Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.21.2
Stockholders' Equity (Tables)
12 Months Ended
Jun. 30, 2021
Class Of Stock [Line Items]  
Schedule of Stock Option Expense

 

 

 

Years ended June 30,

 

 

 

2021

$

 

 

2020

$

 

Research and development

 

 

1,478

 

 

 

87

 

General and administrative

 

 

3,798

 

 

 

408

 

 

 

 

5,276

 

 

 

495

 

 

Schedule of Unvested Stock Options

 

 

 

Number of

options

(in thousands)

 

 

Weighted

average

exercise

price

$

 

Unvested at June 30, 2019

 

 

85

 

 

 

11.35

 

Granted

 

 

1,291

 

 

 

0.63

 

Vested

 

 

(500

)

 

 

1.87

 

Forfeited

 

 

(18

)

 

 

0.61

 

Unvested at June 30, 2020

 

 

858

 

 

 

0.98

 

Granted

 

 

5,074

 

 

 

1.67

 

Vested

 

 

(2,058

)

 

 

1.52

 

Forfeited

 

 

(14

)

 

 

1.42

 

Unvested at June 30, 2021

 

 

3,860

 

 

 

1.60

 

 

Schedule of Warrants

 

 

 

Number of

warrants

(in thousands)

 

 

Weighted average exercise price

$

 

Balance – June 30, 2019

 

 

1,543

 

 

 

12.60

 

Underwritten public offering

 

 

10,418

 

 

 

0.75

 

Issuance of 2020 Underwriter Warrants

 

 

377

 

 

 

1.15

 

Exercise of PFW

 

 

(2,655

)

 

 

0.01

 

Exercise of 2020 Investor Warrants

 

 

(25

)

 

 

1.00

 

Warrants issued for services (i)

 

 

655

 

 

 

0.77

 

Expiry of warrants issued for services (i)

 

 

(4

)

 

 

59.30

 

Balance – June 30, 2020

 

 

10,309

 

 

 

2.71

 

Issuance of Adgero Warrants

 

 

2,314

 

 

 

3.18

 

Exercise of warrants (ii)

 

 

(4,907

)

 

 

1.00

 

Warrants issued for services (i)

 

 

600

 

 

 

1.74

 

Expiry of warrants

 

 

(1,342

)

 

 

6.00

 

Balance – June 30, 2021

 

 

6,974

 

 

 

3.34

 

 

 

 

i)

Warrants issued for services are exercisable at various prices and expire at the various dates noted in the table below.

 

ii)

A total of 4,404 2020 Investor Warrants were exercised at $1.00 per share and 503 warrants issued as either agent warrants or issued for services were exercised on a cashless basis for which 273 common shares were issued.

 

Schedule of Changes in Outstanding Warrants

 

Description of warrants

 

Number

(in thousands)

 

 

Exercise

price $

 

 

Expiry date

2020 Investor warrants

 

 

3,333

 

 

 

1.00

 

 

August 16, 2024

2019 Investor warrants

 

 

760

 

 

 

3.10

 

 

June 5, 2024

2018 Investor warrants

 

 

280

 

 

 

12.50

 

 

September 22, 2022

2017 Investor warrants

 

 

208

 

 

 

35.00

 

 

April 19, 2022

NBTS Warrants (i)

 

 

125

 

 

 

1.09

 

 

June 19, 2025

Warrants issued for services

 

 

6

 

 

 

17.80

 

 

January 25, 2023

Warrants issued for services

 

 

34

 

 

 

11.70

 

 

February 27, 2023

Warrants issued for services

 

 

12

 

 

 

9.00

 

 

September 15, 2023

Warrants issued for services

 

 

2

 

 

 

9.00

 

 

October 11, 2023

Warrants issued for services

 

 

280

 

 

 

0.75

 

 

November 18, 2023

Warrants issued for services

 

 

125

 

 

 

0.64

 

 

January 20, 2024

Warrants issued for services

 

 

330

 

 

 

1.49

 

 

September 22, 2023

Warrants issued for services

 

 

50

 

 

 

1.82

 

 

November 13, 2023

Warrants issued for services

 

 

100

 

 

 

1.47

 

 

January 7, 2024

Warrants issued for services

 

