0001213900-21-057944 | 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, 2021	Nov. 10, 2021
Document Information Line Items
Entity Registrant Name	INMED PHARMACEUTICALS INC.
Trading Symbol	INM
Document Type	10-Q
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		14,137,034
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, 2021
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39685
Entity Incorporation, State or Country Code	A1
Entity Address, Country	CA
Entity Tax Identification Number	98-1067994
Entity Address, Address Line One	Suite 310 - 815 W. Hastings Street, Vancouver
Entity Address, City or Town	B.C
Entity Address, Postal Zip Code	V6C 1B4
City Area Code	(604)
Local Phone Number	669-7207
Title of 12(b) Security	Common Shares, no par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Current
Cash and cash equivalents	$ 15,343,905	$ 7,363,126
Short-term investments	45,224	46,462
Accounts receivable	14,842	11,919
Loan receivable	250,000
Prepaids and other assets	322,352	956,762
Total current assets	15,976,323	8,378,269
Non-Current
Property and equipment, net	304,934	326,595
Intangible assets, net	1,037,382	1,061,697
Other assets	8,625	14,655
Total Assets	17,327,264	9,781,216
Current
Accounts payables and accrued liabilities	1,844,769	2,134,878
Current portion of lease obligations	82,232	80,483
Total current liabilities	1,927,001	2,215,361
Non-current
Lease obligations	178,591	189,288
Total Liabilities	2,105,592	2,404,649
Shareholders’ Equity
Common shares, no par value, unlimited authorized shares: 10,327,034 (June 30, 2021 - 8,050,707) issued and outstanding	63,686,724	60,587,417
Additional paid-in capital	29,230,464	21,513,051
Accumulated deficit	(77,824,085)	(74,852,470)
Accumulated other comprehensive income	128,569	128,569
Total Shareholders’ Equity	15,221,672	7,376,567
Total Liabilities and Shareholders’ Equity	17,327,264	9,781,216
Commitments and Contingencies (Note 12)

Condensed Consolidated Interim Balance Sheets (Unaudited) (Parentheticals) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Statement of Financial Position [Abstract]
Common stock par value (in Dollars per share)
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	10,327,034	8,050,707
Common stock, shares outstanding	10,327,034	8,050,707

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Expenses
Research and development and patents	$ 1,491,252	$ 911,156
General and administrative	1,372,867	624,788
Amortization and depreciation	28,532	27,981
Total operating expenses	2,892,651	1,563,925
Other Income (Expense)
Interest income	5,148	4,345
Foreign exchange loss	(84,112)	(39,499)
Net loss for the period	(2,971,615)	(1,599,079)
Other Comprehensive Loss
Foreign currency translation gain		129,400
Total comprehensive loss for the period	$ (2,971,615)	$ (1,469,679)
Net loss per share for the period
Basic and diluted (in Dollars per share)	$ (0.25)	$ (0.31)
Weighted average outstanding common shares
Basic and diluted (in Shares)	12,047,555	5,220,707

Condensed Consolidated Interim Statements of Shareholders’ Equity (unaudited) - USD ($)	Common Shares	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income - Foreign Exchange	Total
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 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
Balance at Jun. 30, 2021	$ 60,587,417	21,513,051	(74,852,470)	128,569	7,376,567
Balance (in Shares) at Jun. 30, 2021	8,050,707
Private placement	$ 1,459,051	10,540,635			11,999,686
Private placement (in Shares)	890,000
Share issuance costs	$ (247,336)	(1,786,831)			(2,034,167)
Agents’ warrants		739,920			739,920
Exercise of pre-funded warrants	$ 1,887,592	(1,887,453)			139
Exercise of pre-funded warrants (in Shares)	1,386,327
Loss for the period			(2,971,615)		(2,971,615)
Share-based compensation		111,142			111,142
Balance at Sep. 30, 2021	$ 63,686,724	$ 29,230,464	$ (77,824,085)	$ 128,569	$ 15,221,672
Balance (in Shares) at Sep. 30, 2021	10,327,034

