REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Ordinary Shares* |
* | Not for trading, but only in connection with the registration of American Depositary Shares. |
U.S. GAAP ☐ |
by the International Accounting Standards Board ☒ |
Other | ☐ |
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Item 19. |
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Item 1. |
Identity of Directors, Senior Management and Advisors |
Item 2. |
Offer Statistics and Expected Timetable |
Item 3. |
Key Information |
• | continue our research and clinical development of our product candidates; |
• | expand the scope of our current clinical studies for our product candidates or initiate additional clinical or other studies for product candidates; |
• | seek regulatory and marketing approvals for any of our product candidates that successfully complete clinical trials; |
• | further develop the manufacturing process for our product candidates; |
• | change or add additional manufacturers or suppliers; |
• | seek to identify and validate additional product candidates; |
• | acquire or in-license other product candidates and technologies; |
• | maintain, protect and expand our intellectual property portfolio; |
• | create additional infrastructure to support our operations as a public company in the United States and our product development and future commercialization efforts; and |
• | experience any delays or encounter issues with any of the above. |
• | successfully initiating and completing clinical trials of our product candidates; |
• | the timing of the initiation and completion of preclinical studies and clinical trials |
• | the timing of patient enrollment and dosing in any future clinical trials; |
• | the timing of the availability of data from clinical trials |
• | expectations about the successful completion of clinical trials |
• | obtaining regulatory and marketing approvals for product candidates for which we complete clinical trials; |
• | the timing of expected regulatory filings; |
• | expectations about approval by regulatory authorities of our drug candidates; |
• | the impact that the COVID-19 pandemic could have on our operations; |
• | the clinical utility and potential attributes and benefits of our product candidates, including the potential duration of treatment effects; |
• | potential licenses of intellectual property and collaborations; |
• | the commercialization of our product candidates, if approved; |
• | expectations regarding expenses, ongoing losses, future revenue and capital needs; |
• | our financial performance; |
• | the length of time over which we expect our cash and cash equivalents to be sufficient; |
• | our intellectual property position and the duration of our patent portfolio; |
• | maintaining, protecting and expanding our intellectual property portfolio, and avoiding infringing on intellectual property of third parties; |
• | establishing and maintaining successful licenses, collaborations and alliances with third parties; |
• | developing a sustainable, scalable, reproducible and transferable manufacturing process for our product candidates; |
• | establishing and maintaining supply and manufacturing relationships with third parties that can provide products and services adequate, in amount and quality, to support clinical development and commercialization of our product candidates, if approved; |
• | launching and commercializing any product candidates for which we obtain regulatory and marketing approval, either by collaborating with a partner or, if launched independently, by establishing a sales, marketing and distribution infrastructure; |
• | obtaining market acceptance of any product candidates that receive regulatory approval as viable treatment options; |
• | the outcome of corresponding endeavors in respect of competitive or potentially competitive product candidates by other drug development companies; |
• | obtaining favorable coverage and reimbursement rates for our products from third-party payers; |
• | addressing any competing technological and market developments; |
• | identifying and validating new product candidates; and |
• | negotiating favorable terms in any collaboration, licensing or other arrangements into which we may enter. |
• | impairment of our business reputation; |
• | withdrawal of clinical trial participants; |
• | costs due to related litigation; |
• | distraction of management’s attention from our primary business; |
• | substantial monetary awards to patients or other claimants; |
• | the inability to commercialize our product candidates; |
• | decreased demand for our product candidates, if approved for commercial sale; and |
• | increased cost, or impairment of our ability, to obtain or maintain product liability insurance coverage. |
• | advancements in the treatment of cancer that make our treatments obsolete; |
• | market exclusivity and competitor products; |
• | timing of market introduction of the Company’s drugs and competitive drugs; |
• | actual and perceived efficacy and safety of the Company’s drug candidates; |
• | prevalence and severity of any side effects; |
• | potential or perceived advantages or disadvantages over alternative treatments; |
• | strength of sales, marketing and distribution support; |
• | price of future products, both in absolute terms and relative to alternative treatments; |
• | the effect of current and future healthcare laws on the Company’s drug candidates; and |
• | availability of coverage and reimbursement from government and other third-party payers. |
• | unacceptable toxicity findings in animals and humans; |
• | lack of efficacy in human trials at Phase II stage or beyond; |
• | announcements of technological innovations by the Company and its competitors; |
• | new products introduced or announced by the Company or its competitors; |
• | changes in financial estimates by securities analysts; |
• | actual or anticipated variations in operating results; |
• | expiration or termination of licenses, research contracts or other collaboration agreements; |
• | conditions or trends in the regulatory climate in the biotechnology, pharmaceutical and genomics industries; |
• | changes in the market values of similar companies; |
• | changes in the broader macroeconomic environment; |
• | the liquidity of any market for the Company’s securities; and |
• | additional sales by the Company of its shares. |
Item 4. |
Information on the Company |
• | a phase II / III adaptive registrational study in glioblastoma, sponsored by the Global Coalition for Adaptive Research; |
• | a phase II clinical trial is being conducted by Weill Cornell Cancer Center to examine the impact of a ketogenic diet on the activity of paxalisib in glioblastoma; |
• | a phase II study being conducted by the Pacific Pediatric Neuro-Oncology Consortium (PNOC) is examining paxalisib in DIPG and DMGs (childhood brain cancer); |
• | a phase I clinical trial being conducted by St Jude Children’s Hospital, examining paxalisib in diffuse intrinsic pontine glioma (DIPG), a rare but very aggressive form of childhood brain cancer; and |
• | a phase II trial being conducted by Dana-Farber Cancer Institute is examining paxalisib in primary CNS lymphoma; |
• | a phase I clinical trial being conducted by Memorial Sloan Kettering Cancer Center investigating the potential use of paxalisib in combination with radiotherapy for cancer which has spread to the brain; |
• | a phase II study being conducted at Dana-Farber Cancer Institute, examining HER2+ breast cancer brain metastases – breast cancer which has spread to the brain – in combination with Herceptin (trastuzumab); |
• | a phase II NCI funded multi-drug study of brain metastases, – cancer which has spread to the brain from any primary tumor, is being conducted by the Alliance for Clinical Trials in Oncology; |
• | Interim results will be reported from the phase II clinical trial of paxalisib in combination with trastuzumab in breast cancer metastases; |
• | Interim results will be reported from the phase II genomically-guided study of paxalisib in brain metastases; |
• | Interim results will be reported from the phase I study of paxalisib in combination with radiotherapy in brain metastases; and |
• | Final data will be reported from the phase I study of paxalisib in children with diffuse intrinsic pontine glioma (DIPG). |
• | Initial data from the phase I study of EVT801 in patients with advanced solid tumors will be reported. |
• | pre-clinical laboratory evaluations, including formulation and stability testing, and animal tests performed under the FDA’s Good Laboratory Practices regulations to assess pharmacological activity and toxicity potential; |
• | submission and approval of an IND Application, including results of pre-clinical studies, clinical experience, manufacturing information, and protocols for clinical tests, which must become effective before clinical trials may begin in the United States; |
• | obtaining approval of Institutional Review Boards (“IRBs”), to administer the products to human subjects in clinical trials; |
• | adequate and well-controlled human clinical trials to establish the safety and efficacy of the product for the product’s intended use; |
• | development of manufacturing processes which conform to FDA current Good Manufacturing Practices (“cGMPs”), as confirmed by FDA inspection; |
• | submission of results for pre-clinical and clinical studies, and chemistry, manufacture and control information on the product to the FDA in a New Drug Approval (“NDA”) Application; and |
• | FDA review and approval of an NDA, prior to any commercial sale, promotion or shipment of a product. |
• | Phase I: |
• | Phase II: |
• | Phase III: |
Name |
Country of incorporation | |
Kazia Laboratories Pty Ltd | Australia | |
Kazia Research Pty Ltd | Australia | |
Kazia Therapeutics Inc. | United States (Delaware) | |
Glioblast Pty Ltd | Australia | |
Kazia Therapeutics (Hong Kong) Limited | Hong Kong |
Item 4A. |
Unresolved Staff Comments |
Item 5. |
Operating and Financial Review and Prospects |
For the fiscal year ended 30 June, |
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2022 |
2021 |
2020 |
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A$’000 |
A$’000 |
A$’000 |
||||||||||
Revenue |
— | 15,183 | — | |||||||||
Finance income |
— | 42 | 66 | |||||||||
Other income: |
||||||||||||
Net foreign exchange gain |
— | — | 5 | |||||||||
Payroll tax rebate |
— | 2 | 2 | |||||||||
Bad debt recovery |
15 | — | — | |||||||||
Research and development rebate |
— | — | 968 | |||||||||
Subsidies and grants |
10 | — | 20 | |||||||||
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Total revenue and other income |
25 | 15,227 | 1,061 | |||||||||
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(in A$ thousands) |
2022 |
2021 |
2020 |
|||||||||
Net cash used in operating activities |
(22,763 | ) | (9,111 | ) | (8,810 | ) | ||||||
Net cash from investing activities |
(2,365 | ) | — | — | ||||||||
Net cash from financing activities |
3,726 | 28,109 | 12,139 |
• | In October 2020 the Company issued 31,542,895 shares to industry funds and other investors and raised A$25,234,316 before costs. |
• | In April 2021 the Company issued 3,037,580 shares to a partner pharmaceutical company for the sum of US$4,000,000. |
• | In May 2021 the Company issued 2,391,865 shares in satisfaction of a milestone payment relating to the acquisition of paxalisib. |
• | In August 2020 and March 2021, the Company issued a total of 441,500 shares upon the exercise of options, raising a total of A$273,287. |
• | In December 2021 the Company issued 25,000 shares upon the exercise of options, raising a total of A$16,700. |
• | In May 2022 the Company issued 1,855,357 shares due to the conversion of the Triaxial convertible note triggered by completion of phase II paxalisib trial announced to ASX on 21 April 2022. |
• | In May and June 2022, the Company issued 4,862,810 shares under our ATM facility raising A$4,202,222 before transaction costs. |
• | expenses incurred under agreements with academic research centers, clinical research organizations and investigative sites that conduct our clinical trials; and |
• | the cost of acquiring, developing, and manufacturing clinical trial materials. |
• | the scope, rate of progress, and expense of our ongoing as well as any additional clinical trials and other research and development activities; |
• | the countries in which trials are conducted; |
• | future clinical trial results; |
• | uncertainties in clinical trial enrolment rates or drop-out or discontinuation rates of patients; |
• | potential additional safety monitoring or other studies requested by regulatory agencies; |
• | significant and changing government regulation; and |
• | the timing and receipt of any regulatory approvals. |
• | While we anticipate that funds will continue to be spent on research and development of our drug candidates, the amounts expended in recent years may not be indicative of the amounts to be expended in future years, because we may have more or fewer drug candidates, they may be at different stages of their lifecycle and the trials deemed suitable for their development may be more or less costly; |
• | We did not generate revenue from licensing transactions in fiscal year 2022 and we may not generate any revenue in future years. Should the Company generate revenues in future years, the amounts generated in fiscal year 2021 may not be representative of any such revenues in future years. This could be as a result of whether any further licensing transactions are entered into, as well as whether any milestones are met in relation to license agreements already in place; and |
• | The quantum of general and administrative expenditures in recent years may not be indicative of the expenditures required in future years. |
Item 6. |
Directors, Senior Management and Employees |
Iain Ross | Chairman, Non-Executive Director | |
Bryce Carmine | Non-Executive Director | |
Steven Coffey | Non-Executive Director | |
James Garner John Friend Karen Krumeich |
Managing Director and Chief Executive Officer Chief Medical Officer (commenced 15 November 2021) Chief Financial Officer (commenced 3 January 2022) | |
Kate Hill | Company Secretary |
Name: | Iain Ross | |
Title: | Chairman, Non-Executive Director | |
Experience and expertise: | Iain, based in the UK, is an experienced Director and has served on a number of Australian company boards. He is Chairman of Silence Therapeutics plc (LSE & NASDAQ:SLN), ReNeuron Group plc (LSE:RENE) and BiVitctriX Therapeutics plc (LSE:BVX) as well as unlisted Biomer Technology Limited. In his career he has held senior positions in Sandoz AG, Fisons Plc, Hoffmann-La Roche AG and Celltech Group Plc and also undertaken a number of start-ups and turnarounds on behalf of banks and private equity groups. His track record includes multiple financing transactions having raised in excess of £500 million, both publicly and privately, as well as extensive experience of divestments and strategic restructurings and has over 25 years in cross-border management as a Chairman and CEO. He has led and participated in 8 Initial Public Offerings,(5 LSE, 1 ASX, 2 NASDAQ) and has direct experience of mergers and acquisitions transactions in Europe, USA and the Pacific Rim. | |
Other current directorships: | Silence Therapeutics plc (LSE:SLN), ReNeuron Group plc (LSE:RENE) and BiVictriX Therapeutics plc (LSE:BVX) | |
Special responsibilities: | Member of Remuneration and Nomination Committee, Member of the Audit, Risk and Governance Committee. |
Name: | Bryce Carmine | |
Title: | Non-Executive Director | |
Experience and expertise: | Bryce spent 36 years working for Eli Lilly & Co. and retired as Executive Vice President for Eli Lilly & Co, and President, Lilly Bio-Medicines. Prior to this he led the Global Pharmaceutical Sales and Marketing and was a member of the Company’s Executive Committee. Bryce previously held a series of product development portfolio leadership roles culminating when he was named President, Global Pharmaceutical Product Development, with responsibility for the entire late-phase pipeline development across all therapeutic areas for Eli Lilly. During his career with Lilly, Bryce held several country leadership positions including President Eli Lilly Japan, Managing Dir. Australia/NZ & General Manager of a JV for Lilly in Seoul, Korea. Bryce is currently Chairman and CEO of HaemaLogiX Pty Ltd, a Sydney based privately owned biotech. | |
Other current directorships: | None | |
Special responsibilities: | Chair of Remuneration and Nomination Committee, member of Audit, Risk and Governance Committee. | |
Name: | Steven Coffey | |
Title: | Non-Executive Director | |
Experience and expertise: | Steven is a Chartered Accountant and registered company auditor and has over 35 years experience in the accounting and finance industry. He has been a partner with the chartered accounting firm Watkins Coffey Martin which recently merged with Charternet Chartered Accountants and Steven is a consultant to that group. Steven sits on the board of a number of large private family companies and audits a number of large private companies and not-for-profit | |
Other current directorships: | None | |
Special responsibilities: | Chair of Audit, Risk and Governance Committee, member of Remuneration and Nomination Committee. | |
Name: | Dr. James Garner | |
Title: | Managing Director and Chief Executive Officer | |
Experience and expertise: | Dr Garner is an experienced life sciences executive who has previously worked with companies ranging from small biotechs to multinational pharmaceutical companies such as Biogen and Takeda. His career has focused on regional and global development of new medicines from preclinical to commercialisation. Dr Garner is a physician by training and holds an MBA from the University of Queensland. He began his career in hospital medicine and worked for a number of years as a corporate strategy consultant with Bain & Company before entering the pharmaceutical industry. Prior to joining Kazia in 2016, he led R&D strategy for Sanofi in Asia-Pacific and was based in Singapore. | |
Other current directorships: | None | |
Special responsibilities: | None |
Name: | John Friend | |
Title: Experience and expertise: |
Chief Medical Officer Dr Friend is a highly experienced oncology and haematology drug developer, driven by a passion for improving the lives of cancer patients. In a career spanning more than 25 years, Dr Friend has worked across a wide range of therapeutic areas in roles from early clinical research through to medical affairs. He was formerly the Senior Vice President of Medical and Scientific Affairs for the US business unit of Helsinn Therapeutics and most recently the Chief Medical Officer at Cellectar Biosciences, a clinical-stage, oncology-focused biotech company in the US. Dr Friend gained his medical degree at Rutgers University (UMDNJ-Robert Wood Johnson) and he also holds a BA in chemistry from Southern Methodist University. | |
Name: | Karen Krumeich | |
Title: Experience and expertise: |
Chief Financial Officer Karen has more than thirty years of experience in corporate finance, focused almost entirely on the life sciences sector. She has been responsible for driving the growth of numerous private and public biotech companies. For most of the last twenty years, she served as Chief Financial Officer to growth-stage biotech companies, both public and private, including Soligenix, Inc, and Theravectys, Inc. In addition to her accounting qualifications, Karen is a qualified pharmacist and a graduate of the University of Toledo School of Pharmacy. | |
Name: | Kate Hill | |
Title: | Company Secretary | |
Experience and expertise: | Kate has over 20 years’ experience as an audit partner with Deloitte Touche Tohmatsu, working with ASX listed and privately-owned clients. She has worked extensively in regulated environments including assisting with Initial Public Offerings, capital raising and general compliance, as well as operating in an audit environment. She is a Non-Executive Director of CountPlus Limited (ASX:CUP) and Elmo Software Limited (ASX:ELO) as well as Chair of the Audit and Risk Committee for both of these companies. She is also Chair of Seeing Machines Limited (LSE:SEE). Kate is a member of the Institute of Chartered Accountants in Australia and New Zealand, and a graduate of the Australian Institute of Company Directors. |
• | fixed remuneration |
• | short-term performance incentives - cash bonus |
• | share-based payments - award of options through the ESOP |
• | Iain Ross - Non-Executive Director, Chairman |
• | Bryce Carmine - Non-Executive Director |
• | Steven Coffey - Non-Executive Director |
• | Dr James Garner - Managing Director, CEO |
• | Dr, John Friend – Chief Medical Officer (from 15 November 2021) |
• | Karen Krumeich – Chief Financial Officer (from 3 January 2022) |
• | Gabrielle Heaton - Director of Finance and Administration (ceased 3 January 2022) |
• | Kate Hill - Company Secretary |
Short-term benefits |
Short-term benefits |
Short-term benefits |
Short-term benefits |
Short-term benefits |
Post- employment benefits |
Share-based payments |
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Salary & fees Cash |
Bonus Cash |
Movements in accrued leave Non- monetary |
Movements in long service leave Non- monetary |
Healthcare & Insurance Cash |
Super- annuation |
Options Equity- settled |
Total | |||||||||||||||||||||||||
2022 |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Non-Executive Directors: |
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I Ross* |
150,546 | — | — | — | — | — | 46,159 | 196,705 | ||||||||||||||||||||||||
B Carmine |
85,000 | — | — | — | — | 8,500 | 46,159 | 139,659 | ||||||||||||||||||||||||
S Coffey |
85,000 | — | — | — | — | 8,500 | 46,159 | 139,659 | ||||||||||||||||||||||||
Executive Directors: |
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J Garner |
530,500 | 325,000 | 35,905 | 12,074 | — | 85,550 | 1,015,198 | 2,004,227 | ||||||||||||||||||||||||
Other Key Management Personnel: |
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J Friend ** |
430,279 | 201,978 | 34,336 | — | 26,819 | — | 250,194 | 943,606 | ||||||||||||||||||||||||
K Krumeich *** |
277,972 | — | 15,272 | — | 6,307 | — | 100,331 | 399,882 | ||||||||||||||||||||||||
G Heaton |
104,000 | 30,000 | 2,337 | 19,262 | — | 13,400 | 27,910 | 196,909 | ||||||||||||||||||||||||
K Hill |
195,501 | 21,000 | — | — | — | — | 27,820 | 244,321 | ||||||||||||||||||||||||
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1,858,798 | 577,978 | 87,850 | 31,336 | 33,126 | 115,950 | 1,559,930 | 4,264,968 | |||||||||||||||||||||||||
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* | Salary paid in UK pounds, but disclosed in Australian dollars using conversion rate of 0.5447 |
** | Salary paid in USD, but disclosed in Australian dollars using conversion rate of 0.7192 |
*** | Salary paid in USD, but disclosed in Australian dollars using conversion rate of 0.7195 |
Name: Title: Agreement commenced: Term of agreement: Details: |
James Garner Chief Executive Officer, Managing Director February 1, 2016 Full-time employment Base salary to be reviewed annually by the Remuneration and Nomination Committee. James’s appointment with Kazia may be terminated with Kazia giving 6 months’ notice or by James giving 6 months’ notice. Kazia may elect to pay James equal amount to that proportion of his salary equivalent 6 months’ pay in lieu of notice, together with any outstanding entitlements due to him. | |
The current base salary, as from January 1, 2022, is A$543,000 including an allowance for health benefits. | ||
Name: Title: Agreement commenced: Term of agreement: Details: |
John Friend Chief Medical Officer November 15, 2021 Full time employment Base salary for the year ending 30 June 2022 of US$492,000 and health care and insurance benefits, to be reviewed annually by the Remuneration and Nomination Committee. John’s employment with the consolidated entity is at-will, and if terminated, it must pay any outstanding entitlements due to him. | |
Name: Title: Agreement commenced: Term of agreement: Details: |
Karen Krumeich Chief Financial Officer January 3, 2022 Full time employment Base salary for the year ending 30 June 2022 of US$400,000 and health care and insurance benefits, to be reviewed annually by the Remuneration and Nomination Committee. Karen’s employment with the consolidated entity is at-will, and if terminated, it must pay any outstanding entitlements due to her. | |
Name: Title: Agreement commenced: Term of agreement: Details: |
Kate Hill Company Secretary September 9, 2016. Part-time contractor Base remuneration is based on time worked. Daily rate to be reviewed annually by the Remuneration and Nomination Committee, with a monthly rate of $5,950 for a one-day week, applied from 1 June 2022. The contract is open ended. Kate’s appointment with the consolidated entity may be terminated with the consolidated entity giving 60 days’ notice or by Kate giving 60 days’ notice. |
Grant date | Vesting date and exercisable date |
Expiry date | Exercise price | Fair value per option at grant date |
||||||||
16 November 2021 |
16 November 2021 | 16 November 2025 | $ | 1.6900 | $ | 0.850 | ||||||
16 November 2021 |
16 November 2022 | 16 November 2025 | $ | 1.6900 | $ | 0.850 | ||||||
16 November 2021 |
16 November 2023 | 16 November 2025 | $ | 1.6900 | $ | 0.850 | ||||||
16 November 2021 |
16 November 2024 | 16 November 2025 | $ | 1.6900 | $ | 0.850 | ||||||
16 November 2021 |
16 November 2022 | 16 November 2025 | $ | 2.2400 | $ | 0.750 | ||||||