 

70

 

 

 

2.75

 

 

February 17, 2024

Warrants issued for services

 

 

50

 

 

 

2.38

 

 

February 25, 2024

2019 Agent warrants

 

 

47

 

 

 

3.88

 

 

June 3, 2024

2018 Agent warrants

 

 

40

 

 

 

12.50

 

 

September 20, 2022

2017 Agent warrants

 

 

14

 

 

 

40.60

 

 

April 12, 2022

Adgero Warrants (ii)

 

 

353

 

 

 

3.18

 

 

August 31, 2021

Adgero Warrants

 

 

755

 

 

 

3.18

 

 

January 17, 2022

 

 

 

6,974

 

 

 

 

 

 

 

(i)

NBTS Warrants were issued with respect to loan proceeds received during the year ended June 30, 2021 (note 7).

(ii)

Expired unexercised subsequent to June 30, 2021.

Series C Warrants [Member]  
Class Of Stock [Line Items]  
Schedule of Changes in Outstanding Warrants

Series C Agent Warrants

 

Number

 

 

Conversion

price

$

 

 

Number of

conversion

shares

(in

thousands)

 

 

Cumulative

common

stock

dividends

(in

thousands)

 

Series 1

 

 

1,929

 

 

 

1.16

 

 

 

1,663

 

 

 

1,164

 

Series 2

 

 

219

 

 

 

1.21

 

 

 

180

 

 

 

126

 

Series 3

 

 

296

 

 

 

1.15

 

 

 

257

 

 

 

180

 

 

 

 

2,444

 

 

 

 

 

 

 

2,100

 

 

 

1,470

 

Schedule of Conversion of Series C Preferred Stock to Series C Warrants

 

 

Balance

June 30, 2020

 

 

Number of

Warrants Issued

 

 

Number of

Warrants Exercised

 

 

Balance,

June 30, 2021

 

 

Exercise

price

$

 

Issuance of Preferred Series C-1 Agent Warrants

 

 

 

 

 

1,959

 

 

 

(30

)

 

 

1,929

 

 

 

1.16

 

Issuance of Preferred Series C-2 Agent Warrants

 

 

 

 

 

219

 

 

 

 

 

 

219

 

 

 

1.21

 

Issuance of Preferred Series C-3 Agent Warrants

 

 

 

 

 

326

 

 

 

(30

)

 

 

296

 

 

 

1.15

 

 

 

 

 

 

 

2,504

 

 

 

(60

)

 

 

2,444

 

 

 

 

 

 

Stock options [Member]  
Class Of Stock [Line Items]  
Schedule of Outstanding Under the Legacy Plan

 

 

 

Number of

stock

options

outstanding

(in thousands)

 

 

Weighted

average

exercise

price

 

Balance – June 30, 2019

 

 

288

 

 

 

22.31

 

Granted

 

 

1,291

 

 

 

0.63

 

Forfeited

 

 

(19

)

 

 

0.61

 

Expired

 

 

(1

)

 

 

40.00

 

Balance – June 30, 2020

 

 

1,559

 

 

 

4.61

 

Granted

 

 

5,074

 

 

 

1.67

 

Exercised

 

 

(195

)

 

 

0.61

 

Expired

 

 

(32

)

 

 

34.88

 

Forfeited

 

 

(14

)

 

 

1.42

 

Balance – June 30, 2021

 

 

6,392

 

 

 

2.26

 

 

 

Summary of Stock Options Currently Outstanding and Exercisable

 

Exercise price

$

 

 

Number

Outstanding

at

June 30,

2021

(in thousands)

 

 

Weighted

average

remaining

contractual

life

(years)

 

 

Number

exercisable

at

June 30,

2021

(in thousands)

 

 

0.61

 

 

 

816

 

 

 

8.18

 

 

 

729

 

 

0.74

 

 

 

250

 

 

 

8.37

 

 

 

62

 

 

1.36

 

 

 

300

 

 

 

9.23

 

 

 

75

 

 

1.37

 

 

 

75

 

 

 

9.83

 

 

 

 

 

1.70

 

 

 

4,699

 

 

 

9.21

 

 

 

1,415

 

 

6.10

 

