ESSA PHARMA INC. PART I. FINANCIAL INFORMATION
Item 1. Financial Statements and Supplementary Data
ESSA Pharma Inc.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited)
(Expressed in United States dollars)
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2021
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ESSA PHARMA INC.
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited)
(Expressed in United States dollars)
AS OF
March 31, | September 30, | |||||
2021 | 2020 | |||||
ASSETS | ||||||
Current | ||||||
Cash and cash equivalents | $ | 151,562,303 | $ | 56,320,763 | ||
Short-term investments (Note 4) | 57,034,921 | 22,011,337 | ||||
Receivables | 293,106 | 309,538 | ||||
Prepaids (Note 5) | 491,962 | 1,600,128 | ||||
Operating lease right-of-use assets (Note 7) | - | 55,162 | ||||
209,382,292 | 80,296,928 | |||||
Deposits | 277,637 | 277,637 | ||||
Operating lease right-of-use assets (Note 7) | 341,125 | - | ||||
Total assets | $ | 210,001,054 | $ | 80,574,565 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current | ||||||
Accounts payable and accrued liabilities (Note 6) | $ | 3,085,397 | $ | 1,144,230 | ||
Current portion of operating lease liability (Note 7) | 94,294 | 59,094 | ||||
3,179,691 | 1,203,324 | |||||
Derivative liabilities (Note 9) | 1,166,462 | 127,376 | ||||
Operating lease liability (Note 7) | 246,830 | - | ||||
Total liabilities | 4,592,983 | 1,330,700 | ||||
Shareholders' equity | ||||||
Authorized | ||||||
Unlimited common shares, without par value | ||||||
Unlimited preferred shares, without par value | ||||||
Common shares 40,417,857 issued and outstanding (September 30, 2020 - 32,064,411) | ||||||
(Note 10) | 276,740,509 | 131,086,364 | ||||
Additional paid-in capital (Note 10) | 31,208,296 | 31,204,284 | ||||
Accumulated other comprehensive loss | (2,076,479) | (2,076,479) | ||||
Accumulated deficit | (100,464,255) | (80,970,304) | ||||
205,408,071 | 79,243,865 | |||||
Total liabilities and shareholders' equity | $ | 210,001,054 | $ | 80,574,565 |
Subsequent events (Note 14)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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ESSA PHARMA INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited)
(Expressed in United States dollars)
For the three months ended | For the six months ended | ||||||||||
March 31, | March 31, | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
OPERATING EXPENSES | |||||||||||
Research and development | $ | 7,268,257 | $ | 4,618,436 | $ | 11,754,029 | $ | 7,205,584 | |||
Financing costs (Notes 7 and 8) | 299 | 88,369 | 1,480 | 303,870 | |||||||
General and administration | 4,615,332 | 4,863,608 | 6,824,249 | 7,002,773 | |||||||
Total operating expenses | (11,883,888) | (9,570,413) | (18,579,758) | (14,512,227) | |||||||
Foreign exchange | 7,649 | (17,831) | 14,845 | (11,622) | |||||||
Interest income | 39,208 | 205,641 | 74,899 | 306,606 | |||||||
Derivative liability gain (loss) (Note 9) | (1,128,216) | 32,676 | (1,039,086) | (23,957) | |||||||
Loss for the period before taxes | (12,965,247) | (9,349,927) | (19,529,100) | (14,241,200) | |||||||
Income tax recovery | - | (4,000) | 35,149 | 274,000 | |||||||
Loss and comprehensive loss for the period | $ | (12,965,247) | $ | (9,353,927) | $ | (19,493,951) | $ | (13,967,200) | |||
Basic and diluted loss per common share | $ | (0.36) | $ | (0.45) | $ | (0.56) | $ | (0.67) | |||
Weighted average number of common shares | |||||||||||
outstanding - basic and diluted | 36,484,041 | 20,821,956 | 34,896,509 | 20,790,817 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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ESSA PHARMA INC.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed in United States dollars)
FOR THE SIX MONTHS ENDED MARCH 31,
2021 | 2020 | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Loss for the period | $ | (19,493,951) | $ | (13,967,200) | ||
Items not affecting cash and cash equivalents: | ||||||
Amortization of right-of-use asset | 55,162 | 55,162 | ||||
Accretion of lease liability | 1,480 | 8,058 | ||||
Derivative liability loss | 1,039,086 | 23,957 | ||||
Interest income | (20,106) | - | ||||
Finance expense | - | 211,079 | ||||
Unrealized foreign exchange | 23,300 | 22,101 | ||||
Share-based payments | 3,868,671 | 4,838,238 | ||||
Income tax recovery | - | (278,000) | ||||
Changes in non-cash working capital items: | ||||||
Receivables | 19,246 | 12,535 | ||||
Prepaids | 1,108,166 | (340,406) | ||||
Accounts payable and accrued liabilities | 1,883,888 | 92,058 | ||||
Income tax payable | - | (22,000) | ||||
