0001213900-20-043142 | 10-Q | XBRL Viewer | Inmed Pharmaceuticals INC

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Dec. 15, 2020
Document Information Line Items
Entity Registrant Name	InMed Pharmaceuticals Inc.
Document Type	10-Q
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		7,000,707
Amendment Flag	false
Entity Central Index Key	0001728328
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Entity File Number	001-39685
Entity Incorporation, State or Country Code	A1
Entity Interactive Data Current	Yes

Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Current
Cash and cash equivalents	$ 4,497,296	$ 5,805,809
Short-term investments	43,162	42,384
Accounts receivable	51,873	45,344
Prepaids and other assets	524,196	418,920
Total current assets	5,116,527	6,312,457
Non-Current
Property and equipment, net	384,529	403,485
Intangible assets, net	1,088,630	1,086,655
Other assets	13,988
Total Assets	6,603,674	7,802,597
Current
Accounts payables and accrued liabilities	1,802,628	1,607,303
Current portion of lease obligations	71,402	68,965
Total current liabilities	1,874,030	1,676,268
Non-current
Lease obligations	235,598	248,011
Total Liabilities	2,109,628	1,924,279
Shareholders’ Equity
Common shares, no par value, unlimited authorized shares: 5,220,707 (June 30, 2020 - 5,220,707) issued and outstanding	53,065,240	53,065,240
Additional paid-in capital	17,849,740	17,764,333
Accumulated deficit	(66,248,460)	(64,649,381)
Accumulated other comprehensive loss	(172,474)	(301,874)
Total Shareholders' Equity	4,494,046	5,878,318
Total Liabilities and Shareholders' Equity	$ 6,603,674	$ 7,802,597

Condensed Consolidated Interim Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Common stock par value (in Dollars per share)
Common stock, unlimited shares authorized (in Dollars)
Common stock, shares issued	5,220,707	5,220,707
Common stock, shares outstanding	5,220,707	5,220,707

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Expenses
Research and development and patents	$ 911,156	$ 1,961,912
General and administrative	624,788	887,511
Amortization and depreciation	27,981	30,227
Total operating expenses	1,563,925	2,879,650
Other Income (Loss)
Interest income	4,345	58,406
Foreign exchange (loss) gain	(39,499)	15,932
Net loss for the period	(1,599,079)	(2,805,312)
Other Comprehensive Loss
Foreign currency translation gain (loss)	129,400	(318,478)
Total comprehensive loss for the period	$ (1,469,679)	$ (3,123,790)
Net loss per share for the year
Basic and diluted (in Dollars per share)	$ (0.31)	$ (0.54)
Weighted average outstanding common shares
Basic and diluted (in Shares)	5,220,707	5,220,707

Condensed Consolidated Interim Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss) - Foreign Exchange	Total
Balance at Jun. 30, 2019	$ 53,065,240	$ 16,769,932	$ (55,710,232)	$ 117,964	$ 14,242,904
Balance (in Shares) at Jun. 30, 2019	5,220,707
Loss and comprehensive income (loss) for the period			(2,805,312)	(318,478)	(3,123,790)
Share-based compensation		350,482			350,482
Balance at Sep. 30, 2019	$ 53,065,240	17,120,414	(58,515,544)	(200,514)	11,469,596
Balance (in Shares) at Sep. 30, 2019	5,220,707
Balance at Jun. 30, 2020	$ 53,065,240	17,764,333	(64,649,381)	(301,874)	5,878,318
Balance (in Shares) at Jun. 30, 2020	5,220,707
Loss and comprehensive income (loss) for the period			(1,599,079)	129,400	(1,469,679)
Share-based compensation		85,407			85,407
Balance at Sep. 30, 2020	$ 53,065,240	$ 17,849,740	$ (66,248,460)	$ (172,474)	$ 4,494,046
Balance (in Shares) at Sep. 30, 2020	5,220,707

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities
Net loss for the period	$ (1,599,079)	$ (2,805,312)
Items not requiring cash:
Amortization and depreciation	27,981	30,227
Share-based compensation	85,407	350,482
Non-cash lease expense	20,728	7,180
Loss on disposal of assets		810
Received (accrued) interest income on short-term investments	140	81,163
Payments on lease obligations	(16,244)
Changes in non-cash working capital:
Prepaids and other assets	(31,681)	84,106
Other non-current assets	(14,007)
Accounts receivable	(5,554)	34,004
Accounts payable and accrued liabilities	160,719	(147,680)
Total cash used in operating activities	(1,371,590)	(2,365,020)
Investing Activities
Maturity of short-term investments		3,801,631
Purchase of short-term investments		(26,063)
Proceeds on disposal of property and equipment		550
Purchase of property and equipment		(32,530)
Total cash provided by investing activities		3,743,588
Financing Activities
Deferred financing costs	(64,648)
Total cash used in financing activities	(64,648)
Effects of foreign exchange on cash and cash equivalents	127,725	(208,550)
Decrease in cash during the period	(1,308,513)	1,170,018
Cash and cash equivalents beginning of the period	5,805,809	9,837,213
Cash and cash equivalents end of the period	$ 4,497,296	$ 11,007,231

Corporate Information and Continuing Operations

3 Months Ended

Sep. 30, 2020

Corporate Information and Continuing Operations [Abstract]

CORPORATE INFORMATION AND CONTINUING OPERATIONS

CORPORATE INFORMATION AND CONTINUING OPERATIONS

InMed Pharmaceuticals Inc. (“InMed” or the “Company”) was incorporated in the Province of British Columbia on May 19, 1981 under the Business Corporations Act of British Columbia. InMed is a clinical stage biopharmaceutical company specializing in the research and development of novel, cannabinoid-based therapies and a biosynthesis system for the manufacturing of pharmaceutical-grade cannabinoids.

The Company’s shares are listed on the Toronto Stock Exchange (“TSX”) under the trading symbol “IN”, and under the trading symbol “IMLFF” on the OTCQX® Best Market. InMed’s corporate office and principal place of business is located at #310 – 815 West Hastings Street, Vancouver, B.C., Canada, V6C 1B4.

In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated interim financial statements are issued.

Through September 30, 2020, the Company has funded its operations primarily with proceeds from the sale of common stock. The Company has incurred recurring losses and negative cash flows from operations since its inception, including net losses of $1.6 million and $2.8 million for the three months ended September 30, 2020 and 2019, respectively. In addition, the Company had an accumulated deficit of $66.2 million as of September 30, 2020. The Company expects to continue to generate operating losses for the foreseeable future.

As of the issuance date of these condensed consolidated interim financial statements, the Company expects its cash and cash equivalents of $4.5 million as of September 30, 2020 together with the net proceeds of an initial public offering (“IPO”) which closed on November 16, 2020, will be sufficient to fund its operating expenses and capital expenditure requirements into the second quarter of fiscal 2022. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations. As a result, the Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued.

Subsequent to September 30, 2020, the Company completed an IPO of its common shares in the United States and a coincident listing on the Nasdaq Capital Market (“Nasdaq”). The Company expects to continue to seek additional funding through equity financings, debt financings or other capital sources, including collaborations with other companies, government contracts or other strategic transactions. The Company may not be able to obtain financing on acceptable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s existing stockholders.

These condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its commitments, realize its assets and discharge its liabilities in the normal course. These condensed consolidated interim financial statements do not reflect adjustments to the carrying values of assets and liabilities that would be necessary if the Company was unable to continue as a going concern and such adjustments could be material.

