v3.26.1
Loss before income tax
 12 Months Ended
Jun. 30, 2026
Disclosure Of Loss Before Income Tax [Abstract]  
Loss before income tax Loss before income tax
Year Ended June 30,
(in U.S. dollars, in thousands)Note202620252024
Revenue
Product sales, net(1)
115,153 11,263 — 
Royalty revenue5,097 5,935 5,902 
Total Revenue120,250 17,198 5,902 
Cost of revenues
Cost of inventories(10,541)(1,193)— 
Amortization of currently marketed intangible assets(6,126)(3,937)— 
Total Cost of revenues (16,667)(5,130)— 
Clinical trial and research & development(30,521)(8,070)(3,308)
Manufacturing production & development(32,693)6,323 (13,252)
Commercialization(15,869)(4,676)(655)
Employee benefits
Salaries and employee benefits(28,095)(22,092)(20,415)
Defined contribution superannuation expenses(510)(395)(369)
Equity settled share-based payment transactions(2)
(14,873)(22,088)(5,870)
Total Employee benefits(43,478)(44,575)(26,654)
Depreciation and amortization of non-current assets
Plant and equipment depreciation(481)(303)(410)
Right of use asset depreciation(1,942)(2,139)(2,771)
Intellectual property amortization(36)(21)(1,485)
Total Depreciation and amortization of non-current assets(2,459)(2,463)(4,666)
Other Selling, general and administration
Overheads & administration(13,855)(10,168)(8,584)
Consultancy(4,795)(2,728)(2,458)
Legal, patent and other professional fees(6,192)(4,335)(2,342)
Intellectual property expenses (excluding the amount amortized above)(4,993)(3,424)(2,777)
Total Other Selling, general and administration(29,835)(20,655)(16,161)
Fair value remeasurement of contingent consideration
Remeasurement of financial derivative7,892 (10,262)— 
Remeasurement of contingent consideration4,165 (4,625)(9,693)
Total Fair value remeasurement of contingent consideration5(f)(iii)12,057 (14,887)(9,693)
Fair value remeasurement of warrant liability
Remeasurement of warrant liability5(f)(vi)859 (4,962)779 
Total Fair value remeasurement of warrant liability859 (4,962)779 
Other operating income and expenses
Year Ended June 30,
(in U.S. dollars, in thousands)Note202620252024
Interest income3,914 3,554 1,824 
Research and development tax incentive income— 82 859 
Government grant revenue22 3 — 
Foreign exchange gains/(losses)1,069 (106)(76)
Derecognition of lease liability388 — — 
Derecognition of right-of-use asset(85)— — 
Foreign withholding tax paid— (480)(37)
Total Other operating income and expenses5,308 3,053 2,570 
Finance (costs)/gains
Remeasurement of borrowing arrangements(1,965)(416)(2,351)
Interest expense(19,872)(21,753)(20,658)
Facility fee(2,002)(799)— 
Total Finance costs(23,839)(22,968)(23,009)
Total loss before income tax(56,887)(101,812)(88,147)
(1)    Revenue from product sales
Product revenues are recorded net of allowances for variable consideration such as estimated government rebates and chargebacks, distribution fees, distributor and off-label discounts, patient assistance programs, freight and packaging costs and returns. See Note 22(e)(ii) for the Group's policy regarding revenue from product sales.
Product revenues consist of the following:
Year Ended June 30,
(in U.S. dollars, in thousands)202620252024
Ryoncil®
115,153 11,263 — 
As at June 30, 2026 and June 30, 2025, the Group’s trade receivables, net were $57.1 million and $13.9 million, which relate to product sales, net of discounts and allowances. The revenue from net product sales is derived from a single external customer which exceeded 10% of the Group's total revenue. Refer to Note 10(b) for discussion of the credit risk associated with trade receivables.
The following table summarizes gross product sales to net product sales by significant category of gross to net adjustments for the years ended June 30, 2026, 2025 and 2024.
Year Ended June 30,
(in U.S. dollars, in thousands)2026% of gross sales
2026		2025% of gross sales
2025		2024% of gross sales
2024
Gross product sales132,890 100.0 %13,192 100.0 %— — %
Gross to net adjustments
  Government rebates and chargebacks(13,439)10.2 %(1,489)11.3 %— — %
  Discounts and distributor fees(1,876)1.4 %(171)1.3 %— — %
  Other sales-related deductions(2,422)1.8 %(265)2.0 %— — %
  Co-pay assistance— — %(4)— %— — %
Total gross to net adjustments(17,737)13.4 %(1,929)14.6 %— — %
Product sales, net115,153 86.6 %11,263 85.4 %— — %
Gross to net adjustments are estimated using contractual terms, statutory requirements, actual claims and settlement experience, patient and payer mix, channel data and other information available at the reporting date. The Group regularly evaluates its estimates against actual results.
Accruals for chargebacks are recorded as a direct reduction to trade receivables. Accruals for government rebates, distribution fees, distributor and off-label discounts, patient assistance programs and freight are recorded within trade and other payables.
The following table summarizes the gross to net adjustments and payments, including sales-related deductions:
(in U.S. dollars, in thousands)Government rebates and chargebacksDiscounts and distributor feesOther sales-related deductionsCo-pay assistanceTotal
Balance as of July 1, 2023— — — — — 
Gross to net adjustments— — — — — 
Payments— — — — — 
Balance as at June 30, 2024— — — — — 
Balance as of July 1, 2024— — — — — 
Gross to net adjustments1,489 171 265 4 1,929 
Payments— (50)(47)— (97)
Balance as at June 30, 20251,489 121 218 4 1,832 
Balance as of July 1, 20251,489 121 218 4 1,832 
Gross to net adjustments13,439 1,876 2,422 — 17,737 
Payments(3,143)(1,323)(667)— (5,133)
Balance as at June 30, 202611,785 674 1,973 4 14,436 
(2)    Share-based payment transactions
For the years ended June 30, 2026, 2025 and 2024, share-based payment transactions have been reflected in the Consolidated Income Statement functional expense categories as follows:
Year Ended June 30,
(in U.S. dollars)202620252024
Research and development7,360,087 12,487,004 2,950,104 
Selling, general and administration7,512,853 9,601,283 2,920,064 
Equity settled share-based payment transactions14,872,940 22,088,287 5,870,168