Cover Page
Cover Page | 6 Months Ended |
Dec. 31, 2021 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | OPTHEA LIMITED |
Entity Central Index Key | 0001815620 |
Current Fiscal Year End Date | --06-30 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | ||
Revenue | $ 91,218 | $ 197,840 |
Other income | 153,370 | 58,237 |
Operating expenses: | ||
Research and development | (31,819,649) | (13,778,940) |
Administrative expenses | (5,189,807) | (3,838,723) |
Share-based payment expense | (2,443,221) | (1,595,244) |
Patent and intellectual property expenses | (36,847) | (73,164) |
Occupancy expenses | (9,281) | (8,857) |
Net foreign exchange (loss)/gain | (1,375,143) | (9,238,403) |
Loss before income tax | (40,629,360) | (28,277,254) |
Income tax benefit | 2,916,601 | 2,546,983 |
Loss for the period | (37,712,759) | (25,730,271) |
Items that will not be reclassified subsequently to profit or loss: | ||
Fair value gains on investments in financial assets | 0 | 469,767 |
Other comprehensive income for the period, net of tax | 0 | 469,767 |
Total comprehensive loss for the period | $ (37,712,759) | $ (25,260,504) |
Earnings per share for loss attributable for the ordinary equity holders | ||
Basic and diluted loss per share (cents) | $ (10.74) | $ (9.08) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 88,273,668 | $ 118,193,177 |
Current tax receivable | 2,916,601 | 4,972,898 |
Receivables | 483,628 | 565,286 |
Prepayments | 17,338,934 | 14,386,155 |
Total current assets | 109,012,831 | 138,117,516 |
Non-current assets: | ||
Investment in financial assets | 0 | 0 |
Property and equipment, net | 18,737 | 23,259 |
Right-of-use assets | 46,926 | 93,852 |
Prepayments | 141,240 | 174,541 |
Total non-current assets | 206,903 | 291,652 |
Total assets | 109,219,734 | 138,409,168 |
Current liabilities: | ||
Payables | 8,311,435 | 2,501,518 |
Lease liabilities | 67,250 | 112,965 |
Provisions | 543,846 | 492,002 |
Total current liabilities | 8,922,531 | 3,106,485 |
Non-current liabilities: | ||
Provisions | 23,799 | 16,915 |
Total non-current liabilities | 23,799 | 16,915 |
Total liabilities | 8,946,330 | 3,123,400 |
Net assets | 100,273,404 | 135,285,768 |
Equity | ||
Contributed equity | 234,639,230 | 234,147,526 |
Accumulated Loss | (161,836,741) | (124,123,982) |
Reserves | 27,470,915 | 25,262,224 |
Total equity | $ 100,273,404 | $ 135,285,768 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity - USD ($) | Total | Contributed Equity | Pre-funded Warrants | Share-based Payment Reserve | Fair Value of Investment Reserve | FX Translation Reserve | Accumulated Losses |
Beginning balance at Jun. 30, 2020 | $ 44,567,972 | $ 113,852,364 | $ 3,116,080 | $ 551,409 | $ 5,827,605 | $ (78,779,486) | |
Fair value gains on investments in financial assets | 469,767 | 469,767 | |||||
Net loss for the period | (25,730,271) | (25,730,271) | |||||
Total comprehensive income and expense for the period | (25,260,504) | 469,767 | (25,730,271) | ||||
Issue of ordinary shares | 105,477,591 | 105,477,591 | $ 0 | ||||
Issue of pre-funded warrants | 11,546,029 | 11,546,029 | |||||
Recognition of share based payment | 1,595,244 | 1,595,244 | |||||
Issue of ordinary shares on conversion of LTIP | 14,377,979 | 114,632 | 1,789 | 14,261,558 | |||
Ending balance at Dec. 31, 2020 | 152,304,311 | 219,329,955 | $ 11,546,029 | 4,825,956 | 1,022,965 | 20,089,163 | (104,509,757) |
Beginning balance at Jun. 30, 2021 | 135,285,768 | 234,147,526 | 4,087,650 | 1,085,411 | 20,089,163 | (124,123,982) | |
Net loss for the period | (37,712,759) | (37,712,759) | |||||
Total comprehensive income and expense for the period | (37,712,759) | (37,712,759) | |||||
Recognition of share based payment | 2,443,221 | 2,443,221 | |||||
Issue of ordinary shares on conversion of LTIP | 257,174 | 491,704 | (234,530) | ||||
Ending balance at Dec. 31, 2021 | $ 100,273,404 | $ 234,639,230 | $ 6,296,341 | $ 1,085,411 | $ 20,089,163 | $ (161,836,741) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Interest received | $ 100,757 | $ 163,856 |
Royalty and license income received | 1,570 | 33,176 |
Grant income received | 0 | 26,950 |
Payment of lease interest | (2,960) | (2,794) |
Payments to suppliers, employees and for research & development and intellectual property costs (inclusive of GST) | (33,826,440) | (24,426,278) |
Research and development tax incentive scheme credit received | 4,972,898 | 5,699,649 |
Net cash flows used in operating activities | (28,754,175) | (18,505,441) |
Cash flows from investing activities: | ||
Purchase of plant and equipment | (1,651) | (7,293) |
Cash received on disposal of financial asset | 0 | 670,973 |
Net cash flows used in investing activities | (1,651) | 663,680 |
Cash flows from financing activities: | ||
Payment of lease liabilities | (45,714) | (57,779) |
Net proceeds on issue of ordinary shares | 0 | 105,477,591 |
Net proceeds on issue of pre-funded warrants | 0 | 11,546,029 |
Cash received for ordinary shares issued on exercise of options | 257,174 | 0 |
Net cash flows provided by financing activities | 211,460 | 116,965,841 |
Net (decrease)/increase in cash and cash equivalents | (28,544,366) | 99,124,080 |
Effects of exchange rate changes on the balance of cash held in foreign currencies | (1,375,143) | 14,351,800 |
Cash and cash equivalents at beginning of period | 118,193,177 | 42,650,858 |
Cash and cash equivalents at end of period | $ 88,273,668 | $ 156,126,738 |
Corporate Information
Corporate Information | 6 Months Ended |
Dec. 31, 2021 | |
Corporate Information [Abstract] | |
Corporate Information Explanatory | Note 1. Corporate Information Opthea Limited (the parent) is a company limited by shares incorporated in Australia whose ordinary shares are publicly traded on the Australian Securities Exchange (“ ASX ADSs The principal activity of Opthea limited is to develop and commercialize therapies primarily for eye disease. Opthea’s lead asset, OPT-302, is a soluble form of VEGFR-3 in clinical development as a novel therapy for wet (neovascular) age-related macular degeneration and diabetic macular edema (DME). Wet AMD and DME are leading causes of blindness in the elderly and diabetic populations respectively and are increasing in prevalence worldwide. The condensed consolidated financial report of Opthea Limited (the “ Group Significant changes in the current reporting period: For the six months period ended Decemb er 31, 2021, the Company’s net loss before tax attributable to members is $40,629,360 (December 31, 2020: $28,277,254). The increased loss compared to the prior period is mainly due to the increase in research and development (R&D) spending, which can be attributed to the manufacturing of OPT-302 OPT-302 Set out below are other factors affecting financial performance: • The total R&D expense was $31,819,649 (December 31, 2020: $13,778,940). • The net income tax benefit for the half year is $2,916,601 (December 31, 2020: $2,546,983). • Basic earnings per share were a loss of 10.74 cents (December 31, 2020: loss of 9.08 cents) . |
Adoption of New and Revised Acc
Adoption of New and Revised Accounting Standards | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