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Activities
Net loss for the period	$ (2,971,615)	$ (1,599,079)
Items not requiring cash:
Amortization and depreciation	28,532	27,981
Share-based compensation	111,142	85,407
Non-cash lease expense	25,906	20,728
Interest income (accrued) received on short-term investments	(23)	140
Unrealized foreign exchange gain	1,262
Payments on lease obligations	(17,411)	(16,244)
Changes in non-cash working capital:
Prepaids and other assets	634,410	(31,681)
Other non-current assets	6,030	(14,007)
Accounts receivable	(2,923)	(5,554)
Accounts payable and accrued liabilities	(469,227)	160,719
Total cash used in operating activities	(2,653,917)	(1,371,590)
Investing Activities
Short-term loan	(250,000)
Total cash used in investing activities	(250,000)
Financing Activities
Shares issued for cash	11,999,825
Share issuance costs	(1,115,129)	(64,648)
Total cash provided by (used in) financing activities	10,884,696	(64,648)
Effects of foreign exchange on cash and cash equivalents		127,725
Increase (decrease) in cash during the period	7,980,779	(1,308,513)
Cash and cash equivalents beginning of the period	7,363,126	5,805,809
Cash and cash equivalents end of the period	15,343,905	$ 4,497,296
Supplemental disclosure of non-cash financing activities:
Warrants issued to placement agent and included in share issuance costs related to July 2021 private placement	$ 739,920

Corporate Information and Continuing Operations

3 Months Ended

Sep. 30, 2021

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 pharmaceutical company specializing in the research and development of novel, cannabinoid-based therapies and a system for the manufacturing of pharmaceutical-grade cannabinoids.

The Company’s shares are listed on the Nasdaq Capital Market (“Nasdaq”) under the trading symbol “INM”. 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, 2021, 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 $3.0 million and $1.6 million for the three months ended September 30, 2021 and 2020, respectively. In addition, the Company had an accumulated deficit of $77.8 million as of September 30, 2021 (June 30, 2021 - $74.9 million). 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 $15.3 million as of September 30, 2021 will be sufficient to fund its operating expenses and capital expenditure requirements into the first quarter of fiscal 2023. 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 interim financial statements are issued.

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.

Significant Accounting Policies

3 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

SIGNFICANT ACCOUNTING POLICIES

(a)

Basis of Presentation

These unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles as applied in the United States (“US GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these financial statements do not include all the information and footnotes required for complete financial statements and should be read in conjunction with the audited consolidated financial statements of the Company and the accompanying notes thereto for the year ended June 30, 2021.

These unaudited condensed consolidated interim financial statements reflect all adjustment, consisting solely of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended September 30, 2021 and 2020 are not necessarily indicative of results that can be expected for a full year. These unaudited condensed consolidated interim financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company for the year ended June 30, 2021.

The functional currency of the Company and its subsidiaries is the U.S. Dollar. These condensed consolidated interim financial statements are presented in U.S. Dollars. References to “$” and “US$” are to United States (“U.S.”) dollars and references to “C$” are to Canadian dollars.

(b)

Use of Estimates

The preparation of financial statements in compliance with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the balance sheet date, and the corresponding revenues and expenses for the periods reported. 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.

COVID-19 impacts

On March 11, 2020 the COVID-19 outbreak was declared a pandemic by the World Health Organization. The full extent to which the COVID-19 pandemic may directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, research and development costs and employee-related amounts, will depend on future developments that are evolving and highly uncertain, such as the duration and severity of outbreaks, including potential future waves or cycles, and the effectiveness of actions taken to contain and treat COVID-19. The Company considered the potential impact of COVID-19 when making certain estimates and judgments relating to the preparation of these condensed consolidated interim financial statements. While there was no material impact to the Company’s condensed consolidated interim financial statements as of and for the three months ended September 30, 2021, the Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in a material impact to the Company’s consolidated financial statements in future reporting periods.

(c)

Recent Accounting Pronouncements Not Yet Adopted

The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to the Company or that there was no material impact or no material impact is expected in the consolidated financial statements as a result of future adoption.

Loan Receivable

3 Months Ended

Sep. 30, 2021

Receivables [Abstract]

LOAN RECEIVABLE

LOAN RECEIVABLE

On September 25, 2021, the Company provided a short-term loan to BayMedica Inc. (“BayMedica”) of $250,000 (June 30, 2020 - $Nil). The loan, which is secured against certain BayMedica assets, bears no interest unless the proposed acquisition of BayMedica is terminated in accordance with the InMed BayMedica Reorganization Agreement in which case interest accrues at a rate of 15% per annum from date of issuance. The loan matures within one year. On October 13, 2021, the Company acquired BayMedica (see Note 14).

