2022 Q2 Form 10-Q Financial Statement
#000095017022009809 Filed on May 13, 2022
Income Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $1.454M | $1.884M | $1.993M |
YoY Change | -45.46% | -31.74% | -28.57% |
% of Gross Profit | |||
Research & Development | $4.004M | $3.474M | $3.902M |
YoY Change | -0.67% | -9.6% | 51.01% |
% of Gross Profit | |||
Depreciation & Amortization | $15.00K | $15.00K | $15.00K |
YoY Change | 25.0% | -25.0% | |
% of Gross Profit | |||
Operating Expenses | $5.458M | $5.358M | $5.895M |
YoY Change | -18.5% | -18.88% | 9.61% |
Operating Profit | |||
YoY Change | |||
Interest Expense | $12.00K | $2.000K | $2.000K |
YoY Change | -134.29% | -71.43% | -75.0% |
% of Operating Profit | |||
Other Income/Expense, Net | $2.000K | $2.000K | |
YoY Change | -106.67% | -105.71% | |
Pretax Income | -$5.446M | -$5.356M | -$5.893M |
YoY Change | -19.1% | -19.34% | 8.93% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$5.446M | -$5.356M | -$5.893M |
YoY Change | -19.1% | -19.28% | 8.87% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.11 | $0.12 | |
Diluted Earnings Per Share | -$86.47K | -$109.0K | -$121.4K |
COMMON SHARES | |||
Basic Shares Outstanding | 65.53M | 49.13M | 48.53M |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $11.78M | $8.839M | $14.06M |
YoY Change | 11.8% | -43.77% | -18.04% |
Cash & Equivalents | $11.78M | $8.839M | $14.06M |
Short-Term Investments | |||
Other Short-Term Assets | $1.478M | $1.254M | $934.0K |
YoY Change | 17.68% | 45.81% | 69.82% |
Inventory | |||
Prepaid Expenses | $1.478M | $1.254M | |
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $13.26M | $10.09M | $15.00M |
YoY Change | 12.42% | -39.15% | -15.35% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $90.00K | $105.0K | $120.0K |
YoY Change | -40.0% | -36.36% | -30.23% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $2.600M | $2.600M | $2.600M |
YoY Change | 62.5% | 23.81% | 0.0% |
Total Long-Term Assets | $2.690M | $2.705M | $2.720M |
YoY Change | 53.71% | 19.43% | -1.88% |
TOTAL ASSETS | |||
Total Short-Term Assets | $13.26M | $10.09M | $15.00M |
Total Long-Term Assets | $2.690M | $2.705M | $2.720M |
Total Assets | $15.95M | $12.80M | $17.72M |
YoY Change | 17.76% | -32.12% | -13.52% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $3.269M | $2.782M | $2.895M |
YoY Change | 47.32% | 68.61% | 46.95% |
Accrued Expenses | |||
YoY Change | |||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | |
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $3.990M | $3.240M | $3.438M |
YoY Change | 43.53% | 27.91% | 26.07% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $163.0K | $172.0K | $178.0K |
YoY Change | -10.44% | -14.0% | -1.11% |
Total Long-Term Liabilities | $163.0K | $172.0K | $178.0K |
YoY Change | -10.44% | -14.0% | -1.11% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $3.990M | $3.240M | $3.438M |
Total Long-Term Liabilities | $163.0K | $172.0K | $178.0K |
Total Liabilities | $4.153M | $3.412M | $3.616M |
YoY Change | 40.21% | 24.75% | 24.69% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$136.4M | -$130.9M | -$125.6M |
YoY Change | 22.59% | 25.28% | 28.31% |
Common Stock | $135.6M | $127.7M | |
YoY Change | 26.88% | 26.63% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $11.80M | $9.386M | $14.10M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $15.95M | $12.80M | $17.72M |
YoY Change | 17.76% | -32.12% | -13.52% |
Cashflow Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q4 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$5.446M | -$5.356M | -$5.893M |
YoY Change | -19.1% | -19.28% | 8.87% |
Depreciation, Depletion And Amortization | $15.00K | $15.00K | $15.00K |
YoY Change | 25.0% | -25.0% | |
Cash From Operating Activities | -$4.992M | -$5.223M | -$5.104M |
YoY Change | 6.44% | 12.81% | -6.0% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | $0.00 | |
YoY Change | -100.0% | -100.0% | |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | ||
Cash From Investing Activities | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | -100.0% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 7.933M | -2.000K | -171.0K |
YoY Change | -1722.29% | -100.06% | 1610.0% |
NET CHANGE | |||
Cash From Operating Activities | -4.992M | -5.223M | -5.104M |
Cash From Investing Activities | 0.000 | 0.000 | 0.000 |
Cash From Financing Activities | 7.933M | -2.000K | -171.0K |
Net Change In Cash | 2.941M | -5.225M | -5.275M |
YoY Change | -156.83% | 260.34% | -3.03% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$4.992M | -$5.223M | -$5.104M |
Capital Expenditures | $0.00 | $0.00 | |
Free Cash Flow | -$4.992M | -$5.223M | |
YoY Change | 6.39% | 13.05% |
Facts In Submission
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ProceedsFromIssuanceOfSharesAndWarrants
|
21598000 | ||
us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
74000 | ||
us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
4399000 | ||
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
42000 | ||
CY2020Q3 | ktra |
Exercise Of Warrants For Cash
ExerciseOfWarrantsForCash
|
994000 | |
CY2020Q3 | us-gaap |
Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
|
45000 | |
CY2020Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
405000 | |
CY2020Q3 | ktra |
Series Preferred Stock Dividends
SeriesPreferredStockDividends
|
-2000 | |
CY2020Q3 | us-gaap |
Profit Loss
ProfitLoss
|
-19518000 | |
CY2020Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
20554000 | |
CY2020Q4 | ktra |
Series C Preferred Stock Issue Costs
SeriesCPreferredStockIssueCosts
|
-69000 | |
CY2020Q4 | ktra |
Exercise Of Warrants For Cash
ExerciseOfWarrantsForCash
|
186000 | |
CY2020Q4 | us-gaap |
Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
|
183000 | |
CY2020Q4 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