Adoption of New and Revised Accounting Standards | Note 2. Adoption of New and Revised Accounting Standards These condensed consolidated interim financial statements as of December 31, 2021 and for the half-year reporting period ended December 31, 2021 and 2020 (the “ half-year condensed consolidated financial statements IAS Interim Financial Reporting IFRS The half-year condensed consolidated financial statements do not include all the notes of the type normally included in an annual financial report. Accordingly, they are to be read in conjunction with the consolidated statements of financial position of the Group as of June 30, 2021, and 2020, the related consolidated statements of profit or loss and other comprehensive income, changes in equity, and cash flows for each of the three years in the period ended June 30, 2021, and the related notes (collectively referred to as the “ annual financial report The half-year condensed consolidated financial statements have been prepared using the same accounting policies as used in the annual financial report. There were no changes in accounting policy during the half-year December 31, 2021, nor did the introduction of new accounting standard lead to any changes in measurement or disclosure in these half-year condensed consolidated financial statements. The Group has not adopted any accounting standard that are issued by not yet effective. We have considered the applicability and impact of all recently issued accounting pronouncements and have determined that they were either not applicable or were not expected to have a material impact on our interim report. Significant accounting policies that summarize the measurement basis used and are relevant to an understanding of the financial statements are provided in the annual financial report. |
Significant of Accounting Polic
Significant of Accounting Policies | 6 Months Ended |
Dec. 31, 2021 | |
Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Significant of Accounting Policies | Note 3. Significant Accounting Policies Basis of preparation These half-year condensed consolidated financial statements have been prepared on the basis of historical cost, except for the investments classified as financial assets, which have been measured at fair value. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in United States dollars, unless otherwise noted. The Interim Financial Statements have been prepared on a going concern basis, which assumes the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. Change in presentation and functional currencies Functional currency An entity’s functional currency is the currency of the primary economic environment in which the entity operates. During the year ended June 30, 2021, the Group’s operations have continued to move further towards being US$ denominated and several other factors during the period have also contributed to the Group changing its functional currency, such as the completion of U.S. initial public offering (IPO) and the Nasdaq listing in October 2020, opening a US subsidiary in May 2021 for a planned expansion into the US, and expanding the Board of Directors with the appointment of four US based Directors. A significant element in the Group’s assessment to change the functional currency resulted from the significant increase in expenses denominated in US dollars relating to advanced clinical trials since the commencement of Phase 3 trials in March 2021. These changes, as well as the fact that the Group’s principal source of financing is now the U.S. capital market and all of the Group’s budgeting and planning is conducted solely in dollars led to the Company determining that the U.S. dollar (US$) best represents the currency of the primary economic environment in which the entity now operates. Accordingly, the Group changed its functional currency from Australian dollar (A$) to U.S. dollar (US$) effective January 1, 2021. The change in functional currency has been applied prospectively with effect from January 1, 2021 in accordance with the requirements of IAS 21 The Effects of Changes in Foreign Exchange Rates Presentation Currency Following the change in functional currency, the Group changed its presentation currency from Australian dollars (A$) to US$. The change in presentation currency is to better reflect the Group’s business activities and to enhance access to U.S. capital markets. Prior to the change, the Group reported its financial statements in Australian dollars (A$). A change in presentation currency is a change in accounting policy which is accounted for retrospectively, including the restatement of 2019 Balance Sheet. In making this change in presentation currency, the Group followed the requirements set out in IAS 21 The Effects of Changes in Foreign Exchange Rates. As required by IAS 21, the consolidated statements of profit or loss and other comprehensive income and the consolidated statements of cash flows for each period have been translated into the presentation currency using the average exchange rates prevailing during each reporting period. All assets and liabilities have been translated using the exchange rates prevailing at the consolidated statements of financial position dates. Shareholders’ equity transactions have been translated using the rates of exchange in effect as of the dates of various capital transactions. All resulting exchange differences arising from the translation are included as a separate component of other comprehensive income. All comparative financial information has been restated to reflect the Group’s results as if they had been historically reported in US$ and the effect on the consolidated financial statements resulted in an addition to the foreign currency translation reserve of US$14.3 million at December 31, 2020. Research and development costs Research costs are expensed as incurred. An intangible asset arising from the development expenditure on an internal project will only be recognized when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the development and the ability to measure reliably the expenditure attributable to the intangible asset during its development. As of December 31, 2021 and June 30, 2021, the Group is in the research phase and has not capitalized any development costs to date. Income tax Current tax Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Research and development tax incentive The Research and Development (R&D) Tax Incentive Scheme is an Australian Federal Government program under which eligible companies with annual aggregated revenue of less than A$20 million can receive cash amounts equal to 43.5 % of eligible research and development expenditures from the Australian Taxation Office (ATO). The R&D Tax Incentive Scheme incentive relates to eligible expenditure incurred in Australia and, under certain circumstances, overseas on the development of the Group’s lead candidate, OPT-302. The Group estimates the amount of R&D tax incentive after the completion of the financial year based on eligible Australia and overseas expenditures incurred during that year. The Group has presented incentives in respect of the R&D Tax Incentive Scheme within income tax benefit in the Statements of Profit or Loss and Other Comprehensive Income by analogizing with IAS 12 “ Income Taxes ”. Leases The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term low-value right-of-use Right-of-use Right-of-use Right-of-use right-of-use Right-of-use straight-line Lease liabilities Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is determined using market yields on bonds with similar terms to maturity. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate). Leases of low-value For short-term low-value straight-line Comparatives The comparative condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows have been restated due to the change in presentation currency described above. Movement schedules in the notes to condensed consolidated financial statements for the comparative period covers the twelve months from July 1, 2020 to June 30, 2021. |
Operating Segments
Operating Segments | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Operating Segments | Note 4. Operating Segment The Group operates in industry which is the biotechnology and healthcare industry. Additionally, the Group operates in two geographical areas being Australia and the United States of America. The Group is focused primarily on developing a novel therapy for the treatment of highly prevalent and progressive retinal diseases. The chief executive officer regularly reviews entity wide information that is compliant with IFRS. The Group’s only revenue stream in the current and previous six months period is royalty income generated from licenses granted in respect of the Group’s intellectual property that are unrelated to the Group’s core business and the development of OPT-302 and that are not under development. These licenses are primarily used by third-party licensees for research purposes. All of the royalty income for the half year ended December 31, 2021 of US$ |