16 November 2021 |
16 November 2023 | 16 November 2025 | $ | 2.2400 | $ | 0.750 | ||||||
16 November 2021 |
16 November 2024 | 16 November 2025 | $ | 2.2400 | $ | 0.750 | ||||||
16 November 2021 |
16 November 2022 | 16 November 2026 | $ | 1.5600 | $ | 0.970 | ||||||
16 November 2021 |
16 November 2023 | 16 November 2026 | $ | 1.5600 | $ | 0.970 | ||||||
16 November 2021 |
16 November 2024 | 16 November 2026 | $ | 1.5600 | $ | 0.970 | ||||||
16 November 2021 |
16 November 2025 | 16 November 2026 | $ | 1.5600 | $ | 0.970 | ||||||
1 February 2022 |
1 February 2023 | 1 February 2027 | $ | 0.9400 | $ | 0.590 | ||||||
1 February 2022 |
1 February 2024 | 1 February 2027 | $ | 0.9400 | $ | 0.590 | ||||||
1 February 2022 |
1 February 2025 | 1 February 2027 | $ | 0.9400 | $ | 0.590 | ||||||
1 February 2022 |
1 February 2026 | 1 February 2027 | $ | 0.9400 | $ | 0.590 |
• | representing and serving the interests of shareholders by overseeing and appraising the strategies, policies and performance of the Company. This includes overviewing the financial and human resources the Company has in place to meet its objectives and the review of management performance; |
• | protecting and optimizing Company performance and building sustainable value for shareholders in accordance with any duties and obligations imposed on the Board by law and the Company’s Constitution and within a framework of prudent and effective controls that enable risk to be assessed and managed; |
• | responsible for the overall Corporate Governance of Kazia Therapeutics Limited and its subsidiaries, including monitoring the strategic direction of the Company and those entities, formulating goals for management and monitoring the achievement of those goals; |
• | setting, reviewing and ensuring compliance with the Company’s values (including the establishment and observance of high ethical standards); and |
• | ensuring shareholders are kept informed of the Company’s performance and major developments affecting its state of affairs. |
• | selecting, appointing and evaluating from time to time the performance of, determining the remuneration of, and planning for the successor of, the CEO; |
• | reviewing procedures in place for appointment of senior management and monitoring of its performance, and for succession planning. This includes ratifying the appointment and the removal of the Company Secretary; |
• | overseeing the Company, including its control and accountability systems; |
• | input into and final approval of management development of corporate strategy, including setting performance objectives and approving operating budgets; |
• | reviewing and guiding systems of risk management and internal control and ethical and legal compliance. This includes reviewing procedures in place to identify the main risks associated with the Company’s businesses and the implementation of appropriate systems to manage these risks; |
• | overseeing and monitoring compliance with the Code of Conduct and other corporate governance policies; |
• | monitoring corporate performance and implementation of strategy and policy; |
• | approving major capital expenditure, acquisitions and divestitures, and monitoring capital management; |
• | monitoring and reviewing management processes in place aimed at ensuring the integrity of financial and other reporting; |
• | monitoring and reviewing policies and processes in place relating to occupational health and safety, compliance with laws, and the maintenance of high ethical standards; and |
• | performing such other functions as are prescribed by law or are assigned to the Board. |
• | appointment of a Chair; |
• | appointment and removal of the CEO; |
• | appointment of directors to fill a vacancy or as additional directors; |
• | establishment of Board committees, their membership and delegated authorities; |
• | approval of dividends; |
• | development and review of corporate governance principles and policies; |
• | approval of major capital expenditure, acquisitions and divestitures in excess of authority levels delegated to management; |
• | calling of meetings of shareholders; and |
• | any other specific matters nominated by the Board from time to time. |
Name |
Position |
Year First Appointed |
Current term expires | |||
Bryce Carmine |
Non-executive Director |
2015 | Nov-23 | |||
Iain Ross |
Non-executive Director, Chairman |
2014 | Nov-24 | |||
Steven Coffey |
Non-executive Director |
2012 | Nov-22 | |||
James Garner |
Managing Director, CEO | 2016 | N/A* |
* | The managing director is exempt from standing for re-election under the Company’s constitution and Australian corporate law. |
Female |
Male |
Non-Binary |
Did Not Disclose Gender |
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Country of Principal Executive Offices: Australia |
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Foreign Private Issuer: Yes |
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Disclosure Prohibited Under Home Country Law: No |
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Total Number of Directors: 4 |
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Part I: Gender Identity |
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Directors |
4 | |||||||||||||||
Part II Demographic Background |
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African American or Black |
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Alaskan Native or Native American |
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Asian |
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Hispanic or Latinx |
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Native Hawaiian or Pacific Islander |
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White |
4 | |||||||||||||||
Two or More Races or Ethnicities |
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LGBTQ+ |
1 | |||||||||||||||
Did Not Disclosure Demographic Background |
• | the selection, nomination and appointment processes for directors; and |
• | the remuneration of key management personnel and directors. |
• | each Committee of the Board will also be required to provide feedback in terms of a review of its own performance; |
• | feedback will be collected by the chair of the Board, or an external facilitator, and discussed by the Board, with consideration being given as to whether any steps should be taken to improve performance of the Board or its Committees; |
• | the Chief Executive Officer will also provide feedback from senior management in connection with any issues that may be relevant in the context of Board performance review; and |
• | where appropriate to facilitate the review process, assistance may be obtained from third party advisors. |
• | retention and motivation of key executives; |
• | attraction of high-quality management to the Company; and |
• | performance incentives that allow executives to share in the success of Kazia Therapeutics Limited. |
Category of Activity |
2022 |
2021 |
2020 |
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Research and Development |
6.8 | 4.6 | 3.6 | |||||||||
Finance and Administration |
2.2 | 1.7 | 1.7 | |||||||||
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Total |
9.0 |
6.3 |
5.3 |
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Geographic Location |
2022 |
2021 |
2020 |
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Australia |
5.0 | 5.3 | 5.3 | |||||||||
United States |
4 | 1 | 0 | |||||||||
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Total |
9.0 |
6.3 |
5.3 |
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Balance at the start of the year |
Purchased on market |
Disposed* (For KMP reporting purposes only) |
Exercise of options |
Balance at the end of the year |
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Ordinary shares |
||||||||||||||||||||
B Carmine |
372,693 | 47,169 | — | — | 419,862 | |||||||||||||||
S Coffey |
434,265 | 50,000 | — | — | 484,265 | |||||||||||||||
I Ross |
1,000,001 | 75,000 | — | — | 1,075,001 | |||||||||||||||
J Garner |
430,000 | 70,000 | — | — | 500,000 | |||||||||||||||
K Hill |
295,000 | — | — | 25,000 | 320,000 | |||||||||||||||
G Heaton* |
113,168 | — | (113,168 | ) | — | — | ||||||||||||||
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2,645,127 | 242,169 | (113,168 | ) | 25,000 | 2,799,128 | |||||||||||||||
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* | G Heaton still holds 113,168 shares. Disposal is for the purposes of KMP reporting only. |
Balance at the start of the year |
Granted as remuneration |
Disposed | Exercised | Balance at the end of the year |
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Options over ordinary shares |
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J Garner * |
2,000,000 | 2,500,000 | — | — | 4,500,000 | |||||||||||||||
K Hill * |
125,000 | 100,000 | — | (25,000 | ) | 200,000 | ||||||||||||||
G Heaton ** |
195,500 | 100,000 | (295,500 | ) | — | — | ||||||||||||||
Iain Ross * |
400,000 | — | — | — | 400,000 | |||||||||||||||
Bryce Carmine * |
400,000 | — | — | — | 400,000 | |||||||||||||||
Steven Coffey * |
400,000 | — | — | — | 400,000 | |||||||||||||||
John Friend * |
— | 800,000 | — | — | 800,000 | |||||||||||||||
Karen Krumeich * |
— | 800,000 | — | — | 800,000 | |||||||||||||||
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3,520,500 | 4,300,000 | (295,500 | ) | (25,000 | ) | 7,500,000 | ||||||||||||||
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* | Options issued under the Employee Share Option Plan. Unvested options are forfeited upon cessation of employment with the Company. |
** | Options held on ceasing to be KMP are treated as a disposal in the table above. |
Item 7. |
Major Shareholders and Related Party Transactions |
Ordinary shares beneficially owned |
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5% or greater shareholders |
7 October 2022 |
30 September, 2021 |
14 August, 2020 |
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Number |
% |
Number |
% |
Number |
% |
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Hyecorp |
19,220,000 | 12.7 | % | 18,715,000 | 14.44 | % | 18,570,000 | 16.1 | % | |||||||||||||||
Platinum International Healthcare Fund |
7,084,856 | 5.47 | % | 11,356,760 | 9.9 | % | ||||||||||||||||||
Quest Asset Partners Pty Ltd |
11,101,710 | 8.4 | % | 7,215,790 | 6.3 | % |
Item 8. |
Financial Information |
Item 9. |
The Offer and Listing |
Item 10. |
Additional Information |
• | a special resolution passed at a meeting of members holding shares in that class; or |
• | the written consent of members with at least 75% of the shares in that class. |
• | by a foreign person (as defined in the Foreign Takeovers Act) or associated foreign persons that would result in such persons having an interest in 20% or more of the issued shares of, or control of 20% or more of the voting power in, an Australian company; and |
• | by non-associated foreign persons that would result in such foreign persons having an aggregate interest in 40% or more of the issued shares of, or control of 40% or more of the voting power in, an Australian company, where the Australian company is valued above the monetary threshold prescribed by Foreign Takeovers Act. |
• | is the holder of the securities or the holder of an ADS over the shares; |
• | has power to exercise, or control the exercise of, a right to vote attached to the securities; or |
• | has the power to dispose of, or control the exercise of a power to dispose of, the securities, including any indirect or direct power or control. |
• | a person has a relevant interest in issued securities; and |
• | the person has: |
• | entered or enters into an agreement with another person with respect to the securities; |
• | given or gives another person an enforceable right, or has been or is given an enforceable right by another person, in relation to the securities (whether the right is enforceable presently or in the future and whether or not on the fulfillment of a condition); or |
• | granted or grants an option to, or has been or is granted an option by, another person with respect to the securities; and |
• | the other person would have a relevant interest in the securities if the agreement were performed, the right enforced or the option exercised. |
• | when the acquisition results from the acceptance of an offer under a formal takeover bid; |
• | when the acquisition is conducted on market by or on behalf of the bidder during the bid period for a full takeover bid that is unconditional or only conditional on certain ‘prescribed’ matters set out in the Corporations Act; |
• | when the acquisition has been previously approved by shareholders of Kazia by resolution passed at general meeting; |
• | an acquisition by a person if, throughout the six months before the acquisition, that person or any other person has had voting power in Kazia of at least 19% and, as a result of the acquisition, none of the relevant persons would have voting power in Kazia more than three percentage points higher than they had six months before the acquisition; |
• | when the acquisition results from the issue of securities under a pro rata rights issue; |
• | when the acquisition results from the issue of securities under a dividend reinvestment scheme or bonus share plan; |
• | when the acquisition results from the issue of securities under certain underwriting arrangements; |
• | when the acquisition results from the issue of securities through a will or through operation of law; |
• | an acquisition that arises through the acquisition of a relevant interest in another listed company which is listed on a prescribed financial market or a foreign market approved by ASIC; |
• | an acquisition arising from an auction of forfeited shares conducted on-market; or |
• | an acquisition arising through a compromise, arrangement, liquidation or buy-back. |
• | On 11 August 2016, the Company announced the submission of an IND application. On 10 September 2016, the Company received a letter from the FDA advising the study may proceed. This triggered the conversion of Convertible Notes with a face value of A$500,000 into 20,000,000 ordinary shares. |
• | On 31 October 2016, the Company announced it had licensed a phase II ready molecule. This triggered the conversion of Convertible Notes with a face value of A$400,000 into 16,000,000 ordinary shares. |
• | 75% or more of its gross income for such year is “passive income” which for this purpose generally includes dividends, interest, royalties, rents and gains from commodities and securities transactions and gains from assets that produce passive income; or |
• | 50% or more of the value of its gross assets (based on an average of the quarterly values of the gross assets) during such year is attributable to assets that produce passive income or are held for the production of passive income. |
Item 11. |
Quantitative and Qualitative Disclosures about Market Risk |
Item 12. |
Description of Securities Other than Equity Securities |
Persons depositing or withdrawing shares must pay: |
For: | |
US$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | • Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property | |
• Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | ||
US$.05 (or less) per ADS | • Any cash distribution to ADS registered holders | |
A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | • Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS registered holders | |
US$.05 (or less) per ADSs per calendar year | • Depositary services | |
Registration or transfer fees | • Transfer and registration of shares on the Company’s share register to or from the name of the depositary or its agent when you deposit or withdraw shares | |
Expenses of the depositary | • Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement) | |
• Converting foreign currency to U.S. dollars | ||
Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes | • As necessary | |
Any charges incurred by the depositary or its agents for servicing the deposited securities | • As necessary |
Item 13. |
Defaults, Dividend Arrearages and Delinquencies |
Item 14. |
Material Modifications to the Rights of Security Holders and the Use of Proceeds |
Item 15. |
Controls and Procedures |
Item 16. |
[Reserved] |
Item 16A. |
Audit Committee Financial Expert |
Item 16B. |
Code of Ethics |
Item 16C. |
Principal Accounting Fees and Services |
2022 A$’000 |
2021 A$’000 |
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Audit fees - Grant Thornton Audit Pty Ltd |
181 | 151 | ||||||
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Item 16D. |
Exemptions from the Listing Standards for Audit Committees |
Item 16E. |
Purchases of Equity Securities by the Issuer and Affiliated Purchasers |
Item 16F. |
Changes in registrant’s Certifying Accountant |
Item 16G. |
Corporate Governance |
• | Kazia is exempt from NASDAQ’s requirement that each NASDAQ issuer shall require shareholder approval of a plan or arrangement in connection with the acquisition of the stock or assets of another company if “any director, officer or substantial shareholder of the issuer has a 5 percent or greater interest (or such persons collectively have a 10 percent or greater interest), directly or indirectly, in the company or assets to be acquired or in the consideration to be paid in the transaction or series of related transactions and the present or potential issuance of common stock, or securities convertible into or exercisable for common stock, could result in an increase in outstanding common shares or voting power of 5 percent or more”. Kazia is subject to Chapter 10 of the ASX listing rules, which requires shareholder approval for an acquisition from or disposal to a “related party” (including a director) or “substantial shareholder” (who is entitled to at least 10% of the voting securities) of “substantial assets”. The Australian Corporations Act to which Kazia is also subject generally requires shareholder approval for a transaction with a director or director-controlled entity unless on arm’s length terms. |
• | Nasdaq requirement under Rule 5620(c) that a quorum consist of holders of 33 1/3% of the outstanding ordinary shares — The ASX Listing Rules do not have an express requirement that each issuer listed on ASX have a quorum of any particular number of the outstanding ordinary shares, but instead allow a listed issuer to establish its own quorum requirements. Our quorum is currently three shareholders. We believe this quorum requirement is consistent with the requirements of the ASX and is appropriate and typical of generally accepted business practices in Australia. |
• | Nasdaq requirements under Rules 5605(b)(1) and (2) relating to director independence, including the requirements that a majority of the board of directors must be comprised of independent directors and that independent directors must have regularly scheduled meetings at which only independent directors are present — The Nasdaq and ASX definitions of what constitute an independent director are not identical and the requirements relating to the roles and obligations of independent directors are not identical. The ASX, unlike Nasdaq, permits an issuer to establish its own materiality threshold for determining whether a transaction between a director and an issuer affects the director’s status as independent and it does not require that a majority of the issuer’s board of directors be independent, as long as the issuer publicly discloses this fact. In addition, the ASX does not require that the independent directors have regularly scheduled meeting at which only independent directors are present. We believe that our Board composition is consistent with the requirements of the ASX and that it is appropriate and typical of generally accepted business practices in Australia. |
• | The requirement that our independent directors meet regularly in executive sessions under Nasdaq Listing Rules. The ASX Listing Rules and the Corporations Act do not require the independent directors of an Australian company to have such executive sessions. |
• | The Nasdaq requirements under Rules 5605(d) and 5605(e) that compensation of an issuer’s officers must be determined, or recommended to the Board for determination, either by a majority of the independent directors, or a compensation committee comprised solely of independent directors, and that director nominees must either be selected, or recommended for the Board’s selection, either by a majority of the independent directors, or a nominations committee comprised solely of independent directors. The Nasdaq compensation committee requirements are not identical to the ASX remuneration and nomination committee requirements. Issuers listed on the ASX are recommended under applicable listing standards to establish a remuneration committee consisting of a majority of independent directors and an independent chairperson, or publicly disclose that it has not done so. Kazia has, and expects to continue to have, a Remuneration and Nomination Committee consisting of three non-executive directors. |
• | The requirement prescribed by Nasdaq Listing Rules that issuers obtain shareholder approval prior to the issuance of securities in connection with certain acquisitions, private placements of securities, or the establishment or amendment of certain share option, purchase or other compensation plans. Applicable Australian law and the ASX Listing Rules differ from Nasdaq requirements, with the ASX Listing Rules providing generally for prior shareholder approval in numerous circumstances, including (i) issuance of equity securities exceeding 15% (or 25% under certain circumstances) of our issued share capital in any 12-month period (but, in determining the 15% limit, securities issued under an exception to the rule or with shareholder approval are not counted), (ii) issuance of equity securities to related parties (as defined in the ASX Listing Rules) and (iii) issuances of securities to directors or their associates under an employee incentive plan. |
Item 16H. |
Mine Safety Disclosure |
Item 17. |
Financial Statements |
Item 18. |
Financial Statements |
Item 19. |
Exhibits |
* | Filed herewith. |
✓ | Certain confidential information in this exhibit was omitted by means of marking such information with brackets (“[***]”) because the identified confidential information is not material and is the type that the registrant treats as private or confidential. |
KAZIA THERAPEUTICS LIMITED |
/s/ James Garner |
Dr James Garner |
Managing Director and Chief Executive Officer |
Date: October 17, 2022 |
Page |
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Consolidated Financial Statements for 30 June 2022, 2021 and 2020 and the years then ended: |
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F-2 |
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F-4 |
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F-6 |
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F-7 |
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F-8 |
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F-9 |
• |
the Licensing Agreement, which grants the Group the right to develop and commercialise the paxalisib molecule; and |
• |
the Licensing Agreement, which grants the Group the right to develop and commercialise the EVT801 molecule. |
• |
obtained an understanding of and evaluating management’s process and controls relating to the assessment of the existence of impairment indicators; |
• |
obtained and assessed management’s papers documenting its consideration of the existence of any impairment indicators; as well as making enquiries with the Company’s experts for their expert opinions relating to the science; |
• |
considered each of the internal and external factors outlined by IAS 36 and assessing whether any indicators of impairment are present; and |
• |
assessed the adequacy of the relevant disclosures in the financial statements. |
• |
obtained an understanding of and evaluating management’s process and controls related to the estimation of the liability; |
• |
evaluated the competence, capabilities and objectivity of management’s experts; |
• |
obtained management’s calculation of the contingent consideration liability and assessing the key inputs and assumptions made by management’s experts; |
• |
where management’s assumptions are applied to other critical accounting estimates, such as the valuation of intangible assets described above, assessed whether those assumptions have been applied consistently across estimates; |
• |
assessed the accuracy of the calculations and evaluating the approach and methodology for consistency; |
• |
evaluated the appropriate classification of the liabilities between current and non-current; and |
• |
assessed the adequacy of the relevant disclosures in the financial statements. |
/s/ Grant Thornton Audit Pty Ltd |
Note |
2022 A$’000 |
2021 A$’000 |
2020 A$’000 |
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Revenue from continuing operations |
5 | — | — | |||||||||||||
Other income |
6 | |||||||||||||||
Finance income — bank interest |
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Expenses |
||||||||||||||||
Research and development expense |
( |
) | ( |
) | ( |
) | ||||||||||
General and administrative expense |
( |
) | ( |
) | ( |
) | ||||||||||
Fair value losses on financial assets at fair value through profit or loss |
( |
) | ||||||||||||||
Loss on revaluation of contingent consideration |
( |
) | ( |
) | ( |
) | ||||||||||
Commercialisation |
( |
) | ||||||||||||||
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|
|
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Loss before income tax expense from continuing operations |
