2023 Q3 Form 10-Q Financial Statement
#000173112223001412 Filed on August 08, 2023
Income Statement
Concept | 2023 Q3 | 2023 Q2 | 2022 Q2 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $2.592M | $3.248M | $3.185M |
YoY Change | -33.59% | 1.96% | 30.87% |
% of Gross Profit | |||
Research & Development | $10.06M | $10.28M | $9.273M |
YoY Change | -11.6% | 10.89% | 3.44% |
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $12.65M | $13.53M | $12.46M |
YoY Change | -17.22% | 8.6% | 9.3% |
Operating Profit | -$13.53M | -$12.46M | |
YoY Change | 8.6% | ||
Interest Expense | $1.772M | $1.727M | -$502.6K |
YoY Change | 745.94% | -443.57% | 236.36% |
% of Operating Profit | |||
Other Income/Expense, Net | $669.9K | $2.292M | $682.4K |
YoY Change | -32.63% | 235.82% | -51.5% |
Pretax Income | -$10.21M | -$11.24M | -$12.28M |
YoY Change | -27.49% | -8.47% | 21.08% |
Income Tax | -$63.95K | $41.00K | $88.42K |
% Of Pretax Income | |||
Net Earnings | -$10.15M | -$11.28M | -$12.37M |
YoY Change | -29.0% | -8.79% | 21.48% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.14 | ||
Diluted Earnings Per Share | -$0.12 | -$0.14 | -$159.7K |
COMMON SHARES | |||
Basic Shares Outstanding | 81.95M shares | 80.84M shares | |
Diluted Shares Outstanding | 80.88M shares |
Balance Sheet
Concept | 2023 Q3 | 2023 Q2 | 2022 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $151.0M | $154.8M | $153.2M |
YoY Change | 1.25% | 1.06% | -2.77% |
Cash & Equivalents | $151.0M | $154.8M | $153.2M |
Short-Term Investments | |||
Other Short-Term Assets | $653.0K | $827.6K | $462.0K |
YoY Change | 84.38% | 79.14% | 78.92% |
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $154.4M | $157.8M | $160.2M |
YoY Change | 1.1% | -1.5% | -3.72% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | |||
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $0.00 | $3.00 | $0.00 |
YoY Change | -100.0% | ||
TOTAL ASSETS | |||
Total Short-Term Assets | $154.4M | $157.8M | $160.2M |
Total Long-Term Assets | $0.00 | $3.00 | $0.00 |
Total Assets | $154.4M | $157.8M | $160.2M |
YoY Change | 1.1% | -1.5% | -3.72% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $4.322M | $4.153M | $3.127M |
YoY Change | 13.0% | 32.81% | -25.14% |
Accrued Expenses | $7.295M | $5.986M | $5.914M |
YoY Change | 22.71% | 1.21% | 27.09% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $12.53M | $11.06M | $9.485M |
YoY Change | 22.72% | 16.56% | 2.27% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | |||
YoY Change | |||
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
YoY Change | |||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $12.53M | $11.06M | $9.485M |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $12.53M | $11.06M | $9.485M |
YoY Change | 22.72% | 16.56% | 2.27% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$293.1M | -$282.9M | |
YoY Change | 19.35% | ||
Common Stock | $434.9M | $429.7M | |
YoY Change | 12.08% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $141.9M | $146.8M | $150.7M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $154.4M | $157.8M | $160.2M |
YoY Change | 1.1% | -1.5% | -3.72% |
Cashflow Statement
Concept | 2023 Q3 | 2023 Q2 | 2022 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$10.15M | -$11.28M | -$12.37M |
YoY Change | -29.0% | -8.79% | 21.48% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$5.845M | -$7.653M | -$7.053M |
YoY Change | 44.54% | 8.49% | -6.19% |
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | |||
YoY Change | |||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $7.096M | ||
YoY Change | -92.42% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 2.061M | 9.003M | 6.910M |
YoY Change | 84367.21% | 30.28% | -92.25% |
NET CHANGE | |||
Cash From Operating Activities | -5.845M | -7.653M | -7.053M |
Cash From Investing Activities | |||
Cash From Financing Activities | 2.061M | 9.003M | 6.910M |
Net Change In Cash | -3.784M | 1.350M | -143.2K |
YoY Change | -6.37% | -1042.88% | -100.18% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$5.845M | -$7.653M | -$7.053M |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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3988614 | usd |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-12367341 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
150736600 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
142491042 | usd |
avxl |
Initial Commitment Shares
InitialCommitmentShares
|
844500 | usd | |
us-gaap |
Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
|
26687017 | usd | |
avxl |
Shares Issued Pursuant To Exercise Of Stock Options
SharesIssuedPursuantToExerciseOfStockOptions
|
907657 | usd | |
us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
13183353 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-37358973 | usd | |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
146754596 | usd |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
150818104 | usd |
us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
20982148 | usd | |
avxl |
Less Share Issue Costs
LessShareIssueCosts
|
-723167 | usd | |
avxl |