Critical Accounting Judgements
Critical Accounting Judgements and Key Sources of Estimation Uncertainty | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of changes in accounting estimates [abstract] | |
Critical Accounting Judgements and Key Sources of Estimation Uncertainty | Note 5. Critical Accounting Judgments and Key Sources of Estimation Uncertainty In applying the Group’s accounting policies, management continually evaluates judgments, estimates and assumptions based on experience and other factors, including expectations of future events that may have an impact on the Group. All judgments, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances available to management. Actual results may differ from the judgments, estimates and assumptions. Significant judgments, estimates and assumptions made by management in the preparation of these financial statements are outlined below: Critical judgements in applying accounting policies Research and development costs The majority of Opthea’s expenditure is incurred as a result of clinical investigation of OPT-302. During the year ended June 30, 2021 Opthea completed the Company’s Phase 1b/2a diabetic macular edema (DME) trial and progressed planning of the Phase 3 registrational trials for OPT-302 in wet AMD. In the six months ended December 31, 2021 Opthea progressed regulatory interactions and patient recruitment into the Company’s global Phase 3 registrational clinical trials of OPT-302 for wet age-related macular degeneration. A key measure of Opthea’s performance is the level of expenditure incurred on the research of OPT-302. Judgment is required in relation to: • The classification of expenses in the condensed statements of profit or loss and other comprehensive income between research and development costs and operating expenses; and • Whether costs relate to R&D, and consequently if they meet the capitalization criteria under IAS 138 “Intangible Assets.” The directors have determined that the Group is still in a research phase and accordingly, no development costs have been capitalized as of December 31, 2021, and June 30, 2021. Taxation Research and development tax incentive The Research and Development (R&D) Tax Incentive Scheme is an Australian Federal Government program under which eligible companies can receive cash refunds of 43.5% of eligible R&D expenditure. Judgements are required as to the R&D tax incentive refundable offset eligibility in respect of: • The Group’s ability to make claims and its continued compliance under the scheme; • R&D and other supporting costs previously approved by Australian tax authorities; • Estimated amounts, timing and geographical location of future costs related to the projects for which applications have been approved to date; and • Assessment of whether expenditure on projects for which approval has been given by Australian tax authorities relate to Australian or overseas expenditure. As of December 31, 2021 and June 30, 2021, the Group has recognized an R&D tax incentive receivable of US$2.9 million and US$5.0 million, respectively, within the condensed consolidated statement s The R&D tax incentive receivable as of June 30, 2021 and December 31, 2021 is based on the legislation as currently enacted as of June 30, 2021 and December 31, 2021, respectively. Any proposed changes to the legislation, such as rate changes to the eligibility requirements, may have a retrospective impact if the legislation is passed, currently no such legislative changes have occurred. Investment tax credits such as the R&D tax incentive are outside of the scope of IAS 12 “Income Taxes” and IAS 20 “Accounting for Government Grants and Disclosure of Government Assistance.” Based on the guidance in IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors,” companies need to make an accounting policy choice on how to present these incentives, which in practice is done by either analogizing with IAS 12 or with IAS 20. In the Group’s opinion, the R&D tax incentive should be presented by analogizing to IAS 12 because the nature of the incentive is considered to be more closely aligned to income taxes, based on the following considerations: • The R&D tax incentive is considered an income tax offset which will be offset against the Group’s tax obligation if and when, the Group returns to a net tax payable position. In addition, whilst the Group is currently eligible to receive cash payments under the scheme since its consolidation revenue is currently below A$20 million, if and when the Group generates revenue in excess of A$20 million the R&D tax incentive will become non-refundable and can only be offset against any future income tax payable by the Group. • The ATO, which is the tax authority in Australia, manages the annual claims process as the R&D tax incentive is included in the Group’s annual income tax return. • The ATO is also responsible for making the R&D tax incentive cash payment if a company is eligible for a cash refund under the program, oversees compliance with the requirements of the R&D tax incentive scheme and performs pre-issuance reviews Income tax The Group’s accounting policy for taxation requires judgments as to the differences between tax and accounting treatments of income and costs recognized in the consolidated statements of profit or loss and other comprehensive income. Judgment is also required in assessing whether deferred tax assets and liabilities are recognized in the statements of financial position and if accumulated income tax losses can be used to offset potential future tax profits. Functional currency Effective January 1, 2021 the Group’s functional and presentation currency changed from Australian dollars to U.S. dollars as disclosed in Note 3. The Group’s assets, liabilities and equity which were previously denominated in Australian dollars were translated into U.S. dollars on the date the functional currency changed. Significant judgment is required in determining the currency of the primary economic environment in which the Group operates, which requires an evaluation of various indicators related to the Group’s underlying transactions, events and conditions as they relate to generating and expending cash. Key sources of estimation uncertainty Share-based payment transactions The Group measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Fair values are determined internally using Binomial models. The accounting estimates and assumptions relating to equity-settled share-based payments have no impact on the carrying amounts of assets and liabilities in future reporting periods but may impact expenses and equity. Should one or more of the assumptions and estimates used in estimating the fair value of share-based payments change, this could have a material impact on the amounts recognized in equity and employee-related expenses. |
Net Foreign Exchange (Loss)_Gai
Net Foreign Exchange (Loss)/Gain | 6 Months Ended |
Dec. 31, 2021 | |
Net Foreign Exchange Loss Gain [Abstract] | |
Net Foreign Exchange (Loss)/Gain | Note 6. Net Foreign Exchange (Loss)/Gain For the six months ended 2021 2020 (Restated) US$ US$ Net foreign exchange (loss)/gain (1,375,143 ) (9,238,403 ) Total net foreign exchange (loss)/gain (1,375,143 ) (9,238,403 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | Note 7. Income Taxes A reconciliation between income tax benefit and the product of accounting loss before income tax multiplied by the Group’s applicable income tax rate is as follows: For the six months ended 2021 2020 (Restated) US$ US$ Accounting loss before tax (40,629,360 ) (28,277,254 ) At parent entity statutory tax rate of 30% (2020: 27.5%) 12,188,808 7,776,245 R&D tax incentive on eligible expenses 2,916,601 2,546,983 Non-deductible (2,011,449 ) (1,635,517 ) Other non-deductible (732,966 ) (447,983 ) Amount of temporary differences and carried forward tax losses not recognized (9,444,393 ) (5,692,745 ) 2,916,601 2,546,983 |
