non-clinical drug screening and evaluation, or the Second JCR Field. With respect to the First JCR Field, the Group are entitled to payments when JCR reaches certain commercial milestones and to escalating double-digit royalties. These royalties are subject to possible renegotiation downward in the event of competition from non-infringing products in Japan. With respect to the Second JCR Field, the Group are entitled to a double digit profit share. In October 2018, the Group expanded its partnership with JCR in Japan for wound healing in patients with Epidermolysis Bullosa (“EB”). The Group will receive royalties on TEMCELL® Hs. Inj. (“TEMCELL”), a registered trademark of JCR product sales for EB. The Group applies the sales-based and usage-based royalty exception for licenses of intellectual property and therefore recognizes royalty revenue at the later of when the subsequent sale or usage occurs and the associated performance obligation has been satisfied. In the year ended June 30, 2019, the Group recognized $5.0 million in commercialization revenue relating to royalty income earned on sales of TEMCELL in Japan by our licensee JCR, compared with $2.5 million for the year ended June 30, 2018. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. In the year ended June 30, 2019, the Group recognized $1.0 million in milestone revenue upon our licensee, JCR, reaching cumulative net sales milestones for sales of TEMCELL in Japan, compared with $1.5 million for the year ended June 30, 2018. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. Financial Instruments The Group adopted IFRS 9 Financial Instruments The Group has had following impacts on its financial assets and liabilities from the adoption of the new standard on July 1, 2018: • Accounting for non-trading equity investments – IFRS 9 requires investments in equity instruments to be recorded at fair value with changes recognized through profit or loss (FVTPL). There is an allowance for management to make an irrevocable election on initial recognition for fair value changes in non-trading equity investments to be recorded in other comprehensive income (FVOCI). On transition to IFRS 9, the Group has made an election to record its financial assets measured at FVOCI in an equity instrument at FVOCI. Therefore, there has been no impact on the measurement of the financial asset on transition. • Accounting for financial liabilities – Under IFRS 9 there is an allowance for management to make an irrevocable election on initial recognition for financial liabilities that are measured at amortized cost to be measured at FVTPL. The Group has not designated any of its financial liabilities carried at amortized cost as FVTPL using the fair value option upon adoption of IFRS 9 on July 1, 2018. Therefore, there has been no impact on the transition to IFRS 9 from July 1, 2018. In the opinion of management, the final financial data includes all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement of the results for the interim periods. Other than the new and amended standards adopted by the Group above these final financial statements follow the same accounting policies as compared to the June 30, 2018 consolidated financial statements and related notes as filed with the Australian Securities Exchange and the Securities and Exchange Commission. (i v) New accounting standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for the June 30, 2019 reporting period. The Group has not elected to apply any pronouncements before their operative date in the annual reporting period beginning July 1, 2018. Initial application of the following Standards is not expected to materially impact the amounts recognized or disclosures made in the current financial report and management do not consider these new accounting standards to have a material impact on future transactions made in relation to the Group. The Group is in the process of assessing the impact of these new standards on its accounting policy. Tit l IFRS 16 Leases Key requirements IFRS 16 eliminates the classification of leases as either operating leases or finance leases for a lessee; they are recognized on the balance sheet as they are treated in a similar way to finance leases applying IAS 17. Leases are ‘capitalized’ by recognizing the present value of the lease payments and showing them either as lease assets (right-of-use assets) or together with property, plant and equipment. If lease payments are made over time, a financial liability is required to be recognized to represent the obligation to make future lease payments. There is little change for the accounting for a lessor. Impact Alternative methods of calculating the ROU asset are permitted under IFRS 16 which impacts the size of the transition adjustment. The Group will apply the modified retrospective approach as permitted by IFRS 16. Under the modified retrospective transition approach, prior period comparative financial statements are not restated and the Group can choose between two alternate methods of measuring the lease assets on a lease by lease basis. The Group will measure the ROU for operating leases of office space from which it conducts its business as if IFRS 16 had always been applied. The resulting transition adjustment will be recognized as an adjustment to the Group’s retained earnings as at 1 July 2019. Based on the elected transition method, the Group will recognize lease liabilities of approximately $5.6 million and ROU assets of approximately $4.7 million. After adjusting for amounts currently recorded on the balance sheet (representing the difference between the cumulative lease expense recognized and cash paid on these leases), this results in a reduction to retained earnings of approximately $0.9 million. The transition adjustment has, as permitted by IFRS 16, been determined by the Group by electing practical expedients to not recognize short-term or low value leases on its statement of financial position at the transition date. Judgement has been applied by the Group in determining the transition adjustment which includes the determination of which contractual arrangements represent a lease, the period over which the lease exists, the incremental borrowing rate of the Group, and the variability of future cash flows. Refer to Note 14(b) for the lease commitments the Group holds as a lessee. Effective Date IFRS 16 must be applied for annual reporting periods beginning on or after January 1, 2019. The Group does not intend to adopt IFRS 16 before its mandatory date. The following standards applicable to the Group but are not yet adopted are summarized below: |
Significant changes in the curr
Significant changes in the current reporting period | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Significant Changes In Current Reporting Period [Abstract] | |
Significant changes in the current reporting period | 2. Significant changes in the current reporting period (i) Significant events The financial position and performance of the Group was affected by the following events during the year ended June 30, 2019: • On July 17, 2018, the Group announced that it had entered into a strategic alliance with Tasly for the development, manufacture and commercialization in China of the Group’s allogeneic MPC products, MPC-150-IM and MPC-25-IC, subject to governmental approvals from the PRC. • In September 2018, the Group announced that Tasly had received all necessary approvals for the transaction. On September 14, 2018, the Group recognized revenue of $10.0 million from the $20.0 million up-front payment received in October 2018 as this is the portion of revenue that control has been transferred to Tasly. The Group recognized the remaining $10.0 million from the $20.0 million up-front payment receivable from Tasly as deferred consideration on the consolidated balance sheet. The deferred consideration amount will be recognized in revenue when and if control transfers to Tasly based on the Group’s decision regarding the exercise of the Group’s rights in the terms and conditions of the agreement. |
Loss before income tax
Loss before income tax | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Loss Before Income Tax [Abstract] | |
Loss before income tax | 3. Loss before income tax Year Ended June 30, (in U.S. dollars, in thousands) Note 2019 2018 2017 Revenue Commercialization revenue 5,003 3,641 1,444 Milestone revenue 11,000 13,334 500 Interest revenue 719 366 468 Total Revenue 16,722 17,341 2,412 Clinical trial and research & development (37,927 ) (42,863 ) (38,141 ) Manufacturing production & development (10,912 ) (3,640 ) (8,313 ) Employee benefits Salaries and employee benefits (19,504 ) (19,343 ) (20,039 ) Defined contribution superannuation expenses (339 ) (374 ) (362 ) Equity settled share-based payment transactions (1) (4,368 ) (6,199 ) (5,276 ) Total Employee benefits (24,211 ) (25,916 ) (25,677 ) Depreciation and amortization of non-current assets Plant and equipment depreciation (562 ) (909 ) (1,578 ) Intellectual property amortization (1,577 ) (1,741 ) (1,479 ) Total Depreciation and amortization of non-current assets (2,139 ) (2,650 ) (3,057 ) Other Management & administration expenses Overheads & administration (11,356 ) (8,477 ) (8,128 ) Consultancy (3,360 ) (3,295 ) (3,329 ) Legal, patent and other professional fees (4,098 ) (3,436 ) (4,452 ) Intellectual property expenses (excluding the amount amortized above) (2,795 ) (3,065 ) (2,889 ) Total Other Management & administration expenses (21,609 ) (18,273 ) (18,798 ) Fair value remeasurement of contingent consideration Remeasurement of contingent consideration 5(g)(iii) (6,264 ) 10,541 (130 ) Total Fair value remeasurement of contingent consideration (6,264 ) 10,541 (130 ) Other operating income and expenses Remeasurement of borrowing arrangements (752 ) — — Research & development tax incentive (2) (74 ) 1,807 1,532 Foreign exchange gains/(losses) (208 ) 161 (43 ) Foreign withholding tax paid (52 ) (656 ) — Total Other operating income and expenses (1,086 ) 1,312 1,489 Finance (costs)/gains Remeasurement of borrowing arrangements 376 — — Interest expense (11,704 ) (1,829 ) — Total Finance costs (11,328 ) (1,829 ) — Total loss before income tax (98,754 ) (65,977 ) (90,215 ) (1) Share-based payment transactions For the years ended June 30, 2019, 2018 and 2017, share-based payment transactions have been reflected in the Consolidated Statement of Comprehensive Income functional expense categories as follows: Year Ended June 30, (in U.S. dollars) 2019 2018 2017 Research and development 2,283,646 3,638,310 2,837,231 Manufacturing and commercialization 329,718 558,928 420,762 Management and administration 1,755,027 2,001,349 2,017,172 Equity settled share-based payment transactions 4,368,391 6,198,588 5,275,165 Legal, patent and other professional fees 620,000 — — Total equity settled share-based payment transactions in the profit and loss 4,988,391 6,198,588 5,275,165 (2) Research and development tax incentive The Group’s research and development activities are not eligible from July 1, 2018 to June 30, 2019 for the refundable tax offset, under an Australian Government tax incentive as a result of the Group earning taxable revenues in excess of A$20.0 million for the year ended June 30, 2019. At each period end management estimates the refundable tax offset available to the Group based on available information at the time. The Group engages tax specialists to review, on an annual basis, the quantum of our previous research and development tax claim and our on-going eligibility to claim this tax incentive in Australia. For the year ended June 30, 2019, the Group has recognized loss of $0.1 million due to an adjustment of management’s estimate of revenue for the year ended June 30, 2018. For years ended June 30, 2018 and 2017, the Group recognized income of $1.8 million and $1.5 million, respectively. Of the $0.1 million loss from research and development tax incentive recorded in other income for the year ended June 30, 2019, $0.1 million relates to a change in the original estimate of the research and development tax incentive income the Group estimated it would receive from the Australian Government for the year ended June 30, 2018. Of the $1.8 million research and development tax incentive recorded in other income for the year ended June 30, 2018, $0.1 million relates to a change in the original estimate of the research and development tax incentive income the Group estimated it would receive from the Australian Government for the year ended June 30, 2017. Of the $1.5 million research and development tax incentive recorded in other income for the year ended June 30, 2017, $0.1 million relates to a change in the original estimate of the research and development tax incentive income the Group estimated it would receive from the Australian Government for the year ended June 30, 2016. |
Income tax benefit_(expense)
Income tax benefit/(expense) | 12 Months Ended |
Jun. 30, 2019 | |
Major Components Of Tax Expense Income [Abstract] | |
Income tax benefit/(expense) | 4. Income tax benefit/(expense) Year Ended June 30, (in U.S. dollars, in thousands) 2019 2018 2017 (a) Reconciliation of income tax to prima facie tax payable Loss from continuing operations before income tax (98,754 ) (65,977 ) (90,215 ) Tax benefit at the Australian tax rate of 30% (2018: 30%) (29,626 ) (19,793 ) (27,065 ) Tax effect of amounts which are not deductible/(exempt) in calculating taxable income: Share-based payments expense 1,221 1,544 1,488 Research and development tax concessions (1,486 ) 537 2,442 Foreign exchange translation gains/(losses) (15 ) (242 ) — Contingent consideration 1,880 (3,162 ) 39 Other sundry items 91 1,011 497 Current year tax expense/(benefit) (27,935 ) (20,105 ) (22,599 ) Adjustments for current tax of prior periods (18,412 ) (3,616 ) (5,870 ) Differences in overseas tax rates 24,458 5,259 7,797 Tax benefit not recognized 12,934 11,065 7,272 Change in tax rate on Deferred tax assets — 27,471 — Change in tax rate on Deferred tax liability — (50,761 ) — Previously unrecognized tax losses now recouped to reduce deferred tax expense/(benefit) — — — Income tax expense/(benefit) attributable to loss before income tax (8,955 ) (30,687 ) (13,400 ) Year Ended June 30, (in U.S. dollars, in thousands) 2019 2018 2017 (b) Income tax expense Current tax Current tax — — — Total current tax expense — — — Deferred tax (Increase)/decrease in deferred tax assets (8,856 ) 20,183 (13,204 ) (Decrease)/increase in deferred tax liabilities (99 ) (50,870 ) (196 ) Total deferred tax (benefit) (8,955 ) (30,687 ) (13,400 ) Income tax (benefit) (8,955 ) (30,687 ) (13,400 ) Deferred tax assets have been brought to account only to the extent that it is foreseeable that they are recoverable against future tax liabilities. Deferred tax assets are recognized for unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilized. Deferred tax assets are offset against taxable temporary differences (deferred tax liabilities) when the deferred tax balances relate to the same tax jurisdiction in accordance with our accounting policy. In the year ended June 30, 2019, the adjustments for current tax of prior periods includes a benefit of $18.2 million relating to a change in estimate in our current tax provision arising from a tax ruling obtained from Inland Revenue Authority of Singapore on November 15, 2018. This ruling allows the Group to claim additional deductions in relation to earn-out payments arising from the acquired MSC assets from Osiris. The Group expects to settle the related tax losses within the tax jurisdiction of Singapore at a future date. The difference in the Australian tax rate of 30% and the tax rate we expect to settle these deferred tax assets at in Singapore, under the tax incentives granted to the Group by the Singapore Economic Development Board, resulted in $14.0 million being recorded in differences in overseas tax rates for the year. Deferred taxes are measured at the rate in which they are expected to settle within the respective jurisdictions, which can change based on factors such as new legislation or timing of utilization and reversal of associated assets and liabilities. On December 22, 2017, the United States signed into law the Tax Act, which changed many aspects of U.S. corporate income taxation, including a reduction in the corporate income tax rate from 35% to 21%. The Group recognized the tax effects of the Tax Act in the year ended June 30, 2018, the most significant of which was a tax benefit resulting from the remeasurement of deferred tax balances to 21%. Year Ended June 30, (in U.S. dollars, in thousands) 2019 2018 2017 (c) Amounts that would be recognized directly in equity if brought to account Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but which would have been directly applied to equity had it been brought to account: Current tax recorded in equity (if brought to account) (390 ) (1,059 ) (764 ) Deferred tax recorded in equity (if brought to account) 879 877 960 489 (182 ) 196 Year Ended June 30, (in U.S. dollars, in thousands) 2019 2018 2017 (d) Amounts recognized directly in equity Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but debited/credited to equity Current tax recorded in equity — — — Deferred tax recorded in equity — — — As of June 30, (in U.S. dollars, in thousands) 2019 2018 2017 (e) Deferred tax assets not brought to account Unused tax losses Potential tax benefit at local tax rates 51,807 41,501 34,896 Other temporary differences Potential tax benefit at local tax rates 3,130 3,704 3,908 Other tax credits Potential tax benefit at local tax rates 3,220 3,220 — 58,157 48,425 38,804 As of June 30, 2019, 2018 and 2017, the Group has deferred tax assets not brought to account of $58.2 million, $48.4 million and $38.8 million, respectively. Deferred tax assets have been brought to account only to the extent that it is foreseeable that they are recoverable against future tax liabilities. |
Financial assets and liabilitie
Financial assets and liabilities | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Financial Assets And Liabilities [Abstract] | |
Financial assets and liabilities | 5. Financial assets and liabilities This note provides information about the Group's financial instruments, including: • an overview of all financial instruments held by the Group; • specific information about each type of financial instrument; • accounting policies; and • information used to determine the fair value of the instruments, including judgments and estimation uncertainty involved. The Group holds the following financial instruments: Financial assets (in U.S. dollars, in thousands) Notes Assets at FVOCI (1) Assets at FVTPL (2) Assets at amortized cost Total As of June 30, 2019 Cash & cash equivalents 5(a) — — 50,426 50,426 Trade & other receivables 5(b) — — 4,060 4,060 Financial assets at fair value through other comprehensive income 5(c) 2,317 — — 2,317 Other non-current assets 5(d) — — 3,324 3,324 2,317 — 57,810 60,127 As of June 30, 2018 Cash & cash equivalents 5(a) — — 37,763 37,763 Trade & other receivables 5(b) — — 50,366 50,366 Financial assets at fair value through other comprehensive income 5(c) 2,321 — — 2,321 Other non-current assets 5(d) — — 3,361 3,361 2,321 — 91,490 93,811 (1) Fair value through other comprehensive income (2) Fair value through profit or loss Financial liabilities (in U.S. dollars, in thousands) Notes Liabilities at FVOCI (1) Liabilities at FVTPL (2) Liabilities at amortized cost Total As of June 30, 2019 Trade and other payables 5(e) — — 13,060 13,060 Borrowings 5(f) — — 81,286 81,286 Contingent consideration 5(g)(iii) — 47,534 — 47,534 — 47,534 94,346 141,880 As of June 30, 2018 Trade and other payables 5(e) — — 18,921 18,921 Borrowings 5(f) — — 59,397 59,397 Contingent consideration 5(g)(iii) — 42,070 — 42,070 — 42,070 78,318 120,388 (1) Fair value through other comprehensive income (2) Fair value through profit or loss The Group’s exposure to various risks associated with the financial instruments is discussed in Note 10. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. a. Cash and cash equivalents (in U.S. dollars, in thousands) 2019 2018 Cash at bank 50,005 37,221 Deposits at call (1) 421 542 50,426 37,763 (1) As of June 30, 2019 and June 30, 2018, interest-bearing deposits at call include amounts of $0.4 million and $0.4 million, respectively, held as security and are restricted for use. (i) Classification as cash equivalents Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition. b. Trade and other receivables and prepayments (i) Trade receivables (in U.S. dollars, in thousands) 2019 2018 Trade debtors 1,739 6,630 Funds receivable from debt financing and unissued capital (1) — 38,950 Income tax and tax incentives recoverable 1,511 3,305 Other receivables — 615 Foreign withholding tax recoverable 471 471 Security deposit 250 250 Sundry debtors 2 81 Other recoverable taxes (Goods and services tax and value-added tax) 86 53 Interest receivables 1 11 Trade and other receivables 4,060 50,366 (1) On July 2, 2018, the Group announced it had entered into a financing agreement with NovaQuest on June 29, 2018 to develop and commercialize its allogeneic product candidate MSC-100-IV for pediatric patients with acute Graft versus Host Disease ("aGVHD”). The contractual terms of the agreement pertaining to the receipt of funds were binding and therefore the Group recognized a receivable of $39.0 million at June 30, 2018. On July 10, 2018 the net proceeds from the financing facility of $39.0 million were received and recognized in cash and cash equivalents. (ii) Prepayments (in U.S. dollars, in thousands) 2019 2018 Clinical trial research and development expenditure 6,042 12,042 Prepaid insurance and subscriptions 1,095 141 Other 899 759 Prepayments 8,036 12,942 (iii) Classification as trade and other receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 to 60 days and therefore are all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognized at fair value. The group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. Interest receivables are amounts due at maturity of term deposits. Income tax and tax incentives recoverable relates to the Group’s claim for the Australian Government tax incentive. (iv) Other receivables These amounts generally arise from transactions outside the usual operating activities of the Group. (v) Fair values of trade and other receivables Due to the short-term nature of the current receivables, their carrying amount is assumed to be the same as their fair value. (vi) Impairment and risk exposure Information about the impairment of trade and other receivables, their credit quality and the Group’s exposure to credit risk, foreign currency risk and interest rate risk can be found in Note 10(a) and (b). c. Financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income include the following classes of financial assets: As of June 30, (in U.S. dollars, in thousands) 2019 2018 Unlisted securities: Equity securities 2,317 2,321 2,317 2,321 (i) Classification of financial assets at fair value through other comprehensive income Financial assets at fair value through other comprehensive income comprises equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognize in this category. These are strategic investments and the Group considers this classification to be more relevant. The financial assets are presented as non-current assets unless they mature, or management intends to dispose of them within 12 months of the end of the reporting period. (ii) Impairment indicators for financial assets at fair value through other comprehensive income Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. See Note 22(l)(v) for further details about the Group’s impairment policies for financial assets. (iii) Amounts recognized in other comprehensive income For the years ended June 30, 2019, 2018 and 2017, the Group recognized in statement of comprehensive income a loss of $4 thousand, a gain of $0.3 million and a gain of $31 thousand respectively, for change in fair value of the financial assets through other comprehensive income. (iv) Fair value, impairment and risk exposure Information about the methods and assumptions used in determining fair value is provided in Note 5(g). None of the financial assets through other comprehensive income are either past due or impaired. All financial assets at fair value through other comprehensive income are denominated in USD. d. Other non-current assets As of June 30, (in U.S. dollars, in thousands) 2019 2018 Bank Guarantee 673 710 Letter of Credit 1,178 1,178 U.S. Tax credits 1,473 1,473 3,324 3,361 (i) Classification of financial assets as other non-current assets Bank guarantee These funds are held in an account named Mesoblast Limited at National Australia Bank according to the terms of a Bank Guarantee which is security for the sublease agreement for our occupancy of Level 38, 55 Collins Street, Melbourne, Victoria, Australia. The Bank Guarantee is security for the full and faithful performance and observance by the subtenant of the terms, covenants and conditions of the sublease. The Bank Guarantee continues in force until it is released by the lessor. Letter of credit These funds held in an account named Mesoblast, Inc. at the Bank of America according to the terms of an irrevocable standby letter of credit which is security for the sublease agreement for our occupancy of 505 Fifth Avenue, New York, New York, United States of America. The letter of credit is security for the full and faithful performance and observance by the subtenant of the terms, covenants and conditions of the sublease. The letter of credit is deemed to automatically extend without amendment for a period of one year at each anniversary but will not automatically extend beyond the final expiration of July 31, 2021. U.S. Tax credits These funds are receivable from the Internal Revenue Service (“IRS”) as a result of the changes in the U.S. corporate income tax legislation with the Tax Act. Tax credits arising from the Alternative Minimum Tax (“AMT”) regime become refundable in 2021. (ii) Impairment and risk exposure No other non-current assets are either past due or impaired. e. Trade and other payables (in U.S. dollars, in thousands) 2019 2018 Trade payables and other payables 13,060 18,921 Trade and other payables 13,060 18,921 The carrying amounts of trade and other payables are assumed to be the same as their fair values, due to their short-term nature. f. Borrowings (in U.S. dollars, in thousands) 2019 2018 Current Secured liabilities: Borrowing arrangements 14,007 — 14,007 — Non-current Secured liabilities: Borrowing arrangements 65,601 65,000 Less: transaction costs (6,738 ) (6,328 ) Amortization of carrying amount, net of payments made 8,416 725 67,279 59,397 (i) Borrowing arrangements Hercules Capital, Inc. On March 6, 2018, the Group drew the first tranche of $35.0 million of the principal amount from the $75.0 million floating rate loan with Hercules. An additional tranche of $15.0 million was drawn by the Group on January 14, 2019, which resulted in an adjustment of the carrying amount of the financial liability to reflect the revised estimated cash flows. The carrying amount adjustment is recalculated by computing the present value of the revised estimated future cash flows at the financial instrument’s original effective interest rate. For the year ended June 30, 2019, a $0.4 million gain has been recognized by the Group in the Income Statement as remeasurement of borrowing arrangements within finance costs. An additional $25.0 million may be drawn by the Group as certain conditions and milestones are met. The loan matures in March 2022 with principal repayments commencing in October 2019, as a result we have recognized $13.6 million of the borrowings as a current liability. If certain milestones are met before September 30, 2019 the requirement to commence principal repayments will be deferred, potentially until October 2020. Interest on the loan is payable monthly in arrears on the 1 st The carrying amount of the loan is secured by a first charge over the assets of the Group, excluding $0.7 million of bank guarantees and $1.2 million of letters of credit included in other non-current assets (refer to Note 5(d)), $0.4 million of interest-bearing deposits at call included in cash and cash equivalents (refer to Note 5(a)) and $0.3 million of cash held as security included in trade and other receivables (refer to Note 5(b)). These items have been used to secure liabilities other than the non-current loan. NovaQuest Capital Management, L.L.C. On June 29, 2018, we drew the first tranche of $30.0 million of the principal amount from the $40.0 million secured loan with NovaQuest. There is a four-year interest only period, until July 2022, with the principal repayable in equal quarterly instalments over the remaining period of the loan. A $0.4 million loan administration fee is payable annually in June and is recognized as a current liability. The loan matures in July 2026. Interest on the loan accrues at a fixed rate of 15% per annum. All interest and principal payments will be deferred until after the first commercial sale of our allogeneic product candidate MSC-100-IV in pediatric patients with steroid refractory aGVHD, in the United States and other geographies excluding Asia (“pediatric aGVHD”). We can elect to prepay all outstanding amounts owing at any time prior to maturity, subject to a prepayment charge, and may decide to do so if net sales of pediatric aGVHD are significantly higher than current forecasts. If there are no net sales of pediatric aGVHD, the loan is only repayable on maturity in 2026. If in any annual period 25% of net sales of pediatric aGVHD exceed the amount of accrued interest owing and, from 2022, principal and accrued interest owing (“the payment cap”), Mesoblast will pay the payment cap and an additional portion of excess sales which may be used for early prepayment of the loan. If in any annual period 25% of net sales of pediatric aGVHD is less than the payment cap, then the payment is limited to 25% of net sales of pediatric aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid. Because of this relationship of net sales and repayments, changes in our estimated net sales may trigger an adjustment of the carrying amount of the financial liability to reflect the revised estimated cash flows. The carrying amount adjustment is recalculated by computing the present value of the revised estimated future cash flows at the financial instrument’s original effective interest rate. For the year ended June 30, 2019, a $0.7 million loss has been recognized by the Group in the Income Statement as remeasurement of borrowing arrangements within other operating income and expenses. The carrying amount of the loan and security agreement with NovaQuest is subordinated to the Group’s floating rate loan with the senior creditor, Hercules. (ii) Compliance with loan covenants Our loan facilities with Hercules and NovaQuest contain a number of covenants that impose operating restrictions on us, which may restrict our ability to respond to changes in our business or take specified actions. In addition, under our loan and security agreement with Hercules we are obliged to maintain certain levels of cash in the United States, and a minimum unrestricted cash balance across the Group. The Group has complied with the financial and other restrictive covenants of its borrowing facilities during the year ended June 30, 2019. (iii) Net debt reconciliation (in U.S. dollars, in thousands) Current borrowings Non-current borrowings Total Carrying value - as of June 30, 2018 3,095 28,217 31,312 Changes from financing cash flows Proceeds from debt 10,912 32,660 43,572 Payment of transaction costs — (2,015 ) (2,015 ) Repayment of loans — — — Movement in short-term borrowings — — — Total changes in liabilities arising on financing cash flows 10,912 30,645 41,557 Other changes Accrued transaction costs — — — Amortization of carrying amount, net of payments made — 8,417 8,417 Carrying value - as of June 30, 2019 14,007 67,279 81,286 (iv) Fair values of borrowing arrangements The carrying amount of the borrowings at amortized cost in accordance with our accounting policy is a reasonable approximation of fair value. g. Recognized fair value measurements (i) Fair value hierarchy The following table presents the Group's financial assets and financial liabilities measured and recognized at fair value as of June 30, 2019 and June 30, 2018 on a recurring basis, categorized by level according to the significance of the inputs used in making the measurements: As of June 30, 2019 (in U.S. dollars, in thousands) Notes Level 1 Level 2 Level 3 Total Financial Assets Financial assets at fair value through other comprehensive income: Equity securities - biotech sector 5(c) — — 2,317 2,317 Total Financial Assets — — 2,317 2,317 Financial Liabilities Financial liabilities at fair value through profit or loss: Contingent consideration 5(g)(iii) — — 47,534 47,534 Total Financial Liabilities — — 47,534 47,534 As of June 30, 2018 (in U.S. dollars, in thousands) Notes Level 1 Level 2 Level 3 Total Financial Assets Financial assets at fair value through other comprehensive income: Equity securities - biotech sector 5(c) — — 2,321 2,321 Total Financial Assets — — 2,321 2,321 Financial Liabilities Financial liabilities at fair value through profit or loss: Contingent consideration 5(g)(iii) — — 42,070 42,070 Total Financial Liabilities — — 42,070 42,070 There were no transfers between any of the levels for recurring fair value measurements during the period. The Group’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and financial assets at fair value through other comprehensive income) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of financial instruments that are not traded in an active market (for example, foreign exchange contracts) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for provisions (contingent consideration) and equity securities (unlisted). (ii) Valuation techniques used. The Group used the discounted cash flow analysis to determine the fair value measurements of level 3 instruments. (iii) Fair value measurements using significant unobservable inputs (level 3) The following table presents the changes in level 3 instruments for the years ended June 30, 2019 and June 30, 2018: (in U.S. dollars, in thousands) Contingent consideration provision Opening balance - July 1, 2017 63,595 Amount used during the year (10,984 ) Charged/(credited) to consolidated income statement: Remeasurement (1) (10,541 ) Closing balance - June 30, 2018 42,070 Opening balance - July 1, 2018 42,070 Amount used during the period (800 ) Charged/(credited) to consolidated income statement: Remeasurement (2) 6,264 Closing balance - June 30, 2019 47,534 (1) In the year ended June 30, 2018 a gain of $10.5 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This gain is a net result of changes to the key assumptions of the contingent consideration valuation such as developmental timelines, product pricing, market population, market penetration and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration. (2) In the year ended June 30, 2019 a loss of $6.3 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This loss is a net result of changes to the key assumptions of the contingent consideration valuation such as probability of success, market penetration, developmental timelines, product pricing and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration. (iv) Valuation inputs and relationship to fair value The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Range of inputs (weighted average) (in U.S. dollars, in thousands, except percent data) Fair value as of June 30, Valuation Unobservable Year Ended June 30, Relationship of unobservable inputs to Description 2019 2018 technique inputs (1) 2019 2018 fair value Contingent consideration 47,534 42,070 Discounted cash flows Risk adjusted discount rate 11%-13% (12.5%) 11%-13% (12.5%) Year ended June 30, 2019: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%. Year ended June 30, 2018: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%. Expected unit revenues n/a n/a Year ended June 30, 2019: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%. Year ended June 30, 2018: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%. Expected sales volumes n/a n/a Year ended June 30, 2019: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%. Year ended June 30, 2018: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%. (1) There were no significant inter-relationships between unobservable inputs that materially affect fair values. (v) Valuation processes In connection with the Osiris acquisition, on October 11, 2013 (the “acquisition date”), an independent valuation of the contingent consideration was carried out by an independent valuer. For the years ended June 30, 2019 and 2018, the Group has adopted a process to value contingent consideration internally. This valuation has been completed by the Group’s internal valuation team and reviewed by the Chief Financial Officer (the "CFO"). The valuation team is responsible for the valuation model. The valuation team also manages a process to continually refine the key assumptions within the model. This is done with input from the relevant business units. The key assumptions in the model have been clearly defined and the responsibility for refining those assumptions has been assigned to the most relevant business units. The remeasurement charged to the consolidated income statement was a net result of changes to key assumptions such as developmental timelines, product pricing, market population, market penetration, probability of success and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration. As of June 30, The fair value of contingent consideration (in U.S. dollars, in thousands) 2019 2018 Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets 28,005 23,674 Fair value of royalty payments from commercialization of the intellectual property acquired 19,529 18,396 47,534 42,070 The main level 3 inputs used by the Group are evaluated as follows: Risk adjusted discount rate: The discount rate used in the valuation has been determined based on required rates of returns of listed companies in the biotechnology industry (having regards to their stage of development, their size and number of projects) and the indicative rates of return required by suppliers of venture capital for investments with similar technical and commercial risks. This assumption is reviewed as part of the valuation process outlined above. Expected unit revenues: Expected market sale price of the most comparable products currently available in the market place. This assumption is reviewed as part of the valuation process outlined above. Expected sales volumes: Expected sales volumes of the most comparable products currently available in the market place. This assumption is reviewed as part of the valuation process outlined above. |
Non-financial Assets and Liabil
Non-financial Assets and Liabilities | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Non Financial Assets And Liabilities [Abstract] | |
