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United
states
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K
☒ ANNUAL
report under section 13 Or 15(d) of the securities exchange act of 1934
For
the fiscal year ended June 30, 2023
☐ TRANSITION
report under section 13 Or 15(d) of the securities exchange act of 1934
For
the transition period from
Commission file
number 001-38758
RENOVARO BIOSCIENCES INC. |
(Name
of registrant in its charter) |
Delaware
|
|
45-2559340
|
(State
or other jurisdiction of incorporation or organization) |
|
(I.R.S.
Employer Identification No.) |
|
|
|
2080 Century Park East, Suite 906 Los Angeles, CA |
|
90067 |
(Address of principal executive
offices) |
|
(Zip Code) |
+1(305)
918-1980
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol |
|
Name
of Each Exchange on Which Registered |
Common Stock, par value $0.0001
per share |
|
RENB |
|
The Nasdaq Stock Market LLC |
Securities
registered pursuant to Section 12(g) of the Act: Common Stock, $0.0001 par value
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒
No
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes
☒ No
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act
during the last 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, if any, 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 and post 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 has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
No
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No
On
December 31, 2022, the aggregate market value of the voting and non-voting common equity held by non-affiliates was $45,415,777.
As
of September 29, 2023, the number of shares outstanding of the registrant’s common
stock, par value $0.0001 per share (the “Common Stock”) was 65,698,144.
CONTENTS
Cautionary
Language Regarding Forward-Looking Statements and Industry Data
This
Annual Report on Form 10-K contains “forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 regarding the plans and objectives of management for future operations and market trends and expectations. Forward-looking
statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements
are based upon our current assumptions, expectations and beliefs concerning future developments and their potential effect on our business.
In some cases, you can identify forward-looking statements by the following words: “may,” “could,” “would,”
“should,” “expect,” “intend,” “plan,” “anticipate,” “believe,”
“approximately,” “estimate,” “predict,” “project,” “potential” or the negative
of these terms or other comparable terminology, although the absence of these words does not necessarily mean that a statement is not
forward-looking.
Forward-looking
statements include, but are not limited to, statements concerning:
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Our ability to continue as a going concern and ability
to raise additional capital if needed; |
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Our potentially continuous
incurrence of losses as a pre-clinical-stage biotechnology company with no products that have achieved regulatory approval; |
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Our ability to generate revenue if we fail to develop marketable
product; |
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Our dependence on substantial
additional financing to support the research, development, licensing, manufacture, and marketing of product candidates and products,
and the possibility that unforeseen operational costs will arise; |
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The dilutive effect on stockholders’
ownership interests of the Company raising capital through an equity issuance in connection with future equity financing or equity debt
agreements; |
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Our dependence on the services
of experts, including third parties to research and develop product candidates in cooperation with our employees and officers; |
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The difficulty or impossibility
of predicting future clinical trial results and regulatory outcomes of our products based upon our pre-clinical or earlier clinical trial
performance; |
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The application of heightened
regulatory and commercial scrutiny to our gene, cell, and immunotherapy products given their novel nature and concomitant potential for
actual or perceived safety issues; |
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Our ability to compete in a
rapidly developing field, and the potential impact to our financial condition, product marketability, and operational capacities of a
competitor receiving regulatory approval before us, or a competitor developing a more advanced or efficacious therapy than our product; |
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Potential delays or total failures
of third parties, such as universities, non-profits, and clinical research centers, to perform obligations on which our product research
and development rely; |
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The impact on our competitive
position, business operations, and financial condition of implementation of amended healthcare laws and regulations related to healthcare
pricing and reimbursement; |
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The dependence of certain of
our pipelines on intellectual property licensed from licensors, and the severe adverse impact to our business operations of a disruption
of one of our licensing relationships; |
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The potential monetary costs
of defending our intellectual property rights in a dispute, and the possibility that an intellectual property dispute will not be settled
in our favor; |
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The possibility that our patents
and patent applications, even if unchallenged, will not sufficiently protect or provide exclusive use of our intellectual property, which
could jeopardize our ability to commercialize our products and dissuade companies from subsequently collaborating with us; |
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The negative impact to our competitive position and the value of
our technology of our failure to protect trade secrets through the use of non-disclosure and confidentiality agreements, or the unavailability
of adequate recourse for breach of such agreements; |
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The fluctuation and volatility of the market price of our Common
Stock due to its limited public market, and the possibility that these issues will compound and strain our stockholders’ ability
to resell their Common Stock; |
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Our significant dependence on sophisticated management with highly
technical expertise to oversee business operations, and our ability to attract and retain qualified personnel to sustain growth; |
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Our ability to adapt to future growth by training an expanding employee
base and shifting away from reliance on third-party contractors; |
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The risk of liability arising from claims of environmental damage,
personal injury, and property damages in connection with our research and development activities, including those that involve the
use of hazardous materials; |
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The possibility that enforcement actions to suspend or severely
restrict our business operations will be brought against the Company for our failure to comply with laws or regulations and the potential
costs of defending against such actions; |
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Our reliance on adequate maintenance of the security and integrity
of our information technology systems to effectively operate our business; and |
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The impacts from the announcement that we have entered into a stock
purchase agreement to acquire Gedi Cube Intl Ltd (the “Transaction”); and |
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Such other factors as discussed throughout Part II, Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of Operations and in Part I, Item 1A. Risk Factors herein. |
A
forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances
may not occur. You should not place undue reliance on forward-looking statements, which speak only as of the date of this Annual Report.
Forward-looking statements involve known and unknown risks, uncertainties, and other factors, including without limitation the risks
and uncertainties described below the heading “Item 1.A. Risk Factors” in this report, that may cause our actual results,
performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by
such forward-looking statements. The forward-looking statements included herein are based on current expectations and assumptions that
involve numerous risks and uncertainties. Our plans and objectives are based, in part, on assumptions involving the continued expansion
of our business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive
and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which
are beyond our control. Although we believe that our assumptions underlying the forward-looking statements are reasonable, any of the
assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this Annual
Report will prove to be accurate. Given these risks and uncertainties, you should not rely on forward-looking statements as a prediction
of actual results. Any or all of the forward-looking statements contained in this Annual Report and any other public statement made by
us, including by our management, may turn out to be incorrect. We are including this cautionary note to make applicable and take advantage
of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We expressly disclaim
any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Information
regarding market and industry statistics contained in this report is included based on information available to us that we believe is
accurate. It is generally based on academic and other publications that are not produced for purposes of securities offerings or economic
analysis. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and the
additional uncertainties accompanying any estimates of future market size, revenue and market acceptance of products and services. Except
as required by U.S. federal securities laws, we have no obligation to update forward-looking information to reflect actual results or
changes in assumptions or other factors that could affect those statements.
In
August 2023, the Company changed its corporate name from Enochian BioSciences Inc. to Renovaro BioSciences Inc. The Company will not
distinguish between its prior and current corporate name and will refer to the Company’s current corporate name throughout this
Annual Report on Form 10-K. As such, unless expressly indicated or the context requires otherwise,
the terms "Renovaro," "company," "we," "us," and "our" in this document refer to Renovaro
BioSciences Inc., a Delaware corporation, and, where appropriate, its subsidiaries.
PART
I
Unless
otherwise indicated or the context otherwise requires, all references in this prospectus to “we,” “us,” “our,”
“Renovaro BioSciences” or the “Company” are to Renovaro BioSciences Inc., a Delaware corporation together with
its wholly owned subsidiaries, Renovaro Biopharma, Inc., a Delaware corporation (“Renovaro Biopharma”) Renovaro Biosciences
Denmark ApS, a Danish limited company, organized under the Danish Act on Limited Companies of the Kingdom of Denmark, and Renovaro Technologies,
Inc., a Nevada corporation (“Renovaro Technologies”).
Our
Business
We
are a biotechnology company committed to developing advanced allogeneic cell and gene therapies to promote stronger immune system responses
potentially for long-term or life-long cancer remission in some of the deadliest cancers, and potentially to treat or cure serious infectious
diseases such as Human Immunodeficiency Virus (HIV) and Hepatitis B virus (HBV) infection.
Our
Product Development strategy is anchored in the use of “non-self” or allogeneic cells that enhance the immune response that
we seek to elicit.
Over
the past several years, Renovaro BioSciences has evolved from a company with a single product candidate as a potential cure for HIV,
adding two additional pipeline candidates for HIV, a pipeline for HBV, and with a significant expansion into cancer immune therapies
to address high unmet needs from difficult-to-treat solid tumors.
The
oncology platform is now at the forefront of our development activities, beginning with pancreatic cancer.
Many
operational aspects of our platforms can be quickly adapted to multiple disease states from a single therapeutic approach, potentially
streamlining and accelerating development, and regulatory process, as well as manufacturing operations. Moreover, because our product
candidates do not require specialized delivery devices and surgical procedures, our potentially groundbreaking interventions could have
worldwide applicability.
The
Company responds quickly to new data and perceived development opportunities and risk assessments. Based on the maturation of our pipelines,
the Company makes business decisions to prioritize the programs that could move more rapidly through development and commercial processes.
Therapeutic
Areas of focus
Solid
Tumors
Cancer
is caused by an uncontrolled proliferation of abnormal cells. The immune system plays a key role in identifying and destroying those
abnormal cells. In the past 10 years, there has been significant investment in research and development to retrain the immune system
in people with cancer to restore the effectiveness of that immune response – so called “immune-therapy”. Immune-therapies
have made substantial advances to treat various types of blood cell-derived cancers. However, solid tumors still represent a key challenge
for long-term remission or cure. Certain solid tumors have evolved mechanisms that can either hide from normal immune control and immune-therapies
or release certain signaling factors that can block attempts by the immune system to recognize and destroy cancer cells.
Renovaro
Biosciences is developing innovative, proprietary approaches that involve gene- and/or cell-therapy to promote cancer fighting cells
that are designed to potentially overcome those mechanisms and enhance the ability of a person living with a solid tumor to more easily
recognize cancer cells and mount a much more robust and effective immune reaction to destroy them.
Pancreatic
cancer remains a very deadly disease with only 5-10 percent of patients surviving 5 years. Initial preclinical in vitro and proof
of concept in vivo studies of our immune-therapeutic approach for pancreatic cancer have demonstrated promising results.
The
flexibility provided by the platform technology for quick adaptations during research and development and manufacturing processes could
accelerate the development of potential products for other solid tumors beyond pancreatic cancer. For example, triple-negative breast
cancer, glioblastoma, and renal cell carcinoma are all solid tumors with poor survival rates and limited treatment options. The platform
might also allow for non-specific immune enhancement that could have impact against a broad array of solid tumors. As currently conceived,
our approach could potentially allow for outpatient therapy without significant impairment of the patient’s immune system, as many
current approaches require.
Because
many types of solid tumors do not have adequate therapies, are difficult to treat and have relatively low survival rates, there is a
large market potential.
Infectious
Diseases
Infectious
diseases such as HIV and HBV cause disease and death in hundreds of millions of people every year. In a similar way to solid tumors,
those viruses escape from natural immune response by hiding inside of human cells, creating sanctuaries or reservoirs of infection that
can evade the immune system. Advances in anti-viral drugs have made a huge impact on the ability to extend and improve the quality of
life for many, but are often associated with side effects, and can be very expensive.
Through
its advanced cell- and gene- therapy platforms, Renovaro BioSciences is developing unique tools potentially to enhance a person’s
ability to both recognize and fight infections. Because those mechanisms aim to eliminate the cells that serve as a reservoir for viral
replication, our therapy could potentially either cure or at least provide long term remission to people living with chronic infections.
HIV
HIV
attacks the human immune system, specifically killing off CD4+ T-cells, a central part of a person’s ability to control other infections
and certain cancers. Left untreated, over time, the number of CD4+ T-cells drops to such low levels that people die from those infections
and cancers.
Thanks
to scientific advances, there are over 30 antiretroviral drugs, or ARVs, approved by the U.S. Food and Drug Administration (“FDA”)
to treat HIV that can allow many people to live almost as long as people without HIV. But, as mentioned, the drugs are expensive, require
taking pills every day, and can have significant side effects over time.
According
to the World Health Organization, more than 30 million people are living with HIV. In addition, as many as 1 million people, including
people in high-income countries, continue to die each year from HIV due to the ability of the virus to evolve to evade the effects of
the drugs, in particular in people who have been taking various drugs for many years. To date, there are no treatments that can eliminate
the reservoir of immune cells that are infected with HIV from the body. Consequently, treatment for HIV is life-long.
HBV
Despite
the availability of an effective vaccine and treatment that can control infection if it is taken daily for life, HBV is the world’s
most common serious liver infection. According to the Hepatitis B Foundation, two billion people have been infected with HBV, approximately
300 million have chronic HBV infection, and nearly one million people die every year around the world. HBV remains the leading cause
of liver cancer and the second leading cause of cancer deaths in the world.
While
vaccines are increasingly required for children, many adults have not been vaccinated. Life-long treatment access can be limited and
also can be difficult for certain people to follow due to its side effects.
Current
efforts to develop novel treatments or cure largely focus on approaches to deplete the pool of the covalently closed circular DNA (cccDNA),
a type of HBV DNA that is the root cause of HBV chronicity. Renovaro Biosciences is exploring the development of an innovative gene therapy
approach to co-opt HBV polymerase, a key factor that the virus needs to reproduce itself and to induce the death of liver cells infected
with the virus.
Therapeutic
Platforms
The
Company’s general approach with gene- and/or cell-therapy is to enhance the immune system to allow a person to better fight diseases.
The Company is leveraging general principals and advances in the knowledge of the immune response to engineer cells with enhanced attributes
to promote the recognition and elimination of diseased cells.
Advanced
Allogeneic Cell Therapy
The
strategic benefit of cell therapy platforms is to potentially allow for manufacture of large, “off-the-shelf” banks of therapeutic
cells that could be accessed on demand by health care professionals to potentially decrease the time between diagnosis and treatment.
In
addition, because we focus on cells from donors the strategy could potentially enhance the ability of the therapeutic candidates to induce
a more robust response once injected into patients. The human immune system is designed to recognize and distinguish “self”
from “non-self” and destroy “otherness” such as bacteria, viruses, and damaged or diseased cells such as cancer
cells. Alloreactivity (reacting against another person’s cells) is the most powerful response the immune system generates. Several
of our technologies take advantage of the alloreactivity to hyper stimulate a person’s immune response to better attack a chronic
infection (e.g., HIV) or solid tumor.
In
certain treatments (e.g., HIV and cancer), cells taken from healthy donors are sometimes genetically modified to introduce signaling
molecules that are designed to enhance the ability of specific immune cells to recognize diseased cells, and to help recruit other cells
that will destroy cancer or virus infected cells.
The
Company believes that the combination of off-the-shelf allogeneic cells, combined with genetic modifications designed to enhance immune
signaling, could potentially generate therapeutic candidates that have unique attributes that will increase the likelihood of success.
Cell
Therapy enabling technology
In
addition to the platform described above, Renovaro BioSciences has an innovative gene therapy approach to enhance the selection and engraftment
(uptake) of cells carrying therapeutic attributes. Enhanced uptake or engraftment could play a critical role in some cases to increase
the likelihood of therapeutic benefit. This technology was initially developed for autologous cell therapy from a person living with
HIV, and genetically modifying those cells so they cannot be infected with most variants of HIV plus a gene modification to enhance uptake.
We have sublicensed under a profit-sharing agreement our technology to potentially increase engraftment for potential use in CAR-T therapy
as a potential cure for HIV.
HBV
Gene Therapy
Renovaro
BioSciences is exploring various approaches for gene therapy design elements to potentially eliminate virus-infected cells with an innovative
molecular mechanism that co-opts the virus’ machinery to induce the death of infected cells rather than reproducing and causing
more infection and exacerbate diseases.
Our
Product Candidates
Oncology:
RENB-DC-11:
Genetically modified Allogeneic Dendritic Cell Therapeutic Vaccine as Potential Product for Long-term Remission of Solid Tumors –
Starting with Pancreatic Cancer
Allogeneic
Cell Therapy Platform – Advanced Pre-Clinical
Based
on learning from peer-reviewed publications of Phase I/IIa trials, we have designed an innovative therapeutic vaccination platform that
could potentially be used to induce life-long remission from some of the deadliest solid tumors. According to Cancer.net, the survival
rate in pancreatic cancer is currently only 5 to 10 percent at 5 years.
Initial
preclinical in vitro and proof of concept in vivo studies have been successful for pancreatic tumors. The platform might
also allow immediate applicability for a broad array of solid tumors. We initially plan to establish general clinical safety/tolerability
for solid tumors in a phase 1 study and target pancreatic cancer and other potential solid tumors in a phase 2a study that could include
triple-negative breast cancer, mesothelioma, head and neck cancer. As with HIV, our approach would potentially allow for outpatient therapy
without wiping out or significantly impairing the patient’s immune system, as many current approaches require.
Renovaro
BioSciences is collaborating with Dr. Anahid Jewett from UCLA to study further the in vitro and in vivo effectiveness of
our therapeutic approach for pancreatic cancer. Dr. Jewett created an innovative pancreatic cancer mouse model that reproduces the human
immune system in combination with implanted human cancer cells. Early results show promising substantial tumor size reduction. We are
now fully committed to process development/improvements with confirmatory in vivo data. We received constructive comments to our
successful Pre-IND submission in May, which laid out our IND-enabling program for a possible IND submission in Q3 2024. If successful,
clinical trials in humans could be possible shortly after in Q3 2024.
RENB-DC-12--XX:
Genetically modified Allogeneic Dendritic Cell Therapeutic Vaccine as Potential Product for Long-term Remission of Additional Indications
The
technology is a platform that could potentially be adapted to other solid tumors first line and/or salvage therapy, by itself or, potentially,
in combination with other cancer treatments. Additional indications are being evaluated strategically to balance risk and opportunity
to advance therapeutic development quickly in cancer indications with few treatment options. Our strategy for early clinical development
intends to explore and assess all options for accelerated development.
Infectious
Diseases:
HIV:
RENB-HV
12: HIV Therapeutic Vaccines for Potential Long-term Remission/Cure
Allogeneic
Cell Therapy Platform - Advanced Pre-Clinical Stage; Non-Human Primate Studies Ongoing.
In
persons living with HIV who are controlling the spread of virus with anti-retroviral (ARV) treatment, boosting the immune system in a
different way than the virus already has through infection could allow for control of HIV after stopping ARVs.
Renovaro
BioSciences is developing RENB-HV-12 that utilizes a novel cellular and immunotherapy approach that could potentially provide therapeutic
vaccines for HIV (RENB-HV-12). A non-human primate study of the therapeutic vaccine in primates at the Fred Hutchinson Cancer Research
Center is ongoing. Animals began receiving the first injections of the potential therapeutic vaccine in August 2022. Preliminary results
are starting to be available and being analyzed. A Pre-IND request could be submitted during the first half of 2024, with IND submission
and the beginning of Phase I clinical trials by the end of the second half of 2025.
RENB-HV-01:
Autologous Transplant with Genetically Modified Cells:
FDA
INTERACT Meeting Held February 2020 - Advanced Pre-Clinical Stage
There
have been several efforts to cure HIV by re-engineering a person’s own T cells so that these cells no longer express a special
protein (C-C chemokine co-receptor type 5 or CCR5), which HIV uses to gain entry to them. A naturally occurring mutation that blocks
expression of CCR5 on T cells occurs in ~1% of people living in or from Northern Europe with no known adverse effects. The “Berlin
patient”, and more recently the “London patient”, were HIV-positive people who developed cancer and were treated with
a bone marrow transplant with cells donated from people with this naturally occurring mutation of CCR5. The Berlin and London patients
seem to have been effectively cured from HIV providing proof-of-concept that HIV can be cured. However, because the transplanted cells
come from another person, such transplants carry high risk and can result in death in a significant proportion of patients. Given the
success with these two patients, several researchers and companies have attempted to replicate this experience by genetically modifying
T cells of HIV-positive patients to render them unable to be infected by HIV and then returning them to the patient. Because the transplanted
cells are from the same person, the risks to the patient are much lower. The uptake, or engraftment of the modified T cells, however,
has not been optimal, leading to failure to achieve a cure. In addition, the transplant pre-treatment that has been used is bone marrow-destroying
chemotherapy, which wipes out the patient’s immune system and can have long-term side effects including the risk of developing
cancer.
We
have pioneered a novel enabling technology (ALDH gene modification) that we believe will allow sufficient engraftment of the CCR5 gene-modified
Hematopoietic Stem Cell (HSC) to eliminate the need for Antiretroviral Treatment (ART.)
Management
conducted a successful FDA INTERACT Meeting in alignment with the Company’s experimental plan. Although in vitro and in
vivo studies have demonstrated promising results, further development of RENB-HV-01 at this time was deemed costly and a long-term
undertaking. While the Company may return to full development of the approach when resources are available, it has become less attractive
and been deprioritized for business reasons, while pipelines that could move more quickly have been prioritized (e.g., DC-11). Therefore,
a business decision was made to sub-license the ALDH gene modification.
RENB-HV-01
was sub-licensed to Caring Cross with a profit share arrangement. Caring Cross is developing a CAR-T approach that they believe, when
combined with Renovaro Biosciences ALDH gene modification, could enhance engraftment of their CAR-T cell therapy and enhance their likelihood
of success.
RENB-HV-21:
Immunotherapy with Allogeneic NK/GDT Cells
Allogeneic
Cell Therapy Platform -Pre-IND conducted - Advanced Pre-Clinical with Human Data through a Collaboration
We
are also exploring RENB-HV-21, an innovative treatment for HIV with allogeneic Natural Killer (NK) and Gamma Delta T-Cells (GDT). It
is believed that the GDT cells, a small subset of immune cells that can be infected with HIV, could both be infected by and be a key
factor in controlling the virus. The initial scientific findings were presented during the American Society of Gene & Cell Therapy
(ASCGT) Annual Meeting in 2021. Renovaro BioSciences has an exclusive license to use the underlying patent to develop RENB-HV-21 for
potential treatment or cure of HIV. A successful investigator-initiated Pre-IND was completed in October 2021. However, due to a shift
in priorities to the Oncology pipeline, Renovaro BioSciences does not plan to pursue the IND and potential clinical trial in the near
to medium-term.
HBV:
RENB-HB-01:
Potential Cure for HBV
HBV
Gene Therapy - Pre-Clinical
RENB-HB-01
is in an early pre-clinical phase as we explore various approaches for gene therapy design elements. If those explorations are successful,
it is possible we could begin the regulatory process at the earliest in the second half of 2024. However, our highest priority is currently
the oncology platform, beginning with pancreatic cancer.
Collaborations
We
have established strategic partnerships with leading scientists and research centers, such as the University of California, Los Angeles,
Fred Hutchinson Cancer Research Center, and Caring Cross for some of our programs. We will continue to pursue partnerships and collaborations
when appropriate with selected philanthropic, pharmaceutical, and biotechnology companies to fund internal research and development activities,
and to assist in product development and commercialization. We are applying our technology platform to several commercial applications
in which our products provide us and our strategic partners and collaborators with potential technical, competitive, and economic advantages.
Our
Intellectual Property
Patents
and licenses are key to our business. Our strategy is to file for patent applications to protect technology, inventions, and improvements
to inventions that we consider important for the development of our business. We rely on a combination of patent, copyright, trademark,
and trade secret laws, as well as continuing technological innovations, proprietary knowledge, and various third-party agreements, including,
without limitation, confidentiality agreements, materials transfer agreements, research agreements, and licensing agreements, to establish
and protect our proprietary rights. We aim to take advantage of all of the intellectual property rights that are available to us and
seek the protection of those rights so that we can fully exploit our innovations.
We
also protect our proprietary information by requiring our employees, consultants, contractors, and other advisors to execute nondisclosure
and assignment of invention agreements upon commencement of their respective employment or engagement. Our patent filings are discussed
briefly below.
Internally
Developed Intellectual Property
Protocol
for generating dendritic cells (2005 DK, 2008 PCT)
This
patent family is directed to the generation of dendritic cells based on a blood sample by culturing monocytes at reduced temperatures.
Dendritic cells exposed to tumor antigens followed by treatment with T(h) 1-polarizing differentiation signals have paved the way for
the development of dendritic cell-based cancer vaccines. Issued claims are directed to a method of generating immature dendritic cells
under certain temperature settings, which by further activation has been shown to give a high yield of homogeneous and fully matured
dendritic cells. The patent expiration date is December 2026 subject to any applicable patent term extension, patent term adjustment,
or supplementary protection certificates that may be available in a country or jurisdiction. This patent has been issued in the USA,
Canada, China, Eurasia, Russia, Europe, Israel, Mexico, Malaysia, and New Zealand. This patent is owned by the Company and was not licensed
from third parties.
Assigned
Intellectual Property
On
August 16, 2022, the USPTO issued U.S. Patent No. 11,413,338 B2, “Methods and Compositions Using Recombinant Dendritic Cells for
Cancer Therapy”, pertaining to methods and compositions for treating cancer by eliciting an immune response by administering dendritic
cells expressing heterologous proteins. This patent protects RENB-DC-11: Genetically modified Allogeneic Dendritic Cells as
Potential Product for Long-term Remission of Solid Tumors – Starting with Pancreatic Cancer and potential future products RENB-DC-12-XX:
Genetically modified Allogeneic Dendritic Cells as Potential Product for Long-term Remission of Additional Indications for
twenty years. This patent is owned by the Company, through assignment as of July 15, 2019.
On
June 17, 2020, a patent application was filed entitled “Allogeneic T-Cell-Based HIV Vaccine to Induce Cellular and Humoral Immunity”,
US 2021/0030795 A1 for the composition and method of use concepts for HV-12. This patent application is owned by the Company, through
assignment as of September 28, 2021.
In-Licensed
Technology
On
February 16, 2018, Renovaro Biopharma, Renovaro’s wholly owned subsidiary, entered into a License Agreement (the “HIV License
Agreement”) with Weird Science, LLC (“Weird Science”). The License Agreement contains, among other things, the following
terms: (a) a perpetual, fully paid-up, royalty-free, sublicensable, and exclusive (including to the exclusion of Weird Science) worldwide
license from Weird Science to Renovaro Biopharma to use Weird Science’s intellectual property and technology for the prevention,
treatment, and/or amelioration of and/or therapy for HIV in humans, and research and development exclusively relating to HIV in humans
(the “Field”) worldwide; (b) a nonexclusive, royalty-free, sublicensable license from Renovaro Biopharma to Weird Science
to use the Renovaro technology to commercialize products outside of the Field worldwide; (c) a nonexclusive, royalty-free license from
Renovaro Biopharma to Weird Science to use the results of a study with syngeneic and humanized mice models outside the Field and, at
Weird Science’s own expense, to prosecute patents relating to the results of the study, which Weird Science will own, and (d) a
perpetual, fully paid-up, royalty-free, sublicensable, and sole and exclusive (including to the exclusion of Weird Science) worldwide
license from Weird Science to Renovaro Biopharma (which will be part of the license described in (a) above) to use patent applications
and patents related to the study results disclosed in (d) above solely in the Field, and to make, have made, use, sell, offer to sell
and import inventions claimed in such patent applications and patents solely in the Field. Our current product candidates covered by
this license include RENB-HV-01: Autologous Transplant with Genetically Modified Cells.
On
January 31, 2020, the Company entered into a Statement of Work and License Agreement (the “HBV License Agreement”) by and
among the Company, G Tech Bio, LLC “(G-Tech”), and Seraph Research Institute (“SRI”) (formerly G Health Research
Foundation), and, a not for profit entity organized under the laws of California doing business as Seraph Research Institute (“SRI”),
whereby the Company acquired a perpetual, sublicensable, exclusive license (the “HBV License”) for a treatment under development
(aimed to treat HBV infections in accordance with its agreement in principle with G-Tech and SRI announced by the Company on November
25, 2019. The HBV License Agreement states that in consideration for the HBV License, the Company would provide cash funding for research
costs and equipment and certain other in-kind funding related to the licensed treatment over a 24-month period. The Company paid an upfront
payment of $1.2 million on February 6, 2020. Our current product candidate under this license is RENB-HB-01 HBV Gene Therapy (see Note
9 in the Financial Statements).
On
August 25, 2021, the Company entered into an ALC Patent License and Research Funding Agreement in the HIV Field (the “ALC License
Agreement”) with SRI whereby the Company was granted an exclusive, worldwide, perpetual, fully paid-up, royalty-free license (the
“ALC License”), with the right to sublicense, the proprietary technology subject to a U.S. patent application, to make, use,
offer to sell, sell or import products for use solely for the prevention, treatment, amelioration of or therapy exclusively for HIV in
humans, and research and development exclusively relating to HIV in humans; provided the licensor retained the right to conduct HIV research
in the HIV Field. Pursuant to the ALC License Agreement, the Company granted a non-exclusive license back to licensor, under any patents
or other intellectual property owned or controlled by the Company, to the extent arising from the ALC License, to make, use, offer to
sell, sell or import products for use in the diagnosis, prevention, treatment, amelioration or therapy of any (i) HIV comorbidities and
(ii) any other diseases or conditions outside the HIV Field. The Company made an initial payment to SRI of $600,000 and agreed to fund
future HIV research, as mutually agreed to by the parties. Our current product candidate under this license is RENB-HV-21: HIV Natural
Killer and Gamma Delta T Cell Treatment or Cure (see Note 9 in the Financial Statements).
Trade
Secrets and Proprietary Know-How
In
addition to intellectual property protected by patents and copyrights, we have trade secrets and proprietary know-how relating to our
products, production processes, and future strategies.
Competition
The
biotechnology and pharmaceutical industries, including in the field of gene therapy, are characterized by rapidly advancing technologies,
intense competition, and a strong emphasis on intellectual property. While we believe that our technology platforms, strong intellectual
property portfolio, and scientific expertise in the gene therapy field provide us with competitive advantages, we face potential competition
from many different sources, including larger and better-funded pharmaceutical and biotechnology companies, new market entrants, and
new technologies.
We
are aware of several companies focused on other methods for editing genes and regulating their expression, and a limited number of commercial
and academic groups pursuing the development of gene regulation and genome editing technology. The field of applied gene regulation and
genome editing is highly competitive, and we expect competition to persist and intensify in the future from several different sources,
including pharmaceutical and biotechnology companies; academic and research institutions, and government agencies.
Accordingly,
our competitors may succeed in obtaining patent protection, receiving FDA approval, or commercializing competitive products before us.
If we commence commercial product sales, we may be competing against companies with greater marketing and manufacturing capabilities,
areas in which we have limited or no experience. In addition, any product candidate that we successfully develop may compete with existing
products that have long histories of safe and effective use.
The
competitive landscape that we are facing is as follows:
Gene
therapy companies developing gene-based products in clinical trials. uniQure N.V.’s product for lipoprotein lipase deficiency
and GlaxoSmithKline plc, or GSK’s, product for severe combined immunodeficiency due to adenosine deaminase deficiency are approved
in Europe. No other gene therapy products have yet been approved. Our competitors in this category may include, but not be limited to,
Sangamo Therapeutics, Inc., uniQure N.V., bluebird bio, Inc., Regenxbio Inc., Shire, Pfizer Pharmaceutical, and GSK.
Cell
therapy companies developing cell-based products. Our competitors in this category may include Novartis AG, Adaptimmune Therapeutics
PLC, Atara Biotherapeutics, Inc., bluebird bio, Inc., Cellectis S.A., Juno Therapeutics, Inc., Kite Pharma, and Iovance Biotechnologies,
Inc.
For
RENB-DC-11, the competitive landscape is more complex.
Immunotherapy
is an active area of research and a number of immune-related products have been identified in recent years that are alleged to modulate
the immune system. Many of these products utilize dendritic cells, a form of immune cell that presents cancer target peptides to T cells
and that can in turn result in T cell activation. More recently, bi-specific antibodies and checkpoint inhibitors (for instance PD-1/PD-L1
antibodies) have been identified as having utility in the treatment of cancer. Bi-specific antibodies commonly target both the cancer
peptide and the T cell receptors (“TCR”), thus bringing both cancer cells and T cells into close proximity to maximize the
chance of TCR binding and hence an immune response to the cancer cells. Checkpoint inhibitors on the other hand work by targeting receptors
that inhibit T cell effectiveness and proliferation and essentially activate T cells. Other immunotherapies that are being actively investigated
include antibody-drug complexes, TCR-mimic antibodies, oncolytic viruses, and cancer vaccines. A variety of cell-based autologous and
allogeneic approaches are also being researched and developed.
CAR-T
in solid tumors
In
addition to hematological malignancies, a growing number of pharmaceutical, biotechnology, and academic institutions are researching
and developing autologous and allogeneic chimeric antigen receptor T cell (“CAR-T”) therapies in the solid tumor setting.
These CAR-T cell therapies are at a variety of stages of preclinical and clinical development, as well as directed towards a broad target
spectrum. Four CAR-T therapies have been approved for treatment of leukemia.
TCR
T cells
Competitors
are developing TCR T cells (including affinity engineered T cells) that are directed towards a multitude of targets. Juno Therapeutics
has developed an engineered TCR therapeutic candidate where the end TCR is purported to have enhanced affinity through stem-cell selection.
Other
cell-based approaches
In
addition to all the adoptive cell therapy approaches above, our competitors are also investigating the potential of Gamma Delta T cell,
Chimeric Antigen Receptor - Natural Killer (CAR-NK) cell, Natural Killer (NK) cell, (NKT) cell and Cytotoxic T-cells (CTLs) either in
a preclinical or clinical setting (both hematologic malignancies and solid tumors). In addition, Bristol Myers Squibb’s Abraxane
is used for pancreatic cancer.
For
RENB-HV-12, we are aware of a few biotech companies developing an HIV vaccine such as Geovax, Biosantech SA, and FIT Biotech,
among a few others.
For
RENB-HV-01, we are aware of two companies developing a gene therapy for HIV/AIDS: Sangamo and American Gene Technology.
For
RENB-HB-01, there is an approved vaccine to prevent HBV infection. In addition, several approved combination antivirals can suppress
replication, but do not cure HBV. Several companies are pursuing cures, mostly targeting the depletion of ccc-DNA.
Manufacturing
Our
intent is to rely on contract manufacturing organizations (CMOs) and contract development and manufacturing organizations (CDMOs), to
help develop processes and manufacture our product candidates in accordance with FDA and European Medicine Agency (EMA) mandated regulations,
also known as current good manufacturing practices, (“cGMPs”). We employ a technical operations staff in the areas of process
development, analytical development, quality control, quality assurance, project management, and manufacturing, which will facilitate
appropriate oversight of our CMOs, support of our regulatory filings, and execution of clinical trials.
Government
Regulation
FDA
Review and Approval
Government
authorities in the United States, at the federal, state, and local levels, and in other countries extensively regulate, among other things,
the research, development, testing, manufacture, quality control, approval, labeling, packaging, storage, record-keeping, promotion,
advertising, distribution, post-approval monitoring and reporting, marketing and export and import of products such as those we are developing.
Any products we develop will require regulatory review and allowance to proceed prior to conducting clinical trials and additional regulatory
approvals prior to commercialization. In the United States, the FDA regulates drugs under the Federal Food, Drug and Cosmetic Act (FDCA)
and the Public Health Service Act (PHSA) and their implementing regulations govern, among other things, biopharmaceutical testing, manufacturing,
safety, efficacy, labeling, storage, recordkeeping, advertising, and other promotional practices.
Obtaining
FDA approval is a costly and time-consuming process. Generally, FDA approval requires that preclinical studies be conducted in the laboratory
and in animal model systems to gain preliminary information on efficacy and to identify any major safety concerns. The results of these
studies are then submitted as a part of an IND, which the FDA must review and allow before human clinical trials can start. The IND includes
a detailed description of the proposed clinical investigations. An independent Institutional Review Board (“IRB”) must also
review and approve the clinical protocol and each clinical site.
A
company must submit an IND for each investigational medical product and specific indication(s) and must conduct clinical studies to demonstrate
the safety and efficacy of the product necessary to obtain FDA approval. The FDA receives reports on the progress of each phase of clinical
testing and may require the modification, suspension, or termination of clinical trials if an unwarranted risk is presented to participants
including patients.
Obtaining
FDA approval prior to marketing a biopharmaceutical product in the United States typically requires several phases of clinical trials
to demonstrate the safety and efficacy of the product candidate. Clinical trials are the means by which experimental treatments are tested
in humans and are conducted following preclinical testing. Clinical trials may be conducted within the United States or in foreign countries.
If clinical trials are conducted in foreign countries, the products under development as well as the trials are subject to regulations
of the FDA and/or its regulatory counterparts in the other countries. Upon successful completion of clinical trials, approval to market
the treatment for a particular patient population may be requested from the FDA in the United States and/or its counterparts in other
countries.
Clinical
trials for therapeutic products are normally conducted in three phases. Phase 1 clinical trials are typically conducted with a small
number of subjects/patients to evaluate the safety, determine a safe dosage range, identify side effects, and, if possible, gain early
evidence of effectiveness. Phase 2 clinical trials are conducted with a larger group of patients to evaluate the effectiveness of an
investigational product for a defined patient population, and to determine common short-term side effects and risks associated with the
drug. Phase 3 clinical trials involve large scale, multi-center, comparative trials that are conducted to evaluate the overall benefit-risk
relationship of the investigational product and to provide an adequate basis for product labeling. In some special cases where the efficacy
testing of a product may present a special challenge to testing in humans, such as in the case of a vaccine to protect healthy humans
from a life-threatening disease that is not a naturally occurring threat, effectiveness testing may be required in animals. For certain
advanced therapies that meet eligibility criteria for expedited program designations, clinical development may be accelerated.
Clinical
trials involve the administration of the treatment/drug product candidate to healthy volunteers or patients under the supervision of
qualified investigators who generally are physicians not employed by, or under, the control of the trial sponsor. Clinical trials are
conducted under written study protocols detailing, among other things, the objectives of the clinical trial, dosing procedures, subject
selection, and exclusion criteria and the parameters to be used to monitor subject safety, including stopping rules that assure a clinical
trial will be stopped if certain adverse events should occur. Each protocol and any amendments to the protocol must be submitted to the
FDA as part of the IND. Clinical trials must be conducted and monitored in accordance with the FDA’s regulations comprising the
Good Clinical Practice (“GCP”) requirements, and any additional requirements for the protection of human research subjects
and their health information including the requirement that all research subjects provide informed consent.
Further,
each clinical trial must be reviewed and approved by an IRB at or servicing each institution at which the clinical trial will be conducted.
An IRB is charged with protecting the welfare and rights of trial participants and considers items such as whether the risks to individuals
participating in the clinical trials are minimized and are reasonable in relation to anticipated benefits. The IRB also approves the
form and content of the informed consent that must be signed by each clinical trial subject, or their legal representative, reviews and
approves the study protocol, and must monitor the clinical trial until completed. Clinical trials involving recombinant DNA also must
be reviewed by an institutional biosafety committee, or IBC, a local institutional committee that reviews and oversees basic and clinical
research that utilizes recombinant DNA at that institution. The IBC assesses the safety of the research and identifies any potential
risk to public health or the environment.
After
completion of clinical trials of a new product, FDA marketing approval must be obtained. If the product is regulated as a biologic, a
Biologics License Application, or BLA, is required. If the product is classified as a new drug, a New Drug Application, or NDA is required.
The NDA or BLA must include results of product development activities, preclinical studies, and clinical trials in addition to detailed
chemistry, manufacturing and control information.
Applications
submitted to the FDA are subject to an unpredictable and potentially prolonged approval process. Despite good-faith communication and
collaboration between the applicant and the FDA during the development process, the FDA may ultimately decide, upon final review of the
data, that the application does not satisfy its criteria for approval or requires additional product development or further preclinical
or clinical studies. Even if FDA regulatory approval(s) are obtained, a marketed product is subject to continual review, and later discovery
of previously unknown problems or failure to comply with the applicable regulatory requirements may result in restrictions on the marketing
of a product or withdrawal of the product from the market as well as possible civil or criminal sanctions.
Before
marketing approval can be secured for a product, the facility in which the product is manufactured must be inspected by the FDA and must
comply with the FDA’s current Good Manufacturing Practices (“cGMP”) regulations. In addition, after marketing approval
is secured, the manufacturing facility must be inspected periodically for cGMP compliance by FDA inspectors, and, if the facility is
located in California, by inspectors from the Food and Drug Branch of the California Department of Health Services.
Sponsors
of clinical trials are required to register, and report results for, all controlled, clinical investigations, other than Phase 1 investigations,
of a product subject to FDA regulation. Trial registration may require public disclosure of certain confidential commercial development
data.
The
process of obtaining regulatory approvals and the subsequent compliance with appropriate federal, state, local and foreign statutes and
regulations require the expenditure of substantial time and financial resources. Failure to comply with the applicable U.S. requirements
at any time during the product development process, approval process or after approval, may subject an applicant to administrative or
judicial sanctions. FDA sanctions could include, among other actions, refusal to approve pending applications, withdrawal of an approval,
a clinical hold, warning letters, product recalls or withdrawals from the market, product seizures, total or partial suspension of production
or distribution injunctions, fines, refusals of government contracts, restitution, disgorgement or civil or criminal penalties. Any agency
or judicial enforcement action could have a material adverse effect on our business, financial condition, results of operations and cash
flows.
The
FDA offers several programs to expedite the development of products that treat serious or life-threatening illnesses and that provide
meaningful therapeutic benefits to patients over existing treatments.
RMAT
designation:
A
drug is eligible for designation as an RMAT if: the drug is a regenerative medicine therapy, which is defined as a cell therapy, therapeutic
tissue engineering product, human cell and tissue product or any combination product using such therapies or products, except for those
regulated solely under certain other sections; the drug is intended to treat, modify, reverse or cure a serious or life-threatening disease
or condition; and preliminary clinical evidence indicates that the drug has the potential to address unmet medical needs for such disease
or condition. Some of our current and future products may be eligible for RMAT designation.
Orphan
designation:
Under
the Orphan Drug Act, the FDA may grant orphan designation to a product intended to treat a rare disease or condition, which is generally
a disease or condition that affects fewer than 200,000 individuals in the United States, or more than 200,000 individuals in the United
States and for which there is no reasonable expectation that the cost of developing and making a product available for this type of disease
or condition will be recovered from sales of the product. Orphan designation must be requested before submitting an NDA or BLA. Orphan
designation does not convey any advantage in or shorten the duration of the regulatory review and approval process. If a product that
has orphan designation subsequently receives the first FDA approval for such product for the disease or condition for which it has such
designation, the product is entitled to orphan product exclusivity, which means that the FDA may not approve any other applications to
market a product containing the same active moiety for the same use or indication for seven years, except in limited circumstances, such
as a showing of clinical superiority to the product with orphan exclusivity. A product is clinically superior if it is safer, more effective
or makes a major contribution to patient care. Any claims of clinical superiority could require a head-to-head clinical trial between
such drugs. Competitors may receive approval of different products for the indication for which the orphan product has exclusivity or
obtain approval for the same product but for a different indication for which the orphan product has exclusivity. If a product designated
as an orphan product receives marketing approval for an indication broader than what is designated, it may not be entitled to orphan
product exclusivity.
Other
Healthcare Laws and Compliance Regulations
Although
we currently do not have any products on the market, we may also be subject to additional healthcare regulation and enforcement by the
federal government and by authorities in the states and foreign jurisdictions in which we conduct our business. In the United States,
among other things, the research, manufacturing, distribution, sale and promotion of pharmaceutical and biological products are potentially
subject to regulation and enforcement by various federal, state and local authorities in addition to the FDA, including the Centers for
Medicare and Medicaid Services (“CMS”), other divisions of the United States Department of Health and Human Services (e.g.,
the Office of Inspector General), the Drug Enforcement Administration, the Consumer Product Safety Commission, the Federal Trade Commission,
the Occupational Safety and Health Administration, the Environmental Protection Agency, state Attorneys General and other state and local
government agencies. Our current and future business activities, including for example, sales, marketing, and scientific/educational
grant programs, must comply with health care regulatory laws, as applicable, including, without limitation:
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the federal anti-kickback
statute, which is a criminal statute that makes it a felony for individuals or entities to knowingly and willfully offer or pay,
or to solicit or receive, direct or indirect remuneration, in order to induce the purchase, order, lease, or recommending of items
or services, or the referral of patients for services, that are reimbursed under a federal health care program, including Medicare
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the federal False Claims
Act, which prohibits, among other things, individuals and entities from knowingly submitting, or causing to be submitted, false or
fraudulent claims for payment of government funds, with penalties that include three times the government’s damages plus civil
penalties for each false claim; in addition, the False Claims Act permits a person with knowledge of fraud, referred to as a qui
tam plaintiff, to file a lawsuit on behalf of the government against the person or business that committed the fraud, and, if the
action is successful, the qui tam plaintiff is rewarded with a percentage of the recovery; |
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federal criminal laws that
prohibit executing a scheme to defraud any healthcare benefit program or making false statements relating to healthcare matters; |
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the Health Insurance Portability
and Accountability Act of 1996, or HIPAA, which governs the conduct of certain electronic healthcare transactions and protects the
security and privacy of protected health information; |
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the federal Physician Payments
Sunshine Act, which requires certain manufacturers of drugs, devices, biologics and medical suppliers to report annually to CMS information
related to payments and other transfers of value to physicians, other healthcare professionals and teaching hospitals, and ownership
and investment interests held by physicians and other healthcare professionals and their immediate family members; and |
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state and foreign law equivalents
of each of the above federal laws, such as state anti-kickback and false claims laws which may impose stricter requirements than
federal law and may apply to items or services reimbursed by any payor (including commercial insurers and cash-paying patients);
state laws that require pharmaceutical companies to comply with the pharmaceutical industry’s voluntary compliance guidelines
and the relevant compliance guidance promulgated by the federal government or otherwise restrict payments that may be made to healthcare
professionals and other potential referral sources; state laws that require drug manufacturers to report information related to payments
and other transfers of value to physicians and other healthcare professionals or marketing expenditures; and state laws governing
the privacy and security of health information in certain circumstances, many of which differ from each other in significant ways
and may not have the same effect, thus complicating compliance efforts. |
If
our operations are found to be in violation of any of such laws or any other governmental laws or regulations that apply, they may be
subject to penalties, including, without limitation, civil and criminal penalties, damages, fines, disgorgement, the curtailment or restructuring
of operations, exclusion from participation in federal and state healthcare programs, additional program integrity obligations, individual
imprisonment, injunctions, recall or seizure of products, total or partial suspension of production, denial or withdrawal of product
approvals, refusal to permit us to enter into supply contracts, including government contracts, contractual damages, reputational harm,
administrative burdens, diminished profits, and future earnings, any of which could have a material adverse effect on our business, financial
condition, result of operations, and cash flows. These additional healthcare regulations could affect our current and future arrangements
with healthcare professionals, principal investigators, consultants, customers and third-party payors.
Moreover,
the introduction of legislation, implementation of new regulations, or enforcement of existing regulations that have a negative impact
on the commercial prospects for the types of products we are developing could negatively impact our share price and our ability to raise
capital.
Coverage
and Reimbursement
Significant
uncertainty exists as to the coverage and reimbursement status of any product candidate that receives regulatory approval. In the United
States and markets in other countries, sales of our product candidates, if approved, will depend, in part, on the extent to which third-party
payors provide coverage and establish adequate reimbursement levels.
In
the United States, third-party payors include federal and state healthcare programs, government authorities, private managed care providers,
private health insurers and other organizations. Third-party payors are increasingly challenging the price, examining the medical necessity
and reviewing the cost-effectiveness of medical drug products and medical services, in addition to questioning their safety and efficacy.
Such payors may limit coverage to specific drug products on an approved list, also known as a formulary, which might not include all
the FDA-approved drugs for a particular indication. Third-party payor coverage may be more limited than the purposes for which the product
is approved by the FDA or foreign regulatory authorities. Further, one payor’s determination to provide coverage for a drug product
does not assure that other payors will also provide coverage for the drug product.
Moreover,
the process for determining whether a third-party payor will provide coverage for a drug product may be separate from the process for
setting the price of a drug product or for establishing the reimbursement rate that such a payor will pay for the drug product. A payor’s
decision to provide coverage for a drug product does not imply that an adequate reimbursement rate will be approved or that the product
will be paid for in all cases or at a rate that covers our costs, including research, development, manufacture, sale, and distribution.
There may be significant delays in obtaining reimbursement for approved products, and reimbursement rates may fluctuate over time or
vary according to the use of the product or clinical setting in which a product is used. Net prices for products may be reduced by mandatory
discounts or rebates required by government healthcare programs or private payors and by any future relaxation of laws that presently
restrict imports of products from countries where they may be sold at lower prices than in the United States.
Further,
third-party payers are increasingly challenging the price of medical products and services, and there is increasing pressure on biotechnology
companies to reduce healthcare costs. If purchasers or users of our products are not able to obtain adequate reimbursement for the cost
of using our products, they may forgo or reduce their use. Significant uncertainty exists as to the reimbursement status of newly approved
healthcare products, and whether adequate third-party coverage will be available. Our inability to promptly obtain coverage and profitable
payment rates from both government funded and private payors for future products we develop could have a material adverse effect on our
operating results, our ability to raise capital needed to commercialize potential products, and our overall financial condition.
Healthcare
Reform
In
March 2010, former President Obama signed into law The Patient Protection and Affordable Care Act and the Health Care and Education Affordability
Reconciliation Act of 2010 (collectively, the “Affordable Care Act”), which substantially changed the way healthcare is financed
by both governmental and private insurers in the United States, and significantly affected the pharmaceutical industry. The Affordable
Care Act contains a number of provisions, including those governing enrollments in federal healthcare programs, reimbursement adjustments
and fraud and abuse changes. Additionally, the Affordable Care Act increases the minimum level of Medicaid rebates payable by manufacturers
of brand name drugs; requires collection of rebates for drugs paid by Medicaid managed care organizations; requires manufacturers to
participate in a coverage gap discount program, under which they must agree to offer point-of-sale discounts off negotiated prices of
applicable brand drugs to eligible beneficiaries during their coverage gap period, as a condition for the manufacturer’s outpatient
drugs to be covered under Medicare Part D; and imposes a non-deductible annual fee on pharmaceutical manufacturers or importers
who sell “branded prescription drugs” to specified federal government programs.
Since
its enactment, there have been judicial and Congressional challenges to certain aspects of the Affordable Care Act, and we expect there
will be additional challenges and amendments to the Affordable Care Act in the future. Other legislative changes have been proposed and
adopted since the Affordable Care Act was enacted, including aggregate reductions of Medicare payments to providers and reduced payments
to several types of Medicare providers. Moreover, there has recently been heightened governmental scrutiny over the manner in which manufacturers
set prices for their marketed products, which has resulted in several Congressional inquiries and proposed bills designed to, among other
things, bring more transparency to product pricing, review the relationship between pricing and manufacturer patient programs, and reform
government program reimbursement methodologies for drug products. Individual states in the United States have also become increasingly
active in implementing regulations designed to control pharmaceutical product pricing, including price or patient reimbursement constraints,
discounts, restrictions on certain product access and marketing cost disclosure and transparency measures, and, in some cases, proposing
to encourage importation from other countries and bulk purchasing. We cannot predict what healthcare reform initiatives may be adopted
in the future.
We
also are subject to various federal, state, and local laws, regulations, and recommendations relating to safe working conditions, laboratory
and manufacturing practices, the experimental use of animals, and the use and disposal of hazardous or potentially hazardous substances,
including radioactive compounds and infectious disease agents, used in connection with our research. The extent of government regulation
that might result from any future legislation or administrative action cannot be accurately predicted.