Property and Equipment, Net

3 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

Property and equipment consists of the following:

	September 30, 2021			June 30, 2021
	$			$
Right of Use Asset (lease)		439,321			439,321
Equipment		66,888			66,888
Leasehold Improvements		42,986			42,986
Property and equipment		549,195			549,195
Less: accumulated depreciation		(244,261	)		(222,600	)
Property and equipment, net		304,934			326,595

Depreciation expense on property, equipment and leasehold improvements for the three months ended September 30, 2021 was $4,217 (2020 - $6,384). Depreciation expense related to the Right-of-Use Asset for the three months ended September 30, 2021 was $21,343 (2020 - $21,351) and was recorded in general and administrative expenses.

Intangible Assets, Net

3 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

Intangible assets consist of:

	September 30, 2021			June 30, 2021
	$			$
Intellectual property		1,736,420			1,736,420
Less: accumulated amortization		(699,038	)		(674,723	)
Intangible assets, net		1,037,382			1,061,697

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. As at September 30, 2021, the acquired intellectual property had an estimated remaining useful life of approximately 10.9 years.

Amortization expense on intangible assets for the three months ended September 30, 2021 was $24,315 (2020 - $21,597). Based upon the intangible assets held as at September 30, 2021, the Company expects amortization expense to be incurred over the next five years as follows:

	$

2022		96,468
2023		96,468
2024		96,468
2025		96,468
2026		96,468
		482,340

Accounts Payable and Accrued Liabilities

3 Months Ended

Sep. 30, 2021

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, 2021		June 30, 2021
	$		$
Trade payables		1,255,946		775,129
Accrued research and development expenses		178,117		309,901
Employee compensation, benefits and related accruals		273,154		880,207
Accrued general and administrative expenses		137,552		169,641
Accounts payable and accrued liabilities		1,844,769		2,134,878

Share Capital and Reserves

3 Months Ended

Sep. 30, 2021

Share Capital And Reserves [Abstract]

SHARE CAPITAL AND RESERVES

SHARE CAPITAL AND RESERVES

Authorized

As at September 30, 2021, 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, 2021 and June 30, 2021.

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, 2021, the Company completed the following:

Transaction Description	Number		Issue Price		Total
Private placement – Shares		890,000	$	2.973	$	2,645,970
Private placement - Pre-funded warrants		3,146,327	$	2.9729		9,353,716
Gross Proceeds					$	11,999,686
Allocated to Additional Paid-in Capital						(10,540,635	)
					$	1,459,051
Share issuance costs		-	$	-	$	(247,336	)

On July 2, 2021, the Company closed a private placement of its common shares and issued an aggregate of 890,000 common shares and 3,146,327 pre-funded warrants, for gross proceeds of $11,999,686. The pre-funded warrants were determined to be common stock equivalents. Each common share and each pre-funded warrant was sold in the offering with a warrant to purchase a common share. Transaction costs were allocated proportionally between common shares and warrants with $247,336 allocated to common shares and the balance of $1,786,831 allocated to additional paid-in capital and recorded as a component of shareholders’ equity in the consolidated balance sheet.

Share Purchase Warrants

On November 16, 2020, 1,780,000 warrants were issued with an exercise price of $5.11 per share, were immediately exercisable upon issuance, and expire 6 years following the date of issuance.

On February 12, 2021, 693,000 warrants were issued with an exercise price of $4.85 per share, were exercisable 6 months following issuance, and expire 5.5 years following the date of issuance.

On July 2, 2021, 4,036,327 warrants were issued with an exercise price of $2.848 per share, were immediately exercisable upon issuance, and expire 5 years following the date of issuance. The pre-funded and common warrants did not meet the criteria to be classified as a liability award and therefore were treated as an equity award and recorded as a component of shareholders’ equity in the consolidated balance sheets.

The following is a summary of changes in share purchase warrants from July 1, 2021 to September 30, 2021:

	Number		Weighted Average Share Price		Aggregate Intrinsic Value
Balance as at June 30, 2021		2,473,000	$	5.04		-
Granted		4,036,327	$	2.848		-
Balance as at September 30, 2021		6,509,327	$	3.68		-

Agents’ Warrants

On July 2, 2021, 302,725 warrants were issued for services with an exercise price of $3.7163 per share, were immediately exercisable upon issuance, and expire 5 years following the date of issuance. The agents’ warrants did not meet the criteria to be classified as a liability award and therefore were treated as an equity award and recorded as a component of shareholders’ equity in the consolidated balance sheet.

