Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | AVITA MEDICAL, INC. | |
Entity Central Index Key | 0001762303 | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Security Exchange Name | NASDAQ | |
Trading Symbol | RCEL | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Entity Interactive Data Current | Yes | |
Entity Address, State or Province | CA | |
Entity Incorporation, State or Country Code | DE | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 24,925,118 | |
Entity File Number | 001-39059 | |
Entity Tax Identification Number | 85-1021707 | |
Entity Address, Address Line One | 28159 Avenue Stanford | |
Entity Address, Address Line Two | Suite 220 | |
Entity Address, City or Town | Valencia | |
Entity Address, Postal Zip Code | 91355 | |
City Area Code | (661) | |
Local Phone Number | 367-9170 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 60,484,000 | $ 110,746,000 |
Marketable securities | 29,703,000 | |
Accounts receivable, net | 3,118,000 | 3,467,000 |
BARDA receivables | 603,000 | 3,936,000 |
Prepaids and other current assets | 1,129,000 | 1,333,000 |
Restricted cash | 201,000 | 201,000 |
Inventory | 1,892,000 | 1,647,000 |
Total current assets | 97,130,000 | 121,330,000 |
Marketable securities, long-term | 19,801,000 | |
Plant and equipment, net | 1,357,000 | 1,458,000 |
Operating lease right-of-use assets | 1,710,000 | 1,480,000 |
Intangible assets, net | 472,000 | 472,000 |
Other long-term assets | 703,000 | 761,000 |
Total assets | 121,173,000 | 125,501,000 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable and accrued liabilities | 2,439,000 | 3,120,000 |
Accrued wages and fringe benefits | 3,663,000 | 3,321,000 |
Other current liabilities | 951,000 | 949,000 |
Total current liabilities | 7,053,000 | 7,390,000 |
Contract liabilities | 1,018,000 | 1,075,000 |
Operating lease liabilities, long-term | 1,107,000 | 878,000 |
Other long-term liabilities | 503,000 | 503,000 |
Total liabilities | 9,681,000 | 9,846,000 |
Contingencies (Note 12) | ||
Shareholders' Equity: | ||
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 24,925,118 and 24,895,864 shares issued and outstanding at September 30, 2021 and June 30, 2021, respectively | 3,000 | 3,000 |
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at September 30, 2021 and June 30, 2021 | ||
Additional paid-in capital | 330,734,000 | 328,889,000 |
Accumulated other comprehensive income | 8,199,000 | 8,259,000 |
Accumulated deficit | (227,444,000) | (221,496,000) |
Total shareholders' equity | 111,492,000 | 115,655,000 |
Total liabilities and shareholders' equity | $ 121,173,000 | $ 125,501,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 200,000,000 | 200,000,000 |
Common stock shares issued | 24,925,118 | 24,895,864 |
Common stock shares outstanding | 24,925,118 | 24,895,864 |
Preferred stock par value | $ 0.0001 | $ 0.0001 |
Preferred stock shares authorized | 10,000,000 | 10,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Income Statement [Abstract] | |||
Revenues | $ 7,020 | $ 5,060 | |
Cost of sales | (1,088) | (929) | |
Gross profit | 5,932 | 4,131 | |
BARDA income | 374 | 596 | |
Operating expenses: | |||
Sales and marketing expenses | [1] | (3,518) | (3,265) |
General and administrative expenses | [1] | (5,349) | (8,302) |
Research and development expenses | [1] | (3,388) | (3,374) |
Total operating expenses | (12,255) | (14,941) | |
Operating loss | (5,949) | (10,214) | |
Interest expense | (9) | (7) | |
Other income | 16 | 4 | |
Loss before income taxes | (5,942) | (10,217) | |
Income tax expense | (6) | (10) | |
Net loss | $ (5,948) | $ (10,227) | |
Net loss per common share: | |||
Basic | $ (0.24) | $ (0.48) | |
Diluted | $ (0.24) | $ (0.48) | |
Weighted-average common shares: | |||
Basic | 24,905,403 | 21,503,643 | |
Diluted | 24,905,403 | 21,503,643 | |
[1] | Refer to Note 2 for information about a reclassification of share-based compensation expense |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (5,948) | $ (10,227) |
Other comprehensive income gain/(loss): | ||
Foreign currency translation gain/(loss) | (50) | 48 |
Net unrealized loss on marketable securities, net of tax | (10) | |
Comprehensive loss | $ (6,008) | $ (10,179) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Gain (Loss) | Accumulated Deficit |
Beginning Balance at Jun. 30, 2020 | $ 72,401 | $ 3 | $ 259,165 | $ 8,146 | $ (194,913) |
Beginning balance, shares at Jun. 30, 2020 | 21,467,912 | ||||
Net loss | (10,227) | (10,227) | |||
Share-based compensation | 3,266 | 3,266 | |||
Exercise of stock options, shares | 3,538 | ||||
Vesting of restricted stock units, shares | 151,837 | ||||
Translation gain | 48 | 48 | |||
Ending Balance at Sep. 30, 2020 | 65,488 | $ 3 | 262,431 | 8,194 | (205,140) |
Ending Balance, shares at Sep. 30, 2020 | 21,623,287 | ||||
Beginning Balance at Jun. 30, 2021 | 115,655 | $ 3 | 328,889 | 8,259 | (221,496) |
Beginning balance, shares at Jun. 30, 2021 | 24,895,864 | ||||
Net loss | (5,948) | (5,948) | |||
Share-based compensation | 1,842 | 1,842 | |||
Exercise of stock options | $ 3 | 3 | |||
Exercise of stock options, shares | 500 | 500 | |||
Vesting of restricted stock units, shares | 28,754 | ||||
Translation gain | $ (50) | ||||
Other comprehensive loss | (60) | (60) | |||
Ending Balance at Sep. 30, 2021 | $ 111,492 | $ 3 | $ 330,734 | $ 8,199 | $ (227,444) |
Ending Balance, shares at Sep. 30, 2021 | 24,925,118 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flow from operating activities: | ||
Net loss | $ (5,948) | $ (10,227) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 174 | 211 |
Share-based compensation | 1,842 | 3,266 |
Non-cash lease expense | 162 | 131 |
Patent impairment loss | 19 | |
Remeasurement and foreign currency transaction loss | (27) | 80 |
Excess and obsolete inventory related charges | 46 | (77) |
Contract cost amortization | 82 | |
Provision for doubtful accounts | 3 | |
Amortization of premium of marketable securities | 36 | |
Changes in operating assets and liabilities: | ||
Trade and other receivables | 345 | (283) |
BARDA receivables | 3,333 | (15) |
Prepaids and other current assets | 203 | (65) |
Inventory | (293) | (453) |
Operating lease liability | (166) | (127) |
Other long-term assets | (24) | (54) |
Accounts payable and accrued expenses | (655) | (860) |
Accrued wages and fringe benefits | 347 | 765 |
Other current liabilities | 6 | (5) |
Contract liabilities | (57) | |
Net cash used in operations | (572) | (7,713) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (49,550) | |
Cash paid for property and equipment | (67) | (209) |
Cash paid for patent filing fees | (21) | (87) |
Net cash used in investing activities | (49,638) | (296) |
Cash flow from financing activities: | ||
Principal repayment of finance lease | (4) | |
Proceeds from exercise of stock options | 3 | |
Net cash provided/(used) by financing activities | 3 | (4) |
Effect of foreign exchange rate on cash and restricted cash | (55) | 127 |
Net decrease in cash and cash equivalents and restricted cash | (50,262) | (7,886) |
Cash and cash equivalents and restricted cash beginning of the period | 110,947 | 73,840 |
Cash and cash equivalents and restricted cash end of the period | 60,685 | 65,954 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for income taxes | 28 | 42 |
Cash paid for interest | 9 | 1 |
Plant and equipment purchases not yet paid | $ 27 | $ 50 |
The Company
The Company | 3 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company | 1. The Company Nature of the Business The AVITA group of companies (comprising AVITA Medical, Inc. (“ AVITA Company AVITA Medical AVITA Group we us our ® ™ FDA PMA IDEs In March 2020, the World Health Organization declared the outbreak of a novel strain of the coronavirus (“ COVID-19 Redomiciliation On June 29, 2020, a statutory scheme of arrangement under Australian law to effect a redomiciliation of the AVITA Group from Australia to the United States of America was implemented (the “ Redomiciliation Pursuant to the Redomiciliation, all ordinary shares in AVITA Medical, the former parent company of the AVITA Group, were exchanged for shares of common stock in the Company. As a result, the Company became the sole shareholder of AVITA Medical and the new parent company of the AVITA Group. In conjunction with the Redomiciliation, an implicit consolidation or reverse split on a 1 for 100 basis was implemented whereby shareholders of AVITA Medical received one share of common stock in the Company for every 100 shares held in AVITA Medical. Under the Redomiciliation, eligible shareholders in AVITA Medical received consideration in the form of: • five CDIs in the Company for every 100 ordinary shares • one share of common stock in the Company for every 5 ADSs in AVITA Medical that were held by them The Company’s CDIs are quoted on the ASX under AVITA Medical’s previous ASX ticker code, “AVH”. The Company’s shares of common stock are quoted on NASDAQ under AVITA Medical’s previous NASDAQ ticker code, “RCEL”. One share of common stock on NASDAQ is equivalent to five CDIs on the ASX. As a result of the ‘implicit consolidation’ that occurred under the Redomiciliation, the number of shares of common stock on issue in the Company (as set out in the consolidated financial statements) is less than the number of ordinary shares issued and outstanding in AVITA Medical that was previously set out in the consolidated financial statements of AVITA Medical. All common stock amounts included in these financial statements have been retroactively reduced by a factor of one hundred and all per share amounts have been increased by a factor of one hundred, with the exception of the Company’s common stock par value. As a result of the Redomiciliation, the reporting currency of the AVITA Group has changed from the Australian dollar to the U.S. dollar. In accordance with SEC regulation, SX Rule 320 (e), the impact of the change in the reporting currency was included in a component of other comprehensive income (loss). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“ GAAP SEC Annual Report There have been no changes to the Company’s significant accounting policies as described in the annual report on Form 10-K that have had a material impact on the Company’s consolidated financial statements, except for the investment in marketable securities as described below. See the summary of the Company’s significant accounting policies set forth in the notes to its consolidated financial statements included in the Annual Report. Reclassification Certain amounts in the prior period Consolidated Statement of Operations have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported operating expense, loss before taxes, net loss and earnings per share. After the issuance of the consolidated financial statements for the year ended June 30, 2020, and the quarter ended September 30, 2020, the Company concluded that the presentation of share-based compensation should be reclassified to the functional expense line items consistent with cash compensation in accordance with SAB Topic 14. The Company has determined that such change in presentation of prior period amounts in the Statement of Operations is not material to the consolidated financial statements. The Company reclassified share-based compensation expense of $3.3 million for the three months ended September 30, 2020 to sales and marketing expense of $330,000, general and administrative expense of $2.8 million and research and development expenses of $170,000. Quarter-ended September 30, 2020 (in thousands) As previously reported Amount reclassified As Reported Sales and marketing expense $ (2,935 ) $ (330 ) $ (3,265 ) General and administrative expense (5,536 ) (2,766 ) (8,302 ) Research and development expense (3,204 ) (170 ) (3,374 ) Share-based compensation (3,266 ) 3,266 - Total operating expenses (14,941 ) - (14,941 ) Operating loss (10,214 ) - (10,214 ) Loss before income taxes (10,217 ) - (10,217 ) Net Loss (10,227 ) - (10,227 ) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated on consolidation. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts (including doubtful accounts, carrying value of long-lived asset, the useful lives of long-lived assets, inventory obsolescence, accounting for income taxes, stock-based compensation and the stand-alone selling price for the BARDA contract) and related disclosures. Estimates have been prepared on the basis of the current and available information. However, actual results could differ from estimated amounts. Foreign Currency Translation and Foreign Currency Transactions The financial position and results of operations of the Company’s operating non-U.S. subsidiaries are generally determined using the respective local currency as the functional currency of that subsidiary. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive gain (loss) in shareholders’ equity. Gains and losses resulting from foreign currency transactions are included in general and administrative expenses and were a gain of $41,000 and loss of $37,000 for the three months ended September 30, 2021 and 2020, respectively. The Company’s non-operating subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period and nonmonetary assets and liabilities at historical rates. Gains and losses resulting from these remeasurements and foreign currency transactions are included in general and administrative expenses. During the three months ended September 30, 2021 and 2020, the Company recorded losses of $14,000 and $43,000, respectively. Comprehensive Income (Loss) The components of comprehensive income (loss) consist of net income (loss), foreign currency translation adjustments from its subsidiaries not using the U.S. dollar as their functional currency and unrealized gains and losses in investments available for sale. The Company did not have reclassifications from other comprehensive income (loss) to net loss during the quarter ended September 30, 2021. Revenue Recognition Under Topic 606 – Revenue from Contracts with Customers To determine revenue recognition for arrangements that are within the scope of Topic 606, the Company performs the following five steps: 1. Identify the contract with a customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when/as performance obligation(s) are satisfied For an arrangement to be considered a contract, it must be probable that the Company will collect the consideration to which it is entitled for goods or services to be transferred. Once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised with each contract, determines whether those are performance obligations and the related transaction price. The Company then recognizes the sale of goods based on the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied. The Company’s revenue consists primarily of the sale of the RECELL System to hospitals or other treatment centers and to BARDA (collectively, “customers”), predominately in the United States. The Company evaluated the BARDA contract and concluded that a portion of the arrangement, such as the procurement of the RECELL system and the emergency preparedness, represents a transaction with a customer and as such are in the scope of ASC 606. Amounts received from BARDA for the research and development of the Company’s product are classified as BARDA income in the consolidated statement of operations and are accounted for under IAS 20. For further details refer to BARDA Income and Receivables below. Revenues for commercial customers (hospitals and treatment centers) are recognized as control of the product is transferred to customers, at an amount that reflects the consideration expected to be received in exchange for the product. Revenues are recognized net of volume discounts. As such, revenue is recognized only to the extent a significant reversal of revenues is not expected to occur in subsequent periods. For the Company’s contracts that have an original duration of one year or less, the Company elected the practical expedient applicable to such contracts and does not consider the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of each reporting period or when the Company expects to recognize this revenue. The Company has further applied the practical expedient to exclude sales tax in the transaction price and expense contract fulfilment costs such as commissions and shipping and handling expenses as incurred. Volume Discounts — The Company generally provides contracted customers with volume discounts that are explicitly stated in the Company’s customer contracts. The RECELL system is sold with respective volume discounts based on aggregated sales over a 12-month period on a customer-by-customer basis. Revenue from these sales is recognized based on the price specified in the contract, net of estimated volume discounts, and net of any sales tax charged. Goods sold are not eligible for return. The Company has determined such discounts are not distinct from the Company’s sale of products to the customer and, therefore, these payments have been recorded as a reduction of revenue and as a reduction to accounts receivable, net. For revenues related to the BARDA contract within the scope of ASC 606, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units, (ii) emergency preparedness services. Through this contract the Company promises to sell the product through a vendor management inventory arrangement and to stand ready to provide emergency deployment services related to the product. Emergency preparedness services include procuring necessary storage containers, housing, and maintaining the containers (and product), and providing shipping and handling services in the event of an emergency situation. This stand ready obligation is a series of distinct services that are substantially the same and have the same pattern of transfer to the customer, over time as services are consumed. The total transaction price for the portion of the BARDA contract that is within the scope of ASC 606, was determined to be $9.2 million. The transaction price was allocated on a stand-alone selling price basis as follows: $7.6 million to the procurement of the RECELL product, which is classified as revenues when recognized in the consolidated statement of operations and $1.6 million to the emergency deployment services which is classified as revenues when recognized in the consolidated statement of operations. The $1.6 million for emergency deployment includes variable consideration which is deemed immaterial to the contract as a whole. The Company estimated the stand-alone selling price of the procurement of the RECELL product based on historical pricing of the Company’s product at the initial execution of the contract. The Company estimated the stand-alone selling price of the emergency deployment services performed based on the Company’s projected cost of providing the services plus an applicable profit margin as denoted in the contract. The Company’s performance obligations are either satisfied at a point in time or over time as services are provided. Securities and Exchange Commission (SEC) Interpretation, Commission Guidance regarding Accounting for Sale of Vaccines and BioTerror Countermeasures to the Federal Government for Placement into the Pediatric Vaccine Stockpile or the Strategic National Stockpile (SNS). Contract Liabilities The Company receives payments from customers based on contractual terms. Trade receivables are recorded when the right to consideration becomes unconditional. The Company satisfies its performance obligation on product sales when the products are shipped or delivered, depending on the terms of the sale. Payment terms on invoiced amounts are typically 30-90 days, and do not include a financing component. Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer. Cash and Cash Equivalents Consists of cash held at deposit institutions and cash equivalents. Cash equivalents consist of short-term highly liquid investments with original maturities of three months or less from the date of purchase and consist primarily of money market funds. The Company holds cash at deposit institutions in the amount of $2.5 million and $54.2 million of which $318,000 and $273,000 is denominated in foreign currencies in foreign institutions as of September 30, 2021 and June 30, 2021, respectively. As of September 30, 20201 and June 30, 2021, the Company held cash equivalents in the amount of $58 million and $56.5 million, respectively. Restricted Cash Pursuant to a contractual agreement to maintain the business credit card, the Company must maintain restricted cash deposits which amounted to approximately $201,000 and $201,000 as of September 30, 2021 and June 30, 2021, respectively. Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, trade receivables, BARDA receivables and other receivables. As of September 30, 2021 and June 30, 2021, substantially all of the Company’s cash was deposited in accounts at financial institutions, and amounts may exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which its cash is held. As of September 30, 2021 no single commercial customer accounted for more than 10% of total revenues or net accounts receivable. BARDA service revenue for emergency deployment accounted for approximately 1.3% and 0% of total revenues for the three months ended September 30, 2021 and 2020, respectively. BARDA receivables for emergency preparedness services accounted for 14% and 91% of total BARDA receivables as of September 30, 2021 and June 30, 2021, respectively. As of June 30, 2021, no single commercial customer accounted for more than 10% of total revenues or net accounts receivable. See table below for breakdown of BARDA receivables (in thousands). As of September 30, 2021 As of June 30, 2021 BARDA procurement and emergency preparedness services $ 86 $ 3,583 BARDA expense reimbursements 517 353 Total BARDA receivables $ 603 $ 3,936 Marketable Securities We classify all highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. The Company classifies marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date. Classification is determined at the time of purchase and re-evaluated each balance sheet date. We account for our marketable securities as available-for-sale securities. All marketable securities, which consist of corporate debt securities, asset backed securities, U.S treasury and commercial paper are denominated in the U.S. dollars, have been classified as “available for sale”, and are carried at fair value. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders equity until realized. Realized gains and losses on marketable securities are included in interest and other income, net, in the accompanying Consolidated Statements of Operations. The cost of any marketable securities sold is based on the specific identification method. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest on marketable securities is included in other income. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in securities with high credit quality, including U.S. government securities, and the maximum final maturity from the date of purchase is thirty-seven months . If necessary, the Company will recognize an allowance for credit losses on available-for-sale debt securities on an individual basis, and will no longer consider other than-temporary impairment or immediately reduce the cost basis of the investment provided that it is more likely than not that the security will be held to recovery or maturity. Further, the Company will recognize any improvements in estimated credit losses on available-for-sale debt securities immediately in earnings and reduce the existing allowance for credit losses. The Company will disaggregate its available-for-sale debt securities into the following categories: corporate debt, government and agency securities and money market funds. The Company’s corporate bonds are comprised of predominantly high-grade corporate bonds while its government and agency securities are U.S. treasury bonds, and U.S. agency bonds. The Company has analyzed both corporate bonds and government and agency securities and identified that both types of securities have similar risk characteristics in that they are traded infrequently and have contractual interest rates and maturity dates. To evaluate for impairment, management reviews credit rating changes, securities trends, interest rate movements and unrealized loss at the security level of the Company’s available for sale debt securities. If any of these give rise to a potential credit concern, the Company performs a discounted cash flow analysis to determine the credit portion of the impairment. The discounted cash flow analysis will be performed either internally or through the assistance of a qualified third party. Once the credit component of the impairment is determined, the Company will record the impaired amount as an allowance to the available-for-sale debt securities balance and as a charge to other income in the accompanying Consolidated Statements of Operations, not to exceed the amount of the unrealized loss. The Company assesses expected credit losses at the end of each reporting period and adjusts the allowance through other income. BARDA Income and Receivables The AVITA Group was awarded a Biomedical Advance Research and Development Authority (“ BARDA Consideration received under the BARDA arrangement is earned and recognized under a cost-plus-fixed-fee arrangement in which the Company is reimbursed for direct costs incurred plus allowable indirect costs and a fixed-fee earned. Billings under the contracts are based on approved provisional indirect billing rates, which permit recovery of fringe benefits, general and administrative expenses and a fixed fee. The Company has concluded that grants under the BARDA relationship is not within the scope of ASC 606, as it does not meet the definition of a contract with a “customer.” The Company has further concluded that Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition Accounting for Government Grants and Disclosure of Government Assistance, Leases The Company has operating leases for corporate office space, manufacturing and warehouse facility. During the current year the Company does not have any finance leases as they were repaid in the prior year. The Company’s operating leases have remaining lease terms of two year to three years, some of which include options to renew the lease. At contract inception, the Company determines whether the contract is a lease or contains a lease. A contract contains a lease if the Company is both able to identify an asset and can conclude it has the right to control the identified asset for a period of time. Leases with an initial term of twelve months or less are not recorded on the condensed consolidated balance sheet. Right of use (“ ROU IBR required to pay for a collateralized loan over a similar term. The Company’s leases typically do not include any residual value guarantees or asset retirement obligations. The Company’s lease terms are only for periods in which it has enforceable rights. A lease is no longer enforceable when both the lessee and the lessor each have the right to terminate the lease without permission from the other party with no more than an insignificant penalty. The Company has options to renew some of these leases for three years after their expiration. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis. Lease expense is recognized on a straight-line basis over the lease term and is primarily included in general and administrative expenses in the accompanying consolidated statements of operations. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all underlying asset classes. Some leases require variable payments for common area maintenance, property taxes, parking, insurance and other variable costs. The variable portion of lease payments is not included in operating lease assets or liabilities. Variable lease costs are expensed when incurred. Share-based compensation The Company records compensation expense for stock options based on the fair market value of the awards on the date of grant. The fair value of stock-based compensation awards is amortized over the vesting period of the award. Compensation expense for performance-based awards is measured based on the number of shares ultimately expected to vest, estimated at each reporting date based on management’s expectations regarding the relevant performance criteria, if any. The Black-Scholes option pricing model and Monte Carlo Simulation were used to estimate the fair value of the time-based and performance-based options, respectively. Under ASU 2016-09, Compensation – Stock Compensation (“ASC 718”) Improvements to Employee Share-Based Payment Accounting The following assumptions were used in the valuation of stock options. • Expected volatility – determined using the average of the historical volatility using daily intervals over the expected term and the derived volatility using the longest term available of 12 months. • Expected dividends - based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future • Expected term – the expected term of the Company’s stock options for tenure only vesting has been determined utilizing the “simplified” method as described in the SEC’s Staff Accounting Bulletin No. 107 relating to stock-based compensation. The simplified method was chosen because the Company has limited historical option exercise experience due to its short operating history of awards granted, the first plan was established in 2016 and was primarily used for Executives awards. Further, the Company does not have sufficient history of exercises in the U.S. market given the recent redomiciliation to the United States during 2020. The expected term of options with a performance condition was set to the contractual term of 10 years. The contractual term was used options with performance condition were awarded to C-Suite executives and the Company assumes that they will hold them longer than rank and file employees. • Risk-free interest rate – t he risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award. Segment Reporting Operating segments are defined as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. To date, the Company has viewed its operations and manages its business as one segment. |