Shares Issued Upon Exercise Of Stock Options
SharesIssuedUponExerciseOfStockOptions
|
1010190 | usd | |
us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
12336844 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-33687519 | usd | |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
150736600 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-37358973 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-33687519 | usd | |
avxl |
Noncash Financing Related Charges
NoncashFinancingRelatedCharges
|
844500 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
13183353 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
12336844 | usd | |
us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-1027453 | usd | |
us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-2577002 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
473410 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
106414 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
328069 | usd | |
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-1612889 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
40705 | usd | |
us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
299047 | usd | |
avxl |
Increase Decrease In Deferred Grant Income
IncreaseDecreaseInDeferredGrantIncome
|
472932 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-21935371 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-20193929 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
26687017 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
20982148 | usd | |
us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
706802 | usd | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
907657 | usd | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1010190 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
27594674 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
21285536 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
5659303 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
1091607 | usd | |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
149157861 | usd |
CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
152107745 | usd |
CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
154817164 | usd |
CY2022Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
153199352 | usd |
avxl |
Cash Paid For State And Local Minimum Income Taxes
CashPaidForStateAndLocalMinimumIncomeTaxes
|
208577 | usd | |
avxl |
Cash Paid For State And Local Minimum Income Taxes
CashPaidForStateAndLocalMinimumIncomeTaxes
|
141374 | usd | |
us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<p id="xdx_804_eus-gaap--BasisOfAccounting_zDr0DvYj0Kp5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 2 <span id="xdx_824_z8Y8eG1yBZ48">Basis of Presentation</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p id="xdx_843_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_z9FpFqvR7NNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b><i><span id="xdx_865_zqPQCWR9m2L">Basis of Presentation</span> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These accompanying unaudited condensed interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting. Accordingly, certain information and note disclosures normally included in the annual financial statements in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the disclosures are adequate to make the information presented not misleading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These accompanying unaudited condensed interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained herein. The consolidated balance sheet as of September 30, 2022 was derived from the audited annual financial statements but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended September 30, 2022 filed with the SEC on November 28, 2022. The Company follows the same accounting policies in the preparation of interim reports.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operating results for the three and nine months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending September 30, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_840_ecustom--LliquidityPolicyTextBlock_z57odifUfOa2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_868_zBRPPeYZVXAk">Liquidity</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the Company’s potential drug compounds are in the clinical development stage and the Company cannot be certain that its research and development efforts will be successful or, if successful, that its potential drug compounds will ever be approved for sales to pharmaceutical companies or generate commercial revenues. To date, we have not generated any revenues from our operations. The Company expects the business to continue to experience negative cash flows from operations for the foreseeable future and cannot predict when, if ever, our business might become profitable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management believes that the current working capital position will be sufficient to meet the Company’s working capital requirements beyond the next 12 months after the date that these condensed interim consolidated financial statements are issued. The process of drug development can be costly, and the timing and outcomes of clinical trials are uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon a number of factors including but not limited to the design, timing and duration of future clinical trials, the progress of the Company’s research and development programs and the level of financial resources available. The Company has the ability to adjust its operating plan spending levels based on the timing of future clinical trials.