The following is a summary of changes in agents’ warrants from July 1, 2021 to September 30, 2021:

	Number		Weighted Average Share Price		Aggregate Intrinsic Value
Balance as at June 30, 2021	-		-		-
Granted		302,725	$	3.7163		-
Balance as at September 30, 2021		302,725	$	3.7163		-

Share-Based Payments

3 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS

Option Plan Details

On March 24, 2017, and as amended on November 20, 2020, 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 regulatory requirements, 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, 2021, there were 132,137 (June 30, 2021 – 493,387) 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 granted prior to May 2021 were 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, 2021). Commencing in May 2021, stock options are granted with United States dollar exercise prices.

The following is a summary of changes in outstanding options from July 1, 2021 to September 30, 2021:

	Number		Weighted Average Exercise Price
Balance as at June 30, 2021		912,006	$	8.61
Balance as at September 30, 2021		912,006	$	8.38

September 30, 2021:
Vested and exercisable		615,625	$	10.90
Unvested		296,381	$	3.17

Fair Value of Options Issued During the Period

Weighted Average Fair Value at Grant Date of Options Granted:

There were no options granted during the three months ended September 30, 2021.

The weighted average fair value at grant date of options granted during the year ended June 30, 2021 was $1.96 per option. Assumptions used for options granted during the year ended June 30, 2021 included a weighted average risk-free interest rate of 0.27%, weighted average expected life of 3.2 years calculated using the Simplified Method for directors, officers and employees and the contractual life for consultants, weighted average volatility factor of 105.88%, weighted average dividend yield of 0% and a 5% forfeiture rate.

ii)

Expenses Arising from Share-based Payment Transactions:

Total expenses arising from share-based payment transactions recognized during the three months ended September 30, 2021 were $111,142 (2020 - $85,407). $81,009 was allocated to general and administrative expenses (2020 - $47,850) and the remaining $30,133 was allocated to research and development expenses (2020 - $37,557). Unrecognized compensation cost at September 30, 2021 related to unvested options was $247,519 which will be recognized over a weighted-average vesting period of 1.2 years.

Lease Obligations

3 Months Ended

Sep. 30, 2021

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.

The following table lists the Company’s operating lease obligations recognized on commencement of the lease for the Company’s 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, 2021
Less than one year	$	158,452
One to five years		309,592
More than five years		-
Total undiscounted lease liabilities	$	468,044	⁽¹⁾

⁽¹⁾

Excludes estimated variable operating costs of $61,615 on an annual basis through to August 31, 2024.

Basic and Diluted Loss per Share

3 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

BASIC AND DILUTED LOSS PER SHARE

10.

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. The pre-funded warrants were determined to be common stock equivalents and have been included in the weighted average number of shares outstanding for calculation of the basic earnings per share number. As the outstanding stock options and warrants are anti-dilutive, they are excluded from the weighted average number of common shares in the table below.

	Three Months Ended September 30
	2021			2020
	$			$
Net loss for the period		(2,971,615	)		(1,599,079	)
Basic and diluted loss per share		(0.25	)		(0.31	)
Weighted average number of common shares - basic and diluted		12,047,555			5,220,707

Non-Cash Transactions

3 Months Ended

Sep. 30, 2021

Non Cash Transactions [Abstract]

NON-CASH TRANSACTIONS

11.

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, 2021, the following transaction was excluded from the statement of cash flows:

On July 2, 2021, the Company issued warrants to its placement agent. The fair value of these warrants was $739,920 and was included in share issuance costs related to the July 2021 private placement.

ii)

As at September 30, 2021, the Company has unpaid financing costs of $179,118.

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 financing costs of $171,717.

Commitments and Contingencies

3 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

12.

COMMITMENTS AND CONTINGENCIES

Pursuant to the terms of agreements with various contract research organizations, as at September 30, 2021, the Company is committed for contract research services and materials at a cost of approximately $3,071,450, expected to occur in the twelve months following September 30, 2021.

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 $45,132 (June 30, 2021 - $46,391) 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 publicly 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 purchased 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.

Pursuant to a technology licensing agreement, the Company is committed to issue, subject to regulatory approval, up to 17,500 warrants to purchase 17,500 common shares upon the achievement of certain milestones. The exercise price of the warrants will be equal to the five-day VWAP of the common shares prior to each milestone achievement and the warrants will be exercisable for a period of three years for issuance date.

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, 2021

Financial Risk Management [Abstract]

FINANCIAL RISK MANAGEMENT

13.

FINANCIAL RISK MANAGEMENT

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 carrying values because of the short-term nature of these instruments. Cash and cash equivalents are measured at fair value using Level 1 inputs.

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 (U.S. dollar) 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 Canadian dollars.

Accordingly, the Company is exposed to fluctuations in exchange rates, primarily against the Canadian dollar.

