Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2020 | Feb. 10, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | KTRA | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | Kintara Therapeutics, Inc. | |
Entity Central Index Key | 0001498382 | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 30,626,018 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Incorporation, State or Country Code | NV | |
Entity File Number | 001-37823 | |
Entity Tax Identification Number | 99-0360497 | |
Entity Address, Address Line One | 12707 High Bluff Dr. | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92130 | |
City Area Code | 858 | |
Local Phone Number | 350-4364 | |
Document Transition Report | false |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheet - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Current assets | ||
Cash and cash equivalents | $ 17,158,000 | $ 2,392,000 |
Prepaid expenses and deposits | 551,000 | 356,000 |
Interest, taxes and other receivables | 8,000 | 9,000 |
Deferred loan costs | 94,000 | |
Current assets | 17,717,000 | 2,851,000 |
Clinical trial deposit | 2,600,000 | |
Intangible assets - net | 2,000 | |
Property and equipment | 172,000 | |
Deferred financing costs | 85,000 | |
Total assets | 20,489,000 | 2,938,000 |
Current liabilities | ||
Accounts payable and accrued liabilities | 1,965,000 | 2,011,000 |
Loan payable, net of deferred loan costs | 473,000 | |
Related party payables | 289,397 | 663,865 |
Current liabilities | 2,727,000 | 2,675,000 |
Milestone payment liability | 177,000 | |
Total liabilities | 2,904,000 | 2,675,000 |
Stockholders’ equity | ||
Common stock Authorized 95,000 shares at September 30, 2020 and June 30, 2020, $0.001 par value 24,466 issued at September 30, 2020 (June 30, 2020 - 11,458) | 25,000 | 11,000 |
Additional paid-in capital | 93,551,000 | 65,148,000 |
Accumulated deficit | (97,846,000) | (69,721,000) |
Accumulated other comprehensive income | 21,000 | 21,000 |
Total stockholders’ equity | 17,585,000 | 263,000 |
Total liabilities and stockholders’ equity | 20,489,000 | 2,938,000 |
Preferred Stock Series A | ||
Stockholders’ equity | ||
Preferred stock | 279,000 | 279,000 |
Preferred Stock Series B | ||
Stockholders’ equity | ||
Preferred stock | 4,257,000 | 4,525,000 |
Total stockholders’ equity | 4,257,000 | $ 4,525,000 |
Preferred Stock Series C | ||
Stockholders’ equity | ||
Preferred stock | $ 17,298,000 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2020 | Jun. 30, 2020 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 95,000,000 | 95,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 25,868,000 | 11,458,000 |
Preferred Stock Series A | ||
Preferred Stock, shares issued | 279,000 | 279,000 |
Preferred stock, shares outstanding | 279,000 | 279,000 |
Preferred Stock Series B | ||
Preferred Stock, shares issued | 610,000 | 649,000 |
Preferred stock, shares outstanding | 610,238 | 648,613 |
Preferred Stock Series C | ||
Preferred Stock, shares issued | 24,000 | 0 |
Preferred stock, shares outstanding | 23,670 | 0 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses | ||||
Research and development | $ 2,584 | $ 712 | $ 3,941 | $ 1,434 |
General and administrative | 2,794 | 1,054 | 4,329 | 1,967 |
Merger costs | 500 | |||
In-process research and development | 16,094 | |||
Operating Expenses | 5,378 | 1,766 | 24,864 | 3,401 |
Other (income) loss | ||||
Foreign exchange loss | 3 | 2 | 2 | 2 |
Amortization of deferred loan costs | 25 | 51 | ||
Interest expense | 8 | 16 | ||
Interest income | (1) | (28) | (2) | (57) |
Other loss (income) | 35 | (26) | 67 | (55) |
Net loss for the period | 5,413 | 1,740 | 24,931 | 3,346 |
Computation of basic loss per share | ||||
Net loss for the period | 5,413 | 1,740 | 24,931 | 3,346 |
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance | 3,181 | |||
Series A Preferred cash dividend | 2 | 2 | 4 | 4 |
Series B Preferred stock dividend | 4 | 3 | 9 | 5 |
Net loss for the period attributable to common stockholders | $ 5,419 | $ 1,745 | $ 28,125 | $ 3,355 |
Basic and fully diluted loss per share | $ 0.22 | $ 0.15 | $ 1.34 | $ 0.35 |
Basic and fully diluted weighted average number of shares | 24,845,000 | 11,408,000 | 20,976,000 | 9,473,000 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive income | Preferred stock | Accumulated deficit |
Beginning Balance at Jun. 30, 2019 | $ 1,968,000 | $ 4,000 | $ 57,543,000 | $ 21,000 | $ 4,978,000 | $ (60,578,000) |
Beginning Balance, shares at Jun. 30, 2019 | 3,839,000 | |||||
Issuance of shares and warrants - net of issue costs | 6,583,000 | $ 5,000 | 6,578,000 | |||
Issuance of shares and warrants - net of issue costs, shares | 4,895,000 | |||||
Exercise of pre-funded warrants for cash | 26,000 | $ 2,000 | 24,000 | |||
Exercise of pre-funded warrants for cash, shares | 2,655,000 | |||||
Conversion of Series B Preferred stockto common stock | 174,000 | (174,000) | ||||
Conversion of Series B preferred stock to common stock, shares | 6,000 | |||||
Shares issued for services | 5,000 | 5,000 | ||||
Shares issued for services, shares | 7,000 | |||||
Stock option expense | 51,000 | 51,000 | ||||
Series A Preferred cash dividend | (2,000) | (2,000) | ||||
Series B Preferred stock dividend | 2,000 | (2,000) | ||||
Series B preferred stock dividend, shares | 4,000 | |||||
Loss for the period | (1,606,000) | (1,606,000) | ||||
Ending Balance at Sep. 30, 2019 | 7,025,000 | $ 11,000 | 64,377,000 | 21,000 | 4,804,000 | (62,188,000) |
Ending Balance, shares at Sep. 30, 2019 | 11,406,000 | |||||
Beginning Balance at Jun. 30, 2019 | 1,968,000 | $ 4,000 | 57,543,000 | 21,000 | 4,978,000 | (60,578,000) |
Beginning Balance, shares at Jun. 30, 2019 | 3,839,000 | |||||
Shares issued for services | $ 8,187 | |||||
Shares issued for services, shares | 11,672 | |||||
Loss for the period | (3,346,000) | |||||
Ending Balance at Dec. 31, 2019 | 5,481,000 | $ 11,000 | 64,578,000 | 21,000 | 4,804,000 | (63,933,000) |
Ending Balance, shares at Dec. 31, 2019 | 11,415,000 | |||||
Beginning Balance at Jun. 30, 2019 | 1,968,000 | $ 4,000 | 57,543,000 | 21,000 | 4,978,000 | (60,578,000) |
Beginning Balance, shares at Jun. 30, 2019 | 3,839,000 | |||||
Ending Balance at Jun. 30, 2020 | 263,000 | $ 11,000 | 65,148,000 | 21,000 | 4,804,000 | (69,721,000) |
Ending Balance, shares at Jun. 30, 2020 | 11,458,000 | |||||
Beginning Balance at Sep. 30, 2019 | 7,025,000 | $ 11,000 | 64,377,000 | 21,000 | 4,804,000 | (62,188,000) |
Beginning Balance, shares at Sep. 30, 2019 | 11,406,000 | |||||
Warrants issued for services | 35,000 | 35,000 | ||||
Shares issued for services | 3,000 | 3,000 | ||||
Shares issued for services, shares | 5,000 | |||||
Stock option expense | 160,000 | 160,000 | ||||
Series A Preferred cash dividend | (2,000) | (2,000) | ||||
Series B Preferred stock dividend | 3,000 | (3,000) | ||||
Series B preferred stock dividend, shares | 4,000 | |||||
Loss for the period | (1,740,000) | (1,740,000) | ||||
Ending Balance at Dec. 31, 2019 | 5,481,000 | $ 11,000 | 64,578,000 | 21,000 | 4,804,000 | (63,933,000) |
Ending Balance, shares at Dec. 31, 2019 | 11,415,000 | |||||
Beginning Balance at Jun. 30, 2020 | 263,000 | $ 11,000 | 65,148,000 | 21,000 | 4,804,000 | (69,721,000) |
Beginning Balance, shares at Jun. 30, 2020 | 11,458,000 | |||||
Adgero merger (note 3) | 16,725,000 | $ 12,000 | 16,713,000 | |||
Adgero merger, shares | 12,011,000 | |||||
Issuance of Series C Preferred stock | 25,028,000 | 25,028,000 | ||||
Series C placement agent warrants | 3,287,000 | (3,287,000) | ||||
Series C Preferred stock share issuance costs | (3,386,000) | (3,386,000) | ||||
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance | 3,181,000 | (3,181,000) | ||||
Exercise of warrants for cash | 994,000 | $ 1,000 | 993,000 | |||
Exercise of warrants for cash, shares | 993,000 | |||||
Warrants issued for services | 45,000 | 45,000 | ||||
Stock option expense | 405,000 | 405,000 | ||||
Series A Preferred cash dividend | (2,000) | (2,000) | ||||
Series B Preferred stock dividend | 5,000 | (5,000) | ||||
Series B preferred stock dividend, shares | 4,000 | |||||
Loss for the period | (19,518,000) | (19,518,000) | ||||
Ending Balance at Sep. 30, 2020 | 20,554,000 | $ 24,000 | 89,777,000 | 21,000 | 23,159,000 | (92,427,000) |
Ending Balance, shares at Sep. 30, 2020 | 24,466,000 | |||||
Beginning Balance at Jun. 30, 2020 | 263,000 | $ 11,000 | 65,148,000 | 21,000 | 4,804,000 | (69,721,000) |
Beginning Balance, shares at Jun. 30, 2020 | 11,458,000 | |||||
Shares issued for services | $ 0 | |||||
Shares issued for services, shares | 0 | |||||
Loss for the period | (24,931,000) | |||||
Ending Balance at Dec. 31, 2020 | 17,585,000 | $ 25,000 | 93,551,000 | 21,000 | 21,834,000 | (97,846,000) |
Ending Balance, shares at Dec. 31, 2020 | 25,868,000 | |||||
Beginning Balance at Sep. 30, 2020 | 20,554,000 | $ 24,000 | 89,777,000 | 21,000 | 23,159,000 | (92,427,000) |
Beginning Balance, shares at Sep. 30, 2020 | 24,466,000 | |||||
Series C Preferred stock share issuance costs | (69,000) | (69,000) | ||||
Conversion of Series B Preferred stockto common stock | 268,000 | (268,000) | ||||
Conversion of Series B preferred stock to common stock, shares | 10,000 | |||||
Conversion of Series C Preferred stockto common stock | $ 1,000 | 987,000 | (988,000) | |||
Conversion of Series C preferred stock to common stock, shares | 1,168,000 | |||||
Exercise of warrants for cash | 186,000 | 186,000 | ||||
Exercise of warrants for cash, shares | 186,000 | |||||
Warrants issued for services | 183,000 | 183,000 | ||||
Exercise of stock options for cash | 21,000 | 21,000 | ||||
Exercise of stock option for cash, shares | 35,000 | |||||
Stock option expense | 2,125,000 | 2,125,000 | ||||
Series A Preferred cash dividend | (2,000) | (2,000) | ||||
Series B Preferred stock dividend | 4,000 | (4,000) | ||||
Series B preferred stock dividend, shares | 3,000 | |||||
Loss for the period | (5,413,000) | (5,413,000) | ||||
Ending Balance at Dec. 31, 2020 | $ 17,585,000 | $ 25,000 | $ 93,551,000 | $ 21,000 | $ 21,834,000 | $ (97,846,000) |
Ending Balance, shares at Dec. 31, 2020 | 25,868,000 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | ||
Loss for the period | $ (24,931) | $ (3,346) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Amortization of intangible assets | 2 | 6 |
In-process research and development | 16,094 | |
Change in fair value of milestone liability | (11) | |
Amortization of deferred loan costs | 51 | |
Interest expense | 16 | |
Shares issued for services | 8 | |
Warrants issued for services | 228 | 35 |
Stock option expense | 2,530 | 211 |
Changes in operating assets and liabilities | ||
Prepaid expenses and deposits | (2,785) | 156 |
Interest, taxes and other receivables | 1 | (4) |
Accounts payable and accrued liabilities | (362) | (994) |
Related party payables | (374) | (49) |
Net cash used in operating activities | (9,541) | (3,977) |
Cash flows from investing activities | ||
Cash acquired on merger with Adgero | 969 | |
Proceeds on sale of equipment | 3 | |
Net cash provided by investing activities | 972 | |
Cash flows from financing activities | ||
Net proceeds from the issuance of shares and warrants | 21,638 | 6,583 |
Warrants exercised for cash | 1,180 | 27 |
Stock options exercised for cash | 21 | |
Proceeds from loan | 500 | |
Series A preferred cash dividend | (4) | (4) |
Net cash provided by financing activities | 23,335 | 6,606 |
Decrease in cash and cash equivalents | 14,766 | 2,629 |
Cash and cash equivalents – beginning of period | 2,392 | 3,719 |
Cash and cash equivalents – end of period | $ 17,158 | $ 6,348 |
Nature of operations, corporate
Nature of operations, corporate history, and going concern and management plans | 6 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of operations, corporate history, and going concern and management plans | 1 Nature of operations, corporate history, and going concern and management plans Nature of operations Kintara Therapeutics, Inc. (formerly DelMar Pharmaceuticals, Inc.) (the “Company”) is a clinical stage drug development company with a focus on the development of novel cancer therapies for patients with unmet medical needs. The Company is developing two late-stage, Phase 3-ready therapeutics - VAL-083 for glioblastoma multiforme and REM-001 for cutaneous metastatic breast cancer. In order to accelerate the Company’s development timelines, it leverages existing preclinical and clinical data from a wide range of sources. The Company may seek marketing partnerships in order to potentially offset clinical costs and to generate future royalty revenue from approved indications of its product candidates. On June 9, 2020, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), by and among Adgero Acquisition Corp., the Company’s wholly-owned subsidiary incorporated in the State of Delaware (“Merger Sub”), and Adgero Biopharmaceuticals Holdings, Inc., a Delaware corporation (“Adgero”). On August 19, 2020, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub merged with and into Adgero (the “Merger”), the separate corporate existence of Merger Sub ceased and Adgero continued its existence under Delaware law as the surviving corporation in the Merger and became a direct, wholly-owned subsidiary of the Company. As a result of the Merger, each issued and outstanding share of Adgero common stock, par value $0.0001 per share (the “Adgero Common Stock”) (other than treasury shares held by Adgero), was converted automatically into the right to receive 1.5740 shares (the “Exchange Ratio”) of the Company’s common stock, and cash in lieu of any fractional shares. Also, each outstanding warrant to purchase Adgero Common Stock was converted into a warrant exercisable for that number of