Current Assets - Cash and Cash
Current Assets - Cash and Cash Equivalents | 6 Months Ended |
Dec. 31, 2021 | |
Current Assets Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 8. Current Assets – Cash and Cash Equivalents December , June 30, 2021 US$ US$ Cash at bank and in hand 6,642,804 15,538,510 Short-term deposits 81,630,864 102,654,667 Total cash and cash equivalents 88,273,668 118,193,177 Cash at bank earns interest at floating rates based on daily bank deposit rates. The carrying amounts of cash and cash equivalents represent fair value. Short term-deposits short-term % (2020 half year: |
Current Assets - Prepayments
Current Assets - Prepayments | 6 Months Ended |
Dec. 31, 2021 | |
Current prepayments [abstract] | |
Current Assets - Prepayments | Note 9. Current Assets - Prepayments December 31, 2021 June 30, 2021 US$ US$ R&D Contract Research Organization 14,661,943 12,551,398 Insurance 2,649,328 1,820,059 Other prepayments 27,663 14,698 Total current prepayments 17,338,934 14,386,155 |
Non-Current Assets – Inve
Non-Current Assets – Investments in Financial Assets | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Non-Current Assets – Investments in Financial Assets | Note 10. Non-Current Details of listed Australian shares: Listed investments Ownership interest % Fair value 1 US$ Exchange o US$ Disposal US$ Financial US$ Opening value US$ December 31, 2021 Non-current Total listed investments — — — — — June 30, 2021 Non-current Optiscan Imaging Limited — % — — (669,184 ) 469,767 199,417 Total listed investments — — (669,184 ) 469,767 199,417 1. The fair value represents the share (bid) price at year end and does not include any capital gains tax or selling costs that may be applicable on the disposal of these investments. Non-current investments in listed shares (which are not associates) are designated and accounted for as investments in financial assets pursuant to IFRS 9. |
Right-of-Use Assets
Right-of-Use Assets | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Right-of-Use Assets | Note 11. Right-of-Use The Group leases its main office accommodation for employees. The term of the lease is three years and is the renewal of a lease for the same premise that expired on July 15, 2019. The lease does not include the option to extend the term of the lease on expiry. The maturity analysis of lease liabilities is presented in Note 12. For the six months For the year US$ US$ Right-of-Use Opening balance as at July 1, 2021/July 1, 2020 281,554 251,189 Additions — — Exchange on translation — 30,365 281,554 281,554 Accumulated depreciation Opening balance as at July 1, 2021/July 1, 2020 (187,702 ) (83,729 ) Charge to the period (46,926 ) (91,656 ) Exchange on translation — (12,317 ) (234,628 ) (187,702 ) Net carrying amount 46,926 93,852 For the six months 2021 2020 (Restated) US$ US$ Amounts recognized in profit or loss: Depreciation expense on right-of-use 46,926 69,197 Lease finance costs 2,960 3,556 Expense relating to leases of low value assets 9,669 4,835 59,555 77,588 |
Lease Liabilities
Lease Liabilities | 6 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Lease Liabilities | Note 12. Lease Liabilities For the six months For the year US$ US$ Carrying amount at July 1, 2021/July 1, 2020 112,965 182,290 New lease — — Payments (45,715 ) (69,325 ) Carrying amount at December 31/June 30 67,250 112,965 Maturity analysis: Year 1 73,170 124,495 Year 2 — — 73,170 124,495 Less: unearned interest (5,920 ) (11,530 ) 67,250 112,965 Analyzed into: Current portion 67,250 112,965 Non-current — — 67,250 112,965 |
Contributed Equity
Contributed Equity | 6 Months Ended |
Dec. 31, 2021 | |
Contributed Equity [Abstract] | |
Contributed Equity | Note 13. Contributed Equity For the six months For the year US$ US$ (a) Ordinary shares Issued and fully paid at December 31/June 30 234,639,230 234,147,526 Movement in ordinary shares: Opening balance at July 1, 2021/July 1, 2020 234,147,526 113,852,364 Issue of shares on exercise of options granted under the LTIP 491,704 3,271,542 Issue of shares on exercise of pre-funded — 11,546,029 Issue of shares in a US initial public offering and NASDAQ listing — 105,477,591 234,639,230 234,147,526 Ordinary shares on issue: No: No: Opening balance at July 1, 2021/July 1, 2020 351,003,541 269,157,769 Issue of shares on exercise of options granted under the LTIP 935,739 5,845,804 Issue of shares on exercise of pre-funded — 7,493,568 Issue of shares on NASDAQ listing — 68,506,400 351,939,280 351,003,541 Issued capital of ordinary shares at December 31, 2021 amounted to $234,639,230 (351,939,280 Fully paid ordinary shares) net of share issue costs and tax. For the six months For the year US$ US$ (b) Pre-funded Movement in pre-funded Opening balance at July 1, 2021/July 1, 2020 — — Issue of pre-funded — 12,645,441 Cost of issue of pre-funded — (1,099,412 ) Issue of shares on exercise of pre-funded — (11,546,029 ) — — Pre-funded No: No: Opening balance at July 1, 2021/July 1, 2020 — — Issue of pre-funded — 7,493,600 Exercise of pre-funded — (7,493,568 ) Forfeiture on exercise — (32 ) — — In O pre-funded |
Reserves
Reserves | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Reserves | Note 14. Reserves For the six months For the year US$ US$ Reserves Fair value of investments reserve (i) 1,085,411 1,085,411 Share-based payments reserve (ii) 6,296,341 4,087,650 Foreign translation reserve (iii) 20,089,163 20,089,163 Total reserves 27,470,915 25,262,224 (i) Movement in fair value of investments reserve: Opening balance at July 1, 2021/July 1, 2020 1,085,411 551,409 Fair value on gains on investments in financial assets — 469,767 Exchange on translation — 64,235 Closing balance 1,085,411 1,085,411 (ii) Movement in share-based payments reserve: Opening balance at July 1, 2021/July 1, 2020 4,087,650 3,116,080 Share-based payments expense 2,443,221 3,897,638 Exercise of options (234,530 ) (3,271,542 ) Exchange on translation — 345,474 Closing balance 6,296,341 4,087,650 (iii) Movement in foreign translation reserve: Opening balance at July 1, 2021/July 1, 2020 20,089,163 5,827,605 (Gains)/loss on translation — 14,261,558 Closing balance 20,089,163 20,089,163 (i) Fair value of investments reserve This reserve records fair value changes on listed investments. (ii) Share-based This reserve is used to record the value of equity benefits provided to executives and employees as part of their remuneration. (iii) Foreign currency translation reserve The reserve records the value of foreign currency movements on translation of financial statements from A$ to US$. |
Commitments
Commitments | 6 Months Ended |
Dec. 31, 2021 | |
Commitments [Abstract] | |
Commitments | Note 15. Commitments The Company has entered into research and development contracts with various third parties in respect of the manufacture of clinical grade OPT-302 December June 30, 2021 US$ US$ Within one year 45,036,888 26,377,778 After one year but not more than five years 4,048,790 2,347,060 After more than five years — — 49,085,678 28,724,838 |
Events Subsequent To Reporting