Foreign
Corrupt Practices Act
Our
business activities may be subject to the Foreign Corrupt Practices Act, or FCPA, and similar anti-bribery or anti-corruption laws, regulations,
or rules of other countries in which we operate. The FCPA generally prohibits offering, promising, giving, or authorizing others to give
anything of value, either directly or indirectly, to a non-U.S. government official in order to influence official action, or otherwise
obtain or retain business. The FCPA also requires public companies to make and keep books and records that accurately and fairly reflect
the transactions of the corporation and to devise and maintain an adequate system of internal accounting controls. Our business is heavily
regulated and therefore involves significant interaction with public officials, including officials of non-U.S. governments. Additionally,
in many other countries, the health care providers who prescribe pharmaceuticals are employed by their government, and the purchasers
of pharmaceuticals are government entities; therefore, our dealings with these prescribers and purchasers are subject to regulation under
the FCPA. There is no certainty that all of our employees, agents, suppliers, manufacturers, contractors, or collaborators, or those
of our affiliates, will comply with all applicable laws and regulations, particularly given the high level of complexity of these laws.
Violations of these laws and regulations could result in fines, criminal sanctions against us, our officers, or our employees, the closing
down of facilities, including those of our suppliers and manufacturers, requirements to obtain export licenses, cessation of business
activities in sanctioned countries, implementation of compliance programs, and prohibitions on the conduct of our business. Any such
violations could include prohibitions on our ability to offer our products in one or more countries as well as difficulties in manufacturing
or continuing to develop our products, and could materially damage our reputation, our brand, our international expansion efforts, our
ability to attract and retain employees, and our business, prospects, operating results, and financial condition.
Employees
As
of June 30, 2023, we had 12 full-time employees. In July 2022, the Company began to streamline the organization to focus around two of
its therapies (oncology and HIV therapeutic vaccine). The Company has tailored its workforce to focus on these therapies. We believe
that we have good relations with our employees.
Corporate
Information
On
September 28, 2023, Renovaro Biosciences Inc., entered into a Stock Purchase Agreement (the “Purchase Agreement”)
with GEDi Cube Intl Ltd., a private company formed under the laws of England and Wales (“GEDi Cube”). Upon the terms
and subject to the conditions set forth in the Purchase Agreement, Renovaro will acquire 100% of the equity interests of GEDi Cube from
its equity holders (the “Sellers”) and GEDi Cube will become a wholly-owned subsidiary of Renovaro. On September 28,
2023, the board of directors of Renovaro, and the board of managers of GEDi Cube unanimously approved the Purchase Agreement. The completion
of the Transaction is subject to the satisfaction or waiver of customary closing conditions. The Purchase Agreement contains certain
termination rights for both Renovaro and GEDi Cube (See Note 11-Subsequent Events).
There
can be no assurance that the Transaction will be fully realized or may take longer to realize than expected; the possibility that shareholders
of Renovaro may not approve the issuance of new shares of Renovaro common stock in the proposed Transaction; the risk that a condition
to closing of the proposed Transaction may not be satisfied, that either party may terminate the Transaction Agreement or that the closing
of the proposed Transaction might be delayed or not occur at all.
We
trade on the NASDAQ Capital Market under the ticker “RENB.”
Our
website is http://www.renovarobio.com. We make available free of charge, on or through our internet site, our annual, quarterly, and
current reports and any amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act as soon as reasonably
practicable after we electronically file such material with, or furnish it to, the SEC. Information contained in our website is not part
of, nor incorporated by reference into, this report.
Item
1A. Risk Factors
RISK
FACTORS
Risk Factor
Summary
The following
is a summary of the risks and uncertainties that could cause our business, financial condition or operating results to be harmed. We
encourage you to carefully review the full risk factors contained in this report in their entirety for additional information regarding
these risks and uncertainties.
| · | We
have incurred substantial losses since our inception and anticipate that we will continue
to incur substantial and increasing losses for the foreseeable future. |
| · | There
is substantial doubt about our ability to continue as a going concern, which may hinder our
ability to obtain future financing. |
| · | We
will require substantial additional financing to achieve our goals, and a failure to obtain
this necessary capital when needed could force us to delay, limit, reduce or terminate our
product development or commercialization efforts. |
| · | Raising
additional capital may cause dilution to our existing stockholders or restrict our operations. |
| · | We
are a pre-clinical biotechnology company and may never be able to successfully develop marketable
products or generate any revenue. We have a very limited relevant operating history upon
which an evaluation of our performance and prospects can be made. There is no assurance that
our future operations will result in profits. If we cannot generate sufficient revenues,
we may suspend or cease operations. |
| · | From
time to time, we may be subject to legal proceedings, regulatory investigations or disputes,
and governmental inquiries that could cause us to incur significant expenses, divert our
management’s attention, and materially harm our business, financial condition, and
operating results. |
| · | Negative
publicity has had and may continue to have a negative impact on our business and may have
a long-term effect on our relationships with our customers, partners and collaborators. |
| · | The
Transaction with Gedi Cube may not be completed and failure to complete the Transaction could
negatively impact the price of our Common Stock and have other adverse effects. |
| · | We
are highly dependent on the services of third parties to conduct research and development
of our pipeline, and our failure to maintain the services of such third parties could harm
our business. |
| · | The
results of pre-clinical studies or earlier clinical studies are not necessarily predictive
of future results, and if we fail to demonstrate efficacy in our pre-clinical studies and/or
clinical trials in the future our future business prospects, financial condition and operating
results will be materially adversely affected. |
| · | Our
reliance on third parties, such as university laboratories, contract manufacturing organizations
and contract or clinical research organizations, may result in delays in completing, or a
failure to complete, non-clinical testing or clinical trials if they fail to perform under
our agreements with them. |
| · | We
have limited experience in drug development and may not be able to successfully develop any
drugs, which would cause us to cease operations. |
| · | We
have licensed a portion of our intellectual property from our licensors. If we breach any
of our license agreements with these licensors, or otherwise experience disruptions to our
business relationships with our licensors, we could lose intellectual property rights that
are important to our business. |
| · | If
we are unable to obtain and maintain sufficient intellectual property protection for our
product candidates, or if the scope of the intellectual property protection is not sufficiently
broad, our ability to commercialize our product candidates successfully and to compete effectively
may be adversely affected |
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we are unable to protect the confidentiality of our trade secrets, the value of our technology
could be negatively impacted and our business would be harmed. |
| · | Third-party
claims of intellectual property infringement may prevent or delay our development and commercialization
efforts. |
| · | Our
stock price has been and will likely continue to be volatile and may decline regardless of
our operating performance. |
| · | Sales
of a substantial number of shares of our Common Stock in the public market could cause our
stock price to fall. |
| · | Trading
of our Common Stock may be volatile and sporadic, which could depress the market price of
our Common Stock and make it difficult for our stockholders to resell their shares. |
| · | Future
sales and issuances of our Common Stock or rights to purchase Common Stock, including pursuant
to our equity incentive plans, could result in additional dilution of the percentage ownership
of our stockholders and could cause our stock price to fall. |
| · | We
have limited corporate infrastructure and may experience difficulties in managing growth. |
| · | We
rely upon information technology and any failure, inadequacy, interruption or security lapse
of that technology, including any cyber security incidents, could harm our ability to operate
our business effectively. |
| · | If
serious adverse events or other undesirable side effects or safety concerns attributable
to our product candidates occur, they may adversely affect or delay our clinical development
and commercialization of some or all of our product candidates. |
| · | We
have no manufacturing experience, and the failure to comply with all applicable manufacturing
regulations and requirements could have a materially adverse effect on our business. |
Investing
in our Common Stock involves a high degree of risk. Investors should carefully consider all of the risk factors and uncertainties described
below, in addition to the other information contained in this Annual Report on Form 10-K, including the section of this report titled
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial
statements and related notes, before investing in our Common Stock.
The risks
described below may not be the only ones relating to our Company and additional risks that we currently believe are immaterial may also
affect us. If any of these risks, including those described below, materialize, our business, competitive position, reputation, financial
condition, results of operations, cash flows and future prospects could be seriously harmed. In these circumstances, the market price
of our Common Stock could decline, and investors may lose all or a part of their investment.
Risks
Related to Our Financial Results and Capital Needs
We
have incurred substantial losses since our inception and anticipate that we will continue to incur substantial and increasing losses
for the foreseeable future.
We
are a pre-clinical-stage biotechnology company. Investment in biotechnology related to genetically modified cells is highly speculative
because it entails substantial upfront capital expenditures and significant risk that a product candidate will fail to prove effective,
gain regulatory approval or become commercially viable. We do not have any products approved by regulatory authorities and have not generated
any revenues from product sales or otherwise to date, and have incurred significant research, development and other expenses related
to our ongoing operations and expect to continue to incur such expenses. As a result, we have not been profitable and have incurred significant
operating losses in every reporting period since our inception. For the years ended June 30, 2023 and 2022, respectively, we reported
a net loss of $39.7 million and $113.4 million. We had an accumulated deficit of $244.0 million and $204.3 million as of June
30, 2023 and 2022, respectively.
We
do not expect to generate revenues for the foreseeable future. We expect to continue to incur significant expenses and operating losses
for the foreseeable future. We anticipate these losses to increase as we continue to research, develop, and seek regulatory approvals
for our product candidates and any additional product candidates we may acquire, in-license or develop, and potentially begin to commercialize
product candidates that may achieve regulatory approval. We may encounter unforeseen expenses, difficulties, complications, delays, and
other unknown factors that may adversely affect our business. The size of our future net losses will depend, in part, on the rate of
future growth of our expenses and our ability to generate revenues. If any of our product candidates fails in clinical studies or does
not gain regulatory approval, or if approved, fails to achieve market acceptance, we may never become profitable. Even if we achieve
profitability in the future, we may not be able to sustain profitability in subsequent periods. We anticipate that our expenses will
increase in the future as we continue to invest in research and development of our existing product candidates, investigate and potentially
acquire new product candidates and expand our manufacturing and commercialization activities.
There
is substantial doubt about our ability to continue as a going concern, which may hinder our ability to obtain future financing.
Our
consolidated financial statements as of June 30, 2023 have been prepared under the assumption that we will continue as a going concern
for the next twelve months. As of June 30, 2023, we had cash and cash equivalents of $1.9 million and an accumulated deficit of $244.0
million. We do not believe that our cash and cash equivalents are sufficient for the next twelve months. As a result of our financial
condition and other factors described herein, there is substantial doubt about our ability to continue as a going concern. Our ability
to continue as a going concern will depend on our ability to obtain additional funding, as to which no assurances can be given. We continue
to analyze various alternatives, including potentially obtaining debt or equity financings or other arrangements. Our future success
depends on our ability to raise capital. We cannot be certain that raising additional capital, whether through selling additional debt
or equity securities or obtaining a line of credit or other loan, will be available to us or, if available, will be on terms acceptable
to us. If we issue additional securities to raise funds, these securities may have rights, preferences, or privileges senior to those
of our Common Stock, and our current shareholders may experience dilution. If we are unable to obtain funds when needed or on acceptable
terms, we may be required to curtail our current development programs, cut operating costs, forgo future development and other opportunities,
or even terminate our operations.
We
will require substantial additional financing to achieve our goals, and a failure to obtain this necessary capital when needed could
force us to delay, limit, reduce or terminate our product development or commercialization efforts.
We
expect to expend substantial resources for the foreseeable future to continue the pre-clinical development of our cell, gene and immunotherapy
product candidates, and the advancement and potential expansion of our pre-clinical research pipeline. We also expect to continue to
expend resources for the development and manufacturing of product candidates and the technology we have licensed or have a right to license
from our licensors. These expenditures will include costs associated with research and development, potentially acquiring or licensing
new product candidates or technologies, conducting pre-clinical and clinical studies and potentially obtaining regulatory approvals and
manufacturing products, as well as marketing and selling products approved for sale, if any. Under the terms of certain of our license
agreements, we are obligated to make payments upon the achievement of certain development, regulatory and commercial milestones. We
will also need to make significant expenditures to develop a commercial organization capable of sales, marketing, and distribution for
any products, if any, that we intend to sell ourselves in the markets in which we choose to commercialize on our own. In addition, other
unanticipated costs may arise. Because the design and outcome of our ongoing, planned and anticipated pre-clinical and clinical studies
is highly uncertain, we cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization
of our product candidates.
Our
future capital requirements depend on many factors, including:
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the costs of conducting pre-clinical
and clinical studies and the costs of manufacturing our product candidates |
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the timing of, and the costs
involved in, obtaining regulatory approvals for our product candidates, if clinical studies are successful, including any costs from
post-market requirements; |
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the cost of commercialization
activities for our product candidates, if any of these product candidates is approved for sale, including marketing, sales and distribution
costs; |
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our ability to establish and
maintain strategic licensing or other arrangements and the financial terms of such agreements; |
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the costs involved in preparing,
filing, prosecuting, maintaining, expanding, defending and enforcing patent claims, including litigation costs and the outcome of such
litigation; and |
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the timing, receipt and amount
of sales of, or royalties on, our future products, if any. |
Additional
funds may not be available when we need them on terms that are acceptable to us, or at all. If adequate funds are not available to us
on a timely basis, we may be required to delay, limit, reduce or terminate preclinical studies, clinical studies, or other development
activities for one or more of our product candidates or delay, limit, reduce or terminate our establishment of sales, marketing and distribution
capabilities or other activities that may be necessary to commercialize our product candidates.
Raising
additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our
technologies.
Until
such time as we can generate substantial product revenues, we may attempt to finance our cash needs through equity offerings, debt financings,
government and/or other third-party grants or other third-party funding, marketing and distribution arrangements and other collaborations,
strategic alliances, and licensing arrangements. To the extent that we raise additional capital through the sale of equity or convertible
debt securities, our investors’ ownership interest will be diluted. Debt financing, if available, may involve agreements that include
covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures
or declaring dividends. If we are unable to obtain funding on a timely basis, we may be required to significantly curtail one or more
clinical research or development programs, which would adversely impact our potential revenues, future results of operations and financial
condition.
We
are a pre-clinical biotechnology company and may never be able to successfully develop marketable products or generate any revenue. We
have a very limited relevant operating history upon which an evaluation of our performance and prospects can be made. There is no assurance
that our future operations will result in profits. If we cannot generate sufficient revenues, we may suspend or cease operations.
We
are an early-stage biotechnology company and have not generated any revenues to date. All of our product candidates are in the discovery
stage or pre-clinical development stage. Moreover, we cannot be certain that our research and development efforts will be successful
or, if successful, that our potential treatments will ever be approved for sale to generate commercial revenues. Our pipeline includes
cell, gene and immunotherapy involving genetically modified cells targeted to treat cancer, HIV, and Hepatitis B, and we rely on third
parties under contract in the development of product candidates in our pipeline. There is no guarantee that we will be able to manage
and fund the development of a pipeline with multiple target conditions, nor that third parties will meet their obligations to us in connection
with our research and development. We and certain third parties, on which we rely, have no relevant operating history upon which an evaluation
of our performance and prospects can be made. We are subject to all of the business risks associated with a new enterprise, including,
but not limited to, risks of unforeseen capital requirements, failure of treatments either in non-clinical testing or in clinical trials,
failure to establish business relationships, failure of our third parties to meet their obligations to us and competitive disadvantages
against larger and more established companies. If we fail to become profitable, we may suspend or cease operations.
From
time to time, we may be subject to legal proceedings, regulatory investigations or disputes, and governmental inquiries that could cause
us to incur significant expenses, divert our management’s attention, and materially harm our business, financial condition, and
operating results.
From
time to time, we may be subject to claims, lawsuits, government investigations, and other proceedings involving intellectual property,
privacy, securities, tax, labor and employment, and other matters that could adversely affect our business operations and financial condition.
Recently, we have seen a rise in the number and significance of these disputes and inquiries. The arrest and indictment of Serhat Gümrükcü,
a co-founder of the Company, has, and could in the future, subject us to regulatory proceedings and litigation by governance agencies
and private litigants brought against us, that regardless of their merits, could harm our reputation, divert management’s attention
from our operations and result in substantial legal fees and other costs. Additionally, we have in the past been subject to intense media
scrutiny, which exposes us to increasing regulation, government investigations, legal actions, and penalties.
We
have also been named in several lawsuits related to Mr. Gümrükcü. For example, the Company and certain of its current
and former officers have been named in securities class actions by purported stockholders of ours, alleging defendants violated Sections
10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 thereunder, by making false and misleading statements
and omissions of material fact in connection with the Company’s relationship with Mr. Gümrükcü and its commercial
prospects. In addition, two stockholders filed stockholder derivative action lawsuits purportedly on behalf of the Company
against certain of our executive officers and the members of our Board of Directors alleging violations of Sections 14(a) and 20(a) of
the Securities Exchange Act of 1934 and also setting out claims for breach of fiduciary duty, contribution and indemnification, aiding
and abetting, and gross mismanagement. Additionally, from time to time, we may be, and currently are, subject to inquiries from regulators
in which they seek information about us. Such further inquiries could result in more formal investigations or allegations, which could
adversely impact our business, financial condition, and operating results.
Litigation,
regulatory proceedings, such as the investigations described above, as well as the related class action claims and lawsuits, and securities
matters that we are currently facing or could face, can be protracted and expensive, and have results that are difficult to predict.
Certain of these matters include speculative claims for substantial or indeterminate amounts of damages and include claims for injunctive
relief. Additionally, our legal costs for any of these matters, either alone or in the aggregate, could be significant. Adverse outcomes
with respect to any of these legal or regulatory proceedings may result in significant settlement costs or judgments, penalties, and
fines. Even if these proceedings are resolved in our favor, the time and resources necessary to resolve them could divert the resources
of our management and require significant expenditures. See Note 9 - Commitments and Contingencies in the Notes to our
Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K and the section titled “Legal Proceedings”
in Part I, Item 3 of this Annual Report on Form 10-K.
The
results of litigation, investigations, claims, and regulatory proceedings cannot be predicted with certainty, and determining reserves
for pending litigation and other legal and regulatory matters requires significant judgment. There can be no assurance that our expectations
will prove correct, and even if these matters are resolved in our favor or without significant cash settlements, these matters, and the
time and resources necessary to litigate or resolve them, could harm our business, financial condition, and operating results.
Negative
publicity has had and may continue to have a negative impact on our business and may have a long-term effect on our relationships with
our customers, partners and collaborators.
Our
business and reputation have been negatively affected by negative publicity resulting from the arrest and indictment of Serhat Gümrükcü,
a co-founder of the Company and an inventor of some of the Company’s intellectual property. If we are unable to rebuild the trust
of our collaborators, research institutions and investors, and if further negative publicity continues, we could experience a substantial
negative impact on our business. We have experienced claims and litigation as a consequence of these matters, including stockholder class
actions in connection with a decline in our stock price and litigation with Mr. Gümrükcü. Related legal expenses of defending
these claims have negatively impacted our operating results. Continuing higher legal fees, potential new claims, liabilities from existing
cases and continuing negative publicity could continue to have a negative impact on our operating results.
Risks Related to Transaction with Gedi Cube
The
Transaction with Gedi Cube may not be completed and failure to complete the transaction could negatively impact the price of our Common
Stock and have other adverse effects.
On September 28, 2023, the
Company signed a Purchase Agreement to acquire Gedi Cube, a cutting-edge health AI company, in which the Company will acquire all the
issued and outstanding stock of Gedi Cube. Completion of the transaction is subject to, among other matters, satisfaction of the closing
conditions provided for in the Purchase Agreement and approval of the transaction by the Company’s stockholders. There can be no
assurance that the Transaction will be consummated on the terms or timeframe currently contemplated, or at all. If the Transaction is
not completed for any reason, the ongoing business of Renovaro may be materially adversely affected and, without realizing any of the
benefits of having completed the Transaction, we would be subject to a number of risks, including the following:
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we may experience negative reactions from the financial markets, including negative impacts on the price of our Common Stock; |
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we may experience negative reactions from our customers, suppliers, vendors, landlords, commercial collaborators and other business relationships; |
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we will still be required to pay certain significant costs relating to the transaction, such as legal, accounting, investor relations and printing fees; |
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the Purchase Agreement places certain restrictions on the conduct of the business pursuant to the terms of the Purchase Agreement, which may delay or prevent us from undertaking business opportunities that, absent the Purchase Agreement, may have been pursued; |
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matters relating to the transaction (including integration planning) require substantial commitments of time and resources by our management, which may have resulted in the distraction of our management from ongoing business operations and pursuing other opportunities that could have been beneficial to us. |
Risks
Related to the Development of Our Product Candidates
We
are highly dependent on the services of third parties to conduct research and development of our pipeline, and our failure to maintain
the services of such third parties could harm our business.
We
are highly dependent on third parties working in conjunction with our officers, employees, scientific advisory board and research institutions
in the research and development of product candidates in our pipeline. The loss of the services of any of the foregoing, or of any of
our key employees or scientific advisory board members could impede the achievement of our research, development, regulatory approval,
and commercialization objectives.
The
results of pre-clinical studies or earlier clinical studies are not necessarily predictive of future results, and if we fail to demonstrate
efficacy in our pre-clinical studies and/or clinical trials in the future our future business prospects, financial condition and operating
results will be materially adversely affected.
The
success of our research and development efforts will depend upon our ability to demonstrate the efficacy of the treatments in our pipeline
in pre-clinical studies, as well as in clinical trials following IND approval by the FDA. Pre-clinical studies involve testing potential
product candidates in appropriate non-human disease models to demonstrate efficacy and safety.
Success
in pre-clinical studies does not ensure that later clinical studies will generate adequate data to demonstrate the efficacy and safety
of an investigational drug. Currently, several of our product candidates, including RENB-DC-11, our genetically-modified allogeneic dendritic
therapeutic vaccination platform for solid tumors, RENB-HV-12, our therapeutic HIV vaccine, and RENB-HV-01, our autologous HIV curative
treatment are all currently in various stages of pre-clinical development with ongoing and planned pre-clinical studies in conjunction
with research institutions and third parties. Despite preliminary data we believe is positive, this does not guarantee that any of these
products will proceed to the clinical stage or to approval for commercial use. A number of companies in the pharmaceutical and biotechnology
industries, including those with greater resources and experience than us, have suffered significant setbacks in clinical studies, even
after seeing promising results in earlier preclinical or clinical studies.
Regulatory
agencies evaluate non-clinical data carefully before they will approve clinical testing in humans. If certain non-clinical data reveals
potential safety issues or the results are inconsistent with an expectation of the potential product candidates’ efficacy in humans,
the regulatory agencies may require additional more rigorous testing before allowing human clinical trials. This additional testing will
increase program expenses and extend timelines. We may decide to suspend further testing on our potential products or abandon the product
lines altogether if, in the judgment of our management and advisors, the pre-clinical test results do not support further development,
as we did with our pan-coronavirus and influenza product lines.
Our
novel gene, cell and immunotherapy product candidates and new therapeutic approaches could result in heightened regulatory scrutiny,
delays in clinical development or delays in our inability to achieve regulatory approval or commercialization of our product candidates.
Our
future success is dependent on the successful development of novel gene, cell and immunotherapy product candidates. Because these programs,
particularly our pipeline of allogeneic T-cell product candidates that are bioengineered from healthy donor cells, represent a new approach
to immunotherapy for the treatment of cancer and other diseases, developing and commercializing our product candidates subject us to
a number of challenges.
Moreover,
actual or perceived safety issues, including adoption of new therapeutics or novel approaches to treatment, may adversely influence the
willingness of subjects to participate in clinical studies, or if approved by applicable regulatory authorities, of physicians to subscribe
to the novel treatment mechanics. The FDA or other applicable regulatory authorities may ask for specific post-market requirements, and
additional information informing benefits or risks of our products may emerge at any time prior to or after regulatory approval.
We
face significant competition in an environment of rapid technological change and the possibility that our competitors may achieve regulatory
approval before us or develop therapies that are more advanced or effective than ours, which may adversely affect our financial condition
and our ability to successfully market or commercialize our product candidates.
The
development of treatments in the fields of cancer, HIV, and Hepatitis B is highly competitive and many pharmaceutical and biotechnology
companies, academic institutions, governmental agencies, and other public and private research organizations may pursue the research
and development of technologies, drugs or other therapeutic products for the treatment of some or all of the diseases we are targeting.
Nearly all of our competitors have greater capital resources, larger overall research and development staffs and facilities, and a longer
history in drug discovery and development, obtaining regulatory approval and pharmaceutical product manufacturing and marketing than
we do. Techniques in gene, cell and immunotherapy are subject to rapid technological change and development and are significantly affected
by existing rival products and medical procedures, new product introductions and the market activities of other participants. With additional
resources, our competitors may be able to respond to rapid and significant technological changes faster than we can. Our future success
will depend in large part on our ability to maintain a competitive position with respect to these technologies. We may also face competition
from products, which have already been approved and accepted by the medical community for the treatment of these same indications. If
we are unable to compete effectively with any existing products, new treatment methods and new technologies, we may be unable to commercialize
therapeutic products that we may develop in the future, which could adversely impact our potential revenues, results of operations and
financial condition or lead to abandonment of product candidates in our pipeline.
Our
reliance on third parties, such as university laboratories, contract manufacturing organizations and contract or clinical research organizations,
may result in delays in completing, or a failure to complete, non-clinical testing or clinical trials if they fail to perform under our
agreements with them.
In
the course of the development of our pipeline, we have and expect to continue to engage university laboratories, non-profit organizations,
independent contractors, other biotechnology companies or clinical manufacturing organizations to conduct and manage research and development,
pre-clinical and clinical studies and to manufacture materials for us to be used in pre-clinical and clinical testing. Due to engagements
with these organizations, many important aspects of our research have been and will be out of our direct control. If any of these organizations
we may engage in the future, fail to perform their obligations under our agreements with them or fail to perform non-clinical testing
and/or clinical trials in a satisfactory manner, we may face delays in completing our clinical trials, as well as commercialization of
any of our product candidates. Furthermore, any loss or delay in obtaining contracts with such entities may also delay the completion
of our clinical trials, regulatory filings and the potential market approval of our product candidates.
Changes
in healthcare law and implementing regulations, including government restrictions on pricing and reimbursement, as well as healthcare
policy, may negatively impact our ability to generate revenues.
In
the United States and some foreign jurisdictions, there have been a number of proposed legislative and regulatory changes related to
the healthcare system that could affect our ability to profitably sell or commercialize our product candidates for which we obtain marketing
approval in the future. The potential pricing and reimbursement environment for our product candidates may change in the future and become
more challenging due to, among other reasons, policies advanced by the current or any new presidential administration, federal agencies,
healthcare legislation passed by Congress, or fiscal challenges faced by all levels of government health administration authorities,
or by similar changes in foreign countries. The implementation
of any such changes could have a material adverse effect on our competitive position, business, financial condition, results of operations,
and prospects, including our share price and ability to raise capital.
We
have limited experience in drug development and may not be able to successfully develop any drugs, which would cause us to cease operations.
We
have never successfully developed a new drug and brought it to market. Our management and clinical teams have experience in drug development,
but they may not be able to successfully develop any drugs. Our ability to achieve revenues and profitability in our business will depend
on, among other things, our ability to develop products internally or to obtain rights to them from others on favorable terms; complete
laboratory testing and human studies; obtain and maintain necessary intellectual property rights to our products; successfully complete
regulatory review to obtain requisite governmental agency approvals; enter into arrangements with third parties to manufacture our products
on our behalf; and enter into arrangements with third parties to provide sales and marketing functions. If we are unable to achieve these
objectives, we will be forced to cease operations.
Disruptions
at the FDA and other government agencies caused by funding shortages or global health concerns could hinder their ability to hire, retain
or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved or commercialized
in a timely manner or at all, which could negatively impact our business.
The
ability of the FDA to review and approve new products can be affected by a variety of factors, including government budget and funding
levels, ability to hire and retain key personnel and accept the payment of user fees, and statutory, regulatory, and policy changes.
Average review times at the agency have fluctuated in recent years as a result. In addition, government funding of other government agencies
that fund research and development activities is subject to the political process, which is inherently fluid and unpredictable.
Our
gene therapy product candidates are still in development and will require extensive clinical testing before we are prepared to submit
an application for marketing approval to regulatory authorities. We cannot predict with any certainty if or when we might submit any
such application for regulatory approval for our product candidates or whether any such application will be approved by the applicable
regulatory authority in our target markets. Human clinical trials are expensive and difficult to design and implement, in part because
they are subject to rigorous regulatory requirements. For instance, regulatory authorities may not agree with our proposed endpoints
for any clinical trials of our gene therapy product candidates, which may delay the commencement of our clinical trials.
Clinical
trials are expensive, time-consuming, difficult to design and implement, and involve an uncertain outcome.
Our
product candidates are still in development and will require extensive clinical testing before we are prepared to submit an application
for marketing approval to regulatory authorities. We cannot predict with any certainty if or when we might submit any such application
for regulatory approval of our product candidates or whether any such application will be approved by the applicable regulatory authority
in our target markets. Human clinical trials are expensive and difficult to design and implement, in part because they are subject to
rigorous regulatory requirements. For instance, regulatory authorities may not agree with our proposed endpoints for any clinical trials
of our product candidates, which may delay the commencement of our clinical trials. The clinical trial process is also time-consuming.
We estimate that clinical trials of our product candidates will take at least several years to complete.
A
number of companies in the biopharmaceutical industry have suffered significant setbacks in advanced clinical trials due to lack of efficacy
or adverse safety profiles, notwithstanding promising results in earlier trials, and in the regulatory approval process. In addition,
the design of a clinical trial, such as endpoints, inclusion and exclusion criteria, statistical analysis plans, data access protocols
and trial sizing, can determine whether its results will support approval of a product and flaws in the design of a clinical trial may
not become apparent until the clinical trial is well advanced. If we experience delays in the commencement or completion of our clinical
trials, or if we terminate a clinical trial prior to completion, the commercial prospects of our product candidates could be harmed,
and our ability to generate revenues may be delayed. In addition, any delays in our clinical trials could increase our costs, cause a
drop in our stock price, slow down the approval process and jeopardize our ability to commence product sales and generate revenues. Any
of these occurrences may harm our business, financial condition, and results of operations.
Enrollment
and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered
impossible by multiple factors outside our control.
We
may encounter delays in enrolling, or be unable to enroll, a sufficient number of patients to complete any of our clinical trials, and
even once enrolled we may be unable to retain a sufficient number of patients to complete any of our trials. Patient enrollment and retention
in clinical trials depends on many factors, including the size of the patient population, the nature of the trial protocol, the effectiveness
of our patient recruitment efforts, delays in enrollment due to travel or quarantine policies, the existing body of safety and efficacy
data with respect to the study candidate, the perceived risks and benefits of gene therapy approaches for the treatment of certain diseases,
the number and nature of competing existing treatments for our target indications, the number and nature of ongoing trials for other
product candidates in development for our target indications, perceived risk of the delivery procedure, patients with pre-existing conditions
that preclude their participation in any trial, the proximity of patients to clinical sites and the eligibility criteria for the study.
Furthermore, the results we have reported in clinical trials to date and any other results we may report in clinical trials of any of
our gene therapy product candidates in the future may make it difficult or impossible to recruit and retain patients in other clinical
trials of those gene therapy product candidates. Similarly, negative results reported by our competitors about their product candidates
may negatively affect patient recruitment in our clinical trials. Delays or failures in planned patient enrollment or retention may result
in increased costs, program delays or both, which could have a harmful effect on our ability to develop our gene therapy product candidates
or could render further development impossible. In addition, we expect to rely on clinical trial sites to ensure proper and timely conduct
of our future clinical trials and, while we intend to enter into agreements governing their services, we will be limited in our ability
to control their actual performance.
Risks
Related to Our Intellectual Property
We
have licensed a portion of our intellectual property from our licensors. If we breach any of our license agreements with these licensors,
or otherwise experience disruptions to our business relationships with our licensors, we could lose intellectual property rights that
are important to our business.
We
hold rights under license agreements with our licensors that are important to our business. Our research and development platform is
built, in part, around patent rights licensed from such licensors. Under our existing license agreements, we are subject to various obligations,
including diligence obligations with respect to development and commercialization activities, provision of support with respect to development
of licensed intellectual property, prosecution of intellectual property protection, payment obligations upon achievement of certain milestones
and royalties on product sales. In spite of our efforts, our licensors might conclude that we have materially breached our obligations
under such license agreements and might therefore terminate the license agreements, thereby removing or limiting our ability to develop
and commercialize products and technology covered by these license agreements. If any of these licenses are terminated, or if the underlying
patents fail to provide the intended exclusivity, competitors or other third parties would have the freedom to seek regulatory approval
of, and to market, products identical to ours and we may be required to cease our development and commercialization of product candidates
covered by any such licenses. Any of the foregoing could have a material adverse effect on our competitive position, business, financial
condition, results of operations, and prospects.
Moreover,
disputes may arise regarding intellectual property subject to a licensing agreement, including:
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scope of rights granted under license agreements and other interpretation-related issues; |
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payment
obligations due to licensors under license agreements and other disputes related to the obligations for payment related to intellectual
property protection; |
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the extent
to which our product candidates, technology and processes infringe on intellectual property of a licensor that is not subject to a licensing
agreement; |
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the sublicensing
of patent and other rights under our collaborative development relationships; |
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our diligence
obligations under license agreements and what activities satisfy those diligence obligations; |
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the inventorship
and ownership of inventions and know-how resulting from the joint creation or use of intellectual property by our licensors and us; and |
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the priority
of invention of patented technology. |
In
addition, the agreements under which we currently license intellectual property or technology from third parties are complex, and certain
provisions in such agreements may be susceptible to multiple interpretations.
The
resolution of any contract interpretation disagreement that may arise could narrow what we believe to be the scope of our rights to the
relevant intellectual property or technology or increase what we believe to be our financial or other obligations under the relevant
agreement, either of which could have a material adverse effect on our business, financial condition, results of operations, and prospects.
Moreover, if disputes over intellectual property that we have licensed prevent or impair our ability to maintain our licensing arrangements
on commercially acceptable terms, we may be unable to successfully develop and commercialize the affected product candidates, which could
have a material adverse effect on our business, financial condition, results of operations, and prospects.
If
we do not obtain required intellectual property licenses or rights, we could encounter delays in our product development efforts while
we attempt to design around other patents or even be prohibited from developing, manufacturing or selling products requiring these rights
or licenses. There is also a risk that legal disputes may arise as to the rights to technology developed in collaboration with other
parties, all with attendant risk, distraction, expense, and lack of predictability.
If
we are unable to obtain and maintain sufficient intellectual property protection for our product candidates, or if the scope of the intellectual
property protection is not sufficiently broad, our ability to commercialize our product candidates successfully and to compete effectively
may be adversely affected.
We
rely upon a combination of patents, trademarks, trade secrets and confidentiality agreements – either that we own or possess or
that are owned or possessed by our licensors that are licensed to us – to protect the intellectual property related to our technology
and product candidates. When we refer to “our” technologies, inventions, patents, provisional patents, patent applications
or other intellectual property rights, we are referring to both the rights that we own or possess as well as those that we license, many
of which are critical to our intellectual property protection and our business. For example, the product candidates and platform technology
we have licensed from our licensors are protected primarily by patent or patent applications of our licensors that we have licensed and
as confidential know-how and trade secrets. If the intellectual property that we rely on is not adequately protected, competitors may
be able to use our technologies and erode or negate any competitive advantage we may have.
The
patentability of inventions and the validity, enforceability and scope of patents in the biotechnology field is uncertain because it
involves complex legal, scientific and factual considerations, and it has in recent years been the subject of significant litigation.
Moreover, the standards applied by the U.S. Patent and Trademark Office, or USPTO, and non-U.S. patent offices in granting patents are
not always applied uniformly or predictably. For example, there is no uniform worldwide policy regarding patentable subject matter or
the scope of claims allowable in biotechnology patents.
There
is no assurance that all potentially relevant prior art relating to our patents and patent applications is known to us or has been found
in the instances where searching was done. We may be unaware of prior art that could be used to invalidate an issued patent or prevent
a pending patent application from issuing as a patent. There also may be prior art of which we are aware, but which we do not believe
affects the validity or enforceability of a claim of one of our patents or patent applications, which may, nonetheless, ultimately be
found to affect the validity or enforceability of such claim. We also may not be able to obtain full patent protection from provisional
patents for which we have sought or will seek further patent protection. As a consequence of these and other factors, our patent applications
may fail to result in issued patents with claims that cover our product candidates in the U.S. or in other countries.
Even
if patents have issued or do successfully issue from patent applications, and even if these patents cover our product candidates, third
parties may challenge the validity, enforceability or scope thereof, which may result in these patents being narrowed, invalidated or
held to be unenforceable. No assurance can be given that if challenged, our patents would be declared by a court to be valid or enforceable.
Even
if unchallenged, our patents and patent applications or other intellectual property rights may not adequately protect our intellectual
property, provide exclusivity for our product candidates or prevent others from designing around our claims. The possibility exists that
others will develop products on an independent basis which have the same effect as our product candidates and which do not infringe our
patents or other intellectual property rights, or that others will design around the claims of patents that we have had issued that cover
our product candidates. If the breadth or strength of protection provided by our patents and patent applications with respect to our
product candidates is threatened, it could jeopardize our ability to commercialize our product candidates and dissuade companies from
collaborating with us.
We
may also desire to seek a license from a third party who owns intellectual property that may be useful for providing exclusivity for
our product candidates, or for providing the ability to develop and commercialize a product candidate in an unrestricted manner. There
is no guarantee that we will be able to obtain a license from such a third party on commercially reasonable terms, or at all.
In
addition, the United States Patent and Trademark Office (USPTO) and various foreign governmental patent agencies require compliance with
a number of procedural, documentary, fee payment and other similar provisions during the patent application process. While an inadvertent
lapse can in many cases be cured by payment of a late fee or by other means in accordance with the applicable rules, there are situations
in which noncompliance can result in abandonment or lapse of the patent or patent application, resulting in partial or complete loss
of patent rights in the relevant jurisdiction.
We
and our licensors have filed a number of patent applications covering our product candidates or methods of using or making those product
candidates. We cannot offer any assurances about which, if any, patents will be issued with respect to these pending patent applications,
the breadth of any such patents that are ultimately issued or whether any issued patents will be found invalid and unenforceable or will
be threatened by third parties. Because patent applications in the U.S. and most other countries are confidential for a period of time
after filing, and some remain so until issued, we cannot be certain that we or our licensors were the first to file any patent application
related to a product candidate. We or our licensors may also become involved in proceedings regarding our patents, including patent infringement
lawsuits, interference or derivation proceedings, oppositions, and inter partes and post-grant review proceedings before the USPTO,
the European Patent Office and other non-U.S. patent offices.
If
we are unable to protect the confidentiality of our trade secrets, the value of our technology could be negatively impacted and our business
would be harmed.
In
addition to the protection afforded by patents we hold rights to, we also rely on trade secret protection for certain aspects of our
intellectual property. However, trade secrets are difficult to protect. We seek to protect these trade secrets, in part, by entering
into non-disclosure and confidentiality agreements with parties who have access to them, such as our employees, consultants, independent
contractors, advisors, contract manufacturers, suppliers and other third parties. We also enter into confidentiality and invention or
patent assignment agreements with employees and certain consultants. Any party with whom we have executed such an agreement may breach
that agreement and disclose our proprietary information, including our trade secrets, and we might not be able to obtain adequate remedies
for such breaches. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret is difficult, expensive and time-consuming,
and the outcome is unpredictable. Additionally, if the steps taken to maintain our trade secrets are deemed inadequate, we may have insufficient
recourse against third parties for misappropriating the trade secret. Further, if any of our trade secrets were to be lawfully obtained
or independently developed by a competitor, we would have no right to prevent such third party, or those to whom they communicate such
technology or information, from using that technology or information to compete with us. If any of our trade secrets were to be disclosed
to or independently developed by a competitor, it could have a material adverse effect on our business, financial condition, results
of operations, and prospects.
Third-party
claims of intellectual property infringement may prevent or delay our development and commercialization efforts.
Our
success will depend in part on our ability to commercialize our product candidates without infringing the proprietary rights of others.
While some of the intellectual property utilized in our product candidates is owned, some is licensed from our licensors, who hold patents
and provisional patents in their names. We have not conducted extensive freedom of use patent searches and no assurance can be given
that patents do not exist or could be issued which would have an adverse effect on our ability to market our technology or maintain our
competitive position with respect to our technology. We also cannot be sure that patents or provisional patents filed by others are valid
or will be upheld if challenged. It is possible that there are additional patents that may cover certain other aspects of technology
used in our product candidates that is not covered by our licensed intellectual property. If our licensed technology or other subject
matter are claimed under other United States patents or other international patents or are otherwise protected by third party proprietary
rights, we or our licensors may be subject to infringement actions. In such event, we may challenge the validity of such patents or other
proprietary rights or we may be required to obtain licenses from such companies in order to develop, manufacture or market our technology.
There can be no assurances that we would be successful in a challenge or be able to obtain such licenses or that such licenses, if available,
could be obtained on commercially reasonable terms. Furthermore, the failure to succeed in a challenge, develop a commercially viable
alternative or obtain needed licenses could have significant adverse consequences to the development of our pipeline. Adverse consequences
include delays in marketing some or all of our product candidates based on our technology or the inability to proceed with the development,
manufacture or sale of products requiring such licenses. If we defend ourselves against charges of patent infringement or to protect
our proprietary rights against third parties, substantial costs will be incurred regardless of whether we are successful. Such proceedings
are typically protracted with no certainty of success. An adverse outcome could subject us to significant liabilities to third parties
and force us to curtail or cease the research and development of our technology.
Parties
making claims against us may obtain injunctive or other equitable relief, which could effectively block our ability to further develop
and commercialize our product candidates. Defense of these claims, regardless of their merit, would involve substantial litigation expense
and would be a substantial diversion of resources from our business. In the event of a successful claim of infringement against us, we
may have to pay substantial damages, including treble damages and attorneys’ fees for willful infringement, pay royalties, redesign
our infringing products or obtain one or more licenses from third parties, which may be impossible or require substantial time and monetary
expenditure. Additionally, parties making claims against us may be able to sustain the costs of complex patent litigation more effectively
than we can because they have substantially greater resources. Furthermore, because of the substantial amount of discovery required in
connection with intellectual property litigation or administrative proceedings, there is a risk that some of our confidential information
could be compromised by disclosure. In addition, any uncertainties resulting from the initiation and continuation of any litigation could
have a material adverse effect on our ability to raise additional funds or otherwise have a material adverse effect on our business,
results of operations, financial condition and prospects.
We
may not be able to protect our intellectual property rights throughout the world.
Filing,
prosecuting and defending patents on our product candidates in all countries throughout the world would be prohibitively expensive, and
our intellectual property rights in some countries outside the United States can be less extensive than those in the United States. In
addition, the laws of some foreign countries do not protect intellectual property rights to the same extent as federal and state laws
in the United States. Consequently, we may not be able to prevent third parties from practicing our inventions in all countries outside
the United States, or from selling or importing products made using our inventions in and into the United States or other jurisdictions.
Competitors may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products and
may also export infringing products to territories where we have patent protection, but enforcement is not as strong as that in the United
States. These products may compete with our products and our patents or other intellectual property rights may not be effective or sufficient
to prevent them from competing.
Risks
Related to our Common Stock
Our
stock price has been and will likely continue to be volatile and may decline regardless of our operating performance.
Our
stock price has fluctuated in the past and can be expected to be volatile in the future. From September 29, 2022 through September 29,
2023, the reported sale price of our Common Stock has fluctuated between $4.47 and $0.40 per share. The stock market in general and the
market for biotechnology companies in particular have experienced extreme volatility that has often been unrelated to the operating performance
of particular companies. As a result of this volatility, investors may experience losses on their investment in our Common Stock. The
market price of our Common Stock may be influenced by many factors, including the following:
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negative publicity; |
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our compliance with Nasdaq
rules and regulations; |
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the success of competitive
products or technologies; |
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regulatory actions with respect
to our product candidates or products or our competitors’ product candidates or products; |
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actual or anticipated changes
in our growth rate relative to our competitors; |
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announcements by us or our
competitors of significant acquisitions, strategic partnerships, joint ventures, collaborations, or capital commitments; |
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results
of clinical studies of our product candidates or those of our competitors; |
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regulatory
or legal developments in the U.S. and other countries; |
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developments
or disputes concerning patent applications, issued patents or other proprietary rights; |
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the recruitment
or departure of key personnel; |
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the level of expenses related
to any of our product candidates or clinical development programs; |
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the results of our efforts
to in-license or acquire additional product candidates or products; |
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actual or anticipated changes
in estimates as to financial results, development timelines or recommendations by securities analysts; |
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variations in our financial
results or those of companies that are perceived to be similar to us; |
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fluctuations in the valuation
of companies perceived by investors to be comparable to us; |
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inconsistent trading volume
levels of our shares; |
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announcement or expectation
of additional financing efforts; |
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sales of our Common Stock by
us, our insiders or our other stockholders; |
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market conditions in the pharmaceutical
and biotechnology sectors; |
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general economic, industry
and market conditions; and |
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the other risks described in
this “Risk Factors” section. |
In
addition, the stock markets in general, and the markets for biotechnology and pharmaceutical stocks in particular, have experienced significant
volatility that has often been unrelated to the operating performance of particular companies.
Sales
of a substantial number of shares of our Common Stock in the public market could cause our stock price to fall.
A
significant portion of our Common Stock is held in restricted form, and consequentially a minority of our outstanding Common Stock actively
trades in the public markets. Sales of a substantial number of such shares of our Common Stock in the public market could occur at any
time. While a large majority of such shares are unregistered and subject to volume restrictions on sale pursuant to Rule 144 under the
Securities Act, these restrictions could be lifted if any of our stockholders ceased to be bound by such restrictions. These sales, or
the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of our
Common Stock.
We
have incurred and will continue to incur increased costs as a result of being a public company and our management expects to devote substantial
time to public company compliance programs.
As
a public company, we have incurred and will continue to incur significant legal, accounting and other expenses. We are subject to the
reporting requirements of the Exchange Act, which require, among other things, that we file with the SEC annual, quarterly, and current
reports with respect to our business and financial condition. In addition, the Sarbanes-Oxley Act, as well as rules subsequently adopted
by the SEC and The Nasdaq Stock Market to implement provisions of the Sarbanes-Oxley Act, impose significant requirements on public companies,
including requiring establishment and maintenance of effective disclosure and financial controls and changes in corporate governance
practices. As a Smaller Reporting Company and Non-accelerated Filer, we are able to take advantage of certain accommodations afforded
to such companies, including being exempt from the requirement to conduct an audit of our internal controls. In the event we no longer
qualify as a Smaller Reporting Company and Non-accelerated Filer, we will lose such accommodations, which could involve significant costs
that could affect our operations. Changes in reporting requirements, the current political environment and the potential for future regulatory
reform may lead to substantial new regulations and disclosure obligations, which may lead to additional compliance costs and impact the
manner in which we operate our business in ways we cannot currently anticipate.
The
rules and regulations applicable to public companies have substantially increased our legal and financial compliance costs and make some
activities more time-consuming and costly. To the extent these requirements divert the attention of our management and personnel from
other business concerns, they could have a material adverse effect on our business, financial condition and results of operations.
Because
we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be
the sole source of potential gain for our stockholders.
We
have never declared or paid cash dividends on our capital stock. We currently intend to retain all of our future earnings, if any, to
finance the growth and development of our business. As a result, capital appreciation, if any, of our Common Stock will be the sole source
of gain for our stockholders for the foreseeable future.
Future
sales and issuances of our Common Stock or rights to purchase Common Stock, including pursuant to our equity incentive plans, could result
in additional dilution of the percentage ownership of our stockholders and could cause our stock price to fall.
We
expect that significant additional capital will be needed in the future to continue our planned operations. To raise capital, we may
sell substantial amounts of Common Stock or securities convertible into or exchangeable for Common Stock in one or more transactions
at prices and in a manner, we determine from time to time. These future issuances of Common Stock or Common Stock-related securities,
together with the exercise of outstanding options or warrants, and any additional shares that may be issued in connection with acquisitions
or licenses, if any, may result in material dilution to our investors. Such sales may also result in material dilution to our existing
stockholders, and new investors could gain rights, preferences, and privileges senior to those of holders of our Common Stock. Pursuant
to our equity incentive plans, our Compensation Committee is authorized to grant equity-based incentive awards to our employees, non-employee
directors and consultants. Future grants of RSUs, options and other equity awards and issuances of Common Stock under our equity incentive
plans will result in dilution and may have an adverse effect on the market price of our Common Stock.
Some
terms of our charter documents and Delaware law may have anti-takeover effects that could discourage an acquisition of us by others,
even if an acquisition would be beneficial to our stockholders and may prevent attempts by our stockholders to replace or remove our
current management.
Our
Certificate of Incorporation, and our Bylaws, as well as Delaware law, could make it more difficult for a third party to acquire us or
increase the cost of acquiring us, even if doing so would benefit our stockholders, or remove our current management. These include terms
that:
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permit our Board
of Directors to issue up to 10,000,000 shares of preferred stock, with any rights, preferences, and privileges as they may designate; |
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provide that all vacancies
on our Board of Directors, including as a result of newly created directorships, may, except as otherwise required by law, be filled
by the affirmative vote of a majority of directors then in office, even if less than a quorum; |
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provide that stockholders seeking
to present proposals before a meeting of stockholders or to nominate candidates for election as directors at a meeting of stockholders
must provide advance notice in writing, and also specify requirements as to the form and content of a stockholder’s notice; and |
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do not provide for cumulative
voting rights, thereby allowing the holders of a majority of the shares of Common Stock entitled to vote in any election of directors
to elect all of the directors standing for election. |
Any
of the factors listed above may frustrate or prevent any attempts by our stockholders to replace or remove our current management by
making it more difficult for stockholders to replace members of our Board of Directors, who are responsible for appointing the members
of our management.
In
addition, because we are incorporated in Delaware, we are governed by Section 203 of the Delaware General Corporation Law, which may
discourage, delay or prevent someone from acquiring us or merging with us whether or not it is desired by or beneficial to our stockholders.
Under Delaware law, a corporation may not, in general, engage in a business combination with any holder of 15% or more of its capital
stock unless the holder has held the stock for three years or, among other things, the Board of Directors has approved the transaction.
Any term of our Certificate of Incorporation or Bylaws or Delaware law that has the effect of delaying or deterring a change in control
could limit the opportunity for our stockholders to receive a premium for their shares of our Common Stock and could also affect the
price that some investors are willing to pay for our Common Stock.
Risks
Related To Our Business Operations and Managing Growth
If
our operations require a full time Chief Medical Officer (“CMO”), and we are not able to hire a full time CMO to manage our
clinical operations or if our current Chief Executive Officer (“CEO”), Chief Financial Officer (“CFO”), Chief
Operating Officer (“COO”) or key scientific personnel cease to serve, our business will be harmed.
Currently,
our management team is led by Dr. Mark Dybul, the Chief Executive Officer, Luisa Puche, our Chief Financial Officer, and Francois Binette,
our Chief Operating Officer. If Dr. Dybul, Ms. Puche or Mr. Binette should cease to serve, our business operations may suffer. Additionally,
we may in the future require a Chief Medical Officer, and if we are unable to hire a full-time CMO, our business operations and the continued
development of our product candidates may suffer.
In
addition, we are dependent on our continued ability to attract, retain and motivate highly qualified additional management and scientific
personnel. If we are not able to retain our management and to attract, on acceptable terms, additional qualified personnel necessary
for the continued development of our business, we might not be able to sustain our operations or grow.