As at September 30, 2021, the Company has a net excess of Canadian dollar denominated cash and cash equivalents in excess of Canadian dollar denominated accounts payable and accrued liabilities of C$2,443,919 which is equivalent to US$1,918,232 at the September 30, 2021 exchange rate. The Canadian dollar financial assets generally result from holding Canadian dollar cash to settle anticipated near-term accounts payable and accrued liabilities denominated in Canadian dollars. The Canadian dollar financial liabilities generally result from purchases of supplies and services from suppliers in Canada.

Each change of 1% in the Canadian dollar in relation to the U.S. dollar results in a gain or loss, with a corresponding effect on cash flows, of $19,182 based on the September 30, 2021 net Canadian dollar assets (liabilities) position. During the three months ended September 30, 2021, the Company recorded foreign exchange loss of $83,800 (2020 – $Nil) related to Canadian dollars.

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, 2021, holdings of cash and cash equivalents of $7,109,169 (June 30, 2021 - $7,053,329) are subject to floating interest rates. The balance of the Company’s cash holdings of $8,234,736 (June 30, 2021 - $309,796) are non-interest bearing.

As at September 30, 2021, the Company held variable rate guaranteed investment certificates, with one-year terms, with face value of $45,132 (June 30, 2021 - $46,391).

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.

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, short-term investments and loan receivable. Cash and cash equivalents and short-term investments are maintained with financial institutions of reputable credit and may be redeemed upon demand. In the normal course of business, the Company does not provide third party loans. The loan receivable as at September 30, 2021 was issued in conjunction with the planned acquisition of the payee, BayMedica, Inc. (see Note 14).

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, 2021, the Company has cash and cash equivalents and short-term investments of $15,389,129 (June 30, 2021 - $7,409,588), current liabilities of $1,927,001 (June 30, 2021 - $2,215,361) and a working capital surplus of $14,049,322 (June 30, 2021 - $6,162,908).

Subsequent Events

3 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

14.

SUBSEQUENT EVENTS

On October 13, 2021, the Company completed the previously announced acquisition of BayMedica, a private company based in the U.S. that specializes in the manufacturing and commercialization of rare cannabinoids. The Company acquired 100% of BayMedica in exchange for 2.05 million common shares issued to BayMedica’s equity and convertible debt holders, subject to a six-month contractual hold period and $1 million to be held in escrow, subject to cancellation, to satisfy certain potential post-closing indemnification and other claims that InMed may have under the definitive agreement in the six- and twelve-month periods following the closing.

Subsequent to September 30, 2021, the Company provided an additional $175,000 short-term loan to BayMedica on terms similar to the September 25, 2021 loan.

Accounting Policies, by Policy (Policies)

3 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

(a)

Basis of Presentation

Use of Estimates

(b)

Use of Estimates

COVID-19 impacts

Recent Accounting Pronouncements Not Yet Adopted

(c)

Recent Accounting Pronouncements Not Yet Adopted

Property and Equipment, Net (Tables)

3 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	September 30, 2021			June 30, 2021
	$			$
Right of Use Asset (lease)		439,321			439,321
Equipment		66,888			66,888
Leasehold Improvements		42,986			42,986
Property and equipment		549,195			549,195
Less: accumulated depreciation		(244,261	)		(222,600	)
Property and equipment, net		304,934			326,595

Intangible Assets, Net (Tables)

3 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

	September 30, 2021			June 30, 2021
	$			$
Intellectual property		1,736,420			1,736,420
Less: accumulated amortization		(699,038	)		(674,723	)
Intangible assets, net		1,037,382			1,061,697

Schedule of amortization expense

	$

2022		96,468
2023		96,468
2024		96,468
2025		96,468
2026		96,468
		482,340

Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Schedule of accounts payable and accrued liabilities

	September 30, 2021		June 30, 2021
	$		$
Trade payables		1,255,946		775,129
Accrued research and development expenses		178,117		309,901
Employee compensation, benefits and related accruals		273,154		880,207
Accrued general and administrative expenses		137,552		169,641
Accounts payable and accrued liabilities		1,844,769		2,134,878

Share Capital and Reserves (Tables)

3 Months Ended

Sep. 30, 2021

Share Capital And Reserves [Abstract]

Schedule of common shares

Transaction Description	Number		Issue Price		Total
Private placement – Shares		890,000	$	2.973	$	2,645,970
Private placement - Pre-funded warrants		3,146,327	$	2.9729		9,353,716
Gross Proceeds					$	11,999,686
Allocated to Additional Paid-in Capital						(10,540,635	)
					$	1,459,051
Share issuance costs		-	$	-	$	(247,336	)