Non Financial Assets And Non Financial Liabilities | 6. Non-financial assets and liabilities a. Property, plant and equipment (in U.S. dollars, in thousands) Plant and Equipment Office Furniture and Equipment Computer Hardware and Software Total Year Ended June 30, 2018 Opening net book amount 751 547 516 1,814 Additions 16 2 176 194 Exchange differences (1 ) (1 ) (12 ) (14 ) Disposals — — (1 ) (1 ) Depreciation charge (460 ) (134 ) (315 ) (909 ) Closing net book value 306 414 364 1,084 As of June 30, 2018 Cost 4,152 1,249 3,199 8,600 Accumulated depreciation (3,846 ) (835 ) (2,835 ) (7,516 ) Net book value 306 414 364 1,084 Year Ended June 30, 2019 Opening net book amount 306 414 364 1,084 Additions 114 102 107 323 Exchange differences 1 (5 ) (13 ) (17 ) Disposals — (2 ) — (2 ) Depreciation charge (217 ) (133 ) (212 ) (562 ) Closing net book value 204 376 246 826 As of June 30, 2019 Cost 4,207 1,304 3,023 8,534 Accumulated depreciation (4,003 ) (928 ) (2,777 ) (7,708 ) Net book value 204 376 246 826 (i) Depreciation methods and useful lives Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over the estimated useful lives. The estimated useful lives are: • Plant and equipment 3 – 15 years • Office furniture and equipment 3 – 10 years • Computer hardware and software 3 – 4 years See Note 22(n) for other accounting policies relevant to property, plant and equipment. b. Intangible assets (in U.S. dollars, in thousands) Goodwill Acquired to In-process research development acquired Current marketed products Total Year Ended June 30, 2018 Opening net book amount 134,453 1,898 427,779 22,220 586,350 Exchange differences — (3 ) — — (3 ) Amortization charge — (125 ) — (1,616 ) (1,741 ) Closing net book amount 134,453 1,770 427,779 20,604 584,606 As of June 30, 2018 Cost 134,453 2,749 489,698 23,999 650,899 Accumulated amortization — (979 ) — (3,395 ) (4,374 ) Accumulated impairment — — (61,919 ) — (61,919 ) Net book amount 134,453 1,770 427,779 20,604 584,606 Year Ended June 30, 2019 Opening net book amount 134,453 1,770 427,779 20,604 584,606 Additions — 100 — — 100 Exchange differences — (4 ) — 1 (3 ) Amortization charge — (122 ) — (1,455 ) (1,577 ) Closing net book amount 134,453 1,744 427,779 19,150 583,126 As of June 30, 2019 Cost 134,453 2,822 489,698 23,999 650,972 Accumulated amortization — (1,078 ) — (4,849 ) (5,927 ) Accumulated impairment — — (61,919 ) — (61,919 ) Net book amount 134,453 1,744 427,779 19,150 583,126 (i) Carrying value of in-process research and development acquired by product As of June 30, (in U.S. dollars, in thousands) 2019 2018 Cardiovascular products 254,351 254,351 Intravenous products for metabolic diseases and inflammatory/immunologic conditions 70,730 70,730 Osiris MSC products 102,698 102,698 427,779 427,779 For all products included within the above balances, the underlying currency of each item recorded is USD. (ii) Amortization methods and useful lives The Group amortizes intangible assets with a finite useful life using the straight-line method over the following periods: • Acquired licenses to patents 7 – 16 years • Current marketed products 15 – 20 years See Note 22(o) for the other accounting policies relevant to intangible assets and Note 22(i) for the Group’s policy regarding impairments. (iii) Significant estimate: Impairment of goodwill and assets with an indefinite useful life The Group tests annually whether goodwill and its assets with indefinite useful lives have suffered any impairment in accordance with its accounting policy stated in Note 22(i). The recoverable amounts of these assets and cash-generating units have been determined based on fair value less costs to dispose calculations, which require the use of certain assumptions. During the year ended June 30, 2019, we elected to change the annual impairment testing date from the fourth quarter to the third quarter of each year to align with industry best practice. A full assessment was performed at March 31, 2019 and no impairment of the in-process research and development and goodwill was identified. (iv) Impairment tests for goodwill and intangible assets with and indefinite useful life In-process research and development acquired is considered to be an indefinite life intangible asset on the basis that it is incomplete and cannot be used in its current form (see Note 22(o)(iii)). The intangible asset’s life will remain indefinite until such time it is completed and commercialized or impaired. The carrying value of in-process research and development is a separate asset which has been subject to impairment testing at the cash generating unit level, which has been determined to be at the product level. On acquisition, goodwill was not able to be allocated to the cash generating unit (“CGU”) level or to a group of CGU given the synergies of the underlying research and development. For the purpose of impairment testing, goodwill is monitored by management at the operating segment level. The Group is managed as one operating segment, being the development of adult stem cell technology platform for commercialization. The carrying value of goodwill has been allocated to the appropriate operating segment for the purpose of impairment testing. The recoverable amount of both goodwill and in-process research and development was assessed as of June 30, 2019 based on the fair value less costs to dispose. (v) Key assumptions used for fair value less costs to dispose calculations In determining the fair value less costs to dispose we have given consideration to the following internal and external indicators: • discounted expected future cash flows of programs valued by the Group’s internal valuation team and reviewed by the CFO. The valuation team is responsible for the valuation model. The valuation team also manages a process to continually refine the key assumptions within the model. This is done with input from the relevant business units. The key assumptions in the model have been clearly defined and the responsibility for refining those assumptions has been assigned to the most relevant business units. When determining key assumptions, the business units refer to both external sources and past experience as appropriate. The valuation is considered to be level 3 in the fair value hierarchy due to unobservable inputs used in the valuation; • the scientific results and progress of the trials since acquisition; • the valuation of the Group that was applicable to the July 10, 2018 equity placement undertaken with NovaQuest through issuing of the Group’s securities on the ASX; • the market capitalization of the Group on the ASX (ASX:MSB) on the impairment testing date of March 31, 2019; and • the valuation of the Group’s assets from an independent valuation as of June 30, 2017. Costs of disposal were assumed to be immaterial at June 30, 2019. Discounted cash-flows used a real post-tax discount rate range of 13.8% to 15.5%, and include estimated real cash inflows and outflows for each program through to patent expiry. In relation to cash outflows consideration has been given to cost of goods sold, selling costs and clinical trial schedules including estimates of numbers of patients and per patient costs. Associated expenses such as regulatory fees and patent maintenance have been included as well as any further preclinical development if applicable. The assessment of goodwill showed the recoverable amount of the Group’s operating segment, including goodwill and remaining in-process research and development, exceeds the carrying amounts, and therefore there is no impairment. Additionally, the recoverable amount of remaining in-process research and development also exceeds the carrying amounts, and therefore there is no impairment. There are no standard growth rates applied, other than our estimates of market penetration which increase initially, plateau and then decline. The assessment of the recoverable amount of each product has been made in accordance with the discounted cash-flow assumptions outlined above. The assessment showed that the recoverable amount of each product exceeds the carrying amount and therefore there is no impairment. (vi) Impact of possible changes in key assumptions The Group has considered and assessed reasonably possible changes in the key assumptions and has not identified any instances that could cause the carrying amount of our intangible assets at June 30, 2019 to exceed its recoverable amount. Whilst there is no impairment, the key sensitivities in the valuation remain the continued successful development of our technology platform. c. Provisions As of As of June 30, 2019 June 30, 2018 (in U.S. dollars, in thousands) Current Non-current Total Current Non-current Total Contingent consideration 1,033 46,501 47,534 724 41,346 42,070 Employee benefits 4,231 86 4,317 4,358 101 4,459 Provision for license agreements 2,000 1,742 3,742 — 1,509 1,509 7,264 48,329 55,593 5,082 42,956 48,038 (i) Information about individual provisions and significant estimates Contingent consideration The contingent consideration provision relates to the Group’s liability for certain milestones and royalty achievements pertaining to the acquired MSC assets from Osiris. Further disclosures can be found in Note 5(g)(iii). Employee benefits The provision for employee benefits relates to the Group’s liability for annual leave, short term incentives and long service leave. Employee benefits include accrued annual leave. As of June 30, 2019 and 2018, the entire amount of the accrual was $0.7 million and $0.7 million respectively, and is presented as current, since the Group does not have an unconditional right to defer settlement for any of these obligations. (ii) Movements The contingent consideration provision relates to the Group’s liability for certain milestones and royalty achievements. Refer to Note 5(g)(iii) for movements in contingent consideration for the years ended June 30, 2019 and 2018. d. Deferred tax balances (i) Deferred tax balances (in U.S. dollars, in thousands) 2019 2018 Deferred tax assets The balance comprises temporary differences attributable to: Tax losses 61,742 55,904 Other temporary differences 3,687 669 Total deferred tax assets 65,429 56,573 Deferred tax liabilities The balance comprises temporary differences attributable to: Intangible assets 76,553 76,652 Total deferred tax liabilities 76,553 76,652 Net deferred tax liabilities 11,124 20,079 Deferred tax assets expected to be settled within 12 months — — Deferred tax assets expected to be settled after 12 months 65,429 56,573 Deferred tax liabilities expected to be settled within 12 months 99 147 Deferred tax liabilities expected to be settled after 12 months 76,454 76,505 (ii) Movements (in U.S. dollars, in thousands) Tax losses (1) Other temporary differences (1) Intangible assets (DTL) Total (DTL) As of June 30, 2017 (74,660 ) (3,566 ) 127,519 49,293 Reclassifications 1,473 — — 1,473 Charged/(credited) to: - profit or loss 17,283 2,897 (50,867 ) (30,687 ) As of June 30, 2018 (55,904 ) (669 ) 76,652 20,079 Charged/(credited) to: - profit or loss (5,838 ) (3,018 ) (99 ) (8,955 ) As of June 30, 2019 (61,742 ) (3,687 ) 76,553 11,124 (1) Deferred tax assets are netted against deferred tax liabilities. e. Deferred consideration (in U.S. dollars, in thousands) 2019 2018 Opening balance — — Up-front milestone receivable recognized during the period 20,000 — Amount recognized as revenue in the period (10,000 ) — Balance as of the end of the period 10,000 — |
Equity
Equity | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Equity | 7. Equity a. Contributed equity (i) Share capital As of June 30, 2019 2018 2017 2019 2018 2017 Shares No. (U.S. dollars, in thousands) Contributed equity (i) Share capital Ordinary shares 498,626,208 482,639,654 428,221,398 910,405 889,481 830,425 Less: Treasury Shares (3,500,000 ) (3,500,000 ) (3,500,000 ) — — — Total Contributed Equity 495,126,208 479,139,654 424,721,398 910,405 889,481 830,425 (ii) Movements in ordinary share capital As of June 30, As of June 30, 2019 2018 2017 2019 2018 2017 Shares No. (U.S. dollars, in thousands) Opening balance 482,639,654 428,221,398 381,373,137 889,481 830,425 770,272 Issues of ordinary shares during the period Exercise of share options (1) 313,108 289,245 272,579 258 116 149 Share based compensation for services rendered 1,209,187 540,051 280,911 1,170 662 240 Payment for contingent consideration — 6,029,545 — — 10,000 — Entitlement offer to existing eligible shareholders — 36,191,982 — — 40,449 — Placement of shares under an equity facility agreement — 2,000,000 — — — — Placement of shares under a share placement agreement (2) 14,464,259 — 46,294,771 20,000 — 61,710 Placement of shares under a license agreement — 892,857 — — 1,000 — Transaction costs arising on share issue — — — (817 ) (2,869 ) (1,959 ) 15,986,554 45,943,680 46,848,261 20,611 49,358 60,140 Unissued ordinary shares during the period Placement of shares under a share placement agreement — 8,474,576 — — 10,000 — Transaction costs arising on share issue — — — — (340 ) — — 8,474,576 — — 9,660 — Total contributions of equity during the period 15,986,554 54,418,256 46,848,261 20,611 59,018 60,140 Share options reserve transferred to equity on exercise of options — — — 313 38 13 Ending balance 498,626,208 482,639,654 428,221,398 910,405 889,481 830,425 (1) Options are issued to employees, directors and consultants in accordance with the Mesoblast Employee Share Options Plan (“ESOP”). The shares issued and share capital received upon the exercise of options are recorded above. (2) During the year ended June 30, 2019, a $20.0 million equity purchase of Mesoblast Limited at A$1.86 per share, representing a 20% premium to a blended volume weighted average price calculated over three months, one month and one day. (iii) Ordinary shares Ordinary shares participate in dividends and the proceeds on winding up of the Group in equal proportion to the number of shares held. At shareholders meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands. Ordinary shares have no par value and the Company does not have a limited amount of authorized capital. (iv) Employee share options Information relating to the Group’s employee share option plan, including details of shares issued under the scheme, is set out in Note 17. b. Reserves (i) Reserves As at June 30, (in U.S. dollars, in thousands) 2019 2018 Share-based payments reserve 80,034 75,974 Investment revaluation reserve 17 21 Foreign currency translation reserve (39,413 ) (39,276 ) 40,638 36,719 (ii) Reconciliation of reserves (in U.S. dollars, in thousands) As at June 30, Share-based payments reserve 2019 2018 Opening balance 75,974 69,919 Transfer to ordinary shares on exercise of options (313 ) (38 ) Share option expense for the year 4,363 5,959 Reclassification of modified options to/(from) liability 10 134 Closing Balance 80,034 75,974 Investment revaluation reserve Opening balance 21 (303 ) Changes in the fair value of financial assets through other comprehensive income (4 ) 324 Closing Balance 17 21 Foreign currency translation reserve Opening balance (39,276 ) (38,373 ) Currency (loss)/gain on translation of foreign operations net assets (137 ) (903 ) Closing Balance (39,413 ) (39,276 ) (iii) Nature and purpose of reserves Share-based payment reserve The share-based payments reserve is used to recognize: • the fair value (1) • the fair value (1) (1) The fair value recognized is determined at the acceptance date, which is the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement. Foreign currency translation reserve Exchange differences arising on translation of a foreign controlled entity are recognized in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of. |
Cash flow information
Cash flow information | 12 Months Ended |
Jun. 30, 2019 | |
Statement Of Cash Flows [Abstract] | |
Cash flow information | 8. Cash flow information (in U.S. dollars, in thousands) As of June 30, (a) Reconciliation of cash and cash equivalents 2019 2018 2017 Cash at bank 50,005 37,221 7,722 Deposits at call 421 542 38,039 50,426 37,763 45,761 (in U.S. dollars, in thousands) Year Ended June 30, (b) Reconciliation of net cash flows used in operations with loss after income tax 2019 2018 2017 Loss for the period (89,799 ) (35,290 ) (76,815 ) Add/(deduct) net loss for non-cash items as follows: Depreciation and amortization 2,139 2,650 3,057 Foreign exchange (gains)/losses (154 ) (160 ) 38 Finance costs 6,914 725 — Remeasurement of borrowing arrangements 376 — — Remeasurement of contingent consideration 6,264 (10,541 ) 130 Payment under a license agreement paid in shares — 1,000 — Payment for services rendered in shares 620 — — Equity settled share-based payment 4,368 6,199 5,276 Deferred tax benefit (8,955 ) (30,664 ) (13,400 ) Change in operating assets and liabilities: (Increase)/decrease in trade and other receivables 4,974 (6,093 ) (859 ) (Increase)/decrease in prepayments 5,237 1,503 (10,201 ) Decrease/(increase) in tax assets 1,729 (1,807 ) 1,282 Increase/(decrease) in trade creditors and accruals (3,972 ) (4,464 ) (5,740 ) Increase/(decrease) in provisions 2,469 1,930 1,761 Increase/(decrease) in deferred consideration 10,000 — — Net cash outflows used in operations (57,790 ) (75,012 ) (95,471 ) |
Significant estimates, judgment
Significant estimates, judgments and errors | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Significant Estimates Judgments And Errors [Abstract] | |
Significant estimates, judgments and errors | 9. Significant estimates, judgments and errors The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgment in applying the Group’s accounting policies. This note provides an overview of the areas that involved a higher degree of judgment or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong. Detailed information about each of these estimates and judgments is included in Notes 1 to 8 together with information about the basis of calculation for each affected line item in the financial statements. In addition, this note also explains where there have been actual adjustments this year as a result of an error and of changes to previous estimates. Significant estimates and judgments The areas involving significant estimates or judgments are: • recognition of revenue (Note 3); • fair value of contingent liabilities and contingent purchase consideration in a business combination (Note 5(g) and 12); • fair value of goodwill and other intangible assets including in-process research and development (Note 6(b)); • useful life of intangible assets (Note 6(b)); • recognition of deferred tax assets and deferred tax liabilities (Note 4(b)); • accrued research and development and manufacturing commercialization expenses (Note 5(e)); and • fair value of share-based payments (Note 17); • fair value of borrowings (Note 5(f)). Estimates and judgments are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Financial Risk Management [Abstract] | |
Financial Risk Management | 10. Financial risk management This note explains the Group’s exposure to financial risks and how these risks could affect the Group’s future financial performance. Current year profit and loss information has been included where relevant to add further context. Risk Exposure arising from Measurement Management Market risk – currency risk Future commercial transactions Recognized financial assets and liabilities not denominated in the functional currency of each entity within the Group Cash flow forecasting Sensitivity analysis The future cash flows of each currency are forecast and the quantum of cash reserves held for each currency are managed in line with future forecasted requirements. Cross currency swaps are undertaken as required. Market risk – interest rate risk Long-term borrowings at floating rates Sensitivity analysis The facility can be refinanced and/or repaid. Interest rate swaps can be entered into to convert the floating interest rate to a fixed interest rate as required. Term deposits at fixed rates Sensitivity analysis Vary length of term deposits, utilize interest bearing accounts and periodically review interest rates available to ensure we earn interest at market rates. Market risk – price risk Long-term borrowings Sensitivity analysis Forecasts of net sales of the product underlying the NovaQuest borrowing arrangement are updated on a quarterly basis to evaluate the impact on the carrying amount of the financial liability. Credit risk Cash and cash equivalents, and trade and other receivables Aging analysis Credit ratings Only transact with the best risk rated banks available in each region giving consideration to the products required. Liquidity risk Cash and cash equivalents Borrowings Rolling cash flow forecasts Future cash flows requirements are forecasted and capital raising strategies are planned to ensure sufficient cash balances are maintained to meet the Group’s future commitments. a. Market risk (i) Currency risk The Group has foreign currency amounts owing primarily in the Group’s Australian based entity, whose functional currency is the A$ relating to clinical, regulatory and overhead activities. The Group also has foreign currency amounts owing in the Group’s Swiss and Singapore based entities, whose functional currencies are the US$. The Group also has foreign currency amounts owing in various other non-US$ currencies in A$ and US$ functional currency entities in the Group relating to clinical, regulatory and overhead activities. These foreign currency balances give rise to a currency risk, which is the risk of the exchange rate moving, in either direction, and the impact it may have on the Group’s financial performance. Currency risk is minimized by ensuring the proportion of cash reserves held in each currency matches the expected rate of spend of each currency. As of June 30, 2019, the Group held 97% of its cash in USD, and 3% in AUD. As of June 30, 2018 the Group held 92% of its cash in USD, and 8% in AUD. The balances held at the end of the year that give rise to currency risk exposure are presented in USD in the following table, together with a sensitivity analysis which assesses the impact that a change of +/-20% in the exchange rate as of June 30, 2019 and June 30, 2018 would have had on the Group’s reported net profits/(losses) and/or equity balance. +20% -20% (in U.S. dollars, in thousands) As of June 30, 2019 Foreign currency balance held Profit/(Loss) USD Profit/(Loss) USD Bank accounts - USD USD 383 $ 77 $ (77 ) Bank accounts - CHF CHF 49 $ 10 $ (10 ) Bank accounts - SGD SGD 83 $ 12 $ (12 ) Bank accounts - EUR EUR 4 $ 1 $ (1 ) Trade and other receivables - SGD SGD 30 $ 4 $ (4 ) Trade and other receivables - CHF CHF 2 $ 0 $ (0 ) Trade and other receivables - EUR EUR 8 $ 2 $ (2 ) Trade payables and accruals - USD (USD 490) $ (98 ) $ 98 Trade payables and accruals - AUD (AUD 280) $ (39 ) $ 39 Trade payables and accruals - SGD (SGD 193) $ (28 ) $ 28 Trade payables and accruals - GBP (GBP 30) $ (8 ) $ 8 Trade payables and accruals - EUR (EUR 86) $ (19 ) $ 19 Trade payables and accruals - CHF (CHF 55) $ (11 ) $ 11 Provisions - SGD (SGD 70) $ (10 ) $ 10 $ (107 ) $ 107 +20% -20% (in U.S. dollars, in thousands) As of June 30, 2018 Foreign currency balance held Profit/(Loss) USD Profit/(Loss) USD Bank accounts - USD USD 81 $ (14 ) $ 20 Bank accounts - CHF CHF 157 $ 31 $ (31 ) Bank accounts - SGD SGD 178 $ 49 $ (49 ) Bank accounts - EUR EUR 2 $ 0 $ (0 ) Trade and other receivables - SGD SGD 29 $ 8 $ (8 ) Trade and other receivables - USD USD 10,000 $ (1,667 ) $ 2,500 Trade and other receivables - CHF CHF 6 $ 1 $ (1 ) Trade and other receivables - EUR EUR 4,750 $ 815 $ (815 ) Trade payables and accruals - USD (USD 1,797) $ 300 $ (449 ) Trade payables and accruals - AUD (AUD 446) $ (121 ) $ 121 Trade payables and accruals - SGD (SGD 176) $ (48 ) $ 48 Trade payables and accruals - GBP (GBP 52) $ (0 ) $ (2 ) Trade payables and accruals - EUR (EUR 1) $ (0 ) $ 0 Trade payables and accruals - CHF (CHF 50) $ (10 ) $ 10 Trade payables and accruals - SEK (SEK 118) $ 2 $ (3 ) Provisions - SGD (SGD 74) $ (20 ) $ 20 Provisions - CHF (CHF 2) $ (0 ) $ 0 $ (674 ) $ 1,361 (ii) Cash flow and fair value interest rate risk The Group’s main interest rate risk arises from long-term borrowings with a floating interest rate, which exposes the Group to cash flow interest rate risk. As interest rates fluctuate, the amount of interest payable on financing where the interest rate is not fixed will also fluctuate. This interest rate risk can be managed by interest rate swaps which can be entered into to convert the floating interest rate to a fixed interest rate as required. Additionally, the Group can repay its loan facility at its discretion and can also refinance if the terms are suitable in the marketplace or from the existing lender. We completed a cost benefit analysis of entering an interest rate swap arrangement in the period. The Group did not enter into any interest rate swaps during the year ended June 30, 2019. The exposure of the Group’s borrowing to interest rate changes are as follows: As of As of June 30, 2019 June 30, 2018 (in U.S. dollars, in thousands, except percent data) Total % of total loans Total % of total loans Financial liabilities Current borrowings Variable rate borrowings - Hercules 13,607 17 % — 0 % Non-current borrowings Variable rate borrowings - Hercules 34,619 43 % 31,966 54 % 48,226 60 % 31,966 54 % An analysis by maturities is provided in Note 10(c) below. The percentage of total loans shows the proportion of loans that are currently at variable rates in relation to the total amount of borrowings. The borrowings which expose the Group to interest rate risk are described in the table below, together with the maximum and minimum interest rates being earned as of June 30, 2019 and June 30, 2018. The effect on profit is shown if interest rates change by 5%, in either direction, is as follows: As of As of June 30, 2019 June 30, 2018 (in U.S. dollars, in thousands, except percent data) Low High USD Low High USD Borrowings - USD 10.45 % 10.45 % 48,226 (1) 9.95 % 9.95 % 31,966 (1) Rate increase by 5% 10.97 % 10.97 % 261 10.45 % 10.45 % 159 Rate decrease by 5% 9.93 % 9.93 % (261 ) 9.45 % 9.45 % (159 ) (1) Effect on profit/loss of interest rate changes is based on the loan principal amount of $50.0 million as of June 30, 2019, and loan principal amount of $35.0 million as of June 30, 2018, with principal payments commencing in October 2019. The Group is also exposed to interest rate movements which impacts interest income earned on its deposits and at call accounts. The interest income derived from these balances can fluctuate due to interest rate changes. This interest rate risk is managed by periodically reviewing interest rates available for suitable interest bearing accounts to ensure we earn interest at market rates. The Group ensures that sufficient funds are available, in at call accounts, to meet the working capital requirements of the Group. The deposits held which derive interest revenue are described in the table below, together with the maximum and minimum interest rates being earned as of June 30, 2019 and June 30, 2018. The effect on profit is shown if interest rates change by 10%, in either direction, is as follows: As of As of June 30, 2019 June 30, 2018 (in U.S. dollars, in thousands, except percent data) Low High USD Low High USD Funds invested - USD 1.76 % 1.76 % 46,051 0.80 % 0.80 % 99 Rate increase by 10% 1.94 % 1.94 % 81 0.88 % 0.88 % 0 Rate decrease by 10% 1.58 % 1.58 % (81 ) 0.72 % 0.72 % 0 AUD Low High AUD Low High AUD Funds invested - AUD 2.23 % 2.23 % 600 2.72 % 2.72 % 600 Rate increase by 10% 2.45 % 2.45 % 1 2.99 % 2.99 % 2 Rate decrease by 10% 2.01 % 2.01 % (1 ) 2.45 % 2.45 % (2 ) (iii) Price risk Price risk is the risk that future cash flows derived from financial instruments will be altered as a result of a market price movement, which is defined as movements other than foreign currency rates and interest rates. The Group is exposed to price risk which arises from long-term borrowings under its facility with NovaQuest, where the timing and amounts of principal and interest payments is dependent on net sales of product candidate MSC-100-IV for the treatment of aGVHD in pediatric patients in the United States and other territories excluding Asia. As net sales of MSC-100-IV for the treatment of aGVHD in pediatric patients in these territories increase/decrease, the timing and amount of principal and interest payments relating to the financing arrangement will also fluctuate, resulting in an adjustment to the carrying amount of financial liability. The adjustment is recognized in the Income Statement as remeasurement of borrowing arrangements within other operating income and expenses in the period the revision is made. The exposure of the Group’s borrowing to price rate changes are as follows: As of As of June 30, 2019 June 30, 2018 (in U.S. dollars, in thousands, except percent data) Total % of total loans Total % of total loans Financial liabilities Current borrowings Borrowings - NovaQuest 400 0 % — 0 % Non-current borrowings Borrowings - NovaQuest 32,660 40 % 27,431 46 % 33,060 40 % 27,431 46 % As at June 30, 2019, all other factors held constant, a 20% increase in the forecast net sales of MSC-100-IV for the treatment of aGVHD in pediatric patients in the United States and other territories excluding Asia would increase non-current borrowing and decrease profit by $3.5 million, whereas a 20% decrease in the net sales of MSC-100-IV for the treatment of aGVHD in pediatric patients in the United States and other territories excluding Asia would decrease non-current borrowings and The Group does not consider it has any exposure to price risk other than those already described above. b. Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge its obligation and cause financial loss to the other party. The Group does not generally have trade receivables. The Group’s receivables are tabled below. As of June 30, (in U.S. dollars, in thousands) 2019 2018 Cash and cash equivalents Deposits at call (Note 5(a)) - minimum A rated 421 542 Cash at bank (Note 5(a)) - minimum A rated 50,005 37,221 Trade and other receivables Receivable from other parties (non-rated) 1,740 45,745 Receivable from the Australian Government (Income Tax) 1,511 3,305 Receivable from the Australian Government (Foreign Withholding Tax) 400 400 Receivable from minimum A rated bank deposits (interest) 252 262 Receivable from the Australian Government (Goods and Services Tax) 84 48 Receivable from the United States Government (Income Tax) 71 24 Receivable from the Swiss Government (Value-Added Tax) 2 6 Other non-current assets Receivable from the United States Government (U.S. tax credits) 1,467 1,473 c. Liquidity risk Liquidity risk is the risk that the Group will not be able to pay its debts as and when they fall due. Liquidity risk has been assessed in Note 1( i All financial liabilities, excluding contingent consideration, held by the Group as of June 30, 2019 and June 30, 2018 are non-interest bearing and mature within 6 months. The total contractual cash flows associated with these liabilities equate to the carrying amount disclosed within the financial statements. As of June 30, 2019, the maturity profile of the anticipated future contractual cash flows including interest in relation to the Group’s borrowings, on an undiscounted basis and which, therefore differs from the carrying value, is as follows: (in U.S. dollars, in thousands) Within 1 year Between 1-2 years Between 2-5 years Over 5 years Total contractual cash flows Carrying amount Borrowings (1)(2) (18,845 ) (29,790 ) (57,634 ) (34,728 ) (140,997 ) (81,286 ) (18,845 ) (29,790 ) (57,634 ) (34,728 ) (140,997 ) (81,286 ) (1) Contractual cash flows include payments of principal, interest and other charges. Interest is calculated based on debt held at June 30, 2019 without taking account drawdowns of further tranches. (2) In relation to the contractual maturities of the NovaQuest borrowings, there is variability in the maturity profile of the anticipated future contractual cash flows given the timing and amount of payments are calculated based on our estimated net sales of pediatric aGVHD. |
Capital Management
Capital Management | 12 Months Ended |
Jun. 30, 2019 | |
Capital Management [Abstract] | |
Capital Management | 11. Capital management The Group’s objective when managing capital is to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders. See Note 5(a) for the cash reserves of the Group as at the end of the financial reporting period. |
Interests in other entities
Interests in other entities | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Interests in other entities | 12. Interests in other entities The Group’s subsidiaries as of June 30, 2019 and 2018 are set out below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the Group. The country of incorporation or registration is also their principal place of business, aside from BeiCell Ltd, which was incorporated on November 15, 2018 in the Cayman Islands however operates in Hong Kong. Country of Class of incorporation shares Equity holding As of June 30, 2019 2018 % % Mesoblast, Inc. USA Ordinary 100 100 Mesoblast International Sàrl (includes Mesoblast International Sàrl Singapore Branch) Switzerland Ordinary 100 100 Mesoblast Australia Pty Ltd Australia Ordinary 100 100 Mesoblast UK Ltd United Kingdom Ordinary 100 100 Mesoblast International (UK) Ltd United Kingdom Ordinary 100 100 BeiCell Ltd Cayman Islands Ordinary 100 N/A |
Contingent assets and liabiliti
Contingent assets and liabilities | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Contingent Assets And Liabilities [Abstract] | |
Contingent assets and liabilities | 13. Contingent assets and liabilities a. Contingent assets The Group did not have any contingent assets outstanding as of June 30, 2019 and June 30, 2018. b. Contingent liabilities (i) Central Adelaide Local Health Network Incorporated (“CALHNI”) (formerly Medvet) The Group acquired certain intellectual property relating to our MPCs, or Medvet IP, pursuant to an Intellectual Property Assignment Deed, or IP Deed, with Medvet Science Pty Ltd, or Medvet. Medvet’s rights under the IP Deed were transferred to Central Adelaide Local Health Network Incorporated, or CALHNI, in November 2011. In connection with its use of the Medvet IP, on completion of certain milestones the Group will be obligated to pay CALHNI, as successor in interest to Medvet, (i) certain aggregated milestone payments of up to $2.2 million and single-digit royalties on net sales of products covered by the Medvet IP, for cardiac muscle and blood vessel applications and bone and cartilage regeneration and repair applications, subject to minimum annual royalties beginning in the first year of commercial sale of those products and (ii) single-digit royalties on net sales of the specified products for applications outside the specified fields. (ii) Other contingent liabilities The Group has entered into a number of other agreements with other third parties pertaining to intellectual property. Contingent liabilities may arise in the future if certain events or developments occur in relation to these agreements. As of June 30, 2019 the Group has assessed these contingent liabilities to be remote and specific disclosure is not required. |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2019 | |
Commitments [Abstract] | |
Commitments | 14. Commitments a. Capital commitments The Group did not have any commitments for future capital expenditure outstanding as of June 30, 2019 and June 30, 2018. b. Lease commitments: Group as lessee The Group leases various offices under non-cancellable operating leases. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated. Later than Later than one three years year but no but no later Within one later than than five Later than (in U.S. dollars, in thousands) Total year three years years five years Operating leases 7,460 2,100 2,763 1,341 1,256 Total commitments 7,460 2,100 2,763 1,341 1,256 Lease commitments include amounts in AUD and Singapore dollars which have been translated to USD as of June 30, 2019 foreign exchange rates published by the Reserve Bank of Australia. c . Purchase commitments The Group did not have any purchase commitments as of June 30, 2019. |
Events occurring after the repo
Events occurring after the reporting period | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Events occurring after the reporting period | 15. Events occurring after the reporting period There were no other events that have occurred after June 30, 2019 and prior to the signing of this financial report that would likely have a material impact on the financial results presented. |
Related party transactions
Related party transactions | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Key Management Personnel Compensation [Abstract] | |
Related party transactions | 16. Related party transactions a. Parent entity The parent entity within the Group is Mesoblast Limited. b. Subsidiaries Details of interests in subsidiaries are disclosed in Note 12 to the financial statements. c. Key management personnel compensation The aggregate compensation made to Directors and other members of key management personnel of the Group is set out below Year Ended June 30, (in U.S. dollars) 2019 2018 Short-term employee benefits 2,723,902 2,577,166 Long-term employee benefits 12,074 5,648 Post-employment benefits 45,878 66,539 Share based payments 297,423 (60,858 ) 3,079,277 2,588,495 d. Transactions with other related parties Accounts receivable from revenues, accounts payable to expenses and loans from subsidiaries as at the end of the fiscal year have been eliminated on consolidation of the Group. e. Terms and conditions All other transactions were made on normal commercial terms and conditions and at market rates, except that there are no fixed terms for the repayment of loans between the parties. Outstanding balances are unsecured and are repayable in cash. |
Share-based payments
Share-based payments | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Sharebased Payment Arrangements [Abstract] | |
Share-based payments | 17. Share-based payments The Company has adopted an Employee Share Option Plan (“ESOP”) and a Loan Funded Share Plan (“LFSP”) (together, “the Plans”) to foster an ownership culture within the Company and to motivate senior management and consultants to achieve performance targets. Selected directors, employees and consultants may be eligible to participate in the Plans at the absolute discretion of the board of directors, and in the case of directors, upon approval by shareholders. Due to changes in the Australian taxation regime, the Company no longer issues new LFSP since July 1, 2015. Grant policy In accordance with the Company’s policy, options and loan funded shares are typically issued in three equal tranches. For issues granted prior to July 1, 2015 the length of time from grant date to expiry date was typically 5 years. Grants since July 1, 2015, are issued with a seven year term. Options issued to employees generally vest based on service or time conditions. In the year ended June 30, 2019, senior executives were issued options that vest based on performance conditions. For time based vesting options, the first tranche typically vests 12 months after grant date, the second tranche 24 months after grant date, and the third tranche 36 months after grant date. The exercise price is determined by reference to the Company policy which is generally the volume weighted market price of a share sold on the ASX on the 5 trading days immediately before the Board approval date. In the case of options that have time based vesting conditions, the board of directors adds a 10% premium. Options with performance based vesting conditions are issued with no premium. The board of directors’ policy is not to issue options at a discount to the market price. The same approach is used to determine the purchase price to acquire a loan-funded share for the purposes of the LFSP. The aggregate number of options which may be issued pursuant to the ESOP must not exceed 10,000,000 with respect to US incentive stock options, and with respect to Australian residents, the limit imposed under the Australian Securities and Investments Commission Class Order 14/1000. In addition, the LFSP which has not been issued since July 1, 2015, has the following characteristics: On grant date, the Company issues new equity (rather than purchasing shares on market), and the loan funded shares are placed in a trust which holds the shares on behalf of the employee. The trustee issues a limited recourse, interest free, loan to the employee which is equal to the number of shares multiplied by the price. A limited-recourse loan means that the repayment amount will be the lesser of the outstanding loan value (the loan value less any amounts that may have already been repaid) and the market value of the shares that are subject to the loan. The price is the amount the employee must pay for each loan funded share if exercised. The trustee continues to hold the shares on behalf of the employee until the employee chooses to settle the loan pertaining to the shares and all vesting conditions have been satisfied, at which point ownership of the shares is fully transferred to the employee. Any dividends paid by the Company, while the shares are held by the trustee, are applied as a repayment of the loan at the after-tax value of the dividend. a. Reconciliation of outstanding share based payments Series Grant Date Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) INC 7/12/2010 26/10/2018 USD 0.305 26,108 — (26,108 ) — — — INC 7/12/2010 26/10/2019 USD 0.340 319,892 — — — 319,892 319,892 17/LF3 9/07/2012 8/07/2018 AUD 6.67 150,000 — — (150,000 ) — — 22/LF8 4/09/2013 27/08/2018 AUD 6.26 225,000 — — (225,000 ) — — 25a (i&ii) 1/01/2014 31/12/2018 AUD 6.36 650,000 — — (650,000 ) — — 25b 12/12/2014 31/10/2019 AUD 4.49 50,000 — — — 50,000 50,000 27/LF12 5/09/2014 30/06/2019 AUD 4.71 2,045,000 — — (1,790,000 ) 27/LF12 5/09/2014 30/06/2019 AUD 4.71 — — (255,000)* — — 28/LF13 9/10/2014 8/10/2019 AUD 4.52 75,000 — — — 75,000 75,000 29 25/11/2014 24/11/2019 AUD 4.00 240,000 — — 240,000 240,000 30c(1) 25/03/2015 20/01/2019 AUD 4.98 135,000 — — (135,000 ) — — 30d(1) 25/03/2015 25/01/2019 AUD 4.98 300,000 — — (300,000 ) — — 30f(1) 25/03/2015 25/01/2019 AUD 4.98 200,000 — — (200,000 ) — — 30h(1) 25/03/2015 30/06/2019 AUD 4.69 400,000 — — (400,000 ) — — 30i(1) 25/03/2015 30/06/2019 AUD 4.44 600,000 — — (600,000 ) — — LF14 6/01/2015 16/12/2019 AUD 4.66 150,000 — — — 150,000 150,000 31b 12/05/2015 16/02/2020 AUD 4.28 200,000 — — — 200,000 200,000 32 10/07/2015 30/06/2022 AUD 4.20 2,458,334 — — (150,000)* 2,308,334 2,308,334 33 26/08/2015 16/08/2022 AUD 4.05 75,000 — — — 75,000 75,000 34 27/04/2016 6/03/2023 AUD 2.80 3,380,000 — — (186,666)* 3,193,334 3,193,334 34a 27/04/2016 17/04/2023 AUD 2.74 200,000 — — — 200,000 200,000 34b 31/10/2016 6/03/2023 AUD 2.80 200,000 — — — 200,000 200,000 35 30/06/2016 18/01/2021 AUD 2.20 1,500,000 — — — 1,500,000 1,500,000 36 6/12/2016 5/12/2023 AUD 1.31 1,885,000 — (75,000 ) (140,000)* 1,670,000 1,116,666 36a 6/12/2016 5/12/2023 AUD 1.19 4,400,000 — (212,000 ) — 4,188,000 3,000,502 36b 13/01/2017 12/01/2024 AUD 1.65 300,000 — — — 300,000 300,000 37 28/06/2017 27/06/2024 AUD 2.23 300,000 — — (150,000)* 150,000 100,000 38 16/09/2017 15/09/2024 AUD 1.54 100,000 — — — 100,000 33,334 38a 16/09/2017 15/09/2024 AUD 1.40 150,000 — — — 150,000 150,000 39 13/10/2017 12/10/2024 AUD 1.94 2,215,000 — — (236,667)* 1,978,333 668,330 39a 13/10/2017 12/10/2024 AUD 1.76 1,900,000 — — — 1,900,000 1,300,000 40 24/11/2017 23/11/2024 AUD 1.41 750,000 — — — 750,000 250,000 40a 24/11/2017 23/11/2024 AUD 1.28 750,000 — — — 750,000 — 41 18/06/2018 17/06/2025 AUD 1.52 200,000 — — 200,000 66,667 42 11/07/2018 10/07/2025 AUD 1.56 200,000 — — 200,000 — 43 18/07/2018 17/07/2025 AUD 1.87 5,970,000 — (125,000)* 5,845,000 — 44 15/07/2018 14/07/2025 AUD 1.72 300,000 — — 300,000 — 45 30/11/2018 29/11/2025 AUD 1.33 590,000 — — 590,000 — 46 19/01/2019 18/01/2026 AUD 1.45 5,000 — — 5,000 — 47 19/01/2019 18/01/2026 AUD 1.45 150,000 — — 150,000 75,000 June 30, 2019 26,329,334 7,415,000 (313,108 ) (5,693,333 ) 27,737,893 15,572,059 Weighted average share purchase price AUD 2.68 AUD 1.79 AUD 1.16 AUD 4.58 AUD 2.06 AUD 2.35 (1) 30a to 30i were granted as remuneration for the repurchase and cancellation of 2,985,000 LFSP during the year ended 30 June 2015 (see Note 17(b)). Series Grant Date Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) INC 7/12/2010 26/10/2018 USD 0.305 154,064 — (127,956 ) — 26,108 26,108 INC 7/12/2010 26/10/2019 USD 0.340 447,848 — (127,956 ) — 319,892 319,892 17/LF3 9/07/2012 8/07/2018 AUD 6.69 150,000 — — — 150,000 150,000 19/LF5 25/01/2013-29/01/2013 24/01/2018-28/01/2018 AUD 6.29 50,000 — — (50,000 ) — — 20/LF6 24/05/2013 23/05/2018 AUD 6.36 425,000 — — (325,000 ) 20/LF6 24/05/2013 23/05/2018 AUD 6.36 — — (100,000)* — — 21/LF7 3/09/2013 30/06/2018 AUD 5.92 1,865,000 — — (1,615,000 ) 22/LF8 4/09/2013 27/08/2018 AUD 6.28 225,000 — — — 225,000 225,000 25a (i&ii) 1/01/2014 31/12/2018 AUD 6.38 650,000 — — — 650,000 650,000 25b 12/12/2014 31/10/2019 AUD 4.51 50,000 — — — 50,000 50,000 27/LF12 5/09/2014 30/06/2019 AUD 4.71 2,070,000 — — (25,000)* 2,045,000 2,045,000 27(iv) 25/08/2014 24/08/2019 AUD 4.67 75,000 — — (75,000)* — — 28/LF13 9/10/2014 8/10/2019 AUD 4.54 85,000 — — (10,000)* 75,000 75,000 29 25/11/2014 24/11/2019 AUD 4.02 240,000 — — — 240,000 240,000 30a 25/03/2015 30/06/2018 AUD 5.00 650,000 — — (650,000 ) — — 30b 25/03/2015 25/01/2018 AUD 5.00 235,000 — — (235,000 ) — — 30c 25/03/2015 25/01/2019 AUD 5.00 135,000 — — — 135,000 135,000 30d 25/03/2015 30/06/2019 AUD 5.00 300,000 — — — 300,000 300,000 30e 25/03/2015 23/07/2019 AUD 5.00 165,000 — — (165,000 ) — — 30f 25/03/2015 23/07/2019 AUD 5.00 200,000 — — — 200,000 200,000 30g 25/03/2015 20/01/2019 AUD 4.71 300,000 — — (300,000)* — — 30h 25/03/2015 25/01/2018 AUD 4.71 400,000 — — — 400,000 400,000 30i 25/03/2015 25/01/2019 AUD 4.46 600,000 — — — 600,000 600,000 30j 25/03/2015 30/06/2019 AUD 4.71 150,000 — — (150,000)* — — LF14 6/01/2015 16/12/2019 AUD 4.66 150,000 — — — 150,000 150,000 31b 12/05/2015 16/02/2020 AUD 4.30 200,000 — — — 200,000 200,000 32 10/07/2015 30/06/2022 AUD 4.22 2,620,000 — — (161,666)* 2,458,334 1,683,336 33 26/08/2015 16/08/2022 AUD 4.07 91,667 — — (16,667)* 75,000 50,000 34 27/04/2016 6/03/2023 AUD 2.82 3,621,667 — — (241,667)* 3,380,000 2,299,982 34a 27/04/2016 17/04/2023 AUD 2.76 200,000 — — — 200,000 133,334 34b 31/10/2016 6/03/2023 AUD 2.82 200,000 — — — 200,000 200,000 35 30/06/2016 30/06/2019 AUD 2.20 1,500,000 — — — 1,500,000 1,500,000 36 6/12/2016 5/12/2023 AUD 1.33 2,045,000 — (33,333 ) (126,667)* 1,885,000 611,666 36a 6/12/2016 5/12/2023 AUD 1.21 4,400,000 — — — 4,400,000 1,495,002 36b 13/01/2017 12/01/2024 AUD 1.67 450,000 — — (150,000)* 300,000 300,000 37 28/06/2017 27/06/2024 AUD 2.23 — 300,000 — — 300,000 100,000 38 16/09/2017 15/09/2024 AUD 1.54 — 100,000 — — 100,000 — 38a 16/09/2017 15/09/2024 AUD 1.40 — 150,000 — — 150,000 — 39 13/10/2017 12/10/2024 AUD 1.94 — 2,310,000 — (95,000)* 2,215,000 — 39a 13/10/2017 12/10/2024 AUD 1.76 — 2,000,000 — (100,000)* 1,900,000 200,000 40 24/11/2017 23/11/2024 AUD 1.41 — 750,000 — — 750,000 — 40a 24/11/2017 23/11/2024 AUD 1.28 — 750,000 — — 750,000 — June 30, 2018 25,100,246 6,360,000 (289,245 ) (4,841,667 ) 26,329,334 14,339,320 Weighted average share purchase price AUD 3.35 AUD 1.74 AUD 0.52 AUD 4.97 AUD 2.68 AUD 3.39 (1) 30a to 30i were granted as remuneration for the repurchase and cancellation of 2,985,000 LFSP during the year ended 30 June 2015 (see Note 17(b)). Series Grant Date Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) INC 7/12/2010 26/10/2018 USD 0.305 154,064 — — — 154,064 154,064 INC 7/12/2010 26/10/2019 USD 0.340 447,848 — — — 447,848 447,848 INC 7/12/2010 25/04/2017 USD 0.444 127,956 — (127,956 ) — — — INC 7/12/2010 2/05/2017 USD 0.444 127,956 — (127,956 ) — — — 16/LF2 24/02/2012 23/02/2017 USD 8.480 340,000 — — (170,000 ) — 16/LF2 24/02/2012 23/02/2017 AUD 8.48 — — (170,000)* — 17/LF3 9/07/2012 8/07/2018 AUD 6.69 250,000 — — (100,000)* 150,000 150,000 18/LF4 21/09/2012-29/10/2012 30/06/2017 AUD 6.70 1,948,333 — — (1,673,333 ) 18/LF4 21/09/2012-29/10/2012 30/06/2017 AUD 6.70 — — (275,000)* — — 19/LF5 25/01/2013-29/01/2013 24/01/2018-28/01/2018 AUD 6.29 100,000 — — (50,000)* 50,000 50,000 20/LF6 24/05/2013 23/05/2018 AUD 6.36 595,000 — — (170,000)* 425,000 425,000 21/LF7 3/09/2013 30/06/2018 AUD 5.92 2,430,000 — — (565,000)* 1,865,000 1,865,000 22/LF8 4/09/2013 27/08/2018 AUD 6.28 225,000 — — — 225,000 225,000 23a 26/11/2013 10/10/2018 AUD 6.20 33,333 — — (33,333)* — — 24 17/12/2013 16/12/2018 AUD 6.25 25,000 — — (25,000)* — — 25a (i&ii) 1/01/2014 31/12/2018 AUD 6.38 650,000 — — — 650,000 650,000 25b 12/12/2014 31/10/2019 AUD 4.51 50,000 — — — 50,000 33,334 25 1/07/2014 6/04/2019 AUD 5.80 10,000 — — (10,000)* — — 26/LF11 24/07/2014 23/07/2019 AUD 4.71 125,000 — — (125,000)* — 27/LF12 5/09/2014 30/06/2019 AUD 4.71 2,865,000 — — (795,000)* 2,070,000 1,380,004 27(ii) 4/08/2014 3/08/2019 AUD 4.60 50,000 — — (50,000)* — — 27(iv) 25/08/2014 24/08/2019 AUD 4.67 75,000 — — — 75,000 50,000 28/LF13 9/10/2014 8/10/2019 AUD 4.54 235,000 — — (150,000)* 85,000 56,666 29 25/11/2014 24/11/2019 AUD 4.02 240,000 — — — 240,000 160,002 30a 25/03/2015 30/06/2018 AUD 5.00 650,000 — — — 650,000 650,000 30b 25/03/2015 25/01/2018 AUD 5.00 235,000 — — — 235,000 235,000 30c 25/03/2015 25/01/2019 AUD 5.00 135,000 — — — 135,000 135,000 30d 25/03/2015 30/06/2019 AUD 5.00 300,000 — — — 300,000 300,000 30e 25/03/2015 23/07/2019 AUD 5.00 165,000 — — — 165,000 165,000 30f 25/03/2015 23/07/2019 AUD 5.00 200,000 — — — 200,000 200,000 30g 25/03/2015 20/01/2019 AUD 4.71 300,000 — — — 300,000 200,000 30h 25/03/2015 25/01/2018 AUD 4.71 400,000 — — — 400,000 266,668 30i 25/03/2015 25/01/2019 AUD 4.46 600,000 — — — 600,000 600,000 30j 25/03/2015 30/06/2019 AUD 4.71 150,000 — — — 150,000 100,000 LF14 6/01/2015 16/12/2019 AUD 4.66 150,000 — — — 150,000 100,000 31a 27/04/2015 16/02/2020 AUD 4.73 20,000 — — (20,000)* — — 31b 12/05/2015 16/02/2020 AUD 4.30 200,000 — — — 200,000 200,000 32 10/07/2015 30/06/2022 AUD 4.22 3,840,000 — — (1,220,000)* 2,620,000 873,334 33 26/08/2015 16/08/2022 AUD 4.07 125,000 — — (33,333)* 91,667 41,667 34 27/04/2016 6/03/2023 AUD 2.82 5,140,000 — (16,667 ) (1,501,666)* 3,621,667 1,218,324 34a 27/04/2016 17/04/2023 AUD 2.76 200,000 — — — 200,000 66,667 34b 31/10/2016 6/03/2023 AUD 2.82 — 200,000 — — 200,000 200,000 35 30/06/2016 30/06/2019 AUD 2.22 1,500,000 — — — 1,500,000 — 36 6/12/2016 5/12/2023 AUD 1.33 — 2,095,000 — (50,000)* 2,045,000 — 36a 6/12/2016 5/12/2023 AUD 1.21 — 4,400,000 — — 4,400,000 816,667 36b 13/01/2017 12/01/2024 AUD 1.67 — 450,000 — — 450,000 150,000 June 30, 2017 25,414,490 7,145,000 (272,579 ) (1,843,333 ) 25,100,246 12,165,245 Weighted average share purchase price AUD 4.39 AUD 1.32 AUD 0.72 AUD 5.10 AUD 3.35 AUD 4.36 (1) 30a to 30i were granted as remuneration for the repurchase and cancellation of 2,985,000 LFSP during the year ended 30 June 2015 (see Note 17(b)). The weighted average share price at the date of exercise of options exercised during the years ended June 30, 2019, 2018 and 2017 were AUD 2.06, AUD 1.46 and AUD 3.28 respectively. The weighted average remaining contractual life of share options and loan funded shares outstanding as of June 30, 2019, 2018 and 2017 were 4.53 years, 4.24 years and 4.09 years, respectively. b. Existing share-based payment arrangements General terms and conditions attached to share based payments Share options pursuant to the employee share option plan and shares pursuant to loan funded share plan are generally granted in three equal tranches. For issues granted prior to July 1, 2015 the length of time from grant date to expiry date was typically 5 years. Grants since July 1, 2015, are issued with a seven year term. Vesting occurs either based on achievement of performance conditions or progressively over the life of the option/share with the first tranche vesting one year from grant date, the second tranche two years from grant date, and the third tranche three years from grant date. On cessation of employment the Company’s board of directors determines if a leaver is a bad leaver or not. If a participant is deemed a bad leaver, all rights, entitlements and interests in any unexercised options or shares (pursuant to the loan funded share plan) held by the participant will be forfeited and will lapse immediately. If a leaver is not a bad leaver they may retain vested options and shares (pursuant to the loan funded share plan), however, they must be exercised within 60 days of cessation of employment (or within a longer period if so determined by the Company’s board of directors), after which time they will lapse. Unvested options will normally be forfeited and lapse. This policy applies to all issues shown in the above table with the exception of the following: 25a(i&ii) Options were granted in two equal tranches and vested on the date that the option holder had direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. INC. As part of the acquisition of Mesoblast, Inc., Mesoblast, Inc. options were converted to options of the Company at a conversion ratio of 63.978. The Mesoblast, Inc. option exercise price per option was adjusted using the same conversion ratio. All options vested on acquisition date (December 7, 2010), and will expire according to their original expiry dates (with the exception of options held by directors which were limited to an expiry date not exceeding four years from acquisition). 