Accounting Standards Update
Accounting Standards Update | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Changes And Error Corrections [Abstract] | |
Accounting Standards Update | 3. Accounting Standards Update Recent Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes Income Taxes after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted. The Company is currently evaluating the potential impact that the adoption of ASU 2019-12 will have on its consolidated financial statements. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Sep. 30, 2021 | |
Available For Sale Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities The following table summarizes the amortized cost and estimates fair values of debt securities available for sale: September 30, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Carrying Value (in thousands) Cash Equivalents: Money market funds $ 58,038 - - $ 58,038 Current marketable securities: Commercial paper $ 19,577 - - $ 19,577 Corporate debt securities 7,107 1 (2 ) 7,106 Asset-backed securities 3,019 1 - 3,020 Total current marketable securities $ 29,703 2 (2 ) $ 29,703 Long-term marketable securities: Corporate debt securities 1,758 - (2 ) 1,756 U.S Treasury securities 18,053 - (8 ) 18,045 Total Long-term marketable securities $ 19,811 - (10 ) $ 19,801 The maturities of debt securities available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. As of September 30, 2021 Amortized Cost Carrying Value Due in one year or less 29,703 29,703 Due after one year through five years 19,811 19,801 Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $2,000 and an unrealized loss of $12,000 as of September 30, 2021 which resulted in a net unrealized loss of $10,000. During the three months ended September 30, 2021, the Company did not recognize credit losses. For the year ended June 30, 2021, the Company did not have any marketable securities. The Company has accrued interest income of $59,000 as of September 30, 2021, recorded in Prepaids and Other Current Assets. Money market funds were included in the cash and cash equivalents line item. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements The authoritative guidance on fair value measurements establishes a framework with respect to measuring assets and liabilities at fair value on a recurring basis and non-recurring basis. Under the framework, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The framework also establishes a three-tier 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 in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy consists of the following three levels: Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs are unobservable inputs for the asset or liability The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy: As of September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Cash Equivalents Money market funds $ 58,038 $ - $ - $ 58,038 Total cash equivalents 58,038 - - 58,038 Short-term marketable securities Commercial paper - 19,577 - 19,577 Asset-backed securities - 3,020 - 3,020 Corporate debt securities - 7,106 - 7,106 Total short-term marketable securities - 29,703 - 29,703 Long-term investments Corporate debt securities - 1,756 - 1,756 U.S Treasury securities - 18,045 - 18,045 Total long-term marketable securities - 19,801 - 19,801 Total marketable securities and cash equivalents $ 58,038 $ 49,504 $ - $ 107,542 The Company’s Level 1 assets include money market instruments and are valued based upon observable market prices. Level 2 assets consist of commercial paper, asset back securities, corporate debt securities and U.S Treasury securities. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer quotes, bids and offers. As of September 30, 2021, the Company had no investments that were measured using unobservable (Level 3) inputs. There were no transfers between fair value measurement levels during the first quarter of 2022. For the year ended June 30, 2021, the Company did not have any marketable securities, cash equivalents consisted of money market funds and were classified as a level 1. |
Leases
Leases | 3 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | 6. Leases During August 2021, the Company remeasured the lease liability for an office lease due to a change in the lease term. As a result of the remeasurement of the lease liability, there was an increase of approximately $392,000 to the operating lease ROU assets and operating lease liabilities. There was no impact on earnings as a result of the modification. The following table sets forth the Company’s operating lease expenses which are included in general and administrative expenses in the consolidated statements of operations (in thousands): Three months ended September 30, 2021 2020 Operating lease cost $ 188 $ 175 Variable lease cost 12 12 Total lease cost $ 200 $ 187 Supplemental cash flow information related to operating leases for the three months ended September 30, 2021 and 2020 was as follows (in thousands): Three months ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 192 $ 171 Supplemental balance sheet information, as of September 30, 2021 and June 30, 2021 related to operating leases was as follows (in thousands): As of September 30, 2021 As of June 30, 2021 Reported as: Operating lease right-of-use assets $ 1,710 $ 1,480 Total right-of-use assets $ 1,710 $ 1,480 Other current liabilities: Operating lease liabilities, short-term $ 699 $ 702 Operating lease liabilities, long term 1,107 878 Total operating lease liabilities $ 1,806 $ 1,580 Operating lease weighted average remaining lease term (years) 2.53 2.67 Operating lease weighted average discount rate 6.49 % 6.70 % As of September 30, 2021, maturities of the Company’s operating lease liabilities are as follows (in thousands): Operating Leases Remaining 2022 $ 592 2023 816 2024 448 2025 104 Total lease payments 1,960 Less imputed interest (154 ) Total operating lease liabilities $ 1,806 As of September 30, 2021, there were no leases entered into that had not yet commenced. |
Inventory
Inventory | 3 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | 7. Inventory The composition of inventory is as follows (in thousands): As of September 30, 2021 As of June 30, 2021 Raw materials $ 1,062 $ 982 Work in process 262 241 Finished goods 568 424 Total inventory $ 1,892 $ 1,647 The Company has reduced the carrying value of its inventories to reflect the lower of cost or net realizable value. Charges for estimated excess and obsolescence are recorded in cost of sales in the consolidated statement of operations and were $46,000 and a reversal of $77,000, three months ended September 30, 2021 and September 30, 2020, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 8. Intangible Assets The composition of intangible assets, net is as follows (in thousands): As of September 30, 2021 As of June 30, 2021 Weighted Average Life Gross Amount Accumulated Amortization Net Carry Amount Gross Amount Accumulated Amortization Net Carry Amount Patent 1 3 $ 201 $ (157 ) $ 44 $ 264 $ (190 ) $ 74 Patent 2 14 150 (19 ) 131 138 (16 ) 122 Patent 3 15 186 (21 ) 165 163 (19 ) 144 Patent 5 20 46 (3 ) 43 46 (2 ) 44 Patent 6 20 39 (1 ) 38 39 (1 ) 38 Patent 8 20 3 - 3 3 - 3 Trademarks Indefinite 48 - 48 47 - 47 Total intangible assets $ 673 $ (201 ) $ 472 $ 700 $ (228 ) $ 472 During the three months ended September 30, 2021, the Company recorded an impairment charge of $19,000 for an abandoned patent. During the three months ended September 30, 2020, the Company did not identify any events or changes in circumstances that indicated that the carrying value of its intangibles may not be recoverable. As such, there was no impairment of intangibles assets recognized for the three ended September 30, 2020. Amortization expense of intangibles included in the consolidated statements of operations was $27,000 and $23,000 for the three months ended September 30, 2021 and 2020, respectively. The Company expects the future amortization of amortizable intangible assets held at September 30, 2021 to be (in thousands): Estimated Amortization Expense Remaining 2022 $ 55 2023 31 2024 31 2025 31 2026 31 2027 31 Thereafter 214 Total $ 424 |
Plant and Equipment
Plant and Equipment | 3 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Plant and Equipment | 9. Plant and Equipment The composition of property, plant and equipment, net is as follows (in thousands): Useful Lives As of September 30, 2021 As of June 30, 2021 Computer equipment 3 years $ 725 $ 722 Computer software 3 years 776 775 Construction in progress 85 48 Furniture and fixtures 7 years 439 440 Laboratory equipment 5 years 529 523 Leasehold improvements Lesser of life or lease term 242 242 RECELL Moulds 5 years 129 129 Less: accumulated amortization and depreciation (1,568 ) (1,421 ) Total plant and equipment, net $ 1,357 $ 1,458 Depreciation expense related to plant and equipment for the three months ended September 30, 2021 and 2020 was $147,000 and $188,000, respectively. |
Prepaids and Other Current Asse
Prepaids and Other Current Assets and Other Long-Term Assets | 3 Months Ended |
Sep. 30, 2021 | |
Prepaids And Other Current Assets And Other Long Term Assets [Abstract] | |
Prepaids and Other Current Assets and Other Long-Term Assets | 10. Prepaids and Other Current Assets and Other long-term assets Prepaids and other current assets consisted of the following (in thousands): As of September 30, 2021 As of June 30, 2021 Prepaid expenses $ 1,032 $ 853 Accrued investment income 59 - Other receivables 38 480 Total prepaids and other current assets $ 1,129 $ 1,333 Prepaid expenses primarily consist of prepaid benefits and insurance. Other long-term assets consisted of the following (in thousands): As of September 30, 2021 As of June 30, 2021 BARDA contract costs $ 564 $ 613 Long-term lease deposits 124 126 Long-term prepaids 15 22 Total other long-term assets $ 703 $ 761 |
Reporting Segment and Geographi
Reporting Segment and Geographic Information | 3 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Reporting Segment and Geographic Information | 11. Reporting Segment and Geographic Information The Company views its operations and manages its business in one reporting segment. Long-lived assets are primarily located in the United States as of September 30, 2021 and 2020 with an insignificant amount located in Australia and the United Kingdom. Revenue by region for the three ended September 30, 2021 and 2020 were as follows (in thousands): Three months ended September 30, 2021 2020 Revenue: United States $ 6,924 $ 4,970 Foreign: Australia 66 80 United Kingdom 30 10 Total $ 7,020 $ 5,060 Revenue and Cost of sales by Customer type for the three September 30, 2021 and 2020 were as follows (in thousands): September 30, 2021 2020 Revenue: Commercial sales $ 6,928 $ 5,060 BARDA: Product sales - - Services for emergency preparedness 92 - Total $ 7,020 $ 5,060 September 30, 2021 2020 Cost of sales Commercial cost $ 1,006 $ 929 BARDA: Product cost - - Emergency preparedness service cost 82 - Total $ 1,088 $ 929 |
Contingencies
Contingencies | 3 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 12. Contingencies The Company is subject to certain contingencies arising in the ordinary course of business. The Company records accruals for these contingencies to the extent that a loss is both probable and reasonably estimable. If some amount within a range of loss appears to be a better estimate than any other amount within the range, that amount is accrued. Alternatively, when no amount within a range of loss appears to be a better estimate than any other amount, the lowest amount in the range is accrued. The Company expenses legal costs associated with loss contingencies as incurred. As of September 30, 2021 and June 30, 2021, the Company did not have any outstanding or threatened litigation that would have a material impact to the financial statements. |
Common and Preferred Stock
Common and Preferred Stock | 3 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Common and Preferred Stock | 13. Common and Preferred Stock On June 29, 2020, a statutory scheme of arrangement under Australian law to effect a redomiciliation of the AVITA Group from Australia to the United States of America was implemented (the “ Scheme Pursuant to the Scheme, all ordinary shares in AVITA Medical, the former parent company of the AVITA Group, were exchanged for shares of common stock in AVITA Medical, Inc., which at the time was named AVITA Therapeutics, Inc. As a result, AVITA Medical, Inc. became the sole shareholder of AVITA Medical and the new parent company of the AVITA Group. In conjunction with the Scheme, an implicit reverse split on a 1 for 100 Under the Scheme, eligible shareholders in AVITA Medical received consideration in the form of: • five CDIs in AVITA Medical, Inc. for every 100 ordinary shares in AVITA Medical that were held by them; or • one share of common stock in AVITA Medical, Inc. for every 5 ADS s The Company’s CDIs are quoted on the ASX under AVITA Medical’s existing ASX ticker code, “AVH”. The Company’s shares of common stock are quoted on NASDAQ under AVITA Medical’s existing NASDAQ ticker code, “RCEL”. One share of common stock on NASDAQ is equivalent to five CDIs on the ASX. As a result of the ‘implicit consolidation’ that occurred under the Scheme, the number of shares of common stock on issue in the Company (as set out in the consolidated financial statements) is less than the number of ordinary shares in AVITA Medical that was previously set out in the consolidated financial statements of AVITA Medical. All common share amounts included in the consolidated financial statements have been retroactively reduced by a factor of one hundred and all per share amounts have been increased by a factor or one hundred, with the exception of the Company’s common stock par value. The Company is authorized to issue 200,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, issuable in one or more series as designated by the Company’s board of directors. No other class of capital stock is authorized. As of September 30, 2021, and June 30, 2021, 24,925,118 |
