Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.22.2.2
Stockholders' Equity (Tables)
3 Months Ended
Sep. 30, 2022
Class Of Stock [Line Items]  
Schedule of Stock Option Expense

 

 

Three months ended
September 30,

 

 

 

2022
$

 

 

2021
$

 

Research and development

 

 

140

 

 

 

244

 

General and administrative

 

 

378

 

 

 

567

 

 

 

 

518

 

 

 

811

 

Schedule of Unvested Stock Options

 

 

Number of
Options
(in thousands)

 

 

Weighted
average
exercise
price
$

 

Unvested at June 30, 2022

 

 

4,199

 

 

 

1.02

 

Granted

 

 

3,481

 

 

 

0.18

 

Vested

 

 

(236

)

 

 

1.05

 

Unvested at September 30, 2022

 

 

7,444

 

 

 

0.63

 

Schedule of Warrants

 

 

Number of
Warrants
(in thousands)

 

 

Weighted
average
exercise
price
$

 

Balance – June 30, 2022

 

 

36,024

 

 

 

0.99

 

Expiry of 2018 Investor warrants

 

 

(280

)

 

 

12.50

 

Expiry of 2018 Agent warrants

 

 

(40

)

 

 

12.50

 

Balance – September 30, 2022

 

 

35,704

 

 

 

0.88

 

 

Schedule of Changes in Outstanding Warrants

Description of warrants

 

Number
(in thousands)

 

 

Exercise
price $

 

 

Expiry date

 

 

 

 

 

 

 

 

 

2022 April Investor warrants

 

 

16,226

 

 

 

0.41

 

 

April 14, 2027

2022 Investor warrants

 

 

12,000

 

 

 

1.25

 

 

March 28, 2025

2020 Investor warrants

 

 

3,264

 

 

 

1.00

 

 

August 16, 2024

2019 Investor warrants

 

 

760

 

 

 

3.10

 

 

June 5, 2024

NBTS Warrants

 

 

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

 

 

14

 

 

 

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

 

 

280

 

 

 

1.49

 

 

September 22, 2023

Warrants issued for services

 

 

50

 

 

 

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

2022 April Agent warrants

 

 

1,623

 

 

 

0.66

 

 

October 14, 2026

2022 Agent warrants

 

 

600

 

 

 

1.56

 

 

March 28, 2025

2019 Agent warrants

 

 

47

 

 

 

3.88

 

 

June 3, 2024

 

 

 

35,704

 

 

 

 

 

 

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, 2022

 

 

Number of
Warrants Issued

 

 

Number of
Warrants Exercised

 

 

Balance,
September 30, 2022

 

 

Conversion
price
$

 

Preferred Series C-1 Agent Warrants

 

 

1,929

 

 

 

 

 

 

 

 

 

1,929

 

 

 

1.16

 

Preferred Series C-2 Agent Warrants

 

 

219

 

 

 

 

 

 

 

 

 

219

 

 

 

1.21

 

Preferred Series C-3 Agent Warrants

 

 

296

 

 

 

 

 

 

 

 

 

296

 

 

 

1.15

 

 

 

 

2,444

 

 

 

 

 

 

 

 

 

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, 2022

 

 

8,810

 

 

 

1.74

 

Granted

 

 

3,481

 

 

 

0.18

 

Balance – September 30, 2022

 

 

12,291

 

 

 

1.30

 

Summary of Stock Options Currently Outstanding and Exercisable

Exercise price
$

 

 

Number
Outstanding at
September 30, 2022
(in thousands)

 

 

Weighted
average remaining
contractual life
(years)

 

 

Number
exercisable at
September 30, 2022
(in thousands)

 

 

0.18

 

 

 

3,181

 

 

 

9.84

 

 

 

 

 

0.26

 

 

 

300

 

 

 

9.76

 

 

 

25

 

 

0.33

 

 

 

10

 

 

 

9.47

 

 

 

 

 

0.61

 

 

 

816

 

 

 

3.27

 

 

 

816

 

 

0.74

 

 

 

250

 

 

 

7.12

 

 

 

167

 

 

0.96

 

 

 

3,519

 

 

 

9.11

 

 

 

 

 

1.24

 

 

 

335

 

 

 

8.98

 

 

 

335

 

 

1.36

 

 

 

300

 

 

 

7.98

 

 

 

199

 

 

1.37

 

 

 

75

 

 

 

8.58

 

 

 

30

 

 

1.70

 

 

 

3,282

 

 

 

2.80

 

 

 

3,052

 

 

6.10

 

 

 

17

 

 

 

6.11

 

 

 

17

 

 

8.70

 

 

 

12

 

 

 

0.40

 

 

 

12

 

 

9.83

 

 

 

83

 

 

 

0.40

 

 

 

83

 

 

10.60

 

 

 

4

 

 

 

5.54

 

 

 

4

 

 

11.70

 

 

 

30

 

 

 

0.41

 

 

 

30

 

 

21.10

 

 

 

7

 

 

 

2.58

 

 

 

7

 

 

29.60

 

 

 

2

 

 

 

2.35

 

 

 

2

 

 

37.60

 

 

 

5

 

 

 

3.37

 

 

 

5

 

 

41.00

 

 

 

4

 

 

 

4.12

 

 

 

4

 

 

42.00

 

 

 

30

 

 

 

0.88

 

 

 

30

 

 

44.80

 

 

 

3

 

 

 

3.37

 

 

 

3

 

 

49.50

 

 

 

13

 

 

 

4.39

 

 

 

13

 

 

53.20

 

 

 

8

 

 

 

3.60

 

 

 

8

 

 

61.60

 

 

 

2

 

 

 

0.50

 

 

 

2

 

 

92.00

 

 

 

3

 

 

 

0.67

 

 

 

3

 

 

 

 

 

12,291

 

 

 

 

 

 

4,847

 

Schedule of Valuation Assumptions Using a Black-Scholes Pricing Model

 

 

September 30, 2022

 

 

Dividend rate

 

 

 

%

Estimated volatility

 

 

91.40

 

%

Risk-free rate

 

 

2.67

 

%

Expected term – years

 

 

6.08

 

 

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, 2022 and September 30, 2022

 

 

16,838

 

 

 

12,275

 

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 September 30, 2022, are as follows:

 

Series

 

Number

 

 

Conversion
price
$

 

 

Number of
conversion
shares
(in
thousands)

 

 

Dividend Shares (in thousands)

 

Series 1

 

 

13,945

 

 

 

1.16

 

 

 

12,022

 

 

 

8,641

 

Series 2

 

 

898

 

 

 

1.21

 

 

 

740

 

 

 

518

 

Series 3

 

 

1,995

 

 

 

1.15

 

 

 

1,734

 

 

 

1,237

 

 

 

 

16,838

 

 

 

 

 

 

14,496

 

 

 

10,396

 

 

Series C Dividends

 

Dividend Shares
(in thousands)

 

10% - August 19, 2021 (actual)

 

 

1,698

 

15% - August 19, 2022 (actual)

 

 

2,174

 

20% - August 19, 2023 (estimated)

 

 

2,899

 

25% - August 19, 2024 (estimated)

 

 

3,625

 

 

 

 

10,396