31b 35 Options were granted in two equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Incentive rights granted pursuant to the Equity Facility Agreement with Kentgrove Capital, dated June 30, 2016, had fully vested on the agreement date and will expire thirty six months after the date of the issue of the incentive right. 36 (a&b) Options were granted in two or three equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. 38a & 40a Options were granted in one tranche and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. 39a Options were granted in one or two equal tranches and will vest on the date that the option holder has direct involvement (to the reasonable satisfaction of the Company’s board of directors) in the Company achieving certain confidential commercial objectives. Modifications to share-based payment arrangements During the year ended June 30, 2015, the Company repurchased an aggregate amount of $13.9 million (AUD 17.7 million) of loans under LFSP and correspondingly cancelled 2,985,000 of the Company’s ordinary shares held in trust for certain employees of the Company. As remuneration for the repurchase of loans and cancellation of these ordinary shares under LFSP, the Company granted options to purchase 2,985,000 of the Company’s ordinary shares at exercise prices ranging from AUD 4.44 to AUD 4.98 under ESOP 30a to 30i. As of March 25, 2015 (the “modification date”), the total incremental fair value granted as a result of these modifications was $0.6 million. During the year ended June 30, 2018, as a result of a fully underwritten institutional and retail entitlement offer to existing eligible shareholders (on a 1 for 12 basis) in September 2017, the exercise price of all outstanding options at the time was reduced by A$0.02 per option subject to the ESOP plan under clause 7.3. There were no modifications made to share-based payment arrangements during the year ended June 30, 2017 and June 30, 2019. c. Fair values of share based payments The weighted average fair value of share options granted during the years ended June 30, 2019, 2018 and 2017 were AUD 0.95, AUD 0.61 and AUD 1.46, respectively. The fair value of all shared-based payments made has been calculated using the Black-Scholes model. This model requires the following inputs: Share price at acceptance date The share price used in valuation is the share price at the date at which the entity and the employee agree to a share-based payment arrangement, being when the entity and the employee have a shared understanding of the terms and conditions of the arrangement. This price is generally the volume weighted average share price for the five trading days leading up to the date. Exercise price The exercise price is a known value that is contained in the agreements. Share price volatility The model requires the Company’s share price volatility to be measured. In estimating the expected volatility of the underlying shares our objective is to approximate the expectations that would be reflected in a current market or negotiated exchange price for the option or loan funded share. Historical volatility data is considered in determining expected future volatility. Life of the option/share The life is generally the time period from grant date through to expiry. Certain assumptions have been made regarding “early exercise” i.e. options exercised ahead of the expiry date, with respect to option series 14 and later. These assumptions have been based on historical trends for option exercises within the Company and take into consideration exercise trends that are also evident as a result of local taxation laws. Dividend yield The Company has yet to pay a dividend so it has been assumed the dividend yield on the shares underlying the options will be 0%. Risk free interest rate This has been sourced from the Reserve Bank of Australia historical interest rate tables for government bonds. Model inputs The model inputs for the valuations of options approved and granted during the year ended June 30, 2019 are as follows: Series Financial year of grant Exercise/Loan price per share AUD Share price at acceptance date AUD Expected share price volatility Life (1) Dividend yield Risk-free interest rate 41 2019 1.52 1.52 52.31% 5.8 yrs 0% 2.16% 42 2019 1.56 1.56 52.40% 6.1 yrs 0% 2.36% 43 2019 1.87 1.70 52.78% 5.9 yrs 0% 2.27% 44 2019 1.72 1.59 54.40% 5.6 yrs 0% 1.91% 45 2019 1.33 1.33 54.11% 6.1 yrs 0% 2.01% 46 2019 1.45 1.33 53.92% 5.8 yrs 0% 1.14% 47 2019 1.45 1.33 53.95% 5.8 yrs 0% 1.19% (1) Expected life after factoring likely early exercise. The closing share market price of an ordinary share of Mesoblast Limited on the ASX as of June 30, 2019 was AUD 1.48. The model inputs for the valuations of options approved and granted during the year ended June 30, 2018 are as follows: Series Financial year of grant Exercise/Loan price per share AUD Share price at acceptance date AUD Expected share price volatility Life (1) Dividend yield Risk-free interest rate 37 2018 2.23 2.02 52.21% 5.8 yrs 0% 2.22% 38 2018 1.54 1.37 52.04% 5.8 yrs 0% 2.41% 38a 2018 1.40 1.37 52.56% 5.8 yrs 0% 2.27% 39 2018 1.94 1.34 52.49% 5.9 yrs 0% 2.16% 39a 2018 1.76 1.34 52.49% 5.9 yrs 0% 2.16% 40 2018 1.41 1.32 52.35% 5.8 yrs 0% 2.43% 40a 2018 1.28 1.32 52.35% 5.8 yrs 0% 2.43% (1) Expected life after factoring likely early exercise. The closing share market price of an ordinary share of Mesoblast Limited on the ASX as of June 30, 2018 was AUD 2.08. The model inputs for the valuations of options approved and granted during the year ended June 30, 2017 are as follows: Series Financial year of grant Exercise/Loan price per share AUD Share price at acceptance date AUD Expected share price volatility Life (1) Dividend yield Risk-free interest rate 34b 2017 2.82 1.24 51.13% 4.6 yrs 0% 2.16% 36 2017 1.33 2.32 51.63% 5.5 yrs 0% 2.15% 36a 2017 1.21 2.32 51.63% 5.5 yrs 0% 2.15% 36b 2017 1.67 2.32 51.63% 5.6 yrs 0% 2.15% (1) Expected life after factoring likely early exercise. The closing share market price of an ordinary share of Mesoblast Limited on the ASX as of June 30, 2017 was AUD 1.08. |
Remuneration of auditors
Remuneration of auditors | 12 Months Ended |
Jun. 30, 2019 | |
Auditors Remuneration [Abstract] | |
Remuneration of auditors | 18. Remuneration of auditors During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices and non-related audit firms: Year Ended June 30, (in U.S. dollars) 2019 2018 2017 a. PricewaterhouseCoopers Australia Audit and other assurance services Audit and review of financial reports 690,245 620,837 729,598 Other audit services (1) — 92,403 42,306 Total remuneration of PricewaterhouseCoopers Australia 690,245 713,240 771,904 b. Network firms of PricewaterhouseCoopers Australia Audit and other assurance services Audit and review of financial reports 89,038 93,839 77,723 Total remuneration of Network firms of PricewaterhouseCoopers Australia 89,038 93,839 77,723 Total auditors' remuneration (2) 779,283 807,079 849,627 (1) Audit and review of financial reports and registration statements in connection with the filings on Form S-8 and F-3. (2) All services provided are considered audit services for the purpose of SEC classification. |
Losses per share
Losses per share | 12 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Losses per share | 19. Losses per share Year Ended June 30, 2019 2018 2017 (Losses) per share (in cents) (a) Basic (losses) per share From continuing operations attributable to the ordinary equity holders of the company (18.16 ) (7.58 ) (19.25 ) Total basic (losses) per share attributable to the ordinary equity holders of the company (18.16 ) (7.58 ) (19.25 ) (b) Diluted (losses) per share From continuing operations attributable to the ordinary equity holders of the company (18.16 ) (7.58 ) (19.25 ) Total basic (losses) per share attributable to the ordinary equity holders of the company (18.16 ) (7.58 ) (19.25 ) (c) Reconciliation of (losses) used in calculating (losses) per share (in U.S. dollars, in thousands) Basic (losses) per share (Losses) attributable to the ordinary equity holders of the company used in calculating basic (losses) per share: From continuing operations (89,799 ) (35,290 ) (76,815 ) Diluted (losses) per share (Losses) from continuing operations attributable to the ordinary equity holders of the company: Used in calculating basic (losses) per share (89,799 ) (35,290 ) (76,815 ) (Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share (89,799 ) (35,290 ) (76,815 ) 2019 Number 2018 Number 2017 Number Weighted average number of ordinary shares used as the denominator in calculating basic losses per share 494,381,490 465,688,997 399,042,172 Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share 494,381,490 465,688,997 399,042,172 Options granted to employees (see Note 17) are considered to be potential ordinary shares. These securities have been excluded from the determination of basic losses per shares. They have also been excluded from the calculation of diluted losses per share because they are anti-dilutive for the years ended June 30, 2019, 2018 and 2017. Shares that may be paid as contingent consideration have also been excluded from basic losses per share. They have also been excluded from the calculation of diluted losses per share because they are anti-dilutive for the years ended June 30, 2019, 2018 and 2017. The calculations for the years ended June 30, 2018 and 2017 have been adjusted to reflect the bonus element in the entitlement offer to existing eligible shareholders which occurred during September 2018. |
Parent entity financial informa
Parent entity financial information | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Parent Entity Financial Information [Abstract] | |
Parent entity financial information | 20. Parent entity financial information a. Summary financial information The parent entity financial information disclosure is an Australian Disclosure Requirement as required by Corporations Regulations 2001 As of June 30, (in U.S. dollars, in thousands) 2019 2018 Balance Sheet Current Assets 6,723 19,499 Total Assets 643,708 676,385 Current Liabilities 5,792 6,086 Total Liabilities 5,878 6,186 Shareholders' Equity Issued Capital 910,405 889,480 Reserves Foreign Currency Translation Reserve (209,207 ) (174,948 ) Share Options Reserve 65,379 61,320 (Accumulated losses) (128,747 ) (105,653 ) 637,830 670,199 Loss for the period (23,094 ) (26,346 ) Total comprehensive loss for the period (23,094 ) (26,346 ) b. Contingent liabilities of the parent entity (i) Central Adelaide Local Health Network Incorporated (“CALHNI”) (formerly Medvet) Mesoblast Limited acquired certain intellectual property relating to our MPCs, or Medvet IP, pursuant to an Intellectual Property Assignment Deed, or IP Deed, with Medvet Science Pty Ltd, or Medvet. Medvet’s rights under the IP Deed were transferred to Central Adelaide Local Health Network Incorporated, or CALHNI, in November 2011. In connection with its use of the Medvet IP, on completion of certain milestones Mesoblast Limited will be obligated to pay CALHNI, as successor in interest to Medvet, (i) certain aggregated milestone payments of up to $2.2 million and single-digit royalties on net sales of products covered by the Medvet IP, for cardiac muscle and blood vessel applications and bone and cartilage regeneration and repair applications, subject to minimum annual royalties beginning in the first year of commercial sale of those products and (ii) single-digit royalties on net sales of the specified products for applications outside the specified fields. |
Segment information
Segment information | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Operating Segments [Abstract] | |
Segment information | 21. Segment information Operating segments are identified on the basis of whether the allocation of resources and/or the assessment of performance of a particular component of the Company’s activities are regularly reviewed by the Company’s chief operating decision maker as a separate operating segment. By these criteria, the activities of the Company are considered to be one segment being the development of adult stem cell technology platform for commercialization, and the segmental analysis is the same as the analysis for the Company as a whole. The chief operating decision maker (Chief Executive Officer) reviews the consolidated income statement, balance sheet, and statement of cash flows regularly to make decisions about the Company’s resources and to assess overall performance. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Summary of significant accounting policies | 22. Summary of significant accounting policies This note provides the principal accounting policies adopted in the preparation of these consolidated financial statements as set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements are for the consolidated entity consisting of Mesoblast Limited and its subsidiaries. a. Principles of consolidation i. Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Mesoblast Limited (“Company” or “Parent Entity”) as of June 30, 2019 and the results of all subsidiaries for the year then ended. Mesoblast Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ii. Employee share trust The Group has formed a trust to administer the Group’s employee share scheme. This trust is consolidated, as the substance of the relationship is that the trust is controlled by the Group. b. Segment reporting The Group predominately operates in one segment as set out in Note 21. c. Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Mesoblast Limited is the AUD. The consolidated financial statements are presented in USD, which is the Group’s presentation currency. (ii) Translations and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the transaction at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in net loss, except when they are deferred in equity as qualifying cash flow hedges and qualifying net investment hedges or attributable to part of the net investment in a foreign operation. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in net loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as financial assets at fair value are recognized in other comprehensive income. (iii) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for the balance sheets presented are translated at the closing rate at the date of that balance sheets; • income and expenses for the statements of comprehensive income 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 in other comprehensive income. (iv) Other On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to net loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entities and translated at the closing rate. d. Revenue recognition We adopted IFRS 15 Revenue from Contracts with Customers First, contracts with customers within the scope of IFRS 15 are identified. Distinct promises within the contract are identified as performance obligations. The transaction price of the contract is measured based on the amount of consideration we expect to be entitled from the customer in exchange for goods or services. Factors such as requirements around variable consideration, significant financing components, noncash consideration, or amounts payable to customers also determine the transaction price. The transaction is then allocated to separate performance obligations in the contract based on relative standalone selling prices. Revenue is recognized when, or as, performance obligations are satisfied, which is when control of the promised good or service is transferred to the customer. There was no cumulative impact of the adoption of IFRS 15 Revenue from Contracts with Customers Revenues from contracts with customers comprise commercialization and milestone revenue. We also have revenue from research and development tax incentives and interest revenue. (i) Commercialization and milestone revenue Commercialization and milestone revenue generally includes non-refundable up-front license and collaboration fees; milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones; as well as royalties on product sales of licensed products, if and when such product sales occur; and revenue from the supply of products. Where such arrangements can be divided into separately identifiable components (each component constituting a separate earnings process), the arrangement consideration is allocated to the different components based on their relative fair values and recognized over the respective performance period in accordance with IAS 18 Revenue. Where the components of the arrangement cannot be divided into separate units, the individual deliverables are combined as a single unit of accounting and the total arrangement consideration is recognized over the estimated collaboration period. Such analysis requires considerable estimates and judgments to be made by us, including the relative fair values of the various elements included in such agreements and the estimated length of the respective performance periods. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in our consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, within current liabilities. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, within non-current liabilities. TiGenix arrangement In December 2017, the Group entered into a patent license agreement with TiGenix NV, now a wholly owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”), which granted Takeda exclusive access to certain of our patents to support global commercialization of the adipose-derived mesenchymal stem cell product, Alofisel®, a registered trademark of TiGenix, previously known as Cx601, a product candidate of Takeda, for the local treatment of fistulae. The agreement includes the right for Takeda to grant sub-licenses to affiliates and third parties. As part of the agreement, the Group received €5.0 million ($5.9 million) before withholding tax as a non-refundable up-front payment and recognized this amount in revenue in December 2017 upon receipt. In December 2018, we received a milestone payment of €5.0 million ($5.9 million) before withholding tax, and recognized this amount in revenue in December 2017 as all performance obligations had been satisfied at that time. We are entitled to further payments up to €10.0 million when Takeda reaches certain product regulatory milestones. Additionally, we receive single digit royalties on net sales of Alofisel®. No milestone revenue was recognized in relation to the patent license agreement with Takeda in the year ended June 30, 2019. In the year ended June 30, 2018, the Group recognized $11.8 million in milestone revenue in relation to the Group’s patent license agreement with Takeda. Within this $11.8 million, €5.0 million ($5.9 million) was recognized in relation to the non-refundable up-front payment received upon execution of the Group’s patent license agreement with Takeda in December 2017 and €5.0 million ($5.9 million) was recognized in relation to further payments due within 12 months of the patent license agreement date for product Alofisel®. These amounts were recorded in revenue as there are no further performance obligations required in regards to these milestones. JCR arrangement In October 2013, the Group acquired all of Osiris’ culture-expanded, MSC-based assets. These assets included assumption of a collaboration agreement with JCR, a research and development oriented pharmaceutical company in Japan. Revenue recognized under this model is limited to the amount of cash received or for which the Group is entitled to, as JCR has the right to terminate the agreement at any time. Under the JCR Agreement, JCR is responsible for all development and manufacturing costs including sales and marketing expenses. Under the JCR Agreement, JCR has the right to develop our MSCs in two fields for the Japanese market: exclusive in conjunction with the treatment of hematological malignancies by the use of hematopoietic stem cells derived from peripheral blood, cord blood or bone marrow, or the First JCR Field; and non-exclusive for developing assays that use liver cells for non-clinical drug screening and evaluation, or the Second JCR Field. With respect to the First JCR Field, we are entitled to payments when JCR reaches certain commercial milestones and to escalating double-digit royalties. These royalties are subject to possible renegotiation downward in the event of competition from non-infringing products in Japan. With respect to the Second JCR Field, we are entitled to a double digit profit share. In October 2018, we expanded our partnership with JCR in Japan for wound healing in patients with Epidermolysis Bullosa (“EB”). We will receive royalties on TEMCELL product sales for EB. We apply the sales-based and usage-based royalty exception for licenses of intellectual property and therefore recognize royalty revenue at the later of when the subsequent sale or usage occurs and the associated performance obligation has been satisfied. For the years ended June 30, 2019 and 2018, we recognized $5.0 million and $3.6 million, respectively, in commercialization revenue relating to royalty income earned on sales of TEMCELL in Japan, by our licensee JCR. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. For the year ended June 30, 2019, we recognized $1.0 million in cumulative net sales milestone revenue upon licensee, JCR, reaching milestones for sales of TEMCELL in Japan. For the year ended June 30, 2018, the Group recognized $1.5 million of milestone revenue from JCR. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. (ii) Interest revenue Interest revenue is accrued on a time basis by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. (iii) Research and development tax incentive The Australian Government replaced the research and development tax concession with the research and development tax incentive from July 1, 2011. The provisions provide refundable or non-refundable tax offsets. The research and development tax incentive applies to expenditure incurred and the use of depreciating assets in an income year commencing on or after July 1, 2011. The research and development tax incentive credit is available for our research and development activities in Australia as well as research and development activities outside of Australia to the extent such non-Australian based activities relate to intellectual property owned by our Australian resident entities do not exceed half the expenses for the relevant activities and are approved by the Australian government. A refundable tax offset is available to eligible companies with an annual aggregate turnover of less than A$20.0 million. Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. For the years ended June 30, 2019 and 2018, the rate of the refundable tax offset is 43.5%. For the year ended June 30, 2019, the Group has recognized loss of $0.1 million due to an adjustment of management’s estimate of revenue for the year ended June 30, 2018. For years ended June 30, 2018 and 2017, the Group recognized income of $1.8 million and $1.5 million, respectively years ended June 30, 2019 and 2018. The Group’s research and development activities are eligible under an Australian government tax incentive for eligible expenditure from July 1, 2011. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. At each period end management estimates and recognizes the refundable tax offset available to the Group based on available information at the time. The receivable for reimbursable amounts that have not been collected is reflected in trade and other receivables in the Group’s consolidated balance sheets. Income associated with the research and development tax incentive is recorded in the Group’s other operating income and expenses in the Group’s consolidated income statement. e. Research and development undertaken internally The Group currently does not have any capitalized development costs. Research expenditure is recognized as an expense as incurred. Costs incurred on development projects, which consist of preclinical and clinical trials, manufacturing development, and general research, are recognized as intangible assets when it is probable that the project will, after considering its commercial and technical feasibility, be completed and generate future economic benefits and its costs can be measured reliably. The expenditure capitalized comprises all directly attributable costs, including costs of materials, services, direct labor and an appropriate proportion of overheads. Other development costs that do not meet these criteria are expensed as incurred. Development costs previously recognized as expenses, are not recognized as an asset in a subsequent period and will remain expensed. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life. f. Income tax The income tax expense or benefit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax assets are only recognized to the extent that there are sufficient deferred tax liabilities unwinding. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Current and deferred tax is recognized in net loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. g. Leases Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Group as lessee are classified as operating leases (Note 14). Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease. h. Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any asset or liability resulting from a contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any noncontrolling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets. The excess of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired and the measurement of all amounts has been reviewed, the difference is recognized directly in net loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. i. Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to dispose and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets (other than goodwill) that have suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. j. Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. k. Trade and other receivables Trade receivables and other receivables represent the principal amounts due at balance date less, where applicable, any provision for expected credit losses. The Group uses the simplified approach to measuring expected credit losses, which uses a lifetime expected credit loss allowance. Debts which are known to be uncollectible are written off in the consolidated income statement. All trade receivables and other receivables are recognized at the value of the amounts receivable, as they are due for settlement within 60 days and therefore do not require remeasurement. l. Investments and other financial assets (i) Classification The Group classifies its financial assets in the following measurement categories: • those to be measured subsequently at fair value (either through OCI or through profit or loss); and • those to be measured at amortized cost The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flow. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). See Note 5 for details about each type of financial asset. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. ( ii i) Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Details on how the fair value of financial instruments is determined are disclosed in Note 5(g). Equity instruments The group subsequently measures all equity investments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the group’s right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. ( i v) Impairment For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see note 5(b) for further details. m. Derivatives Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in other income or other expenses. n. Property, plant and equipment Plant and equipment are stated at historical cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the item. Subsequent cost are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associates with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit and loss during the reporting period in which they are incurred. Property, plant and equipment, other than freehold land, are depreciated over their estimated useful lives using the straight line method (see Note 6(a)). The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposal of plant and equipment are taken into account in determining the profit for the year. o. Intangible assets (i) Goodwill Goodwill is measured as described in Note 22(h). Goodwill on acquisition of subsidiaries is included in intangible assets (Note 6(b)). Goodwill is not amortized but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segments (Note 21). (ii) Trademarks and licenses Trademarks and licenses have a finite useful life and are carried at cost less accumulated amortization and impairment losses. (iii) In-process research and development acquired In-process research and development that has been acquired as part of a business acquisition is considered to be an indefinite life intangible asset on the basis that it is incomplete and cannot be used in its current form. Indefinite life intangible assets are not amortized but rather are tested for impairment annually in the third quarter of each year, or whenever events or circumstances present an indication of impairment. In-process research and development will continue to be tested for impairment until the related research and development efforts are either completed or abandoned. Upon completion of the related research and development efforts, management determines the remaining useful life of the intangible assets and amortizes them accordingly. In order for management to determine the remaining useful life of the asset, management would consider the expected flow of future economic benefits to the entity with reference to the product life cycle, competitive landscape, obsolescence, market demand, any remaining patent useful life and various other relevant factors. In the case of abandonment, the related research and development efforts are considered impaired and the asset is fully expensed. (iv) Current marketed products Current marketed products contain products that are currently being marketed. The assets are recognized on our balance sheet as a result of business acquisitions or reclassifications from In-process research and development upon completion. Upon completion, when assets become available for use, assets are reclassified from in-process research and development to current marketed products at the historical value that they were recognized at within the in-process research and development category. Upon reclassification to the current market products category management determines the remaining useful life of the intangible assets and amortizes them from the date they become available for use. In order for management to determine the remaining useful life of the asset, management would consider the expected flow of future economic benefits to the entity with reference to the product life cycle, competitive landscape, obsolescence, market demand, any remaining patent useful life and any other relevant factors. Management have chosen to amortize all intangible assets with a finite useful life on a straight-line basis over the useful life of the asset. Current marketed products are tested for impairment in accordance with IAS 36 Impairment of Assets which requires testing whenever there is an indication that an asset may be impaired. p. Trade and other payables Payables represent the principal amounts outstanding at balance date plus, where applicable, any accrued interest. Liabilities for payables and other amounts are carried at cost which approximates fair value of the consideration to be paid in the future for goods and services received, whether or not billed. The amounts are unsecured and are usually paid within 30 to 60 days of recognition. q. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the faci |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Summary Of Significant Accounting Policies [Abstract] | |