Net cash used in operating activities | (11,515,058) | (9,344,418) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Purchase of short-term investments | (55,017,103) | - | ||||
Proceeds from short-term investments sold | 20,000,000 | - | ||||
Interest from short-term investments | 13,625 | - | ||||
Net cash used in investing activities | (35,003,478) | - | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Proceeds on issuance of common shares | 149,999,985 | - | ||||
Share issuance costs | (9,109,462) | (314,603) | ||||
Options exercised | 930,686 | - | ||||
Warrants exercised | 249 | 247,864 | ||||
Shares purchased through employee share purchase plan | 27,369 | - | ||||
Lease payments | (60,575) | (58,809) | ||||
Loan principal repaid | - | (3,199,799) | ||||
Loan final payment paid | - | (688,000) | ||||
Interest and financing costs paid | - | (32,235) | ||||
Net cash provided by (used in) financing activities | 141,788,252 | (4,045,582) | ||||
Effect of foreign exchange on cash and cash equivalents | (28,176) | (19,154) | ||||
Change in cash and cash equivalents for the period | 95,241,540 | (13,409,154) | ||||
Cash and cash equivalents, beginning of period | 56,320,763 | 53,322,723 | ||||
Cash and cash equivalents, end of period | $ | 151,562,303 | $ | 39,913,569 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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ESSA PHARMA INC.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)
(Expressed in United States dollars)
FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 2021 and 2020
Accumulated | |||||||||||||||||||
Obligation | Additional | other | |||||||||||||||||
Number | Common | to issue | paid-in | comprehensive | |||||||||||||||
of shares | shares | shares | capital | loss | Deficit | Total | |||||||||||||
Balance, September 30, 2019 | 20,762,374 | $ | 78,545,108 | $ | - | $ | 30,038,134 | $ | (2,076,479) | $ | (57,524,934) | $ | 48,981,829 | ||||||
Share issuance costs | - | (3,598) | - | (7,054) | - | - | (10,652) | ||||||||||||
Warrants exercised | - | - | 227,864 | - | - | - | 227,864 | ||||||||||||
Share-based payments | - | - | - | 1,253,621 | - | - | 1,253,621 | ||||||||||||
Loss for the period | - | - | - | - | - | (4,613,273) | (4,613,273) | ||||||||||||
Balance, December 31, 2019 | 20,762,374 | $ | 78,541,510 | $ | 227,864 | $ | 31,284,701 | $ | (2,076,479) | $ | (62,138,207) | $ | 45,839,389 | ||||||
Warrants exercised | 61,965 | 422,195 | (227,864) | (174,331) | - | - | 20,000 | ||||||||||||
Share-based payments | - | - | - | 3,584,617 | - | - | 3,584,617 | ||||||||||||
Loss for the period | - | - | - | - | - | (9,353,927) | (9,353,927) | ||||||||||||
Balance, March 31, 2020 | 20,824,339 | $ | 78,963,705 | $ | - | $ 34,694,987 | $ | (2,076,479) | $ | (71,492,134) | $ | 40,090,079 | |||||||
Accumulated | |||||||||||||||||||
Obligation | Additional | other | |||||||||||||||||
Number | Common | to issue | paid-in | comprehensive | |||||||||||||||
of shares | shares | shares | capital | loss | Deficit | Total | |||||||||||||
Balance, September 30, 2020 | 32,064,411 | $ | 131,086,364 | $ | - | $ | 31,204,284 | $ | (2,076,479) | $ | (80,970,304) | $ | 79,243,865 | ||||||
Warrants exercised | 1,493,504 | 2,987,158 | - | (2,987,009) | - | - | 149 | ||||||||||||
Options exercised | 42,207 | 274,365 | - | (120,664) | - | - | 153,701 | ||||||||||||
Shares issued through | |||||||||||||||||||
employee share purchase plan | 5,261 | 39,638 | - | (12,269) | - | - | 27,369 | ||||||||||||
Share-based payments | - | - | - | 1,204,985 | - | - | 1,204,985 | ||||||||||||
Loss for the period | - | - | - | - | - | (6,528,704) | (6,528,704) | ||||||||||||
Balance, December 31, 2020 | 33,605,383 | $ | 134,387,525 | $ | - | $ 29,289,327 | $ | (2,076,479) | $ | (87,499,008) | $ | 74,101,365 | |||||||
Financing | 5,555,555 | 149,999,985 | - | - | - | - | 149,999,985 | ||||||||||||
Share issuance costs | - | (9,168,801) | - | - | - | - | (9,168,801) | ||||||||||||
Warrants exercised | 1,043,538 | 143,853 | - | (143,753) | - | - | 100 | ||||||||||||
Options exercised | 213,381 | 1,377,947 | - | (600,962) | - | - | 776,985 | ||||||||||||
Share-based payments | - | - | - | 2,663,686 | - | - | 2,663,686 | ||||||||||||
Loss for the period | - | - | - | - | - | (12,965,247) | (12,965,247) | ||||||||||||
Balance, March 31, 2021 | 40,417,857 | $ | 276,740,509 | $ | - | $ 31,208,296 | $ | (2,076,479) | $ | (100,464,255) | $ | 205,408,071 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
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ESSA Pharma Inc. published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2021 16:31:04 UTC.
