0000950170-24-102094 | 20-F | XBRL Viewer

Loss on disposal of non-current assets

$ 5,084,613

$ 5,834,686

$ 5,251,572

Depreciation of:

Right-of-use assets

84,225

84,226

66,465

169

Total administrative expenses

^[1]

15,778,271

21,582,181

15,291,294

Administrative Expenses [Member]

Employee benefits expenses:

Salaries and fees

3,946,256

2,518,450

1,524,038

Cash bonuses

707,384

820,848

186,451

Superannuation

120,197

167,086

100,844

Total employee benefits expense

3,785,157

3,925,513

4,421,974

8,558,994

7,431,897

6,233,307

Other expenses:

Insurance

1,669,307

2,289,446

3,992,816

Investor relations costs

383,092

451,378

328,026

Audit and accounting

526,002

337,038

496,652

Travel expenses

743,878

580,644

13,616

Payroll tax

186,627

132,441

91,604

Legal fees

1,303,884

1,330,054

1,252,014

Advisory fees

8,239

6,084,005

156,978

Consultancy costs

708,955

1,389,048

1,619,824

Other expenses

1,586,268

1,455,004

1,027,906

Total other expenses

7,116,252

14,049,058

8,979,436

Depreciation of:

Equipment and furniture

18,800

17,000

11,917

Right-of-use assets

84,225

84,226

66,465

Total depreciation expense

$ 103,025

$ 101,226

78,382

Loss on disposal of non-current assets

$ 169

[1]	Figures have been presented as described in Note 3

Financial Risk Management Objectives and Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items]
Interest rate risk	$ 0
Tax effect	$ 0	$ 0	$ 0
Description of interest rate calculation due to reasonably possible movements	The reasonably possible movement of 0.5% was calculated by taking the interest rates as of balance date, moving these by plus and minus 0.5% and then re‑calculating the interest on term deposits with the ‘new‑interest‑rate’.
Description of calculation of reasonably possible movement related to currency risk	The reasonably possible movement of 10% was calculated by taking the currency spot rates as of balance date, moving these by 10% and then re‑converting the currencies into US with the ‘new‑spot‑rate’.
Percentage of net sales	7.00%
Liquidity risk description	The Group manages liquidity risk by maintaining adequate reserves and by monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities. The financial liabilities of the Group relate to trade payables that are all expected to be paid within 12 months. With the funding agreement that was entered on August 12, 2022 the Group may incur a total payment equal to approximately four times the funding provided, consisting of seven payments, with the first payment due shortly after Regulatory Approval and the remaining six payments payable over a six-year period thereafter, and variable payments equal to 7% of net sales of sozinibercept for the treatment of wet AMD for each calendar quarter
Bottom of Range
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items]
Short term deposit period	30 days
Top of Range
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items]
Short term deposit period	92 days

Related Party Disclosures

12 Months Ended

Jun. 30, 2024

Related Party Disclosures

Note 33. Related Party Disclosures

(a)

Subsidiaries

The consolidated financial statements include the financial statements of Opthea Limited and its subsidiaries in the following table:


	Parent entity % equity interest
	June 30, 2024		June 30, 2023		June 30, 2022
	%		%		%
Vegenics Pty Ltd1		100		100		100
Opthea US Inc2		100		100		100

(1) Opthea Limited is the ultimate parent entity. Vegenics Pty Ltd is incorporated in Australia and has the same financial year as Opthea Limited.

(2) Opthea Limited is the ultimate parent entity. Opthea US Inc was incorporated in the United States in May 2021 and has the same financial year as Opthea Limited.

(b)

Transactions with related parties

Balances and transactions between the Company and its subsidiaries, a related party of the Company, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates are disclosed below:

Following the appointment of Anshul Thakral (who is the CEO of Launch Tx, Operation Executive of Carlyle and on the board of Saama Technologies) as a Director of Opthea on June 7, 2023, Launch, Ocelot (an affiliate of Carlyle and Abingworth), Carlyle and Saama Technologies became related parties of Opthea.

Trading transactions

During the year, group entities entered into the following transactions with related parties who are not members of the Group.


	Consolidated
	Purchase of Service (US$)
		2024	2023	2022
Ocelot		—	—	—
Launch Tx		2,700,000	900,000	—
Mr Lawrence Gozlan		—	—	—
Saama Technologies		342,762	—	—

Purchase of services assisting Opthea with the management and oversight of trials under the Service Agreement with Launch Tx.

Transactions with Saama Technologies relate to the purchase of services assisting Opthea with analytical work on clinical trials.


	Consolidated
	Amounts owed to related parties (US$)
		2024	2023	2022
Ocelot		141,554,653	85,660,000	—
Launch Tx		—	900,000	—
Lawrence Gozlan		—	—	—
Saama Technologies		—	—	—

Amounts owed to Ocelot relate to the DFA and carry an effective rate of 23.2% (refer to note 27).


	Consolidated
	Amounts owed to related parties* ( US$)
		2024	2023	2022
Ocelot		—	—	—
Launch Tx		3,150,000	—	—
Mr. Lawrence Gozlan		—	—	—
Saama Technologies		24,238	—	—

Amounts paid to Launch Tx relate to the purchase of services assisting Opthea with the management and oversight of trials under the Service Agreement with Launch Tx which were in a prepayment position at June 30, 2024.

Amounts paid to Saama Technologies in regard to subscription fees for the use of analytical platform, which were in a prepayment position at June 30, 2024.

On August 28, 2023, Mr Lawrence Gozlan, a director of the Company, and the Company have entered into a Consultancy Agreement of up to US$300,000 in respect of the provision of services associated with managing, overseeing and coordinating the conduct and implementation of the Capital Raising. The consultancy agreement is effective for the financial year June 30, 2024. In the opinion of the Directors, these duties are outside the scope of the ordinary duties of a Non-Executive Director. Included in equity are transaction costs paid under this consulting agreement of US$125,000 for the year ended June 30, 2024.

Net Foreign Exchange Loss (Tables)

12 Months Ended

Jun. 30, 2024

Net Foreign Exchange Loss Gain [Abstract]

Summary of Net Foreign Exchange Loss



	2024		2023		2022

	US$		US$		US$
Net foreign exchange loss		107,001		489,137		2,813,993
Total net foreign exchange loss		107,001		489,137		2,813,993

Cash Flow Statements Reconciliation - Summary of Cash Flow Statements Reconciliation (Details) (Paranthetical) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flow Statement Reconciliation [Abstract]
Interest expense on DFA includes amounts owed to related party	$ 24,698,653	$ 13,462,160

Non-Current Liabilities - Financial Liabilities - DFA - Summary of Noncurrent Financial Liabilities (Details) - USD ($)

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Categories of non-current financial liabilities [abstract]

Carrying amount at July 1

$ 85,660,000

Funding at fair value

85,000,000

$ 84,500,000

Interest expense on DFA

30,263,042

13,462,160

Total financial liabilities

^[1]

(387,284)

(12,302,160)

$ 0

$ 200,535,758

$ 85,660,000

[1]	In the current year, the description of this amount has been changed as described in Note 13.

Critical Accounting Judgements and Key Sources of Estimation Uncertainty - Additional Information (Details)

12 Months Ended

Jun. 30, 2024

AUD ($)

Jun. 30, 2024

USD ($)

Jun. 30, 2023

USD ($)

Jun. 30, 2022

USD ($)

Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items]

Research and development expense

^[1]

$ 176,326,321

$ 128,828,888

$ 81,445,843

Percentage of cash amount equal to eligible research and development expenditures

43.50%

Research and development tax incentive credit receivable

$ 10,398,039

5,926,350

6,299,286

Research and development tax incentive description

The R&D tax incentive is considered an income tax offset which will be offset against the Group’s tax obligation if and when the Group returns to a net tax payable position. In addition, whilst the Group is currently eligible to receive cash payments under the scheme since its consolidated revenue is currently below A$20 million, if and when the Group generates revenue in excess of A$20 million the R&D tax incentive will become non‑refundable and can only be offset against any future income tax payable by the Group.

Development Funding Agreement

$ 124,666

108,406

90,683

Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items]

Funding initial payment

50,000,000

Research and Development Tax Incentive Scheme | Top of Range

Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items]

Research and Development Tax Incentive Scheme | Bottom of Range | Non Refundable

$ 20,000,000

Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items]

Development Cost Capitalized

$ 20,000,000

Critical Accounting Judgements And Key Sources Of Estimation Uncertainty [Line Items]

Research and development expense

$ 0

[1]	Figures have been presented as described in Note 3

Non-Current Assets - Prepayments (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure Of Noncurrent Assets Prepayments [Abstract]

Summary of Non-Current Assets - Prepayments


	June 30, 2024		June 30, 2023

	US$		US$
Prepayments		466,701		53,535
Total non-current prepayments		466,701		53,535

Financial Risk Management Objectives and Policies

12 Months Ended

Jun. 30, 2024

Disclosure of risk management strategy related to hedge accounting [abstract]

Financial Risk Management Objectives and Policies

Note 32. Financial Risk Management Objectives and Policies

The Group’s principal financial assets comprise cash, receivables and short‑term deposits.

The Group manages its exposure to key financial risks, including interest rate and currency risk in accordance with the Group’s financial risk management practices. The objective is to support the delivery of the Group’s financial targets whilst protecting future financial security.

The Group’s other various financial assets and liabilities, such as receivables and payables, arise directly from its operations. The main risks arising from the Group’s financial assets and liabilities are interest rate risk, foreign currency risk, equity securities price risk and liquidity risk.

The Group uses different methods to measure and manage different types of risks to which it is exposed. These include monitoring levels of exposure to interest rate and foreign exchange risk and assessments of market forecasts for interest rates and foreign exchange rates. Liquidity risk is monitored through future rolling cash flow forecasts.

The board reviews and agrees policies for managing each of these risks as summarized below.

Risk exposures and responses

The Group has investigated the main financial risk areas which could impact on its financial assets and determined the impact on post tax (losses) or profits for a range of sensitivities. These can be seen in the post-tax (loss)/profit impact for each risk area.

For each risk area, the equity impact relates solely to reserve movements and excludes movements in accumulated losses as the impact of these can be seen within the post-tax (loss)/profit impact.

(i)

Interest rate risk

The Group’s exposure to market interest rates relates primarily to the short‑term deposits. The deposits are held with two of Australia’s largest banks.

The objective of managing interest rate risk is to minimize the Group’s exposure to fluctuations in interest rates that might impact its interest income and cash flow. To manage interest rate risk, the Group invests the majority of its cash in short‑term deposits for varying periods of between 30 days and 92 days, depending on the short and long‑term cash requirements of the Group which is determined based on the Group’s cash flow forecast. This consideration also takes into account the costs associated with recalling a term deposit should early access to cash and cash equivalents be required. Cash is not locked into long‑term deposits at fixed rates so as to mitigate the risk of earning interest below the current floating rate.

The Group currently has borrowings under the DFA with the DFA Investors. Due to the structure of the DFA Agreement, the Group has determined that there is no interest rate risk. Refer to Note 27.

The following sensitivity analysis (an annual effect) is based on the interest rate risk exposures at June 30, 2024 and 2023.

At June 30, 2024, 2023 and 2022, if interest rates moved, with all variables held constant, post tax (loss)/profit and equity would have been affected as illustrated in the following table:


	Post tax (loss)/profit impact
	2024			2023			2022

	US$			US$			US$
Judgments of reasonably possible movements
+0.50% (50 basis points) (2023:+0.50%)		282,599			270,059			114,859
-0.50% (50 basis points) (2023:-0.50%)		(282,599	)		(270,059	)		(114,859	)

The post-tax figures include an offset for tax losses (bringing the tax effect to nil) for the year ended June 30, 2024 (2023: nil ,2022: nil).

Significant assumptions used in the interest rate sensitivity analysis include:

•

The reasonably possible movement of 0.5% was calculated by taking the interest rates as of balance date, moving these by plus and minus 0.5% and then re‑calculating the interest on term deposits with the ‘new‑interest‑rate’.

•

The net exposure at balance date is representative of what the Group was and is expecting to be exposed to in the next twelve months from balance date.

(ii)

Foreign currency risk

As a result of services provided by non‑related entities in Australia, Canada, United Kingdom and Europe, part of the Group’s monetary assets and liabilities are affected by movements in the exchange rate.

The Group does not enter into any hedging transactions.

At the reporting date, the Group has the following exposure to foreign currencies. :


	Consolidated
2024	AUD			EURO			GBP			CAD
Financial assets
Cash		131,913,902			—			—			—
Receivables		485,840			—			—			—
Financial liabilities
Payables		(2,350,157	)		(488,341	)		(3,161	)		(13,182	)
Other financial liabilities		—			—			—			—
Net exposure		130,049,585			(488,341	)		(3,161	)		(13,182	)

	Consolidated
2023	AUD			EURO			GBP			CAD
Financial assets
Cash		55,307,319			—			—			—
Receivables		38,263			—			—			—
Financial liabilities
Payables		(1,138,778	)		(53,332	)		(3,166	)		(136,689	)
Other financial liabilities		—			—			—			—
Net exposure		54,206,804			(53,332	)		(3,166	)		(136,689	)

The following sensitivity is based on the foreign currency risk exposures in existence at June 30, 2024, 2023 and 2022.

At June 30, 2024, 2023 and 2022, had the United States dollar moved with all other variables held constant, post-tax (loss) profit and equity would have been affected as illustrated in the table below:


	Post tax (loss)/profit impact
	2024			2023			2022

	US$			US$			US$
Judgments of reasonably possible movements
Consolidated
AUD/USD +10% (2023:+10%)		(9,005,731	)		(3,847,285	)		(2,119,834	)
AUD/USD -10% (2023:-10%)		11,007,004			4,702,237			2,590,908

The reasonably possible movements at June 30, 2024 are higher than at June 30, 2023 and higher than June 30, 2022 due mainly to net exposure to the Australian dollar due to cash at bank deposits. There was minimum or insignificant exposure to the GBP, Euro and CAD during the current financial year.

Significant assumptions used in the foreign currency exposure sensitivity analysis include:

(a)

The reasonably possible movement of 10% was calculated by taking the currency spot rates as of balance date, moving these by 10% and then re‑converting the currencies into US with the ‘new‑spot‑rate’. This methodology reflects the translation methodology undertaken by the Group.

(b)

The net exposure at balance date is representative of what the Group was and is expecting to be exposed to in the next twelve months from balance date.

(c)

Management believes the balance date risk exposures are representative of the risk exposure inherent in the financial instruments.

(iii)

Credit risk

Credit risk is associated with those financial assets of the Group which comprise cash and cash equivalents and, receivables. The Group’s exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount of these investments. Credit risk is considered minimal as the Group transacts with reputable recognized Australian banks.

(iv)

Liquidity risk

Liquidity risk arises from the financial liabilities of the Group and the Group’s subsequent ability to meet their obligations to repay their financial liabilities as and when they fall due. The Group manages liquidity risk by maintaining adequate reserves and by monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities. The financial liabilities of the Group relate to trade payables that are all expected to be paid within 12 months. With the funding agreement that was entered on August 12, 2022 the Group may incur a total payment equal to approximately four times the funding provided, consisting of seven payments, with the first payment due shortly after Regulatory Approval and the remaining six payments payable over a six-year period thereafter, and variable payments equal to 7% of net sales of sozinibercept for the treatment of wet AMD for each calendar quarter.

The Group’s objective is to maintain an appropriate cash asset balance to fund its operations.

The table below reflects undiscounted cash flows of the financial liabilities.