shares of the Company’s common stock equal to the product of (x) the aggregate number of shares of Adgero Common Stock for which such warrant was exercisable and (y) the Exchange Ratio. Following the completion of the Merger, the Company changed its name from DelMar Pharmaceuticals, Inc. to Kintara Therapeutics, Inc. and began trading on Nasdaq under the symbol “KTRA”. Corporate history The Company is a Nevada corporation formed on June 24, 2009 under the name Berry Only, Inc. On January 25, 2013, the Company entered into and closed an exchange agreement (the “Exchange Agreement”), with Del Mar Pharmaceuticals (BC) Ltd. (“Del Mar (BC)”), 0959454 B.C. Ltd. (“Callco”), and 0959456 B.C. Ltd. (“Exchangeco”) and the security holders of Del Mar (BC). Upon completion of the Exchange Agreement, Del Mar (BC) became a wholly-owned subsidiary of the Company (the “Reverse Acquisition”). Kintara Therapeutics, Inc. is the parent company of Del Mar (BC), a British Columbia, Canada corporation and Adgero, a Delaware corporation, which are clinical stage companies with a focus on the development of drugs for the treatment of cancer. The Company is also the parent company to Callco and Exchangeco which are British Columbia, Canada corporations. Callco and Exchangeco were formed to facilitate the Reverse Acquisition. In connection with the Merger, the Company also became the parent company of Adgero Biopharmaceuticals, Inc. (“Adgero Bio”), formerly a wholly-owned subsidiary of Adgero. References to the Company refer to the Company and its wholly-owned subsidiaries. Going concern and management plans These condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that the Company will continue its operations for the foreseeable future and contemplates the realization of assets and the settlement of liabilities in the normal course of business . For the six months ended December 31, 2020, the Company reported a loss of $24.9 million, and a negative cash flow from operations of $9.5 million. The Company had an accumulated deficit of $97.8 million and had cash and cash equivalents of $17.2 million as of December 31, 2020. The Company is in the clinical stage and has not generated any revenues to-date. The Company does not have the prospect of achieving revenues until such time that its product candidates are commercialized, or partnered, which may not ever occur. In the near future, the Company will require additional funding to maintain its clinical trials, research and development projects, and for general operations. These circumstances indicate substantial doubt exists about the Company’s ability to continue as a going concern within one year from the date of filing of these condensed consolidated interim financial statements. Consequently, management is pursuing various financing alternatives to fund the Company’s operations so it can continue as a going concern. However, the coronavirus (“COVID-19”) pandemic has created significant economic uncertainty and volatility in the credit and capital markets. Management plans to secure the necessary financing through the issue of new equity and/or the entering into of strategic partnership arrangements but the The Company may not be able to raise sufficient additional capital and may tailor its drug candidate development program based on the amount of funding the Company is able to raise in the future. Nevertheless, there is no assurance that these initiatives will be successful. These financial statements do not give effect to any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Such adjustments could be material. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 2 Significant accounting policies Basis of presentation The condensed consolidated interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and are presented in United States dollars. The functional currency of the Company and each of its subsidiaries is the United States dollar. The accompanying condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries, Adgero, Adgero Bio, Del Mar BC, Callco, and Exchangeco. All intercompany balances and transactions have been eliminated in consolidation. The principal accounting policies applied in the preparation of these condensed consolidated interim financial statements are set out below and have been consistently applied to all periods presented. Certain prior period balances have been reclassified to conform with the current period’s presentation. Unaudited interim financial data The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited financial statements of the Company as at June 30, 2020 included in our Form 10-K. In the opinion of management, the unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation. The results for three and six-months ended December 31, 2020 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2021, or for any other future annual or interim period. Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets, and contingent liabilities as at the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the fair value of the milestone payment liability, the valuation of equity instruments issued for services, and clinical trial accruals. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements. Loss per share Income or loss per share is calculated based on the weighted average number of common shares outstanding. For the three and six-month periods ended December 31, 2020 and 2019 diluted loss per share does not differ from basic loss per share since the effect of the Company’s warrants, stock options, and convertible preferred shares is anti-dilutive. As of December 31, 2020, potential common shares of 11,709,568 (2019 – 9,963,596) related to outstanding common share warrants, 2,152,701 (2019 – nil) related to outstanding Series C preferred stock warrants, 6,486,709 (2019 – 778,750) related to stock options, 152,580 (2019 – 162,177) relating to outstanding Series B convertible preferred shares, and 20,348,764 (2019 – nil) relating to outstanding Series C convertible preferred shares were excluded from the calculation of net loss per common share. Acquired in-process research and development expense The Company acquired in-process research and development assets in connection with its Merger with Adgero. As the acquired in-process research and development assets were deemed to have no current or alternative future use, an expense of $16.1 million was recognized in the condensed consolidated interim statements of operations for the six-month period ended December 31, 2020. Property and equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over its estimated useful life of five years. Depreciation expense is recognized from the date the equipment is put into use. Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Not yet adopted Accounting Standards Update (“ASU”) 2020-06 — Debt - Debt with conversion and other options (subtopic 470-20) and derivatives and hedging – contracts in entity’s own equity (subtopic 815-40): accounting for convertible instruments and contracts in an entity’s own equity The amendments in this update are intended to simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. For public business entities that are not smaller reporting companies, the ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. For all other entities, the effective date is for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The guidance may be early adopted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company has not yet evaluated the impact of adoption of this ASU on its condensed consolidated interim financial statements and related disclosures. ASU 2020-10 — Codification Improvements The amendments in this update remove references to various FASB Concepts Statements, situates all disclosure guidance in the appropriate disclosure section of the Codification, and makes other improvements and technical corrections to the Codification. The amendments in Sections B and C of this amendment are effective for annual periods beginning after December 15, 2020, for public business entities. For all other entities, the amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. The Company has not yet evaluated the impact of adoption of this ASU on its condensed consolidated interim financial statements and related disclosures. During the six-months ended December 31, 2020, other than ASUs 2020-06 and 2020-10, there have been no new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s condensed consolidated interim financial statements. |
Merger
Merger | 6 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Merger | 3 Merger As described in Note 1, on August 19, 2020, the Company completed its Merger with Adgero in accordance with the terms of the Merger Agreement. To determine the accounting for this transaction under ASU 2017-01, an assessment must be made as to whether an integrated set of assets and activities should be accounted for as an acquisition of a business or an asset acquisition. The guidance requires an initial screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If that screen is met, the set is not a business. In connection with the Merger, substantially all of the fair value is concentrated in in-process research and development (“IPR&D”). As such, the Merger has been treated as an acquisition of Adgero assets and an assumption of Adgero liabilities. Under the terms of the Merger Agreement, upon closing of the Merger, the Company issued 11,439,013 shares of Company common stock and 2,313,904 stock purchase warrants to the security holders of Adgero (“Adgero Warrants”). The Adgero Warrants are exercisable at $3.18 per share (note 6). The Adgero Warrants were valued using a Black-Scholes valuation with a weighted-average risk-free interest rate of 0.21%, a term of one year, a The Company incurred approximately $1.55 million of legal, consulting and other professional fees related to the Merger, of which approximately $1.1 million had been incurred in the year ended June 30, 2020. The transaction costs have been classified as merger expenses in the accompanying unaudited condensed consolidated interim statement of operations for the three months ended September 30, 2020. The following summarizes total consideration transferred to the Adgero stockholders under the Merger as well as the assets acquired and liabilities assumed under the Merger: $ (in thousands) Consideration: Common stock 15,328 Warrants 630 Success fee shares 766 16,724 Net assets acquired: Cash (969 ) Other current assets (11 ) Property and equipment (175 ) Accounts payable and accrued liabilities 337 Milestone payment liability 188 In-process research and development 16,094 The fair value of the IPR&D assets has been expensed as a charge in the condensed consolidated interim statements of operations for the six months ended December 31, 2020 as there is no alternative use for these assets. Property and equipment include office furniture that was subsequently sold and laboratory equipment that has not yet been put into use. The milestone payment liability relates to an asset purchase agreement with St. Cloud Investments, LLC (“St. Cloud”) that Adgero has regarding the acquisition of REM-001. The Agreement, as amended, is dated November 26, 2012 (the “St. Cloud Agreement”). Pursuant to the terms of the St. Cloud Agreement, the Company is obligated to make certain payments under the agreement. The future contingent amounts payable under that agreement are as follows: • Upon the earlier of (i) a subsequent equity financing to take place after the Company conducts a Phase 2B clinical study in which fifty patients complete the study and their clinical data can be evaluated or (ii) the commencement of a clinical study intended to be used as a definitive study for market approval in any country, the Company is obligated to pay an aggregate amount of $300,000 in cash or an equivalent amount of common stock, with $240,000 to St. Cloud and $60,000 to an employee of the Company; and • Upon receipt of regulatory approval of REM-001 Therapy, the Company is obligated to pay an aggregate amount of $700,000 in cash or an equivalent amount of common stock, with $560,000 to St. Cloud and $140,000 to an employee of the Company. With respect to the $300,000 and $700,000 potential milestone payments referenced above (each a “Milestone Payment”), if either such Milestone Payment becomes payable, and in the event the Company elects to pay either such Milestone Payment in shares of its common stock, the value of the common stock will equal the average of the closing price per share of the Company’s common stock over the twenty (20) trading days following the first public announcement of the applicable event described above. The milestone payment liability has been determined using the discounted cash flow value of the two respective milestone payments. A discount rate of 79% has been used which accounts for the probability of success given the phase of clinical development of REM-001. The term is based on an estimate of the planned timing of completion of the respective milestones that would result in payment of the milestones. As at December 31, 2020, the Company has reviewed its estimates with respect to the planned timing of completion of the respective milestones and adjusted the liability accordingly. $ (in thousands) Balance – June 30, 2020 — Addition 188 Change in fair value estimate (11 ) Balance – December 31, 2020 177 |
Clinical Trial Deposit
Clinical Trial Deposit | 6 Months Ended |
Dec. 31, 2020 | |
Other Liabilities [Abstract] | |