Revenues
Revenues | 3 Months Ended |
Sep. 30, 2021 | |
Revenue Performance Obligation [Abstract] | |
Revenues | 14. Revenues Revenues The Company’s revenue consists of sale of the RECELL System to hospitals or other treatment centers and to BARDA (collectively “ customers Performance Obligations For commercial contracts, we identified the hospital or treatment center as the customer in Step 1 of the 5 step model of ASC 606 and have determined a contract exists with those customers. As these contracts typically have a single performance obligation (i.e. product delivery), no allocation of the transaction price is required in Step 4 of the model. Control of the product is transferred to the customer at a point in time, at the point in time at which the goods are either shipped or delivered to our customers’ facilities, depending on the terms of the contract. The transaction price is stated within the contract and is therefore fixed consideration. The transaction price does not include the sales tax that are imposed by governmental authorities. For the contract with BARDA, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units; and (ii) emergency preparedness services. Remaining Performance Obligations Revenues from remaining performance obligations are calculated as the dollar value of the remaining performance obligations on executed contracts. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) pursuant to the Company’s existing customer agreements is $1.0 million and $1.1 million as of September 30, 2021 and June 30, 2021, respectively. Approximately $583,000 for September 30, 2021 and $665,000 for June 30, 2021 of the total balance relates to our July 2020 contract with BARDA for the purchase, delivery and storage of RECELL Systems for emergency response preparedness for a period of three years. The Company expects to recognize this amount as services are provided to BARDA. For the remaining balance of $435,000 as of September 30, 2021 and June 30, 2021, the Company expects to recognize revenue upon receiving Japanese Pharmaceuticals and Medical Device Act approval of the RECELL System in Japan. For the contract with BARDA, we recognized $92,000 and $0 of service revenue related to the emergency readiness performance obligation during the three months ended September 30, 2021, and 2020. We are contracted to manage this inventory of product until the federal government requests shipment or at contract termination on December 31, 2023. Variable Consideration The Company evaluates its contracts with customers for forms of variable consideration, which may require an adjustment to the transaction price based on their estimated impact. For commercial customers, revenue from the sale of goods is recognized net of volume discounts. The Company uses the expected value method when estimating variable consideration. Revenue is only recognized to the extent that it is probable that a significant reversal will not occur. Variable consideration under the BARDA contract is not material to the consolidated financial statements. Contract Assets and Contract Liabilities Contract assets include amounts related to the Company’s contractual right to consideration for both completed and partially completed performance for which the Company does not have the right to payment. As of the period ended September 30, 2021 and June 30, 2021, the Company does not have any contract assets. Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer. The Company had $1.0 million and $1.1 million of contract liabilities as of September 30, 2021 and June 30, 2021, respectively. Balance primarily relates to the unsatisfied performance obligation for emergency preparedness under the BARDA contract. Performance obligation will be recognized over time over the term of the contract. For the three months ended September 30, 2021 and 2020, the Company recognized $92,000 of revenue recognized from amounts included in the beginning balance of contract liabilities. For the three months ended September 30, 2020, the amounts were not significant. Cost to Obtain and Fulfill a Contract Commercial contract fulfillment costs include commissions and shipping expenses. The Company has opted to immediately expense the incremental cost of obtaining a contract when the underlying related asset would have been amortized over one year or less. The Company generally does not incur costs to obtain new contracts. BARDA Contract Costs Cost to fulfil the BARDA emergency preparedness performance obligation, which primarily consist of billed costs to BARDA incurred in connection with the emergency deployment services, are incremental and expected to be recovered. Costs are capitalized and amortized on a straight-line basis over the term of the contract. As of September 30, 2021 and June 30, 2021, the Company had Disaggregated Revenue The Company disaggregates revenue from contracts with customers into geographical regions and by customer type. As noted in the segment footnote, the Company’s business consists of one reporting segment. A reconciliation of disaggregated revenue by geographical region and customer type is provided in Segment Note 11. |
Share-Based Payment Plans
Share-Based Payment Plans | 3 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Payment Plans | 15. Share-Based Payment Plans Overview of Employee Share-Based Compensation Plans Our former parent company, AVITA Medical, adopted the Employee Share Plan and the Incentive Option Plan (collectively, the “ 2016 Plans 2020 Plan The 2020 Plan provides for the grant of the following Grants: (a) Incentive Stock Options, (b) Nonstatutory Stock Options, (c) Stock Appreciation Rights, (d) Restricted Stock Grants, (e) Restricted Stock Unit Grants, (f) Performance Grants, and (g) Other Grants. The 2020 Plan will be administered by the Compensation Committee or by the Board acting as the Compensation Committee. Subject to the general purposes, terms and conditions of the 2020 Plan, Applicable Law and any charter adopted by the Board governing the actions of the Compensation Committee, the Compensation Committee will have full power to implement and carry out the 2020 Plan. Without limitation, the Compensation Committee will have the authority to, interpret the plan, approve persons to receive grants, determine the terms and number of shares of the grants, determine vesting and exercisability of grants, and make all other determinations necessary or advisable in connection with the administration of this Plan. The contractual term of awards granted under the 2020 Plan is ten years from the date of its grant. Unless otherwise specified, the vesting period of awards under the 2020 Plan was: (i) vest over a four year period in four equal installments, 25% at the end of each year from the date of grant, and /or (ii) subject to other performance criteria and hurdles, as determined by the Compensation Committee. Share-Based Payment Expenses Share-based payment transactions are recognized as compensation expense based on the fair value of the instrument on the date of grant. The Company uses the graded-vesting method to recognize compensation expense The Company has included share-based compensation expense as part of operating expenses in the accompanying consolidated statements of operations as follows (in thousands): Three-months ended September 30, 2021 2020 Sales and marketing expenses $ 291 $ 330 General and administrative expenses 1,251 2,766 Research and development expenses 300 170 Total $ 1,842 $ 3,266 A summary of share option activity as of September 30, 2021 and changes during the period ended is presented below: Service Only Share Options Performance Based Share Options Total Share Options Outstanding shares at June 30, 2021 997,826 495,669 1,493,495 Granted 94,100 92,875 186,975 Exercised (500 ) - (500 ) Expired (4,400 ) - (4,400 ) Forfeited (15,225 ) (2,350 ) (17,575 ) Outstanding shares at September 30, 2021 1,071,801 586,194 1,657,995 Exercisable at September 30, 2021 447,699 307,332 755,031 Restricted Stock Units Restricted stock units (“ RSUs A summary of the status of the Company’s unvested RSUs as of September 30, 2021, and changes during the period is presented below: Service Condition RSU Performance Condition RSU Total RSU's Unvested RSUs outstanding at June 30, 2021 47,507 52,507 100,014 Granted - 87,500 87,500 Vested - (28,754 ) (28,754 ) Forfeited - - - Unvested RSUs outstanding at September 30, 2021 47,507 111,253 158,760 |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes At June 30, 2021, the Company and its subsidiaries had net operating loss carryforwards for federal, state, United Kingdom, and Australia income tax purposes of $111.8 million, $66.5 million, $32.8 million and $38.2 million respectively. The net operating loss carryforwards may be subject to limitation regarding their utilization against taxable income in future periods due to “change of ownership” provisions of the Internal Revenue Code and similar state and foreign provisions. Of these carryforwards, $21.7 million will expire, if not utilized, between 2026 through 2038. The remaining carryforwards have no expiration. The Company is forecasting current year losses and has full valuation allowances against its deferred tax assets. Tax expense for the three months ended September 30, 2021 and 2020 of $6,000 and $10,000, respectively, is related to state minimum taxes. In assessing the recoverability of its deferred tax assets, the Company considers whether it is more likely than not that its deferred assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. The Company considers all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, historical earnings, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Based upon the weight of available evidence including the uncertainty regarding the Company’s ability to utilize certain net operating losses and tax credits in the future, the Company has established a valuation allowance against its net deferred tax assets of $49.1 million and $41.9 million as of June 30, 2021 and 2020, respectively. The deferred tax assets are primarily net operating loss carryforwards for which management has determined it is more likely than not that the deferred tax assets will not be realized. The Company recognizes the tax benefit from an uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements related to a particular tax position are measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. The Company has not identified any uncertain tax positions as of September 30, 2021 or June 30, 2021. The Company files income tax returns in the U.S. federal, California and certain other state and foreign jurisdictions. The Company remains subject to income tax examinations for its U.S. federal and state income taxes generally for fiscal years ended June 30, 2006 and forward. The Company also remains subject to income tax examinations for international income taxes for fiscal years ended June 30, 2018 through June 30, 2021, and for certain other U.S. state and local income taxes generally for the fiscal years ended June 30, 2018 through June 30, 2021. The Tax Cuts and Jobs Act (“ the Tax Act On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“ CARES Ac t”) was enacted in the United States. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses and technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property. The Company evaluated the provisions of the CARES Act and does not anticipate the associated impacts, if any, will have a material effect on our financial position. On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA 2021) was signed into law which included a number of provisions including, but not limited to the extension of numerous CARES Act provisions such as employment tax credits and enhanced business meals deductions. Accordingly, the effects of the CCA have been incorporated into the income tax provision computation for the year ended June 30, 2021. These provisions did not have a material impact on the income tax provision. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 17. Net Loss per Share The following is a reconciliation of the basic and diluted loss per share computations: Three months ended September 30, (in thousands, except per share data) 2021 2020 Net Loss $ (5,948 ) $ (10,227 ) Weighted-average common shares – outstanding, basic 24,905 21,504 Weighted-average common shares – outstanding, diluted 24,905 21,504 Net loss per common share, basic $ (0.24 ) $ (0.48 ) Net loss per common share, diluted $ (0.24 ) $ (0.48 ) The Company’s basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the relevant period. For the purposes of the calculation of diluted net loss per share options to purchase common stock, restricted stock units and unvested shares of common stock issued upon the early exercise of stock options have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. Because the Company has reported a net loss for the three months ended September 30, 2021 and 2020, diluted net loss per common share is the same as the basic net loss per share for those periods. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Sep. 30, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | 18. Retirement Plans The Company offers a 401(k)-retirement savings plan (the “401(k) Plan” |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no events that have occurred that would require adjustments to our disclosures in the consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“ GAAP SEC Annual Report There have been no changes to the Company’s significant accounting policies as described in the annual report on Form 10-K that have had a material impact on the Company’s consolidated financial statements, except for the investment in marketable securities as described below. See the summary of the Company’s significant accounting policies set forth in the notes to its consolidated financial statements included in the Annual Report. |
