Stockholders' Equity (Tables)
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9 Months Ended |
Mar. 31, 2022 |
Class Of Stock [Line Items] |
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Schedule of Stock Option Expense |
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Three months ended March 31, |
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Nine months ended March 31, |
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2022 $ |
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2021 $ |
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2022 $ |
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2021 $ |
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Research and development |
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(29 |
) |
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508 |
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464 |
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1,171 |
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General and administrative |
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671 |
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1,210 |
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1,819 |
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3,077 |
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642 |
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1,718 |
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2,283 |
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4,248 |
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Schedule of Unvested Stock Options |
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Number of Options (in thousands) |
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Weighted average exercise price $ |
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Unvested at June 30, 2021 |
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3,860 |
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1.60 |
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Granted |
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3,964 |
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0.99 |
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Vested |
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(1,556 |
) |
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1.55 |
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Forfeited |
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(482 |
) |
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1.64 |
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Unvested at March 31, 2022 |
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5,786 |
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1.19 |
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Schedule of Warrants |
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Number of Warrants (in thousands) |
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Weighted average exercise price $ |
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Balance – June 30, 2021 |
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6,974 |
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3.34 |
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Issuance of 2022 Investor Warrants |
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12,000 |
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1.25 |
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Issuance of PFW |
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4,800 |
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0.001 |
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Issuance of 2022 Agent Warrants |
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600 |
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1.5625 |
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Exercise of PFW |
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(4,800 |
) |
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0.001 |
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Exercise of 2020 Investor Warrants |
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(69 |
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1.00 |
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Expiry of Adgero replacement warrants |
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(1,108 |
) |
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3.18 |
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Balance – March 31, 2022 |
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18,397 |
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1.94 |
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Schedule of Changes in Outstanding Warrants |
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Description of warrants |
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Number (in thousands) |
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Exercise price $ |
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Expiry date |
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2022 Investor warrants |
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12,000 |
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1.25 |
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March 28, 2025 |
2020 Investor warrants |
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3,264 |
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1.00 |
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August 16, 2024 |
2019 Investor warrants |
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760 |
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3.10 |
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June 5, 2024 |
2018 Investor warrants |
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280 |
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12.50 |
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September 22, 2022 |
2017 Investor warrants |
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208 |
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35.00 |
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April 19, 2022 |
NBTS Warrants |
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125 |
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1.09 |
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June 19, 2025 (i) |
Warrants issued for services |
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6 |
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17.80 |
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January 25, 2023 |
Warrants issued for services |
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34 |
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11.70 |
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February 27, 2023 |
Warrants issued for services |
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14 |
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9.00 |
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September 15, 2023 |
Warrants issued for services |
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280 |
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0.75 |
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November 18, 2023 |
Warrants issued for services |
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125 |
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0.64 |
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January 20, 2024 |
Warrants issued for services |
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330 |
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1.49 |
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September 22, 2023 |
Warrants issued for services |
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50 |
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1.82 |
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November 13, 2023 |
Warrants issued for services |
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100 |
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1.47 |
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January 7, 2024 |
Warrants issued for services |
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70 |
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2.75 |
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February 17, 2024 |
Warrants issued for services |
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50 |
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2.38 |
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February 25, 2024 |
2022 Agent warrants |
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600 |
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1.56 |
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March 28, 2025 |
2019 Agent warrants |
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47 |
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3.88 |
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June 3, 2024 |
2018 Agent warrants |
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40 |
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12.50 |
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September 20, 2022 |
2017 Agent warrants |
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14 |
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40.60 |
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April 12, 2022 |
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18,397 |
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Series C Warrants [Member] |
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Class Of Stock [Line Items] |
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Schedule of Changes in Outstanding Warrants |
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Series C Agent Warrants |
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Number |
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Conversion price $ |
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Number of conversion shares (in thousands) |
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Cumulative common stock dividends (in thousands) |
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Series 1 |
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1,929 |
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1.16 |
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1,663 |
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1,164 |
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Series 2 |
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219 |
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1.21 |
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180 |
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126 |
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Series 3 |
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296 |
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1.15 |
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257 |
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180 |
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2,444 |
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2,100 |
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1,470 |
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Schedule of Conversion of Series C Preferred Stock to Series C Warrants |
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Balance June 30, 2021 |
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Number of Warrants Issued |
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Number of Warrants Exercised |
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Balance, March 31, 2022 |
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Conversion price $ |
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Preferred Series C-1 Agent Warrants |
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1,929 |
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— |
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— |
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1,929 |
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1.16 |
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Preferred Series C-2 Agent Warrants |
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219 |
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— |
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— |
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219 |
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1.21 |
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Preferred Series C-3 Agent Warrants |