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other than our rights related to the Sales Agreement and the Purchase Agreement (as defined below in Note 5), there can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If the Company is not able to obtain the additional financing on a timely basis, if and when it is needed, it will be forced to delay or scale down some or all of its research and development activities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84E_eus-gaap--UseOfEstimates_zSGpNJ3JpQNh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_864_zXbaWVysJdna">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to accounting for research and development costs, incentive income receivable, valuation and recoverability of deferred tax assets, stock based compensation, and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_849_eus-gaap--ConsolidationPolicyTextBlock_zDjEre6jsve6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_860_zPStfmhlKJvl">Principles of Consolidation</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These consolidated financial statements include the accounts of Anavex Life Sciences Corp. and its wholly-owned subsidiaries, Anavex Australia Pty Limited (“Anavex Australia”), a company incorporated under the laws of Australia, Anavex Germany GmbH, a company incorporated under the laws of Germany, and Anavex Canada Ltd., a company incorporated under the laws of the Province of Ontario, Canada. All inter-company transactions and balances have been eliminated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_842_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zrXksW990vL2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86F_zTuH7iC2OJle">Fair Value Measurements</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 2 - observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At June 30, 2023 and September 30, 2022, the Company did not have any Level 3 assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_843_eus-gaap--EarningsPerSharePolicyTextBlock_zJkea6vlQS2g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_86A_zLqs1Er9a9M2">Basic and Diluted Loss per Share</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic income/(loss) per common share is computed by dividing net income/(loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income/(loss) per common share is computed by dividing net income/(loss) available to common stockholders by the sum of (1) the weighted-average number of common shares outstanding during the period, (2) the dilutive effect of the assumed exercise of options and warrants using the treasury stock method and (3) the dilutive effect of other potentially dilutive securities. For purposes of the diluted net loss per share calculation, options and warrants are potentially dilutive securities and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2023 loss per share excludes <span id="xdx_90B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20221001__20230630_pdd" title="Loss per share for potentially dilutive common shares">14,858,863</span> (June 30, 2022: <span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20211001__20220630_pdd" title="Loss per share for potentially dilutive common shares">13,194,616</span>) potentially dilutive common shares related to outstanding options and warrants, as their effect was anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84B_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zHQ8H7PzXKgf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i><span id="xdx_868_zmuFYFUkU751">Recently Adopted Accounting Pronouncements</span> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance” (“ASU 2021-10”). ASU 2021-10 increases the disclosure requirements for annual reporting periods relating to material government assistance transactions on the entity’s financial statements and any significant terms and conditions of the agreements including commitments and contingencies. The new standard was effective for the Company on October 1, 2022 but only impacts annual financial statement footnote disclosures. The adoption of ASU 2021-10 is expected to impact the disclosures related to the research and development incentive income that the Company receives from the Australian Tax Office (“ATO”) for its clinical trials in Australia.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84E_eus-gaap--UseOfEstimates_zSGpNJ3JpQNh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_864_zXbaWVysJdna">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to accounting for research and development costs, incentive income receivable, valuation and recoverability of deferred tax assets, stock based compensation, and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