Basis of Preparation | 1. The general purpose financial statements of Mesoblast Limited and its subsidiaries have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board and Australian equivalent International Financial Reporting Standards, as issued by the Australian Accounting Standards Board. Mesoblast Limited is a for-profit entity for the purpose of preparing the financial statements. (i) Going concern For the fiscal years ended June 30, 2019, 2018 and 2017, the Group incurred a total comprehensive loss after income tax of $89.9 million, $35.9 million and $76.5 million, respectively, and had net cash outflows from operations of $57.8 million, $75.0 million and $95.5 million, respectively. As of June 30, 2019, the Group held total cash and cash equivalents of $50.4 million. The Group has an overarching strategy to fund operations predominately through non-dilutive strategic and commercial transactions. In line with this strategy in 2018 the Group entered into a strategic partnership with Tasly and into loan and security agreements with Hercules and NovaQuest. Under the agreements with Hercules and NovaQuest, the Group has up to an additional US$35.0 million available subject to achievement of certain milestones. The Group will also consider equity-based financing to fund operational requirements. Mesoblast has entered into a Subscription Commitment Letter with its largest institutional shareholder, M&G Investment Management, for US$15.0 million in Mesoblast ordinary shares, exercisable by the Company on or before 31 December 2019, subject to customary diligence and with pricing to be agreed at the time Mesoblast gives notice. In addition, in July 2019 the Group extended its fully discretionary equity facility with Kentgrove Capital from which it can raise capital of up to A$120 million (approximately US$ 82 million) over the next 24 months, the quantum and timing of capital raised will be subject to the market price and trading volumes of Mesoblast’s ordinary shares during the period and the Group’s obligations under ASX Listing Rule 7.1. There is uncertainty related to the Group’s ability to raise funds through entering strategic and commercial transactions, equity-based or debt-based financings to meet the Group’s requirements. The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments as they fall due are dependent upon non-dilutive funding in the form of strategic and commercial transactions, equity-based or debt-based financing to fund future operations. Management and the directors believe that the Group will be successful in the above matters and, accordingly, have prepared the financial report on a going concern basis, notwithstanding that there is a material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern and that it may be unable to realize its assets and liabilities in the normal course of business. References to matters that may cast significant doubt about the Group’s ability to continue as a going concern also raise substantial doubt as contemplated by the Public Company Accounting Oversight Board (“PCAOB”) standards. (ii) Historical cost convention These financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets at fair value through other comprehensive income, financial assets and liabilities (including derivative instruments) at fair value through profit or loss, certain classes of property, plant and equipment and investment property. (iii) New and amended standards adopted by the Group Revenue recognition The Group adopted IFRS 15 Revenue from Contracts with Customers First, contracts with customers within the scope of IFRS 15 are identified. Distinct promises within the contract are identified as performance obligations. The transaction price of the contract is measured based on the amount of consideration the Group expects to be entitled from the customer in exchange for goods or services. Factors such as requirements around variable consideration, significant financing components, noncash consideration, or amounts payable to customers also determine the transaction price. The transaction is then allocated to separate performance obligations in the contract based on relative standalone selling prices. Revenue is recognized when, or as, performance obligations are satisfied, which is when control of the promised good or service is transferred to the customer. Revenues comprise commercialization and milestone revenue, research and development tax incentives and interest revenue. There was no cumulative impact of the adoption of IFRS 15 Revenue from Contracts with Customers Revenues from contracts with customers comprise commercialization and milestone revenue. The Group also has revenue from research and development tax incentives and interest revenue. Commercialization and milestone revenue Commercialization and milestone revenue generally includes non-refundable up-front license and collaboration fees; milestone payments, the receipt of which is dependent on certain clinical, regulatory or commercial milestones; as well as royalties on product sales of licensed products, if and when such product sales occur; and revenue from the supply of products. Payment is generally due on standard terms of 30 to 60 days. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue or deferred consideration in our consolidated balance sheet, depending on the nature of the arrangement. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified within current liabilities. Amounts not expected to be recognized as revenue within 12 months following the balance sheet date are classified within non-current liabilities. Milestone revenue The Group applies the five-step method under the standard to measure and recognize milestone revenue. The receipt of milestone payments is often contingent on meeting certain clinical, regulatory or commercial targets, and is therefore considered variable consideration. The Group estimate the transaction price of the contingent milestone using the most likely amount method. The Group includes in the transaction price some or all of the amount of the contingent milestone only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the contingent milestone is subsequently resolved. Milestone payments that are not within the control of the Group, such as regulatory approvals, are not considered highly probable of being achieved until those approvals are received. Any changes in the transaction price are allocated to all performance obligations in the contract unless the variable consideration relates only to one or more, but not all, of the performance obligations. When consideration for milestones is a sale-based or usage-based royalty that arises from licenses of IP (such as cumulative net sales targets), revenue is recognized at the later of when (or as) the subsequent sale or usage occurs, or when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Licenses of intellectual property When licenses of IP are distinct from other goods or services promised in the contract, the Group recognizes the transaction price allocated to the license as revenue upon transfer of control of the license to the customer. The Group evaluates all other promised goods or services in the license agreement to determine if they are distinct. If they are not distinct, they are combined with other promised goods or services to create a bundle of promised goods or services that is distinct. The transaction price allocated to the license performance obligation is recognized based on the nature of the license arrangement. The transaction price is recognized over time if the nature of the license is a “right to access” license. This is when the Group undertakes activities that significantly affect the IP to which the customer has rights, the rights granted by the license directly expose the customer to any positive or negative effects of the Group’s activities, and those activities do not result in the transfer of a good or service to the customer as those activities occur. When licenses do not meet the criteria to be a right to access license, the license is a “right to use” license, and the transaction price is recognized at the point in time when the customer obtains control over the license. Sales-based or usage-based royalties Licenses of IP can include royalties that are based on the customer’s usage of the IP or sale of products that contain the IP. The Group applies the specific exception to the general requirements of variable consideration and the constraint on variable consideration for sales-based or usage-based royalties promised in a license of IP. The exception requires such revenue to be recognized at the later of when (or as) the subsequent sale or usage occurs and the performance obligation to which some or all of the sales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied). Tasly arrangement In July 2018, the Group entered into a strategic alliance with Tasly Pharmaceutical Group (“Tasly”) for the development, manufacture and commercialization in China of the Group’s allogeneic mesenchymal precursor cell (“MPC”) products, MPC-150-IM and MPC-25-IC. Tasly received all exclusive rights for MPC-150-IM and MPC-25-IC in China and Tasly will fund all development, manufacturing and commercialization activities in China. The Group received a $20.0 million up-front technology access fee from Tasly upon closing of this strategic alliance in October 2018. The Group is also entitled to receive $25.0 million on product regulatory approvals in China, double-digit escalating royalties on net product sales and up to six escalating milestone payments when the product candidates reach certain sales thresholds in China. Under IFRS 15, upon completion of this strategic alliance on September 14, 2018, the Group recognized $10.0 million in milestone revenue from the $20.0 million up-front technology access fee received from Tasly in October 2018 as this is the portion of revenue that control has been transferred to Tasly. The Group recognized the remaining $10.0 million from the $20.0 million up-front payment as deferred consideration on the consolidated balance sheet. The deferred consideration amount will be recognized in revenue when and if control transfers to Tasly based on the Group’s decision regarding the exercise of the Group’s rights in the terms and conditions of the agreement. For the comparative period, being the year ended June 30, 2018 no milestone revenue was recognized in relation to this strategic alliance with Tasly. TiGenix arrangement In December 2017, the Group entered into a patent license agreement with TiGenix NV (“TiGenix”), now a wholly owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”), which granted Takeda exclusive access to certain of our patents to support global commercialization of the adipose-derived mesenchymal stem cell (“MSC") product, Alofisel® a registered trademark of TiGenix, previously known as Cx601, a product candidate of Takeda, for the local treatment of fistulae. The agreement includes the right for Takeda to grant sub-licenses to affiliates and third parties. As part of the license agreement, the Group received €5.0 million ($5.9 million) as a non-refundable up-front payment and recognized this amount in revenue in December 2017 upon receipt. In December 2018, the Group received a milestone payment of €5.0 million, the Group recognized revenue of €5.0 million ($5.9 million) pertaining to this milestone in December 2017 as all performance obligations had been satisfied at that time. The Group is entitled to further payments up to €10.0 million when Takeda reaches certain product regulatory milestones. Additionally, the Group receives single digit royalties on net sales of Alofisel®. No milestone revenue was recognized in relation to the patent license agreement with Takeda in the year ended June 30, 2019. In the year ended June 30, 2018, we recognized $11.8 million in milestone revenue in relation to our patent license agreement with Takeda. Within this $11.8 million, €5.0 million ($5.9 million) was recognized in relation to the non-refundable up-front payment received upon execution of the Group’s patent license agreement with Takeda in December 2017 and €5.0 million ($5.9 million) was recognized in December 2017 in relation to further payments received in December 2018 for product Alofisel®, as all performance obligations had been satisfied at that time. These amounts were recorded in revenue as there were no further performance obligations required in regards to these milestones. JCR arrangement In October 2013, the Group acquired all of the culture-expanded, MSC-based assets, from Osiris Therapeutics, Inc. (“Osiris”). These assets included assumption of a collaboration agreement (the “JCR Agreement”) with JCR Pharmaceuticals Co., Ltd. (“JCR”), a pharmaceutical company in Japan. Revenue recognized under this model is limited to the amount of cash received or for which the Group are entitled, as JCR has the right to terminate the agreement at any time. Under the JCR Agreement, JCR is responsible for all development and manufacturing costs including sales and marketing expenses. Under the JCR Agreement, JCR has the right to develop our MSCs in two fields for the Japanese market: exclusive in conjunction with the treatment of hematological malignancies by the use of hematopoietic stem cells derived from peripheral blood, cord blood or bone marrow, or the First JCR Field; and non-exclusive for developing assays that use liver cells for non-clinical drug screening and evaluation, or the Second JCR Field. With respect to the First JCR Field, the Group are entitled to payments when JCR reaches certain commercial milestones and to escalating double-digit royalties. These royalties are subject to possible renegotiation downward in the event of competition from non-infringing products in Japan. With respect to the Second JCR Field, the Group are entitled to a double digit profit share. In October 2018, the Group expanded its partnership with JCR in Japan for wound healing in patients with Epidermolysis Bullosa (“EB”). The Group will receive royalties on TEMCELL® Hs. Inj. (“TEMCELL”), a registered trademark of JCR product sales for EB. The Group applies the sales-based and usage-based royalty exception for licenses of intellectual property and therefore recognizes royalty revenue at the later of when the subsequent sale or usage occurs and the associated performance obligation has been satisfied. In the year ended June 30, 2019, the Group recognized $5.0 million in commercialization revenue relating to royalty income earned on sales of TEMCELL in Japan by our licensee JCR, compared with $2.5 million for the year ended June 30, 2018. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. In the year ended June 30, 2019, the Group recognized $1.0 million in milestone revenue upon our licensee, JCR, reaching cumulative net sales milestones for sales of TEMCELL in Japan, compared with $1.5 million for the year ended June 30, 2018. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. Financial Instruments The Group adopted IFRS 9 Financial Instruments The Group has had following impacts on its financial assets and liabilities from the adoption of the new standard on July 1, 2018: • Accounting for non-trading equity investments – IFRS 9 requires investments in equity instruments to be recorded at fair value with changes recognized through profit or loss (FVTPL). There is an allowance for management to make an irrevocable election on initial recognition for fair value changes in non-trading equity investments to be recorded in other comprehensive income (FVOCI). On transition to IFRS 9, the Group has made an election to record its financial assets measured at FVOCI in an equity instrument at FVOCI. Therefore, there has been no impact on the measurement of the financial asset on transition. • Accounting for financial liabilities – Under IFRS 9 there is an allowance for management to make an irrevocable election on initial recognition for financial liabilities that are measured at amortized cost to be measured at FVTPL. The Group has not designated any of its financial liabilities carried at amortized cost as FVTPL using the fair value option upon adoption of IFRS 9 on July 1, 2018. Therefore, there has been no impact on the transition to IFRS 9 from July 1, 2018. In the opinion of management, the final financial data includes all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement of the results for the interim periods. Other than the new and amended standards adopted by the Group above these final financial statements follow the same accounting policies as compared to the June 30, 2018 consolidated financial statements and related notes as filed with the Australian Securities Exchange and the Securities and Exchange Commission. (i v) New accounting standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for the June 30, 2019 reporting period. The Group has not elected to apply any pronouncements before their operative date in the annual reporting period beginning July 1, 2018. Initial application of the following Standards is not expected to materially impact the amounts recognized or disclosures made in the current financial report and management do not consider these new accounting standards to have a material impact on future transactions made in relation to the Group. The Group is in the process of assessing the impact of these new standards on its accounting policy. Tit l IFRS 16 Leases Key requirements IFRS 16 eliminates the classification of leases as either operating leases or finance leases for a lessee; they are recognized on the balance sheet as they are treated in a similar way to finance leases applying IAS 17. Leases are ‘capitalized’ by recognizing the present value of the lease payments and showing them either as lease assets (right-of-use assets) or together with property, plant and equipment. If lease payments are made over time, a financial liability is required to be recognized to represent the obligation to make future lease payments. There is little change for the accounting for a lessor. Impact Alternative methods of calculating the ROU asset are permitted under IFRS 16 which impacts the size of the transition adjustment. The Group will apply the modified retrospective approach as permitted by IFRS 16. Under the modified retrospective transition approach, prior period comparative financial statements are not restated and the Group can choose between two alternate methods of measuring the lease assets on a lease by lease basis. The Group will measure the ROU for operating leases of office space from which it conducts its business as if IFRS 16 had always been applied. The resulting transition adjustment will be recognized as an adjustment to the Group’s retained earnings as at 1 July 2019. Based on the elected transition method, the Group will recognize lease liabilities of approximately $5.6 million and ROU assets of approximately $4.7 million. After adjusting for amounts currently recorded on the balance sheet (representing the difference between the cumulative lease expense recognized and cash paid on these leases), this results in a reduction to retained earnings of approximately $0.9 million. The transition adjustment has, as permitted by IFRS 16, been determined by the Group by electing practical expedients to not recognize short-term or low value leases on its statement of financial position at the transition date. Judgement has been applied by the Group in determining the transition adjustment which includes the determination of which contractual arrangements represent a lease, the period over which the lease exists, the incremental borrowing rate of the Group, and the variability of future cash flows. Refer to Note 14(b) for the lease commitments the Group holds as a lessee. Effective Date IFRS 16 must be applied for annual reporting periods beginning on or after January 1, 2019. The Group does not intend to adopt IFRS 16 before its mandatory date. The following standards applicable to the Group but are not yet adopted are summarized below: |
Principles of consolidation | a. Principles of consolidation i. Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Mesoblast Limited (“Company” or “Parent Entity”) as of June 30, 2019 and the results of all subsidiaries for the year then ended. Mesoblast Limited and its subsidiaries together are referred to in this financial report as the Group or the consolidated entity. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method of accounting is used to account for business combinations by the Group. Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. ii. Employee share trust The Group has formed a trust to administer the Group’s employee share scheme. This trust is consolidated, as the substance of the relationship is that the trust is controlled by the Group. |
Segment reporting | b. Segment reporting The Group predominately operates in one segment as set out in Note 21. |
Foreign currency translation | c. Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of Mesoblast Limited is the AUD. The consolidated financial statements are presented in USD, which is the Group’s presentation currency. (ii) Translations and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the transaction at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in net loss, except when they are deferred in equity as qualifying cash flow hedges and qualifying net investment hedges or attributable to part of the net investment in a foreign operation. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in net loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as financial assets at fair value are recognized in other comprehensive income. (iii) Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for the balance sheets presented are translated at the closing rate at the date of that balance sheets; • income and expenses for the statements of comprehensive income 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 in other comprehensive income. (iv) Other On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognized in other comprehensive income. When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to net loss, as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entities and translated at the closing rate. |
Revenue recognition | d. Revenue recognition We adopted IFRS 15 Revenue from Contracts with Customers First, contracts with customers within the scope of IFRS 15 are identified. Distinct promises within the contract are identified as performance obligations. The transaction price of the contract is measured based on the amount of consideration we expect to be entitled from the customer in exchange for goods or services. Factors such as requirements around variable consideration, significant financing components, noncash consideration, or amounts payable to customers also determine the transaction price. The transaction is then allocated to separate performance obligations in the contract based on relative standalone selling prices. Revenue is recognized when, or as, performance obligations are satisfied, which is when control of the promised good or service is transferred to the customer. There was no cumulative impact of the adoption of IFRS 15 Revenue from Contracts with Customers Revenues from contracts with customers comprise commercialization and milestone revenue. We also have revenue from research and development tax incentives and interest revenue. (i) Commercialization and milestone revenue Commercialization and milestone revenue generally includes non-refundable up-front license and collaboration fees; milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones; as well as royalties on product sales of licensed products, if and when such product sales occur; and revenue from the supply of products. Where such arrangements can be divided into separately identifiable components (each component constituting a separate earnings process), the arrangement consideration is allocated to the different components based on their relative fair values and recognized over the respective performance period in accordance with IAS 18 Revenue. Where the components of the arrangement cannot be divided into separate units, the individual deliverables are combined as a single unit of accounting and the total arrangement consideration is recognized over the estimated collaboration period. Such analysis requires considerable estimates and judgments to be made by us, including the relative fair values of the various elements included in such agreements and the estimated length of the respective performance periods. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in our consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, within current liabilities. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, within non-current liabilities. TiGenix arrangement In December 2017, the Group entered into a patent license agreement with TiGenix NV, now a wholly owned subsidiary of Takeda Pharmaceutical Company Limited (“Takeda”), which granted Takeda exclusive access to certain of our patents to support global commercialization of the adipose-derived mesenchymal stem cell product, Alofisel®, a registered trademark of TiGenix, previously known as Cx601, a product candidate of Takeda, for the local treatment of fistulae. The agreement includes the right for Takeda to grant sub-licenses to affiliates and third parties. As part of the agreement, the Group received €5.0 million ($5.9 million) before withholding tax as a non-refundable up-front payment and recognized this amount in revenue in December 2017 upon receipt. In December 2018, we received a milestone payment of €5.0 million ($5.9 million) before withholding tax, and recognized this amount in revenue in December 2017 as all performance obligations had been satisfied at that time. We are entitled to further payments up to €10.0 million when Takeda reaches certain product regulatory milestones. Additionally, we receive single digit royalties on net sales of Alofisel®. No milestone revenue was recognized in relation to the patent license agreement with Takeda in the year ended June 30, 2019. In the year ended June 30, 2018, the Group recognized $11.8 million in milestone revenue in relation to the Group’s patent license agreement with Takeda. Within this $11.8 million, €5.0 million ($5.9 million) was recognized in relation to the non-refundable up-front payment received upon execution of the Group’s patent license agreement with Takeda in December 2017 and €5.0 million ($5.9 million) was recognized in relation to further payments due within 12 months of the patent license agreement date for product Alofisel®. These amounts were recorded in revenue as there are no further performance obligations required in regards to these milestones. JCR arrangement In October 2013, the Group acquired all of Osiris’ culture-expanded, MSC-based assets. These assets included assumption of a collaboration agreement with JCR, a research and development oriented pharmaceutical company in Japan. Revenue recognized under this model is limited to the amount of cash received or for which the Group is entitled to, as JCR has the right to terminate the agreement at any time. Under the JCR Agreement, JCR is responsible for all development and manufacturing costs including sales and marketing expenses. Under the JCR Agreement, JCR has the right to develop our MSCs in two fields for the Japanese market: exclusive in conjunction with the treatment of hematological malignancies by the use of hematopoietic stem cells derived from peripheral blood, cord blood or bone marrow, or the First JCR Field; and non-exclusive for developing assays that use liver cells for non-clinical drug screening and evaluation, or the Second JCR Field. With respect to the First JCR Field, we are entitled to payments when JCR reaches certain commercial milestones and to escalating double-digit royalties. These royalties are subject to possible renegotiation downward in the event of competition from non-infringing products in Japan. With respect to the Second JCR Field, we are entitled to a double digit profit share. In October 2018, we expanded our partnership with JCR in Japan for wound healing in patients with Epidermolysis Bullosa (“EB”). We will receive royalties on TEMCELL product sales for EB. We apply the sales-based and usage-based royalty exception for licenses of intellectual property and therefore recognize royalty revenue at the later of when the subsequent sale or usage occurs and the associated performance obligation has been satisfied. For the years ended June 30, 2019 and 2018, we recognized $5.0 million and $3.6 million, respectively, in commercialization revenue relating to royalty income earned on sales of TEMCELL in Japan, by our licensee JCR. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. For the year ended June 30, 2019, we recognized $1.0 million in cumulative net sales milestone revenue upon licensee, JCR, reaching milestones for sales of TEMCELL in Japan. For the year ended June 30, 2018, the Group recognized $1.5 million of milestone revenue from JCR. These amounts were recorded in revenue as there are no further performance obligations required in regards to these items. (ii) Interest revenue Interest revenue is accrued on a time basis by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. (iii) Research and development tax incentive The Australian Government replaced the research and development tax concession with the research and development tax incentive from July 1, 2011. The provisions provide refundable or non-refundable tax offsets. The research and development tax incentive applies to expenditure incurred and the use of depreciating assets in an income year commencing on or after July 1, 2011. The research and development tax incentive credit is available for our research and development activities in Australia as well as research and development activities outside of Australia to the extent such non-Australian based activities relate to intellectual property owned by our Australian resident entities do not exceed half the expenses for the relevant activities and are approved by the Australian government. A refundable tax offset is available to eligible companies with an annual aggregate turnover of less than A$20.0 million. Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. For the years ended June 30, 2019 and 2018, the rate of the refundable tax offset is 43.5%. For the year ended June 30, 2019, the Group has recognized loss of $0.1 million due to an adjustment of management’s estimate of revenue for the year ended June 30, 2018. For years ended June 30, 2018 and 2017, the Group recognized income of $1.8 million and $1.5 million, respectively years ended June 30, 2019 and 2018. The Group’s research and development activities are eligible under an Australian government tax incentive for eligible expenditure from July 1, 2011. Management has assessed these activities and expenditure to determine which are likely to be eligible under the incentive scheme. At each period end management estimates and recognizes the refundable tax offset available to the Group based on available information at the time. The receivable for reimbursable amounts that have not been collected is reflected in trade and other receivables in the Group’s consolidated balance sheets. Income associated with the research and development tax incentive is recorded in the Group’s other operating income and expenses in the Group’s consolidated income statement. |
Research and development undertaken internally | e. Research and development undertaken internally The Group currently does not have any capitalized development costs. Research expenditure is recognized as an expense as incurred. Costs incurred on development projects, which consist of preclinical and clinical trials, manufacturing development, and general research, are recognized as intangible assets when it is probable that the project will, after considering its commercial and technical feasibility, be completed and generate future economic benefits and its costs can be measured reliably. The expenditure capitalized comprises all directly attributable costs, including costs of materials, services, direct labor and an appropriate proportion of overheads. Other development costs that do not meet these criteria are expensed as incurred. Development costs previously recognized as expenses, are not recognized as an asset in a subsequent period and will remain expensed. Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use on a straight-line basis over its useful life. |
Income tax | f. Income tax The income tax expense or benefit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Group’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilize those temporary differences and losses. Deferred tax assets are only recognized to the extent that there are sufficient deferred tax liabilities unwinding. Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in controlled entities where the parent entity is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Current and deferred tax is recognized in net loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. |
Leases | g. Leases Leases in which a significant portion of the risks and rewards of ownership are not transferred to the Group as lessee are classified as operating leases (Note 14). Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease. |
Business combinations | h. Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any asset or liability resulting from a contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognizes any noncontrolling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets. The excess of the consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired and the measurement of all amounts has been reviewed, the difference is recognized directly in net loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss. |
Impairment of assets | i. Impairment of assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to dispose and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets (other than goodwill) that have suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. |
Cash and cash equivalents | j. Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. |
Trade and other receivables | k. Trade and other receivables Trade receivables and other receivables represent the principal amounts due at balance date less, where applicable, any provision for expected credit losses. The Group uses the simplified approach to measuring expected credit losses, which uses a lifetime expected credit loss allowance. Debts which are known to be uncollectible are written off in the consolidated income statement. All trade receivables and other receivables are recognized at the value of the amounts receivable, as they are due for settlement within 60 days and therefore do not require remeasurement. |
Investments and other financial assets | l. Investments and other financial assets (i) Classification The Group classifies its financial assets in the following measurement categories: • those to be measured subsequently at fair value (either through OCI or through profit or loss); and • those to be measured at amortized cost The classification depends on the Group’s business model for managing the financial assets and the contractual terms of the cash flow. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). See Note 5 for details about each type of financial asset. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. ( ii i) Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Details on how the fair value of financial instruments is determined are disclosed in Note 5(g). Equity instruments The group subsequently measures all equity investments at fair value. Where the Group has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognized in profit or loss as other income when the group’s right to receive payments is established. Changes in the fair value of financial assets at FVPL are recognized in other gains/(losses) in the statement of profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. ( i v) Impairment For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables, see note 5(b) for further details. |
Derivatives | m. Derivatives Derivatives are initially recognized at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. Derivatives that do not qualify for hedge accounting Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognized immediately in profit or loss and are included in other income or other expenses. |
Property, plant and equipment | n. Property, plant and equipment Plant and equipment are stated at historical cost less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the item. Subsequent cost are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associates with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit and loss during the reporting period in which they are incurred. Property, plant and equipment, other than freehold land, are depreciated over their estimated useful lives using the straight line method (see Note 6(a)). The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposal of plant and equipment are taken into account in determining the profit for the year. |
Intangible assets | o. Intangible assets (i) Goodwill Goodwill is measured as described in Note 22(h). Goodwill on acquisition of subsidiaries is included in intangible assets (Note 6(b)). Goodwill is not amortized but it is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose, identified according to operating segments (Note 21). (ii) Trademarks and licenses Trademarks and licenses have a finite useful life and are carried at cost less accumulated amortization and impairment losses. (iii) In-process research and development acquired In-process research and development that has been acquired as part of a business acquisition is considered to be an indefinite life intangible asset on the basis that it is incomplete and cannot be used in its current form. Indefinite life intangible assets are not amortized but rather are tested for impairment annually in the third quarter of each year, or whenever events or circumstances present an indication of impairment. In-process research and development will continue to be tested for impairment until the related research and development efforts are either completed or abandoned. Upon completion of the related research and development efforts, management determines the remaining useful life of the intangible assets and amortizes them accordingly. In order for management to determine the remaining useful life of the asset, management would consider the expected flow of future economic benefits to the entity with reference to the product life cycle, competitive landscape, obsolescence, market demand, any remaining patent useful life and various other relevant factors. In the case of abandonment, the related research and development efforts are considered impaired and the asset is fully expensed. (iv) Current marketed products Current marketed products contain products that are currently being marketed. The assets are recognized on our balance sheet as a result of business acquisitions or reclassifications from In-process research and development upon completion. Upon completion, when assets become available for use, assets are reclassified from in-process research and development to current marketed products at the historical value that they were recognized at within the in-process research and development category. Upon reclassification to the current market products category management determines the remaining useful life of the intangible assets and amortizes them from the date they become available for use. In order for management to determine the remaining useful life of the asset, management would consider the expected flow of future economic benefits to the entity with reference to the product life cycle, competitive landscape, obsolescence, market demand, any remaining patent useful life and any other relevant factors. Management have chosen to amortize all intangible assets with a finite useful life on a straight-line basis over the useful life of the asset. Current marketed products are tested for impairment in accordance with IAS 36 Impairment of Assets which requires testing whenever there is an indication that an asset may be impaired. |
Trade and other payables | p. Trade and other payables Payables represent the principal amounts outstanding at balance date plus, where applicable, any accrued interest. Liabilities for payables and other amounts are carried at cost which approximates fair value of the consideration to be paid in the future for goods and services received, whether or not billed. The amounts are unsecured and are usually paid within 30 to 60 days of recognition. |
Borrowings | q. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. If it is not probable, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a prepayment for liquidity services and amortized over the period of the facility to which it relates. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred of liabilities assumed, is recognized in profit or loss as other income or finance costs. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Hercules On March 6, 2018, the Group entered into a loan and security agreement with Hercules, for a $75.0 million non-dilutive, four-year credit facility. We drew the first tranche of $35.0 million on closing and a further tranche of $15.0 million was drawn in January 2019, which resulted in an adjustment of the carrying amount of the financial liability to reflect the revised estimated cash flows. The carrying amount adjustment is recalculated by computing the present value of the revised estimated future cash flows at the financial instrument’s original effective interest rate. In the year ended June 30, 2019, we recognized a $0.4 million gain in the Income Statement as remeasurement of borrowing arrangements within finance costs. An additional $25.0 million may be drawn as certain conditions and milestones are met. The loan matures in March 2022 with principal repayments commencing in October 2019 with the ability to defer the commencement of principal repayments up to 30 months to October 2020 if certain conditions and milestones are met. Interest on the loan is payable monthly in arrears on the 1 st NovaQuest On June 29, 2018, we drew the first tranche of $30.0 million of the principal amount from the $40.0 million secured loan with NovaQuest. There is a four-year interest only period, until July 2022, with the principal repayable in equal quarterly instalments over the remaining period of the loan. A $0.4 million loan administration fee is payable annually in June and is recognized as a current liability. The loan matures in July 2026. Interest on the loan will accrue at a fixed rate of 15% per annum. All interest and principal payments will be deferred until after the first commercial sale of our allogeneic product candidate MSC-100-IV in pediatric patients with steroid refractory aGVHD, in the United States and other geographies excluding Asia (“pediatric aGVHD”). We can elect to prepay all outstanding amounts owing at any time prior to maturity, subject to a prepayment charge, and may decide to do so if net sales of pediatric aGVHD are significantly higher than current forecasts. If there are no net sales of pediatric aGVHD, the loan is only repayable on maturity in 2026. If in any annual period 25% of net sales of pediatric aGVHD exceed the amount of accrued interest owing and, from 2022, principal and accrued interest owing (“the payment cap”), Mesoblast will pay the payment cap and an additional portion of excess sales which may be used for early prepayment of the loan. If in any annual period 25% of net sales of pediatric aGVHD is less than the payment cap, then the payment is limited to 25% of net sales of pediatric aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid. Because of this relationship of net sales and repayments, changes in our estimated net sales may trigger an adjustment of the carrying amount of the financial liability to reflect the revised estimated cash flows. The carrying amount adjustment is recalculated by computing the present value of the revised estimated future cash flows at the financial instrument’s original effective interest rate. The adjustment is recognized in the Income Statement in the period the revision is made. For the year ended June 30, 2019, a $0.7 million loss has been recognized by the Group in the Income Statement as remeasurement of borrowing arrangements within other operating income and expenses. The carrying amount of the loan and security agreement with NovaQuest is subordinated to the Group’s floating rate loan with the senior creditor, Hercules. |
Provisions | r. Provisions Provisions are recognized when the Group has a present legal obligation as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense. Provisions are recorded on acquisition of a subsidiary, to the extent they relate to a subsidiary’s contingent liabilities, if it relates to a past event, regardless of whether it is probable the amount will be paid. |
Employee benefits | s. Employee benefits A liability is recognized for benefits accruing to employees in respect of wages and salaries, bonuses, annual leave and long service leave. Liabilities recognized in respect of employee benefits which are expected to be settled within 12 months after the end of the period in which the employees render the related services are measured at their nominal values using the remuneration rates expected to apply at the time of settlement. Liabilities recognized in respect of employee benefits which are not expected to be settled within 12 months after the end of the period in which the employees render the related services are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to reporting date. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: when the Group can no longer withdraw the offer of those benefits and when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of termination benefits. |
Share-based payments | t. Share-based payments Share-based payments are provided to eligible employees, directors and consultants via the Employee Share Option Plan (“ESOP”) and the Australian Loan Funded Share Plan (“LFSP”). The terms and conditions of the LFSP are in substance the same as the employee share options and therefore they are accounted for on the same basis. Equity-settled share-based payments with employees and others providing similar services are measured at the fair value of the equity instrument at acceptance date. Fair value is measured using the Black-Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations. It does not make any allowance for the impact of any service and non-market performance vesting conditions. Further details on how the fair value of equity-settled share-based transactions has been determined can be found in Note 17. The fair value determined at the acceptance date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on management’s estimate of shares that will eventually vest, with a corresponding increase in equity. At the end of each period, the entity revises its estimates of the number of shared-based payments that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. |
Contributed equity | u. Contributed equity Ordinary shares are classified as equity. Transaction costs arising on the issue of equity instruments are recognized separately in equity. Transaction costs are the costs that are incurred directly in connection with the issue of those equity instruments and which would not have been incurred had those instruments not been issued. |
Loss per share | v. Loss per share (i) Basic losses per share Basic losses per share is calculated by dividing: • the loss attributable to equity holders of the Group, excluding any costs of servicing equity other than ordinary shares; • by the weighted average number of ordinary shares outstanding during the fiscal year, adjusted for bonus elements in ordinary shares issued during the year. (ii) Diluted losses per share Diluted losses per share adjusts the figures used in the determination of basic earnings per share to take into account • the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; and • the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. |
Goods and services tax ("GST") | w. Goods and services tax (“GST”) Revenues, expenses and assets are recognized net of the amount of GST except where the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognized as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the Balance Sheet. Cash flows are included in the statement of cash flow on a gross basis. The GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority, are classified as operating cash flows. |