Signficant Accounting Policies

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

SIGNFICANT ACCOUNTING POLICIES

SIGNFICANT ACCOUNTING POLICIES

(a)

Basis of Presentation

These unaudited condensed consolidated interim financial statements have been prepared using accounting policies consistent with those used in the Company’s 2020 annual consolidated financial statements under generally accepted accounting principles as applied in the United States (“US GAAP”) except for new standards, interpretations and amendments mandatorily effective for the first time from July 1, 2020.

The functional currency of the Company and its subsidiaries is the Canadian Dollar. These condensed consolidated interim financial statements are presented in U.S Dollars.

(b)

Use of Estimates

The preparation of financial statements in compliance with US GAAP requires management to make certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. In the future, actual experience may differ from these estimates and assumptions. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to these condensed consolidated interim financial statements are the estimate of useful life of intangible assets, the application of the going concern assumption, the impairment assessment for long-lived assets, and determining the fair value of share-based payments and warrants.

On March 11, 2020 the COVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic and the ultimate duration and magnitude of the impact on the economy and our business are not known at this time. Management uses judgment to assess the impact of the pandemic on the Company’s ability to obtain debt and equity financing in the future and impairment in the value of its long-lived assets.

(c)

Basis of Consolidation

These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries, including inactive subsidiaries: Biogen Sciences Inc., Sweetnam Consulting Inc., and InMed Pharmaceutical Ltd. The Company’s former inactive subsidiary, Meridex Network Corporation, was wound up into InMed effective April 17, 2019. A subsidiary is an entity that the Company controls, either directly or indirectly, where control is defined as the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All inter-company transactions and balances including unrealized income and expenses arising from intercompany transactions are eliminated in preparing these condensed consolidated interim financial statements.

(d)

New Standards Applicable in the Reporting Period

Credit losses

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), and subsequent amendments to the initial guidance: ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10 (collectively Topic 326), requires companies to measure credit losses on financial instruments measured at amortized cost applying an “expected credit loss” model based upon past events, current conditions and reasonable and supportable forecasts that affect collectability. Previously, companies applied an “incurred loss’ model for recognizing credit losses. This standard is effective for fiscal years beginning after December 14, 2019. The Company adopted this standard from July 1, 2020, which did not have a significant impact on the condensed consolidated interim financial statements.

ii)

Fair Value Measurement

In August 2018, the FASB issued ASU 2018–13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU eliminate, add and modify certain disclosure requirements for fair value measurements as part of its disclosure framework project. The Company adopted ASU 2018-13 from July 1, 2020, which did not have a significant impact on the condensed consolidated interim financial statements.

iii)

Collaborative Arrangements

In November 2018, the FASB issued ASU 2018–18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This ASU provides guidance that clarifies when certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer, and amends ASC 808 to refer to the unit-of-account guidance in ASC 606. The guidance specifically precludes an entity from presenting consideration from a transaction in a collaborative arrangement as revenue from contracts with customers if the counterparty is not a customer for that transaction. The Company adopted ASU 2018-18 on July 1, 2020, which did not have a significant impact on the condensed consolidated interim financial statements.

Property and Equipment, Net

3 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

Property and equipment consists of the following:

	September 30, 2020			June 30, 2020
	$			$

Right-of-Use Asset (lease)		426,449			417,405
Equipment		64,215			62,853
Leasehold Improvements		41,029			40,160
Property and equipment		531,693			520,418
Less: accumulated depreciation		(147,164	)		(116,933	)
Property and equipment, net		384,529			403,485

Depreciation expense on property, equipment and leasehold improvements for the three months ended September 30, 2020 was $6,384 (2019 - $6,781). Depreciation expense related to the Right-of-Use Asset for the three months ended September 30, 2020 of $21,351 (2019 - $7,180) and was recorded in general and administrative expenses.

Intangible Assets, Net

3 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

Intangible assets consist of:

	September 30, 2020			June 30, 2020
	$			$

Intellectual property		1,657,403			1,622,255
Less: accumulated amortization		(568,773	)		(535,600	)
Intangible assets, net		1,088,630			1,086,655

The acquired intellectual property is recorded at cost and is amortized on a straight-line basis over an estimated useful life of 18 years net of any accumulated impairment losses. At September 30, 2020, the acquired intellectual property has an estimated remaining useful life of approximately 12 years.

Amortization expense on intangible assets for the three months ended September 30, 2020 was $21,597 (2019- $23,446). Based upon the intangible assets held as at September 30, 2020, the Company expects amortization expense to be incurred over the next five years as follows:

	$

2021		92,078
2022		92,078
2023		92,078
2024		92,078
2025		92,078
		460,390

Accounts Payable and Accrued Liabilities

3 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities consist of the following:

	September 30, 2020		June 30, 2020
	$		$

Trade payables		152,742		82,651
Accrued research and development expenses		496,743		587,425
Employee compensation, benefits and related accruals		655,144		536,231
Accrued general and administrative expenses		497,999		400,996
Accounts payable and accrued liabilities		1,802,628		1,607,303

Share Capital and Reserves

3 Months Ended

Sep. 30, 2020

Share Capital And Reserves [Abstract]

SHARE CAPITAL AND RESERVES

SHARE CAPITAL AND RESERVES

Authorized

As at September 30, 2020, the Company’s authorized share structure consisted of: (i) an unlimited number of common shares without par value; and (ii) an unlimited number of preferred shares without par value. No preferred shares were issued and outstanding as at September 30, 2020 and June 30, 2020.

The Company may issue preferred shares and may, at the time of issuance, determine the rights, preference and limitations pertaining to these shares. Holders of preferred shares may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding up of the Company before any payment is made to the holders of common shares.

Common Shares

During the three months ended September 30, 2020, there was no common share activity.

Share Purchase Warrants

All share purchase warrants expired on June 22, 2020. Share purchase warrants were exercisable in Canadian dollars (United States dollar amounts for exercise price and aggregate intrinsic value are calculated using prevailing rates as at June 30, 2020). Each warrant entitled the holders thereof the right to purchase one common share.

The following is a summary of changes in share purchase warrants from July 1, 2019 to September 30, 2020:

	Number			Weighted Average Share Price		Weighted Average Share Price		Aggregate Intrinsic Value		Aggregate Intrinsic Value
	#			C$		US$		C$		US$

Balance as at June 30, 2019		910,297		$	41.25	$	31.52		-		-
Expired		(910,297	)	$	41.25	$	31.52
Balance as at June 30, 2020 and September 30, 2020		-			-		-		-		-

Agents’ Warrants

All agents’ warrants expired on June 22, 2020. Agents’ warrants were exercisable in Canadian dollars (United States dollar amounts for exercise price and aggregate intrinsic value are calculated using prevailing rates as at June 30, 2020). Each warrant entitled the holders thereof the right to purchase one common share.

The following is a summary of changes in agents’ warrants from July 1, 2019 to September 30, 2020:

	Number			Weighted Average Share Price		Weighted Average Share Price		Aggregate Intrinsic Value		Aggregate Intrinsic Value
	#			C$		US$		C$		US$

Balance as at June 30, 2019		46,665		$	36.63	$	27.99		-		-
Expired		(46,665	)	$	36.63	$	27.99
Balance as at June 30, 2020 and September 30, 2020		-			-		-		-		-

Share-Based Payments

3 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS

Option Plan Details

On March 24, 2017, the Company’s shareholders approved: (i) the adoption of a new stock option plan (the “Plan”) pursuant to which the Board of Directors may, from time to time, in its discretion and in accordance with the requirements of the TSX, grant to directors, officers, employees and consultants of the Company, non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed twenty percent (20%) of the issued and outstanding common shares at the date the options are granted (on a non-diluted and rolling basis); and (ii) the application of the new stock option plan to all outstanding stock options of the Company that were granted prior to March 24, 2017 under the terms of the Company’s previous stock option plan.