Events Subsequent To Reporting Date | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events Subsequent To Reporting Date | Note 16. Events Subsequent to Reporting Date On February 1, 2022, Opthea announced the establishment of an At-the-Market Equity Program with Jefferies LLC, whereby the Company may offer and sell up to million of its Ordinary Shares in the form of ADSs. At present no shares have been sold using this facility. Besides the above mentioned no matters or circumstances have arisen since the end of the reporting period, which significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Earnings per Share | Note 17. Earnings per Share For the six months ended 2021 US$ 2020 Restated US$ The following reflects the income used in the basic and diluted earnings per share computations: (a) Earnings used in calculating earnings per share Net loss attributable to ordinary equity holders of the parent (37,712,759 ) (25,730,271 ) (b) Weighted average number of shares Weighted average number of ordinary shares on issue for basic earnings per share 351,075,141 283,422,115 Effect of dilution: Share options — — Weighted average number of ordinary shares adjusted for the effect of dilution 351,075,141 283,422,115 Loss per share (basic and diluted in cents) (10.74 ) (9.08 ) There have been no transactions involving ordinary shares or potential ordinary shares that would significantly change the number of ordinary shares or potential ordinary shares outstanding between the reporting date and the date of completion of these condensed consolidated interim financial statements. Diluted earnings per share is calculated as net loss divided by the weighted average number of ordinary shares and dilutive potential ordinary shares. Options granted under the Long-Term Incentive and Non-Executive Director Share and Option plans would generally be included in the calculation due to the conditions of the issuance being satisfied. As the Group is in a loss position, the options are anti-dilutive and, accordingly, the basic loss per share is the same as the diluted loss per share. We have not declared or paid any dividends on our ordinary shared. We intend to retain any earnings for use in our business and do not currently intend to pay cash dividends on our ordinary shares. Dividends, if any, on our outstanding ordinary shares will be declared by and subject to the discretion of our board of directors, and subject to Australian law. |
Significant of Accounting Pol_2
Significant of Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2021 | |
Description Of Business And Summary Of Significant Accounting Policies [Abstract] | |
Basis of Preparation | Basis of preparation These half-year condensed consolidated financial statements have been prepared on the basis of historical cost, except for the investments classified as financial assets, which have been measured at fair value. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in United States dollars, unless otherwise noted. The Interim Financial Statements have been prepared on a going concern basis, which assumes the continuity of normal business activity and the realisation of assets and the settlement of liabilities in the ordinary course of business. |
Change in presentation and functional currencies | Change in presentation and functional currencies Functional currency An entity’s functional currency is the currency of the primary economic environment in which the entity operates. During the year ended June 30, 2021, the Group’s operations have continued to move further towards being US$ denominated and several other factors during the period have also contributed to the Group changing its functional currency, such as the completion of U.S. initial public offering (IPO) and the Nasdaq listing in October 2020, opening a US subsidiary in May 2021 for a planned expansion into the US, and expanding the Board of Directors with the appointment of four US based Directors. A significant element in the Group’s assessment to change the functional currency resulted from the significant increase in expenses denominated in US dollars relating to advanced clinical trials since the commencement of Phase 3 trials in March 2021. These changes, as well as the fact that the Group’s principal source of financing is now the U.S. capital market and all of the Group’s budgeting and planning is conducted solely in dollars led to the Company determining that the U.S. dollar (US$) best represents the currency of the primary economic environment in which the entity now operates. Accordingly, the Group changed its functional currency from Australian dollar (A$) to U.S. dollar (US$) effective January 1, 2021. The change in functional currency has been applied prospectively with effect from January 1, 2021 in accordance with the requirements of IAS 21 The Effects of Changes in Foreign Exchange Rates Presentation Currency Following the change in functional currency, the Group changed its presentation currency from Australian dollars (A$) to US$. The change in presentation currency is to better reflect the Group’s business activities and to enhance access to U.S. capital markets. Prior to the change, the Group reported its financial statements in Australian dollars (A$). A change in presentation currency is a change in accounting policy which is accounted for retrospectively, including the restatement of 2019 Balance Sheet. In making this change in presentation currency, the Group followed the requirements set out in IAS 21 The Effects of Changes in Foreign Exchange Rates. As required by IAS 21, the consolidated statements of profit or loss and other comprehensive income and the consolidated statements of cash flows for each period have been translated into the presentation currency using the average exchange rates prevailing during each reporting period. All assets and liabilities have been translated using the exchange rates prevailing at the consolidated statements of financial position dates. Shareholders’ equity transactions have been translated using the rates of exchange in effect as of the dates of various capital transactions. All resulting exchange differences arising from the translation are included as a separate component of other comprehensive income. All comparative financial information has been restated to reflect the Group’s results as if they had been historically reported in US$ and the effect on the consolidated financial statements resulted in an addition to the foreign currency translation reserve of US$14.3 million at December 31, 2020. |
Research and development costs | Research and development costs Research costs are expensed as incurred. An intangible asset arising from the development expenditure on an internal project will only be recognized when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the development and the ability to measure reliably the expenditure attributable to the intangible asset during its development. As of December 31, 2021 and June 30, 2021, the Group is in the research phase and has not capitalized any development costs to date. |
Income tax | Income tax Current tax Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date. Research and development tax incentive The Research and Development (R&D) Tax Incentive Scheme is an Australian Federal Government program under which eligible companies with annual aggregated revenue of less than A$20 million can receive cash amounts equal to 43.5 % of eligible research and development expenditures from the Australian Taxation Office (ATO). The R&D Tax Incentive Scheme incentive relates to eligible expenditure incurred in Australia and, under certain circumstances, overseas on the development of the Group’s lead candidate, OPT-302. The Group estimates the amount of R&D tax incentive after the completion of the financial year based on eligible Australia and overseas expenditures incurred during that year. The Group has presented incentives in respect of the R&D Tax Incentive Scheme within income tax benefit in the Statements of Profit or Loss and Other Comprehensive Income by analogizing with IAS 12 “ Income Taxes ”. |
Leases | Leases The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term low-value right-of-use Right-of-use Right-of-use Right-of-use right-of-use Right-of-use straight-line Lease liabilities Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is determined using market yields on bonds with similar terms to maturity. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate). Leases of low-value For short-term low-value straight-line |