( |
) | ( |
) | ( |
) | ||||||||||
Income tax benefit |
8 | |||||||||||||||
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|
|
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Loss after income tax expense for the year |
( |
) | ( |
) | ( |
) | ||||||||||
Other comprehensive income |
||||||||||||||||
Items that may be reclassified subsequently to profit or loss |
||||||||||||||||
Net exchange difference on translation of financial statements of foreign controlled entities, net of tax |
( |
) | ||||||||||||||
|
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|
|
|
|
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Other comprehensive income for the year, net of tax |
( |
) | ||||||||||||||
Total comprehensive income for the year |
( |
) |
( |
) |
( |
) | ||||||||||
Loss for the year is attributable to: |
||||||||||||||||
Owners of Kazia Therapeutics Limited |
( |
) | ( |
) | ( |
) | ||||||||||
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|||||||||||
Total loss for the year |
( |
) | ( |
) | ( |
) | ||||||||||
Total comprehensive income for the year is attributable to: |
||||||||||||||||
Owners of Kazia Therapeutics Limited |
( |
) | ( |
) | ( |
) | ||||||||||
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Total comprehensive income for the year |
( |
) |
( |
) |
( |
) | ||||||||||
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Note |
2022 A$ Cents |
2021 A$ Cents |
2020 A$ Cents |
|||||||||||||
Earnings per share for loss from continuing operations attributable to the owners of Kazia Therapeutics Limited |
||||||||||||||||
Basic earnings per share |
32 | ( |
) | ( |
) | ( |
) | |||||||||
Diluted earnings per share |
32 | ( |
) | ( |
) | ( |
) |
2022 A$ Cents |
2021 A$ Cents |
2020 A$ Cents |
||||||||||||||
Earnings per share for loss attributable to the owners of Kazia Therapeutics Limited |
||||||||||||||||
Basic earnings per share |
32 | ( |
) | ( |
) | ( |
) | |||||||||
Diluted earnings per share |
32 | ( |
) | ( |
) | ( |
) |
Note |
2022 A$’000 |
2021 A$’000 |
||||||||||
Assets |
||||||||||||
Current assets |
||||||||||||
Cash and cash equivalents |
9 | |||||||||||
Trade and other receivables |
10 | |||||||||||
Other |
12 | |||||||||||
Total current assets |
||||||||||||
Non-current assets |
||||||||||||
Trade and other receivables |
11 | |||||||||||
Intangibles |
13 | 3 | ||||||||||
Total non-current assets |
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Total assets |
||||||||||||
Liabilities |
||||||||||||
Current liabilities |
||||||||||||
Trade and other payables |
14 | |||||||||||
Employee benefits |
15 | |||||||||||
Contingent consideration |
16 | |||||||||||
Total current liabilities |
||||||||||||
Non-Current liabilities |
||||||||||||
Deferred tax |
17 | |||||||||||
Employee benefits |
15 | |||||||||||
Contingent consideration |
16 | |||||||||||
Total non-current liabilities |
||||||||||||
Total liabilities |
||||||||||||
Net assets |
||||||||||||
Equity |
||||||||||||
Contributed equity |
18 | |||||||||||
Other contributed equity |
19 | — | ||||||||||
Reserves |
20 | |||||||||||
Accumulated losses |
( |
) | ( |
) | ||||||||
Equity attributable to the owners of Kazia Therapeutics Limited |
||||||||||||
Total equity |
||||||||||||
Contributed equity A$’000 |
Other Contributed equity A$’000 |
Reserves A$’000 |
Accumulated Losses A$’000 |
Non- controlling Interest A$’000 |
Total equity A$’000 |
|||||||||||||||||||
Balance at 1 July 2019 |
( |
) | ||||||||||||||||||||||
Loss after income tax expense for the year |
( |
) | ( |
) | ||||||||||||||||||||
Other comprehensive income for the year, net of tax |
( |
) | ( |
) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total comprehensive income for the year |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Transactions with owners in their capacity as owners: |
||||||||||||||||||||||||
Share issue costs |
( |
) | ( |
) | ||||||||||||||||||||
Transfers |
||||||||||||||||||||||||
Conversion of convertible note |
||||||||||||||||||||||||
Share based payment |
||||||||||||||||||||||||
Issue of shares |
||||||||||||||||||||||||
Expired options |
( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at 30 June 2020 |
( |
) |
Contributed equity A$’000 |
Other Contributed equity A$’000 |
Reserves A$’000 |
Accumulated Losses A$’000 |
Non- controlling Interest A$’000 |
Total equity A$’000 |
|||||||||||||||||||
Balance at 1 July 2020 |
( |
) | | |||||||||||||||||||||
Loss after income tax expense for the year |
( |
) | ( |
) | ||||||||||||||||||||
Other comprehensive income for the year, net of tax |
| |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
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|
|
| ||||||||||||
| ||||||||||||||||||||||||
Total comprehensive income for the year |
( |
) | ( |
) | ||||||||||||||||||||
| ||||||||||||||||||||||||
Transactions with owners in their capacity as owners: |
| |||||||||||||||||||||||
Contributions of equity, net of transaction costs |
| |||||||||||||||||||||||
Share issue costs |
( |
) | ( |
) | ||||||||||||||||||||
Transfers |
| |||||||||||||||||||||||
Conversion of convertible note |
| |||||||||||||||||||||||
Share based payment |
| |||||||||||||||||||||||
Issue of shares |
( |
) | | |||||||||||||||||||||
Expired options |
( |
) | | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
| ||||||||||||||||||||||||
Balance at 30 June 2021 |
( |
) | |
Contributed equity A$’000 |
Other Contributed equity A$’000 |
Reserves A$’000 |
Accumulated Losses A$’000 |
Non- controlling Interest A$’000 |
Total equity A$’000 |
|||||||||||||||||||
Balance at 1 July 2021 |
( |
) | ||||||||||||||||||||||
Loss after income tax expense for the year |
( |
) | ( |
) | ||||||||||||||||||||
Other comprehensive income for the year, net of tax |
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|
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|
|||||||||||||
Total comprehensive income for the year |
( |
) | ( |
) | ||||||||||||||||||||
Transactions with owners in their capacity as owners: |
||||||||||||||||||||||||
Contributions of equity, net of transaction costs (note 18) |
||||||||||||||||||||||||
Share issue costs (note 18) |
( |
) | ( |
) | ||||||||||||||||||||
Immaterial reclassification |
( |
) | ||||||||||||||||||||||
Share based payment (note 33) |
||||||||||||||||||||||||
Issue of shares on exercise of options |
( |
) | ||||||||||||||||||||||
Conversion of convertible note (note 19) |
( |
) | ||||||||||||||||||||||
Expired options |
( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at 30 June 2022 |
( |
) |
Note |
2022 A$’000 |
2021 A$’000 |
2020 A$’000 |
|||||||||||||
Cash flows from operating activities |
||||||||||||||||
Loss before income tax expense for the year |
( |
) | ( |
) | ( |
) | ||||||||||
Adjustments for: |
||||||||||||||||
Depreciation and amortisation |
7 | |||||||||||||||
Share-based payments |
||||||||||||||||
Foreign exchange differences |
( |
) | — | |||||||||||||
Loss/(gain) on contingent consideration |
16 | |||||||||||||||
Fair value loss on financial assets |
— | |||||||||||||||
|
|
|
|
|
|
|||||||||||
( |
) |
( |
) |
( |
) | |||||||||||
Change in operating assets and liabilities: |
||||||||||||||||
Increase in trade and other receivables |
( |
) | ( |
) | ||||||||||||
Increase/(decrease) in prepayments |
( |
) | ( |
) | ||||||||||||
Increase/(decrease) in trade and other payables |
( |
) | ||||||||||||||
Increase/(decrease) in other provisions |
||||||||||||||||
Decrease in deferred tax liability |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
Net cash used in operating activities |
31 | ( |
) |
( |
) |
( |
) | |||||||||
|
|
|
|
|
|
|||||||||||
Cash flows from investing activities |
||||||||||||||||
Payment of milestone relating to contingent consideration |
( |
) | ||||||||||||||
|
|
|
|
|
|
|||||||||||
Net cash used in investing activities |
( |
) | ||||||||||||||
|
|
|
|
|
|
|||||||||||
Cash flows from financing activities |
||||||||||||||||
Proceeds from issue of shares |
18 | |||||||||||||||
|
|
|
|
|
|
|||||||||||
Net cash from financing activities |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Net decrease in cash and cash equivalents |
( |
) | ||||||||||||||
Cash and cash equivalents at the beginning of the financial year |
||||||||||||||||
Effects of exchange rate changes on cash |
( |
) | ||||||||||||||
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents at the end of the financial year |
9 | |||||||||||||||
|
|
|
|
|
|
• | financial assets at amortised cost |
• | financial assets at fair value through profit or loss (FVPL) |
• | The entity’s business model for managing the financial asset |
• | The contractual cash flow characteristics of the financial assets |
• | they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows |
• | the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding |
• | financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (‘Stage 1’) and |
• | financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (‘Stage 2’). |
• | When the deferred income tax asset or liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, affects neither the accounting nor taxable profits; or |
• | When the taxable temporary difference is associated with interests in subsidiaries, associates or joint ventures, and the timing of the reversal can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. |
• | Right-of-use |
• | Depreciation on right-of-use |
• | The total amount of cash paid under lease arrangements is separated into a principal portion (presented within financing activities) and interest (presented within operating activities) in the consolidated cash flow statement. |
• | during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by the expired portion of the vesting period. |
• | from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at the reporting date. |
Consolidated |
||||||||||||
2022 A$’000 |
2021 A$’000 |
2020 A$’000 |
||||||||||
Licensing revenue |
||||||||||||
|
|
|
|
|
|
Consolidated |
||||||||||||
2022 A$’000 |
2021 A$’000 |
2020 A$’000 |
||||||||||
Geographical regions |
||||||||||||
China |
||||||||||||
Sweden |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Timing of revenue recognition |
||||||||||||
Licensing revenue at a point in time |
||||||||||||
|
|
|
|
|
|
Consolidated |
||||||||||||
2022 A$’000 |
2021 A$’000 |
2020 A$’000 |
||||||||||
Net foreign exchange gain |
||||||||||||
Payroll tax rebate |
||||||||||||
Subsidies and grants |
||||||||||||
Bad debt recovery |
||||||||||||
Research and development rebate |
||||||||||||
|
|
|
|
|
|
|||||||
Other income |
||||||||||||
|
|
|
|
|
|
Consolidated |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
A$’000 |
A$’000 |
A$’000 |
||||||||||
Loss before income tax includes the following specific |
||||||||||||
Research and development |
||||||||||||
EVT-801 program costs |
||||||||||||
Cantrixil program costs |
||||||||||||
Paxalisib program costs |
||||||||||||
Employee benefits expense - salaries & wages and staff benefits |
||||||||||||
- superannuation |
||||||||||||
- share based payments |
||||||||||||
Total research & development (excluding amortisation) |
||||||||||||
Amortisation |
||||||||||||
Paxalisib licensing agreement |
||||||||||||
Evotech licensing agreement |
— | |||||||||||
Total amortisation |
||||||||||||
Total research & development |
||||||||||||
Net foreign exchange loss |
||||||||||||
Net foreign exchange loss |
||||||||||||
Rental expense relating to operating leases |
||||||||||||
Minimum lease payments |
||||||||||||
Superannuation expense |
||||||||||||
Defined contribution superannuation expense |
||||||||||||
Employee benefits expense G&A |
||||||||||||
- salaries & wages and staff benefits |
||||||||||||
- superannuation |
||||||||||||
- share based payments |
||||||||||||
Total employee benefits expense G&A |
||||||||||||
Other Expenses |
||||||||||||
Chinese With-Holding Tax incurred on license transaction |
||||||||||||
Chinese Value Added Tax incurred on license transaction |
||||||||||||
2022 |
2021 |
2020 |
||||||||||
A$’000 |
A$’000 |
A$’000 |
||||||||||
Numerical reconciliation of income tax benefit and tax at the statutory rate |
||||||||||||
Loss before income tax benefit |
( |
) | ( |
) | ( |
) | ||||||
Tax at the statutory tax rate of |
( |
) | ( |
) | ( |
) | ||||||
Tax effect amounts which are not deductible/(taxable) in calculating taxable income: |
||||||||||||
Research and Development claim |
— | — | ||||||||||
Amortisation of intangibles |
||||||||||||
Employee option plan |
||||||||||||
Gain/loss on revaluation of contingent consideration |
||||||||||||
( |
) | ( |
) | ( |
) | |||||||
Adjustment recognised for prior periods |
||||||||||||
Adjustment to deferred tax balances as a result of change in statutory tax rate |
( |
) | ( |
) | — | |||||||
Tax losses and timing differences not recognised |
||||||||||||
Income tax benefit |
( |
) | ( |
) | ( |
) | ||||||
2022 |
2021 |
2020 |
||||||||||
A$’000 |
A$’000 |
A$’000 |
||||||||||
Tax losses not recognised |
||||||||||||
Unused tax losses for which no deferred tax asset has been recognised-Australia |
||||||||||||
Potential tax benefit @ |
||||||||||||
Unused tax losses for which no deferred tax asset has been recognised-US |
||||||||||||
Potential tax benefit at statutory tax rates@ |
2022 |
2021 |
|||||||
A$’000 |
A$’000 |
|||||||
Cash at bank and on hand |
||||||||
Short-term deposits |
||||||||
|
|
|
|
|||||
|
|
|
|
2022 |
2021 |
|||||||
A$’000 |
A$’000 |
|||||||
Current assets |
— | |||||||
|
|
|
|
|||||
— | ||||||||
|
|
|
|
|||||
Other receivables |
||||||||
Deposits held |
||||||||
|
|
|
|
|||||
|
|
|
|
2022 |
2021 |
|||||||
A$’000 |
A$’000 |
|||||||
Non-current assets |
||||||||
GBM Agile deposit |
||||||||
Corporate credit card deposit |
||||||||
|
|
|
|
|||||
|
|
|
|
2022 |
2021 |
|||||||
A$’000 |
A$’000 |
|||||||
Prepayments |
||||||||
|
|
|
|
Consolidated |
||||||||
2022 |
2021 |
|||||||
A$’000 |
A$’000 |
|||||||
Licensing agreement - Paxalisib |
||||||||
Less: Accumulated amortisation |
( |
) | ( |
) | ||||
|
|
|
|
|||||
|
|
|
|
|||||
Licensing agreement - EVT-801 |
||||||||
Less: Accumulated amortisation |
( |
) | ( |
) | ||||
|
|
|
|
|||||
|
|
|
|
|||||
|
|
|
|
EVT801 licensing agreement A$’000 |
Paxalisib licensing agreement A$’000 |
Total A$’000 |
||||||||||
Balance at 1 July 2020 |
— | |||||||||||
Additions |
||||||||||||
Amortisation expense |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Balance at 30 June 2021 |
||||||||||||
|
|
|
|
|
|
|||||||
Amortisation expense |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Balance at 30 June 2022 |
||||||||||||
|
|
|
|
|
|
2022 |
2021 |
|||||||
A$’000 |
A$’000 |
|||||||
Trade payables |
||||||||
Accrued payables |
||||||||
|
|
|
|
|||||
|
|
|
|
2022 |
2021 |
|||||||
A$’000 |
A$’000 |
|||||||
Current Liabilities |
||||||||
Employee benefits |
||||||||
Non-Current Liabilities |
||||||||
Employee benefits |
|
|
|
|
|
|
— |
|
Long service leave |
||||||||
|
|
|
|
|||||
|
|
|
|
2022 A$’000 |
2021 A$’000 |
|||||||
Current Liabilities |
||||||||
Contingent consideration – EVT801 |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
Non-current Liabilities |
||||||||
Contingent consideration - paxalisib |
||||||||
Contingent consideration – EVT801 |
||||||||
|
|
|
|
|||||
|
|
|
|
|||||
|
|
|
|
Consolidated |
||||||||
2022 |
2021 |
|||||||
$ |
$ |
|||||||
Contingent consideration at start of period |
||||||||
EVT801 acquisition |
— |
|||||||
Payment of paxalisib milestone |
— |
( |
) | |||||
Payment of EVT801 milestone |
( |
) |
— |
|||||
Effect of exchange rates on contingent consideration |
( |
) |
— |
|||||
Loss on revaluation of contingent consideration |
||||||||
|
|
|
|
|||||
|
|
|
|
2022 |
2021 |
|||||||
A$’000 |
A$’000 |
|||||||
Non-current Liabilities |
||||||||
Deferred tax liability associated with Licensing Agreement |
||||||||
|
|
|
|
Consolidated |
||||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Shares |
Shares |
$ |
$ |
|||||||||||||
Ordinary shares - fully paid |
||||||||||||||||
|
|
|
|
|
|
|
|
Details |
Date |
Shares |
Issue price |
$ |
||||||||||
Balance |
1 July 2020 | |||||||||||||
Issued on conversion of options |
28 August 2020 | $ | ||||||||||||
Institutional placement under ANREO |
12 October 2020 | $ | ||||||||||||
Retail placement under ANREO |
26 October 2020 | $ | ||||||||||||
Issued on conversion of options |
2 March 2021 | $ | ||||||||||||
Issued on conversion of options |
15 March 2021 | $ | ||||||||||||
Share placement |
28 April 2021 | $ | ||||||||||||
Issued on achievement of milestone |
21 May 2021 | $ | ||||||||||||
Less: share issue transaction costs |
— | $ | ( |
) | ||||||||||
|
|
|
|
|||||||||||
Balance |
30 June 2021 | |||||||||||||
Issued on conversion of options |
15 December 2021 | $ | ||||||||||||
Conversion of Triaxial Convertible Note |
5 May 2022 | $ | ||||||||||||
ATM issue of shares No. 1 |
24 May 2022 | $ | ||||||||||||
ATM issue of shares No. 2 |
2 June 2022 | $ | ||||||||||||
ATM issue of shares No. 3 |
6 June 2022 | $ | ||||||||||||
ATM issue of shares No. 4 |
9 June 2022 | $ | ||||||||||||
ATM issue of shares No. 5 |
14 June 2022 | $ | ||||||||||||
ATM issue of shares No. 6 |
15 June 2022 | $ | ||||||||||||
ATM issue of shares No. 7 |
20 June 2022 | $ | ||||||||||||
Less: share issue transaction costs |
— | $ | ( |
) | ||||||||||
|
|
|
|
|||||||||||
Balance |
30 June 2022 | |||||||||||||
|
|
|
|
2021 |
2020 |
|||||||
A$’000 |
A$’000 |
|||||||
Convertible note - Triaxial |
— | |||||||
|
|
|
|
• | On 11 August 2016 , |
• | On 31 October 2016, the Company announced it had licensed a Phase II ready molecule triggering the conversion of |
Assets |
Liabilities |
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
A$’000 |
A$’000 |
A$’000 |
A$’000 |
|||||||||||||
US dollars |
||||||||||||||||
Euros |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
AUD strengthened |
AUD weakened |
|||||||||||||||||||||||
Consolidated - 2022 |
% change |
Effect on profit before tax A$’000 |
Effect on equity A$’000 |
% change |
Effect on profit before tax A$’000 |
Effect on equity A$’000 |
||||||||||||||||||
US dollars |
% | ( |
) | ( |
) | ( |
%) | |||||||||||||||||
Euros |
% | ( |
%) | ( |
) | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
( |
) | ( |
) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
AUD strengthened |
AUD weakened |
|||||||||||||||||||||||
Consolidated – 2021 |
% change |
Effect on profit before tax A$’000 |
Effect on equity A$’000 |
% change |
Effect on profit before tax A$’000 |
Effect on equity A$’000 |
||||||||||||||||||
US dollars |
% | ( |
) | ( |
) | ( |
%) | |||||||||||||||||
Euros |
% | ( |
%) | ( |
) | ( |
) | |||||||||||||||||
( |
) | ( |
) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
2022 |
2021 |
|||||||||||||||
Weighted average interest rate % |
Balance A$’000 |
Weighted average interest rate % |
Balance A$’000 |
|||||||||||||
Cash at bank and in hand |
— | |||||||||||||||
Short term deposits |
— | % | ||||||||||||||
|
|
|
|
|||||||||||||
Net exposure to cash flow interest rate risk |
||||||||||||||||
|
|
|
|
2022 |
Weighted average interest rate % |
1 year or less A$’000 |
Between 1 and 2 years A$’000 |
Between 2 and 5 years A$’000 |
Over 5 years A$’000 |
Remaining contractual maturities A$’000 |
||||||||||||||||||
Non-derivatives |
||||||||||||||||||||||||
Non-interest bearing |
||||||||||||||||||||||||
Trade payables |
— | — | — | — | ||||||||||||||||||||
Accrued payables |
— | — | — | — | ||||||||||||||||||||
Contingent consideration |
— | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-derivatives |
— | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
2021 |
Weighted average interest rate % |
1 year or less A$’000 |
Between 1 and 2 years A$’000 |
Between 2 and 5 years A$’000 |
Over 5 years A$’000 |
Remaining contractual maturities A$’000 |
||||||||||||||||||
Non-derivatives |
||||||||||||||||||||||||
Non-interest bearing |
||||||||||||||||||||||||
Trade payables |
— | — | — | — | ||||||||||||||||||||
Accrued payables |
— | — | — | — | ||||||||||||||||||||
Contingent consideration |
— | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total non-derivatives |
— | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Consolidated - 2022 |
Level 1 A$’000 |
Level 2 A$’000 |
Level 3 A$’000 |
Total A$’000 |
||||||||||||
Liabilities |
||||||||||||||||
Contingent Consideration |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Consolidated - 2021 |
||||||||||||||||
Liabilities |
||||||||||||||||
Contingent Consideration |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
Level 3 A$’000 |
Total A$’000 |
|||||||
Consolidated |
||||||||
Balance at 1 July 2020 |
||||||||
Losses recognised in profit or loss |
||||||||
Payout of mileston e |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Balance at 30 June 2021 |
||||||||
Losses recognised in profit or loss |
||||||||
|
|
|
|
|||||
Balance at 30 June 2022 |
2022 A$’000 |
2021 A$’000 |
2020 A$’000 |
||||||||||
Short-term employee benefits |
||||||||||||
Post-employment benefits |
||||||||||||
Share-based payments |
||||||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
Consolidated |
||||||||||||
2022 A$’000 |
2021 A$’000 |
2020 A$’000 |
||||||||||
Audit services - Grant Thornton Audit Pty Ltd |
||||||||||||
Audit or review of the financial statements |
||||||||||||
|
|
|
|
|
|
Parent |
||||||||
2022 A$’000 |
2021 A$’000 |
|||||||
Statement of profit or loss and other comprehensive income |
||||||||
Loss after income tax |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total comprehensive income |
( |
) | ( |
) | ||||
|
|
|
|
|||||
2022 A$’000 |
2021 A$’000 |
|||||||
Statement of financial position |
||||||||
Total current assets |
||||||||
Total assets |
||||||||
Total current liabilities |
||||||||
Total liabilities |
||||||||
Equity |
||||||||
Contributed equity |
||||||||
Other contributed equity |
— | |||||||
Reserves |
||||||||
Accumulated losses |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total equity |
||||||||
|
|
|
|
• | Investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity. |
• | Dividends received from subsidiaries are recognised as other income by the parent entity and its receipt may be an indicator of an impairment of the investment. |
Ownership interest |
||||||||||
Name |
Principal place of business / Country of incorporation |
2022 % |
2021 % |
|||||||
Kazia Laboratories Pty Ltd |
% | % | ||||||||
Kazia Research Pty Ltd |
% | % | ||||||||
Kazia Therapeutics Inc. |
% | % | ||||||||
Glioblast Pty Ltd |
% | % | ||||||||
Kazia Therapeutics (Hong Kong) Limited |
% | % |
2022 |
2021 |
2020 |
||||||||||
A$’000 |
A$’000 |
A$’000 |
||||||||||
Loss after income tax expense from continuing operations |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Adjustments for: |
||||||||||||
Depreciation & amortisation |
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Net fair value loss on financial assets |
— | — | ||||||||||
Share based payments |
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Loss on contingent consideration |
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Change in operating assets & liabilities: |
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Decrease in trade and other receivables |
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Decrease/(increase) in prepayments |
( |
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Decrease/(increase) in trade and other payables |
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Net cash used in operating activities |
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2022 A$’000 |
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Loss after income tax attributable to the owners of Kazia Therapeutics Limited |
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Loss after income tax attributable to the owners of Kazia Therapeutics Limited |
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Number of options 2022 |
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Outstanding at the beginning of the financial year |
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$ | $ | $ | $ | $ |
• | Tranche 14 vests as to |
• | Tranches 13 & 15 - 19 vest in four equal annual amounts from one year of the date of issue |
• | The option must have vested; |
• | Option holder must have provided the Company with an Exercise Notice and have paid the Exercise Price for the option; |
• | The Exercise Notice must be for the exercise of at least the Minimum Number of Options; and |
• | The Exercise Notice must have been provided to the Company and Exercise Price paid before the expiry of 5 years from the date the Option is issued. |
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Expiry date |
Share price at Grant Date |
Exercise price |
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7 | $ |
$ |
$ |
Exhibit 4.21
20 September 2021
Dr John Friend
[xxx]
[xxx]
Dear John,
Offer of Employment with Kazia Therapeutics
On behalf of Kazia Therapeutics, Inc, I am pleased to offer you the position of Chief Medical Officer. We look forward to welcoming you as a colleague.
The terms of the position are as set forth below.
Position
Particulars. Your position, place of work, and commencement date will be as described in Attachment 1 of this letter.
Employer. Your employer will be Kazia Therapeutics, Inc (the Company), a Delaware company. Kazia reserves the right to assign your employment to other corporate entities within its group at its sole discretion.
Obligation to Best Efforts. You agree that you will, at all times, loyally and conscientiously perform all the duties and obligations associated with this role to the best of your ability and experience, and to the reasonable satisfaction of the Company.