Clinical Trial Deposit | 4 Clinical trial deposit In October 2020, the Company announced that it had entered into a final agreement with a contract research organization (“CRO”) for the management of the Company’s registration study for glioblastoma multiforme. Under the agreement, the Company will supply the drug for the study and the CRO will manage all operational aspects of the study including site activation and patient enrollment. The Company is required to make certain payments under the agreement related to patient enrollment milestones. For the three and six months ended December 31, 2020, the Company has recognized $750,000 and $1.25 million, respectively, of expenses for this study in relation to study startup and preparation for patient enrollment. In relation to this study, the Company has made a deposit payment of $2.6 million to the CRO in relation to the commencement of recruitment of patients. It is anticipated that the deposit will be applied to future invoices, or refunded to the Company, beyond twelve months from December 31, 2020. The Company can terminate the study at any time. Upon termination, the Company will be liable for any payments due to the effective date of the termination as well as any non-refundable costs incurred by the CRO prior to the date of termination. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related party transactions | 5 Related party transactions Valent Technologies, LLC Agreements One of the Company’s officers is a principal of Valent Technologies, LLC (“Valent”) and as result Valent is a related party to the Company. On September 12, 2010, the Company entered into a Patent Assignment Agreement (the “Valent Assignment Agreement”) with Valent pursuant to which Valent transferred to the Company all its right, title and interest in, and to, the patents for VAL-083 owned by Valent. The Company now owns all rights and title to VAL-083 and is responsible for the drug’s further development and commercialization. In accordance with the terms of the Valent Assignment Agreement, Valent is entitled to receive a future royalty on all revenues derived from the development and commercialization of VAL-083. In the event that the Company terminates the agreement, the Company may be entitled to receive royalties from Valent’s subsequent development of VAL-083 depending on the development milestones the Company has achieved prior to the termination of the Valent Assignment Agreement. On September 30, 2014, the Company entered into an exchange agreement (the “Valent Exchange Agreement”) with Valent and Del Mar (BC). Pursuant to the Valent Exchange Agreement, Valent exchanged its loan payable in the outstanding amount of $278,530 (including aggregate accrued interest to September 30, 2014 of $28,530), issued to Valent by Del Mar (BC), for 278,530 shares of the Company’s Series A Preferred Stock. The Series A Preferred Stock has a stated value of $1.00 per share (the “Series A Stated Value”) and is not convertible into common stock. The holder of the Series A Preferred Stock is entitled to dividends at the rate of 3% of the Series A Stated Value per year, payable quarterly in arrears. For the three-months ended December 31, 2020 and 2019 respectively, the Company recorded $2,089 related to the dividend paid to Valent while for the six-months ended December 31, 2020 and 2019 respectively, the Company recorded $4,178 related to the dividend. The dividends have been recorded as a direct increase in accumulated deficit. Related party payables At December 31, 2020 there is an aggregate amount of $289,397 (June 30, 2020 - $663,865) payable to the Company’s officers and directors for fees, expenses, and accrued liabilities. |
Loan from National Brain Tumor
Loan from National Brain Tumor Society and National Foundation for Cancer Research | 6 Months Ended |
Dec. 31, 2020 | |
Loans Payable [Abstract] | |
Loan from National Brain Tumor Society and National Foundation for Cancer Research | 6 Loan from National Brain Tumor Society and National Foundation for Cancer Research $ (in thousands) Balance – June 30, 2020 — Funding 500 Financing costs (94 ) Interest expense 16 Amortization of deferred financing costs 51 Balance – December 31, 2020 473 During the six-months ended December 31, 2020, the Company received a loan of $500,000 from National Brain Tumor Society (“NBTS”) and the National Foundation for Cancer Research to support VAL-083's preparation for participation in the Global Coalition for Adaptive Research's (“GCAR”) sponsored trial, Glioblastoma (“GBM”) Adaptive Global Innovative Learning Environment (“GBM AGILE”) study (the “NBTS Loan”). In relation to the NBTS Loan, the Company issued 125,000 share purchase warrants which are exercisable at a price of $1.09 per common share until June 19, 2025 and had been included in deferred financing costs as at June 30, 2020 (“NBTS Warrants”). The NBTS Loan is secured by a promissory note, accrues interest at a rate of 6% per annum and matures on June 19, 2021. The NBTS Warrants were valued at $93,701 using a Black-Scholes valuation with a risk-free interest rate of 0.37%, a term of 5 years, a volatility of 89.82%, and a dividend rate of 0%. The estimated volatility of the Company’s common stock at the date of measurement is based on the historical volatility of the Company. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the instrument at the valuation date. The expected term has been estimated using the remaining life of the warrant. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 7 Stockholders’ equity Preferred stock Series C Preferred stock Series C Preferred Stock Number of shares $ (in thousands) Balance – June 30, 2020 — — Issuance 25,028 18,286 Conversion of Series C Preferred stock to common stock (1,358 ) (988 ) Balance – December 31, 2020 23,670 17,298 In connection with the Merger (note 3), the Company issued 25,028 shares of Series C Convertible Preferred Stock (the “Series C Preferred Stock”) in three separate closings of a private placement (Series C-1, C-2, and C-3) in August, 2020. Each share of Series C Preferred Stock was issued at a purchase price of $1,000 per share and is convertible into shares of common stock based on the respective conversion prices which were determined at the closing of each round of the private placement. Subject to ownership limitations, the owners of the Series C Preferred Stock are entitled to receive dividends, payable in shares of common stock at a rate of 10%, 15%, 20% and 25% of the number of shares of common stock issuable upon conversion of the Series C Preferred Stock, on the 12 th th th th The conversion prices for the Series C-1 Preferred Stock, Series C-2 Preferred Stock and Series C-3 Preferred Stock are $1.16, $1.214 and $1.15, respectively. Based on the conversion prices of the three respective classes of the Series C Preferred Stock, the originally issued 25,028 shares of Series C Preferred Stock were convertible into an aggregate of 21,516,484 shares of common stock. The cumulative dividends to be issued on the 12 th th th th The conversion feature of the Series C Convertible Preferred Stock at the time of issuance was determined to be beneficial on the commitment date. Because the Series C Convertible Preferred Stock was perpetual with no stated maturity date, and the conversions could occur any time from inception, the Company immediately recorded a non-cash deemed dividend of $3.18 million related to the beneficial conversion feature arising from the issuance of Series C Convertible Preferred Stock. This non-cash deemed dividend increased the Company’s net loss attributable to common stockholders and net loss per share. The Series C Preferred Stock shall with respect to distributions of assets and rights upon the occurrence of a liquidation, rank (i) senior to the Company’s common stock and (ii) senior to any other class or series of capital stock of the Company hereafter created which does not expressly rank pari passu with, or senior to, the Series C Preferred Stock. The Series C Preferred Stock shall be pari passu in liquidation to the Company’s Series A and Series B Preferred Stock. The liquidation value of the Series C Preferred Stock at December 31, 2020 is the stated value of $23,670,000. Total gross proceeds from the private placement were $25 million, or approximately $21.6 million in net proceeds after deducting financing costs of $3.4 million with respect to agent commissions and expenses, as well as legal and accounting fees. Of the total financing costs, $84,944 was deferred as of June 30, 2020. In addition, the Company issued warrants to purchase 2,504 shares of Series C Stock to the placement agent (“Series C Agent Warrants”) that are convertible into an aggregate 2,152,701 shares of common stock. A total of 23,670 (June 30, 2020 – Nil) shares of Series C Preferred Stock are outstanding as of December 31, 2020, such that a total of 20,348,764 (June 30, 2020 – Nil) shares of common stock are issuable upon conversion of the Series C Preferred Stock as at December 31, 2020. Converted shares are rounded up to the nearest whole share. Series B Preferred Stock Series B Preferred Stock (in thousands) Number of shares $ Balance – June 30, 2020 649 4,525 Conversion of Series B Preferred stock to common stock (39 ) (268 ) Balance – December 31, 2020 610 4,257 During the year ended June 30, 2016, the Company issued an aggregate of 902,238 shares of Series B Preferred Stock at a purchase price of $8.00 per share. Each share of Series B Preferred Stock is convertible into 0.25 shares of common stock equating to a conversion price of $32.00 (the “Conversion Price”) and will automatically convert to common stock at the earlier of 24 hours following regulatory approval of VAL-083 with a minimum closing bid price of $80.00, or five years from the date of the filing of the Certificate of Designation which was April 29, 2016. Therefore, all of the Series B Preferred stock will convert to common stock on April 29, 2021. The holders of the Series B Preferred Stock are entitled to an annual cumulative, in arrears, dividend at the rate of 9% payable quarterly. The 9% dividend accrues quarterly commencing on the date of issue and is payable quarterly on September 30, December 31, March 31, and June 30 of each year commencing on June 30, 2016. Dividends are payable solely by delivery of shares of common stock, in an amount for each holder equal to the aggregate dividend payable to such holder with respect to the shares of Series B Preferred Stock held by such holder divided by the Conversion Price. The Series B Preferred Stock does not contain any repricing features. Each share of Series B Preferred Stock entitles its holder to vote with the common stock on an as-converted basis. The Series B Preferred Stock shall with respect to distributions of assets and rights upon the occurrence of a liquidation, rank (i) senior to the Company’s common stock and (ii) senior to any other class or series of capital stock of the Company hereafter created which does not expressly rank pari passu with, or senior to, the Series B Preferred Stock. The Series B Preferred Stock shall be pari passu in liquidation to the Company’s Series A and Series C Preferred Stock. The liquidation value of the Series B Preferred Stock at December 31, 2020 is the stated value of $4.9 In addition, the Company and the holders entered into a royalty agreement, pursuant to which the Company will pay the holders of the Series B Preferred Stock, in aggregate, a low, single-digit royalty based on their pro rata ownership of the Series B Preferred Stock on products sold directly by the Company or sold pursuant to a licensing or partnering arrangement (the “Royalty Agreement”). Upon conversion of a holder’s Series B Preferred Stock to common stock, such holder shall no longer receive ongoing royalty payments under the Royalty Agreement but will be entitled to receive any residual royalty payments that have vested. Rights to the royalties shall vest during the first three years following the applicable closing date, in equal thirds to holders of the Series B Preferred Stock on each of the three vesting dates, upon which vesting dates such royalty amounts shall become vested royalties. Pursuant to the Series B Preferred Stock dividend, during the three-months ended December 31, 2020, the Company issued 3,479 (2019 – 3,700) shares of common stock and recognized $4,453 (2019 – $2,552) and during the six-months ended December 31, 2020, the Company issued 7,179 (2019 – 7,400) shares of common stock and recognized $9,633 (2019 – $4,598). These dividends have been recognized as a direct increase in accumulated deficit. A total of 610,238 (June 30, 2020 – 648,613) shares of Series B Preferred Stock are outstanding as of December 31, 2020, such that a total of 152,580 (June 30, 2020 – 162,177) shares of common stock are issuable upon conversion of the Series B Preferred Stock as at December 31, 2020. Converted shares are rounded up to the nearest whole share. Series A Preferred Stock Effective September 30, 2014, the Company filed a Certificate of Designation of Series A Preferred Stock (the “Series A Certificate of Designation”) with the Secretary of State of Nevada. Pursuant to the Series A Certificate of Designation, the Company designated 278,530 shares of preferred stock as Series A Preferred Stock. The shares of Series A Preferred Stock have a stated value of $1.00 per share (the “Series A Stated Value”) and are not convertible into common stock. The holder of the Series A Preferred Stock is entitled to dividends at the rate of 3% of the Series A Stated Value per year, payable quarterly in arrears. Upon any liquidation of the Company, the holder of the Series A Preferred Stock will be entitled to be paid, out of any assets of the Company available for distribution to stockholders, the Series A Stated Value of the shares of Series A