	Consolidated
	Carrying amount		Less than 3 months		Between 3 months and 2 years		2 years and later		Total
June 30, 2024
Non-derivative liabilities
Payables		9,471,882		9,471,882		-		-		9,471,882
Accrued expenses		28,482,603		27,383,742		1,098,861		-		28,482,603
Financial liability - DFA		200,535,758		-		-		731,000,000		731,000,000
Total		238,490,243		36,855,624		1,098,861		731,000,000		768,954,485

	Consolidated
	Carrying amount		Less than 3 months		Between 3 months and 2 years		2 years and later		Total
June 30, 2023
Non-derivative liabilities
Payables		5,677,858		5,677,858		-		-		5,677,858
Accrued expenses		12,103,789		12,103,789		-		-		12,103,789
Financial liability - DFA		85,660,000		-		-		365,500,000		365,500,000
Total		103,441,647		17,781,647		-		365,500,000		383,281,647

Contingencies - Additional Information (Details)	Jun. 30, 2024 AUD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 AUD ($)	Jun. 30, 2023 USD ($)
Disclosure Of Contingent Liabilities [Line Items]
Bank guarantee outstanding in respect of rental deposit	$ 64,574	$ 38,210	$ 64,574	$ 38,036
Within One Year
Disclosure Of Contingent Liabilities [Line Items]
Amount payable		0		0
More Than One Year
Disclosure Of Contingent Liabilities [Line Items]
Amount payable		$ 1,084,821		$ 1,086,244

Current Liabilities - Derivative Financial Liabilities Investor Options - Summary of Current Derivative Financial Liabilities Investor Options (Details)	12 Months Ended
	Jun. 30, 2024 USD ($) shares
Disclosure of financial liabilities [line items]
Fair valuation upon listing in September -2023, Number outstanding \| shares	97,823,852
Fair valuation upon issuance in June -2024, Number outstanding \| shares	142,886,040
Fair value on conversions of options to shares, Number outstanding \| shares	(1,743)
Total financial liabilities investor options, Number outstanding \| shares	240,708,149
Fair valuation upon listing in September -2023	$ 3,162,954
Fair valuation upon issuance in June -2024	10,454,056
Fair value on conversions of options to shares	(89)
Total financial liabilities investor options	24,840,456
2023 Investor Options
Disclosure of financial liabilities [line items]
Fair value loss on investor options at reporting date	11,192,991
2024 Investor Options
Disclosure of financial liabilities [line items]
Fair value loss on investor options at reporting date	$ 30,544

Key Management Personnel - Additional Information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Director and Key Management Personnel
Disclosure Of Transactions Between Related Parties [Line Items]
Related party transactions	$ 0	$ 0

Non-Current Liabilities - Financial Liabilities - DFA - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2022	Jun. 30, 2024
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Percentage of net sales		7.00%
Development Funding Agreement
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Funding initial payment		$ 50.0
Percentage of net sales		7.00%
Imputed interest rate on unamortized development financing liability		23.00%
Development financing repayment liability		$ 680.0
Development financing repayment terms		four multiples of the funding received
Development financing repayment liability withholding tax obligations		$ 51.0
Development Funding Agreement \| Change of Control
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Repayment due to termination		$ 0.0
Percentage of repayment due to termination		0.00%
Development Funding Agreement \| Disagreement with DFA Investors
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Repayment due to termination		$ 229.5
Percentage of repayment due to termination		135.00%
Development Funding Agreement \| Iinability to Fund Development Costs
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Repayment due to termination		$ 255.0
Percentage of repayment due to termination		150.00%
Development Funding Agreement \| Safety
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Repayment due to termination		$ 467.5
Percentage of repayment due to termination		275.00%
Development Funding Agreement \| Bankruptcy and Other Material Breaches
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Repayment due to termination		$ 680.0
Percentage of repayment due to termination		400.00%
Development Funding Agreement \| Launch Tx
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Additional funding amount under investor option	$ 50.0
Development Funding Agreement \| Bottom of Range
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Development financing liability repayment period		2027
Development Funding Agreement \| Bottom of Range \| Launch Tx
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Amount committed by investor	120.0
Development Funding Agreement \| Top of Range
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Development financing liability repayment period		2032
Development Funding Agreement \| Top of Range \| Launch Tx
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Amount committed by investor	170.0
Amended and Restated Development Funding Agreement \| Bottom of Range \| Launch Tx
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Amount committed by investor	$ 50.0

Current Liabilities - Provisions (Tables)

12 Months Ended

Jun. 30, 2024

Current provisions [abstract]

Summary of Current Provisions


	June 30, 2024		June 30, 2023

	US$		US$
Annual leave		761,559		500,361
Long service leave		256,189		252,939
Total current provisions		1,017,748		753,300

Current Liabilities - Payables - Summary of Current Liabilities Payables (Parenthetical) (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Current Liabilities Payables [Abstract]
Accounts payable settlement terms	30 day terms	30 day terms

Critical Accounting Judgments and Key Sources of Estimation Uncertainty

12 Months Ended

Jun. 30, 2024

Disclosure of changes in accounting estimates [abstract]

Critical Accounting Judgments and Key Sources of Estimation Uncertainty

Note 4. Critical Accounting Judgments and Key Sources of Estimation Uncertainty

In applying the Group’s accounting policies, management continually evaluates judgments, estimates and assumptions based on experience and other factors, including expectations of future events that may have an impact on the Group. All judgments, estimates and assumptions made are believed to be reasonable based on the most current set of circumstances available to management. Actual results may differ from the judgments, estimates and assumptions.

Significant judgments, estimates and assumptions made by management in the preparation of these financial statements are outlined below:

4.1 Critical judgments in applying accounting policies

Research and development costs

The majority of Opthea’s expenditure is incurred as a result of clinical trials for sozinibercept. During the years ended June 30, 2020 2021 and 2022, Opthea completed its Phase 2b wet age‑related macular degeneration (wet AMD) and Phase 1b/2a diabetic macular edema (DME) trials and Phase 3 clinical trials for sozinibercept was initiated during 2021. A key measure of Opthea’s performance is the level of expenditure incurred on the research of sozinibercept.

Judgment is required in relation to:

•

The classification of expenses in the income statement between research and development costs and operating expenses; and

•

Whether costs relate to R&D, and consequently if they meet the capitalization criteria under IAS 38 “Intangible Assets.”

The directors have determined that the Group is still in a research phase and accordingly, no development costs have been capitalized as of June 30, 2024, 2023 and 2022. The development costs may be considered for capitalization post receiving regulatory approval.

DFA

The Group’s accounting policy for DFA requires judgment around the determination of it having the characteristics of a debt instrument. The payments received under the DFA have been recorded as a financial liability in the Group’s consolidated statement of financial position. The Company exercised significant judgement in accounting for the amended DFA, including consideration of whether the amended DFA resulted in a modification of the original loan. The Company concluded that the amended DFA agreement forms part of the existing agreement as the US$50 million is contemplated in the existing agreement on the same return and repayment profile, there have been no substantive changes in the original terms and conditions of the loan and the co-investor was introduced by Ocelot SPV LP ("Ocelot"). Judgment is also required in assessing the timing of regulatory approval and attainment of certain sales milestones and the contractual success fee payments expected to be due as discounted using an imputed interest rate. If the timing and/or amount of such expected payments is materially different from the estimates used on the initial recognition date, the Group will adjust the accretion of the development financing liability using the previously determined imputed interest rate. Refer to Note 13 and 24 for further information.

Derivative financial liabilities – investor options

The Group’s accounting for investor options requires judgment as these are options with an exercise price denominated in a currency that differs from an entity’s functional currency and are treated as a derivative where certain existing equity investors were not offered to participate in the equity raise on a pro rata basis. Judgement is required in determining whether the offer was made on a pro rata basis, which impacts the accounting of the options. Such derivatives measured at fair value with subsequent changes in fair value accounted for through profit and loss. Refer to Note14 and 25 for further information.

Taxation

Research and development tax incentive

The Research and Development (R&D) Tax Incentive Scheme is an Australian Federal Government program under which eligible companies can receive cash refunds of 43.5% of eligible R&D expenditure. Judgments are required as to the R&D tax incentive refundable offset eligibility in respect of:

•

The Group’s ability to make claims and its continued compliance under the scheme;

•

R&D and other supporting costs previously approved by Australian tax authorities;

•

Estimated amounts, timing and geographical location of future costs related to the projects for which applications have been approved to date; and

•

Assessment of whether expenditure on projects for which approval has been given by Australian tax authorities relate to Australian or overseas expenditure.

For the years ended June 30, 2024, and 2023, the Group has recognized an R&D tax incentive receivable of US$10.4 million and US$5.9 million respectively within the consolidated statements of financial position, with a corresponding amount recognized within income tax benefit within the consolidated statements of profit or loss and other comprehensive income.

The R&D tax incentive receivable as of June 30, 2024 and 2023 is based on the legislation as currently enacted as of June 30, 2024 and 2023, respectively. Any proposed changes to the legislation, such as rate changes and eligibility requirements, may have a retrospective impact if the legislation is passed. During the years ended June 30, 2024 and 2023, no such legislative changes have occurred.

Investment tax credits such as the R&D tax incentive are outside of the scope of IAS 12 “Income Taxes” and IAS 20 “Accounting for Government Grants and Disclosure of Government Assistance.” Based on the guidance in IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors,” companies need to make an accounting policy choice on how to present these incentives, which in practice is done by either analogizing with IAS 12 or with IAS 20. In the Group’s opinion, the R&D tax incentive should be presented by analogizing to IAS 12 because the nature of the incentive is considered to be more closely aligned to income taxes, based on the following considerations:

•

The ATO, which is the tax authority in Australia, manages the annual claims process as the R&D tax incentive is included in the Group’s annual income tax return.

•

The ATO is also responsible for making the R&D tax incentive cash payment if a company is eligible for a cash refund under the program, oversees compliance with the requirements of the R&D tax incentive scheme and performs pre‑issuance reviews. Refer to Note 16 for further information.

Income tax

The Group’s accounting policy for taxation requires judgments as to the differences between tax and accounting treatments of income and costs recognized in the consolidated statements of profit or loss and other comprehensive income. Judgment is also required in assessing whether deferred tax assets and liabilities are recognized in the statements of financial position and if accumulated income tax losses can be used to offset potential future tax profits.

Functional currency

Significant judgment is required in determining the currency of the primary economic environment in which the Group operates, which requires an evaluation of various indicators related to the Group’s underlying transactions, events and conditions as they relate to generating and expending cash.

4.2 Key sources of estimation uncertainty

Development funding - financial liability

The Group evaluated the Funding Agreement and determined it to be a research and development funding arrangement with the characteristics of a debt instrument, as the transfer of financial risk to DFA investors was not considered substantive and genuine. Accordingly, the Group has recorded payments received under the Funding Agreement as part of a development financing liability in its consolidated balance sheet. The Group measures the overall development financing liability at amortized cost based on the estimated timing of regulatory approval and attainment of certain sales milestones and the contractual success fee payments expected to be due therefrom, as discounted using an imputed interest rate. The development financing liability will be accreted as interest expense to its expected future repayment amount over the expected life of the agreement using the effective interest rate method. If the dates are delayed from those used at reporting date, it is expected that a remeasurement will result in a non-cash gain. If the timelines for approval and launch are accelerated, the Group would anticipate a remeasurement resulting in a non-cash charge to be recognized in the Consolidated Statements of Profit or Loss. Refer to Note 13 and 27 for further information.

Derivative financial liabilities - investor options

The Group accounts for investor options as a derivative financial liability. Such derivatives are measured at fair value with subsequent changes in fair value accounted for through profit and loss. For the investor options that are traded on the Australian Securities Exchange, the Group uses the quoted price at the balance sheet date as the fair value of the options. For the investor options issued on June 14, 2024, fair values were determined internally using Binomial models as a quoted price was not available as at year end. Key inputs to the valuation include the share price at grant date, expected term, volatility, dividend yield, risk free rate and exercise price. Where relevant, the expected life used in the model has been adjusted based on management’s best estimate for the effects of non‑transferability, exercise restrictions (including the probability of meeting market conditions attached to the option), and behavioral considerations. Expected volatility is based on the historical share price volatility over the past 2 years. These investor options were listed for trading on the Australian Securities Exchange in July 2024. Should the quoted price differ from the internally determined fair value, this could have a material impact on the amounts recognized in derivative financial liabilities and in the profit and loss. Refer to Note 14 and 25 for further information.

Share‑based payment transactions

The Group measures the cost of equity‑settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Fair values are determined internally using Binomial models. The related assumptions are detailed in note 34. The accounting estimates and assumptions relating to equity‑settled share‑based payments have no impact on the carrying amounts of assets and liabilities in future reporting periods but may impact expenses and equity. Should one or more of the assumptions and estimates used in estimating the fair value of share‑based payments change, this could have a material impact on the amounts recognized in equity and employee‑related expenses. Refer to Note 39 for further information.

Contributed Equity (Tables)

12 Months Ended

Jun. 30, 2024

Contributed Equity [Abstract]

Summary of Contributed Equity


	June 30, 2024		June 30, 2023		June 30, 2022
	US$		US$		US$
(a) Ordinary shares
Issued and fully paid at June 30		466,084,145		320,883,552		235,277,217
Movement in ordinary shares:
Opening balance		320,883,552		235,277,217		234,147,526
Issue of shares on exercise of options granted under the LTIP		—		3,790,978		1,129,691
Issue of shares on exercise of options granted from Placement and Institutional Offer		894		—		—
Issue of shares net of issuance costs from 2023 Placement and Institutional Offer $4,764,890		50,273,023		—		—
Issue of shares net of issuance costs from 2024 Placement and Entitlement Offer $8,903,734		94,926,676		81,815,357		—
		466,084,145		320,883,552		235,277,217
Ordinary shares on issue:	No:		No:		No:
Opening balance		467,159,434		352,152,542		351,003,541
Issue of shares on exercise of options granted under the LTIP		—		2,387,826		1,149,001
Issue of share on exercise of options from Placement and Institutional Offer		1,743		—		—
Issue of shares on ASX from 2023 Placement and Entitlement Offer		195,647,457		—		—
Issue of shares on ASX from 2024 Placement and Entitlement Offer		428,658,137		112,619,066		—
		1,091,466,771		467,159,434		352,152,542

Revenue

12 Months Ended

Jun. 30, 2024

Revenue [abstract]

Note 7. Revenue



	2024		2023		2022

	US$		US$		US$
Sales-based royalties		124,666		108,406		90,683
Total Revenue		124,666		108,406		90,683

Reporting Entity

12 Months Ended

Jun. 30, 2024

Reporting Entity [Abstract]

Reporting Entity

Note 1 Reporting Entity

Opthea Limited (the Company) is a listed public company incorporated in Australia. The address of its registered office and principal place of business is: Suite 0403, Level 4, 650 Chapel Street, South Yarra, VIC 3141, Australia. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as the Group). The Group’s principal activity is the development of new drugs for the treatment of eye diseases.

Fair Value Loss on Derivative - Investor Options

12 Months Ended

Jun. 30, 2024

Fair Value Loss on Derivative - Investor Options

Note 14. Fair value loss on derivative - investor options


	2024		2023		2022

	US$		US$		US$
Fair value loss on derivative - investor options in September 2023 (2023 Investor options)		11,192,991		—		—
Fair value loss on derivative - investor options in June 2024 (2024 Investor options)		30,544		—		—
Total fair value loss on derivative - investor options		11,223,535		—		—

Refer to Note 25 and Note 30.