No Interference. During the term of your employment, you further agree that you will devote all of your business time and attention to the business of the Company, the Company will be entitled to all of the benefits and profits arising from or incident to all such work services and advice, you will not render commercial or professional services of any nature to any person or organization, whether or not for compensation, without the prior written consent of the Companys Board of Directors, and you will not directly or indirectly engage or participate in any business that is competitive in any manner with the business of the Company. Nothing in this letter agreement will prevent you from accepting speaking or presentation engagements in exchange for honoraria or from serving on boards of charitable organizations, or from owning no more than one percent (1%) of the outstanding equity securities of a corporation whose stock is listed on a national stock exchange.
Travel and Expenses. You acknowledge that the nature of the position may require frequent travel within and outside of the United States from time to time. The Company will make reasonable efforts to accommodate your circumstances and preferences in directing such travel. You will be entitled to reimbursement of reasonable and customary expenses incurred in carrying out the position, in accordance with the Companys policies, on submission of an expense report and valid receipts.
Page 1 of 11
Compensation
Salary. Your compensation will be as itemised in Attachment 1 of this letter and paid to you once per month pursuant to the Companys regular payroll policy.
Performance and Salary Review. Your performance and compensation package will be reviewed no less than once annually. Any pay adjustments will be made in accordance with your performance and in reference to industry compensation benchmarks for comparable positions. Adjustments to compensation will be at Kazias sole discretion and are not guaranteed.
Sole Consideration. You acknowledge that the compensation described in Attachment 1 of this letter will be your only remuneration for your employment with the company. Kazia may require you to provide services and / or to hold offices within the Company or on behalf of the Company without additional remuneration. You will be required to work such hours as are reasonably required for the position, without additional payment for overtime or travel.
Equity Participation. Following your commencement, Kazia will recommend to the Board of Directors that you be granted options over the companys stock, to an amount as specified in Attachment 1 of this letter. This grant is at the discretion of the Board of Directors, and will be subject to the companys Employee Stock Option Plan. At the discretion of the Board of Directors, you may be eligible for further grants of stock options during the term of your employment.
Sign-On Bonus. Your compensation includes a one-time sign-on bonus, which will be paid within 60 days following your commencement with the Company. You agree, in accepting this offer of employment, that any sign-on bonus will be refunded to the Company, pro rata, if you choose to terminate your employment, or if you are terminated for cause, within the first twelve months after commencement, and that this may be deducted by the Company from your final paycheck. The sign-on bonus will be subject to applicable State and Federal payroll taxes.
Benefits
Benefits. Your benefits will be as itemised in Attachment 1 of this letter.
Payment in Lieu of Benefits. For a period of up to eighteen (18) months following your commencement, Kazia reserves the right to request that you maintain health insurance associated with your prior employment under the COBRA scheme, for which Kazia will reimburse your premiums in their entirety. Should you not be eligible for COBRA, we require that you obtain a marketplace or State medical plan. This is to allow for Kazia to establish appropriate corporate health insurance policies and arrangements.
Vacation and Holidays. You will be eligible for paid time off (PTO) as itemised in Attachment 1 of this letter. You will also receive paid time off for US holidays observed by Kazia. Kazias policies regarding vacation and holidays will be provided to you separately on commencement.
Page 2 of 11
Severance
If, at any time, (a) the Company terminates your employment without Cause (as defined herein), and other than as a result of your death or disability, or (b) you resign for Good Reason (as defined herein), and provided such termination constitutes a separation from service (as defined under Treasury Regulation Section 1.409A-1(h)), you shall be entitled to receive the following severance benefits:
(a) | if in Connection with a Change in Control: (i) you shall be entitled to severance pay in the form of monthly payments equal to a maximum of 12 months of your base salary in effect on the effective date of termination, (ii) a lump sum payout of a pro-rata bonus for the bonus year, based on good faith estimates of the achievement of performance goals on the date of termination, and (iii) if you timely elect continued health care coverage under COBRA, the Company shall pay the same proportion of your premium rate as before the date of termination or, if COBRA coverage is not available, then the Company shall reimburse you for such amount (in the same proportion as before the termination) through the earlier of (A) 6 months following the Separation from Service, or (B) the date upon which you and your eligible dependents become covered under similar plans (and you agree to notify the Company of such other coverage); |
(b) | if other than in Connection with a Change in Control: (i) subject to the requirement to mitigate below, you shall be entitled to severance pay in the form of monthly payments equal to a maximum of 6 months of your base salary in effect on the effective date of termination, (ii) a lump sum payout of a pro-rata bonus for the year, based on good faith estimates of the achievement of performance goals on the date of termination, and (iii) if you timely elect continued health care coverage under COBRA, the Company shall pay the same proportion of your premium rate as before the date of termination or, if COBRA coverage is not available, then the Company shall reimburse you for such amount (in the same proportion as before the termination) through the earlier of (A) 6 months following the Separation from Service, or (B) the date upon which you and your eligible dependents become covered under similar plans (and you agree to notify the Company of such other coverage). |
Such severance benefits are conditional upon (a) your continuing compliance with your obligations under your Confidentiality Agreement and Proprietary Information and Inventions Agreement; (b) your delivery to the Company of an effective general release of claims in favor of the Company and its affiliates in a form acceptable to the Company within 30 days following your termination date. The monthly severance payments and lump sum bonus payment will be subject to standard deductions and withholdings following termination; provided, however, that no payments will be made prior to the 40th day following your termination. On the 40th day following your Separation from Service date, the Company will pay you the salary continuation payments that you would have received on or prior to such date in a lump sum under the original schedule but for the delay while waiting for the effectiveness of the release, with the balance of the cash severance and the bonus payment being paid as originally scheduled.
For purposes of this letter, Cause means (A) your conviction (including a guilty plea or a no contest plea) of a felony, or of any other crime involving fraud, dishonesty or moral turpitude; (B) your commission of or participation in a fraud against the Company; (C) your material breach of any written agreement between you and the Company (including but not limited to your Proprietary Information Agreement) or material breach or neglect of any statutory or fiduciary duty you owe to the Company; or (D) your conduct that constitutes gross insubordination or habitual neglect of your duties as determined by the Board; provided in each case that the Company gives you written notice and a reasonable opportunity to cure or to be heard by the Board before its final determination.
Page 3 of 11
For purposes of this letter, Change in Control means (A) where, as a result of any takeover bid, scheme of arrangement or any other event or transaction, a person or entity becomes entitled to more than 50% of the Shares or to all or substantially all of the Groups business and assets (provided that no sale or transfer undertaken in respect of an internal reorganisation of the structure, business or assets of the Group shall constitute a Change of Control Event); or (B) any other event determined by the Board to constitute a Change of Control Event for the purposes of these Rules (excluding, for the avoidance of doubt, an internal reorganisation of the structure, business or assets of the Group).
For purposes of this letter, you shall have Good Reason for your resignation from your employment with the Company and/or any of its subsidiaries or parent entities or successor entities for up to ninety (90) days following the occurrence of one of the following events without your consent and after having provided thirty (30) days prior written notice and an opportunity to cure to the Company and the failure by the Company to cure the event: (A) material reduction in your duties (including responsibilities and/or authorities), provided, however, that a change in job position (including a change in title) shall not be deemed a material reduction in and of itself unless your new duties are substantially reduced from the prior duties; (B) relocation of your principal place of employment to a place that increases your one-way commute by more than fifty (50) miles as compared to your then current principal place of employment immediately prior to such relocation; (C) a reduction of at least 10% of your gross base salary (unless pursuant to a salary reduction program applicable generally to the Companys executive employees); or (D) a change in your reporting line such that you report to a position subordinate to the Chief Executive Officer.
For purposes of this letter, in Connection with a Change in Control will mean if your employment is terminated during that period either three (3) months prior to or twelve (12) months following a Change in Control.
It is intended that the severance benefits payable under this letter satisfy, to the greatest extent possible, the exemptions from the application of Internal Revenue Code Section 409A provided under Treasury Regulations 1.409A 1(b)(4), 1.409A 1(b)(5) and 1.409A 1(b)(9), and this letter will be construed to the greatest extent possible as consistent with those provisions. For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A 2(b)(2)(iii)), your right to receive instalment payments under this letter shall be treated as a right to receive a series of separate payments and, accordingly, each instalment payment hereunder shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this letter, if you are deemed by the Company at the time of your Separation from Service to be a specified employee for purposes of Code Section 409A(a)(2)(B)(i), to the extent delayed commencement of any portion of the severance benefits to which you are entitled under this letter is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i), such portion of your benefits shall not be provided to you prior to the earlier of (i) the expiration of the six-month period measured from the date of your Separation from Service with the Company or (ii) the date of your death. Upon the first business day following the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph shall be paid in a lump sum to you, and any remaining payments due under this letter shall be paid as otherwise provided herein.
Page 4 of 11
Terms of Employment
At-Will Employment. Notwithstanding any other obligation in this letter, your employment with the Company will be on an at will basis, meaning that either you or the Company may terminate your employment at any time for any reason or no reason.
Debarment and Suspension. You agree, assert, and affirm that you are in compliance with United States Federal Executive Order 12549 Debarment and Suspension and in further compliance with Executive Order 12689, and with Section 2455 of the Federal Acquisition Regulation as provided in 45 CFR 76 Government-Wide Debarment and Suspension (Non-procurement) and Government-Wide Requirements for Drug-Free Workplace (Grants), and in further compliance with Office of Management and Budget Memorandum M-87-32, Certification of Non-delinquency by Applicants for Federal Assistance, that I, to the best of my knowledge and belief:
(a) | Am not presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded by any Federal department or agency; |
(b) | Have not within a three-year period preceding the Start Date been convicted of or had a civil judgment rendered against me for commission of fraud or a criminal offense in connection with obtaining, attempting to obtain, or performing a public (Federal, State, or local) transaction or contract under a public transaction; violation of Federal or State antitrust statutes or commission of embezzlement, theft, forgery, bribery, falsification or destruction of records, making false statements, or receiving stolen property; |
(c) | Am not presently indicted for or otherwise criminally or civilly charged by a governmental entity (Federal, State, or local) with commission of any of the offenses enumerated in paragraph (1)(b) of this certification; |
(d) | Have not within a three-year period preceding the Start Date had one or more public transactions (Federal, State, or local) terminated for cause or default; and |
(e) | Am not currently delinquent on the repayment of any federal debt. |
Confidentiality. You agree that, by executing this letter, you enter into a Confidentiality Agreement with the company, which is provided in Attachment 2 of this letter.
Work Product Agreement. You agree that, by executing this letter, you enter into a Proprietary Information and Inventions Agreement with the company, which is provided in Attachment 3 of this letter.
Notification of Material Changes. You agree to promptly notify Kazia of any material changes in your circumstances, including without limitation your residential address, your qualifications, professional memberships or certifications, or any of the representations and warranties contained in this letter.
Adherence to Policies. You acknowledge that you are expected act as a role model for the company and to uphold and champion its policies including, but not limited to, its policies relating to work health and safety, equal employment opportunities, anti-discrimination, harassment and bullying. You must also comply with any policies issued by the company, including policies relating to corporate governance.
Surveillance and Data Privacy. The company undertakes continuous and ongoing surveillance in relation to activities carried out on its premises, or using its property, in order to ensure that its workplaces are safe, and free of risk of harm to all employees and visitors, and also to protect the companys business interests. In accepting employment with the company, you acknowledge the surveillance set out in this clause, and consent to such use.
Page 5 of 11
Ownership of Physical Property. All document, apparatus, equipment and other physical property in any form furnished to you by the Company or produced by you or others in connection with your employment shall be and remain the sole property of the Company. You shall return to the Company all such documents, materials and property as and when requested by the Company, except only (i) personal copies of records relating to my compensation; (ii) if applicable, personal copies of any materials evidencing shares of the Companys capital stock purchased by you and/or options to purchase shares of the Companys capital stock granted to you; (iii) your copy of this Agreement and (iv) your personal property and personal documents that you bring with you to the Company and any personal correspondence and personal materials that you accumulate and keep at the Companys office during your employment. Even if the Company does not so request, you shall return all such documents, materials and property upon termination of your employment, and, except for your personal documents, you will not take with you any such documents, material or property or any reproduction thereof upon such termination.
Obligations at Termination. Upon termination of your employment for any reason, you must, at the Companys request, cooperate with the company and render all reasonable assistance in the prosecution or defence of legal claims and proceedings. You must execute all documents and give all reasonable assistance required to relinquish offices held on behalf of the Company, and to allow the Company to protect intellectual property and confidential information.
Non-Solicitation. During your employment, and for a period of twelve (12) months after termination, you may not directly or indirectly solicit, induce, recruit or encourage any of the Companys employees or consultants to terminate their relationship with the Company, or attempt any of the foregoing, either for yourself or any other person or entity.
Conditions of Employment
Proof of Right to Work. For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated.
Background and Credit Review. You agree to and will promptly complete any necessary documentation to allow a personal background and credit review. All information will be held strictly confidential but will be used to finally qualify you for this position. Satisfactory passage of this check must be completed within seven (7) business days of your date of hire, or our employment relationship with you may be terminated.
Warranties. In accepting this offer of employment, you warrant that:-
(a) | You will not be in breach of any agreement with, or obligation owed to, any third party; and |
(b) | You have disclosed all material information to Kazia which may be relevant to the companys decision to offer you employment; and |
(c) | Any representations you have made as to your qualifications, skills, experience, industry knowledge, business influence, contacts, and employment history are true and correct and complete. |
Page 6 of 11
We are all delighted to be able to extend you this offer and look forward to working with you. To indicate your acceptance of the Companys offer, please sign and date this letter in the space provided below, and separately on Attachment 2 and Attachment 3. Please return the signed documents to the company. This letter, together with its Attachments, set forth the terms of your employment with the Company and supersede any prior representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement, signed by the Company and by you.
Yours sincerely,
For and on behalf of Kazia Therapeutics:-
/s/ James Garner |
Dr James Garner Chief Executive Officer |
Accepted and agreed by:-
/s/ John Friend |
Dr John Friend Date: 29 September 2021 |
Page 7 of 11
ATTACHMENT 1
PARTICULARS OF EMPLOYMENT
Position | Chief Medical Officer | |
Position Overview | As Chief Medical Officer, you will lead the development and commercialisation of all Kazias pipeline assets. You will be responsible for ensuring compliance with the requirements of FDA and other national regulatory agencies, including in respect of drug safety. You will serve as the medical lead in partnering transactions, both inbound and outbound, and may from time to time be asked to meet with investors, analysts, or other key stakeholders. As a member of the Companys Executive Leadership Team, you will work closely with the Chief Executive Officer to shape the Companys strategy, culture, management team, and business model. | |
Manager | Chief Executive Officer | |
Place of Work | Home-based in NJ | |
Commencement Date | TBD | |
Base Salary | US$ 492,000 per annum (paid as $41,000 per calendar month) | |
Sign-On Bonus | US$ 120,000 to be paid within 60 days of commencement | |
Target Bonus | 40% of your annual base salary | |
LTI Options Grant (subject to Board approval) |
800,000 (eight hundred thousand) options over Kazias ASX-listed stock, to vest in four equal annual instalments, beginning on the first anniversary of joining | |
Health Insurance | Health, Dental, and Vision
100% of premium for employees and a proportion of premium, not less than 50%, for dependents | |
401(k) Plan | Company sponsored Safe Harbor 401k Plan with Company Match (100% for first 4% and 50% for next 2%). Employees are eligible to participate after one pay cycle. Matching is immediate with no vesting period. | |
Paid Time Off (PTO) | 20 days per calendar year |
Page 8 of 11
ATTACHMENT 2
CONFIDENTIALITY AGREEMENT
For the purposes of this Agreement, Confidential Information means information which came to the employees knowledge in the course of, or as a result of, their employment including, but not limited to:
(a) | the business or affairs, financial information, intellectual property, business plans, research and development, and sales and marketing information of the Company; |
(b) | unpatented molecular structures, manufacturing processes, assay methodologies, preclinical or clinical data; |
(c) | information which would reasonably be considered to be of a business sensitive nature; |
(d) | trade secrets and confidential information and know-how of the Company; |
(e) | information regarding investments, investment opportunities, investment strategies and investment research of the Company; and |
(f) | confidential information of a third party that has been shared with Company. |
Confidential Information will not include information which is or becomes readily available in the public domain otherwise than as a result of the breach of this Agreement.
The employee must not use or disclose this Confidential Information during and after their employment, and must take all reasonable steps to prevent the unauthorised disclosure of the Confidential Information, except in the following circumstances:
(a) | the Company has given its prior written consent; or |
(b) | in the proper course of performing their duties and for the benefit of the Company; or |
(c) | to the extent required by law. |
Without limiting the generality of the above, the employee must not disclose Confidential Information to other employees of the Company unless these employees are authorised by the Company to receive this information and need to know this information to perform their duties to the Company.
The employee must immediately notify the Company if the employee suspects or becomes aware that Confidential Information has been improperly used, copied or disclosed.
The employee must not copy or remove from the Companys premises any document which contains Confidential Information except for the purpose of properly performing the duties of the position and for the benefit of the Company.
The employee must provide assistance reasonably requested by the Company in relation to proceedings against any person for unauthorised use, copying or disclosure of Confidential Information.
Accepted and agreed by:-
/s/ John Friend |
Name: Dr John Friend Date: 29 September 2021 |
Page 9 of 11
ATTACHMENT 3
PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT
In exchange for my becoming employed (or my employment being continued), or retained as a consultant (or my consulting relationship being continued), by Kazia Therapeutics, or any of its current or future subsidiaries, affiliates, successors or assigns (collectively, the Company), and for any cash and equity compensation for my services, I hereby agree as follows:
Assignment of Inventions.
(a) | Without further compensation, I hereby agree promptly to disclose to the Company, all Inventions (as defined below) which I may solely or jointly develop or reduce to practice during the period of my employment or consulting relationship with the Company which (i) pertain to any line of business activity of the Company, (ii) are aided by the use of time, material or facilities of the Company, whether or not during working hours or (iii) relate to any of my work during the period of my employment or consulting relationship with the Company, whether or not during normal working hours (Company Inventions). During the term of my employment or consultancy, all Company Inventions that I conceive, reduce to practice, develop or have developed (in whole or in part, either alone or jointly with others) shall be the sole property of the Company and its assigns to the maximum extent permitted by law (and to the fullest extent permitted by law shall be deemed works made for hire), and the Company and its assigns shall be the sole owner of all patents, copyrights, trademarks, trade secrets and other rights in connection therewith. I hereby assign to the Company any rights that I may have or acquire in such Company Inventions. |
(b) | I have provided to the Company, prior to my engagement, a complete list of all Inventions, if any, made by me prior to my employment or consulting relationship with the Company that are relevant to the Companys business, and I represent and warrant that such list is complete. If no such list is provided, I represent that I have no such Inventions at the time of signing this Agreement. If in the course of my employment or consultancy (as the case may be) with the Company, I use or incorporate any Invention in which I have an interest into a product or process of the Company, the Company is hereby granted a nonexclusive, fully paid-up, royalty-free, perpetual, irrevocable worldwide license of my interest to use and sublicense such Invention without restriction of any kind. |
NOTICE REQUIRED BY REVISED CODE OF WASHINGTON 49.44.140:
Any assignment of Inventions required by this Agreement does not apply to an Invention for which no equipment, supplies, facility or trade secret information of the Company was used and which was developed entirely on the employees own time, unless (a) the Invention relates (i) directly to the business of the Company or (ii) to the Companys actual or demonstrably anticipated research or development or (b) the Invention results from any work performed by the employee for the Company.
Further Assistance and Power of Attorney. I agree to perform, during and after my employment or consulting relationship, all acts deemed necessary or desirable by the Company to permit and assist it, at its expense, in obtaining and enforcing the full benefits, enjoyment, rights and title throughout the world in the Inventions assigned to the Company as set forth in Section 4 above. Such acts may include, but are not limited to, execution of documents and assistance or cooperation in legal proceedings. I hereby irrevocably designate the Company and its duly authorized officers and agents as my agent and attorney-in fact, to execute and file on my behalf any such applications and to do all other lawful acts to further the prosecution and issuance of patents, copyright and mask work registrations related to such Inventions. This power of attorney shall not be affected by my subsequent incapacity.
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Inventions. As used in this Agreement, the term Inventions means discoveries, developments, concepts, designs, ideas, know how, improvements, inventions, trade secrets and/or original works of authorship, whether or not patentable, copyrightable or otherwise legally protectable. This includes, but is not limited to, any new product, machine, article of manufacture, biological material, method, procedure, process, technique, use, equipment, device, apparatus, system, compound, formulation, composition of matter, design or configuration of any kind, or any improvement thereon.
Survival. This Agreement (a) shall survive for a period of five years beyond the termination of my employment by or consulting relationship with the Company, (b) inures to the benefit of successors and assigns of the Company and (c) is binding upon my heirs and legal representatives.
Injunctive Relief. I acknowledge that violation of this Agreement by me may cause irreparable injury to the Company, and I agree that the Company will be entitled to seek extraordinary relief in court, including, but not limited to, temporary restraining orders, preliminary injunctions and permanent injunctions without the necessity of posting a bond or other security and without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement.
Accepted and agreed by:-
/s/ John Friend |
Name: Dr John Friend Date: 29 September 2021 |
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Exhibit 4.22
15 November 2021
Karen Krumeich
[***]
[***]
Dear Karen,
Offer of Employment with Kazia Therapeutics
On behalf of Kazia Therapeutics, Inc, I am pleased to offer you the position of Chief Financial Officer. We look forward to welcoming you as a colleague.
The terms of the position are as set forth below.
Position
Particulars. Your position, place of work, and commencement date will be as described in Attachment 1 of this letter.
Employer. Your employer will be Kazia Therapeutics, Inc (the Company), a Delaware company. Kazia reserves the right to assign your employment to other corporate entities within its group at its sole discretion.
Obligation to Best Efforts. You agree that you will, at all times, loyally and conscientiously perform all the duties and obligations associated with this role to the best of your ability and experience, and to the reasonable satisfaction of the Company.
No Interference. During the term of your employment, you further agree that you will devote all of your business time and attention to the business of the Company, the Company will be entitled to all of the benefits and profits arising from or incident to all such work services and advice, you will not render commercial or professional services of any nature to any person or organization, whether or not for compensation, without the prior written consent of the Companys Board of Directors, and you will not directly or indirectly engage or participate in any business that is competitive in any manner with the business of the Company. Nothing in this letter agreement will prevent you from accepting speaking or presentation engagements in exchange for honoraria or from serving on boards of charitable organizations, or from owning no more than one percent (1%) of the outstanding equity securities of a corporation whose stock is listed on a national stock exchange.