Preferred Stock held by such holder, plus any accrued but unpaid dividends thereon, prior to any payments being made with respect to the common stock. The Series A Preferred Stock is held by Valent (note 4). The Series A Preferred Stock shall with respect to distributions of assets and rights upon the occurrence of a liquidation, rank (i) senior to the Company’s common stock, and (ii) senior to any other class or series of capital stock of the Company hereafter created which does not expressly rank pari passu with, or senior to, the Series A Preferred Stock. The Series A Preferred Stock shall be pari passu in liquidation to the Company’s Series B and Series C Preferred Stock. The liquidation value of the Series A Preferred stock at December 31, 2020 and June 30, 2020 was $278,530. There was no change to the Series A Preferred stock for the three or six-months ended December 31, 2020 or 2019. Common stock Stock Issuances Six months ended December 31, 2019 Underwritten public offering On August 16, 2019, the Company closed on the sale of (i) 4,895,000 shares of its common stock, par value $0.001 per share (the “Common Stock”), (ii) pre-funded warrants (“PFW”) to purchase an aggregate of 2,655,000 shares of Common Stock and (iii) common warrants to purchase an aggregate of 7,762,500 shares of Common Stock (“2020 Investor Warrants”), including 800,000 shares of Common Stock and 2020 Investor Warrants to purchase an aggregate of 1,012,500 shares of Common Stock sold pursuant to a partial exercise by the underwriters of the underwriters’ option to purchase additional securities, in the Company’s underwritten public offering (the “Offering”). Each share of Common Stock or PFW, as applicable, was sold together with a 2020 Investor Warrant to purchase one share of Common Stock at a combined effective price to the public of $1.00 per share of Common Stock and accompanying 2020 Investor Warrant. The net proceeds from the Offering, including from the partial exercise of the underwriters’ option to purchase additional securities, were $6,582,966 after deducting underwriting discounts and commissions, and other offering expenses. The 2020 Investor Warrants are exercisable at $1.00 per share until their expiry on August 16, 2024 and the PFW are exercisable at $0.01 per share at any time after August 16, 2019. The Company also issued 377,500 warrants to the underwriters of the Offering. The underwriter warrants are exercisable at $1.15 per share commencing February 10, 2020 until their expiry on August 14, 2022. During the six months ended December 31, 2019, all of the 2,655,000 PFW were exercised at $0.01 per PFW for proceeds of $26,550. Shares issued for services During the six months ended December 31, 2020, the Company issued $nil (2019 – 11,672) shares of common stock for services resulting in the recognition of $nil (2019 – $8,187) in expense. All of the shares issued for services for the three and six-months ended December 31, 2019 have been recognized as research and development expense. 2017 Omnibus Incentive Plan The Company’s Board of Directors has approved adoption of the Company’s 2017 Omnibus Equity Incentive Plan (the “2017 Plan”) that has also been approved by the Company’s stockholders. In addition, the Board of Directors approved a form of Performance Stock Unit Award Agreement to be used in connection with grants of performance stock units (“PSUs”) under the 2017 Plan. Under the 2017 Plan, 6,700,000 shares of Company common stock are currently reserved for issuance, less the number of shares of common stock issued under the Del Mar (BC) 2013 Amended and Restated Stock Option Plan (the “Legacy Plan”) or that are subject to grants of stock options made, or that may be made, under the Legacy Plan. As of December 31, 2020, a total of 142,375 shares of common stock are outstanding under the Legacy Plan and/or are subject to outstanding stock options granted under the Legacy Plan, and a total of 6,344,334 shares of common stock have been issued under the 2017 Plan and/or are subject to outstanding stock options granted under the 2017 Plan leaving 178,291 (after deducting accumulated stock option exercises of 35,000) shares of common stock available at December 31, 2020 for issuance under the 2017 Plan if all such options under the Legacy Plan were exercised. The maximum number of shares of Company common stock with respect to which any one participant may be granted awards during any calendar year is 8% of the Company’s fully diluted shares of common stock on the date of grant (excluding the number of shares of common stock issued under the 2017 Plan and/or the Legacy Plan or subject to outstanding awards granted under the 2017 Plan and/or the Legacy Plan). No award will be granted under the 2017 Plan on, or after, July 7, 2027. During the six-months ended December 31, 2020, a total of 222,584 stock options issued to directors of the Company were amended such that the period to exercise vested stock options from the date of termination of continuous service with the Company was extended from 90 days to one year. Of the total of 222,584, 66,850 had their expiry increased from September 26, 2020 to June 26, 2021 and 155,734 had their expiry increased from November 19, 2020 to August 19, 2021. As a result of the amendments, a total of $8,569 stock-based compensation expense has been recognized. In addition, 250,000 stock options previously granted to an officer of the Company were amended such that the vesting of the stock options was changed from a completely contingent vesting to a time-based vesting such that 1/6 th During the six-months ended December 31, 2020, a total of 4,758,687 stock options were granted to executive officers and directors of the Company. Of these, 4,698,687 have an exercise price of $1.70 per share and 60,000 have an exercise price of $1.355 per share. Of the total granted, 4,278,687 stock options vest as to 1/6 on the six-month anniversary of the grant date with the remaining portion vesting in equal monthly installments over a period of 30 months commencing on the seven-month anniversary of the grant date. Of the total stock options granted to executive officers and directors, 480,000 vest in 12 equal monthly installments beginning on October 15, 2020. All of the stock options granted have a 10-year term and are subject to cancellation upon the grantees’ termination of service for the Company, with certain exceptions. Stock Options The following table sets forth changes in stock options outstanding under all plans: Number of stock options outstanding (in thousands) Weighted average exercise price Balance – June 30, 2020 1,559 4.61 Granted 4,999 1.68 Exercised (35 ) 0.61 Expired (22 ) 41.44 Forfeited (14 ) 1.42 Balance – December 31, 2020 6,487 2.26 The following table summarizes stock options outstanding and exercisable under all plans at December 31, 2020: Exercise price $ Number Outstanding at December 31, 2020 (in thousands) Weighted average remaining contractual life (years) Number exercisable at December 31, 2020 (in thousands) 0.61 975 8.68 853 0.74 250 8.86 — 1.36 300 9.73 — 1.70 4,699 9.71 120 6.10 30 7.85 27 7.00 3 7.48 3 8.70 12 6.84 12 9.83 83 7.39 72 10.60 4 7.28 3 11.70 30 2.16 30 15.70 3 1.42 3 20.00 9 1.08 9 21.10 14 6.52 14 29.60 5 4.09 5 37.60 5 5.11 5 41.00 4 5.86 4 42.00 33 2.62 33 44.80 3 5.11 3 49.50 13 6.13 13 53.20 8 5.35 8 61.60 1 2.25 1 92.00 3 2.42 3 6,487 1,221 Included in the number of stock options outstanding are 2,500 stock options granted at an exercise price of CA$20.00. The exercise price of these options shown in the above table have been converted to US$15.70 using the period ending closing exchange rate. Stock options granted during the six months ended December 31, 2020 have been valued using a Black-Scholes pricing model with the following assumptions: December 31, 2020 Dividend rate — % Volatility 121% to 153 % Risk-free rate 0.19% to 0.42 % Term – years 0.4 to 5.8 The estimated volatility of the Company’s common stock at the date of issuance of the stock options is based on the historical volatility of the Company. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the stock options at the valuation date. The expected life of the stock options has been estimated using the plain vanilla method. The Company has recognized the following amounts as stock option expense for the periods noted (in thousands): Three months ended December 31, Six months ended December 31, 2020 $ 2019 $ 2020 $ 2019 $ Research and development 572 24 663 32 General and administrative 1,553 136 1,867 179 2,125 160 2,530 211 All of the stock option expense for the periods ended December 31, 2020 and 2019 has been recognized as additional paid in capital. The aggregate intrinsic value of stock options outstanding at December 31, 2020 was $789,343 (2019 - $39,198) and the aggregate intrinsic value of stock options exercisable at December 31, 2020 was $571,657 (2019 - $7,472). As of December 31, 2020, there was $5.7 million in unrecognized compensation expense that will be recognized over the next 2.75 years. The following table sets forth changes in unvested stock options under all plans: Number of Options (in thousands) Weighted average exercise price $ Unvested at June 30, 2020 858 0.98 Granted 4,999 1.68 Vested (577 ) 1.09 Forfeited (14 ) 1.42 Unvested at December 31, 2020 5,266 1.63 The aggregate intrinsic value of unvested stock options at December 31, 2020 was $217,686 (2019 - $31,726). The unvested stock options have a remaining weighted average contractual term of 9.64 (2019 – 9.52) years. Common Stock Warrants The following table sets forth changes in outstanding common stock warrants: Number of Warrants (in thousands) Weighted average exercise price $ Balance – June 30, 2020 10,309 2.71 Issuance of Adgero Warrants 2,314 3.18 Exercise of warrants (i) (1,180 ) 1.00 Warrants issued for services (ii) 380 1.53 Expiry of warrants (iii) (113 ) 30.00 Balance – December 31, 2020 11,710 2.67 i) A total of 1,179,707 2020 Investor Warrants were exercised at $1.00 per share. ii) Warrants issued for services are exercisable at various prices and expire at the various dates noted in the table below. i ii ) The warrant expiries include the The following table summarizes the Company’s outstanding common stock warrants as of December 31, 2020: Description of warrants Number (in thousands) Exercise price $ Expiry date 2020 Investor warrants 6,558 1.00 August 16, 2024 2019 Investor warrants 760 3.10 June 5, 2024 2019 Investor warrants 280 12.50 September 22, 2022 2017 Investor warrants 208 35.00 April 19, 2022 NBTS Warrants 125 1.09 June 19, 2025 (i) Warrants issued for services 13 30.00 February 1, 2021 Warrants issued for services 6 17.80 January 25, 2023 Warrants issued for services 34 11.70 February 27, 2023 Warrants issued for services 14 9.00 September 15, 2023 and October 11, 2023 Warrants issued for services 280 0.75 November 18, 2023 Warrants issued for services 250 0.64 January 20, 2024 Warrants issued for services 330 1.49 September 22, 2023 Warrants issued for services 50 1.82 November 13, 2023 2020 Underwriter Warrants 377 1.15 August 14, 2022 2019 Agent warrants 47 3.88 June 3, 2024 2018 Agent warrants 40 12.50 September 20, 2022 2017 Agent warrants 14 40.60 April 12, 2022 2016 Agent warrants 10 40.00 May 12, 2021 Adgero Warrants 1,206 3.18 April 8, 2021 Adgero Warrants 353 3.18 August 31, 2021 Adgero Warrants 755 3.18 January 17, 2022 11,710 (i) NBTS Warrants were issued in connection with respect to the NBTS Loan (note 5). Series C Preferred Stock Warrants In connection with the Series C Preferred Stock private placement, the Company issued 2,504 Series C Agent Warrants. The Series C Agent Warrants have an exercise price of $1,000 per share, provide for a cashless exercise feature, and are exercisable for a period of four years from August 19, 2020. The Series C Preferred Stock issuable upon exercise of the Series C Agent Warrants is convertible into shares of common stock in the same manner as each respective underlying series of outstanding Series C Preferred Stock, and will be entitled to the same dividend rights as each respective series. The Series C Agent Warrants were valued at a total of approximately $3.3 million using a binomial pricing model with a risk-free interest rate of 0.27%, a term of 4.0 years, and a volatility of 95.2% to 95.8%. The estimated volatility of the Company’s common stock at the date of measurement is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on rates published by the government for bonds with a maturity similar to the expected remaining life of the instrument at the valuation date. The expected term has been estimated using the contractual term of the warrant. The following table sets forth changes in outstanding Series C Agent Warrants: Number of Warrants Conversion price $ Balance – June 30, 2020 — Issuance of Preferred Series C-1 Agent Warrants 1,959 1.16 Issuance of Preferred Series C-2 Agent Warrants 219 1.21 Issuance of Preferred Series C-3 Agent Warrants 326 1.15 Balance – December 31, 2020 2,504 The following table summarizes the Company’s outstanding Series C Agent Warrants as of December 31, 2020: Series C Agent Warrants Number Conversion price $ Number of conversion shares (in thousands) Cumulative common stock dividends (in thousands) Series 1 1,959 1.16 1,689 1,182 Series 2 219 1.21 180 126 Series 3 326 1.15 283 198 2,504 2,152 1,506 |
Supplementary Statement of Cash