Schedule of changes in share purchase warrants

	Number		Weighted Average Share Price		Aggregate Intrinsic Value
Balance as at June 30, 2021		2,473,000	$	5.04		-
Granted		4,036,327	$	2.848		-
Balance as at September 30, 2021		6,509,327	$	3.68		-

	Number		Weighted Average Share Price		Aggregate Intrinsic Value
Balance as at June 30, 2021	-		-		-
Granted		302,725	$	3.7163		-
Balance as at September 30, 2021		302,725	$	3.7163		-

Share-Based Payments (Tables)

3 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of options activity

	Number		Weighted Average Exercise Price
Balance as at June 30, 2021		912,006	$	8.61
Balance as at September 30, 2021		912,006	$	8.38

September 30, 2021:
Vested and exercisable		615,625	$	10.90
Unvested		296,381	$	3.17

Lease Obligations (Tables)

3 Months Ended

Sep. 30, 2021

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, 2021
Less than one year	$	158,452
One to five years		309,592
More than five years		-
Total undiscounted lease liabilities	$	468,044	⁽¹⁾

Basic and Diluted Loss per Share (Tables)

3 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of weighted average number of common shares

	Three Months Ended September 30
	2021			2020
	$			$
Net loss for the period		(2,971,615	)		(1,599,079	)
Basic and diluted loss per share		(0.25	)		(0.31	)
Weighted average number of common shares - basic and diluted		12,047,555			5,220,707

Corporate Information and Continuing Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Accounting Policies [Abstract]
Net losses	$ 3.0	$ 1.6
Accumulated deficit	(77.8)		$ 74.9
Cash and cash equivalents	$ 15.3

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Loan Receivable (Details) - USD ($)	1 Months Ended		3 Months Ended
Loan Receivable (Details) - USD ($)	Sep. 25, 2021	Jun. 30, 2020	Sep. 30, 2021
Loan Receivable (Details) [Line Items]
Case interest accrues rate			15.00%
Loan macurity term			1 year
BayMedica Inc. [Member]
Loan Receivable (Details) [Line Items]
Short-term loan	$ 250,000

Property and Equipment, Net (Details) - USD ($)	3 Months Ended
Property and Equipment, Net (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense on property equipment	$ 4,217	$ 6,384
Depreciation expense related to right of use asset	$ 21,343	$ 21,351

Property and Equipment, Net (Details) - Schedule of property and equipment - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 549,195	$ 549,195
Less: accumulated depreciation	(244,261)	(222,600)
Property and equipment, net	304,934	326,595
Right-of-Use Asset (lease) [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	439,321	439,321
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	66,888	66,888
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 42,986	$ 42,986

Intangible Assets, Net (Details) - USD ($)	3 Months Ended
Intangible Assets, Net (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020
Intangible Assets, Net (Details) [Line Items]
Estimated useful life	18 years
Amortization expense on intangible assets	$ 24,315	$ 21,597
Intellectual property [Member]
Intangible Assets, Net (Details) [Line Items]
Estimated remaining useful life	10 years 10 months 24 days

Intangible Assets, Net (Details) - Schedule of intangible assets - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Schedule of intangible assets [Abstract]
Intellectual property	$ 1,736,420	$ 1,736,420
Less: accumulated amortization	(699,038)	(674,723)
Intangible assets, net	$ 1,037,382	$ 1,061,697

Intangible Assets, Net (Details) - Schedule of amortization expense	Sep. 30, 2021 USD ($)
Schedule of amortization expense [Abstract]
2022	$ 96,468
2023	96,468
2024	96,468
2025	96,468
2026	96,468
Total	$ 482,340

Accounts Payable and Accrued Liabilities (Details) - Schedule of accounts payable and accrued liabilities - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Schedule of accounts payable and accrued liabilities [Abstract]
Trade payables	$ 1,255,946	$ 775,129
Accrued research and development expenses	178,117	309,901
Employee compensation, benefits and related accruals	273,154	880,207
Accrued general and administrative expenses	137,552	169,641
Accounts payable and accrued liabilities	$ 1,844,769	$ 2,134,878