21000 | |
CY2020Q4 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
2125000 | |
CY2020Q4 | ktra |
Series Preferred Stock Dividends
SeriesPreferredStockDividends
|
-2000 | |
CY2020Q4 | us-gaap |
Profit Loss
ProfitLoss
|
-5413000 | |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
17585000 | |
CY2021Q1 | ktra |
Exercise Of Warrants For Cash
ExerciseOfWarrantsForCash
|
3219000 | |
CY2021Q1 | us-gaap |
Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
|
210000 | |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
22000 | |
CY2021Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1719000 | |
CY2021Q1 | ktra |
Series Preferred Stock Dividends
SeriesPreferredStockDividends
|
-2000 | |
CY2021Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-6635000 | |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
16118000 | |
us-gaap |
Profit Loss
ProfitLoss
|
-17215000 | ||
us-gaap |
Profit Loss
ProfitLoss
|
-31566000 | ||
us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
2000 | ||
us-gaap |
Depreciation
Depreciation
|
45000 | ||
us-gaap |
Depreciation
Depreciation
|
15000 | ||
ktra |
In Progress Research And Development Expense
InProgressResearchAndDevelopmentExpense
|
16094000 | ||
ktra |
Gain Loss From Change In Fair Value Of Milestone Liability
GainLossFromChangeInFairValueOfMilestoneLiability
|
10000 | ||
ktra |
Gain Loss From Change In Fair Value Of Milestone Liability
GainLossFromChangeInFairValueOfMilestoneLiability
|
-14000 | ||
us-gaap |
Interest Expense
InterestExpense
|
23000 | ||
ktra |
Amortization Of Deferred Loan Costs
AmortizationOfDeferredLoanCosts
|
74000 | ||
ktra |
Increase Decrease In Fair Value Of Warrants Issued For Services
IncreaseDecreaseInFairValueOfWarrantsIssuedForServices
|
35000 | ||
ktra |
Increase Decrease In Fair Value Of Warrants Issued For Services
IncreaseDecreaseInFairValueOfWarrantsIssuedForServices
|
438000 | ||
us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
2283000 | ||
us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
4248000 | ||
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
998000 | ||
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
2594000 | ||
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
563000 | ||
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-640000 | ||
us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
-103000 | ||
us-gaap |
Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
|
-279000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-15400000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-14171000 | ||
us-gaap |
Cash Acquired From Acquisition
CashAcquiredFromAcquisition
|
969000 | ||
us-gaap |
Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
|
8000 | ||
us-gaap |
Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
|
3000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
964000 | ||
ktra |
Proceeds From Issuance Of Shares And Warrants
ProceedsFromIssuanceOfSharesAndWarrants
|
13634000 | ||
CY2022Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-130908000 | |
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
8839000 | |
ktra |
Substantial Doubt About Companys Ability To Continues Going Concern Period
SubstantialDoubtAboutCompanysAbilityToContinuesGoingConcernPeriod
|
P1Y | ||
us-gaap |
Proceeds From Construction Loans Payable
ProceedsFromConstructionLoansPayable
|
500000 | ||
us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
6000 | ||
us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
6000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
13702000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
26533000 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-1698000 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
13326000 | ||
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
10537000 | |
CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2392000 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
8839000 | |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
15718000 | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="text-indent:-4.749%;padding-left:4.533%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1 Nature of operations, corporate history, and going concern and management plans</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Nature of operations</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Kintara Therapeutics, Inc. (the “Company”) is a clinical-stage drug development company with a focus on the development of novel cancer therapies for patients with unmet medical needs. The Company is developing two late-stage, Phase 3-ready therapeutics - VAL-083 for glioblastoma multiforme and REM-001 for cutaneous metastatic breast cancer. In order to accelerate the Company’s development timelines, it leverages existing preclinical and clinical data from a wide range of sources. The Company may seek marketing partnerships in order to potentially offset clinical costs and to generate future royalty revenue from approved indications of its product candidates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">On June 9, 2020, the Company entered into an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), by and among Adgero Acquisition Corp., the Company’s wholly-owned subsidiary incorporated in the State of Delaware (“Merger Sub”), and Adgero Biopharmaceuticals Holdings, Inc., a Delaware corporation (“Adgero”). On August 19, 2020, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub merged with and into Adgero (the “Merger”), the separate corporate existence of Merger Sub ceased and Adgero continued its existence under Delaware law as the surviving corporation in the Merger and became a direct, wholly-owned subsidiary of the Company. As a result of the Merger, each issued and outstanding share of Adgero common stock, par value $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">0.0001</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> per share (the “Adgero Common Stock”) (other than treasury shares held by Adgero), was converted automatically into </span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1.5740 shares</span></span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> (the “Exchange Ratio”) of the Company’s common stock per share of Adgero Common Stock, and cash in lieu of any fractional shares. Also, each outstanding warrant to purchase Adgero Common Stock was converted into a warrant exercisable for that number of shares of the Company’s common stock equal to the product of (x) the aggregate number of shares of Adgero Common Stock for which such warrant was exercisable and (y) the Exchange Ratio.