Comparatives | Comparatives The comparative condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows have been restated due to the change in presentation currency described above. Movement schedules in the notes to condensed consolidated financial statements for the comparative period covers the twelve months from July 1, 2020 to June 30, 2021. |
Net Foreign Exchange (Loss)_G_2
Net Foreign Exchange (Loss)/Gain (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Net Foreign Exchange Loss Gain [Abstract] | |
Summary of Net Foreign Exchange (Loss)/Gain | For the six months ended 2021 2020 (Restated) US$ US$ Net foreign exchange (loss)/gain (1,375,143 ) (9,238,403 ) Total net foreign exchange (loss)/gain (1,375,143 ) (9,238,403 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Summary of Reconciliation Between Income Tax Benefit and the Product of Accounting Loss Before Income Tax Multiplied by the Group's Applicable Income Tax Rate | A reconciliation between income tax benefit and the product of accounting loss before income tax multiplied by the Group’s applicable income tax rate is as follows: For the six months ended 2021 2020 (Restated) US$ US$ Accounting loss before tax (40,629,360 ) (28,277,254 ) At parent entity statutory tax rate of 30% (2020: 27.5%) 12,188,808 7,776,245 R&D tax incentive on eligible expenses 2,916,601 2,546,983 Non-deductible (2,011,449 ) (1,635,517 ) Other non-deductible (732,966 ) (447,983 ) Amount of temporary differences and carried forward tax losses not recognized (9,444,393 ) (5,692,745 ) 2,916,601 2,546,983 |
Current Assets - Cash and Cas_2
Current Assets - Cash and Cash Equivalents (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Current Assets Cash And Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents | December , June 30, 2021 US$ US$ Cash at bank and in hand 6,642,804 15,538,510 Short-term deposits 81,630,864 102,654,667 Total cash and cash equivalents 88,273,668 118,193,177 |
Non-Current Assets – In_2
Non-Current Assets – Investments in Financial Assets (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Details of Listed Australian Shares | Details of listed Australian shares: Listed investments Ownership interest % Fair value 1 US$ Exchange o US$ Disposal US$ Financial US$ Opening value US$ December 31, 2021 Non-current Total listed investments — — — — — June 30, 2021 Non-current Optiscan Imaging Limited — % — — (669,184 ) 469,767 199,417 Total listed investments — — (669,184 ) 469,767 199,417 1. The fair value represents the share (bid) price at year end and does not include any capital gains tax or selling costs that may be applicable on the disposal of these investments. |
Current Assets - Prepayments (T
Current Assets - Prepayments (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Noncurrent Assets Prepayments [Abstract] | |
Summary of Current Assets Prepayments | December 31, 2021 June 30, 2021 US$ US$ R&D Contract Research Organization 14,661,943 12,551,398 Insurance 2,649,328 1,820,059 Other prepayments 27,663 14,698 Total current prepayments 17,338,934 14,386,155 |
Right-of-Use Assets (Tables)
Right-of-Use Assets (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Summary of Carrying Amount of Lease | For the six months For the year US$ US$ Right-of-Use Opening balance as at July 1, 2021/July 1, 2020 281,554 251,189 Additions — — Exchange on translation — 30,365 281,554 281,554 Accumulated depreciation Opening balance as at July 1, 2021/July 1, 2020 (187,702 ) (83,729 ) Charge to the period (46,926 ) (91,656 ) Exchange on translation — (12,317 ) (234,628 ) (187,702 ) Net carrying amount 46,926 93,852 |
Summary of Lease Liabilities | For the six months 2021 2020 (Restated) US$ US$ Amounts recognized in profit or loss: Depreciation expense on right-of-use 46,926 69,197 Lease finance costs 2,960 3,556 Expense relating to leases of low value assets 9,669 4,835 59,555 77,588 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Lease liabilities [abstract] | |
Summary of Lease Liabilities | For the six months For the year US$ US$ Carrying amount at July 1, 2021/July 1, 2020 112,965 182,290 New lease — — Payments (45,715 ) (69,325 ) Carrying amount at December 31/June 30 67,250 112,965 Maturity analysis: Year 1 73,170 124,495 Year 2 — — 73,170 124,495 Less: unearned interest (5,920 ) (11,530 ) 67,250 112,965 Analyzed into: Current portion 67,250 112,965 Non-current — — 67,250 112,965 |
Contributed Equity (Tables)
Contributed Equity (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Contributed Equity [Abstract] | |
Summary of Contributed Equity | For the six months For the year US$ US$ (a) Ordinary shares Issued and fully paid at December 31/June 30 234,639,230 234,147,526 Movement in ordinary shares: Opening balance at July 1, 2021/July 1, 2020 234,147,526 113,852,364 Issue of shares on exercise of options granted under the LTIP 491,704 3,271,542 Issue of shares on exercise of pre-funded — 11,546,029 Issue of shares in a US initial public offering and NASDAQ listing — 105,477,591 234,639,230 234,147,526 Ordinary shares on issue: No: No: Opening balance at July 1, 2021/July 1, 2020 351,003,541 269,157,769 Issue of shares on exercise of options granted under the LTIP 935,739 5,845,804 Issue of shares on exercise of pre-funded — 7,493,568 Issue of shares on NASDAQ listing — 68,506,400 351,939,280 351,003,541 For the six months For the year US$ US$ (b) Pre-funded Movement in pre-funded Opening balance at July 1, 2021/July 1, 2020 — — Issue of pre-funded — 12,645,441 Cost of issue of pre-funded — (1,099,412 ) Issue of shares on exercise of pre-funded — (11,546,029 ) — — Pre-funded No: No: Opening balance at July 1, 2021/July 1, 2020 — — Issue of pre-funded — 7,493,600 Exercise of pre-funded — (7,493,568 ) Forfeiture on exercise — (32 ) — — |
Reserves (Tables)
Reserves (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Summary of Reserves | For the six months For the year US$ US$ Reserves Fair value of investments reserve (i) 1,085,411 1,085,411 Share-based payments reserve (ii) 6,296,341 4,087,650 Foreign translation reserve (iii) 20,089,163 20,089,163 Total reserves 27,470,915 25,262,224 (i) Movement in fair value of investments reserve: Opening balance at July 1, 2021/July 1, 2020 1,085,411 551,409 Fair value on gains on investments in financial assets — 469,767 Exchange on translation — 64,235 Closing balance 1,085,411 1,085,411 (ii) Movement in share-based payments reserve: Opening balance at July 1, 2021/July 1, 2020 4,087,650 3,116,080 Share-based payments expense 2,443,221 3,897,638 Exercise of options (234,530 ) (3,271,542 ) Exchange on translation — 345,474 Closing balance 6,296,341 4,087,650 (iii) Movement in foreign translation reserve: Opening balance at July 1, 2021/July 1, 2020 20,089,163 5,827,605 (Gains)/loss on translation — 14,261,558 Closing balance 20,089,163 20,089,163 (i) Fair value of investments reserve This reserve records fair value changes on listed investments. (ii) Share-based This reserve is used to record the value of equity benefits provided to executives and employees as part of their remuneration. (iii) Foreign currency translation reserve The reserve records the value of foreign currency movements on translation of financial statements from A$ to US$. |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Commitments [Abstract] | |