Share Capital and Reserves (Details) - USD ($)			1 Months Ended	3 Months Ended
Share Capital and Reserves (Details) - USD ($)	Jul. 02, 2021	Feb. 12, 2021	Nov. 16, 2020	Sep. 30, 2021
Share Capital and Reserves (Details) [Line Items]
Common shares issued	890,000
Pre-funded warrants (in Dollars)	$ 3,146,327
Gross proceeds from warrants (in Dollars)	11,999,686
Share purchase warrants, description				common shares and issued an aggregate of 890,000 common shares and 3,146,327 pre-funded warrants, for gross proceeds of $11,999,686. The pre-funded warrants were determined to be common stock equivalents. Each common share and each pre-funded warrant was sold in the offering with a warrant to purchase a common share. Transaction costs were allocated proportionally between common shares and warrants with $247,336 allocated to common shares and the balance of $1,786,831 allocated to additional paid-in capital and recorded as a component of shareholders’ equity in the consolidated balance sheet. c)Share Purchase Warrants On November 16, 2020, 1,780,000 warrants were issued with an exercise price of $5.11 per share, were immediately exercisable upon issuance, and expire 6 years following the date of issuance. On February 12, 2021, 693,000 warrants were issued with an exercise price of $4.85 per share, were exercisable 6 months following issuance, and expire 5.5 years following the date of issuance. On July 2, 2021, 4,036,327 warrants were issued with an exercise price of $2.848 per share, were immediately exercisable upon issuance, and expire 5 years following the date of issuance. The pre-funded and common warrants did not meet the criteria to be classified as a liability award and therefore were treated as an equity award and recorded as a component of shareholders’ equity in the consolidated balance sheets. The following is a summary of changes in share purchase warrants from July 1, 2021 to September 30, 2021: Number Weighted Average Share Price Aggregate Intrinsic Value Balance as at June 30, 2021 2,473,000 $ 5.04 - Granted 4,036,327 $ 2.848 - Balance as at September 30, 2021 6,509,327 $ 3.68 - d)Agents’ Warrants On July 2, 2021, 302,725 warrants were issued for services with an exercise price of $3.7163 per share, were immediately exercisable upon issuance, and expire 5 years following the date of issuance.
Transaction costs allocated to common shares (in Dollars)	247,336
Transaction costs allocated to additional paid-in capital (in Dollars)	$ 1,786,831
IPO warrant issue			1,780,000
Warrants exercise price (in Dollars per share)	$ 2.848	$ 4.85	$ 5.11
Warrants exercisable expire term	5 years		6 years
Warrants issued	4,036,327	693,000
Warrants exercisable term		6 months
Warrants expiry term		5 years 6 months
Warrant [Member]
Share Capital and Reserves (Details) [Line Items]
Warrants exercise price (in Dollars per share)	$ 3.7163
Warrants exercisable expire term	5 years
Warrants issued	302,725

Share Capital and Reserves (Details) - Schedule of common shares	3 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Share Capital and Reserves (Details) - Schedule of common shares [Line Items]
Total	$ 1,459,051
Share issuance costs	$ (247,336)
Private placement - Shares [Member]
Share Capital and Reserves (Details) - Schedule of common shares [Line Items]
Number of shares (in Shares) \| shares	890,000
Issue Price (in Dollars per share) \| $ / shares	$ 2.973
Total	$ 2,645,970
Private placement - Pre-funded warrants [Member]
Share Capital and Reserves (Details) - Schedule of common shares [Line Items]
Number of shares (in Shares) \| shares	3,146,327
Issue Price (in Dollars per share) \| $ / shares	$ 2.9729
Total	$ 9,353,716
Gross Proceeds [Member]
Share Capital and Reserves (Details) - Schedule of common shares [Line Items]
Total	11,999,686
Allocated to Additional Paid-in Capital [Member]
Share Capital and Reserves (Details) - Schedule of common shares [Line Items]
Total	$ (10,540,635)

Share Capital and Reserves (Details) - Schedule of changes in share purchase warrants - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Agents Warrants [Member]
Share Capital and Reserves (Details) - Schedule of changes in share purchase warrants [Line Items]
Number of balance at ending	302,725
Weighted Average Share Price balance at ending	$ 3.7163
Number of granted	302,725
Weighted Average Share Price granted	$ 3.7163
Share Purchase Warrants [Member]
Share Capital and Reserves (Details) - Schedule of changes in share purchase warrants [Line Items]
Number of balance at ending	6,509,327	2,473,000
Weighted Average Share Price balance at ending	$ 3.68	$ 5.04
Number of granted	4,036,327
Weighted Average Share Price granted	$ 2.848