Rounding of amounts | x. Rounding of amounts Our company is of a kind referred to in ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, issued by the Australian Securities and Investments Commission, relating to the ‘rounding off’ of amounts in the financial report. Unless mentioned otherwise, amounts within this report have been rounded off in accordance with that Legislative Instrument to the nearest thousand dollars, or in certain cases, to the nearest dollar. |
Loss before income tax (Tables)
Loss before income tax (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Loss Before Income Tax [Abstract] | |
Summary of Loss Before Income Tax | Year Ended June 30, (in U.S. dollars, in thousands) Note 2019 2018 2017 Revenue Commercialization revenue 5,003 3,641 1,444 Milestone revenue 11,000 13,334 500 Interest revenue 719 366 468 Total Revenue 16,722 17,341 2,412 Clinical trial and research & development (37,927 ) (42,863 ) (38,141 ) Manufacturing production & development (10,912 ) (3,640 ) (8,313 ) Employee benefits Salaries and employee benefits (19,504 ) (19,343 ) (20,039 ) Defined contribution superannuation expenses (339 ) (374 ) (362 ) Equity settled share-based payment transactions (1) (4,368 ) (6,199 ) (5,276 ) Total Employee benefits (24,211 ) (25,916 ) (25,677 ) Depreciation and amortization of non-current assets Plant and equipment depreciation (562 ) (909 ) (1,578 ) Intellectual property amortization (1,577 ) (1,741 ) (1,479 ) Total Depreciation and amortization of non-current assets (2,139 ) (2,650 ) (3,057 ) Other Management & administration expenses Overheads & administration (11,356 ) (8,477 ) (8,128 ) Consultancy (3,360 ) (3,295 ) (3,329 ) Legal, patent and other professional fees (4,098 ) (3,436 ) (4,452 ) Intellectual property expenses (excluding the amount amortized above) (2,795 ) (3,065 ) (2,889 ) Total Other Management & administration expenses (21,609 ) (18,273 ) (18,798 ) Fair value remeasurement of contingent consideration Remeasurement of contingent consideration 5(g)(iii) (6,264 ) 10,541 (130 ) Total Fair value remeasurement of contingent consideration (6,264 ) 10,541 (130 ) Other operating income and expenses Remeasurement of borrowing arrangements (752 ) — — Research & development tax incentive (2) (74 ) 1,807 1,532 Foreign exchange gains/(losses) (208 ) 161 (43 ) Foreign withholding tax paid (52 ) (656 ) — Total Other operating income and expenses (1,086 ) 1,312 1,489 Finance (costs)/gains Remeasurement of borrowing arrangements 376 — — Interest expense (11,704 ) (1,829 ) — Total Finance costs (11,328 ) (1,829 ) — Total loss before income tax (98,754 ) (65,977 ) (90,215 ) (1) Share-based payment transactions For the years ended June 30, 2019, 2018 and 2017, share-based payment transactions have been reflected in the Consolidated Statement of Comprehensive Income functional expense categories as follows: Year Ended June 30, (in U.S. dollars) 2019 2018 2017 Research and development 2,283,646 3,638,310 2,837,231 Manufacturing and commercialization 329,718 558,928 420,762 Management and administration 1,755,027 2,001,349 2,017,172 Equity settled share-based payment transactions 4,368,391 6,198,588 5,275,165 Legal, patent and other professional fees 620,000 — — Total equity settled share-based payment transactions in the profit and loss 4,988,391 6,198,588 5,275,165 (2) Research and development tax incentive The Group’s research and development activities are not eligible from July 1, 2018 to June 30, 2019 for the refundable tax offset, under an Australian Government tax incentive as a result of the Group earning taxable revenues in excess of A$20.0 million for the year ended June 30, 2019. At each period end management estimates the refundable tax offset available to the Group based on available information at the time. The Group engages tax specialists to review, on an annual basis, the quantum of our previous research and development tax claim and our on-going eligibility to claim this tax incentive in Australia. For the year ended June 30, 2019, the Group has recognized loss of $0.1 million due to an adjustment of management’s estimate of revenue for the year ended June 30, 2018. For years ended June 30, 2018 and 2017, the Group recognized income of $1.8 million and $1.5 million, respectively. Of the $0.1 million loss from research and development tax incentive recorded in other income for the year ended June 30, 2019, $0.1 million relates to a change in the original estimate of the research and development tax incentive income the Group estimated it would receive from the Australian Government for the year ended June 30, 2018. Of the $1.8 million research and development tax incentive recorded in other income for the year ended June 30, 2018, $0.1 million relates to a change in the original estimate of the research and development tax incentive income the Group estimated it would receive from the Australian Government for the year ended June 30, 2017. Of the $1.5 million research and development tax incentive recorded in other income for the year ended June 30, 2017, $0.1 million relates to a change in the original estimate of the research and development tax incentive income the Group estimated it would receive from the Australian Government for the year ended June 30, 2016. |
Income Tax Benefit_(Expense) (T
Income Tax Benefit/(Expense) (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Major Components Of Tax Expense Income [Abstract] | |
Summary of Reconciliation of Income Tax to Prima Facie Tax Payable | Year Ended June 30, (in U.S. dollars, in thousands) 2019 2018 2017 (a) Reconciliation of income tax to prima facie tax payable Loss from continuing operations before income tax (98,754 ) (65,977 ) (90,215 ) Tax benefit at the Australian tax rate of 30% (2018: 30%) (29,626 ) (19,793 ) (27,065 ) Tax effect of amounts which are not deductible/(exempt) in calculating taxable income: Share-based payments expense 1,221 1,544 1,488 Research and development tax concessions (1,486 ) 537 2,442 Foreign exchange translation gains/(losses) (15 ) (242 ) — Contingent consideration 1,880 (3,162 ) 39 Other sundry items 91 1,011 497 Current year tax expense/(benefit) (27,935 ) (20,105 ) (22,599 ) Adjustments for current tax of prior periods (18,412 ) (3,616 ) (5,870 ) Differences in overseas tax rates 24,458 5,259 7,797 Tax benefit not recognized 12,934 11,065 7,272 Change in tax rate on Deferred tax assets — 27,471 — Change in tax rate on Deferred tax liability — (50,761 ) — Previously unrecognized tax losses now recouped to reduce deferred tax expense/(benefit) — — — Income tax expense/(benefit) attributable to loss before income tax (8,955 ) (30,687 ) (13,400 ) |
Summary of Income tax benefit/(expense) | Year Ended June 30, (in U.S. dollars, in thousands) 2019 2018 2017 (b) Income tax expense Current tax Current tax — — — Total current tax expense — — — Deferred tax (Increase)/decrease in deferred tax assets (8,856 ) 20,183 (13,204 ) (Decrease)/increase in deferred tax liabilities (99 ) (50,870 ) (196 ) Total deferred tax (benefit) (8,955 ) (30,687 ) (13,400 ) Income tax (benefit) (8,955 ) (30,687 ) (13,400 ) |
Summary of Amounts That Would Be Recognized Directly in Equity if Brought to Account | Year Ended June 30, (in U.S. dollars, in thousands) 2019 2018 2017 (c) Amounts that would be recognized directly in equity if brought to account Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but which would have been directly applied to equity had it been brought to account: Current tax recorded in equity (if brought to account) (390 ) (1,059 ) (764 ) Deferred tax recorded in equity (if brought to account) 879 877 960 489 (182 ) 196 |
Summary of Amounts That Would Be Recognized Directly in Equity | Year Ended June 30, (in U.S. dollars, in thousands) 2019 2018 2017 (d) Amounts recognized directly in equity Aggregate current and deferred tax arising in the reporting period and not recognized in net loss or other comprehensive income but debited/credited to equity Current tax recorded in equity — — — Deferred tax recorded in equity — — — |
Summary of Deferred Tax Assets Not Brought to Account | As of June 30, (in U.S. dollars, in thousands) 2019 2018 2017 (e) Deferred tax assets not brought to account Unused tax losses Potential tax benefit at local tax rates 51,807 41,501 34,896 Other temporary differences Potential tax benefit at local tax rates 3,130 3,704 3,908 Other tax credits Potential tax benefit at local tax rates 3,220 3,220 — 58,157 48,425 38,804 |
Financial assets and liabilit_2
Financial assets and liabilities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Financial Assets And Liabilities [Abstract] | |
Summary of Financial Instruments | The Group holds the following financial instruments: Financial assets (in U.S. dollars, in thousands) Notes Assets at FVOCI (1) Assets at FVTPL (2) Assets at amortized cost Total As of June 30, 2019 Cash & cash equivalents 5(a) — — 50,426 50,426 Trade & other receivables 5(b) — — 4,060 4,060 Financial assets at fair value through other comprehensive income 5(c) 2,317 — — 2,317 Other non-current assets 5(d) — — 3,324 3,324 2,317 — 57,810 60,127 As of June 30, 2018 Cash & cash equivalents 5(a) — — 37,763 37,763 Trade & other receivables 5(b) — — 50,366 50,366 Financial assets at fair value through other comprehensive income 5(c) 2,321 — — 2,321 Other non-current assets 5(d) — — 3,361 3,361 2,321 — 91,490 93,811 (1) Fair value through other comprehensive income (2) Fair value through profit or loss Financial liabilities (in U.S. dollars, in thousands) Notes Liabilities at FVOCI (1) Liabilities at FVTPL (2) Liabilities at amortized cost Total As of June 30, 2019 Trade and other payables 5(e) — — 13,060 13,060 Borrowings 5(f) — — 81,286 81,286 Contingent consideration 5(g)(iii) — 47,534 — 47,534 — 47,534 94,346 141,880 As of June 30, 2018 Trade and other payables 5(e) — — 18,921 18,921 Borrowings 5(f) — — 59,397 59,397 Contingent consideration 5(g)(iii) — 42,070 — 42,070 — 42,070 78,318 120,388 (1) Fair value through other comprehensive income (2) Fair value through profit or loss |
Summary of Cash and Cash Equivalents | a. Cash and cash equivalents (in U.S. dollars, in thousands) 2019 2018 Cash at bank 50,005 37,221 Deposits at call (1) 421 542 50,426 37,763 (1) As of June 30, 2019 and June 30, 2018, interest-bearing deposits at call include amounts of $0.4 million and $0.4 million, respectively, held as security and are restricted for use. |
Summary of Trade and Other Receivables and Prepayments | b. Trade and other receivables and prepayments (i) Trade receivables (in U.S. dollars, in thousands) 2019 2018 Trade debtors 1,739 6,630 Funds receivable from debt financing and unissued capital (1) — 38,950 Income tax and tax incentives recoverable 1,511 3,305 Other receivables — 615 Foreign withholding tax recoverable 471 471 Security deposit 250 250 Sundry debtors 2 81 Other recoverable taxes (Goods and services tax and value-added tax) 86 53 Interest receivables 1 11 Trade and other receivables 4,060 50,366 (1) On July 2, 2018, the Group announced it had entered into a financing agreement with NovaQuest on June 29, 2018 to develop and commercialize its allogeneic product candidate MSC-100-IV for pediatric patients with acute Graft versus Host Disease ("aGVHD”). The contractual terms of the agreement pertaining to the receipt of funds were binding and therefore the Group recognized a receivable of $39.0 million at June 30, 2018. On July 10, 2018 the net proceeds from the financing facility of $39.0 million were received and recognized in cash and cash equivalents. (ii) Prepayments (in U.S. dollars, in thousands) 2019 2018 Clinical trial research and development expenditure 6,042 12,042 Prepaid insurance and subscriptions 1,095 141 Other 899 759 Prepayments 8,036 12,942 |
Summary of Financial Assets at Fair Value through Other Comprehensive Income | Financial assets at fair value through other comprehensive income include the following classes of financial assets: As of June 30, (in U.S. dollars, in thousands) 2019 2018 Unlisted securities: Equity securities 2,317 2,321 2,317 2,321 |
Summary of Other Non-current Assets | Other non-current assets As of June 30, (in U.S. dollars, in thousands) 2019 2018 Bank Guarantee 673 710 Letter of Credit 1,178 1,178 U.S. Tax credits 1,473 1,473 3,324 3,361 |
Summary of Trade and Other Payables | Trade and other payables (in U.S. dollars, in thousands) 2019 2018 Trade payables and other payables 13,060 18,921 Trade and other payables 13,060 18,921 |
Summary of Borrowings | f. Borrowings (in U.S. dollars, in thousands) 2019 2018 Current Secured liabilities: Borrowing arrangements 14,007 — 14,007 — Non-current Secured liabilities: Borrowing arrangements 65,601 65,000 Less: transaction costs (6,738 ) (6,328 ) Amortization of carrying amount, net of payments made 8,416 725 67,279 59,397 |
Summary of Net Debt Reconciliation | (iii) Net debt reconciliation (in U.S. dollars, in thousands) Current borrowings Non-current borrowings Total Carrying value - as of June 30, 2018 3,095 28,217 31,312 Changes from financing cash flows Proceeds from debt 10,912 32,660 43,572 Payment of transaction costs — (2,015 ) (2,015 ) Repayment of loans — — — Movement in short-term borrowings — — — Total changes in liabilities arising on financing cash flows 10,912 30,645 41,557 Other changes Accrued transaction costs — — — Amortization of carrying amount, net of payments made — 8,417 8,417 Carrying value - as of June 30, 2019 14,007 67,279 81,286 |
Summary of Financial Assets and Liabilities Measured and Recognized at Fair Value | The following table presents the Group's financial assets and financial liabilities measured and recognized at fair value as of June 30, 2019 and June 30, 2018 on a recurring basis, categorized by level according to the significance of the inputs used in making the measurements: As of June 30, 2019 (in U.S. dollars, in thousands) Notes Level 1 Level 2 Level 3 Total Financial Assets Financial assets at fair value through other comprehensive income: Equity securities - biotech sector 5(c) — — 2,317 2,317 Total Financial Assets — — 2,317 2,317 Financial Liabilities Financial liabilities at fair value through profit or loss: Contingent consideration 5(g)(iii) — — 47,534 47,534 Total Financial Liabilities — — 47,534 47,534 As of June 30, 2018 (in U.S. dollars, in thousands) Notes Level 1 Level 2 Level 3 Total Financial Assets Financial assets at fair value through other comprehensive income: Equity securities - biotech sector 5(c) — — 2,321 2,321 Total Financial Assets — — 2,321 2,321 Financial Liabilities Financial liabilities at fair value through profit or loss: Contingent consideration 5(g)(iii) — — 42,070 42,070 Total Financial Liabilities — — 42,070 42,070 |
Summary of Changes in Fair Value of Level 3 Instruments | The following table presents the changes in level 3 instruments for the years ended June 30, 2019 and June 30, 2018: (in U.S. dollars, in thousands) Contingent consideration provision Opening balance - July 1, 2017 63,595 Amount used during the year (10,984 ) Charged/(credited) to consolidated income statement: Remeasurement (1) (10,541 ) Closing balance - June 30, 2018 42,070 Opening balance - July 1, 2018 42,070 Amount used during the period (800 ) Charged/(credited) to consolidated income statement: Remeasurement (2) 6,264 Closing balance - June 30, 2019 47,534 (1) In the year ended June 30, 2018 a gain of $10.5 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This gain is a net result of changes to the key assumptions of the contingent consideration valuation such as developmental timelines, product pricing, market population, market penetration and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration. (2) In the year ended June 30, 2019 a loss of $6.3 million was recognized on the remeasurement of contingent consideration pertaining to the acquisition of assets from Osiris. This loss is a net result of changes to the key assumptions of the contingent consideration valuation such as probability of success, market penetration, developmental timelines, product pricing and the increase in valuation as the time period shortens between the valuation date and the potential settlement dates of contingent consideration. |
Summary of Quantitative Information About the Significant Unobservable Inputs Used in Level 3 Fair Value Measurements | The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Range of inputs (weighted average) (in U.S. dollars, in thousands, except percent data) Fair value as of June 30, Valuation Unobservable Year Ended June 30, Relationship of unobservable inputs to Description 2019 2018 technique inputs (1) 2019 2018 fair value Contingent consideration 47,534 42,070 Discounted cash flows Risk adjusted discount rate 11%-13% (12.5%) 11%-13% (12.5%) Year ended June 30, 2019: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%. Year ended June 30, 2018: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%. Expected unit revenues n/a n/a Year ended June 30, 2019: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%. Year ended June 30, 2018: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%. Expected sales volumes n/a n/a Year ended June 30, 2019: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%. Year ended June 30, 2018: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%. (1) There were no significant inter-relationships between unobservable inputs that materially affect fair values. |
Disclosure of Detailed Information About Valuation Processes of Contingent Consideration at Fair Value Explanatory | As of June 30, The fair value of contingent consideration (in U.S. dollars, in thousands) 2019 2018 Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets 28,005 23,674 Fair value of royalty payments from commercialization of the intellectual property acquired 19,529 18,396 47,534 42,070 |
Non-financial Assets and Liab_2
Non-financial Assets and Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Non Financial Assets And Liabilities [Abstract] | |
Summary of Property, Plant and Equipment | a. Property, plant and equipment (in U.S. dollars, in thousands) Plant and Equipment Office Furniture and Equipment Computer Hardware and Software Total Year Ended June 30, 2018 Opening net book amount 751 547 516 1,814 Additions 16 2 176 194 Exchange differences (1 ) (1 ) (12 ) (14 ) Disposals — — (1 ) (1 ) Depreciation charge (460 ) (134 ) (315 ) (909 ) Closing net book value 306 414 364 1,084 As of June 30, 2018 Cost 4,152 1,249 3,199 8,600 Accumulated depreciation (3,846 ) (835 ) (2,835 ) (7,516 ) Net book value 306 414 364 1,084 Year Ended June 30, 2019 Opening net book amount 306 414 364 1,084 Additions 114 102 107 323 Exchange differences 1 (5 ) (13 ) (17 ) Disposals — (2 ) — (2 ) Depreciation charge (217 ) (133 ) (212 ) (562 ) Closing net book value 204 376 246 826 As of June 30, 2019 Cost 4,207 1,304 3,023 8,534 Accumulated depreciation (4,003 ) (928 ) (2,777 ) (7,708 ) Net book value 204 376 246 826 |
Summary of Intangible Assets | b. Intangible assets (in U.S. dollars, in thousands) Goodwill Acquired to In-process research development acquired Current marketed products Total Year Ended June 30, 2018 Opening net book amount 134,453 1,898 427,779 22,220 586,350 Exchange differences — (3 ) — — (3 ) Amortization charge — (125 ) — (1,616 ) (1,741 ) Closing net book amount 134,453 1,770 427,779 20,604 584,606 As of June 30, 2018 Cost 134,453 2,749 489,698 23,999 650,899 Accumulated amortization — (979 ) — (3,395 ) (4,374 ) Accumulated impairment — — (61,919 ) — (61,919 ) Net book amount 134,453 1,770 427,779 20,604 584,606 Year Ended June 30, 2019 Opening net book amount 134,453 1,770 427,779 20,604 584,606 Additions — 100 — — 100 Exchange differences — (4 ) — 1 (3 ) Amortization charge — (122 ) — (1,455 ) (1,577 ) Closing net book amount 134,453 1,744 427,779 19,150 583,126 As of June 30, 2019 Cost 134,453 2,822 489,698 23,999 650,972 Accumulated amortization — (1,078 ) — (4,849 ) (5,927 ) Accumulated impairment — — (61,919 ) — (61,919 ) Net book amount 134,453 1,744 427,779 19,150 583,126 |
Summary of Carrying Value of In Process Research and Development Acquired by Product | Carrying value of in-process research and development acquired by product As of June 30, (in U.S. dollars, in thousands) 2019 2018 Cardiovascular products 254,351 254,351 Intravenous products for metabolic diseases and inflammatory/immunologic conditions 70,730 70,730 Osiris MSC products 102,698 102,698 427,779 427,779 |
Summary of Provisions | As of As of June 30, 2019 June 30, 2018 (in U.S. dollars, in thousands) Current Non-current Total Current Non-current Total Contingent consideration 1,033 46,501 47,534 724 41,346 42,070 Employee benefits 4,231 86 4,317 4,358 101 4,459 Provision for license agreements 2,000 1,742 3,742 — 1,509 1,509 7,264 48,329 55,593 5,082 42,956 48,038 |
Summary of Deferred Tax Balances | (i) Deferred tax balances (in U.S. dollars, in thousands) 2019 2018 Deferred tax assets The balance comprises temporary differences attributable to: Tax losses 61,742 55,904 Other temporary differences 3,687 669 Total deferred tax assets 65,429 56,573 Deferred tax liabilities The balance comprises temporary differences attributable to: Intangible assets 76,553 76,652 Total deferred tax liabilities 76,553 76,652 Net deferred tax liabilities 11,124 20,079 Deferred tax assets expected to be settled within 12 months — — Deferred tax assets expected to be settled after 12 months 65,429 56,573 Deferred tax liabilities expected to be settled within 12 months 99 147 Deferred tax liabilities expected to be settled after 12 months 76,454 76,505 |
Schedule of Movements Related to Deferred Tax Assets and Liabilities | (ii) Movements (in U.S. dollars, in thousands) Tax losses (1) Other temporary differences (1) Intangible assets (DTL) Total (DTL) As of June 30, 2017 (74,660 ) (3,566 ) 127,519 49,293 Reclassifications 1,473 — — 1,473 Charged/(credited) to: - profit or loss 17,283 2,897 (50,867 ) (30,687 ) As of June 30, 2018 (55,904 ) (669 ) 76,652 20,079 Charged/(credited) to: - profit or loss (5,838 ) (3,018 ) (99 ) (8,955 ) As of June 30, 2019 (61,742 ) (3,687 ) 76,553 11,124 (1) Deferred tax assets are netted against deferred tax liabilities. |
Schedule of Deferred Consideration | (in U.S. dollars, in thousands) 2019 2018 Opening balance — — Up-front milestone receivable recognized during the period 20,000 — Amount recognized as revenue in the period (10,000 ) — Balance as of the end of the period 10,000 — |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Schedule of Share Capital | (i) Share capital As of June 30, 2019 2018 2017 2019 2018 2017 Shares No. (U.S. dollars, in thousands) Contributed equity (i) Share capital Ordinary shares 498,626,208 482,639,654 428,221,398 910,405 889,481 830,425 Less: Treasury Shares (3,500,000 ) (3,500,000 ) (3,500,000 ) — — — Total Contributed Equity 495,126,208 479,139,654 424,721,398 910,405 889,481 830,425 |
Summary of Movements in Ordinary Share Capital | (ii) Movements in ordinary share capital As of June 30, As of June 30, 2019 2018 2017 2019 2018 2017 Shares No. (U.S. dollars, in thousands) Opening balance 482,639,654 428,221,398 381,373,137 889,481 830,425 770,272 Issues of ordinary shares during the period Exercise of share options (1) 313,108 289,245 272,579 258 116 149 Share based compensation for services rendered 1,209,187 540,051 280,911 1,170 662 240 Payment for contingent consideration — 6,029,545 — — 10,000 — Entitlement offer to existing eligible shareholders — 36,191,982 — — 40,449 — Placement of shares under an equity facility agreement — 2,000,000 — — — — Placement of shares under a share placement agreement (2) 14,464,259 — 46,294,771 20,000 — 61,710 Placement of shares under a license agreement — 892,857 — — 1,000 — Transaction costs arising on share issue — — — (817 ) (2,869 ) (1,959 ) 15,986,554 45,943,680 46,848,261 20,611 49,358 60,140 Unissued ordinary shares during the period Placement of shares under a share placement agreement — 8,474,576 — — 10,000 — Transaction costs arising on share issue — — — — (340 ) — — 8,474,576 — — 9,660 — Total contributions of equity during the period 15,986,554 54,418,256 46,848,261 20,611 59,018 60,140 Share options reserve transferred to equity on exercise of options — — — 313 38 13 Ending balance 498,626,208 482,639,654 428,221,398 910,405 889,481 830,425 (1) Options are issued to employees, directors and consultants in accordance with the Mesoblast Employee Share Options Plan (“ESOP”). The shares issued and share capital received upon the exercise of options are recorded above. (2) During the year ended June 30, 2019, a $20.0 million equity purchase of Mesoblast Limited at A$1.86 per share, representing a 20% premium to a blended volume weighted average price calculated over three months, one month and one day. |
Summary of Reserves | (i) Reserves As at June 30, (in U.S. dollars, in thousands) 2019 2018 Share-based payments reserve 80,034 75,974 Investment revaluation reserve 17 21 Foreign currency translation reserve (39,413 ) (39,276 ) 40,638 36,719 |
Summary of Reconciliation of Reserves | (ii) Reconciliation of reserves (in U.S. dollars, in thousands) As at June 30, Share-based payments reserve 2019 2018 Opening balance 75,974 69,919 Transfer to ordinary shares on exercise of options (313 ) (38 ) Share option expense for the year 4,363 5,959 Reclassification of modified options to/(from) liability 10 134 Closing Balance 80,034 75,974 Investment revaluation reserve Opening balance 21 (303 ) Changes in the fair value of financial assets through other comprehensive income (4 ) 324 Closing Balance 17 21 Foreign currency translation reserve Opening balance (39,276 ) (38,373 ) Currency (loss)/gain on translation of foreign operations net assets (137 ) (903 ) Closing Balance (39,413 ) (39,276 ) |
Cash flow information (Tables)
Cash flow information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Statement Of Cash Flows [Abstract] | |
Summary of Cash Flow Information | (in U.S. dollars, in thousands) As of June 30, (a) Reconciliation of cash and cash equivalents 2019 2018 2017 Cash at bank 50,005 37,221 7,722 Deposits at call 421 542 38,039 50,426 37,763 45,761 (in U.S. dollars, in thousands) Year Ended June 30, (b) Reconciliation of net cash flows used in operations with loss after income tax 2019 2018 2017 Loss for the period (89,799 ) (35,290 ) (76,815 ) Add/(deduct) net loss for non-cash items as follows: Depreciation and amortization 2,139 2,650 3,057 Foreign exchange (gains)/losses (154 ) (160 ) 38 Finance costs 6,914 725 — Remeasurement of borrowing arrangements 376 — — Remeasurement of contingent consideration 6,264 (10,541 ) 130 Payment under a license agreement paid in shares — 1,000 — Payment for services rendered in shares 620 — — Equity settled share-based payment 4,368 6,199 5,276 Deferred tax benefit (8,955 ) (30,664 ) (13,400 ) Change in operating assets and liabilities: (Increase)/decrease in trade and other receivables 4,974 (6,093 ) (859 ) (Increase)/decrease in prepayments 5,237 1,503 (10,201 ) Decrease/(increase) in tax assets 1,729 (1,807 ) 1,282 Increase/(decrease) in trade creditors and accruals (3,972 ) (4,464 ) (5,740 ) Increase/(decrease) in provisions 2,469 1,930 1,761 Increase/(decrease) in deferred consideration 10,000 — — Net cash outflows used in operations (57,790 ) (75,012 ) (95,471 ) |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Financial Risk Management [Abstract] | |
Schedule of Balances Held at the End of Year with an Analysis which Assesses Impact on Profit and Loss Due to Change in Exchange Rate | The balances held at the end of the year that give rise to currency risk exposure are presented in USD in the following table, together with a sensitivity analysis which assesses the impact that a change of +/-20% in the exchange rate as of June 30, 2019 and June 30, 2018 would have had on the Group’s reported net profits/(losses) and/or equity balance. +20% -20% (in U.S. dollars, in thousands) As of June 30, 2019 Foreign currency balance held Profit/(Loss) USD Profit/(Loss) USD Bank accounts - USD USD 383 $ 77 $ (77 ) Bank accounts - CHF CHF 49 $ 10 $ (10 ) Bank accounts - SGD SGD 83 $ 12 $ (12 ) Bank accounts - EUR EUR 4 $ 1 $ (1 ) Trade and other receivables - SGD SGD 30 $ 4 $ (4 ) Trade and other receivables - CHF CHF 2 $ 0 $ (0 ) Trade and other receivables - EUR EUR 8 $ 2 $ (2 ) Trade payables and accruals - USD (USD 490) $ (98 ) $ 98 Trade payables and accruals - AUD (AUD 280) $ (39 ) $ 39 Trade payables and accruals - SGD (SGD 193) $ (28 ) $ 28 Trade payables and accruals - GBP (GBP 30) $ (8 ) $ 8 Trade payables and accruals - EUR (EUR 86) $ (19 ) $ 19 Trade payables and accruals - CHF (CHF 55) $ (11 ) $ 11 Provisions - SGD (SGD 70) $ (10 ) $ 10 $ (107 ) $ 107 +20% -20% (in U.S. dollars, in thousands) As of June 30, 2018 Foreign currency balance held Profit/(Loss) USD Profit/(Loss) USD Bank accounts - USD USD 81 $ (14 ) $ 20 Bank accounts - CHF CHF 157 $ 31 $ (31 ) Bank accounts - SGD SGD 178 $ 49 $ (49 ) Bank accounts - EUR EUR 2 $ 0 $ (0 ) Trade and other receivables - SGD SGD 29 $ 8 $ (8 ) Trade and other receivables - USD USD 10,000 $ (1,667 ) $ 2,500 Trade and other receivables - CHF CHF 6 $ 1 $ (1 ) Trade and other receivables - EUR EUR 4,750 $ 815 $ (815 ) Trade payables and accruals - USD (USD 1,797) $ 300 $ (449 ) Trade payables and accruals - AUD (AUD 446) $ (121 ) $ 121 Trade payables and accruals - SGD (SGD 176) $ (48 ) $ 48 Trade payables and accruals - GBP (GBP 52) $ (0 ) $ (2 ) Trade payables and accruals - EUR (EUR 1) $ (0 ) $ 0 Trade payables and accruals - CHF (CHF 50) $ (10 ) $ 10 Trade payables and accruals - SEK (SEK 118) $ 2 $ (3 ) Provisions - SGD (SGD 74) $ (20 ) $ 20 Provisions - CHF (CHF 2) $ (0 ) $ 0 $ (674 ) $ 1,361 |
Summary of Borrowings of Interest Rate Changes | The exposure of the Group’s borrowing to interest rate changes are as follows: As of As of June 30, 2019 June 30, 2018 (in U.S. dollars, in thousands, except percent data) Total % of total loans Total % of total loans Financial liabilities Current borrowings Variable rate borrowings - Hercules 13,607 17 % — 0 % Non-current borrowings Variable rate borrowings - Hercules 34,619 43 % 31,966 54 % 48,226 60 % 31,966 54 % |
Schedule of Borrowings which Expose Interest Rate Risk Together with the Maximum and Minimum Interest Rates Being Earned | The effect on profit is shown if interest rates change by 5%, in either direction, is as follows: As of As of June 30, 2019 June 30, 2018 (in U.S. dollars, in thousands, except percent data) Low High USD Low High USD Borrowings - USD 10.45 % 10.45 % 48,226 (1) 9.95 % 9.95 % 31,966 (1) Rate increase by 5% 10.97 % 10.97 % 261 10.45 % 10.45 % 159 Rate decrease by 5% 9.93 % 9.93 % (261 ) 9.45 % 9.45 % (159 ) (1) Effect on profit/loss of interest rate changes is based on the loan principal amount of $50.0 million as of June 30, 2019, and loan principal amount of $35.0 million as of June 30, 2018, with principal payments commencing in October 2019. |
Schedule of Deposits Held which Derive Interest Revenue with Maximum and Minimum Interest Rates Being Earned | The deposits held which derive interest revenue are described in the table below, together with the maximum and minimum interest rates being earned as of June 30, 2019 and June 30, 2018. The effect on profit is shown if interest rates change by 10%, in either direction, is as follows: As of As of June 30, 2019 June 30, 2018 (in U.S. dollars, in thousands, except percent data) Low High USD Low High USD Funds invested - USD 1.76 % 1.76 % 46,051 0.80 % 0.80 % 99 Rate increase by 10% 1.94 % 1.94 % 81 0.88 % 0.88 % 0 Rate decrease by 10% 1.58 % 1.58 % (81 ) 0.72 % 0.72 % 0 AUD Low High AUD Low High AUD Funds invested - AUD 2.23 % 2.23 % 600 2.72 % 2.72 % 600 Rate increase by 10% 2.45 % 2.45 % 1 2.99 % 2.99 % 2 Rate decrease by 10% 2.01 % 2.01 % (1 ) 2.45 % 2.45 % (2 ) |
Summary of Borrowing to Price Rate Changes | The exposure of the Group’s borrowing to price rate changes are as follows: As of As of June 30, 2019 June 30, 2018 (in U.S. dollars, in thousands, except percent data) Total % of total loans Total % of total loans Financial liabilities Current borrowings Borrowings - NovaQuest 400 0 % — 0 % Non-current borrowings Borrowings - NovaQuest 32,660 40 % 27,431 46 % 33,060 40 % 27,431 46 % |
Schedule of Group's Receivables | Credit risk is the risk that one party to a financial instrument will fail to discharge its obligation and cause financial loss to the other party. The Group does not generally have trade receivables. The Group’s receivables are tabled below. As of June 30, (in U.S. dollars, in thousands) 2019 2018 Cash and cash equivalents Deposits at call (Note 5(a)) - minimum A rated 421 542 Cash at bank (Note 5(a)) - minimum A rated 50,005 37,221 Trade and other receivables Receivable from other parties (non-rated) 1,740 45,745 Receivable from the Australian Government (Income Tax) 1,511 3,305 Receivable from the Australian Government (Foreign Withholding Tax) 400 400 Receivable from minimum A rated bank deposits (interest) 252 262 Receivable from the Australian Government (Goods and Services Tax) 84 48 Receivable from the United States Government (Income Tax) 71 24 Receivable from the Swiss Government (Value-Added Tax) 2 6 Other non-current assets Receivable from the United States Government (U.S. tax credits) 1,467 1,473 |
Schedule of Maturity Profile of Anticipated Future Contractual Cash Flows Borrowings and Carrying Value | As of June 30, 2019, the maturity profile of the anticipated future contractual cash flows including interest in relation to the Group’s borrowings, on an undiscounted basis and which, therefore differs from the carrying value, is as follows: (in U.S. dollars, in thousands) Within 1 year Between 1-2 years Between 2-5 years Over 5 years Total contractual cash flows Carrying amount Borrowings (1)(2) (18,845 ) (29,790 ) (57,634 ) (34,728 ) (140,997 ) (81,286 ) (18,845 ) (29,790 ) (57,634 ) (34,728 ) (140,997 ) (81,286 ) (1) Contractual cash flows include payments of principal, interest and other charges. Interest is calculated based on debt held at June 30, 2019 without taking account drawdowns of further tranches. (2) In relation to the contractual maturities of the NovaQuest borrowings, there is variability in the maturity profile of the anticipated future contractual cash flows given the timing and amount of payments are calculated based on our estimated net sales of pediatric aGVHD. |
Interests in other entities (Ta
Interests in other entities (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Significant Investments In Subsidiaries [Abstract] | |
Summary of Group's Principal Subsidiaries | Country of Class of incorporation shares Equity holding As of June 30, 2019 2018 % % Mesoblast, Inc. USA Ordinary 100 100 Mesoblast International Sàrl (includes Mesoblast International Sàrl Singapore Branch) Switzerland Ordinary 100 100 Mesoblast Australia Pty Ltd Australia Ordinary 100 100 Mesoblast UK Ltd United Kingdom Ordinary 100 100 Mesoblast International (UK) Ltd United Kingdom Ordinary 100 100 BeiCell Ltd Cayman Islands Ordinary 100 N/A |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Commitments [Abstract] | |
Schedule of Lease Commitments, Group as Lessee | b. Lease commitments: Group as lessee The Group leases various offices under non-cancellable operating leases. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated. Later than Later than one three years year but no but no later Within one later than than five Later than (in U.S. dollars, in thousands) Total year three years years five years Operating leases 7,460 2,100 2,763 1,341 1,256 Total commitments 7,460 2,100 2,763 1,341 1,256 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Key Management Personnel Compensation [Abstract] | |
Summary of Aggregate Compensation made to Directors and other Members of key Management Personnel | The aggregate compensation made to Directors and other members of key management personnel of the Group is set out below Year Ended June 30, (in U.S. dollars) 2019 2018 Short-term employee benefits 2,723,902 2,577,166 Long-term employee benefits 12,074 5,648 Post-employment benefits 45,878 66,539 Share based payments 297,423 (60,858 ) 3,079,277 2,588,495 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Sharebased Payment Arrangements [Abstract] | |
Reconciliation of Outstanding Share Based Payments | a. Reconciliation of outstanding share based payments Series Grant Date Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) INC 7/12/2010 26/10/2018 USD 0.305 26,108 — (26,108 ) — — — INC 7/12/2010 26/10/2019 USD 0.340 319,892 — — — 319,892 319,892 17/LF3 9/07/2012 8/07/2018 AUD 6.67 150,000 — — (150,000 ) — — 22/LF8 4/09/2013 27/08/2018 AUD 6.26 225,000 — — (225,000 ) — — 25a (i&ii) 1/01/2014 31/12/2018 AUD 6.36 650,000 — — (650,000 ) — — 25b 12/12/2014 31/10/2019 AUD 4.49 50,000 — — — 50,000 50,000 27/LF12 5/09/2014 30/06/2019 AUD 4.71 2,045,000 — — (1,790,000 ) 27/LF12 5/09/2014 30/06/2019 AUD 4.71 — — (255,000)* — — 28/LF13 9/10/2014 8/10/2019 AUD 4.52 75,000 — — — 75,000 75,000 29 25/11/2014 24/11/2019 AUD 4.00 240,000 — — 240,000 240,000 30c(1) 25/03/2015 20/01/2019 AUD 4.98 135,000 — — (135,000 ) — — 30d(1) 25/03/2015 25/01/2019 AUD 4.98 300,000 — — (300,000 ) — — 30f(1) 25/03/2015 25/01/2019 AUD 4.98 200,000 — — (200,000 ) — — 30h(1) 25/03/2015 30/06/2019 AUD 4.69 400,000 — — (400,000 ) — — 30i(1) 25/03/2015 30/06/2019 AUD 4.44 600,000 — — (600,000 ) — — LF14 6/01/2015 16/12/2019 AUD 4.66 150,000 — — — 150,000 150,000 31b 12/05/2015 16/02/2020 AUD 4.28 200,000 — — — 200,000 200,000 32 10/07/2015 30/06/2022 AUD 4.20 2,458,334 — — (150,000)* 2,308,334 2,308,334 33 26/08/2015 16/08/2022 AUD 4.05 75,000 — — — 75,000 75,000 34 27/04/2016 6/03/2023 AUD 2.80 3,380,000 — — (186,666)* 3,193,334 3,193,334 34a 27/04/2016 17/04/2023 AUD 2.74 200,000 — — — 200,000 200,000 34b 31/10/2016 6/03/2023 AUD 2.80 200,000 — — — 200,000 200,000 35 30/06/2016 18/01/2021 AUD 2.20 1,500,000 — — — 1,500,000 1,500,000 36 6/12/2016 5/12/2023 AUD 1.31 1,885,000 — (75,000 ) (140,000)* 1,670,000 1,116,666 36a 6/12/2016 5/12/2023 AUD 1.19 4,400,000 — (212,000 ) — 4,188,000 3,000,502 36b 13/01/2017 12/01/2024 AUD 1.65 300,000 — — — 300,000 300,000 37 28/06/2017 27/06/2024 AUD 2.23 300,000 — — (150,000)* 150,000 100,000 38 16/09/2017 15/09/2024 AUD 1.54 100,000 — — — 100,000 33,334 38a 16/09/2017 15/09/2024 AUD 1.40 150,000 — — — 150,000 150,000 39 13/10/2017 12/10/2024 AUD 1.94 2,215,000 — — (236,667)* 1,978,333 668,330 39a 13/10/2017 12/10/2024 AUD 1.76 1,900,000 — — — 1,900,000 1,300,000 40 24/11/2017 23/11/2024 AUD 1.41 750,000 — — — 750,000 250,000 40a 24/11/2017 23/11/2024 AUD 1.28 750,000 — — — 750,000 — 41 18/06/2018 17/06/2025 AUD 1.52 200,000 — — 200,000 66,667 42 11/07/2018 10/07/2025 AUD 1.56 200,000 — — 200,000 — 43 18/07/2018 17/07/2025 AUD 1.87 5,970,000 — (125,000)* 5,845,000 — 44 15/07/2018 14/07/2025 AUD 1.72 300,000 — — 300,000 — 45 30/11/2018 29/11/2025 AUD 1.33 590,000 — — 590,000 — 46 19/01/2019 18/01/2026 AUD 1.45 5,000 — — 5,000 — 47 19/01/2019 18/01/2026 AUD 1.45 150,000 — — 150,000 75,000 June 30, 2019 26,329,334 7,415,000 (313,108 ) (5,693,333 ) 27,737,893 15,572,059 Weighted average share purchase price AUD 2.68 AUD 1.79 AUD 1.16 AUD 4.58 AUD 2.06 AUD 2.35 (1) 30a to 30i were granted as remuneration for the repurchase and cancellation of 2,985,000 LFSP during the year ended 30 June 2015 (see Note 17(b)). Series Grant Date Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) INC 7/12/2010 26/10/2018 USD 0.305 154,064 — (127,956 ) — 26,108 26,108 INC 7/12/2010 26/10/2019 USD 0.340 447,848 — (127,956 ) — 319,892 319,892 17/LF3 9/07/2012 8/07/2018 AUD 6.69 150,000 — — — 150,000 150,000 19/LF5 25/01/2013-29/01/2013 24/01/2018-28/01/2018 AUD 6.29 50,000 — — (50,000 ) — — 20/LF6 24/05/2013 23/05/2018 AUD 6.36 425,000 — — (325,000 ) 20/LF6 24/05/2013 23/05/2018 AUD 6.36 — — (100,000)* — — 21/LF7 3/09/2013 30/06/2018 AUD 5.92 1,865,000 — — (1,615,000 ) 22/LF8 4/09/2013 27/08/2018 AUD 6.28 225,000 — — — 225,000 225,000 25a (i&ii) 1/01/2014 31/12/2018 AUD 6.38 650,000 — — — 650,000 650,000 25b 12/12/2014 31/10/2019 AUD 4.51 50,000 — — — 50,000 50,000 27/LF12 5/09/2014 30/06/2019 AUD 4.71 2,070,000 — — (25,000)* 2,045,000 2,045,000 27(iv) 25/08/2014 24/08/2019 AUD 4.67 75,000 — — (75,000)* — — 28/LF13 9/10/2014 8/10/2019 AUD 4.54 85,000 — — (10,000)* 75,000 75,000 29 25/11/2014 24/11/2019 AUD 4.02 240,000 — — — 240,000 240,000 30a 25/03/2015 30/06/2018 AUD 5.00 650,000 — — (650,000 ) — — 30b 25/03/2015 25/01/2018 AUD 5.00 235,000 — — (235,000 ) — — 30c 25/03/2015 25/01/2019 AUD 5.00 135,000 — — — 135,000 135,000 30d 25/03/2015 30/06/2019 AUD 5.00 300,000 — — — 300,000 300,000 30e 25/03/2015 23/07/2019 AUD 5.00 165,000 — — (165,000 ) — — 30f 25/03/2015 23/07/2019 AUD 5.00 200,000 — — — 200,000 200,000 30g 25/03/2015 20/01/2019 AUD 4.71 300,000 — — (300,000)* — — 30h 25/03/2015 25/01/2018 AUD 4.71 400,000 — — — 400,000 400,000 30i 25/03/2015 25/01/2019 AUD 4.46 600,000 — — — 600,000 600,000 30j 25/03/2015 30/06/2019 AUD 4.71 150,000 — — (150,000)* — — LF14 6/01/2015 16/12/2019 AUD 4.66 150,000 — — — 150,000 150,000 31b 12/05/2015 16/02/2020 AUD 4.30 200,000 — — — 200,000 200,000 32 10/07/2015 30/06/2022 AUD 4.22 2,620,000 — — (161,666)* 2,458,334 1,683,336 33 26/08/2015 16/08/2022 AUD 4.07 91,667 — — (16,667)* 75,000 50,000 34 27/04/2016 6/03/2023 AUD 2.82 3,621,667 — — (241,667)* 3,380,000 2,299,982 34a 27/04/2016 17/04/2023 AUD 2.76 200,000 — — — 200,000 133,334 34b 31/10/2016 6/03/2023 AUD 2.82 200,000 — — — 200,000 200,000 35 30/06/2016 30/06/2019 AUD 2.20 1,500,000 — — — 1,500,000 1,500,000 36 6/12/2016 5/12/2023 AUD 1.33 2,045,000 — (33,333 ) (126,667)* 1,885,000 611,666 36a 6/12/2016 5/12/2023 AUD 1.21 4,400,000 — — — 4,400,000 1,495,002 36b 13/01/2017 12/01/2024 AUD 1.67 450,000 — — (150,000)* 300,000 300,000 37 28/06/2017 27/06/2024 AUD 2.23 — 300,000 — — 300,000 100,000 38 16/09/2017 15/09/2024 AUD 1.54 — 100,000 — — 100,000 — 38a 16/09/2017 15/09/2024 AUD 1.40 — 150,000 — — 150,000 — 39 13/10/2017 12/10/2024 AUD 1.94 — 2,310,000 — (95,000)* 2,215,000 — 39a 13/10/2017 12/10/2024 AUD 1.76 — 2,000,000 — (100,000)* 1,900,000 200,000 40 24/11/2017 23/11/2024 AUD 1.41 — 750,000 — — 750,000 — 40a 24/11/2017 23/11/2024 AUD 1.28 — 750,000 — — 750,000 — June 30, 2018 25,100,246 6,360,000 (289,245 ) (4,841,667 ) 26,329,334 14,339,320 Weighted average share purchase price AUD 3.35 AUD 1.74 AUD 0.52 AUD 4.97 AUD 2.68 AUD 3.39 (1) 30a to 30i were granted as remuneration for the repurchase and cancellation of 2,985,000 LFSP during the year ended 30 June 2015 (see Note 17(b)). Series Grant Date Expiry Date Exercise Price Opening Balance Granted No. (during the year) Exercised No. (during the year) Lapsed/Forfeited* No. (during the year) Closing Balance Vested and exercisable No (end of year) INC 7/12/2010 26/10/2018 USD 0.305 154,064 — — — 154,064 154,064 INC 7/12/2010 26/10/2019 USD 0.340 447,848 — — — 447,848 447,848 INC 7/12/2010 25/04/2017 USD 0.444 127,956 — (127,956 ) — — — INC 7/12/2010 2/05/2017 USD 0.444 127,956 — (127,956 ) — — — 16/LF2 24/02/2012 23/02/2017 USD 8.480 340,000 — — (170,000 ) — 16/LF2 24/02/2012 23/02/2017 AUD 8.48 — — (170,000)* — 17/LF3 9/07/2012 8/07/2018 AUD 6.69 250,000 — — (100,000)* 150,000 150,000 18/LF4 21/09/2012-29/10/2012 30/06/2017 AUD 6.70 1,948,333 — — (1,673,333 ) 18/LF4 21/09/2012-29/10/2012 30/06/2017 AUD 6.70 — — (275,000)* — — 19/LF5 25/01/2013-29/01/2013 24/01/2018-28/01/2018 AUD 6.29 100,000 — — (50,000)* 50,000 50,000 20/LF6 24/05/2013 23/05/2018 AUD 6.36 595,000 — — (170,000)* 425,000 425,000 21/LF7 3/09/2013 30/06/2018 AUD 5.92 2,430,000 — — (565,000)* 1,865,000 1,865,000 22/LF8 4/09/2013 27/08/2018 AUD 6.28 225,000 — — — 225,000 225,000 23a 26/11/2013 10/10/2018 AUD 6.20 33,333 — — (33,333)* — — 24 17/12/2013 16/12/2018 AUD 6.25 25,000 — — (25,000)* — — 25a (i&ii) 1/01/2014 31/12/2018 AUD 6.38 650,000 — — — 650,000 650,000 25b 12/12/2014 31/10/2019 AUD 4.51 50,000 — — — 50,000 33,334 25 1/07/2014 6/04/2019 AUD 5.80 10,000 — — (10,000)* — — 26/LF11 24/07/2014 23/07/2019 AUD 4.71 125,000 — — (125,000)* — 27/LF12 5/09/2014 30/06/2019 AUD 4.71 2,865,000 — — (795,000)* 2,070,000 1,380,004 27(ii) 4/08/2014 3/08/2019 AUD 4.60 50,000 — — (50,000)* — — 27(iv) 25/08/2014 24/08/2019 AUD 4.67 75,000 — — — 75,000 50,000 28/LF13 9/10/2014 8/10/2019 AUD 4.54 235,000 — — (150,000)* 85,000 56,666 29 25/11/2014 24/11/2019 AUD 4.02 240,000 — — — 240,000 160,002 30a 25/03/2015 30/06/2018 AUD 5.00 650,000 — — — 650,000 650,000 30b 25/03/2015 25/01/2018 AUD 5.00 235,000 — — — 235,000 235,000 30c 25/03/2015 25/01/2019 AUD 5.00 135,000 — — — 135,000 135,000 30d 25/03/2015 30/06/2019 AUD 5.00 300,000 — — — 300,000 300,000 30e 25/03/2015 23/07/2019 AUD 5.00 165,000 — — — 165,000 165,000 30f 25/03/2015 23/07/2019 AUD 5.00 200,000 — — — 200,000 200,000 30g 25/03/2015 20/01/2019 AUD 4.71 300,000 — — — 300,000 200,000 30h 25/03/2015 25/01/2018 AUD 4.71 400,000 — — — 400,000 266,668 30i 25/03/2015 25/01/2019 AUD 4.46 600,000 — — — 600,000 600,000 30j 25/03/2015 30/06/2019 AUD 4.71 150,000 — — — 150,000 100,000 LF14 6/01/2015 16/12/2019 AUD 4.66 150,000 — — — 150,000 100,000 31a 27/04/2015 16/02/2020 AUD 4.73 20,000 — — (20,000)* — — 31b 12/05/2015 16/02/2020 AUD 4.30 200,000 — — — 200,000 200,000 32 10/07/2015 30/06/2022 AUD 4.22 3,840,000 — — (1,220,000)* 2,620,000 873,334 33 26/08/2015 16/08/2022 AUD 4.07 125,000 — — (33,333)* 91,667 41,667 34 27/04/2016 6/03/2023 AUD 2.82 5,140,000 — (16,667 ) (1,501,666)* 3,621,667 1,218,324 34a 27/04/2016 17/04/2023 AUD 2.76 200,000 — — — 200,000 66,667 34b 31/10/2016 6/03/2023 AUD 2.82 — 200,000 — — 200,000 200,000 35 30/06/2016 30/06/2019 AUD 2.22 1,500,000 — — — 1,500,000 — 36 6/12/2016 5/12/2023 AUD 1.33 — 2,095,000 — (50,000)* 2,045,000 — 36a 6/12/2016 5/12/2023 AUD 1.21 — 4,400,000 — — 4,400,000 816,667 36b 13/01/2017 12/01/2024 AUD 1.67 — 450,000 — — 450,000 150,000 June 30, 2017 25,414,490 7,145,000 (272,579 ) (1,843,333 ) 25,100,246 12,165,245 Weighted average share purchase price AUD 4.39 AUD 1.32 AUD 0.72 AUD 5.10 AUD 3.35 AUD 4.36 (1) 30a to 30i were granted as remuneration for the repurchase and cancellation of 2,985,000 LFSP during the year ended 30 June 2015 (see Note 17(b)). |