Travel and Expenses. You acknowledge that the nature of the position may require frequent travel within and outside of the United States from time to time. The Company will make reasonable efforts to accommodate your circumstances and preferences in directing such travel. You will be entitled to reimbursement of reasonable and customary expenses incurred in carrying out the position, in accordance with the Companys policies, on submission of an expense report and valid receipts.
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Compensation
Salary. Your compensation will be as itemised in Attachment 1 of this letter and paid to you once per month pursuant to the Companys regular payroll policy.
Performance and Salary Review. Your performance and compensation package will be reviewed no less than once annually. Any pay adjustments will be made in accordance with your performance and in reference to industry compensation benchmarks for comparable positions. Adjustments to compensation will be at Kazias sole discretion and are not guaranteed.
Sole Consideration. You acknowledge that the compensation described in Attachment 1 of this letter will be your only remuneration for your employment with the company. Kazia may require you to provide services and / or to hold offices within the Company or on behalf of the Company without additional remuneration. You will be required to work such hours as are reasonably required for the position, without additional payment for overtime or travel.
Equity Participation. Following your commencement, Kazia will recommend to the Board of Directors that you be granted options over the companys stock, to an amount as specified in Attachment 1 of this letter. This grant is at the discretion of the Board of Directors and will be subject to the companys Employee Stock Option Plan. At the discretion of the Board of Directors, you may be eligible for further grants of stock options during the term of your employment.
Benefits
Benefits. Your benefits will be as itemised in Attachment 1 of this letter.
Payment in Lieu of Benefits. For a period of up to eighteen (18) months following your commencement, Kazia reserves the right to request that you maintain health insurance associated with your prior employment under the COBRA scheme, for which Kazia will reimburse your premiums in their entirety. Should you not be eligible for COBRA, we require that you obtain a marketplace or State medical plan. This is to allow for Kazia to establish appropriate corporate health insurance policies and arrangements.
Vacation and Holidays. You will be eligible for paid time off (PTO) as itemised in Attachment 1 of this letter. You will also receive paid time off for US holidays observed by Kazia. Kazias policies regarding vacation and holidays will be provided to you separately on commencement.
Severance
If, at any time, (a) the Company terminates your employment without Cause (as defined herein), and other than as a result of your death or disability, or (b) you resign for Good Reason (as defined herein), and provided such termination constitutes a separation from service (as defined under Treasury Regulation Section 1.409A-1(h)), you shall be entitled to receive the following severance benefits:
(a) | if in Connection with a Change in Control: (i) you shall be entitled to severance pay in the form of monthly payments equal to 12 months of your base salary in effect on the effective date of termination, (ii) a lump sum payout of a pro-rata bonus for the bonus year, based on good faith estimates of the achievement of performance goals on the date of termination, and (iii) if you timely elect continued health care coverage under COBRA, the Company shall pay the same proportion of your premium rate as before the date of termination or, if COBRA coverage is not available, then the Company shall reimburse you for such amount (in the same proportion as before the termination) through the earlier of (A) 6 months following the Separation from Service, or (B) the date upon which you and your eligible dependents become covered under similar plans (and you agree to notify the Company of such other coverage); |
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(b) | if other than in Connection with a Change in Control: (i) subject to the requirement to mitigate below, you shall be entitled to severance pay in the form of monthly payments equal to 6 months of your base salary in effect on the effective date of termination, (ii) a lump sum payout of a pro-rata bonus for the year, based on good faith estimates of the achievement of performance goals on the date of termination, and (iii) if you timely elect continued health care coverage under COBRA, the Company shall pay the same proportion of your premium rate as before the date of termination or, if COBRA coverage is not available, then the Company shall reimburse you for such amount (in the same proportion as before the termination) through the earlier of (A) 6 months following the Separation from Service, or (B) the date upon which you and your eligible dependents become covered under similar plans (and you agree to notify the Company of such other coverage). |
Such severance benefits are conditional upon (a) your continuing compliance with your obligations under your Confidentiality Agreement and Proprietary Information and Inventions Agreement; (b) your delivery to the Company of an effective general release of claims in favor of the Company and its affiliates in a form acceptable to the Company within 30 days following your termination date. The monthly severance payments and lump sum bonus payment will be subject to standard deductions and withholdings following termination; provided, however, that no payments will be made prior to the 40th day following your termination. On the 40th day following your Separation from Service date, the Company will pay you the salary continuation payments that you would have received on or prior to such date in a lump sum under the original schedule but for the delay while waiting for the effectiveness of the release, with the balance of the cash severance and the bonus payment being paid as originally scheduled.
For purposes of this letter, Cause means (A) your conviction (including a guilty plea or a no contest plea) of a felony, or of any other crime involving fraud, dishonesty or moral turpitude; (B) your commission of or participation in a fraud against the Company; (C) your material breach of any written agreement between you and the Company (including but not limited to your Proprietary Information Agreement) or material breach or neglect of any statutory or fiduciary duty you owe to the Company; or (D) your conduct that constitutes gross insubordination or habitual neglect of your duties as determined by the Board; provided in each case that the Company gives you written notice and a reasonable opportunity to cure or to be heard by the Board before its final determination.
For purposes of this letter, Change in Control means (A) where, as a result of any takeover bid, scheme of arrangement or any other event or transaction, a person or entity becomes entitled to more than 50% of the Shares or to all or substantially all of the Groups business and assets (provided that no sale or transfer undertaken in respect of an internal reorganisation of the structure, business or assets of the Group shall constitute a Change of Control Event); or (B) any other event determined by the Board to constitute a Change of Control Event for the purposes of these Rules (excluding, for the avoidance of doubt, an internal reorganisation of the structure, business or assets of the Group).
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For purposes of this letter, you shall have Good Reason for your resignation from your employment with the Company and/or any of its subsidiaries or parent entities or successor entities for up to ninety (90) days following the occurrence of one of the following events without your consent and after having provided thirty (30) days prior written notice and an opportunity to cure to the Company and the failure by the Company to cure the event: (A) material reduction in your duties (including responsibilities and/or authorities), provided, however, that a change in job position (including a change in title) shall not be deemed a material reduction in and of itself unless your new duties are substantially reduced from the prior duties; (B) relocation of your principal place of employment to a place that increases your one-way commute by more than fifty (50) miles as compared to your then current principal place of employment immediately prior to such relocation; (C) a reduction of at least 10% of your gross base salary (unless pursuant to a salary reduction program applicable generally to the Companys executive employees); or (D) a change in your reporting line such that you report to a position subordinate to the Chief Executive Officer.
For purposes of this letter, in Connection with a Change in Control will mean if your employment is terminated during that period either three (3) months prior to or twelve (12) months following a Change in Control.
It is intended that the severance benefits payable under this letter satisfy, to the greatest extent possible, the exemptions from the application of Internal Revenue Code Section 409A provided under Treasury Regulations 1.409A 1(b)(4), 1.409A 1(b)(5) and 1.409A 1(b)(9), and this letter will be construed to the greatest extent possible as consistent with those provisions. For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A 2(b)(2)(iii)), your right to receive instalment payments under this letter shall be treated as a right to receive a series of separate payments and, accordingly, each instalment payment hereunder shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this letter, if you are deemed by the Company at the time of your Separation from Service to be a specified employee for purposes of Code Section 409A(a)(2)(B)(i), to the extent delayed commencement of any portion of the severance benefits to which you are entitled under this letter is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i), such portion of your benefits shall not be provided to you prior to the earlier of (i) the expiration of the six-month period measured from the date of your Separation from Service with the Company or (ii) the date of your death. Upon the first business day following the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph shall be paid in a lump sum to you, and any remaining payments due under this letter shall be paid as otherwise provided herein.
Terms of Employment
At-Will Employment. Notwithstanding any other obligation in this letter, your employment with the Company will be on an at will basis, meaning that either you or the Company may terminate your employment at any time for any reason or no reason.
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Debarment and Suspension. You agree, assert, and affirm that you are in compliance with United States Federal Executive Order 12549 Debarment and Suspension and in further compliance with Executive Order 12689, and with Section 2455 of the Federal Acquisition Regulation as provided in 45 CFR 76 Government-Wide Debarment and Suspension (Non-procurement) and Government-Wide Requirements for Drug-Free Workplace (Grants), and in further compliance with Office of Management and Budget Memorandum M-87-32, Certification of Non-delinquency by Applicants for Federal Assistance, that I, to the best of my knowledge and belief:
(a) | Am not presently debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded by any Federal department or agency; |
(b) | Have not within a three-year period preceding the Start Date been convicted of or had a civil judgment rendered against me for commission of fraud or a criminal offense in connection with obtaining, attempting to obtain, or performing a public (Federal, State, or local) transaction or contract under a public transaction; violation of Federal or State antitrust statutes or commission of embezzlement, theft, forgery, bribery, falsification or destruction of records, making false statements, or receiving stolen property; |
(c) | Am not presently indicted for or otherwise criminally or civilly charged by a governmental entity (Federal, State, or local) with commission of any of the offenses enumerated in paragraph (1)(b) of this certification; |
(d) | Have not within a three-year period preceding the Start Date had one or more public transactions (Federal, State, or local) terminated for cause or default; and |
(e) | Am not currently delinquent on the repayment of any federal debt. |
Confidentiality. You agree that, by executing this letter, you enter into a Confidentiality Agreement with the company, which is provided in Attachment 2 of this letter.
Work Product Agreement. You agree that, by executing this letter, you enter into a Proprietary Information and Inventions Agreement with the company, which is provided in Attachment 3 of this letter.
Notification of Material Changes. You agree to promptly notify Kazia of any material changes in your circumstances, including without limitation your residential address, your qualifications, professional memberships or certifications, or any of the representations and warranties contained in this letter.
Adherence to Policies. You acknowledge that you are expected act as a role model for the company and to uphold and champion its policies including, but not limited to, its policies relating to work health and safety, equal employment opportunities, anti-discrimination, harassment and bullying. You must also comply with any policies issued by the company, including policies relating to corporate governance.
Surveillance and Data Privacy. The company undertakes continuous and ongoing surveillance in relation to activities carried out on its premises, or using its property, in order to ensure that its workplaces are safe, and free of risk of harm to all employees and visitors, and also to protect the companys business interests. In accepting employment with the company, you acknowledge the surveillance set out in this clause, and consent to such use.
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Ownership of Physical Property. All document, apparatus, equipment and other physical property in any form furnished to you by the Company or produced by you or others in connection with your employment shall be and remain the sole property of the Company. You shall return to the Company all such documents, materials and property as and when requested by the Company, except only (i) personal copies of records relating to my compensation; (ii) if applicable, personal copies of any materials evidencing shares of the Companys capital stock purchased by you and/or options to purchase shares of the Companys capital stock granted to you; (iii) your copy of this Agreement and (iv) your personal property and personal documents that you bring with you to the Company and any personal correspondence and personal materials that you accumulate and keep at the Companys office during your employment. Even if the Company does not so request, you shall return all such documents, materials and property upon termination of your employment, and, except for your personal documents, you will not take with you any such documents, material or property or any reproduction thereof upon such termination.
Obligations at Termination. Upon termination of your employment for any reason, you must, at the Companys request, cooperate with the company and render all reasonable assistance in the prosecution or defence of legal claims and proceedings. You must execute all documents and give all reasonable assistance required to relinquish offices held on behalf of the Company, and to allow the Company to protect intellectual property and confidential information.
Non-Solicitation. During your employment, and for a period of twelve (12) months after termination, you may not directly or indirectly solicit, induce, recruit or encourage any of the Companys employees or consultants to terminate their relationship with the Company, or attempt any of the foregoing, either for yourself or any other person or entity.
Conditions of Employment
Proof of Right to Work. For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days of your date of hire, or our employment relationship with you may be terminated.
Background and Credit Review. You agree to and will promptly complete any necessary documentation to allow a personal background and credit review. All information will be held strictly confidential but will be used to finally qualify you for this position. Satisfactory passage of this check must be completed within seven (7) business days of your date of hire, or our employment relationship with you may be terminated.
Warranties. In accepting this offer of employment, you warrant that:-
(a) | You will not be in breach of any agreement with, or obligation owed to, any third party; and |
(b) | You have disclosed all material information to Kazia which may be relevant to the companys decision to offer you employment; and |
(c) | Any representations you have made as to your qualifications, skills, experience, industry knowledge, business influence, contacts, and employment history are true and correct and complete. |
We are all delighted to be able to extend you this offer and look forward to working with you. To indicate your acceptance of the Companys offer, please sign and date this letter in the space provided below, and separately on Attachment 2 and Attachment 3. Please return the signed documents to the company. This letter, together with its Attachments, set forth the terms of your employment with the Company and supersede any prior representations or agreements, whether written or oral. This letter may not be modified or amended except by a written agreement, signed by the Company and by you.
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Yours sincerely,
For and on behalf of Kazia Therapeutics:-
/s/ James Garner |
Dr James Garner Chief Executive Officer |
Accepted and agreed by:-
/s/ Karen Krumeich |
Karen Krumeich Date: 16 November 2021 |
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ATTACHMENT 1
PARTICULARS OF EMPLOYMENT
Position | Chief Financial Officer | |
Position Overview | As Chief Financial Officer, you will be responsible for the companys financial management, the maintenance of its accounts, its statutory reporting, and its compliance with the requirements of SEC, NASDAQ, ASX, and other applicable authorities. In addition, you will play a central role in securing additional financing for the company from capital markets, by establishing active relationships with key bankers, brokers, investors, and other stakeholders. As a member of the Companys Executive Leadership Team, you will work closely with the Chief Executive Officer to shape the Companys strategy, culture, management team, and business model. | |
Manager | Chief Executive Officer | |
Place of Work | Home-based in PA | |
Commencement Date | TBD | |
Base Salary | US$ 400,000 per annum (paid as $33,333 per calendar month) | |
Target Bonus | 40% of your annual base salary | |
LTI Options Grant (subject to Board approval) |
800,000 (eight hundred thousand) options over Kazias ASX-listed stock, to vest in four equal annual instalments, beginning on the first anniversary of joining | |
Health Insurance | Health, Dental, and Vision
100% of premium for employees and a proportion of premium, not less than 50%, for dependents | |
401(k) Plan | Company sponsored Safe Harbor 401k Plan with Company Match (100% for first 4% and 50% for next 2%). Employees are eligible to participate after one pay cycle. Matching is immediate with no vesting period. | |
Paid Time Off (PTO) | 20 days per calendar year |
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ATTACHMENT 2
CONFIDENTIALITY AGREEMENT
For the purposes of this Agreement, Confidential Information means information which came to the employees knowledge in the course of, or as a result of, their employment including, but not limited to:
(a) | the business or affairs, financial information, intellectual property, business plans, research and development, and sales and marketing information of the Company; |
(b) | unpatented molecular structures, manufacturing processes, assay methodologies, preclinical or clinical data; |
(c) | information which would reasonably be considered to be of a business sensitive nature; |
(d) | trade secrets and confidential information and know-how of the Company; |
(e) | information regarding investments, investment opportunities, investment strategies and investment research of the Company; and |
(f) | confidential information of a third party that has been shared with Company. |
Confidential Information will not include information which is or becomes readily available in the public domain otherwise than as a result of the breach of this Agreement.
The employee must not use or disclose this Confidential Information during and after their employment, and must take all reasonable steps to prevent the unauthorised disclosure of the Confidential Information, except in the following circumstances:
(a) | the Company has given its prior written consent; or |
(b) | in the proper course of performing their duties and for the benefit of the Company; or |
(c) | to the extent required by law. |
Without limiting the generality of the above, the employee must not disclose Confidential Information to other employees of the Company unless these employees are authorised by the Company to receive this information and need to know this information to perform their duties to the Company.
The employee must immediately notify the Company if the employee suspects or becomes aware that Confidential Information has been improperly used, copied or disclosed.
The employee must not copy or remove from the Companys premises any document which contains Confidential Information except for the purpose of properly performing the duties of the position and for the benefit of the Company.
The employee must provide assistance reasonably requested by the Company in relation to proceedings against any person for unauthorised use, copying or disclosure of Confidential Information.
Accepted and agreed by:-
/s/ Karen Krumeich |
Name: Karen Kremeich Date: 16 November 2021 |
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ATTACHMENT 3
PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT
In exchange for my becoming employed (or my employment being continued), or retained as a consultant (or my consulting relationship being continued), by Kazia Therapeutics, or any of its current or future subsidiaries, affiliates, successors or assigns (collectively, the Company), and for any cash and equity compensation for my services, I hereby agree as follows:
Assignment of Inventions.
(a) | Without further compensation, I hereby agree promptly to disclose to the Company, all Inventions (as defined below) which I may solely or jointly develop or reduce to practice during the period of my employment or consulting relationship with the Company which (i) pertain to any line of business activity of the Company, (ii) are aided by the use of time, material or facilities of the Company, whether or not during working hours or (iii) relate to any of my work during the period of my employment or consulting relationship with the Company, whether or not during normal working hours (Company Inventions). During the term of my employment or consultancy, all Company Inventions that I conceive, reduce to practice, develop or have developed (in whole or in part, either alone or jointly with others) shall be the sole property of the Company and its assigns to the maximum extent permitted by law (and to the fullest extent permitted by law shall be deemed works made for hire), and the Company and its assigns shall be the sole owner of all patents, copyrights, trademarks, trade secrets and other rights in connection therewith. I hereby assign to the Company any rights that I may have or acquire in such Company Inventions. |
(b) | I have provided to the Company, prior to my engagement, a complete list of all Inventions, if any, made by me prior to my employment or consulting relationship with the Company that are relevant to the Companys business, and I represent and warrant that such list is complete. If no such list is provided, I represent that I have no such Inventions at the time of signing this Agreement. If in the course of my employment or consultancy (as the case may be) with the Company, I use or incorporate any Invention in which I have an interest into a product or process of the Company, the Company is hereby granted a nonexclusive, fully paid-up, royalty-free, perpetual, irrevocable worldwide license of my interest to use and sublicense such Invention without restriction of any kind. |
NOTICE REQUIRED BY REVISED CODE OF WASHINGTON 49.44.140:
Any assignment of Inventions required by this Agreement does not apply to an Invention for which no equipment, supplies, facility or trade secret information of the Company was used and which was developed entirely on the employees own time, unless (a) the Invention relates (i) directly to the business of the Company or (ii) to the Companys actual or demonstrably anticipated research or development or (b) the Invention results from any work performed by the employee for the Company.
Further Assistance and Power of Attorney. I agree to perform, during and after my employment or consulting relationship, all acts deemed necessary or desirable by the Company to permit and assist it, at its expense, in obtaining and enforcing the full benefits, enjoyment, rights and title throughout the world in the Inventions assigned to the Company as set forth in Section 4 above. Such acts may include, but are not limited to, execution of documents and assistance or cooperation in legal proceedings. I hereby irrevocably designate the Company and its duly authorized officers and agents as my agent and attorney-in fact, to execute and file on my behalf any such applications and to do all other lawful acts to further the prosecution and issuance of patents, copyright and mask work registrations related to such Inventions. This power of attorney shall not be affected by my subsequent incapacity.
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Inventions. As used in this Agreement, the term Inventions means discoveries, developments, concepts, designs, ideas, know how, improvements, inventions, trade secrets and/or original works of authorship, whether or not patentable, copyrightable or otherwise legally protectable. This includes, but is not limited to, any new product, machine, article of manufacture, biological material, method, procedure, process, technique, use, equipment, device, apparatus, system, compound, formulation, composition of matter, design or configuration of any kind, or any improvement thereon.
Survival. This Agreement (a) shall survive for a period of five years beyond the termination of my employment by or consulting relationship with the Company, (b) inures to the benefit of successors and assigns of the Company and (c) is binding upon my heirs and legal representatives.
Injunctive Relief. I acknowledge that violation of this Agreement by me may cause irreparable injury to the Company, and I agree that the Company will be entitled to seek extraordinary relief in court, including, but not limited to, temporary restraining orders, preliminary injunctions and permanent injunctions without the necessity of posting a bond or other security and without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement.
Accepted and agreed by:-
/s/ Karen Krumeich |
Name: Karen Krumeich Date: 16 November 2021 |
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Exhibit 12.1
Certification of the Chief Executive Officer as required by
Rule 13a-14(a) of the Securities Exchange Act of 1934
I, James Garner, certify that:
1. | I have reviewed this Annual Report on Form 20-F for the fiscal year ended June 30, 2022 (Report) of Kazia Therapeutics Limited (the Company); |
2. | Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this Report; |
4. | The Companys other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) ) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f) for the Company and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the Companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the Companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect the Companys internal control over financial reporting; and |
5. | The Companys other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Companys auditors and the audit committee of the Companys Board of Directors (or persons performing the equivalent functions). |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Companys ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Companys internal control over financial reporting. |
/s/ James Garner |
James Garner |
Chief Executive Officer |
Date: October 17, 2022
Exhibit 12.2
Certification of the Director of Chief Financial Officer as required by
Rule 13a-14(a) of the Securities Exchange Act of 1934
I, Karen Krumeich, certify that:
1. | I have reviewed this Annual Report on Form 20-F for the fiscal year ended June 30, 2022 (Report) of Kazia Therapeutics Limited (the Company); |
2. | Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this Report; |
4. | The Companys other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) ) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: |
(a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | evaluated the effectiveness of the Companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | disclosed in this report any change in the Companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect the Companys internal control over financial reporting; and |
5. | The Companys other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Companys auditors and the audit committee of the Companys Board of Directors (or persons performing the equivalent functions). |
(a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Companys ability to record, process, summarize and report financial information; and |
(b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Companys internal control over financial reporting. |
/s/ Karen Krumeich |
Karen Krumeich |
Chief Financial Officer |
Date: October 17, 2022
Exhibit 13.1
Certification of the Chief Executive Officer and the Chief Financial Officer as required by Rule 13a-14(b) of
the Securities Exchange Act of 1934
Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350), James Garner, Chief Executive Officer, and Karen Krumeich, Chief Financial Officer, of Kazia Therapeutics Limited, an Australian corporation (the Company), hereby certifies that:
(1) | The Companys periodic report on Form 20-F for the period ended June 30, 2022 (the Form 20-F) fully complies with the requirements of section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 as amended; and |
(2) | The information contained in the Form 20-F fairly presents, in all material respects, the financial condition and results of operations of the Company. |
* * *
Chief Executive Officer | Chief Financial Officer | |||
/s/ James Garner |
/s/ Karen Krumeich | |||
James Garner | Karen Krumeich | |||
Date: October 17, 2022 | Date: October 17, 2022 |
This certification accompanies the Form 20-F to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Kazia Therapeutics Limited under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 20-F), irrespective of any general incorporation language contained in such filing.
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 15.1
Consent of Independent Registered Public Accounting Firm
We have issued our report dated October 17, 2022 with respect to the consolidated financial statements included in the Annual Report of Kazia Therapeutics Limited on Form 20-F for the year ended June 30, 2022.