Share-Based Payments - Summary of Fair Value of Share Options Granted (Details)	12 Months Ended
	Jun. 30, 2024 $ / shares
LTIP - Director FY2019
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.625
Grant date share price	0.420
Fair value per option US	$ 0.150
Expected volatility	58.00%
Option life	4 years
Dividend yield	0.00%
Risk free interest rate	2.04%
Model used	Binomial
LTIP - Employees FY2018
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.920
Grant date share price	0.340
Fair value per option US	$ 0.260
Expected volatility	66.00%
Option life	5 years
Dividend yield	0.00%
Risk free interest rate	2.09%
Model used	Binomial
LTIP - Employees FY2019
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.608
Grant date share price	0.480
Fair value per option US	$ 0.180
Expected volatility	57.00%
Option life	4 years
Dividend yield	0.00%
Risk free interest rate	2.04%
Model used	Binomial
LTIP - Employees FY2022
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.948
Grant date share price	0.955
Fair value per option US	$ 0.526
Expected volatility	74.78%
Option life	4 years
Dividend yield	0.00%
Risk free interest rate	0.25%
Model used	Binomial
LTIP - Employees FY2022 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date share price	$ 0.955
Fair value per option US	$ 0.955
Option life	10 years
Dividend yield	0.00%
Model used	Binomial
LTIP - Employees FY2022 Three
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 1.460
Grant date share price	0.901
Fair value per option US	$ 0.553
Expected volatility	75.00%
Option life	6 years 6 months
Dividend yield	0.00%
Risk free interest rate	3.40%
Model used	Binomial
NED Plan FY2022
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.945
Grant date share price	0.955
Fair value per option US	$ 0.526
Expected volatility	74.78%
Option life	4 years
Dividend yield	0.00%
Risk free interest rate	0.25%
Model used	Binomial
NED Plan FY2022 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.755
Grant date share price	0.741
Fair value per option US	$ 0.397
Expected volatility	75.00%
Option life	3 years 6 months
Dividend yield	0.00%
Risk free interest rate	2.70%
Model used	Binomial
NED Plan FY2023
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.658
Grant date share price	0.672
Fair value per option US	$ 0.471
Expected volatility	75.00%
Option life	6 years 6 months
Dividend yield	0.00%
Risk free interest rate	3.60%
Model used	Binomial
NED Plan FY2023 One
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date share price	$ 0.672
Fair value per option US	$ 0.672
Expected volatility	75.00%
Option life	10 years
Dividend yield	0.00%
Risk free interest rate	3.70%
Model used	Binomial
NED Plan FY2024
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.382
Grant date share price	0.334
Fair value per option US	$ 0.334
Expected volatility	67.50%
Option life	6 years 6 months
Dividend yield	0.00%
Risk free interest rate	4.20%
Model used	Binomial
LTIP - Employees FY2023 One
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.658
Grant date share price	0.672
Fair value per option US	$ 0.471
Expected volatility	75.00%
Option life	6 years 6 months
Dividend yield	0.00%
Risk free interest rate	3.60%
Model used	Binomial
LTIP - Employees FY2023 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date share price	$ 0.672
Fair value per option US	$ 0.672
Expected volatility	75.00%
Option life	10 years
Dividend yield	0.00%
Risk free interest rate	3.70%
Model used	Binomial
LTIP - Employees FY2023 Three
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.644
Grant date share price	0.643
Fair value per option US	$ 0.459
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	3.30%
Model used	Binomial
LTIP - Employees FY2024 One
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.263
Grant date share price	0.238
Fair value per option US	$ 0.153
Expected volatility	67.50%
Option life	6 years 6 months
Dividend yield	0.00%
Risk free interest rate	4.10%
Model used	Binomial
LTIP - Employees FY2024 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.205
Grant date share price	0.225
Fair value per option US	$ 0.157
Expected volatility	67.50%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	4.30%
Model used	Binomial
LTIP - Employees FY2024 Three
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.261
Grant date share price	0.334
Fair value per option US	$ 0.236
Expected volatility	67.50%
Option life	6 years 6 months
Dividend yield	0.00%
Risk free interest rate	4.20%
Model used	Binomial
NED Plan FY2016
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.360
Grant date share price	0.280
Fair value per option US	$ 0.140
Expected volatility	65.00%
Option life	5 years
Dividend yield	0.00%
Risk free interest rate	2.09%
Model used	Binomial
NED Plan FY2019
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 0.625
Grant date share price	0.420
Fair value per option US	$ 0.150
Expected volatility	58.00%
Option life	4 years
Dividend yield	0.00%
Risk free interest rate	2.04%
Model used	Binomial
NED Plan FY2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 2.160
Grant date share price	2.190
Fair value per option US	$ 1.240
Expected volatility	77.25%
Option life	4 years
Dividend yield	0.00%
Risk free interest rate	0.25%
Model used	Binomial
NED Plan FY2021 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 3.240
Grant date share price	2.190
Fair value per option US	$ 1.050
Expected volatility	77.25%
Option life	4 years
Dividend yield	0.00%
Risk free interest rate	0.25%
Model used	Binomial
NED Plan FY2021 Three
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 1.560
Grant date share price	1.560
Fair value per option US	$ 0.880
Expected volatility	77.01%
Option life	4 years
Dividend yield	0.00%
Risk free interest rate	0.25%
Model used	Binomial
LTIP - Employee 2022 \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 7.625
Grant date share price	7.240
Fair value per option US	$ 4.970
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	1.40%
Model used	Binomial
LTIP - Employee 2022 Two \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 7.515
Grant date share price	7.500
Fair value per option US	$ 5.228
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	1.70%
Model used	Binomial
LTIP - Employee 2022 Three \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 6.009
Grant date share price	5.925
Fair value per option US	$ 4.116
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	1.70%
Model used	Binomial
LTIP - Employee 2022 Four \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 6.090
Grant date share price	5.915
Fair value per option US	$ 4.171
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	2.90%
Model used	Binomial
LTIP - Employee 2022 Five \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 7.116
Grant date share price	7.000
Fair value per option US	$ 4.953
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	2.90%
Model used	Binomial
LTIP - Employee 2022 Six \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 7.445
Grant date share price	7.309
Fair value per option US	$ 5.175
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	3.00%
Model used	Binomial
LTIP - Employee 2022 Seven \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 5.522
Grant date share price	5.500
Fair value per option US	$ 3.886
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	3.40%
Model used	Binomial
LTIP - Employee 2023 \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 6.350
Grant date share price	6.600
Fair value per option US	$ 4.718
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	2.90%
Model used	Binomial
LTIP - Employee 2023 Two \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 4.850
Grant date share price	4.810
Fair value per option US	$ 3.479
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	4.30%
Model used	Binomial
LTIP - Employee 2023 Three \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 5.170
Grant date share price	4.850
Fair value per option US	$ 3.457
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	4.10%
Model used	Binomial
LTIP - Employee 2023 Four \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 4.929
Grant date share price	4.959
Fair value per option US	$ 3.560
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	3.60%
Model used	Binomial
LTIP - Employee 2023 Five \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 5.238
Grant date share price	5.450
Fair value per option US	$ 3.935
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	3.50%
Model used	Binomial
LTIP - Employee 2023 Six \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 5.150
Grant date share price	5.030
Fair value per option US	$ 3.602
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	3.80%
Model used	Binomial
LTIP - Employee 2023 Seven \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 3.545
Grant date share price	3.360
Fair value per option US	$ 2.384
Expected volatility	75.00%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	3.60%
Model used	Binomial
LTIP - Employee 2024 \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 1.66
Grant date share price	1.66
Fair value per option US	$ 1.11
Expected volatility	67.50%
Option life	6 years 6 months
Dividend yield	0.00%
Risk free interest rate	4.90%
Model used	Binomial
LTIP - Employee 2024 One \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 1.66
Grant date share price	1.66
Fair value per option US	$ 0.691
Expected volatility	67.50%
Option life	7 years 7 months 6 days
Dividend yield	0.00%
Risk free interest rate	4.90%
Model used	Binomial
LTIP - Employee 2024 Two \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 1.66
Grant date share price	1.63
Fair value per option US	$ 1.082
Expected volatility	67.50%
Option life	6 years 6 months
Dividend yield	0.00%
Risk free interest rate	4.70%
Model used	Binomial
LTIP - Employee 2024 Three \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 1.83
Grant date share price	1.92
Fair value per option US	$ 1.327
Expected volatility	67.50%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	4.50%
Model used	Binomial
LTIP - Employee 2024 Four \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 1.89
Grant date share price	1.92
Fair value per option US	$ 1.316
Expected volatility	67.50%
Option life	7 years
Dividend yield	0.00%
Risk free interest rate	4.50%
Model used	Binomial
LTIP - Employee 2024 Five \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 2.76
Grant date share price	2.76
Fair value per option US	$ 1.83
Expected volatility	71.71%
Option life	6 years
Dividend yield	0.00%
Risk free interest rate	3.81%
Model used	Binomial
LTIP - Employee 2024 Six \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 3.03
Grant date share price	3.03
Fair value per option US	$ 2.74
Expected volatility	71.64%
Option life	6 years
Dividend yield	0.00%
Risk free interest rate	4.34%
Model used	Binomial
LTIP - Employee 2024 Seven \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 4.14
Grant date share price	4.14
Fair value per option US	$ 3.16
Expected volatility	70.68%
Option life	6 years
Dividend yield	0.00%
Risk free interest rate	4.34%
Model used	Binomial
LTIP - Employee 2024 Eight \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 3.95
Grant date share price	3.95
Fair value per option US	$ 3.01
Expected volatility	70.68%
Option life	6 years
Dividend yield	0.00%
Risk free interest rate	4.34%
Model used	Binomial
LTIP - Employee 2024 Nine \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 3.75
Grant date share price	3.75
Fair value per option US	$ 2.49
Expected volatility	70.72%
Option life	6 years
Dividend yield	0.00%
Risk free interest rate	4.43%
Model used	Binomial
LTIP - Employee 2024 Ten \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 3.34
Grant date share price	3.29
Fair value per option US	$ 2.18
Expected volatility	70.76%
Option life	6 years
Dividend yield	0.00%
Risk free interest rate	4.65%
Model used	Binomial
LTIP - Employee 2024 Eleven \| ADS Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise price	$ 2.66
Grant date share price	2.66
Fair value per option US	$ 1.75
Expected volatility	69.85%
Option life	6 years
Dividend yield	0.00%
Risk free interest rate	4.41%
Model used	Binomial
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2018
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	June 6, 2022
Grant date fair value	$ 0.553
Exercise price	$ 1.460
Expiry date	Jun. 05, 2032
Vesting date	Jun. 06, 2025
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.955
Exercise price	$ 0.000
Expiry date	Oct. 18, 2031
Vesting date	Oct. 19, 2021
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021 Seven
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 12, 2020
Grant date fair value	$ 1.240
Exercise price	$ 2.160
Expiry date	Oct. 11, 2024
Vesting date	Oct. 12, 2022
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.955
Exercise price	$ 0.000
Expiry date	Oct. 18, 2031
Vesting date	Oct. 19, 2022
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021 Eight
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 12, 2020
Grant date fair value	$ 1.240
Exercise price	$ 2.160
Expiry date	Oct. 11, 2024
Vesting date	Oct. 12, 2023
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Three
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.955
Exercise price	$ 0.000
Expiry date	Oct. 18, 2031
Vesting date	Oct. 19, 2023
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021 Nine
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	January 19, 2021
Grant date fair value	$ 0.880
Exercise price	$ 1.560
Expiry date	Jan. 18, 2025
Vesting date	Jan. 19, 2021
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Four
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.955
Exercise price	$ 0.000
Expiry date	Oct. 18, 2031
Vesting date	Jan. 31, 2023
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021 Ten
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	January 19, 2021
Grant date fair value	$ 0.880
Exercise price	$ 1.560
Expiry date	Jan. 18, 2025
Vesting date	Jan. 19, 2022
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Five
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.955
Exercise price	$ 0.000
Expiry date	Oct. 18, 2031
Vesting date	Nov. 30, 2022
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021 Eleven
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	January 19, 2021
Grant date fair value	$ 0.880
Exercise price	$ 1.560
Expiry date	Jan. 18, 2025
Vesting date	Jan. 19, 2023
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Six
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.955
Exercise price	$ 0.000
Expiry date	Oct. 18, 2031
Vesting date	Apr. 30, 2023
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021 Twelve
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	January 19, 2021
Grant date fair value	$ 0.880
Exercise price	$ 1.560
Expiry date	Jan. 18, 2025
Vesting date	Jan. 19, 2024
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Seven
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.955
Exercise price	$ 0.000
Expiry date	Oct. 18, 2031
Vesting date	Apr. 30, 2023
Non Executive Director and Employee Share Option Plans \| NED Plan FY2022
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.526
Exercise price	$ 0.948
Expiry date	Oct. 18, 2025
Vesting date	Oct. 19, 2021
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Eight
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.955
Exercise price	$ 0.000
Expiry date	Oct. 18, 2031
Vesting date	Sep. 30, 2024
Non Executive Director and Employee Share Option Plans \| NED Plan FY2022 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.526
Exercise price	$ 0.948
Expiry date	Oct. 18, 2025
Vesting date	Oct. 19, 2022
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Nine
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.526
Exercise price	$ 0.948
Expiry date	Oct. 18, 2025
Vesting date	Oct. 19, 2021
Non Executive Director and Employee Share Option Plans \| NED Plan FY2022 Three
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.526
Exercise price	$ 0.948
Expiry date	Oct. 18, 2025
Vesting date	Oct. 19, 2023
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Ten
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.526
Exercise price	$ 0.948
Expiry date	Oct. 18, 2025
Vesting date	Oct. 19, 2022
Non Executive Director and Employee Share Option Plans \| NED Plan FY2022 Four
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.526
Exercise price	$ 0.948
Expiry date	Oct. 18, 2025
Vesting date	Oct. 19, 2024
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Eleven
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.526
Exercise price	$ 0.948
Expiry date	Oct. 18, 2025
Vesting date	Oct. 19, 2023
Non Executive Director and Employee Share Option Plans \| NED Plan FY2022 Five
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	April 21, 2022
Grant date fair value	$ 0.397
Exercise price	$ 0.755
Expiry date	Apr. 20, 2026
Vesting date	Apr. 21, 2022
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Twelve
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 19, 2021
Grant date fair value	$ 0.526
Exercise price	$ 0.948
Expiry date	Oct. 18, 2025
Vesting date	Oct. 19, 2024
Non Executive Director and Employee Share Option Plans \| NED Plan FY2022 Six
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	April 21, 2022
Grant date fair value	$ 0.397
Exercise price	$ 0.755
Expiry date	Apr. 20, 2026
Vesting date	Apr. 21, 2023
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Thirteen
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	June 6, 2022
Grant date fair value	$ 0.553
Exercise price	$ 1.460
Expiry date	Jun. 05, 2032
Vesting date	Jun. 06, 2022
Non Executive Director and Employee Share Option Plans \| NED Plan FY2022 Seven
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	April 21, 2022
Grant date fair value	$ 0.397
Exercise price	$ 0.755
Expiry date	Apr. 20, 2026
Vesting date	Apr. 21, 2024
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Fourteen
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	June 6, 2022
Grant date fair value	$ 0.553
Exercise price	$ 1.460
Expiry date	Jun. 05, 2032
Vesting date	Jun. 06, 2023
Non Executive Director and Employee Share Option Plans \| NED Plan FY2022 Eight
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	April 21, 2022
Grant date fair value	$ 0.397
Exercise price	$ 0.755
Expiry date	Apr. 20, 2026
Vesting date	Apr. 21, 2025
Non Executive Director and Employee Share Option Plans \| NED Plan FY2023
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	November 16, 2022
Grant date fair value	$ 0.469
Exercise price	$ 0.672
Expiry date	Nov. 16, 2032
Vesting date	Nov. 16, 2025
Non Executive Director and Employee Share Option Plans \| NED Plan FY2023 One
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	November 16, 2022
Grant date fair value	$ 0.471
Exercise price	$ 0.658
Expiry date	Nov. 16, 2032
Vesting date	Nov. 16, 2025
Non Executive Director and Employee Share Option Plans \| NED Plan FY2023 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	November 16, 2022
Grant date fair value	$ 0.672
Exercise price	$ 0.000
Expiry date	Nov. 16, 2032
Vesting date	Nov. 16, 2025
Non Executive Director and Employee Share Option Plans \| NED Plan FY2024
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	November 30, 2023
Grant date fair value	$ 0.213
Exercise price	$ 0.382
Expiry date	Nov. 30, 2033
Vesting date	Nov. 30, 2024
Non Executive Director and Employee Share Option Plans \| NED Plan FY2024 One
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	November 30, 2023
Grant date fair value	$ 0.213
Exercise price	$ 0.382
Expiry date	Nov. 30, 2033
Vesting date	November 30, 2025
Non Executive Director and Employee Share Option Plans \| NED Plan FY2024 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	November 30, 2023
Grant date fair value	$ 0.213
Exercise price	$ 0.382
Expiry date	Nov. 30, 2033
Vesting date	November 30, 2026
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Fifteen
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	June 6, 2022
Grant date fair value	$ 0.553
Exercise price	$ 1.460
Expiry date	Jun. 05, 2032
Vesting date	Jun. 06, 2024
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2022 Sixteen
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	June 6, 2022
Grant date fair value	$ 0.553
Exercise price	$ 1.460
Expiry date	Jun. 05, 2032
Vesting date	Jun. 06, 2025
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2023 One
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	November 16, 2022
Grant date fair value	$ 0.471
Exercise price	$ 0.658
Expiry date	Nov. 16, 2032
Vesting date	Nov. 16, 2025
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2023 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	November 16, 2022
Grant date fair value	$ 0.672
Exercise price	$ 0.000
Expiry date	Nov. 16, 2032
Vesting date	Nov. 16, 2025
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2023 Four
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	December 13, 2022
Grant date fair value	$ 0.459
Exercise price	$ 0.644
Expiry date	Dec. 13, 2032
Vesting date	Dec. 13, 2024
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2023 Five
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	December 13, 2022
Grant date fair value	$ 0.459
Exercise price	$ 0.644
Expiry date	Dec. 13, 2032
Vesting date	Dec. 13, 2025
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2023 Six
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	December 13, 2022
Grant date fair value	$ 0.459
Exercise price	$ 0.644
Expiry date	Dec. 13, 2032
Vesting date	Dec. 13, 2026
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2024 One
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	September 18, 2023
Grant date fair value	$ 0.153
Exercise price	$ 0.264
Expiry date	Sep. 18, 2033
Vesting date	Sep. 18, 2024
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2024 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	September 18, 2023
Grant date fair value	$ 0.153
Exercise price	$ 0.264
Expiry date	Sep. 18, 2033
Vesting date	Sep. 18, 2025
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2024 Three
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	September 18, 2023
Grant date fair value	$ 0.153
Exercise price	$ 0.264
Expiry date	Sep. 18, 2033
Vesting date	Sep. 18, 2026
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2024 Four
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	September 18, 2023
Grant date fair value	$ 0.153
Exercise price	$ 0.264
Expiry date	Sep. 18, 2033
Vesting date	Sep. 18, 2027
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2024 Five
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 10, 2023
Grant date fair value	$ 0.157
Exercise price	$ 0.205
Expiry date	Oct. 10, 2033
Vesting date	Oct. 10, 2024
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2024 Six
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 10, 2023
Grant date fair value	$ 0.157
Exercise price	$ 0.205
Expiry date	Oct. 10, 2033
Vesting date	Oct. 10, 2025
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2024 Seven
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 10, 2023
Grant date fair value	$ 0.157
Exercise price	$ 0.205
Expiry date	Oct. 10, 2033
Vesting date	Oct. 10, 2026
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2024 Eight
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 10, 2023
Grant date fair value	$ 0.157
Exercise price	$ 0.205
Expiry date	Oct. 10, 2033
Vesting date	Oct. 10, 2027
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2024 Nine
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	November 30, 2023
Grant date fair value	$ 0.236
Exercise price	$ 0.261
Expiry date	Nov. 30, 2033
Vesting date	November 30, 2024
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2024 Ten
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	November 30, 2023
Grant date fair value	$ 0.236
Exercise price	$ 0.261
Expiry date	Nov. 30, 2033
Vesting date	November 30, 2025
Non Executive Director and Employee Share Option Plans \| LTIP - Employees FY2024 Eleven
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	November 30, 2023
Grant date fair value	$ 0.236
Exercise price	$ 0.261
Expiry date	Nov. 30, 2033
Vesting date	Nov. 30, 2026
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 12, 2020
Grant date fair value	$ 1.050
Exercise price	$ 3.240
Expiry date	Oct. 11, 2024
Vesting date	Oct. 12, 2020
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021 Two
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 12, 2020
Grant date fair value	$ 1.050
Exercise price	$ 3.240
Expiry date	Oct. 11, 2024
Vesting date	Oct. 12, 2021
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021 Three
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 12, 2020
Grant date fair value	$ 1.050
Exercise price	$ 3.240
Expiry date	Oct. 11, 2024
Vesting date	Oct. 12, 2022
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021 Four
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 12, 2020
Grant date fair value	$ 1.050
Exercise price	$ 3.240
Expiry date	Oct. 11, 2024
Vesting date	Oct. 12, 2023
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021 Five
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 12, 2020
Grant date fair value	$ 1.240
Exercise price	$ 2.160
Expiry date	Oct. 11, 2024
Vesting date	Oct. 12, 2020
Non Executive Director and Employee Share Option Plans \| NED Plan FY2021 Six
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Grant date	October 12, 2020
Grant date fair value	$ 1.240
Exercise price	$ 2.160
Expiry date	Oct. 11, 2024
Vesting date	Oct. 12, 2021

Revenue - Summary of Revenue (Details) - USD ($)	12 Months Ended
Revenue - Summary of Revenue (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Revenue [abstract]
Sales-based royalties	$ 124,666	$ 108,406	$ 90,683
Revenue	$ 124,666	$ 108,406	$ 90,683

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_32&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2023-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_34&doctype=Standard
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2023-03-23

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
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-IssueDate 2023-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_103&doctype=Standard
-URIDate 2023-03-23

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_102&doctype=Standard
-URIDate 2023-03-23

+ Details

Commitments - Additional Information (Details)	12 Months Ended
Commitments - Additional Information (Details)	Jun. 30, 2024
Commitments [Abstract]
Termination clause of biggest research contract	60 days
Maximum commitment term	6 months
Termination clause of biggest contract	60 days
Maximum commercial commitment term	12 months

Current Liabilities - Payables - Summary of Current Liabilities Payables (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Current Liabilities Payables [Abstract]
Accounts Payable (unsecured)	$ 38,059,829	$ 17,842,981
Payroll related tax liability	44,592	48,873
Total current payables	$ 38,104,421	$ 17,891,854