Reclassification | Reclassification Certain amounts in the prior period Consolidated Statement of Operations have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported operating expense, loss before taxes, net loss and earnings per share. After the issuance of the consolidated financial statements for the year ended June 30, 2020, and the quarter ended September 30, 2020, the Company concluded that the presentation of share-based compensation should be reclassified to the functional expense line items consistent with cash compensation in accordance with SAB Topic 14. The Company has determined that such change in presentation of prior period amounts in the Statement of Operations is not material to the consolidated financial statements. The Company reclassified share-based compensation expense of $3.3 million for the three months ended September 30, 2020 to sales and marketing expense of $330,000, general and administrative expense of $2.8 million and research and development expenses of $170,000. Quarter-ended September 30, 2020 (in thousands) As previously reported Amount reclassified As Reported Sales and marketing expense $ (2,935 ) $ (330 ) $ (3,265 ) General and administrative expense (5,536 ) (2,766 ) (8,302 ) Research and development expense (3,204 ) (170 ) (3,374 ) Share-based compensation (3,266 ) 3,266 - Total operating expenses (14,941 ) - (14,941 ) Operating loss (10,214 ) - (10,214 ) Loss before income taxes (10,217 ) - (10,217 ) Net Loss (10,227 ) - (10,227 ) |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated on consolidation. |
Use of Estimates | Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts (including doubtful accounts, carrying value of long-lived asset, the useful lives of long-lived assets, inventory obsolescence, accounting for income taxes, stock-based compensation and the stand-alone selling price for the BARDA contract) and related disclosures. Estimates have been prepared on the basis of the current and available information. However, actual results could differ from estimated amounts. |
Foreign Currency Translation and Foreign Currency Transactions | Foreign Currency Translation and Foreign Currency Transactions The financial position and results of operations of the Company’s operating non-U.S. subsidiaries are generally determined using the respective local currency as the functional currency of that subsidiary. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive gain (loss) in shareholders’ equity. Gains and losses resulting from foreign currency transactions are included in general and administrative expenses and were a gain of $41,000 and loss of $37,000 for the three months ended September 30, 2021 and 2020, respectively. The Company’s non-operating subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period and nonmonetary assets and liabilities at historical rates. Gains and losses resulting from these remeasurements and foreign currency transactions are included in general and administrative expenses. During the three months ended September 30, 2021 and 2020, the Company recorded losses of $14,000 and $43,000, respectively. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The components of comprehensive income (loss) consist of net income (loss), foreign currency translation adjustments from its subsidiaries not using the U.S. dollar as their functional currency and unrealized gains and losses in investments available for sale. The Company did not have reclassifications from other comprehensive income (loss) to net loss during the quarter ended September 30, 2021. |
Revenue Recognition | Revenue Recognition Under Topic 606 – Revenue from Contracts with Customers To determine revenue recognition for arrangements that are within the scope of Topic 606, the Company performs the following five steps: 1. Identify the contract with a customer 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when/as performance obligation(s) are satisfied For an arrangement to be considered a contract, it must be probable that the Company will collect the consideration to which it is entitled for goods or services to be transferred. Once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised with each contract, determines whether those are performance obligations and the related transaction price. The Company then recognizes the sale of goods based on the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied. The Company’s revenue consists primarily of the sale of the RECELL System to hospitals or other treatment centers and to BARDA (collectively, “customers”), predominately in the United States. The Company evaluated the BARDA contract and concluded that a portion of the arrangement, such as the procurement of the RECELL system and the emergency preparedness, represents a transaction with a customer and as such are in the scope of ASC 606. Amounts received from BARDA for the research and development of the Company’s product are classified as BARDA income in the consolidated statement of operations and are accounted for under IAS 20. For further details refer to BARDA Income and Receivables below. Revenues for commercial customers (hospitals and treatment centers) are recognized as control of the product is transferred to customers, at an amount that reflects the consideration expected to be received in exchange for the product. Revenues are recognized net of volume discounts. As such, revenue is recognized only to the extent a significant reversal of revenues is not expected to occur in subsequent periods. For the Company’s contracts that have an original duration of one year or less, the Company elected the practical expedient applicable to such contracts and does not consider the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of each reporting period or when the Company expects to recognize this revenue. The Company has further applied the practical expedient to exclude sales tax in the transaction price and expense contract fulfilment costs such as commissions and shipping and handling expenses as incurred. Volume Discounts — The Company generally provides contracted customers with volume discounts that are explicitly stated in the Company’s customer contracts. The RECELL system is sold with respective volume discounts based on aggregated sales over a 12-month period on a customer-by-customer basis. Revenue from these sales is recognized based on the price specified in the contract, net of estimated volume discounts, and net of any sales tax charged. Goods sold are not eligible for return. The Company has determined such discounts are not distinct from the Company’s sale of products to the customer and, therefore, these payments have been recorded as a reduction of revenue and as a reduction to accounts receivable, net. For revenues related to the BARDA contract within the scope of ASC 606, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units, (ii) emergency preparedness services. Through this contract the Company promises to sell the product through a vendor management inventory arrangement and to stand ready to provide emergency deployment services related to the product. Emergency preparedness services include procuring necessary storage containers, housing, and maintaining the containers (and product), and providing shipping and handling services in the event of an emergency situation. This stand ready obligation is a series of distinct services that are substantially the same and have the same pattern of transfer to the customer, over time as services are consumed. The total transaction price for the portion of the BARDA contract that is within the scope of ASC 606, was determined to be $9.2 million. The transaction price was allocated on a stand-alone selling price basis as follows: $7.6 million to the procurement of the RECELL product, which is classified as revenues when recognized in the consolidated statement of operations and $1.6 million to the emergency deployment services which is classified as revenues when recognized in the consolidated statement of operations. The $1.6 million for emergency deployment includes variable consideration which is deemed immaterial to the contract as a whole. The Company estimated the stand-alone selling price of the procurement of the RECELL product based on historical pricing of the Company’s product at the initial execution of the contract. The Company estimated the stand-alone selling price of the emergency deployment services performed based on the Company’s projected cost of providing the services plus an applicable profit margin as denoted in the contract. The Company’s performance obligations are either satisfied at a point in time or over time as services are provided. Securities and Exchange Commission (SEC) Interpretation, Commission Guidance regarding Accounting for Sale of Vaccines and BioTerror Countermeasures to the Federal Government for Placement into the Pediatric Vaccine Stockpile or the Strategic National Stockpile (SNS). |
Contract Liabilities | Contract Liabilities The Company receives payments from customers based on contractual terms. Trade receivables are recorded when the right to consideration becomes unconditional. The Company satisfies its performance obligation on product sales when the products are shipped or delivered, depending on the terms of the sale. Payment terms on invoiced amounts are typically 30-90 days, and do not include a financing component. Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer. |
Cash and Cash Equivalents | Cash and Cash Equivalents Consists of cash held at deposit institutions and cash equivalents. Cash equivalents consist of short-term highly liquid investments with original maturities of three months or less from the date of purchase and consist primarily of money market funds. The Company holds cash at deposit institutions in the amount of $2.5 million and $54.2 million of which $318,000 and $273,000 is denominated in foreign currencies in foreign institutions as of September 30, 2021 and June 30, 2021, respectively. As of September 30, 20201 and June 30, 2021, the Company held cash equivalents in the amount of $58 million and $56.5 million, respectively. |
Restricted Cash | Restricted Cash Pursuant to a contractual agreement to maintain the business credit card, the Company must maintain restricted cash deposits which amounted to approximately $201,000 and $201,000 as of September 30, 2021 and June 30, 2021, respectively. |
Concentrations | Concentrations Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, trade receivables, BARDA receivables and other receivables. As of September 30, 2021 and June 30, 2021, substantially all of the Company’s cash was deposited in accounts at financial institutions, and amounts may exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which its cash is held. As of September 30, 2021 no single commercial customer accounted for more than 10% of total revenues or net accounts receivable. BARDA service revenue for emergency deployment accounted for approximately 1.3% and 0% of total revenues for the three months ended September 30, 2021 and 2020, respectively. BARDA receivables for emergency preparedness services accounted for 14% and 91% of total BARDA receivables as of September 30, 2021 and June 30, 2021, respectively. As of June 30, 2021, no single commercial customer accounted for more than 10% of total revenues or net accounts receivable. See table below for breakdown of BARDA receivables (in thousands). As of September 30, 2021 As of June 30, 2021 BARDA procurement and emergency preparedness services $ 86 $ 3,583 BARDA expense reimbursements 517 353 Total BARDA receivables $ 603 $ 3,936 |
Marketable Securities | Marketable Securities We classify all highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. The Company classifies marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date. Classification is determined at the time of purchase and re-evaluated each balance sheet date. We account for our marketable securities as available-for-sale securities. All marketable securities, which consist of corporate debt securities, asset backed securities, U.S treasury and commercial paper are denominated in the U.S. dollars, have been classified as “available for sale”, and are carried at fair value. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders equity until realized. Realized gains and losses on marketable securities are included in interest and other income, net, in the accompanying Consolidated Statements of Operations. The cost of any marketable securities sold is based on the specific identification method. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest on marketable securities is included in other income. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in securities with high credit quality, including U.S. government securities, and the maximum final maturity from the date of purchase is thirty-seven months . If necessary, the Company will recognize an allowance for credit losses on available-for-sale debt securities on an individual basis, and will no longer consider other than-temporary impairment or immediately reduce the cost basis of the investment provided that it is more likely than not that the security will be held to recovery or maturity. Further, the Company will recognize any improvements in estimated credit losses on available-for-sale debt securities immediately in earnings and reduce the existing allowance for credit losses. The Company will disaggregate its available-for-sale debt securities into the following categories: corporate debt, government and agency securities and money market funds. The Company’s corporate bonds are comprised of predominantly high-grade corporate bonds while its government and agency securities are U.S. treasury bonds, and U.S. agency bonds. The Company has analyzed both corporate bonds and government and agency securities and identified that both types of securities have similar risk characteristics in that they are traded infrequently and have contractual interest rates and maturity dates. To evaluate for impairment, management reviews credit rating changes, securities trends, interest rate movements and unrealized loss at the security level of the Company’s available for sale debt securities. If any of these give rise to a potential credit concern, the Company performs a discounted cash flow analysis to determine the credit portion of the impairment. The discounted cash flow analysis will be performed either internally or through the assistance of a qualified third party. Once the credit component of the impairment is determined, the Company will record the impaired amount as an allowance to the available-for-sale debt securities balance and as a charge to other income in the accompanying Consolidated Statements of Operations, not to exceed the amount of the unrealized loss. The Company assesses expected credit losses at the end of each reporting period and adjusts the allowance through other income. |
BARDA Income and Receivables | BARDA Income and Receivables The AVITA Group was awarded a Biomedical Advance Research and Development Authority (“ BARDA Consideration received under the BARDA arrangement is earned and recognized under a cost-plus-fixed-fee arrangement in which the Company is reimbursed for direct costs incurred plus allowable indirect costs and a fixed-fee earned. Billings under the contracts are based on approved provisional indirect billing rates, which permit recovery of fringe benefits, general and administrative expenses and a fixed fee. The Company has concluded that grants under the BARDA relationship is not within the scope of ASC 606, as it does not meet the definition of a contract with a “customer.” The Company has further concluded that Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition Accounting for Government Grants and Disclosure of Government Assistance, |