We consent to the incorporation by reference of the said report in the Registration Statement of Kazia Therapeutics Limited on Form F-3 (File No. 333-259224).
/s/ Grant Thornton Audit Pty Ltd |
GRANT THORNTON AUDIT PTY LTD |
Sydney, Australia
October 17, 2022
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Consolidated statements of financial position - AUD ($) |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|
Current assets | ||
Cash and cash equivalents | $ 7,361,112 | $ 27,586,760 |
Trade and other receivables | 91,000 | 84,000 |
Other | 156,000 | 1,720,000 |
Total current assets | 7,608,000 | 29,391,000 |
Non-current assets | ||
Trade and other receivables | 7,300,000 | 6,694,000 |
Intangibles | 20,050,000 | 22,003,000 |
Total non-current assets | 27,350,000 | 28,697,000 |
Total assets | 34,958,000 | 58,088,000 |
Current liabilities | ||
Trade and other payables | 3,760,000 | 4,933,000 |
Employee benefits | 166,000 | 229,000 |
Contingent consideration | 759,000 | 3,165,000 |
Total current liabilities | 4,685,000 | 8,327,000 |
Non-Current liabilities | ||
Deferred tax | 2,560,000 | 2,928,000 |
Employee benefits | 319,000 | 55,000 |
Contingent consideration | 8,756,000 | 8,927,000 |
Total non-current liabilities | 11,635,000 | 11,910,000 |
Total liabilities | 16,320,000 | 20,237,000 |
Net assets | 18,638,000 | 37,851,000 |
Equity | ||
Contributed equity | 84,480,249 | 80,290,062 |
Other contributed equity | 464,000 | |
Reserves | 2,412,000 | 1,301,000 |
Accumulated losses | (68,254,000) | (44,204,000) |
Equity attributable to the owners of Kazia Therapeutics Limited | 18,638,000 | 37,851,000 |
Total equity | $ 18,638,000 | $ 37,851,000 |
General information |
12 Months Ended |
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Jun. 30, 2022 | |
Text block [abstract] | |
General information | Note 1. General information The financial statements cover Kazia Therapeutics Limited as a consolidated entity consisting of Kazia Therapeutics Limited and its subsidiaries. The financial statements are presented in Australian dollars, which is Kazia Therapeutics Limited’s functional and presentation currency. Kazia Therapeutics Limited is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Three International Towers Level 24, 300 Barangaroo Avenue Sydney NSW 2000 The financial statements were authorised for issue, in accordance with a resolution of Directors, on 14 October 2022. The Directors have the power to amend and reissue the financial statements. |
Significant accounting policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Text block [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Significant accounting policies | Note 2. Significant accounting policies The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the International Accounting Standards Board (‘IASB’) that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the consolidated entity. Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. New Accounting Standards and Interpretations not yet mandatory or early adopted International Going concern The consolidated entity incurred a loss after income tax of $24,647,815 (2021: $8,421,960 ) , was in a net current asset position of $2,923,084 (2021: net current asset position of $21,064,264) and had net cash outflows from operating activities of $22,762,663 (2021: $9,110,516) for the year ended 30 June 2022. As at 30 June 2022 the consolidated entity had cash in hand and at bank of $7,361,112. The financial statements have been prepared on a going concern basis, which contemplates continuity of normal activities and realisation of assets and settlement of liabilities in the normal course of business. As is often the case with drug development companies, the ability of the consolidated entity to continue its development activities as a going concern is dependent upon it deriving sufficient cash from investors, from licensing and partnering activities, and from other sources of revenue such as grant funding. The directors have considered the cash flow forecasts and the funding requirements of the business and continue to explore grant funding, licensing opportunities and equity investment opportunities in the Company. The directors do not foresee any other impacts of COVID-19 on the Company’s ability to pursue its objectives. An ‘at-the-market’ equity program (ATM) with Oppenheimer & Co. Inc. (Oppenheimer), as sales agent was established in May 2022. Under the ATM, Kazia may offer and sell via Oppenheimer up to US$ 35 million of its ordinary shares, in the form of American Depository Shares (ADSs), with each ADS representing ten ordinary shares. Kazia entered into an Equity Distribution Agreement, dated as of 22 (the Sales Agreement), with Oppenheimer, who will act as sales agent. Accordingly the directors have prepared the financial statements on a going concern basis. Should the above assumptions not prove to be appropriate, there is material uncertainty whether the consolidated entity will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in these financial statements. Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IASB’). The financial statements have been prepared on an accruals basis and under the historical cost conventions, except for listed equity investments which are carried at fair value. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in note 29. Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Kazia Therapeutics Limited (‘company’ or ‘parent entity’) as at 30 June 2022 and the results of all subsidiaries for the year then ended. Kazia Therapeutics Limited and its subsidiaries together are referred to in these financial statements as the ‘consolidated entity’. Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference is between the consideration transferred and the book value. Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. Operating segments Operating segments are presented using the ‘management approach’, where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers (‘CODM’). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. The CODM is considered to be the Board of Directors. Foreign currency translation The financial statements are presented in Australian dollars, which is the consolidated entity’s functional and presentation currency. Foreign currency transactions Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign operations The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rate at the date of the transaction, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity. The foreign currency reserve is recognised in profit or loss when the foreign operation is disposed of. Exchange differences arising on a monetary item that forms part of a reporting entity’s net investment in a foreign operation shall be recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal of the net investment. Financial Instruments Recognition and derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted by transactions costs, except for those carried at fair value through profit or loss, which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities are described below. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Subsequent measurement of financial assets For the purpose of subsequent measurement, financial assets are classified into the following categories upon initial recognition:
Classifications are determined by both:
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses. Financial assets at amortised cost Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL):
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments. Financial assets at fair value through profit or loss (FVPL) Financial assets that are held within a business model other than ‘hold to collect’ or ‘hold to collect and sell’ are categorised at fair value through profit and loss. Further, irrespective of business model, financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVPL. The Group’s investments in equity instruments and derivatives fall under this category. Impairment of financial assets IFRS 9’s new impairment model uses more forward looking information to recognize expected credit losses—the ‘expected credit losses (ECL) model’. The application of the new impairment model depends on whether there has been a significant increase in credit risk. The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between:
‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date. ‘12-month expected credit losses’ are recognised for the first category while ‘lifetime expected credit losses’ are recognised for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. Classification and measurement of financial liabilities The Group’s financial liabilities comprise trade and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method. All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income. Compound financial instruments Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest rate method, whereas the equity component is not remeasured. Interest, gains and losses relating to the financial liability are recognised in profit or loss. On conversion, the financial liability is reclassified to equity; no gain or loss is recognised on conversion. Revenue from contracts with customers Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. Revenue is recognised using a five step approach in accordance with IFRS 15 Revenue from Contracts with Customers to depict the transfer of promised services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. Distinct promises within the contract are identified as performance obligations. The transaction price of the contract is measured based on the amount of consideration the consolidated entity expects to be entitled to from the customer in exchange for services. Factors such as requirements around variable consideration, significant financing components, noncash consideration, or amounts payable to customers also determine the transaction price. The transaction is then allocated to separate performance obligations in the contract based on relative standalone selling prices. Revenue is recognised when, or as, performance obligations are satisfied, which is when control of the promised service is transferred to the customer. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue. Amounts expected to be recognised as revenue within the 12 months following the balance sheet date are classified within current liabilities. Amounts not expected to be recognised as revenue within the 12 months following the balance sheet date are classified within non-current liabilities. The consolidated entity recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in its consolidated statement of financial position. Similarly, if the consolidated entity satisfies a performance obligation before it receives the consideration, the consolidated entity recognises either a contract asset or a receivable in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due. Licensing revenues, including milestone revenue Revenue from licensees of the consolidated entity’s intellectual property reflects the transfer of a right to use the intellectual property as it exists at the point in time in which the licence is transferred to the customer. Licensing agreements are examined to determine whether they contain additional performance obligations, over and above the right to use the intellectual property. To the extent that additional performance obligations exist, the transaction price the consolidated entity expects to receive for the contract is allocated to the separate performance obligations. The receipt of milestone payments is often contingent on meeting certain clinical, regulatory or commercial targets, and is therefore considered variable consideration. The transaction price of the contingent milestone is estimated using the most likely amount method. Within the transaction price, the price associated with a contingent milestone is included only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Milestone payments that are not within the control of the Group, such as regulatory approvals, are not considered highly probable of being achieved until those approvals are achieved. Finance Income Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Grant Income Grants from governments are recognised at their fair value when there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions. Government grants relating to operating costs are recognised in the Statements of Comprehensive Income as grant income. A New South Wales Export Development Grant was received in the current financial year. Other revenue Other revenue is recognised when it is received or when the right to receive payment is established. Income tax The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. Kazia Therapeutics Limited (the ‘parent entity’) and its wholly-owned Australian controlled entities have formed an income tax consolidated group under the tax consolidation regime. Kazia Therapeutics Limited as the parent entity discloses all of the deferred tax assets of the tax consolidated group in relation to tax losses carried forward (after elimination of inter-group transactions). The tax consolidated group has applied the ‘separate taxpayer in the group’ allocation approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group. As the tax consolidation group continues to generate tax losses there has been no reason for the company to enter a tax funding agreement with members of the tax consolidation group. Interpretation 23 Uncertain tax positions Interpretation 23 clarified the application of the recognition and measurement criteria IAS 12 Income Taxes where there is uncertainty over income tax treatments and requires an assessment of each uncertain tax position as to whether it is probable that a taxation authority will accept the position. Where it is not probable, the effect of the uncertainty is reflected in determining the relevant taxable profit or loss, tax bases, unused tax losses and unused tax credits or tax rates. The amount is determined as either the single most likely amount or the sum of the probability weighted amounts in a range of possible outcomes, whichever better predicts the resolution of the uncertainty. Management believes that historical tax losses are not expected to be available for offset against the deferred tax liability at 30 June 2022. Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is current when: it is expected to be realised or intended to be sold or consumed in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is current when: it is expected to be settled in normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current. Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Research and development Expenditure during the research phase of a project is recognised as an expense when incurred. Development costs are capitalised only when technical feasibility studies identify that the project will deliver future economic benefits and these benefits can be measured reliably. Leases Under IFRS 16, leases are accounted for as follows:
Lease incentives under IFRS 16 are recognised as part of the measurement of right-of-use Under IFRS 16, right-of-use For short-term leases (lease term of 12 months or less) and leases of low-value assets, the consolidated entity has opted to recognise a lease expense on a straight-line basis as permitted by IFRS 16 Leases. This expense is presented within other expenses in the consolidated statement of profit or loss. Intangible assets Separately acquired intangible assets are shown at historical cost. Intangible assets acquired as part of a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The method and useful lives of finite life intangible asset s ar e reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period. Amortisation expense is included in research and development expenditure. Licensing agreement for paxalisib The Licensing Agreement asset was initially brought to account at fair value, and is being amortised on a straight-line basis over the period of its expected benefit, being the remaining life of the patent, which was 15 years from the date of acquisition. Licensing agreement for EVT801 The Licensing agreement asset was initially brought to account at cost and is being amortised on a straight-line basis over the period of its expected benefit, being the remaining life of the patent, which was 12.5 years from the date of acquisition. Impairment of non-financial assets Non-financial assets with finite useful lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset’s fair value less costs of disposal and value-in-use. value-in-use pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit. Provisions Provisions are recognised when the consolidated entity has a present (legal or constructive) obligation as a result of a past event, it is probable the consolidated entity will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost. Employee benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Defined contribution superannuation expense Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred. Share-based payments Equity-settled share-based compensation benefits are provided to employees under the terms of the Employee Share Option Plan (‘ESOP’) and consultants as compensation for services performed. Equity-settled transactions are awards of shares, or options over shares that are provided to employees in exchange for the rendering of services. The value of the instruments is measured by reference to the fair value of the underlying instruments on grant date, as required by IFRS2 Share-Based Payments. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification. If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited. If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification. Finance costs Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed in the period in which they are incurred, including interest on short-term and long-term borrowings. Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interest. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed each reporting date and transfers between levels are determined based on a reassessment of the lowest level input that is significant to the fair value measurement. For recurring and non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. Issued capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options, including share based payments relating to the issue of shares are, shown in equity as a deduction, net of tax, from the proceeds. Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of Kazia Therapeutics Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. Goods and Services Tax (‘GST’) and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
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Critical accounting judgements, estimates and assumptions |
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Critical accounting judgements, estimates and assumptions | Note 3. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed as follows: Research and development expenses The Directors do not consider the development programs to be sufficiently advanced to reliably determine the economic benefits and technical feasibility to justify capitalisation of development costs. These costs have been recognised as an expense when incurred. Research and development expenses relate primarily to the cost of conducting human clinical and pre-clinical trials. Clinical development costs are a significant component of research and development expenses. Estimates have been used in determining the expense liability under certain clinical trial contracts where services have been performed but not yet invoiced. Generally the costs, and therefore estimates, associated with clinical trial contracts are based on the number of patients, drug administration cycles, the type of treatment and the outcome being measured. The length of time before actual amounts can be determined will vary depending on length of the patient cycles and the timing of the invoices by the clinical trial partners.Clinical trial expenses The timing of payment for work conducted under clinical trials often bears little relation to the timing of the work effort. Detailed estimates are made to determine the amount of work effort expended during a reporting period in order to determine the appropriate expense to be recognised, with the resulting prepayments or un-invoiced amounts being recognised as a prepayment or an accrual respectively. Share-based payment transactions The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. The fair value is determined by using the Black-Scholes option pricing model taking into account the terms and conditions upon which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity. Acquisition of intangible assets The consolidated entity has applied judgement in determining the accounting treatment for the acquisition of the License agreement for EVT801. The License agreement has been determined to be a stand alone transaction, independent from any other agreements which have been or may be entered into with Evotec (France) SAS. Management has also made the decision to account for the cost of the asset conferred by the License agreement on the basis of the milestones that are probable of being payable, that is, those for which there is judged to be a probability of greater than 50% that the milestone will be triggered. Contingent consideration Contingent consideration relates to the intangible assets acquired, and the fair value of contingent consideration is dependent on the key assumptions used in accounting for the acquisition of those intangible assets. These assumptions include the probability of milestones occurring, and can also include the anticipated timing of settlement and discount rates used. In the case where contingent consideration is recognised on the basis that the liability is probable of occurring, judgement is used in determining which milestones are considered probable of being triggered. Intangible assets available for use The consolidated entity has exercised judgement in determining that its intangible assets, being license agreements, have a finite life and are available for use once acquired. As the business model is to acquire such assets and then develop them to generate returns from future license transactions or other means, management have determined that the assets are available for use from the time that they are acquired. In each case the prima facie useful life is the remaining life of the patent over the asset, unless other factors over-ride this assessment. Impairment of non-financial assets other than goodwill and other indefinite life intangible assets The consolidated entity assesses impairment of
non-financial assets other than goodwill and other indefinite life intangible assets at each reporting date by evaluating conditions specific to the consolidated entity and to the particular asset that may lead to impairment. Judgement is used to determine whether any indicators of impairment exist, and reference is made to the considerations included in IAS 36 Impairment of Assets in this assessment. If an impairment trigger is found to exist, the recoverable amount of the asset is determined. |
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Operating segments | Note 4. Operating segments Identification of reportable operating segments The consolidated entity’s operating segment is based on the internal reports that are reviewed and used by the Board of Directors (being the Chief Operating Decision Makers (‘CODM’)) in assessing performance and in determining the allocation of resources. The consolidated entity operates in the pharmaceutical research and development business. There are no operating segments for which discrete financial information exists. The information reported to the CODM, on at least a quarterly basis, is the consolidated results as shown in the statement of profit or loss and other comprehensive income and statement of financial position.
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Revenue | Note 5. Revenue
Disaggregation of revenue The disaggregation of revenue from contracts with customers is as follows:
During fiscal year 2021, the company recognized a total of US$11 million in accordance with the terms of the company’s license agreements with Oasmia Pharmaceutical AB and Simcere Pharmaceutical Group LTD. The terms of the license agreements are described in the following paragraphs. License Agreement with Oasmia Pharmaceutical AB In March 2021, the company entered into an exclusive worldwide license agreement with Oasmia Pharmaceutical AB, an innovation-focused specialty pharmaceutical company, for Cantrixil (TRX-E-002-1), a clinical stage drug candidate for the treatment of ovarian cancer. During fiscal 2021, Oasmia made an upfront payment of US$4 million with contingent milestones of up to US$42 million and double-digit royalties on commercial sales. License Agreement with Simcere Pharmaceutical Group Ltd. In March 2021, the company entered into a licensing agreement with Simcere Pharmaceutical Group LTD. to develop and commercialise the company’s investigational drug candidate, paxalisib, in Greater China. Under the terms of the agreement, Simcere assumed responsibility for the development, registration and commercialization of paxalisib in Greater China (a territory that includes Mainland China, Hong Kong, Macau and Taiwan). The company received an upfront payment of US$11 million comprising US$7 million in cash and a US$4 million equity investment, priced at a 20% premium to recent trading. The company will also receive contingent milestone payments of up to US$281 million for glioblastoma, with further milestones payable for indications beyond glioblastoma. Simcere will additionally pay mid-teen percentage royalties on commercial sales. During fiscal year 2022, the company did not recognise revenue from either license agreements described in the above paragraphs in accordance with the terms of the agreements and revenue recognition policy in accordance with note 2. |
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Other income | Note 6. Other income
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Expenses | Note 7. Expenses
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Income tax benefit/expense | Note 8. Income tax benefit/expense
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Current assets - cash and cash equivalents | Note 9. Current assets - cash and cash equivalents
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Trade and other receivables - non-current | Note 11. Trade and other receivables - non-current
The GBM Agile deposit was advanced to GCAR at the start of the GBM Agile trial, and is refundable if not utilised against trial expenses. The amount will be allocated against expenditure towards the latter end of the trial.
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Current assets - other | Note 12. Other assets Current assets
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Intangibles | Note 13. Intangibles Non-current assets
Reconciliations Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
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Trade and other payables | Note 14. Trade and other payables
Refer to note 22 for further information on financial instruments.
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Employee benefits | Note 15. Employee benefits
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Contingent consideration |
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Contingent consideration | Note 16. Contingent c onsideration
Reconciliations Reconciliation of the balance at the beginning and end of the reporting period is set out below:
Contingent consideration - paxalisib During the 2017 financial year, the consolidated entity acquired the rights to develop and commercialise paxalisib, as part of a business combination. The acquisition contained four contingent milestone payments, the first two milestone payment settlements being Kazia shares, and the third and fourth milestone payment settlements either cash or Kazia shares at the discretion of Kazia. Milestones 1 and 4 have now been paid out, and Milestone 3 has lapsed. Milestone 2 comprises shares to the value of $1,250,000. Each milest one payment is probability weighted for valuation purposes. The milestone payments are discounted to present value, using a discount rate of 15% per annum (15% - 2021). Kazia is also required to pay royalties to Genentech in relation to net sales. These payments are related to future financial performance, and are not considered as part of the consideration in relation to the Genentech agreement. In April 2022 the paxalisib Phase II clinical study was successfully completed and a final clinical study report received. Contingent consideration - EVT801 As set out in note 2, the acquisition of EVT801 has been accounted at cost as a separately acquired intangible asset with milestones where the payment is considered probable being booked as a current or non-current liability at year end, according to the estimated payment date. Milestones where the payment is not considered probable at year end have not been accounted for as a liability. The total amount of milestone payments not booked at year end amounts to €300,500,000 ($456,063,136). |
Deferred tax |
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Deferred tax | Note 17. Deferred tax
Company management has completed an analysis of the availability of historical tax losses to offset the deferred tax liability. Accordingly, the company concludes that the historical tax losses are not expected to be available for offset against the deferred tax liability.
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Equity - contributed equity | Note 18. Equity - contributed equity
Movements in ordinary share capital
Ordinary shares Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote. Share buy-back There is no current on-market share buy-back. Capital risk management The consolidated entity’s objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital. Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is calculated as total borrowings less cash and cash equivalents. The capital structure of the consolidated entity consists of cash and cash equivalents and equity attributable to equity holders. The overall strategy of the consolidated entity is to continue its drug development programs, which depends on raising sufficient funds, through a variety of sources including issuing of additional share capital, as may be required from time to time. The capital risk management policy remains unchanged from the prior year.
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Equity - Other contributed equity | Note 19. Equity - Other contributed equity
On 4 December 2014, the consolidated entity and the convertible note holder (‘Triaxial’) signed a Convertible Note Deed Poll (‘Deed’) which superseded the precedent Loan Agreement between Triaxial shareholders and the consolidated entity. The Deed extinguishes the liability created by the Loan Agreement and provides that the Convertible Notes will convert into a pre-determined number of ordinary shares on the achievement of defined milestones established in the schedule of the Deed. Accordingly the convertible note has been reclassified as an equity instrument rather than debt instrument. During the Financial year ended 30 June 2017, the Company reached two milestones triggering the conversion of a portion of its convertible note as follows:
During the financial year ended 30 June 2018, a portion of the convertible notes was extinguished. On 21 April 2022 the completion of the phase II study of paxalisib in glioblastoma (NCT03522298) was announced and on 5 May 2022 the remaining portion of the convertible note was extinguished and converted to 1,855,357 ordinary shares. |
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Equity - reserves | Note 20. Equity - reserves Foreign currency translation reserve The reserve is used to recognise exchange differences arising from translation of the financial statements of foreign operations to Australian dollars. Share-based payments reserve The reserve is used to recognise the value of equity benefits provided to employees and executive directors as part of their remuneration, and other parties as part of their compensation for services. |
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Equity - dividends | Note 21. Equity - dividends Dividends There were no dividends paid, recommended or declared during the current or previous financial year.