Supplementary Statement of Cash Flows Information | 6 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplementary statement of cash flows information | 8 Supplementary statement of cash flows information The Company incurred the following non-cash investing and financing transactions (in thousands): Six months ended December 31, 2020 Six months ended December 31, 2019 Series B Preferred Stock common stock dividend (note 7) 9 5 Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 7) 3,181 — Non-cash issue costs (note 7) 3,287 — Issue costs in accounts payable (note 7) 40 — Income taxes paid — — Interest paid — — |
Financial instruments
Financial instruments | 6 Months Ended |
Dec. 31, 2020 | |
Investments All Other Investments [Abstract] | |
Financial Instruments | 9 Financial instruments The Company has financial instruments that are measured at fair value. To determine the fair value, the Company uses the fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use to value an asset or liability and are developed based on market data obtained from independent sources. Unobservable inputs are inputs based on assumptions about the factors market participants would use to value an asset or liability. The three levels of inputs that may be used to measure fair value are as follows: • Level one - inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level two - inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals; and • Level three - unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. As at December 31, 2020, the Company’s milestone payment liability was measured using level 3 inputs (note 3). December 31, 2020 Liability Level 1 Level 2 Level 3 Milestone payment liability — — 177 The Company’s financial instruments consist of cash and cash equivalents, other receivables, accounts payable, related party payables and loan payable. The carrying values of cash and cash equivalents, other receivables, accounts payable and related party payables approximate their fair values due to the immediate or short-term maturity of these financial instruments. The fair value of the loan payable is equal to its principal and accrued interest of $516,027 as at December 31, 2020. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent events | 10 Subsequent events Warrants Subsequent to December 31, 2020, 2,276,814 Series C Preferred Stock Subsequent to December 31, 2020, 1,515 shares of Series C-1 Preferred Stock were converted into 1,306,041 shares of common stock, 912 shares of Series C-2 Preferred Stock were converted into 751,239 shares of common stock, and 150 shares of Series C-3 Preferred Stock were converted into 130,436 shares of common stock. Series B Preferred Stock Subsequent to December 31, 2020, 6,250 shares of Series B Preferred Stock were converted into 1,563 shares of common stock. Stock options Subsequent to December 31, 2020, 33,750 The Company has evaluated its subsequent events from December 31, 2020 through the date these condensed consolidated interim financial statements were issued and has determined that there are no subsequent events requiring disclosure in these condensed consolidated interim financial statements other than the items noted below. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The condensed consolidated interim financial statements of the Company have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and are presented in United States dollars. The functional currency of the Company and each of its subsidiaries is the United States dollar. The accompanying condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries, Adgero, Adgero Bio, Del Mar BC, Callco, and Exchangeco. All intercompany balances and transactions have been eliminated in consolidation. The principal accounting policies applied in the preparation of these condensed consolidated interim financial statements are set out below and have been consistently applied to all periods presented. Certain prior period balances have been reclassified to conform with the current period’s presentation. |
Unaudited Interim Financial Data Policy | Unaudited interim financial data The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited financial statements of the Company as at June 30, 2020 included in our Form 10-K. In the opinion of management, the unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation. The results for three and six-months ended December 31, 2020 are not necessarily indicative of the results to be expected for the fiscal year ending June 30, 2021, or for any other future annual or interim period. |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets, and contingent liabilities as at the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the fair value of the milestone payment liability, the valuation of equity instruments issued for services, and clinical trial accruals. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements. |
Loss Per Share | Loss per share Income or loss per share is calculated based on the weighted average number of common shares outstanding. For the three and six-month periods ended December 31, 2020 and 2019 diluted loss per share does not differ from basic loss per share since the effect of the Company’s warrants, stock options, and convertible preferred shares is anti-dilutive. As of December 31, 2020, potential common shares of 11,709,568 (2019 – 9,963,596) related to outstanding common share warrants, 2,152,701 (2019 – nil) related to outstanding Series C preferred stock warrants, 6,486,709 (2019 – 778,750) related to stock options, 152,580 (2019 – 162,177) relating to outstanding Series B convertible preferred shares, and 20,348,764 (2019 – nil) relating to outstanding Series C convertible preferred shares were excluded from the calculation of net loss per common share. |
Acquired In-process Research And Development Expense | Acquired in-process research and development expense The Company acquired in-process research and development assets in connection with its Merger with Adgero. As the acquired in-process research and development assets were deemed to have no current or alternative future use, an expense of $16.1 million was recognized in the condensed consolidated interim statements of operations for the six-month period ended December 31, 2020. |
Property, Plant and Equipment, Policy | Property and equipment Property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over its estimated useful life of five years. Depreciation expense is recognized from the date the equipment is put into use. |
Recent Accounting Pronouncements | Recent accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that are adopted by the Company as of the specified effective date. Not yet adopted Accounting Standards Update (“ASU”) 2020-06 — Debt - Debt with conversion and other options (subtopic 470-20) and derivatives and hedging – contracts in entity’s own equity (subtopic 815-40): accounting for convertible instruments and contracts in an entity’s own equity The amendments in this update are intended to simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. For public business entities that are not smaller reporting companies, the ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. For all other entities, the effective date is for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The guidance may be early adopted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company has not yet evaluated the impact of adoption of this ASU on its condensed consolidated interim financial statements and related disclosures. ASU 2020-10 — Codification Improvements The amendments in this update remove references to various FASB Concepts Statements, situates all disclosure guidance in the appropriate disclosure section of the Codification, and makes other improvements and technical corrections to the Codification. The amendments in Sections B and C of this amendment are effective for annual periods beginning after December 15, 2020, for public business entities. For all other entities, the amendments are effective for annual periods beginning after December 15, 2021, and interim periods within annual periods beginning after December 15, 2022. The Company has not yet evaluated the impact of adoption of this ASU on its condensed consolidated interim financial statements and related disclosures. During the six-months ended December 31, 2020, other than ASUs 2020-06 and 2020-10, there have been no new, or existing recently issued, accounting pronouncements that are of significance, or potential significance, that impact the Company’s condensed consolidated interim financial statements. |
Merger (Tables)
Merger (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Consideration Transferred Stockholders, Recognized Identified Assets Acquired and Liabilities Assumed Under Merger | The following summarizes total consideration transferred to the Adgero stockholders under the Merger as well as the assets acquired and liabilities assumed under the Merger: $ (in thousands) Consideration: Common stock 15,328 Warrants 630 Success fee shares 766 16,724 Net assets acquired: Cash (969 ) Other current assets (11 ) Property and equipment (175 ) Accounts payable and accrued liabilities 337 Milestone payment liability 188 In-process research and development 16,094 |
Schedule of Milestone Payment Liability | As at December 31, 2020, the Company has reviewed its estimates with respect to the planned timing of completion of the respective milestones and adjusted the liability accordingly. $ (in thousands) Balance – June 30, 2020 — Addition 188 Change in fair value estimate (11 ) Balance – December 31, 2020 177 |
Loan from National Brain Tumo_2
Loan from National Brain Tumor Society and National Foundation for Cancer Research (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Loans Payable [Abstract] | |
Summary of Loan | $ (in thousands) Balance – June 30, 2020 — Funding 500 Financing costs (94 ) Interest expense 16 Amortization of deferred financing costs 51 Balance – December 31, 2020 473 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Class Of Stock [Line Items] | |
Schedule of Stock Option Expense | Three months ended December 31, Six months ended December 31, 2020 $ 2019 $ 2020 $ 2019 $ Research and development 572 24 663 32 General and administrative 1,553 136 1,867 179 2,125 160 2,530 211 |
Schedule of Unvested Stock Options | Number of Options (in thousands) Weighted average exercise price $ Unvested at June 30, 2020 858 0.98 Granted 4,999 1.68 Vested (577 ) 1.09 Forfeited (14 ) 1.42 Unvested at December 31, 2020 5,266 1.63 |
Schedule of Warrants | Number of Warrants (in thousands) Weighted average exercise price $ Balance – June 30, 2020 10,309 2.71 Issuance of Adgero Warrants 2,314 3.18 Exercise of warrants (i) (1,180 ) 1.00 Warrants issued for services (ii) 380 1.53 Expiry of warrants (iii) (113 ) 30.00 Balance – December 31, 2020 11,710 2.67 i) A total of 1,179,707 2020 Investor Warrants were exercised at $1.00 per share. ii) Warrants issued for services are exercisable at various prices and expire at the various dates noted in the table below. i ii ) The warrant expiries include the |
Schedule of Changes in Outstanding Warrants | Description of warrants Number (in thousands) Exercise price $ Expiry date 2020 Investor warrants 6,558 1.00 August 16, 2024 2019 Investor warrants 760 3.10 June 5, 2024 2019 Investor warrants 280 12.50 September 22, 2022 2017 Investor warrants 208 35.00 April 19, 2022 NBTS Warrants 125 1.09 June 19, 2025 (i) Warrants issued for services 13 30.00 February 1, 2021 Warrants issued for services 6 17.80 January 25, 2023 Warrants issued for services 34 11.70 February 27, 2023 Warrants issued for services 14 9.00 September 15, 2023 and October 11, 2023 Warrants issued for services 280 0.75 November 18, 2023 Warrants issued for services 250 0.64 January 20, 2024 Warrants issued for services 330 1.49 September 22, 2023 Warrants issued for services 50 1.82 November 13, 2023 2020 Underwriter Warrants 377 1.15 August 14, 2022 2019 Agent warrants 47 3.88 June 3, 2024 2018 Agent warrants 40 12.50 September 20, 2022 2017 Agent warrants 14 40.60 April 12, 2022 2016 Agent warrants 10 40.00 May 12, 2021 Adgero Warrants 1,206 3.18 April 8, 2021 Adgero Warrants 353 3.18 August 31, 2021 Adgero Warrants 755 3.18 January 17, 2022 11,710 (i) NBTS Warrants were issued in connection with respect to the NBTS Loan (note 5). |
Series C Warrants [Member] | |
Class Of Stock [Line Items] | |
Schedule of Changes in Outstanding Warrants | Series C Agent Warrants Number Conversion price $ Number of conversion shares (in thousands) Cumulative common stock dividends (in thousands) Series 1 1,959 1.16 1,689 1,182 Series 2 219 1.21 180 126 Series 3 326 1.15 283 198 2,504 2,152 1,506 |
Schedule of Conversion of Series C Preferred Stock to Series C Warrants | Number of Warrants Conversion price $ Balance – June 30, 2020 — Issuance of Preferred Series C-1 Agent Warrants 1,959 1.16 Issuance of Preferred Series C-2 Agent Warrants 219 1.21 Issuance of Preferred Series C-3 Agent Warrants 326 1.15 Balance – December 31, 2020 2,504 |
Stock options [Member] | |
Class Of Stock [Line Items] | |
Schedule of Outstanding Under the Legacy Plan | Number of stock options outstanding (in thousands) Weighted average exercise price Balance – June 30, 2020 1,559 4.61 Granted 4,999 1.68 Exercised (35 ) 0.61 Expired (22 ) 41.44 Forfeited (14 ) 1.42 Balance – December 31, 2020 6,487 2.26 |
Summary of Stock Options Currently Outstanding and Exercisable | Exercise price $ Number Outstanding at December 31, 2020 (in thousands) Weighted average remaining contractual life (years) Number exercisable at December 31, 2020 (in thousands) 0.61 975 8.68 853 0.74 250 8.86 — 1.36 300 9.73 — 1.70 4,699 9.71 120 6.10 30 7.85 27 7.00 3 7.48 3 8.70 12 6.84 12 9.83 83 7.39 72 10.60 4 7.28 3 11.70 30 2.16 30 15.70 3 1.42 3 20.00 9 1.08 9 21.10 14 6.52 14 29.60 5 4.09 5 37.60 5 5.11 5 41.00 4 5.86 4 42.00 33 2.62 33 44.80 3 5.11 3 49.50 13 6.13 13 53.20 8 5.35 8 61.60 1 2.25 1 92.00 3 2.42 3 6,487 1,221 |
Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model | December 31, 2020 Dividend rate — % Volatility 121% to 153 % Risk-free rate 0.19% to 0.42 % Term – years 0.4 to 5.8 |
Performance stock units [Member] | |
Class Of Stock [Line Items] | |
Schedule of Issuance of Series C Preferred Stock | Series C Preferred Stock Number of shares $ (in thousands) Balance – June 30, 2020 — — Issuance 25,028 18,286 Conversion of Series C Preferred stock to common stock (1,358 ) (988 ) Balance – December 31, 2020 23,670 17,298 |
Schedule of Conversion of Series B Preferred Stock to Common Stock | Series B Preferred Stock (in thousands) Number of shares $ Balance – June 30, 2020 649 4,525 Conversion of Series B Preferred stock to common stock (39 ) (268 ) Balance – December 31, 2020 610 4,257 |
Supplementary Statement of Ca_2
Supplementary Statement of Cash Flows Information (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplementary Statement of Cash Flows Information | The Company incurred the following non-cash investing and financing transactions (in thousands): Six months ended December 31, 2020 Six months ended December 31, 2019 Series B Preferred Stock common stock dividend (note 7) 9 5 Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance (note 7) 3,181 — Non-cash issue costs (note 7) 3,287 — Issue costs in accounts payable (note 7) 40 — Income taxes paid — — Interest paid — — |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Investments All Other Investments [Abstract] | |
Schedule of Assets and Liabilities Classified , Changes in the Observability of Valuation Inputs Measured using Level 3 Inputs | As at December 31, 2020, the Company’s milestone payment liability was measured using level 3 inputs (note 3). December 31, 2020 Liability Level 1 Level 2 Level 3 Milestone payment liability — — 177 |
Nature of Operations, Corpora_2
Nature of Operations, Corporate History, and Going Concern and Management Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 19, 2020 | Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.0001 | $ 0.001 | ||
Conversion of convertible common stock | 1.5740 shares | |||||
Nature of operations, corporate history, and going concern (Textual) | ||||||
Net loss | $ (5,413) | $ (1,740) | $ (24,931) | $ (3,346) | ||
Negative cash flow from operations | (9,541) | $ (3,977) | ||||
Cash and cash equivalents | 17,158 | 17,158 | $ 2,392 | |||
Accumulated deficit | $ (97,846) | $ (97,846) | $ (69,721) | |||
Substantial Doubt about Companys Ability to Continues Going Concern Period | 1 year |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
In-process research and development | $ 16,094 | |
Property and equipment estimated useful life | five years | |
Series C Preferred Share Warrants [Member] | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 2,152,701 | 0 |
Series B Convertible Preferred Shares [Member] | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 152,580 | 162,177 |
Series C Convertible Preferred Shares [Member] | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 20,348,764 | 0 |
Stock options [Member] | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 6,486,709 | 778,750 |
Warrant [Member] | ||
Anti-dilutive warrants, stock options, performance stock units, and convertible preferred shares related to outstanding | 11,709,568 | 9,963,596 |
Merger - Additional Information
Merger - Additional Information (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2020USD ($)Milestone$ / sharesshares | Jun. 30, 2020USD ($) | Aug. 19, 2020$ / shares | |
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||
Legal fee | $ 1,550 | $ 1,100 | |
Cash or equivalent to common stock | 300,000 | ||
Contingent amounts payable to St. Cloud | 240,000 | ||
Cash paid to employees | $ 60,000 | ||
Number of milestone | Milestone | 2 | ||
Merger Agreement [Member] | |||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||
Stock purchase warrants | shares | 2,313,904 | ||
Warrants exercisable price | $ / shares | $ 3.18 | ||
Interest rate | 0.21% | ||
Weighted average remaining term | 1 year | ||
Volatility rate | 115.96% | ||
Dividend rate | 0.00% | ||
Merger success fee share price | $ / shares | $ 1.34 | ||
Merger Agreement [Member] | Common stock | |||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||
Number of shares issued | shares | 11,439,013 | ||
Merger Agreement [Member] | Common stock | Private Placement [Member] | |||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||
Merger success fee | shares | 571,951 | ||
REM-001 Therapy [Member] | |||
Business Acquisition Equity Interests Issued Or Issuable [Line Items] | |||
Cash or equivalent to common stock | $ 700,000 | ||
Contingent amounts payable to St. Cloud | 560,000 | ||
Cash paid to employees | $ 140,000 | ||
Discount rate | 79.00% |
Merger - Schedule of Considerat
Merger - Schedule of Consideration Transferred Stockholders, Recognized Identified Assets Acquired and Liabilities Assumed Under Merger (Details) - Merger Agreement [Member] $ in Thousands | 6 Months Ended |
Dec. 31, 2020USD ($) | |
Consideration: | |
Consideration | $ 16,724 |
Cash | (969) |
Other current assets | (11) |
Property and equipment | (175) |
Accounts payable and accrued liabilities | 337 |
Milestone payment liability | 188 |
In-process research and development | 16,094 |
Warrant [Member] | |
Consideration: | |
Consideration | 630 |
Common stock | |
Consideration: | |
Consideration | 15,328 |
Success Fee Shares [Member] | |
Consideration: | |
Consideration | $ 766 |
Merger - Schedule of Milestone
Merger - Schedule of Milestone Payment Liability (Details) $ in Thousands | 6 Months Ended |
Dec. 31, 2020USD ($) | |
Business Combinations [Abstract] | |
Addition | $ 188 |
Change in fair value estimate | (11) |
Balance – December 31, 2020 | $ 177 |
Clinical Trial Deposit - Additi
Clinical Trial Deposit - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Other Liabilities [Abstract] | ||
Patient enrollment milestones, payments | $ 750,000 | $ 1,250,000 |
Deposits payments | $ 2,600,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | |
Loan payable, net of deferred loan costs | $ 473,000 | $ 473,000 | ||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Dividend payable | $ 4,000 | $ 4,000 | ||||
Related party payables | $ 289,397 | $ 289,397 | $ 663,865 | |||
Preferred Stock Series A | ||||||
Preferred Stock, shares issued | 279,000 | 279,000 | 279,000 | |||
Preferred stock, rate of dividend | 3.00% | |||||
Valent Technologies LLC [Member] | ||||||
Loan payable, net of deferred loan costs | $ 278,530 | |||||
Aggregate accrued interest | $ 28,530 | |||||
Dividend payable | $ 2,089 | $ 2,089 | $ 4,178 | $ 4,178 | ||
Valent Technologies LLC [Member] | Preferred Stock Series A | ||||||
Preferred Stock, shares issued | 278,530 | |||||
Preferred stock, par value | $ 1 |
Loan from National Brain Tumo_3
Loan from National Brain Tumor Society and National Foundation for Cancer Research - Summary of Loan (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Guarantee Obligations [Line Items] | ||
Interest expense | $ 8 | $ 16 |
Amortization of deferred loan costs | 25 | 51 |
N B T S and N F C R [Member] | ||
Guarantee Obligations [Line Items] | ||
Funding | 500 | |
Financing costs | (94) | |
Interest expense | 16 | |
Amortization of deferred loan costs | 51 | |
Ending Balance | $ 473 | $ 473 |
Loan from National Brain Tumo_4
Loan from National Brain Tumor Society and National Foundation for Cancer Research - Additional information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Guarantee Obligations [Line Items] | ||
Warrants exercised for cash | $ 1,180 | $ 27 |
Warrant [Member] | ||
Guarantee Obligations [Line Items] | ||
Warrants exercise price | $ 30 | |
National Brain Tumor Society and National Foundation for Cancer Research [Member] | ||
Guarantee Obligations [Line Items] | ||
Loan received | $ 500,000 | |
National Brain Tumor Society [Member] | Warrant [Member] | ||
Guarantee Obligations [Line Items] | ||
Warrants issued | 125,000 | |
Warrants exercise price | $ 1.09 | |
Warrants exercised for cash | $ 93,701 | |
Risk-free interest rate | 0.37% | |
Volatility Rate | 89.82% | |
Expected Term | 5 years | |
Dividend Rate | 0.00% | |
National Brain Tumor Society [Member] | Promissory Note | ||
Guarantee Obligations [Line Items] | ||
Accrued interest rate | 6.00% | |
Debt, maturity date | Jun. 19, 2021 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Warrants (Parenthetical) (Detail) - Warrant [Member] | 6 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Warrants exercise price | $ 30 |
2020 Investor Warrant [Member] | |
Investor warrants exercised | shares | 1,179,707 |
Warrants exercise price | $ 1 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Issuance of Series C Preferred Stock (Detail) - Preferred Stock Series C $ in Thousands | 6 Months Ended |
Dec. 31, 2020USD ($)shares | |
Class Of Stock [Line Items] | |
Issuance | $ | $ 18,286 |
Issuance, shares | shares | 25,028 |
Conversion of Series C Preferred stockto common stock | $ | $ (988) |
Conversion of series C preferred stock to common stock, shares | shares | (1,358) |
Ending Balance | $ | $ 17,298 |
Ending Balance, shares | shares | 23,670 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Aug. 16, 2019USD ($)$ / sharesshares | Sep. 30, 2014$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2020shares | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2019USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Aug. 19, 2021shares | Jun. 26, 2021shares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2016$ / sharesshares | Aug. 14, 2020shares |
Class Of Stock [Line Items] | |||||||||||||
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance | $ | $ 3,181,000 | ||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
Underwritten public offering, description | the Company closed on the sale of (i) 4,895,000 shares of its common stock, par value $0.001 per share (the “Common Stock”), (ii) pre-funded warrants (“PFW”) to purchase an aggregate of 2,655,000 shares of Common Stock and (iii) common warrants to purchase an aggregate of 7,762,500 shares of Common Stock (“2020 Investor Warrants”), including 800,000 shares of Common Stock and 2020 Investor Warrants to purchase an aggregate of 1,012,500 shares of Common Stock sold pursuant to a partial exercise by the underwriters of the underwriters’ option to purchase additional securities, in the Company’s underwritten public offering (the “Offering”). Each share of Common Stock or PFW, as applicable, was sold together with a 2020 Investor Warrant to purchase one share of Common Stock at a combined effective price to the public of $1.00 per share of Common Stock and accompanying 2020 Investor Warrant. | ||||||||||||
Common stock, shares issued | 25,868,000 | 25,868,000 | 11,458,000 | ||||||||||
Warrants exercised for cash | $ | $ 1,180,000 | $ 27,000 | |||||||||||
Shares issued for services | $ | $ 3,000 | $ 5,000 | |||||||||||
Accumulated stock option exercises | 35,000 | ||||||||||||
Number of options granted | 4,999,000 | ||||||||||||
Total compensation expense | $ | $ 2,125,000 | 160,000 | $ 2,530,000 | 211,000 | |||||||||
Stock options exercisable | 1,221 | 1,221 | |||||||||||
Accelerated vested of stock option | 279,675 | ||||||||||||
Accelerated expense | $ | $ 53,455,000 | ||||||||||||
Stock option exercise price | $ / shares | $ 0.61 | $ 0.61 | |||||||||||
Number of stock options outstanding | 6,487 | 6,487 | |||||||||||
Stock options [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Aggregate intrinsic value of stock options outstanding | $ | $ 789,343 | 39,198 | $ 789,343 | 39,198 | |||||||||
Aggregate intrinsic value of stock options exercisable | $ | 571,657 | $ 7,472 | 571,657 | 7,472 | |||||||||
Unrecognized compensation expense | $ | $ 5,700 | $ 5,700 | |||||||||||
Unrecognized compensation expense, term | 2 years 9 months | ||||||||||||
Aggregate intrinsic value of unvested stock options | $ | $ 217,686 | $ 31,726 | |||||||||||
Weighted average contractual term | 9 years 7 months 20 days | 9 years 6 months 7 days | |||||||||||
2017 Omnibus Incentive Plan [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Number of shares available under the plan | 6,700,000 | ||||||||||||
Common stock, shares outstanding | 142,375 | 142,375 | |||||||||||
Common stock, shares issued | $ | $ 6,344,334,000 | ||||||||||||
Common stock issued under the 2017 Plan | 178,291 | ||||||||||||
Percentage of fully diluted shares of common stock | 8.00% | ||||||||||||
Number of options granted | 222,584 | 155,734 | 66,850 | ||||||||||
Previous grants during the period | 250,000 | ||||||||||||
Stock options [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Accumulated stock option exercises | 35 | ||||||||||||
Number of options granted | 4,999,000 | ||||||||||||
Stock option exercise price | $ / shares | $ 0.61 | ||||||||||||
Number of options forfeited | 14,000 | ||||||||||||
Number of stock options outstanding | 6,487,000 | 6,487,000 | 1,559,000 | ||||||||||
Stock options [Member] | CA$ $20.00 Exercise Price | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock option exercise price | $ / shares | $ 15.70 | $ 15.70 | |||||||||||
Number of stock options outstanding | 2,500 | 2,500 | |||||||||||
Common stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Series B preferred stock dividend, shares | 3,000 | 4,000 | 4,000 | 4,000 | |||||||||
Conversion of Series B preferred stock to common stock, shares | 10,000 | 6,000 | |||||||||||
Issued warrants to underwriters | 4,895,000 | ||||||||||||
Warrants exercise price | $ / shares | $ 0.001 | ||||||||||||
Shares issued for services, shares | 5,000 | 7,000 | 0 | 11,672 | |||||||||