We
have limited corporate infrastructure and may experience difficulties in managing growth.
As
of June 30, 2023, we had 12 full time employees and we rely on third-party contractors for the provision of professional, scientific,
regulatory, and other services. As our development and commercialization plans and strategies develop, we may need additional managerial,
scientific, operational, financial, and other resources. Our management may need to divert a disproportionate amount of its attention
away from our day-to-day operations and devote a substantial amount of time to managing these growth activities. We might not be able
to effectively manage the expansion of our operations, which may result in weaknesses in our infrastructure, operational inefficiencies,
loss of business opportunities, loss of employees and reduced productivity among remaining employees. Our expected growth could require
significant capital expenditures and may divert financial resources from other projects, such as the development of our current and potential
future product candidates. If our management is unable to effectively manage our growth, our expenses may increase more than expected
and our ability to generate and grow revenue could be reduced and we might not be able to implement our business strategy. Our future
financial performance, our ability to commercialize product candidates, develop a scalable infrastructure and compete effectively will
depend, in part, on our ability to effectively manage any future growth.
If
we, our service providers, or third parties fail to comply with environmental and health and safety laws and regulations, we could become
subject to fines or penalties or incur costs that could harm our business.
If
we, our service providers, or any third parties engaged in the development of our product candidates fail to comply with laws regulating
the protection of the environment, health and animal and human safety, we could be subject to enforcement actions and our business prospects
could be adversely affected.
Our
research and development activities, and the research and development activities of our service providers and any third parties engaged
in development of our product candidates, may involve the use of hazardous materials and chemicals or other regulated activities. In
conjunction with our service providers and other third parties, we are also engaged in pre-clinical studies using live animals and samples
of infectious diseases. Failure to adequately handle and dispose of hazardous materials or to meet various standards imposed by federal,
state, local or foreign regulators could lead to liabilities for resulting damages, which could be substantial. We also may be subject
to numerous environmental, health and workplace safety laws and regulations, including those governing laboratory procedures, exposure
to blood-borne pathogens and the handling of bio-hazardous materials.
If
we, our service providers, or any third parties engaged in development of our product candidates fail to comply with applicable federal,
state, local or foreign laws or regulations, we could be subject to enforcement actions, which could adversely affect our ability to
develop, market and sell our product candidates successfully and could harm our reputation and lead to reduced acceptance of our product
candidates. These enforcement actions may include:
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restrictions on, or prohibitions against,
marketing our product candidates; |
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restrictions on importation of our product candidates; |
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suspension of review or refusal to approve new or pending
applications; |
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suspension or withdrawal of product
approvals; |
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product seizures; |
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injunctions; and |
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civil and criminal penalties and fines. |
We
rely upon information technology and any failure, inadequacy, interruption or security lapse of that technology, including any cyber
security incidents, could harm our ability to operate our business effectively.
Our
business operations could suffer in the event of system failure. Despite the implementation of security measures, our internal computer
systems and those of our contract research organizations, and other contractors and consultants are vulnerable to damage from computer
viruses, unauthorized access, natural disasters, terrorism, war and telecommunication and electrical failures. If such an event were
to occur and cause interruptions in our operations, it could result in a material disruption of our product development programs. For
example, the loss of formulas or data from completed or ongoing or planned pre-clinical studies could result in delays in our regulatory
approval efforts and significantly increase our costs to recover or reproduce the data. To the extent that any disruption or security
breach were to result in a loss of or damage to our data or applications, or inappropriate disclosure of confidential or proprietary
information, we could incur liability and further development of our product candidates could be delayed.
Our
business plan may lead to the initiation of one or more product development programs, the discontinuation of one or more development
programs, or the execution of one or more transactions that you do not agree with or that you do not perceive as favorable to your investment
in our Common Stock.
We
are pursuing a strategy to leverage our clinical experience and expertise for the clinical development and regulatory approval of our
gene therapy product candidates. As part of our ongoing business strategy, we continue to explore potential opportunities to acquire
or license new product candidates and to collaborate on our existing products in development. We cannot be certain that our product candidates
will be successfully developed, or that the early clinical trial results of these product candidates will be predictive of future clinical
trial results. During 2022, we decided to abandon our pan-coronavirus and influenza pipelines as the results did not support further
development. We again may determine at any time that one or more of our in-licensed product candidates is not suitable for continued
development due to cost, feasibility of obtaining regulatory approvals or any other reason, and may terminate the related license.
Our business
plan requires us to be successful in a number of challenging, uncertain and risky activities, including pursuing development of our gene
therapy product candidates in indications for which we have limited or no human clinical data, designing and executing a nonclinical
and/or clinical development program for our product candidates, building internal or outsourced gene therapy capabilities, converting
early stage gene therapy research efforts into clinical development opportunities, identifying additional promising new assets for development
that are available for acquisition or in-license and that fit our strategic focus and identifying potential partners to collaborate on
our products. We may not be successful at one or more of the activities required for us to execute this business plan. In addition, we
may consider other strategic alternatives, such as mergers, acquisitions, divestitures, joint ventures, partnerships and collaborations.
We cannot be sure when or if any type of transaction will result. Even if we pursue a transaction, such transaction may not be consistent
with our stockholders’ expectations or may not ultimately be favorable for our stockholders, either in the shorter or longer term.
There can
be no assurance that the Transaction will be fully realized or may take longer to realize than expected; the possibility that shareholders
of Renovaro may not approve the issuance of new shares of Renovaro common stock in the proposed Transaction or that shareholders of Renovaro
may not approve the proposed Transaction; the risk that a condition to closing of the proposed Transaction may not be satisfied, that
either party may terminate the Transaction Agreement or that the closing of the proposed Transaction might be delayed or not occur at
all.
Our
growth prospects and the future value of our Company are primarily dependent on the progress of our ongoing and planned development programs
for our product candidates as well as the outcome of our ongoing business development efforts and pipeline progression, together with
the amount of our remaining available cash. The development of our product candidates and the outcome of our ongoing business development
efforts and pipeline are highly uncertain. We expect to continue to reassess and make changes to our existing development programs and
pipeline strategy. Our plans for our development programs may be affected by the results of competitors’ clinical trials of product
candidates addressing our current target indications, and our business development efforts and pipeline progression may also be affected
by the results of competitors’ ongoing research and development efforts. We may modify, expand or terminate some or all of our
development programs, clinical trials or collaborative research programs at any time as a result of new competitive information or as
the result of changes to our product pipeline or business development strategy.
If
serious adverse events or other undesirable side effects or safety concerns attributable to our product candidates occur, they may adversely
affect or delay our clinical development and commercialization of some or all of our product candidates.
Undesirable
side effects or safety concerns caused by our product candidates could cause us or regulatory authorities to interrupt, delay or halt
our clinical trials and could result in a more restrictive label or the delay or denial of regulatory approval. If treatment-related
serious adverse events (“SAEs”) or other undesirable side effects or safety concerns, or unexpected characteristics attributable
to our product candidates are observed in any future clinical trials, they may adversely affect or delay our clinical development and
commercialization of the effected product candidate, and the occurrence of these events could have a material adverse effect on our business
and financial prospects. Results of our future clinical trials could reveal a high and unacceptable severity and prevalence of adverse
side effects. In such an event, our trials could be suspended or terminated and the FDA or other regulatory agency could order us to
cease further development of or deny approval of our product candidates for any or all targeted indications. The drug-related side effects
could affect patient recruitment or the ability of enrolled patients to complete the trial or result in potential product liability claims.
Additionally,
if any of our product candidates receives marketing approval and we or others later identify undesirable or unacceptable side effects
or safety concerns caused by these product candidates, a number of potentially significant negative consequences could result, including:
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regulatory authorities may
withdraw, suspend, or limit approvals of such products and require us to take them off the market; |
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regulatory authorities may
require the addition of labeling statements, specific warnings, a contraindication or field alerts to physicians and pharmacies; |
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regulatory authorities may
require a medication guide outlining the risks of such side effects for distribution to patients, or that we implement a REMS or REMS-like
plan to ensure that the benefits of the product outweigh its risks; |
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we may be required to change
the way a product is distributed or administered, conduct additional clinical trials, or change the labeling of a product; |
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we may be required to conduct additional post-marketing
studies or surveillance; |
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we may be subject to limitations on how we may promote
the product; |
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|
|
● |
sales of the product may decrease significantly; |
|
|
|
|
● |
we may be subject to regulatory investigations, |
|
|
|
|
● |
we may be subject to government enforcement actions, litigation,
or product liability claims; and |
|
|
|
|
● |
our products may become less competitive, or our reputation
may suffer. |
Any
of these events could prevent us or any collaborators from achieving or maintaining market acceptance of our product candidates or could
substantially increase commercialization costs and expenses, which in turn could delay or prevent us from generating revenue from the
sale of our product candidates.
We
have no manufacturing experience, and the failure to comply with all applicable manufacturing regulations and requirements could have
a materially adverse effect on our business.
We
have never manufactured products in the highly regulated environment of pharmaceutical manufacturing, and our team has limited experience
in the manufacture of drug therapies. There are numerous regulations and requirements that must be maintained to obtain licensure and
permitting required prior to the commencement of manufacturing, as well as additional requirements to continue manufacturing pharmaceutical
products. In addition, we do not have the resources at this time to acquire or lease suitable facilities. If we or our CMO fail to comply
with regulations, to obtain the necessary licenses and knowhow or to obtain the requisite financing in order to comply with all applicable
regulations and to contract with, own or lease the required facilities in order to manufacture our products, we could be forced to cease
operations, which would cause you to lose all of your investment in our Common Stock.
In
addition, the FDA and other regulatory authorities require that product candidates and drug products be manufactured according to cGMP.
Any failure by our third-party manufacturers to comply with cGMP could lead to a shortage of our product candidates. In addition, such
failure could be the basis for action by the FDA to withdraw approval, if granted to us, and for other regulatory enforcement action,
including Warning Letters, product seizure, injunction or other civil or criminal penalties.
Product
candidates that we develop may have to compete with other products and product candidates for access to manufacturing facilities. There
are a limited number of manufacturers that operate under cGMP regulations and that are both capable of manufacturing for us and willing
to do so. If we need to find another source of drug substance or drug product manufacturing for our product candidates, we may not be
able to identify, or reach agreement with, commercial-scale manufacturers on commercially reasonably terms, or at all. If third parties
that we engage in the future to manufacture a product for commercial sale or for our clinical trials, should cease to continue to do
so for any reason, we likely would experience significant delays in obtaining sufficient quantities of product for us to meet commercial
demand or to advance our clinical trials while we identify and qualify replacement suppliers. If for any reason we are unable to obtain
adequate supplies of any product candidate that we develop, or the drug substances used to manufacture it, it will be more difficult
for us to compete effectively, generate revenue, and further develop our products. In addition, if we are unable to assure a sufficient
quantity of the drug for patients with rare diseases or conditions, we may lose any FDA Orphan Drug designation to which the product
otherwise would be entitled.
We
may, in the future, choose to seek FDA Orphan Drug designation for one or more of our current or future product candidates. Even if we
obtain Orphan Drug designation from the FDA for a product candidate, there are limitations to the exclusivity afforded by such designation.
In
the U.S., the company that first obtains FDA approval for a designated orphan drug for the specified rare disease or condition receives
orphan drug marketing exclusivity for that drug for a period of seven years. This orphan drug exclusivity prevents the FDA from approving
another application, including a full NDA to market the same drug for the same orphan indication, except in very limited circumstances,
including when the FDA concludes that the later drug is safer, more effective or makes a major contribution to patient care. For purposes
of small molecule drugs, the FDA defines “same drug” as a drug that contains the same active moiety and is intended for the
same use as the drug in question. To obtain Orphan Drug status for a drug that shares the same active moiety as an already approved drug,
it must be demonstrated to the FDA that the drug is safer or more effective than the approved orphan designated drug, or that it makes
a major contribution to patient care. In addition, a designated orphan drug may not receive orphan drug exclusivity if it is approved
for a use that is broader than the indication for which it received orphan designation. In addition, orphan drug exclusive marketing
rights in the U.S. may be lost if the FDA later determines that the request for designation was materially defective or if the manufacturer
is unable to assure sufficient quantity of the drug to meet the needs of patients with the rare disease or condition or if another drug
with the same active moiety is determined to be safer, more effective, or represents a major contribution to patient care.
1B.
Unresolved Staff Comments
Not
applicable.
Item
2. Properties
The
Company currently leases the following properties:
Location |
|
Use |
|
Terms |
2080 Century Park East, Suite 906 Los Angeles, CA 90067 |
|
Headquarters |
|
The Company entered into a Lease Agreement on June 19, 2018 for our corporate headquarters located at Century City Medical Plaza. We have a ten-year lease that was for approximately 2,453 square feet at this location. In February 2019, we extended our corporate headquarters to encompass the adjoining suite for approximately 1,101 square feet, bringing the total workspace to 3,554 square feet. The new base rent for this leased premises increases by 3% each year over the term, and ranges from $17,770 per month as of the date of the amendment until the end of the first year to $23,186 per month for the tenth year. The additional suite was in the form of an amendment to the original lease and will expire on the same date as the original lease. The Company was entitled to a total of $148,168 in contributions toward tenant improvements for both spaces. |
Item
3. Legal Proceedings
Securities
Class Action Litigation. On July 26, 2022 and July 28, 2022, securities class action complaints (the former, the “Chow Action”
and the latter, the “Manici Action”) were filed by purported stockholders of ours in the United States District Court for
the Central District of California against us and certain of our current and former officers and directors. The complaints allege, among
other things, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5
thereunder, by making false and misleading statements and omissions of material fact in connection with the Company’s relationship
with Serhat Gümrükcü and its commercial prospects. The complaints seek unspecified damages, interest, fees, and costs.
On November 22, 2022, the Manici Action was voluntarily dismissed without prejudice, but the Chow action remains pending. The defendants
did not respond to the complaint in the Manici action and have not yet responded to the complaint in the Chow action. The Company
intends to contest this matter but expresses no opinion as to the likelihood of a favorable outcome.
Federal
Derivative Litigation. On September 22, 2022, Samuel E. Koenig filed a shareholder derivative action in the United States District
Court for the Central District of California. On January 19, 2023, John Solak filed a substantially similar shareholder derivative action
in the United States District Court for the District of Delaware. Both derivative actions recite similar underlying facts as those alleged
in the Securities Class Action Litigation. The actions, filed on behalf of the Company, name Serhat Gümrükcü and certain
of the Company’s current and former directors as defendants. The actions also name the Company as a nominal defendant. The actions
allege violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and also set out claims for breach of fiduciary
duty, contribution and indemnification, aiding and abetting, and gross mismanagement. Plaintiffs do not quantify any alleged injury,
but seek damages, disgorgement, restitution, and other costs and expenses. On January 24, 2023, the United States District Court for
the Central District of California stayed the Koenig matter pending resolution of the defendants’ anticipated motion to dismiss
in the Securities Class Action Litigation. On April 6, 2023, the United States District Court for the District of Delaware stayed the
Solak matter pending resolution of the defendants’ anticipated motion to dismiss in the Securities Class Action Litigation. The
defendants have not yet responded to either complaint. The Company intends to contest these matters but expresses no opinion as to the
likelihood of favorable outcomes.
State
Derivative Litigation. On October 20, 2022, Susan Midler filed a shareholder derivative action in the Superior Court of California,
Los Angeles County, reciting similar underlying facts as those alleged in the Securities Class Action Litigation. The action, filed on
behalf of the Company, names Serhat Gümrükcü and certain of the Company’s current and former directors as defendants.
The action also names the Company as a nominal defendant. The action sets out claims for breaches of fiduciary duty, contribution and
indemnification, aiding and abetting, and gross mismanagement. Plaintiff does not quantify any alleged injury, but seeks damages, disgorgement,
restitution, and other costs and expenses. On January 20, 2023, the Court stayed the Midler matter pending resolution of the defendants’
anticipated motion to dismiss in the Securities Class Action Litigation. The Court also set a status conference for November 6, 2023.
The defendants have not yet responded to the complaint. The Company intends to contest this matter but expresses no opinion as to the
likelihood of a favorable outcome.
On
October 21, 2022, the Company filed a Complaint in the Superior Court of the State of California for the County of Los Angeles against
Serhat Gümrükcü, William Anderson Wittekind (“Wittekind”), G-Tech, SG&AW Holdings LLC, and SRI. The Complaint
alleges that the defendants engaged in a “concerted, deliberate scheme to alter, falsify, and misrepresent to the Company the results
of multiple studies supporting its Hepatitis B and SARS-CoV-2/influenza pipelines.” Specifically, “Defendants manipulated
negative results to reflect positive outcomes from various studies, and even fabricated studies out of whole cloth.” As a result
of the defendants’ conduct, the Company claims that it “paid approximately $25 million to Defendants and third-parties that
it would not otherwise have paid.” On April 21, 2023, defendants Wittekind, G-Tech, SG&AW Holdings LLC, and SRI filed a demurrer
with respect to some, but not all, of the Company’s claims, as well as a motion to strike. On September 6, 2023, the court denied
in part and granted in part the pending motions. On September 7, 2023, the court entered a Case Management Order setting the Final Status
Conference, trial, and other intervening deadlines. We will continue to pursue our claims against these defendants.
On
March 1, 2021, the Company’s former Chief Financial Officer, Robert Wolfe and his company, Crossfield, Inc., filed a Complaint
in the U.S. District Court for the District of Vermont against the Company, Renovaro BioSciences Denmark ApS, and certain directors and
officers. In the Complaint, Mr. Wolfe and Crossfield, Inc. asserted claims for abuse of process and malicious prosecution, alleging,
inter alia, that the Company lacked probable cause to file and prosecute an earlier action, and sought millions of dollars of compensatory
damages, as well as punitive damages. The allegations in the Complaint relate to an earlier action filed by the Company and Renovaro
BioSciences Denmark ApS in the Vermont Superior Court, Orange Civil Division. On March 3, 2022, the court partially granted the Company’s
motion to dismiss, dismissing the abuse of process claim against all defendants and all claims against Mark Dybul and Henrik Grønfeldt-Sørensen.
On November 29, 2022, the Company filed a motion for summary judgment with respect to the sole remaining claim of malicious prosecution.
On August 24, 2023, the court denied the motion for summary judgment. On September 7, 2023, the Company moved for reconsideration of
the court’s order. The Company denies the allegations set forth in the Complaint and will continue to vigorously defend against
the remaining claim.
On
June 7, 2023, Weird Science LLC (“Weird Science”), Wittekind, the William Anderson Wittekind 2020 Annuity Trust, the William
Anderson Wittekind 2021 Annuity Trust, the Dybul 2020 Angel Annuity Trust, and the Ty Mabry 2021 Annuity Trust (collectively, the “Trusts”)
(collectively, “Plaintiffs”) filed a Verified Complaint against the Company in the Court of Chancery of Delaware. Plaintiffs
allege that the Company breached the February 16, 2018 Investor Rights Agreement between the Company, Weird Science, and RS Group ApS
(the “Investor Rights Agreement”). According to the Verified Complaint, the Investor Rights Agreement required the Company
to (i) notify all “Holders” of “Registrable Securities” at least 30 days prior to filing a registration statement
and (ii) afford such Holders an opportunity to have their Registrable Securities included in such registration statement. Plaintiffs
allege that the Company breached these registration rights by failing to provide the required notice in connection with S-3 registration
statements filed by the Company on July 13, 2020 and February 11, 2022. Plaintiffs seek compensatory damages, pre- and post-judgment
interest, costs, and attorneys’ fees. The Company denies Plaintiffs’ allegations and intends to vigorously defend against
the claim.
On
August 24, 2023, counsel on behalf of Weird Science, Wittekind, individually, and Wittekind, as trustee of the Trusts served a demand
to inspect the Company’s books and records (the “Demand”) pursuant to Delaware General Corporation Law, § 220
(“Section 220”). The Demand seeks the Company’s books and records in connection with a various issues identified in
the Demand. The Company takes its obligations under Section 220 seriously and, to the extent that the requests are proper under Section
220, intends to comply with those obligations.
Item
4. Mine Safety Disclosures.
Not
applicable.
PART
II
Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market
Information and Holders of our Common Stock
Our
Common Stock trades on the Nasdaq Capital Market under the symbol “RENB”.
As
of September 29, 2023, the Company had 65,698,144 shares of Common Stock
issued and outstanding and approximately 194 stockholders of record. The actual number of stockholders is greater than this number of
record holders and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees.
Recent
Sales of Unregistered Securities
On
June 20, 2023, the Company entered into a purchase agreement (the “Purchase
Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”),
which provides that, upon the terms and subject to the conditions and limitations set forth therein, the Company may sell to Lincoln
Park up to Twenty Million Dollars ($20,000,000) of shares of its Common Stock over the
36-month term of the Purchase Agreement. Concurrently with entering into the Purchase Agreement, the Company also entered into a registration
rights agreement with Lincoln Park, pursuant to which it agreed to provide Lincoln Park with certain registration rights related to the
shares issued under the Purchase Agreement (the “Registration Rights Agreement”).
On June 20, 2023, we issued 696,021 shares of Common Stock (the “Commitment Shares”) to Lincoln Park as a fee for its commitment
to purchase shares of our Common Stock under the Purchase Agreement.
The
issuance and sale of the Commitment Shares was made in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act
and/or Rule 506(b) of Regulation D promulgated thereunder.
No
other shares were issued in the fourth quarter that were not previously included in a Current Report on Form 8-K.
Company
Purchases of Equity Securities
None.
Dividends
The
Company has not declared or paid any cash dividends on its Common Stock and does not intend to declare or pay any cash dividend in the
foreseeable future. The payment of dividends, if any, is within the discretion of the Board and will depend on the Company’s earnings,
if any, its capital requirements and financial condition and such other factors as the Board may consider.
Item
6. [Reserved]
Item
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following discussion of our financial condition and results of operations should be read in conjunction with our financial statements,
and the related notes to those statements included elsewhere in this report. In addition to the historical financial information, the
following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results may differ
materially from those anticipated in these forward-looking statements.
Our
Business
Renovaro
BioSciences Inc. is a biotechnology company committed to developing advanced allogeneic cell and gene therapies to promote stronger immune
system responses potentially for long-term or life-long cancer remission in some of the deadliest cancers, and potentially to treat or
cure serious infectious diseases such as HIV and Hepatitis B virus (HBV) infection.
To
date, our operations have been funded by sales of our securities and debt financing. We have never generated any sales revenue and we
expect this to continue until our therapies or products are approved for marketing in the United States and/or Europe. Even if we are
successful in having our therapies or products approved for sale in the United States and/or Europe, we cannot guarantee that a market
for the therapies or products will develop. We may never be profitable.
Recent
Developments
Definitive
Agreement with GEDi Cube
On
September 28, 2023, Renovaro Biosciences Inc., entered into a Stock Purchase Agreement (the “Purchase Agreement”) with GEDi
Cube Intl Ltd., a private company formed under the laws of England and Wales (“GEDi Cube”). Upon the terms and subject to
the conditions set forth in the Purchase Agreement, Renovaro will acquire 100% of the equity interests of GEDi Cube from its equity holders
(the “Sellers”) and GEDi Cube will become a wholly-owned subsidiary of Renovaro. On September 28, 2023, the board of directors
of Renovaro, and the board of managers of GEDi Cube unanimously approved the Purchase Agreement. The completion of the Transaction is
subject to the satisfaction or waiver of customary closing conditions. The Purchase Agreement contains certain termination rights for
both Renovaro and GEDi Cube (See Note 11-Subsequent Events).
August
2023 Private Placement
On
August 1, 2023, the Company closed a private placement of 280,505 units,(the “Units”), each such Unit consists of (i) one
share of the Company’s Series A Convertible Preferred Stock, $0.0001 par value per share and (ii) one common stock purchase warrant
to purchase five shares of the Company’s common stock, $0.0001 par value per share at a price per Unit equal to $7.13 for aggregate
proceeds to the Company of $2,000,000 in cash. In addition, the Company issued 280,505 Units in connection with the conversion of $2,000,000
of promissory note, as further described below under the heading “Amendment and Conversion of Previously Issued Promissory Note”.
In
connection with the Private Placement, the Company sold an aggregate of 561,010 shares of Preferred Stock, which are initially convertible
into an aggregate of 5,610,100 shares of Common Stock. In connection with the Private Placement, the Company sold Warrants to
purchase an aggregate of 2,805,050 shares of Common Stock, which represents 50% warrant coverage. The Warrants are exercisable for five
years from the date of issuance and have an exercise price of $0.65 per share, payable in cash.
Amendment
and Conversion of Previously Issued Promissory Note
On
July 31, 2023, the Company and the holder of the Previously Issued Promissory Note agreed to amend the Promissory Note (the “Fourth
Amendment”), to provide the holder with limited conversion rights in connection with the Private Placement (the “Conversion
Right”). Per the terms of the Fourth Amendment, the Holder could elect to convert $2,000,000 of the outstanding principal balance
of the Promissory Note into the Units being offered in the Private Placement at the price per Unit being paid by the investors in the
Private Placement.
As
mentioned above, on August 1, 2023, Paseco ApS, the holder of a $5,000,000 promissory note issued by the Company, (the “Promissory
Note”) notified the Company of its election to exercise the Conversion Right. Therefore, $2,000,000 of the outstanding principal
balance of the note was converted into 280,505 Units, comprised of an aggregate of (i) 280,505 shares of Preferred Stock and (ii) Warrants
to purchase an aggregate of 1,402,525 shares of Common Stock. A principal balance of $3,000,000 remained outstanding under the Promissory
Note after the foregoing conversion. The Units issued in connection with the conversion were issued pursuant to Regulation S.
Going
Concern and Management’s Plans
The
financial statements included elsewhere herein for the year ended June
30, 2023, were prepared under the assumption that we would continue our operations as a going concern, which contemplates the realization
of assets and the satisfaction of liabilities during the normal course of business. As of June 30, 2023, we had cash and cash equivalents
of $1,874,480, an accumulated deficit of $244,029,253, and total liabilities of $11,798,685. We have incurred losses from continuing operations,
have used cash in our continuing operations, and are dependent on additional financing to fund operations. These conditions raise substantial
doubt about our ability to continue as a going concern for one year after the date the financial statements are issued. The financial
statements included elsewhere herein do not include any adjustments to reflect the possible future effects on the recoverability and classification
of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.
Management
has reduced overhead and administrative costs by streamlining the organization to focus around two of its therapies (oncology and HIV
therapeutic vaccine) in order to reduce operating costs. The Company has also tailored its workforce to focus on these therapies. Management
intends to try to convert its debt to equity. The Company intends to attempt to secure additional required funding through equity or
debt financing (see Recent Developments for most recent funding). However, there can be no assurance that the Company will be able to
obtain any sources of funding. Such additional funding may not be available or may not be available on reasonable terms, and, in the
case of equity financing transactions, could result in significant additional dilution to our stockholders. If we do not obtain required
additional equity or debt funding, our cash resources will be depleted and we could be required to materially reduce or suspend operations,
which would likely have a material adverse effect on our business, stock price and our relationships with third parties with whom we
have business relationships, at least until additional funding is obtained. If we do not have sufficient funds to continue operations,
we could be required to seek bankruptcy protection or other alternatives that could result in our stockholders losing some or all of
their investment in us.
Funding
that we may receive during fiscal 2024 is expected to be used to satisfy existing and future obligations and liabilities and working
capital needs, to support commercialization of our products and conduct the clinical and regulatory work to develop our product candidates,
and to begin building working capital reserves.
RESULTS OF OPERATIONS
Year ended June 30, 2023 compared to the year ended June 30,
2022.
The following table sets
forth our revenues, expenses and net income for the years ended June 30, 2023 and 2022. The financial information below is derived
from our audited consolidated financial statements included elsewhere in this Annual Report.
| |
For the Years Ended | |
| |
|
| |
June
30, | |
Increase/(Decrease) |
| |
2023 | |
2022 | |
$ | |
% |
Operating
Expenses | |
| | | |
| | | |
| | | |
| | |
General
and administrative | |
$ | 15,318,198 | | |
$ | 14,329,801 | | |
| 988,397 | | |
| 7 | % |
Research and development | |
| 4,165,197 | | |
| 8,372,800 | | |
| (4,207,603 | ) | |
| (50 | )% |
Indefinite life intangible
assets impairment charge | |
| 18,960,000 | | |
| 93,253,000 | | |
| (74,293,000 | ) | |
| (80 | )% |
Depreciation and
amortization | |
| 113,496 | | |
| 123,590 | | |
| (10,094 | ) | |
| (8 | )% |
Total Operating Expenses | |
| 38,556,891 | | |
| 116,079,191 | | |
| (77,522,300 | ) | |
| (67 | )% |
LOSS
FROM OPERATIONS | |
| (38,556,891 | ) | |
| (116,079,191 | ) | |
| 77,522,300 | | |
| (67 | )% |
Other
Income (Expenses) | |
| | | |
| | | |
| | | |
| | |
Loss on extinguishment
of contingent consideration liability | |
| (419,182 | ) | |
| | | |
| (419,182 | ) | |
| 100 | % |
Change in fair value
of contingent consideration | |
| | | |
| 2,896,627 | | |
| (2,896,627 | ) | |
| (100 | )% |
Interest expense | |
| (580,344 | ) | |
| (372,844 | ) | |
| (207,500 | ) | |
| 56 | % |
Gain (loss) on currency
transactions | |
| (1,019 | ) | |
| 9 | | |
| (1,028 | ) | |
| (11,422 | )% |
Interest and other
income | |
| (126,620 | ) | |
| 122,041 | | |
| (248,661 | ) | |
| (204 | )% |
Total Other Income
(Expenses) | |
| (1,127,165 | ) | |
| 2,645,833 | | |
| (3,772,998 | ) | |
| (143 | )% |
| |
| | | |
| | | |
| | | |
| | |
Loss
Before Income Taxes | |
| (39,684,056 | ) | |
| (113,433,358 | ) | |
| 73,749,302 | | |
| (65 | )% |
| |
| | | |
| | | |
| | | |
| | |
Income
Tax (Expense) Benefit | |
| | | |
| (34 | ) | |
| 34 | | |
| (100 | )% |
NET
LOSS | |
$ | (39,684,056 | ) | |
$ | (113,433,392 | ) | |
| 73,749,336 | | |
| (65 | )% |
| |
For the Years Ended | |
| |
|
| |
June
30, | |
Increase/(Decrease) |
| |
2023 | |
2022 | |
$ | |
% |
| |
| |
| |
| |
|
Net
Loss | |
$ | (39,684,056 | ) | |
$ | (113,433,392 | ) | |
$ | 73,749,336 | | |
| (65 | )% |
Other
Comprehensive Income (Loss) | |
| | | |
| | | |
| | | |
| | |
Foreign Currency
Translation, net of taxes | |
| 554 | | |
| (19,602 | ) | |
| 20,156 | | |
| (103 | )% |
| |
| | | |
| | | |
| | | |
| | |
Other
Comprehensive Loss | |
$ | (39,683,502 | ) | |
$ | (113,452,994 | ) | |
$ | 73,769,492 | | |
| (65 | )% |
Revenues
We are a pre-clinical stage
pre-revenue biotechnology company. We have never generated revenues and have incurred losses since inception. We do not anticipate
earning any revenues until our therapies or products are approved for marketing and sale.
Operating Expenses
Our
operating expenses for the years ended June 30, 2023 and 2022 were $38,556,891
and $116,079,191, respectively, representing a decrease of $77,522,300 or 67%. The largest contributors to the decrease in operating expenses
for the year ended June 30, 2023, were the decrease in the non-cash intangible asset impairment of $74,293,000 (see Note 4 to the Financial
Statements) and the decrease in research and development expenses of $4,207,603 partially offset by the increase in general and administrative
expenses of $988,397 compared to the year ended June 30, 2022.
General
and administrative expenses for the years ended June 30, 2023 and 2022,
were $15,318,198 and $14,329,801, respectively, representing an increase of $988,397, or 7%. The increase in general and administrative
expenses is primarily related to increases of $2,738,140 in legal fees, $865,911 in salaries and related costs, $566,448 in accounting
fees and $302,130 in insurance costs, partially offset by the decrease of $1,847,551 in stock-based compensation, $495,000 in security
costs, $363,984 in recruiting expenses, $153,541 in corporate fees and $116,648 in travel expenses.
Research and development
expenses for the years ended June 30, 2023, and 2022, were $4,165,197 and $8,372,800, respectively, representing a decrease of
$4,207,603 or 50%. The decrease in research and development expenses is primarily related to $3,261,500 in fees related to a collaborating
partner that was incurred in the prior year in addition to costs with CDMO and CRO partners totaling $766,495 in the prior year.
Other Income (Expenses)
Net other income (expenses)
for the years ended June 30, 2023 and 2022 was $(1,127,165) and 2,645,833, respectively, representing a decrease of $3,772,998
or 143%. The decrease in other income was due primarily to the change in the fair value of the contingent consideration in the
amount of $2,896,627, which resulted from the mark to market adjustment on the remaining contingent consideration liability and
the contingent shares issued during the prior year, in addition to the loss on extinguishment of contingent consideration liability
of $419,182 in the year ended June 30, 2023.
Net Loss
Net
loss for the years ended June 30, 2023 and June 30, 2022 was $39,684,056
and $113,433,392, respectively, representing a decrease in net loss of $73,749,336 or 65%. The decrease in net loss was primarily due
to the decrease of non-cash intangible asset impairment of $74,293,000, the decrease in research and development costs of $4,207,603 and
the decrease in the change in fair value of contingent consideration of $2,896,627 partially offset by the $988,397 increase in general
and administrative expenses.
Liquidity and Capital Resources
We have historically satisfied
our capital and liquidity requirements through funding from stockholders, the sale of our Common Stock and warrants, and debt financing.
We have never generated any sales revenue to support our operations and we expect this to continue until our therapies or products
are approved for marketing in the United States and/or Europe. Even if we are successful in having our therapies or products approved
for sale in the United States and/or Europe, we cannot guarantee that a market for the therapies or products will develop. We may
never be profitable.
As noted above under the
heading “Going Concern and Management’s Plans,” through June 30, 2023, we have incurred substantial losses. We
may need additional funds for (a) research and development, (b) increases in personnel, and (c) the purchase of equipment, specifically
to advance towards an Investigational New Drug Application (IND) following Pre-IND readouts from the FDA for RENB-DC-11, RENB-HV-12,
RENB-HV-01, RENB-HV-21 and RENB-HB-01. The availability of any required additional funding cannot be assured. In addition, an adverse
outcome in legal or regulatory proceedings in which we are currently involved or in the future may be involved could adversely
affect our liquidity and financial position. If additional funds are required, we may raise such funds from time to time through
public or private sales of our equity or debt securities. Such financing may not be available on acceptable terms, or at all, and
our failure to raise capital when needed could materially adversely affect our growth plans and our financial condition and results
of operations.
As
of June 30, 2023, the Company had $1,874,480 in cash and working capital of $(8,457,693) as compared to $9,172,142 in cash and working
capital of $3,114,170 as of June 30, 2022. The decrease in cash of $7,297,662 is primarily due to the cost of operations of $11,774,549,
partially offset by funding totaling $4,515,056 related to private placements, and the exercise
of warrants and options during the period.
Equity
On July 8, 2020, we entered
into a purchase agreement (the “2020 Purchase Agreement”) with Lincoln Park Capital Fund, LLC, (“LPC”),
pursuant to which LPC is committed to buy, and we had the right, but not the obligation, to sell to LPC up to an aggregate of $20,000,000
of our Common Stock, subject to certain limitations and conditions set forth in the LPC Purchase Agreement, including a limitation
on the number of shares of Common Stock we can put to LPC and the pricing parameters for the sales. In consideration for entering
into the 2020 Purchase Agreement, we issued 139,567 shares of Common Stock to Lincoln Park as a commitment fee on July 21, 2020.
For the year ended June 30, 2022, the Company issued 497,340 shares of Common Stock for proceeds of $4,676,399 (see Note 8 of the
Financial Statements.) As of October 17, 2022, we no longer have access to this Purchase Agreement.
On
June 20, 2023, we entered into a purchase agreement (the “2023 Purchase Agreement”) with LPC, pursuant to which the Company
may sell and issue to LPC, and LPC is obligated to purchase, up to $20,000,000 of shares of our Common Stock over the 36-month term of
the purchase agreement (see Note 8 of the Financial Statements).
Pursuant
to a private placement offering in March 2023, the Company issued 2,378,070 shares of Common Stock and warrants to purchase 1,189,036
shares of Common Stock (“Purchase Warrants”) resulting in proceeds of $2,711,0000 in a private placement offering. The Company
effected the issuances of the shares of Common Stock from March 13, 2023 to March 29, 2023. The Purchase Warrants were immediately exercisable
and had an exercise term of five years with an exercise price of $1.14 per share. The combined purchase price for one share of Common
Stock and one Purchase Warrant was $1.14 per share. The private placement was made directly by the Company to persons who are not U.S.
persons in reliance upon Regulation S of the Securities Act of 1933. No underwriter or placement agent was engaged by the Company for
this private placement (see Note 8 of the Financial Statements).
Pursuant
to a private placement offering, on June 26, 2023, the Company issued 4,718,532 shares of
Common Stock and warrants to purchase 2,359,266 shares of Common Stock resulting in proceeds of $1,300,823 in a private placement
offering and a reduction of notes payable of $1,200,000. The warrants were immediately exercisable and had an exercise term of five years
with an exercise price of $0.53 per share. The combined purchase price for one share of Common Stock and one warrant was $0.53 per share.
The private placement was made directly by the Company to persons who are not U.S. persons in reliance upon Regulation S of the Securities
Act of 1933. No underwriter or placement agent was engaged by the Company for this private placement (see Note 8 of the Financial Statements).
Warrant Exercises
On December 24, 2021, certain
of our warrant holders exercised warrants to purchase 100,000 shares of Common Stock for total proceeds to the Company of $130,000.
On July 14, 2022, certain of our warrant holders exercised warrants to purchase 1,250,000 shares
of Common Stock for total proceeds to the Company of $1,625,000 (see Note 8 to the Financial Statements).
Debt
On February 6, 2020, the
Company issued two Convertible Notes (the “Convertible Notes”) to Paseco APS (the “Holder”), a Danish limited
company and an existing stockholder of the Company each with a face value amount of $600,000, convertible into shares of Common
Stock. The Holder did not exercise the conversion feature that expired on February 6, 2021. The outstanding principal amount of
the Convertible Notes was due and payable on February 6, 2023. Interest on the Convertible Notes commenced accruing on the date
of issuance at six percent (6%) per annum, computed on the basis of twelve 30-day months, and was compounded monthly on the final
day of each calendar month based upon the principal and all accrued and unpaid interest outstanding as of such compound date. The
interest was payable in cash on a semi-annual basis. For the years ended June 30, 2023 and 2022, the interest expense amounted
to $210,543 and $72,875, respectively. Effective December 30, 2022, Company amended and restated the Convertible Notes (the “Amended
and Restated Secured Notes”). Pursuant to the Amended and Restated Secured Notes, the due date was extended to February 28,
2024, and the interest was increased to twelve percent (12%) per annum, which was prepaid by the Company in full on the date of
amendment through the issuance of 198,439 shares of the Company’s Common Stock based on the closing market price on that
date, of $1.03, which included 29,419 shares for interest accrued through December 30, 2022, and the obligations of the Company
under the Amended and Restated Secured Notes were secured by a security Agreement (the “Security Agreement”). On June
26, 2023, the holder of the Amended and Restated Secured Notes notified the
Company that they wished to elect to exercise their conversion right triggered by a private placement. Therefore, the entire balance
of $1,200,000 Amended and Restated Secured Notes were converted into 2,264,150 shares of Common Stock and 1,132,075 Warrants. There
were no Amended and Restated Secured Notes outstanding as of June 30, 2023 (see Note 6 to the Financial Statements).
On March 30, 2020 (the “Issuance
Date”), the Company issued a Promissory Note in the principal amount of $5,000,000 to Paseco ApS (the “Holder”).
The principal amount of the Promissory Note was payable on November 30, 2021, and bore interest at a fixed rate of 6% per annum,
which was prepaid by the Company in full on the date of issuance through the issuance of 188,485 shares of the Company’s
Common Stock based on the closing market price on that date, valued at $501,370. On February 11, 2021, the Company and the Holder
amended the original Promissory Note to extend the maturity date to November 30, 2022. The Company prepaid in full all accrued
interest from November 30, 2021 to the new maturity date November 30, 2022, through the issuance of 74,054 shares of Common Stock
based on the closing market price on that date, valued at $299,178. On May 17, 2022, the Company entered into a second amendment
to the Promissory Note that extended the maturity date out to November 30, 2023 and increased the interest rate from 6% to 12%
per annum. The Company prepaid six months of interest through May 31, 2023, through issuance of 47,115 shares of Common Stock based
on the closing market price on that date, valued at $299,178. All other terms of the Promissory Note remained the same. Effective
December 30, 2022, the Company entered into a third amendment to the Promissory Note. Pursuant to the third amendment, the Company’s
obligations under the Promissory Note were secured by the Security Agreement. All accrued interest payable from May 30, 2023 to
the maturity date was payable on May 30, 2023 in either cash or shares of our Common Stock. The Holder elected the interest be
paid in cash (the “Interest Payment”).(see Note 6 to the Financial Statements.)
To secure the Company’s
obligations under each of the Amended and Restated Secured Notes and the Promissory Note, the Company entered into a Security Agreement
with the Holder, pursuant to which the Company granted a lien on all assets of the Company (the “Collateral”) for the
benefit of the Holder. Upon an Event of Default (as defined in the Amended and Restated Secured Notes and Promissory Note, respectively)
the Holder may, among other things, collect or take possession of the Collateral, proceed with the foreclosure of the security
interest in the Collateral or sell, lease or dispose of the Collateral.
On
June 12, 2023, the Holder notified the Company that it wanted to apply the Interest Payment due to it towards the Company’s
next private placement. On June 26, 2023, the Holder participated in a private placement. As part of the private placement, the
Company issued (i) 567,588 shares of its Common Stock, par value $0.0001 per share and (ii) 283,794 Common Stock purchase warrants,
at a purchase price of $0.53 per share, for aggregate purchase price of $300,822, equal to the Interest Payment (see Note
6 to the Financial Statements).
Cash Flows
Year ended June 30, 2023 compared to the year ended June 30,
2022
Following is a summary of
the Company’s cash flows provided by (used in) operating, investing, and financing activities:
| |
For
the Years Ended |
| |
June
30, |
| |
2023 | |
2022 |
Net
Cash Used in Operating Activities | |
$ | (11,774,549 | ) | |
$ | (15,732,336 | ) |
Net
Cash Used in Investing Activities | |
| (29,774 | ) | |
| (5,156 | ) |
Net
Cash Provided by Financing Activities | |
| 4,515,056 | | |
| 4,250,464 | |
Effect
of exchange rates on cash | |
| (8,395 | ) | |
| (5,240 | ) |
Net
(Decrease) in Cash | |
$ | (7,297,662 | ) | |
$ | (11,492,268 | ) |
At June 30, 2023, we had
cash and cash equivalents of $1,874,480, a decrease of $7,297,662, when compared to the June 30, 2022 balance of $9,172,142. This
decrease was primarily due to cash used in operating activities, partially offset by cash provided by financing activities.
We plan to use our cash
and cash equivalents to fund research and development, specifically to open an Investigational New Drug Application (IND) following
Pre-IND readouts from the FDA (the first step in the drug review process by the FDA) for RENB-DC-11, RENB-HV-12, RENB-HV-01, RENB-HV-21
and RENB-HB-01. These activities will require an increase in selling, general and administrative costs, and research and development
costs to support the expected growth. As additional funds are required, we may raise such funds from time to time through public
or private sales of our equity or debt securities.
Cash
used in operating activities represents the cash receipts and disbursements related to all of our activities other than investing and
financing activities. Operating cash flow is derived by adjusting our net income for non-cash items and changes in operating assets and
liabilities. Net cash used in operating activities for the years ended June 30, 2023 and 2022 was $11,774,549 and $15,732,336,
respectively, representing a decrease of $3,957,787. The decrease is primarily related to the changes in our operating assets and liabilities
of $4,305,157.
Net cash used in investing
activities for the years ended June 30, 2023 and 2022 was $29,774 and $5,156, respectively, representing an increase of $24,618.
The increase is primarily due to purchases of equipment in the current year.
Net
cash provided by financing activities for the years ended June 30, 2023 and 2022 was $4,515,056 and $4,250,464, respectively, representing
an increase of $264,592. The net cash provided by financing activities in the current year consists primarily of $4,011,823 of proceeds
from the issuance of Common Stock through private placements and $1,625,000 of proceeds from the exercise of warrants, partially offset
by repayments of $1,121,767 under a finance agreement. The prior year net cash from financing activities
primarily consisted of $4,676,399 in proceeds from the issuance of Common Stock related to equity line draws.
Off-Balance Sheet Arrangements
As of June 30, 2023, and
2022, we had no off-balance sheet arrangements. We are not aware of any material transactions which are not disclosed in our consolidated
financial statements.
Significant Accounting Policies and Critical Accounting Estimates
Our management’s discussion
and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have
been prepared in accordance with accounting principles generally accepted in the U.S. The preparation of these financial statements
requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses. On an ongoing
basis, we evaluate our critical accounting policies and estimates. We base our estimates on historical experience and on various
other assumptions that we believe to be reasonable in the circumstances, the results of which form the basis for making judgments
about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ
from these estimates under different assumptions and conditions. Our most critical accounting estimates are detailed below, and
our significant accounting policies are more fully described in Note 1 of the accompanying consolidated financial statements.
Intangible Assets - The
Company has both definite and indefinite life intangible assets.
Definite life intangible
assets relate to patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting Standards
Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Goodwill and Other Intangible Assets.
Intangible assets are recorded at cost. Patent costs capitalized consist of costs incurred to acquire the underlying patent. If
it is determined that a patent will not be issued, the related remaining capitalized patent costs are charged to expense. Definite
life intangible assets are amortized on a straight-line basis over their estimated useful life. The estimated useful life of patents
is twenty years from the date of application.
Indefinite life intangible
assets include license agreements and goodwill acquired in a business combination. The Company accounts for indefinite life intangible
assets in accordance with ASC 350. License agreement costs represent the fair value of the license agreement on the date acquired
and are tested annually for impairment.
Goodwill - Goodwill
is not amortized but is evaluated for impairment annually as of June 30 or whenever events or changes in circumstances indicate
the carrying value may not be recoverable.
Impairment of Goodwill
and Indefinite Lived Intangible Assets – We test for goodwill impairment at the reporting unit level, which is one level
below the operating segment level. Our detailed impairment testing involves comparing the fair value of each reporting unit to
its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential
sale of the reporting unit and is based on discounted cash flows or relative market-based approaches. If the carrying value of
the reporting unit exceeds its fair value, we record an impairment loss for such excess. The annual fair value analysis performed
on goodwill supported that goodwill is not impaired as of June 30, 2023 (see Note 4 to the financial statements).
For
indefinite-lived intangible assets, such as licenses acquired as an In-Process
Research and Development (“IPR&D”) asset, on an annual basis we determine the fair value of the asset and record an impairment
loss, if any, for the excess of the carrying value of the asset over its fair value. For the years ended June 30, 2023 and 2022, the carrying
value of the licenses acquired as an IPR&D asset exceeded its fair value, due to changes in the projected economic benefits to be
realized from these assets. Therefore, the Company recorded impairment losses of $18,960,000 and $93,253,000 during the years ended June
30, 2023 and 2022, respectively (see Note 4 to the financial statements).
The
carrying value of IPR&D and goodwill at June 30, 2023, were $42,611,000 and $11,640,000, respectively.
Impairment
of Long-Lived Assets - Long-lived assets, such as property and equipment and definite life intangible assets are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Circumstances which
could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes
in the business climate or legal factors; current period cash flow or operating losses combined with a history of losses or a forecast
of continuing losses associated with the use of the asset; and current expectations that the asset will more likely than not be sold
or disposed of significantly before the end of its estimated useful life.
Recoverability
of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows
expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment
charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed
of would be separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell
and would no longer be depreciated. The depreciable basis of assets that are impaired and continue in use are their respective fair values.
No impairment was recorded during the year ended June 30, 2023.
Fair
Value of Financial Instruments - The Company accounts for fair value measurements for financial assets and financial liabilities
in accordance with FASB ASC Topic 820, Fair Value Measurement. Under the authoritative guidance, fair value is defined as the exit price,
representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between
market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants
would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance established a three-tier fair value
hierarchy, which prioritizes the inputs used in measuring fair value as follows:
|
● |
Level
1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; |
|
|
|
|
● |
Level
2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |
|
|
|
|
● |
Level
3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
There
were no Level 1, 2 or 3 assets, nor any Level 1, 2 or 3 liabilities measured
at fair value on a recurring basis as of June 30, 2023 (see Note 1.)
Stock-Based Compensation
- The Company has granted stock options, restricted share units (“RSUs”) and warrants to certain employees, officers,
directors, and consultants. The Company accounts for options in accordance with the provisions of FASB ASC Topic 718, Compensation
– Stock Compensation. Stock based compensation costs for the vesting of options and RSUs granted to certain employees,
officers, directors, and consultants for the years ended June 30, 2023 and 2022 were $3,535,051 and $5,490,602, respectively (see
Note 8 to the Financial Statements).
The
Company recognizes compensation costs for stock option awards to employees, officers and directors based on their grant-date fair value.
The value of each stock option is estimated on the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions
used to estimate the fair value of the stock options granted using the Black-Scholes option-pricing model are the expected term of the
award, the underlying stock price volatility, the risk-free interest rate, and the expected dividend yield. The Company accounts for
forfeitures as they occur.
The Company records stock-based
compensation for services received from non-employees in accordance with ASC 718, Compensation—Stock Compensation Non-Employees.
All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted
for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more
reliably measurable. Equity instruments issued to consultants and the cost of the services received as consideration are measured
and recognized based on the fair value of the equity instruments issued and are recognized over the consultants’ required
service period, which is generally the vesting period (see Note 8 to the Financial Statements.)
The
Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting
employment termination behavior. Accordingly, the Company has elected to use the “simplified method” to estimate the expected
term of its share-based awards. The simplified method computes the expected term as the sum of the award’s vesting term plus the
original contractual term divided by two.
Recently Enacted Accounting Standards
For a description of recent
accounting standards, including the expected dates of adoption and estimated effects, if any, on our consolidated financial statements,
see “Note 1: Recent Accounting Pronouncements” in the financial statements included elsewhere in this Annual Report.
Item 7A. Quantitative and Qualitative Disclosures about Market
Risk
The Company is a smaller reporting company and
is not required to provide this information.
Item 8. Financial Statements and Supplementary
Data
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
Index to Consolidated Financial Statements
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Renovaro Biosciences, Inc.:
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Renovaro Biosciences, Inc. (“the Company”) as of June 30, 2023
and 2022, the related consolidated statements of operations, comprehensive loss, stockholders’ equity, and cash flows for each
of the years in the two-year period ended June 30, 2023 and the related notes (collectively referred to as the “financial statements”).
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company
as of June 30, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the two-year period ended
June 30, 2023, in conformity with accounting principles generally accepted in the United States of America.