Current Liabilities - Derivative Financial Liabilities Investor Options - Additional Information (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions							12 Months Ended
	Jul. 01, 2024 AUD ($)	Jul. 01, 2024 USD ($)	Jun. 14, 2024 AUD ($)	Jun. 14, 2024 USD ($) $ / shares shares	Aug. 28, 2023 AUD ($)	Aug. 28, 2023 USD ($) $ / shares shares	Jun. 30, 2024 $ / shares	Jun. 30, 2024 $ / shares	Jun. 14, 2024 $ / shares shares	Sep. 21, 2023 $ / shares	Aug. 28, 2023 $ / shares shares
Disclosure of financial liabilities [line items]
Par value per share							$ 0
Historical share price volatility period							2 years
Equity and Investor Options - 2023
Disclosure of financial liabilities [line items]
Exercise price share options								$ 0.8
Aggregate proceeds from private placement of ordinary shares					$ 90.0	$ 58.2
Investor options price per share							$ 0.22			$ 0.05
Equity and Investor Options - 2023 \| 1 Institutional Option for Every 2 New Shares Issued Under the Placement
Disclosure of financial liabilities [line items]
Issue of shares \| shares						160,213,060					160,213,060
Offer price per share \| (per share)						$ 0.46					$ 0.46
Number of institutional and placement options \| shares						80,000,000					80,000,000
Exercise price share options											$ 0.8
Equity and Investor Options - 2023 \| 1 New Option for Every 2 New Shares Issued Under the Retail Entitlement Offer
Disclosure of financial liabilities [line items]
Issue of shares \| shares						35,434,397					35,434,397
Offer price per share											$ 0.46
Number of institutional and placement options \| shares						18,000,000					18,000,000
Exercise price share options						$ 0.8
Equity and Investor Options - 2024
Disclosure of financial liabilities [line items]
Exercise price share options								$ 1
Aggregate proceeds from private placement of ordinary shares			$ 227.3	$ 151.9
Investor options price per share							0.11
Investor options fair value determined							$ 0.11
Equity and Investor Options - 2024 \| Events after Reporting Period
Disclosure of financial liabilities [line items]
Aggregate proceeds from private placement of ordinary shares	$ 55.9	$ 37.6	$ 55.9	$ 37.6
Equity and Investor Options - 2024 \| 1 Institutional Option for Every 3 New Shares Issued Under the Placement
Disclosure of financial liabilities [line items]
Issue of shares \| shares				543,285,766					543,285,766
Offer price per share \| (per share)				$ 0.4					$ 0.4
Number of institutional and placement options \| shares				142,900,000					142,900,000
Exercise price share options									$ 1
Equity and Investor Options - 2024 \| 1 New Option for Every 3 New Shares Issued Under the Retail Entitlement Offer
Disclosure of financial liabilities [line items]
Issue of shares \| shares				139,627,846					139,627,846
Offer price per share									$ 0.4
Number of institutional and placement options \| shares				46,500,000					46,500,000
Exercise price share options									$ 1

Non-Current Assets - Right of Use Assets - Summary of Carrying Amount of Lease (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of quantitative information about right-of-use assets [line items]
Opening balance	$ 168,451
Net carrying amount	84,226	$ 168,451
Right-of-Use Asset Cost
Disclosure of quantitative information about right-of-use assets [line items]
Opening balance	534,231	281,554
Additions		252,677
Net carrying amount	534,231	534,231
Right-of-Use-Asset Depreciation
Disclosure of quantitative information about right-of-use assets [line items]
Opening balance	(365,780)	(281,554)
Charge to the period	(84,225)	(84,226)
Net carrying amount	$ (450,005)	$ (365,780)

Finance Income (Tables)

12 Months Ended

Jun. 30, 2024

Summary of Finance Income


	2024		2023		2022

	US$		US$		US$
Interest income		3,394,726		3,227,496		235,468
Total finance income		3,394,726		3,227,496		235,468

Contributed Equity

12 Months Ended

Jun. 30, 2024

Contributed Equity [Abstract]

Contributed Equity

Note 30. Contributed Equity


	June 30, 2024		June 30, 2023		June 30, 2022
	US$		US$		US$
(a) Ordinary shares
Issued and fully paid at June 30		466,084,145		320,883,552		235,277,217
Movement in ordinary shares:
Opening balance		320,883,552		235,277,217		234,147,526
Issue of shares on exercise of options granted under the LTIP		—		3,790,978		1,129,691
Issue of shares on exercise of options granted from Placement and Institutional Offer		894		—		—
Issue of shares net of issuance costs from 2023 Placement and Institutional Offer $4,764,890		50,273,023		—		—
Issue of shares net of issuance costs from 2024 Placement and Entitlement Offer $8,903,734		94,926,676		81,815,357		—
		466,084,145		320,883,552		235,277,217
Ordinary shares on issue:	No:		No:		No:
Opening balance		467,159,434		352,152,542		351,003,541
Issue of shares on exercise of options granted under the LTIP		—		2,387,826		1,149,001
Issue of share on exercise of options from Placement and Institutional Offer		1,743		—		—
Issue of shares on ASX from 2023 Placement and Entitlement Offer		195,647,457		—		—
Issue of shares on ASX from 2024 Placement and Entitlement Offer		428,658,137		112,619,066		—
		1,091,466,771		467,159,434		352,152,542

Fully paid ordinary shares have no par value, carry one vote per share and carry the right to dividends. No cash dividends have been paid, declared or recommended during or since the end of the financial year by the Company. We have not declared or paid any dividends on our ordinary shares. We intend to retain any earnings for use in our business and do not currently intend to pay cash dividends on our ordinary shares. Dividends, if any, on our outstanding ordinary shares will be declared by and subject to the discretion of our board of directors, and subject to Australian law.

Equity and Investor options - 2023

On August 28, 2023, the Company offered approximately 160,213,060 new shares at the offer price of A$0.46 per new share and approximately 80.0 million Institutional and placement options with an exercise price of A$0.80 to participants in the Placement and Institutional Entitlement Offer on the basis of 1 Institutional option for every 2 new shares issued under the Placement and 35,434,397 new shares at the offer price of A$0.46 per new share and approximately 18.0 million new options to eligible shareholders with an exercise price of A$0.80 on the basis of 1 new option for every 2 new shares issued under the Retail Entitlement Offer. Pursuant to the Retail Entitlement Offer and Institutional Entitlement Offer, the company raised gross proceeds of A$90.0 million (US$58.2 million). Each Option entitles the holder to one

ordinary share of the company. These Investor options were listed September 21, 2023 at A$0.05 and year end A$0.22 (ASX: OPT-OA).

Equity and Investor options – 2024

On June 14, 2024, the Company offered approximately 543,285,766 new shares at the offer price of A$0.40 per new share and approximately 142.9 million Institutional and placement options with an exercise price of A$1.00 to participants in the Placement and Institutional Entitlement Offer on the basis of 1 Institutional option for every 3 new shares issued under the Placement and approximately 139,627,846 new shares at the offer price of A$0.40 per new share and approximately 46.5 million new options to eligible shareholders with an exercise price of A$1.00 on the basis of 1 new option for every 3 new shares issued under the Retail Entitlement Offer. Pursuant to the Retail Entitlement Offer and Institutional Entitlement Offer, the company raised gross proceeds of A$227.3 million (US$151.9 million) of which A$55.9 million (US$37.6 million ) was received after year end. Each Option entitles the holder to one ordinary share of the company. These Investor options were unlisted on issue and year end, a fair value was determined was determined by management at issuance and at year end of $0.11 (ASX: OPT-OB).

Issued capital at June 30, 2024 amounted to US$466,084,145 (1,091,446,771 fully paid ordinary shares) net of share issue costs and tax

During the year ended June 30, 2024 the Company issued 624,305,594 ordinary shares on ASX listing for net proceeds of US$145,199,699.

Issued capital at June 30, 2023 amounted to US$320,883,552 (467,159,434 fully paid ordinary shares) net of share issue costs and tax.

During the year ended June 30, 2023 the Company issued 112,619,066 ordinary shares on ASX listing for net proceeds of US$81,815,3571.

Options granted to directors and employees.

The company has two share‑based payment schemes, the Long-Term Incentive Plan (LTIP) and Non‑Executive Director Share and Option Plan. Options to subscribe for the Company’s shares have been granted under these plans to certain employees and directors.

The Company granted 9,850,000 options/rights over ordinary shares and 5,045,000 ADS options under these plans during the year ended June 30, 2024 (Note 38). These options/rights had a weighted average fair value at grant date of $1.18 per option and $1.97 per ADS option. During the year ended June 30, 2024, no options granted under the LTIP and NED Plan were exercised.

The company granted 10,050,000 options/rights and 755,000 American Depository Shares (ADS) options over ordinary shares under these plans during the year ended June 30, 2023 (Note 38). These options/rights had a weighted average fair value at grant date of $1.62 per options and the ADS options had a weighted average fair value at grant date of $6.75. During the year ended June 30, 2023, 6,613,000 options granted under the LTIP and NED Plan were exercised for $3,790,977 ($1,040,718 for cash and $2,750,258 via cashless conversion)

The company granted 8,400,000 options/rights and 925,000 American Depository Shares (ADS) options over ordinary shares under these plans during the year ended June 30, 2022 (Note 38). These options/rights had a weighted average fair value at grant date of $0.781 per options and the ADS options had a weighted average fair value at grant date of $6.75. During the year ended June 30, 2022, 2,056,000 options granted under the LTIP and NED Plan were exercised for $1,129,691 ($257,175 for cash and $872,516 via cashless conversion).

The company granted 7,000,000 options over ordinary shares under these plans during the year ended June 30, 2021 (note 38). These options had a weighted average fair value at their grant date of US$1.03 per option. During June 30, 2021 8,400,000 options granted under the LTIP and NED Plan were exercised for US$3,271,542. No options were granted under the Plans during the year ended June 30, 2020.

At June 30, 2024, the Company had 13,848,860 Non‑Executive Director options that remain unexercised with expiry of November 2026 for 875,342 options and November 2025 for 2,973,518, options, October 2024 for 4,000,000 options, January 2025 for 3,000,000 options, October 2025 for 1,500,000 options and April 2026 for 1,500,000 options..

At June 30, 2023, the company had 7,250,000 Non-Executive Director options that remain unexercised with expiry of October 2024 for 3,000,000 options, January 2025 for 2,250,000 options, October 2025 for 1,000,000 options and April 2026 for 1,000,000 options.

At June 30, 2022, the company had 7,500,000 Non-Executive Director options that remain unexercised with expiry of November 2022 for 3,000,000 options, October 2024 for 2,000,000 options, January 2025 for 1,500,000 options, October 2025 for 500,000 options and April 2026 for 500,000 options.

Capital management

The Group is not subject to any externally imposed capital requirements. When managing share capital, management’s objective is to ensure the entity continues as a going concern as well as to provide benefits to shareholders and for other stakeholders. In order to maintain or achieve an appropriate capital structure, the Company may issue new shares or reduce its share capital, subject to the provisions of the Company’s constitution. The Group only commits to significant R&D expenditure when this is fully funded either by existing funds, the DFA or further equity raises.

Current Assets - Prepayments (Tables)

12 Months Ended

Jun. 30, 2024

Current prepayments [abstract]

Summary of Current Assets Prepayments


	June 30, 2024		June 30, 2023

	US$		US$
Launch Service Agreement		2,700,000		900,000
R&D Contract Research Organization		223,239		793,964
Insurance		608,467		717,064
Other prepayments		365,073		223,643
Total current prepayments		3,896,779		2,634,671

Contributed Equity - Summary of Contributed Equity (Parenthetical) (Details)	12 Months Ended
	Jun. 30, 2024 USD ($)
Aug/Sept Placement and Institutional Offer
Contributed Equity [Line Items]
Shares issuance cost	$ 4,764,890
2024 Placement and Entitlement Offer
Contributed Equity [Line Items]
Shares issuance cost	$ 8,903,734

Commitments - Summary of Commercial Commitments (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Commitments [Line Items]
Commercial commitments	$ 63,421	$ 47,415	$ 507,874
Within One Year
Commitments [Line Items]
Commercial commitments	$ 63,421	$ 47,415	$ 507,874

Consolidated Statements of Financial Position (Parenthetical) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Statement of financial position [abstract]
Amounts owed by related parties current	$ 2,724,238	$ 0
Amounts owed by related party noncurrent	450,000	0
Amount Due To Related Party	$ 141,554,653	$ 85,660,000

Gain on Remeasurement of Financial Liability -DFA - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Material income and expense [abstract]
Remeasurement, non-cash gain on revaluation		$ 12.3
Remeasurement, non-cash gain on remeasurement	$ 0.4
Non-cash interest at imputed rate	23.00%	23.00%

Current Liabilities - Provisions - Summary of Current Provisions (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Current provisions [abstract]
Annual leave	$ 761,559	$ 500,361
Long service lave	256,189	252,939
Total current provisions	$ 1,017,748	$ 753,300

Earnings Per Share - Additional Information (Details)	12 Months Ended
Earnings Per Share - Additional Information (Details)	Jun. 30, 2024 USD ($) shares Vote $ / shares	Jun. 30, 2023 shares	Jun. 14, 2024 shares	Aug. 28, 2023 shares	Aug. 24, 2023 shares	Jun. 30, 2022 shares	Jun. 30, 2021 shares
Earnings Per Share [Line Items]
Number of share options/rights outstanding in share-based payment arrangement	35,300,000	25,450,000				22,988,000	16,644,000
Anti-dilutive options outstanding excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per share	240,708,149	0
Outstanding options and rights exercisable	20,024,203	10,842,234				12,857,589
Disclosure - Earnings Per Share - Additional Information (Details) [Line Items]
Par value per share \| $ / shares	$ 0
Voting right of ordinary shares carrying no par value \| Vote	1
Dividends declared ordinary shares \| $	$ 0
Dividends paid ordinary shares \| $	$ 0
Major Ordinary Share Transactions
Earnings Per Share [Line Items]
Number of shares outstanding			139,627,846		195,647,457
Potential Ordinary Share Transactions
Earnings Per Share [Line Items]
Number of shares outstanding			189,428,654	97,823,728
ADS Options
Earnings Per Share [Line Items]
Anti-dilutive options outstanding excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per share	6,550,000	1,505,000
Outstanding options and rights exercisable	537,914	250,000					0
Disclosure - Earnings Per Share - Additional Information (Details) [Line Items]
Number of ordinary shares	8

Commitments - Summary of Expenditure Commitments Relating to Services for Clinical Trial and Intellectual Property License Agreements (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Commitments [Line Items]
Expenditure commitments relating to services for clinical trial and intellectual property license agreements	$ 30,903,495	$ 24,965,061	$ 48,000,102
Within One Year
Commitments [Line Items]
Expenditure commitments relating to services for clinical trial and intellectual property license agreements	27,383,742	12,632,801	39,947,900
After One Year but not more than Five Years
Commitments [Line Items]
Expenditure commitments relating to services for clinical trial and intellectual property license agreements	3,504,753	12,302,260	8,007,202
After more than Five Years
Commitments [Line Items]
Expenditure commitments relating to services for clinical trial and intellectual property license agreements	$ 15,000	$ 30,000	$ 45,000

Current Liabilities – Payables

12 Months Ended

Jun. 30, 2024

Current Liabilities Payables [Abstract]

Current Liabilities – Payables

Note 23. Current Liabilities – Payables


	June 30, 2024		June 30, 2023

	US$		US$
Accounts Payable (unsecured)1		38,059,829		17,842,981
Payroll related tax liability		44,592		48,873
Total current payables		38,104,421		17,891,854

1 Accounts Payable are non‑interest bearing and are normally settled on 30 day terms.

Related Party Disclosures - Additional Information (Details) - USD ($)		12 Months Ended
	Aug. 28, 2023	Jun. 30, 2024
Consultancy Agreement [member]
Disclosure of transactions between related parties [line items]
Transaction costs paid		$ 125,000
Top of Range \| Consultancy Agreement [member]
Disclosure of transactions between related parties [line items]
Provision of services	$ 300,000
Ocelot
Disclosure of transactions between related parties [line items]
Amounts owed to related party, effective rate		23.20%

Income Taxes - Summary of Reconciliation Between Income Tax Benefit and the Product of Accounting Loss Before Income Tax Multiplied by the Group's Applicable Income Tax Rate (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Accounting loss before tax	$ (229,654,301)	$ (148,447,435)	$ (99,116,657)
At the Company's statutory income tax rate of 30%	68,896,290	44,534,230	29,734,997
R&D tax incentive on eligible expenses	10,398,039	5,926,350	6,299,286
Non-deductible R&D expenditure	(7,175,011)	(4,087,138)	(4,344,335)
Other non-deductible expenses - share-based payment expense	(1,525,384)	(1,750,406)	(1,575,472)
Amount of temporary differences and carried forward tax losses not recognized	(61,181,738)	(38,696,687)	(23,815,190)
Total income tax benefit recognized in the Statement of Comprehensive Income	$ 9,412,196	$ 5,926,350	$ 6,299,286

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

Disclosure of reserves within equity [abstract]

Accumulated Losses and Reserves

12 Months Ended

Jun. 30, 2024

Accumulated Losses and Reserves

Note 31. Accumulated Losses and Reserves


	2024			2023

	US$			US$
(a) Movements in accumulated losses were as follows:
Balance at July 1		(359,462,438	)		(216,941,353	)
Net loss for the period		(220,242,105	)		(142,521,085	)
Balance at June 30		(579,704,543	)		(359,462,438	)

(b) Reserves
Fair value of Investments reserve (i)		1,085,411			1,085,411
Share-based payments reserve (ii)		16,635,747			11,551,134
Foreign translation reserve (iii)		20,089,163			20,089,163
Total reserves		37,810,321			32,725,708

(i) Movement in fair value of investments reserve:
Opening balance		1,085,411			1,085,411
Fair value on gains on investments in financial assets		—			—
Exchange on translation		—			—
Closing balance		1,085,411			1,085,411

(ii) Movement in share-based payments reserve:
Opening balance		11,551,134			8,466,706
Share-based payments expense		5,084,613			5,834,686
Exercise of options		—			(2,750,258	)
Exchange on translation		—			—
Closing balance		16,635,747			11,551,134

(iii) Movement in foreign translation reserve:
Opening balance		20,089,163			20,089,163
(Gains)/loss on translation		—			—
Closing balance		20,089,163			20,089,163

Nature and purpose of reserves

Fair value of investments reserve

This reserve records fair value changes on listed investments. As at June 30, 2024 and 2023, no remaining investments are held by the Group. Management's accounting policy is to not reclassify the realized fair value to accumulated loss upon disposal.