As at September 30, 2020, there were 487,326 (June 30, 2020 – 455,507) options available for future allocation pursuant to the terms of the Plan. The option price under each option shall be not be less than the closing price on the day prior to the date of grant. All options vest upon terms as set by the Board of Directors, either over time, typically 12 to 36 months, or upon the achievement of certain corporate milestones.

Stock options are granted with Canadian dollar exercise prices (United States dollar amounts for weighted average exercise prices and aggregate intrinsic value are calculated using prevailing rates as at September 30, 2020). The following is a summary of changes in outstanding options from July 1, 2019 to September 30, 2020:

	Number			Weighted Average Exercise Price		Weighted Average Exercise Price
				C$		US$
Balance as at June 30, 2019		599,090			17.64		13.48
Granted		52,728			8.78		6.44
Expired/Forfeited		(63,183	)		37.39		27.43
Balance as at June 30, 2020		588,635			14.73		10.81
Expired/Forfeited		(31,818	)		8.19		6.14
Balance as at September 30, 2020		556,817			14.96		11.22

The following is a summary of changes in options from July 1, 2020 to September 30, 2020:

Grant Date	Expiry Date	Exercise Price C$		Opening Balance		Granted		Exercised		Expired/ Forfeited			Closing Balance		Vested and Exercisable		Unvested
25-Aug-15	25-Aug-20	$	6.930		1,515		-		-		(1,515	)		-		-		-
23-Nov-15	23-Nov-20	$	4.785		6,061		-		-		-			6,061		6,061		-
27-Nov-15	27-Nov-20	$	4.620		1,515		-		-		-			1,515		1,515		-
16-May-16	16-May-21	$	2.640		60,606		-		-		-			60,606		60,606		-
10-Jun-16	10-Jun-21	$	4.290		24,242		-		-		-			24,242		24,242		-
15-Jun-16	15-Jun-21	$	3.630		60,606		-		-		-			60,606		60,606		-
26-Jul-16	26-Jul-21	$	3.630		22,727		-		-		-			22,727		22,727		-
12-Sep-16	12-Sep-21	$	3.630		30,303		-		-		-			30,303		30,303		-
28-Oct-16	28-Oct-21	$	6.435		12,121		-		-		-			12,121		12,121		-
12-Dec-16	12-Dec-21	$	4.620		4,848		-		-		-			4,848		4,848		-
13-Jan-17	13-Jan-22	$	8.250		30,303		-		-		(30,303	)		-		-		-
20-Feb-17	20-Feb-22	$	12.210		3,030		-		-		-			3,030		3,030		-
22-Feb-17	22-Feb-22	$	13.530		1,515		-		-		-			1,515		1,515		-
2-Jun-17	2-Jun-22	$	14.850		21,667		-		-		-			21,667		21,667		-
10-Jul-17	10-Jul-22	$	10.890		10,758		-		-		-			10,758		10,758		-
8-Mar-18	8-Mar-23	$	51.150		36,363		-		-		-			36,363		36,363		-
16-May-18	16-May-23	$	33.660		77,728		-		-		-			77,728		77,728		-
31-Aug-18	31-Aug-23	$	27.060		8,182		-		-		-			8,182		8,182		-
20-Sep-18	20-Sep-23	$	26.400		4,545		-		-		-			4,545		4,545		-
05-Dec-18	05-Dec-23	$	14.850		21,212		-		-		-			21,212		15,909		5,303
14-Jan-19	14-Jan-24	$	16.500		3,183		-		-		-			3,183		3,183		-
21-Jan-19	21-Jan-24	$	16.830		3,030		-		-		-			3,030		2,272		758
4-Feb-19	4-Feb-24	$	26.070		4,545		-		-		-			4,545		3,409		1,136
4-Mar-19	4-Mar-24	$	19.800		10,757		-		-		-			10,757		8,067		2,690
27-May-19	27-May 24	$	14.355		74,545		-		-		-			74,545		37,272		37,273
1-Jul-19	1-Jul-24	$	10.890		3,030		-		-		-			3,030		1,180		1,850
9-Aug-19	9-Aug-24	$	8.910		30,303		-		-		-			30,303		7,576		22,727
3-Dec-19	3-Dec-24	$	8.250		9,091		-		-		-			9,091		-		9,091
12-Jan-20	11-Jan-25	$	8.250		10,304		-		-		-			10,304		758		9,546
					588,635		-		-		(31,818	)		556,817		466,443		90,374

Weighted Average Exercise Price C$	$	14.73	-	-	$	8.19	$	14.96	$	15.70	$	12.01
Weighted Average Exercise Price US$	$	10.81	-	-	$	6.14	$	11.22	$	11.77	$	9.01
Weighted Average Life Remaining		2.32	-	-		-		2.12		1.80		3.79
Aggregate Intrinsic Value (C$)		$Nil						$Nil
Aggregate Intrinsic Value (US$)		$Nil						$Nil

Fair Value of Options Issued During the Period

There were no options granted during the three months ended September 30, 2020.

ii)

Expenses Arising from Share-based Payment Transactions

Total expenses arising from share-based payment transactions recognized during the three months ended September 30, 2020 were $85,407 (2019 - $350,482). Unrecognized compensation cost at September 30, 2020 related to unvested options was $148,980 (C$198,725) which will be recognized over a weighted-average vesting period of 1.1 years.

Lease Obligations

3 Months Ended

Sep. 30, 2020

Leases [Abstract]

LEASE OBLIGATIONS

LEASE OBLIGATIONS

On commencement of the lease for the Company’s new offices premises on July 1, 2019, the Company recognized right-of-use assets of $434,660 and a lease liability of $385,057 with no net impact on accumulated deficit. When measuring lease liabilities, the Company discounted lease payments using its incremental borrowing rate at July 1, 2019 of 8%.

The following table lists the Company’s operating lease obligations recognized on commencement of the lease for the Company’s new offices premises at July 1, 2019.

Lease obligations recognized as at July 1, 2019	$	385,057
Discounted using the incremental borrowing rate at July 1, 2019		8	%
Estimated annual variable lease payments not included in lease obligations	$	59,983

The Company is committed to minimum lease payments as follows:

Maturity Analysis	September 30, 2020
Less than one year	$	89,222
One to five years		274,100
More than five years		-
Total undiscounted lease liabilities	$	363,322	⁽¹⁾

⁽¹⁾

Excludes estimated variable operating costs of $59,983 on an annual basis through to August 31, 2024.

Basic and Diluted Loss per Share

3 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

BASIC AND DILUTED LOSS PER SHARE

BASIC AND DILUTED LOSS PER SHARE

Basic loss per share amounts are calculated by dividing the net loss for the period by the weighted average number of ordinary shares outstanding during the period. As the outstanding stock options are anti-dilutive, they are excluded from the weighted average number of common shares in the table below.

	Three Months Ended September 30
	2020			2019

Net loss for the period	$	(1,599,079	)	$	(2,805,312	)
Basic and diluted loss per share		(0.31	)		(0.54	)
Weighted average number of common shares- basic and diluted		5,220,707			5,220,707

Non-Cash Transactions

3 Months Ended

Sep. 30, 2020

NON-CASH TRANSACTIONS

10.