Explanatory
Paragraph Regarding Going Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Notes
1 and 2 to the financial statements, the Company has incurred substantial recurring losses from operations and has a net capital deficiency
which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also
described in Notes 1 and 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated
or required to be communicated to the audit committee and that: (1) related to accounts or disclosures that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical matters
below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Indefinite-Lived
Intangible Asset Impairment Assessment
Critical
Audit Matter Description
The
Company has an indefinite-lived intangible asset related to an acquired
license treated as an in-process research and development asset (“IPR&D”). As of June 30, 2023, the carrying value of
the asset is $42,611,000 post an impairment charge of $18,960,000 taken during the year. To assess the carrying value of the IPR&D
asset for impairment, management estimated the fair value of IPR&D on its elected assessment date of June 30, 2023, using a multi-period
excess earnings method, which is a specific discounted cash flow method. The determination of the fair value requires management to make
significant estimates including, but not limited to, the discount rate used in the model, the total addressable market for each potential
drug, market penetration assumptions, and for the estimated timing of commercialization of the drugs. Changes in these assumptions could
have a significant impact on the fair value of the IPR&D.
How the Critical
Audit Matter was Addressed in the Audit
We
identified the impairment testing of the IPR&D asset as a critical audit matter because of the significant estimates and assumptions
management makes related to determining the fair value of the IPR&D asset. This required a high degree of auditor judgment and an
increased extent of effort when performing audit procedures to evaluate such significant estimates and assumptions.
Our audit procedures
related to the following:
|
● |
Tested
and evaluated the methods, data and significant assumptions used in developing the IPR&D fair value. |
|
|
|
|
● |
Evaluating
the reasonableness and consistency of the selected valuation methodology and assumptions utilized by the Company including the Company’s
intent and ability to carry out a particular course of action. |
|
|
|
|
● |
Identified
significant assumptions used by the Company and evaluated each assumption used to develop the estimate, both individually and in combination
with other significant assumptions. |
|
|
|
|
● |
Testing
the completeness and accuracy of underlying data used in the fair value estimate. |
In
addition, professionals with specialized skill and knowledge were utilized by the Firm to assist in the performance of these procedures.
Goodwill
Impairment Assessment
Critical
Audit Matter Description
As
of June 30, 2023, the carrying value of goodwill was $11,640,000. As described in note 1 to the consolidated financial statements, the
Company tests goodwill for impairment annually at the reporting unit level, or more frequently if events or circumstances indicate it
is more likely than not that the fair value of a reporting unit is less than it’s carrying amount. To assess the carrying value
of the goodwill for impairment, management estimated the fair value of goodwill on its elected assessment date of June 30, 2023, using
a discounted cash flow model. The determination of the fair value requires management to make significant estimates and assumptions.
How the Critical
Audit Matter was Addressed in the Audit
We
identified the evaluation of the impairment analysis for goodwill as a critical audit matter because of the significant estimates and
assumptions management makes in determining the fair value of the goodwill. This required a high degree of auditor judgment and an increased
extent of effort when performing audit procedures to evaluate the reasonableness of such estimates and assumptions.
Our audit procedures
related to the following:
|
● |
Tested
and evaluated the methods, data and significant assumptions used in developing the fair value of goodwill. |
|
|
|
|
● |
Evaluating
the reasonableness and consistency of the selected valuation methodology and assumptions utilized by the Company including the Company’s
intent and ability to carry out a particular course of action. |
|
|
|
|
● |
Identified
significant assumptions used by the Company and evaluated each assumption used to develop the estimate, both individually and in combination
with other significant assumptions. |
|
|
|
|
● |
Testing
the completeness and accuracy of underlying data used in the fair value estimate. |
In addition, professionals with specialized skill and knowledge were utilized by the Firm to assist in the performance of these procedures.
/s/ Sadler,
Gibb & Associates, LLC
We have served as the Company’s
auditor since 2018.
Draper,
UT
October 1, 2023
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
June
30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,874,480 |
|
|
$ |
9,172,142 |
|
Prepaids
and other assets |
|
|
690,925 |
|
|
|
392,996 |
|
Total
Current Assets |
|
|
2,565,405 |
|
|
|
9,565,138 |
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
508,989 |
|
|
|
586,536 |
|
|
|
|
|
|
|
|
|
|
OTHER
ASSETS |
|
|
|
|
|
|
|
|
Definite
life intangible assets, net |
|
|
39,676 |
|
|
|
44,268 |
|
Indefinite
life intangible assets, net |
|
|
42,611,000 |
|
|
|
61,571,000 |
|
Goodwill |
|
|
11,640,000 |
|
|
|
11,640,000 |
|
Deposits
and other assets |
|
|
21,741 |
|
|
|
68,635 |
|
Operating
lease rights-of-use assets |
|
|
913,985 |
|
|
|
1,157,086 |
|
Total
Other Assets |
|
|
55,226,402 |
|
|
|
74,480,989 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
$ |
58,300,796 |
|
|
$ |
84,632,663 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
Accounts
payable – trade |
|
$ |
5,296,823 |
|
|
$ |
1,401,867 |
|
Accrued
expenses |
|
|
723,173 |
|
|
|
1,031,462 |
|
Other
current liabilities |
|
|
184,733 |
|
|
|
220,685 |
|
Contingent
consideration liability |
|
|
— |
|
|
|
2,343,318 |
|
Convertible
notes payable |
|
|
— |
|
|
|
1,200,000 |
|
Current
portion of operating lease liabilities |
|
|
193,422 |
|
|
|
253,636 |
|
Notes
payable, net |
|
|
4,624,947 |
|
|
|
— |
|
Total
Current Liabilities |
|
|
11,023,098 |
|
|
|
6,450,968 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
LIABILITIES: |
|
|
|
|
|
|
|
|
Notes
payable, net |
|
|
— |
|
|
|
4,577,148 |
|
Operating
lease liabilities, net of current portion |
|
|
775,587 |
|
|
|
985,699 |
|
Total
Non-Current Liabilities |
|
|
775,587 |
|
|
|
5,562,847 |
|
Total
Liabilities |
|
|
11,798,685 |
|
|
|
12,013,815 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
stock, $0.0001
par value; 10,000,000
shares authorized; no
shares issued and outstanding |
|
|
— |
|
|
|
— |
|
Common
stock, par value $0.0001,
100,000,000
shares authorized, 63,698,144
shares issued and outstanding at June 30, 2023;
53,007,082
shares issued and outstanding at June 30, 2022 |
|
|
6,371 |
|
|
|
5,302 |
|
Additional
paid-in capital |
|
|
290,554,875 |
|
|
|
276,989,179 |
|
Accumulated
deficit |
|
|
(244,029,253 |
) |
|
|
(204,345,197 |
) |
Accumulated
other comprehensive income (loss) |
|
|
(29,882 |
) |
|
|
(30,436 |
) |
Total
Stockholders’ Equity |
|
|
46,502,111 |
|
|
|
72,618,848 |
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
58,300,796 |
|
|
$ |
84,632,663 |
|
The accompanying notes are an integral part
of these consolidated financial statements.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
|
June 30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
15,318,198 |
|
|
$ |
14,329,801 |
|
Research and development |
|
|
4,165,197 |
|
|
|
8,372,800 |
|
Indefinite life intangible assets impairment charge |
|
|
18,960,000 |
|
|
|
93,253,000 |
|
Depreciation and amortization |
|
|
113,496 |
|
|
|
123,590 |
|
Total Operating Expenses |
|
|
38,556,891 |
|
|
|
116,079,191 |
|
LOSS FROM OPERATIONS |
|
|
(38,556,891 |
) |
|
|
(116,079,191 |
) |
|
|
|
|
|
|
|
|
|
Other Income (Expenses) |
|
|
|
|
|
|
|
|
Loss on extinguishment of contingent consideration liability |
|
|
(419,182 |
) |
|
|
— |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
2,896,627 |
|
Interest expense |
|
|
(580,344 |
) |
|
|
(372,844 |
) |
Gain (loss) on foreign currency transactions |
|
|
(1,019 |
) |
|
|
9 |
|
Interest income and other income (expense) |
|
|
(126,620 |
) |
|
|
122,041 |
|
Total Other Income (Expenses) |
|
|
(1,127,165 |
) |
|
|
2,645,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax (Expense) Benefit |
|
|
— |
|
|
|
(34 |
) |
|
|
|
|
|
|
|
|
|
NET LOSS |
|
$ |
(39,684,056 |
) |
|
$ |
(113,433,392 |
) |
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED NET LOSS PER COMMON SHARE |
|
$ |
(0.71 |
) |
|
$ |
(2.16 |
) |
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING - BASIC AND DILUTED |
|
|
56,265,362 |
|
|
|
52,528,024 |
|
The accompanying notes are an integral part
of these consolidated financial statements.
RENOVARO
BIOSCIENCES INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
|
|
|
For
the Years Ended |
|
|
June
30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
Net
Loss |
|
$ |
(39,684,056 |
) |
|
$ |
(113,433,392 |
) |
Other
Comprehensive Income (Loss) |
|
|
|
|
|
|
|
|
Foreign
currency translation, net of taxes |
|
|
554 |
|
|
|
(19,602 |
) |
|
|
|
|
|
|
|
|
|
Comprehensive
Loss |
|
$ |
(39,683,502 |
) |
|
$ |
(113,452,994 |
) |
The accompanying notes are an integral part
of these consolidated financial statements.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS’
EQUITY
For the Years Ended June 30, 2023 and June
30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#
of Shares |
|
Common
Stock |
|
Additional
Paid-In Capital |
|
Accumulated
Deficit |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total |
Balance
June 30, 2021 |
|
|
52,219,661 |
|
|
$ |
5,222 |
|
|
$ |
265,580,356 |
|
|
$ |
(90,911,805 |
) |
|
$ |
(10,834 |
) |
|
$ |
174,662,939 |
|
Stock issued
pursuant to warrants exercised |
|
|
100,000 |
|
|
|
10 |
|
|
|
129,990 |
|
|
|
— |
|
|
|
— |
|
|
|
130,000 |
|
Contingent
shares issued pursuant to acquisition agreement |
|
|
100,000 |
|
|
|
10 |
|
|
|
797,990 |
|
|
|
— |
|
|
|
— |
|
|
|
798,000 |
|
Shares
issued for interest on $5 million notes payable extension |
|
|
47,115 |
|
|
|
5 |
|
|
|
299,173 |
|
|
|
— |
|
|
|
— |
|
|
|
299,178 |
|
Shares
issued pursuant to LPC purchase agreement |
|
|
497,340 |
|
|
|
50 |
|
|
|
4,676,349 |
|
|
|
— |
|
|
|
— |
|
|
|
4,676,399 |
|
Shares
issued for fully vested RSUs |
|
|
6,266 |
|
|
|
1 |
|
|
|
9,810 |
|
|
|
— |
|
|
|
— |
|
|
|
9,811 |
|
Shares
issued pursuant to options exercised |
|
|
1,700 |
|
|
|
— |
|
|
|
4,913 |
|
|
|
— |
|
|
|
— |
|
|
|
4,913 |
|
Restricted
shares converted to shares for services rendered |
|
|
35,000 |
|
|
|
4 |
|
|
|
252,346 |
|
|
|
— |
|
|
|
— |
|
|
|
252,350 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
5,238,252 |
|
|
|
— |
|
|
|
— |
|
|
|
5,238,252 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(113,433,392 |
) |
|
|
— |
|
|
|
(113,433,392 |
) |
Foreign
currency translation loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19,602 |
) |
|
|
(19,602 |
) |
Balance
June 30, 2022 |
|
|
53,007,082 |
|
|
|
5,302 |
|
|
|
276,989,179 |
|
|
|
(204,345,197 |
) |
|
|
(30,436 |
) |
|
|
72,618,848 |
|
Stock issued
pursuant to warrants exercised |
|
|
1,250,000 |
|
|
|
125 |
|
|
|
1,624,875 |
|
|
|
— |
|
|
|
— |
|
|
|
1,625,000 |
|
Earn-out shares issued |
|
|
1,250,000 |
|
|
|
125 |
|
|
|
2,762,375 |
|
|
|
— |
|
|
|
— |
|
|
|
2,762,500 |
|
Shares
issued for interest on $1.2 million notes payable extension |
|
|
198,439 |
|
|
|
20 |
|
|
|
204,372 |
|
|
|
— |
|
|
|
— |
|
|
|
204,392 |
|
Issuance
of common stock and warrants under private placement offering |
|
|
4,832,452 |
|
|
|
483 |
|
|
|
4,011,339 |
|
|
|
— |
|
|
|
— |
|
|
|
4,011,822 |
|
Restricted
shares issued for services rendered |
|
|
200,000 |
|
|
|
20 |
|
|
|
227,980 |
|
|
|
— |
|
|
|
— |
|
|
|
228,000 |
|
Conversion
of convertible promissory notes |
|
|
2,264,150 |
|
|
|
226 |
|
|
|
1,199,774 |
|
|
|
— |
|
|
|
— |
|
|
|
1,200,000 |
|
Issuance of restricted commitment
shares |
|
|
696,021 |
|
|
|
70 |
|
|
|
(70 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
3,535,051 |
|
|
|
— |
|
|
|
— |
|
|
|
3,535,051 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(39,684,056 |
) |
|
|
— |
|
|
|
(39,684,056 |
) |
Foreign
currency translation gain |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
554 |
|
|
|
554 |
|
Balance
June 30, 2023 |
|
|
63,698,144 |
|
|
$ |
6,371 |
|
|
$ |
290,554,875 |
|
|
$ |
(244,029,253 |
) |
|
$ |
(29,882 |
) |
|
$ |
46,502,111 |
|
The accompanying
notes are an integral part of these consolidated financial statements.
RENOVARO
BIOSCIENCES INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
For
the Years Ended |
|
|
June
30, |
|
|
2023 |
|
2022 |
CASH
FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(39,684,056 |
) |
|
$ |
(113,433,392 |
) |
|
|
|
|
|
|
|
|
|
ADJUSTMENTS
TO RECONCILE NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Depreciation
and amortization |
|
|
113,496 |
|
|
|
123,590 |
|
Change
in fair value of contingent consideration |
|
|
— |
|
|
|
(2,896,627 |
) |
Loss
on extinguishment of contingent consideration liability |
|
|
419,182 |
|
|
|
— |
|
Non-cash
stock-based compensation expense |
|
|
3,535,051 |
|
|
|
5,490,602 |
|
Non-cash
restricted shares issued for services rendered |
|
|
228,000 |
|
|
|
— |
|
Indefinite
life intangible assets impairment charge |
|
|
18,960,000 |
|
|
|
93,253,000 |
|
Amortization
of discount on note payable |
|
|
348,621 |
|
|
|
297,212 |
|
Loss
on disposal of fixed assets |
|
|
— |
|
|
|
18,168 |
|
Changes
in assets and liabilities: |
|
|
|
|
|
|
|
|
Other
receivables |
|
|
46 |
|
|
|
1,594 |
|
Prepaid
expenses/deposits |
|
|
1,070,249 |
|
|
|
461,310 |
|
Accounts
payable |
|
|
3,894,955 |
|
|
|
1,081,308 |
|
Other
current liabilities |
|
|
(54,060 |
) |
|
|
24,056 |
|
Operating
leases, net |
|
|
(27,224 |
) |
|
|
(13,516 |
) |
Accrued
expenses |
|
|
(578,809 |
) |
|
|
(139,641 |
) |
NET
CASH USED IN OPERATING ACTIVITIES |
|
|
(11,774,549 |
) |
|
|
(15,732,336 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchase
of property and equipment |
|
|
(29,774 |
) |
|
|
(5,156 |
) |
NET
CASH USED IN INVESTING ACTIVITIES |
|
|
(29,774 |
) |
|
|
(5,156 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Repayments
of finance agreement |
|
|
(1,121,767 |
) |
|
|
(560,848 |
) |
Proceeds from exercise of warrants |
|
|
1,625,000 |
|
|
|
130,000 |
|
Proceeds from exercise of options |
|
|
— |
|
|
|
4,913 |
|
Proceeds
from 2023 private placements |
|
|
4,011,823 |
|
|
|
— |
|
Proceeds
from LPC equity agreement |
|
|
— |
|
|
|
4,676,399 |
|
NET
CASH PROVIDED BY FINANCING ACTIVITIES |
|
|
4,515,056 |
|
|
|
4,250,464 |
|
|
|
|
|
|
|
|
|
|
Effect
of exchange rates on cash |
|
|
(8,395 |
) |
|
|
(5,240 |
) |
NET
INCREASE (DECREASE) IN CASH |
|
|
(7,297,662 |
) |
|
|
(11,492,268 |
) |
|
|
|
|
|
|
|
|
|
CASH,
BEGINNING OF PERIOD |
|
|
9,172,142 |
|
|
|
20,664,410 |
|
|
|
|
|
|
|
|
|
|
CASH,
END OF PERIOD |
|
$ |
1,874,480 |
|
|
$ |
9,172,142 |
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash Paid
during the year for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
352,334 |
|
|
$ |
79,716 |
|
Income
Taxes |
|
$ |
— |
|
|
$ |
34 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Contingent
Shares issued pursuant to Acquisition Agreement |
|
$ |
2,762,500 |
|
|
$ |
798,000 |
|
Shares
issued for interest on notes payable |
|
$ |
204,392 |
|
|
$ |
299,178 |
|
Finance
agreement entered into in exchange for prepaid assets |
|
$ |
1,139,875 |
|
|
$ |
666,875 |
|
Issuance
of stock in lieu of repayment of $1.2 million note payable |
|
$ |
1,200,000 |
|
|
$ |
— |
|
Establishment of debt discount for interest payable of $5M note |
|
$ |
300,822 |
|
|
$ |
— |
|
The accompanying notes are an integral part
of these consolidated financial statements.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Business–
In August 2023, the Company changed its corporate name from Enochian Biosciences Inc. to Renovaro Biosciences Inc., (“Renovaro”,
and together with its subsidiaries, the “Company”, “we” or “us”) engages in the research and development
of pharmaceutical and biological products for the treatment of HIV, HBV, and cancer with the intent to manufacture said products.
Going
Concern - These financial statements
have been prepared on a going concern basis, which assumes that the Company will continue
to realize its assets and discharge its liabilities in the normal course of business. The
Company has not generated any revenue, has incurred substantial recurring losses from continuing
operations and has an accumulated deficit of $244,029,253 as
of June 30, 2023. The continuation of the Company as a going concern is dependent upon (i)
its ability to successfully obtain FDA approval of its product candidates, (ii) its ability
to obtain any necessary debt and/or equity financing, and (iii) its ability to generate profits
from the Company’s future operations. These factors raise substantial doubt regarding
the Company’s ability to continue as a going concern for a year from the issuance of
these financial statements. These financial statements do not include any adjustments to
the recoverability and classification of recorded asset amounts and classification of liabilities
that might be necessary should the Company be unable to continue as a going concern.
Basis
of Presentation- The Company prepares consolidated financial statements in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) and follows the rules and regulations of the U.S. Securities and Exchange
Commission (“SEC”).
Principles of Consolidation–
For the years ended June 30, 2023 and 2022, the consolidated financial statements include the accounts and operations of Renovaro, and its wholly owned subsidiaries. All material inter-company transactions and accounts have been eliminated in the consolidation.
Subsidiaries - Renovaro
Biopharma Inc. (Renovaro Biopharma), formerly Enochian Biopharma Inc., was incorporated on May 19, 2017 in Delaware and is a 100%
owned subsidiary of Renovaro. Renovaro Biopharma owns a perpetual, fully paid-up, royalty-free, sublicensable, and sole and
exclusive worldwide license to research, develop, use, sell, have sold, make, have made, offer for sale, import and otherwise
commercialize certain intellectual property in cellular therapies for the prevention, treatment, amelioration of and/or therapy
exclusively for HIV in humans, and research and development exclusively relating to HIV in humans. As of June 30, 2023 and June 30,
2022, zero and 1,250,000 shares of Common Stock, respectively, remain contingently issuable in connection with the acquisition of
Renovaro Biopharma in February 2018 (the Contingent Shares).
Renovaro Biosciences Denmark
ApS (“Renovaro Denmark”), formerly Enochian Biosciences Denmark ApS a Danish corporation was incorporated on April
1, 2001. On February 12, 2014, in accordance with the terms and conditions of a Share Exchange Agreement, the Company acquired
Renovaro Denmark and it became a 100% owned subsidiary of Renovaro subject to 185,053 shares of Common Stock of Renovaro held in
escrow according to Danish law (the “Escrow Shares”). As of June 30, 2023, there are 17,414 Escrow Shares remaining
(see Note 8).
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Use
of Accounting Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent
assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting
period. Actual results could differ from those estimated. Significant estimates include the fair value and potential impairment of intangible
assets, the fair value of the contingent consideration liability, and the fair value of equity instruments issued.
Functional Currency and
Foreign Currency Translation - The functional currency of Renovaro Denmark is the Danish Kroner (“DKK”). Renovaro
Denmark’s reporting currency is the U.S. Dollar for the purpose of these financial statements. Renovaro Denmark’s consolidated
balance sheet accounts are translated into U.S. dollars at the period-end exchange rates and all revenue and expenses are translated
into U.S. dollars at the average exchange rates prevailing during the years ended June 30, 2023 and 2022. Translation gains and
losses are deferred and accumulated as a component of other comprehensive income (loss) in stockholders’ equity. Transaction
gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional
currency are included in the statement of operations as incurred.
Cash and Cash Equivalents
- The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.
The Company’s cash balances at June 30, 2023, and 2022, are $1,874,480 and $9,172,142, respectively. The Company had balances
held in financial institutions in Denmark and in the United States in excess of federally insured amounts at June 30, 2023 and
2022 of $1,526,990, and $8,805,495, respectively.
Property and Equipment
- Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of
property and equipment are capitalized and depreciated upon being placed in service. Expenditures for maintenance and repairs are
charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated
useful lives of the assets, which range from four to ten years (see Note 3).
Intangible Assets - The
Company has both definite and indefinite life intangible assets.
Definite
life intangible assets relate to patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Goodwill and Other Intangible
Assets. Intangible assets are recorded at cost. Patent costs capitalized consist of costs incurred to acquire the underlying patent.
If it is determined that a patent will not be issued, the related remaining capitalized patent costs are charged to expense. Definite
life intangible assets are amortized on a straight-line basis over their estimated useful life. The estimated useful life of patents
is twenty years from the date of application.
Indefinite life intangible
assets include license agreements and goodwill acquired in a business combination. The Company accounts for indefinite life intangible
assets in accordance with ASC 350. License agreement costs represent the fair value of the license agreement on the date acquired
and are tested annually for impairment on June 30 or whenever events or changes in circumstances indicate the fair value of the
license is less than the carrying amount.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Goodwill - Goodwill
is not amortized but is evaluated for impairment annually as of June 30 or whenever events or changes in circumstances indicate
the carrying value of the reporting unit may be less than the fair value of the reporting unit.
Impairment of Goodwill
and Indefinite Lived Intangible Assets – We test for goodwill impairment at the reporting unit level, which is one level
below the operating segment level. Our detailed impairment testing involves comparing the fair value of each reporting unit to
its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential
sale of the reporting unit and is based on discounted cash flows or relative market-based approaches. If the carrying value of
the reporting unit exceeds its fair value, we record an impairment loss for such excess. The annual fair value analysis performed
on goodwill supported that goodwill is not impaired as of June 30, 2023 (see Note 4.)
For
indefinite-lived intangible assets, such as licenses acquired as an In-Process Research and Development (“IPR&D”) asset,
on an annual basis we determine the fair value of the asset and record an impairment loss, if any, for the excess of the carrying value
of the asset over its fair value. For the year ended June 30, 2023, the carrying value of the licenses acquired as an IPR&D asset
exceeded its fair value. Therefore, the Company recorded an impairment loss of $18,960,000 during the year ended June 30, 2023 (see Note
4.)
The
carrying value of IPR&D and goodwill at June 30, 2023, were $42,611,000 and $11,640,000,
respectively.
Impairment of Long-Lived
Assets - Long-lived assets, such as property and equipment and definite life intangible assets are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Circumstances
which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant
adverse changes in the business climate or legal factors; current period cash flow or operating losses combined with a history
of losses or a forecast of continuing losses associated with the use of the asset; and current expectations that the asset will
more likely than not be sold or disposed of significantly before the end of its estimated useful life.
Recoverability of assets
to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows
expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows,
an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or
fair value less costs to sell and would no longer be depreciated. The depreciable basis of assets that are impaired and continue
in use are their respective fair values. No impairment was recorded during the year ended June 30, 2023.
Leases - In
accordance with ASC Topic 842, the Company determined the initial classification and measurement of its right-of-use assets and
lease liabilities at the lease commencement date and thereafter. The lease terms include any renewal options and termination options
that the Company is reasonably assured to exercise, if applicable. The present value of lease payments is determined by using the
implicit interest rate in the lease, if that rate is readily determinable; otherwise, the Company develops an incremental borrowing
rate based on the information available at the commencement date in determining the present value of the future payments.
Effective June 25, 2022,
the Company entered into a sub-lease agreement (see Note 5.) Pursuant to ASC 842, the Company treats the sublease as a separate
lease, as the Company was not relieved of the primary obligation under the original lease. The Company continued to account for
the Century City Medical Plaza lease as a lessee and in the same manner as prior to the commencement date of the sublease. The
Company accounted for the sublease as a lessor of the lease. The sublease was classified as an operating lease, as it did not meet
the criteria of a sales-type or direct financing lease. On April 18, 2023, the Company entered into a sublease termination agreement
with One Health Labs (the “Subtenant”), whereby the Subtenant and the Company agreed to terminate the sublease effective
as of April 30, 2023. The Subtenant agreed to pay the Company $139,460 along with the security deposit of $35,540 for a total termination
fee of $175,000, to permit early termination of the sublease.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Rent expense for operating
leases is recognized on a straight-line basis, unless the operating lease right-of-use assets have been impaired, over the reasonably
assured lease term based on the total lease payments and is included in general and administrative expenses in the consolidated
statements of operations. For operating leases that reflect impairment, the Company will recognize the amortization of the operating
lease right-of-use assets on a straight-line basis over the remaining lease term with rent expense still included in general and
administrative expenses in the consolidated statements of operations.
The Company has elected
the practical expedient to not separate lease and non-lease components. The Company’s non-lease components are primarily
related to property maintenance, insurance and taxes, which vary based on future outcomes, and thus are recognized in general and
administrative expenses when incurred (see Note 5.)
Research and Development
Expenses - The Company expenses research and development costs incurred in formulating, improving, validating, and creating
alternative or modified processes related to and expanding the use of the HIV, HBV, and Oncology therapies and technologies for
use in the prevention, treatment, amelioration of and/or therapy for HIV, HBV, and Oncology. Research and development expenses
for the year ended June 30, 2023 and 2022 amounted to $4,165,197 and $8,372,800, respectively.
Income Taxes - The
Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes, which requires an asset and
liability approach for accounting for income taxes (see Note 7.)
Loss
Per Share - The Company calculates earnings (loss) per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings
per common share (EPS) are based on the weighted average number of shares of Common Stock outstanding during each period. Diluted earnings
per common share are based on shares outstanding (computed as for basic EPS) and potentially dilutive common shares. Potential shares
of Common Stock included in the diluted earnings per share calculation include in-the-money stock options that have been granted but
have not been exercised. The shares of Common Stock outstanding at June 30, 2023 and 2022 were 63,698,144
and 53,007,082,
respectively. Because of the net loss for each of the years ended June 30, 2023 and June 30, 2022, dilutive shares for both periods were
excluded from the diluted EPS calculation, as the effect of these potential shares of Common Stock is anti-dilutive. The Company had
7,949,513
and 6,807,820
potential shares of Common Stock excluded from the diluted EPS calculation for the years ended June 30, 2023 and 2022, respectively.
Fair
Value of Financial Instruments - The Company accounts for fair value measurements for financial assets and financial liabilities
in accordance with FASB ASC Topic 820, Fair Value Measurement. Under the authoritative guidance, fair value is defined as the exit price,
representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between
market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants
would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance established a three-tier fair value
hierarchy, which prioritizes the inputs used in measuring fair value as follows:
|
● |
Level 1. Observable inputs, such as quoted prices
in active markets for identical assets or liabilities; |
|
|
|
|
● |
Level 2. Inputs, other than quoted prices in
active markets, that are observable either directly or indirectly; and |
|
|
|
|
● |
Level 3. Unobservable
inputs in which there is little or no market data which require the reporting entity to develop its own assumptions. |
There
were no Level 1, 2, or 3 assets, nor any Level 1, 2, or 3 liabilities measured at fair value on a recurring basis as of June 30, 2023.
As
a result of the contingent consideration liability being extinguished during the fiscal year, a fair value option model evaluation was
not performed as of June 30, 2023.
Unless
otherwise disclosed, the fair value of the Company’s financial instruments, including cash, accounts receivable, prepaid expenses,
accounts payable, accrued expenses, and notes payable, approximate their recorded values due to their short-term nature.
The following table sets forth the
liabilities at June 30, 2023 and 2022, which are recorded on the balance sheet at fair value on a recurring basis by level of input within
the fair value hierarchy. As required, these are classified based on the lowest level of input that is significant to the fair value
measurement:
Summary of significant to the fair value measurement | |
Fair
Value Measurements at Reporting Date Using |
| |
Quoted
Prices in Active Markets for Identical Assets Inputs | |
Significant
Other Observable Inputs | |
Significant
Other Unobservable Inputs |
| |
(Level
1) | |
(Level
2) | |
(Level
3) |
| |
| |
| |
|
Contingent
Consideration Liability at June 30, 2023 | |
$ | — | | |
$ | — | | |
$ | — | |
The roll forward of the contingent consideration
liability is as follows: | |
| | | |
| | | |
| | |
Balance June 30, 2022 | |
| — | | |
| — | | |
| 2,343,318 | |
Contingent Shares issued pursuant to the Acquisition
Agreement | |
| | | |
| | | |
| (2,762,500 | ) |
Loss on extinguishment of
contingent Consideration | |
| — | | |
| — | | |
| 419,182 | |
Balance June 30, 2023 | |
$ | — | | |
$ | — | | |
$ | — | |
| |
Fair
Value Measurements at Reporting Date Using |
| |
Quoted
Prices in Active Markets for Identical Assets Inputs | |
Significant
Other Observable Inputs | |
Significant
Other Unobservable Inputs |
| |
(Level
1) | |
(Level
2) | |
(Level
3) |
| |
| |
| |
|
Contingent
Consideration Liability at June 30, 2022 | |
$ | — | | |
$ | — | | |
$ | 2,343,318 | |
The roll forward of the contingent consideration
liability is as follows: | |
| | | |
| | | |
| | |
Balance June 30, 2021 | |
| — | | |
| — | | |
| 6,037,945 | |
Contingent Shares issued pursuant to the Acquisition
Agreement | |
| | | |
| | | |
| (798,000 | ) |
Fair value adjustment | |
| — | | |
| — | | |
| (2,896,627 | ) |
Balance June 30, 2022 | |
$ | — | | |
$ | — | | |
$ | 2,343,318 | |
Stock-Based
Compensation - The Company has granted stock options, restricted share units (“RSUs”)
and warrants to certain employees, officers, directors, and consultants. The Company accounts
for options in accordance with the provisions of FASB ASC Topic 718, Compensation –
Stock Compensation. Stock based compensation costs for the vesting of options and
RSUs granted to certain employees, officers, directors, and consultants for the years ended
June 30, 2023 and 2022 were $3,535,051 and $5,490,602, respectively.
The
Company recognizes compensation costs for stock option awards to employees,
officers and directors based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the
Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair value of the stock options granted using
the Black-Scholes option-pricing model are the expected term of the award, the underlying stock price volatility, the risk-free interest
rate, and the expected dividend yield. The Company accounts for forfeitures as they occur.
The
Company records stock-based compensation for services received from non-employees in accordance with ASC 718, Compensation—Stock
Compensation Non-Employees. All transactions in which goods or services are the consideration received for the issuance of equity
instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued,
whichever is more reliably measurable. Equity instruments issued to consultants and the cost of the services received as consideration
are measured and recognized based on the fair value of the equity instruments issued and are recognized over the consultants’ required
service period, which is generally the vesting period.
The
Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting
employment termination behavior. Accordingly, the Company has elected to use the “simplified method” to estimate the expected
term of its share-based awards. The simplified method computes the expected term as the sum of the award’s vesting term plus the
original contractual term divided by two.
New Accounting Pronouncements Not Yet Adopted
- Recent accounting pronouncements issued by the FASB that have not yet been adopted by the Company are not expected to have a
material impact on the Company’s present or future consolidated financial statements.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2 – GOING CONCERN
The Company’s
consolidated financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which
contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has incurred
substantial recurring losses from continuing operations, has used cash in the Company’s continuing operations, and is dependent
on additional financing to fund operations. The Company incurred a net loss of $39,684,056
and $113,433,392 for
the years ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the Company had cash and cash equivalents of $1,874,480
and an accumulated deficit of $244,029,253. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date
the financial statements are issued. The consolidated financial statements do not include any adjustments relating to the recoverability
and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to
continue in existence. Management intends to raise additional funds for (a) research and development, (b) increases in personnel, and
(c) the purchase of equipment, specifically to advance the Company’s potential products through the regulatory process. The Company
may raise such funds from time to time through public or private sales of equity or debt securities. Such financing may not be available
on acceptable terms, or at all, and the failure to raise capital when needed could materially adversely affect the Company’s growth
plans, financial condition and results of operations.
NOTE 3 - PROPERTY AND EQUIPMENT
Property and equipment consisted of the following
at June 30, 2023 and 2022:
Schedule
of property and equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Useful
Life |
|
June
30, 2023 |
|
June
30, 2022 |
Lab
equipment and instruments |
|
|
4-7 |
|
|
$ |
576,298 |
|
|
$ |
546,524 |
|
Leasehold
improvements |
|
|
10 |
|
|
|
224,629 |
|
|
|
224,629 |
|
Furniture,
fixtures, and equipment |
|
|
4-7 |
|
|
|
172,861 |
|
|
|
172,861 |
|
Total |
|
|
|
|
|
|
973,788 |
|
|
|
944,014 |
|
Less
accumulated depreciation |
|
|
|
|
|
|
(464,799 |
) |
|
|
(357,478 |
) |
Net
Property and Equipment |
|
|
|
|
|
$ |
508,989 |
|
|
$ |
586,536 |
|
Depreciation expense amounted
to $107,321 and $108,595 for the years ended June 30, 2023 and 2022, respectively.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 4 — INTANGIBLE ASSETS AND GOODWILL
At June 30, 2023 and 2022,
definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products and processes
of $39,676 and $44,268, respectively. The patents are recorded at cost and amortized over twenty years from the date of application.
Amortization expense for the years ended June 30, 2023 and 2022 was $6,175 and $14,995, respectively.
At June 30, 2023 and 2022,
indefinite life intangible assets consisted of a license agreement classified as In-Process Research and Development (“IPR&D”)
intangible assets, which are not amortizable until the intangible assets provide economic benefit, and goodwill.
At June 30, 2023 and 2022,
definite-life and indefinite-life intangible assets consisted of the following:
Schedule
of intangible assets | |
| |
| | | |
| | | |
| | | |
| | |
| |
Useful
Life | |
June
30, 2022 | |
Period
Change | |
Effect
of Currency Translation | |
June
30, 2023 |
Definite
Life Intangible Assets | |
| |
| | | |
| | | |
| | | |
| | |
Patents | |
20
Years | |
$ | 279,257 | | |
$ | — | | |
| 11,679 | | |
$ | 290,936 | |
Less
Accumulated Amortization | |
| |
| (234,989 | ) | |
| (6,175 | ) | |
| (10,096 | ) | |
| (251,260 | ) |
Net
Definite-Life Intangible Assets | |
| |
$ | 44,268 | | |
$ | (6,175 | ) | |
$ | 1,583 | | |
$ | 39,676 | |
| |
| |
| | | |
| | | |
| | | |
| | |
Indefinite
Life Intangible Assets | |
| |
| | | |
| | | |
| | | |
| | |
License
Agreement | |
| |
$ | 61,571,000 | | |
$ | (18,960,000 | ) | |
$ | — | | |
$ | 42,611,000 | |
| |
| |
| | | |
| | | |
| | | |
| | |
Goodwill | |
| |
| 11,640,000 | | |
| — | | |
| — | | |
| 11,640,000 | |
Total
Indefinite Life Intangible Assets | |
| |
$ | 73,211,000 | | |
$ | (18,960,000 | ) | |
$ | — | | |
$ | 54,251,000 | |
Expected future amortization expense is as follows:
Schedule of expected future amortization expense | | |
| | |
Years
ended June 30, | |
|
2024 | | |
$ | 9,919 | |
2025 | | |
| 9,919 | |
2026 | | |
| 9,919 | |
2027 | | |
| 9,919 | |
Total | | |
$ | 39,676 | |
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
During February 2018, the
Company acquired a License Agreement (as licensee) to the HIV therapy being developed as RENB-HV-01 which consists of a perpetual,
fully paid-up, royalty-free, sub-licensable, and sole and exclusive worldwide license to research, develop, use, sell, have sold,
make, have made, offer for sale, import and otherwise commercialize certain intellectual property in cellular therapies for the
prevention, treatment, amelioration of and/or therapy exclusively for HIV in humans, and research and development exclusively relating
to HIV in humans. Because the HIV License Agreement is considered an IPR&D intangible asset, it is classified as an indefinite
life asset that is tested annually for impairment.
Impairment
– Following the fourth quarter of each year, management performs its annual test of impairment of intangible assets by performing
a quantitative assessment and determines if it is more likely than not that the fair value of the asset is greater than or equal to the
carrying value of the asset. As of June 30, 2023 and 2022, the results of the quantitative assessment indicated that the carrying value
of the licenses acquired as an IPR&D asset exceeded its fair value, due to the changes in the projected economic benefits to be realized
from these assets. Therefore, an impairment adjustment of $18,960,000 and $93,253,000
was recorded for the years ended June 30, 2023 and 2022, respectively.
NOTE 5 — LEASES
Operating Leases —
On November 13, 2017, Renovaro entered into a lease agreement for a term of five years and two months from November 1, 2017 with
Plaza Medical Office Building, LLC, pursuant to which Renovaro agreed to lease approximately 2,325 rentable square feet (the “Plaza
Lease”). The base rent for the Plaza Lease increased by 3% each year, and ranged from approximately $8,719 per month, for
the first year to $10,107 per month for the two months of the sixth year. The lease was terminated early without penalties or additional
costs as of September 30, 2022, that released an accrual of $70,800 related to leasehold improvements that was not utilized.
On June 19, 2018, Renovaro
entered into a lease agreement for a term of ten years from September 1, 2018 with Century City Medical Plaza Land Co., Inc., pursuant
to which the Company agreed to lease approximately 2,453 rentable square feet. On February 20, 2019, the Registrant entered into
an Addendum to the original lease agreement with an effective date of December 1, 2019, where it expanded the leased area to include
another 1,101 square feet for a total rentable 3,554 square feet. The base rent increases by 3% each year, and ranges from $17,770
per month as of the date of the amendment to $23,186 per month for the tenth year. The equalized monthly lease payment for the
term of the lease is $20,050. The Company subleased the space as of June 25, 2022 through April 30, 2023 (see subsection below
“Sublease Agreement” for details.)
The Company identified and
assessed the following significant assumptions in recognizing the right-of-use assets and corresponding liabilities:
Expected lease term
— The expected lease term includes both contractual lease periods and, when applicable, cancelable option periods
when it is reasonably certain that the Company would exercise such options. The Company’s lease has a remaining lease term
of 50 months. As of June 30, 2023, the weighted-average remaining term is 4.17 years.
Incremental borrowing
rate — The Company’s lease agreement does not provide an implicit rate. As the Company does not have any external
borrowings for comparable terms of its lease, the Company estimated the incremental borrowing rate based on the U.S. Treasury Yield
Curve rate that corresponds to the length of each lease. This rate is an estimate of what the Company would have to pay if borrowing
on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. As of
June 30, 2023, the weighted-average discount rate is 4.03%.
Lease and non-lease
components — In certain cases the Company is required to pay for certain additional charges for operating costs,
including insurance, maintenance, taxes, and other costs incurred, which are billed based on both usage and as a percentage of
the Company’s share of total square footage. The Company determined that these costs are non-lease components, and they are
not included in the calculation of the lease liabilities because they are variable. Payments for these variable, non-lease components
are considered variable lease costs and are recognized in the period in which the costs are incurred.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Below are the lease commitments for the next
5 years:
Schedule of lease commitments | | |
| | |
Years
Ending June 30 | |
Lease
Expense |
2024 | | |
$ | 246,004 | |
2025 | | |
| 253,384 | |
2026 | | |
| 260,985 | |
2027 | | |
| 268,815 | |
2028 | | |
| 45,020 | |
Less
imputed
interest | | |
| (105,199 | ) |
Total | | |
$ | 969,009 | |
Sublease Agreement
On June 20, 2022, the Company
entered into a sublease agreement with One Health Labs (the “Subtenant”), whereby the Subtenant agreed to lease 3,554
square feet of space currently rented by the Company in Century City Medical Plaza as of June 25, 2022 for a period of 3.5 years
with an option to renew for the remaining term of the lease that ends as of June 19, 2028. The base rent was $17,770 per month
plus $750 towards utility fees that are part of the original lease agreement would have increased by 3% each year over the term
of the sublease. The Company received a total of $57,022 on July 1, 2022 after execution of the sublease to cover the first month
rent, utility fee and deposit. The first sublease payment began on August 1, 2022.
In accordance with ASC Topic
842, the Company treats the sublease as a separate lease, as the Company was not relieved of the primary obligation under the original
lease. The Company continues to account for the Century City Medical Plaza lease as a lessee and in the same manner as prior to
the commencement date of the sublease. The Company accounts for the sublease as a lessor of the lease. The sublease is classified
as an operating lease, as it does not meet the criteria of a sales-type or direct financing lease.
On
April 18, 2023, the Company entered into a sublease termination agreement with the Subtenant, whereby the Subtenant and the Company
agreed to terminate the sublease effective as of April 30, 2023. The Subtenant agreed to pay the Company $139,460 along with
the security deposit of $35,540 for a total termination fee of $175,000, to permit early termination of the sublease.
The
Company recognized operating income from the sublease on a straight-line basis in its statements of operations over the lease term. During
the year ended June 30, 2023, the Company paid $439,519 in operating leases.
During the year ended June
30, 2023 and 2022, the net operating lease expenses were as follows:
Schedule
of net operating lease expenses |
|
|
|
|
|
|
|
|
|
|
Years
ended June 30, |
|
|
2023 |
|
2022 |
Operating
Lease Expense |
|
$ |
322,447 |
|
|
$ |
356,073 |
|
Sub-lease Income |
|
|
(352,700 |
) |
|
|
(2,962 |
) |
Total Net
Lease Expense |
|
$ |
(30,253) |
|
|
$ |
353,111 |
|
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 — NOTES PAYABLE
Convertible Notes Payable-
On February 6, 2020, the Company issued two Convertible Notes (the “Convertible Notes”) to Paseco APS (the “Holder”),
a Danish limited company and an existing stockholder of the Company each with a face value amount of $600,000, convertible into
shares of Common Stock, $0.0001 par value per share. The outstanding principal amount of the Convertible Notes was due and payable
on February 6, 2023. Interest on the Convertible Notes commenced accruing on the date of issuance at six percent (6%) per annum,
computed on the basis of twelve 30-day months, and was compounded monthly on the final day of each calendar month based upon the
principal and all accrued and unpaid interest outstanding as of such compound date. The interest was payable in cash on a semi-annual
basis.
The
conversion price was equal to $12.00 per share of Common Stock. The Holder did not exercise the conversion feature that expired
on February 6, 2021. The Company evaluated the Convertible Notes in accordance with ASC 470-20 and identified that they each contain
an embedded conversion feature that shall not be bifurcated from the host document (i.e., the Convertible Notes) as they are not
deemed to be readily convertible into cash. All proceeds received from the issuance were recognized as a liability on the balance
sheet.
Effective December 30, 2022
(the “Effective Date”), the Company amended and restated the Convertible Notes (the “Amended and Restated Secured
Notes”). Pursuant to the Amended and Restated Secured Notes, the due date was extended to February 28, 2024, unless the Company
consummates a public offering or private placement prior to the maturity date (a “Qualified Offering”) and the Holder
elects to convert the outstanding principal balance into Common Stock at the price being paid by the investors in such Qualified
Offering. The interest was increased to twelve percent (12%) per annum, which was prepaid by the Company in full on the date of
amendment through the issuance of 198,439 shares of the Company’s Common Stock which is comprised of 29,419 shares for accrued
interest up to the Effective Date and 169,020 shares related to the prepayment of interest through the extension date of the Amended
and Restated Secured Notes using the closing market price on the Effective Date, of $1.03. The obligations of the Company under
the Amended and Restated Secured Notes were secured by a security agreement (the “Security Agreement”). The Company
evaluated the Amended and Restated Secured Notes and conversion feature to determine the appropriate accounting treatment based
on the terms of the agreement. In accordance with ASC 480-Distinguising Liabilities from Equity, the Company determined that the
Amended and Restated Secured Notes embody an obligation that may require the Company to settle with the issuance of a variable
number of shares, where the monetary value of the obligation is based predominantly on a fixed monetary amount of $1,200,000 known
at inception. Accordingly, the Company recorded the Amended and Restated Secured Notes as share settled debt. The total value of
the shares issued was $204,392 which included $174,090 of prepaid interest and $30,302 for accrued interest as of December 30,
2022. On June 26, 2023, the holder of the Amended and Restated Secured Notes
notified the Company that they wished to elect to exercise their conversion right triggered by a private placement. Therefore,
all outstanding $1,200,000 Amended and Restated Secured Notes were converted into 2,264,150 shares of Common Stock and 1,132,075
Warrants. There were no Amended and Restated Secured Notes outstanding after the foregoing conversion.
As
of June 30, 2023 and 2022, the Company recorded accrued interest in the amount of zero 0 and $24,181,
which is included in accrued expenses, respectively. For the years ended June 30, 2023 and 2022, the interest expense related to the
Convertible Notes amounted to $210,543 and $72,875 respectively. The Convertible Notes balance as of June 30, 2023 was
zero 0.
Note Payable- On
March 30, 2020 (the “Issuance Date”), the Company issued a Promissory Note in the principal amount of $5,000,000 (the
“Promissory Note”) to the Holder. The principal amount of the Promissory Note was originally payable on November 30,
2021 (the “Maturity Date”). The Promissory Note bore interest at a fixed rate of 6% per annum, computed based on the
number of days between the Issuance Date and the Maturity Date, which was prepaid by the Company in full on the Issuance Date through
the issuance of 188,485 shares of the Company’s Common Stock based on the closing market price on that date for a total value
of $501,370. The Company evaluated the Promissory Note and PIK interest in accordance with ASC 470-Debt and ASC 835-Interest, respectively.
Pursuant to ASC 470-20, proceeds received from the issuance are to be recognized at their relative fair value, thus the liability
is shown net of the corresponding discount of $493,192, which is the relative fair value of the shares issued for the PIK interest
on the closing date using the effective interest method. The discount of $493,192 will be accreted over the life of the Promissory
Note.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
On February 11, 2021, the
Company entered into an amendment to the Promissory Note that extended the Maturity Date to November 30, 2022. All other terms
of the Promissory Note remained the same. The change in Maturity Date required an additional year of interest at the fixed rate
of 6% per annum, which was prepaid by the Company in full on the date of the amendment through the issuance of 74,054 shares of
the Company’s Common Stock based on the closing market price on that date for a total value of $298,178.
On May 17, 2022, the Company
entered into a second amendment to the Promissory Note that extended the Maturity Date to November 30, 2023 and increased the interest
rate from 6% to 12% per annum. All other terms of the Promissory Note remained the same. The change in Maturity Date required an
additional year of interest at the fixed rate of 12% per annum. Pursuant to the amendment, the Company prepaid interest for the
period November 30, 2022 until May 30, 2023 on the date of the amendment through the issuance of 47,115 shares of the Company’s
Common Stock based on the closing market price on that date for a total value of $299,178. All other accrued interest payable from
May 30, 2023 to the Maturity Date was payable by the Company on May 30, 2023, at the option of the Holder either (i) in cash or
(ii) in non-assessable shares of the Company’s Common Stock, valued at the closing sale price of the Common Stock of the
Nasdaq Capital Market on May 30, 2023. The Holder elected the interest be paid in cash (the “Interest Payment”).
Effective December 30, 2022,
the Company entered into a third amendment to the Promissory Note. Pursuant to the third amendment, the Company’s obligations
under the Promissory Note were secured by a Security Agreement. To secure the Company’s obligations under each of the Amended
and Restated Secured Notes and the Promissory Note, the Company entered into a Security Agreement with the Holder, pursuant to
which the Company granted a lien on all assets of the Company (the “Collateral”) for the benefit of the Holder. Upon
an Event of Default (as defined in the Amended and Restated Secured Notes and Promissory Note, respectively) the Holder may, among
other things, collect or take possession of the Collateral, proceed with the foreclosure of the security interest in the Collateral
or sell, lease, or dispose of the Collateral.
On
June 12, 2023, the Holder notified the Company that it wanted to apply the Interest Payment due to it towards the Company’s
next private placement. On June 26, 2023, the Holder participated in a private placement. As part of the private placement, the
Company issued (i) 567,588 shares of its Common Stock, par value $0.0001 per share and (ii) warrants to purchase 283,794 shares
of common stock at a purchase price of $0.53 per share, for aggregate proceeds to the Company of $300,822
For the year ended June
30, 2023 and 2022, discount amortization of $348,621 and $297,212 was charged to interest expense. The Promissory Note balance,
net of discount at June 30, 2023 is $4,624,947.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Finance Agreement —
On November 30, 2022, the Company entered into a premium finance agreement (the “Agreement”) related to insurance,
which resulted in a prepaid expense with a principal amount of $1,139,875 at 6.69%
interest per annum. The repayment of the Agreement will be made in nine equal monthly installments of $96,220
after a down payment of $300,000. For the years ended June 30, 2023
and 2022 the Company made repayments of $1,121,767 and $560,848, respectively. The remaining balance at June 30, 2023
is $184,733; the amount is reflected in other current liabilities. For the year ended June 30, 2023, the Company recorded total
interest expense in the amount of $21,180 related to the Agreement. This amount is reflected in other income and expenses.
Total
interest expense recorded for the years ended June 30, 2023 and 2022, was $580,344 and $372,844, respectively.
NOTE 7 — INCOME TAXES
The Company accounts for
income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes; which requires the Company to provide a net deferred
tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and
tax accounting and any available operating loss or tax credit carryforwards. The amount of and ultimate realization of the benefits
from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future
earnings, and other future events, the effects of which cannot be determined.
As
of June 30, 2023 and 2022, the Company had net operating loss carryforwards of approximately $476,965,239
and $244,899,881,
respectively, giving rise to deferred tax assets of $140,547,314
and $71,299,011
respectively. The net operating loss carryforwards
generated prior to January 1, 2018 expire over various dates from 2031 to 2037. All subsequent net operating loss carryforwards are indefinite.
The
Company files Danish and U.S. income tax returns and these returns are generally no longer subject to tax examinations for years prior
to 2019 for the Danish tax returns and 2020 for the U.S. tax returns.