Share‑based payment reserve

This reserve is used to record the value of equity benefits provided to executives and employees as part of their remuneration.

Foreign currency translation reserve

The reserve records the value of foreign currency movements on the initial translation of financial statements from A$ to US$ that was completed in 2021.

Interest Expense on DFA - Summary of Interest Expense on DFA (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Material income and expense [abstract]
Interest expense on DFA	$ 30,263,042	$ 13,462,160
Total interest expense on DFA	$ 30,263,042	$ 13,462,160	$ 0

Financial Risk Management Objectives and Policies - Summary of Judgments of Reasonably Possible Movements (Parenthetical) (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure of risk management strategy related to hedge accounting [abstract]
Judgments of reasonably possible movements percentage	0.50%	0.50%	0.50%
Judgments of reasonably possible movements change in percentage	10.00%	10.00%	10.00%

Commitments (Tables)

12 Months Ended

Jun. 30, 2024

Commitments [Abstract]

Summary of Expenditure Commitments Relating to Services for Clinical Trial and Intellectual Property License Agreements

Expenditure commitments relating to these, and intellectual property license agreements are payable as follows:



	2024		2023		2022
	US$		US$		US$
Within one year		27,383,742		12,632,801		39,947,900
After one year but not more than five years		3,504,753		12,302,260		8,007,202
After more than five years		15,000		30,000		45,000
		30,903,495		24,965,061		48,000,102

Summary of Commercial Commitments

(ii)

Commercial commitments


	2024		2023		2022
	US$		US$		US$
Within one year		63,421		47,415		507,874
After one year but not more than five years		—		—		—
After more than five years		—		—		—
		63,421		47,415		507,874

Non-Current Assets - Prepayments - Summary of Non-Current Assets - Prepayments (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Noncurrent Assets Prepayments [Abstract]
Prepayments	$ 466,701	$ 53,535
Total non-current prepayments	$ 466,701	$ 53,535

Events After the Balance Sheet Date

12 Months Ended

Jun. 30, 2024

Disclosure of non-adjusting events after reporting period [abstract]

Events After the Balance Sheet Date

Note 39. Events After the Balance Sheet Date

On July 15, 2024, Opthea announced the completion of the Retail Entitlement offer raising approximately A$55.9 million (US$37.6 million). An additional 139.6 million shares were issued and the listing of 189.4 million 2024 investor options with an exercise price of A$1.00 and with an expiry of June 30, 2026.

Besides the above-mentioned subsequent events, no matters or circumstances have arisen since the end of the reporting period, which significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.

Current Liabilites - Lease Liabilities - Summary of Lease Amounts Recognized in Profit or Loss (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Amounts recognized in profit or loss:
Depreciation expense on right-of-use asset	$ 84,225	$ 84,226	$ 66,465
Lease finance costs	5,660	5,321	5,920
Expense relating to leases of low value assets		2,101	7,376
Lease liability amounts recognized in profit and loss	$ 89,885	$ 91,648	$ 79,761

Current Assets - Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Categories of current financial assets [abstract]
Cash at bank and in hand	$ 91,728,846	$ 12,067,158
Short-term deposits	80,742,500	77,121,555
Total cash and cash equivalents	$ 172,471,346	$ 89,188,713	$ 44,631,293	$ 118,193,177

Non-Current Liabilities - Lease Liabilities (Tables)

12 Months Ended

Jun. 30, 2024

Non-current provisions [abstract]

Summary of Non-Current Liabilities - Lease Liabilities



	June 30, 2024		June 30, 2023

	US$		US$
Lease liabilities		—		84,226
Total non-current provisions		—		84,226

Accumulated Losses and Reserves - Summary of Accumulated Losses and Reserves (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Reserves Within Equity [Line Items]
Net loss for the period	$ (220,242,105)	$ (142,521,085)	$ (92,817,371)
Total reserves	37,810,321	32,725,708
Movements in Accumulated Losses
Disclosure Of Reserves Within Equity [Line Items]
Beginning balance	(359,462,438)	(216,941,353)
Net loss for the period	(220,242,105)	(142,521,085)
Ending balance	(579,704,543)	(359,462,438)	(216,941,353)
Reserves
Disclosure Of Reserves Within Equity [Line Items]
Fair value of Investments reserve	1,085,411	1,085,411
Share-based payments reserve	16,635,747	11,551,134
Foreign translation reserve	20,089,163	20,089,163
Total reserves	37,810,321	32,725,708
Movement in Fair Value of Investments Reserve
Disclosure Of Reserves Within Equity [Line Items]
Opening balance	1,085,411	1,085,411
Closing balance	1,085,411	1,085,411	1,085,411
Movement in Share-Based Payments Reserve
Disclosure Of Reserves Within Equity [Line Items]
Opening balance	11,551,134	8,466,706
Share-based payments reserve	5,084,613	5,834,686
Exercise of options		(2,750,258)
Closing balance	16,635,747	11,551,134	8,466,706
FX Translation Reserve
Disclosure Of Reserves Within Equity [Line Items]
Opening balance	20,089,163	20,089,163
Closing balance	$ 20,089,163	$ 20,089,163	$ 20,089,163

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Cashflow from operating activities
Interest received	$ 3,276,909	$ 3,121,594	$ 216,422
Royalty and license income received	209,487	3,826	90,683
Grant and other income	137,193	276,869	455,807
Payment of lease interest	(5,660)	(17,148)	(5,920)
Payments to suppliers, employees and for research & development and intellectual property costs (inclusive of GST)	(170,559,633)	(130,292,806)	(77,064,842)
Research and development tax incentive scheme credit received	5,926,350	6,299,286	4,972,898
Net cash flows used in operating activities	(161,015,354)	(120,608,379)	(71,334,952)
Cash flow from investing activities:
Purchase of plant and equipment	(33,489)	(21,954)	(16,910)
Net cash used in investing activities	(33,489)	(21,954)	(16,910)
Cash flows from financing activities:
Payment of lease liabilities	(88,679)	(70,966)	(85,578)
Proceeds on issue of shares, net of issuance costs	158,817,514	81,815,358
Net proceeds from DFA	85,000,000	84,500,000
Cash received for ordinary shares issued on exercise of options		1,040,718	257,175
Net cash provided by financing activities	243,728,835	167,285,110	171,597
Increase in cash and cash equivalents	82,679,992	46,654,777	(71,180,265)
Effects of exchange rate changes on the balance of cash held in foreign currencies	602,641	(2,097,357)	(2,381,619)
Cash and cash equivalents at beginning of period	89,188,713	44,631,293	118,193,177
Cash and cash equivalents at end of period	$ 172,471,346	$ 89,188,713	$ 44,631,293

Expenses (Tables)

12 Months Ended

Jun. 30, 2024

Expense By Nature [Abstract]

Summary of Expenses



	2024		2023		2022

	US$		US$		US$
Administrative expenses
Employee benefits expenses:
Salaries and fees		3,946,256		2,518,450		1,524,038
Cash bonuses		707,384		820,848		186,451
Superannuation		120,197		167,086		100,844
Share-based payments expense		3,785,157		3,925,513		4,421,974
Total employee benefits expense		8,558,994		7,431,897		6,233,307

Other expenses:
Insurance		1,669,307		2,289,446		3,992,816
Investor relations costs		383,092		451,378		328,026
Audit and accounting		526,002		337,038		496,652
Travel expenses		743,878		580,644		13,616
Payroll tax		186,627		132,441		91,604
Legal fees		1,303,884		1,330,054		1,252,014
Advisory fees1		8,239		6,084,005		156,978
Consultancy costs		708,955		1,389,048		1,619,824
Other expenses		1,586,268		1,455,004		1,027,906
Total other expenses		7,116,252		14,049,058		8,979,436

Depreciation of:
Equipment and furniture		18,800		17,000		11,917
Right-of-use assets		84,225		84,226		66,465
Total depreciation expense		103,025		101,226		78,382

Loss on disposal of non-current assets		—		—		169

Total administrative expenses		15,778,271		21,582,181		15,291,294

Advisory fees relates to a market assessment of potential financing alternatives and solutions.

Contributed Equity - Additional Information (Details) $ / shares in Units, $ / shares in Units, $ in Millions							12 Months Ended
	Jul. 01, 2024 AUD ($)	Jul. 01, 2024 USD ($)	Jun. 14, 2024 AUD ($)	Jun. 14, 2024 USD ($) $ / shares shares	Aug. 28, 2023 AUD ($)	Aug. 28, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) shares Scheme Vote $ / shares	Jun. 30, 2023 USD ($) shares $ / shares	Jun. 30, 2022 USD ($) shares $ / shares	Jun. 30, 2021 USD ($) shares $ / shares	Jun. 30, 2020 shares	Jun. 14, 2024 $ / shares shares	Sep. 21, 2023 $ / shares	Aug. 28, 2023 $ / shares shares
Contributed Equity [Line Items]
Par value per share \| $ / shares							$ 0
Number of vote per share \| Vote							1
Dividends paid ordinary shares \| $							$ 0
Cash dividends declared \| $							0
Issued capital \| $							$ 466,084,145	$ 320,883,552
Fully paid ordinary shares							1,091,446,771	467,159,434
Shares issued on ASX Listing							624,305,594	112,619,066
Net proceeds from issuance of ordinary shares on ASX listing \| $							$ 145,199,699	$ 818,153,571
Number of non-executive director options unexercised							13,848,860	7,250,000	7,500,000
Number of share based payment schemes \| Scheme							2
Number of options granted							9,850,000	10,050,000	8,400,000
Cash received for ordinary shares issued on exercise of options \| $								$ 1,040,718	$ 257,175
2023 Investor Options
Contributed Equity [Line Items]
Issue of shares							97,800,000
Proceeds from issuing shares \| $							$ 50,900,000
2024 Investor Options
Contributed Equity [Line Items]
Issue of shares							189,400,000
Proceeds from issuing shares \| $							$ 123,100,000
Equity and Investor Options - 2023
Contributed Equity [Line Items]
Proceeds from issuing shares					$ 90.0	$ 58,200,000
Investor options price per share \| $ / shares							$ 0.22						$ 0.05
Equity and Investor Options - 2023 \| 1 Institutional Option for Every 2 New Shares Issued Under the Placement
Contributed Equity [Line Items]
Issue of shares						160,213,060								160,213,060
Offer price per share \| (per share)						$ 0.46								$ 0.46
Number of institutional and placement options						80,000,000								80,000,000
Exercise price of outstanding share options \| $ / shares														$ 0.8
Equity and Investor Options - 2023 \| 1 New Option for Every 2 New Shares Issued Under the Retail Entitlement Offer
Contributed Equity [Line Items]
Issue of shares						35,434,397								35,434,397
Offer price per share \| $ / shares														$ 0.46
Number of institutional and placement options						18,000,000								18,000,000
Exercise price of outstanding share options \| $ / shares														$ 0.8
Equity and Investor Options - 2024
Contributed Equity [Line Items]
Proceeds from issuing shares			$ 227.3	$ 151,900,000
Investor options price per share \| $ / shares							$ 0.11
Equity and Investor Options - 2024 \| 1 Institutional Option for Every 3 New Shares Issued Under the Placement
Contributed Equity [Line Items]
Issue of shares				543,285,766								543,285,766
Offer price per share \| (per share)				$ 0.4								$ 0.4
Number of institutional and placement options				142,900,000								142,900,000
Exercise price of outstanding share options \| $ / shares												$ 1
Equity and Investor Options - 2024 \| 1 New Option for Every 3 New Shares Issued Under the Retail Entitlement Offer
Contributed Equity [Line Items]
Issue of shares				139,627,846								139,627,846
Offer price per share \| $ / shares												$ 0.4
Number of institutional and placement options				46,500,000								46,500,000
Exercise price of outstanding share options \| $ / shares												$ 1
Options Over Ordinary Shares
Contributed Equity [Line Items]
Number of options granted							9,850,000	10,050,000	8,400,000	7,000,000	0
Weighted average fair value per option at grant date \| $ / shares							$ 1.18	$ 1.62	$ 0.781	$ 1.03
Options Over Ordinary Shares \| A D S Options
Contributed Equity [Line Items]
Number of options granted							5,045,000	755,000	925,000
Weighted average fair value per option at grant date \| $ / shares							$ 1.97	$ 6.75	$ 6.75
LTIP and NED Plan
Contributed Equity [Line Items]
Number of options granted							0	6,613,000	2,056,000	8,400,000	0
Cash received for ordinary shares issued on exercise of options \| $								$ 3,790,977	$ 1,129,691	$ 3,271,542
LTIP and NED Plan \| Cash Conversion
Contributed Equity [Line Items]
Cash received for ordinary shares issued on exercise of options \| $								1,040,718	257,175
LTIP and NED Plan \| Cashless Conversion
Contributed Equity [Line Items]
Cash received for ordinary shares issued on exercise of options \| $								$ 2,750,258	$ 872,516
Expiry of November 2026
Contributed Equity [Line Items]
Number of non-executive director options unexercised							875,342
Expiry of November 2025
Contributed Equity [Line Items]
Number of non-executive director options unexercised							2,973,518
Expiry of November 2022
Contributed Equity [Line Items]
Number of non-executive director options unexercised									3,000,000
Expiry of October 2024
Contributed Equity [Line Items]
Number of non-executive director options unexercised							4,000,000	3,000,000	2,000,000
Expiry of January 2025
Contributed Equity [Line Items]
Number of non-executive director options unexercised							3,000,000	2,250,000	1,500,000
Expiry of October 2025
Contributed Equity [Line Items]
Number of non-executive director options unexercised							1,500,000	1,000,000	500,000
Expiry of April 2026
Contributed Equity [Line Items]
Number of non-executive director options unexercised							1,500,000	1,000,000	500,000
Events after Reporting Period \| Equity and Investor Options - 2024
Contributed Equity [Line Items]
Proceeds from issuing shares	$ 55.9	$ 37,600,000	$ 55.9	$ 37,600,000

Research and Development Expenses

12 Months Ended

Jun. 30, 2024

Disclosure Of Research And Development Expenses [Abstract]

Research and Development Expenses

Note 9. Research and Development Expenses



	2024		2023		2022

	US$		US$		US$
Employee benefits expenses:
Salaries and fees		4,809,177		3,756,109		1,407,205
Cash bonuses		1,424,817		445,097		190,198
Superannuation		182,223		120,311		71,055
Share-based payments expense		1,299,456		1,909,173		829,598
Total employee benefits expense		7,715,673		6,230,690		2,498,056
Payroll tax		295,069		207,562		81,281
Research Insurance		322,306		262,322		212,289
Research project costs		167,993,273		122,128,314		78,654,217
Total research and development expenses		176,326,321		128,828,888		81,445,843

The research project costs relate to the research programs in respect to the treatment of eye diseases by sozinibercept .

Consolidated Statements of Financial Position - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 172,471,346	$ 89,188,713
Current tax receivable	10,398,039	5,926,350
Receivables	1,426,400	636,564
Prepayments (includes amounts owed by related parties $2,724,238 (2023: $nil))	3,896,779	2,634,671
Total current assets	188,192,564	98,386,298
Non-current assets:
Property and equipment, net	47,725	33,035
Right-of-use assets	84,226	168,451
Prepayments (includes amounts owed by related party $450,000 (2023: $nil))	466,701	53,535
Total non-current assets	598,652	255,021
Total assets	188,791,216	98,641,319
Current liabilities:
Payables	38,104,421	17,891,854
Lease liabilities	93,033	97,485
Derrivative financial liabilities - investor options	24,840,456
Provisions	1,017,748	753,300
Total current liabilities	64,055,658	18,742,639
Non-current liabilities:
Lease liabilities		84,226
Financial liabilities - DFA (includes amounts due to a related party $141,554,653 (2023: $85,660,000))	200,535,758	85,660,000
Provisions	9,877	7,631
Total non-current liabilities	200,545,635	85,751,857
Total liabilities	264,601,293	104,494,497
Net Assets	(75,810,077)	(5,853,178)
Equity
Contributed equity	466,084,145	320,883,552
Accumulated Loss	(579,704,543)	(359,462,438)
Reserves	37,810,321	32,725,708
Total Equity	$ (75,810,077)	$ (5,853,178)

Current Liabilites - Lease Liabilities

12 Months Ended

Jun. 30, 2024

Lease liabilities [abstract]

Current Liabilites - Lease Liabilities

Note 26. Current Liabilities - Lease Liabilities

Lease liabilities are as indicated below.

At the commencement date of the lease of its office premises, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term ending on July 14, 2025 using an incremental borrowing rate of 3%.



	June 30, 2024			June 30, 2023

	US$			US$
Carrying amount at July 1		181,711
New lease		—			252,677
Payments		(88,678	)		(70,966	)
Carrying amount at June 30		93,033			181,711
Maturity analysis:
Year 1		98,693			102,806
Year 2		—			84,226
		98,693			187,032
Less: unearned interest		(5,660	)		(5,321	)
		93,033			181,711
Analyzed into:
Current portion		93,033			97,485
Non-current portion		—			84,226
		93,033			181,711



	2024		2023		2022

	US$		US$		US$
Amounts recognized in profit or loss:
Depreciation expense on right-of-use asset		84,225		84,226		66,465
Lease finance costs		5,660		5,321		5,920
Expense relating to leases of low value assets		—		2,101		7,376
		89,885		91,648		79,761

Application of New and Revised Accounting Standards

12 Months Ended

Jun. 30, 2024

Disclosure of expected impact of initial application of new standards or interpretations [abstract]

Application of New and Revised Accounting Standards

Note 5. Application of New and Revised Accounting Standards

New and amended Accounting Standards that are effective for the current year

The Group has adopted all of the new and revised Standards and Interpretations issued by the International Accounting Standards Board (the IASB) that are relevant to its operations and effective for the current year.

In the current year, the Group has applied a number of amendments to International Financial Reporting Standards and Interpretations issued by the International Accounting Standards Board (IASB) that are effective for an annual period that begins on or after July 1, 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.

New and revised International Accounting Standards and Interpretations on issue but not yet effective

At the date of authorization of the financial statements, certain new accounting standard and interpretations have been published that are not mandatory for June 30, 2024 reporting periods and have not been early adopted by the Company.