Summary of Valuations of Options Approved and Granted | The model inputs for the valuations of options approved and granted during the year ended June 30, 2019 are as follows: Series Financial year of grant Exercise/Loan price per share AUD Share price at acceptance date AUD Expected share price volatility Life (1) Dividend yield Risk-free interest rate 41 2019 1.52 1.52 52.31% 5.8 yrs 0% 2.16% 42 2019 1.56 1.56 52.40% 6.1 yrs 0% 2.36% 43 2019 1.87 1.70 52.78% 5.9 yrs 0% 2.27% 44 2019 1.72 1.59 54.40% 5.6 yrs 0% 1.91% 45 2019 1.33 1.33 54.11% 6.1 yrs 0% 2.01% 46 2019 1.45 1.33 53.92% 5.8 yrs 0% 1.14% 47 2019 1.45 1.33 53.95% 5.8 yrs 0% 1.19% (1) Expected life after factoring likely early exercise. The model inputs for the valuations of options approved and granted during the year ended June 30, 2018 are as follows: Series Financial year of grant Exercise/Loan price per share AUD Share price at acceptance date AUD Expected share price volatility Life (1) Dividend yield Risk-free interest rate 37 2018 2.23 2.02 52.21% 5.8 yrs 0% 2.22% 38 2018 1.54 1.37 52.04% 5.8 yrs 0% 2.41% 38a 2018 1.40 1.37 52.56% 5.8 yrs 0% 2.27% 39 2018 1.94 1.34 52.49% 5.9 yrs 0% 2.16% 39a 2018 1.76 1.34 52.49% 5.9 yrs 0% 2.16% 40 2018 1.41 1.32 52.35% 5.8 yrs 0% 2.43% 40a 2018 1.28 1.32 52.35% 5.8 yrs 0% 2.43% (1) Expected life after factoring likely early exercise. The model inputs for the valuations of options approved and granted during the year ended June 30, 2017 are as follows: Series Financial year of grant Exercise/Loan price per share AUD Share price at acceptance date AUD Expected share price volatility Life (1) Dividend yield Risk-free interest rate 34b 2017 2.82 1.24 51.13% 4.6 yrs 0% 2.16% 36 2017 1.33 2.32 51.63% 5.5 yrs 0% 2.15% 36a 2017 1.21 2.32 51.63% 5.5 yrs 0% 2.15% 36b 2017 1.67 2.32 51.63% 5.6 yrs 0% 2.15% (1) Expected life after factoring likely early exercise. |
Remuneration of auditors (Table
Remuneration of auditors (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Auditors Remuneration [Abstract] | |
Summary of Fees were Paid or Payable for Services Provided by the Auditor of the Parent Entity | During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its related practices and non-related audit firms: Year Ended June 30, (in U.S. dollars) 2019 2018 2017 a. PricewaterhouseCoopers Australia Audit and other assurance services Audit and review of financial reports 690,245 620,837 729,598 Other audit services (1) — 92,403 42,306 Total remuneration of PricewaterhouseCoopers Australia 690,245 713,240 771,904 b. Network firms of PricewaterhouseCoopers Australia Audit and other assurance services Audit and review of financial reports 89,038 93,839 77,723 Total remuneration of Network firms of PricewaterhouseCoopers Australia 89,038 93,839 77,723 Total auditors' remuneration (2) 779,283 807,079 849,627 (1) Audit and review of financial reports and registration statements in connection with the filings on Form S-8 and F-3. (2) All services provided are considered audit services for the purpose of SEC classification. |
Losses per share (Tables)
Losses per share (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Loss Per Share | Year Ended June 30, 2019 2018 2017 (Losses) per share (in cents) (a) Basic (losses) per share From continuing operations attributable to the ordinary equity holders of the company (18.16 ) (7.58 ) (19.25 ) Total basic (losses) per share attributable to the ordinary equity holders of the company (18.16 ) (7.58 ) (19.25 ) (b) Diluted (losses) per share From continuing operations attributable to the ordinary equity holders of the company (18.16 ) (7.58 ) (19.25 ) Total basic (losses) per share attributable to the ordinary equity holders of the company (18.16 ) (7.58 ) (19.25 ) (c) Reconciliation of (losses) used in calculating (losses) per share (in U.S. dollars, in thousands) Basic (losses) per share (Losses) attributable to the ordinary equity holders of the company used in calculating basic (losses) per share: From continuing operations (89,799 ) (35,290 ) (76,815 ) Diluted (losses) per share (Losses) from continuing operations attributable to the ordinary equity holders of the company: Used in calculating basic (losses) per share (89,799 ) (35,290 ) (76,815 ) (Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share (89,799 ) (35,290 ) (76,815 ) 2019 Number 2018 Number 2017 Number Weighted average number of ordinary shares used as the denominator in calculating basic losses per share 494,381,490 465,688,997 399,042,172 Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share 494,381,490 465,688,997 399,042,172 |
Parent entity financial infor_2
Parent entity financial information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Parent Entity Financial Information [Abstract] | |
Summary of Parent Entity Financial Information | As of June 30, (in U.S. dollars, in thousands) 2019 2018 Balance Sheet Current Assets 6,723 19,499 Total Assets 643,708 676,385 Current Liabilities 5,792 6,086 Total Liabilities 5,878 6,186 Shareholders' Equity Issued Capital 910,405 889,480 Reserves Foreign Currency Translation Reserve (209,207 ) (174,948 ) Share Options Reserve 65,379 61,320 (Accumulated losses) (128,747 ) (105,653 ) 637,830 670,199 Loss for the period (23,094 ) (26,346 ) Total comprehensive loss for the period (23,094 ) (26,346 ) |
Basis of Preparation - Addition
Basis of Preparation - Additional Information (Details) € in Millions, $ in Millions | Oct. 12, 2018USD ($) | Sep. 14, 2018USD ($) | Aug. 31, 2019USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2019AUD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018EUR (€) | Jun. 30, 2017USD ($) | Jun. 21, 2019EUR (€) | Jun. 30, 2016USD ($) |
Basis of Preparation [Line Items] | |||||||||||||||||
Comprehensive loss after income tax | $ (89,940,000) | $ (35,869,000) | $ (76,468,000) | ||||||||||||||
Net cash (outflows) in operating activities | 57,790,000 | 75,012,000 | 95,471,000 | ||||||||||||||
Cash & cash equivalents | $ 50,426,000 | 37,763,000 | 45,761,000 | $ 80,937,000 | |||||||||||||
Excise period of issuance of ordinary shares | Dec. 31, 2019 | ||||||||||||||||
Deferred consideration up-front milestone receivable recognized | $ 20,000,000 | ||||||||||||||||
Receipt on non refundable up-front payment upon reaching product regulatory milestone | 25,000,000 | ||||||||||||||||
Revenue recognized from up-front payment as deferred consideration | $ 10,000,000 | ||||||||||||||||
Milestone payment received | 26,409,000 | 7,125,000 | 500,000 | ||||||||||||||
Revenue | 16,722,000 | 17,341,000 | 2,412,000 | ||||||||||||||
Revenue recognized relation to patent license agreement | 0 | ||||||||||||||||
Milestone Revenue | 11,000,000 | 13,334,000 | 500,000 | ||||||||||||||
IFRS 16 | |||||||||||||||||
Basis of Preparation [Line Items] | |||||||||||||||||
Lease liabilities | 5,600,000 | ||||||||||||||||
ROU assets | 4,700,000 | ||||||||||||||||
Reduction to retained earnings | 900,000 | ||||||||||||||||
TiGenix NV | |||||||||||||||||
Basis of Preparation [Line Items] | |||||||||||||||||
Milestone revenue relating to non-refundable up-front payment | $ 5,900,000 | € 5 | $ 5,900,000 | € 5 | |||||||||||||
Milestone payment received | $ 5,900,000 | € 5 | |||||||||||||||
Revenue | $ 5,900,000 | € 5 | |||||||||||||||
TiGenix NV | Licenses to Patents | |||||||||||||||||
Basis of Preparation [Line Items] | |||||||||||||||||
Milestone revenue relating to non-refundable up-front payment | 5,900,000 | € 5 | |||||||||||||||
Milestone Revenue | 0 | 11,800,000 | € 11.8 | ||||||||||||||
Top of Range | TiGenix NV | |||||||||||||||||
Basis of Preparation [Line Items] | |||||||||||||||||
Milestone revenue relating to non-refundable up-front payment | € | € 10 | ||||||||||||||||
Ordinary Shares | |||||||||||||||||
Basis of Preparation [Line Items] | |||||||||||||||||
Issues of ordinary shares during the period | 20,611,000 | 49,358,000 | $ 60,140,000 | ||||||||||||||
Kentgrove Capital | |||||||||||||||||
Basis of Preparation [Line Items] | |||||||||||||||||
Maximum available additional funds on equity facility | $ 82,000,000 | $ 120 | |||||||||||||||
Additional equity facility available duration | 24 months | 24 months | |||||||||||||||
Hercules and Nova Quest | Loan and Security Agreements | |||||||||||||||||
Basis of Preparation [Line Items] | |||||||||||||||||
Maximum additional amount available subject to achievement of milestones | 35,000,000 | ||||||||||||||||
Tasly | |||||||||||||||||
Basis of Preparation [Line Items] | |||||||||||||||||
Deferred consideration up-front milestone receivable recognized | $ 20,000,000 | 20,000,000 | |||||||||||||||
Revenue recognized from up-front payment as deferred consideration | $ 10,000,000 | ||||||||||||||||
Proceeds from closing of strategic alliance | 0 | ||||||||||||||||
JCR Pharmaceuticals Co. Ltd | |||||||||||||||||
Basis of Preparation [Line Items] | |||||||||||||||||
Revenue recognized relation to patent license agreement | 1,000,000 | 1,500,000 | |||||||||||||||
Royalties receivable under sales-based milestones | $ 5,000,000 | $ 2,500,000 | |||||||||||||||
Ordinary Shares | Ordinary Shares | Loan and Security Agreements | M&G Investment Management | |||||||||||||||||
Basis of Preparation [Line Items] | |||||||||||||||||
Issues of ordinary shares during the period | $ 15,000,000 |
Significant Changes in the Cu_2
Significant Changes in the Current Reporting Period - Additional Information (Details) - USD ($) $ in Thousands | Sep. 14, 2018 | Jun. 30, 2019 |
Disclosure Of Significant Changes In Current Reporting Period [Abstract] | ||
Up-front milestone receivable recognized during the period | $ 20,000 | |
Amount recognized as revenue in the period | 10,000 | $ 10,000 |
Deferred consideration | $ 10,000 | $ 10,000 |
Loss before income tax - Summar
Loss before income tax - Summary of Loss Before Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue | |||
Commercialization revenue | $ 5,003 | $ 3,641 | $ 1,444 |
Milestone Revenue | 11,000 | 13,334 | 500 |
Interest revenue | 719 | 366 | 468 |
Total Revenue | 16,722 | 17,341 | 2,412 |
Clinical trial and research & development | (37,927) | (42,863) | (38,141) |
Manufacturing production & development | (10,912) | (3,640) | (8,313) |
Employee benefits | |||
Salaries and employee benefits | (19,504) | (19,343) | (20,039) |
Defined contribution superannuation expenses | (339) | (374) | (362) |
Equity settled share-based payment transactions | (4,368) | (6,199) | (5,276) |
Total Employee benefits | (24,211) | (25,916) | (25,677) |
Depreciation and amortization of non-current assets | |||
Plant and equipment depreciation | (562) | (909) | (1,578) |
Intellectual property amortization | (1,577) | (1,741) | (1,479) |
Total Depreciation and amortization of non-current assets | (2,139) | (2,650) | (3,057) |
Other Management & administration expenses | |||
Overheads & administration | (11,356) | (8,477) | (8,128) |
Consultancy | (3,360) | (3,295) | (3,329) |
Legal, patent and other professional fees | (4,098) | (3,436) | (4,452) |
Intellectual property expenses (excluding the amount amortized above) | (2,795) | (3,065) | (2,889) |
Total Other Management & administration expenses | (21,609) | (18,273) | (18,798) |
Fair value remeasurement of contingent consideration | |||
Remeasurement of contingent consideration | (6,264) | 10,541 | (130) |
Total Fair value remeasurement of contingent consideration | (6,264) | 10,541 | (130) |
Other operating income and expenses | |||
Remeasurement of borrowing arrangements | (752) | ||
Research & development tax incentive | (74) | 1,807 | 1,532 |
Foreign exchange gains/(losses) | (208) | 161 | (43) |
Foreign withholding tax paid | (52) | (656) | |
Total Other operating income and expenses | (1,086) | 1,312 | 1,489 |
Finance (costs)/gains | |||
Remeasurement of borrowing arrangements | 376 | ||
Interest expense | (11,704) | (1,829) | |
Total Finance costs | (11,328) | (1,829) | |
Loss before income tax | $ (98,754) | $ (65,977) | $ (90,215) |
Loss before income tax - Summ_2
Loss before income tax - Summary of Loss Before Income Tax (Parenthetical) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Loss Before Income Tax Line Item | |||
Total share-based payment transactions | $ 4,988,391 | $ 6,198,588 | $ 5,275,165 |
Revenue | 16,722,000 | 17,341,000 | 2,412,000 |
Research and Development | |||
Disclosure Of Loss Before Income Tax Line Item | |||
Total share-based payment transactions | 2,283,646 | 3,638,310 | 2,837,231 |
Manufacturing and Commercialization | |||
Disclosure Of Loss Before Income Tax Line Item | |||
Total share-based payment transactions | 329,718 | 558,928 | 420,762 |
Management and Administration | |||
Disclosure Of Loss Before Income Tax Line Item | |||
Total share-based payment transactions | 1,755,027 | 2,001,349 | 2,017,172 |
Equity Settled Share Based Payment Transactions | |||
Disclosure Of Loss Before Income Tax Line Item | |||
Total share-based payment transactions | 4,368,391 | 6,198,588 | 5,275,165 |
Legal, Patent and Other Professional Fees | |||
Disclosure Of Loss Before Income Tax Line Item | |||
Total share-based payment transactions | 620,000 | ||
Research and Development Tax Incentive | Australian Government | |||
Disclosure Of Loss Before Income Tax Line Item | |||
Revenue | 20,000,000 | ||
Other gains (losses) | (100,000) | 1,800,000 | 1,500,000 |
Other income | 100,000 | 1,800,000 | 1,500,000 |
Research and Development Tax Incentive | Australian Government | Change In Original Estimated Receivable Amount | |||
Disclosure Of Loss Before Income Tax Line Item | |||
Other income | $ 100,000 | $ 100,000 | $ 100,000 |
Income Tax Benefit_(Expense) -
Income Tax Benefit/(Expense) - Summary of Reconciliation of Income Tax to Prima Facie Tax Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Reconciliation Of Effective Income Tax Expense [Line Items] | |||
Loss from continuing operations before income tax | $ (98,754) | $ (65,977) | $ (90,215) |
Share-based payments expense | 1,221 | 1,544 | 1,488 |
Research and development tax concessions | (1,486) | 537 | 2,442 |
Foreign exchange translation gains/(losses) | (15) | (242) | |
Contingent consideration | 1,880 | (3,162) | 39 |
Other sundry items | 91 | 1,011 | 497 |
Current year tax expense/(benefit) | (27,935) | (20,105) | (22,599) |
Adjustments for current tax of prior periods | (18,412) | (3,616) | (5,870) |
Differences in overseas tax rates | 24,458 | 5,259 | 7,797 |
Tax benefit not recognized | 12,934 | 11,065 | 7,272 |
Change in tax rate on Deferred tax assets | 27,471 | ||
Change in tax rate on Deferred tax liability | (50,761) | ||
Income tax expense/(benefit) attributable to loss before income tax | (8,955) | (30,687) | (13,400) |
Australian Government | |||
Disclosure Of Reconciliation Of Effective Income Tax Expense [Line Items] | |||
Tax benefit at the Australian tax rate of 30% (2018: 30%) | $ (29,626) | $ (19,793) | $ (27,065) |
Income Tax Benefit_(Expense) _2
Income Tax Benefit/(Expense) - Summary of Income Tax Expense/(Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Current tax | |||
Adjustments for current tax of prior periods | $ (18,412) | $ (3,616) | $ (5,870) |
Deferred tax | |||
(Increase)/decrease in deferred tax assets | (8,856) | 20,183 | (13,204) |
(Decrease)/increase in deferred tax liabilities | (99) | (50,870) | (196) |
Total deferred tax (benefit) | (8,955) | (30,687) | (13,400) |
Income tax expense/(benefit) attributable to loss before income tax | $ (8,955) | $ (30,687) | $ (13,400) |
Income Tax Benefit_(Expense) _3
Income Tax Benefit/(Expense) - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Adjustments for current tax of prior periods | $ (18,412) | $ (3,616) | $ (5,870) |
Differences in overseas tax rates | 24,458 | 5,259 | 7,797 |
Deferred tax assets not brought to account | $ 58,157 | $ 48,425 | $ 38,804 |
U.S. Corporate income tax rate | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Applicable tax rate | 21.00% | 35.00% | |
Singapore | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Adjustments for current tax of prior periods | $ 18,200 | ||
Differences in overseas tax rates | $ 14,000 | ||
Australian Government | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Difference in tax rate | 30.00% |
Income Tax Benefit_(Expense) _4
Income Tax Benefit/(Expense) - Summary of Amounts That Would Be Recognized Directly in Equity if Brought to Account (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Amounts that would be recognized directly in equity if brought to account | |||
Current tax recorded in equity (if brought to account) | $ (390) | $ (1,059) | $ (764) |
Deferred tax recorded in equity (if brought to account) | 879 | 877 | 960 |
Current and deferred tax relating to items credited (charged) directly to equity | $ 489 | $ (182) | $ 196 |
Income Tax Benefit_(Expense) _5
Income Tax Benefit/(Expense) - Summary of Deferred Tax Assets Not Brought to Account (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Unused tax losses | |||
Potential tax benefit at local tax rates ,Unused tax losses | $ 51,807 | $ 41,501 | $ 34,896 |
Other temporary differences | |||
Potential tax benefit at local tax rates ,Other temporary differences | 3,130 | 3,704 | 3,908 |
Other tax credits | |||
Potential tax benefit at local tax rates ,Other tax credit | 3,220 | 3,220 | |
Deferred tax assets not brought to account | $ 58,157 | $ 48,425 | $ 38,804 |
Financial Assets and Liabilit_3
Financial Assets and Liabilities - Summary of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure Of Financial Assets And Liabilities [Line Items] | ||||
Cash & cash equivalents | $ 50,426 | $ 37,763 | $ 45,761 | $ 80,937 |
Trade & other receivables | 4,060 | 50,366 | ||
Financial assets at fair value through other comprehensive income | 2,317 | 2,321 | ||
Other non-current assets | 3,324 | 3,361 | ||
Financial assets, Total | 60,127 | 93,811 | ||
Trade and other payables | 13,060 | 18,921 | ||
Borrowings | 81,286 | 59,397 | ||
Contingent consideration | 47,534 | 42,070 | ||
Financial liabilities, Total | 141,880 | 120,388 | ||
Liabilities at Amortized Cost | ||||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||||
Trade and other payables | 13,060 | 18,921 | ||
Borrowings | 81,286 | 59,397 | ||
Financial liabilities, Total | 94,346 | 78,318 | ||
Liabilities at FVTPL | ||||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||||
Contingent consideration | 47,534 | 42,070 | ||
Financial liabilities, Total | 47,534 | 42,070 | ||
Assets at Amortized Cost | ||||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||||
Cash & cash equivalents | 50,426 | 37,763 | ||
Trade & other receivables | 4,060 | 50,366 | ||
Other non-current assets | 3,324 | 3,361 | ||
Financial assets, Total | 57,810 | 91,490 | ||
Assets at FVOCI | ||||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||||
Financial assets at fair value through other comprehensive income | 2,317 | 2,321 | ||
Financial assets, Total | $ 2,317 | $ 2,321 |
Financial Assets and Liabilit_4
Financial Assets and Liabilities - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Disclosure Of Financial Assets And Liabilities [Abstract] | ||||
Cash at bank | $ 50,005 | $ 37,221 | $ 7,722 | |
Deposits at call | 421 | 542 | 38,039 | |
Cash and cash equivalents | $ 50,426 | $ 37,763 | $ 45,761 | $ 80,937 |
Financial Assets and Liabilit_5
Financial Assets and Liabilities - Summary of Cash and Cash Equivalents (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure Of Financial Assets And Liabilities [Abstract] | ||
Interest-bearing deposits at call held as security | $ 0.4 | $ 0.4 |
Financial Assets and Liabilit_6
Financial Assets and Liabilities - Summary of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure Of Financial Assets And Liabilities [Abstract] | ||
Trade debtors | $ 1,739 | $ 6,630 |
Funds receivable from debt financing and unissued capital | 38,950 | |
Income tax and tax incentives recoverable | 1,511 | 3,305 |
Other receivables | 615 | |
Foreign withholding tax recoverable | 471 | 471 |
Security deposit | 250 | 250 |
Sundry debtors | 2 | 81 |
Other recoverable taxes (Goods and services tax and value-added tax) | 86 | 53 |
Interest receivables | 1 | 11 |
Trade and other receivables | $ 4,060 | $ 50,366 |
Financial Assets and Liabilit_7
Financial Assets and Liabilities - Summary of Trade and Other Receivables (Parenthetical) (Details) - USD ($) $ in Thousands | Jul. 10, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Receivable from financing agreement | $ 38,950 | ||
Net proceeds from financing facility, recognized in cash and cash equivalents | $ 43,572 | 31,704 | |
NovaQuest | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Receivable from financing agreement | $ 39,000 | ||
NovaQuest | Financing Facility | |||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||
Net proceeds from financing facility, recognized in cash and cash equivalents | $ 39,000 |
Financial Assets and Liabilit_8
Financial Assets and Liabilities - Summary of Prepayments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure Of Financial Assets And Liabilities [Abstract] | ||
Clinical trial research and development expenditure | $ 6,042 | $ 12,042 |
Prepaid insurance and subscriptions | 1,095 | 141 |
Other | 899 | 759 |
Prepayments | $ 8,036 | $ 12,942 |
Financial Assets and Liabilit_9
Financial Assets and Liabilities - Additional Information (Details) $ in Thousands, $ in Millions | Jun. 29, 2018USD ($) | Mar. 06, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jan. 14, 2019USD ($) | Dec. 20, 2018 | Sep. 27, 2018 | Jun. 29, 2018AUD ($) | Jun. 14, 2018 | Mar. 22, 2018 |
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Gain (loss) recognized in comprehensive income, for change in fair value of financial assets | $ (4) | $ 300 | $ 31 | ||||||||
Borrowings | 81,286 | 59,397 | |||||||||
Current portion of borrowings | 14,007 | ||||||||||
Other non-current assets | 3,324 | 3,361 | |||||||||
Interest-bearing deposits at call held as security | 400 | 400 | |||||||||
Security deposit | 250 | 250 | |||||||||
Loan administration fee payable, current | $ 0.4 | ||||||||||
Bank Guarantee | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Other non-current assets | 673 | 710 | |||||||||
Letter of Credit | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Other non-current assets | 1,178 | $ 1,178 | |||||||||
Hercules Capital, Inc. | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Interest-bearing deposits at call held as security | 400 | ||||||||||
Security deposit | 300 | ||||||||||
Hercules Capital, Inc. | Bank Guarantee | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Other non-current assets | 700 | ||||||||||
Hercules Capital, Inc. | Letter of Credit | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Other non-current assets | $ 1,200 | ||||||||||
Hercules Capital, Inc. | Floating Interest Rate | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Borrowings principal amount | $ 75,000 | ||||||||||
Borrowings, interest rate | 9.45% | 9.45% | 10.45% | 10.20% | 9.95% | 9.70% | |||||
Gain on remeasurement of borrowing arrangements | $ 400 | $ 400 | |||||||||
Remaining available borrowings | $ 25,000 | 25,000 | |||||||||
Borrowings, maturity | March 2022 | March 2022 | |||||||||
Current portion of borrowings | $ 13,600 | ||||||||||
Hercules Capital, Inc. | Tranche One | Floating Interest Rate | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Borrowings | $ 35,000 | ||||||||||
Hercules Capital, Inc. | Tranche Two | Floating Interest Rate | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Borrowings | $ 15,000 | ||||||||||
Hercules Capital, Inc. | Potential Ordinary Share Transactions | Tranche Two | Floating Interest Rate | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Borrowings | $ 15,000 | ||||||||||
NovaQuest Capital Management, L.L.C. | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Description of repayment of borrowings | If there are no net sales of pediatric aGVHD, the loan is only repayable on maturity in 2026. If in any annual period 25% of net sales of pediatric aGVHD exceed the amount of accrued interest owing and, from 2022, principal and accrued interest owing (“the payment cap”), Mesoblast will pay the payment cap and an additional portion of excess sales which may be used for early prepayment of the loan. If in any annual period 25% of net sales of pediatric aGVHD is less than the payment cap, then the payment is limited to 25% of net sales of pediatric aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid. | ||||||||||
Remeasurement of borrowing arrangements | $ 700 | ||||||||||
NovaQuest Capital Management, L.L.C. | Fixed interest rate [member] | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Borrowings | $ 40,000 | ||||||||||
Borrowings principal amount | $ 40,000 | ||||||||||
Borrowings, interest rate | 15.00% | 15.00% | |||||||||
Borrowings, maturity | July 2026 | July 2026 | |||||||||
Loan administration fee payable, current | $ 0.4 | ||||||||||
Borrowings, interest rate basis | There is a four-year interest only period, until July 2022, with the principal repayable in equal quarterly instalments over the remaining period of the loan. A $0.4 million loan administration fee is payable annually in June and is recognized as a current liability. The loan matures in July 2026. Interest on the loan will accrue at a fixed rate of 15% per annum. | There is a four-year interest only period, until July 2022, with the principal repayable in equal quarterly instalments over the remaining period of the loan. A $0.4 million loan administration fee is payable annually in June and is recognized as a current liability. The loan matures in July 2026. Interest on the loan accrues at a fixed rate of 15% per annum. | |||||||||
NovaQuest Capital Management, L.L.C. | Tranche One | Fixed interest rate [member] | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Borrowings | $ 30,000 | ||||||||||
Borrowings principal amount | $ 30,000 | ||||||||||
Bottom of Range | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Trade receivables settlement period | 30 days | ||||||||||
Top of Range | |||||||||||
Disclosure Of Financial Assets And Liabilities [Line Items] | |||||||||||
Trade receivables settlement period | 60 days |
Financial Assets and Liabili_10
Financial Assets and Liabilities - Summary of Financial Assets at Fair Value through Other Comprehensive Income (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets at fair value through other comprehensive income | $ 2,317 | $ 2,321 |
Equity Securities | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Financial assets at fair value through other comprehensive income | $ 2,317 | $ 2,321 |
Financial Assets and Liabili_11
Financial Assets and Liabilities - Summary of Other Non-current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Other non-current assets | $ 3,324 | $ 3,361 |
Bank Guarantee | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Other non-current assets | 673 | 710 |
Letter of Credit | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Other non-current assets | 1,178 | 1,178 |
U.S. Tax Credits | ||
Disclosure Of Financial Assets And Liabilities [Line Items] | ||
Other non-current assets | $ 1,473 | $ 1,473 |
Financial Assets and Liabili_12
Financial Assets and Liabilities - Summary of Trade and Other Payables (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure Of Financial Assets And Liabilities [Abstract] | ||
Trade and other payables | $ 13,060 | $ 18,921 |
Trade and other payables | $ 13,060 | $ 18,921 |
Financial Assets and Liabili_13
Financial Assets and Liabilities - Summary of Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Current | ||
Borrowing arrangements | $ 14,007 | |
Current borrowings | 14,007 | |
Non-current | ||
Borrowing arrangements | 65,601 | $ 65,000 |
Less: transaction costs | (6,738) | (6,328) |
Amortization of carrying amount, net of payments made | 8,416 | 725 |
Borrowings | $ 67,279 | $ 59,397 |
Financial Assets and Liabili_14
Financial Assets and Liabilities - Summary of Net Debt Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Carrying value - as of June 30, 2018 | $ 31,312 | |
Changes from financing cash flows | ||
Proceeds from debt | 43,572 | $ 31,704 |
Payment of transaction costs | (2,015) | |
Total changes in liabilities arising on financing cash flows | 41,557 | |
Amortization of carrying amount, net of payments made | 8,417 | |
Carrying value - as of June 30, 2019 | 81,286 | 31,312 |
Current Borrowings | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Carrying value - as of June 30, 2018 | 3,095 | |
Changes from financing cash flows | ||
Proceeds from debt | 10,912 | |
Total changes in liabilities arising on financing cash flows | 10,912 | |
Carrying value - as of June 30, 2019 | 14,007 | 3,095 |
Non-current Borrowings | ||
Disclosure Of Reconciliation Of Liabilities Arising From Financing Activities [Line Items] | ||
Carrying value - as of June 30, 2018 | 28,217 | |
Changes from financing cash flows | ||
Proceeds from debt | 32,660 | |
Payment of transaction costs | (2,015) | |
Total changes in liabilities arising on financing cash flows | 30,645 | |
Amortization of carrying amount, net of payments made | 8,417 | |
Carrying value - as of June 30, 2019 | $ 67,279 | $ 28,217 |
Financial Assets and Liabili_15
Financial Assets and Liabilities - Summary of Financial Assets and Liabilities Measured and Recognized at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Financial assets at fair value through other comprehensive income: | ||
Total Financial Assets | $ 2,317 | $ 2,321 |
Financial liabilities at fair value through profit or loss: | ||
Contingent consideration | 47,534 | 42,070 |
Total Financial Liabilities | 47,534 | 42,070 |
Level 3 | ||
Financial assets at fair value through other comprehensive income: | ||
Total Financial Assets | 2,317 | 2,321 |
Financial liabilities at fair value through profit or loss: | ||
Contingent consideration | 47,534 | 42,070 |
Total Financial Liabilities | 47,534 | 42,070 |
Equity Securities | ||
Financial assets at fair value through other comprehensive income: | ||
Total Financial Assets | 2,317 | 2,321 |
Equity Securities | Level 3 | ||
Financial assets at fair value through other comprehensive income: | ||
Total Financial Assets | $ 2,317 | $ 2,321 |
Financial Assets and Liabili_16
Financial Assets and Liabilities - Summary of Changes in Fair Value of Level 3 Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Financial Instruments [Line Items] | |||
Remeasurement | $ 6,264 | $ (10,541) | $ 130 |
Level 3 | |||
Disclosure Of Financial Instruments [Line Items] | |||
Opening balance | 42,070 | 63,595 | |
Amount used during the year | (800) | (10,984) | |
Remeasurement | 6,264 | (10,541) | |
Closing balance | $ 47,534 | $ 42,070 | $ 63,595 |
Financial Assets and Liabili_17
Financial Assets and Liabilities - Summary of Changes in Fair Value of Level 3 Instruments (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Financial Instruments [Line Items] | ||
Gain loss on re-measurement of contingent consideration provision | $ 6.3 | |
Level 3 | ||
Disclosure Of Financial Instruments [Line Items] | ||
Gain loss on re-measurement of contingent consideration provision | $ 10.5 |
Financial Assets and Liabili_18
Financial Assets and Liabilities - Summary of Quantitative Information About the Significant Unobservable Inputs Used in Level 3 Fair Value Measurements (Details) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Financial Instruments [Line Items] | |||
Contingent consideration provision | $ 47,534 | $ 42,070 | $ 63,595 |
Unobservable inputs | Expected unit revenues | ||
Relationship of unobservable inputs to fair value | Year ended June 30, 2019: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%. Year ended June 30, 2018: A 10% increase/decrease in the price assumptions adopted would increase/decrease the fair value by 4%. | ||
Discounted cash flow [member] | |||
Disclosure Of Financial Instruments [Line Items] | |||
Contingent consideration provision | $ 47,534 | $ 42,070 | |
Valuation technique | Discounted cash flows | ||
Unobservable inputs | Risk adjusted discount rate | ||
Relationship of unobservable inputs to fair value | Year ended June 30, 2019: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%. Year ended June 30, 2018: A change in the discount rate by 0.5% would increase/decrease the fair value by 1%. | ||
Discounted cash flow [member] | Weighted Average | |||
Disclosure Of Financial Instruments [Line Items] | |||
Range of inputs (weighted average) | (12.50%) | (12.50%) | |
Discounted cash flow [member] | Bottom of Range | |||
Disclosure Of Financial Instruments [Line Items] | |||
Range of inputs (weighted average) | 11.00% | 11.00% | |
Discounted cash flow [member] | Top of Range | |||
Disclosure Of Financial Instruments [Line Items] | |||
Range of inputs (weighted average) | 13.00% | 13.00% | |
Expected Sales Volume | |||
Disclosure Of Financial Instruments [Line Items] | |||
Unobservable inputs | Expected sales volumes | ||
Relationship of unobservable inputs to fair value | Year ended June 30, 2019: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%. Year ended June 30, 2018: A 10% increase/decrease in sales volume assumptions adopted would increase/decrease the fair value by 4%. |
Financial Assets and Liabili_19
Financial Assets and Liabilities - Summary of Valuation Processes of Contingent Consideration at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure Of Financial Instruments [Abstract] | ||
Fair value of cash or stock payable, dependent on achievement of future late-stage clinical or regulatory targets | $ 28,005 | $ 23,674 |
Fair value of royalty payments from commercialization of the intellectual property acquired | 19,529 | 18,396 |
Contingent Consideration | $ 47,534 | $ 42,070 |
Non-financial Assets and Liab_3
Non-financial Assets and Liabilities - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | $ 1,084 | $ 1,814 | |
Additions | 323 | 194 | |
Exchange differences | (17) | (14) | |
Disposals | (2) | (1) | |
Plant and equipment depreciation | (562) | (909) | $ (1,578) |
Property Plant and Equipment, Ending Balance | 826 | 1,084 | 1,814 |
Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 8,600 | ||
Property Plant and Equipment, Ending Balance | 8,534 | 8,600 | |
Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | (7,516) | ||
Property Plant and Equipment, Ending Balance | (7,708) | (7,516) | |
Plant and Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 306 | 751 | |
Additions | 114 | 16 | |
Exchange differences | 1 | (1) | |
Plant and equipment depreciation | (217) | (460) | |
Property Plant and Equipment, Ending Balance | 204 | 306 | 751 |
Plant and Equipment | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 4,152 | ||
Property Plant and Equipment, Ending Balance | 4,207 | 4,152 | |
Plant and Equipment | Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | (3,846) | ||
Property Plant and Equipment, Ending Balance | (4,003) | (3,846) | |
Office Furniture and Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 414 | 547 | |
Additions | 102 | 2 | |
Exchange differences | (5) | (1) | |
Disposals | (2) | ||
Plant and equipment depreciation | (133) | (134) | |
Property Plant and Equipment, Ending Balance | 376 | 414 | 547 |
Office Furniture and Equipment | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 1,249 | ||
Property Plant and Equipment, Ending Balance | 1,304 | 1,249 | |
Office Furniture and Equipment | Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | (835) | ||
Property Plant and Equipment, Ending Balance | (928) | (835) | |
Computer Hardware and Software | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 364 | 516 | |
Additions | 107 | 176 | |
Exchange differences | (13) | (12) | |
Disposals | (1) | ||
Plant and equipment depreciation | (212) | (315) | |
Property Plant and Equipment, Ending Balance | 246 | 364 | $ 516 |
Computer Hardware and Software | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | 3,199 | ||
Property Plant and Equipment, Ending Balance | 3,023 | 3,199 | |
Computer Hardware and Software | Accumulated depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property Plant and Equipment, Beginning Balance | (2,835) | ||
Property Plant and Equipment, Ending Balance | $ (2,777) | $ (2,835) |
Non-financial Assets and Liab_4
Non-financial Assets and Liabilities - Additional Information (Details) | 12 Months Ended | |
Jun. 30, 2019USD ($)Segment | Jun. 30, 2018USD ($) | |
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||
Depreciation method, property, plant and equipment | Depreciation is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over the estimated useful lives. | |
Number of reportable operating segment | Segment | 1 | |
Impairment on intangible assets | $ 0 | |
Employee Benefits | ||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||
Current provisions for accrued annual leave | $ 700,000 | $ 700,000 |
Discounted Cash Flow | Bottom of Range | ||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||
Real post-tax discount rate | 13.80% | |
Discounted Cash Flow | Top of Range | ||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||
Real post-tax discount rate | 15.50% | |
Licenses to Patents | ||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||
Intangible assets finite useful life | 7 – 16 years | |
Current Marketed Products | ||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||
Intangible assets finite useful life | 15 – 20 years | |
Plant and Equipment | ||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||
Estimated useful lives | 3 – 15 years | |
Office Furniture and Equipment | ||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||
Estimated useful lives | 3 – 10 years | |
Computer Hardware and Software | ||
Disclosure Of Non Financial Assets And Liabilities [Line Items] | ||
Estimated useful lives | 3 – 4 years |
Non-financial Assets and Liab_5
Non-financial Assets and Liabilities - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | $ 584,606 | $ 586,350 |
Additions | 100 | |
Exchange differences | (3) | (3) |
Amortization charge | (1,577) | (1,741) |
Closing net book amount | 583,126 | 584,606 |
Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 650,899 | |
Closing net book amount | 650,972 | 650,899 |
Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | (4,374) | |
Closing net book amount | (5,927) | (4,374) |
Accumulated Impairment | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | (61,919) | |
Closing net book amount | (61,919) | (61,919) |
Goodwill | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 134,453 | 134,453 |
Closing net book amount | 134,453 | 134,453 |
Goodwill | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 134,453 | |
Closing net book amount | 134,453 | 134,453 |
Acquired Licenses to Patents | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 1,770 | 1,898 |
Additions | 100 | |
Exchange differences | (4) | (3) |
Amortization charge | (122) | (125) |
Closing net book amount | 1,744 | 1,770 |
Acquired Licenses to Patents | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 2,749 | |
Closing net book amount | 2,822 | 2,749 |
Acquired Licenses to Patents | Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | (979) | |
Closing net book amount | (1,078) | (979) |
In-process Research and Development Acquired | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 427,779 | 427,779 |
Closing net book amount | 427,779 | 427,779 |
In-process Research and Development Acquired | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 489,698 | |
Closing net book amount | 489,698 | 489,698 |
In-process Research and Development Acquired | Accumulated Impairment | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | (61,919) | |
Closing net book amount | (61,919) | (61,919) |
Current Marketed Products | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 20,604 | 22,220 |
Exchange differences | 1 | |
Amortization charge | (1,455) | (1,616) |
Closing net book amount | 19,150 | 20,604 |
Current Marketed Products | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | 23,999 | |
Closing net book amount | 23,999 | 23,999 |
Current Marketed Products | Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Opening net book amount | (3,395) | |
Closing net book amount | $ (4,849) | $ (3,395) |
Non-financial Assets and Liab_6
Non-financial Assets and Liabilities - Summary of Carrying Value of In Process Research and Development Acquired by Product (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure Of Intangible Assets [Line Items] | |||
Carrying value of in process research and development | $ 583,126 | $ 584,606 | $ 586,350 |
In-process Research and Development Acquired | |||
Disclosure Of Intangible Assets [Line Items] | |||
