In October 2020, the Company announced that it had entered into a final agreement with a contract research organization (“CRO”) for the management of the Company’s registrational study for glioblastoma. Under the agreement, the Company will supply the drug for the study and the CRO will manage all operational aspects of the study including site activation and patient enrollment. The Company is required to make certain payments under the agreement related to patient enrollment milestones. For the three and six months ended December 31, 2022, the Company has recognized $1,075 (2021 - $1,978) and $2,915 (2021 – $3,930) respectively, of expenses for this study in relation to clinical site initiation and patient enrollment.

During the six months ended December 31, 2022, the Company paid an additional $1,700 to the CRO in relation to the study deposit and has expensed $1,075 of the deposit. As of December 31, 2022, the remaining deposit balance for payments made to the CRO is $3,225. It is anticipated that the deposit will be recognized as an expense, applied to future invoices, or refunded to the Company, within twelve months from December 31, 2022. The Company can terminate the study at any time. Upon termination, the Company will be liable for any payments due to the effective date of the termination as well as any non-refundable costs incurred by the CRO prior to the date of termination.