Page
| ||||
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income
| F-2 | |||
Condensed Consolidated Statements of Financial Position
| F-3 | |||
Condensed Consolidated Statements of Changes in Equity
| F-4 | |||
Condensed Consolidated Statements of Cash Flows
| F-5 | |||
Notes to Condensed Consolidated Financial Statements
| F-6 |
December 31,
| ||||||||||||
2020
| ||||||||||||
2021
|
Restated
| |||||||||||
Notes
|
US$
|
US$
| ||||||||||
Revenue
| 91,218 | 197,840 | ||||||||||
Other income
| 153,370 | 58,237 | ||||||||||
Operating expenses:
| ||||||||||||
Research and development
| (31,819,649 | ) | (13,778,940 | ) | ||||||||
Administrative expense
s
|
(5,189,807
|
)
|
(3,838,723
|
)
| ||||||||
Share-based payment expens
e
|
(2,443,221
|
)
|
(1,595,244
|
)
| ||||||||
Patent and intellectual property expenses
| (36,847 | ) | (73,164 | ) | ||||||||
Occupancy expenses
| (9,281 | ) | (8,857 | ) | ||||||||
Net foreign exchange (loss)/gain
|
6
| (1,375,143 | ) | (9,238,403 | ) | |||||||
Loss before income tax
| (40,629,360 | ) | (28,277,254 | ) | ||||||||
Income tax benefit
|
7
| 2,916,601 | 2,546,983 | |||||||||
Loss for the period
|
(37,712,759
|
)
|
(25,730,271
|
)
| ||||||||
Other comprehensive income
| ||||||||||||
Items that will not be reclassified subsequently to profit or loss:
| ||||||||||||
Fair value gains on investments in financial assets
| - | 469,767 | ||||||||||
Other comprehensive income for the period, net of tax
| - | 469,767 | ||||||||||
Total comprehensive loss for the period
|
(37,712,759
|
)
|
(25,260,504
|
)
| ||||||||
Earnings per share for loss attributable for the ordinary equity holders
| ||||||||||||
- Basic and diluted loss per share (cents)
| 17 | (10.74 | ) | (9.08 | ) |
December 31,
|
Ju
n
e 30
,
| |||||||||||
2021
|
2021
| |||||||||||
Notes
|
US$
|
US$
| ||||||||||
Assets
| ||||||||||||
Current assets:
| ||||||||||||
Cash and cash equivalents
|
8
| 88,273,668 | 118,193,177 | |||||||||
Current tax receivable
| 2,916,601 | 4,972,898 | ||||||||||
Receivables
| 483,628 | 565,286 | ||||||||||
Prepayments
|
9
| 17,338,934 | 14,386,155 | |||||||||
Total current assets
| 109,012,831 | 138,117,516 | ||||||||||
Non-current
assets:
| ||||||||||||
Investment in financial assets
|
1
0
| - | - | |||||||||
Property and equipment, net
| 18,737 | 23,259 | ||||||||||
Right-of-use
assets
|
1
1
| 46,926 | 93,852 | |||||||||
Prepayments
| 141,240 | 174,541 | ||||||||||
Total
non-current
assets
| 206,903 | 291,652 | ||||||||||
Total assets
| 109,219,734 | 138,409,168 | ||||||||||
Liabilities
| ||||||||||||
Current liabilities:
| ||||||||||||
Payables
| 8,311,435 | 2,501,518 | ||||||||||
Lease liabilities
|
1
2
| 67,250 | 112,965 | |||||||||
Provisions
| 543,846 | 492,002 | ||||||||||
Total current liabilities
| 8,922,531 | 3,106,485 | ||||||||||
Non-current
liabilities:
| ||||||||||||
Provisions
| 23,799 | 16,915 | ||||||||||
Total
non-current
liabilities
| 23,799 | 16,915 | ||||||||||
Total liabilities
| 8,946,330 | 3,123,400 | ||||||||||
Net assets
| 100,273,404 | 135,285,768 | ||||||||||
Equity
| ||||||||||||
Contributed equity
|
1
3
| 234,639,230 | 234,147,526 | |||||||||
Accumulated Loss
| (161,836,741 | ) | (124,123,982 | ) | ||||||||
Reserves
|
1
4
| 27,470,915 | 25,262,224 | |||||||||
Total equity
| 100,273,404 | 135,285,768 | ||||||||||
Contributed
|
Pre-funded
|
Share- based payment |
Fair value of investment |
FX
translation
|
Accumulated
|
Total
| ||||||||||||||||||||||
equity
|
warrants
|
reserve
|
reserve
|
reserve
|
losses
|
equity
| ||||||||||||||||||||||
US$
|
US$
|
US$
|
US$
|
US$
|
US$
|
US$
| ||||||||||||||||||||||
Balance at July 1, 2020 (Restated)
|
