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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

or

 TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                           to                          

Commission file number: 001-37823

 

Kintara Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada

 

99-0360497

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

12707 High Bluff Dr., Suite 200
San Diego, CA

 

92130

(Address of principal executive offices)

 

(zip code)

 

(858) 350-4364

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on Which Registered

Common Stock

 

KTRA

 

The Nasdaq Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes  No 

Number of shares of common stock outstanding as of May 11, 2021 was 32,617,939.

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

 

Page No.

 

 

PART I. - FINANCIAL INFORMATION

 

 

Item 1.

 

Financial Statements.

 

1

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

22

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk.

 

46

Item 4

 

Controls and Procedures.

 

46

 

 

PART II - OTHER INFORMATION

 

 

Item 1.

 

Legal Proceedings.

 

47

Item 1A.

 

Risk Factors.

 

47

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds.

 

47

Item 3.

 

Defaults Upon Senior Securities.

 

47

Item 4.

 

Mine Safety Disclosures.

 

47

Item 5.

 

Other Information.

 

47

Item 6.

 

Exhibits.

 

48

 

 

 

i


 

PART 1. - FINANCIAL INFORMATION

Item 1. Financial Statements.

Kintara Therapeutics, Inc.

Condensed Consolidated Interim Financial Statements

(Unaudited)

For the nine months ended March 31, 2021

(expressed in US dollars unless otherwise noted)

1


Kintara Therapeutics, Inc.

Condensed Consolidated Interim Balance Sheet

(In thousands, except par value amounts)

 

 

 

 

 

 

 

March 31,

2021

 

 

June 30,

2020

 

 

 

Note

 

 

$

 

 

$

 

 

 

 

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

15,718

 

 

 

2,392

 

Prepaid expenses and deposits

 

 

 

 

 

 

363

 

 

 

356

 

Clinical trial deposit

 

 

4

 

 

 

500

 

 

 

 

Interest, taxes and other receivables

 

 

 

 

 

 

7

 

 

 

9

 

Deferred loan costs

 

 

7

 

 

 

 

 

 

94

 

 

 

 

 

 

 

 

16,588

 

 

 

2,851

 

Clinical trial deposit

 

 

4

 

 

 

2,100

 

 

 

 

Intangible assets - net

 

 

 

 

 

 

 

 

 

2

 

Property and equipment - net

 

 

5

 

 

 

165

 

 

 

 

Deferred financing costs

 

 

8

 

 

 

 

 

 

85

 

Total assets

 

 

 

 

 

 

18,853

 

 

 

2,938

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

 

 

 

 

1,645

 

 

 

2,011

 

Loan payable, net of deferred loan costs

 

 

7

 

 

 

503

 

 

 

 

Related party payables

 

 

6

 

 

 

385

 

 

 

664

 

 

 

 

 

 

 

 

2,533

 

 

 

2,675

 

Milestone payment liability

 

 

3

 

 

 

202

 

 

 

 

Total liabilities

 

 

 

 

 

 

2,735

 

 

 

2,675

 

Stockholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

Authorized

 

 

 

 

 

 

 

 

 

 

 

 

5,000 shares, $0.001 par value

 

 

 

 

 

 

 

 

 

 

 

 

Issued and outstanding

 

 

 

 

 

 

 

 

 

 

 

 

279 Series A shares at March 31, 2021

   (June 30, 2020 – 279)

 

6,8

 

 

 

279

 

 

 

279

 

601 Series B shares at March 31, 2021

   (June 30, 2020 – 649)

 

 

8

 

 

 

4,196

 

 

 

4,525

 

21 Series C shares at March 31, 2021

   (June 30, 2020 – 0)

 

 

8

 

 

 

15,251

 

 

 

 

Common stock

 

 

 

 

 

 

 

 

 

 

 

 

Authorized

 

 

 

 

 

 

 

 

 

 

 

 

95,000 shares at March 31, 2021 and June 30, 2020,

   $0.001 par value

 

 

 

 

 

 

 

 

 

 

 

 

31,764 issued at March 31, 2021 (June 30, 2020 –

   11,458)

 

 

8

 

 

 

32

 

 

 

11

 

Additional paid-in capital

 

 

8

 

 

 

100,828

 

 

 

65,148

 

Accumulated deficit

 

 

 

 

 

 

(104,489

)

 

 

(69,721

)

Accumulated other comprehensive income

 

 

 

 

 

 

21

 

 

 

21

 

Total stockholders’ equity

 

 

 

 

 

 

16,118

 

 

 

263

 

Total liabilities and stockholders’ equity

 

 

 

 

 

 

18,853

 

 

 

2,938

 

Nature of operations, corporate history, going concern

     and management plans (note 1)

 

 

 

 

 

 

 

 

 

 

 

 

Subsequent events (note 11)

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

2


Kintara Therapeutics, Inc.