Summary of Expenditure Commitments Relating to Services for Clinical Trial and Intellectual Property License Agreements | Expenditure commitments relating to these, and intellectual property license agreements are payable as follows: December June 30, 2021 US$ US$ Within one year 45,036,888 26,377,778 After one year but not more than five years 4,048,790 2,347,060 After more than five years — — 49,085,678 28,724,838 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Summary of Income Used in Basic and Diluted Earnings Per Share Computation | For the six months ended 2021 US$ 2020 Restated US$ The following reflects the income used in the basic and diluted earnings per share computations: (a) Earnings used in calculating earnings per share Net loss attributable to ordinary equity holders of the parent (37,712,759 ) (25,730,271 ) (b) Weighted average number of shares Weighted average number of ordinary shares on issue for basic earnings per share 351,075,141 283,422,115 Effect of dilution: Share options — — Weighted average number of ordinary shares adjusted for the effect of dilution 351,075,141 283,422,115 Loss per share (basic and diluted in cents) (10.74 ) (9.08 ) |
Corporate Information - Additio
Corporate Information - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Corporate Information [Abstract] | ||
Loss before income tax | $ 40,629,360 | $ 28,277,254 |
Research and development | 31,819,649 | 13,778,940 |
Income tax benefit | $ 2,916,601 | $ 2,546,983 |
Basic and diluted loss per share (cents) | $ 10.74 | $ 9.08 |
Summary of Accounting Policies
Summary of Accounting Policies - Additional Information (Details) | 6 Months Ended | ||
Dec. 31, 2021USD ($)AUD ($) | Dec. 31, 2021AUD ($) | Dec. 31, 2020USD ($) | |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Fixed exchange rate | 1,297.3000 | ||
Effect on consolidated financial statements resulted in an addition to foreign currency translation reserve | $ 14,300,000 | ||
Sales | $ 91,218 | $ 197,840 | |
Percentage of cash amount equal to eligible research and development expenditures | 43.50% | 43.50% | |
Top of Range | Research and Development Tax Incentive Scheme | |||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Sales | $ 20 | $ 20,000,000 |
Operating Segments - Additional
Operating Segments - Additional Information (Details) | 6 Months Ended | |
Dec. 31, 2021USD ($)SegmentIndustryGeographicalarea | Dec. 31, 2020USD ($) | |
Disclosure of operating segments [abstract] | ||
Number of operating segment | Industry | 1 | |
Number of geographical area | Geographicalarea | 2 | |
Number of reporting segment | Segment | 1 | |
Royalty income | $ | $ 45,048 | $ 31,288 |
Critical Accounting Judgement_2
Critical Accounting Judgements and Key Sources of Estimation Uncertainty - Additional Information (Details) | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2021AUD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($) | |
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items] | ||||
Research and development expense | $ 31,819,649 | $ 13,778,940 | ||
Percentage of cash amount equal to eligible research and development expenditures | 43.50% | 43.50% | ||
Research and development tax incentive credit receivable | $ 2.9 | $ 5 | ||
Research and development tax incentive description | The R&D tax incentive is considered an income tax offset which will be offset against the Group’s tax obligation if and when, the Group returns to a net tax payable position. In addition, whilst the Group is currently eligible to receive cash payments under the scheme since its consolidation revenue is currently below A$20 million, if and when the Group generates revenue in excess of A$20 million the R&D tax incentive will become non-refundable and can only be offset against any future income tax payable by the Group. | The R&D tax incentive is considered an income tax offset which will be offset against the Group’s tax obligation if and when, the Group returns to a net tax payable position. In addition, whilst the Group is currently eligible to receive cash payments under the scheme since its consolidation revenue is currently below A$20 million, if and when the Group generates revenue in excess of A$20 million the R&D tax incentive will become non-refundable and can only be offset against any future income tax payable by the Group. | ||
Revenue | $ 91,218 | $ 197,840 | ||
Research and Development Tax Incentive Scheme | Top of Range | ||||
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items] | ||||
Revenue | 20 | $ 20,000,000 | ||
Research and Development Tax Incentive Scheme | Bottom of Range | Non Refundable | ||||
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items] | ||||
Revenue | 20 | |||
Development Cost Capitalized | ||||
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items] | ||||
Research and development expense | $ 0 | $ 0 |
Net Foreign Exchange (Loss)_G_3
Net Foreign Exchange (Loss)/Gain - Summary of Net Foreign Exchange (Loss)/Gain (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net Foreign Exchange Loss Gain [Abstract] | ||
Net foreign exchange (loss)/gain | $ (1,375,143) | $ (9,238,403) |
Total | $ (1,375,143) | $ (9,238,403) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between Income Tax Benefit and the Product of Accounting Loss Before Income Tax Multiplied by the Group's Applicable Income Tax Rate (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Accounting loss before tax | $ (40,629,360) | $ (28,277,254) |
At parent entity statutory tax rate | 12,188,808 | 7,776,245 |
R&D tax incentive on eligible expenses | 2,916,601 | 2,546,983 |
Non-deductible R&D expenditure | (2,011,449) | (1,635,517) |
Other non-deductible expenses | (732,966) | (447,983) |
Amount of temporary differences and carried forward tax losses not recognized | (9,444,393) | (5,692,745) |
Income tax benefit reported in the Statement of Profit or Loss and Other Comprehensive Income | $ 2,916,601 | $ 2,546,983 |
Income Taxes - Summary of Rec_2
Income Taxes - Summary of Reconciliation Between Income Tax Benefit and the Product of Accounting Loss Before Income Tax Multiplied by the Group's Applicable Income Tax Rate (Parenthetical) (Details) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Income tax rate | 30.00% | 27.50% |
Current Assets - Cash and Cas_3
Current Assets - Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Categories of current financial assets [abstract] | ||||
Cash at bank and in hand | $ 6,642,804 | $ 15,538,510 | ||
Short-term deposits | 81,630,864 | 102,654,667 | ||
Total cash and cash equivalents | $ 88,273,668 | $ 118,193,177 | $ 156,126,738 | $ 42,650,858 |
Current Assets - Cash and Cas_4
Current Assets - Cash and Cash Equivalents - Additional Information (Details) - Deposit | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current Assets Cash And Cash Equivalents [Line Items] | ||
Number of Australian banks containing short term deposit | 2 | |
Average interest rate of short term deposits | 0.22% | 0.36% |
Bottom of Range | ||
Current Assets Cash And Cash Equivalents [Line Items] | ||
Short term deposit period | 30 days | |
Top of Range | ||
Current Assets Cash And Cash Equivalents [Line Items] | ||
Short term deposit period | 90 days |
Current Assets - Prepayments -
Current Assets - Prepayments - Summary of Current Assets Prepayments (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Current prepayments [abstract] | ||
R&D Contract Research Organization | $ 14,661,943 | $ 12,551,398 |
Insurance | 2,649,328 | 1,820,059 |
Other prepayments | 27,663 | 14,698 |
Total current prepayments | $ 17,338,934 | $ 14,386,155 |
Non-Current Assets - Investment
Non-Current Assets - Investments in Financial Assets - Summary of Details of Listed Australian Shares (Details) | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Disclosure Of Financial Instruments [Line Items] | |
Disposal in the financial year | $ (669,184) |
Financial value gain/(loss) recognized in OCI | 469,767 |
Fair value | $ 199,417 |
Listed investments | Optiscan Imaging Limited | |
Disclosure Of Financial Instruments [Line Items] | |
Ownership interest | 0.00% |
Fair value | $ 199,417 |
Disposal in the financial year | (669,184) |
Financial value gain/(loss) recognized in OCI | $ 469,767 |
Right-of-Use Assets - Summary o
Right-of-Use Assets - Summary of Carrying Amount of Lease (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Opening balance | $ 93,852 | |
