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Fair value measurement | 12 Months Ended
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Jun. 30, 2024
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Fair value measurement | Note 26. Fair value measurement Fair value hierarchy The following tables detail the Consolidated Entity’s assets and liabilities, measured or disclosed at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Unobservable inputs for the asset or liability
Consolidated - 2024 |  | Level 1 A$‘000 |  |  | Level 2 A$‘000 |  |  | Level 3 A$‘000 |  |  | Total A$‘000 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent Consideration |  |  | — |  |  |  | — |  |  |  | 7,005 |  |  |  | 7,005 |
Warrant liability |  |  | — |  |  |  | — |  |  |  | 6,478 |  |  |  | 6,478 |
Total liabilities |  |  | — |  |  |  | — |  |  |  | 13,483 |  |  |  | 13,483 |
Consolidated - 2023 |  |  |  |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent Consideration |  |  | — |  |  |  | — |  |  |  | 6,871 |  |  |  | 6,871 |
Total liabilities |  |  | — |  |  |  | — |  |  |  | 6,871 |  |  |  | 6,871 |
There were no transfers between levels during the financial year. The fair value of contingent consideration related to the acquisition of Glioblast Pty Ltd and the license agreement is estimated by probability-weighting the expected future cash outflows, adjusting for risk and discounting. The effects on the fair value of risk and uncertainty in the future cash flows are dealt with by adjusting the estimated cash flows rather than adjusting the discount rate. The estimated cashflows were adjusted based on the directors’ assessment of achieving contracted milestones as disclosed in Note 19. The probabilities used fell in the range of 0% to 100% and were informed by generally accepted industry probabilities of drugs achieving certain milestones in their progression towards registration. The fair value of the warrant liability is determined using a Black-Scholes Model. Please refer to Note 21 for additional information regarding the private placement warrants. Level 3 assets and liabilities Movements in level 3 assets and liabilities during the current and previous financial year are set out below:
|  | Level 3 A$’000 |  |  | Total A$’000 |
Consolidated |  |  |  |  |  |  |  |
Balance at 30 June 2022 |  |  | 8,968 |  |  |  | 8,968 |
Losses recognized in profit or loss |  |  | (2,097 | ) |  |  | (2,097 | )
Balance at 30 June 2023 |  |  | 6,871 |  |  |  | 6,871 |
Issuance of warrants |  |  | 8,599 |  |  |  | 8,599 |
Exercise of warrants |  |  | (864 | ) |  |  | (864 | )
Gain recognized in profit or loss |  |  | (1,123 | ) |  |  | (1,123 | )
Balance at 30 June 2024 |  |  | 13,483 |  |  |  | 13,483 |

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- Definition The entire disclosure for fair value measurement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 13 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=13&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IFRS13_g91-99_TI -URIDate 2023-03-23 + Details
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