Leases | Leases The Company has operating leases for corporate office space, manufacturing and warehouse facility. During the current year the Company does not have any finance leases as they were repaid in the prior year. The Company’s operating leases have remaining lease terms of two year to three years, some of which include options to renew the lease. At contract inception, the Company determines whether the contract is a lease or contains a lease. A contract contains a lease if the Company is both able to identify an asset and can conclude it has the right to control the identified asset for a period of time. Leases with an initial term of twelve months or less are not recorded on the condensed consolidated balance sheet. Right of use (“ ROU IBR required to pay for a collateralized loan over a similar term. The Company’s leases typically do not include any residual value guarantees or asset retirement obligations. The Company’s lease terms are only for periods in which it has enforceable rights. A lease is no longer enforceable when both the lessee and the lessor each have the right to terminate the lease without permission from the other party with no more than an insignificant penalty. The Company has options to renew some of these leases for three years after their expiration. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis. Lease expense is recognized on a straight-line basis over the lease term and is primarily included in general and administrative expenses in the accompanying consolidated statements of operations. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all underlying asset classes. Some leases require variable payments for common area maintenance, property taxes, parking, insurance and other variable costs. The variable portion of lease payments is not included in operating lease assets or liabilities. Variable lease costs are expensed when incurred. |
Share-based compensation | Share-based compensation The Company records compensation expense for stock options based on the fair market value of the awards on the date of grant. The fair value of stock-based compensation awards is amortized over the vesting period of the award. Compensation expense for performance-based awards is measured based on the number of shares ultimately expected to vest, estimated at each reporting date based on management’s expectations regarding the relevant performance criteria, if any. The Black-Scholes option pricing model and Monte Carlo Simulation were used to estimate the fair value of the time-based and performance-based options, respectively. Under ASU 2016-09, Compensation – Stock Compensation (“ASC 718”) Improvements to Employee Share-Based Payment Accounting The following assumptions were used in the valuation of stock options. • Expected volatility – determined using the average of the historical volatility using daily intervals over the expected term and the derived volatility using the longest term available of 12 months. • Expected dividends - based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future • Expected term – the expected term of the Company’s stock options for tenure only vesting has been determined utilizing the “simplified” method as described in the SEC’s Staff Accounting Bulletin No. 107 relating to stock-based compensation. The simplified method was chosen because the Company has limited historical option exercise experience due to its short operating history of awards granted, the first plan was established in 2016 and was primarily used for Executives awards. Further, the Company does not have sufficient history of exercises in the U.S. market given the recent redomiciliation to the United States during 2020. The expected term of options with a performance condition was set to the contractual term of 10 years. The contractual term was used options with performance condition were awarded to C-Suite executives and the Company assumes that they will hold them longer than rank and file employees. • Risk-free interest rate – t he risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award. |
Segment Reporting | Segment Reporting Operating segments are defined as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. To date, the Company has viewed its operations and manages its business as one segment. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Reclassification of Share-based Compensation Expense | Quarter-ended September 30, 2020 (in thousands) As previously reported Amount reclassified As Reported Sales and marketing expense $ (2,935 ) $ (330 ) $ (3,265 ) General and administrative expense (5,536 ) (2,766 ) (8,302 ) Research and development expense (3,204 ) (170 ) (3,374 ) Share-based compensation (3,266 ) 3,266 - Total operating expenses (14,941 ) - (14,941 ) Operating loss (10,214 ) - (10,214 ) Loss before income taxes (10,217 ) - (10,217 ) Net Loss (10,227 ) - (10,227 ) |
Summary of Other Receivables | See table below for breakdown of BARDA receivables (in thousands). As of September 30, 2021 As of June 30, 2021 BARDA procurement and emergency preparedness services $ 86 $ 3,583 BARDA expense reimbursements 517 353 Total BARDA receivables $ 603 $ 3,936 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Available For Sale Securities [Abstract] | |
Summary of Amortized Cost and Estimates Fair Values of Debt Securities Available for Sale | The following table summarizes the amortized cost and estimates fair values of debt securities available for sale: September 30, 2021 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Carrying Value (in thousands) Cash Equivalents: Money market funds $ 58,038 - - $ 58,038 Current marketable securities: Commercial paper $ 19,577 - - $ 19,577 Corporate debt securities 7,107 1 (2 ) 7,106 Asset-backed securities 3,019 1 - 3,020 Total current marketable securities $ 29,703 2 (2 ) $ 29,703 Long-term marketable securities: Corporate debt securities 1,758 - (2 ) 1,756 U.S Treasury securities 18,053 - (8 ) 18,045 Total Long-term marketable securities $ 19,811 - (10 ) $ 19,801 |
Summary of Maturities of Debt Securities Available for Sale | The maturities of debt securities available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. As of September 30, 2021 Amortized Cost Carrying Value Due in one year or less 29,703 29,703 Due after one year through five years 19,811 19,801 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy: As of September 30, 2021 (in thousands) Level 1 Level 2 Level 3 Total Cash Equivalents Money market funds $ 58,038 $ - $ - $ 58,038 Total cash equivalents 58,038 - - 58,038 Short-term marketable securities Commercial paper - 19,577 - 19,577 Asset-backed securities - 3,020 - 3,020 Corporate debt securities - 7,106 - 7,106 Total short-term marketable securities - 29,703 - 29,703 Long-term investments Corporate debt securities - 1,756 - 1,756 U.S Treasury securities - 18,045 - 18,045 Total long-term marketable securities - 19,801 - 19,801 Total marketable securities and cash equivalents $ 58,038 $ 49,504 $ - $ 107,542 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary Of Lease Cost | The following table sets forth the Company’s operating lease expenses which are included in general and administrative expenses in the consolidated statements of operations (in thousands): Three months ended September 30, 2021 2020 Operating lease cost $ 188 $ 175 Variable lease cost 12 12 Total lease cost $ 200 $ 187 |
Summary Of Supplemental Cash Flow Information Related To Operating Leases | Supplemental cash flow information related to operating leases for the three months ended September 30, 2021 and 2020 was as follows (in thousands): Three months ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 192 $ 171 |
Summary Of Supplemental Balance Sheet Information Related To Operating Leases | Supplemental balance sheet information, as of September 30, 2021 and June 30, 2021 related to operating leases was as follows (in thousands): As of September 30, 2021 As of June 30, 2021 Reported as: Operating lease right-of-use assets $ 1,710 $ 1,480 Total right-of-use assets $ 1,710 $ 1,480 Other current liabilities: Operating lease liabilities, short-term $ 699 $ 702 Operating lease liabilities, long term 1,107 878 Total operating lease liabilities $ 1,806 $ 1,580 Operating lease weighted average remaining lease term (years) 2.53 2.67 Operating lease weighted average discount rate 6.49 % 6.70 % |
Summary Of Maturities Of The Company's Operating Lease Liabilities | As of September 30, 2021, maturities of the Company’s operating lease liabilities are as follows (in thousands): Operating Leases Remaining 2022 $ 592 2023 816 2024 448 2025 104 Total lease payments 1,960 Less imputed interest (154 ) Total operating lease liabilities $ 1,806 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Summary Of Composition Of Inventory | The composition of inventory is as follows (in thousands): As of September 30, 2021 As of June 30, 2021 Raw materials $ 1,062 $ 982 Work in process 262 241 Finished goods 568 424 Total inventory $ 1,892 $ 1,647 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary Of Composition Of Intangible Assets | The composition of intangible assets, net is as follows (in thousands): As of September 30, 2021 As of June 30, 2021 Weighted Average Life Gross Amount Accumulated Amortization Net Carry Amount Gross Amount Accumulated Amortization Net Carry Amount Patent 1 3 $ 201 $ (157 ) $ 44 $ 264 $ (190 ) $ 74 Patent 2 14 150 (19 ) 131 138 (16 ) 122 Patent 3 15 186 (21 ) 165 163 (19 ) 144 Patent 5 20 46 (3 ) 43 46 (2 ) 44 Patent 6 20 39 (1 ) 38 39 (1 ) 38 Patent 8 20 3 - 3 3 - 3 Trademarks Indefinite 48 - 48 47 - 47 Total intangible assets $ 673 $ (201 ) $ 472 $ 700 $ (228 ) $ 472 |
Summary Of Future Amortization Of Amortizable Intangible Assets Held | The Company expects the future amortization of amortizable intangible assets held at September 30, 2021 to be (in thousands): Estimated Amortization Expense Remaining 2022 $ 55 2023 31 2024 31 2025 31 2026 31 2027 31 Thereafter 214 Total $ 424 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary Of Composition Of Property, Plant And Equipment | The composition of property, plant and equipment, net is as follows (in thousands): Useful Lives As of September 30, 2021 As of June 30, 2021 Computer equipment 3 years $ 725 $ 722 Computer software 3 years 776 775 Construction in progress 85 48 Furniture and fixtures 7 years 439 440 Laboratory equipment 5 years 529 523 Leasehold improvements Lesser of life or lease term 242 242 RECELL Moulds 5 years 129 129 Less: accumulated amortization and depreciation (1,568 ) (1,421 ) Total plant and equipment, net $ 1,357 $ 1,458 |
Prepaids and Other Current As_2
Prepaids and Other Current Assets and Other Long-Term Assets (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Prepaids And Other Current Assets And Other Long Term Assets [Abstract] | |
Summary of Prepaids and Other Current Assets | Prepaids and other current assets consisted of the following (in thousands): As of September 30, 2021 As of June 30, 2021 Prepaid expenses $ 1,032 $ 853 Accrued investment income 59 - Other receivables 38 480 Total prepaids and other current assets $ 1,129 $ 1,333 |
Summary of Other Long Term Assets | Other long-term assets consisted of the following (in thousands): As of September 30, 2021 As of June 30, 2021 BARDA contract costs $ 564 $ 613 Long-term lease deposits 124 126 Long-term prepaids 15 22 Total other long-term assets $ 703 $ 761 |
Reporting Segment and Geograp_2
Reporting Segment and Geographic Information (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Revenue and Cost Of Sales By Region and Customer Type | Revenue by region for the three ended September 30, 2021 and 2020 were as follows (in thousands): Three months ended September 30, 2021 2020 Revenue: United States $ 6,924 $ 4,970 Foreign: Australia 66 80 United Kingdom 30 10 Total $ 7,020 $ 5,060 Revenue and Cost of sales by Customer type for the three September 30, 2021 and 2020 were as follows (in thousands): September 30, 2021 2020 Revenue: Commercial sales $ 6,928 $ 5,060 BARDA: Product sales - - Services for emergency preparedness 92 - Total $ 7,020 $ 5,060 September 30, 2021 2020 Cost of sales Commercial cost $ 1,006 $ 929 BARDA: Product cost - - Emergency preparedness service cost 82 - Total $ 1,088 $ 929 |
Share-Based Payment Plans (Tabl
Share-Based Payment Plans (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock-based Compensation Is Reflected In The Statements Of Operations | The Company has included share-based compensation expense as part of operating expenses in the accompanying consolidated statements of operations as follows (in thousands): Three-months ended September 30, 2021 2020 Sales and marketing expenses $ 291 $ 330 General and administrative expenses 1,251 2,766 Research and development expenses 300 170 Total $ 1,842 $ 3,266 |
Summary Of Share Option Activity | A summary of share option activity as of September 30, 2021 and changes during the period ended is presented below: Service Only Share Options Performance Based Share Options Total Share Options Outstanding shares at June 30, 2021 997,826 495,669 1,493,495 Granted 94,100 92,875 186,975 Exercised (500 ) - (500 ) Expired (4,400 ) - (4,400 ) Forfeited (15,225 ) (2,350 ) (17,575 ) Outstanding shares at September 30, 2021 1,071,801 586,194 1,657,995 Exercisable at September 30, 2021 447,699 307,332 755,031 |
Non Option Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Share Option Activity | A summary of the status of the Company’s unvested RSUs as of September 30, 2021, and changes during the period is presented below: Service Condition RSU Performance Condition RSU Total RSU's Unvested RSUs outstanding at June 30, 2021 47,507 52,507 100,014 Granted - 87,500 87,500 Vested - (28,754 ) (28,754 ) Forfeited - - - Unvested RSUs outstanding at September 30, 2021 47,507 111,253 158,760 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary Of Reconciliation Of The Basic And Diluted Loss Per Share | The following is a reconciliation of the basic and diluted loss per share computations: Three months ended September 30, (in thousands, except per share data) 2021 2020 Net Loss $ (5,948 ) $ (10,227 ) Weighted-average common shares – outstanding, basic 24,905 21,504 Weighted-average common shares – outstanding, diluted 24,905 21,504 Net loss per common share, basic $ (0.24 ) $ (0.48 ) Net loss per common share, diluted $ (0.24 ) $ (0.48 ) |
The Company - Additional Inform