Net carrying amount | 46,926 | $ 93,852 |
Right-of-Use Asset Cost | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Opening balance | 281,554 | 251,189 |
Additions | 0 | 0 |
Exchange on translation | 0 | 30,365 |
Net carrying amount | 281,554 | 281,554 |
Accumulated Depreciation | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Opening balance | (187,702) | (83,729) |
Charge to the period | (46,926) | (91,656) |
Exchange on translation | 0 | (12,317) |
Net carrying amount | $ (234,628) | $ (187,702) |
Right-of-Use Assets - Additiona
Right-of-Use Assets - Additional information (Details) | 6 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Lease liabilities term | Jul. 15, 2019 |
Right-of-Use Assets - Lease Lia
Right-of-Use Assets - Lease Liabilities (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Amounts recognized in profit or loss: | ||
Depreciation expense on right-of-use asset | $ 46,926 | $ 69,197 |
Lease finance costs | 2,960 | 3,556 |
Expense relating to leases of low value assets | 9,669 | 4,835 |
Lease liability amounts recognized in profit and loss | $ 59,555 | $ 77,588 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Lease Liabilities (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2021 | Dec. 30, 2021 | |
Lease liabilities [abstract] | |||
Carrying amount at July 1 | $ 112,965 | $ 182,290 | |
New lease | 0 | 0 | |
Payments | (45,715) | (69,325) | |
Carrying amount at December 31/June 30 | 67,250 | 112,965 | |
Maturity analysis year 1 | 73,170 | 124,495 | |
Maturity analysis year 2 | 0 | 0 | |
Maturity analysis | 73,170 | 124,495 | |
Less: unearned interest | (5,920) | (11,530) | |
Lease liabilities maturity analysis, Net | 67,250 | 112,965 | |
Current portion | 67,250 | 112,965 | |
Non-current portion | 0 | $ 0 | |
Lease liabilities | $ 67,250 | $ 112,965 |
Contributed Equity - Summary of
Contributed Equity - Summary of Contributed Equity (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Contributed Equity [Line Items] | ||
Issued and fully paid at December 31/June 30 | $ 234,639,230 | $ 234,147,526 |
Movement in ordinary shares: | ||
Beginning balance | 135,285,768 | 44,567,972 |
Ending balance | 100,273,404 | 135,285,768 |
Movement in pre-funded warrants: | ||
Issue of pre-funded warrants in a US initial public offering | 12,645,441 | |
Cost of issue of pre-funded warrants | (1,099,412) | |
Issue of shares on exercise of pre-funded warrants | $ (11,546,029) | (11,546,029) |
Ending balance | $ 0 | |
Issue of pre-funded warrants in a US Initial public offering | 7,493,600 | 7,493,600 |
Exercise of pre-funded warrants | (7,493,568) | |
Forfeiture on exercise | (32) | |
Ordinary Shares | ||
Contributed Equity [Line Items] | ||
Issued and fully paid at December 31/June 30 | $ 234,639,230 | $ 234,147,526 |
Movement in ordinary shares: | ||
Beginning balance | 234,147,526 | 113,852,364 |
Issue of shares on exercise of options granted under the LTIP | 491,704 | 3,271,542 |
Issue of shares on exercise of pre-funded warrants net of issuance cost $1,099,412 | 11,546,029 | |
Issue of shares in a US initial public offering and NASDAQ listing | 105,477,591 | |
Ending balance | $ 234,639,230 | $ 234,147,526 |
Ordinary Shares on Issue | ||
Movement in ordinary shares: | ||
Opening balance | 351,003,541 | 269,157,769 |
Issue of shares on exercise of options granted under the LTIP | 935,739 | 5,845,804 |
Issue of share on exercise of pre-funded warrants | 7,493,568 | |
Issue of shares on NASDAQ listing | 68,506,400 | |
Ending balance | 351,939,280 | 351,003,541 |
Contributed Equity - Summary _2
Contributed Equity - Summary of Contributed Equity (Parenthetical) (Details) | 6 Months Ended |
Dec. 31, 2021USD ($) | |
Exercise of Warrants | |
Contributed Equity [Line Items] | |
Shares issuance cost | $ 1,099,412 |
Contributed Equity - Additional
Contributed Equity - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Jun. 30, 2021 | |
Contributed Equity [Line Items] | ||
Issued Capital | $ 234,639,230 | $ 234,147,526 |
Fully paid ordinary shares | 351,939,280 | |
Issue of pre-funded warrants in initial public offering | 7,493,600 | 7,493,600 |
Issue of shares on exercise of pre-funded warrants value, net of issuance cost | $ 11,546,029 | $ 11,546,029 |
Warrants exercise price | $ 0.00001 | |
Pre-funded warrants description | The pre-funded warrants were unquoted, having no voting or dividend rights and are exercisable to ADS’s at an exercise price of US$0.00001 per pre-funded warrant on a one for one basis with no expiry date. During the year ended June 30, 2021, all pre-funded warrants were exercised converting to ADSs. |
Reserves - Summary of Reserves
Reserves - Summary of Reserves (Detail) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 | Jan. 01, 2021 |
Statements [Line Items] | |||
Total reserves | $ 27,470,915 | $ 25,262,224 | |
Exchange on translation | 14,300,000 | ||
Reserves [Member] | |||
Statements [Line Items] | |||
Fair value of investments reserve | 1,085,411 | 1,085,411 | |
Share-based payments expense | 6,296,341 | 4,087,650 | |
Foreign translation reserve | 20,089,163 | 20,089,163 | |
Total reserves | 27,470,915 | 25,262,224 | |
Movement in Fair Value of Investments Reserve | |||
Statements [Line Items] | |||
Opening balance | 1,085,411 | 1,085,411 | $ 551,409 |
Fair value on gains on investments in financial assets | 0 | 469,767 | |
Exchange on translation | 0 | 64,235 | |
Closing balance | 1,085,411 | 1,085,411 | 551,409 |
Movement in share-based payments reserve | |||
Statements [Line Items] | |||
Opening balance | 6,296,341 | 4,087,650 | 3,116,080 |
Share-based payments expense | 2,443,221 | 3,897,638 | |
Exchange on translation | 0 | 345,474 | |
Exercise of options | (234,530) | (3,271,542) | |
Closing balance | 6,296,341 | 4,087,650 | 3,116,080 |
FX Translation Reserve | |||
Statements [Line Items] | |||
Opening balance | 20,089,163 | 20,089,163 | 5,827,605 |
(Gains)/loss on translation | 0 | 14,261,558 | |
Closing balance | $ 20,089,163 | $ 20,089,163 | $ 5,827,605 |
Commitments - Summary of Expend
Commitments - Summary of Expenditure Commitments Relating to Services for Clinical Trial and Intellectual Property License Agreements (Details) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Commitments [Line Items] | ||
Expenditure commitments relating to services for clinical trial and intellectual property license agreements | $ 49,085,678 | $ 28,724,838 |
Within One Year | ||
Commitments [Line Items] | ||
Expenditure commitments relating to services for clinical trial and intellectual property license agreements | 45,036,888 | 26,377,778 |
After One Year but not more than Five Years | ||
Commitments [Line Items] | ||
Expenditure commitments relating to services for clinical trial and intellectual property license agreements | 4,048,790 | 2,347,060 |
After more than Five Years | ||
Commitments [Line Items] | ||
Expenditure commitments relating to services for clinical trial and intellectual property license agreements | $ 0 | $ 0 |
Events Subsequent To Reportin_2
Events Subsequent To Reporting Date - Additional Information (Details) $ in Millions | Feb. 01, 2022USD ($) |
American Depository Shares [Member] | |
Statements [Line Items] | |
Sale Of Ordinary Shares | $ 75 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Income Used in Basic and Diluted Earnings Per Share Computation (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
(a) Earnings used in calculating earnings per share | ||
Net loss attributable to ordinary equity holders of the parent | $ (37,712,759) | $ (25,730,271) |
(b) Weighted average number of shares | ||
Weighted average number of ordinary shares on issue for basic earnings per share | 351,075,141 | 283,422,115 |
Effect of dilution: | ||
Share options | 0 | 0 |
Weighted average number of ordinary shares adjusted for the effect of dilution | 351,075,141 | 283,422,115 |
Loss per share (basic and diluted in cents) | $ (10.74) | $ (9.08) |