NON-CASH TRANSACTIONS

Investing and financing activities that do not have a direct impact on cash flows are excluded from the statements of cash flows. During the three months ended September 30, 2020, the following transaction was excluded from the statement of cash flows:

As at September 30, 2020, the Company has unpaid deferred financing costs of $128,907.

During the three months ended September 30, 2019, the following transaction was excluded from the statement of cash flows:

ii)

On January 14, 2019, the Company executed a lease for new office premises (see Note 8). The term of this new lease is from July 1, 2019 to August 31, 2024. In accordance with Topic 842 Leases, on commencement of the lease on July 1, 2019, the Company recognized right-of-use assets of $434,660 and a lease liability of $385,057.

Commitments and Contingencies

3 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

11.

COMMITMENTS AND CONTINGENCIES

Pursuant to the terms of agreements with various contract research organizations, as at September 30, 2020, the Company is committed for contract research services and materials at a cost of approximately $598,193. A total of $580,615 of these expenditures are expected to occur in the twelve months following September 30, 2020 and the balance of $17,578 in the following twelve-month period.

Pursuant to the terms of a May 31, 2017 Technology Assignment Agreement between the Company and the University of British Columbia (“UBC”), the Company is committed to pay royalties to UBC on certain licensing and royalty revenues received by the Company for biosynthesis of certain drug products that are covered by the agreement. To date no payments have been required to be made.

Pursuant to the terms of a December 13, 2018 Collaborative Research Agreement with UBC in which the Company owns all right, title and interest in and to any intellectual property, in addition to funding research at UBC, the Company is committed to make a one-time payment upon filing of any PCT patent application arising from the research. To date no payments have been required to be made.

Pursuant to the terms of a November 1, 2018 Contribution Agreement with National Research Council Canada, as represented by its Industrial Research Assistance Program (NRC-IRAP), under certain circumstances contributions received, including the disposition of the underlying intellectual property developed in part with NRC-IRAP contributions, may become repayable.

Short-term investments include guaranteed investment certificates with a face value of $43,107 (June 30, 2020 - $42,193) that are pledged as security for a corporate credit card.

The Company has entered into certain agreements in the ordinary course of operations that may include indemnification provisions, which are common in such agreements. In some cases, the maximum amount of potential future indemnification is unlimited; however, the Company currently holds commercial general liability insurance. This insurance limits the Company’s liability and may enable the Company to recover a portion of any future amounts paid. Historically, the Company has not made any indemnification payments under such agreements and it believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented.

In July 2020, in connection with the IPO of our common shares, two inadvertent disclosures of already publically available information were made that may have exceeded the scope permissible under Rule 134 of the Securities Act of 1933, and thus may not be entitled to the “safe-harbor” provided by Rule 134. As a result, either of the two inadvertent disclosures could be determined to not be in compliance for a registered securities offering under Section 5 of the Securities Act of 1933. If either of the two inadvertent disclosures are determined by a court to be a violation by the Company of the Securities Act of 1933, the recipients of the inadvertent disclosures who purchase our common shares in the IPO may have a rescission right, which could require the Company to repurchase those shares at their original purchase price with interest or a claim for damages if the purchaser no longer owns the securities, for one year following the date of the violation. The Company could also incur considerable expense if it were to contest any such claims. Consequently, a contingent liability may arise out of this possible violation of the Securities Act of 1933. The likelihood and magnitude of this contingent liability, if any, is not determinable at this time.

From time to time, the Company may be subject to various legal proceedings and claims related to matters arising in the ordinary course of business. The Company does not believe it is currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred.

Financial Risk Management

3 Months Ended

Sep. 30, 2020

Financial Risk Management [Abstract]

FINANCIAL RISK MANAGEMENT

12.

FINANCIAL RISK MANAGEMENT

Fair value:

Fair value measurements recognized in the condensed consolidated balance sheets must be categorized in accordance with the following levels:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Company’s financial instruments consist of cash and cash equivalents, short-term investments, accounts receivable, and accounts payable and accrued liabilities.

The fair values of short-term investments, accounts receivable, and accounts payable and accrued liabilities approximate their fair values because of the short-term nature of these instruments. Cash and cash equivalents are measured at fair value using Level 1 inputs.

The following table summarizes the classification and carrying values of the Company’s financial instruments at September 30, 2020 and June 30, 2020:

September 30, 2020	Level 1		Level 2		Total
Financial assets
Cash and cash equivalents		4,497,296		-		4,497,296
Short-term investments		-		43,162		43,162
Accounts receivable		-		51,873		51,873
Total financial assets		4,497,296		95,035		4,592,331
Financial liabilities
Accounts payable and accrued liabilities		-		1,802,628		1,802,628
Total financial liabilities		-		1,802,628		1,802,628

June 30, 2020	Level 1		Level 2		Total
Financial assets
Cash and cash equivalents		5,805,809		-		5,805,809
Short-term investments		-		42,384		42,384
Accounts receivable		-		45,344		45,344
Total financial assets		5,805,809		87,728		5,893,537

Financial liabilities
Accounts payable and accrued liabilities		-		1,607,303		1,607,303
Total financial liabilities		-		1,607,303		1,607,303

Market Risk:

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices are comprised of four types of risk: foreign currency risk, interest rate risk, commodity price risk and equity price risk. The Company does not currently have significant commodity price risk or equity price risk.

Foreign Currency Risk:

Foreign currency risk is the risk that the future cash flows or fair value of the Company’s financial instruments that are denominated in a currency that is not the Company’s functional currency (C$) will fluctuate due to changes in foreign exchange rates. Portions of the Company’s cash and cash equivalents and accounts payable and accrued liabilities are denominated in U.S. dollars.

Accordingly, the Company is exposed to fluctuations in the U.S. and Canadian dollar exchange rates.

As at September 30, 2020, the Company has a net excess of U.S. dollar denominated cash and cash equivalents in excess of U.S. dollar denominated accounts payable and accrued liabilities of US$250,293 which is equivalent to C$333,866 at the September 30, 2020 exchange rate. The U.S. dollar financial assets generally result from holding U.S. dollar cash to settle anticipated near-term accounts payable and accrued liabilities denominated in U.S. dollars. The U.S. dollar financial liabilities generally result from purchases of supplies and services from suppliers from outside of Canada.

Each change of 1% in the U.S. dollar in relation to the Canadian dollar results in a gain or loss, with a corresponding effect on cash flows, of $2,503 based on the September 30, 2020 net U.S. dollar assets (liabilities) position. During the three months ended September 30, 2020, the Company recorded foreign exchange loss of $77,992 (September 30, 2019 – gain of $15,932) related to US dollars.

As at September 30, 2020, the Company has a net excess of Euros denominated accounts payable and accrued liabilities in excess of Euros denominated cash and cash equivalents of €23,746 which is equivalent to US$27,826 at the September 30, 2020 exchange rate. The Euros financial assets generally result from holding Euros cash to settle anticipated near-term accounts payable and accrued liabilities denominated in Euros. The Euros financial liabilities generally result from purchases of supplies and services from suppliers from outside of Canada.

Each change of 1% in the Euro in relation to the Canadian dollar results in a gain or loss, with a corresponding effect on cash flows, of $278 based on the September 30, 2020 net Euro assets (liabilities) position. During the three months ended September 30, 2020, the Company recorded a foreign exchange gain of $38,493 (September 30, 2019 – gain of $Nil) related to Euros.