The Company - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2021shares | |
Description of stock exchange ratio | . As a result, the Company became the sole shareholder of AVITA Medical and the new parent company of the AVITA Group. In conjunction with the Redomiciliation, an implicit consolidation or reverse split on a 1 for 100 basis was implemented whereby shareholders of AVITA Medical received one share of common stock in the Company for every 100 shares held in AVITA Medical |
Reverse stock split | reverse split on a 1 for 100 basis |
Stock split conversion ratio | 100 |
CHESS Depositary Interests | |
Stock split conversion ratio | 0.05 |
Stockholders equity stock split | five CDIs in the Company for every 100 ordinary shares in AVITA Medical that were held by them |
Numbers shares equivalent to one common share | 5 |
American Depositary Shares | |
Stock split conversion ratio | 5 |
Stockholders equity stock split | one share of common stock in the Company for every 5 ADSs in AVITA Medical that were held by them |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | Jul. 31, 2020 | Sep. 30, 2021USD ($)PerformanceObligationSegment | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Share-based compensation | $ 1,842,000 | $ 3,266,000 | |||
Sales and marketing expense | [1] | 3,518,000 | 3,265,000 | ||
General and administrative expense | [1] | 5,349,000 | 8,302,000 | ||
Research and development expense | [1] | 3,388,000 | 3,374,000 | ||
Gain (loss) on foreign currency transactions | $ 27,000 | $ (80,000) | |||
Contract description | For revenues related to the BARDA contract within the scope of ASC 606, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units, (ii) emergency preparedness services. | ||||
Cash at deposit institutions | $ 2,500,000 | $ 54,200,000 | |||
Cash in foreign institutions | 318,000 | 273,000 | |||
Cash equivalents held | 58,000,000 | 56,500,000 | |||
Restricted cash | $ 201,000 | $ 201,000 | |||
Concentration risk, customer | no | no | |||
Description of maturity terms | We classify all highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. The Company classifies marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date | ||||
Final maturity period | 37 months | ||||
Lease renewal period | 3 years | ||||
Contractual term | 10 years | ||||
Number of business segment | Segment | 1 | ||||
Accounts Receivable | Customer Concentration Risk | Commercial Customer | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 10.00% | 10.00% | |||
Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenue, performance obligation, description of payment terms | 30 days | ||||
Remaining lease terms | 2 years | ||||
Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Revenue, performance obligation, description of payment terms | 90 days | ||||
Remaining lease terms | 3 years | ||||
BARDA | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of performance obligations | PerformanceObligation | 2 | ||||
Total transaction price of contract | $ 9,200,000 | ||||
RECELL system | BARDA | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of units will be delivered | 5,614 | ||||
Transaction price allocated on a stand alone selling price basis | 7,600,000 | ||||
Emergency Deployment | BARDA | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Transaction price allocated on a stand alone selling price basis | $ 1,600,000 | ||||
Emergency Deployment Service | Revenue Benchmark | Customer Concentration Risk | Commercial Customer | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 1.30% | 0.00% | |||
Emergency Preparedness Services | BARDA | Accounts Receivable Revenue | Customer Concentration Risk | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 14.00% | 91.00% | |||
General and Administrative Expense | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Gain (loss) on foreign currency transactions | $ (14,000) | $ (43,000) | |||
General and Administrative Expense | Non-US | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Gain (loss) on foreign currency transactions | 41,000 | (37,000) | |||
Revenue | RECELL system | BARDA | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Transaction price allocated on a stand alone selling price basis | $ 1,600,000 | ||||
Revision of Prior Period, Reclassification, Adjustment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Share-based compensation | (3,266,000) | ||||
Sales and marketing expense | 330,000 | ||||
General and administrative expense | 2,766,000 | ||||
Research and development expense | $ 170,000 | ||||
[1] | Refer to Note 2 for information about a reclassification of share-based compensation expense |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Reclassification of Share-based Compensation Expense (Detail) - USD ($) | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Sales and marketing expenses | [1] | $ (3,518,000) | $ (3,265,000) |
General and administrative expenses | [1] | (5,349,000) | (8,302,000) |
Research and development expenses | [1] | (3,388,000) | (3,374,000) |
Share-based compensation | (1,842,000) | (3,266,000) | |
Total operating expenses | (12,255,000) | (14,941,000) | |
Operating loss | (5,949,000) | (10,214,000) | |
Loss before income taxes | (5,942,000) | (10,217,000) | |
Net loss | $ (5,948,000) | (10,227,000) | |
As Previously Reported [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Sales and marketing expenses | (2,935,000) | ||
General and administrative expenses | (5,536,000) | ||
Research and development expenses | (3,204,000) | ||
Share-based compensation | (3,266,000) | ||
Total operating expenses | (14,941,000) | ||
Operating loss | (10,214,000) | ||
Loss before income taxes | (10,217,000) | ||
Net loss | (10,227,000) | ||
Amount Reclassified [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Sales and marketing expenses | (330,000) | ||
General and administrative expenses | (2,766,000) | ||
Research and development expenses | (170,000) | ||
Share-based compensation | $ 3,266,000 | ||
[1] | Refer to Note 2 for information about a reclassification of share-based compensation expense |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Other Receivables (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Other Receivables Net Current [Abstract] | ||
BARDA procurement and emergency preparedness services | $ 86 | $ 3,583 |
BARDA expense reimbursements | 517 | 353 |
Total BARDA receivables | $ 603 | $ 3,936 |
Marketable Securities - Summary
Marketable Securities - Summary of Amortized Cost and Estimates Fair Values of Debt Securities Available for Sale (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost, Current marketable securities | $ 29,703 |
Gross Unrealized Holding Gains, Current marketable securities | 2 |
Gross Unrealized Holding Losses, Current marketable securities | (2) |
Carrying Value, Current marketable securities | 29,703 |
Amortized Cost, Long-term marketable securities | 19,811 |
Gross Unrealized Holding Losses, Long-term marketable securities | (10) |
Carrying Value, Long-term marketable securities | 19,801 |
Cash Equivalents | Money Market Funds | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost | 58,038 |
Carrying Value | 58,038 |
Commercial Paper | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost, Current marketable securities | 19,577 |
Carrying Value, Current marketable securities | 19,577 |
Corporate Debt Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost, Current marketable securities | 7,107 |
Gross Unrealized Holding Gains, Current marketable securities | 1 |
Gross Unrealized Holding Losses, Current marketable securities | (2) |
Carrying Value, Current marketable securities | 7,106 |
Amortized Cost, Long-term marketable securities | 1,758 |
Gross Unrealized Holding Losses, Long-term marketable securities | (2) |
Carrying Value, Long-term marketable securities | 1,756 |
Asset-backed Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost, Current marketable securities | 3,019 |
Gross Unrealized Holding Gains, Current marketable securities | 1 |
Carrying Value, Current marketable securities | 3,020 |
U.S Treasury Securities | |
Schedule Of Available For Sale Securities [Line Items] | |
Amortized Cost, Long-term marketable securities | 18,053 |
Gross Unrealized Holding Losses, Long-term marketable securities | (8) |
Carrying Value, Long-term marketable securities | $ 18,045 |
Marketable Securities - Summa_2
Marketable Securities - Summary of Maturities of Debt Securities Available for Sale (Detail) - Contractual Maturities $ in Thousands | Sep. 30, 2021USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Available for sale securities, Due in one year or less, Amortized cost | $ 29,703 |
Available for sale securities, Due after one year through five years, Amortized cost | 19,811 |
Available for sale securities, Due in one year or less, Carrying value | 29,703 |
Available for sale securities, Due after one year through five years, Carrying value | $ 19,801 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Unrealized gain on marketable securities | $ 2,000 | |
Unrealized loss on marketable securities | 12,000 | |
Net unrealized loss on marketable securities | 10,000 | |
Credit loss recognized | 0 | |
Marketable securities | $ 0 | |
Prepaids and Other Current Assets | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Accrued interest income | $ 59,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total short-term marketable securities | $ 29,703 |
Total long-term marketable securities | 19,801 |
Fair Value on Recurring Basis | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total cash equivalents | 58,038 |
Total short-term marketable securities | 29,703 |
Total long-term marketable securities | 19,801 |
Total marketable securities and cash equivalents | 107,542 |
Fair Value on Recurring Basis | Level 1 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total cash equivalents | 58,038 |
Total marketable securities and cash equivalents | 58,038 |
Fair Value on Recurring Basis | Level 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total short-term marketable securities | 29,703 |
Total long-term marketable securities | 19,801 |
Total marketable securities and cash equivalents | 49,504 |
Fair Value on Recurring Basis | Money Market Funds | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total cash equivalents | 58,038 |
Fair Value on Recurring Basis | Money Market Funds | Level 1 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total cash equivalents | 58,038 |
Fair Value on Recurring Basis | Commercial Paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total short-term marketable securities | 19,577 |
Fair Value on Recurring Basis | Commercial Paper | Level 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total short-term marketable securities | 19,577 |
Fair Value on Recurring Basis | Asset-backed Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total short-term marketable securities | 3,020 |
Fair Value on Recurring Basis | Asset-backed Securities | Level 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total short-term marketable securities | 3,020 |
Fair Value on Recurring Basis | Corporate Debt Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total short-term marketable securities | 7,106 |
Total long-term marketable securities | 1,756 |
Fair Value on Recurring Basis | Corporate Debt Securities | Level 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total short-term marketable securities | 7,106 |
Total long-term marketable securities | 1,756 |
Fair Value on Recurring Basis | U.S Treasury Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total long-term marketable securities | 18,045 |
Fair Value on Recurring Basis | U.S Treasury Securities | Level 2 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total long-term marketable securities | $ 18,045 |
Leases - Additional Information
Leases - Additional Information (Detail) | Aug. 31, 2021USD ($) |
Leases [Abstract] | |
Increase in operating lease ROU assets and operating lease liabilities | $ 392,000 |
Leases - Summary Of Lease Cost
Leases - Summary Of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Lease Cost [Abstract] | ||
Operating lease cost | $ 188 | $ 175 |
Variable lease cost | 12 | 12 |
Total lease cost | $ 200 | $ 187 |
Leases - Summary Of Supplementa
Leases - Summary Of Supplemental Cash Flow Information Related To Operating Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract] | ||
Operating cash outflows from operating leases | $ 192 | $ 171 |
Leases - Summary Of Supplemen_2
Leases - Summary Of Supplemental Balance Sheet Information Related To Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Disclosure Of Supplemental Balance Sheet Information Related To Operating Leases [Abstract] | ||
Operating lease right-of-use assets | $ 1,710 | $ 1,480 |
Total right-of-use assets | 1,710 | 1,480 |
Operating lease liabilities, short-term | $ 699 | $ 702 |
Operating Lease Liability Current Statement Of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Operating lease liabilities, long-term | $ 1,107 | $ 878 |
Total operating lease liabilities | $ 1,806 | $ 1,580 |
Operating lease weighted average remaining lease term (years) | 2 years 6 months 10 days | 2 years 8 months 1 day |
Operating lease weighted average discount rate | 6.49% | 6.70% |
Leases - Summary Of Maturities
Leases - Summary Of Maturities Of The Company's Operating Lease Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Operating Lease Liabilities Payments Due [Abstract] | ||
Remaining 2022 | $ 592 | |
2023 | 816 | |
2024 | 448 | |
2025 | 104 | |
Total lease payments | 1,960 | |
Less imputed interest | (154) | |
Total operating lease liabilities | $ 1,806 | $ 1,580 |
Inventory - Summary Of Composit
Inventory - Summary Of Composition Of Inventory (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,062 | $ 982 |
Work in process | 262 | 241 |
Finished goods | 568 | 424 |
Total inventory | $ 1,892 | $ 1,647 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | ||
Inventory impairments | $ 46,000 | |
Inventory impairments reversal | $ 77,000 |
Intangible Assets - Summary Of
Intangible Assets - Summary Of Composition Of Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Intangible Assets, Gross (Excluding Goodwill) | $ 673 | $ 700 |
Finite Lived Intangible Assets, Accumulated Amortization | (201) | (228) |
Finite Lived Intangible Assets, Net Carrying Amount | 424 | |
Intangible Assets, Net (Excluding Goodwill) | 472 | 472 |
Trademarks | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 48 | 47 |
Patent 1 | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |
Finite Lived Intangible Assets, Gross Amount | $ 201 | 264 |
Finite Lived Intangible Assets, Accumulated Amortization | (157) | (190) |
Finite Lived Intangible Assets, Net Carrying Amount | $ 44 | 74 |