•

IFRS 18 Presentation and Disclosure in Financial Statements

The Directors have not yet evaluated the impact that the new and revised Accounting Standards, Interpretations and amendments will have on the Group's financial statements.

The Group has not applied the new and revised International Accounting Standards, Interpretations and amendments that have been issued but are not yet effective.

The new and revised Accounting Standards, Interpretations and amendments are not expected to have a material impact on the amounts recognized or disclosures included in the Group’s financial statements

Other Income

12 Months Ended

Jun. 30, 2024

Analysis of income and expense [abstract]

Other Income

Note 8. Other Income



	2024		2023		2022

	US$		US$		US$
Grant and other income		137,193		276,869		108,322
Total other income		137,193		276,869		108,322

Share-Based Payments - Summary of Share/Rights Options Outstanding (Details)	12 Months Ended
	Jun. 30, 2024 shares $ / shares	Jun. 30, 2023 shares $ / shares	Jun. 30, 2022 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [abstract]
Balance, number of options and rights \| shares	25,450,000	22,988,000	16,644,000
To employees and directors under the LTIP and NED Plan, number of options and rights \| shares	9,850,000	10,050,000	8,400,000
Exercised during the year, number of options and rights \| shares		(6,613,000)	(2,056,000)
Expired during the year, number of options and rights \| shares		(975,000)
Balance, number of options and rights \| shares	35,300,000	25,450,000	22,988,000
Exercisable at end of year, number of options and rights \| shares	20,024,203	10,842,234	12,857,589
Balance, weighted average exercise price \| $ / shares	$ 1.04	$ 1.16	$ 1.28
To employees and directors under the LTIP and NED Plan, weighted average exercise price \| $ / shares	0.3	0.58	0.77
Exercised during the year, weighted average exercise price \| $ / shares		0.62	0.58
Expired during the year, weighted average exercise price \| $ / shares		0.61
Balance, weighted average exercise price \| $ / shares	0.89	1.04	1.16
Exercisable at end of year, weighted average exercise price \| $ / shares	$ 1.18	$ 1.48	$ 0.97

Non-Current Assets - Right of Use Assets

12 Months Ended

Jun. 30, 2024

Disclosure of quantitative information about right-of-use assets [abstract]

Non-Current Assets - Right of Use Assets

Note 21. Non-Current Assets - Right of Use Assets

The Group has a three- year lease contract for its head office premises in Melbourne, Australia, which commenced on 15 July 2022. The agreement does not contain any extension options. The carrying amount of the lease at June 30, 2024 is as follows:



	June 30, 2024			June 30, 2023

	US$			US$
Right-of-Use Asset Cost
Opening balance as at July 1		534,231			281,554
Additions		—			252,677
Exchange on translations		—			—
		534,231			534,231
Right-of-Use-Asset Depreciation
Opening balance as at July 1		(365,780	)		(281,554	)
Charge to the period		(84,225	)		(84,226	)
Exchange on translation		—			—
		(450,005	)		(365,780	)
Net carrying amount at June 30		84,226			168,451

Key Management Personnel (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure of transactions between related parties [abstract]

Schedule of Compensation of Key Management Personnel

(a)

Compensation of Key Management Personnel



	2024		2023		2022

	US$		US$		US$
Short-term employee benefits		3,415,969		2,898,544		1,555,658
Post-employment benefits		105,007		137,168		56,105
Termination benefits		475,000		—		—
Share-based payments expense		3,214,616		4,221,472		4,664,767
		7,210,592		7,257,184		6,276,530

Income Taxes

12 Months Ended

Jun. 30, 2024

Major components of tax expense (income) [abstract]

Income Taxes

Note 16. Income Taxes



	2024			2023		2022

	US$			US$		US$
(a) Income tax benefit
The major components of income tax benefit are:
Statement of Profit or Loss and Other Comprehensive Income
Current tax		(985,843	)		—		0
Current income tax credit		10,398,039			5,926,350		6,299,286
		9,412,196			5,926,350		6,299,286

Deferred tax
In respect of the current year		—			—		—
Total income tax benefit recognized in the Statement of Comprehensive Income		9,412,196			5,926,350		6,299,286

(b) Current tax receivable
	US$			US$		US$
Research and Development Tax Incentive Credit receivable		10,398,039			5,926,350		6,299,286

(c) Numerical reconciliation between aggregate income tax benefit recognized in the Statement of Profit of Loss and Other Comprehensive Income and benefit calculated per the statutory income tax rate

A reconciliation between income tax benefit and the product of accounting loss before income tax multiplied by the Group’s applicable income tax rate is as follows:



	2024			2023			2022

	US$			US$			US$
Accounting loss before tax		(229,654,301	)		(148,447,435	)		(99,116,657	)
At the Company's statutory income tax rate of 30%		68,896,290			44,534,230			29,734,997
R&D tax incentive on eligible expenses		10,398,039			5,926,350			6,299,286
Non-deductible R&D expenditure		(7,175,011	)		(4,087,138	)		(4,344,335	)
Other non-deductible expenses - share-based payment expense		(1,525,384	)		(1,750,406	)		(1,575,472	)
Amount of temporary differences and carried forward tax losses not recognized		(61,181,738	)		(38,696,687	)		(23,815,190	)
		9,412,196			5,926,350			6,299,286


(d) Recognized deferred tax assets and liabilities in statement of financial position	June 30, 2024			June 30, 2023			June 30, 2022
Deferred income tax at June 30 relates to the following:
Deferred tax liabilities:
Interest and royalty income receivable (future assessable income)		(77,184	)		(44,785	)		(17,085	)
		(77,184	)		(44,785	)		(17,085	)

Deferred tax assets related to temporary differences:
Recognition of tax losses					—			—
Accrued expenses and other liabilities		201,437			200,536			198,607
Employee provisions		189,897			161,006			161,159
Other miscellaneous items		3,340,215			270,721			306,531
		3,731,549			632,263			666,297
Net deferred tax assets		3,654,365			587,478			649,212
Less: temporary differences not recognized		(3,654,365	)		(587,478	)		(649,212	)
Net deferred tax recognized in the statement of financial position		—			—			—

(d) Carry forward unrecognized tax losses

The Group had income tax losses of US$124,807,138 and capital losses of US$412,122 at year end (2023: income tax losses of US$67,878,759 and capital losses of US$412,122) for which no deferred tax asset is recognized on the consolidated statement of financial position as they are currently not considered probable of realization. These tax losses are available indefinitely for offset against future assessable income subject to continuing to meet relevant statutory tests.

(e) Franking credit balance

Franking credits are a type of tax credit in Australia that is available to the Group’s shareholder to reduce double taxation on any dividends paid by the Group. The franking account balance at the end of the financial year at 30% (2023: 30%) is A$227,371 (2023: A$227,371), which represents the amount of franking credits available for the subsequent financial year. Franking credits are not recognized in the consolidated statement of financial position.

Financial Risk Management Objectives and Policies - Summary of Undiscounted Cash Flows of the Financial Liabilities (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Non current lease liabilities		$ 84,226	$ 84,226
Current lease liabilities	$ 93,033	97,485
Financial liability - DFA	200,535,758	85,660,000
Liquidity Risk
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Payables	9,471,882	5,677,858
Accrued expenses	28,482,603	12,103,789
Financial liability - DFA	731,000,000	365,500,000
Total	768,954,485	383,281,647
Carrying amount \| Liquidity Risk
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Payables	9,471,882	5,677,858
Accrued expenses	28,482,603	12,103,789
Financial liability - DFA	200,535,758	85,660,000
Total	238,490,243	103,441,647
Less than 3 months \| Liquidity Risk
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Payables	9,471,882	5,677,858
Accrued expenses	27,383,742	12,103,789
Total	36,855,624	17,781,647
Between 3 months and 2 years \| Liquidity Risk
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Accrued expenses	1,098,861
Total	1,098,861
2 years and later \| Liquidity Risk
Disclosure of maturity analysis for financial assets held for managing liquidity risk [line items]
Financial liability - DFA	731,000,000	365,500,000
Total	$ 731,000,000	$ 365,500,000

Non-Current Liabilities - Lease Liabilities - Summary of Non-Current Liabilities - Lease Liabilities (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Non-current provisions [abstract]
Lease liabilities	$ 84,226	$ 84,226
Total non-current provisions	$ 84,226	$ 84,226

Other Income - Schedule of Other Income (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Analysis of income and expense [abstract]
Grant and other income	$ 137,193	$ 276,869	$ 108,322
Total other income	$ 137,193	$ 276,869	$ 108,322

Financial Risk Management Objectives and Policies - Summary of Exposure to Foreign Currency Risk (Details) - Currency Risk - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
AUD
Financial liabilities
Net exposure	$ 130,049,585	$ 54,206,804
AUD \| Cash
Financial assets
Changes in financial assets due to foreign currency risk exposure	131,913,902	55,307,319
AUD \| Receivables
Financial assets
Changes in financial assets due to foreign currency risk exposure	485,840	38,263
AUD \| Payables
Financial liabilities
Changes in financial liabilities due to foreign currency risk exposure	(2,350,157)	(1,138,778)
EUR
Financial liabilities
Net exposure	(488,341)	(53,332)
EUR \| Payables
Financial liabilities
Changes in financial liabilities due to foreign currency risk exposure	(488,341)	(53,332)
GBP
Financial liabilities
Net exposure	(3,161)	(3,166)
GBP \| Payables
Financial liabilities
Changes in financial liabilities due to foreign currency risk exposure	(3,161)	(3,166)
CAD
Financial liabilities
Net exposure	(13,182)	(136,689)
CAD \| Payables
Financial liabilities
Changes in financial liabilities due to foreign currency risk exposure	$ (13,182)	$ (136,689)

Related Party Disclosures - Summary of Trading Transactions with Related Parties (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Launch
Disclosure of transactions between related parties [line items]
Amounts owed to related parties	$ 3,150,000	$ 0
Ocelot
Disclosure of transactions between related parties [line items]
Amounts owed to related parties	141,554,653	85,660,000
Launch Tx
Disclosure of transactions between related parties [line items]
Purchase of Service	2,700,000	900,000
Amounts owed to related parties		$ 900,000
Lawrence Gozlan
Disclosure of transactions between related parties [line items]
Purchase of Service	0
Saama Technologies
Disclosure of transactions between related parties [line items]
Purchase of Service	342,762
Samma Technologies
Disclosure of transactions between related parties [line items]
Amounts owed to related parties	$ 24,238

Other Income (Tables)

12 Months Ended

Jun. 30, 2024

Analysis of income and expense [abstract]

Schedule of Other Income



	2024		2023		2022

	US$		US$		US$
Grant and other income		137,193		276,869		108,322
Total other income		137,193		276,869		108,322

Commitments

12 Months Ended

Jun. 30, 2024

Commitments [Abstract]

Commitments

Note 34. Commitments

(i)

Contracted and committed Research projects and license commitments

The Group has entered into research and development contracts and intellectual property license agreements with various third parties in respect of services for the Phase 3 wet AMD clinical trial and the clinical grade manufacture of sozinibercept. Expenditure commitments relating to these, and intellectual property license agreements are payable as follows:



	2024		2023		2022
	US$		US$		US$
Within one year		27,383,742		12,632,801		39,947,900
After one year but not more than five years		3,504,753		12,302,260		8,007,202
After more than five years		15,000		30,000		45,000
		30,903,495		24,965,061		48,000,102

Currently, the biggest research contract has a 60 day termination clause and all commitments have been limited to a six month commitment.

(ii)

Commercial commitments


	2024		2023		2022
	US$		US$		US$
Within one year		63,421		47,415		507,874
After one year but not more than five years		—		—		—
After more than five years		—		—		—
		63,421		47,415		507,874

Currently, the biggest contract has a 60 day termination clause and all commitments have been limited to a twelve month commitment.

Share-Based Payments - Summary of ADS Options Outstanding (Details)	12 Months Ended
	Jun. 30, 2024 shares $ / shares	Jun. 30, 2023 shares $ / shares	Jun. 30, 2022 shares $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Balance, number of options and rights \| shares	25,450,000	22,988,000	16,644,000
To employees and directors under the LTIP and NED Plan, number of options and rights \| shares	9,850,000	10,050,000	8,400,000
Exercised during the year, number of options and rights \| shares		(6,613,000)	(2,056,000)
Expired during the year, number of options and rights \| shares		(975,000)
Balance, number of options and rights \| shares	35,300,000	25,450,000	22,988,000
Outstanding options and rights exercisable \| shares	20,024,203	10,842,234	12,857,589
Balance, weighted average exercise price \| $ / shares	$ 1.04	$ 1.16	$ 1.28
To employees and directors under the LTIP and NED Plan, weighted average exercise price \| $ / shares	0.3	0.58	0.77
Exercised during the year, weighted average exercise price \| $ / shares		0.62	0.58
Expired during the year, weighted average exercise price \| $ / shares		0.61
Balance, weighted average exercise price \| $ / shares	0.89	1.04	1.16
Exercisable at end of year, weighted average exercise price \| $ / shares	$ 1.18	$ 1.48	$ 0.97
American Depository Shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Balance, number of options and rights \| shares	1,505,000	925,000
To employees and directors under the LTIP and NED Plan, number of options and rights \| shares	4,768,000	755,000	925,000
Expired during the year, number of options and rights \| shares	(525,000)	(175,000)
Balance, number of options and rights \| shares	5,748,000	1,505,000	925,000
Outstanding options and rights exercisable \| shares	537,914	250,000
Balance, weighted average exercise price \| $ / shares	$ 5.81	$ 6.75
To employees and directors under the LTIP and NED Plan, weighted average exercise price \| $ / shares	1.97	5.07	$ 6.75
Expired during the year, weighted average exercise price \| $ / shares	5.62	7.62
Balance, weighted average exercise price \| $ / shares	2.64	5.81	$ 6.75
Exercisable at end of year, weighted average exercise price \| $ / shares	$ 6.01	$ 6.7

Non-Current Liabilities - Provisions

12 Months Ended

Jun. 30, 2024

Non-current provisions [abstract]

Non-Current Liabilities - Provisions

Note 28. Non-Current Liabilities - Provisions


	June 30, 2024		June 30, 2023

	US$		US$
Long service leave		9,877		7,631
Total non-current provisions		9,877		7,631

Fair Value Loss on Derivative - Investor Options - Summary of Fair Value Adjustment Loss on Investor Options (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2022
Disclosure of detailed information about fair value adjustment loss on investor options [line items]
Total fair value loss on derivative - investor options	$ 11,223,535	$ 0
2023 Investor options
Disclosure of detailed information about fair value adjustment loss on investor options [line items]
Total fair value loss on derivative - investor options	11,192,991
2024 Investor options
Disclosure of detailed information about fair value adjustment loss on investor options [line items]
Total fair value loss on derivative - investor options	$ 30,544

Revenue (Tables)

12 Months Ended

Jun. 30, 2024

Revenue [abstract]

Summary of Revenue



	2024		2023		2022

	US$		US$		US$
Sales-based royalties		124,666		108,406		90,683
Total Revenue		124,666		108,406		90,683

Earnings per Share

12 Months Ended

Jun. 30, 2024

Earnings per share [abstract]

Earnings per Share

Note 17. Earnings per Share



	2024			2023			2022

	US$			US$			US$
The following reflects the income used in the basic and diluted earnings per share computations:
(a) Earnings used in calculating earnings per share
Net loss attributable to ordinary equity holders of the parent		(220,242,105	)		(142,521,085	)		(92,817,371	)

(b) Weighted average number of shares
Weighted average number of ordinary shares on issue for basic earnings per share		638,202,922			442,637,406			351,560,198
Effect of dilution:
Share options		—			—		—
Weighted average number of ordinary shares adjusted for the effect of dilution		638,202,922			442,637,406			351,560,198
Loss per share (basic and diluted in cents)		(34.51	)		(32.20	)		(26.40	)

On August 24 and 28, 2023 the company announced a capital raising which has involved 195,647,457 ordinary shares and investor options that represent potential ordinary shares of 97,823,728.

On June 14, 2024 the company announced a capital raising which involved an additional 139,627,846 ordinary shares and options that represent potential ordinary shares of 189,428,654.

Diluted earnings per share is calculated as net loss divided by the weighted average number of ordinary shares and dilutive potential ordinary shares. Options granted under the Long Term Incentive (LTIP) and Non‑Executive Director Share and Option (NED Plan) plans would generally be included in the calculation due to the conditions of the issuance being satisfied.

As the Group is in a loss position, the options are anti‑dilutive and, accordingly, the basic loss per share is the same as the diluted loss per share.

At June 30, 2024, a total number of 35,300,000 options/rights (2023: 25,450,000), 6,550,000 ADS options that represent 8 ordinary shares for each ADS held (2023:1,505,000) and 240,708,149 (2023: nil) investor options were anti‑dilutive and were therefore excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per share. These options related to the option plans listed below.



Ordinary Options	2024		2023		2022
NED Plan		21,000,000		16,500,000		14,000,000
LTIP		11,400,000		6,050,000		7,388,000
		32,400,000		22,550,000		21,388,000


	2024		2023		2022
Performance Rights
NED Plan		650,000		650,000		—
LTIP		2,250,000		2,250,000		1,600,000
		2,900,000		2,900,000		1,600,000


	2024		2023		2022
ADS Options
NED Plan		—		—		—
LTIP - Extended terms		277,000		—		—
LTIP		6,273,000		1,505,000		925,000
		6,550,000		1,505,000		925,000


Investor Options	2024		2023		2022

2023 investor options - listed		97,822,109		—		—
2024 investor options- granted and not listed		142,886,040		—		—
		240,708,149		—		—

As of June 30, 2024, 20,024,203 outstanding options and rights were exercisable as of that date (2023: 10,842,234 2022: 12,857,589). As at June 30, 2024 537,914 outstanding ADS options were exercisable as of that date (2023: 250,000, 2021: nil).