The temporary differences,
tax credits and carry forwards gave rise to the following deferred tax assets (liabilities) at June 30, 2023 and 2022:
Schedule
of deferred tax assets (liabilities) |
|
|
|
|
|
|
|
|
|
|
June
30 |
|
|
2023 |
|
2022 |
Excess of tax over
book depreciation of fixed assets |
|
$ |
8,258 |
|
|
$ |
6,406 |
|
Excess of tax over book depreciation
of patents |
|
|
8,415 |
|
|
|
5,716 |
|
Stock/options compensation |
|
|
3,885,996 |
|
|
|
2,831,137 |
|
Depreciation and amortization |
|
|
152,059 |
|
|
|
118,020 |
|
Net operating loss carryforwards |
|
|
140,547,314 |
|
|
|
71,299,011 |
|
Change in tax rate |
|
|
— |
|
|
|
— |
|
Valuation allowance |
|
|
(144,602,042 |
) |
|
|
(74,260,290 |
) |
Total
Deferred Tax Assets (Liabilities) |
|
$ |
— |
|
|
$ |
— |
|
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
In accordance with prevailing accounting guidance,
the Company is required to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to recognizing
and measuring tax benefits and liabilities when realization of the tax position is uncertain. The first step is to determine whether
the tax position meets the more- likely-than-not condition for recognition, and the second step is to determine the amount to be
recognized based on the cumulative probability that exceeds 50%. The amount of and ultimate realization of the benefits from the
deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings,
and other future events, the effects of which can be difficult to determine and can only be estimated. Management estimates that
it is more likely than not that the Company will not generate adequate net profits to use the deferred tax assets; and consequently,
a valuation allowance was recorded for all deferred tax assets.
A reconciliation of income
tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows for the years
ended June 30, 2023 and 2022:
Schedule of reconciliation of income tax expense |
|
|
|
|
|
|
|
|
|
|
Years
ended June 30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
Computed
tax at expected statutory rate |
|
$ |
(70,341,751 |
) |
|
$ |
(59,450,176 |
) |
Non-US
income taxed at different rates |
|
|
— |
|
|
|
— |
|
Non-deductible
expenses / other items |
|
|
— |
|
|
|
34 |
|
Valuation
allowance |
|
|
70,341,751 |
|
|
|
59,450,176 |
|
Income
Tax Expense (Benefit) |
|
$ |
— |
|
|
$ |
34 |
|
The components of income
tax expense (benefit) from continuing operations for the years ended June 30, 2023 and 2022 consisted of the following:
Schedule of components of
income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
Years
ended June 30, |
|
|
2023 |
|
2022 |
Current
Income Tax Expense |
|
|
|
|
|
|
|
|
Danish
income tax (benefit) |
|
$ |
— |
|
|
$ |
— |
|
Total Current
Tax Expense (Benefit) |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Deferred
Income Tax Expense (Benefit) |
|
|
|
|
|
|
|
|
Excess
of tax over book depreciation of fixed assets |
|
$ |
8,258 |
|
|
$ |
6,406 |
|
Excess
of tax over book depreciation of patents |
|
|
8,415 |
|
|
|
5,716 |
|
Stock/options
compensation |
|
|
3,885,996 |
|
|
|
2,831,137 |
|
Depreciation
and amortization |
|
|
152,059 |
|
|
|
118,020 |
|
Net
operating loss carryforwards |
|
|
140,547,314 |
|
|
|
71,299,011 |
|
Change
in tax rate |
|
|
— |
|
|
|
— |
|
Change
in the valuation allowance |
|
|
(144,602,042 |
) |
|
|
(74,260,290 |
) |
Total Deferred
Tax Expense |
|
$ |
— |
|
|
$ |
— |
|
Deferred income tax expense
(benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income.
NOTE 8 — STOCKHOLDERS’ EQUITY
Preferred Stock —
The Company has 10,000,000
authorized shares of Preferred Stock, par value $0.0001
per share. At June 30, 2023 and 2022, there were zero 0 shares issued and outstanding.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Common Stock —
The Company has 100,000,000 authorized shares of Common Stock, par value $0.0001 per share. At June 30, 2023 and 2022, there were
63,698,144 and 53,007,082 shares issued and outstanding, respectively.
Voting — Holders
of Common Stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders, including
the election of directors, and do not have any right to cumulate votes in the election of directors.
Dividends — Holders
of Common Stock are entitled to receive ratably such dividends as the Company’s Board of Directors from time to time may
declare out of funds legally available.
Liquidation Rights —
In the event of any liquidation, dissolution or winding-up of the affairs of the Company, after payment of all debts and liabilities,
the holders of Common Stock will be entitled to share ratably in the distribution of any remaining assets.
Purchase Agreement
with Lincoln Park Capital
On July 8, 2020, the Company
entered into a purchase agreement (the “2020 Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln
Park”), pursuant to which the Company may sell and issue to Lincoln Park, and Lincoln Park is obligated to purchase, up to
$20,000,000 of shares of Common Stock from time to time through August 1, 2023.
In consideration for entering
into the 2020 Purchase Agreement, the Company issued 139,567 shares of Common Stock to Lincoln Park as a commitment fee on July
21, 2020.
As
of October 17, 2022, the Company no longer had access to the 2020 Purchase Agreement as the Company is no longer able to use the
registration statement on Form S-3 that registered the shares issuable to Lincoln Park under the Purchase Agreement.
On
June 20, 2023, the Company entered into a purchase agreement (the “2023 Purchase Agreement”) with Lincoln Park, pursuant
to which the Company may sell and issue to Lincoln Park, and Lincoln Park is obligated to purchase, up to $20,000,000 of shares
of Common Stock over the 36-month term of the 2023 Purchase Agreement. Concurrently with entering into the 2023 Purchase Agreement,
the Company also entered into a registration rights agreement with Lincoln Park, pursuant to which it agreed to provide Lincoln
Park with certain registration rights related to the shares issued under the 2023 Purchase Agreement.
In consideration for entering
into the 2023 Purchase Agreement, the Company issued 696,021 shares of Common Stock to Lincoln Park as a commitment fee on June
20, 2023.
During the years ended June
30, 2023 and June 30, 2022 we issued zero0 and 497,340 shares of Common Stock to Lincoln Park under the 2023 Purchase Agreement
for a purchase price of zero0 and $4,676,399, respectively.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
March
2023 Private Placement
In
March 2023, the Company issued 2,378,070 shares of Common Stock and warrants to purchase 1,189,036 shares of common stock (“Purchase
Warrants”) resulting in proceeds of $2,711,000 in a private placement offering (“Private Placement”). The Company
effected the issuances of the shares of Common Stock from March 13, 2023 to March 29, 2023. The Purchase Warrants were immediately
exercisable and had an exercise term of five years with an exercise price of $1.14 per share. The combined purchase price for one
share of common stock and one Purchase Warrant was $1.14 per share. The private placement was made directly by the Company to persons
who are not U.S. persons in reliance upon Regulation S of the Securities Act of 1933. No underwriter or placement agent was engaged
by the Company for this private placement.
June
2023 Private Placement
Pursuant
to a private placement offering, on June 26, 2023, the Company issued 4,718,532
shares of Common Stock and warrants to purchase 2,359,266
shares of Common Stock resulting in proceeds of $1,300,823
in a private placement offering and a reduction of notes payable of $1,200,000. The warrants were immediately exercisable
and had an exercise term of five years with an exercise price of $0.53
per share. The combined purchase price for one share of Common Stock and one warrant was $0.53
per share. The private placement was made directly by the Company to persons who are not U.S.
persons in reliance upon Regulation S of the Securities Act of 1933. No underwriter or placement agent was engaged by the Company for
this private placement.
Common Stock Issuances
On
June 26, 2023, all outstanding $1,200,000 Amended and Restated Secured Notes were converted into 2,264,150 shares of Common Stock
and 1,132,075 Warrants. There were no Amended and Restated Secured Notes outstanding after the foregoing conversion.
One
June 26, 2023, the Company issued 4,718,532
shares
of Common Stock and warrants to purchase 2,359,266
shares of common stock resulting in proceeds of $1,300,823
in a private placement offering and the aforementioned reduction of notes payable of $1,200,000.
The warrants were immediately exercisable and had an exercise term of five 5 years
with an exercise price of $0.53
per share. The combined purchase price for one share of Common Stock and one warrant was $0.53
per share.
On
June 20, 2023, the Company issued 696,021 shares of Common Stock to Lincoln Park as a commitment fee as part of a purchase
agreement.
On
April 27, 2023, there were 100,000
restricted shares issued that immediately vested and were converted into shares of Common Stock in exchange for consulting
services valued at $120,000.
During March 2023, the
Company issued 2,378,070
shares of Common Stock and warrants to purchase 1,189,036
shares of Common Stock resulting in proceeds of $2,711,000
in a private placement offering. The Company effected the issuances of the shares of Common Stock from March 13, 2023 to March 29,
2023. The Purchase Warrants were immediately exercisable and had an exercise term of five 5 years with an exercise price of $1.14
per share. The combined purchase price for one share of Common Stock and one Purchase Warrant was $1.14 per share.
On February 10, 2023, there
were 100,000 restricted share units issued that immediately vested and were converted into shares of Common Stock in exchange for
consulting services valued at $108,000.
On December 30, 2022, the
Company issued 198,439 shares of Common stock valued at $204,392 based on the closing price of the common stock on that date, issued
in lieu of prepaid interest related to the amended and restated secured notes (see Note 6).
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
On July 14, 2022, certain
of our warrant holders exercised warrants to purchase 1,250,000 shares of Common Stock for total proceeds to the Company
of $1,625,000, with corresponding earn-out distribution of the same number of shares in connection with the acquisition of Renovaro
BioPharma, Inc., based on the share price on that date of $2.21. This non-cash earn-out distribution impacted stockholders’
equity in the amount of $2,762,500 based on the share price on July 14, 2022 of $2.21.
On June 17, 2022, the Company
issued 47,115 shares of Common Stock valued at $299,178 based on the closing price on that date, issued in lieu of prepaid interest
related to an amendment that extended the maturity date of the Unsecured Note to November 30, 2023 (see Note 6).
During the period ending
June 30, 2022, the Company issued 497,340 shares of Common Stock at an average price of $9.25 per share pursuant to the Purchase
Agreement with Lincoln Park for total proceeds to the Company of $4,676,399.
On April 4, 2022, the Company
issued 1,700 shares of Common Stock valued at the price of $2.89 per share pursuant to the exercise of vested stock options for
total proceeds of $4,913.
On January 11, 2022, the
Company issued 6,266 shares of Common Stock related to restricted share units that vested on January 07, 2022, at a value of $40,561.
On December 28, 2021, there
were 35,000 restricted share units issued that immediately vested and were converted into shares of Common Stock in exchange for
consulting services valued at $252,350.
On December 24, 2021, the
Company issued 100,000 shares of Common Stock valued at the price of $1.30 per share pursuant to the exercise of vested warrants
for total proceeds of $130,000, with corresponding earn-out distribution in the same amount in connection with the acquisition
of Renovaro BioPharma which was distributed on March 31, 2022, based on the share price on December 23, 2021 of $7.98. This non-cash
transaction impacted stockholders’ equity in the amount of $798,000.
2017
Warrants
On
July 14, 2022, certain of our warrant holders exercised warrants to purchase 1,250,000 shares of Common Stock for total
proceeds to the Company of $1,625,000, with corresponding earn-out distribution of the same number of shares in connection with
the acquisition of Renovaro BioPharma. This non-cash earn-out distribution impacted stockholders’
equity in the amount of $2,762,500 based on the share price on July 14, 2022 of $2.21. The Company recorded a loss on extinguishment
of contingent consideration liability of $419,182 during the year ended December 30, 2023 which reflects the difference between
the fair value of the shares and the contingent consideration liability at the time of extinguishment. As of June 30, 2023, all
outstanding 2017 Warrants were exercised and there is no further contingent consideration liability balance remaining as of the
end of this period.
Acquisition of Renovaro
Biopharma / Contingently issuable shares
On February 16, 2018, the
acquisition of Renovaro Biopharma was completed. As part of the acquisition, the stockholders of Renovaro Biopharma received (i)
18,081,962 shares of Common Stock, and (ii) the right to receive Contingent Shares of Common Stock pro rata upon the exercise or
conversion of warrants, which were outstanding at closing. As of June 30, 2023, no further Contingent Shares are issuable.
Acquisition of Renovaro
Denmark
At June 30, 2023 and 2022,
the Company maintained a reserve of 17,414 Escrow Shares, all of which are reflected as issued and outstanding in the accompanying
financial statements. The Escrow Shares are reserved to acquire the shares of Renovaro Denmark held by non-consenting shareholders
of Renovaro Denmark on both June 30, 2023 and 2022, in accordance with Section 70 of the Danish Companies Act and the Articles
of Association of Renovaro Denmark. There have been 167,639 shares of Common Stock issued to non-consenting shareholders of Renovaro
Denmark as of June 30, 2023. During the years ended June 30, 2023 and 2022, the Company did not issue any shares of Common Stock,
respectively, to such non-consenting shareholders of Renovaro Denmark.
Stock-based Compensation
The Company recognizes compensation
costs for stock option awards to employees based on their grant-date fair value. The value of each stock option is estimated on
the date of grant using the Black-Scholes option-pricing model. In the year ended June 30, 2023, the weighted-average assumptions
used to estimate the grant date fair values of the stock options granted using the Black-Scholes option-pricing model are as follows:
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Schedule of weighted-average assumptions used to estimate the fair values of the stock options
granted | |
| | |
| |
Renovaro
Biosciences Inc. |
Expected term (in years) | |
| 5.3
– 6.5 | |
Volatility | |
| 84.66%
– 92.36 | % |
Risk free interest rate | |
| 2.70%-
4.24 | % |
Dividend yield | |
| 0 | % |
The Company recognized stock-based
compensation expense related to all equity instruments of $3,535,051 and $5,490,602 for the years ended June 30, 2023 and 2022,
respectively. At June 30, 2023, the Company had approximately $1,462,866 of unrecognized compensation cost related to non-vested
options.
Plan Options
On February 6, 2014,
the Board adopted the Company’s 2014 Equity Incentive Plan (the “2014 Plan”), and the Company reserved 1,206,000
shares of Common Stock for issuance in accordance with the terms of the 2014 Plan.
On October 30, 2019, the
Board approved and on October 31, 2019, the Company’s stockholders adopted Renovaro’s 2019 Equity Incentive Plan (the
“2019 Plan”), which replaced the 2014 Plan. The 2019 Plan authorized options to be awarded to not exceed the sum of
(1) 6,000,000 new shares, and (2) the number of shares available for the grant of awards as of the effective date under the 2014
Plan plus any options related to awards that expire, are terminated, surrendered, or forfeited for any reason without issuance
of shares under the 2014 Plan after the effective date of the 2019 Plan.
Pursuant
to the 2019 Plan, the Company granted options to purchase 193,000
shares to employees with a three-year vesting period during the year ended June 30, 2023. For the year ended June 30, 2022,
the Company granted options to purchase 3,219,200
shares with a three-year vesting period under the 2019 Plan. One million of those shares were subject to performance based vesting
criteria, and as of June 30, 2023, no expense was recognized on those options based on the assessment that those shares were not probable
of vesting. As performance criteria for Years 1 through 3 were not probable of achievement, the entire one million option shares were
forfeited.
During
the year ended June 30, 2023 and 2022, the Company granted options to purchase 184,800 issued, 18,960
forfeited, and zero 000 shares of Common stock, respectively, to employees with a six-month vesting period.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
During
the year ended June 30, 2023 and 2022, the Company granted options to purchase 73,200
issued, 12,640 forfeited, and 65,000
shares of Common stock, respectively, to employees with a one-year vesting period.
During the years ended June
30, 2023 and 2022, the Company granted options to purchase 355,359 and 103,668 shares, respectively, to the Board of Directors
and Scientific Advisory Board Members with a one-year vesting period.
During the years ended June
30, 2023, and 2022, the Company granted options to purchase zero 0 and 60,000 shares,
respectively, for consulting services with a three-year vesting period.
During the years ended June
30, 2023, and 2022, the Company granted options to purchase 75,000 and 29,642 shares, respectively, for consulting services with
a one-year vesting period.
During the years ended June
30, 2023 and 2022, the Company granted options to purchase zero 0 and 21,979 shares,
respectively, for consulting services with immediate vesting.
All of the above options
are exercisable at the market price of the Company’s Common Stock on the date of the grant.
To date the Company has
granted options under the Plan (“Plan Options”) to purchase 5,710,001 shares of Common Stock.
A summary of the Plan Options outstanding at
June 30, 2023 is presented below:
Schedule of stock options outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
Outstanding |
|
Options
Exercisable |
|
|
Exercise
Price Ranges |
|
Number
Outstanding |
|
Weighted
Average Remaining Contractual Life (years) |
|
Weighted
Average Exercise Price |
|
Number
Exercisable |
|
Weighted
Average Remaining Contractual Life (years) |
|
Weighted
Average Exercise Price |
|
|
$ |
0.94–4.50 |
|
|
|
1,094,715 |
|
|
|
8.74 |
|
|
$ |
2.14 |
|
|
|
405,296 |
|
|
|
7.57 |
|
|
$ |
2.92 |
|
|
|
$ |
4.51–6.50 |
|
|
|
2,503,102 |
|
|
|
7.62 |
|
|
$ |
4.89 |
|
|
|
1,168,102 |
|
|
|
7.11 |
|
|
$ |
5.26 |
|
|
|
$ |
6.51–12.00 |
|
|
|
803,393 |
|
|
|
7.20 |
|
|
$ |
8.02 |
|
|
|
694,016 |
|
|
|
7.00 |
|
|
$ |
7.98 |
|
Total |
|
|
|
|
|
|
4,401,211 |
|
|
|
7.82 |
|
|
$ |
4.78 |
|
|
|
2,267,415 |
|
|
|
7.16 |
|
|
$ |
5.68 |
|
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
A summary of changes since
July 1, 2022 are presented below:
Schedule of stock option activity | |
| | | |
| | | |
| | | |
| | |
| |
| |
Weighted
Average | |
Weighted
Average | |
Weighted
Average |
| |
Shares | |
Exercise
Price | |
Remaining
Life | |
Intrinsic
Value |
| |
| |
| |
| |
|
Outstanding
at
July
1,
2022 | |
| 4,307,820 | | |
$ | 5.37 | | |
| 8.55 | | |
$ | — | |
Granted | |
| 881,359 | | |
| 1.83 | | |
| | | |
| | |
Exercised | |
| — | | |
| — | | |
| | | |
| | |
Forfeited | |
| (787,968 | ) | |
| 4.68 | | |
| | | |
| | |
Expired/Canceled | |
| — | | |
| | | |
| | | |
| | |
Outstanding
at
June
30,
2023 | |
| 4,401,211 | | |
$ | 4.78 | | |
| 7.82 | | |
$ | — | |
Exercisable
at
June
30,
2023 | |
| 2,267,415 | | |
$ | 5.68 | | |
| 7.16 | | |
$ | — | |
At June 30, 2023, the Company
has 2,267,415 exercisable Plan Options. The total intrinsic value of options exercisable at June 30, 2023 was zero. Intrinsic value
is measured using the fair market value at the date of exercise (for shares exercised) and at June 30, 2023 (for outstanding options),
less the applicable exercise price.
Common Stock Purchase Warrants
A summary of the warrants
outstanding at June 30, 2023, and changes in the warrants in the year ended June 30, 2023 are presented below:
Schedule of common stock purchase warrants outstanding | |
| | | |
| | | |
| | |
| |
| |
Weighted
Average | |
Weighted
Average |
| |
Underlying
Shares | |
Exercise
Price | |
Remaining
Life |
| |
| |
| |
|
Outstanding at July 1, 2022 | |
| 1,250,000 | | |
$ | 1.30 | | |
| 0.03 | |
Granted | |
| 3,548,302 | | |
| 0.73 | | |
| 4.80 | |
Exercised | |
| (1,250,000 | ) | |
| 1.30 | | |
| — | |
Cancelled/Expired | |
| — | | |
| — | | |
| — | |
Outstanding and
exercisable at June 30, 2023 | |
| 3,548,302 | | |
$ | 0.73 | | |
| 4.80 | |
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Schedule of common stock purchase warrants | |
| |
| |
| |
|
| |
| |
| |
Outstanding | |
Equivalent
Shares Exercisable |
Exercise
Prices | |
Underlying
Shares | |
Weighted
Average Remaining Contractual Life (years) | |
Weighted
Average Exercise Price | |
Number
Exercisable | |
Weighted
Average Exercise Price |
$ | 0.53-1.14 | | |
| 3,548,302 | | |
| 4.80 | | |
$ | 0.73 | | |
| 3,548,302 | | |
$ | 0.73 | |
Restricted Stock Units (RSUs)
The Company recognized stock-based
compensation expense related to RSUs of zero0 and $258,559 for the years ended June 30, 2023 and 2022, respectively. At June 30,
2023, the Company had approximately zero unrecognized compensation cost related to restricted stock units.
Restricted Stock Awards (RSA)
The
Company recognized stock-based compensation expense related to RSAs of $108,000 and zero0 for the years ended June 30, 2023
and 2022, respectively. The restricted stock awards are related to a grant of 100,000 shares
of restricted stock made to a consultant as consideration for consulting services.
NOTE 9 —
COMMITMENTS AND CONTINGENCIES
Commitments
On July 9, 2018, the Company
entered into a consulting agreement with G-Tech Bio, LLC, a California limited liability company (“G-Tech”) to assist
the Company with the development of the gene therapy and cell therapy modalities for the prevention, treatment, and amelioration
of HIV in humans, and with the development of a genetically enhanced Dendritic Cell for use as a wide spectrum platform for various
diseases (including but not limited to cancers and infectious diseases) (the “G-Tech Agreement”). G-Tech was entitled
to consulting fees for 20 months, with a monthly consulting fee of not greater than $130,000 per month. Upon the completion of
the 20 months, the monthly consulting fee of $25,000 continued for scientific consulting and knowledge transfer on existing HIV
experiments until the services were no longer being rendered or the G-Tech Agreement is terminated. As of May 25, 2022, the consultant
was no longer able to render services, therefore no expense was incurred for the year ended June 30, 2023. For the year ended June
30, 2022, $275,000 was charged to research and development expenses in our Consolidated Statements of Operations related to this
consulting agreement.
On January 31, 2020, the
Company entered into a Statement of Work and License Agreement (the “HBV License Agreement”) by and among the Company,
G-Tech, and G Health Research Foundation, a not for profit entity organized under the laws of California doing business as Seraph
Research Institute (“SRI”) (collectively the “HBV Licensors”), whereby the Company acquired a perpetual,
sublicensable, exclusive license (the “HBV License”) for a treatment under development (the “Treatment”)
aimed to treat Hepatitis B Virus (HBV) infections.
The HBV License Agreement
states that in consideration for the HBV License, the Company shall provide cash funding for research costs and equipment and certain
other in-kind funding related to the Treatment over a 24 month period, and provides for an up-front payment of $1.2 million within
7 days of January 31, 2020, along with additional payments upon the occurrence of certain benchmarks in the development of the
technology set forth in the HBV License Agreement, in each case subject to the terms of the HBV License Agreement. Additionally,
the HBV License Agreement provides for cooperation related to the development of intellectual property related to the Treatment
and for a 2% royalty to G-Tech on any net sales that may occur under the HBV License. On February 6, 2020, the Company paid the
$1.2 million up-front payment. The HBV License Agreement contains customary representations, warranties, and covenants of the parties
with respect to the development of the Treatment and the HBV License.
The cash funding for research
costs pursuant to the HBV License Agreement consisted of monthly payments amounting to $144,500 that covered scientific staffing
resources to complete the project as well as periodic payments for materials and equipment needed to complete the project. There
were no payments made after January 31, 2022. During the years ended June 30,
2023 and 2022, the Company paid a total of zero0 and $1,011,500, respectively, for scientific staffing resources, research
and development and Investigational New Drug (IND) enabling studies. During the years ended June 30, 2023 and 2022 the Company
paid zero0 and $1,500,000, respectively, for the milestone completion of a Pre-IND process following receipt of written comments
in accordance with the HBV License Agreement. The Company has filed a claim against the HBV Licensors, which includes certain payments
it made related to this license (see Contingencies sub-section below).
On April 18, 2021, the Company
entered into a Statement of Work and License Agreement (the “Development License Agreement”), by and among the Company,
G-Tech and SRI (collectively, the “Development Licensors”), whereby the Company acquired a perpetual sublicensable,
exclusive license (the “Development License”) to research, develop, and commercialize certain formulations which are
aimed at preventing and treating pan-coronavirus or the potential combination of the pan-coronavirus and pan-influenza, including
the SARS-coronavirus that causes COVID-19 and pan-influenza (the “Prevention and Treatment”).
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The
Development License Agreement was entered into pursuant to the existing Framework Agreement between the parties dated November 15, 2019.
The Development License Agreement states that in consideration for the Development License, the Company shall provide cash funding for
research costs and equipment and certain other in-kind funding related to the Prevention and Treatment over a 24-month period. Additionally,
the Development License Agreement provided for an up-front payment of $10,000,000
and a $760,000
payment for expenditures to date prior to the effective date related to research towards the Prevention and Treatment within 60
days of April 18, 2021. The amounts were paid on June 18, 2021 and June 25, 2021, respectively. The Development License Agreement provides
for additional payments upon the occurrence of certain benchmarks in the development of the technology set forth in the Development License
Agreement, in each case subject to the terms of the Development License Agreement.
The Development License
Agreement provides for cooperation related to the development of intellectual property related to the Prevention and Treatment and
for a 3% royalty to G Tech on any net sales that may occur under the Development License Agreement. During the years ended June 30,
2023 and 2022 the Company paid zero
0 and $150,000
related to the Prevention and Treatment research. The Company is no longer pursuing any product candidates that relate to this
license. The Company has filed a claim against the Development Licensors to recover all monies it paid related to this license (see
Contingencies sub-section below).
On August 25, 2021, the
Company entered into an ALC Patent License and Research Funding Agreement in the HIV Field (the “ALC License Agreement”)
with Serhat Gümrükcü and SRI (collectively, the “ALC Licensors”) whereby the ALC Licensors granted the
Company an exclusive, worldwide, perpetual, fully paid-up, royalty-free license, with the right to sublicense, proprietary technology
subject to a U.S. patent application, to make, use, offer to sell, sell or import products for use solely for the prevention, treatment,
amelioration of or therapy exclusively for HIV in humans, and research and development exclusively relating to HIV in humans; provided
the ALC Licensors retained the right to conduct HIV research in the field. Pursuant to the ALC License Agreement, the Company granted
a non-exclusive license back to the ALC Licensors, under any patents or other intellectual property owned or controlled by the
Company, to the extent arising from the ALC License, to make, use, offer to sell, sell or import products for use in the diagnosis,
prevention, treatment, amelioration or therapy of any (i) HIV Comorbidities and (ii) any other diseases or conditions outside the
HIV Field. The Company made an initial payment to SRI of $600,000 and agreed to fund future HIV research conducted by the ALC Licensors,
as mutually agreed to by the parties. On September 10, 2021, pursuant to the ALC License Agreement, the Company paid the initial
payment of $600,000.
G-Tech and SRI are controlled
by Anderson Wittekind, a shareholder of the Company.
Shares held for non-consenting
shareholders – The 17,414 remaining shares of Common Stock related to the Acquisition of Renovaro Denmark have been reflected
as issued and outstanding in the accompanying financial statements. There were zero shares of Common Stock issued to such non-consenting
shareholders during the years ended June 30, 2023 and 2022 (see Note 8).
Service Agreements
– The Company had a consulting agreement for services of a Senior Medical Advisor for up to $210,000 per year on a
part-time basis. This consulting agreement was terminated as of October 31, 2022. The Company maintains employment agreements with
other staff in the ordinary course of business.
Contingencies
Securities Class Action
Litigation. On July 26, 2022 and July 28, 2022, securities class action complaints (the former, the “Chow Action”
and the latter, the “Manici Action”) were filed by purported stockholders of the Company in the United States District
Court for the Central District of California against the Company and certain of the Company’s current and former officers
and directors. The complaints allege, among other things, that the defendants violated Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934, as amended, and Rule 10b-5 thereunder, by making false and misleading statements and omissions of material
fact in connection with the Company’s relationship with Serhat Gümrükcü and its commercial prospects. The
complaints seek unspecified damages, interest, fees, and costs. On November 22, 2022, the Manici Action was voluntarily dismissed
without prejudice, but the Chow action remains pending. The defendants did not respond to the complaint in the Manici action and
have not yet responded to the complaint in the Chow action. The Company intends to contest this matter but expresses no opinion
as to the likelihood of a favorable outcome.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Federal Derivative Litigation.
On September 22, 2022, Samuel E. Koenig filed a shareholder derivative action in the United States District Court for the Central
District of California. On January 19, 2023, John Solak filed a substantially similar shareholder derivative action in the United
States District Court for the District of Delaware. Both derivative actions recite similar underlying facts as those alleged in
the Securities Class Action Litigation. The actions, filed on behalf of the Company, name Serhat Gümrükcü and certain
of the Company’s current and former directors as defendants. The actions also name the Company as a nominal defendant. The
actions allege violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and also set out claims for breach
of fiduciary duty, contribution and indemnification, aiding and abetting, and gross mismanagement. Plaintiffs do not quantify any
alleged injury, but seek damages, disgorgement, restitution, and other costs and expenses. On January 24, 2023, the United States
District Court for the Central District of California stayed the Koenig matter pending resolution of the defendants’ anticipated
motion to dismiss in the Securities Class Action Litigation. On April 6, 2023, the United States District Court for the District
of Delaware stayed the Solak matter pending resolution of the defendants’ anticipated motion to dismiss in the Securities
Class Action Litigation. The defendants have not yet responded to either complaint. The Company intends to contest these matters
but expresses no opinion as to the likelihood of favorable outcomes.
State Derivative Litigation.
On October 20, 2022, Susan Midler filed a shareholder derivative action in the Superior Court of California, Los Angeles County,
reciting similar underlying facts as those alleged in the Securities Class Action Litigation. The action, filed on behalf of the
Company, names Serhat Gümrükcü and certain of the Company’s current and former directors as defendants. The
action also names the Company as a nominal defendant. The action sets out claims for breaches of fiduciary duty, contribution and
indemnification, aiding and abetting, and gross mismanagement. Plaintiff does not quantify any alleged injury, but seeks damages,
disgorgement, restitution, and other costs and expenses. On January 20, 2023, the Court stayed the Midler matter pending resolution
of the defendants’ anticipated motion to dismiss in the Securities Class Action Litigation. The Court also set a status conference
for November 6, 2023. The defendants have not yet responded to the complaint. The Company intends to contest this matter but expresses
no opinion as to the likelihood of a favorable outcome.
On
October 21, 2022, the Company filed a Complaint in the Superior Court of the State of California for the County of Los Angeles against
Serhat Gümrükcü, William Anderson Wittekind (“Wittekind”), G Tech, SG & AW Holdings, LLC, and SRI. The
Complaint alleges that the defendants engaged in a “concerted, deliberate scheme to alter, falsify, and misrepresent to the Company
the results of multiple studies supporting its Hepatitis B and SARS-CoV-2/influenza pipelines.” Specifically, “Defendants
manipulated negative results to reflect positive outcomes from various studies, and even fabricated studies out of whole cloth.”
As a result of the defendants’ conduct, the Company claims that it “paid approximately $25 million to Defendants and third-parties
that it would not otherwise have paid.” On April 21, 2023, defendants Wittekind, G Tech, SG & AW Holdings, LLC, and SRI filed
a demurrer with respect to some, but not all, of the Company’s claims, as well as a motion to strike. On September 6, 2023, the
court denied in part and granted in part the pending motions. On September 7, 2023, the court entered a case management order setting
the final status conference, trial, and other intervening deadlines. We will continue to pursue our claims against these defendants.
On
March 1, 2021, the Company’s former Chief Financial Officer, Robert Wolfe and his company, Crossfield, Inc., filed
a Complaint in the U.S. District Court for the District of Vermont against the Company, Renovaro BioSciences Denmark ApS, and certain
directors and officers. In the Complaint, Mr. Wolfe and Crossfield, Inc. asserted claims for abuse of process and malicious prosecution,
alleging, inter alia, that the Company lacked probable cause to file and prosecute an earlier action, and sought millions of dollars
of compensatory damages, as well as punitive damages. The allegations in the Complaint relate to an earlier action filed by the
Company and Renovaro BioSciences Denmark ApS in the Vermont Superior Court, Orange Civil Division. On March 3, 2022, the court
partially granted the Company’s motion to dismiss, dismissing the abuse of process claim against all defendants and all claims
against Mark Dybul and Henrik Grønfeldt-Sørensen. On November 29, 2022, the Company filed a motion for summary judgment
with respect to the sole remaining claim of malicious prosecution. On August 24, 2023, the court denied the motion for summary
judgment. On September 7, 2023, the Company moved for reconsideration of the court’s order. The Company denies the allegations
set forth in the Complaint and will continue to vigorously defend against the remaining claim.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
On
June 7, 2023, Weird Science LLC (“Weird Science”), Wittekind, the William Anderson Wittekind 2020 Annuity Trust, the
William Anderson Wittekind 2021 Annuity Trust, the Dybul 2020 Angel Annuity Trust, and the Ty Mabry 2021 Annuity Trust (collectively,
the “Trusts”) (collectively, “Plaintiffs”) filed a Verified Complaint against the Company in the Court
of Chancery of Delaware. Plaintiffs allege that the Company breached the February 16, 2018 Investor Rights Agreement between the
Company, Weird Science, and RS Group ApS (the “Investor Rights Agreement”). According to the Verified Complaint, the
Investor Rights Agreement required the Company to (i) notify all “Holders” of “Registrable Securities”
at least 30 days prior to filing a registration statement and (ii) afford such Holders an opportunity to have their Registrable
Securities included in such registration statement. Plaintiffs allege that the Company breached these registration rights by failing
to provide the required notice in connection with S-3 registration statements filed by the Company on July 13, 2020 and February
11, 2022. Plaintiffs seek compensatory damages, pre- and post-judgment interest, costs, and attorneys’ fees. Enochian denies
Plaintiffs’ allegations and intends to vigorously defend against the claim.
On August 24, 2023, counsel on behalf of Weird
Science, Wittekind, individually, and Wittekind, as trustee of the Trusts served a demand to inspect the Company’s books
and records (the “Demand”) pursuant to Delaware General Corporation Law, § 220 (“Section 220”).
The Demand seeks the Company’s books and records in connection with a various issues identified in the Demand. The Company
takes its obligations under Section 220 seriously and, to the extent that the requests are proper under Section 220, intends to
comply with those obligations.
NOTE
10 — RELATED PARTY TRANSACTIONS
On
June 26, 2023, RS Bio ApS, a Danish entity, participated in the Private Placement and purchased 1,886,794 of
Common Stock and warrants to purchase 943,397 shares
of Common Stock resulting in proceeds to the Company of $1,000,000.
Mr. Rene Sindlev, the Chairman of the Company’s Board of Directors, holds the sole voting and disposition power of the shares owned
by RS Bio ApS. The Board of Directors (excluding Mr. Sindlev) approved the participation of certain officers and directors of the Company
in the Private Placement on identical terms as the other investors of the Private Placement (see Note 8).
On
March 17, 2023, RS Bio ApS, a Danish entity, participated in the Private Placement and purchased 877,193
shares of
Common Stock and warrants to purchase 438,597 shares
of Common Stock resulting in proceeds to the Company of $1,000,000.
Mr. Rene Sindlev, the Chairman of the Company’s Board of Directors, holds the sole voting and disposition power of the shares owned
by RS Bio ApS. The Board of Directors (excluding Mr. Sindlev) approved the participation of certain officers and directors of the Company
in the Private Placement on identical terms as the other investors of the Private Placement (see Note 8).
The
Company paid G-Tech zero 0 and
$4,031,500,
which included payments for consulting agreements related to HIV, and contractual costs related to the HBV License, the Development License
and the ALC License (see Note 9), and security expenses, for the years ended June 30, 2023 and 2022, respectively.
The
Company leased office space from a landlord affiliated with G-Tech from May 15, 2022 to August 31, 2022, on a month-to-month basis for
a total of $43,750,
of which $25,000
relates to the
year ended June 30, 2023. The Company paid the amount in full in August 2022.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE
11 — SUBSEQUENT EVENTS
August
2023 Private Placement
On
August 1, 2023, the Company closed a private placement of 280,505
of the Company’s units. Each such
Unit consists of (i) one share of the Company’s Series A Convertible Preferred Stock, $0.0001
par value per share and (ii) one Common
Stock purchase warrant to purchase five shares of the Company’s Common Stock, $0.0001
par value per share at a price per Unit
equal to $7.13
for aggregate proceeds to the Company of
$2,000,000
in cash. In addition, the Company issued
280,505
Units in connection with the conversion
of $2,000,000
of the Promissory Note, as further described
below under the heading “Amendment and Conversion of Previously Issued Promissory Note”.
In
connection with the Private Placement, the Company sold an aggregate of 561,010
shares of Preferred Stock,
which are initially convertible
into an aggregate of 5,610,100
shares of Common Stock.
In connection with the Private Placement, the Company sold Warrants to purchase an aggregate of 2,805,050
shares of Common Stock, which
represents 50% warrant coverage. The Warrants are exercisable for five years from the date of issuance and have an exercise price of
$0.65
per share, payable in cash.
Amendment
and Conversion of Previously Issued Promissory Note
On
July 31, 2023, the Company and the holder of the Previously Issued Promissory Note agreed to amend the Promissory Note (the Fourth Amendment),
to provide the holder with limited conversion rights in connection with the Private Placement. Per the terms of the Fourth Amendment,
the Holder could elect to convert $2,000,000
of the outstanding principal balance of
the Promissory Note into the Units being offered in the Private Placement at the price per Unit being paid by the investors in the Private
Placement.
As
mentioned above, on August 1, 2023, the holder of the Promissory Note notified the Company of their election to exercise the Conversion
Right. Therefore, $2,000,000
of the outstanding principal balance of
the note was converted into 280,505
Units, comprised of an aggregate of (i)
280,505
shares of Preferred Stock and (ii) Warrants
to purchase an aggregate of 1,402,525
shares of Common Stock. A principal balance
of $3,000,000
remained outstanding under the Promissory
Note after the foregoing conversion. The Units issued in connection with the conversion were issued pursuant to Regulation S.
Definitive
Agreement with GEDi Cube
On
September 28, 2023, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with GEDi Cube,
a private company formed under the laws of England and Wales (“GEDi Cube”). Upon the terms and subject to the conditions
set forth in the Purchase Agreement, the Company will acquire 100% of the equity interests of GEDi Cube from its equity holders (the
“Sellers”) and GEDi Cube will become a wholly-owned subsidiary of the Company (the “Transaction”).
On September 28, 2023, the board of directors of the Company, and the board of managers of GEDi Cube unanimously approved the Purchase
Agreement.
RENOVARO BIOSCIENCES INC. AND SUBSIDIARIES
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
At
the effective time of the Transaction (the “Effective Time”), each ordinary share of GEDi Cube (each, a “GEDi
Cube Share”) issued and outstanding as of immediately prior to the Effective Time will be exchanged for (i) shares of our Common
Stock (the “Renovaro Shares”) such that the total number of Renovaro Shares issued to the holders of GEDi Cube Shares
shall equal 50% of the total number of Renovaro Shares outstanding as of the Effective Time, subject to certain adjustments (the “Closing
Consideration”) and (ii) earn-out Renovaro Shares to be issued pro rata to the Sellers upon the exercise or conversion of any
of our derivative securities (subject to certain exceptions) which are outstanding at the Effective Time (the “Earnout Shares”).
Each
of the Company and GEDi Cube has agreed, subject to certain exceptions with respect to unsolicited proposals, not to directly or indirectly
solicit competing acquisition proposals or to enter into discussions concerning, or provide confidential information in connection with,
any unsolicited alternative acquisition proposals.
The
completion of the Transaction is subject to the satisfaction or waiver of customary closing conditions, including: (i) adoption
of the Purchase Agreement by holders of all of the outstanding GEDi Cube Shares, (ii) approval of the issuance of Renovaro Shares
in connection with the Transaction by a majority of the votes cast at the shareholder meeting of our shareholders, (iii) absence
of any court order or regulatory injunction prohibiting completion of the Transaction, (iv) subject to specified materiality standards,
the accuracy of the representations and warranties of the other party, (v) the authorization for listing of Renovaro Shares to be
issued in the Transaction on the Nasdaq, (vi) compliance by the other party in all material respects with its covenants, and (vii)
the entry by the parties into a registration rights agreement, to become effective as of the Effective Time, pursuant to which
Renovaro will provide registration rights to the Sellers with respect to (a) the Renovaro Shares issued to the Sellers as Closing Consideration
at the Effective Time and (b) any Earnout Shares that they receive after the Closing.
We
and GEDi Cube have each made customary representations and warranties in the Purchase Agreement. The Purchase Agreement also contains
customary covenants and agreements, including covenants and agreements relating to (i) the conduct of each of our and GEDi Cube’s
business between the date of the signing of the Purchase Agreement and the closing date of the Transaction and (ii) the efforts
of the parties to cause the Transaction to be completed.
The
Purchase Agreement contains certain termination rights for both the Company and GEDi Cube.
Stock
Issuances
On
July 28, 2023, the Company entered into an agreement to issue 500,000
shares
of Common Stock for consulting services valued at $285,000.
On August 22, 2023, the Company entered into agreements to issue an aggregate
of 1,000,000 shares of Common Stock for consulting services valued at $2,150,000.
On
September 28, 2023, the Company entered into an agreement to issue 500,000 shares
of Common Stock for consulting services valued at $2,035,000.
Item 9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure
Not applicable.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our Principal Executive Officer
and Principal Financial Officer (the “Certifying Officers”) are responsible for establishing and maintaining disclosure controls
and procedures for the Company. The Certifying Officers have designed such disclosure controls and procedures to ensure that material
information is made known to the Certifying Officers, particularly during the period in which this Report was prepared.
The Certifying Officers
conducted a review of the Company’s “disclosure controls and procedures” (as defined in the Exchange Act, Rules
13a-15(e) and 15-d-15(e)) as of the end of the period covered by this Annual Report (the “Evaluation Date”). Based
upon that evaluation, the Certifying Officers concluded that, as of June 30, 2023, our disclosure controls and procedures were
not effective in ensuring that the information we were required to disclose in reports that we file or submit under the Securities
Exchange Act of 1934, as amended, is recorded, processed, summarized, and reported within the time periods specified in SEC rules
and forms.
Management Annual Report on Internal Control over Financial Reporting
Management is responsible for
establishing and maintaining adequate internal control over financial reporting for the Company. Management used the “Internal
Control over Financial Reporting Integrated Framework” issued by the Committee of Sponsoring Organizations (“COSO”)
to conduct a review of the Company’s internal controls over financial reporting. As of June 30, 2023, Management concluded that
internal controls over financial reporting were not effective, based on COSO’s framework. The deficiency is attributed to the Company
not having adequate resources to address complex accounting matters. This control deficiency will be monitored, and attention will be
given to this matter as the Company grows.
This Annual Report does not include
an attestation report from the Company’s registered public accounting firm regarding internal controls over financial reporting.
Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to the rules
of the SEC that permit the Company to provide only management’s report in this Annual Report.
Changes in Internal Control over Financial Reporting
There were no changes in our internal
control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information
Not Applicable.
PART III
Item 10. Directors, Executive
Officers and Corporate Governance
The information
required by this Item 10 will be included under the captions “Directors and Executive Officers”, “Information as to
Nominees and Other Directors”, “Information Regarding Meetings and Committees of the Board”, “Compliance with
Section 16(a) of the Exchange Act”, “Code of Ethics”, “Corporate Governance” and as otherwise set forth
in the Company’s Definitive Proxy Statement and is incorporated herein by reference or, alternatively will be included, by amendment
to this Form 10-K under cover of Form 10-K/A no later than 120-days after the end of our fiscal year covered by this report.
Item 11. Executive Compensation
The information
required by this Item 11 will be included in the Definitive Proxy Statement referenced above in Item 10 and is incorporated herein by
reference.
Item 12. Security Ownership
of Certain Beneficial Owners and Management and Related Stockholder Matters
The
information required by this Item 12 will be included in the Definitive Proxy Statement referenced above in Item 10 and is incorporated
herein by reference.
Item 13. Certain Relationships
and Related Transactions and Director Independence
The
information required by this Item 13 will be included in the Definitive Proxy Statement referenced above in Item 10 and is incorporated
herein by reference.
Item 14. Principal Accounting
Fees and Services
The information required by this Item
14 will be included in the Definitive Proxy Statement referenced above in Item 10 and is incorporated herein by reference.
PART IV
Item 15. Exhibits and Financial Statement Schedules
Exhibit
No. |
|
Description |
|
Incorporated
by Reference |
2.1 |
|
Stock
Purchase Agreement, dated as of September 28, 2023, by and among Renovaro Biosciences Inc., GEDi Cube Intl Ltd., Yalla Yalla Ltd., in
its capacity as Sellers’ Representative, and the Sellers party thereto |
|
Incorporated
by reference to exhibit 2.1 to the Company’s Form 8-K filed with the SEC on September 29, 2023 |
|
|
|
|
|
3.1* |
|
Certificate of Incorporation, as amended |
|
|
|
|
|
|
|
3.2 |
|
Bylaws |
|
Incorporated
herein by reference to exhibit to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 16, 2019. |
|
|
|
|
|
4.1 |
|
Promissory
Note dated March 30, 2020 issued to Paseco ApS |
|
Incorporated
herein by reference to Exhibit 10.2 to the Company’s Form 8-K filed with the SEC on March 31, 2020. |
|
|
|
|
|
4.2* |
|
Amendment
No.2 to Promissory Note, dated May 17, 2022 |
|
Incorporated
herein by reference to Exhibit 4.3 to the Company’s Form 10-K filed with the SEC on February 27, 2023. |
|
|
|
|
|
4.3 |
|
Amendment
No.3 to Promissory Note, effective December 30, 2022 |
|
Incorporated
herein by reference to Exhibit 10.2 to the Company’s Form 8-K filed with the SEC on February 23, 2023. |
|
|
|
|
|
4.4 |
|
Amendment No. 4 to Promissory Note, effective July 31, 2023 |
|
Incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K filed with the SEC on August 7, 2023 |
|
|
|
|
|
4.5 |
|
Description
of Securities |
|
Incorporated
herein by reference to Exhibit 4.1 to the Company’s Form 10-K filed with the SEC on September 30, 2020. |
|
|
|
|
|
4.6 |
|
Form of Warrant |
|
Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed with the SEC on April 3, 2023 |
|
|
|
|
|
4.7 |
|
Form of Warrant |
|
Incorporated by reference to Exhibit 4.1 to the Company’s Form 8-K filed with the SEC on August 7, 2023 |
|
|
|
|
|
10.1 |
|
Form
of License Agreement between Weird Science, LLC and Renovaro Biopharma, Inc. |
|
Incorporated
herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on January 17, 2018. |
|
|
|
|
|
10.2 |
|
2019
Equity Incentive Plan |
|
Incorporated
herein by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on February 10, 2020. |
|
|
|
|
|
10.3 |
|
Statement
of Work and License Agreement by and among G-Tech Bio, LLC, the Company and G Health Research Foundation |
|
Incorporated
herein by reference to Exhibit 10.1 to the Company’s Form 8-K filed with the SEC on February 3, 2020. |
|
|
|
|
|
10.4 |
|
Note
Purchase Agreement |
|
Incorporated
herein by reference to Exhibit 10.1 to the Company’s Form 8-K filed with the SEC on March 31, 2020. |
|
|
|
|
|
10.5 |
|
General
Office Lease by and between the Registrant and Century City Medical Plaza Land Co., Inc. dated June 19, 2018 |
|
Incorporated
herein by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed with the SEC on June 25, 2018. |
10.6 |
|
Offer
Letter from the Company to Luisa Puche, dated December 28, 2018 |
|
Incorporated
herein by reference to Exhibit 10.11 to the Company’s Annual Report on Form 10-K filed with the SEC on September 30, 2019. |
|
|
|
|
|
10.7 |
|
Employment
Agreement, dated August 11, 2021, by and between the Company and Dr. Mark Dybul |
|
Incorporated
herein by reference to Exhibit to 10.1 the Company’s Current Report on Form 8-K/A, filed with the SEC on August 16, 2021. |
|
|
|
|
|
10.8 |
|
Amendment
to Employment Agreement between Mark Dybul, M.D. and the Company, dated December 12, 2022 |
|
Incorporated
herein by reference to Exhibit to 10.1 the Company’s Current Report on Form 8-K, filed with the SEC on December 16, 2022. |
|
|
|
|
|
10.9 |
|
Security
Agreement, effective December 30, 2022, by and between the Company and Paseco ApS |
|
Incorporated
herein by reference to Exhibit 10.2 to the Company’s Form 8-K filed with the SEC on February 23, 2023. |
|
|
|
|
|
10.10 |
|
Purchase
Agreement, dated June 20, 2023, by and between the Company and Lincoln Park Capital Fund, LLC |
|
Incorporated
herein by reference to Exhibit 10.1 to the Company’s Form 8-K filed with the SEC on June 27, 2023 |
|
|
|
|
|
10.11 |
|
Registration
Rights Agreement, dated June 20, 2023, by and between the Company and Lincoln Park Capital Fund, LLC |
|
Incorporated
herein by reference to Exhibit 10.2 to the Company’s Form 8-K filed with the SEC on June 27, 2023 |
|
|
|
|
|
23.1* |
|
Consent
of Sadler, Gibb & Associates |
|
|
|
|
|
|
|
31.1* |
|
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 |
|
|
|
|
|
|
|
31.2* |
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934 |
|
|
|
|
|
|
|
32.1** |
|
Certification
of Principal Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section
1350 |
|
|
|
|
|
|
|
32.2** |
|
Certification
of Chief Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section
1350 |
|
|
|
|
|
|
|
101.INS |
|
XBRL Instance Document* |
|
|
|
|
|
|
|
101.SCH |
|
XBRL Taxonomy Extension Schema*
|
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101.CAL |
|
XBRL
Taxonomy Extension Calculation Linkbase* |
|
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101.DEF |
|
XBRL
Taxonomy Extension Definition Linkbase* |
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101.LAB |
|
XBRL
Taxonomy Extension Label Linkbase* |
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101.PRE |
|
XBRL
Taxonomy Extension Presentation Linkbase* |
|
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104 |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) * |
|
|
* |
|
Provided herewith. |
** |
|
Furnished herewith. |
SIGNATURES
Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date: October 2, 2023 |
RENOVARO BIOSCIENCES
INC. |
|
|
|
|
By: |
/s/
Mark Dybul |
|
|
Mark Dybul |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
|
|
|
|
By: |
/s/
Luisa Puche |
|
|
Luisa Puche |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting
Officer) |
Pursuant to the requirements
of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/ Dr.
Mark Dybul |
|
Chief
Executive Officer |
|
October
2, 2023 |
Dr.
Mark Dybul |
|
(Principal Executive Officer) |
|
|
|
|
|
/s/ Luisa
Puche |
|
Chief
Financial Officer |
|
October
2, 2023 |
Luisa
Puche |
|
(Principal
Financial and Accounting Officer) |
|
|
|
|
|
|
|
/s/ René
Sindlev |
|
Director
and Chairman of the Board |
|
October
2, 2023 |
René
Sindlev |
|
|
|
|
|
|
|
|
|
/s/ Henrik
Grønfeldt-Sørensen |
|
Director
|
|
October
2, 2023 |
Henrik Grønfeldt-Sørensen |
|
|
|
|
|
/s/ Gregg
Alton |
|
Director |
|
October
2, 2023 |
Gregg
Alton |
|
|
|
|
|
|
|
|
|
/s/
Jayne McNicol |
|
Director
|
|
October
2, 2023 |
Ms.
