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Restatement of comparatives
 12 Months Ended
Jun. 30, 2023
Text block [abstract]  
Restatement of comparatives
Note 4. Restatement of comparatives
During the year ended 30 June 2023, the calculation of the
EVT-801
intangible asset and the related contingent consideration was found to contain errors as discounting for the time value of money was not taken into account on initial recognition. The contractual payments in relation to the milestones gave rise to a financial liability at acquisition. The cost of the intangible asset should comprise the initial payment plus an amount reflecting the fair value of the other contingent payments determined using a probability–weighted estimation. These values should be discounted to reflect the time value of money at the time of acquisition in April 2021. Management have utilized an Incremental Borrowing Rate of
6% to discount the future cash flows. The Incremental Borrowing Rate reflects the assumed credit rating of the Company. The error resulted in a material overstatement of the
EVT-801
intangible asset and a corresponding overstatement of the liability at acquisition. The impact of this error is noted below with the restated balances disclosed in note 15 and 19.
 
    
30 June 2021
Reported
    
Increase/
(decrease)
    
1 July 2021
Restated
    
30 June 2022
Reported
    
Increase/
(decrease)
    
30 June 2022
Restated
  
    
A$’000
    
A$’000
    
A$’000
    
A$’000
    
A$’000
    
A$’000
  
             
Consolidated statement of financial position
                                                 
             
Intangibles - licensing agreement
      27,265       (1,044 )      26,221       27,266       (1,045 )      26,221  
Less Accumulated amortisation
      (5,263 )      50       (5,213 )      (7,216 )      134       (7,082 ) 
       22,002       (994 )      21,008       20,050       (911 )      19,139  
Current contingent consideration
      (3,164 )      2,373       (791 )      (759 )      —         (759 ) 
Non-Current
contingent consideration
      (8,926 )      (1,377 )      (10,303 )      (8,756 )      547       (8,209 ) 
       (12,091 )      997       (11,094 )      (9,515 )      547       (8,968 ) 
Net Assets
      37,851       2       37,853       18,638       (364 )      18,274  
Accumulated losses
      (44,205 )      2       (44,203 )      (68,253 )      (364 )      (68,617 ) 
Total equity
      37,851       2       37,853       18,638       (364 )      18,274  
 
 
  
30 June 2022
 
 
Increase/
(decrease)
 
 
30 June 2022
Restated
 
 
30 June 2021
 
 
Increase/
(decrease)
 
  
30 June 2021
Restated
 
Consolidated statement of profit and loss
  
 
 
 
 
  
Research and development expense (Amortisation)
      (20,252 )       83        (20,169 ) 
 
 
(14,541
) 
 
      
  
 
(14,541
) 
General and administrative expense (foreign exchange impact)
      (4,511 )       (450 )       (4,961 ) 
 
 
(7,022
) 
 
 
2
 
  
 
(7,020
) 
Loss on revaluation of contingent consideration
      (152 )       —          (152 ) 
 
 
(2,570
) 
 
      
  
 
(2,570
) 
Commercialisation expense
      (127 )       —          (127 ) 
 
      
 
      
  
      
Loss before tax
      (25,016 )       (366 )       (25,382 ) 
 
 
(8,906
) 
 
 
2
 
  
 
(8,904
) 
Income tax benefit
      368        —          368  
 
 
484
 
 
      
  
 
484
 
Loss after tax
      (24,648 )       (366 )       (25,014 ) 
 
 
(8,422
) 
 
    
2
  
  
 
(8,420
) 
Impact on basic and diluted earnings per share increase/ (decrease) in earning per share                           
 
      
 
      
  
      
Basic loss for the year attributable to equity holders
      (18.61 )       (0.27 )       (18.88 ) 
 
 
(7.16
) 
 
      
  
 
(7.16
) 
Diluted loss for the year attributable to equity holders
      (18.61 )       (0.27 )       (18.88 ) 
 
 
(7.16
) 
 
      
  
 
(7.16
)