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Following the completion of the Merger, the Company changed its name from DelMar Pharmaceuticals, Inc. to Kintara Therapeutics, Inc. and began trading on Nasdaq under the symbol “KTRA”.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.0110416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Corporate history</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company is a Nevada corporation formed on June 24, 2009 under the name Berry Only, Inc. On January 25, 2013, the Company entered into and closed an exchange agreement (the “Exchange Agreement”), with Del Mar Pharmaceuticals (BC) Ltd. (“Del Mar (BC)”), 0959454 B.C. Ltd. (“Callco”), and 0959456 B.C. Ltd. (“Exchangeco”) and the security holders of Del Mar (BC). Upon completion of the Exchange Agreement, Del Mar (BC) became a wholly-owned subsidiary of the Company (the “Reverse Acquisition”).</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Kintara Therapeutics, Inc. is the parent company of Del Mar (BC), a British Columbia, Canada corporation and Adgero, a Delaware corporation, which are clinical-stage companies with a focus on the development of drugs for the treatment of cancer. The Company is also the parent company to Callco and Exchangeco which are British Columbia, Canada corporations. Callco and Exchangeco were formed to facilitate the Reverse Acquisition. In connection with the Merger, the Company also became the parent company of Adgero Biopharmaceuticals, Inc. (“Adgero Bio”), formerly a wholly-owned subsidiary of Adgero.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">References to the Company refer to the Company and its wholly-owned subsidiaries.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.0110416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Going concern and management plans</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.0110416666666666;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:6.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">These condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that the Company will continue its operations for the foreseeable future and contemplates the realization of assets and the settlement of liabilities in the normal course of business.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">For the nine months ended March 31, 2022, the Company reported a loss of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">17,215</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> and a negative cash flow from operations of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">15,400</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">. The Company had an accumulated deficit of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">130,908</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> and had cash and cash equivalents of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">8,839</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> as of March 31, 2022. The Company is in the clinical stage and has not generated any revenues to date. The Company does not have the prospect of achieving revenues until such time that its product candidates are commercialized, or partnered, which may not ever occur. On April 14, 2022, the Company completed a registered direct financing for net proceeds of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">7.9</span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> million. Even with the proceeds from this financing, the Company will require additional funding to maintain its clinical trials, research and development projects, and for general operations. These circumstances indicate substantial doubt exists about the Company’s ability to continue as a going concern within </span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">one year</span></span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> from the date of filing of these condensed consolidated interim financial statements.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Consequently, management is pursuing various financing alternatives to fund the Company’s operations so it can continue as a going concern. However, the coronavirus (“COVID-19”) pandemic has created significant economic uncertainty and volatility in the credit and capital markets. Management plans to continue to pursue opportunities to secure the necessary financing through the issue of new equity, debt, and/or the entering into of strategic partnership arrangements but the </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">ultimate impact of the COVID-19 pandemic on the Company’s ability to raise additional capital is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak and any new information which may emerge concerning the severity of the COVID-19 pandemic. </span><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company may not be able to raise sufficient additional capital and may tailor its drug candidate development programs based on the amount of funding the Company is able to raise in the future. Nevertheless, there is no assurance that these initiatives will be successful.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(255,255,255,1);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">These condensed consolidated financial statements do not give effect to any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.</span></p> | ||