Jayne McNicol |
|
|
|
|
|
|
|
|
|
/s/ James
Sapirstein |
|
Director
|
|
October
2, 2023 |
James
Sapirstein |
|
|
|
|
|
|
|
|
|
/s/ Carol
Brosgart |
|
Director
|
|
October
2, 2023 |
Carol
Brosgart |
|
|
|
|
51
EXHIBIT 3.1
Exhibit
21.1
LIST
OF SUBSIDIARIES
The
following is a list of subsidiaries of the Company as of June 30, 2023:
Subsidiary Legal
Name |
State or Other
Jurisdiction of Incorporation or Organization |
|
|
Renovaro Biopharma, Inc. |
Delaware |
Renovaro Biosciences Denmark
ApS |
Denmark |
Renovaro Tecnologies, Inc. |
Nevada |
Exhibit
23.1
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors
Renovaro
Biosciences, Inc.
Los
Angeles, CA
We hereby consent
to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-261628) of our report dated October 1, 2023, with
respect to the consolidated financial statements of Renovaro Biosciences, Inc., as of and for the years ended June 30, 2023 and 2022,
which appears in this Annual Report on Form 10-K of the Company.
/s/ Sadler, Gibb & Associates, LLC |
|
|
|
Draper, UT |
|
October 1, 2023 |
|
Exhibit
31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Mark Dybul, certify that:
1. |
I have reviewed
this Annual Report on Form 10-K of Renovaro Biosciences Inc.; |
|
|
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 registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s
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 15-d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant 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 registrant, 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 registrant’s 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
5. |
The registrant’s
other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting. |
Date: October 2, 2023 |
|
|
|
|
By: |
/s/ Mark Dybul |
|
Mark Dybul |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
|
Exhibit
31.2
CERTIFICATION
OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Luisa Puche, certify that:
1. |
I have reviewed
this Annual Report on Form 10-K of Renovaro Biosciences Inc.; |
|
|
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 registrant as of, and for, the periods presented in this report; |
|
|
4. |
The registrant’s
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 15-d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant 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 registrant, 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 registrant’s 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal
quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
5. |
The registrant’s
other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to
the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting. |
Date: October 2, 2023 |
|
|
|
/s/ Luisa Puche |
|
Luisa Puche |
|
Chief Financial Officer
(Principal Financial and Accounting Officer) |
|
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Annual Report of Renovaro Biosciences Inc. (the “Company”) on Form 10-K for the year ending June 30,
2023 as filed with the Securities and Exchange Commission (the “Report”), the undersigned, Mark Dybul, as Chief Executive
Officer (Principal Executive Officer) of the Company, hereby certifies as of the date hereof, solely for purposes of Title 18, Chapter
63, Section 1350 of the United States Code, that to the best of my knowledge:
(1) |
The Report fully complies
with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and |
|
|
(2) |
The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: October 2, 2023 |
|
|
|
|
By: |
/s/ Mark Dybul |
|
Mark Dybul |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
|
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Annual Report of Renovaro Biosciences Inc. (the “Company”) on Form 10-K for the year ending June 30,
2023 as filed with the Securities and Exchange Commission (the “Report”), the undersigned, Luisa Puche, as Chief Financial
Officer (Principal Financial Officer) of the Company, hereby certifies as of the date hereof, solely for purposes of Title 18, Chapter
63, Section 1350 of the United States Code, that to the best of my knowledge:
(1) |
The Report fully complies
with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and |
|
|
(2) |
The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: October
2, 2023 |
|
|
|
/s/ Luisa Puche |
|
Luisa Puche |
|
|
|
Chief Financial Officer (Principal Financial and Accounting
Officer) |
|
v3.23.3
Cover - USD ($)
|
12 Months Ended |
|
|
Jun. 30, 2023 |
Sep. 29, 2023 |
Dec. 31, 2022 |
Cover [Abstract] |
|
|
|
Document Type |
10-K
|
|
|
Amendment Flag |
false
|
|
|
Document Annual Report |
true
|
|
|
Document Transition Report |
false
|
|
|
Document Period End Date |
Jun. 30, 2023
|
|
|
Document Fiscal Period Focus |
FY
|
|
|
Document Fiscal Year Focus |
2023
|
|
|
Current Fiscal Year End Date |
--06-30
|
|
|
Entity File Number |
001-38758
|
|
|
Entity Registrant Name |
RENOVARO BIOSCIENCES INC.
|
|
|
Entity Central Index Key |
0001527728
|
|
|
Entity Tax Identification Number |
45-2559340
|
|
|
Entity Incorporation, State or Country Code |
DE
|
|
|
Entity Address, Address Line One |
2080 Century Park East
|
|
|
Entity Address, Address Line Two |
Suite 906
|
|
|
Entity Address, City or Town |
Los Angeles
|
|
|
Entity Address, State or Province |
CA
|
|
|
Entity Address, Postal Zip Code |
90067
|
|
|
City Area Code |
(305)
|
|
|
Local Phone Number |
918-1980
|
|
|
Title of 12(b) Security |
Common Stock, par value $0.0001
per share
|
|
|
Trading Symbol |
RENB
|
|
|
Security Exchange Name |
NASDAQ
|
|
|
Entity Well-known Seasoned Issuer |
No
|
|
|
Entity Voluntary Filers |
No
|
|
|
Entity Current Reporting Status |
Yes
|
|
|
Entity Interactive Data Current |
Yes
|
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
|
Entity Small Business |
true
|
|
|
Entity Emerging Growth Company |
false
|
|
|
Entity Shell Company |
false
|
|
|
Entity Public Float |
|
|
$ 45,415,777
|
Entity Common Stock, Shares Outstanding |
|
65,698,144
|
|
ICFR Auditor Attestation Flag |
false
|
|
|
Document Financial Statement Error Correction [Flag] |
false
|
|
|
Auditor Firm ID |
3627
|
|
|
Auditor Name |
Sadler,
Gibb & Associates, LLC
|
|
|
Auditor Location |
Draper,
UT
|
|
|
X |
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dei_AmendmentFlag |
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v3.23.3
CONSOLIDATED BALANCE SHEETS - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
CURRENT ASSETS: |
|
|
Cash |
$ 1,874,480
|
$ 9,172,142
|
Prepaids and other assets |
690,925
|
392,996
|
Total Current Assets |
2,565,405
|
9,565,138
|
Property and equipment, net |
508,989
|
586,536
|
OTHER ASSETS |
|
|
Definite life intangible assets, net |
39,676
|
44,268
|
Indefinite life intangible assets, net |
42,611,000
|
61,571,000
|
Goodwill |
11,640,000
|
11,640,000
|
Deposits and other assets |
21,741
|
68,635
|
Operating lease rights-of-use assets |
913,985
|
1,157,086
|
Total Other Assets |
55,226,402
|
74,480,989
|
TOTAL ASSETS |
58,300,796
|
84,632,663
|
CURRENT LIABILITIES: |
|
|
Accounts payable – trade |
5,296,823
|
1,401,867
|
Accrued expenses |
723,173
|
1,031,462
|
Other current liabilities |
184,733
|
220,685
|
Contingent consideration liability |
|
2,343,318
|
Convertible notes payable |
|
1,200,000
|
Current portion of operating lease liabilities |
193,422
|
253,636
|
Notes payable, net |
4,624,947
|
|
Total Current Liabilities |
11,023,098
|
6,450,968
|
NON-CURRENT LIABILITIES: |
|
|
Notes payable, net |
|
4,577,148
|
Operating lease liabilities, net of current portion |
775,587
|
985,699
|
Total Non-Current Liabilities |
775,587
|
5,562,847
|
Total Liabilities |
11,798,685
|
12,013,815
|
STOCKHOLDERS’ EQUITY |
|
|
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding |
|
|
Common stock, par value $0.0001, 100,000,000 shares authorized, 63,698,144 shares issued and outstanding at June 30, 2023; 53,007,082 shares issued and outstanding at June 30, 2022 |
6,371
|
5,302
|
Additional paid-in capital |
290,554,875
|
276,989,179
|
Accumulated deficit |
(244,029,253)
|
(204,345,197)
|
Accumulated other comprehensive income (loss) |
(29,882)
|
(30,436)
|
Total Stockholders’ Equity |
46,502,111
|
72,618,848
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ 58,300,796
|
$ 84,632,663
|
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v3.23.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
10,000,000
|
10,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common Stock, shares issued |
63,698,144
|
53,007,082
|
Common stock, shares outstanding |
63,698,144
|
53,007,082
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Operating Expenses |
|
|
General and administrative |
$ 15,318,198
|
$ 14,329,801
|
Research and development |
4,165,197
|
8,372,800
|
Indefinite life intangible assets impairment charge |
18,960,000
|
93,253,000
|
Depreciation and amortization |
113,496
|
123,590
|
Total Operating Expenses |
38,556,891
|
116,079,191
|
LOSS FROM OPERATIONS |
(38,556,891)
|
(116,079,191)
|
Other Income (Expenses) |
|
|
Loss on extinguishment of contingent consideration liability |
(419,182)
|
|
Change in fair value of contingent consideration |
|
2,896,627
|
Interest expense |
(580,344)
|
(372,844)
|
Gain (loss) on foreign currency transactions |
(1,019)
|
9
|
Interest income and other income (expense) |
(126,620)
|
122,041
|
Total Other Income (Expenses) |
(1,127,165)
|
2,645,833
|
Loss Before Income Taxes |
(39,684,056)
|
(113,433,358)
|
Income Tax (Expense) Benefit |
|
(34)
|
NET LOSS |
$ (39,684,056)
|
$ (113,433,392)
|
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v3.23.3
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - $ / shares
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
Earnings Per Share, Diluted |
$ (0.71)
|
$ (2.16)
|
Earnings Per Share, Basic |
$ (0.71)
|
$ (2.16)
|
Weighted Average Number of Shares Outstanding, Diluted |
56,265,362
|
52,528,024
|
Weighted Average Number of Shares Outstanding, Basic |
56,265,362
|
52,528,024
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
Net Loss |
$ (39,684,056)
|
$ (113,433,392)
|
Other Comprehensive Income (Loss) |
|
|
Foreign currency translation, net of taxes |
554
|
(19,602)
|
Comprehensive Loss |
$ (39,683,502)
|
$ (113,452,994)
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.3
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Beginning balance, value at Jun. 30, 2021 |
$ 5,222
|
$ 265,580,356
|
$ (90,911,805)
|
$ (10,834)
|
$ 174,662,939
|
Beginning Balance, Shares at Jun. 30, 2021 |
52,219,661
|
|
|
|
|
Stock issued pursuant to warrants exercised |
$ 10
|
129,990
|
|
|
130,000
|
Stock issued pursuant to warrants exercised, Shares |
100,000
|
|
|
|
|
Contingent shares issued pursuant to acquisition agreement |
$ 10
|
797,990
|
|
|
798,000
|
Contingent shares issued pursuant to acquisition agreement, Shares |
100,000
|
|
|
|
|
Shares issued for interest on $5 million notes payable extension |
$ 5
|
299,173
|
|
|
299,178
|
Shares issued for interest on $5 million notes payable extension, Shares |
47,115
|
|
|
|
|
Shares issued pursuant to LPC purchase agreement |
$ 50
|
4,676,349
|
|
|
4,676,399
|
Shares issued pursuant to LPC purchase agreement, Shares |
497,340
|
|
|
|
|
Shares issued for fully vested RSUs |
$ 1
|
9,810
|
|
|
9,811
|
Shares issued for fully vested RSUs, Shares |
6,266
|
|
|
|
|
Shares issued pursuant to options exercised |
|
4,913
|
|
|
4,913
|
Shares issued pursuant to options exercised, Shares |
1,700
|
|
|
|
|
Restricted shares converted to shares for services rendered |
$ 4
|
252,346
|
|
|
252,350
|
Restricted shares converted to shares for services rendered, Shares |
35,000
|
|
|
|
|
Stock-based compensation |
|
5,238,252
|
|
|
5,238,252
|
Net loss |
|
|
(113,433,392)
|
|
(113,433,392)
|
Foreign currency translation gain |
|
|
|
(19,602)
|
(19,602)
|
Ending balance, value at Jun. 30, 2022 |
$ 5,302
|
276,989,179
|
(204,345,197)
|
(30,436)
|
72,618,848
|
Ending Balance, Shares at Jun. 30, 2022 |
53,007,082
|
|
|
|
|
Stock issued pursuant to warrants exercised |
$ 125
|
1,624,875
|
|
|
1,625,000
|
Stock issued pursuant to warrants exercised, Shares |
1,250,000
|
|
|
|
|
Earn-out shares issued |
$ 125
|
2,762,375
|
|
|
2,762,500
|
Earn-out shares issued, Shares |
1,250,000
|
|
|
|
|
Shares issued for interest on $1.2 million notes payable extension |
$ 20
|
204,372
|
|
|
204,392
|
Shares issued for interest on $1.2 million notes payable extension, Shares |
198,439
|
|
|
|
|
Issuance of common stock and warrants under private placement offering |
$ 483
|
4,011,339
|
|
|
4,011,822
|
Issuance of common stock and warrants under private placement offering, Shares |
4,832,452
|
|
|
|
|
Restricted shares issued for services rendered |
$ 20
|
227,980
|
|
|
228,000
|
Restricted shares issued for services rendered, Shares |
200,000
|
|
|
|
|
Conversion of convertible promissory notes |
$ 226
|
1,199,774
|
|
|
1,200,000
|
Conversion of convertible promissory notes, Shares |
2,264,150
|
|
|
|
|
Issuance of restricted commitment shares |
$ 70
|
(70)
|
|
|
|
Issuance of restricted commitment shares, Shares |
696,021
|
|
|
|
|
Stock-based compensation |
|
3,535,051
|
|
|
3,535,051
|
Net loss |
|
|
(39,684,056)
|
|
(39,684,056)
|
Foreign currency translation gain |
|
|
|
554
|
554
|
Ending balance, value at Jun. 30, 2023 |
$ 6,371
|
$ 290,554,875
|
$ (244,029,253)
|
$ (29,882)
|
$ 46,502,111
|
Ending Balance, Shares at Jun. 30, 2023 |
63,698,144
|
|
|
|
|
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v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (39,684,056)
|
$ (113,433,392)
|
ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES: |
|
|
Depreciation and amortization |
113,496
|
123,590
|
Change in fair value of contingent consideration |
|
(2,896,627)
|
Loss on extinguishment of contingent consideration liability |
419,182
|
|
Non-cash stock-based compensation expense |
3,535,051
|
5,490,602
|
Non-cash restricted shares issued for services rendered |
228,000
|
|
Indefinite life intangible assets impairment charge |
18,960,000
|
93,253,000
|
Amortization of discount on note payable |
348,621
|
297,212
|
Loss on disposal of fixed assets |
|
18,168
|
Changes in assets and liabilities: |
|
|
Other receivables |
46
|
1,594
|
Prepaid expenses/deposits |
1,070,249
|
461,310
|
Accounts payable |
3,894,955
|
1,081,308
|
Other current liabilities |
(54,060)
|
24,056
|
Operating leases, net |
(27,224)
|
(13,516)
|
Accrued expenses |
(578,809)
|
(139,641)
|
NET CASH USED IN OPERATING ACTIVITIES |
(11,774,549)
|
(15,732,336)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of property and equipment |
(29,774)
|
(5,156)
|
NET CASH USED IN INVESTING ACTIVITIES |
(29,774)
|
(5,156)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Repayments of finance agreement |
(1,121,767)
|
(560,848)
|
Proceeds from exercise of warrants |
1,625,000
|
130,000
|
Proceeds from exercise of options |
|
4,913
|
Proceeds from 2023 private placements |
4,011,823
|
|
Proceeds from LPC equity agreement |
|
4,676,399
|
NET CASH PROVIDED BY FINANCING ACTIVITIES |
4,515,056
|
4,250,464
|
Effect of exchange rates on cash |
(8,395)
|
(5,240)
|
NET INCREASE (DECREASE) IN CASH |
(7,297,662)
|
(11,492,268)
|
CASH, BEGINNING OF PERIOD |
9,172,142
|
20,664,410
|
CASH, END OF PERIOD |
1,874,480
|
9,172,142
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
Interest |
352,334
|
79,716
|
Income Taxes |
|
34
|
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
Contingent Shares issued pursuant to Acquisition Agreement |
2,762,500
|
798,000
|
Shares issued for interest on notes payable |
204,392
|
299,178
|
Finance agreement entered into in exchange for prepaid assets |
1,139,875
|
666,875
|
Issuance of stock in lieu of repayment of $1.2 million note payable |
1,200,000
|
|
Establishment of debt discount for interest payable of $5M note |
$ 300,822
|
|
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v3.23.3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Business–
In August 2023, the Company changed its corporate name from Enochian Biosciences Inc. to Renovaro Biosciences Inc., (“Renovaro”,
and together with its subsidiaries, the “Company”, “we” or “us”) engages in the research and development
of pharmaceutical and biological products for the treatment of HIV, HBV, and cancer with the intent to manufacture said products.
Going
Concern - These financial statements
have been prepared on a going concern basis, which assumes that the Company will continue
to realize its assets and discharge its liabilities in the normal course of business. The
Company has not generated any revenue, has incurred substantial recurring losses from continuing
operations and has an accumulated deficit of $244,029,253 as
of June 30, 2023. The continuation of the Company as a going concern is dependent upon (i)
its ability to successfully obtain FDA approval of its product candidates, (ii) its ability
to obtain any necessary debt and/or equity financing, and (iii) its ability to generate profits
from the Company’s future operations. These factors raise substantial doubt regarding
the Company’s ability to continue as a going concern for a year from the issuance of
these financial statements. These financial statements do not include any adjustments to
the recoverability and classification of recorded asset amounts and classification of liabilities
that might be necessary should the Company be unable to continue as a going concern.
Basis
of Presentation- The Company prepares consolidated financial statements in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) and follows the rules and regulations of the U.S. Securities and Exchange
Commission (“SEC”).
Principles of Consolidation–
For the years ended June 30, 2023 and 2022, the consolidated financial statements include the accounts and operations of Renovaro, and its wholly owned subsidiaries. All material inter-company transactions and accounts have been eliminated in the consolidation.
Subsidiaries - Renovaro
Biopharma Inc. (Renovaro Biopharma), formerly Enochian Biopharma Inc., was incorporated on May 19, 2017 in Delaware and is a 100%
owned subsidiary of Renovaro. Renovaro Biopharma owns a perpetual, fully paid-up, royalty-free, sublicensable, and sole and
exclusive worldwide license to research, develop, use, sell, have sold, make, have made, offer for sale, import and otherwise
commercialize certain intellectual property in cellular therapies for the prevention, treatment, amelioration of and/or therapy
exclusively for HIV in humans, and research and development exclusively relating to HIV in humans. As of June 30, 2023 and June 30,
2022, zero and 1,250,000 shares of Common Stock, respectively, remain contingently issuable in connection with the acquisition of
Renovaro Biopharma in February 2018 (the Contingent Shares).
Renovaro Biosciences Denmark
ApS (“Renovaro Denmark”), formerly Enochian Biosciences Denmark ApS a Danish corporation was incorporated on April
1, 2001. On February 12, 2014, in accordance with the terms and conditions of a Share Exchange Agreement, the Company acquired
Renovaro Denmark and it became a 100% owned subsidiary of Renovaro subject to 185,053 shares of Common Stock of Renovaro held in
escrow according to Danish law (the “Escrow Shares”). As of June 30, 2023, there are 17,414 Escrow Shares remaining
(see Note 8).
Use
of Accounting Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent
assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting
period. Actual results could differ from those estimated. Significant estimates include the fair value and potential impairment of intangible
assets, the fair value of the contingent consideration liability, and the fair value of equity instruments issued.
Functional Currency and
Foreign Currency Translation - The functional currency of Renovaro Denmark is the Danish Kroner (“DKK”). Renovaro
Denmark’s reporting currency is the U.S. Dollar for the purpose of these financial statements. Renovaro Denmark’s consolidated
balance sheet accounts are translated into U.S. dollars at the period-end exchange rates and all revenue and expenses are translated
into U.S. dollars at the average exchange rates prevailing during the years ended June 30, 2023 and 2022. Translation gains and
losses are deferred and accumulated as a component of other comprehensive income (loss) in stockholders’ equity. Transaction
gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional
currency are included in the statement of operations as incurred.
Cash and Cash Equivalents
- The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.
The Company’s cash balances at June 30, 2023, and 2022, are $1,874,480 and $9,172,142, respectively. The Company had balances
held in financial institutions in Denmark and in the United States in excess of federally insured amounts at June 30, 2023 and
2022 of $1,526,990, and $8,805,495, respectively.
Property and Equipment
- Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of
property and equipment are capitalized and depreciated upon being placed in service. Expenditures for maintenance and repairs are
charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated
useful lives of the assets, which range from four to ten years (see Note 3).
Intangible Assets - The
Company has both definite and indefinite life intangible assets.
Definite
life intangible assets relate to patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Goodwill and Other Intangible
Assets. Intangible assets are recorded at cost. Patent costs capitalized consist of costs incurred to acquire the underlying patent.
If it is determined that a patent will not be issued, the related remaining capitalized patent costs are charged to expense. Definite
life intangible assets are amortized on a straight-line basis over their estimated useful life. The estimated useful life of patents
is twenty years from the date of application.
Indefinite life intangible
assets include license agreements and goodwill acquired in a business combination. The Company accounts for indefinite life intangible
assets in accordance with ASC 350. License agreement costs represent the fair value of the license agreement on the date acquired
and are tested annually for impairment on June 30 or whenever events or changes in circumstances indicate the fair value of the
license is less than the carrying amount.
Goodwill - Goodwill
is not amortized but is evaluated for impairment annually as of June 30 or whenever events or changes in circumstances indicate
the carrying value of the reporting unit may be less than the fair value of the reporting unit.
Impairment of Goodwill
and Indefinite Lived Intangible Assets – We test for goodwill impairment at the reporting unit level, which is one level
below the operating segment level. Our detailed impairment testing involves comparing the fair value of each reporting unit to
its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential
sale of the reporting unit and is based on discounted cash flows or relative market-based approaches. If the carrying value of
the reporting unit exceeds its fair value, we record an impairment loss for such excess. The annual fair value analysis performed
on goodwill supported that goodwill is not impaired as of June 30, 2023 (see Note 4.)
For
indefinite-lived intangible assets, such as licenses acquired as an In-Process Research and Development (“IPR&D”) asset,
on an annual basis we determine the fair value of the asset and record an impairment loss, if any, for the excess of the carrying value
of the asset over its fair value. For the year ended June 30, 2023, the carrying value of the licenses acquired as an IPR&D asset
exceeded its fair value. Therefore, the Company recorded an impairment loss of $18,960,000 during the year ended June 30, 2023 (see Note
4.)
The
carrying value of IPR&D and goodwill at June 30, 2023, were $42,611,000 and $11,640,000,
respectively.
Impairment of Long-Lived
Assets - Long-lived assets, such as property and equipment and definite life intangible assets are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Circumstances
which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant
adverse changes in the business climate or legal factors; current period cash flow or operating losses combined with a history
of losses or a forecast of continuing losses associated with the use of the asset; and current expectations that the asset will
more likely than not be sold or disposed of significantly before the end of its estimated useful life.
Recoverability of assets
to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows
expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows,
an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or
fair value less costs to sell and would no longer be depreciated. The depreciable basis of assets that are impaired and continue
in use are their respective fair values. No impairment was recorded during the year ended June 30, 2023.
Leases - In
accordance with ASC Topic 842, the Company determined the initial classification and measurement of its right-of-use assets and
lease liabilities at the lease commencement date and thereafter. The lease terms include any renewal options and termination options
that the Company is reasonably assured to exercise, if applicable. The present value of lease payments is determined by using the
implicit interest rate in the lease, if that rate is readily determinable; otherwise, the Company develops an incremental borrowing
rate based on the information available at the commencement date in determining the present value of the future payments.
Effective June 25, 2022,
the Company entered into a sub-lease agreement (see Note 5.) Pursuant to ASC 842, the Company treats the sublease as a separate
lease, as the Company was not relieved of the primary obligation under the original lease. The Company continued to account for
the Century City Medical Plaza lease as a lessee and in the same manner as prior to the commencement date of the sublease. The
Company accounted for the sublease as a lessor of the lease. The sublease was classified as an operating lease, as it did not meet
the criteria of a sales-type or direct financing lease. On April 18, 2023, the Company entered into a sublease termination agreement
with One Health Labs (the “Subtenant”), whereby the Subtenant and the Company agreed to terminate the sublease effective
as of April 30, 2023. The Subtenant agreed to pay the Company $139,460 along with the security deposit of $35,540 for a total termination
fee of $175,000, to permit early termination of the sublease.
Rent expense for operating
leases is recognized on a straight-line basis, unless the operating lease right-of-use assets have been impaired, over the reasonably
assured lease term based on the total lease payments and is included in general and administrative expenses in the consolidated
statements of operations. For operating leases that reflect impairment, the Company will recognize the amortization of the operating
lease right-of-use assets on a straight-line basis over the remaining lease term with rent expense still included in general and
administrative expenses in the consolidated statements of operations.
The Company has elected
the practical expedient to not separate lease and non-lease components. The Company’s non-lease components are primarily
related to property maintenance, insurance and taxes, which vary based on future outcomes, and thus are recognized in general and
administrative expenses when incurred (see Note 5.)
Research and Development
Expenses - The Company expenses research and development costs incurred in formulating, improving, validating, and creating
alternative or modified processes related to and expanding the use of the HIV, HBV, and Oncology therapies and technologies for
use in the prevention, treatment, amelioration of and/or therapy for HIV, HBV, and Oncology. Research and development expenses
for the year ended June 30, 2023 and 2022 amounted to $4,165,197 and $8,372,800, respectively.
Income Taxes - The
Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes, which requires an asset and
liability approach for accounting for income taxes (see Note 7.)
Loss
Per Share - The Company calculates earnings (loss) per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings
per common share (EPS) are based on the weighted average number of shares of Common Stock outstanding during each period. Diluted earnings
per common share are based on shares outstanding (computed as for basic EPS) and potentially dilutive common shares. Potential shares
of Common Stock included in the diluted earnings per share calculation include in-the-money stock options that have been granted but
have not been exercised. The shares of Common Stock outstanding at June 30, 2023 and 2022 were 63,698,144
and 53,007,082,
respectively. Because of the net loss for each of the years ended June 30, 2023 and June 30, 2022, dilutive shares for both periods were
excluded from the diluted EPS calculation, as the effect of these potential shares of Common Stock is anti-dilutive. The Company had
7,949,513
and 6,807,820
potential shares of Common Stock excluded from the diluted EPS calculation for the years ended June 30, 2023 and 2022, respectively.
Fair
Value of Financial Instruments - The Company accounts for fair value measurements for financial assets and financial liabilities
in accordance with FASB ASC Topic 820, Fair Value Measurement. Under the authoritative guidance, fair value is defined as the exit price,
representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between
market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants
would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance established a three-tier fair value
hierarchy, which prioritizes the inputs used in measuring fair value as follows:
|
● |
Level 1. Observable inputs, such as quoted prices
in active markets for identical assets or liabilities; |
|
|
|
|
● |
Level 2. Inputs, other than quoted prices in
active markets, that are observable either directly or indirectly; and |
|
|
|
|
● |
Level 3. Unobservable
inputs in which there is little or no market data which require the reporting entity to develop its own assumptions. |
There
were no Level 1, 2, or 3 assets, nor any Level 1, 2, or 3 liabilities measured at fair value on a recurring basis as of June 30, 2023.
As
a result of the contingent consideration liability being extinguished during the fiscal year, a fair value option model evaluation was
not performed as of June 30, 2023.
Unless
otherwise disclosed, the fair value of the Company’s financial instruments, including cash, accounts receivable, prepaid expenses,
accounts payable, accrued expenses, and notes payable, approximate their recorded values due to their short-term nature.
The following table sets forth the
liabilities at June 30, 2023 and 2022, which are recorded on the balance sheet at fair value on a recurring basis by level of input within
the fair value hierarchy. As required, these are classified based on the lowest level of input that is significant to the fair value
measurement:
Summary of significant to the fair value measurement | |
Fair
Value Measurements at Reporting Date Using |
| |
Quoted
Prices in Active Markets for Identical Assets Inputs | |
Significant
Other Observable Inputs | |
Significant
Other Unobservable Inputs |
| |
(Level
1) | |
(Level
2) | |
(Level
3) |
| |
| |
| |
|
Contingent
Consideration Liability at June 30, 2023 | |
$ | — | | |
$ | — | | |
$ | — | |
The roll forward of the contingent consideration
liability is as follows: | |
| | | |
| | | |
| | |
Balance June 30, 2022 | |
| — | | |
| — | | |
| 2,343,318 | |
Contingent Shares issued pursuant to the Acquisition
Agreement | |
| | | |
| | | |
| (2,762,500 | ) |
Loss on extinguishment of
contingent Consideration | |
| — | | |
| — | | |
| 419,182 | |
Balance June 30, 2023 | |
$ | — | | |
$ | — | | |
$ | — | |
| |
Fair
Value Measurements at Reporting Date Using |
| |
Quoted
Prices in Active Markets for Identical Assets Inputs | |
Significant
Other Observable Inputs | |
Significant
Other Unobservable Inputs |
| |
(Level
1) | |
(Level
2) | |
(Level
3) |
| |
| |
| |
|
Contingent
Consideration Liability at June 30, 2022 | |
$ | — | | |
$ | — | | |
$ | 2,343,318 | |
The roll forward of the contingent consideration
liability is as follows: | |
| | | |
| | | |
| | |
Balance June 30, 2021 | |
| — | | |
| — | | |
| 6,037,945 | |
Contingent Shares issued pursuant to the Acquisition
Agreement | |
| | | |
| | | |
| (798,000 | ) |
Fair value adjustment | |
| — | | |
| — | | |
| (2,896,627 | ) |
Balance June 30, 2022 | |
$ | — | | |
$ | — | | |
$ | 2,343,318 | |
Stock-Based
Compensation - The Company has granted stock options, restricted share units (“RSUs”)
and warrants to certain employees, officers, directors, and consultants. The Company accounts
for options in accordance with the provisions of FASB ASC Topic 718, Compensation –
Stock Compensation. Stock based compensation costs for the vesting of options and
RSUs granted to certain employees, officers, directors, and consultants for the years ended
June 30, 2023 and 2022 were $3,535,051 and $5,490,602, respectively.
The
Company recognizes compensation costs for stock option awards to employees,
officers and directors based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the
Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair value of the stock options granted using
the Black-Scholes option-pricing model are the expected term of the award, the underlying stock price volatility, the risk-free interest
rate, and the expected dividend yield. The Company accounts for forfeitures as they occur.
The
Company records stock-based compensation for services received from non-employees in accordance with ASC 718, Compensation—Stock
Compensation Non-Employees. All transactions in which goods or services are the consideration received for the issuance of equity
instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued,
whichever is more reliably measurable. Equity instruments issued to consultants and the cost of the services received as consideration
are measured and recognized based on the fair value of the equity instruments issued and are recognized over the consultants’ required
service period, which is generally the vesting period.
The
Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting
employment termination behavior. Accordingly, the Company has elected to use the “simplified method” to estimate the expected
term of its share-based awards. The simplified method computes the expected term as the sum of the award’s vesting term plus the
original contractual term divided by two.
New Accounting Pronouncements Not Yet Adopted
- Recent accounting pronouncements issued by the FASB that have not yet been adopted by the Company are not expected to have a
material impact on the Company’s present or future consolidated financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.3
GOING CONCERN
|
12 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE 2 – GOING CONCERN
The Company’s
consolidated financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which
contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has incurred
substantial recurring losses from continuing operations, has used cash in the Company’s continuing operations, and is dependent
on additional financing to fund operations. The Company incurred a net loss of $39,684,056
and $113,433,392 for
the years ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the Company had cash and cash equivalents of $1,874,480
and an accumulated deficit of $244,029,253. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date
the financial statements are issued. The consolidated financial statements do not include any adjustments relating to the recoverability
and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to
continue in existence. Management intends to raise additional funds for (a) research and development, (b) increases in personnel, and
(c) the purchase of equipment, specifically to advance the Company’s potential products through the regulatory process. The Company
may raise such funds from time to time through public or private sales of equity or debt securities. Such financing may not be available
on acceptable terms, or at all, and the failure to raise capital when needed could materially adversely affect the Company’s growth
plans, financial condition and results of operations.
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v3.23.3
PROPERTY AND EQUIPMENT
|
12 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE 3 - PROPERTY AND EQUIPMENT
Property and equipment consisted of the following
at June 30, 2023 and 2022:
Schedule
of property and equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Useful
Life |
|
June
30, 2023 |
|
June
30, 2022 |
Lab
equipment and instruments |
|
|
4-7 |
|
|
$ |
576,298 |
|
|
$ |
546,524 |
|
Leasehold
improvements |
|
|
10 |
|
|
|
224,629 |
|
|
|
224,629 |
|
Furniture,
fixtures, and equipment |
|
|
4-7 |
|
|
|
172,861 |
|
|
|
172,861 |
|
Total |
|
|
|
|
|
|
973,788 |
|
|
|
944,014 |
|
Less
accumulated depreciation |
|
|
|
|
|
|
(464,799 |
) |
|
|
(357,478 |
) |
Net
Property and Equipment |
|
|
|
|
|
$ |
508,989 |
|
|
$ |
586,536 |
|
Depreciation expense amounted
to $107,321 and $108,595 for the years ended June 30, 2023 and 2022, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
INTANGIBLE ASSETS AND GOODWILL
|
12 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS AND GOODWILL |
NOTE 4 — INTANGIBLE ASSETS AND GOODWILL
At June 30, 2023 and 2022,
definite-life intangible assets, net of accumulated amortization, consisted of patents on the Company’s products and processes
of $39,676 and $44,268, respectively. The patents are recorded at cost and amortized over twenty years from the date of application.
Amortization expense for the years ended June 30, 2023 and 2022 was $6,175 and $14,995, respectively.
At June 30, 2023 and 2022,
indefinite life intangible assets consisted of a license agreement classified as In-Process Research and Development (“IPR&D”)
intangible assets, which are not amortizable until the intangible assets provide economic benefit, and goodwill.
At June 30, 2023 and 2022,
definite-life and indefinite-life intangible assets consisted of the following:
Schedule
of intangible assets | |
| |
| | | |
| | | |
| | | |
| | |
| |
Useful
Life | |
June
30, 2022 | |
Period
Change | |
Effect
of Currency Translation | |
June
30, 2023 |
Definite
Life Intangible Assets | |
| |
| | | |
| | | |
| | | |
| | |
Patents | |
20
Years | |
$ | 279,257 | | |
$ | — | | |
| 11,679 | | |
$ | 290,936 | |
Less
Accumulated Amortization | |
| |
| (234,989 | ) | |
| (6,175 | ) | |
| (10,096 | ) | |
| (251,260 | ) |
Net
Definite-Life Intangible Assets | |
| |
$ | 44,268 | | |
$ | (6,175 | ) | |
$ | 1,583 | | |
$ | 39,676 | |
| |
| |
| | | |
| | | |
| | | |
| | |
Indefinite
Life Intangible Assets | |
| |
| | | |
| | | |
| | | |
| | |
License
Agreement | |
| |
$ | 61,571,000 | | |
$ | (18,960,000 | ) | |
$ | — | | |
$ | 42,611,000 | |
| |
| |
| | | |
| | | |
| | | |
| | |
Goodwill | |
| |
| 11,640,000 | | |
| — | | |
| — | | |
| 11,640,000 | |
Total
Indefinite Life Intangible Assets | |
| |
$ | 73,211,000 | | |
$ | (18,960,000 | ) | |
$ | — | | |
$ | 54,251,000 | |
Expected future amortization expense is as follows:
Schedule of expected future amortization expense | | |
| | |
Years
ended June 30, | |
|
2024 | | |
$ | 9,919 | |
2025 | | |
| 9,919 | |
2026 | | |
| 9,919 | |
2027 | | |
| 9,919 | |
Total | | |
$ | 39,676 | |
During February 2018, the
Company acquired a License Agreement (as licensee) to the HIV therapy being developed as RENB-HV-01 which consists of a perpetual,
fully paid-up, royalty-free, sub-licensable, and sole and exclusive worldwide license to research, develop, use, sell, have sold,
make, have made, offer for sale, import and otherwise commercialize certain intellectual property in cellular therapies for the
prevention, treatment, amelioration of and/or therapy exclusively for HIV in humans, and research and development exclusively relating
to HIV in humans. Because the HIV License Agreement is considered an IPR&D intangible asset, it is classified as an indefinite
life asset that is tested annually for impairment.
Impairment
– Following the fourth quarter of each year, management performs its annual test of impairment of intangible assets by performing
a quantitative assessment and determines if it is more likely than not that the fair value of the asset is greater than or equal to the
carrying value of the asset. As of June 30, 2023 and 2022, the results of the quantitative assessment indicated that the carrying value
of the licenses acquired as an IPR&D asset exceeded its fair value, due to the changes in the projected economic benefits to be realized
from these assets. Therefore, an impairment adjustment of $18,960,000 and $93,253,000
was recorded for the years ended June 30, 2023 and 2022, respectively.
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v3.23.3
LEASES
|
12 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
NOTE 5 — LEASES
Operating Leases —
On November 13, 2017, Renovaro entered into a lease agreement for a term of five years and two months from November 1, 2017 with
Plaza Medical Office Building, LLC, pursuant to which Renovaro agreed to lease approximately 2,325 rentable square feet (the “Plaza
Lease”). The base rent for the Plaza Lease increased by 3% each year, and ranged from approximately $8,719 per month, for
the first year to $10,107 per month for the two months of the sixth year. The lease was terminated early without penalties or additional
costs as of September 30, 2022, that released an accrual of $70,800 related to leasehold improvements that was not utilized.
On June 19, 2018, Renovaro
entered into a lease agreement for a term of ten years from September 1, 2018 with Century City Medical Plaza Land Co., Inc., pursuant
to which the Company agreed to lease approximately 2,453 rentable square feet. On February 20, 2019, the Registrant entered into
an Addendum to the original lease agreement with an effective date of December 1, 2019, where it expanded the leased area to include
another 1,101 square feet for a total rentable 3,554 square feet. The base rent increases by 3% each year, and ranges from $17,770
per month as of the date of the amendment to $23,186 per month for the tenth year. The equalized monthly lease payment for the
term of the lease is $20,050. The Company subleased the space as of June 25, 2022 through April 30, 2023 (see subsection below
“Sublease Agreement” for details.)
The Company identified and
assessed the following significant assumptions in recognizing the right-of-use assets and corresponding liabilities:
Expected lease term
— The expected lease term includes both contractual lease periods and, when applicable, cancelable option periods
when it is reasonably certain that the Company would exercise such options. The Company’s lease has a remaining lease term
of 50 months. As of June 30, 2023, the weighted-average remaining term is 4.17 years.
Incremental borrowing
rate — The Company’s lease agreement does not provide an implicit rate. As the Company does not have any external
borrowings for comparable terms of its lease, the Company estimated the incremental borrowing rate based on the U.S. Treasury Yield
Curve rate that corresponds to the length of each lease. This rate is an estimate of what the Company would have to pay if borrowing
on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. As of
June 30, 2023, the weighted-average discount rate is 4.03%.
Lease and non-lease
components — In certain cases the Company is required to pay for certain additional charges for operating costs,
including insurance, maintenance, taxes, and other costs incurred, which are billed based on both usage and as a percentage of
the Company’s share of total square footage. The Company determined that these costs are non-lease components, and they are
not included in the calculation of the lease liabilities because they are variable. Payments for these variable, non-lease components
are considered variable lease costs and are recognized in the period in which the costs are incurred.
Below are the lease commitments for the next
5 years:
Schedule of lease commitments | | |
| | |
Years
Ending June 30 | |
Lease
Expense |
2024 | | |
$ | 246,004 | |
2025 | | |
| 253,384 | |
2026 | | |
| 260,985 | |
2027 | | |
| 268,815 | |
2028 | | |
| 45,020 | |
Less
imputed
interest | | |
| (105,199 | ) |
Total | | |
$ | 969,009 | |
Sublease Agreement
On June 20, 2022, the Company
entered into a sublease agreement with One Health Labs (the “Subtenant”), whereby the Subtenant agreed to lease 3,554
square feet of space currently rented by the Company in Century City Medical Plaza as of June 25, 2022 for a period of 3.5 years
with an option to renew for the remaining term of the lease that ends as of June 19, 2028. The base rent was $17,770 per month
plus $750 towards utility fees that are part of the original lease agreement would have increased by 3% each year over the term
of the sublease. The Company received a total of $57,022 on July 1, 2022 after execution of the sublease to cover the first month
rent, utility fee and deposit. The first sublease payment began on August 1, 2022.
In accordance with ASC Topic
842, the Company treats the sublease as a separate lease, as the Company was not relieved of the primary obligation under the original
lease. The Company continues to account for the Century City Medical Plaza lease as a lessee and in the same manner as prior to
the commencement date of the sublease. The Company accounts for the sublease as a lessor of the lease. The sublease is classified
as an operating lease, as it does not meet the criteria of a sales-type or direct financing lease.
On
April 18, 2023, the Company entered into a sublease termination agreement with the Subtenant, whereby the Subtenant and the Company
agreed to terminate the sublease effective as of April 30, 2023. The Subtenant agreed to pay the Company $139,460 along with
the security deposit of $35,540 for a total termination fee of $175,000, to permit early termination of the sublease.
The
Company recognized operating income from the sublease on a straight-line basis in its statements of operations over the lease term. During
the year ended June 30, 2023, the Company paid $439,519 in operating leases.
During the year ended June
30, 2023 and 2022, the net operating lease expenses were as follows:
Schedule
of net operating lease expenses |
|
|
|
|
|
|
|
|
|
|
Years
ended June 30, |
|
|
2023 |
|
2022 |
Operating
Lease Expense |
|
$ |
322,447 |
|
|
$ |
356,073 |
|
Sub-lease Income |
|
|
(352,700 |
) |
|
|
(2,962 |
) |
Total Net
Lease Expense |
|
$ |
(30,253) |
|
|
$ |
353,111 |
|
|
X |
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- DefinitionThe entire disclosure for lessor's operating leases.
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v3.23.3
NOTES PAYABLE
|
12 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE 6 — NOTES PAYABLE
Convertible Notes Payable-
On February 6, 2020, the Company issued two Convertible Notes (the “Convertible Notes”) to Paseco APS (the “Holder”),
a Danish limited company and an existing stockholder of the Company each with a face value amount of $600,000, convertible into
shares of Common Stock, $0.0001 par value per share. The outstanding principal amount of the Convertible Notes was due and payable
on February 6, 2023. Interest on the Convertible Notes commenced accruing on the date of issuance at six percent (6%) per annum,
computed on the basis of twelve 30-day months, and was compounded monthly on the final day of each calendar month based upon the
principal and all accrued and unpaid interest outstanding as of such compound date. The interest was payable in cash on a semi-annual
basis.
The
conversion price was equal to $12.00 per share of Common Stock. The Holder did not exercise the conversion feature that expired
on February 6, 2021. The Company evaluated the Convertible Notes in accordance with ASC 470-20 and identified that they each contain
an embedded conversion feature that shall not be bifurcated from the host document (i.e., the Convertible Notes) as they are not
deemed to be readily convertible into cash. All proceeds received from the issuance were recognized as a liability on the balance
sheet.
Effective December 30, 2022
(the “Effective Date”), the Company amended and restated the Convertible Notes (the “Amended and Restated Secured
Notes”). Pursuant to the Amended and Restated Secured Notes, the due date was extended to February 28, 2024, unless the Company
consummates a public offering or private placement prior to the maturity date (a “Qualified Offering”) and the Holder
elects to convert the outstanding principal balance into Common Stock at the price being paid by the investors in such Qualified
Offering. The interest was increased to twelve percent (12%) per annum, which was prepaid by the Company in full on the date of
amendment through the issuance of 198,439 shares of the Company’s Common Stock which is comprised of 29,419 shares for accrued
interest up to the Effective Date and 169,020 shares related to the prepayment of interest through the extension date of the Amended
and Restated Secured Notes using the closing market price on the Effective Date, of $1.03. The obligations of the Company under
the Amended and Restated Secured Notes were secured by a security agreement (the “Security Agreement”). The Company
evaluated the Amended and Restated Secured Notes and conversion feature to determine the appropriate accounting treatment based
on the terms of the agreement. In accordance with ASC 480-Distinguising Liabilities from Equity, the Company determined that the
Amended and Restated Secured Notes embody an obligation that may require the Company to settle with the issuance of a variable
number of shares, where the monetary value of the obligation is based predominantly on a fixed monetary amount of $1,200,000 known
at inception. Accordingly, the Company recorded the Amended and Restated Secured Notes as share settled debt. The total value of
the shares issued was $204,392 which included $174,090 of prepaid interest and $30,302 for accrued interest as of December 30,
2022. On June 26, 2023, the holder of the Amended and Restated Secured Notes
notified the Company that they wished to elect to exercise their conversion right triggered by a private placement. Therefore,
all outstanding $1,200,000 Amended and Restated Secured Notes were converted into 2,264,150 shares of Common Stock and 1,132,075
Warrants. There were no Amended and Restated Secured Notes outstanding after the foregoing conversion.
As
of June 30, 2023 and 2022, the Company recorded accrued interest in the amount of zero 0 and $24,181,
which is included in accrued expenses, respectively. For the years ended June 30, 2023 and 2022, the interest expense related to the
Convertible Notes amounted to $210,543 and $72,875 respectively. The Convertible Notes balance as of June 30, 2023 was
zero 0.
Note Payable- On
March 30, 2020 (the “Issuance Date”), the Company issued a Promissory Note in the principal amount of $5,000,000 (the
“Promissory Note”) to the Holder. The principal amount of the Promissory Note was originally payable on November 30,
2021 (the “Maturity Date”). The Promissory Note bore interest at a fixed rate of 6% per annum, computed based on the
number of days between the Issuance Date and the Maturity Date, which was prepaid by the Company in full on the Issuance Date through
the issuance of 188,485 shares of the Company’s Common Stock based on the closing market price on that date for a total value
of $501,370. The Company evaluated the Promissory Note and PIK interest in accordance with ASC 470-Debt and ASC 835-Interest, respectively.
Pursuant to ASC 470-20, proceeds received from the issuance are to be recognized at their relative fair value, thus the liability
is shown net of the corresponding discount of $493,192, which is the relative fair value of the shares issued for the PIK interest
on the closing date using the effective interest method. The discount of $493,192 will be accreted over the life of the Promissory
Note.
On February 11, 2021, the
Company entered into an amendment to the Promissory Note that extended the Maturity Date to November 30, 2022. All other terms
of the Promissory Note remained the same. The change in Maturity Date required an additional year of interest at the fixed rate
of 6% per annum, which was prepaid by the Company in full on the date of the amendment through the issuance of 74,054 shares of
the Company’s Common Stock based on the closing market price on that date for a total value of $298,178.
On May 17, 2022, the Company
entered into a second amendment to the Promissory Note that extended the Maturity Date to November 30, 2023 and increased the interest
rate from 6% to 12% per annum. All other terms of the Promissory Note remained the same. The change in Maturity Date required an
additional year of interest at the fixed rate of 12% per annum. Pursuant to the amendment, the Company prepaid interest for the
period November 30, 2022 until May 30, 2023 on the date of the amendment through the issuance of 47,115 shares of the Company’s
Common Stock based on the closing market price on that date for a total value of $299,178. All other accrued interest payable from
May 30, 2023 to the Maturity Date was payable by the Company on May 30, 2023, at the option of the Holder either (i) in cash or
(ii) in non-assessable shares of the Company’s Common Stock, valued at the closing sale price of the Common Stock of the
Nasdaq Capital Market on May 30, 2023. The Holder elected the interest be paid in cash (the “Interest Payment”).
Effective December 30, 2022,
the Company entered into a third amendment to the Promissory Note. Pursuant to the third amendment, the Company’s obligations
under the Promissory Note were secured by a Security Agreement. To secure the Company’s obligations under each of the Amended
and Restated Secured Notes and the Promissory Note, the Company entered into a Security Agreement with the Holder, pursuant to
which the Company granted a lien on all assets of the Company (the “Collateral”) for the benefit of the Holder. Upon
an Event of Default (as defined in the Amended and Restated Secured Notes and Promissory Note, respectively) the Holder may, among
other things, collect or take possession of the Collateral, proceed with the foreclosure of the security interest in the Collateral
or sell, lease, or dispose of the Collateral.
On
June 12, 2023, the Holder notified the Company that it wanted to apply the Interest Payment due to it towards the Company’s
next private placement. On June 26, 2023, the Holder participated in a private placement. As part of the private placement, the
Company issued (i) 567,588 shares of its Common Stock, par value $0.0001 per share and (ii) warrants to purchase 283,794 shares
of common stock at a purchase price of $0.53 per share, for aggregate proceeds to the Company of $300,822
For the year ended June
30, 2023 and 2022, discount amortization of $348,621 and $297,212 was charged to interest expense. The Promissory Note balance,
net of discount at June 30, 2023 is $4,624,947.
Finance Agreement —
On November 30, 2022, the Company entered into a premium finance agreement (the “Agreement”) related to insurance,
which resulted in a prepaid expense with a principal amount of $1,139,875 at 6.69%
interest per annum. The repayment of the Agreement will be made in nine equal monthly installments of $96,220
after a down payment of $300,000. For the years ended June 30, 2023
and 2022 the Company made repayments of $1,121,767 and $560,848, respectively. The remaining balance at June 30, 2023
is $184,733; the amount is reflected in other current liabilities. For the year ended June 30, 2023, the Company recorded total
interest expense in the amount of $21,180 related to the Agreement. This amount is reflected in other income and expenses.
Total
interest expense recorded for the years ended June 30, 2023 and 2022, was $580,344 and $372,844, respectively.
|
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
INCOME TAXES
|
12 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE 7 — INCOME TAXES
The Company accounts for
income taxes in accordance with FASB ASC Topic 740, Accounting for Income Taxes; which requires the Company to provide a net deferred
tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and
tax accounting and any available operating loss or tax credit carryforwards. The amount of and ultimate realization of the benefits
from the deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future
earnings, and other future events, the effects of which cannot be determined.
As
of June 30, 2023 and 2022, the Company had net operating loss carryforwards of approximately $476,965,239
and $244,899,881,
respectively, giving rise to deferred tax assets of $140,547,314
and $71,299,011
respectively. The net operating loss carryforwards
generated prior to January 1, 2018 expire over various dates from 2031 to 2037. All subsequent net operating loss carryforwards are indefinite.
The
Company files Danish and U.S. income tax returns and these returns are generally no longer subject to tax examinations for years prior
to 2019 for the Danish tax returns and 2020 for the U.S. tax returns.