Share-Based Payments (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
Share-Based Payments (Details) - USD ($)	Mar. 24, 2017	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-Based Payments (Details) [Line Items]
Issued and outstanding, percentage	20.00%
Options shares (in Shares)		132,137			493,387
Weighted average fair value per share (in Dollars per share)				$ 1.96
Weighted average risk-free interest rate				0.27%
Weighted average expected life				3 years 2 months 12 days
Weighted average volatility rate				105.88%
Weighted average dividend yield				0.00%
Weighted average forfeiture rate				5.00%
Share-based payment transactions		$ 111,142	$ 85,407
Unrecognized compensation cost		$ 247,519
Weighted-average vesting period		1 year 2 months 12 days
General and Administrative Expenses [Member]
Share-Based Payments (Details) [Line Items]
Share-based payment transactions		$ 81,009	47,850
Research and Development Expenses [Member]
Share-Based Payments (Details) [Line Items]
Share-based payment transactions		$ 30,133	$ 37,557

Share-Based Payments (Details) - Schedule of options activity - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Share-Based Payments (Details) - Schedule of options activity [Line Items]
Number of ending balance		912,006
Number of ending balance	912,006
Number of Vested and exercisable	615,625
Number of Unvested	296,381
US$ [Member]
Share-Based Payments (Details) - Schedule of options activity [Line Items]
Weighted Average Exercise Price, ending balance		$ 8.61
Weighted Average Exercise Price, ending balance	$ 8.38
Weighted Average Exercise Price, Vested and exercisable	10.9
Weighted Average Exercise Price, Unvested	$ 3.17

Lease Obligations (Details) - USD ($)	3 Months Ended
Lease Obligations (Details) - USD ($)	Sep. 30, 2021	Jul. 01, 2019
Leases [Abstract]
Operating lease right of use asset		$ 434,660
lease liability		$ 385,057
Variable operating costs	$ 61,615

Lease Obligations (Details) - Schedule of operating leases obligations	Jul. 01, 2019 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, 2021

USD ($)

Schedule of minimum lease payments [Abstract]

Less than one year

$ 158,452

One to five years

309,592

More than five years

Total undiscounted lease liabilities

$ 468,044

^[1]

[1]	Excludes estimated variable operating costs of $61,615 on an annual basis through to August 31, 2024.

Basic and Diluted Loss per Share (Details) - Schedule of weighted average number of common shares - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Schedule of weighted average number of common shares [Abstract]
Net loss for the period	$ (2,971,615)	$ (1,599,079)
Basic and diluted loss per share	$ (0.25)	$ (0.31)
Weighted average number of common shares - basic and diluted	12,047,555	5,220,707

- Definition

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

+ References

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+ Details

Non-Cash Transactions (Details) - USD ($)	Jun. 02, 2021	Sep. 30, 2021	Sep. 30, 2020
Non Cash Transactions [Abstract]
Fair value of warrants issued to placement agent	$ 739,920
Unpaid financing costs		$ 179,118	$ 171,717

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
Commitments and Contingencies (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Materials and research services	$ 3,071,450
Guaranteed investment	$ 45,132	$ 46,391
Description of stock issued	the Company is committed to issue, subject to regulatory approval, up to 17,500 warrants to purchase 17,500 common shares upon the achievement of certain milestones. The exercise price of the warrants will be equal to the five-day VWAP of the common shares prior to each milestone achievement and the warrants will be exercisable for a period of three years for issuance date.

Financial Risk Management (Details)	3 Months Ended
Financial Risk Management (Details)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 CAD ($)	Jun. 30, 2021 USD ($)
Financial Risk Management (Details) [Line Items]
Accounts payable and accrued liabilities	$ 1,918,232		$ 2,443,919
Foreign exchange loss (gain)	83,800
Cash and cash equivalents	7,109,169			$ 7,053,329
Non-interest bearing	8,234,736			309,796
Guaranteed investment	45,132			46,391
Short-term investments	15,389,129			7,409,588
Current liabilities	1,927,001			2,215,361
Working capital surplus	$ 14,049,322			$ 6,162,908
U.S. dollar [Member]
Financial Risk Management (Details) [Line Items]
Foreign currency risk, percentage	1.00%
Effect on gain or loss	$ 19,182

Subsequent Events (Details) - USD ($) shares in Thousands	Oct. 13, 2021	Sep. 30, 2021
Subsequent Events (Details) [Line Items]
Additional short-term loan to BayMedica		$ 175,000
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Percentage of shares acquired	100.00%
Common shares issued (in Shares)	2,050
Net proceeds	$ 1,000,000