Condensed Consolidated Interim Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

Three months ended

March 31,

 

 

Nine months ended

March 31,

 

 

 

Note

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

$

 

 

$

 

 

$

 

 

$

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

 

 

 

 

3,843

 

 

 

899

 

 

 

7,784

 

 

 

2,332

 

General and administrative

 

 

 

 

 

 

2,762

 

 

 

1,077

 

 

 

7,091

 

 

 

3,045

 

Merger costs

 

 

3

 

 

 

 

 

 

 

 

 

500

 

 

 

 

In-process research and development

 

 

3

 

 

 

 

 

 

 

 

 

16,094

 

 

 

 

 

 

 

 

 

 

 

6,605

 

 

 

1,976

 

 

 

31,469

 

 

 

5,377

 

Other (income) loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange

 

 

 

 

 

 

1

 

 

 

(2

)

 

 

3

 

 

 

 

Amortization of deferred loan costs

 

 

7

 

 

 

23

 

 

 

 

 

 

74

 

 

 

 

Interest expense

 

 

7

 

 

 

7

 

 

 

 

 

 

23

 

 

 

 

Interest income

 

 

 

 

 

 

(1

)

 

 

(17

)

 

 

(3

)

 

 

(74

)

 

 

 

 

 

 

 

30

 

 

 

(19

)

 

 

97

 

 

 

(74

)

Net loss for the period

 

 

 

 

 

 

6,635

 

 

 

1,957

 

 

 

31,566

 

 

 

5,303

 

Computation of basic loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period

 

 

 

 

 

 

6,635

 

 

 

1,957

 

 

 

31,566

 

 

 

5,303

 

Deemed dividend recognized on beneficial conversion features of Series C Preferred stock issuance

 

 

8

 

 

 

 

 

 

 

 

 

3,181

 

 

 

 

Series A Preferred cash dividend

 

 

8

 

 

 

2

 

 

 

2

 

 

 

6

 

 

 

6

 

Series B Preferred stock dividend

 

 

8

 

 

 

6

 

 

 

1

 

 

 

15

 

 

 

6

 

Net loss for the period attributable to common stockholders

 

 

 

 

 

 

6,643

 

 

 

1,960

 

 

 

34,768

 

 

 

5,315

 

Basic and fully diluted loss per share

 

 

 

 

 

 

0.23

 

 

 

0.17

 

 

 

1.47

 

 

 

0.52

 

Basic and fully diluted weighted average number of shares

 

 

 

 

 

 

29,273

 

 

 

11,417

 

 

 

23,701

 

 

 

10,117

 

 

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

3


Kintara Therapeutics, Inc.

Condensed Consolidated Interim Statements of Stockholders’ Equity

(Unaudited)

For the three and nine months ended March 31, 2021

(In thousands)

 

 

 

Number

of

shares

 

 

Common

stock

$

 

 

Additional

paid-in

capital

$

 

 

Accumulated

other

comprehensive

income

$

 

 

Preferred

stock

$

 

 

Accumulated

deficit

$

 

 

Stockholders'

equity

$

 

Balance - June 30, 2020

 

 

11,458

 

 

 

11

 

 

 

65,148

 

 

 

21

 

 

 

4,804

 

 

 

(69,721

)

 

 

263

 

Adgero merger (note 3)

 

 

12,011

 

 

 

12

 

 

 

16,713

 

 

 

 

 

 

 

 

 

 

 

 

16,725

 

Issuance of Series C Preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,028

 

 

 

 

 

 

25,028

 

Series C placement agent warrants

 

 

 

 

 

 

 

 

3,287

 

 

 

 

 

 

(3,287

)

 

 

 

 

 

 

Series C Preferred stock share issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,386

)

 

 

 

 

 

(3,386

)

Deemed dividend recognized on beneficial

   conversion features of Series C Preferred stock

   issuance

 

 

 

 

 

 

 

 

3,181

 

 

 

 

 

 

 

 

 

(3,181

)

 

 

 

Exercise of warrants

 

 

993

 

 

 

1

 

 

 

993

 

 

 

 

 

 

 

 

 

 

 

 

994

 

Warrants issued for services

 

 

 

 

 

 

 

 

45

 

 

 

 

 

 

 

 

 

 

 

 

45

 

Stock option expense

 

 

 

 

 

 

 

 

405

 

 

 

 

 

 

 

 

 

 

 

 

405

 

Series A Preferred cash dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Series B Preferred stock dividend

 

 

4

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

(5

)

 

 

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19,518

)

 

 

(19,518

)

Balance - September 30, 2020

 

 

24,466

 

 

 

24

 

 

 

89,777

 

 

 

21

 

 

 

23,159

 

 

 

(92,427

)

 

 

20,554

 

Series C Preferred stock share issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69

)

 

 

 

 

 

(69

)

Conversion of Series B Preferred stock

   to common stock

 

 

10

 

 

 

 

 

 

268

 

 

 

 

 

 

(268

)

 

 

 

 

 

 

Conversion of Series C Preferred stock

   to common stock

 

 

1,168

 

 

 

1

 

 

 

987

 

 

 

 

 

 

(988

)

 

 

 

 

 

 

Exercise of warrants

 

 

186

 

 

 

 

 

 

186

 

 

 

 

 

 

 

 

 

 

 

 

186

 

Warrants issued for services

 

 

 

 

 

 

 

 

183

 

 

 

 

 

 

 

 

 

 

 

 

183

 

Stock options exercised

 

 

35

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

21

 

Stock option expense

 

 

 

 

 

 

 

 

2,125

 

 

 

 

 

 

 

 

 

 

 

 

2,125

 

Series A Preferred cash dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

 

 

(2

)

Series B Preferred stock dividend

 

 

3

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

(4

)

 

 

 

Loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,413

)

 

 

(5,413

)

Balance - December 31, 2020

 

 

25,868

 

 

 

25

 

 

 

93,551

 

 

 

21

 

 

 

21,834

 

 

 

(97,846

)

 

 

17,585

 

Conversion of Series B Preferred stock

   to common stock

 

 

2

 

 

 

 

 

 

61

 

 

 

 

 

 

(61

)

 

 

 

 

 

 

Conversion of Series C Preferred stock

   to common stock

 

 

2,379

 

 

 

3

 

 

 

2,115

 

 

 

 

 

 

(2,118

)