113,852,364
|
-
|
3,116,080
|
551,409
|
5,827,605
|
(78,779,486
|
)
|
44,567,972
| ||||||||||||||||||||
Fair value gains on investments in financial assets | - | - | - | 469,767 | - | - | 469,767 | |||||||||||||||||||||
Net loss for the period
| - | - | - | - | - | (25,730,271 | ) | (25,730,271 | ) | |||||||||||||||||||
Total comprehensive income and expense for the period
| - | - | - | 469,767 | - | (25,730,271 | ) | (25,260,504 | ) | |||||||||||||||||||
Issue of ordinary shares
| 105,477,591 | - | - | - | - | - | 105,477,591 | |||||||||||||||||||||
Issue of
pre-funded
warrants
| - | 11,546,029 | - | - | - | - | 11,546,029 | |||||||||||||||||||||
Recognition of share-based payment
| - | - | 1,595,244 | - | - | - | 1,595,244 | |||||||||||||||||||||
Exchange on conversion (Note 3)
| - | - | 114,632 | 1,789 | 14,261,558 | - | 14,377,979 | |||||||||||||||||||||
Balance at December 31, 2020 (Restated)
|
219,329,955
|
11,546,029
|
4,825,956
|
1,022,965
|
20,089,163
|
(104,509,757
|
)
|
152,304,311
| ||||||||||||||||||||
Balance at July 1, 2021
|
234,147,526
|
-
|
4,087,650
|
1,085,411
|
20,089,163
|
(124,123,982
|
)
|
135,285,768
| ||||||||||||||||||||
Net loss for the period
| - | - | - | - | - | (37,712,759 | ) | (37,712,759 | ) | |||||||||||||||||||
Total comprehensive income and expense for the period
| - | - | - | - | - | (37,712,759 | ) | (37,712,759 | ) | |||||||||||||||||||
Issue of ordinary shares on conversion of LTIP
| 491,704 | - | (234,530 | ) | - | - | - | 257,174 | ||||||||||||||||||||
Recognition of share-based payment
| - | - | 2,443,221 | - | - | - | 2,443,221 | |||||||||||||||||||||
Balance at December 31, 2021
|
234,639,230
|
-
|
6,296,341
|
1,085,411
|
20,089,163
|
(161,836,741
|
)
|
100,273,404
| ||||||||||||||||||||
December 31,
| ||||||||||||
Notes
|
2021
US$
|
2020
(Restated)
US$
| ||||||||||
Cash flows from operating activities
| ||||||||||||
Interest received
| 100,757 | 163,856 | ||||||||||
Royalty and license income received
| 1,570 | 33,176 | ||||||||||
Grant income received
| - | 26,950 | ||||||||||
Payment of lease interest
| (2,960 | ) | (2,794 | ) | ||||||||
Payments to suppliers, employees and for research & development and intellectual property costs (inclusive of GST)
| (33,826,440 | ) | (24,426,278 | ) | ||||||||
Research and development tax incentive scheme credit received
| 4,972,898 | 5,699,649 | ||||||||||
Net cash flows used in operating activities
| (28,754,175 | ) | (18,505,441 | ) | ||||||||
Cash flows from investing activities:
| ||||||||||||
Purchase of plant and equipment
| (1,651 | ) | (7,293 | ) | ||||||||
Cash received on disposal of financial asset
| - | 670,973 | ||||||||||
Net cash flow
s
used in investing activities
| (1,651 | ) | 663,680 | |||||||||
Cash flows from financing activities:
| ||||||||||||
Payment of lease liabilities
| (45,714 | ) | (57,779 | ) | ||||||||
Net proceeds on issue of ordinary shares
| - | 105,477,591 | ||||||||||
Net proceeds on issue of
pre-funded
warrants
| - | 11,546,029 | ||||||||||
Cash received for ordinary shares issued on exercise of options
| 257,174 | - | ||||||||||
Net cash flows provided by financing activities
| 211,460 | 116,965,841 | ||||||||||
Net (decrease)/increase in cash and cash equivalents
| (28,544,366 | ) | 99,124,080 | |||||||||
Effects of exchange rate changes on the balance of cash held in foreign currencies | (1,375,143 | ) | 14,351,800 | |||||||||
Cash and cash equivalents at beginning of period
| 118,193,177 | 42,650,858 | ||||||||||
Cash and cash equivalents at end of period
| 88,273,668 | 156,126,738 | ||||||||||
•
|
The total R&D expense was $31,819,649 (December 31, 2020: $13,778,940).