Share-Based Payments (Tables)

12 Months Ended

Jun. 30, 2024

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Summary of Recognized Share Based Payment Expenses

The expense recognized for share‑based payments during the year is shown in the table below:




	2024		2023		2022
	US$		US$		US$
Expense arising from equity-settled share-based payment transactions:
Director and employee services received		5,084,613		5,834,686		5,251,572
		5,084,613		5,834,686		5,251,572

Summary of Fair Value of Share Options Granted

        Options/Rights services

        Grant date

        Grant date
fair value
 US$

        Exercise
price US$

        Expiry date

        Vesting date

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

October 19, 2021

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

October 19, 2022

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

October 19, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

January 31, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

November 30, 2022

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

April 30, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

April 30, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

September 30, 2024

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2021

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2022

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2023

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2024

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2022

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2023

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2024

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2025

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2025

LTIP - employees FY2023

November 16, 2022

0.471

0.658

November 16, 2032

November 16, 2025

LTIP - employees FY2023

November 16, 2022

0.672

0.000

November 16, 2032

November 16, 2025

LTIP - employees FY2023

December 13, 2022

0.459

0.644

December 13, 2032

December 13, 2024

LTIP - employees FY2023

December 13, 2022

0.459

0.644

December 13, 2032

December 13, 2025

LTIP - employees FY2023

December 13, 2022

0.459

0.644

December 13, 2032

December 13, 2026

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 18, 2033

September 18,2024

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 18, 2033

September 18,2025

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 18, 2033

September 18,2026

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 18, 2033

September 18,2027

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 10, 2033

October 10, 2024

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 10, 2033

October 10, 2025

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 10, 2033

October 10, 2026

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 10, 2033

October 10, 2027

LTIP - employees FY2024

November 30, 2023

0.236

0.261

November 30, 2033

November 30, 2024

LTIP - employees FY2024

November 30, 2023

0.236

0.261

November 30, 2033

November 30, 2025

LTIP - employees FY2024

November 30, 2023

0.236

0.261

November 30, 2033

November 30, 2026

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 12, 2020

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 12, 2021

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 12, 2022

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 12, 2023

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 12, 2020

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 12, 2021

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 12, 2022

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 12, 2023

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2021

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2022

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2023

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2024

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2021

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2022

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2023

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2024

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2022

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2023

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2024

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2025

NED Plan FY2023

November 16, 2022

0.469

0.672

November 16, 2032

November 16, 2025

NED Plan FY2023

November 16, 2022

0.471

0.658

November 16, 2032

November 16, 2025

NED Plan FY2023

November 16, 2022

0.672

0.000

November 16, 2032

November 16, 2025

NED Plan FY2024

November 30, 2023

0.213

0.382

November 30, 2033

November 30, 2024

NED Plan FY2024

November 30, 2023

0.213

0.382

November 30, 2033

November 30, 2025

NED Plan FY2024

November 30, 2023

0.213

0.382

November 30, 2033

November 30, 2026


Options/Rights services	Grant date share price US$		Exercise price US$		Fair value per option US$		Expected volatility			Option life	Dividend yield			Risk free interest rate			Model used
LTIP - director FY2019		0.420		0.625		0.150		58.00	%	4 years		0	%		2.04	%	Binomial
LTIP - employees FY2018		0.340		0.920		0.260		66.00	%	5 years		0	%		2.09	%	Binomial
LTIP - employees FY2019		0.480		0.608		0.180		57.00	%	4 years		0	%		2.04	%	Binomial
LTIP - employees FY2022		0.955		0.948		0.526		74.78	%	4 years		0	%		0.25	%	Binomial
LTIP - employees FY2022		0.955	nil			0.955	na			10 years		0	%	n/a			Binomial
LTIP - employees FY2022		0.901		1.460		0.553		75.00	%	6.5 years		0	%		3.40	%	Binomial
LTIP - employees FY2023		0.672		0.658		0.471		75.00	%	6.5 years		0	%		3.60	%	Binomial
LTIP - employees FY2023		0.672	nil			0.672		75.00	%	10 years		0	%		3.70	%	Binomial
LTIP - employees FY2023		0.643		0.644		0.459		75.00	%	7 years		0	%		3.30	%	Binomial
LTIP - employees FY2024		0.238		0.263		0.153		67.50	%	6.5 years		0	%		4.10	%	Binomial
LTIP - employees FY2024		0.225		0.205		0.157		67.50	%	7 years		0	%		4.30	%	Binomial
LTIP - employees FY2024		0.334		0.261		0.236		67.50	%	6.5 years		0	%		4.20	%	Binomial
NED Plan FY2016		0.280		0.360		0.140		65.00	%	5 years		0	%		2.09	%	Binomial
NED Plan FY2019		0.420		0.625		0.150		58.00	%	4 years		0	%		2.04	%	Binomial
NED Plan FY2021		2.190		2.160		1.240		77.25	%	4 years		0	%		0.25	%	Binomial
NED Play FY2021		2.190		3.240		1.050		77.25	%	4 years		0	%		0.25	%	Binomial
NED Plan FY2021		1.560		1.560		0.880		77.01	%	4 years		0	%		0.25	%	Binomial
NED Plan FY2022		0.955		0.945		0.526		74.78	%	4 years		0	%		0.25	%	Binomial
NED Plan FY2022		0.741		0.755		0.397		75.00	%	3.5 years		0	%		2.70	%	Binomial
NED Plan FY2023		0.672		0.658		0.471		75.00	%	6.5 years		0	%		3.60	%	Binomial
NED Plan FY2023		0.672	nil			0.672		75.00	%	10 years		0	%		3.70	%	Binomial
NED Plan FY2024		0.334		0.382		0.334		67.50	%	6.5 years		0	%		4.20	%	Binomial


ADS Options	Grant date share price US$		Exercise price US$		Fair value per ADS option US$		Expected volatility			ADS Option life	Dividend yield			Risk free interest rate			Model used
LTIP - employee 2022		7.240		7.625		4.970		75.00	%	7 years		0	%		1.40	%	Binomial
LTIP - employee 2022		7.500		7.515		5.228		75.00	%	7 years		0	%		1.70	%	Binomial
LTIP - employee 2022		5.925		6.009		4.116		75.00	%	7 years		0	%		1.70	%	Binomial
LTIP - employee 2022		5.915		6.090		4.171		75.00	%	7 years		0	%		2.90	%	Binomial
LTIP - employee 2022		7.000		7.116		4.953		75.00	%	7 years		0	%		2.90	%	Binomial
LTIP - employee 2022		7.309		7.445		5.175		75.00	%	7 years		0	%		3.00	%	Binomial
LTIP - employee 2022		5.500		5.522		3.886		75.00	%	7 years		0	%		3.40	%	Binomial
LTIP - employee 2023		6.600		6.350		4.718		75.00	%	7 years		0	%		2.90	%	Binomial
LTIP - employee 2023		4.810		4.850		3.479		75.00	%	7 years		0	%		4.30	%	Binomial
LTIP - employee 2023		4.850		5.170		3.457		75.00	%	7 years		0	%		4.10	%	Binomial
LTIP - employee 2023		4.959		4.929		3.560		75.00	%	7 years		0	%		3.60	%	Binomial
LTIP - employee 2023		5.450		5.238		3.935		75.00	%	7 years		0	%		3.50	%	Binomial
LTIP - employee 2023		5.030		5.150		3.602		75.00	%	7 years		0	%		3.80	%	Binomial
LTIP - employee 2023		3.360		3.545		2.384		75.00	%	7 years		0	%		3.60	%	Binomial
LTIP - employee 2024		1.660		1.660		1.110		67.50	%	6.5 years		0	%		4.90	%	Binomial
LTIP - employee 2024		1.660		1.660		0.691		67.50	%	7.6 years		0	%		4.90	%	Binomial
LTIP - employee 2024		1.630		1.660		1.082		67.50	%	6.5 years		0	%		4.70	%	Binomial
LTIP - employee 2024		1.920		1.830		1.327		67.50	%	7 years		0	%		4.50	%	Binomial
LTIP - employee 2024		1.920		1.890		1.316		67.50	%	7 years		0	%		4.50	%	Binomial
LTIP - employee 2024		2.760		2.760		1.830		71.71	%	6 years		0	%		3.81	%	Binomial
LTIP - employee 2024		3.030		3.030		2.740		71.64	%	6 years		0	%		4.34	%	Binomial
LTIP - employee 2024		4.140		4.140		3.160		70.68	%	6 years		0	%		4.34	%	Binomial
LTIP - employee 2024		3.950		3.950		3.010		70.68	%	6 years		0	%		4.34	%	Binomial
LTIP - employee 2024		3.750		3.750		2.490		70.72	%	6 years		0	%		4.43	%	Binomial
LTIP - employee 2024		3.290		3.340		2.180		70.76	%	6 years		0	%		4.65	%	Binomial
LTIP - employee 2024		2.660		2.660		1.750		69.85	%	6 years		0	%		4.41	%	Binomial

Summary of Share/Rights Options Outstanding

The following reconciles the share/rights options outstanding at the beginning and end of the year:



	2024				2023					2022
	Number of options and rights		Weighted average exercise price US$		Number of options and rights			Weighted average exercise price US$		Number of options and rights			Weighted average exercise price US$
Balance at beginning of year		25,450,000		1.04		22,988,000			1.16		16,644,000			1.28
Granted during the year:
To employees and directors under the LTIP and NED Plan		9,850,000		0.30		10,050,000			0.58		8,400,000		0.77
Exercised during the year		—		—		(6,613,000	)		0.62		(2,056,000	)		0.58
Expired during the year		—		—		(975,000	)		0.61		—			—
Balance at end of the year		35,300,000		0.89		25,450,000			1.04		22,988,000			1.16
Exercisable at end of year		20,024,203		1.18		10,842,234			1.48		12,857,589			0.97

American Depository Shares

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Summary of Share/Rights Options Outstanding

The following reconciles the ADS options outstanding at the beginning and end of the year:


	2024					2023					2022
	Number of options and rights			Weighted average exercise price US$		Number of options and rights			Weighted average exercise price US$		Number of options and rights		Weighted average exercise price US$


Balance at beginning of year		1,505,000			5.81		925,000			6.75		—		—
Granted during the year:
To employees and directors under the LTIP and NED Plan		4,768,000			1.97		755,000			5.07		925,000		6.75
Exercised during the year		—			—		—			—		—		—
Expired during the year		(525,000	)		5.62		(175,000	)		7.62		—		—
Balance at end of the year		5,748,000			2.64		1,505,000			5.81		925,000		6.75
Exercisable at end of year		537,914			6.01		250,000			6.70		—		—

Movements in contractor ADS options during the year

The following reconciles the contractor ADS options outstanding at the beginning and end of the year:


	2024				2023				2022
	Number of options and rights		Weighted average exercise price US$		Number of options and rights		Weighted average exercise price US$		Number of options and rights		Weighted average exercise price US$


Balance at beginning of year		—		—		—		—		—		—
Granted during the year:
To contractors under additional terms		277,000		3.14		—		—		—		—
Exercised during the year		—		—		—		—		—		—
Expired during the year		—		—		—		—		—		—
Balance at end of the year		277,000		3.14		—		—		—		—
Exercisable at end of year		39,220		3.16		—		—		—		—

Contractor American Depository Shares

Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]

Summary of Share/Rights Options Outstanding

The following reconciles the contractor ADS options outstanding at the beginning and end of the year:


	2024				2023				2022
	Number of options and rights		Weighted average exercise price US$		Number of options and rights		Weighted average exercise price US$		Number of options and rights		Weighted average exercise price US$


Balance at beginning of year		—		—		—		—		—		—
Granted during the year:
To contractors under additional terms		277,000		3.14		—		—		—		—
Exercised during the year		—		—		—		—		—		—
Expired during the year		—		—		—		—		—		—
Balance at end of the year		277,000		3.14		—		—		—		—
Exercisable at end of year		39,220		3.16		—		—		—		—

Summary of Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2024

Description Of Business And Summary Of Significant Accounting Policies [Abstract]

Basis of measurement

The consolidated financial statements have been prepared on a historical cost basis, except for certain financial liabilities, which have been measured at fair value. All amounts are presented in United States dollars unless otherwise stated.

Change in presentation

Change in Presentation

i. Research and Development and Administrative expenses

In the current financial year the Group changed its presentation in the consolidated statement of profit or loss and other comprehensive income to reflect expenses by business function. As part of this change, it was identified that certain insurance and employee costs should be reclassified from Administration expenses to Research and Development expenses to better reflect the full nature of the Research and Development expenses. These adjustments represent reclassifications within operating expenses and had no effect on the operating loss and total loss for the year. Prior year comparative amounts have been reclassified which resulted in $8 million of expenses being reclassified from Administration expenses to Research and Development expenses.

ii. Adjustment of 31 December 2023 derivative financial liability

Subsequent to the issuance of the Company’s 31 December 2023 condensed consolidated interim financial statements furnished through a 6-K on February 29, 2024, the Company determined that a $3.2 million adjustment to contributed equity, $5.6 million Fair value loss on derivatives – investor options and a corresponding financial liability of $8.7 million relating to Investor options issued in September 2023 were improperly excluded from the condensed consolidated interim financial statements as of and for the six-month period ended 31 December 2023. The below table reflects the impact of the adjustment on key statement of profit and loss and other comprehensive income and statement of financial position line items. We will reflect these adjustments in the comparatives included in the 31 December 2024 condensed consolidated interim financial statements at the time such financial statements are issued.


	As previously reported - December 31, 2023			Adjustment			As adjusted
Fair value loss on derivatives - investor options	-				5,499,738			5,499,738
Loss before tax		101,223,489			5,499,738			106,723,227
Derivative financial liabilities – investor options	-				(8,662,603	)		(8,662,603	)
Contributed equity		374,320,334			(3,162,865	)		371,157,469
Accumulated losses		(455,647,868	)		(5,499,738	)		(461,147,606	)
Total equity		(46,913,724	)		(8,662,603	)		(55,576,327	)
Basic and diluted loss per share (cents)		(16.23	)		(0.95	)		(17.18	)

Basis of consolidation

Basis of Consolidation

The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. Control is achieved when the Company:

•

Has power over the investee;

•

Is exposed, or has rights, to variable returns from its involvement with the investee; and

•

Has the ability to use its power to affect its returns.

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Foreign currency translation

i. Functional and presentation currency

The functional and presentation currency of the Group is the United States dollars (US$).

ii. Transactions and balances

Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling in place at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling in place at the reporting date.

Non‑monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as of the date of the initial transaction. Non‑monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

Financial assets and liabilities

Recognition and derecognition of financial assets

Purchases and sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the marketplace are recognized on the trade date, i.e., the date that the Group commits to purchase the asset. Financial assets are derecognized when the right to receive cash flows from the financial assets has expired or when the entity transfers substantially all the risks and rewards of the financial assets. If the entity neither retains nor transfers substantially all of the risks and rewards, it derecognizes the asset if it has transferred control of the assets.

When financial assets are recognized initially, they are measured at fair value, plus directly attributable transaction costs.

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand and short‑term deposits with an original maturity of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above.

Other receivables

Other receivables generally comprise bank interest receivable, other receivables from external parties and Goods and Services Tax (GST) credits receivable and are recognized and carried at original invoice amount less an allowance for any uncollectible amounts. The amounts are usually received within 30 to 60 days of recognition.

The Group measures the loss allowance for receivables at an amount equal to lifetime expected credit losses (ECL). The ECL on receivables are estimated under the simplified approach as permitted under IFRS 9 “Financial Instruments.” This uses a provision matrix by reference to past experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors and general economic conditions of the industry in which the debtors operate.

The Group writes off a receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery.

Finance income

Almost all of the Group’s finance income is earned on short‑term bank deposits, and as such, finance income is recognized when the Group’s right to receive the payment is established.

Payables

Payables are carried at amortized cost and due to their short‑term nature, they are not discounted. They represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the purchase of these goods and services.

The amounts are unsecured and are usually paid within 30 days of recognition.

Financial liabilities - DFA

Financial liabilities are recognized in the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisitions or issue of financial liabilities (other than financial liabilities at fair value through profit or loss) are deducted from the fair value of the financial liabilities, as appropriate, on initial recognition. Subsequent measurement of the liability will be at its amortized cost, subject to any re-measurement of the obligation for changes in assumptions, which would be recognized through the consolidated statement of profit or loss and other comprehensive income.

Amortized cost and effective interest method

The effective interest method is a method of calculating the amortized cost of an instrument and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of the financial liability.

Interest expense is recognized in profit and loss and is included in the “Interest expense on DFA” line item.

Derivative financial liabilities -investor options

Derivative financial liabilities relate to investor options and are recognized in the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. These options are considered a derivative as these are options with an exercise price denominated in a currency that differs from an entity’s functional currency and where certain existing equity investors were not offered to participate in the equity raise on a pro rata basis. Such derivatives are measured at fair value with subsequent changes in fair value accounted for through profit and loss Transaction costs that are directly attributable to the issue of derivative financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Transaction costs are allocated between the instruments issued based on the proportionate fair value.

At every reporting period, the Company reviews the fair value of the investor options which can be measured against the current trading value of the options on ASX., It is expected that a revaluation will result in a non‑cash gain or loss depending on the closing trading price of the options. Revaluation gains or losses are recognized on the Profit and Loss statement with a corresponding adjustment recorded to the liability. The gains or losses are unrealized.

Equipment

Equipment is stated at historical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated on a straight‑line basis over their useful economic lives as follows:

•

Equipment and furniture – 3 to 10 years; and

•

Leasehold improvements – 8 years or the term of the lease if shorter.

The assets’ residual values, useful lives and amortization methods are reviewed, and adjusted if appropriate, at each financial year end.

An item of equipment is derecognized upon disposal or when no further economic benefits are expected from its use or disposal.

Research and development costs

Research costs are expensed as incurred. An intangible asset arising from the development expenditure on an internal project will only be recognized when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete the

development and the ability to measure reliably the expenditure attributable to the intangible asset during its development. The Company considers that the capitalization may only be considered after regulatory approval.

As of June 30, 2024, 2023 and 2022, the Group is in the research phase and has not capitalized any development costs to date.