Interest Rate Risk:

Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. As at September 30, 2020, holdings of cash and cash equivalents of $3,851,615 (June 30, 2020 - $4,307,407) are subject to floating interest rates. The balance of the Company’s cash holdings of $915,682 (June 30, 2020 - $1,498,402) are non-interest bearing.

As at September 30, 2020, the Company held variable rate guaranteed investment certificates, with one-year terms, with face value of $43,107 (June 30, 2020 - $42,193).

The Company’s current policy is to invest excess cash in guaranteed investment certificates or interest-bearing accounts of major Canadian chartered banks or credit unions with comparable credit ratings. The Company regularly monitors compliance to its cash management policy.

The Company, as at September 30, 2020, does not have any borrowings. Interest rate risk is limited to potential decreases on the interest rate offered on cash and cash equivalents and short-term investments held with chartered Canadian financial institutions. The Company considers this risk to be immaterial.

Credit Risk:

Credit risk is the risk of financial loss to the Company if a customer or a counter party to a financial instrument fails to meet its contractual obligations. Financial instruments which are potentially subject to credit risk for the Company consist primarily of cash and cash equivalents and short-term investments. Cash and cash equivalents and short-term investments are maintained with financial institutions of reputable credit and may be redeemed upon demand.

The carrying amount of financial assets represents the maximum credit exposure. Credit risk exposure is limited through maintaining cash and cash equivalents and short-term investments with high-credit quality financial institutions and management considers this risk to be minimal for all cash and cash equivalents and short-term investments assets based on changes that are reasonably possible at each reporting date.

Liquidity Risk:

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases. As at September 30, 2020, the Company has cash and cash equivalents and short-term investments of $4,540,458 (June 30, 2020 - $5,848,193), current liabilities of $1,874,030 (June 30, 2020 - $1,676,268 ) and a working capital surplus of $3,242,497 (June 30, 2020 - $4,636,189).

Subsequent Event

3 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENT

13.

SUBSEQUENT EVENT

On November 16, 2020, the Company consummated its IPO and issued an aggregate of 1,780,000 common shares, together with accompanying warrants, for gross proceeds of $8,010,000. Each common share was sold in the offering with one warrant to purchase one common share. The warrants have an exercise price of $5.11 per share, are immediately exercisable upon issuance, and expire six years following the date of issuance. The underwriters have also been granted an option to purchase an additional 267,000 common shares and additional warrants to purchase up to an aggregate of 267,000 common shares for a period of 45 days. In conjunction with the IPO, the Company’s common shares commenced trading on the Nasdaq on November 12, 2020.

Accounting Policies, by Policy (Policies)

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation

(a)	Basis of Presentation

The functional currency of the Company and its subsidiaries is the Canadian Dollar. These condensed consolidated interim financial statements are presented in U.S Dollars.

Use of Estimates

(b)	Use of Estimates

Basis of Consolidation

(c)	Basis of Consolidation

New Standards Applicable in the Reporting Period

(d)	New Standards Applicable in the Reporting Period

Credit losses

ii)

Fair Value Measurement

iii)

Collaborative Arrangements

Property and Equipment, Net (Tables)

3 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	September 30, 2020			June 30, 2020
	$			$

Right-of-Use Asset (lease)		426,449			417,405
Equipment		64,215			62,853
Leasehold Improvements		41,029			40,160
Property and equipment		531,693			520,418
Less: accumulated depreciation		(147,164	)		(116,933	)
Property and equipment, net		384,529			403,485

Intangible Assets, Net (Tables)

3 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

	September 30, 2020			June 30, 2020
	$			$

Intellectual property		1,657,403			1,622,255
Less: accumulated amortization		(568,773	)		(535,600	)
Intangible assets, net		1,088,630			1,086,655

Schedule of amortization expense

	$

2021		92,078
2022		92,078
2023		92,078
2024		92,078
2025		92,078
		460,390

Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Sep. 30, 2020

Payables and Accruals [Abstract]

Schedule of Accounts payable and accrued liabilities

	September 30, 2020		June 30, 2020
	$		$

Trade payables		152,742		82,651
Accrued research and development expenses		496,743		587,425
Employee compensation, benefits and related accruals		655,144		536,231
Accrued general and administrative expenses		497,999		400,996
Accounts payable and accrued liabilities		1,802,628		1,607,303

Share Capital and Reserves (Tables)

3 Months Ended

Sep. 30, 2020

Share Capital And Reserves [Abstract]

Schedule of changes in share purchase warrants

	Number			Weighted Average Share Price		Weighted Average Share Price		Aggregate Intrinsic Value		Aggregate Intrinsic Value
	#			C$		US$		C$		US$

Balance as at June 30, 2019		910,297		$	41.25	$	31.52		-		-
Expired		(910,297	)	$	41.25	$	31.52
Balance as at June 30, 2020 and September 30, 2020		-			-		-		-		-

Schedule of changes in agents’ warrants

	Number			Weighted Average Share Price		Weighted Average Share Price		Aggregate Intrinsic Value		Aggregate Intrinsic Value
	#			C$		US$		C$		US$

Balance as at June 30, 2019		46,665		$	36.63	$	27.99		-		-
Expired		(46,665	)	$	36.63	$	27.99
Balance as at June 30, 2020 and September 30, 2020		-			-		-		-		-

Share-Based Payments (Tables)

3 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of options activity

	Number			Weighted Average Exercise Price		Weighted Average Exercise Price
				C$		US$
Balance as at June 30, 2019		599,090			17.64		13.48
Granted		52,728			8.78		6.44
Expired/Forfeited		(63,183	)		37.39		27.43
Balance as at June 30, 2020		588,635			14.73		10.81
Expired/Forfeited		(31,818	)		8.19		6.14
Balance as at September 30, 2020		556,817			14.96		11.22

Schedule of weighted average exercise price

Grant Date	Expiry Date	Exercise Price C$		Opening Balance		Granted		Exercised		Expired/ Forfeited			Closing Balance		Vested and Exercisable		Unvested
25-Aug-15	25-Aug-20	$	6.930		1,515		-		-		(1,515	)		-		-		-
23-Nov-15	23-Nov-20	$	4.785		6,061		-		-		-			6,061		6,061		-
27-Nov-15	27-Nov-20	$	4.620		1,515		-		-		-			1,515		1,515		-
16-May-16	16-May-21	$	2.640		60,606		-		-		-			60,606		60,606		-
10-Jun-16	10-Jun-21	$	4.290		24,242		-		-		-			24,242		24,242		-
15-Jun-16	15-Jun-21	$	3.630		60,606		-		-		-			60,606		60,606		-
26-Jul-16	26-Jul-21	$	3.630		22,727		-		-		-			22,727		22,727		-
12-Sep-16	12-Sep-21	$	3.630		30,303		-		-		-			30,303		30,303		-
28-Oct-16	28-Oct-21	$	6.435		12,121		-		-		-			12,121		12,121		-
12-Dec-16	12-Dec-21	$	4.620		4,848		-		-		-			4,848		4,848		-
13-Jan-17	13-Jan-22	$	8.250		30,303		-		-		(30,303	)		-		-		-
20-Feb-17	20-Feb-22	$	12.210		3,030		-		-		-			3,030		3,030		-
22-Feb-17	22-Feb-22	$	13.530		1,515		-		-		-			1,515		1,515		-
2-Jun-17	2-Jun-22	$	14.850		21,667		-		-		-			21,667		21,667		-
10-Jul-17	10-Jul-22	$	10.890		10,758		-		-		-			10,758		10,758		-
8-Mar-18	8-Mar-23	$	51.150		36,363		-		-		-			36,363		36,363		-
16-May-18	16-May-23	$	33.660		77,728		-		-		-			77,728		77,728		-
31-Aug-18	31-Aug-23	$	27.060		8,182		-		-		-			8,182		8,182		-
20-Sep-18	20-Sep-23	$	26.400		4,545		-		-		-			4,545		4,545		-
05-Dec-18	05-Dec-23	$	14.850		21,212		-		-		-			21,212		15,909		5,303
14-Jan-19	14-Jan-24	$	16.500		3,183		-		-		-			3,183		3,183		-
21-Jan-19	21-Jan-24	$	16.830		3,030		-		-		-			3,030		2,272		758
4-Feb-19	4-Feb-24	$	26.070		4,545		-		-		-			4,545		3,409		1,136
4-Mar-19	4-Mar-24	$	19.800		10,757		-		-		-			10,757		8,067		2,690
27-May-19	27-May 24	$	14.355		74,545		-		-		-			74,545		37,272		37,273
1-Jul-19	1-Jul-24	$	10.890		3,030		-		-		-			3,030		1,180		1,850
9-Aug-19	9-Aug-24	$	8.910		30,303		-		-		-			30,303		7,576		22,727
3-Dec-19	3-Dec-24	$	8.250		9,091		-		-		-			9,091		-		9,091
12-Jan-20	11-Jan-25	$	8.250		10,304		-		-		-			10,304		758		9,546
					588,635		-		-		(31,818	)		556,817		466,443		90,374