 

 

25

 

 

 

7.36

 

 

 

24

 

 

7.00

 

 

 

3

 

 

 

6.98

 

 

 

3

 

 

8.70

 

 

 

12

 

 

 

6.34

 

 

 

12

 

 

9.83

 

 

 

83

 

 

 

6.89

 

 

 

83

 

 

10.60

 

 

 

4

 

 

 

6.79

 

 

 

4

 

 

11.70

 

 

 

30

 

 

 

1.66

 

 

 

30

 

 

16.14

 

 

 

3

 

 

 

0.92

 

 

 

3

 

 

20.00

 

 

 

9

 

 

 

0.59

 

 

 

9

 

 

21.10

 

 

 

11

 

 

 

6.02

 

 

 

11

 

 

29.60

 

 

 

5

 

 

 

3.60

 

 

 

5

 

 

37.60

 

 

 

5

 

 

 

4.61

 

 

 

5

 

 

41.00

 

 

 

4

 

 

 

5.36

 

 

 

4

 

 

42.00

 

 

 

30

 

 

 

2.13

 

 

 

30

 

 

44.80

 

 

 

3

 

 

 

4.61

 

 

 

3

 

 

49.50

 

 

 

13

 

 

 

5.63

 

 

 

13

 

 

53.20

 

 

 

8

 

 

 

4.85

 

 

 

8

 

 

61.60

 

 

 

1

 

 

 

1.75

 

 

 

1

 

 

92.00

 

 

 

3

 

 

 

1.92

 

 

 

3

 

 

 

 

 

 

6,392

 

 

 

 

 

 

 

2,532

 

 

Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model

 

 

 

June 30,

2021

 

 

June 30,

2020

 

Dividend rate

 

 

%

 

 

%

Volatility

 

103% to 152%

 

 

89% to 102%

 

Risk-free rate

 

0.19% to 1.28%

 

 

0.32% to 1.50%

 

Term – years

 

0.4 to 5.9

 

 

4.7 to 5.7

 

 

Performance stock units [Member]  
Class Of Stock [Line Items]  
Schedule of Issuance of Series C Preferred Stock

 

 

 

Series C Preferred Stock

 

 

 

Number

of shares

 

 

$

(in thousands)

 

Balance – June 30, 2019 and 2020

 

 

 

 

 

 

Issuance

 

 

25,028

 

 

 

18,286

 

Issued on exercise of Series C Agent Warrants

 

 

33

 

 

 

79

 

Conversion of Series C Preferred stock to common stock

 

 

(4,969

)

 

 

(3,713

)

Balance – June 30, 2021

 

 

20,092

 

 

 

14,652

 

Schedule of Series C Preferred Stock Outstanding, Conversion Shares and Future Dividends

 

Series

 

Number

 

 

Conversion Price

$

 

 

Number of conversion shares

(in thousands)

 

 

Dividend Shares

(in thousands)

 

Series 1

 

 

16,564

 

 

 

1.16

 

 

 

14,279

 

 

 

9,995

 

Series 2

 

 

1,148

 

 

 

1.21

 

 

 

946

 

 

 

662

 

Series 3

 

 

2,380

 

 

 

1.15

 

 

 

2,070

 

 

 

1,449

 

 

 

 

20,092

 

 

 

 

 

 

 

17,295

 

 

 

12,106

 

 

Series C Dividends

 

Dividend Shares

(in thousands)

 

10% - August 19, 2021

 

 

1,729

 

15% - August 19, 2022

 

 

2,594

 

20% - August 19, 2023

 

 

3,459

 

25% - August 19, 2024

 

 

4,324

 

 

 

 

12,106

 

Schedule of Conversion of Series B Preferred Stock to Common Stock

 

 

 

Series B Preferred Stock

(in thousands)

 

 

 

Number

of shares

 

 

$

 

Balance – June 30, 2019

 

 

674

 

 

 

4,699

 

Conversion of Series B Preferred stock to common stock

 

 

(25

)

 

 

(174

)

Balance – June 30, 2020

 

 

649

 

 

 

4,525

 

Conversion of Series B Preferred stock to common stock

 

 

(649

)

 

 

(4,525

)

Balance – June 30, 2021