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Financial instruments | Note 22. Financial instruments Financial risk management objectives The consolidated entity’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The consolidated entity uses different methods to measure and manage the different types of risks to which it is exposed. These methods include monitoring the levels of exposure to interest rates and foreign exchange, ageing analysis and monitoring of specific credit allowances to manage credit risk, and, rolling cash flow forecasts to manage liquidity risk. Market risk Foreign currency risk The consolidated entity operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the US dollars (‘USD’). Foreign exchange risk arises from future transactions and recognised assets and liabilities denominated in a currency that is not the entity’s functional currency and net investments in foreign operations. As of 30 June 2022, the consolidated entity did not hold derivative financial instruments in managing its foreign currency, however, the consolidated entity may from time to time enter into hedging arrangements where circumstances are deemed appropriate. The consolidated entity used natural hedging to reduce the foreign currency risk, which involved processing USD payments from cash held in USD. Foreign subsidiaries with a functional currency of Australian Dollars (‘AUD’) have exposure to the local currency of these subsidiaries and any other currency these subsidiaries trade in. The carrying amount of the consolidated entity’s foreign currency denominated financial assets and financial liabilities at the reporting date was as follows:
The consolidated entity had net assets denominated in foreign currencies of A$3,999,645 as at 30 June 2022 (2021: net liabilities A$17,608,845). If the AUD had strengthened against the USD by 10% (2021: 10%) then this would have had the following impact:
Price risk The consolidated entity is not exposed to any significant price risk. Interest rate risk The consolidated entity’s exposure to market interest rates relate primarily to the investments of cash balances. The consolidated entity has cash reserves held primarily in Australian dollars and United States dollars and places funds on deposit with financial institutions for periods generally not exceeding three months. As at the reporting date, the consolidated entity had the following variable interest rate balances:
The consolidated entity has cash and cash equivalents totalling $7,361,112 (2021: $27,586,760). An official increase/decrease in interest rates of (2021: ) would have a favourable/adverse effect on profit before tax and equity of $73,611 (2021 $275,867) per annum. The percentage change is based on the expected volatility of interest rates using market data and analysts forecasts. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the consolidated entity. The entity is not exposed to significant credit risk on receivables. The consolidated entity has adopted a lifetime expected loss allowance in estimating expected credit losses to trade receivables through the use of a provisions matrix using fixed rates of credit loss provisioning. These provisions are considered representative across all customers of the consolidated entity based on recent sales experience, historical collection rates and forward-looking information that is available. The consolidated entity places its cash deposits with high credit quality financial institutions and by policy, limits the amount of credit exposure to any single counter-party. The consolidated entity is averse to principal loss and ensures the safety and preservation of its invested funds by limiting default risk, market risk, and reinvestment risk. The consolidated entity mitigates default risk by constantly positioning its portfolio to respond appropriately to a significant reduction in a credit rating of any financial institution. Generally, trade receivables are written off when there is no reasonable expectation of recovery. Indicators of this include the failure of a debtor to engage in a repayment plan, no active enforcement activity and a failure to make contractual payments for a period greater than 1 year. There are no significant concentrations of credit risk within the consolidated entity. The credit risk on liquid funds is limited as the counter parties are banks with high credit ratings. Credit risk is managed by limiting the amount of credit exposure to any single counter-party for cash deposits. Liquidity risk The consolidated entity manages liquidity risk by maintaining adequate cash reserves and by continuously monitoring actual and forecast cash flows and matching the maturity profiles of financial assets and liabilities. In particular, contingent consideration may be satisfied either by payment of cash or by issue of shares, at the discretion of the entity. Remaining contractual maturities The following tables detail the consolidated entity’s remaining contractual maturity for its financial instrument liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the financial liabilities are required to be paid. The tables include both interest and principal cash flows disclosed as remaining contractual maturities and therefore these totals may differ from their carrying amount in the statement of financial position.
The cash flows in the maturity analysis above are not expected to occur significantly earlier than contractually disclosed above.
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Fair value measurement |
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Fair value measurement | Note 23. Fair value measurement Fair value hierarchy The following tables detail the consolidated entity’s assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Unobservable inputs for the asset or liability
There were no transfers between levels during the financial year. The fair value of contingent consideration related to the acquisition of Glioblast Pty Ltd and the licence agreement is estimated by probability-weighting the expected future cash outflows, adjusting for risk and discounting. Only the paxalisib contingent consideration is shown here as it held at fair value and EVT801 is held at cost. The effects on the fair value of risk and uncertainty in the future cash flows are dealt with by adjusting the estimated cash flows rather than adjusting the discount rate. The estimated cashflows were adjusted based on the directors’ assessment of achieving contracted milestones as disclosed in Note 16. The probabilities used fell in the range of 35% to 55% and were informed by generally accepted industry probabilities of drugs achieving certain milestones in their progression towards registration. Level 3 assets and liabilities Movements in level 3 assets and liabilities during the current and previous financial year are set out below:
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Key management personnel disclosures |
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Key management personnel disclosures | Note 24. Key management personnel disclosures Compensation The aggregate compensation made to directors and other members of key management personnel (‘KMP’) of the consolidated entity is set out below:
Please refer to Note 28 for other transactions with key management personnel and their related parties.
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Remuneration of auditors |
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Remuneration of auditors | Note 25. Remuneration of auditors During the financial year the following fees were paid or payable for services provided by Grant Thornton Audit Pty Ltd, the auditor of the consolidated entity:
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Contingent liabilities | Note 26. Contingent liabilities Other than the contingent consideration set out in note 16, the consolidated entity does not have any other contingent liabilities.
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Commitments | Note 27. Commitments Lease commitments comprise contracted amounts for leases of premises. The agreement has a duration less than 12 months from financial year end. |
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Related party transactions | Note 28. Related party transactions Parent entity Kazia Therapeutics Limited is the parent entity. Subsidiaries Interests in subsidiaries are set out in note 30. Key management personnel Disclosures relating to key management personnel are set out in note 24 and the remuneration report included in the directors’ report. Transactions with related parties There was no other transaction with KMP and their related parties. Receivable from and payable to related parties There were no trade receivables from or trade payables to related parties at the current and previous reporting date. Loans to/from related parties There were no loans to or from related parties at the current and previous reporting date. Terms and conditions All transactions were made on normal commercial terms and conditions and at market rates.
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Parent entity information |
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Parent entity information | Note 29. Parent entity information Set out below is the supplementary information about the parent entity.
Reserves comprise Share Based Payments Reserve. Contingent liabilities The parent entity contingent liabilities as at 30 June 2022 and 30 June 2021 are as set out in Note 16. The contingent consideration is specific to the parent entity. Capital commitments - Property, plant and equipment The parent entity had no capital commitments for property, plant and equipment at as 30 June 2022 and 30 June 2021. Significant accounting policies The accounting policies of the parent entity are consistent with those of the consolidated entity, as disclosed in note 2, except for the following:
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Interests in subsidiaries |
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Interests in subsidiaries | Note 30. Interests in subsidiaries The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2:
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Reconciliation of loss after income tax to net cash used in operating activities | Note 31. Reconciliation of loss after income tax to net cash used in operating activities
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Earnings per share |
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Earnings per share | Note 32. Earnings per share
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Share-based payments | Note 33. Share-based payments All of the options set out below have been issued to employees and directors under the ESOP. During the financial year an expense of $1,674,581 was recognised. 2022
2022
At the end of the period the following outstanding options were vested and exercisable: - Options in tranche 1 - 4 expired during the year - Options in tranches 1 - 8 were vested and exercisable, apart from those in the above table which have expired - Options in tranches 9 - 10 were vested and exercisable as to 50% - Options in tranche 11 were vested and exercisable as to 75% - Options in tranches 12 - 14 were vested and exercisable as to 25% - Options in tranches 15 - 19 were unvested The weighted average remaining contractual life of options outstanding at 30 June 2022 is 3.048 years. 2021
At the end of the period the following outstanding options were vested and exercisable: - Options in tranche 1 have expired during the year - Options in tranches 2 - 8 were vested and exercisable except for tranche 6 which was vested as to 53% - Options in tranche 9 were vested as to 1million of the 1.2million options on issue - Options in tranches 10-12 were 25% vested - Options in tranche 13 were unvested at year end The weighted average remaining contractual life of options outstanding at 30 June 2021 is 2.6 years. Employee share options During the year ended 30 June 2022, 4,800,000 options have been issued to directors and employees by the consolidated entity pursuant to the Company’s Employee Share Option Plan.
Vesting conditions for options within all tranches, is based on service period only; i.e. options will only vest if the option holder continues to be a full-time employee with the Company or an Associated Company during the vesting period relating to the option. Conditions for an option to be exercised:
Options Valuation In order to obtain a fair valuation of these options, the following assumptions have been made: The Black Scholes option valuation methodology has been used with the expectation that the majority of these options would be exercised towards the end of the option term. Inputs into the Black Scholes model includes the share price at grant date, exercise price, volatility, and the risk free rate of a five year Australian Government Bond on grant date. Risk-free rate and grant date For all tranches, the risk-free rate of a five-year Australian Government bond on grant date was used. Please refer to the table below for details. The abovementioned options have various vesting periods and exercising conditions. These options are unlisted as at 30 June 2022. No dividends are expected to be declared or paid by the consolidated entity during the terms of the options. The underlying expected volatility was determined by reference to historical data of the Company’s shares over a period of time. No special features inherent to the options granted were incorporated into measurement of fair value. Based on the above assumptions, the table below sets out the valuation for each tranche of options:
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Subsequent events |
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Subsequent events | Note 34. Subsequent events GBM AGILE Pivotal Study Post period, on 1 August 2022, the company was advised by the Global Coalition for Adaptive Research (GCAR) that the first stage of the paxalisib arm in the company’s GBM AGILE pivotal study had completed recruitment. The treatment arm did not meet pre-defined criteria for continuing to a second stage, and patients enrolled in the first stage of the paxalisib arm will therefore continue on treatment as per protocol, and in follow-up, until completion of the final analysis, which the company anticipates receiving in 2H CY2023, as previously disclosed. Given that completion of recruitment has now occurred, the study will not open to the paxalisib arm in Germany or China. The company will work with its licensing partner to determine the way forward in China, given that country’s general requirement for local data to register a new pharmaceutical product. All company personnel continue to be blinded to efficacy and safety data from the ongoing study, as required by regulatory authorities, and so the company remains unable to provide analysis or interpretation of the study until follow-up is complete and final data is available. At-The-Market In May 2022, the company established the NASDAQ based ATM financing facility with Oppenheimer and Company. During the months of July 2022 and August 2022 through 11 August 2022, the company raised total proceeds for the period of No other matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may significantly affect the consolidated entity’s operations, the results of those operations, or the consolidated entity’s state of affairs in future financial years.
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New or amended Accounting Standards and Interpretations adopted | New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the International Accounting Standards Board (‘IASB’) that are mandatory for the current reporting period. The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the consolidated entity. Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
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New Accounting Standards and Interpretations not yet mandatory or early adopted | New Accounting Standards and Interpretations not yet mandatory or early adopted International |
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Going concern | Going concern The consolidated entity incurred a loss after income tax of $24,647,815 (2021: $8,421,960 ) , was in a net current asset position of $2,923,084 (2021: net current asset position of $21,064,264) and had net cash outflows from operating activities of $22,762,663 (2021: $9,110,516) for the year ended 30 June 2022. As at 30 June 2022 the consolidated entity had cash in hand and at bank of $7,361,112. The financial statements have been prepared on a going concern basis, which contemplates continuity of normal activities and realisation of assets and settlement of liabilities in the normal course of business. As is often the case with drug development companies, the ability of the consolidated entity to continue its development activities as a going concern is dependent upon it deriving sufficient cash from investors, from licensing and partnering activities, and from other sources of revenue such as grant funding. The directors have considered the cash flow forecasts and the funding requirements of the business and continue to explore grant funding, licensing opportunities and equity investment opportunities in the Company. The directors do not foresee any other impacts of COVID-19 on the Company’s ability to pursue its objectives. An ‘at-the-market’ equity program (ATM) with Oppenheimer & Co. Inc. (Oppenheimer), as sales agent was established in May 2022. Under the ATM, Kazia may offer and sell via Oppenheimer up to US$ 35 million of its ordinary shares, in the form of American Depository Shares (ADSs), with each ADS representing ten ordinary shares. Kazia entered into an Equity Distribution Agreement, dated as of 22 (the Sales Agreement), with Oppenheimer, who will act as sales agent. Accordingly the directors have prepared the financial statements on a going concern basis. Should the above assumptions not prove to be appropriate, there is material uncertainty whether the consolidated entity will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in these financial statements.
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Basis of preparation | Basis of preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) and the Corporations Act 2001, as appropriate for for-profit oriented entities. These financial statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board (‘IASB’). The financial statements have been prepared on an accruals basis and under the historical cost conventions, except for listed equity investments which are carried at fair value. Critical accounting estimates The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the consolidated entity’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.
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Parent entity information | Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated entity only. Supplementary information about the parent entity is disclosed in note 29.
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Principles of consolidation | Principles of consolidation The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Kazia Therapeutics Limited (‘company’ or ‘parent entity’) as at 30 June 2022 and the results of all subsidiaries for the year then ended. Kazia Therapeutics Limited and its subsidiaries together are referred to in these financial statements as the ‘consolidated entity’. Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between entities in the consolidated entity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the consolidated entity. The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference is between the consideration transferred and the book value. Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities and
non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity. The consolidated entity recognises the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss. |
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Operating segments | Operating segments Operating segments are presented using the ‘management approach’, where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers (‘CODM’). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. The CODM is considered to be the Board of Directors.
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Foreign currency translation | Foreign currency translation The financial statements are presented in Australian dollars, which is the consolidated entity’s functional and presentation currency. Foreign currency transactions Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Foreign operations The assets and liabilities of foreign operations are translated into Australian dollars using the exchange rates at the reporting date. The revenues and expenses of foreign operations are translated into Australian dollars using the average exchange rates, which approximate the rate at the date of the transaction, for the period. All resulting foreign exchange differences are recognised in other comprehensive income through the foreign currency reserve in equity. The foreign currency reserve is recognised in profit or loss when the foreign operation is disposed of. Exchange differences arising on a monetary item that forms part of a reporting entity’s net investment in a foreign operation shall be recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal of the net investment.
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Financial instruments | Financial Instruments Recognition and derecognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted by transactions costs, except for those carried at fair value through profit or loss, which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities are described below. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets Except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Subsequent measurement of financial assets For the purpose of subsequent measurement, financial assets are classified into the following categories upon initial recognition:
Classifications are determined by both:
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within other expenses. Financial assets at amortised cost Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated as FVPL):
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and most other receivables fall into this category of financial instruments. Financial assets at fair value through profit or loss (FVPL) Financial assets that are held within a business model other than ‘hold to collect’ or ‘hold to collect and sell’ are categorised at fair value through profit and loss. Further, irrespective of business model, financial assets whose contractual cash flows are not solely payments of principal and interest are accounted for at FVPL. The Group’s investments in equity instruments and derivatives fall under this category. Impairment of financial assets IFRS 9’s new impairment model uses more forward looking information to recognize expected credit losses—the ‘expected credit losses (ECL) model’. The application of the new impairment model depends on whether there has been a significant increase in credit risk. The Group considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between:
‘Stage 3’ would cover financial assets that have objective evidence of impairment at the reporting date. ‘12-month expected credit losses’ are recognised for the first category while ‘lifetime expected credit losses’ are recognised for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. Classification and measurement of financial liabilities The Group’s financial liabilities comprise trade and other payables. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Group designated a financial liability at fair value through profit or loss. Subsequently, financial liabilities are measured at amortised cost using the effective interest method. All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within finance costs or finance income. Compound financial instruments Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest rate method, whereas the equity component is not remeasured. Interest, gains and losses relating to the financial liability are recognised in profit or loss. On conversion, the financial liability is reclassified to equity; no gain or loss is recognised on conversion. Revenue from contracts with customers Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. Revenue is recognised using a five step approach in accordance with IFRS 15 Revenue from Contracts with Customers to depict the transfer of promised services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. Distinct promises within the contract are identified as performance obligations. The transaction price of the contract is measured based on the amount of consideration the consolidated entity expects to be entitled to from the customer in exchange for services. Factors such as requirements around variable consideration, significant financing components, noncash consideration, or amounts payable to customers also determine the transaction price. The transaction is then allocated to separate performance obligations in the contract based on relative standalone selling prices. Revenue is recognised when, or as, performance obligations are satisfied, which is when control of the promised service is transferred to the customer. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue. Amounts expected to be recognised as revenue within the 12 months following the balance sheet date are classified within current liabilities. Amounts not expected to be recognised as revenue within the 12 months following the balance sheet date are classified within non-current liabilities. The consolidated entity recognises contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as other liabilities in its consolidated statement of financial position. Similarly, if the consolidated entity satisfies a performance obligation before it receives the consideration, the consolidated entity recognises either a contract asset or a receivable in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due. Licensing revenues, including milestone revenue Revenue from licensees of the consolidated entity’s intellectual property reflects the transfer of a right to use the intellectual property as it exists at the point in time in which the licence is transferred to the customer. Licensing agreements are examined to determine whether they contain additional performance obligations, over and above the right to use the intellectual property. To the extent that additional performance obligations exist, the transaction price the consolidated entity expects to receive for the contract is allocated to the separate performance obligations. The receipt of milestone payments is often contingent on meeting certain clinical, regulatory or commercial targets, and is therefore considered variable consideration. The transaction price of the contingent milestone is estimated using the most likely amount method. Within the transaction price, the price associated with a contingent milestone is included only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Milestone payments that are not within the control of the Group, such as regulatory approvals, are not considered highly probable of being achieved until those approvals are achieved. Finance Income Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Grant Income Grants from governments are recognised at their fair value when there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions. Government grants relating to operating costs are recognised in the Statements of Comprehensive Income as grant income. A New South Wales Export Development Grant was received in the current financial year. Other revenue Other revenue is recognised when it is received or when the right to receive payment is established.
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Income tax | Income tax The income tax expense or benefit for the period is the tax payable on that period’s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences, unused tax losses and the adjustment recognised for prior periods, where applicable. Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the assets are recovered or liabilities are settled, based on those tax rates that are enacted or substantively enacted, except for:
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. The carrying amount of recognised and unrecognised deferred tax assets are reviewed each reporting date. Deferred tax assets recognised are reduced to the extent that it is no longer probable that future taxable profits will be available for the carrying amount to be recovered. Previously unrecognised deferred tax assets are recognised to the extent that it is probable that there are future taxable profits available to recover the asset. Deferred tax assets and liabilities are offset only where there is a legally enforceable right to offset current tax assets against current tax liabilities and deferred tax assets against deferred tax liabilities; and they relate to the same taxable authority on either the same taxable entity or different taxable entities which intend to settle simultaneously. Kazia Therapeutics Limited (the ‘parent entity’) and its wholly-owned Australian controlled entities have formed an income tax consolidated group under the tax consolidation regime. Kazia Therapeutics Limited as the parent entity discloses all of the deferred tax assets of the tax consolidated group in relation to tax losses carried forward (after elimination of inter-group transactions). The tax consolidated group has applied the ‘separate taxpayer in the group’ allocation approach in determining the appropriate amount of taxes to allocate to members of the tax consolidated group. As the tax consolidation group continues to generate tax losses there has been no reason for the company to enter a tax funding agreement with members of the tax consolidation group. Interpretation 23 Uncertain tax positions Interpretation 23 clarified the application of the recognition and measurement criteria IAS 12 Income Taxes where there is uncertainty over income tax treatments and requires an assessment of each uncertain tax position as to whether it is probable that a taxation authority will accept the position. Where it is not probable, the effect of the uncertainty is reflected in determining the relevant taxable profit or loss, tax bases, unused tax losses and unused tax credits or tax rates. The amount is determined as either the single most likely amount or the sum of the probability weighted amounts in a range of possible outcomes, whichever better predicts the resolution of the uncertainty. Management believes that historical tax losses are not expected to be available for offset against the deferred tax liability at 30 June 2022.
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Current and non-current classification | Current and non-current classification Assets and liabilities are presented in the statement of financial position based on current and non-current classification. An asset is current when: it is expected to be realised or intended to be sold or consumed in normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current. A liability is current when: it is expected to be settled in normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as
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Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
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Research and development | Research and development Expenditure during the research phase of a project is recognised as an expense when incurred. Development costs are capitalised only when technical feasibility studies identify that the project will deliver future economic benefits and these benefits can be measured reliably.
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Leases | Leases Under IFRS 16, leases are accounted for as follows:
Lease incentives under IFRS 16 are recognised as part of the measurement of right-of-use Under IFRS 16, right-of-use For short-term leases (lease term of 12 months or less) and leases of
low-value assets, the consolidated entity has opted to recognise a lease expense on a straight-line basis as permitted by IFRS 16 Leases. This expense is presented within other expenses in the consolidated statement of profit or loss. |
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Intangible assets | Intangible assets Separately acquired intangible assets are shown at historical cost. Intangible assets acquired as part of a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. The method and useful lives of finite life intangible asset s ar e reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period. Amortisation expense is included in research and development expenditure. Licensing agreement for paxalisib The Licensing Agreement asset was initially brought to account at fair value, and is being amortised on a straight-line basis over the period of its expected benefit, being the remaining life of the patent, which was 15 years from the date of acquisition. Licensing agreement for EVT801 The Licensing agreement asset was initially brought to account at cost and is being amortised on a straight-line basis over the period of its expected benefit, being the remaining life of the patent, which was 12.5 years from the date of acquisition.
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Impairment of non-financial assets | Impairment of non-financial assets Non-financial assets with finite useful lives are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset’s fair value less costs of disposal and
value-in-use. value-in-use pre-tax discount rate specific to the asset or cash-generating unit to which the asset belongs. Assets that do not have independent cash flows are grouped together to form a cash-generating unit. |
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Provisions | Provisions Provisions are recognised when the consolidated entity has a present (legal or constructive) obligation as a result of a past event, it is probable the consolidated entity will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. If the time value of money is material, provisions are discounted using a current
pre-tax rate specific to the liability. The increase in the provision resulting from the passage of time is recognised as a finance cost. |
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Employee benefits | Employee benefits Short-term employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. Other long-term employee benefits The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting date is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the reporting date on high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Defined contribution superannuation expense Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred. Share-based payments Equity-settled share-based compensation benefits are provided to employees under the terms of the Employee Share Option Plan (‘ESOP’) and consultants as compensation for services performed. Equity-settled transactions are awards of shares, or options over shares that are provided to employees in exchange for the rendering of services. The value of the instruments is measured by reference to the fair value of the underlying instruments on grant date, as required by IFRS2 Share-Based Payments. Fair value is independently determined using the Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the consolidated entity receives the services that entitle the employees to receive payment. No account is taken of any other vesting conditions. The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period. The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less amounts already recognised in previous periods. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market conditions are considered to vest irrespective of whether or not that market condition has been met, provided all other conditions are satisfied. If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the total fair value of the share-based compensation benefit as at the date of modification. If the non-vesting condition is within the control of the consolidated entity or employee, the failure to satisfy the condition is treated as a cancellation. If the condition is not within the control of the consolidated entity or employee and is not satisfied during the vesting period, any remaining expense for the award is recognised over the remaining vesting period, unless the award is forfeited. If equity-settled awards are cancelled, it is treated as if it has vested on the date of cancellation, and any remaining expense is recognised immediately. If a new replacement award is substituted for the cancelled award, the cancelled and new award is treated as if they were a modification.
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Finance costs | Finance costs Finance costs attributable to qualifying assets are capitalised as part of the asset. All other finance costs are expensed in the period in which they are incurred, including interest on short-term and long-term borrowings.