Schedule of weighted average exercise price

Weighted Average Exercise Price C$	$	14.73	-	-	$	8.19	$	14.96	$	15.70	$	12.01
Weighted Average Exercise Price US$	$	10.81	-	-	$	6.14	$	11.22	$	11.77	$	9.01
Weighted Average Life Remaining		2.32	-	-		-		2.12		1.80		3.79
Aggregate Intrinsic Value (C$)		$Nil						$Nil
Aggregate Intrinsic Value (US$)		$Nil						$Nil

Lease Obligations (Tables)

3 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule of operating leases obligations

Lease obligations recognized as at July 1, 2019	$	385,057
Discounted using the incremental borrowing rate at July 1, 2019		8	%
Estimated annual variable lease payments not included in lease obligations	$	59,983

Schedule of minimum lease payments

Maturity Analysis	September 30, 2020
Less than one year	$	89,222
One to five years		274,100
More than five years		-
Total undiscounted lease liabilities	$	363,322	⁽¹⁾

⁽¹⁾

Excludes estimated variable operating costs of $59,983 on an annual basis through to August 31, 2024.

Basic and Diluted Loss per Share (Tables)

3 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of weighted average number of common shares

	Three Months Ended September 30
	2020			2019

Net loss for the period	$	(1,599,079	)	$	(2,805,312	)
Basic and diluted loss per share		(0.31	)		(0.54	)
Weighted average number of common shares- basic and diluted		5,220,707			5,220,707

Financial Risk Management (Tables)

3 Months Ended

Sep. 30, 2020

Financial Risk Management [Abstract]

Schedule of financial instruments

September 30, 2020	Level 1		Level 2		Total
Financial assets
Cash and cash equivalents		4,497,296		-		4,497,296
Short-term investments		-		43,162		43,162
Accounts receivable		-		51,873		51,873
Total financial assets		4,497,296		95,035		4,592,331
Financial liabilities
Accounts payable and accrued liabilities		-		1,802,628		1,802,628
Total financial liabilities		-		1,802,628		1,802,628

June 30, 2020	Level 1		Level 2		Total
Financial assets
Cash and cash equivalents		5,805,809		-		5,805,809
Short-term investments		-		42,384		42,384
Accounts receivable		-		45,344		45,344
Total financial assets		5,805,809		87,728		5,893,537

Financial liabilities
Accounts payable and accrued liabilities		-		1,607,303		1,607,303
Total financial liabilities		-		1,607,303		1,607,303

Corporate Information and Continuing Operations (Details) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accounting Policies [Abstract]
Net loss	$ (1,599,079)	$ (2,805,312)
Accumulated deficit	(66,248,460)		$ (64,649,381)
Cash and cash equivalents	$ 4,497,296		$ 5,805,809	$ 9,837,213

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

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+ Details

Property and Equipment, Net (Details) - USD ($)	3 Months Ended
Property and Equipment, Net (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Leasehold improvements	$ 6,384	$ 6,781
Depreciation expense	$ 21,351	$ 7,180

Property and Equipment, Net (Details) - Schedule of property and equipment - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Property and equipment	$ 531,693	$ 520,418
Less: accumulated depreciation	(147,164)	(116,933)
Property and equipment, net	384,529	403,485
Right-of-Use Asset (lease) [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	426,449	417,405
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	64,215	62,853
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 41,029	$ 40,160

Intangible Assets, Net (Details) - USD ($)	3 Months Ended
Intangible Assets, Net (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Intangible Assets, Net (Details) [Line Items]
Estimated useful life	18 years
Amortization expense on intangible assets	$ 21,597	$ 23,446
Intellectual property [Member]
Intangible Assets, Net (Details) [Line Items]
Estimated useful life	12 years

Intangible Assets, Net (Details) - Schedule of intangible assets - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Schedule of intangible assets [Abstract]
Intellectual property	$ 1,657,403	$ 1,622,255
Less: accumulated amortization	(568,773)	(535,600)
Intangible assets, net	$ 1,088,630	$ 1,086,655

Intangible Assets, Net (Details) - Schedule of amortization expense	Sep. 30, 2020 USD ($)
Schedule of amortization expense [Abstract]
2021	$ 92,078
2022	92,078
2023	92,078
2024	92,078
2025	92,078
Total	$ 460,390

Accounts Payable and Accrued Liabilities (Details) - Schedule of Accounts payable and accrued liabilities - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Schedule of Accounts payable and accrued liabilities [Abstract]
Trade payables	$ 152,742	$ 82,651
Accrued research and development expenses	496,743	587,425
Employee compensation, benefits and related accruals	655,144	536,231
Accrued general and administrative expenses	497,999	400,996
Accounts payable and accrued liabilities	$ 1,802,628	$ 1,607,303

Share Capital and Reserves (Details) - Schedule of changes in share purchase warrants	12 Months Ended
	Jun. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2020 CAD ($) $ / shares shares
Schedule of changes in share purchase warrants [Abstract]
Number of balance at beginning	910,297	910,297
Weighted Average Share Price balance at beginning \| (per share)	$ 31.52	$ 41.25
Aggregate Intrinsic Value at beginning
Number of Expired	(910,297)	(910,297)
Weighted Average Share Price Expired \| (per share)	$ 31.52	$ 41.25
Number of balance at ending
Weighted Average Share Price balance at ending \| (per share)
Aggregate Intrinsic Value balance at ending

Share Capital and Reserves (Details) - Schedule of changes in agents’ warrants - 12 months ended Jun. 30, 2020 - Warrants[Member]	USD ($) $ / shares shares	CAD ($) $ / shares shares
Share Capital and Reserves (Details) - Schedule of changes in agents’ warrants [Line Items]
Number of balance at beginning	46,665	46,665
Weighted Average Share Price balance at beginning \| (per share)	$ 27.99	$ 36.63
Aggregate Intrinsic Value at beginning
Number of Expired	(46,665)	(46,665)
Weighted Average Share Price Expired \| (per share)	$ 27.99	$ 36.63
Number of balance at ending
Weighted Average Share Price balance at ending \| (per share)
Aggregate Intrinsic Value balance at ending