Shares issued for services | $ | $ 0 | $ 8,187 | |||||||||||
Pre-Funded Warrants | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issued warrants to underwriters | 2,655,000 | ||||||||||||
Warrants exercise price | $ / shares | $ 0.01 | $ 0.01 | |||||||||||
Issued warrants to underwriters | 2,655,000 | 2,655,000 | |||||||||||
Warrants exercised for cash | $ | $ 26,550,000 | ||||||||||||
2020 Investor Warrant [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Issued warrants to underwriters | 7,762,500 | ||||||||||||
Common stock, shares issued | 800,000 | ||||||||||||
Warrants To Purchase Common Stock1 | 1,012,500 | ||||||||||||
Underwriting discounts and commissions amount | $ | $ 6,582,966,000 | ||||||||||||
Expiry date | Aug. 16, 2024 | ||||||||||||
Placement Agent | Series C Agent Warrants [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Fair value disclosure | $ | $ 3,300,000 | $ 3,300,000 | |||||||||||
Warrants outstanding, term | 4 years | 4 years | |||||||||||
Director | 2017 Omnibus Incentive Plan [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Total compensation expense | $ | $ 319,376,000 | ||||||||||||
Subject to Stockholder Approval | 2017 Omnibus Incentive Plan [Member] | Group Two | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock options exercisable | 250,000 | 250,000 | |||||||||||
Executive Officers and Directors | 2017 Omnibus Incentive Plan [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Number of options granted | 4,758,687,000 | ||||||||||||
Number of options expected to vest | 4,278,687,000 | 4,278,687,000 | |||||||||||
Stock option vesting description | Of the total granted, 4,278,687 stock options vest as to 1/6 on the six-month anniversary of the grant date with the remaining portion vesting in equal monthly installments over a period of 30 months commencing on the seven-month anniversary of the grant date. Of the total stock options granted to executive officers and directors, 480,000 vest in 12 equal monthly installments beginning on October 15, 2020. All of the stock options granted have a 10-year term and are subject to cancellation upon the grantees’ termination of service for the Company, with certain exceptions | ||||||||||||
Stock option term | 10 years | ||||||||||||
Executive Officers and Directors | 2017 Omnibus Incentive Plan [Member] | Exercise Price of 1.70 | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Number of options granted | 4,698,687,000 | ||||||||||||
Stock option exercise price | $ / shares | $ 1.70 | ||||||||||||
Executive Officers and Directors | 2017 Omnibus Incentive Plan [Member] | Exercise Price of 1.355 | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Stock option exercise price | $ / shares | $ 1.355 | ||||||||||||
Number of options forfeited | 60,000,000 | ||||||||||||
Minimum | Director | 2017 Omnibus Incentive Plan [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Exercise period | 90 days | ||||||||||||
Maximum | Director | 2017 Omnibus Incentive Plan [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Exercise period | 1 year | ||||||||||||
Measurement Input, Risk Free Interest Rate | Placement Agent | Series C Agent Warrants [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants outstanding, measurement input | 0.27 | 0.27 | |||||||||||
Measurement Input, Price Volatility | Minimum | Placement Agent | Series C Agent Warrants [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants outstanding, measurement input | 95.2 | 95.2 | |||||||||||
Measurement Input, Price Volatility | Maximum | Placement Agent | Series C Agent Warrants [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants outstanding, measurement input | 95.8 | 95.8 | |||||||||||
Preferred Stock Series C | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Shares issued of common stock for services | 25,028 | ||||||||||||
Issuance, shares | 25,028 | ||||||||||||
Conversion of common stock, shares issued | 21,516,484 | ||||||||||||
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance | $ | $ 3,180,000 | ||||||||||||
Liquidation value | $ | $ 23,670,000 | $ 23,670,000 | |||||||||||
Deferred financing costs | $ | $ 84,944 | ||||||||||||
Preferred stock, shares outstanding | 23,670 | 23,670 | 0 | ||||||||||
Conversion of Series C preferred stock to common stock shares | 20,348,764 | 20,348,764 | 0 | ||||||||||
Preferred Stock, shares issued | 24,000 | 24,000 | 0 | ||||||||||
Preferred Stock Series C | Placement Agent | Series C Agent Warrants [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion of common stock, shares issued | 2,152,701 | ||||||||||||
Shares issued of common stock for services | 2,504 | ||||||||||||
Series C-1 Preferred Shares [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion price | $ / shares | $ 1.16 | $ 1.16 | |||||||||||
Series C-2 Preferred Shares [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion price | $ / shares | 1.214 | 1.214 | |||||||||||
Series C-3 Preferred Shares [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion price | $ / shares | $ 1.15 | $ 1.15 | |||||||||||
Preferred Stock Series B | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Conversion price | $ / shares | $ 32 | ||||||||||||
Liquidation value | $ | $ 4,900,000 | $ 4,900,000 | $ 5,200,000 | ||||||||||
Shares issued of common stock for services | 902,238 | ||||||||||||
Preferred stock, shares outstanding | 610,238 | 610,238 | 648,613 | ||||||||||
Conversion of Series C preferred stock to common stock shares | 0.25 | ||||||||||||
Purchase price of shares | $ / shares | $ 8 | ||||||||||||
Bid price | $ / shares | $ 80 | ||||||||||||
Final closing date | 5 years | ||||||||||||
Conversion of preferred stock to common stock date | Apr. 29, 2021 | ||||||||||||
Preferred stock, rate of dividend | 9.00% | ||||||||||||
Direct increase in accumulated deficit | $ | $ 4,453 | $ 2,552 | $ 9,633 | $ 4,598 | |||||||||
Conversion of Series B preferred stock to common stock, shares | 152,580 | 162,177 | |||||||||||
Preferred Stock, shares issued | 610,000 | 610,000 | 649,000 | ||||||||||
Common stock | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Series B preferred stock dividend, shares | 3,479 | 3,700 | 7,179 | 7,400 | |||||||||
Preferred Stock Series A | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Liquidation value | $ | $ 278,530 | $ 278,530 | $ 278,530 | ||||||||||
Preferred stock, shares outstanding | 279,000 | 279,000 | 279,000 | ||||||||||
Preferred stock, rate of dividend | 3.00% | ||||||||||||
Preferred Stock, shares issued | 279,000 | 279,000 | 279,000 | ||||||||||
Change in preferred stock | $ | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Preferred Stock Series A | Exchange Agreement [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Preferred stock, rate of dividend | 3.00% | ||||||||||||
Preferred Stock, shares issued | 278,530 | ||||||||||||
Preferred stock, par value | $ / shares | $ 1 | ||||||||||||
Private Placement [Member] | Preferred Stock Series C | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Shares issued of common stock for services | 25,028 | ||||||||||||
Issuance, shares | 25,028 | ||||||||||||
Cumulative dividends | $ | $ 15,061,952 | $ 15,061,952 | |||||||||||
Total gross proceeds | $ | 25,000,000 | ||||||||||||
Net proceeds from private placement | $ | 21,600,000 | ||||||||||||
Deferred financing costs | $ | $ 3,400,000 | ||||||||||||
Private Placement [Member] | Series C Preferred Stock Warrants | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Shares issued of common stock for services | 2,504 | ||||||||||||
Shares issued, price per share | $ / shares | $ 1,000 | $ 1,000 | |||||||||||
Issuance, shares | 2,504 | ||||||||||||
Underwriting Offering | 2020 Investor Warrant [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Warrants exercise price | $ / shares | $ 1.15 | ||||||||||||
Expiry date | Aug. 14, 2022 | ||||||||||||
Issued warrants to underwriters | 377,500,000 | ||||||||||||
Underwriter warrants commencing date | Feb. 10, 2020 | ||||||||||||
Merger Agreement [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Dividend rate | 0.00% | ||||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Shares issued of common stock for services | 25,028 | ||||||||||||
Shares issued, price per share | $ / shares | $ 1,000 | $ 1,000 | |||||||||||
Issuance, shares | 25,028 | ||||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | First Anniversary [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Dividend rate | 10.00% | ||||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | Second Anniversary [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Dividend rate | 15.00% | ||||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | Third Anniversary [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Dividend rate | 20.00% | ||||||||||||
Merger Agreement [Member] | Private Placement [Member] | Preferred Stock Series C | Fourth Anniversary [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Dividend rate | 25.00% |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Conversion of Series B Preferred Stock to Common Stock (Detail) $ in Thousands | 6 Months Ended |
Dec. 31, 2020USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance | $ 263 |
Ending Balance | $ 17,585 |
Preferred Stock Series B | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, shares | shares | 649 |
Conversion of Series B Preferred stock to common stock, shares | shares | (39) |
Ending Balance, shares | shares | 610 |
Beginning Balance | $ 4,525 |
Conversion of Series B Preferred stock to common stock | (268) |
Ending Balance | $ 4,257 |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Outstanding Under the Legacy Plan (Detail) | 6 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance | |
Granted | 4,999,000 |
Exercised | (35,000) |
Ending balance | 6,487 |
Stock options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance | 1,559,000 |
Granted | 4,999,000 |
Exercised | (35) |
Expired | (22) |
Forfeited | (14,000) |
Ending balance | 6,487,000 |
Beginning balance | $ / shares | $ 4.61 |
Granted | $ / shares | 1.68 |
Stock option exercise price | $ / shares | 0.61 |
Expired | $ / shares | 41.44 |
Forfeited | $ / shares | 1.42 |
Ending balance | $ / shares | $ 2.26 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Stock Options Outstanding and Exercisable (Detail) | 6 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of stock options outstanding | 6,487 |
Stock options exercisable | 1,221 |
Exercise Price One [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 0.61 |
Number of stock options outstanding | 975 |
Weighted average remaining contractual life (years) | 8 years 8 months 4 days |
Stock options exercisable | 853 |
Exercise Price Two [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 0.74 |
Number of stock options outstanding | 250 |
Weighted average remaining contractual life (years) | 8 years 10 months 9 days |
Exercise Price Three [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 1.36 |
Number of stock options outstanding | 300 |
Weighted average remaining contractual life (years) | 9 years 8 months 23 days |
Exercise Price Four [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 1.70 |
Number of stock options outstanding | 4,699 |
Weighted average remaining contractual life (years) | 9 years 8 months 15 days |
Stock options exercisable | 120 |
Exercise Price Five [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 6.10 |
Number of stock options outstanding | 30 |
Weighted average remaining contractual life (years) | 7 years 10 months 6 days |
Stock options exercisable | 27 |
Exercise Price Six [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 7 |
Number of stock options outstanding | 3 |
Weighted average remaining contractual life (years) | 7 years 5 months 23 days |
Stock options exercisable | 3 |
Exercise Price Seven [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 8.70 |
Number of stock options outstanding | 12 |
Weighted average remaining contractual life (years) | 6 years 10 months 2 days |
Stock options exercisable | 12 |
Exercise Price Eight [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 9.83 |
Number of stock options outstanding | 83 |
Weighted average remaining contractual life (years) | 7 years 4 months 20 days |
Stock options exercisable | 72 |
Exercise Price Nine [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 10.60 |
Number of stock options outstanding | 4 |
Weighted average remaining contractual life (years) | 7 years 3 months 10 days |
Stock options exercisable | 3 |
Exercise Price Ten [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 11.70 |
Number of stock options outstanding | 30 |
Weighted average remaining contractual life (years) | 2 years 1 month 28 days |
Stock options exercisable | 30 |
Exercise Price Eleven [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 15.70 |
Number of stock options outstanding | 3 |
Weighted average remaining contractual life (years) | 1 year 5 months 1 day |
Stock options exercisable | 3 |
Exercise Price Twelve [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 20 |
Number of stock options outstanding | 9 |
Weighted average remaining contractual life (years) | 1 year 29 days |
Stock options exercisable | 9 |
Exercise Price Thirteen [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 21.10 |
Number of stock options outstanding | 14 |
Weighted average remaining contractual life (years) | 6 years 6 months 7 days |
Stock options exercisable | 14 |
Exercise Price Fourteen [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 29.60 |
Number of stock options outstanding | 5 |
Weighted average remaining contractual life (years) | 4 years 1 month 2 days |