Carrying value of in process research and development | 427,779 | 427,779 | $ 427,779 |
In-process Research and Development Acquired | Cardiovascular Products | |||
Disclosure Of Intangible Assets [Line Items] | |||
Carrying value of in process research and development | 254,351 | 254,351 | |
In-process Research and Development Acquired | Intravenous Products | |||
Disclosure Of Intangible Assets [Line Items] | |||
Carrying value of in process research and development | 70,730 | 70,730 | |
In-process Research and Development Acquired | Osiris MSC Products | |||
Disclosure Of Intangible Assets [Line Items] | |||
Carrying value of in process research and development | $ 102,698 | $ 102,698 |
Non-financial Assets and Liab_7
Non-financial Assets and Liabilities - Summary of Provisions (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure Of Other Provisions [Line Items] | ||
Current provisions | $ 7,264 | $ 5,082 |
Non-current provisions | 48,329 | 42,956 |
Total provisions | 55,593 | 48,038 |
Contingent Consideration | ||
Disclosure Of Other Provisions [Line Items] | ||
Current provisions | 1,033 | 724 |
Non-current provisions | 46,501 | 41,346 |
Total provisions | 47,534 | 42,070 |
Employee Benefits | ||
Disclosure Of Other Provisions [Line Items] | ||
Current provisions | 4,231 | 4,358 |
Non-current provisions | 86 | 101 |
Total provisions | 4,317 | 4,459 |
Provision for License Agreements | ||
Disclosure Of Other Provisions [Line Items] | ||
Current provisions | 2,000 | |
Non-current provisions | 1,742 | 1,509 |
Total provisions | $ 3,742 | $ 1,509 |
Non-financial Assets and Liab_8
Non-financial Assets and Liabilities - Summary of Deferred Tax Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Deferred tax assets | ||
Tax losses | $ 61,742 | $ 55,904 |
Other temporary differences | 3,687 | 669 |
Total deferred tax assets | 65,429 | 56,573 |
Deferred tax liabilities | ||
Intangible assets | 76,553 | 76,652 |
Total deferred tax liabilities | 76,553 | 76,652 |
Net deferred tax liabilities | 11,124 | 20,079 |
Deferred tax assets expected to be settled after 12 months | 65,429 | 56,573 |
Deferred tax liabilities expected to be settled within 12 months | 99 | 147 |
Deferred tax liabilities expected to be settled after 12 months | $ 76,454 | $ 76,505 |
Non-financial Assets and Liab_9
Non-financial Assets and Liabilities - Schedule of Movements Related to Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Deferred Tax Assets And Liabilities [Line Items] | ||
Beginning balance | $ 20,079 | $ 49,293 |
Reclassifications | 1,473 | |
Charged/(credited) to: | ||
- profit or loss | (8,955) | (30,687) |
Ending balance | 11,124 | 20,079 |
Tax losses (DTA) | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Beginning balance | (55,904) | (74,660) |
Reclassifications | 1,473 | |
Charged/(credited) to: | ||
- profit or loss | (5,838) | 17,283 |
Ending balance | (61,742) | (55,904) |
Other Temporary Differences (DTA) | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Beginning balance | (669) | (3,566) |
Charged/(credited) to: | ||
- profit or loss | (3,018) | 2,897 |
Ending balance | (3,687) | (669) |
Intangible Assets (DTL) | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Beginning balance | 76,652 | 127,519 |
Charged/(credited) to: | ||
- profit or loss | (99) | (50,867) |
Ending balance | $ 76,553 | $ 76,652 |
Non-financial Assets and Lia_10
Non-financial Assets and Liabilities - Schedule of Deferred Consideration (Details) - USD ($) $ in Thousands | Sep. 14, 2018 | Jun. 30, 2019 |
Disclosure Of Non Financial Assets And Liabilities [Abstract] | ||
Up-front milestone receivable recognized during the period | $ 20,000 | |
Amount recognized as revenue in the period | $ (10,000) | (10,000) |
Balance as of the end of the period | $ 10,000 | $ 10,000 |
Equity - Schedule of Share Capi
Equity - Schedule of Share Capital (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Contributed equity | ||||
Ordinary shares | 498,626,208 | 482,639,654 | 428,221,398 | 381,373,137 |
Total Equity | $ 481,052 | $ 546,008 | $ 516,766 | $ 528,161 |
Ordinary Shares | ||||
Contributed equity | ||||
Ordinary shares | 498,626,208 | 482,639,654 | 428,221,398 | |
Less: Treasury Shares | (3,500,000) | (3,500,000) | (3,500,000) | |
Total Contributed Equity | 495,126,208 | 479,139,654 | 424,721,398 | |
Ordinary shares | $ 910,405 | $ 889,481 | $ 830,425 | |
Total Equity | $ 910,405 | $ 889,481 | $ 830,425 | $ 770,272 |
Equity - Summary of Movements i
Equity - Summary of Movements in Ordinary Share Capital (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($)shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Beginning balance, Shares | shares | 482,639,654 | 428,221,398 | 381,373,137 |
Transactions with owners in their capacity as owners: | |||
Exercise of share options | shares | 313,108 | 289,245 | 272,579 |
Share based compensation for services rendered | shares | 1,209,187 | 540,051 | 280,911 |
Payment for contingent consideration | shares | 6,029,545 | ||
Entitlement offer to existing eligible shareholders | shares | 36,191,982 | ||
Issues of ordinary shares during the period | shares | 15,986,554 | 45,943,680 | 46,848,261 |
Unissued ordinary shares during the period | shares | 8,474,576 | ||
Total contributions of equity during the period | shares | 15,986,554 | 54,418,256 | 46,848,261 |
Ending balance, Shares | shares | 498,626,208 | 482,639,654 | 428,221,398 |
Beginning balance | $ 546,008 | $ 516,766 | $ 528,161 |
Ending balance | $ 481,052 | $ 546,008 | 516,766 |
Ordinary Shares | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Beginning balance, Shares | shares | 482,639,654 | 428,221,398 | |
Transactions with owners in their capacity as owners: | |||
Exercise of share options | $ 258 | $ 116 | 149 |
Share based compensation for services rendered | 1,170 | 662 | 240 |
Payment for contingent consideration | 10,000 | ||
Entitlement offer to existing eligible shareholders | 40,449 | ||
Transaction costs arising on share issue | (817) | (2,869) | (1,959) |
Issues of ordinary shares during the period | 20,611 | 49,358 | 60,140 |
Issues of ordinary shares during the period | 9,660 | ||
Total contributions of equity during the period | $ 20,611 | $ 59,018 | $ 60,140 |
Ending balance, Shares | shares | 498,626,208 | 482,639,654 | 428,221,398 |
Beginning balance | $ 889,481 | $ 830,425 | $ 770,272 |
Share options reserve transferred to equity on exercise of options | 313 | 38 | 13 |
Ending balance | $ 910,405 | 889,481 | $ 830,425 |
Unissued Ordinary Shares | Ordinary Shares | |||
Transactions with owners in their capacity as owners: | |||
Transaction costs arising on share issue | $ (340) | ||
Placement Agreement | |||
Transactions with owners in their capacity as owners: | |||
Placement of shares | shares | 14,464,259 | 46,294,771 | |
Placement Agreement | Ordinary Shares | |||
Transactions with owners in their capacity as owners: | |||
Placement of shares | $ 20,000 | $ 61,710 | |
Placement Agreement | Unissued Ordinary Shares | |||
Transactions with owners in their capacity as owners: | |||
Placement of shares | shares | 8,474,576 | ||
Placement Agreement | Unissued Ordinary Shares | Ordinary Shares | |||
Transactions with owners in their capacity as owners: | |||
Placement of shares | $ 10,000 | ||
Equity Facility Agreement | |||
Transactions with owners in their capacity as owners: | |||
Placement of shares | shares | 2,000,000 | ||
License Agreement | |||
Transactions with owners in their capacity as owners: | |||
Placement of shares | shares | 892,857 | ||
License Agreement | Ordinary Shares | |||
Transactions with owners in their capacity as owners: | |||
Placement of shares | $ 1,000 |
Equity - Summary of Movements_2
Equity - Summary of Movements in Ordinary Share Capital (Parenthetical) (Details) - 12 months ended Jun. 30, 2019 - Tasly | USD ($) | $ / shares |
Disclosure Of Classes Of Share Capital [Line Items] | ||
Proceeds from closing of strategic alliance | $ 0 | |
Equity Purchase Fee | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Proceeds from closing of strategic alliance | $ 20,000,000 | |
Sale of equity, price per share | $ / shares | $ 1.86 | |
Premium percentage, used to calculate equity purchase price per share | 20.00% |
Equity - Additional Information
Equity - Additional Information (Details) | Jun. 30, 2019$ / shares |
Ordinary Shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Par value per share | $ 0 |
Equity - Summary of Reserves (D
Equity - Summary of Reserves (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure Of Reserves Within Equity [Line Items] | |||
Reserves | $ 40,638 | $ 36,719 | |
Share-Based Payments Reserve | |||
Disclosure Of Reserves Within Equity [Line Items] | |||
Reserves | 80,034 | 75,974 | $ 69,919 |
Investment Revaluation Reserve | |||
Disclosure Of Reserves Within Equity [Line Items] | |||
Reserves | 17 | 21 | (303) |
Foreign Currency Translation Reserve | |||
Disclosure Of Reserves Within Equity [Line Items] | |||
Reserves | $ (39,413) | $ (39,276) | $ (38,373) |
Equity - Summary of Reconciliat
Equity - Summary of Reconciliation of Reserves (Details) - USD ($) $ in Thousands | Mar. 25, 2015 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Disclosure Of Reserves Within Equity [Line Items] | ||||
Opening balance | $ 36,719 | |||
Fair value of share-based payments | 5,533 | $ 5,959 | $ 5,036 | |
Reclassification of modified options to liability | $ 600 | 10 | 134 | (103) |
Changes in the fair value of financial assets through other comprehensive income | 4 | (324) | (31) | |
Currency gain/(loss) on translation of foreign operations | (137) | (903) | ||
Closing Balance | 40,638 | 36,719 | ||
Share-Based Payments Reserve | ||||
Disclosure Of Reserves Within Equity [Line Items] | ||||
Opening balance | 75,974 | 69,919 | ||
Transfer to ordinary shares on exercise of options | (313) | (38) | ||
Fair value of share-based payments | 4,363 | 5,959 | ||
Reclassification of modified options to liability | 10 | 134 | ||
Closing Balance | 80,034 | 75,974 | 69,919 | |
Investment Revaluation Reserve | ||||
Disclosure Of Reserves Within Equity [Line Items] | ||||
Opening balance | 21 | (303) | ||
Changes in the fair value of financial assets through other comprehensive income | (4) | 324 | ||
Closing Balance | 17 | 21 | (303) | |
Foreign Currency Translation Reserve | ||||
Disclosure Of Reserves Within Equity [Line Items] | ||||
Opening balance | (39,276) | (38,373) | ||
Closing Balance | $ (39,413) | $ (39,276) | $ (38,373) |
Cash Flow Information - Summary
Cash Flow Information - Summary of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Reconciliation of cash and cash equivalents | ||||
Cash at bank | $ 50,005 | $ 37,221 | $ 7,722 | |
Deposits at call | 421 | 542 | 38,039 | |
Cash and cash equivalents | 50,426 | 37,763 | 45,761 | $ 80,937 |
Cash flows from operating activities | ||||
Loss for the period | (89,799) | (35,290) | (76,815) | |
Add/(deduct) net loss for non-cash items as follows: | ||||
Depreciation and amortization | 2,139 | 2,650 | 3,057 | |
Foreign exchange (gains)/losses | (154) | (160) | 38 | |
Finance costs | 6,914 | 725 | ||
Remeasurement of borrowing arrangements | 376 | |||
Remeasurement of contingent consideration | 6,264 | (10,541) | 130 | |
Payment under a license agreement paid in shares | 1,000 | |||
Payment for services rendered in shares | 620 | |||
Equity settled share-based payment | 4,368 | 6,199 | 5,276 | |
Deferred tax benefit | (8,955) | (30,664) | (13,400) | |
Change in operating assets and liabilities: | ||||
(Increase)/decrease in trade and other receivables | 4,974 | (6,093) | (859) | |
(Increase)/decrease in prepayments | 5,237 | 1,503 | (10,201) | |
Decrease/(increase) in tax assets | 1,729 | (1,807) | 1,282 | |
Increase/(decrease) in trade creditors and accruals | (3,972) | (4,464) | (5,740) | |
Increase/(decrease) in provisions | 2,469 | 1,930 | 1,761 | |
Increase/(decrease) in deferred consideration | 10,000 | |||
Net cash (outflows) in operating activities | $ (57,790) | $ (75,012) | $ (95,471) |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Financial Risk Management [Line Items] | ||
Change in interest rate effect on profit loss | 5.00% | |
Disclosure - Financial Risk Management - Additional Information (Details) [Line Items] | ||
Percentage of forecast net sales | 20.00% | |
Increase non-current borrowing | $ 3.5 | |
Decrease in profit | 3.5 | |
Decrease non-current borrowings | 1.6 | |
Increase in profit | $ 1.6 | |
Percentage of decrease in net sales | 20.00% | |
Currency Risk | USD | ||
Disclosure of Financial Risk Management [Line Items] | ||
Percentage of cash held | 97.00% | 92.00% |
Currency Risk | AUD | ||
Disclosure of Financial Risk Management [Line Items] | ||
Percentage of cash held | 3.00% | 8.00% |
Interest Rate Risk | ||
Disclosure of Financial Risk Management [Line Items] | ||
Effect on profit from change in tax rate | 10.00% | 10.00% |
Liquidity Risk | ||
Disclosure of Financial Risk Management [Line Items] | ||
Non-interest bearing financial liabilities maturing period | 6 months | 6 months |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Balances Held at the End of Year with an Analysis which Assesses Impact on Profit and Loss Due to Change in Exchange Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | $ (89,799) | $ (35,290) | $ (76,815) |
+20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (107) | (674) | |
-20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 107 | 1,361 | |
Bank Accounts | USD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | 383 | 81 | |
Bank Accounts | USD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 77 | (14) | |
Bank Accounts | USD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (77) | 20 | |
Bank Accounts | CHF | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | 49 | 157 | |
Bank Accounts | CHF | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 10 | 31 | |
Bank Accounts | CHF | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (10) | (31) | |
Bank Accounts | SGD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | 83 | 178 | |
Bank Accounts | SGD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 12 | 49 | |
Bank Accounts | SGD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (12) | (49) | |
Bank Accounts | EUR | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | 4 | 2 | |
Bank Accounts | EUR | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 1 | 0 | |
Bank Accounts | EUR | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (1) | 0 | |
Trade and Other Receivables | USD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | 10,000 | ||
Trade and Other Receivables | USD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (1,667) | ||
Trade and Other Receivables | USD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 2,500 | ||
Trade and Other Receivables | CHF | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | 2 | 6 | |
Trade and Other Receivables | CHF | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 0 | 1 | |
Trade and Other Receivables | CHF | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 0 | (1) | |
Trade and Other Receivables | SGD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | 30 | 29 | |
Trade and Other Receivables | SGD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 4 | 8 | |
Trade and Other Receivables | SGD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (4) | (8) | |
Trade and Other Receivables | EUR | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | 8 | 4,750 | |
Trade and Other Receivables | EUR | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 2 | 815 | |
Trade and Other Receivables | EUR | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (2) | (815) | |
Trade Payables and Accruals | USD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | (490) | (1,797) | |
Trade Payables and Accruals | USD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (98) | 300 | |
Trade Payables and Accruals | USD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 98 | (449) | |
Trade Payables and Accruals | CHF | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | (55) | (50) | |
Trade Payables and Accruals | CHF | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (11) | (10) | |
Trade Payables and Accruals | CHF | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 11 | 10 | |
Trade Payables and Accruals | SGD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | (193) | (176) | |
Trade Payables and Accruals | SGD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (28) | (48) | |
Trade Payables and Accruals | SGD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 28 | 48 | |
Trade Payables and Accruals | EUR | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | (86) | (1) | |
Trade Payables and Accruals | EUR | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (19) | 0 | |
Trade Payables and Accruals | EUR | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 19 | 0 | |
Trade Payables and Accruals | AUD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | (280) | (446) | |
Trade Payables and Accruals | AUD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (39) | (121) | |
Trade Payables and Accruals | AUD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 39 | 121 | |
Trade Payables and Accruals | GBP | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | (30) | (52) | |
Trade Payables and Accruals | GBP | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (8) | 0 | |
Trade Payables and Accruals | GBP | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 8 | (2) | |
Trade Payables and Accruals | SEK | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | (118) | ||
Trade Payables and Accruals | SEK | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 2 | ||
Trade Payables and Accruals | SEK | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (3) | ||
Provisions | CHF | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | (2) | ||
Provisions | CHF | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 0 | ||
Provisions | CHF | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | 0 | ||
Provisions | SGD | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Foreign currency balance held | (70) | (74) | |
Provisions | SGD | +20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | (10) | (20) | |
Provisions | SGD | -20% | Currency Risk | |||
Disclosure Of Effect Of Changes In Foreign Exchange Rates [Line Items] | |||
Profit/(Loss) | $ 10 | $ 20 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Borrowings of Interest Rate Changes (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of Financial Risk Management [Line Items] | ||
Variable rate borrowings | $ 50,000 | $ 35,000 |
Interest Rate Risk | ||
Disclosure of Financial Risk Management [Line Items] | ||
Percentage of loans | 60.00% | 54.00% |
Variable rate borrowings | $ 48,226 | $ 31,966 |
Interest Rate Risk | Hercules Capital, Inc. | Non-Current Borrowings | ||
Disclosure of Financial Risk Management [Line Items] | ||
Variable rate borrowings | $ 34,619 | $ 31,966 |
Percentage of loans | 43.00% | 54.00% |
Interest Rate Risk | Hercules Capital, Inc. | Current Borrowings | ||
Disclosure of Financial Risk Management [Line Items] | ||
Percentage of loans | 17.00% | 0.00% |
Variable rate borrowings | $ 13,607 |
Financial Risk Management - S_2
Financial Risk Management - Schedule of Borrowings which Expose Interest Rate Risk Together with the Maximum and Minimum Interest Rates Being Earned (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Financial Risk Management [Line Items] | ||
Variable rate borrowings | $ 50,000 | $ 35,000 |
Interest Rate Risk | USD | ||
Disclosure of Financial Risk Management [Line Items] | ||
Variable rate borrowings | 48,226 | 31,966 |
Rate increase on borrowings | 261 | 159 |
Rate decrease on borrowings | $ (261) | $ (159) |
Interest Rate Risk | USD | Bottom of Range | ||
Disclosure of Financial Risk Management [Line Items] | ||
Borrowings Interest rate | 10.45% | 9.95% |
Rate increase | 1.94% | 0.88% |
Rate decrease | 1.58% | 0.72% |
Interest Rate Risk | USD | Bottom of Range | Borrowings | ||
Disclosure of Financial Risk Management [Line Items] | ||
Rate increase | 10.97% | 10.45% |
Rate decrease | 9.93% | 9.45% |
Interest Rate Risk | USD | Top of Range | ||
Disclosure of Financial Risk Management [Line Items] | ||
Borrowings Interest rate | 10.45% | 9.95% |
Rate increase | 1.94% | 0.88% |
Rate decrease | 1.58% | 0.72% |
Interest Rate Risk | USD | Top of Range | Borrowings | ||
Disclosure of Financial Risk Management [Line Items] | ||
Rate increase | 10.97% | 10.45% |
Rate decrease | 9.93% | 9.45% |
Financial Risk Management - S_3
Financial Risk Management - Schedule of Borrowings which Expose Interest Rate Risk Together with the Maximum and Minimum Interest Rates Being Earned (Parenthetical) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure Of Financial Risk Management [Abstract] | ||
Variable rate borrowings | $ 50 | $ 35 |
Financial Risk Management - S_4
Financial Risk Management - Schedule of Deposits Held which Derive Interest Revenue Together with the Maximum and Minimum Interest Rates Being Earned (Details) - Interest Rate Risk $ in Thousands, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2019AUD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018AUD ($) | |
USD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested | $ 46,051 | $ 99 | ||
Rate increase on funds invested | 81 | 0 | ||
Rate decrease on funds invested | $ (81) | $ 0 | ||
AUD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested | $ 600 | $ 600 | ||
Rate increase on funds invested | 1 | 2 | ||
Rate decrease on funds invested | $ (1) | $ (2) | ||
Bottom of Range | USD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested percentage | 1.76% | 1.76% | 0.80% | 0.80% |
Rate increase | 1.94% | 1.94% | 0.88% | 0.88% |
Rate decrease | 1.58% | 1.58% | 0.72% | 0.72% |
Bottom of Range | AUD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested percentage | 2.23% | 2.23% | 2.72% | 2.72% |
Rate increase | 2.45% | 2.45% | 2.99% | 2.99% |
Rate decrease | 2.01% | 2.01% | 2.45% | 2.45% |
Top of Range | USD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested percentage | 1.76% | 1.76% | 0.80% | 0.80% |
Rate increase | 1.94% | 1.94% | 0.88% | 0.88% |
Rate decrease | 1.58% | 1.58% | 0.72% | 0.72% |
Top of Range | AUD | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Funds invested percentage | 2.23% | 2.23% | 2.72% | 2.72% |
Rate increase | 2.45% | 2.45% | 2.99% | 2.99% |
Rate decrease | 2.01% | 2.01% | 2.45% | 2.45% |
Financial Risk Management - S_5
Financial Risk Management - Schedule of Deposits Held which Derive Interest Revenue Together with the Maximum and Minimum Interest Rates Being Earned (Parenthetical) (Details) - Interest Rate Risk | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
USD | ||
Disclosure of Financial Risk Management [Line Items] | ||
Effect on profit from change in interest rate increase or decrease | 10.00% | 10.00% |
AUD | ||
Disclosure of Financial Risk Management [Line Items] | ||
Effect on profit from change in interest rate increase or decrease | 10.00% | 10.00% |
Financial Risk Management - S_6
Financial Risk Management - Summary of Borrowing to Price Rate Changes (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Disclosure of Financial Risk Management [Line Items] | ||
Borrowings | $ 67,279 | $ 59,397 |
Borrowings | 14,007 | |
Borrowings | $ 81,286 | $ 59,397 |
Commodity price risk [member] | ||
Disclosure of Financial Risk Management [Line Items] | ||
Percent of total loans | 40.00% | 46.00% |
Borrowings | $ 33,060,000 | $ 27,431,000 |
NovaQuest | Borrowings | Commodity price risk [member] | ||
Disclosure of Financial Risk Management [Line Items] | ||
Borrowings | $ 32,660,000 | $ 27,431,000 |
Percent of total loans | 40.00% | 46.00% |
NovaQuest | Current Borrowings | Commodity price risk [member] | ||
Disclosure of Financial Risk Management [Line Items] | ||
Percent of total loans | 0.00% | 0.00% |
Borrowings | $ 400,000 |
Financial Risk Management - S_7
Financial Risk Management - Summary of Group's Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
Reconciliation of cash and cash equivalents | |||
Deposits at call | $ 421 | $ 542 | $ 38,039 |
Cash at bank | 50,005 | 37,221 | $ 7,722 |
Trade and other receivables | |||
Other recoverable taxes (Goods and services tax and value-added tax) | 86 | 53 | |
Credit Risk | Minimum A Rated | |||
Reconciliation of cash and cash equivalents | |||
Deposits at call | 421 | 542 | |
Cash at bank | 50,005 | 37,221 | |
Trade and other receivables | |||
Receivable from minimum A rated bank deposits (interest) | 252 | 262 | |
Credit Risk | Non-Rated | |||
Trade and other receivables | |||
Receivable from other parties (non-rated) | 1,740 | 45,745 | |
Credit Risk | Australian Government | |||
Trade and other receivables | |||
Receivable from the Australian Government (Income Tax) | 1,511 | 3,305 | |
Receivable from the Australian Government (Foreign Withholding Tax) | 400 | 400 | |
Other recoverable taxes (Goods and services tax and value-added tax) | 84 | 48 | |
Credit Risk | United States Government | |||
Trade and other receivables | |||
Receivable from the Australian Government (Income Tax) | 71 | 24 | |
Other non-current assets | |||
Receivable from the United States Government (U.S. tax credits) | 1,467 | 1,473 | |
Credit Risk | Swiss Government | |||
Trade and other receivables | |||
Receivable from the Swiss Government (Value-Added Tax) | $ 2 | $ 6 |
Financial Risk Management - S_8
Financial Risk Management - Schedule of Maturity Profile of Anticipated Future Contractual Cash Flows Borrowings and Carrying Value (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | $ (140,997) |
Carrying amount | (81,286) |
Within 1 year [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (18,845) |
Between 1-2 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (29,790) |
Between 2-5 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (57,634) |
Over 5 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (34,728) |
Borrowings | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (140,997) |
Carrying amount | (81,286) |
Borrowings | Within 1 year [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (18,845) |
Borrowings | Between 1-2 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (29,790) |
Borrowings | Between 2-5 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | (57,634) |
Borrowings | Over 5 years [Member] | |
Disclosure Of Maturity Analysis For Derivative Financial Liabilities [Line Items] | |
Total contractual cash flows | $ (34,728) |
Interests in Other Entities - S
Interests in Other Entities - Summary of Group's Principal Subsidiaries (Details) - Ordinary Shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Mesoblast, Inc. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | Mesoblast, Inc. | |
Country of incorporation | USA | |
Equity holding | 100.00% | 100.00% |
Mesoblast International Sàrl | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | Mesoblast International Sàrl (includes Mesoblast International Sàrl Singapore Branch) | |
Country of incorporation | Switzerland | |
Equity holding | 100.00% | 100.00% |
Mesoblast Australia Pty Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | Mesoblast Australia Pty Ltd | |
Country of incorporation | Australia | |
Equity holding | 100.00% | 100.00% |
Mesoblast UK Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | Mesoblast UK Ltd | |
Country of incorporation | United Kingdom | |
Equity holding | 100.00% | 100.00% |
Mesoblast International (UK) Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | Mesoblast International (UK) Ltd | |
Country of incorporation | United Kingdom | |
Equity holding | 100.00% | 100.00% |
BeiCell Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Name of subsidiary | BeiCell Ltd | |
Country of incorporation | Cayman Islands | |
Equity holding | 100.00% |
Contingent Assets and Liabili_2
Contingent Assets and Liabilities - Additional Information (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Contingent Assets And Liabilities [Line Items] | ||
Contingent assets outstanding | $ 0 | $ 0 |
CALHNI | Top of Range | ||
Disclosure Of Contingent Assets And Liabilities [Line Items] | ||
Aggregated milestone payments | $ 2,200,000 |
Commitments - Additional Inform
Commitments - Additional Information (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Commitments [Abstract] | ||
Future capital expenditure commitments outstanding | $ 0 | $ 0 |
Purchase commitments | $ 0 |
Commitments - Schedule of Lease
Commitments - Schedule of Lease Commitments, Group as Lessee (Details) - Lessee $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | |
Operating leases | $ 7,460 |
Total commitments | 7,460 |
Within One Year | |
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | |
Operating leases | 2,100 |
Total commitments | 2,100 |
Later Than One Year But No Later Than Three Years | |
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | |
Operating leases | 2,763 |
Total commitments | 2,763 |
Later Than Three Years But No Later Than Five Years | |
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | |
Operating leases | 1,341 |
Total commitments | 1,341 |
Later Than Five Years | |
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | |
Operating leases | 1,256 |
Total commitments | $ 1,256 |
Related party transactions - Su
Related party transactions - Summary of Aggregate Compensation made to Directors and other Members of key Management Personnel (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Key Management Personnel Compensation [Abstract] | ||
Short-term employee benefits | $ 2,723,902 | $ 2,577,166 |
Long-term employee benefits | 12,074 | 5,648 |
Post-employment benefits | 45,878 | 66,539 |
Share based payments | 297,423 | (60,858) |
Key management personnel compensation | $ 3,079,277 | $ 2,588,495 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) | Mar. 25, 2015USD ($) | Jun. 30, 2019USD ($)sharesTranche | Jun. 30, 2019AUD ($)sharesTranche | Jun. 30, 2018USD ($)shares | Jun. 30, 2018AUD ($)shares | Jun. 30, 2017USD ($)shares | Jun. 30, 2017AUD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2015AUD ($)shares | Jun. 30, 2019$ / shares | Jun. 30, 2018AUD ($)$ / shares | Jun. 30, 2017$ / shares |
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Description of grant date and expiry term of options and loan funded shares | In accordance with the Company’s policy, options and loan funded shares are typically issued in three equal tranches. For issues granted prior to July 1, 2015 the length of time from grant date to expiry date was typically 5 years. Grants since July 1, 2015, are issued with a seven year term. | In accordance with the Company’s policy, options and loan funded shares are typically issued in three equal tranches. For issues granted prior to July 1, 2015 the length of time from grant date to expiry date was typically 5 years. Grants since July 1, 2015, are issued with a seven year term. | ||||||||||
Description of vesting requirements of options issued | Options issued to employees generally vest based on service or time conditions. In the year ended June 30, 2019, senior executives were issued options that vest based on performance conditions. For time based vesting options, the first tranche typically vests 12 months after grant date, the second tranche 24 months after grant date, and the third tranche 36 months after grant date. | Options issued to employees generally vest based on service or time conditions. In the year ended June 30, 2019, senior executives were issued options that vest based on performance conditions. For time based vesting options, the first tranche typically vests 12 months after grant date, the second tranche 24 months after grant date, and the third tranche 36 months after grant date. | ||||||||||
Percentage of premium attached with time based vesting condition options | 10.00% | 10.00% | ||||||||||
Percentage of premium attached with performance based vesting condition options | 0.00% | 0.00% | ||||||||||
Employee share option plan, maximum number of options available for issuance | shares | 10,000,000 | 10,000,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options and loan funded | 4 years 6 months 10 days | 4 years 6 months 10 days | 4 years 2 months 26 days | 4 years 2 months 26 days | 4 years 1 month 2 days | 4 years 1 month 2 days | ||||||
Number of tranches | Tranche | 3 | 3 | ||||||||||
Option exercise term in connection with cessation of employment | 60 days | 60 days | ||||||||||
Repurchased aggregate loan amount | $ 13,900,000 | $ 17,700,000 | ||||||||||
Cancellation of ordinary shares | shares | 2,985,000 | 2,985,000 | ||||||||||
Exercise of share options | shares | 313,108 | 313,108 | 289,245 | 289,245 | 272,579 | 272,579 | ||||||
Reclassification of modified options to liability | $ 600,000 | $ 10,000 | $ 134,000 | $ (103,000) | ||||||||
Exercise price of outstanding options | $ 0.02 | |||||||||||
Modification made to share based payment arrangements | no | no | ||||||||||
Weighted average share purchase price, Granted No. (during the year) | $ 0.95 | $ 0.61 | $ 1.46 | |||||||||
Dividend yield on shares underlying options | 0.00% | 0.00% | ||||||||||
Closing share market price of ordinary share | $ / shares | $ 1.48 | $ 2.08 | $ 1.08 | |||||||||
Bottom of Range | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Exercise of share options | 4.44 | |||||||||||
Top of Range | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Exercise of share options | 4.98 | |||||||||||
Issues Granted Prior to July 1, 2015 | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Expiry term of options | 5 years | 5 years | ||||||||||
Issues Granted Since July 1, 2015 | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Expiry term of options | 7 years | 7 years | ||||||||||
Tranche One | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Tranche vesting term | 1 year | 1 year | ||||||||||
Tranche Two | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Tranche vesting term | 2 years | 2 years | ||||||||||
Tranche Three | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Tranche vesting term | 3 years | 3 years | ||||||||||
Series INC | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Options conversion ratio | 63.978 | 63.978 | ||||||||||
Options vested on acquisition date | Dec. 7, 2010 | Dec. 7, 2010 | ||||||||||
Series 31b | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Number of equal tranches vest on date | Tranche | 2 | |||||||||||
Series 36(a&b) | Bottom of Range | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Number of equal tranches vest on date | Tranche | 2 | |||||||||||
Series 36(a&b) | Top of Range | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Number of equal tranches vest on date | Tranche | 3 | |||||||||||
38a & 40a | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Number of tranches | Tranche | 1 | 1 | ||||||||||
Series 39a | Bottom of Range | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Number of equal tranches vesting on achievement of milestones | Tranche | 1 | |||||||||||
Series 39a | Top of Range | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Number of equal tranches vesting on achievement of milestones | Tranche | 2 | |||||||||||
AUD | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 2.06 | 1.46 | $ 3.28 | |||||||||
Weighted average share purchase price, Granted No. (during the year) | $ 1.79 | $ 1.74 | $ 1.32 | |||||||||
AUD | Series 31b | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Description of grant date and expiry term of options and loan funded shares | 12/05/2015 | 12/05/2015 | 12/05/2015 | 12/05/2015 | 12/05/2015 | 12/05/2015 | ||||||
Exercise price of outstanding options | $ 4.28 | $ 4.3 | $ 4.30 | |||||||||
AUD | Series 39a | ||||||||||||
Disclosure Of Sharebased Payment Arrangements [Line Items] | ||||||||||||
Description of grant date and expiry term of options and loan funded shares | 13/10/2017 | 13/10/2017 | 13/10/2017 | 13/10/2017 | ||||||||
Exercise price of outstanding options | $ 1.76 | $ 1.76 |
Share-Based Payments - Reconcil
Share-Based Payments - Reconciliation of Outstanding Share Based Payments (Details) | 12 Months Ended | |||||||
Jun. 30, 2019USD ($)shares | Jun. 30, 2019AUD ($)shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2018AUD ($)shares | Jun. 30, 2017USD ($)shares | Jun. 30, 2017AUD ($)shares | Jun. 30, 2016USD ($)shares | Jun. 30, 2018AUD ($)shares | |
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | In accordance with the Company’s policy, options and loan funded shares are typically issued in three equal tranches. For issues granted prior to July 1, 2015 the length of time from grant date to expiry date was typically 5 years. Grants since July 1, 2015, are issued with a seven year term. | In accordance with the Company’s policy, options and loan funded shares are typically issued in three equal tranches. For issues granted prior to July 1, 2015 the length of time from grant date to expiry date was typically 5 years. Grants since July 1, 2015, are issued with a seven year term. | ||||||
Exercise Price | $ | $ 0.02 | |||||||
Opening Balance | 26,329,334 | 26,329,334 | 25,100,246 | 25,100,246 | 25,414,490 | 25,414,490 | ||
Granted No. (during the year) | 7,415,000 | 7,415,000 | 6,360,000 | 6,360,000 | 7,145,000 | 7,145,000 | ||
Exercised No. (during the year) | (313,108) | (313,108) | (289,245) | (289,245) | (272,579) | (272,579) | ||
Lapsed/Forfeited* No. (during the year) | (5,693,333) | (5,693,333) | (4,841,667) | (4,841,667) | ||||
Closing Balance | 27,737,893 | 27,737,893 | 26,329,334 | 26,329,334 | 25,100,246 | 25,100,246 | 25,414,490 | |
Vested and exercisable No (end of year) | 15,572,059 | 14,339,320 | 12,165,245 | 14,339,320 | ||||
Weighted average share purchase price, Granted No. (during the year) | $ | $ 0.95 | $ 0.61 | $ 1.46 | |||||
Lapsed/Forfeited* No. (during the year) | (1,843,333) | (1,843,333) | ||||||
AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Weighted average share purchase price, Opening balance | $ | $ 2.06 | $ 2.68 | $ 3.35 | $ 4.39 | ||||
Weighted average share purchase price, Granted No. (during the year) | $ | 1.79 | 1.74 | 1.32 | |||||
Weighted average share purchase price, Exercised No. (during the year) | $ | 1.16 | 0.52 | 0.72 | |||||
Weighted average share purchase price, Lapsed*/Forfeited No. (during the year) | $ | 4.58 | 4.97 | 5.10 | |||||
Weighted average share purchase price, Vested and exercisable No (end of year) | $ | $ 2.35 | $ 3.39 | $ 4.36 | |||||
Series INC | USD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 7/12/2010 | 7/12/2010 | 7/12/2010 | 7/12/2010 | 7/12/2010 | 7/12/2010 | ||
Expiry Date | 26/10/2018 | 26/10/2018 | 26/10/2018 | 26/10/2018 | 26/10/2018 | 26/10/2018 | ||
Exercise Price | $ | $ 0.305 | $ 0.305 | $ 0.305 | |||||
Opening Balance | 26,108 | 26,108 | 154,064 | 154,064 | 154,064 | 154,064 | ||
Exercised No. (during the year) | (26,108) | (26,108) | (127,956) | (127,956) | ||||
Closing Balance | 26,108 | 26,108 | 154,064 | 154,064 | 154,064 | |||
Vested and exercisable No (end of year) | 26,108 | 154,064 | 26,108 | |||||
Series INC | USD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 7/12/2010 | 7/12/2010 | 7/12/2010 | 7/12/2010 | 7/12/2010 | 7/12/2010 | ||
Expiry Date | 26/10/2019 | 26/10/2019 | 26/10/2019 | 26/10/2019 | 26/10/2019 | 26/10/2019 | ||
Exercise Price | $ | $ 0.340 | $ 0.34 | $ 0.340 | |||||
Opening Balance | 319,892 | 319,892 | 447,848 | 447,848 | 447,848 | 447,848 | ||
Exercised No. (during the year) | (127,956) | (127,956) | ||||||
Closing Balance | 319,892 | 319,892 | 319,892 | 319,892 | 447,848 | 447,848 | 447,848 | |
Vested and exercisable No (end of year) | 319,892 | 319,892 | 447,848 | 319,892 | ||||
Series 17/LF3 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 9/07/2012 | 9/07/2012 | 9/07/2012 | 9/07/2012 | 9/07/2012 | 9/07/2012 | ||
Expiry Date | 8/07/2018 | 8/07/2018 | 8/07/2018 | 8/07/2018 | 8/07/2018 | 8/07/2018 | ||
Exercise Price | $ | $ 6.67 | $ 6.69 | $ 6.69 | |||||
Opening Balance | 150,000 | 150,000 | 150,000 | 150,000 | 250,000 | 250,000 | ||
Lapsed/Forfeited* No. (during the year) | (150,000) | (150,000) | ||||||
Closing Balance | 150,000 | 150,000 | 150,000 | 150,000 | 250,000 | |||
Vested and exercisable No (end of year) | 150,000 | 150,000 | 150,000 | |||||
Lapsed/Forfeited* No. (during the year) | (100,000) | (100,000) | ||||||
Series 22/LF8 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 4/09/2013 | 4/09/2013 | 4/09/2013 | 4/09/2013 | 4/09/2013 | 4/09/2013 | ||
Expiry Date | 27/08/2018 | 27/08/2018 | 27/08/2018 | 27/08/2018 | 27/08/2018 | 27/08/2018 | ||
Exercise Price | $ | $ 6.26 | $ 6.28 | $ 6.28 | |||||
Opening Balance | 225,000 | 225,000 | 225,000 | 225,000 | 225,000 | 225,000 | ||
Lapsed/Forfeited* No. (during the year) | (225,000) | (225,000) | ||||||
Closing Balance | 225,000 | 225,000 | 225,000 | 225,000 | 225,000 | |||
Vested and exercisable No (end of year) | 225,000 | 225,000 | 225,000 | |||||
Series 25a (i&ii) | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 1/01/2014 | 1/01/2014 | 1/01/2014 | 1/01/2014 | 1/01/2014 | 1/01/2014 | ||
Expiry Date | 31/12/2018 | 31/12/2018 | 31/12/2018 | 31/12/2018 | 31/12/2018 | 31/12/2018 | ||
Exercise Price | $ | $ 6.36 | $ 6.38 | $ 6.38 | |||||
Opening Balance | 650,000 | 650,000 | 650,000 | 650,000 | 650,000 | 650,000 | ||
Lapsed/Forfeited* No. (during the year) | (650,000) | (650,000) | ||||||
Closing Balance | 650,000 | 650,000 | 650,000 | 650,000 | 650,000 | |||
Vested and exercisable No (end of year) | 650,000 | 650,000 | 650,000 | |||||
Series 25b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 12/12/2014 | 12/12/2014 | 12/12/2014 | 12/12/2014 | 12/12/2014 | 12/12/2014 | ||
Expiry Date | 31/10/2019 | 31/10/2019 | 31/10/2019 | 31/10/2019 | 31/10/2019 | 31/10/2019 | ||
Exercise Price | $ | $ 4.49 | $ 4.51 | $ 4.51 | |||||
Opening Balance | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | ||
Closing Balance | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | |
Vested and exercisable No (end of year) | 50,000 | 50,000 | 33,334 | 50,000 | ||||
Series 27/LF12 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 5/09/2014 | 5/09/2014 | 5/09/2014 | 5/09/2014 | 5/09/2014 | 5/09/2014 | ||
Expiry Date | 30/06/2019 | 30/06/2019 | 30/06/2019 | 30/06/2019 | 30/06/2019 | 30/06/2019 | ||
Exercise Price | $ | $ 4.71 | $ 4.71 | $ 4.71 | |||||
Opening Balance | 2,045,000 | 2,045,000 | 2,070,000 | 2,070,000 | 2,865,000 | 2,865,000 | ||
Lapsed/Forfeited* No. (during the year) | (1,790,000) | (1,790,000) | (25,000) | (25,000) | ||||
Closing Balance | 2,045,000 | 2,045,000 | 2,070,000 | 2,070,000 | 2,865,000 | |||
Vested and exercisable No (end of year) | 2,045,000 | 1,380,004 | 2,045,000 | |||||
Lapsed/Forfeited* No. (during the year) | (795,000) | (795,000) | ||||||
Series 27/LF12 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 5/09/2014 | 5/09/2014 | ||||||
Expiry Date | 30/06/2019 | 30/06/2019 | ||||||
Exercise Price | $ | $ 4.71 | |||||||
Lapsed/Forfeited* No. (during the year) | (255,000) | (255,000) | ||||||
Series 28/LF13 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 9/10/2014 | 9/10/2014 | 9/10/2014 | 9/10/2014 | 9/10/2014 | 9/10/2014 | ||
Expiry Date | 8/10/2019 | 8/10/2019 | 8/10/2019 | 8/10/2019 | 8/10/2019 | 8/10/2019 | ||
Exercise Price | $ | $ 4.52 | $ 4.54 | $ 4.54 | |||||
Opening Balance | 75,000 | 75,000 | 85,000 | 85,000 | 235,000 | 235,000 | ||