Share-Based Payments (Details)	1 Months Ended	3 Months Ended
Share-Based Payments (Details)	Mar. 24, 2017	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($)	Sep. 30, 2020 CAD ($) shares	Jun. 30, 2020 shares
Share-based Payment Arrangement [Abstract]
Issued and outstanding, percentage	20.00%
Options shares (in Shares) \| shares		487,326		487,326	455,507
Share-based payment transactions \| $		$ 85,407	$ 350,482
Unrecognized compensation cost		$ 148,980		$ 198,725
Weighted-average vesting period		1 year 36 days

Share-Based Payments (Details) - Schedule of outstanding options	3 Months Ended		12 Months Ended
	Sep. 30, 2020 $ / shares shares	Sep. 30, 2020 $ / shares shares	Jun. 30, 2020 $ / shares shares	Jun. 30, 2020 $ / shares shares
Schedule of outstanding options [Abstract]
Number of beginning balance	588,635	588,635	599,090	599,090
Weighted Average Exercise Price, beginning balance \| (per share)	$ 10.81	$ 14.73	$ 13.48	$ 17.64
Number of Granted			52,728	52,728
Weighted Average Exercise Price, Granted \| (per share)			$ 6.44	$ 8.78
Number of Expired/Forfeited	(31,818)	(31,818)	(63,183)	(63,183)
Weighted Average Exercise Price, Expired/Forfeited \| (per share)	$ 6.14	$ 8.19	$ 27.43	$ 37.39
Number of ending balance	556,817	556,817	588,635	588,635
Weighted Average Exercise Price, ending balance \| (per share)	$ 11.22	$ 14.96	$ 10.81	$ 14.73

Share-Based Payments (Details) - Schedule of changes in options	3 Months Ended
	Sep. 30, 2020 $ / shares shares
25-Aug-15 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	25-Aug-15
Expiry Date	25-Aug-20
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 6.930
Opening Balance	1,515
Granted
Exercised
Expired/ Forfeited	(1,515)
Closing Balance
Vested and Exercisable
Unvested
23-Nov-15 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	23-Nov-15
Expiry Date	23-Nov-20
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 4.785
Opening Balance	6,061
Granted
Exercised
Expired/ Forfeited
Closing Balance	6,061
Vested and Exercisable	6,061
Unvested
27-Nov-15 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	27-Nov-15
Expiry Date	27-Nov-20
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 4.620
Opening Balance	1,515
Granted
Exercised
Expired/ Forfeited
Closing Balance	1,515
Vested and Exercisable	1,515
Unvested
16-May-16 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	16-May-16
Expiry Date	16-May-21
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 2.640
Opening Balance	60,606
Granted
Exercised
Expired/ Forfeited
Closing Balance	60,606
Vested and Exercisable	60,606
Unvested
10-Jun-16 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	10-Jun-16
Expiry Date	10-Jun-21
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 4.290
Opening Balance	24,242
Granted
Exercised
Expired/ Forfeited
Closing Balance	24,242
Vested and Exercisable	24,242
Unvested
15-Jun-16 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	15-Jun-16
Expiry Date	15-Jun-21
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 3.630
Opening Balance	60,606
Granted
Exercised
Expired/ Forfeited
Closing Balance	60,606
Vested and Exercisable	60,606
Unvested
26-Jul-16 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	26-Jul-16
Expiry Date	26-Jul-21
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 3.630
Opening Balance	22,727
Granted
Exercised
Expired/ Forfeited
Closing Balance	22,727
Vested and Exercisable	22,727
Unvested
12-Sep-16 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	12-Sep-16
Expiry Date	12-Sep-21
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 3.630
Opening Balance	30,303
Granted
Exercised
Expired/ Forfeited
Closing Balance	30,303
Vested and Exercisable	30,303
Unvested
28-Oct-16 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	28-Oct-16
Expiry Date	28-Oct-21
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 6.435
Opening Balance	12,121
Granted
Exercised
Expired/ Forfeited
Closing Balance	12,121
Vested and Exercisable	12,121
Unvested
12-Dec-16 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	12-Dec-16
Expiry Date	12-Dec-21
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 4.620
Opening Balance	4,848
Granted
Exercised
Expired/ Forfeited
Closing Balance	4,848
Vested and Exercisable	4,848
Unvested
13-Jan-17 {Member}
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	13-Jan-17
Expiry Date	13-Jan-22
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 8.250
Opening Balance	30,303
Granted
Exercised
Expired/ Forfeited	(30,303)
Closing Balance
Vested and Exercisable
Unvested
20-Feb-17 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	20-Feb-17
Expiry Date	20-Feb-22
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 12.210
Opening Balance	3,030
Granted
Exercised
Expired/ Forfeited
Closing Balance	3,030
Vested and Exercisable	3,030
Unvested
22-Feb-17 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	22-Feb-17
Expiry Date	22-Feb-22
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 13.530
Opening Balance	1,515
Granted
Exercised
Expired/ Forfeited
Closing Balance	1,515
Vested and Exercisable	1,515
Unvested
2-Jun-17 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	2-Jun-17
Expiry Date	2-Jun-22
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 14.850
Opening Balance	21,667
Granted
Exercised
Expired/ Forfeited
Closing Balance	21,667
Vested and Exercisable	21,667
Unvested
10-Jul-17 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	10-Jul-17
Expiry Date	10-Jul-22
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 10.890
Opening Balance	10,758
Granted
Exercised
Expired/ Forfeited
Closing Balance	10,758
Vested and Exercisable	10,758
Unvested
8-Mar-18 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	8-Mar-18
Expiry Date	8-Mar-23
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 51.150
Opening Balance	36,363
Granted
Exercised
Expired/ Forfeited
Closing Balance	36,363
Vested and Exercisable	36,363
Unvested
16-May-18 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	16-May-18
Expiry Date	16-May-23
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 33.660
Opening Balance	77,728
Granted
Exercised
Expired/ Forfeited
Closing Balance	77,728
Vested and Exercisable	77,728
Unvested
31-Aug-18 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	31-Aug-18
Expiry Date	31-Aug-23
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 27.060
Opening Balance	8,182
Granted
Exercised
Expired/ Forfeited
Closing Balance	8,182
Vested and Exercisable	8,182
Unvested
20-Sep-18 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	20-Sep-18
Expiry Date	20-Sep-23
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 26.400
Opening Balance	4,545
Granted
Exercised
Expired/ Forfeited
Closing Balance	4,545
Vested and Exercisable	4,545
Unvested
05-Dec-18 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	05-Dec-18
Expiry Date	05-Dec-23
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 14.850
Opening Balance	21,212
Granted
Exercised
Expired/ Forfeited
Closing Balance	21,212
Vested and Exercisable	15,909
Unvested	5,303
14-Jan-19 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	14-Jan-19
Expiry Date	14-Jan-24
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 16.500
Opening Balance	3,183
Granted
Exercised
Expired/ Forfeited
Closing Balance	3,183
Vested and Exercisable	3,183
Unvested
21-Jan-19 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	21-Jan-19
Expiry Date	21-Jan-24
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 16.830
Opening Balance	3,030
Granted
Exercised
Expired/ Forfeited
Closing Balance	3,030
Vested and Exercisable	2,272
Unvested	758
4-Feb-19 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	4-Feb-19
Expiry Date	4-Feb-24
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 26.070
Opening Balance	4,545
Granted
Exercised
Expired/ Forfeited
Closing Balance	4,545
Vested and Exercisable	3,409
Unvested	1,136
4-Mar-19 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	4-Mar-19
Expiry Date	4-Mar-24
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 19.800
Opening Balance	10,757
Granted
Exercised
Expired/ Forfeited
Closing Balance	10,757
Vested and Exercisable	8,067
Unvested	2,690
27-May-19 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	27-May-19
Expiry Date	27-May 24
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 14.355
Opening Balance	74,545
Granted
Exercised
Expired/ Forfeited
Closing Balance	74,545
Vested and Exercisable	37,272
Unvested	37,273
1-Jul-19 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	1-Jul-19
Expiry Date	1-Jul-24
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 10.890
Opening Balance	3,030
Granted
Exercised
Expired/ Forfeited
Closing Balance	3,030
Vested and Exercisable	1,180
Unvested	1,850
9-Aug-19 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	9-Aug-19
Expiry Date	9-Aug-24
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 8.910
Opening Balance	30,303
Granted
Exercised
Expired/ Forfeited
Closing Balance	30,303
Vested and Exercisable	7,576
Unvested	22,727
3-Dec-19 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	3-Dec-19
Expiry Date	3-Dec-24
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 8.250
Opening Balance	9,091
Granted
Exercised
Expired/ Forfeited
Closing Balance	9,091
Vested and Exercisable
Unvested	9,091
12-Jan-20 [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Grant Date	12-Jan-20
Expiry Date	11-Jan-25
Exercise Price C$ (in Dollars per share) \| $ / shares	$ 8.250
Opening Balance	10,304
Granted
Exercised
Expired/ Forfeited
Closing Balance	10,304
Vested and Exercisable	758
Unvested	9,546
12-Jan-20 Ono [Member]
Share-Based Payments (Details) - Schedule of changes in options [Line Items]
Opening Balance	588,635
Granted
Exercised
Expired/ Forfeited	(31,818)
Closing Balance	556,817
Vested and Exercisable	466,443
Unvested	90,374