Patent 2 | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 14 years | |
Finite Lived Intangible Assets, Gross Amount | $ 150 | 138 |
Finite Lived Intangible Assets, Accumulated Amortization | (19) | (16) |
Finite Lived Intangible Assets, Net Carrying Amount | $ 131 | 122 |
Patent 3 | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years | |
Finite Lived Intangible Assets, Gross Amount | $ 186 | 163 |
Finite Lived Intangible Assets, Accumulated Amortization | (21) | (19) |
Finite Lived Intangible Assets, Net Carrying Amount | $ 165 | 144 |
Patent 5 | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |
Finite Lived Intangible Assets, Gross Amount | $ 46 | 46 |
Finite Lived Intangible Assets, Accumulated Amortization | (3) | (2) |
Finite Lived Intangible Assets, Net Carrying Amount | $ 43 | 44 |
Patent 6 | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |
Finite Lived Intangible Assets, Gross Amount | $ 39 | 39 |
Finite Lived Intangible Assets, Accumulated Amortization | (1) | (1) |
Finite Lived Intangible Assets, Net Carrying Amount | $ 38 | 38 |
Patent 8 | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |
Finite Lived Intangible Assets, Gross Amount | $ 3 | 3 |
Finite Lived Intangible Assets, Net Carrying Amount | $ 3 | $ 3 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Impairment of intangible assets | $ 0 | |
Impairment charge | $ 19,000 | |
Amortization of intangible assets | 27,000 | $ 23,000 |
Abandoned Patent | ||
Schedule Of Intangible Assets Excluding Goodwill [Line Items] | ||
Impairment charge | $ 19,000 |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Future Amortization of Amortizable Intangible assets held (Detail) $ in Thousands | Sep. 30, 2021USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Remaining 2022 | $ 55 |
2023 | 31 |
2024 | 31 |
2025 | 31 |
2026 | 31 |
2027 | 31 |
Thereafter | 214 |
Finite Lived Intangible Assets, Net Carrying Amount | $ 424 |
Plant and Equipment - Summary O
Plant and Equipment - Summary Of Composition Of Property, Plant And Equipment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated amortization and depreciation | $ (1,568) | $ (1,421) |
Total plant and equipment, net | $ 1,357 | 1,458 |
Computer Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Property, Plant and Equipment, Gross | $ 725 | 722 |
Computer Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Property, Plant and Equipment, Gross | $ 776 | 775 |
Construction In Progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 85 | 48 |
Furniture And Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Property, Plant and Equipment, Gross | $ 439 | 440 |
Laboratory Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Property, Plant and Equipment, Gross | $ 529 | 523 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Useful Lives | Lesser of life or lease term | |
Property, Plant and Equipment, Gross | $ 242 | 242 |
RECELL Moulds | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Property, Plant and Equipment, Gross | $ 129 | $ 129 |
Plant and Equipment - Additiona
Plant and Equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation | $ 147,000 | $ 188,000 |
Prepaids and Other Current As_3
Prepaids and Other Current Assets and Other Long-Term Assets - Summary of Prepaids and Other Current Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Prepaids And Other Current Assets And Other Long Term Assets [Abstract] | ||
Prepaid expenses | $ 1,032 | $ 853 |
Accrued investment income | 59 | |
Other receivables | 38 | 480 |
Total prepaids and other current assets | $ 1,129 | $ 1,333 |
Prepaids and Other Current As_4
Prepaids and Other Current Assets and Other Long-Term Assets - Summary of Other Long Term Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 |
Other Assets Noncurrent Disclosure [Abstract] | ||
BARDA contract costs | $ 564 | $ 613 |
Long-term lease deposits | 124 | 126 |
Long-term prepaids | 15 | 22 |
Total other long-term assets | $ 703 | $ 761 |
Reporting Segment and Geograp_3
Reporting Segment and Geographic Information - Additional Information (Details) | 3 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reporting segment | 1 |
Reporting Segment and Geograp_4
Reporting Segment and Geographic Information - Schedule Of Revenue and Cost Of Sales By Region and Customer Type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue: | ||
Revenues | $ 7,020 | $ 5,060 |
Cost of sales | ||
Cost of sales | 1,088 | 929 |
Commercial Sales | ||
Revenue: | ||
Revenues | 6,928 | 5,060 |
Services For Emergency Preparedness | ||
Revenue: | ||
Revenues | 92 | |
Commercial Cost | ||
Cost of sales | ||
Cost of sales | 1,006 | 929 |
Emergency Preparedness Service Cost | ||
Cost of sales | ||
Cost of sales | 82 | |
United States | ||
Revenue: | ||
Revenues | 6,924 | 4,970 |
Foreign | Australia | ||
Revenue: | ||
Revenues | 66 | 80 |
Foreign | United Kingdom | ||
Revenue: | ||
Revenues | $ 30 | $ 10 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Threatened Litigation | ||
Litigation liability | $ 0 | $ 0 |
Common and Preferred Stock - Ad
Common and Preferred Stock - Additional Information (Detail) | Jun. 29, 2020 | Sep. 30, 2021$ / sharesshares | Jun. 30, 2021$ / sharesshares |
Class of Stock [Line Items] | |||
Stock split conversion ratio | 100 | ||
Reverse stock split | reverse split on a 1 for 100 basis | ||
Common stock shares authorized | 200,000,000 | 200,000,000 | |
Common stock par value | $ / shares | $ 0.0001 | $ 0.0001 | |
Preferred stock shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock par value | $ / shares | $ 0.0001 | $ 0.0001 | |
Common stock shares issued | 24,925,118 | 24,895,864 | |
Common stock shares outstanding | 24,925,118 | 24,895,864 | |
Preferred stock shares outstanding | 0 | 0 | |
Shareholders Of Avita Medical | |||
Class of Stock [Line Items] | |||
Stock split conversion ratio | 0.01 | ||
Reverse stock split | In conjunction with the Scheme, an implicit reverse split on a 1 for 100 basis was implemented whereby shareholders of AVITA Medical received one share of common stock in AVITA Medical, Inc. for every 100 ordinary shares held in AVITA Medical. | ||
Shareholders Of Avita Medical | ADRS | |||
Class of Stock [Line Items] | |||
Reverse stock split | One share of common stock on NASDAQ is equivalent to five CDIs on the ASX. | ||
Shareholders Of Avita Medical | CDI | |||
Class of Stock [Line Items] | |||
Stock split conversion ratio | 0.05 | ||
Reverse stock split | five CDIs in AVITA Medical, Inc. for every 100 ordinary shares in AVITA Medical that were held by them | ||
Shareholders Of Avita Medical | Common Stock | ADRS | |||
Class of Stock [Line Items] | |||
Stock split conversion ratio | 0.05 | ||
Reverse stock split | one share of common stock in AVITA Medical, Inc. for every 5 ADSs in AVITA Medical that were held by them. |
Revenues - Additional Informati
Revenues - Additional Information (Detail) | 3 Months Ended | ||
Sep. 30, 2021USD ($)PerformanceObligation | Sep. 30, 2020USD ($) | Jun. 30, 2021USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Contract description | For revenues related to the BARDA contract within the scope of ASC 606, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units, (ii) emergency preparedness services. | ||
Capiitalized fulfilment costs | $ 564,000 | $ 613,000 | |
Performance obligation estimated revenue expected to be recognised | 1,000,000 | 1,100,000 | |
Contract with customer assets | 0 | 0 | |
Contract with customers non current liability | 1,018,000 | 1,075,000 | |
Contract with customer liability revenue recognized | 92,000 | $ 0 | |
Contract cost amortization | 82,000 | ||
Contract cost impairment loss | 0 | 0 | |
Cost of Sales | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Contract cost amortization | 82,000 | 0 | |
Other Noncurrent Assets | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Capiitalized fulfilment costs | $ 564,000 | 613,000 | |
BARDA | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Contract description | For the contract with BARDA, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units; and (ii) emergency preparedness services. | ||
Number of performance obligations | PerformanceObligation | 2 | ||
BARDA | Other Current Liabilities | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred cost current | $ 77,000 | 77,000 | |
BARDA | Other Long-term Liabilities | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred cost non current | $ 266,000 | 266,000 | |
BARDA | RECELL system | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Number of units will be delivered | 5,614 | ||
Product replacement obligation cost | $ 0 | ||
Deferred cost | 343,000 | 343,000 | |
Services recognised | 92,000 | $ 0 | |
Performance obligation estimated revenue expected to be recognised | 583,000 | 665,000 | |
Japanese Pharmaceuticals and Medical Device Act Approval | RECELL system | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Performance obligation estimated revenue expected to be recognised | $ 435,000 | $ 435,000 |
Share-Based Payment Plans - Add
Share-Based Payment Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Nov. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 1,842 | $ 3,266 | |
Income tax benefit (expense) | $ 0 | $ 0 | |
Two Thousand And Twenty Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation by share based payment arrangement contractual term of awards | 10 years | ||
Share based compensation by share based payment arrangement vesting period | 4 years | ||
Two Thousand And Twenty Omnibus Incentive Plan [Member] | Vesting Period One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation by share based payment arrangement vesting percentage | 25.00% | ||
Two Thousand And Twenty Omnibus Incentive Plan [Member] | Vesting Period Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation by share based payment arrangement vesting percentage | 25.00% | ||
Two Thousand And Twenty Omnibus Incentive Plan [Member] | Vesting Period Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation by share based payment arrangement vesting percentage | 25.00% | ||
Two Thousand And Twenty Omnibus Incentive Plan [Member] | Vesting Period Four | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation by share based payment arrangement vesting percentage | 25.00% | ||
Two Thousand And Twenty Omnibus Incentive Plan [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation by share based payment arrangement number of shares authorised for issuance | 1,750,000 | ||
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen | Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share based compensation by share based payment arrangement contractual term of awards | 10 years |
Share-Based Payment Plans - Sum
Share-Based Payment Plans - Summary Of Stock-based Compensation Is Reflected In The Statements Of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 1,842 | $ 3,266 |
Selling and Marketing Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based Payment Arrangement, Expense | 291 | 330 |
General and Administrative Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based Payment Arrangement, Expense | 1,251 | 2,766 |
Research and Development Expense | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based Payment Arrangement, Expense | $ 300 | $ 170 |
Share-Based Payment Plans - S_2
Share-Based Payment Plans - Summary Of Share Option Activity (Detail) | 3 Months Ended |
Sep. 30, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | 1,493,495 |
Granted | 186,975 |
Exercised | (500) |
Expired | (4,400) |
Forfeited | (17,575) |
Ending balance | 1,657,995 |
Exercisable | 755,031 |
Service Only Share Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | 997,826 |
Granted | 94,100 |
Exercised | (500) |
Expired | (4,400) |
Forfeited | (15,225) |
Ending balance | 1,071,801 |
Exercisable | 447,699 |
Performance Based Share Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | 495,669 |
Granted | 92,875 |
Forfeited | (2,350) |
Ending balance | 586,194 |
Exercisable | 307,332 |
Share-Based Payment Plans - S_3
Share-Based Payment Plans - Summary Of Company Unvested RSUs (Detail) | 3 Months Ended |
Sep. 30, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested RSUs beginning balance | 100,014 |
Unvested RSUs granted | 87,500 |
Unvested RSUs vested | (28,754) |
Unvested RSUs ending balance | 158,760 |
Non Options Service Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested RSUs beginning balance | 47,507 |
Unvested RSUs ending balance | 47,507 |
Non Option Performance Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested RSUs beginning balance | 52,507 |
Unvested RSUs granted | 87,500 |
Unvested RSUs vested | (28,754) |
Unvested RSUs ending balance | 111,253 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Line Items] | |||||||
Tax expense | $ 6,000 | $ 10,000 | |||||
Deferred tax assets valuation allowance | $ 49,100,000 | $ 41,900,000 | |||||
Unrecognized income tax benefits | $ 0 | $ 0 | |||||
Federal statutory income tax rate | 28.00% | 21.00% | |||||
Tax Cut And Jobs Act | |||||||
Income Tax Disclosure [Line Items] | |||||||
Percentage of tax amount likely to be realised | 50.00% | 50.00% | 50.00% | ||||
Tax Year 2026 through 2038 | |||||||
Income Tax Disclosure [Line Items] | |||||||
Net operating loss carryforwards | $ 21,700,000 | ||||||
Earliest Tax Year | |||||||
Income Tax Disclosure [Line Items] | |||||||
Open tax year | 2026 | ||||||
Latest Tax Year | |||||||
Income Tax Disclosure [Line Items] | |||||||
Open tax year | 2038 | ||||||
Internal Revenue Service (IRS) | |||||||
Income Tax Disclosure [Line Items] | |||||||
Net operating loss carryforwards | $ 111,800,000 | ||||||
State and Local Jurisdiction | |||||||
Income Tax Disclosure [Line Items] | |||||||
Net operating loss carryforwards | 66,500,000 | ||||||
Her Majesty's Revenue and Customs (HMRC) | |||||||
Income Tax Disclosure [Line Items] | |||||||
Net operating loss carryforwards | 32,800,000 | ||||||
Australian Taxation Office | |||||||
Income Tax Disclosure [Line Items] | |||||||
Net operating loss carryforwards | $ 38,200,000 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Reconciliation of The Basic And Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Net Loss | $ (5,948) | $ (10,227) |
Weighted-average common shares – outstanding, basic | 24,905,403 | 21,503,643 |
Weighted-average common shares – outstanding, diluted | 24,905,403 | 21,503,643 |
Net loss per common share, basic | $ (0.24) | $ (0.48) |
Net loss per common share, diluted | $ (0.24) | $ (0.48) |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Compensation And Retirement Disclosure [Abstract] | ||
Defined contribution plan employers matching contribution percentage of employees pay | 6.00% | |
Employers contribution to retirement plan | $ 183,000 | $ 165,000 |