|
•
|
The net income tax benefit for the half year is $2,916,601 (December 31, 2020: $2,546,983).
|
•
|
Basic earnings per share were a loss of 10.74 cents (December 31, 2020: loss of 9.08 cents)
.
|
•
|
The classification of expenses in the condensed statements of profit or loss and other comprehensive income between research and development costs and operating expenses; and
|
•
|
Whether costs relate to R&D, and consequently if they meet the capitalization criteria under IAS 138 "Intangible Assets."
|
•
|
The Group's ability to make claims and its continued compliance under the scheme;
|
•
|
R&D and other supporting costs previously approved by Australian tax authorities;
|
•
|
Estimated amounts, timing and geographical location of future costs related to the projects for which applications have been approved to date; and
|
•
|
Assessment of whether expenditure on projects for which approval has been given by Australian tax authorities relate to Australian or overseas expenditure.
|
•
|
The R&D tax incentive is considered an income tax offset which will be offset against the Group's tax obligation if and when, the Group returns to a net tax payable position. In addition, whilst the Group is currently eligible to receive cash payments under the scheme since its consolidation revenue is currently below A$20 million, if and when the Group generates revenue in excess of A$20 million the R&D tax incentive will become non-refundable and can only be offset against any future income tax payable by the Group.
|
•
|
The ATO, which is the tax authority in Australia, manages the annual claims process as the R&D tax incentive is included in the Group's annual income tax return.
|
•
|
The ATO is also responsible for making the R&D tax incentive cash payment if a company is eligible for a cash refund under the program, oversees compliance with the requirements of the R&D tax incentive scheme and performs pre-issuance reviews
|
For the six months ended December 31, | ||||||||
2021
|
2020
| |||||||
(Restated)
| ||||||||
US$
|
US$
| |||||||
Net foreign exchange (loss)/gain
| (1,375,143 | ) | (9,238,403 | ) | ||||
Total net foreign exchange (loss)/gain
|
(1,375,143
|
)
|
(9,238,403
|
)
| ||||
For the six months ended December 31, | ||||||||
2021
|
2020
| |||||||
(Restated)
| ||||||||
US$
|
US$
| |||||||
Accounting loss before tax
| (40,629,360 | ) | (28,277,254 | ) | ||||
At parent entity statutory tax rate of 30% (2020: 27.5%)
| 12,188,808 | 7,776,245 | ||||||
R&D tax incentive on eligible expenses
| 2,916,601 | 2,546,983 | ||||||
Non-deductible
R&D expenditure
| (2,011,449 | ) | (1,635,517 | ) | ||||
Other
non-deductible
expense
| (732,966 | ) | (447,983 | ) | ||||
Amount of temporary differences and carried forward tax losses not recognized
| (9,444,393 | ) | (5,692,745 | ) | ||||
2,916,601 | 2,546,983 | |||||||
December
31
,
2021
|
June 30, 2021
| |||||||
US$
|
US$
| |||||||
Cash at bank and in hand
| 6,642,804 | 15,538,510 | ||||||
Short-term deposits
| 81,630,864 | 102,654,667 | ||||||
Total cash and cash equivalents
|
88,273,668
|
118,193,177
| ||||||
December 31, 2021
|
June 30, 2021
| |||||||
US$
|
US$
| |||||||
R&D Contract Research Organization
| 14,661,943 | 12,551,398 | ||||||
Insurance
| 2,649,328 | 1,820,059 | ||||||
Other prepayments
| 27,663 | 14,698 | ||||||
Total current prepayments
|
17,338,934
|
14,386,155
| ||||||
Listed investments
|
Ownership
interest
%
|
Fair value at period end
1
US$
|
Exchange
o
ntranslation
US$
|
Disposal
US$
|
Financial Value gain/(loss) recognized in OCI
US$
|
Opening fair
value
US$
| ||||||||||||||||||
December 31, 2021
| ||||||||||||||||||||||||
Non-current
investments:
| ||||||||||||||||||||||||
Total listed investments
| - | - | - | - | - | |||||||||||||||||||
June 30, 2021
| ||||||||||||||||||||||||
Non-current
investments:
| ||||||||||||||||||||||||
Optiscan Imaging Limited
| - | % | - | - | (669,184 | ) | 469,767 | 199,417 | ||||||||||||||||
Total listed investments
| - | - | (669,184 | ) | 469,767 | 199,417 | ||||||||||||||||||
1.