Lapsed/Forfeited* No. (during the year) | (10,000) | (10,000) | ||||||
Closing Balance | 75,000 | 75,000 | 75,000 | 75,000 | 85,000 | 85,000 | 235,000 | |
Vested and exercisable No (end of year) | 75,000 | 75,000 | 56,666 | 75,000 | ||||
Lapsed/Forfeited* No. (during the year) | (150,000) | (150,000) | ||||||
Series 29 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/11/2014 | 25/11/2014 | 25/11/2014 | 25/11/2014 | 25/11/2014 | 25/11/2014 | ||
Expiry Date | 24/11/2019 | 24/11/2019 | 24/11/2019 | 24/11/2019 | 24/11/2019 | 24/11/2019 | ||
Exercise Price | $ | $ 4 | $ 4.02 | $ 4.02 | |||||
Opening Balance | 240,000 | 240,000 | 240,000 | 240,000 | 240,000 | 240,000 | ||
Closing Balance | 240,000 | 240,000 | 240,000 | 240,000 | 240,000 | 240,000 | 240,000 | |
Vested and exercisable No (end of year) | 240,000 | 240,000 | 160,002 | 240,000 | ||||
Series 30c | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | ||
Expiry Date | 20/01/2019 | 20/01/2019 | 25/01/2019 | 25/01/2019 | 25/01/2019 | 25/01/2019 | ||
Exercise Price | $ | $ 4.98 | $ 5 | $ 5 | |||||
Opening Balance | 135,000 | 135,000 | 135,000 | 135,000 | 135,000 | 135,000 | ||
Lapsed/Forfeited* No. (during the year) | (135,000) | (135,000) | ||||||
Closing Balance | 135,000 | 135,000 | 135,000 | 135,000 | 135,000 | |||
Vested and exercisable No (end of year) | 135,000 | 135,000 | 135,000 | |||||
Series 30d | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | ||
Expiry Date | 25/01/2019 | 25/01/2019 | 30/06/2019 | 30/06/2019 | 30/06/2019 | 30/06/2019 | ||
Exercise Price | $ | $ 4.98 | $ 5 | $ 5 | |||||
Opening Balance | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | ||
Lapsed/Forfeited* No. (during the year) | (300,000) | (300,000) | ||||||
Closing Balance | 300,000 | 300,000 | 300,000 | 300,000 | 300,000 | |||
Vested and exercisable No (end of year) | 300,000 | 300,000 | 300,000 | |||||
Series 30f | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | ||
Expiry Date | 25/01/2019 | 25/01/2019 | 23/07/2019 | 23/07/2019 | 23/07/2019 | 23/07/2019 | ||
Exercise Price | $ | $ 4.98 | $ 5 | $ 5 | |||||
Opening Balance | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | ||
Lapsed/Forfeited* No. (during the year) | (200,000) | (200,000) | ||||||
Closing Balance | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | |||
Vested and exercisable No (end of year) | 200,000 | 200,000 | 200,000 | |||||
Series 30h | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | ||
Expiry Date | 30/06/2019 | 30/06/2019 | 25/01/2018 | 25/01/2018 | 25/01/2018 | 25/01/2018 | ||
Exercise Price | $ | $ 4.69 | $ 4.71 | $ 4.71 | |||||
Opening Balance | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | ||
Lapsed/Forfeited* No. (during the year) | (400,000) | (400,000) | ||||||
Closing Balance | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | |||
Vested and exercisable No (end of year) | 400,000 | 266,668 | 400,000 | |||||
Series 30i | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | ||
Expiry Date | 30/06/2019 | 30/06/2019 | 25/01/2019 | 25/01/2019 | 25/01/2019 | 25/01/2019 | ||
Exercise Price | $ | $ 4.44 | $ 4.46 | $ 4.46 | |||||
Opening Balance | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | ||
Lapsed/Forfeited* No. (during the year) | (600,000) | (600,000) | ||||||
Closing Balance | 600,000 | 600,000 | 600,000 | 600,000 | 600,000 | |||
Vested and exercisable No (end of year) | 600,000 | 600,000 | 600,000 | |||||
Series LF14 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 6/01/2015 | 6/01/2015 | 6/01/2015 | 6/01/2015 | 6/01/2015 | 6/01/2015 | ||
Expiry Date | 16/12/2019 | 16/12/2019 | 16/12/2019 | 16/12/2019 | 16/12/2019 | 16/12/2019 | ||
Exercise Price | $ | $ 4.66 | $ 4.66 | $ 4.66 | |||||
Opening Balance | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | ||
Closing Balance | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | |
Vested and exercisable No (end of year) | 150,000 | 150,000 | 100,000 | 150,000 | ||||
Series 31b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 12/05/2015 | 12/05/2015 | 12/05/2015 | 12/05/2015 | 12/05/2015 | 12/05/2015 | ||
Expiry Date | 16/02/2020 | 16/02/2020 | 16/02/2020 | 16/02/2020 | 16/02/2020 | 16/02/2020 | ||
Exercise Price | $ | $ 4.28 | $ 4.3 | $ 4.30 | |||||
Opening Balance | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | ||
Closing Balance | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | |
Vested and exercisable No (end of year) | 200,000 | 200,000 | 200,000 | 200,000 | ||||
Series 32 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 10/07/2015 | 10/07/2015 | 10/07/2015 | 10/07/2015 | 10/07/2015 | 10/07/2015 | ||
Expiry Date | 30/06/2022 | 30/06/2022 | 30/06/2022 | 30/06/2022 | 30/06/2022 | 30/06/2022 | ||
Exercise Price | $ | $ 4.20 | $ 4.22 | $ 4.22 | |||||
Opening Balance | 2,458,334 | 2,458,334 | 2,620,000 | 2,620,000 | 3,840,000 | 3,840,000 | ||
Lapsed/Forfeited* No. (during the year) | (150,000) | (150,000) | (161,666) | (161,666) | ||||
Closing Balance | 2,308,334 | 2,308,334 | 2,458,334 | 2,458,334 | 2,620,000 | 2,620,000 | 3,840,000 | |
Vested and exercisable No (end of year) | 2,308,334 | 1,683,336 | 873,334 | 1,683,336 | ||||
Lapsed/Forfeited* No. (during the year) | (1,220,000) | (1,220,000) | ||||||
Series 33 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 26/08/2015 | 26/08/2015 | 26/08/2015 | 26/08/2015 | 26/08/2015 | 26/08/2015 | ||
Expiry Date | 16/08/2022 | 16/08/2022 | 16/08/2022 | 16/08/2022 | 16/08/2022 | 16/08/2022 | ||
Exercise Price | $ | $ 4.05 | $ 4.07 | $ 4.07 | |||||
Opening Balance | 75,000 | 75,000 | 91,667 | 91,667 | 125,000 | 125,000 | ||
Lapsed/Forfeited* No. (during the year) | (16,667) | (16,667) | ||||||
Closing Balance | 75,000 | 75,000 | 75,000 | 75,000 | 91,667 | 91,667 | 125,000 | |
Vested and exercisable No (end of year) | 75,000 | 50,000 | 41,667 | 50,000 | ||||
Lapsed/Forfeited* No. (during the year) | (33,333) | (33,333) | ||||||
Series 34 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 27/04/2016 | 27/04/2016 | 27/04/2016 | 27/04/2016 | 27/04/2016 | 27/04/2016 | ||
Expiry Date | 6/03/2023 | 6/03/2023 | 6/03/2023 | 6/03/2023 | 6/03/2023 | 6/03/2023 | ||
Exercise Price | $ | $ 2.80 | $ 2.82 | $ 2.82 | |||||
Opening Balance | 3,380,000 | 3,380,000 | 3,621,667 | 3,621,667 | 5,140,000 | 5,140,000 | ||
Exercised No. (during the year) | (16,667) | (16,667) | ||||||
Lapsed/Forfeited* No. (during the year) | (186,666) | (186,666) | (241,667) | (241,667) | ||||
Closing Balance | 3,193,334 | 3,193,334 | 3,380,000 | 3,380,000 | 3,621,667 | 3,621,667 | 5,140,000 | |
Vested and exercisable No (end of year) | 3,193,334 | 2,299,982 | 1,218,324 | 2,299,982 | ||||
Lapsed/Forfeited* No. (during the year) | (1,501,666) | (1,501,666) | ||||||
Series 34a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 27/04/2016 | 27/04/2016 | 27/04/2016 | 27/04/2016 | 27/04/2016 | 27/04/2016 | ||
Expiry Date | 17/04/2023 | 17/04/2023 | 17/04/2023 | 17/04/2023 | 17/04/2023 | 17/04/2023 | ||
Exercise Price | $ | $ 2.74 | $ 2.76 | $ 2.76 | |||||
Opening Balance | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | ||
Closing Balance | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | |
Vested and exercisable No (end of year) | 200,000 | 133,334 | 66,667 | 133,334 | ||||
Series 34b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 31/10/2016 | 31/10/2016 | 31/10/2016 | 31/10/2016 | 31/10/2016 | 31/10/2016 | ||
Expiry Date | 6/03/2023 | 6/03/2023 | 6/03/2023 | 6/03/2023 | 6/03/2023 | 6/03/2023 | ||
Exercise Price | $ | $ 2.80 | $ 2.82 | $ 2.82 | |||||
Opening Balance | 200,000 | 200,000 | 200,000 | 200,000 | ||||
Granted No. (during the year) | 200,000 | 200,000 | ||||||
Closing Balance | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 200,000 | ||
Vested and exercisable No (end of year) | 200,000 | 200,000 | 200,000 | 200,000 | ||||
Series 35 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 30/06/2016 | 30/06/2016 | 30/06/2016 | 30/06/2016 | 30/06/2016 | 30/06/2016 | ||
Expiry Date | 18/01/2021 | 18/01/2021 | 30/06/2019 | 30/06/2019 | 30/06/2019 | 30/06/2019 | ||
Exercise Price | $ | $ 2.20 | $ 2.2 | $ 2.22 | |||||
Opening Balance | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | ||
Closing Balance | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 | |
Vested and exercisable No (end of year) | 1,500,000 | 1,500,000 | 1,500,000 | |||||
Series 36 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 6/12/2016 | 6/12/2016 | 6/12/2016 | 6/12/2016 | 6/12/2016 | 6/12/2016 | ||
Expiry Date | 5/12/2023 | 5/12/2023 | 5/12/2023 | 5/12/2023 | 5/12/2023 | 5/12/2023 | ||
Exercise Price | $ | $ 1.31 | $ 1.33 | $ 1.33 | |||||
Opening Balance | 1,885,000 | 1,885,000 | 2,045,000 | 2,045,000 | ||||
Granted No. (during the year) | 2,095,000 | 2,095,000 | ||||||
Exercised No. (during the year) | (75,000) | (75,000) | (33,333) | (33,333) | ||||
Lapsed/Forfeited* No. (during the year) | (140,000) | (140,000) | (126,667) | (126,667) | ||||
Closing Balance | 1,670,000 | 1,670,000 | 1,885,000 | 1,885,000 | 2,045,000 | 2,045,000 | ||
Vested and exercisable No (end of year) | 1,116,666 | 611,666 | 611,666 | |||||
Lapsed/Forfeited* No. (during the year) | (50,000) | (50,000) | ||||||
Series 36a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 6/12/2016 | 6/12/2016 | 6/12/2016 | 6/12/2016 | 6/12/2016 | 6/12/2016 | ||
Expiry Date | 5/12/2023 | 5/12/2023 | 5/12/2023 | 5/12/2023 | 5/12/2023 | 5/12/2023 | ||
Exercise Price | $ | $ 1.19 | $ 1.21 | $ 1.21 | |||||
Opening Balance | 4,400,000 | 4,400,000 | 4,400,000 | 4,400,000 | ||||
Granted No. (during the year) | 4,400,000 | 4,400,000 | ||||||
Exercised No. (during the year) | (212,000) | (212,000) | ||||||
Closing Balance | 4,188,000 | 4,188,000 | 4,400,000 | 4,400,000 | 4,400,000 | 4,400,000 | ||
Vested and exercisable No (end of year) | 3,000,502 | 1,495,002 | 816,667 | 1,495,002 | ||||
Series 36b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 13/01/2017 | 13/01/2017 | 13/01/2017 | 13/01/2017 | 13/01/2017 | 13/01/2017 | ||
Expiry Date | 12/01/2024 | 12/01/2024 | 12/01/2024 | 12/01/2024 | 12/01/2024 | 12/01/2024 | ||
Exercise Price | $ | $ 1.65 | $ 1.67 | $ 1.67 | |||||
Opening Balance | 300,000 | 300,000 | 450,000 | 450,000 | ||||
Granted No. (during the year) | 450,000 | 450,000 | ||||||
Lapsed/Forfeited* No. (during the year) | (150,000) | (150,000) | ||||||
Closing Balance | 300,000 | 300,000 | 300,000 | 300,000 | 450,000 | 450,000 | ||
Vested and exercisable No (end of year) | 300,000 | 300,000 | 150,000 | 300,000 | ||||
Series 37 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 28/06/2017 | 28/06/2017 | 28/06/2017 | 28/06/2017 | ||||
Expiry Date | 27/06/2024 | 27/06/2024 | 27/06/2024 | 27/06/2024 | ||||
Exercise Price | $ | $ 2.23 | $ 2.23 | ||||||
Opening Balance | 300,000 | 300,000 | ||||||
Granted No. (during the year) | 300,000 | 300,000 | ||||||
Lapsed/Forfeited* No. (during the year) | (150,000) | (150,000) | ||||||
Closing Balance | 150,000 | 150,000 | 300,000 | 300,000 | ||||
Vested and exercisable No (end of year) | 100,000 | 100,000 | 100,000 | |||||
Series 38 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 16/09/2017 | 16/09/2017 | 16/09/2017 | 16/09/2017 | ||||
Expiry Date | 15/09/2024 | 15/09/2024 | 15/09/2024 | 15/09/2024 | ||||
Exercise Price | $ | $ 1.54 | $ 1.54 | ||||||
Opening Balance | 100,000 | 100,000 | ||||||
Granted No. (during the year) | 100,000 | 100,000 | ||||||
Closing Balance | 100,000 | 100,000 | 100,000 | 100,000 | ||||
Vested and exercisable No (end of year) | 33,334 | |||||||
Series 38 A | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 16/09/2017 | 16/09/2017 | 16/09/2017 | 16/09/2017 | ||||
Expiry Date | 15/09/2024 | 15/09/2024 | 15/09/2024 | 15/09/2024 | ||||
Exercise Price | $ | $ 1.40 | $ 1.4 | ||||||
Opening Balance | 150,000 | 150,000 | ||||||
Granted No. (during the year) | 150,000 | 150,000 | ||||||
Closing Balance | 150,000 | 150,000 | 150,000 | 150,000 | ||||
Vested and exercisable No (end of year) | 150,000 | |||||||
Series 39 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 13/10/2017 | 13/10/2017 | 13/10/2017 | 13/10/2017 | ||||
Expiry Date | 12/10/2024 | 12/10/2024 | 12/10/2024 | 12/10/2024 | ||||
Exercise Price | $ | $ 1.94 | $ 1.94 | ||||||
Opening Balance | 2,215,000 | 2,215,000 | ||||||
Granted No. (during the year) | 2,310,000 | 2,310,000 | ||||||
Lapsed/Forfeited* No. (during the year) | (236,667) | (236,667) | (95,000) | (95,000) | ||||
Closing Balance | 1,978,333 | 1,978,333 | 2,215,000 | 2,215,000 | ||||
Vested and exercisable No (end of year) | 668,330 | |||||||
Series 39 A | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 13/10/2017 | 13/10/2017 | 13/10/2017 | 13/10/2017 | ||||
Expiry Date | 12/10/2024 | 12/10/2024 | 12/10/2024 | 12/10/2024 | ||||
Exercise Price | $ | $ 1.76 | $ 1.76 | ||||||
Opening Balance | 1,900,000 | 1,900,000 | ||||||
Granted No. (during the year) | 2,000,000 | 2,000,000 | ||||||
Lapsed/Forfeited* No. (during the year) | (100,000) | (100,000) | ||||||
Closing Balance | 1,900,000 | 1,900,000 | 1,900,000 | 1,900,000 | ||||
Vested and exercisable No (end of year) | 1,300,000 | 200,000 | 200,000 | |||||
Series 40 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 24/11/2017 | 24/11/2017 | 24/11/2017 | 24/11/2017 | ||||
Expiry Date | 23/11/2024 | 23/11/2024 | 23/11/2024 | 23/11/2024 | ||||
Exercise Price | $ | $ 1.41 | $ 1.41 | ||||||
Opening Balance | 750,000 | 750,000 | ||||||
Granted No. (during the year) | 750,000 | 750,000 | ||||||
Closing Balance | 750,000 | 750,000 | 750,000 | 750,000 | ||||
Vested and exercisable No (end of year) | 250,000 | |||||||
Series 40 A | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 24/11/2017 | 24/11/2017 | 24/11/2017 | 24/11/2017 | ||||
Expiry Date | 23/11/2024 | 23/11/2024 | 23/11/2024 | 23/11/2024 | ||||
Exercise Price | $ | $ 1.28 | $ 1.28 | ||||||
Opening Balance | 750,000 | 750,000 | ||||||
Granted No. (during the year) | 750,000 | 750,000 | ||||||
Closing Balance | 750,000 | 750,000 | 750,000 | 750,000 | ||||
Series 41 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 18/06/2018 | 18/06/2018 | ||||||
Expiry Date | 17/06/2025 | 17/06/2025 | ||||||
Exercise Price | $ | $ 1.52 | |||||||
Granted No. (during the year) | 200,000 | 200,000 | ||||||
Closing Balance | 200,000 | 200,000 | ||||||
Vested and exercisable No (end of year) | 66,667 | |||||||
Series 42 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 11/07/2018 | 11/07/2018 | ||||||
Expiry Date | 10/07/2025 | 10/07/2025 | ||||||
Exercise Price | $ | $ 1.56 | |||||||
Granted No. (during the year) | 200,000 | 200,000 | ||||||
Closing Balance | 200,000 | 200,000 | ||||||
Series 43 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 18/07/2018 | 18/07/2018 | ||||||
Expiry Date | 17/07/2025 | 17/07/2025 | ||||||
Exercise Price | $ | $ 1.87 | |||||||
Granted No. (during the year) | 5,970,000 | 5,970,000 | ||||||
Lapsed/Forfeited* No. (during the year) | (125,000) | (125,000) | ||||||
Closing Balance | 5,845,000 | 5,845,000 | ||||||
Series 44 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 15/07/2018 | 15/07/2018 | ||||||
Expiry Date | 14/07/2025 | 14/07/2025 | ||||||
Exercise Price | $ | $ 1.72 | |||||||
Granted No. (during the year) | 300,000 | 300,000 | ||||||
Closing Balance | 300,000 | 300,000 | ||||||
Series 45 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 30/11/2018 | 30/11/2018 | ||||||
Expiry Date | 29/11/2025 | 29/11/2025 | ||||||
Exercise Price | $ | $ 1.33 | |||||||
Granted No. (during the year) | 590,000 | 590,000 | ||||||
Closing Balance | 590,000 | 590,000 | ||||||
Series 46 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 19/01/2019 | 19/01/2019 | ||||||
Expiry Date | 18/01/2026 | 18/01/2026 | ||||||
Exercise Price | $ | $ 1.45 | |||||||
Granted No. (during the year) | 5,000 | 5,000 | ||||||
Closing Balance | 5,000 | 5,000 | ||||||
Series 47 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 19/01/2019 | 19/01/2019 | ||||||
Expiry Date | 18/01/2026 | 18/01/2026 | ||||||
Exercise Price | $ | $ 1.45 | |||||||
Granted No. (during the year) | 150,000 | 150,000 | ||||||
Closing Balance | 150,000 | 150,000 | ||||||
Vested and exercisable No (end of year) | 75,000 | |||||||
Series 19/LF5 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/01/2013-29/01/2013 | 25/01/2013-29/01/2013 | 25/01/2013-29/01/2013 | 25/01/2013-29/01/2013 | ||||
Expiry Date | 24/01/2018-28/01/2018 | 24/01/2018-28/01/2018 | 24/01/2018-28/01/2018 | 24/01/2018-28/01/2018 | ||||
Exercise Price | $ | $ 6.29 | $ 6.29 | ||||||
Opening Balance | 50,000 | 50,000 | 100,000 | 100,000 | ||||
Lapsed/Forfeited* No. (during the year) | (50,000) | (50,000) | ||||||
Closing Balance | 50,000 | 50,000 | 100,000 | |||||
Vested and exercisable No (end of year) | 50,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (50,000) | (50,000) | ||||||
Series 20/LF6 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 24/05/2013 | 24/05/2013 | 24/05/2013 | 24/05/2013 | ||||
Expiry Date | 23/05/2018 | 23/05/2018 | 23/05/2018 | 23/05/2018 | ||||
Exercise Price | $ | $ 6.36 | $ 6.36 | ||||||
Opening Balance | 425,000 | 425,000 | 595,000 | 595,000 | ||||
Lapsed/Forfeited* No. (during the year) | (325,000) | (325,000) | ||||||
Closing Balance | 425,000 | 425,000 | 595,000 | |||||
Vested and exercisable No (end of year) | 425,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (170,000) | (170,000) | ||||||
Series 20/LF6 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 24/05/2013 | 24/05/2013 | ||||||
Expiry Date | 23/05/2018 | 23/05/2018 | ||||||
Exercise Price | $ | $ 6.36 | |||||||
Lapsed/Forfeited* No. (during the year) | (100,000) | (100,000) | ||||||
Series 21/LF7 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 3/09/2013 | 3/09/2013 | 3/09/2013 | 3/09/2013 | ||||
Expiry Date | 30/06/2018 | 30/06/2018 | 30/06/2018 | 30/06/2018 | ||||
Exercise Price | $ | $ 5.92 | $ 5.92 | ||||||
Opening Balance | 1,865,000 | 1,865,000 | 2,430,000 | 2,430,000 | ||||
Lapsed/Forfeited* No. (during the year) | (1,615,000) | (1,615,000) | ||||||
Closing Balance | 1,865,000 | 1,865,000 | 2,430,000 | |||||
Vested and exercisable No (end of year) | 1,865,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (565,000) | (565,000) | ||||||
Series 27(iv) | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/08/2014 | 25/08/2014 | 25/08/2014 | 25/08/2014 | ||||
Expiry Date | 24/08/2019 | 24/08/2019 | 24/08/2019 | 24/08/2019 | ||||
Exercise Price | $ | $ 4.67 | $ 4.67 | ||||||
Opening Balance | 75,000 | 75,000 | 75,000 | 75,000 | ||||
Lapsed/Forfeited* No. (during the year) | (75,000) | (75,000) | ||||||
Closing Balance | 75,000 | 75,000 | 75,000 | |||||
Vested and exercisable No (end of year) | 50,000 | |||||||
Series 30a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | ||||
Expiry Date | 30/06/2018 | 30/06/2018 | 30/06/2018 | 30/06/2018 | ||||
Exercise Price | $ | $ 5 | $ 5 | ||||||
Opening Balance | 650,000 | 650,000 | 650,000 | 650,000 | ||||
Lapsed/Forfeited* No. (during the year) | (650,000) | (650,000) | ||||||
Closing Balance | 650,000 | 650,000 | 650,000 | |||||
Vested and exercisable No (end of year) | 650,000 | |||||||
Series 30b | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | ||||
Expiry Date | 25/01/2018 | 25/01/2018 | 25/01/2018 | 25/01/2018 | ||||
Exercise Price | $ | $ 5 | $ 5 | ||||||
Opening Balance | 235,000 | 235,000 | 235,000 | 235,000 | ||||
Lapsed/Forfeited* No. (during the year) | (235,000) | (235,000) | ||||||
Closing Balance | 235,000 | 235,000 | 235,000 | |||||
Vested and exercisable No (end of year) | 235,000 | |||||||
Series 30e | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | ||||
Expiry Date | 23/07/2019 | 23/07/2019 | 23/07/2019 | 23/07/2019 | ||||
Exercise Price | $ | $ 5 | $ 5 | ||||||
Opening Balance | 165,000 | 165,000 | 165,000 | 165,000 | ||||
Lapsed/Forfeited* No. (during the year) | (165,000) | (165,000) | ||||||
Closing Balance | 165,000 | 165,000 | 165,000 | |||||
Vested and exercisable No (end of year) | 165,000 | |||||||
Series 30g | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | ||||
Expiry Date | 20/01/2019 | 20/01/2019 | 20/01/2019 | 20/01/2019 | ||||
Exercise Price | $ | $ 4.71 | $ 4.71 | ||||||
Opening Balance | 300,000 | 300,000 | 300,000 | 300,000 | ||||
Lapsed/Forfeited* No. (during the year) | (300,000) | (300,000) | ||||||
Closing Balance | 300,000 | 300,000 | 300,000 | |||||
Vested and exercisable No (end of year) | 200,000 | |||||||
Series 30j | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 25/03/2015 | 25/03/2015 | 25/03/2015 | 25/03/2015 | ||||
Expiry Date | 30/06/2019 | 30/06/2019 | 30/06/2019 | 30/06/2019 | ||||
Exercise Price | $ | $ 4.71 | $ 4.71 | ||||||
Opening Balance | 150,000 | 150,000 | 150,000 | 150,000 | ||||
Lapsed/Forfeited* No. (during the year) | (150,000) | (150,000) | ||||||
Closing Balance | 150,000 | 150,000 | 150,000 | |||||
Vested and exercisable No (end of year) | 100,000 | |||||||
Series INC | USD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 7/12/2010 | 7/12/2010 | ||||||
Expiry Date | 25/04/2017 | 25/04/2017 | ||||||
Exercise Price | $ | $ 0.444 | |||||||
Opening Balance | 127,956 | 127,956 | ||||||
Exercised No. (during the year) | (127,956) | (127,956) | ||||||
Closing Balance | 127,956 | |||||||
Series INC | USD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 7/12/2010 | 7/12/2010 | ||||||
Expiry Date | 2/05/2017 | 2/05/2017 | ||||||
Exercise Price | $ | $ 0.444 | |||||||
Opening Balance | 127,956 | 127,956 | ||||||
Exercised No. (during the year) | (127,956) | (127,956) | ||||||
Closing Balance | 127,956 | |||||||
Series 16/LF2 | USD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 24/02/2012 | 24/02/2012 | ||||||
Expiry Date | 23/02/2017 | 23/02/2017 | ||||||
Exercise Price | $ | $ 8.480 | |||||||
Opening Balance | 340,000 | 340,000 | ||||||
Closing Balance | 340,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (170,000) | (170,000) | ||||||
Series 16/LF2 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 24/02/2012 | 24/02/2012 | ||||||
Expiry Date | 23/02/2017 | 23/02/2017 | ||||||
Exercise Price | $ | $ 8.48 | |||||||
Lapsed/Forfeited* No. (during the year) | (170,000) | (170,000) | ||||||
Series 18/LF4 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 21/09/2012-29/10/2012 | 21/09/2012-29/10/2012 | ||||||
Expiry Date | 30/06/2017 | 30/06/2017 | ||||||
Exercise Price | $ | $ 6.70 | |||||||
Opening Balance | 1,948,333 | 1,948,333 | ||||||
Closing Balance | 1,948,333 | |||||||
Lapsed/Forfeited* No. (during the year) | (1,673,333) | (1,673,333) | ||||||
Series 18/LF4 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 21/09/2012-29/10/2012 | 21/09/2012-29/10/2012 | ||||||
Expiry Date | 30/06/2017 | 30/06/2017 | ||||||
Exercise Price | $ | $ 6.70 | |||||||
Lapsed/Forfeited* No. (during the year) | (275,000) | (275,000) | ||||||
Series 23a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 26/11/2013 | 26/11/2013 | ||||||
Expiry Date | 10/10/2018 | 10/10/2018 | ||||||
Exercise Price | $ | $ 6.20 | |||||||
Opening Balance | 33,333 | 33,333 | ||||||
Closing Balance | 33,333 | |||||||
Lapsed/Forfeited* No. (during the year) | (33,333) | (33,333) | ||||||
Series 24 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 17/12/2013 | 17/12/2013 | ||||||
Expiry Date | 16/12/2018 | 16/12/2018 | ||||||
Exercise Price | $ | $ 6.25 | |||||||
Opening Balance | 25,000 | 25,000 | ||||||
Closing Balance | 25,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (25,000) | (25,000) | ||||||
Series 25 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 1/07/2014 | 1/07/2014 | ||||||
Expiry Date | 6/04/2019 | 6/04/2019 | ||||||
Exercise Price | $ | $ 5.80 | |||||||
Opening Balance | 10,000 | 10,000 | ||||||
Closing Balance | 10,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (10,000) | (10,000) | ||||||
Series 26/LF11 | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 24/07/2014 | 24/07/2014 | ||||||
Expiry Date | 23/07/2019 | 23/07/2019 | ||||||
Exercise Price | $ | $ 4.71 | |||||||
Opening Balance | 125,000 | 125,000 | ||||||
Closing Balance | 125,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (125,000) | (125,000) | ||||||
Series 27(ii) | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 4/08/2014 | 4/08/2014 | ||||||
Expiry Date | 3/08/2019 | 3/08/2019 | ||||||
Exercise Price | $ | $ 4.60 | |||||||
Opening Balance | 50,000 | 50,000 | ||||||
Closing Balance | 50,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (50,000) | (50,000) | ||||||
Series 31a | AUD | ||||||||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | ||||||||
Grant Date | 27/04/2015 | 27/04/2015 | ||||||
Expiry Date | 16/02/2020 | 16/02/2020 | ||||||
Exercise Price | $ | $ 4.73 | |||||||
Opening Balance | 20,000 | 20,000 | ||||||
Closing Balance | 20,000 | |||||||
Lapsed/Forfeited* No. (during the year) | (20,000) | (20,000) |
Share-Based Payments - Reconc_2
Share-Based Payments - Reconciliation of Outstanding Share Based Payments (Parenthetical) (Details) - shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Granted No. (during the year) | 7,415,000 | 6,360,000 | 7,145,000 |
Loan Funded Share Plan | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Granted No. (during the year) | 2,985,000 | 2,985,000 | 2,985,000 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Valuations of Options Approved and Granted (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Series 41 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2019 | ||
Exercise/Loan price per share | $ 1.52 | ||
Share price at acceptance date | $ 1.52 | ||
Expected share price volatility | 52.31% | ||
Expected life after factoring | 5 years 9 months 18 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.16% | ||
Series 42 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2019 | ||
Exercise/Loan price per share | $ 1.56 | ||
Share price at acceptance date | $ 1.56 | ||
Expected share price volatility | 52.40% | ||
Expected life after factoring | 6 years 1 month 6 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.36% | ||
Series 43 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2019 | ||
Exercise/Loan price per share | $ 1.87 | ||
Share price at acceptance date | $ 1.70 | ||
Expected share price volatility | 52.78% | ||
Expected life after factoring | 5 years 10 months 24 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.27% | ||
Series 44 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2019 | ||
Exercise/Loan price per share | $ 1.72 | ||
Share price at acceptance date | $ 1.59 | ||
Expected share price volatility | 54.40% | ||
Expected life after factoring | 5 years 7 months 6 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 1.91% | ||
Series 45 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2019 | ||
Exercise/Loan price per share | $ 1.33 | ||
Share price at acceptance date | $ 1.33 | ||
Expected share price volatility | 54.11% | ||
Expected life after factoring | 6 years 1 month 6 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.01% | ||
Series 46 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2019 | ||
Exercise/Loan price per share | $ 1.45 | ||
Share price at acceptance date | $ 1.33 | ||
Expected share price volatility | 53.92% | ||
Expected life after factoring | 5 years 9 months 18 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 1.14% | ||
Series 47 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2019 | ||
Exercise/Loan price per share | $ 1.45 | ||
Share price at acceptance date | $ 1.33 | ||
Expected share price volatility | 53.95% | ||
Expected life after factoring | 5 years 9 months 18 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 1.19% | ||
Series 37 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2018 | ||
Exercise/Loan price per share | $ 2.23 | ||
Share price at acceptance date | $ 2.02 | ||
Expected share price volatility | 52.21% | ||
Expected life after factoring | 5 years 9 months 18 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.22% | ||
Series 38 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2018 | ||
Exercise/Loan price per share | $ 1.54 | ||
Share price at acceptance date | $ 1.37 | ||
Expected share price volatility | 52.04% | ||
Expected life after factoring | 5 years 9 months 18 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.41% | ||
Series 38 A | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2018 | ||
Exercise/Loan price per share | $ 1.40 | ||
Share price at acceptance date | $ 1.37 | ||
Expected share price volatility | 52.56% | ||
Expected life after factoring | 5 years 9 months 18 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.27% | ||
Series 39 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2018 | ||
Exercise/Loan price per share | $ 1.94 | ||
Share price at acceptance date | $ 1.34 | ||
Expected share price volatility | 52.49% | ||
Expected life after factoring | 5 years 10 months 24 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.16% | ||
Series 39 A | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2018 | ||
Exercise/Loan price per share | $ 1.76 | ||
Share price at acceptance date | $ 1.34 | ||
Expected share price volatility | 52.49% | ||
Expected life after factoring | 5 years 10 months 24 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.16% | ||
Series 40 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2018 | ||
Exercise/Loan price per share | $ 1.41 | ||
Share price at acceptance date | $ 1.32 | ||
Expected share price volatility | 52.35% | ||
Expected life after factoring | 5 years 9 months 18 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.43% | ||
Series 40 A | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2018 | ||
Exercise/Loan price per share | $ 1.28 | ||
Share price at acceptance date | $ 1.32 | ||
Expected share price volatility | 52.35% | ||
Expected life after factoring | 5 years 9 months 18 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.43% | ||
Series 34b | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2017 | ||
Exercise/Loan price per share | $ 2.82 | ||
Share price at acceptance date | $ 1.24 | ||
Expected share price volatility | 51.13% | ||
Expected life after factoring | 4 years 7 months 6 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.16% | ||
Series 36 | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2017 | ||
Exercise/Loan price per share | $ 1.33 | ||
Share price at acceptance date | $ 2.32 | ||
Expected share price volatility | 51.63% | ||
Expected life after factoring | 5 years 6 months | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.15% | ||
Series 36a | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2017 | ||
Exercise/Loan price per share | $ 1.21 | ||
Share price at acceptance date | $ 2.32 | ||
Expected share price volatility | 51.63% | ||
Expected life after factoring | 5 years 6 months | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.15% | ||
Series 36b | |||
Disclosure Of Reconciliation Of Outstanding Share Based Payments [Line Items] | |||
Financial year of grant | 2017 | ||
Exercise/Loan price per share | $ 1.67 | ||
Share price at acceptance date | $ 2.32 | ||
Expected share price volatility | 51.63% | ||
Expected life after factoring | 5 years 7 months 6 days | ||
Dividend yield | 0.00% | ||
Risk-free interest rate | 2.15% |
Remuneration of auditors - Summ
Remuneration of auditors - Summary of Fees were Paid or Payable for Services Provided by the Auditor of the Parent Entity (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Audit and other assurance services | |||
Total auditors' remuneration | $ 779,283 | $ 807,079 | $ 849,627 |
Price Water House Coopers | Australia | |||
Audit and other assurance services | |||
Audit and review of financial reports | 690,245 | 620,837 | 729,598 |
Other audit services | 92,403 | 42,306 | |
Total auditors' remuneration | 690,245 | 713,240 | 771,904 |
Network Firms Of Price Water House Coopers | Australia | |||
Audit and other assurance services | |||
Audit and review of financial reports | 89,038 | 93,839 | 77,723 |
Total auditors' remuneration | $ 89,038 | $ 93,839 | $ 77,723 |
Losses Per Share - Summary of L
Losses Per Share - Summary of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
(a) Basic (losses) per share | |||
Basic - losses per share | $ (0.1816) | $ (0.0758) | $ (0.1925) |
Total basic (losses) per share attributable to the ordinary equity holders of the company | (0.1816) | (0.0758) | (0.1925) |
(b) Diluted (losses) per share | |||
Diluted - losses per share | (0.1816) | (0.0758) | (0.1925) |
Total basic (losses) per share attributable to the ordinary equity holders of the company | $ (0.1816) | $ (0.0758) | $ (0.1925) |
(c) Reconciliation of (losses) used in calculating (losses) per share | |||
From continuing operations | $ (89,799) | $ (35,290) | $ (76,815) |
Used in calculating basic (losses) per share | (89,799) | (35,290) | (76,815) |
(Losses) attributable to the ordinary equity holders of the company used in calculating diluted losses per share | $ (89,799) | $ (35,290) | $ (76,815) |
Weighted average number of ordinary shares used as the denominator in calculating basic losses per share | 494,381,490 | 465,688,997 | 399,042,172 |
Weighted average number of ordinary shares and potential ordinary shares used in calculating diluted losses per share | 494,381,490 | 465,688,997 | 399,042,172 |
Parent Entity Financial Infor_3
Parent Entity Financial Information - Summary of Parent Entity Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure Of Parent Entity Financial Information [Line Items] | ||||
Current Assets | $ 62,522 | $ 101,071 | ||
Total Assets | 652,115 | 692,443 | ||
Current Liabilities | 44,331 | 24,003 | ||
Total Liabilities | 171,063 | 146,435 | ||
Equity | ||||
Issued Capital | 910,405 | 889,481 | ||
Reserves | ||||
(Accumulated losses)/retained earnings | (469,991) | (380,192) | ||
Total Equity | 481,052 | 546,008 | $ 516,766 | $ 528,161 |
Loss for the period | (89,799) | (35,290) | (76,815) | |
Total comprehensive loss for the period | (89,940) | (35,869) | $ (76,468) | |
Parent | ||||
Disclosure Of Parent Entity Financial Information [Line Items] | ||||
Current Assets | 6,723 | 19,499 | ||
Total Assets | 643,708 | 676,385 | ||
Current Liabilities | 5,792 | 6,086 | ||
Total Liabilities | 5,878 | 6,186 | ||
Equity | ||||
Issued Capital | 910,405 | 889,480 | ||
Reserves | ||||
Foreign Currency Translation Reserve | (209,207) | (174,948) | ||
Share Options Reserve | 65,379 | 61,320 | ||
(Accumulated losses)/retained earnings | (128,747) | (105,653) | ||
Total Equity | 637,830 | 670,199 | ||
Loss for the period | (23,094) | (26,346) | ||
Total comprehensive loss for the period | $ (23,094) | $ (26,346) |
Parent Entity Financial Infor_4
Parent Entity Financial Information - Additional Information (Details) $ in Millions | 12 Months Ended |
Jun. 30, 2019USD ($) | |
CALHNI | Top of Range | |
Disclosure Of Parent Entity Financial Information [Line Items] | |
Aggregated milestone payments | $ 2.2 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Jun. 30, 2019Segment | |
Disclosure Of Operating Segments [Abstract] | |
Number of operating segment | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) € in Millions, $ in Millions | Jun. 29, 2018USD ($) | Mar. 06, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Jun. 30, 2019USD ($)Segment | Jun. 30, 2019AUD ($)Segment | Jun. 30, 2019EUR (€)Segment | Jun. 30, 2018USD ($) | Jun. 30, 2018EUR (€) | Jun. 30, 2017USD ($) | Jan. 14, 2019USD ($) | Dec. 20, 2018 | Sep. 27, 2018 | Jun. 29, 2018AUD ($) | Jun. 14, 2018 | Mar. 22, 2018 |
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Number of operating segment | Segment | 1 | 1 | 1 | |||||||||||||||
Milestone payment received | $ 26,409,000 | $ 7,125,000 | $ 500,000 | |||||||||||||||
Milestone Revenue | $ 11,000,000 | $ 13,334,000 | 500,000 | |||||||||||||||
Annual aggregate turnover of eligible companies description | A refundable tax offset is available to eligible companies with an annual aggregate turnover of less than A$20.0 million. Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. For the years ended June 30, 2019 and 2018, the rate of the refundable tax offset is 43.5%. | A refundable tax offset is available to eligible companies with an annual aggregate turnover of less than A$20.0 million. Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. For the years ended June 30, 2019 and 2018, the rate of the refundable tax offset is 43.5%. | A refundable tax offset is available to eligible companies with an annual aggregate turnover of less than A$20.0 million. Eligible companies can receive a refundable tax offset for a percentage of their research and development spending. For the years ended June 30, 2019 and 2018, the rate of the refundable tax offset is 43.5%. | |||||||||||||||
Percentage of research and development to receive a refundable tax offset | 43.50% | 43.50% | 43.50% | 43.50% | 43.50% | |||||||||||||
Trade and other receivables due for settlement term | 60 days | 60 days | 60 days | |||||||||||||||
Borrowings | $ 81,286,000 | $ 59,397,000 | ||||||||||||||||
Loan administration fee payable, current | $ 0.4 | |||||||||||||||||
Hercules Capital, Inc. | Floating Interest Rate | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Borrowings principal amount | $ 75,000,000 | |||||||||||||||||
Credit facility, expiration period | 4 years | |||||||||||||||||
Gain on remeasurement of borrowing arrangements | $ 400,000 | 400,000 | ||||||||||||||||
Remaining available borrowings | $ 25,000,000 | $ 25,000,000 | ||||||||||||||||
Borrowings, maturity | March 2022 | March 2022 | March 2022 | |||||||||||||||
Principal repayments term | 30 months | |||||||||||||||||
Borrowings, interest rate | 9.45% | 9.45% | 10.45% | 10.20% | 9.95% | 9.70% | ||||||||||||
Hercules Capital, Inc. | Tranche One | Floating Interest Rate | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Borrowings | $ 35,000,000 | |||||||||||||||||
Hercules Capital, Inc. | Tranche Two | Floating Interest Rate | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Borrowings | $ 15,000,000 | |||||||||||||||||
NovaQuest Capital Management, L.L.C. | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Description of repayment of borrowings | If there are no net sales of pediatric aGVHD, the loan is only repayable on maturity in 2026. If in any annual period 25% of net sales of pediatric aGVHD exceed the amount of accrued interest owing and, from 2022, principal and accrued interest owing (“the payment cap”), Mesoblast will pay the payment cap and an additional portion of excess sales which may be used for early prepayment of the loan. If in any annual period 25% of net sales of pediatric aGVHD is less than the payment cap, then the payment is limited to 25% of net sales of pediatric aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid. | If there are no net sales of pediatric aGVHD, the loan is only repayable on maturity in 2026. If in any annual period 25% of net sales of pediatric aGVHD exceed the amount of accrued interest owing and, from 2022, principal and accrued interest owing (“the payment cap”), Mesoblast will pay the payment cap and an additional portion of excess sales which may be used for early prepayment of the loan. If in any annual period 25% of net sales of pediatric aGVHD is less than the payment cap, then the payment is limited to 25% of net sales of pediatric aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid. | If there are no net sales of pediatric aGVHD, the loan is only repayable on maturity in 2026. If in any annual period 25% of net sales of pediatric aGVHD exceed the amount of accrued interest owing and, from 2022, principal and accrued interest owing (“the payment cap”), Mesoblast will pay the payment cap and an additional portion of excess sales which may be used for early prepayment of the loan. If in any annual period 25% of net sales of pediatric aGVHD is less than the payment cap, then the payment is limited to 25% of net sales of pediatric aGVHD. Any unpaid interest will be added to the principal amounts owing and shall accrue further interest. At maturity date, any unpaid loan balances are repaid. | |||||||||||||||
Remeasurement of borrowing arrangements | $ 700,000 | |||||||||||||||||
NovaQuest Capital Management, L.L.C. | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Borrowings principal amount | $ 40,000,000 | |||||||||||||||||
Borrowings | $ 40,000,000 | |||||||||||||||||
Borrowings, maturity | July 2026 | July 2026 | July 2026 | |||||||||||||||
Borrowings, interest rate | 15.00% | 15.00% | ||||||||||||||||
Loan administration fee payable, current | $ 0.4 | |||||||||||||||||
Borrowings, interest rate basis | There is a four-year interest only period, until July 2022, with the principal repayable in equal quarterly instalments over the remaining period of the loan. A $0.4 million loan administration fee is payable annually in June and is recognized as a current liability. The loan matures in July 2026. Interest on the loan will accrue at a fixed rate of 15% per annum. | There is a four-year interest only period, until July 2022, with the principal repayable in equal quarterly instalments over the remaining period of the loan. A $0.4 million loan administration fee is payable annually in June and is recognized as a current liability. The loan matures in July 2026. Interest on the loan accrues at a fixed rate of 15% per annum. | There is a four-year interest only period, until July 2022, with the principal repayable in equal quarterly instalments over the remaining period of the loan. A $0.4 million loan administration fee is payable annually in June and is recognized as a current liability. The loan matures in July 2026. Interest on the loan accrues at a fixed rate of 15% per annum. | |||||||||||||||
NovaQuest Capital Management, L.L.C. | Tranche One | Fixed interest rate [member] | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Borrowings principal amount | $ 30,000,000 | |||||||||||||||||
Borrowings | $ 30,000,000 | |||||||||||||||||
Research and Development Tax Incentive | Australian Government | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Income (loss) adjustments | (100,000) | $ 1,800,000 | $ 1,500,000 | |||||||||||||||
TEMCELL | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Milestone Revenue | 1,000,000 | 1,500,000 | ||||||||||||||||
Revenue relating to royalty | 5,000,000 | 3,600,000 | ||||||||||||||||
Licenses to Patents | Within 1 year [Member] | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Amount of non-refundable up-front payment | $ 5,900,000 | € 5 | ||||||||||||||||
TiGenix NV, | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Amount of non-refundable up-front payment | $ 5,900,000 | € 5 | ||||||||||||||||
Milestone payment received | $ 5,900,000 | € 5 | ||||||||||||||||
TiGenix NV, | Licenses to Patents | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Amount of non-refundable up-front payment | 5,900,000 | € 5 | ||||||||||||||||
Milestone Revenue | $ 0 | $ 11,800,000 | € 11.8 | |||||||||||||||
Top of Range | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Amount of annual aggregate turnover | $ 20 | |||||||||||||||||
Trade and other payables maturity period | 60 days | 60 days | 60 days | |||||||||||||||
Top of Range | TiGenix NV, | Licenses to Patents | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Amount of non-refundable up-front payment | € | € 10 | |||||||||||||||||
Bottom of Range | ||||||||||||||||||
Disclosure of summary of significant accounting policies | ||||||||||||||||||
Trade and other payables maturity period | 30 days | 30 days | 30 days |