CY2020Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
us-gaap |
Common Stock Conversion Basis
CommonStockConversionBasis
|
1.5740 shares | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
-17215000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-15400000 | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.035;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets, and contingent liabilities as at the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the valuation of equity instruments issued for services and clinical trial accruals. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements.</span></p> | ||
CY2022Q1 | ktra |
Patient Enrollment Milestones Payments
PatientEnrollmentMilestonesPayments
|
1840000 | |
CY2021Q1 | ktra |
Patient Enrollment Milestones Payments
PatientEnrollmentMilestonesPayments
|
1708000 | |
ktra |
Patient Enrollment Milestones Payments
PatientEnrollmentMilestonesPayments
|
5770000 | ||
ktra |
Patient Enrollment Milestones Payments
PatientEnrollmentMilestonesPayments
|
2958000 | ||
ktra |
In Progress Research And Development Expense
InProgressResearchAndDevelopmentExpense
|
16094000 | ||
ktra |
Property Equipment And Intangibles Estimated Useful Life
PropertyEquipmentAndIntangiblesEstimatedUsefulLife
|
P3Y | ||
us-gaap |
Legal Fees
LegalFees
|
1554000 | ||
us-gaap |
Professional Fees
ProfessionalFees
|
500000 | ||
us-gaap |
Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
|
300000 | ||
CY2022Q1 | us-gaap |
Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
|
240000 | |
us-gaap |
Payments To Employees
PaymentsToEmployees
|
60000 | ||
CY2021Q2 | ktra |
Milestone Payment Liability
MilestonePaymentLiability
|
182000 | |
ktra |
Milestone Payment Liability Change In Fair Value Estimate
MilestonePaymentLiabilityChangeInFairValueEstimate
|
-10000 | ||
CY2022Q1 | ktra |
Milestone Payment Liability
MilestonePaymentLiability
|
172000 | |
ktra |
Deposits Payments
DepositsPayments
|
2600000 | ||
CY2022Q1 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
458000 | |
CY2021Q2 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
561000 | |
ktra |
Underwritten Public Offerings Description
UnderwrittenPublicOfferingsDescription
|
the Company closed on the sale of (i) 7,200 shares of its common stock, par value $0.001 per share, (ii) pre-funded warrants (“PFW”) to purchase an aggregate of 4,800 shares of common stock and (iii) common warrants to purchase an aggregate of 12,000 shares of common stock (“2022 Investor Warrants”) in the Company’s registered direct offering (the “September Offering”). Each share of common stock, or PFW as applicable, was sold together with a 2022 Investor Warrant to purchase one share of common stock at a combined effective price of $1.25 per share of common stock and accompanying 2022 Investor Warrant. The 2022 Investor Warrants have been valued at $7,023 and have been treated as equity. They have been valued using a Black-Scholes valuation with a risk-free rate of 0.55%, a contractual term of 3.5 years, a volatility of 116.7%, and a dividend rate of 0%. | ||
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
9846000 | |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
4060000 | |
CY2022Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
642000 | |
CY2021Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1718000 | |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2283000 | ||
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
4248000 | ||
CY2021Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
3860000 | |
CY2021Q2 | ktra |
Share Based Compensation Arrangement By Share Based Payment Award Stock Options Unvested Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardStockOptionsUnvestedWeightedAverageExercisePrice
|
1.60 | |
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
3964000 | ||
ktra |
Share Based Compensation Arrangement By Share Based Payment Award Stock Options Granted Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardStockOptionsGrantedWeightedAverageExercisePrice
|
0.99 | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
1556000 | ||
ktra |
Share Based Compensation Arrangement By Share Based Payment Award Stock Options Vested Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardStockOptionsVestedWeightedAverageExercisePrice
|
1.55 | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
|
482000 | ||
ktra |
Share Based Compensation Arrangement By Share Based Payment Award Stock Options Forfeited Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardStockOptionsForfeitedWeightedAverageExercisePrice
|
1.64 | ||
CY2022Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
|
5786000 | |
CY2022Q1 | ktra |
Share Based Compensation Arrangement By Share Based Payment Award Stock Options Unvested Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardStockOptionsUnvestedWeightedAverageExercisePrice
|
1.19 | |
ktra |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageRemainingContractualTerm
|
P9Y2M1D | ||
ktra |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageRemainingContractualTerm
|
P9Y4M20D | ||
us-gaap |
Dividends Preferred Stock Stock
DividendsPreferredStockStock
|
3181000 | ||
ktra |
Non Cash Issue Costs
NonCashIssueCosts
|
333000 | ||
ktra |
Non Cash Issue Costs
NonCashIssueCosts
|
3287000 |