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Fair value measurement | Fair value measurement When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; and assumes that the transaction will take place either: in the principal market; or in the absence of a principal market, in the most advantageous market. Fair value is measured using the assumptions that market participants would use when pricing the asset or liability, assuming they act in their economic best interest. For non-financial assets, the fair value measurement is based on its highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Classifications are reviewed each reporting date and transfers between levels are determined based on a reassessment of the lowest level input that is significant to the fair value measurement. For recurring and
non-recurring fair value measurements, external valuers may be used when internal expertise is either not available or when the valuation is deemed to be significant. External valuers are selected based on market knowledge and reputation. Where there is a significant change in fair value of an asset or liability from one period to another, an analysis is undertaken, which includes a verification of the major inputs applied in the latest valuation and a comparison, where applicable, with external sources of data. |
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Issued capital | Issued capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options, including share based payments relating to the issue of shares are, shown in equity as a deduction, net of tax, from the proceeds.
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Earnings per share | Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of Kazia Therapeutics Limited, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.
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Goods and Services Tax ('GST') and other similar taxes | Goods and Services Tax (‘GST’) and other similar taxes Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the tax authority. In this case it is recognised as part of the cost of the acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the tax authority is included in other receivables or other payables in the statement of financial position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the tax authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the tax authority.
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Revenue (Tables) |
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Summary of licensing revenue |
Disaggregation of revenue |
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Summary of disaggregation of revenue from contracts with customers | The disaggregation of revenue from contracts with customers is as follows:
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Other income (Tables) |
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Summary of other income |
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Expenses (Tables) |
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Summary of expenses |
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Income tax benefit/expense (Tables) |
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Summary of income tax benefit |
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Current assets - cash and cash equivalents (Tables) |
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Summary of cash and cash equivalents |
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Trade and other receivables (Tables) |
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Summary of current assets - trade and other receivables |
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Trade and other receivables - non-current (Tables) |
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Summary of non-current assets - trade and other receivables non-current |
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Other Assets (Tables) |
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Summary of current assets - other | Current assets
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Intangibles (Tables) |
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Summary of reconciliations of intangibles | Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:
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Trade and other payables (Tables) |
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Summary of trade and other payables |
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Employee benefits (Tables) |
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Summary of provisions |
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Contingent consideration (Tables) |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of liabilities - contingent consideration |
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Summary of reconciliation of contingent consideration | Reconciliation of the balance at the beginning and end of the reporting period is set out below:
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Deferred tax (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text block [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of non-current liabilities - deferred tax |
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Equity - contributed equity (Tables) |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of equity - contributed equity |
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Summary of movements in ordinary share capital | Movements in ordinary share capital
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Equity - Other contributed equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text block [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of equity - other contributed equity |
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Financial instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement [line items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of foreign currency risk | The carrying amount of the consolidated entity’s foreign currency denominated financial assets and financial liabilities at the reporting date was as follows:
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Summary of foreign currency risk sensitivity | If the AUD had strengthened against the USD by 10% (2021: 10%) then this would have had the following impact:
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Summary of variable interest rate balances | As at the reporting date, the consolidated entity had the following variable interest rate balances:
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Summary of remaining contractual maturities of financial instrument liabilities |
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Fair value measurement (Tables) |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of assets and liabilities, measured or disclosed at fair value | The following tables detail the consolidated entity’s assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Unobservable inputs for the asset or liability
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Summary of movements in level 3 assets and liabilities | Movements in level 3 assets and liabilities during the current and previous financial year are set out below:
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Key management personnel disclosures (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of compensation made to directors and other members of key management personnel | The aggregate compensation made to directors and other members of key management personnel (‘KMP’) of the consolidated entity is set out below:
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Remuneration of auditors (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of remuneration of auditors | During the financial year the following fees were paid or payable for services provided by Grant Thornton Audit Pty Ltd, the auditor of the consolidated entity:
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Parent entity information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Parent entity financial information | Set out below is the supplementary information about the parent entity.
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Interests in subsidiaries (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments accounted for using equity method [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of interest in subsidiaries | The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2:
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Reconciliation of loss after income tax to net cash used in operating activities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of reconciliation of profit or loss to operating cash flows |
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Earnings per share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Summary of earnings per share |
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Share-based payments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Text block [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of share-based payments | All of the options set out below have been issued to employees and directors under the ESOP. During the financial year an expense of $1,674,581 was recognised. 2022
2022
At the end of the period the following outstanding options were vested and exercisable: - Options in tranche 1 - 4 expired during the year - Options in tranches 1 - 8 were vested and exercisable, apart from those in the above table which have expired - Options in tranches 9 - 10 were vested and exercisable as to 50% - Options in tranche 11 were vested and exercisable as to 75% - Options in tranches 12 - 14 were vested and exercisable as to 25% - Options in tranches 15 - 19 were unvested The weighted average remaining contractual life of options outstanding at 30 June 2022 is 3.048 years. 2021
At the end of the period the following outstanding options were vested and exercisable: - Options in tranche 1 have expired during the year - Options in tranches 2 - 8 were vested and exercisable except for tranche 6 which was vested as to 53% - Options in tranche 9 were vested as to 1million of the 1.2million options on issue - Options in tranches 10-12 were 25% vested - Options in tranche 13 were unvested at year end The weighted average remaining contractual life of options outstanding at 30 June 2021 is 2.6 years.
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Summary of valuation for each tranche of options | Based on the above assumptions, the table below sets out the valuation for each tranche of options:
|
Critical Accounting Judgements, Estimates and Assumptions - Additional Information (Detail) |
12 Months Ended |
---|---|
Jun. 30, 2022 | |
Disclosure of significant accounting judgments assumptions and estimates [abstract] | |
Percentage milestone trigger to account cost of asset conferred under license agreement | 50.00% |
Operating segments - Additional Information (Detail) |
12 Months Ended |
---|---|
Jun. 30, 2022
Segments
| |
Disclosure of operating segments [abstract] | |
Number of operating segments | 0 |
Revenue - Summary of licensing revenue (Detail) - AUD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disclosure of products and services [line items] | |||
Revenue from contracts with customers | $ 0 | $ 15,183 | |
Licensing revenue [Member] | |||
Disclosure of products and services [line items] | |||
Revenue from contracts with customers | $ 0 | $ 15,183 |
Revenue - Summary of disaggregation of revenue from contracts with customers (Detail) - AUD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ 0 | $ 15,183 | |
Licensing revenue [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 15,183 | |
Licensing revenue [Member] | Timing of revenue recognition [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 15,183 | |
China [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | 0 | 10,006 | |
Sweden [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from contracts with customers | $ 0 | $ 5,177 |
Other income - Summary of other income (Detail) - AUD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Material income and expense [abstract] | |||
Net foreign exchange gain | $ 5 | ||
Payroll tax rebate | 2 | 2 | |
Subsidies and grants | 10 | 20 | |
Bad debt recovery | 15 | ||
Research and development rebate | 968 | ||
Other income | $ 25 | $ 2 | $ 995 |
Income tax benefit/expense - Summary of Income tax benefit (Parenthetical) (Detail) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disclosure Of Income Tax Benefit [line items] | |||
Statutory tax rate | 25.00% | 26.00% | 27.50% |
Australia [member] | |||
Disclosure Of Income Tax Benefit [line items] | |||
Statutory tax rate | 25.00% | 26.00% | 27.50% |
US [member] | |||
Disclosure Of Income Tax Benefit [line items] | |||
Statutory tax rate | 21.00% | 21.00% | 21.00% |
Current assets - cash and cash equivalents - Summary of cash and cash equivalents (Detail) - AUD ($) |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
---|---|---|---|---|
Cash and cash equivalents [abstract] | ||||
Cash at bank and on hand | $ 7,361,000 | $ 21,087,000 | ||
Short-term deposits | 6,500,000 | |||
Cash and cash equivalents | $ 7,361,112 | $ 27,586,760 | $ 8,764,000 | $ 5,434,000 |
Trade and other receivables - Summary of current assets - trade and other receivables (Detail) - AUD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|
Disclosure of financial assets [line items] | ||
Current assets | $ 0 | |
Trade and other receivables | 91 | $ 84 |
Gross carrying amount [member] | ||
Disclosure of financial assets [line items] | ||
Other receivables | 51 | 76 |
Deposits held [member] | ||
Disclosure of financial assets [line items] | ||
Other receivables | $ 40 | $ 8 |
Trade and other receivables - non-current - Summary of non-current assets - trade and other receivables noncurrent (Detail) - AUD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|
Disclosure of detailed information about trade and other receivables noncurrent [line items] | ||
Trade and other receivables - non-current | $ 7,300 | $ 6,694 |
GBM agile deposit [member] | ||
Disclosure of detailed information about trade and other receivables noncurrent [line items] | ||
Trade and other receivables - non-current | 7,258 | 6,651 |
Corporate credit card deposit [member] | ||
Disclosure of detailed information about trade and other receivables noncurrent [line items] | ||
Trade and other receivables - non-current | $ 42 | $ 43 |
Other assets - Summary of current assets - other (Detail) - AUD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|
Statement of financial position [abstract] | ||
Prepayments | $ 156 | $ 1,720 |
Intangibles - Summary of reconciliations of intangibles (Detail) - AUD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | $ 22,003 | $ 12,410 | |
Additions | 10,858 | ||
Amortisation expense | (1,953) | (1,265) | $ (1,084) |
Ending balance | 20,050 | 22,003 | 12,410 |
Paxalisib licensing agreement [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 11,326 | 12,410 | |
Amortisation expense | (1,084) | (1,084) | (1,084) |
Ending balance | 10,242 | 11,326 | $ 12,410 |
EVT801 licensing agreement [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 10,677 | ||
Additions | 10,858 | ||
Amortisation expense | (869) | (181) | |
Ending balance | $ 9,808 | $ 10,677 |
Trade and other payables - Summary of current liabilities - trade and other payables (Detail) - AUD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|
Trade and other payables [abstract] | ||
Trade payables | $ 1,524 | $ 1,893 |
Accrued payables | 2,236 | 3,040 |
Total trade and other payables | $ 3,760 | $ 4,933 |
Employee benefits - Summary of provision (Detail) - AUD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|
Disclosure of defined benefit plans [abstract] | ||
Employee benefits | $ 166 | $ 229 |
Employee benefits | 202 | |
Long service leave | 117 | 55 |
Provisions for employee benefits | $ 485 | $ 284 |
Contingent consideration - Summary of liabilities - contingent consideration (Detail) - AUD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|---|
Disclosure of contingent liabilities [line items] | |||
Contingent Consideration Current | $ 759 | $ 3,165 | |
Contingent consideration | 8,756 | 8,927 | |
Contingent Consideration | 9,515 | 12,091 | $ 1,845 |
Contingent consideration - paxalisib | |||
Disclosure of contingent liabilities [line items] | |||
Contingent consideration | 1,168 | 1,015 | |
Contingent consideration – EVT801 | |||
Disclosure of contingent liabilities [line items] | |||
Contingent Consideration Current | 759 | 3,165 | |
Contingent consideration | $ 7,588 | $ 7,911 |
Contingent consideration - Summary of reconciliation of contingent consideration (Detail) - AUD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disclosure In Tabular Form Of Changes In Contingent Consideration During The Period [Line Items] | |||
Contingent Consideration | $ 12,091 | $ 1,845 | |
Effect of exchange rates on contingent consideration | (364) | ||
Loss on revaluation of contingent consideration | 152 | 2,570 | $ 474 |
Contingent Consideration | 9,515 | 12,091 | $ 1,845 |
EVT801 Licensing Agreement [Member] | |||
Disclosure In Tabular Form Of Changes In Contingent Consideration During The Period [Line Items] | |||
EVT801 acquisition | 11,076 | ||
Payment of milestone | $ (2,364) | ||
Paxalisib Licensing Agreement [Member] | |||
Disclosure In Tabular Form Of Changes In Contingent Consideration During The Period [Line Items] | |||
Payment of milestone | $ (3,400) |
Contingent consideration - Additional Information (Detail) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022
AUD ($)
Milestone
|
Jun. 30, 2022
EUR (€)
Milestone
|
Jun. 30, 2021 |
|
Disclosure of contingent liabilities [line items] | |||
Milestone payments not booked | $ 456,063,136 | € 300,500,000 | |
Milestone payment discount rate | 15.00% | 15.00% | 15.00% |
Glioblast Pty Ltd [member] | |||
Disclosure of contingent liabilities [line items] | |||
Number of contingent milestone payments | Milestone | 4 | 4 | |
Milestone Two [member] | |||
Disclosure of contingent liabilities [line items] | |||
Contingent consideration | $ | $ 1,250,000 |
Deferred tax - Summary of non-current liabilities - deferred tax (Detail) - AUD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|
Deferred tax assets and liabilities [abstract] | ||
Deferred tax liability associated with Licensing Agreement - Non-current liabilities | $ 2,560 | $ 2,928 |
Equity - contributed equity - Summary of equity - contributed equity (Detail) - AUD ($) |
Jun. 30, 2022 |
Jun. 30, 2021 |
Sep. 10, 2016 |
---|---|---|---|
Disclosure of classes of share capital [abstract] | |||
Ordinary shares - fully paid, shares | 138,755,376 | 132,012,209 | 20,000,000 |
Ordinary shares - fully paid | $ 84,480,249 | $ 80,290,062 |
Equity - contributed equity - Additional Information (Detail) |
Jun. 30, 2022
$ / shares
|
---|---|
Disclosure of classes of share capital [abstract] | |
Fully paid ordinary shares par value | $ 0 |
Equity - Other contributed equity - Summary of equity -Other contributed equity (Detail) - AUD ($) $ in Thousands |
Jun. 30, 2021 |
Jun. 30, 2020 |
---|---|---|
Statement of changes in equity [abstract] | ||
Convertible note - Triaxial | $ 464 | $ 464 |
Equity - Other contributed equity - Additional Information (Detail) - shares |
12 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Oct. 31, 2016 |
Sep. 10, 2016 |
|
Statement of changes in equity [abstract] | ||||
Number of ordinary shares issued | 138,755,376 | 132,012,209 | 20,000,000 | |
Number of ordinary shares available for conversion | 16,000,000 | |||
Number of convertible note may be converted into ordinary shares | 1,855,357 |
Financial instruments - Summary of foreign currency risk (Detail) - Foreign currency risk [member] - AUD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|
Disclosure of detailed information about financial instruments [line items] | ||
Assets | $ 7,276 | $ 21,073 |
Liabilities | 3,276 | 3,464 |
US dollars [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets | 7,276 | 21,073 |
Liabilities | 3,071 | 3,448 |
Euros [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Liabilities | $ 205 | $ 16 |
Financial instruments - Summary of variable interest rate balances (Detail) - AUD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2022 |
|
Disclosure of financial instruments by type of interest rate [line items] | ||
Cash at bank and in hand | $ 21,087 | $ 7,361 |
Short term deposits | 6,500 | |
Interest rate risk [member] | Variable interest rate [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Cash at bank and in hand | 21,087 | 7,361 |
Short term deposits | 6,500 | |
Net exposure to cash flow interest rate risk | $ 27,587 | $ 7,361 |
Interest rate risk [member] | Variable interest rate [member] | Weighted average [member] | Short term deposits [member] | ||
Disclosure of financial instruments by type of interest rate [line items] | ||
Interest rate | 0.04% |
Financial instruments - Summary of remaining contractual maturities of financial instrument liabilities (Detail) - AUD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade payables | $ 1,524 | $ 1,893 |
Accrued payables | 2,236 | 3,039 |
Contingent consideration | 9,686 | 12,471 |
Total non-derivatives | 13,446 | 17,403 |
1 year or less [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade payables | 1,524 | 1,893 |
Accrued payables | 2,236 | 3,039 |
Contingent consideration | 759 | 3,165 |
Total non-derivatives | 4,519 | 8,097 |
Between 2 and 5 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Contingent consideration | 8,983 | 9,306 |
Total non-derivatives | $ 8,983 | $ 9,306 |
Fair value measurement - Summary of assets and liabilities, measured or disclosed at fair value (Detail) - AUD ($) $ in Thousands |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|
Disclosure of fair value measurement of assets [line items] | ||
Contingent Consideration | $ 8,756 | $ 8,927 |
Total liabilities | 16,320 | 20,237 |
At fair value [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Contingent Consideration | 1,168 | 1,015 |
Total liabilities | 1,168 | 1,015 |
At fair value [member] | Level 3 [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Contingent Consideration | 1,168 | 1,015 |
Total liabilities | $ 1,168 | $ 1,015 |
Fair value measurement - Summary of movements in level 3 assets and liabilities (Detail) - At fair value [member] - AUD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disclosure of detailed information about movements in level 3 assets and liabilities [Line Items] | ||
Balance Beginning | $ 1,015 | $ 1,845 |
Losses recognised in profit or loss | 153 | 2,570 |
Payout of milestone | (3,400) | |
Balance Ending | 1,168 | 1,015 |
Level 3 [member] | ||
Disclosure of detailed information about movements in level 3 assets and liabilities [Line Items] | ||
Balance Beginning | 1,015 | 1,845 |
Losses recognised in profit or loss | 153 | 2,570 |
Payout of milestone | (3,400) | |
Balance Ending | $ 1,168 | $ 1,015 |
Fair value measurement - Additional Information (Detail) |
12 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disclosure of fair value measurement of assets [line items] | ||
Milestone payment discount rate | 15.00% | 15.00% |
Bottom of range [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Milestone payment discount rate | 35.00% | 35.00% |
Top of range [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Milestone payment discount rate | 55.00% | 55.00% |
Key management personnel disclosures - Summary of compensation made to directors and other members of key management personnel (Detail) - AUD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Related party transactions [abstract] | |||
Short-term employee benefits | $ 2,589 | $ 1,574 | $ 1,324 |
Post-employment benefits | 116 | 112 | 97 |
Share-based payments | 1,560 | 617 | 230 |
Key management personnel compensation | $ 4,265 | $ 2,303 | $ 1,651 |
Remuneration of auditors - Summary of remuneration of auditors (Detail) - AUD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Auditor's remuneration [abstract] | |||
Audit or review of the financial statements | $ 181 | $ 151 | $ 124 |
Related party transactions - Additional Information (Detail) |
Jun. 30, 2022
AUD ($)
|
---|---|
Disclosure of transactions between related parties [line items] | |
Trade receivables from related parties | $ 0 |
Trade payables to related parties | 0 |
Loan to related parties | 0 |
Loan from related parties | $ 0 |
Parent entity information - Statement of profit or loss and other comprehensive income (Detail) - AUD ($) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disclosure of parent entity information [line items] | |||
Loss after income tax | $ (24,647,815) | $ (8,421,960) | $ (12,467,000) |
Total comprehensive income | (24,613,000) | (8,420,000) | $ (12,471,000) |
Parent [member] | |||
Disclosure of parent entity information [line items] | |||
Loss after income tax | (23,875,000) | (16,854,000) | |
Total comprehensive income | $ (23,875,000) | $ (16,854,000) |
Parent entity information - Statement of financial position (Detail) - AUD ($) |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2019 |
---|---|---|---|---|
Disclosure of parent entity information [line items] | ||||
Total current assets | $ 7,608,000 | $ 29,391,000 | ||
Total assets | 34,958,000 | 58,088,000 | ||
Total current liabilities | 4,685,000 | 8,327,000 | ||
Total liabilities | 16,320,000 | 20,237,000 | ||
Equity | ||||
Contributed equity | 84,480,249 | 80,290,062 | ||
Other contributed equity | 464,000 | $ 464,000 | ||
Reserves | 2,412,000 | 1,301,000 | ||
Accumulated losses | (68,254,000) | (44,204,000) | ||
Total equity | 18,638,000 | 37,851,000 | $ 14,125,000 | $ 14,195,000 |
Parent [member] | ||||
Disclosure of parent entity information [line items] | ||||
Total current assets | 5,895,000 | 25,042,000 | ||
Total assets | 25,945,000 | 47,044,000 | ||
Total current liabilities | 1,090,000 | 3,177,000 | ||
Total liabilities | 12,407,000 | 15,032,000 | ||
Equity | ||||
Contributed equity | 84,480,000 | 80,290,000 | ||
Other contributed equity | 464,000 | |||
Reserves | 3,264,000 | 1,754,000 | ||
Accumulated losses | (74,206,000) | (50,496,000) | ||
Total equity | $ 13,538,000 | $ 32,012,000 |
Reconciliation of loss after income tax to net cash used in operating activities - Disclosure of reconciliation of profit or loss to operating cash flows (Detail) - AUD ($) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disclosure of reconciliation of profit or loss to operating cash flows [Line Items] | |||
Loss after income tax expense from continuing operations | $ (24,647,815) | $ (8,421,960) | $ (12,467,000) |
Adjustments for: | |||
Depreciation & amortisation | 1,953,000 | 1,265,000 | 1,084,000 |
Net fair value loss on financial assets | 168,000 | ||
Share based payments | 1,675,000 | 637,000 | 262,000 |
Foreign exchange differences | (1,789,000) | 430,000 | |
Loss on contingent consideration | 152,000 | 2,570,000 | 474,000 |
Change in operating assets & liabilities: | (22,657,000) | (3,520,000) | (10,479,000) |
Decrease in trade and other receivables | (6,000) | (5,027,000) | 358,000 |
Decrease/(increase) in prepayments | 1,564,000 | (1,182,000) | (168,000) |
Decrease/(increase) in trade and other payables | (1,495,000) | 1,010,000 | 1,722,000 |
Decrease in deferred tax liability | (368,000) | (484,000) | (298,000) |
Increase/(decrease) in other provisions | 201,000 | 93,000 | 55,000 |
Net cash used in operating activities | $ (22,761,000) | $ (9,111,000) | $ (8,810,000) |
Earnings per share - Summary of earnings per share (Detail) - AUD ($) |
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings per share [abstract] | |||
Loss after income tax attributable to the owners of Kazia Therapeutics Limited | $ (24,647,815) | $ (8,421,960) | $ (12,467,000) |
Loss after income tax attributable to the owners of Kazia Therapeutics Limited | $ (24,648,000) | $ (8,422,000) | $ (12,467,000) |
Weighted average number of ordinary shares used in calculating basic earnings per share | 132,467,686 | 117,674,543 | 73,053,514 |
Weighted average number of ordinary shares used in calculating diluted earnings per share | 132,467,686 | 117,674,543 | 73,053,514 |
Basic earnings per share | $ (0.1861) | $ (0.0716) | $ (0.1707) |
Diluted earnings per share | $ (0.1861) | $ (0.0716) | $ (0.1707) |
Subsequent events - Additional Information (Detail) - Aug. 11, 2022 - ATM Financing Facility [Member] $ / shares in Units, $ in Thousands, $ in Thousands |
USD ($)
shares
|
AUD ($)
$ / shares
shares
|
---|---|---|
Cash flows from (used in) financing activities [abstract] | ||
Proceed from financing facility | $ 2,530 | $ 3,670 |
Weighted average share price | $ / shares | $ 0.005 | |
Number of shares outstanding | shares | 149,636,656 | 149,636,656 |
Percentage Of Day Trading Volume | 5.00% | 5.00% |
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