The temporary differences,
tax credits and carry forwards gave rise to the following deferred tax assets (liabilities) at June 30, 2023 and 2022:
Schedule
of deferred tax assets (liabilities) |
|
|
|
|
|
|
|
|
|
|
June
30 |
|
|
2023 |
|
2022 |
Excess of tax over
book depreciation of fixed assets |
|
$ |
8,258 |
|
|
$ |
6,406 |
|
Excess of tax over book depreciation
of patents |
|
|
8,415 |
|
|
|
5,716 |
|
Stock/options compensation |
|
|
3,885,996 |
|
|
|
2,831,137 |
|
Depreciation and amortization |
|
|
152,059 |
|
|
|
118,020 |
|
Net operating loss carryforwards |
|
|
140,547,314 |
|
|
|
71,299,011 |
|
Change in tax rate |
|
|
— |
|
|
|
— |
|
Valuation allowance |
|
|
(144,602,042 |
) |
|
|
(74,260,290 |
) |
Total
Deferred Tax Assets (Liabilities) |
|
$ |
— |
|
|
$ |
— |
|
In accordance with prevailing accounting guidance,
the Company is required to recognize and disclose any income tax uncertainties. The guidance provides a two-step approach to recognizing
and measuring tax benefits and liabilities when realization of the tax position is uncertain. The first step is to determine whether
the tax position meets the more- likely-than-not condition for recognition, and the second step is to determine the amount to be
recognized based on the cumulative probability that exceeds 50%. The amount of and ultimate realization of the benefits from the
deferred tax assets for income tax purposes is dependent, in part, upon the tax laws in effect, the Company’s future earnings,
and other future events, the effects of which can be difficult to determine and can only be estimated. Management estimates that
it is more likely than not that the Company will not generate adequate net profits to use the deferred tax assets; and consequently,
a valuation allowance was recorded for all deferred tax assets.
A reconciliation of income
tax expense at the federal statutory rate to income tax expense at the Company’s effective rate is as follows for the years
ended June 30, 2023 and 2022:
Schedule of reconciliation of income tax expense |
|
|
|
|
|
|
|
|
|
|
Years
ended June 30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
Computed
tax at expected statutory rate |
|
$ |
(70,341,751 |
) |
|
$ |
(59,450,176 |
) |
Non-US
income taxed at different rates |
|
|
— |
|
|
|
— |
|
Non-deductible
expenses / other items |
|
|
— |
|
|
|
34 |
|
Valuation
allowance |
|
|
70,341,751 |
|
|
|
59,450,176 |
|
Income
Tax Expense (Benefit) |
|
$ |
— |
|
|
$ |
34 |
|
The components of income
tax expense (benefit) from continuing operations for the years ended June 30, 2023 and 2022 consisted of the following:
Schedule of components of
income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
Years
ended June 30, |
|
|
2023 |
|
2022 |
Current
Income Tax Expense |
|
|
|
|
|
|
|
|
Danish
income tax (benefit) |
|
$ |
— |
|
|
$ |
— |
|
Total Current
Tax Expense (Benefit) |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Deferred
Income Tax Expense (Benefit) |
|
|
|
|
|
|
|
|
Excess
of tax over book depreciation of fixed assets |
|
$ |
8,258 |
|
|
$ |
6,406 |
|
Excess
of tax over book depreciation of patents |
|
|
8,415 |
|
|
|
5,716 |
|
Stock/options
compensation |
|
|
3,885,996 |
|
|
|
2,831,137 |
|
Depreciation
and amortization |
|
|
152,059 |
|
|
|
118,020 |
|
Net
operating loss carryforwards |
|
|
140,547,314 |
|
|
|
71,299,011 |
|
Change
in tax rate |
|
|
— |
|
|
|
— |
|
Change
in the valuation allowance |
|
|
(144,602,042 |
) |
|
|
(74,260,290 |
) |
Total Deferred
Tax Expense |
|
$ |
— |
|
|
$ |
— |
|
Deferred income tax expense
(benefit) results primarily from the reversal of temporary timing differences between tax and financial statement income.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
STOCKHOLDERS’ EQUITY
|
12 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE 8 — STOCKHOLDERS’ EQUITY
Preferred Stock —
The Company has 10,000,000
authorized shares of Preferred Stock, par value $0.0001
per share. At June 30, 2023 and 2022, there were zero 0 shares issued and outstanding.
Common Stock —
The Company has 100,000,000 authorized shares of Common Stock, par value $0.0001 per share. At June 30, 2023 and 2022, there were
63,698,144 and 53,007,082 shares issued and outstanding, respectively.
Voting — Holders
of Common Stock are entitled to one vote for each share held of record on each matter submitted to a vote of stockholders, including
the election of directors, and do not have any right to cumulate votes in the election of directors.
Dividends — Holders
of Common Stock are entitled to receive ratably such dividends as the Company’s Board of Directors from time to time may
declare out of funds legally available.
Liquidation Rights —
In the event of any liquidation, dissolution or winding-up of the affairs of the Company, after payment of all debts and liabilities,
the holders of Common Stock will be entitled to share ratably in the distribution of any remaining assets.
Purchase Agreement
with Lincoln Park Capital
On July 8, 2020, the Company
entered into a purchase agreement (the “2020 Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln
Park”), pursuant to which the Company may sell and issue to Lincoln Park, and Lincoln Park is obligated to purchase, up to
$20,000,000 of shares of Common Stock from time to time through August 1, 2023.
In consideration for entering
into the 2020 Purchase Agreement, the Company issued 139,567 shares of Common Stock to Lincoln Park as a commitment fee on July
21, 2020.
As
of October 17, 2022, the Company no longer had access to the 2020 Purchase Agreement as the Company is no longer able to use the
registration statement on Form S-3 that registered the shares issuable to Lincoln Park under the Purchase Agreement.
On
June 20, 2023, the Company entered into a purchase agreement (the “2023 Purchase Agreement”) with Lincoln Park, pursuant
to which the Company may sell and issue to Lincoln Park, and Lincoln Park is obligated to purchase, up to $20,000,000 of shares
of Common Stock over the 36-month term of the 2023 Purchase Agreement. Concurrently with entering into the 2023 Purchase Agreement,
the Company also entered into a registration rights agreement with Lincoln Park, pursuant to which it agreed to provide Lincoln
Park with certain registration rights related to the shares issued under the 2023 Purchase Agreement.
In consideration for entering
into the 2023 Purchase Agreement, the Company issued 696,021 shares of Common Stock to Lincoln Park as a commitment fee on June
20, 2023.
During the years ended June
30, 2023 and June 30, 2022 we issued zero0 and 497,340 shares of Common Stock to Lincoln Park under the 2023 Purchase Agreement
for a purchase price of zero0 and $4,676,399, respectively.
March
2023 Private Placement
In
March 2023, the Company issued 2,378,070 shares of Common Stock and warrants to purchase 1,189,036 shares of common stock (“Purchase
Warrants”) resulting in proceeds of $2,711,000 in a private placement offering (“Private Placement”). The Company
effected the issuances of the shares of Common Stock from March 13, 2023 to March 29, 2023. The Purchase Warrants were immediately
exercisable and had an exercise term of five years with an exercise price of $1.14 per share. The combined purchase price for one
share of common stock and one Purchase Warrant was $1.14 per share. The private placement was made directly by the Company to persons
who are not U.S. persons in reliance upon Regulation S of the Securities Act of 1933. No underwriter or placement agent was engaged
by the Company for this private placement.
June
2023 Private Placement
Pursuant
to a private placement offering, on June 26, 2023, the Company issued 4,718,532
shares of Common Stock and warrants to purchase 2,359,266
shares of Common Stock resulting in proceeds of $1,300,823
in a private placement offering and a reduction of notes payable of $1,200,000. The warrants were immediately exercisable
and had an exercise term of five years with an exercise price of $0.53
per share. The combined purchase price for one share of Common Stock and one warrant was $0.53
per share. The private placement was made directly by the Company to persons who are not U.S.
persons in reliance upon Regulation S of the Securities Act of 1933. No underwriter or placement agent was engaged by the Company for
this private placement.
Common Stock Issuances
On
June 26, 2023, all outstanding $1,200,000 Amended and Restated Secured Notes were converted into 2,264,150 shares of Common Stock
and 1,132,075 Warrants. There were no Amended and Restated Secured Notes outstanding after the foregoing conversion.
One
June 26, 2023, the Company issued 4,718,532
shares
of Common Stock and warrants to purchase 2,359,266
shares of common stock resulting in proceeds of $1,300,823
in a private placement offering and the aforementioned reduction of notes payable of $1,200,000.
The warrants were immediately exercisable and had an exercise term of five 5 years
with an exercise price of $0.53
per share. The combined purchase price for one share of Common Stock and one warrant was $0.53
per share.
On
June 20, 2023, the Company issued 696,021 shares of Common Stock to Lincoln Park as a commitment fee as part of a purchase
agreement.
On
April 27, 2023, there were 100,000
restricted shares issued that immediately vested and were converted into shares of Common Stock in exchange for consulting
services valued at $120,000.
During March 2023, the
Company issued 2,378,070
shares of Common Stock and warrants to purchase 1,189,036
shares of Common Stock resulting in proceeds of $2,711,000
in a private placement offering. The Company effected the issuances of the shares of Common Stock from March 13, 2023 to March 29,
2023. The Purchase Warrants were immediately exercisable and had an exercise term of five 5 years with an exercise price of $1.14
per share. The combined purchase price for one share of Common Stock and one Purchase Warrant was $1.14 per share.
On February 10, 2023, there
were 100,000 restricted share units issued that immediately vested and were converted into shares of Common Stock in exchange for
consulting services valued at $108,000.
On December 30, 2022, the
Company issued 198,439 shares of Common stock valued at $204,392 based on the closing price of the common stock on that date, issued
in lieu of prepaid interest related to the amended and restated secured notes (see Note 6).
On July 14, 2022, certain
of our warrant holders exercised warrants to purchase 1,250,000 shares of Common Stock for total proceeds to the Company
of $1,625,000, with corresponding earn-out distribution of the same number of shares in connection with the acquisition of Renovaro
BioPharma, Inc., based on the share price on that date of $2.21. This non-cash earn-out distribution impacted stockholders’
equity in the amount of $2,762,500 based on the share price on July 14, 2022 of $2.21.
On June 17, 2022, the Company
issued 47,115 shares of Common Stock valued at $299,178 based on the closing price on that date, issued in lieu of prepaid interest
related to an amendment that extended the maturity date of the Unsecured Note to November 30, 2023 (see Note 6).
During the period ending
June 30, 2022, the Company issued 497,340 shares of Common Stock at an average price of $9.25 per share pursuant to the Purchase
Agreement with Lincoln Park for total proceeds to the Company of $4,676,399.
On April 4, 2022, the Company
issued 1,700 shares of Common Stock valued at the price of $2.89 per share pursuant to the exercise of vested stock options for
total proceeds of $4,913.
On January 11, 2022, the
Company issued 6,266 shares of Common Stock related to restricted share units that vested on January 07, 2022, at a value of $40,561.
On December 28, 2021, there
were 35,000 restricted share units issued that immediately vested and were converted into shares of Common Stock in exchange for
consulting services valued at $252,350.
On December 24, 2021, the
Company issued 100,000 shares of Common Stock valued at the price of $1.30 per share pursuant to the exercise of vested warrants
for total proceeds of $130,000, with corresponding earn-out distribution in the same amount in connection with the acquisition
of Renovaro BioPharma which was distributed on March 31, 2022, based on the share price on December 23, 2021 of $7.98. This non-cash
transaction impacted stockholders’ equity in the amount of $798,000.
2017
Warrants
On
July 14, 2022, certain of our warrant holders exercised warrants to purchase 1,250,000 shares of Common Stock for total
proceeds to the Company of $1,625,000, with corresponding earn-out distribution of the same number of shares in connection with
the acquisition of Renovaro BioPharma. This non-cash earn-out distribution impacted stockholders’
equity in the amount of $2,762,500 based on the share price on July 14, 2022 of $2.21. The Company recorded a loss on extinguishment
of contingent consideration liability of $419,182 during the year ended December 30, 2023 which reflects the difference between
the fair value of the shares and the contingent consideration liability at the time of extinguishment. As of June 30, 2023, all
outstanding 2017 Warrants were exercised and there is no further contingent consideration liability balance remaining as of the
end of this period.
Acquisition of Renovaro
Biopharma / Contingently issuable shares
On February 16, 2018, the
acquisition of Renovaro Biopharma was completed. As part of the acquisition, the stockholders of Renovaro Biopharma received (i)
18,081,962 shares of Common Stock, and (ii) the right to receive Contingent Shares of Common Stock pro rata upon the exercise or
conversion of warrants, which were outstanding at closing. As of June 30, 2023, no further Contingent Shares are issuable.
Acquisition of Renovaro
Denmark
At June 30, 2023 and 2022,
the Company maintained a reserve of 17,414 Escrow Shares, all of which are reflected as issued and outstanding in the accompanying
financial statements. The Escrow Shares are reserved to acquire the shares of Renovaro Denmark held by non-consenting shareholders
of Renovaro Denmark on both June 30, 2023 and 2022, in accordance with Section 70 of the Danish Companies Act and the Articles
of Association of Renovaro Denmark. There have been 167,639 shares of Common Stock issued to non-consenting shareholders of Renovaro
Denmark as of June 30, 2023. During the years ended June 30, 2023 and 2022, the Company did not issue any shares of Common Stock,
respectively, to such non-consenting shareholders of Renovaro Denmark.
Stock-based Compensation
The Company recognizes compensation
costs for stock option awards to employees based on their grant-date fair value. The value of each stock option is estimated on
the date of grant using the Black-Scholes option-pricing model. In the year ended June 30, 2023, the weighted-average assumptions
used to estimate the grant date fair values of the stock options granted using the Black-Scholes option-pricing model are as follows:
Schedule of weighted-average assumptions used to estimate the fair values of the stock options
granted | |
| | |
| |
Renovaro
Biosciences Inc. |
Expected term (in years) | |
| 5.3
– 6.5 | |
Volatility | |
| 84.66%
– 92.36 | % |
Risk free interest rate | |
| 2.70%-
4.24 | % |
Dividend yield | |
| 0 | % |
The Company recognized stock-based
compensation expense related to all equity instruments of $3,535,051 and $5,490,602 for the years ended June 30, 2023 and 2022,
respectively. At June 30, 2023, the Company had approximately $1,462,866 of unrecognized compensation cost related to non-vested
options.
Plan Options
On February 6, 2014,
the Board adopted the Company’s 2014 Equity Incentive Plan (the “2014 Plan”), and the Company reserved 1,206,000
shares of Common Stock for issuance in accordance with the terms of the 2014 Plan.
On October 30, 2019, the
Board approved and on October 31, 2019, the Company’s stockholders adopted Renovaro’s 2019 Equity Incentive Plan (the
“2019 Plan”), which replaced the 2014 Plan. The 2019 Plan authorized options to be awarded to not exceed the sum of
(1) 6,000,000 new shares, and (2) the number of shares available for the grant of awards as of the effective date under the 2014
Plan plus any options related to awards that expire, are terminated, surrendered, or forfeited for any reason without issuance
of shares under the 2014 Plan after the effective date of the 2019 Plan.
Pursuant
to the 2019 Plan, the Company granted options to purchase 193,000
shares to employees with a three-year vesting period during the year ended June 30, 2023. For the year ended June 30, 2022,
the Company granted options to purchase 3,219,200
shares with a three-year vesting period under the 2019 Plan. One million of those shares were subject to performance based vesting
criteria, and as of June 30, 2023, no expense was recognized on those options based on the assessment that those shares were not probable
of vesting. As performance criteria for Years 1 through 3 were not probable of achievement, the entire one million option shares were
forfeited.
During
the year ended June 30, 2023 and 2022, the Company granted options to purchase 184,800 issued, 18,960
forfeited, and zero 000 shares of Common stock, respectively, to employees with a six-month vesting period.
During
the year ended June 30, 2023 and 2022, the Company granted options to purchase 73,200
issued, 12,640 forfeited, and 65,000
shares of Common stock, respectively, to employees with a one-year vesting period.
During the years ended June
30, 2023 and 2022, the Company granted options to purchase 355,359 and 103,668 shares, respectively, to the Board of Directors
and Scientific Advisory Board Members with a one-year vesting period.
During the years ended June
30, 2023, and 2022, the Company granted options to purchase zero 0 and 60,000 shares,
respectively, for consulting services with a three-year vesting period.
During the years ended June
30, 2023, and 2022, the Company granted options to purchase 75,000 and 29,642 shares, respectively, for consulting services with
a one-year vesting period.
During the years ended June
30, 2023 and 2022, the Company granted options to purchase zero 0 and 21,979 shares,
respectively, for consulting services with immediate vesting.
All of the above options
are exercisable at the market price of the Company’s Common Stock on the date of the grant.
To date the Company has
granted options under the Plan (“Plan Options”) to purchase 5,710,001 shares of Common Stock.
A summary of the Plan Options outstanding at
June 30, 2023 is presented below:
Schedule of stock options outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
Outstanding |
|
Options
Exercisable |
|
|
Exercise
Price Ranges |
|
Number
Outstanding |
|
Weighted
Average Remaining Contractual Life (years) |
|
Weighted
Average Exercise Price |
|
Number
Exercisable |
|
Weighted
Average Remaining Contractual Life (years) |
|
Weighted
Average Exercise Price |
|
|
$ |
0.94–4.50 |
|
|
|
1,094,715 |
|
|
|
8.74 |
|
|
$ |
2.14 |
|
|
|
405,296 |
|
|
|
7.57 |
|
|
$ |
2.92 |
|
|
|
$ |
4.51–6.50 |
|
|
|
2,503,102 |
|
|
|
7.62 |
|
|
$ |
4.89 |
|
|
|
1,168,102 |
|
|
|
7.11 |
|
|
$ |
5.26 |
|
|
|
$ |
6.51–12.00 |
|
|
|
803,393 |
|
|
|
7.20 |
|
|
$ |
8.02 |
|
|
|
694,016 |
|
|
|
7.00 |
|
|
$ |
7.98 |
|
Total |
|
|
|
|
|
|
4,401,211 |
|
|
|
7.82 |
|
|
$ |
4.78 |
|
|
|
2,267,415 |
|
|
|
7.16 |
|
|
$ |
5.68 |
|
A summary of changes since
July 1, 2022 are presented below:
Schedule of stock option activity | |
| | | |
| | | |
| | | |
| | |
| |
| |
Weighted
Average | |
Weighted
Average | |
Weighted
Average |
| |
Shares | |
Exercise
Price | |
Remaining
Life | |
Intrinsic
Value |
| |
| |
| |
| |
|
Outstanding
at
July
1,
2022 | |
| 4,307,820 | | |
$ | 5.37 | | |
| 8.55 | | |
$ | — | |
Granted | |
| 881,359 | | |
| 1.83 | | |
| | | |
| | |
Exercised | |
| — | | |
| — | | |
| | | |
| | |
Forfeited | |
| (787,968 | ) | |
| 4.68 | | |
| | | |
| | |
Expired/Canceled | |
| — | | |
| | | |
| | | |
| | |
Outstanding
at
June
30,
2023 | |
| 4,401,211 | | |
$ | 4.78 | | |
| 7.82 | | |
$ | — | |
Exercisable
at
June
30,
2023 | |
| 2,267,415 | | |
$ | 5.68 | | |
| 7.16 | | |
$ | — | |
At June 30, 2023, the Company
has 2,267,415 exercisable Plan Options. The total intrinsic value of options exercisable at June 30, 2023 was zero. Intrinsic value
is measured using the fair market value at the date of exercise (for shares exercised) and at June 30, 2023 (for outstanding options),
less the applicable exercise price.
Common Stock Purchase Warrants
A summary of the warrants
outstanding at June 30, 2023, and changes in the warrants in the year ended June 30, 2023 are presented below:
Schedule of common stock purchase warrants outstanding | |
| | | |
| | | |
| | |
| |
| |
Weighted
Average | |
Weighted
Average |
| |
Underlying
Shares | |
Exercise
Price | |
Remaining
Life |
| |
| |
| |
|
Outstanding at July 1, 2022 | |
| 1,250,000 | | |
$ | 1.30 | | |
| 0.03 | |
Granted | |
| 3,548,302 | | |
| 0.73 | | |
| 4.80 | |
Exercised | |
| (1,250,000 | ) | |
| 1.30 | | |
| — | |
Cancelled/Expired | |
| — | | |
| — | | |
| — | |
Outstanding and
exercisable at June 30, 2023 | |
| 3,548,302 | | |
$ | 0.73 | | |
| 4.80 | |
Schedule of common stock purchase warrants | |
| |
| |
| |
|
| |
| |
| |
Outstanding | |
Equivalent
Shares Exercisable |
Exercise
Prices | |
Underlying
Shares | |
Weighted
Average Remaining Contractual Life (years) | |
Weighted
Average Exercise Price | |
Number
Exercisable | |
Weighted
Average Exercise Price |
$ | 0.53-1.14 | | |
| 3,548,302 | | |
| 4.80 | | |
$ | 0.73 | | |
| 3,548,302 | | |
$ | 0.73 | |
Restricted Stock Units (RSUs)
The Company recognized stock-based
compensation expense related to RSUs of zero0 and $258,559 for the years ended June 30, 2023 and 2022, respectively. At June 30,
2023, the Company had approximately zero unrecognized compensation cost related to restricted stock units.
Restricted Stock Awards (RSA)
The
Company recognized stock-based compensation expense related to RSAs of $108,000 and zero0 for the years ended June 30, 2023
and 2022, respectively. The restricted stock awards are related to a grant of 100,000 shares
of restricted stock made to a consultant as consideration for consulting services.
|
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- DefinitionThe entire disclosure for equity.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
12 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 9 —
COMMITMENTS AND CONTINGENCIES
Commitments
On July 9, 2018, the Company
entered into a consulting agreement with G-Tech Bio, LLC, a California limited liability company (“G-Tech”) to assist
the Company with the development of the gene therapy and cell therapy modalities for the prevention, treatment, and amelioration
of HIV in humans, and with the development of a genetically enhanced Dendritic Cell for use as a wide spectrum platform for various
diseases (including but not limited to cancers and infectious diseases) (the “G-Tech Agreement”). G-Tech was entitled
to consulting fees for 20 months, with a monthly consulting fee of not greater than $130,000 per month. Upon the completion of
the 20 months, the monthly consulting fee of $25,000 continued for scientific consulting and knowledge transfer on existing HIV
experiments until the services were no longer being rendered or the G-Tech Agreement is terminated. As of May 25, 2022, the consultant
was no longer able to render services, therefore no expense was incurred for the year ended June 30, 2023. For the year ended June
30, 2022, $275,000 was charged to research and development expenses in our Consolidated Statements of Operations related to this
consulting agreement.
On January 31, 2020, the
Company entered into a Statement of Work and License Agreement (the “HBV License Agreement”) by and among the Company,
G-Tech, and G Health Research Foundation, a not for profit entity organized under the laws of California doing business as Seraph
Research Institute (“SRI”) (collectively the “HBV Licensors”), whereby the Company acquired a perpetual,
sublicensable, exclusive license (the “HBV License”) for a treatment under development (the “Treatment”)
aimed to treat Hepatitis B Virus (HBV) infections.
The HBV License Agreement
states that in consideration for the HBV License, the Company shall provide cash funding for research costs and equipment and certain
other in-kind funding related to the Treatment over a 24 month period, and provides for an up-front payment of $1.2 million within
7 days of January 31, 2020, along with additional payments upon the occurrence of certain benchmarks in the development of the
technology set forth in the HBV License Agreement, in each case subject to the terms of the HBV License Agreement. Additionally,
the HBV License Agreement provides for cooperation related to the development of intellectual property related to the Treatment
and for a 2% royalty to G-Tech on any net sales that may occur under the HBV License. On February 6, 2020, the Company paid the
$1.2 million up-front payment. The HBV License Agreement contains customary representations, warranties, and covenants of the parties
with respect to the development of the Treatment and the HBV License.
The cash funding for research
costs pursuant to the HBV License Agreement consisted of monthly payments amounting to $144,500 that covered scientific staffing
resources to complete the project as well as periodic payments for materials and equipment needed to complete the project. There
were no payments made after January 31, 2022. During the years ended June 30,
2023 and 2022, the Company paid a total of zero0 and $1,011,500, respectively, for scientific staffing resources, research
and development and Investigational New Drug (IND) enabling studies. During the years ended June 30, 2023 and 2022 the Company
paid zero0 and $1,500,000, respectively, for the milestone completion of a Pre-IND process following receipt of written comments
in accordance with the HBV License Agreement. The Company has filed a claim against the HBV Licensors, which includes certain payments
it made related to this license (see Contingencies sub-section below).
On April 18, 2021, the Company
entered into a Statement of Work and License Agreement (the “Development License Agreement”), by and among the Company,
G-Tech and SRI (collectively, the “Development Licensors”), whereby the Company acquired a perpetual sublicensable,
exclusive license (the “Development License”) to research, develop, and commercialize certain formulations which are
aimed at preventing and treating pan-coronavirus or the potential combination of the pan-coronavirus and pan-influenza, including
the SARS-coronavirus that causes COVID-19 and pan-influenza (the “Prevention and Treatment”).
The
Development License Agreement was entered into pursuant to the existing Framework Agreement between the parties dated November 15, 2019.
The Development License Agreement states that in consideration for the Development License, the Company shall provide cash funding for
research costs and equipment and certain other in-kind funding related to the Prevention and Treatment over a 24-month period. Additionally,
the Development License Agreement provided for an up-front payment of $10,000,000
and a $760,000
payment for expenditures to date prior to the effective date related to research towards the Prevention and Treatment within 60
days of April 18, 2021. The amounts were paid on June 18, 2021 and June 25, 2021, respectively. The Development License Agreement provides
for additional payments upon the occurrence of certain benchmarks in the development of the technology set forth in the Development License
Agreement, in each case subject to the terms of the Development License Agreement.
The Development License
Agreement provides for cooperation related to the development of intellectual property related to the Prevention and Treatment and
for a 3% royalty to G Tech on any net sales that may occur under the Development License Agreement. During the years ended June 30,
2023 and 2022 the Company paid zero
0 and $150,000
related to the Prevention and Treatment research. The Company is no longer pursuing any product candidates that relate to this
license. The Company has filed a claim against the Development Licensors to recover all monies it paid related to this license (see
Contingencies sub-section below).
On August 25, 2021, the
Company entered into an ALC Patent License and Research Funding Agreement in the HIV Field (the “ALC License Agreement”)
with Serhat Gümrükcü and SRI (collectively, the “ALC Licensors”) whereby the ALC Licensors granted the
Company an exclusive, worldwide, perpetual, fully paid-up, royalty-free license, with the right to sublicense, proprietary technology
subject to a U.S. patent application, to make, use, offer to sell, sell or import products for use solely for the prevention, treatment,
amelioration of or therapy exclusively for HIV in humans, and research and development exclusively relating to HIV in humans; provided
the ALC Licensors retained the right to conduct HIV research in the field. Pursuant to the ALC License Agreement, the Company granted
a non-exclusive license back to the ALC Licensors, under any patents or other intellectual property owned or controlled by the
Company, to the extent arising from the ALC License, to make, use, offer to sell, sell or import products for use in the diagnosis,
prevention, treatment, amelioration or therapy of any (i) HIV Comorbidities and (ii) any other diseases or conditions outside the
HIV Field. The Company made an initial payment to SRI of $600,000 and agreed to fund future HIV research conducted by the ALC Licensors,
as mutually agreed to by the parties. On September 10, 2021, pursuant to the ALC License Agreement, the Company paid the initial
payment of $600,000.
G-Tech and SRI are controlled
by Anderson Wittekind, a shareholder of the Company.
Shares held for non-consenting
shareholders – The 17,414 remaining shares of Common Stock related to the Acquisition of Renovaro Denmark have been reflected
as issued and outstanding in the accompanying financial statements. There were zero shares of Common Stock issued to such non-consenting
shareholders during the years ended June 30, 2023 and 2022 (see Note 8).
Service Agreements
– The Company had a consulting agreement for services of a Senior Medical Advisor for up to $210,000 per year on a
part-time basis. This consulting agreement was terminated as of October 31, 2022. The Company maintains employment agreements with
other staff in the ordinary course of business.
Contingencies
Securities Class Action
Litigation. On July 26, 2022 and July 28, 2022, securities class action complaints (the former, the “Chow Action”
and the latter, the “Manici Action”) were filed by purported stockholders of the Company in the United States District
Court for the Central District of California against the Company and certain of the Company’s current and former officers
and directors. The complaints allege, among other things, that the defendants violated Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934, as amended, and Rule 10b-5 thereunder, by making false and misleading statements and omissions of material
fact in connection with the Company’s relationship with Serhat Gümrükcü and its commercial prospects. The
complaints seek unspecified damages, interest, fees, and costs. On November 22, 2022, the Manici Action was voluntarily dismissed
without prejudice, but the Chow action remains pending. The defendants did not respond to the complaint in the Manici action and
have not yet responded to the complaint in the Chow action. The Company intends to contest this matter but expresses no opinion
as to the likelihood of a favorable outcome.
Federal Derivative Litigation.
On September 22, 2022, Samuel E. Koenig filed a shareholder derivative action in the United States District Court for the Central
District of California. On January 19, 2023, John Solak filed a substantially similar shareholder derivative action in the United
States District Court for the District of Delaware. Both derivative actions recite similar underlying facts as those alleged in
the Securities Class Action Litigation. The actions, filed on behalf of the Company, name Serhat Gümrükcü and certain
of the Company’s current and former directors as defendants. The actions also name the Company as a nominal defendant. The
actions allege violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 and also set out claims for breach
of fiduciary duty, contribution and indemnification, aiding and abetting, and gross mismanagement. Plaintiffs do not quantify any
alleged injury, but seek damages, disgorgement, restitution, and other costs and expenses. On January 24, 2023, the United States
District Court for the Central District of California stayed the Koenig matter pending resolution of the defendants’ anticipated
motion to dismiss in the Securities Class Action Litigation. On April 6, 2023, the United States District Court for the District
of Delaware stayed the Solak matter pending resolution of the defendants’ anticipated motion to dismiss in the Securities
Class Action Litigation. The defendants have not yet responded to either complaint. The Company intends to contest these matters
but expresses no opinion as to the likelihood of favorable outcomes.
State Derivative Litigation.
On October 20, 2022, Susan Midler filed a shareholder derivative action in the Superior Court of California, Los Angeles County,
reciting similar underlying facts as those alleged in the Securities Class Action Litigation. The action, filed on behalf of the
Company, names Serhat Gümrükcü and certain of the Company’s current and former directors as defendants. The
action also names the Company as a nominal defendant. The action sets out claims for breaches of fiduciary duty, contribution and
indemnification, aiding and abetting, and gross mismanagement. Plaintiff does not quantify any alleged injury, but seeks damages,
disgorgement, restitution, and other costs and expenses. On January 20, 2023, the Court stayed the Midler matter pending resolution
of the defendants’ anticipated motion to dismiss in the Securities Class Action Litigation. The Court also set a status conference
for November 6, 2023. The defendants have not yet responded to the complaint. The Company intends to contest this matter but expresses
no opinion as to the likelihood of a favorable outcome.
On
October 21, 2022, the Company filed a Complaint in the Superior Court of the State of California for the County of Los Angeles against
Serhat Gümrükcü, William Anderson Wittekind (“Wittekind”), G Tech, SG & AW Holdings, LLC, and SRI. The
Complaint alleges that the defendants engaged in a “concerted, deliberate scheme to alter, falsify, and misrepresent to the Company
the results of multiple studies supporting its Hepatitis B and SARS-CoV-2/influenza pipelines.” Specifically, “Defendants
manipulated negative results to reflect positive outcomes from various studies, and even fabricated studies out of whole cloth.”
As a result of the defendants’ conduct, the Company claims that it “paid approximately $25 million to Defendants and third-parties
that it would not otherwise have paid.” On April 21, 2023, defendants Wittekind, G Tech, SG & AW Holdings, LLC, and SRI filed
a demurrer with respect to some, but not all, of the Company’s claims, as well as a motion to strike. On September 6, 2023, the
court denied in part and granted in part the pending motions. On September 7, 2023, the court entered a case management order setting
the final status conference, trial, and other intervening deadlines. We will continue to pursue our claims against these defendants.
On
March 1, 2021, the Company’s former Chief Financial Officer, Robert Wolfe and his company, Crossfield, Inc., filed
a Complaint in the U.S. District Court for the District of Vermont against the Company, Renovaro BioSciences Denmark ApS, and certain
directors and officers. In the Complaint, Mr. Wolfe and Crossfield, Inc. asserted claims for abuse of process and malicious prosecution,
alleging, inter alia, that the Company lacked probable cause to file and prosecute an earlier action, and sought millions of dollars
of compensatory damages, as well as punitive damages. The allegations in the Complaint relate to an earlier action filed by the
Company and Renovaro BioSciences Denmark ApS in the Vermont Superior Court, Orange Civil Division. On March 3, 2022, the court
partially granted the Company’s motion to dismiss, dismissing the abuse of process claim against all defendants and all claims
against Mark Dybul and Henrik Grønfeldt-Sørensen. On November 29, 2022, the Company filed a motion for summary judgment
with respect to the sole remaining claim of malicious prosecution. On August 24, 2023, the court denied the motion for summary
judgment. On September 7, 2023, the Company moved for reconsideration of the court’s order. The Company denies the allegations
set forth in the Complaint and will continue to vigorously defend against the remaining claim.
On
June 7, 2023, Weird Science LLC (“Weird Science”), Wittekind, the William Anderson Wittekind 2020 Annuity Trust, the
William Anderson Wittekind 2021 Annuity Trust, the Dybul 2020 Angel Annuity Trust, and the Ty Mabry 2021 Annuity Trust (collectively,
the “Trusts”) (collectively, “Plaintiffs”) filed a Verified Complaint against the Company in the Court
of Chancery of Delaware. Plaintiffs allege that the Company breached the February 16, 2018 Investor Rights Agreement between the
Company, Weird Science, and RS Group ApS (the “Investor Rights Agreement”). According to the Verified Complaint, the
Investor Rights Agreement required the Company to (i) notify all “Holders” of “Registrable Securities”
at least 30 days prior to filing a registration statement and (ii) afford such Holders an opportunity to have their Registrable
Securities included in such registration statement. Plaintiffs allege that the Company breached these registration rights by failing
to provide the required notice in connection with S-3 registration statements filed by the Company on July 13, 2020 and February
11, 2022. Plaintiffs seek compensatory damages, pre- and post-judgment interest, costs, and attorneys’ fees. Enochian denies
Plaintiffs’ allegations and intends to vigorously defend against the claim.
On August 24, 2023, counsel on behalf of Weird
Science, Wittekind, individually, and Wittekind, as trustee of the Trusts served a demand to inspect the Company’s books
and records (the “Demand”) pursuant to Delaware General Corporation Law, § 220 (“Section 220”).
The Demand seeks the Company’s books and records in connection with a various issues identified in the Demand. The Company
takes its obligations under Section 220 seriously and, to the extent that the requests are proper under Section 220, intends to
comply with those obligations.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
RELATED PARTY TRANSACTIONS
|
12 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
10 — RELATED PARTY TRANSACTIONS
On
June 26, 2023, RS Bio ApS, a Danish entity, participated in the Private Placement and purchased 1,886,794 of
Common Stock and warrants to purchase 943,397 shares
of Common Stock resulting in proceeds to the Company of $1,000,000.
Mr. Rene Sindlev, the Chairman of the Company’s Board of Directors, holds the sole voting and disposition power of the shares owned
by RS Bio ApS. The Board of Directors (excluding Mr. Sindlev) approved the participation of certain officers and directors of the Company
in the Private Placement on identical terms as the other investors of the Private Placement (see Note 8).
On
March 17, 2023, RS Bio ApS, a Danish entity, participated in the Private Placement and purchased 877,193
shares of
Common Stock and warrants to purchase 438,597 shares
of Common Stock resulting in proceeds to the Company of $1,000,000.
Mr. Rene Sindlev, the Chairman of the Company’s Board of Directors, holds the sole voting and disposition power of the shares owned
by RS Bio ApS. The Board of Directors (excluding Mr. Sindlev) approved the participation of certain officers and directors of the Company
in the Private Placement on identical terms as the other investors of the Private Placement (see Note 8).
The
Company paid G-Tech zero 0 and
$4,031,500,
which included payments for consulting agreements related to HIV, and contractual costs related to the HBV License, the Development License
and the ALC License (see Note 9), and security expenses, for the years ended June 30, 2023 and 2022, respectively.
The
Company leased office space from a landlord affiliated with G-Tech from May 15, 2022 to August 31, 2022, on a month-to-month basis for
a total of $43,750,
of which $25,000
relates to the
year ended June 30, 2023. The Company paid the amount in full in August 2022.
|
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v3.23.3
SUBSEQUENT EVENTS
|
12 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
11 — SUBSEQUENT EVENTS
August
2023 Private Placement
On
August 1, 2023, the Company closed a private placement of 280,505
of the Company’s units. Each such
Unit consists of (i) one share of the Company’s Series A Convertible Preferred Stock, $0.0001
par value per share and (ii) one Common
Stock purchase warrant to purchase five shares of the Company’s Common Stock, $0.0001
par value per share at a price per Unit
equal to $7.13
for aggregate proceeds to the Company of
$2,000,000
in cash. In addition, the Company issued
280,505
Units in connection with the conversion
of $2,000,000
of the Promissory Note, as further described
below under the heading “Amendment and Conversion of Previously Issued Promissory Note”.
In
connection with the Private Placement, the Company sold an aggregate of 561,010
shares of Preferred Stock,
which are initially convertible
into an aggregate of 5,610,100
shares of Common Stock.
In connection with the Private Placement, the Company sold Warrants to purchase an aggregate of 2,805,050
shares of Common Stock, which
represents 50% warrant coverage. The Warrants are exercisable for five years from the date of issuance and have an exercise price of
$0.65
per share, payable in cash.
Amendment
and Conversion of Previously Issued Promissory Note
On
July 31, 2023, the Company and the holder of the Previously Issued Promissory Note agreed to amend the Promissory Note (the Fourth Amendment),
to provide the holder with limited conversion rights in connection with the Private Placement. Per the terms of the Fourth Amendment,
the Holder could elect to convert $2,000,000
of the outstanding principal balance of
the Promissory Note into the Units being offered in the Private Placement at the price per Unit being paid by the investors in the Private
Placement.
As
mentioned above, on August 1, 2023, the holder of the Promissory Note notified the Company of their election to exercise the Conversion
Right. Therefore, $2,000,000
of the outstanding principal balance of
the note was converted into 280,505
Units, comprised of an aggregate of (i)
280,505
shares of Preferred Stock and (ii) Warrants
to purchase an aggregate of 1,402,525
shares of Common Stock. A principal balance
of $3,000,000
remained outstanding under the Promissory
Note after the foregoing conversion. The Units issued in connection with the conversion were issued pursuant to Regulation S.
Definitive
Agreement with GEDi Cube
On
September 28, 2023, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with GEDi Cube,
a private company formed under the laws of England and Wales (“GEDi Cube”). Upon the terms and subject to the conditions
set forth in the Purchase Agreement, the Company will acquire 100% of the equity interests of GEDi Cube from its equity holders (the
“Sellers”) and GEDi Cube will become a wholly-owned subsidiary of the Company (the “Transaction”).
On September 28, 2023, the board of directors of the Company, and the board of managers of GEDi Cube unanimously approved the Purchase
Agreement.
At
the effective time of the Transaction (the “Effective Time”), each ordinary share of GEDi Cube (each, a “GEDi
Cube Share”) issued and outstanding as of immediately prior to the Effective Time will be exchanged for (i) shares of our Common
Stock (the “Renovaro Shares”) such that the total number of Renovaro Shares issued to the holders of GEDi Cube Shares
shall equal 50% of the total number of Renovaro Shares outstanding as of the Effective Time, subject to certain adjustments (the “Closing
Consideration”) and (ii) earn-out Renovaro Shares to be issued pro rata to the Sellers upon the exercise or conversion of any
of our derivative securities (subject to certain exceptions) which are outstanding at the Effective Time (the “Earnout Shares”).
Each
of the Company and GEDi Cube has agreed, subject to certain exceptions with respect to unsolicited proposals, not to directly or indirectly
solicit competing acquisition proposals or to enter into discussions concerning, or provide confidential information in connection with,
any unsolicited alternative acquisition proposals.
The
completion of the Transaction is subject to the satisfaction or waiver of customary closing conditions, including: (i) adoption
of the Purchase Agreement by holders of all of the outstanding GEDi Cube Shares, (ii) approval of the issuance of Renovaro Shares
in connection with the Transaction by a majority of the votes cast at the shareholder meeting of our shareholders, (iii) absence
of any court order or regulatory injunction prohibiting completion of the Transaction, (iv) subject to specified materiality standards,
the accuracy of the representations and warranties of the other party, (v) the authorization for listing of Renovaro Shares to be
issued in the Transaction on the Nasdaq, (vi) compliance by the other party in all material respects with its covenants, and (vii)
the entry by the parties into a registration rights agreement, to become effective as of the Effective Time, pursuant to which
Renovaro will provide registration rights to the Sellers with respect to (a) the Renovaro Shares issued to the Sellers as Closing Consideration
at the Effective Time and (b) any Earnout Shares that they receive after the Closing.
We
and GEDi Cube have each made customary representations and warranties in the Purchase Agreement. The Purchase Agreement also contains
customary covenants and agreements, including covenants and agreements relating to (i) the conduct of each of our and GEDi Cube’s
business between the date of the signing of the Purchase Agreement and the closing date of the Transaction and (ii) the efforts
of the parties to cause the Transaction to be completed.
The
Purchase Agreement contains certain termination rights for both the Company and GEDi Cube.
Stock
Issuances
On
July 28, 2023, the Company entered into an agreement to issue 500,000
shares
of Common Stock for consulting services valued at $285,000.
On August 22, 2023, the Company entered into agreements to issue an aggregate
of 1,000,000 shares of Common Stock for consulting services valued at $2,150,000.
On
September 28, 2023, the Company entered into an agreement to issue 500,000 shares
of Common Stock for consulting services valued at $2,035,000.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Business |
Business–
In August 2023, the Company changed its corporate name from Enochian Biosciences Inc. to Renovaro Biosciences Inc., (“Renovaro”,
and together with its subsidiaries, the “Company”, “we” or “us”) engages in the research and development
of pharmaceutical and biological products for the treatment of HIV, HBV, and cancer with the intent to manufacture said products.
|
Going Concern |
Going
Concern - These financial statements
have been prepared on a going concern basis, which assumes that the Company will continue
to realize its assets and discharge its liabilities in the normal course of business. The
Company has not generated any revenue, has incurred substantial recurring losses from continuing
operations and has an accumulated deficit of $244,029,253 as
of June 30, 2023. The continuation of the Company as a going concern is dependent upon (i)
its ability to successfully obtain FDA approval of its product candidates, (ii) its ability
to obtain any necessary debt and/or equity financing, and (iii) its ability to generate profits
from the Company’s future operations. These factors raise substantial doubt regarding
the Company’s ability to continue as a going concern for a year from the issuance of
these financial statements. These financial statements do not include any adjustments to
the recoverability and classification of recorded asset amounts and classification of liabilities
that might be necessary should the Company be unable to continue as a going concern.
|
Basis of Presentation |
Basis
of Presentation- The Company prepares consolidated financial statements in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”) and follows the rules and regulations of the U.S. Securities and Exchange
Commission (“SEC”).
|
Principles of Consolidation |
Principles of Consolidation–
For the years ended June 30, 2023 and 2022, the consolidated financial statements include the accounts and operations of Renovaro, and its wholly owned subsidiaries. All material inter-company transactions and accounts have been eliminated in the consolidation.
|
Subsidiaries |
Subsidiaries - Renovaro
Biopharma Inc. (Renovaro Biopharma), formerly Enochian Biopharma Inc., was incorporated on May 19, 2017 in Delaware and is a 100%
owned subsidiary of Renovaro. Renovaro Biopharma owns a perpetual, fully paid-up, royalty-free, sublicensable, and sole and
exclusive worldwide license to research, develop, use, sell, have sold, make, have made, offer for sale, import and otherwise
commercialize certain intellectual property in cellular therapies for the prevention, treatment, amelioration of and/or therapy
exclusively for HIV in humans, and research and development exclusively relating to HIV in humans. As of June 30, 2023 and June 30,
2022, zero and 1,250,000 shares of Common Stock, respectively, remain contingently issuable in connection with the acquisition of
Renovaro Biopharma in February 2018 (the Contingent Shares).
Renovaro Biosciences Denmark
ApS (“Renovaro Denmark”), formerly Enochian Biosciences Denmark ApS a Danish corporation was incorporated on April
1, 2001. On February 12, 2014, in accordance with the terms and conditions of a Share Exchange Agreement, the Company acquired
Renovaro Denmark and it became a 100% owned subsidiary of Renovaro subject to 185,053 shares of Common Stock of Renovaro held in
escrow according to Danish law (the “Escrow Shares”). As of June 30, 2023, there are 17,414 Escrow Shares remaining
(see Note 8).
|
Use of Accounting Estimates |
Use
of Accounting Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent
assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting
period. Actual results could differ from those estimated. Significant estimates include the fair value and potential impairment of intangible
assets, the fair value of the contingent consideration liability, and the fair value of equity instruments issued.
|
Functional Currency and Foreign Currency Translation |
Functional Currency and
Foreign Currency Translation - The functional currency of Renovaro Denmark is the Danish Kroner (“DKK”). Renovaro
Denmark’s reporting currency is the U.S. Dollar for the purpose of these financial statements. Renovaro Denmark’s consolidated
balance sheet accounts are translated into U.S. dollars at the period-end exchange rates and all revenue and expenses are translated
into U.S. dollars at the average exchange rates prevailing during the years ended June 30, 2023 and 2022. Translation gains and
losses are deferred and accumulated as a component of other comprehensive income (loss) in stockholders’ equity. Transaction
gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional
currency are included in the statement of operations as incurred.
|
Cash and Cash Equivalents |
Cash and Cash Equivalents
- The Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents.
The Company’s cash balances at June 30, 2023, and 2022, are $1,874,480 and $9,172,142, respectively. The Company had balances
held in financial institutions in Denmark and in the United States in excess of federally insured amounts at June 30, 2023 and
2022 of $1,526,990, and $8,805,495, respectively.
|
Property and Equipment |
Property and Equipment
- Property and equipment are stated at cost. Expenditures for major renewals and betterments that extend the useful lives of
property and equipment are capitalized and depreciated upon being placed in service. Expenditures for maintenance and repairs are
charged to expense as incurred. Depreciation is computed for financial statement purposes on a straight-line basis over the estimated
useful lives of the assets, which range from four to ten years (see Note 3).
|
Intangible Assets |
Intangible Assets - The
Company has both definite and indefinite life intangible assets.
Definite
life intangible assets relate to patents. The Company accounts for definite life intangible assets in accordance with Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350, Goodwill and Other Intangible
Assets. Intangible assets are recorded at cost. Patent costs capitalized consist of costs incurred to acquire the underlying patent.
If it is determined that a patent will not be issued, the related remaining capitalized patent costs are charged to expense. Definite
life intangible assets are amortized on a straight-line basis over their estimated useful life. The estimated useful life of patents
is twenty years from the date of application.
Indefinite life intangible
assets include license agreements and goodwill acquired in a business combination. The Company accounts for indefinite life intangible
assets in accordance with ASC 350. License agreement costs represent the fair value of the license agreement on the date acquired
and are tested annually for impairment on June 30 or whenever events or changes in circumstances indicate the fair value of the
license is less than the carrying amount.
|
Goodwill |
Goodwill - Goodwill
is not amortized but is evaluated for impairment annually as of June 30 or whenever events or changes in circumstances indicate
the carrying value of the reporting unit may be less than the fair value of the reporting unit.
|
Impairment of Goodwill and Indefinite Lived Intangible Assets |
Impairment of Goodwill
and Indefinite Lived Intangible Assets – We test for goodwill impairment at the reporting unit level, which is one level
below the operating segment level. Our detailed impairment testing involves comparing the fair value of each reporting unit to
its carrying value, including goodwill. Fair value reflects the price a market participant would be willing to pay in a potential
sale of the reporting unit and is based on discounted cash flows or relative market-based approaches. If the carrying value of
the reporting unit exceeds its fair value, we record an impairment loss for such excess. The annual fair value analysis performed
on goodwill supported that goodwill is not impaired as of June 30, 2023 (see Note 4.)
For
indefinite-lived intangible assets, such as licenses acquired as an In-Process Research and Development (“IPR&D”) asset,
on an annual basis we determine the fair value of the asset and record an impairment loss, if any, for the excess of the carrying value
of the asset over its fair value. For the year ended June 30, 2023, the carrying value of the licenses acquired as an IPR&D asset
exceeded its fair value. Therefore, the Company recorded an impairment loss of $18,960,000 during the year ended June 30, 2023 (see Note
4.)
The
carrying value of IPR&D and goodwill at June 30, 2023, were $42,611,000 and $11,640,000,
respectively.
|
Impairment of Long-Lived Assets |
Impairment of Long-Lived
Assets - Long-lived assets, such as property and equipment and definite life intangible assets are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Circumstances
which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant
adverse changes in the business climate or legal factors; current period cash flow or operating losses combined with a history
of losses or a forecast of continuing losses associated with the use of the asset; and current expectations that the asset will
more likely than not be sold or disposed of significantly before the end of its estimated useful life.
Recoverability of assets
to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows
expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows,
an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount or
fair value less costs to sell and would no longer be depreciated. The depreciable basis of assets that are impaired and continue
in use are their respective fair values. No impairment was recorded during the year ended June 30, 2023.
|
Leases |
Leases - In
accordance with ASC Topic 842, the Company determined the initial classification and measurement of its right-of-use assets and
lease liabilities at the lease commencement date and thereafter. The lease terms include any renewal options and termination options
that the Company is reasonably assured to exercise, if applicable. The present value of lease payments is determined by using the
implicit interest rate in the lease, if that rate is readily determinable; otherwise, the Company develops an incremental borrowing
rate based on the information available at the commencement date in determining the present value of the future payments.
Effective June 25, 2022,
the Company entered into a sub-lease agreement (see Note 5.) Pursuant to ASC 842, the Company treats the sublease as a separate
lease, as the Company was not relieved of the primary obligation under the original lease. The Company continued to account for
the Century City Medical Plaza lease as a lessee and in the same manner as prior to the commencement date of the sublease. The
Company accounted for the sublease as a lessor of the lease. The sublease was classified as an operating lease, as it did not meet
the criteria of a sales-type or direct financing lease. On April 18, 2023, the Company entered into a sublease termination agreement
with One Health Labs (the “Subtenant”), whereby the Subtenant and the Company agreed to terminate the sublease effective
as of April 30, 2023. The Subtenant agreed to pay the Company $139,460 along with the security deposit of $35,540 for a total termination
fee of $175,000, to permit early termination of the sublease.
Rent expense for operating
leases is recognized on a straight-line basis, unless the operating lease right-of-use assets have been impaired, over the reasonably
assured lease term based on the total lease payments and is included in general and administrative expenses in the consolidated
statements of operations. For operating leases that reflect impairment, the Company will recognize the amortization of the operating
lease right-of-use assets on a straight-line basis over the remaining lease term with rent expense still included in general and
administrative expenses in the consolidated statements of operations.