Share-Based Payments (Details) - Schedule of weighted average exercise price - 3 months ended Sep. 30, 2020	USD ($) $ / shares shares	CAD ($) $ / shares shares
Weighted Average Exercise Price [Member]
Share-Based Payments (Details) - Schedule of weighted average exercise price [Line Items]
Weighted Average Exercise Price,Opening Balance (in Dollars per share)		$ 14.73
Weighted Average Exercise Price, Granted (in Dollars per share)
Weighted Average Exercise Price, Exercised (in Dollars per share)
Weighted Average Exercise Price, Expired/ Forfeited (in Dollars per share)		8.19
Weighted Average Exercise Price, Closing Balance (in Dollars per share)		14.96
Weighted Average Exercise Price, Vested and Exercisable (in Dollars per share)		15.70
Weighted Average Exercise Price, Unvested (in Dollars per share)		$ 12.01
Weighted Average Exercise Price [Member]
Share-Based Payments (Details) - Schedule of weighted average exercise price [Line Items]
Weighted Average Exercise Price,Opening Balance (in Dollars per share)	$ 10.81
Weighted Average Exercise Price, Granted (in Dollars per share)
Weighted Average Exercise Price, Exercised (in Dollars per share)
Weighted Average Exercise Price, Expired/ Forfeited (in Dollars per share)	6.14
Weighted Average Exercise Price, Closing Balance (in Dollars per share)	11.22
Weighted Average Exercise Price, Vested and Exercisable (in Dollars per share)	11.77
Weighted Average Exercise Price, Unvested (in Dollars per share)	$ 9.01
Weighted Average Life Remaining [Member]
Share-Based Payments (Details) - Schedule of weighted average exercise price [Line Items]
Weighted Average Life Remaining, Opening Balance	2 years 116 days	2 years 116 days
Granted (in Dollars per share)
Exercised (in Shares) \| shares
Expired/ Forfeited (in Shares) \| shares
Weighted Average Life Remaining. Closing Balance	2 years 43 days	2 years 43 days
Weighted Average Life Remaining, Vested and Exercisable	1 year 292 days	1 year 292 days
Weighted Average Life Remaining, Unvested	3 years 288 days	3 years 288 days
Aggregate Intrinsic Value [Member]
Share-Based Payments (Details) - Schedule of weighted average exercise price [Line Items]
Aggregate Intrinsic Value, Opening Balance \| $
Aggregate Intrinsic Value, Granted (in Dollars) \| $
Aggregate Intrinsic Value, Exercised (in Dollars) \| $
Aggregate Intrinsic Value, Expired/ Forfeited (in Dollars) \| $
Aggregate Intrinsic Value,Closing Balance \| $
Aggregate Intrinsic Value, Vested and Exercisable (in Dollars) \| $
Aggregate Intrinsic Value, Unvested (in Dollars) \| $
Aggregate Intrinsic Value [Member]
Share-Based Payments (Details) - Schedule of weighted average exercise price [Line Items]
Aggregate Intrinsic Value, Opening Balance \| $
Aggregate Intrinsic Value, Granted \| $
Aggregate Intrinsic Value, Exercised \| $
Aggregate Intrinsic Value, Expired/ Forfeited \| $
Aggregate Intrinsic Value,Closing Balance \| $
Aggregate Intrinsic Value, Vested and Exercisable \| $
Aggregate Intrinsic Value, Unvested \| $

Lease Obligations (Details)	Jul. 01, 2019 USD ($)
Leases [Abstract]
Operating lease right of use asset	$ 434,660
Lease liability	$ 385,057
Borrowing rate percentage	8.00%

Lease Obligations (Details) - Schedule of operating leases obligations	3 Months Ended
	Sep. 30, 2020 USD ($)
Leases [Abstract]
Lease obligations recognized as at July 1, 2019	$ 385,057
Discounted using the incremental borrowing rate at July 1, 2019	8.00%
Estimated annual variable lease payments not included in lease obligations	$ 59,983

Lease Obligations (Details) - Schedule of minimum lease payments

Sep. 30, 2020

USD ($)

Leases [Abstract]

Less than one year

$ 89,222

One to five years

274,100

More than five years

Total undiscounted lease liabilities

$ 363,322

^[1]

[1]	Excludes estimated variable operating costs of $59,983 on an annual basis through to August 31, 2024.

Lease Obligations (Details) - Schedule of minimum lease payments (Parentheticals)	Sep. 30, 2020 USD ($)
Leases [Abstract]
Estimated annual variable operating cost	$ 59,983

Basic and Diluted Loss per Share (Details) - Schedule of weighted average number of common shares - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Schedule of weighted average number of common shares [Abstract]
Net loss for the period	$ (1,599,079)	$ (2,805,312)
Basic and diluted loss per share	$ (0.31)	$ (0.54)
Weighted average number of common shares- basic and diluted	5,220,707	5,220,707

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Non-Cash Transactions (Details) - USD ($)	Sep. 30, 2020	Jul. 01, 2019
Related Party Transactions [Abstract]
Deferred financing costs	$ 128,907
Right-of-use assets		$ 434,660
Lease liability		$ 385,057

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Materials and research services	$ 598,193
Description of expenditures	A total of $580,615 of these expenditures are expected to occur in the twelve months following September 30, 2020 and the balance of $17,578 in the following twelve-month period.
Guaranteed investment	$ 43,107	$ 42,193