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296 |
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— |
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— |
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296 |
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1.15 |
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2,444 |
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— |
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— |
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2,444 |
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Stock options [Member] |
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Class Of Stock [Line Items] |
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Schedule of Outstanding Under the Legacy Plan |
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Number of stock options outstanding (in thousands) |
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Weighted average exercise price |
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Balance – June 30, 2021 |
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6,392 |
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2.26 |
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Granted |
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3,964 |
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0.99 |
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Expired |
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(28 |
) |
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15.45 |
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Forfeited |
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(482 |
) |
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1.64 |
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Balance – March 31, 2022 |
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9,846 |
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1.74 |
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Summary of Stock Options Currently Outstanding and Exercisable |
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Exercise price $ |
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Number Outstanding at March 31, 2022 (in thousands) |
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Weighted average remaining contractual life (years) |
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Number exercisable at March 31, 2022 (in thousands) |
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0.33 |
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10 |
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9.96 |
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— |
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0.61 |
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816 |
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7.43 |
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781 |
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0.74 |
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250 |
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7.61 |
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125 |
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0.96 |
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3,519 |
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9.60 |
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— |
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1.24 |
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368 |
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9.48 |
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201 |
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1.36 |
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300 |
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8.48 |
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150 |
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1.37 |
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75 |
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9.08 |
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— |
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1.70 |
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4,283 |
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8.46 |
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2,578 |
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6.10 |
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17 |
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6.60 |
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17 |
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8.70 |
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12 |
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5.59 |
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12 |
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9.83 |
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83 |
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6.14 |
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83 |
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10.60 |
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4 |
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6.03 |
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4 |
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11.70 |
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30 |
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0.91 |
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30 |
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15.99 |
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2 |
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0.21 |
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2 |
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21.10 |
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7 |
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5.27 |
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7 |
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29.60 |
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2 |
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2.84 |
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2 |
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37.60 |
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5 |
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3.86 |
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5 |
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41.00 |
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4 |
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4.61 |
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4 |
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42.00 |
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30 |
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1.37 |
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|
30 |
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44.80 |
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3 |
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3.86 |
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3 |
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49.50 |
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|
13 |
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4.88 |
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|
13 |
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53.20 |
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8 |
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4.10 |
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8 |
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61.60 |
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2 |
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1.00 |
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2 |
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92.00 |
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3 |
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1.17 |
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|
3 |
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9,846 |
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4,060 |
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Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model |
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March 31, 2022 |
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Dividend rate |
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— |
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% |
Estimated volatility |
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91.71 |
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% |
Risk-free rate |
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1.78 |
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% |
Expected term – years |
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5.99 |
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Performance stock units [Member] |
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Class Of Stock [Line Items] |
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Schedule of Issuance of Series C Preferred Stock |
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Series C Preferred Stock |
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Number of shares |
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$ (in thousands) |
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Balance – June 30, 2021 |
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20,092 |
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14,652 |
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Conversion of Series C Preferred stock to common stock |
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(3,254 |
) |
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(2,377 |
) |
Balance – March 31, 2022 |
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16,838 |
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12,275 |
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Schedule of Series C Preferred Stock Outstanding, Conversion Shares and Aggregate Dividends |
The Company’s Series C Preferred Stock outstanding, conversion shares, and aggregate dividends as of March 31, 2022, are as follows:
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Series |
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Number |
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Conversion price $ |
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Number of conversion shares (in thousands) |
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Dividend Shares (in thousands) |
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Series 1 |
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13,945 |
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1.16 |
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12,022 |
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8,641 |
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Series 2 |
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|
898 |
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1.21 |
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|
740 |
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|
518 |
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Series 3 |
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1,995 |
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1.15 |
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1,734 |
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|
1,237 |
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16,838 |
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14,496 |
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|
10,396 |
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Series C Dividends |
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Dividend Shares (in thousands) |
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10% - August 19, 2021 (actual) |
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1,698 |
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15% - August 19, 2022 (estimated) |
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|
2,174 |
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20% - August 19, 2023 (estimated) |
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|
2,899 |
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25% - August 19, 2024 (estimated) |
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|
3,625 |
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|
10,396 |
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|