The Company has elected
the practical expedient to not separate lease and non-lease components. The Company’s non-lease components are primarily
related to property maintenance, insurance and taxes, which vary based on future outcomes, and thus are recognized in general and
administrative expenses when incurred (see Note 5.)
|
Research and Development Expenses |
Research and Development
Expenses - The Company expenses research and development costs incurred in formulating, improving, validating, and creating
alternative or modified processes related to and expanding the use of the HIV, HBV, and Oncology therapies and technologies for
use in the prevention, treatment, amelioration of and/or therapy for HIV, HBV, and Oncology. Research and development expenses
for the year ended June 30, 2023 and 2022 amounted to $4,165,197 and $8,372,800, respectively.
|
Income Taxes |
Income Taxes - The
Company accounts for income taxes in accordance with FASB ASC Topic 740 Accounting for Income Taxes, which requires an asset and
liability approach for accounting for income taxes (see Note 7.)
|
Loss Per Share |
Loss
Per Share - The Company calculates earnings (loss) per share in accordance with FASB ASC 260 Earnings Per Share. Basic earnings
per common share (EPS) are based on the weighted average number of shares of Common Stock outstanding during each period. Diluted earnings
per common share are based on shares outstanding (computed as for basic EPS) and potentially dilutive common shares. Potential shares
of Common Stock included in the diluted earnings per share calculation include in-the-money stock options that have been granted but
have not been exercised. The shares of Common Stock outstanding at June 30, 2023 and 2022 were 63,698,144
and 53,007,082,
respectively. Because of the net loss for each of the years ended June 30, 2023 and June 30, 2022, dilutive shares for both periods were
excluded from the diluted EPS calculation, as the effect of these potential shares of Common Stock is anti-dilutive. The Company had
7,949,513
and 6,807,820
potential shares of Common Stock excluded from the diluted EPS calculation for the years ended June 30, 2023 and 2022, respectively.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments - The Company accounts for fair value measurements for financial assets and financial liabilities
in accordance with FASB ASC Topic 820, Fair Value Measurement. Under the authoritative guidance, fair value is defined as the exit price,
representing the amount that would either be received to sell an asset or be paid to transfer a liability in an orderly transaction between
market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants
would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance established a three-tier fair value
hierarchy, which prioritizes the inputs used in measuring fair value as follows:
|
● |
Level 1. Observable inputs, such as quoted prices
in active markets for identical assets or liabilities; |
|
|
|
|
● |
Level 2. Inputs, other than quoted prices in
active markets, that are observable either directly or indirectly; and |
|
|
|
|
● |
Level 3. Unobservable
inputs in which there is little or no market data which require the reporting entity to develop its own assumptions. |
There
were no Level 1, 2, or 3 assets, nor any Level 1, 2, or 3 liabilities measured at fair value on a recurring basis as of June 30, 2023.
As
a result of the contingent consideration liability being extinguished during the fiscal year, a fair value option model evaluation was
not performed as of June 30, 2023.
Unless
otherwise disclosed, the fair value of the Company’s financial instruments, including cash, accounts receivable, prepaid expenses,
accounts payable, accrued expenses, and notes payable, approximate their recorded values due to their short-term nature.
The following table sets forth the
liabilities at June 30, 2023 and 2022, which are recorded on the balance sheet at fair value on a recurring basis by level of input within
the fair value hierarchy. As required, these are classified based on the lowest level of input that is significant to the fair value
measurement:
Summary of significant to the fair value measurement | |
Fair
Value Measurements at Reporting Date Using |
| |
Quoted
Prices in Active Markets for Identical Assets Inputs | |
Significant
Other Observable Inputs | |
Significant
Other Unobservable Inputs |
| |
(Level
1) | |
(Level
2) | |
(Level
3) |
| |
| |
| |
|
Contingent
Consideration Liability at June 30, 2023 | |
$ | — | | |
$ | — | | |
$ | — | |
The roll forward of the contingent consideration
liability is as follows: | |
| | | |
| | | |
| | |
Balance June 30, 2022 | |
| — | | |
| — | | |
| 2,343,318 | |
Contingent Shares issued pursuant to the Acquisition
Agreement | |
| | | |
| | | |
| (2,762,500 | ) |
Loss on extinguishment of
contingent Consideration | |
| — | | |
| — | | |
| 419,182 | |
Balance June 30, 2023 | |
$ | — | | |
$ | — | | |
$ | — | |
| |
Fair
Value Measurements at Reporting Date Using |
| |
Quoted
Prices in Active Markets for Identical Assets Inputs | |
Significant
Other Observable Inputs | |
Significant
Other Unobservable Inputs |
| |
(Level
1) | |
(Level
2) | |
(Level
3) |
| |
| |
| |
|
Contingent
Consideration Liability at June 30, 2022 | |
$ | — | | |
$ | — | | |
$ | 2,343,318 | |
The roll forward of the contingent consideration
liability is as follows: | |
| | | |
| | | |
| | |
Balance June 30, 2021 | |
| — | | |
| — | | |
| 6,037,945 | |
Contingent Shares issued pursuant to the Acquisition
Agreement | |
| | | |
| | | |
| (798,000 | ) |
Fair value adjustment | |
| — | | |
| — | | |
| (2,896,627 | ) |
Balance June 30, 2022 | |
$ | — | | |
$ | — | | |
$ | 2,343,318 | |
|
Stock-Based Compensation |
Stock-Based
Compensation - The Company has granted stock options, restricted share units (“RSUs”)
and warrants to certain employees, officers, directors, and consultants. The Company accounts
for options in accordance with the provisions of FASB ASC Topic 718, Compensation –
Stock Compensation. Stock based compensation costs for the vesting of options and
RSUs granted to certain employees, officers, directors, and consultants for the years ended
June 30, 2023 and 2022 were $3,535,051 and $5,490,602, respectively.
The
Company recognizes compensation costs for stock option awards to employees,
officers and directors based on their grant-date fair value. The value of each stock option is estimated on the date of grant using the
Black-Scholes option-pricing model. The weighted-average assumptions used to estimate the fair value of the stock options granted using
the Black-Scholes option-pricing model are the expected term of the award, the underlying stock price volatility, the risk-free interest
rate, and the expected dividend yield. The Company accounts for forfeitures as they occur.
The
Company records stock-based compensation for services received from non-employees in accordance with ASC 718, Compensation—Stock
Compensation Non-Employees. All transactions in which goods or services are the consideration received for the issuance of equity
instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued,
whichever is more reliably measurable. Equity instruments issued to consultants and the cost of the services received as consideration
are measured and recognized based on the fair value of the equity instruments issued and are recognized over the consultants’ required
service period, which is generally the vesting period.
The
Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting
employment termination behavior. Accordingly, the Company has elected to use the “simplified method” to estimate the expected
term of its share-based awards. The simplified method computes the expected term as the sum of the award’s vesting term plus the
original contractual term divided by two.
|
New Accounting Pronouncements Not Yet Adopted |
New Accounting Pronouncements Not Yet Adopted
- Recent accounting pronouncements issued by the FASB that have not yet been adopted by the Company are not expected to have a
material impact on the Company’s present or future consolidated financial statements.
|
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v3.23.3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of significant to the fair value measurement |
Summary of significant to the fair value measurement | |
Fair
Value Measurements at Reporting Date Using |
| |
Quoted
Prices in Active Markets for Identical Assets Inputs | |
Significant
Other Observable Inputs | |
Significant
Other Unobservable Inputs |
| |
(Level
1) | |
(Level
2) | |
(Level
3) |
| |
| |
| |
|
Contingent
Consideration Liability at June 30, 2023 | |
$ | — | | |
$ | — | | |
$ | — | |
The roll forward of the contingent consideration
liability is as follows: | |
| | | |
| | | |
| | |
Balance June 30, 2022 | |
| — | | |
| — | | |
| 2,343,318 | |
Contingent Shares issued pursuant to the Acquisition
Agreement | |
| | | |
| | | |
| (2,762,500 | ) |
Loss on extinguishment of
contingent Consideration | |
| — | | |
| — | | |
| 419,182 | |
Balance June 30, 2023 | |
$ | — | | |
$ | — | | |
$ | — | |
| |
Fair
Value Measurements at Reporting Date Using |
| |
Quoted
Prices in Active Markets for Identical Assets Inputs | |
Significant
Other Observable Inputs | |
Significant
Other Unobservable Inputs |
| |
(Level
1) | |
(Level
2) | |
(Level
3) |
| |
| |
| |
|
Contingent
Consideration Liability at June 30, 2022 | |
$ | — | | |
$ | — | | |
$ | 2,343,318 | |
The roll forward of the contingent consideration
liability is as follows: | |
| | | |
| | | |
| | |
Balance June 30, 2021 | |
| — | | |
| — | | |
| 6,037,945 | |
Contingent Shares issued pursuant to the Acquisition
Agreement | |
| | | |
| | | |
| (798,000 | ) |
Fair value adjustment | |
| — | | |
| — | | |
| (2,896,627 | ) |
Balance June 30, 2022 | |
$ | — | | |
$ | — | | |
$ | 2,343,318 | |
|
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v3.23.3
PROPERTY AND EQUIPMENT (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment |
Schedule
of property and equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Useful
Life |
|
June
30, 2023 |
|
June
30, 2022 |
Lab
equipment and instruments |
|
|
4-7 |
|
|
$ |
576,298 |
|
|
$ |
546,524 |
|
Leasehold
improvements |
|
|
10 |
|
|
|
224,629 |
|
|
|
224,629 |
|
Furniture,
fixtures, and equipment |
|
|
4-7 |
|
|
|
172,861 |
|
|
|
172,861 |
|
Total |
|
|
|
|
|
|
973,788 |
|
|
|
944,014 |
|
Less
accumulated depreciation |
|
|
|
|
|
|
(464,799 |
) |
|
|
(357,478 |
) |
Net
Property and Equipment |
|
|
|
|
|
$ |
508,989 |
|
|
$ |
586,536 |
|
|
X |
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v3.23.3
INTANGIBLE ASSETS AND GOODWILL (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of intangible assets |
Schedule
of intangible assets | |
| |
| | | |
| | | |
| | | |
| | |
| |
Useful
Life | |
June
30, 2022 | |
Period
Change | |
Effect
of Currency Translation | |
June
30, 2023 |
Definite
Life Intangible Assets | |
| |
| | | |
| | | |
| | | |
| | |
Patents | |
20
Years | |
$ | 279,257 | | |
$ | — | | |
| 11,679 | | |
$ | 290,936 | |
Less
Accumulated Amortization | |
| |
| (234,989 | ) | |
| (6,175 | ) | |
| (10,096 | ) | |
| (251,260 | ) |
Net
Definite-Life Intangible Assets | |
| |
$ | 44,268 | | |
$ | (6,175 | ) | |
$ | 1,583 | | |
$ | 39,676 | |
| |
| |
| | | |
| | | |
| | | |
| | |
Indefinite
Life Intangible Assets | |
| |
| | | |
| | | |
| | | |
| | |
License
Agreement | |
| |
$ | 61,571,000 | | |
$ | (18,960,000 | ) | |
$ | — | | |
$ | 42,611,000 | |
| |
| |
| | | |
| | | |
| | | |
| | |
Goodwill | |
| |
| 11,640,000 | | |
| — | | |
| — | | |
| 11,640,000 | |
Total
Indefinite Life Intangible Assets | |
| |
$ | 73,211,000 | | |
$ | (18,960,000 | ) | |
$ | — | | |
$ | 54,251,000 | |
|
Schedule of expected future amortization expense |
Schedule of expected future amortization expense | | |
| | |
Years
ended June 30, | |
|
2024 | | |
$ | 9,919 | |
2025 | | |
| 9,919 | |
2026 | | |
| 9,919 | |
2027 | | |
| 9,919 | |
Total | | |
$ | 39,676 | |
|
X |
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v3.23.3
LEASES (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Leases |
|
Schedule of lease commitments |
Schedule of lease commitments | | |
| | |
Years
Ending June 30 | |
Lease
Expense |
2024 | | |
$ | 246,004 | |
2025 | | |
| 253,384 | |
2026 | | |
| 260,985 | |
2027 | | |
| 268,815 | |
2028 | | |
| 45,020 | |
Less
imputed
interest | | |
| (105,199 | ) |
Total | | |
$ | 969,009 | |
|
Schedule of net operating lease expenses |
Schedule
of net operating lease expenses |
|
|
|
|
|
|
|
|
|
|
Years
ended June 30, |
|
|
2023 |
|
2022 |
Operating
Lease Expense |
|
$ |
322,447 |
|
|
$ |
356,073 |
|
Sub-lease Income |
|
|
(352,700 |
) |
|
|
(2,962 |
) |
Total Net
Lease Expense |
|
$ |
(30,253) |
|
|
$ |
353,111 |
|
|
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v3.23.3
INCOME TAXES (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Schedule of deferred tax assets (liabilities) |
Schedule
of deferred tax assets (liabilities) |
|
|
|
|
|
|
|
|
|
|
June
30 |
|
|
2023 |
|
2022 |
Excess of tax over
book depreciation of fixed assets |
|
$ |
8,258 |
|
|
$ |
6,406 |
|
Excess of tax over book depreciation
of patents |
|
|
8,415 |
|
|
|
5,716 |
|
Stock/options compensation |
|
|
3,885,996 |
|
|
|
2,831,137 |
|
Depreciation and amortization |
|
|
152,059 |
|
|
|
118,020 |
|
Net operating loss carryforwards |
|
|
140,547,314 |
|
|
|
71,299,011 |
|
Change in tax rate |
|
|
— |
|
|
|
— |
|
Valuation allowance |
|
|
(144,602,042 |
) |
|
|
(74,260,290 |
) |
Total
Deferred Tax Assets (Liabilities) |
|
$ |
— |
|
|
$ |
— |
|
|
Schedule of reconciliation of income tax expense |
Schedule of reconciliation of income tax expense |
|
|
|
|
|
|
|
|
|
|
Years
ended June 30, |
|
|
2023 |
|
2022 |
|
|
|
|
|
Computed
tax at expected statutory rate |
|
$ |
(70,341,751 |
) |
|
$ |
(59,450,176 |
) |
Non-US
income taxed at different rates |
|
|
— |
|
|
|
— |
|
Non-deductible
expenses / other items |
|
|
— |
|
|
|
34 |
|
Valuation
allowance |
|
|
70,341,751 |
|
|
|
59,450,176 |
|
Income
Tax Expense (Benefit) |
|
$ |
— |
|
|
$ |
34 |
|
|
Schedule of components of income tax expense (benefit) |
Schedule of components of
income tax expense (benefit) |
|
|
|
|
|
|
|
|
|
|
Years
ended June 30, |
|
|
2023 |
|
2022 |
Current
Income Tax Expense |
|
|
|
|
|
|
|
|
Danish
income tax (benefit) |
|
$ |
— |
|
|
$ |
— |
|
Total Current
Tax Expense (Benefit) |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Deferred
Income Tax Expense (Benefit) |
|
|
|
|
|
|
|
|
Excess
of tax over book depreciation of fixed assets |
|
$ |
8,258 |
|
|
$ |
6,406 |
|
Excess
of tax over book depreciation of patents |
|
|
8,415 |
|
|
|
5,716 |
|
Stock/options
compensation |
|
|
3,885,996 |
|
|
|
2,831,137 |
|
Depreciation
and amortization |
|
|
152,059 |
|
|
|
118,020 |
|
Net
operating loss carryforwards |
|
|
140,547,314 |
|
|
|
71,299,011 |
|
Change
in tax rate |
|
|
— |
|
|
|
— |
|
Change
in the valuation allowance |
|
|
(144,602,042 |
) |
|
|
(74,260,290 |
) |
Total Deferred
Tax Expense |
|
$ |
— |
|
|
$ |
— |
|
|
X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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v3.23.3
STOCKHOLDERS’ EQUITY (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of weighted-average assumptions used to estimate the fair values of the stock options granted |
Schedule of weighted-average assumptions used to estimate the fair values of the stock options
granted | |
| | |
| |
Renovaro
Biosciences Inc. |
Expected term (in years) | |
| 5.3
– 6.5 | |
Volatility | |
| 84.66%
– 92.36 | % |
Risk free interest rate | |
| 2.70%-
4.24 | % |
Dividend yield | |
| 0 | % |
|
Schedule of stock options outstanding |
Schedule of stock options outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
Outstanding |
|
Options
Exercisable |
|
|
Exercise
Price Ranges |
|
Number
Outstanding |
|
Weighted
Average Remaining Contractual Life (years) |
|
Weighted
Average Exercise Price |
|
Number
Exercisable |
|
Weighted
Average Remaining Contractual Life (years) |
|
Weighted
Average Exercise Price |
|
|
$ |
0.94–4.50 |
|
|
|
1,094,715 |
|
|
|
8.74 |
|
|
$ |
2.14 |
|
|
|
405,296 |
|
|
|
7.57 |
|
|
$ |
2.92 |
|
|
|
$ |
4.51–6.50 |
|
|
|
2,503,102 |
|
|
|
7.62 |
|
|
$ |
4.89 |
|
|
|
1,168,102 |
|
|
|
7.11 |
|
|
$ |
5.26 |
|
|
|
$ |
6.51–12.00 |
|
|
|
803,393 |
|
|
|
7.20 |
|
|
$ |
8.02 |
|
|
|
694,016 |
|
|
|
7.00 |
|
|
$ |
7.98 |
|
Total |
|
|
|
|
|
|
4,401,211 |
|
|
|
7.82 |
|
|
$ |
4.78 |
|
|
|
2,267,415 |
|
|
|
7.16 |
|
|
$ |
5.68 |
|
|
Schedule of stock option activity |
Schedule of stock option activity | |
| | | |
| | | |
| | | |
| | |
| |
| |
Weighted
Average | |
Weighted
Average | |
Weighted
Average |
| |
Shares | |
Exercise
Price | |
Remaining
Life | |
Intrinsic
Value |
| |
| |
| |
| |
|
Outstanding
at
July
1,
2022 | |
| 4,307,820 | | |
$ | 5.37 | | |
| 8.55 | | |
$ | — | |
Granted | |
| 881,359 | | |
| 1.83 | | |
| | | |
| | |
Exercised | |
| — | | |
| — | | |
| | | |
| | |
Forfeited | |
| (787,968 | ) | |
| 4.68 | | |
| | | |
| | |
Expired/Canceled | |
| — | | |
| | | |
| | | |
| | |
Outstanding
at
June
30,
2023 | |
| 4,401,211 | | |
$ | 4.78 | | |
| 7.82 | | |
$ | — | |
Exercisable
at
June
30,
2023 | |
| 2,267,415 | | |
$ | 5.68 | | |
| 7.16 | | |
$ | — | |
|
Schedule of common stock purchase warrants outstanding |
Schedule of common stock purchase warrants outstanding | |
| | | |
| | | |
| | |
| |
| |
Weighted
Average | |
Weighted
Average |
| |
Underlying
Shares | |
Exercise
Price | |
Remaining
Life |
| |
| |
| |
|
Outstanding at July 1, 2022 | |
| 1,250,000 | | |
$ | 1.30 | | |
| 0.03 | |
Granted | |
| 3,548,302 | | |
| 0.73 | | |
| 4.80 | |
Exercised | |
| (1,250,000 | ) | |
| 1.30 | | |
| — | |
Cancelled/Expired | |
| — | | |
| — | | |
| — | |
Outstanding and
exercisable at June 30, 2023 | |
| 3,548,302 | | |
$ | 0.73 | | |
| 4.80 | |
|
Schedule of common stock purchase warrants |
Schedule of common stock purchase warrants | |
| |
| |
| |
|
| |
| |
| |
Outstanding | |
Equivalent
Shares Exercisable |
Exercise
Prices | |
Underlying
Shares | |
Weighted
Average Remaining Contractual Life (years) | |
Weighted
Average Exercise Price | |
Number
Exercisable | |
Weighted
Average Exercise Price |
$ | 0.53-1.14 | | |
| 3,548,302 | | |
| 4.80 | | |
$ | 0.73 | | |
| 3,548,302 | | |
$ | 0.73 | |
|
X |
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- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
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v3.23.3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Contingent Consideration Liability |
|
|
Balance at beginning |
|
|
Fair value adjustment |
|
|
Loss on extinguishment of contingent Consideration |
|
|
Balance at end |
|
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Contingent Consideration Liability |
|
|
Balance at beginning |
|
|
Fair value adjustment |
|
|
Loss on extinguishment of contingent Consideration |
|
|
Balance at end |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Contingent Consideration Liability |
|
2,343,318
|
Balance at beginning |
2,343,318
|
6,037,945
|
Contingent Shares issued pursuant to the Acquisition Agreement |
(2,762,500)
|
(798,000)
|
Fair value adjustment |
|
(2,896,627)
|
Loss on extinguishment of contingent Consideration |
419,182
|
|
Balance at end |
|
$ 2,343,318
|
X |
- References
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v3.23.3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Retained Earnings (Accumulated Deficit) |
$ 244,029,253
|
$ 204,345,197
|
Escrow Shares remaining |
17,414
|
|
Cash |
$ 1,874,480
|
9,172,142
|
Cash held in financial institutions |
1,526,990
|
8,805,495
|
Carrying value of IPR&D |
42,611,000
|
61,571,000
|
Goodwill |
11,640,000
|
11,640,000
|
Payment for lease |
139,460
|
|
Security deposit |
35,540
|
|
Termination fee |
175,000
|
|
Research and development expense |
$ 4,165,197
|
$ 8,372,800
|
Common Stock, Shares, Outstanding |
63,698,144
|
53,007,082
|
Potential dilutive shares |
7,949,513
|
6,807,820
|
Stock based compensation costs |
$ 3,535,051
|
$ 5,490,602
|
In Process Research and Development [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Impairment loss |
$ 18,960,000
|
$ 93,253,000
|
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v3.23.3
GOING CONCERN (Details Narrative) - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
Net Income (Loss) Attributable to Parent |
$ 39,684,056
|
$ 113,433,392
|
Cash and Cash Equivalents, at Carrying Value |
1,874,480
|
9,172,142
|
Retained Earnings (Accumulated Deficit) |
$ 244,029,253
|
$ 204,345,197
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
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v3.23.3
PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 973,788
|
$ 944,014
|
Less Accumulated Depreciation |
(464,799)
|
(357,478)
|
Net Property and Equipment |
508,989
|
586,536
|
Lab Equipment And Instruments [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 576,298
|
546,524
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Useful Life |
10 years
|
|
Property, plant and equipment, gross |
$ 224,629
|
224,629
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, plant and equipment, gross |
$ 172,861
|
$ 172,861
|
Minimum [Member] | Lab Equipment And Instruments [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Useful Life |
4 years
|
|
Minimum [Member] | Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Useful Life |
4 years
|
|
Maximum [Member] | Lab Equipment And Instruments [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Useful Life |
7 years
|
|
Maximum [Member] | Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property, Plant and Equipment, Useful Life |
7 years
|
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.3
INTANGIBLE ASSETS AND GOODWILL (Details) - USD ($)
|
12 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Period Change |
$ (6,175)
|
|
Effect of Currency Translation |
1,583
|
|
Definite-life intangible assets |
39,676
|
$ 44,268
|
Indefinite Life Intangible Assets |
54,251,000
|
73,211,000
|
Indefinite life intangible assets period Change |
$ (18,960,000)
|
|
Patents [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Finite-Lived Intangible Asset, Useful Life |
20 years
|
|
Definite-life intangible assets |
$ 290,936
|
279,257
|
Period Change |
|
|
Effect of Currency Translation |
11,679
|
|
Accumulated Amortization [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Period Change |
(6,175)
|
|
Effect of Currency Translation |
(10,096)
|
|
Accumulated Amortization |
(251,260)
|
(234,989)
|
Licensing Agreements [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Period Change |
(18,960,000)
|
|
Indefinite Life Intangible Assets |
42,611,000
|
61,571,000
|
Goodwill [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Period Change |
|
|
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$ 11,640,000
|
$ 11,640,000
|
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INTANGIBLE ASSETS AND GOODWILL (Details Narrative) - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Indefinite-Lived Intangible Assets [Line Items] |
|
|
Definite-life intangible assets |
$ 39,676
|
$ 44,268
|
Amortization expense |
6,175
|
14,995
|
In Process Research and Development [Member] |
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
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$ 18,960,000
|
$ 93,253,000
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v3.23.3
LEASES (Details Narrative) - USD ($)
|
|
|
|
12 Months Ended |
Jun. 20, 2022 |
Jun. 19, 2018 |
Nov. 13, 2017 |
Jun. 30, 2023 |
Leases |
|
|
|
|
Lease premises, description |
|
On June 19, 2018, Renovaro
entered into a lease agreement for a term of ten years from September 1, 2018 with Century City Medical Plaza Land Co., Inc., pursuant
to which the Company agreed to lease approximately 2,453 rentable square feet. On February 20, 2019, the Registrant entered into
an Addendum to the original lease agreement with an effective date of December 1, 2019, where it expanded the leased area to include
another 1,101 square feet for a total rentable 3,554 square feet. The base rent increases by 3% each year, and ranges from $17,770
per month as of the date of the amendment to $23,186 per month for the tenth year. The equalized monthly lease payment for the
term of the lease is $20,050.
|
On November 13, 2017, Renovaro entered into a lease agreement for a term of five years and two months from November 1, 2017 with
Plaza Medical Office Building, LLC, pursuant to which Renovaro agreed to lease approximately 2,325 rentable square feet (the “Plaza
Lease”). The base rent for the Plaza Lease increased by 3% each year, and ranged from approximately $8,719 per month, for
the first year to $10,107 per month for the two months of the sixth year. The lease was terminated early without penalties or additional
costs as of September 30, 2022, that released an accrual of $70,800 related to leasehold improvements that was not utilized.
|
|
Weighted-average remaining term |
|
|
|
4 years 2 months 1 day
|
Weighted-average discount rate |
|
|
|
4.03%
|
Sublease agreement description |
On June 20, 2022, the Company
entered into a sublease agreement with One Health Labs (the “Subtenant”), whereby the Subtenant agreed to lease 3,554
square feet of space currently rented by the Company in Century City Medical Plaza as of June 25, 2022 for a period of 3.5 years
with an option to renew for the remaining term of the lease that ends as of June 19, 2028. The base rent was $17,770 per month
plus $750 towards utility fees that are part of the original lease agreement would have increased by 3% each year over the term
of the sublease. The Company received a total of $57,022 on July 1, 2022 after execution of the sublease to cover the first month
rent, utility fee and deposit. The first sublease payment began on August 1, 2022.
|
|
|
|
Lease payment |
|
|
|
$ 139,460
|
Security deposit |
|
|
|
35,540
|
Termination fee |
|
|
|
175,000
|
Paid in operating leases |
|
|
|
$ 439,519
|
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v3.23.3
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
12 Months Ended |
|
|
Jun. 26, 2023 |
Mar. 31, 2023 |
Dec. 30, 2022 |
Nov. 30, 2022 |
Jul. 14, 2022 |
Jun. 17, 2022 |
May 17, 2022 |
Feb. 11, 2021 |
Jul. 08, 2020 |
Mar. 30, 2020 |
Feb. 06, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 24, 2021 |
Dec. 23, 2021 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock price |
|
|
|
|
$ 2.21
|
|
|
|
|
|
|
|
|
$ 1.30
|
$ 7.98
|
Maturity date |
|
|
|
|
|
|
|
|
Aug. 01, 2023
|
|
|
|
|
|
|
Prepayment shares |
|
|
169,020
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, value |
|
|
$ 204,392
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid interest |
|
|
174,090
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued interest amount |
|
|
$ 30,302
|
|
|
|
|
|
|
|
|
$ 0
|
$ 24,181
|
|
|
Stock issued for debt conversion |
|
|
|
|
|
|
|
|
|
|
|
1,200,000
|
|
|
|
Interest Expense, Other |
|
|
|
|
|
|
|
|
|
|
|
580,344
|
$ 372,844
|
|
|
Convertible notes balance |
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
|
|
|
Issuance of common stock |
|
|
|
|
|
|
$ 299,178
|
|
|
|
|
|
|
|
|
Interest at the fixed rate |
|
|
|
6.69%
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
47,115
|
|
|
|
|
|
|
|
|
Common stock par vlaue |
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
Warrant purchase price |
$ 0.53
|
$ 1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from private placement |
|
$ 2,711,000
|
|
|
|
|
|
|
|
|
|
$ 4,011,823
|
|
|
|
Unsecured note principal amount |
|
|
|
$ 1,139,875
|
|
|
|
|
|
|
|
|
|
|
|
Monthly installments |
|
|
|
96,220
|
|
|
|
|
|
|
|
|
|
|
|
Repayment on finance agreement |
|
|
|
$ 300,000
|
|
|
|
|
|
|
|
1,121,767
|
560,848
|
|
|
Other current liabilities |
|
|
|
|
|
|
|
|
|
|
|
184,733
|
|
|
|
Interest expense related to agreement |
|
|
|
|
|
|
|
|
|
|
|
21,180
|
|
|
|
interest expense |
|
|
|
|
|
|
|
|
|
|
|
$ 580,344
|
372,844
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock price |
|
$ 1.14
|
|
|
|
|
|
|
|
|
|
$ 0.53
|
|
|
|
Number of shares issued |
4,718,532
|
2,378,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from private placement |
$ 1,300,823
|
$ 2,711,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares |
|
|
|
|
|
47,115
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
198,439
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, value |
|
|
|
|
|
$ 299,178
|
|
|
|
|
|
|
|
|
|
Stock issued for debt conversion, shares |
|
|
|
|
|
|
|
|
|
|
|
2,264,150
|
|
|
|
Issuance of common stock |
|
|
|
|
$ 1,625,000
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
4,718,532
|
2,378,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from private placement |
$ 1,300,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
567,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par vlaue |
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants purchased |
283,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant purchase price |
$ 0.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from private placement |
$ 300,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock price |
|
|
|
|
$ 2.21
|
|
|
|
|
|
|
|
|
|
|
Stock issued for debt conversion, shares |
|
|
|
|
|
|
|
|
|
|
|
1,132,075
|
|
|
|
Issuance of common stock |
|
|
|
|
$ 1,625,000
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
1,189,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Notes Payables [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
|
$ 600,000
|
|
|
|
|
Stock price |
|
|
$ 1.03
|
|
|
|
|
|
|
|
$ 0.0001
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
|
|
|
Feb. 06, 2023
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
Debt instrument, convertible, conversion price |
|
|
|
|
|
|
|
|
|
|
|
$ 12.00
|
|
|
|
Interest Expense, Other |
|
|
|
|
|
|
|
|
|
|
|
$ 210,543
|
72,875
|
|
|
Secured Notes [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
Feb. 28, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares |
|
|
198,439
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
29,419
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligation value |
|
|
$ 1,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Note Payable [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
|
|
|
|
|
|
$ 5,000,000
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
|
|
Nov. 30, 2021
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
Stock issued for debt conversion |
|
|
|
|
|
|
|
|
|
$ 501,370
|
|
|
|
|
|
Stock issued for debt conversion, shares |
|
|
|
|
|
|
|
|
|
188,485
|
|
|
|
|
|
Issuance of common stock |
|
|
|
|
|
|
|
|
|
$ 493,192
|
|
|
|
|
|
Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
|
|
|
|
|
Nov. 30, 2023
|
Nov. 30, 2022
|
|
|
|
|
|
|
|
Interest at the fixed rate |
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
74,054
|
|
|
|
|
|
|
|
Market price |
|
|
|
|
|
|
|
$ 298,178
|
|
|
|
|
|
|
|
Discount amortization |
|
|
|
|
|
|
|
|
|
|
|
348,621
|
$ 297,212
|
|
|
Debt net of discount |
|
|
|
|
|
|
|
|
|
|
|
$ 4,624,947
|
|
|
|
Promissory Note [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest at the fixed rate |
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
Promissory Note [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest at the fixed rate |
|
|
|
|
|
|
12.00%
|
|
|
|
|
|
|
|
|
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v3.23.3
INCOME TAXES (Details) - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
|
Excess of tax over book depreciation of fixed assets |
$ 8,258
|
$ 6,406
|
Excess of tax over book depreciation of patents |
8,415
|
5,716
|
Stock/options compensation |
3,885,996
|
2,831,137
|
Depreciation and amortization |
152,059
|
118,020
|
Net operating loss carryforwards |
140,547,314
|
71,299,011
|
Change in tax rate |
|
|
Valuation allowance |
(144,602,042)
|
(74,260,290)
|
Total Deferred Tax Assets (Liabilities) |
|
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v3.23.3
INCOME TAXES (Details 1) - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Tax Disclosure [Abstract] |
|
|
Computed tax at expected statutory rate |
$ (70,341,751)
|
$ (59,450,176)
|
Non-US income taxed at different rates |
|
|
Non-deductible expenses / other items |
|
34
|
Valuation allowance |
70,341,751
|
59,450,176
|
Income Tax Expense (Benefit) |
|
$ 34
|
X |
- DefinitionAmount of other income tax expense (benefit).
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v3.23.3
INCOME TAXES (Details 2) - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Current Income Tax Expense |
|
|
Danish income tax (benefit) |
|
|
Total Current Tax Expense (Benefit) |
|
|
Deferred Income Tax Expense (Benefit) |
|
|
Excess of tax over book depreciation of fixed assets |
8,258
|
6,406
|
Excess of tax over book depreciation of patents |
8,415
|
5,716
|
Stock/options compensation |
3,885,996
|
2,831,137
|
Depreciation and amortization |
152,059
|
118,020
|
Net operating loss carryforwards |
140,547,314
|
71,299,011
|
Change in tax rate |
|
|
Change in the valuation allowance |
144,602,042
|
74,260,290
|
Total Deferred Tax Expense |
|
|
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v3.23.3
INCOME TAXES (Details Narrative) - United States Tax [Member] - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Operating Loss Carryforwards [Line Items] |
|
|
Operating loss carryforwards |
$ 476,965,239
|
$ 244,899,881
|
Deferred tax assets |
$ 140,547,314
|
$ 71,299,011
|
X |
- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible foreign operating loss carryforwards.
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v3.23.3
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v3.23.3
STOCKHOLDERS' EQUITY (Details 1) - Share-Based Payment Arrangement, Option [Member] - $ / shares
|
12 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Option Indexed to Issuer's Equity [Line Items] |
|
|
Options Outstanding, Number Outstanding |
4,401,211
|
4,307,820
|
Options Outstanding, Weighted Average Remaining Contractual Life (years) |
7 years 9 months 25 days
|
|
Options Outstanding, Weighted Average Exercise Price |
$ 4.78
|
$ 5.37
|
Options Exercisable |
2,267,415
|
|
Options Exercisable, Weighted Average Remaining Contractual Life (years) |
7 years 1 month 28 days
|
|
Options Exercisable, Weighted Average Exercise Price |
$ 5.68
|
|
Exercise Price Range 1 [Member] |
|
|
Option Indexed to Issuer's Equity [Line Items] |
|
|
Options Outstanding, Number Outstanding |
1,094,715
|
|
Options Outstanding, Weighted Average Remaining Contractual Life (years) |
8 years 8 months 26 days
|
|
Options Outstanding, Weighted Average Exercise Price |
$ 2.14
|
|
Options Exercisable |
405,296
|
|
Options Exercisable, Weighted Average Remaining Contractual Life (years) |
7 years 6 months 25 days
|
|
Options Exercisable, Weighted Average Exercise Price |
$ 2.92
|
|
Exercise Price Range 1 [Member] | Minimum [Member] |
|
|
Option Indexed to Issuer's Equity [Line Items] |
|
|
Exercise Prices |
0.94
|
|
Exercise Price Range 1 [Member] | Maximum [Member] |
|
|
Option Indexed to Issuer's Equity [Line Items] |
|
|
Exercise Prices |
$ 4.50
|
|
Exercise Price Range 2 [Member] |
|
|
Option Indexed to Issuer's Equity [Line Items] |
|
|
Options Outstanding, Number Outstanding |
2,503,102
|
|
Options Outstanding, Weighted Average Remaining Contractual Life (years) |
7 years 7 months 13 days
|
|
Options Outstanding, Weighted Average Exercise Price |
$ 4.89
|
|
Options Exercisable |
1,168,102
|
|
Options Exercisable, Weighted Average Remaining Contractual Life (years) |
7 years 1 month 9 days
|
|
Options Exercisable, Weighted Average Exercise Price |
$ 5.26
|
|
Exercise Price Range 2 [Member] | Minimum [Member] |
|
|
Option Indexed to Issuer's Equity [Line Items] |
|
|
Exercise Prices |
4.51
|
|
Exercise Price Range 2 [Member] | Maximum [Member] |
|
|
Option Indexed to Issuer's Equity [Line Items] |
|
|
Exercise Prices |
$ 6.50
|
|
Exercise Price Range 3 [Member] |
|
|
Option Indexed to Issuer's Equity [Line Items] |
|
|
Options Outstanding, Number Outstanding |
803,393
|
|
Options Outstanding, Weighted Average Remaining Contractual Life (years) |
7 years 2 months 12 days
|
|
Options Outstanding, Weighted Average Exercise Price |
$ 8.02
|
|
Options Exercisable |
694,016
|
|
Options Exercisable, Weighted Average Remaining Contractual Life (years) |
7 years
|
|
Options Exercisable, Weighted Average Exercise Price |
$ 7.98
|
|
Exercise Price Range 3 [Member] | Minimum [Member] |
|
|
Option Indexed to Issuer's Equity [Line Items] |
|
|
Exercise Prices |
6.51
|
|
Exercise Price Range 3 [Member] | Maximum [Member] |
|
|
Option Indexed to Issuer's Equity [Line Items] |
|
|
Exercise Prices |
$ 12.00
|
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v3.23.3
STOCKHOLDERS' EQUITY (Details 2) - Share-Based Payment Arrangement, Option [Member] - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Option Indexed to Issuer's Equity [Line Items] |
|
|
Options Outstanding at beginning of period |
4,307,820
|
|
Weighted Average Exercise Price, Outstanding at beginning of period |
$ 5.37
|
|
Weighted Average remaining life, Outstanding at beginning of period |
|
8 years 6 months 18 days
|
Weighted Average Intrinsic Value, Outstanding at end of period |
|
|
Options Outstanding, Granted |
881,359
|
|
Weighted Average Exercise Price, Granted |
$ 1.83
|
|
Options Outstanding, Exercised |
|
|
Weighted Average Exercise Price, Exercised |
|
|
Options Outstanding, Forfeited |
(787,968)
|
|
Weighted Average Exercise Price, Forfeited |
$ 4.68
|
|
Options Outstanding, Expired |
|
|
Options Outstanding at end of period |
4,401,211
|
4,307,820
|
Weighted Average Exercise Price, Outstanding at end of period |
$ 4.78
|
$ 5.37
|
Weighted Average remaining life, Outstanding at end of period |
7 years 9 months 25 days
|
|
Options Exercisable |
2,267,415
|
|
Options Exercisable, Weighted Average Exercise Price |
$ 5.68
|
|
Weighted Average Remaining Life, Exercisable end of period |
7 years 1 month 28 days
|
|
Weighted Average Intrinsic Value, Exercisable end of period |
|
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v3.23.3
STOCKHOLDERS' EQUITY (Details 3) - Common Stock Purchase Warrants [Member] - $ / shares
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Option Indexed to Issuer's Equity [Line Items] |
|
|
Outstanding at beginning of period |
1,250,000
|
|
Weighted average exercise price, Outstanding at beginning of period |
$ 1.30
|
|
Weighted Average remaining life, Outstanding |
4 years 9 months 18 days
|
10 days
|
Granted |
3,548,302
|
|
Weighted average exercise price, Granted |
$ 0.73
|
|
Granted |
4 years 9 months 18 days
|
|
Exercised |
(1,250,000)
|
|
Weighted average exercise price, Exercised |
$ 1.30
|
|
Cancelled/Expired |
|
|
Weighted average exercise price, Expired |
|
|
Outstanding at end of period |
3,548,302
|
1,250,000
|
Weighted average exercise price, Outstanding at end of period |
$ 0.73
|
$ 1.30
|
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v3.23.3
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 Months Ended |
|
|
|
|
Dec. 30, 2023 |
Jun. 26, 2023 |
Apr. 27, 2023 |
Mar. 31, 2023 |
Feb. 10, 2023 |
Dec. 30, 2022 |
Jul. 14, 2022 |
Jun. 17, 2022 |
May 17, 2022 |
Apr. 04, 2022 |
Jan. 11, 2022 |
Dec. 28, 2021 |
Dec. 24, 2021 |
Jul. 08, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 20, 2023 |
Dec. 23, 2021 |
Jul. 21, 2020 |
Feb. 06, 2014 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Shares Authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,000,000
|
10,000,000
|
|
|
|
|
Preferred Stock, Par or Stated Value Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
0
|
|
|
|
|
Preferred stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
0
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,000,000
|
100,000,000
|
|
|
|
|
Common stock, par value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
|
|
|
Common Stock, shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,698,144
|
53,007,082
|
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,698,144
|
53,007,082
|
|
|
|
|
Obligation to purchase |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 20,000,000
|
|
|
$ 20,000,000
|
|
|
|
Maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aug. 01, 2023
|
|
|
|
|
|
|
Shares issued |
|
|
|
|
|
|
|
|
47,115
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, value |
|
|
|
|
|
$ 204,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds of private placement offering |
|
|
|
$ 2,711,000
|
|
|
|
|
|
|
|
|
|
|
$ 4,011,823
|
|
|
|
|
|
Share Price |
|
|
|
|
|
|
$ 2.21
|
|
|
|
|
|
$ 1.30
|
|
|
|
|
$ 7.98
|
|
|
Common stock other outstanding |
|
$ 1,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable |
|
$ 1,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercise term |
|
5 years
|
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
$ 0.53
|
|
$ 1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from common stock |
|
|
|
|
|
|
|
|
$ 299,178
|
|
|
|
|
|
|
|
|
|
|
|
Earn-out distribution |
|
|
|
|
|
|
$ 2,762,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nn-cash transaction impacted stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
$ 798,000
|
|
|
|
|
|
|
|
Extinguishment of contingent consideration liability |
$ 419,182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock reserved for issuance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,414
|
17,414
|
|
|
|
|
Stock based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,535,051
|
$ 5,490,602
|
|
|
|
|
Unrecognized compensation cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,462,866
|
|
|
|
|
|
Stock based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,535,051
|
5,238,252
|
|
|
|
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option forfeited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
787,968
|
|
|
|
|
|
Options Exercisable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,267,415
|
|
|
|
|
|
Number of shares grant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
881,359
|
|
|
|
|
|
2014 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock reserved for issuance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,206,000
|
Plan Options [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,710,001
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
4,718,532
|
|
2,378,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
47,115
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued, value |
|
|
|
|
|
|
|
$ 299,178
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of share warrant purchase |
|
2,359,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds of private placement offering |
|
$ 1,300,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Converted shares of common stock, shares |
|
2,264,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of shares |
|
|
|
|
|
198,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued of common stock, value |
|
|
|
|
|
$ 204,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase shares of common stock |
|
|
|
|
|
|
1,250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from common stock |
|
|
|
|
|
|
$ 1,625,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
|
1,189,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Price |
|
|
|
|
|
|
$ 2.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Converted shares of common stock, shares |
|
1,132,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from common stock |
|
|
|
|
|
|
$ 1,625,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares purchased |
|
|
|
|
|
|
1,250,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non cash earn out distribution |
|
|
|
|
|
|
$ 2,762,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
|
|
Converted shares of common stock, shares |
|
|
100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Converted shares of common stock, value |
|
|
$ 120,000
|
|
$ 108,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
|
|
|
|
|
|
|
|
|
|
|
35,000
|
|
|
|
|
|
|
|
|
Number of shares issued for services, value |
|
|
|
|
|
|
|
|
|
|
|
$ 252,350
|
|
|
|
|
|
|
|
|
Proceeds from warrant |
|
|
|
|
|
|
|
|
|
|
|
|
$ 130,000
|
|
|
|
|
|
|
|
Equity Option [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
1,700
|
6,266
|
|
|
|
|
|
|
|
|
|
Number of shares issued, value |
|
|
|
|
|
|
|
|
|
$ 4,913
|
$ 40,561
|
|
|
|
|
|
|
|
|
|
Share Price |
|
|
|
|
|
|
|
|
|
$ 2.89
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
258,559
|
|
|
|
|
Restricted Stock Awards [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 108,000
|
$ 0
|
|
|
|
|
Number of shares grant |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,000
|
|
|
|
|
|
Agreement And Plan Of Merger Agreement Axis [Member] | E B I And Weird Science L L C [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares contingently issuable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
Lincoln Park [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
696,021
|
|
|
|
Lincoln Park [Member] | Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
497,340
|
|
|
|
|
Number of shares issued, value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 0
|
$ 4,676,399
|
|
|
|
|
Share Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 9.25
|
|
|
|
|
Renovaro Bio Pharma Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Price |
|
|
|
|
|
|
$ 2.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DanDrit Denmark [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
167,639
|
|
|
|
|
|
Renovaro Denmark [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
0
|
|
|
|
|
Employees [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
184,800
|
0
|
|
|
|
|
Option forfeited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,960
|
|
|
|
|
|
Employees [Member] | N 2019 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
193,000
|
3,219,200
|
|
|
|
|
Employees [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
Employees 1 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73,200
|
65,000
|
|
|
|
|
Option forfeited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,640
|
|
|
|
|
|
Board Of Directors And Scientific Advisory Board [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
355,359
|
103,668
|
|
|
|
|
Consulting Services [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
60,000
|
|
|
|
|
Consulting Services 1 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,000
|
29,642
|
|
|
|
|
Consulting Services 2 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
21,979
|
|
|
|
|
Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
696,021
|
|
139,567
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
4,718,532
|
|
2,378,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of share warrant purchase |
|
2,359,266
|
|
1,189,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds of private placement offering |
|
$ 1,300,823
|
|
$ 2,711,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Price |
|
|
|
$ 1.14
|
|
|
|
|
|
|
|
|
|
|
$ 0.53
|
|
|
|
|
|
Private Placement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
$ 0.0001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
567,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds of private placement offering |
|
$ 300,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
$ 0.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Placement [Member] | Common Stock And Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Price |
|
|
|
1.14
|
|
|
|
|
|
|
|
|
|
|
$ 0.53
|
|
|
|
|
|
One Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
|
$ 0.53
|
|
$ 1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
|
|
|
|
12 Months Ended |
|
Sep. 10, 2021 |
Aug. 25, 2021 |
Feb. 06, 2020 |
Jan. 31, 2020 |
Jul. 09, 2018 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Nov. 15, 2019 |
Schedule of Investments [Line Items] |
|
|
|
|
|
|
|
|
Research and development expenses |
|
|
|
|
|
$ 4,165,197
|
$ 8,372,800
|
|
Up-front payment |
|
|
|
|
|
|
|
$ 10,000,000
|
Payment for expenditures |
|
|
|
|
|
|
|
$ 760,000
|
Prevention and treatment research |
|
|
|
|
|
$ 0
|
$ 150,000
|
|
Initial payment |
|
$ 600,000
|
|
|
|
|
|
|
Paid initial payment |
$ 600,000
|
|
|
|
|
|
|
|
Common stock reserved for issuance |
|
|
|
|
|
17,414
|
17,414
|
|
Compensation description |
|
|
|
|
|
The Company had a consulting agreement for services of a Senior Medical Advisor for up to $210,000 per year on a
part-time basis.
|
|
|
G Tech [Member] | License Agreement [Member] |
|
|
|
|
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
|
|
|
|
Payment for license |
|
|
$ 1,200,000
|
$ 1,200,000
|
|
|
|
|
Royalty Percentage |
|
|
|
2.00%
|
|
|
|
|
Milestone payments |
|
|
|
|
|
$ 0
|
$ 1,500,000
|
|
Consulting Agreement [Member] | G Tech [Member] |
|
|
|
|
|
|
|
|
Schedule of Investments [Line Items] |
|
|
|
|
|
|
|
|
Consulting expenses |
|
|
|
|
$ 130,000
|
|
|
|
Monthly consulting fee |
|
|
|
|
$ 25,000
|
|
|
|
Research and development expenses |
|
|
|
|
|
0
|
275,000
|
|
Monthly research costs |
|
|
|
|
|
144,500
|
|
|
Payment for scientific staffing resources |
|
|
|
|
|
$ 0
|
$ 1,011,500
|
|
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v3.23.3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
|
|
|
4 Months Ended |
12 Months Ended |
Jun. 26, 2023 |
Mar. 17, 2023 |
May 17, 2022 |
Aug. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Proceeds from common stock |
|
|
$ 299,178
|
|
|
|
Related party costs |
|
|
|
|
$ 0
|
$ 4,031,500
|
G Tech [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Lease expenses |
|
|
|
$ 43,750
|
|
|
Lease expenses current |
|
|
|
$ 25,000
|
|
|
R S Bio Aps [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of shares purchased |
1,886,794
|
877,193
|
|
|
|
|
Proceeds from common stock |
$ 1,000,000
|
$ 1,000,000
|
|
|
|
|
R S Bio Aps [Member] | Common Stock And Warrants [Member] |
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
Number of shares purchased |
943,397
|
438,597
|
|
|
|
|
X |
- DefinitionAmount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
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v3.23.3
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
12 Months Ended |
|
Sep. 28, 2023 |
Aug. 22, 2023 |
Aug. 01, 2023 |
Jul. 31, 2023 |
Jul. 28, 2023 |
Jun. 26, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
May 17, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
|
|
|
47,115
|
Preferred stock par value |
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
Common stock par value |
|
|
|
|
|
|
|
$ 0.0001
|
$ 0.0001
|
|
Proceeds from private placement |
|
|
|
|
|
|
$ 2,711,000
|
$ 4,011,823
|
|
|
Exercise price |
|
|
|
|
|
$ 0.53
|
$ 1.14
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
4,718,532
|
2,378,070
|
|
|
|
Proceeds from private placement |
|
|
|
|
|
$ 1,300,823
|
|
|
|
|
Conversion of shares, shares |
|
|
|
|
|
2,264,150
|
|
|
|
|
Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
1,189,036
|
|
|
|
Conversion of shares, shares |
|
|
|
|
|
1,132,075
|
|
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Share price per share |
|
|
$ 7.13
|
|
|
|
|
|
|
|
Proceeds from private placement |
|
|
$ 2,000,000
|
|
|
|
|
|
|
|
Conversion of shares, shares |
|
|
280,505
|
|
|
|
|
|
|
|
Conversion of shares, value |
|
|
$ 2,000,000
|
|
|
|
|
|
|
|
Common stock issued for consulting services, shares |
500,000
|
1,000,000
|
|
|
500,000
|
|
|
|
|
|
Common stock issued for consulting services |
$ 2,035,000
|
$ 2,150,000
|
|
|
$ 285,000
|
|
|
|
|
|
Subsequent Event [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Principal balance |
|
|
3,000,000
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Holder [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Conversion of debt, value |
|
|
$ 2,000,000
|
$ 2,000,000
|
|
|
|
|
|
|
Conversion of debt, shares |
|
|
280,505
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
1,402,525
|
|
|
|
|
|
|
|
Common stock par value |
|
|
$ 0.0001
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
280,505
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Series A Convertible Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Preferred stock par value |
|
|
$ 0.0001
|
|
|
|
|
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
4,718,532
|
2,378,070
|
|
|
|
Proceeds from private placement |
|
|
|
|
|
$ 1,300,823
|
$ 2,711,000
|
|
|
|
Private Placement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
567,588
|
|
|
|
|
Common stock par value |
|
|
|
|
|
$ 0.0001
|
|
|
|
|
Proceeds from private placement |
|
|
|
|
|
$ 300,822
|
|
|
|
|
Exercise price |
|
|
|
|
|
$ 0.53
|
|
|
|
|
Private Placement [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
280,505
|
|
|
|
|
|
|
|
Private Placement [Member] | Subsequent Event [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Sale of stock, shares |
|
|
5,610,100
|
|
|
|
|
|
|
|
Private Placement [Member] | Subsequent Event [Member] | Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Sale of stock, shares |
|
|
561,010
|
|
|
|
|
|
|
|
Private Placement [Member] | Subsequent Event [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
|
Sale of stock, shares |
|
|
2,805,050
|
|
|
|
|
|
|
|
Exercise price |
|
|
$ 0.65
|
|
|
|
|
|
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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