Quarterly report pursuant to Section 13 or 15(d)

LIQUIDITY

v3.21.2
LIQUIDITY
3 Months Ended
Sep. 30, 2021
LIQUIDITY  
LIQUIDITY

NOTE 2 — LIQUIDITY

The Company is in the clinical stage and has not yet generated any revenues. For the three months ended September 30, 2021, the Company incurred a net loss of $7.8 million and net cash used in operating activities amounted to $6.3 million. For the fiscal year ended June 30, 2021, the Company incurred a net loss of $20.9 million and net cash used in operating activities amounted to $20.4 million. As of September 30, 2021, the Company had an accumulated deficit of $176.0 million, cash and cash equivalents of $37.3 million and total current liabilities of $2.6 million.

As discussed in Note 13, in October 2021 the Company completed an underwritten public offering for net proceeds of $46.7 million and a registered direct offering for net proceeds of $5.0 million, resulting in total net proceeds of approximately $51.7 million. If additional capital resources are required in the future, the Company has the ability to raise (i) additional debt financing proceeds up to $15.0 million if certain conditions are satisfied as discussed in Note 5, and additional equity financing proceeds as discussed in Note 6 under the captions Equity Distribution Agreement and LPC Purchase Agreement.

Management believes the Company’s existing cash and cash equivalents balance of $37.3 million, combined with the net offering proceeds of $51.7 million received in October 2021 will be adequate to carry out currently planned activities into November 2022.