|
The fair value represents the share (bid) price at year end and does not include any capital gains tax or selling costs that may be applicable on the disposal of these investments.
|
Non-current investments in listed shares (which are not associates) are designated and accounted for as investments in financial assets pursuant to IFRS 9.
|
For the six months ended December 31, 2021 |
For the year ended June 30, 2021 | |||||||
US$
|
US$
| |||||||
Right-of-Use
asset cost
| ||||||||
Opening balance as at July 1, 2021/July 1, 2020
| 281,554 | 251,189 | ||||||
Additions
| - | - | ||||||
Exchange on translation
| - | 30,365 | ||||||
281,554 | 281,554 | |||||||
Accumulated depreciation
| ||||||||
Opening balance as at July 1, 2021/July 1, 2020
| (187,702 | ) | (83,729 | ) | ||||
Charge to the period
| (46,926 | ) | (91,656 | ) | ||||
Exchange on translation
| - | (12,317 | ) | |||||
(234,628 | ) | (187,702 | ) | |||||
Net carrying amount
|
46,926
|
93,852
| ||||||
For the six months ended December 31, | ||||||||
2021
|
2020
| |||||||
(Restated)
| ||||||||
US$
|
US$
| |||||||
Amounts recognized in profit or loss:
| ||||||||
Depreciation expense on
right-of-use
asset
| 46,926 | 69,197 | ||||||
Lease finance costs
| 2,960 | 3,556 | ||||||
Expense relating to leases of low value assets
| 9,669 | 4,835 | ||||||
59,555
|
77,588
| |||||||
For the six months ended December 31, 2021 |
For the year ended June 30, 2021 | |||||||
US$
|
US$
| |||||||
Carrying amount at July 1, 2021/July 1, 2020
| 112,965 | 182,290 | ||||||
New lease
| - | - | ||||||
Payments
| (45,715 | ) | (69,325 | ) | ||||
Carrying amount at December 31/June 30
|
67,250
|
112,965
| ||||||
Maturity analysis:
| ||||||||
Year 1
| 73,170 | 124,495 | ||||||
Year 2
| - | - | ||||||
73,170 | 124,495 | |||||||
Less: unearned interest
| (5,920 | ) | (11,530 | ) | ||||
67,250
|
112,965
| |||||||
Analyzed into:
| ||||||||
Current portion
| 67,250 | 112,965 | ||||||
Non-current
portion
| - | - | ||||||
67,250
|
112,965
| |||||||
For the six months ended December 31, 2021 |
For the year ended June 30, 2021 | |||||||
US$
|
US$
| |||||||
(a) Ordinary shares
| ||||||||
Issued and fully paid at December 31/June 30
| 234,639,230 | 234,147,526 | ||||||
Movement in ordinary shares:
| ||||||||
Opening balance at July 1, 2021/July 1, 2020
| 234,147,526 | 113,852,364 | ||||||
Issue of shares on exercise of options granted under the LTIP
| 491,704 | 3,271,542 | ||||||
Issue of shares on exercise of
pre-funded
warrants net of issuance cost $1,099,412
| - | 11,546,029 | ||||||
Issue of shares in a US initial public offering and NASDAQ listing
| - | 105,477,591 | ||||||
234,639,230
|
234,147,526
| |||||||
Ordinary shares on issue:
|
No:
|
No:
| ||||||
Opening balance at July 1, 2021/July 1, 2020
| 351,003,541 | 269,157,769 | ||||||
Issue of shares on exercise of options granted under the LTIP
| 935,739 | 5,845,804 | ||||||
Issue of shares on exercise of
pre-funded
warrants
| - | 7,493,568 | ||||||
Issue of shares on NASDAQ listing
| - | 68,506,400 | ||||||
351,939,280
|
351,003,541
| |||||||
For the six months ended December 31, 2021 |
For the year ended June 30, 2021 | |||||||
US$
|
US$
| |||||||
(b)
Pre-funded
warrants
| ||||||||