Stock options exercisable | 5 |
Exercise Price Fifteen [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 37.60 |
Number of stock options outstanding | 5 |
Weighted average remaining contractual life (years) | 5 years 1 month 9 days |
Stock options exercisable | 5 |
Exercise Price Sixteen [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 41 |
Number of stock options outstanding | 4 |
Weighted average remaining contractual life (years) | 5 years 10 months 9 days |
Stock options exercisable | 4 |
Exercise Price Seventeen [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 42 |
Number of stock options outstanding | 33 |
Weighted average remaining contractual life (years) | 2 years 7 months 13 days |
Stock options exercisable | 33 |
Exercise Price Eighteen [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 44.80 |
Number of stock options outstanding | 3 |
Weighted average remaining contractual life (years) | 5 years 1 month 9 days |
Stock options exercisable | 3 |
Exercise Price Nineteen [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 49.50 |
Number of stock options outstanding | 13 |
Weighted average remaining contractual life (years) | 6 years 1 month 17 days |
Stock options exercisable | 13 |
Exercise Price Twenty [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 53.20 |
Number of stock options outstanding | 8 |
Weighted average remaining contractual life (years) | 5 years 4 months 6 days |
Stock options exercisable | 8 |
Exercise Price Twenty One [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 61.60 |
Number of stock options outstanding | 1 |
Weighted average remaining contractual life (years) | 2 years 3 months |
Stock options exercisable | 1 |
Exercise Price Twenty Two [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercisable price | $ / shares | $ 92 |
Number of stock options outstanding | 3 |
Weighted average remaining contractual life (years) | 2 years 5 months 1 day |
Stock options exercisable | 3 |
Stockholders' Equity - Schedu_5
Stockholders' Equity - Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model (Detail) - Stock options [Member] | 6 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Volatility | 121.00% |
Risk-free rate | 0.19% |
Term - years | 4 months 24 days |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Volatility | 153.00% |
Risk-free rate | 0.42% |
Term - years | 5 years 9 months 18 days |
Stockholders' Equity - Schedu_6
Stockholders' Equity - Schedule of Stock Option Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total compensation expense | $ 2,125 | $ 160 | $ 2,530 | $ 211 |
Research and Development [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total compensation expense | 572 | 24 | 663 | 32 |
General and Administrative [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total compensation expense | $ 1,553 | $ 136 | $ 1,867 | $ 179 |
Stockholders' Equity - Schedu_7
Stockholders' Equity - Schedule of Unvested Stock Options (Detail) | 6 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Equity [Abstract] | |
Beginning balance | shares | 858,000 |
Granted | shares | 4,999,000 |
Vested | shares | (577,000) |
Forfeited | shares | (14,000) |
Ending balance | shares | 5,266,000 |
Beginning balance | $ / shares | $ 0.98 |
Granted | $ / shares | 1.68 |
Vested | $ / shares | 1.09 |
Forfeited | $ / shares | 1.42 |
Ending balance | $ / shares | $ 1.63 |
Stockholders' Equity - Schedu_8
Stockholders' Equity - Schedule of Warrants (Detail) - Common Stock Warrants [Member] | 6 Months Ended | |
Dec. 31, 2020$ / sharesshares | ||
Balance – June 30, 2020 | shares | 10,309,000 | |
Issuance of Adgero Warrants | shares | 2,314,000 | |
Exercise of warrants | shares | (1,180,000) | [1] |
Warrants issued for services | shares | 380,000 | [2] |
Expiry of warrants | shares | (113,000) | [3] |
Balance – December 31, 2020 | shares | 11,710,000 | |
Beginning balance | $ / shares | $ 2.71 | |
Issuance of Adgero Warrants | $ / shares | 3.18 | |
Stock option exercise price | $ / shares | 1 | [1] |
Warrants issued for services | $ / shares | 1.53 | [2] |
Expired | $ / shares | 30 | [3] |
Ending balance | $ / shares | $ 2.67 | |
[1] | A total of 1,179,707 2020 Investor Warrants were exercised at $1.00 per share. | |
[2] | Warrants issued for services are exercisable at various prices and expire at the various dates noted in the table below. | |
[3] | The warrant expiries include the 2015 Investor Warrants, the 2015 Agent Warrants, and certain warrants issued for services. All of the expired warrants were exercisable at $30 per share. |
Stockholders' Equity - Schedu_9
Stockholders' Equity - Schedule of Outstanding Warrants (Detail) - Warrant [Member] | 6 Months Ended | |
Dec. 31, 2020$ / sharesshares | ||
Issued warrants to underwriters | shares | 11,710,000 | |
Warrants exercise price | $ / shares | $ 30 | |
Issued For Services One [Member] | ||
Issued warrants to underwriters | shares | 13,000 | |
Warrants exercise price | $ / shares | $ 30 | |
Expiry date | Feb. 1, 2021 | |
Issued For Services Two [Member] | ||
Issued warrants to underwriters | shares | 6,000 | |
Warrants exercise price | $ / shares | $ 17.80 | |
Expiry date | Jan. 25, 2023 | |
Issued For Services Three [Member] | ||
Issued warrants to underwriters | shares | 34,000 | |
Warrants exercise price | $ / shares | $ 11.70 | |
Expiry date | Feb. 27, 2023 | |
Issued For Services Four [Member] | ||
Issued warrants to underwriters | shares | 14,000 | |
Warrants exercise price | $ / shares | $ 9 | |
Issued For Services Four [Member] | Minimum | ||
Expiry date | Sep. 15, 2023 | |
Issued For Services Four [Member] | Maximum | ||
Expiry date | Oct. 11, 2023 | |
Issued For Services Five [Member] | ||
Issued warrants to underwriters | shares | 280,000 | |
Warrants exercise price | $ / shares | $ 0.75 | |
Expiry date | Nov. 18, 2023 | |
Issued For Services Six [Member] | ||
Issued warrants to underwriters | shares | 250,000 | |
Warrants exercise price | $ / shares | $ 0.64 | |
Expiry date | Jan. 20, 2024 | |
Issued For Services Seven [Member] | ||
Issued warrants to underwriters | shares | 330,000 | |
Warrants exercise price | $ / shares | $ 1.49 | |
Expiry date | Sep. 22, 2023 | |
Issued For Services Eight [Member] | ||
Issued warrants to underwriters | shares | 50,000 | |
Warrants exercise price | $ / shares | $ 1.82 | |
Expiry date | Nov. 13, 2023 | |
Investor One [Member] | ||
Issued warrants to underwriters | shares | 6,558,000 | |
Warrants exercise price | $ / shares | $ 1 | |
Expiry date | Aug. 16, 2024 | |
InvestorTwo [Member] | ||
Issued warrants to underwriters | shares | 760,000 | |
Warrants exercise price | $ / shares | $ 3.10 | |
Expiry date | Jun. 5, 2024 | |
InvestorThree [Member] | ||
Issued warrants to underwriters | shares | 280,000 | |
Warrants exercise price | $ / shares | $ 12.50 | |
Expiry date | Sep. 22, 2022 | |
Investor Four | ||
Issued warrants to underwriters | shares | 208,000 | |
Warrants exercise price | $ / shares | $ 35 | |
Expiry date | Apr. 19, 2022 | |
NBTS [Member] | ||
Issued warrants to underwriters | shares | 125,000 | |
Warrants exercise price | $ / shares | $ 1.09 | |
Expiry date | Jun. 19, 2025 | [1] |
Underwriting Offering [Member] | ||
Issued warrants to underwriters | shares | 377,000 | |
Warrants exercise price | $ / shares | $ 1.15 | |
Expiry date | Aug. 14, 2022 | |
Agent [Member] | ||
Issued warrants to underwriters | shares | 47,000 | |
Warrants exercise price | $ / shares | $ 3.88 | |
Expiry date | Jun. 3, 2024 | |
Agent One [Member] | ||
Issued warrants to underwriters | shares | 40,000 | |
Warrants exercise price | $ / shares | $ 12.50 | |
Expiry date | Sep. 20, 2022 | |
Agent Two [Member] | ||
Issued warrants to underwriters | shares | 14,000 | |
Warrants exercise price | $ / shares | $ 40.60 | |
Expiry date | Apr. 12, 2022 | |
Agent Three [Member] | ||
Issued warrants to underwriters | shares | 10,000 | |
Warrants exercise price | $ / shares | $ 40 | |
Expiry date | May 12, 2021 | |
Agent Four [Member] | ||
Issued warrants to underwriters | shares | 1,206,000 | |
Warrants exercise price | $ / shares | $ 3.18 | |
Expiry date | Apr. 8, 2021 | |
Adgero Warrants One | ||
Issued warrants to underwriters | shares | 353,000 | |
Warrants exercise price | $ / shares | $ 3.18 | |
Expiry date | Aug. 31, 2021 | |
Adgero Warrants Two | ||
Issued warrants to underwriters | shares | 755,000 | |
Warrants exercise price | $ / shares | $ 3.18 | |
Expiry date | Jan. 17, 2022 | |
[1] | NBTS Warrants were issued in connection with respect to the NBTS Loan (note 5). |
Stockholders' Equity - Sched_10
Stockholders' Equity - Schedule of Outstanding Series C Preferred Stock Warrants (Detail) - Series C Warrants [Member] | Dec. 31, 2020$ / sharesshares |
Issued warrants to underwriters | 2,504 |
Issuance of Preferred Series C-1 Agent Warrants [Member] | |
Issued warrants to underwriters | 1,959 |
Warrants exercise price | $ / shares | $ 1.16 |
Issuance of Preferred Series C-2 Agent Warrants [Member] | |
Issued warrants to underwriters | 219 |
Warrants exercise price | $ / shares | $ 1.21 |
Issuance of Preferred Series C-3 Agent Warrants [Member] | |
Issued warrants to underwriters | 326 |
Warrants exercise price | $ / shares | $ 1.15 |
Stockholders' Equity - Sched_11
Stockholders' Equity - Schedule of Outstanding Series C Agent Warrants (Detail) - Series C Warrants [Member] | 6 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Issued warrants to underwriters | 2,504 |
Number of conversion shares | 2,152,000 |
Cumulative common stock dividends | 1,506,000 |
Series 1 Warrants Outstanding | |
Issued warrants to underwriters | 1,959 |
Warrants exercise price | $ / shares | $ 1.16 |
Number of conversion shares | 1,689,000 |
Cumulative common stock dividends | 1,182,000 |
Series 2 Warrants Outstanding Member | |
Issued warrants to underwriters | 219 |
Warrants exercise price | $ / shares | $ 1.21 |
Number of conversion shares | 180,000 |
Cumulative common stock dividends | 126,000 |
Series 3 Warrants Outstanding | |
Issued warrants to underwriters | 326 |
Warrants exercise price | $ / shares | $ 1.15 |
Number of conversion shares | 283,000 |
Cumulative common stock dividends | 198,000 |
Supplementary Statement of Ca_3
Supplementary Statement of Cash Flows Information - Schedule of Supplementary Statement of Cash Flows Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Series B Preferred stock dividend | $ 4 | $ 3 | $ 9 | $ 5 |
Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance | 3,181 | |||
Non-cash issue costs (note 7) | 3,287 | |||
Issue costs in accounts payable (note 7) | $ 40 |
Financial instruments -Schedule
Financial instruments -Schedule of Assets and Liabilities Classified , Changes in the Observability of Valuation Inputs Measured using Level 3 Inputs (Details) $ in Thousands | 6 Months Ended |
Dec. 31, 2020USD ($) | |
Level 3 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Milestone payment liability | $ 177 |
Financial Instruments (Details)
Financial Instruments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Investments All Other Investments [Abstract] | |
Loans Payable, Fair Value Disclosure | $ 516,027 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 16, 2019 | |
Subsequent Event [Line Items] | ||||||
Warrants exercised for cash | $ 1,180,000 | $ 27,000 | ||||
Accumulated stock option exercises | 35,000 | |||||
Stock options exercised for cash | $ 21,000 | |||||
Stock options [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Accumulated stock option exercises | 35 | |||||
Stock option exercise price | $ 0.61 | |||||
Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Warrants exercise price | $ 0.001 | |||||
Exercise of warrants for cash, shares | 186,000 | 993,000 | ||||
Conversion of Series C preferred stock to common stock, shares | 1,168,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Warrants issued | 2,276,814 | |||||
Warrants exercise price | $ 1 | |||||
Warrants exercised for cash | $ 2,276,814 | |||||
Exercise of warrants for cash, shares | 471,283 | |||||
Number of common shares called by warrants exercise | 257,979 | |||||
Class of warrants or rights issued during period | 100,000 | |||||
Warrants exercise price | $ 1.47 | |||||
Class of warrants or rights issued during period | 12,500 | |||||
Warrants exercise price expired | $ 30 | |||||
Subsequent Event [Member] | Stock options [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Accumulated stock option exercises | 33,750 | |||||
Stock option exercise price | $ 0.61 | |||||
Stock options exercised for cash | $ 20,588,000 | |||||
Subsequent Event [Member] | Series C-1 Preferred Shares [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 1,515 | |||||
Subsequent Event [Member] | Series C-1 Preferred Shares [Member] | Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 1,306,041 | |||||
Subsequent Event [Member] | Series C-2 Preferred Shares [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 912 | |||||
Subsequent Event [Member] | Series C-2 Preferred Shares [Member] | Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 751,239 | |||||
Subsequent Event [Member] | Series C-3 Preferred Shares [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 150 | |||||
Subsequent Event [Member] | Series C-3 Preferred Shares [Member] | Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of Series C preferred stock to common stock, shares | 130,436 | |||||
Subsequent Event [Member] | Series B Preferred Shares [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of preferred stock to common stock, share | 6,250 | |||||
Subsequent Event [Member] | Series B Preferred Shares [Member] | Common stock | ||||||
Subsequent Event [Line Items] | ||||||
Conversion of preferred stock to common stock, share | 1,563 |