14858863 | shares | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
13194616 | shares | |
CY2023Q2 | avxl |
Non Operating Income From Grant
NonOperatingIncomeFromGrant
|
0 | usd |
avxl |
Non Operating Income From Grant
NonOperatingIncomeFromGrant
|
25000 | usd | |
CY2022Q2 | avxl |
Non Operating Income From Grant
NonOperatingIncomeFromGrant
|
0 | usd |
avxl |
Non Operating Income From Grant
NonOperatingIncomeFromGrant
|
0 | usd | |
CY2023Q2 | avxl |
Deferred Grant Income
DeferredGrantIncome
|
916763 | usd |
CY2022Q3 | avxl |
Deferred Grant Income
DeferredGrantIncome
|
443831 | usd |
CY2023Q2 | us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
564842 | usd |
us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
2048113 | usd | |
CY2022Q2 | us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
682432 | usd |
us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
2328675 | usd | |
CY2023Q2 | avxl |
Accrued Clinical Site And Patient Visits Costs
AccruedClinicalSiteAndPatientVisitsCosts
|
2301928 | usd |
CY2022Q3 | avxl |
Accrued Clinical Site And Patient Visits Costs
AccruedClinicalSiteAndPatientVisitsCosts
|
2031105 | usd |
CY2023Q2 | us-gaap |
Accrued Bonuses Current
AccruedBonusesCurrent
|
952323 | usd |
CY2022Q3 | us-gaap |
Accrued Bonuses Current
AccruedBonusesCurrent
|
1297337 | usd |
CY2023Q2 | avxl |
Fixed Contract Accruals
FixedContractAccruals
|
11170 | usd |
CY2022Q3 | avxl |
Fixed Contract Accruals
FixedContractAccruals
|
417414 | usd |
CY2023Q2 | avxl |
Milestone Based Contract Accruals
MilestoneBasedContractAccruals
|
570996 | usd |
CY2022Q3 | avxl |
Milestone Based Contract Accruals
MilestoneBasedContractAccruals
|
137337 | usd |
CY2023Q2 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
2149241 | usd |
CY2022Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
2061760 | usd |
CY2023Q2 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
5985658 | usd |
CY2022Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
5944953 | usd |
CY2023Q2 | avxl |
Sales Of Agreement Amount
SalesOfAgreementAmount
|
142407882 | usd |
CY2022Q3 | avxl |
Sales Of Agreement Amount
SalesOfAgreementAmount
|
142407882 | usd |
CY2023Q2 | avxl |
Fair Value Of Initial Commitment
FairValueOfInitialCommitment
|
844500 | usd |
CY2023Q2 | us-gaap |
Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
|
25103 | usd |
us-gaap |
Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
|
85243 | usd | |
CY2022Q2 | us-gaap |
Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
|
21015 | usd |
us-gaap |
Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
|
42348 | usd | |
CY2023Q2 | us-gaap |
Pension Contributions
PensionContributions
|
76313 | usd |
us-gaap |
Pension Contributions
PensionContributions
|
176189 | usd | |
CY2022Q2 | us-gaap |
Pension Contributions
PensionContributions
|
27358 | usd |
us-gaap |
Pension Contributions
PensionContributions
|
120979 | usd | |
CY2023Q2 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
160000 | shares |
CY2022Q3 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
160000 | shares |
CY2023Q2 | avxl |
Warrants Outstanding Weighted Average Exercise
WarrantsOutstandingWeightedAverageExercise
|
3.72 | |
CY2022Q3 | avxl |
Warrants Outstanding Weighted Average Exercise
WarrantsOutstandingWeightedAverageExercise
|
3.72 | |
CY2023Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
160000 | shares |
avxl |
Option Issued
OptionIssued
|
3912000 | shares | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
|
3.77 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
|
3.83 | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P6Y1M2D | ||
us-gaap |
Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
|
P4Y8M19D | ||
CY2023Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
3866781 | usd |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
13183353 | usd | |
CY2022Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
3988614 | usd |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
12336844 | usd | |
CY2023Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
3866781 | usd |
CY2022Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
3988614 | usd |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
13183353 | usd | |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
12336844 | usd | |
CY2023Q2 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
|
17543748 | usd |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0369 | pure | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0310 | pure | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y7M17D | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P5Y6M3D | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.8516 | pure | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.8412 | pure | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.0000 | pure | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.0000 | pure |