Movement in
pre-funded
warrants:
| ||||||||
Opening balance at July 1, 2021/July 1, 2020
| - | - | ||||||
Issue of
pre-funded
warrants in a US initial public offering
| - | 12,645,441 | ||||||
Cost of issue of
pre-funded
warrants
| - | (1,099,412 | ) | |||||
Issue of shares on exercise of
pre-funded
warrants
| - | (11,546,029 | ) | |||||
- | - | |||||||
Pre-funded
warrants on issue:
|
No:
|
No:
| ||||||
Opening balance at July 1, 2021/July 1, 2020
| - | - | ||||||
Issue of
pre-funded
warrants in a US Initial public offering
| - | 7,493,600 | ||||||
Exercise of
pre-funded
warrants
| - | (7,493,568 | ) | |||||
Forfeiture on exercise
| - | (32 | ) | |||||
- | - | |||||||
For the six months ended December 31, 2021 |
For the year ended June 30, 2021 | |||||||
US$
|
US$
| |||||||
Reserves
| ||||||||
Fair value of investments reserve (i)
| 1,085,411 | 1,085,411 | ||||||
Share-based payments reserve (ii)
| 6,296,341 | 4,087,650 | ||||||
Foreign translation reserve (iii)
| 20,089,163 | 20,089,163 | ||||||
Total reserves
|
27,470,915
|
25,262,224
| ||||||
(i) Movement in fair value of investments reserve:
| ||||||||
Opening balance at July 1, 2021/July 1, 2020
| 1,085,411 | 551,409 | ||||||
Fair value on gains on investments in financial assets
| - | 469,767 | ||||||
Exchange on translation
| - | 64,235 | ||||||
Closing balance
|
1,085,411
|
1,085,411
| ||||||
(ii) Movement in share-based payments reserve:
| ||||||||
Opening balance at July 1, 2021/July 1, 2020
| 4,087,650 | 3,116,080 | ||||||
Share-based payments expense
| 2,443,221 | 3,897,638 | ||||||
Exercise of options
| (234,530 | ) | (3,271,542 | ) | ||||
Exchange on translation
| - | 345,474 | ||||||
Closing balance
|
6,296,341
|
4,087,650
| ||||||
(iii) Movement in foreign translation reserve:
| ||||||||
Opening balance at July 1, 2021/July 1, 2020
| 20,089,163 | 5,827,605 | ||||||
(Gains)/loss on translation
| - | 14,261,558 | ||||||
Closing balance
|
20,089,163
|
20,089,163
| ||||||
December31,2021
|
June 30, 2021
| |||||||
US$
|
US$
| |||||||
Within one year
| 45,036,888 | 26,377,778 | ||||||
After one year but not more than five years
| 4,048,790 | 2,347,060 | ||||||
After more than five years
| - | - | ||||||
49,085,678
|
28,724,838
| |||||||
For the six months ended December 31, | ||||||||
2021
US$
|
2020
Restated
US$
| |||||||
The following reflects the income used in the basic and diluted earnings per share computations:
| ||||||||
(a) Earnings used in calculating earnings per share
| ||||||||
Net loss attributable to ordinary equity holders of the parent
|
(37,712,759
|
)
|
(25,730,271
|
)
| ||||
(b) Weighted average number of shares
| ||||||||
Weighted average number of ordinary shares on issue for basic earnings per share
|
351,075,141
|
283,422,115
| ||||||
Effect of dilution:
| ||||||||
Share options
|
-
|
-
| ||||||
Weighted average number of ordinary shares adjusted for the effect of dilution
|
351,075,141
|
283,422,115
| ||||||
Loss per share (basic and diluted in cents)
|
(10.74
|
)
|
(9.08
|
)
|
Attachments
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Disclaimer
Opthea Limited published this content on 30 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2022 22:24:32 UTC.