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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2021

or

 TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                           to                          

Commission file number: 001-37823

 

Kintara Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada

 

99-0360497

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

9920 Pacific Heights Blvd, Suite 150
San Diego, CA

 

92121

(Address of principal executive offices)

 

(zip code)

 

(858) 350-4364

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Common Stock

 

KTRA

 

The Nasdaq Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes  No 

Number of shares of common stock outstanding as of February 9, 2022 was 49,057,271.

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

Page No.

 

 

PART I. - FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements.

 

1

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

19

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk.

 

37

Item 4

 

Controls and Procedures.

 

37

 

 

PART II - OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings.

 

38

Item 1A.

 

Risk Factors.

 

38

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds.

 

38

Item 3.

 

Defaults Upon Senior Securities.

 

38

Item 4.

 

Mine Safety Disclosures.

 

39

Item 5.

 

Other Information.

 

39

Item 6.

 

Exhibits.

 

40

 

 

 

i


 

PART 1. - FINANCIAL INFORMATION

Item 1. Financial Statements.

Kintara Therapeutics, Inc.

Condensed Consolidated Interim Financial Statements

(Unaudited)

For the six months ended December 31, 2021

(expressed in US dollars unless otherwise noted)

1


Kintara Therapeutics, Inc.

Condensed Consolidated Interim Balance Sheets

(In thousands, except par value amounts)

 

 

 

 

 

 

 

December 31,

2021

 

 

June 30,

2021

 

 

 

Note

 

 

$

 

 

$

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

14,064

 

 

 

10,537

 

Prepaid expenses, deposits and other

 

 

 

 

 

 

934

 

 

 

756

 

Clinical trial deposit

 

 

4

 

 

 

 

 

 

500

 

Total current assets

 

 

 

 

 

 

14,998

 

 

 

11,793

 

Clinical trial deposit

 

 

4

 

 

 

2,600

 

 

 

1,600

 

Property, equipment and intangibles, net

 

 

 

 

 

 

120

 

 

 

150

 

Total assets

 

 

 

 

 

 

17,718

 

 

 

13,543

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

 

 

 

 

2,895

 

 

 

2,219

 

Related party payables

 

 

5

 

 

 

543

 

 

 

561

 

Total current liabilities

 

 

 

 

 

 

3,438

 

 

 

2,780

 

Milestone payment liability

 

 

3

 

 

 

178

 

 

 

182

 

Total liabilities

 

 

 

 

 

 

3,616

 

 

 

2,962

 

Stockholders' equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

Authorized

 

 

 

 

 

 

 

 

 

 

 

 

5,000 shares, $0.001 par value

 

 

 

 

 

 

 

 

 

 

 

 

Issued and outstanding

 

 

 

 

 

 

 

 

 

 

 

 

279 Series A shares at December 31, 2021

   (June 30, 2021 – 279)

 

5,6

 

 

 

279

 

 

 

279

 

17 Series C shares at December 31, 2021

   (June 30, 2021 – 20)

 

 

6

 

 

 

12,522

 

 

 

14,652

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

Authorized

 

 

 

 

 

 

 

 

 

 

 

 

175,000 shares at December 31, 2021 and June 30, 2021,

   $0.001 par value

 

 

 

 

 

 

 

 

 

 

 

 

49,013 issued at December 31, 2021 (June 30, 2021 –

   32,740)

 

 

6

 

 

 

49

 

 

 

33

 

Additional paid-in capital

 

 

6

 

 

 

126,781

 

 

 

106,821

 

Accumulated deficit

 

 

 

 

 

 

(125,550

)

 

 

(111,225

)

Accumulated other comprehensive income

 

 

 

 

 

 

21

 

 

 

21

 

Total stockholders’ equity

 

 

 

 

 

 

14,102

 

 

 

10,581

 

Total liabilities and stockholders’ equity

 

 

 

 

 

 

17,718

 

 

 

13,543

 

Nature of operations, corporate history, and going concern

     and management plans (note 1)

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent events (note 9)

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

2


Kintara Therapeutics, Inc.

Condensed Consolidated Interim Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

Three months ended

December 31,

 

 

Six months ended

December 31,

 

 

 

Note

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

3,902

 

 

 

2,584

 

 

 

7,695

 

 

 

3,941

 

General and administrative

 

 

 

 

 

 

1,993

 

 

 

2,794

 

 

 

4,171

 

 

 

4,329

 

Merger costs

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

500

 

In-process research and development

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

16,094

 

 

 

 

 

 

 

 

(5,895

)

 

 

(5,378

)

 

 

(11,866

)

 

 

(24,864

)

Other income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange

 

 

 

 

 

 

1

 

 

 

(3

)

 

 

5

 

 

 

(2

)

Amortization of deferred loan costs

 

 

 

 

 

 

 

 

 

(25

)

 

 

 

 

 

(51

)

Interest, net

 

 

 

 

 

 

1

 

 

 

(7

)

 

 

2

 

 

 

(14

)

 

 

 

 

 

 

 

2

 

 

 

(35

)

 

 

7

 

 

 

(67

)

Net loss for the period

 

 

 

 

 

 

(5,893

)

 

 

(5,413

)

 

 

(11,859

)

 

 

(24,931

)

Computation of basic loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period

 

 

 

 

 

 

(5,893

)

 

 

(5,413

)

 

 

(11,859

)

 

 

(24,931

)

Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

(3,181

)

Series A Preferred cash dividend

 

 

6

 

 

 

(2

)

 

 

(2

)

 

 

(4

)

 

 

(4

)

Series B Preferred stock dividend

 

 

6

 

 

 

 

 

 

(4

)

 

 

 

 

 

(9

)

Series C Preferred stock dividend

 

 

6

 

 

 

 

 

 

 

 

 

(2,462

)

 

 

 

Net loss for the period attributable to common stockholders

 

 

 

 

 

 

(5,895

)

 

 

(5,419

)

 

 

(14,325

)

 

 

(28,125

)

Basic and fully diluted loss per share

 

 

 

 

 

 

(0.12

)

 

 

(0.22

)

 

 

(0.35

)

 

 

(1.34

)

Basic and fully diluted weighted average number of shares

 

 

 

 

 

 

48,529

 

 

 

24,845

 

 

 

41,405

 

 

 

20,976

 

 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

3


Kintara Therapeutics, Inc.

Condensed Consolidated Interim Statements of Stockholders’ Equity

(Unaudited)

For the three and six months ended December 31, 2021

(In thousands)

 

 

 

Number

of

shares

 

 

Common

stock

$

 

 

Additional

paid-in

capital

$

 

 

Accumulated

other

comprehensive

income

$

 

 

Preferred

stock

$

 

 

Accumulated

deficit

$

 

 

Stockholders'

equity

$

 

Balance - June 30, 2021

 

 

32,740

 

 

 

33

 

 

 

106,821

 

 

 

21

 

 

 

14,931

 

 

 

(111,225

)

 

 

10,581

 

Issuance of shares and warrants - net of issue costs

 

 

7,200

 

 

 

7

 

 

 

13,627

 

 

 

 

 

 

 

 

 

 

 

 

13,634

 

Conversion of Series C Preferred stock

   to common stock

 

 

1,467

 

 

 

1

 

 

 

1,255

 

 

 

 

 

 

(1,256

)

 

 

 

 

 

 

Exercise of 2020 Investor Warrants for cash

 

 

69

 

 

 

 

 

 

69

 

 

 

 

 

 

 

 

 

 

 

 

69

 

Exercise of pre-funded warrants for cash

 

 

4,800

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

Warrants issued for services

 

 

 

 

 

 

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

31

 

Stock option expense

 

 

 

 

 

 

 

 

811

 

 

 

 

 

 

 

 

 

 

 

 

811

 

Series A Preferred cash dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Series C Preferred stock dividend

 

 

1,698

 

 

 

2

 

 

 

2,460

 

 

 

 

 

 

 

 

 

(2,462

)

 

 

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,966

)

 

 

(5,966

)

Balance - September 30, 2021

 

 

47,974

 

 

 

48

 

 

 

125,074

 

 

 

21

 

 

 

13,675

 

 

 

(119,655

)

 

 

19,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of Series C Preferred stock

   to common stock

 

 

1,039

 

 

 

1

 

 

 

873

 

 

 

 

 

 

(874

)

 

 

 

 

 

 

Warrants issued for services

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

4

 

Stock option expense

 

 

 

 

 

 

 

 

830

 

 

 

 

 

 

 

 

 

 

 

 

830

 

Series A Preferred cash dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,893

)

 

 

(5,893

)

Balance - December 31, 2021

 

 

49,013

 

 

 

49

 

 

 

126,781

 

 

 

21

 

 

 

12,801

 

 

 

(125,550

)

 

 

14,102

 

 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

4


Kintara Therapeutics, Inc.

Condensed Consolidated Interim Statements of Stockholders’ Equity

(Unaudited)

For the three and six months ended December 31, 2020

(In thousands)

 

 

 

Number

of

shares

 

 

Common

stock

$

 

 

Additional

paid-in

capital

$

 

 

Accumulated

other

comprehensive

income

$

 

 

Preferred

stock

$

 

 

Accumulated

deficit

$

 

 

Stockholders'

equity

$

 

Balance - June 30, 2020

 

 

11,458

 

 

 

11

 

 

 

65,148

 

 

 

21

 

 

 

4,804

 

 

 

(69,721

)

 

 

263

 

Adgero merger (note 3)

 

 

12,011

 

 

 

12

 

 

 

16,713

 

 

 

 

 

 

 

 

 

 

 

 

16,725

 

Issuance of Series C Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,028

 

 

 

 

 

 

25,028

 

Series C placement agent warrants

 

 

 

 

 

 

 

 

3,287

 

 

 

 

 

 

(3,287

)

 

 

 

 

 

 

Series C Preferred stock share issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,386

)

 

 

 

 

 

(3,386

)

Deemed dividend recognized on beneficial

   conversion features of Series C Preferred stock

   issuance

 

 

 

 

 

 

 

 

3,181

 

 

 

 

 

 

 

 

 

(3,181

)

 

 

 

Exercise of warrants

 

 

993

 

 

 

1

 

 

 

993

 

 

 

 

 

 

 

 

 

 

 

 

994

 

Warrants issued for services

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

45

 

Stock option expense

 

 

 

 

 

 

 

 

405

 

 

 

 

 

 

 

 

 

 

 

 

405

 

Series A Preferred cash dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Series B Preferred stock dividend

 

 

4

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

(5

)

 

 

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,518

)

 

 

(19,518

)

Balance - September 30, 2020

 

 

24,466

 

 

 

24