Provisions and employee benefits

i. Wages, salaries, annual leave and sick leave

Liabilities for wages and salaries, including non‑monetary benefits and annual leave expected to be settled within 12 months of the reporting date are recognized in current provisions in respect of employees’ services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are settled. Expenses for non‑accumulating sick leave are recognized when the leave is taken and are measured at the rate paid or payable.

ii. Long service leave

The liability for long service leave is recognized in the provision for employee benefits and measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on bonds with terms to maturity that match, as closely as possible, the estimated future cash outflows.

Share based payment transactions

Share‑based payment transactions

The Group provides benefits to directors and employees (including key management personnel) of the Group in the form of share‑based payments, whereby employees render services in exchange for shares or rights over shares (equity‑settled transactions).

The cost of these equity‑settled transactions with employees is measured by reference to the fair value at the date at which they are granted. Binomial models are used to value the options issued.

The cost of the equity‑settled transactions is recognized, together with a corresponding increase in equity, over the period in which the performance conditions are fulfilled (the vesting period), ending on the date on which the relevant employees become fully entitled to the award (the vesting date).

The charge to profit or loss for the period is the cumulative amount less the amounts already charged in previous periods. There is a corresponding credit to equity.

Until an award has vested, any amounts recorded are contingent and will be adjusted if more or fewer awards vest than were originally anticipated to do so.

Contributed equity

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Transaction costs are allocated between the instruments issued based on the proportionate fair value.

Revenue recognition

License revenue in connection with licensing of the Group’s intellectual property (including patents) to customers is recognized as a right to use the Group’s intellectual property as it exists at the point in time in which the license is granted. This is because the contracts for the license of intellectual property are distinct and do not require, nor does the customer reasonably expect, that the Group will undertake further activities that significantly affect the intellectual property to which the customer has the rights. Although the Group is entitled to sales‑based royalties from the eventual sales of goods and services to third parties using the intellectual property licensed, these royalty arrangements do not in themselves indicate that the customer would reasonably expect the Group to undertake such activities, and no such activities are undertaken or contracted in practice. Accordingly, the promise

to provide rights to the Group’s intellectual property is accounted for as a performance obligation satisfied at a point in time.

The following consideration is received in exchange for licenses of intellectual property:

•

Up‑front license fees – these are fixed amounts and are recognized at the point in time when the Group transfers the intellectual property to the customer.

•

Sales‑based royalties – these are variable consideration amounts promised in exchange for the license of intellectual property and are recognized when the sales to third parties occur given the performance obligation to transfer the intellectual property to the customer is already satisfied.

During the years ended June 30, 2024, 2023 and 2022, the Group’s only revenue related to sales‑based royalties.

Income tax

Current tax

Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities based on the current period’s taxable income.

The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.

Research and development tax incentive

The Research and Development (R&D) Tax Incentive Scheme is an Australian Federal Government program under which eligible companies with annual aggregated revenue of less than A$20 million can receive cash amounts equal to 43.5% of eligible research and development expenditures from the Australian Taxation Office (ATO). The R&D Tax Incentive Scheme incentive relates to eligible expenditure incurred in Australia and, under certain circumstances, overseas on the development of the Group’s lead candidate, sozinibercept. The R&D tax incentive is applied annually to eligible expenditure incurred during the Group’s financial year following annual application to AusIndustry, an Australian governmental agency, and subsequent filing of its Income Tax Return with the ATO after the financial year end.

The Group estimates the amount of R&D tax incentive after the completion of the financial year based on eligible Australia and overseas expenditures incurred during that year.

The Group has presented incentives in respect of the R&D Tax Incentive Scheme within income tax benefit in the Statements of Profit or Loss and Other Comprehensive Income by analogizing with IAS 12 “Income Taxes”.

Deferred tax

Deferred income tax is provided on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred income tax liabilities are recognized for all taxable temporary differences except when the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, does not give rise to equal taxable and deductible temporary differences.

Deferred income tax assets are recognized for all deductible temporary differences, carry forward of unused tax assets (or credits) and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except when the deferred income tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit or taxable profit or loss.

The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

Unrecognized deferred income tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at balance date.

Income taxes relating to items recognized directly in equity are recognized directly in equity and not in profit or loss.

Tax consolidation legislation

Tax consolidation is a system adopted by the ATO that treats a group of entities as a single entity for tax purposes. Opthea Limited and its 100% owned Australian domiciled subsidiary formed a tax consolidated group effective July 1, 2003. The head entity, Opthea Limited, and its controlled entity, Vegenics Pty Ltd, are current members of the tax consolidated group and account for their own current and deferred tax amounts. Members of the tax consolidated group have adopted the “separate taxpayer within group” method to allocate the current and deferred tax amounts to each entity within the Group. This method requires adjustments for transactions and events occurring within the tax consolidated group that do not give rise to a tax consequence for the Group or that have a different tax consequence at the level of the Group.

This method requires adjustments for transactions and events occurring within the tax consolidated group that do not give rise to a tax consequence for the Group or that have a different tax consequence at the level of the Group.

The head entity which is the parent entity, in assuming the net unused tax losses and unused relevant tax credits, has recognized reductions to investments in subsidiaries and where the amount of tax losses assumed is in excess of the carrying value of the investment, the parent has recognized the difference as a distribution from subsidiaries in profit or loss.

Other taxes

Revenues, expenses, assets and liabilities are recognized net of the amount of GST except:

•

When the GST incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the GST is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable; and

•

Receivables and payables are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to the taxation authority is included as part of receivables or payables in the statement of financial position.

Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities, which is recoverable from, or payable to, the taxation authority is classified as part of operating cash flows.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

Cash Flow Statements Reconciliation (Tables)

12 Months Ended

Jun. 30, 2024

Cash Flow Statement Reconciliation [Abstract]

Summary of Cash Flow Statements Reconciliation



	2024			2023			2022

	US$			US$			US$
(a) Reconciliation to cash at the end of the year
Cash at bank and in hand (Note 18)		172,471,346			89,188,713			44,631,293
		172,471,346			89,188,713			44,631,293
(b) Reconciliation of net loss after tax to net cash flows from operations
Net loss for the year		(220,242,105	)		(142,521,085	)		(92,817,371	)
Adjustments for:
Income tax benefit recognized in profit or loss		(9,412,196	)		(5,926,350	)		(6,299,286	)
Net loss of disposal of non-current assets		—			—			169
Depreciation of non-current assets		18,799			17,001			11,917
Depreciation of right-of-use assets		84,226			84,226			66,465
Interest expense on DFA* (includes amounts owed to related party $24,698,653 (2023: $13,462,160))		30,263,042			13,462,160			—
Gain on remeasurement of financial liability - DFA2		(387,284	)		(12,302,160	)		—
Fair value loss on Investor options		11,223,535			—			—
Share-based payments		5,084,613			5,834,686			5,251,572
Net exchange differences		107,001			489,137			2,813,993
		36,981,736			1,658,700			1,844,830
Changes in:
Payables		19,502,925			7,296,785			8,511,607
Receivables		(789,837	)		378,896			307,618
Prepayments		(1,675,274	)		6,142,284			5,730,207
Provisions		266,694			136,755			115,259
Net cash flows used in operating activities before tax		(165,955,861	)		(126,907,665	)		(76,307,850	)
R&D tax incentive received		5,926,350			6,299,286			4,972,898
Current US tax paid		(985,843	)		—			—
Net cash flows used in operating activities		(161,015,354	)		(120,608,379	)		(71,334,952	)

Current Assets - Receivables - Summary of Current Assets - Receivables (Parenthetical) (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Current Assets Receivables [Abstract]
Receivables with material expected credit loss	$ 0	$ 0	$ 0

Income Taxes - Summary of Recognized Deferred Tax Assets and Liabilities in Statement of Financial Position (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Deferred tax liabilities:
Deferred tax liabilities	$ (77,184)	$ (44,785)	$ (17,085)
Deferred tax assets related to temporary differences:
Deferred tax assets related to temporary differences	3,731,549	632,263	666,297
Net deferred tax assets	3,654,365	587,478	649,212
Less: temporary differences not recognized	(3,654,365)	(587,478)	(649,212)
Net deferred tax recognized in the statement of financial position	0
Interest and Royalty Income Receivable Future Assessable Income
Deferred tax liabilities:
Deferred tax liabilities	(77,184)	(44,785)	(17,085)
Accrued Expenses and Other Liabilities
Deferred tax assets related to temporary differences:
Deferred tax assets related to temporary differences	201,437	200,536	198,607
Employee Provisions
Deferred tax assets related to temporary differences:
Deferred tax assets related to temporary differences	189,897	161,006	161,159
Other Miscellaneous Items
Deferred tax assets related to temporary differences:
Deferred tax assets related to temporary differences	$ 3,340,215	$ 270,721	$ 306,531

Current Assets - Prepayments

12 Months Ended

Jun. 30, 2024

Current prepayments [abstract]

Current Assets - Prepayments

Note 20. Current Assets - Prepayments


	June 30, 2024		June 30, 2023

	US$		US$
Launch Service Agreement		2,700,000		900,000
R&D Contract Research Organization		223,239		793,964
Insurance		608,467		717,064
Other prepayments		365,073		223,643
Total current prepayments		3,896,779		2,634,671

The Launch Service Agreement prepayment is for the management and oversight of trials The R&D Contract Research Organization prepayment consists of prepayments on the Phase 3 clinical trial for sozinibercept in order to secure services across the world. These prepayments cover key milestones and are expected to be consumed within the next 12 months. The insurance amount relates to specific Phase 3 Clinical trial insurance in place for various sites around the world covering periods to end of 2024. The non‑current portion of the prepayments are recorded as non‑current assets. Refer to Note 22.

Share-Based Payments - Summary of Contractor ADS Options Outstanding (Details)	12 Months Ended
	Jun. 30, 2024 shares $ / shares	Jun. 30, 2023 shares $ / shares	Jun. 30, 2022 shares $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance, number of options and rights \| shares	25,450,000	22,988,000	16,644,000
To contractors under additional Terms, number of options and rights \| shares	9,850,000	10,050,000	8,400,000
Balance, number of options and rights \| shares	35,300,000	25,450,000	22,988,000
Outstanding options and rights exercisable \| shares	20,024,203	10,842,234	12,857,589
Balance, weighted average exercise price \| $ / shares	$ 1.04	$ 1.16	$ 1.28
To contractors under additonal Terms, weighted average exercise price \| $ / shares	0.3	0.58	0.77
Balance, weighted average exercise price \| $ / shares	0.89	1.04	1.16
Exercisable at end of year, weighted average exercise price \| $ / shares	$ 1.18	$ 1.48	$ 0.97
Contractor American Depository Shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
To contractors under additional Terms, number of options and rights \| shares	277,000
Balance, number of options and rights \| shares	277,000
Outstanding options and rights exercisable \| shares	39,220
To contractors under additonal Terms, weighted average exercise price \| $ / shares	$ 3.14
Balance, weighted average exercise price \| $ / shares	3.14
Exercisable at end of year, weighted average exercise price \| $ / shares	$ 3.16

Current Assets - Receivables (Tables)

12 Months Ended

Jun. 30, 2024

Current Assets Receivables [Abstract]

Summary of Current Assets - Receivables


	June 30, 2024		June 30, 2023

	US$		US$
Interest receivable		280,669		162,853
GST receivable1		1,071,001		325,474
Other receivable1		74,730		148,237
Total current receivables		1,426,400		636,564

1 The GST and other receivables are non‑interest bearing. There were no receivables with a material expected credit loss recorded during the financial year (2023: nil, 2022: nil).

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2024 USD ($) Industry Segment Geographicalarea	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Disclosure of operating segments [abstract]
Number of operating segment \| Industry	1
Number of geographical area \| Geographicalarea	2
Number of reporting segment \| Segment	1
Royalty income \| $	$ 124,666	$ 108,406	$ 90,683

Summary of Accounting Policies - Summary of Adjustment of Derivative Financial Liability (Details) - USD ($)	2 Months Ended	12 Months Ended
	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Fair value loss on derivatives - investor options	$ 5,600,000
Loss before tax		$ (229,654,301)	$ (148,447,435)	$ (99,116,657)
Contributed equity		466,084,145	320,883,552
Accumulated losses		(579,704,543)	(359,462,438)
Total equity		$ (75,810,077)	$ (5,853,178)	$ 47,977,144	$ 135,285,768
Basic loss per share (cents)		$ (0.3451)	$ (0.322)	$ (0.264)
Diluted loss per share (cents)		$ (0.3451)	$ (0.322)	$ (0.264)
As previously reported
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Loss before tax	101,223,489
Contributed equity	374,320,334
Accumulated losses	(455,647,868)
Total equity	$ (46,913,724)
Basic loss per share (cents)	$ (0.1623)
Diluted loss per share (cents)	$ (0.1623)
Adjustment
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Fair value loss on derivatives - investor options	$ 5,499,738
Loss before tax	5,499,738
Derivative financial liabilities - investor options	(8,662,603)
Contributed equity	(3,162,865)
Accumulated losses	(5,499,738)
Total equity	$ (8,662,603)
Basic loss per share (cents)	$ (0.0095)
Diluted loss per share (cents)	$ (0.0095)
As adjusted
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Fair value loss on derivatives - investor options	$ 5,499,738
Loss before tax	106,723,227
Derivative financial liabilities - investor options	(8,662,603)
Contributed equity	371,157,469
Accumulated losses	(461,147,606)
Total equity	$ (55,576,327)
Basic loss per share (cents)	$ (0.1718)
Diluted loss per share (cents)	$ (0.1718)

Research and Development Expenses - Summary of Research and Development Expenses (Details) - USD ($)

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Disclosure of attribution of expenses by nature to their function [line items]

Total research and development expenses

$ 5,084,613

$ 5,834,686

$ 5,251,572

^[1]

176,326,321

128,828,888

81,445,843

Research and Development Expenses

Disclosure of attribution of expenses by nature to their function [line items]

Salaries and fees

4,809,177

3,756,109

1,407,205

Cash bonuses

1,424,817

445,097

190,198

Superannuation

182,223

120,311

71,055

Total employee benefits expense

1,299,456

1,909,173

829,598

7,715,673

6,230,690

2,498,056

Payroll tax

295,069

207,562

81,281

Reserarch Insurance

322,306

262,322

212,289

Research project costs

$ 167,993,273

$ 122,128,314

$ 78,654,217

[1]	Figures have been presented as described in Note 3

Current Liabilities - Provisions

12 Months Ended

Jun. 30, 2024

Current provisions [abstract]

Current Liabilities - Provisions

Note 24. Current Liabilities - Provisions


	June 30, 2024		June 30, 2023

	US$		US$
Annual leave		761,559		500,361
Long service leave		256,189		252,939
Total current provisions		1,017,748		753,300

Current Assets - Cash and Cash Equivalents

12 Months Ended

Jun. 30, 2024

Current Assets Cash And Cash Equivalents [Abstract]

Current Assets - Cash and Cash Equivalents

Note 18. Current Assets – Cash and Cash Equivalents


	June 30, 2024		June 30, 2023

	US$		US$
Cash at bank and in hand		91,728,846		12,067,158
Short-term deposits		80,742,500		77,121,555
Total cash and cash equivalents		172,471,346		89,188,713

Cash at bank earns interest at floating rates based on daily bank deposit rates. The carrying amounts of cash and cash equivalents represent fair value.

Short term‑deposits are with two major Australian banks and are made for varying periods of between 30 and 92 days, depending on the immediate cash requirements of the Group, and earn interest at a fixed rate for the respective short‑term deposit periods. At year end, the average rate was 4.71% (2023: 4.67%, 2022: 0.43%).

Gain on Remeasurement of Financial Liability -DFA

12 Months Ended

Jun. 30, 2024

Gain on Remeasurement of Financial Liability -DFA

Note 13. Gain on remeasurement of financial liability -DFA


	2024		2023		2022

	US$		US$		US$
Gain on remeasurement of financial liability - DFA		387,284		12,302,160		—
Total gain on remeasurement of financial liability - DFA		387,284		12,302,160		—

At each reporting date, the Group reassess the estimated timing of regulatory approval and attainment of sales milestones and the expected fixed and variable contractual success fee payments due therefrom. If the timing and/or amount of such expected payments is materially different from the estimates used on the initial recognition date, the Group will adjust the accretion of the development financing liability using the previously determined imputed interest rate.

At June 30, 2023 the Group performed a remeasurement of the carrying amount of the Financial Liability. The expected timeline for approval and commercial launch have been delayed by twelve months, thus extending date of expected repayments. As the Group has more time to repay the amounts owed, the carrying value of the Financial Liability at June 30, 2023 was adjusted downward to reflect this delay. The remeasurement resulted in a non‑cash gain on revaluation of $12.3 million. This change is recorded on the Profit or Loss statement as a gain on remeasurement of financial liability.

At June 30, 2024, the Group performed a remeasurement of the carrying amount of the Financial Liability recognized under the Development Funding Agreement. The remeasurement resulted in a non-cash gain on remeasurement of $0.4 million. This change is recorded on the consolidated statement of profit or loss and other comprehensive income as an unrealized adjustment gain on the DFA. The Group will continue to accrete non-cash interest at the imputed rate of approximately 23%. Refer to Note 27.

The DFA financial liability is initially recognized at fair value, and subsequently measured at amortized cost, using the effective interest rate method. In the prior period, changes in the financial liability arising from changes in the expected timeline for approval and commercial launch were presented in the consolidated statement of profit or loss and other comprehensive income as a “Fair value adjustment gain on DFA.” In the current year, the description of this amount has been updated to “Gain on remeasurement of financial liability – DFA” to better reflect the underlying nature of the instrument and the subsequent measurement at amortized cost. This change had no effect on the statement of financial position and the reported results of operations in any of the financial periods presented.

Income Taxes - Summary of Income Tax Benefit and Current Tax Receivable (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Current tax
Current tax	$ (985,843)		$ 0
Current income tax credit	10,398,039	$ 5,926,350	6,299,286
Total	9,412,196	5,926,350	6,299,286
Deferred tax
Total income tax benefit recognized in the Statement of Comprehensive Income	9,412,196	5,926,350	6,299,286
(b) Current tax receivable
Research and development tax incentive credit receivable	$ 10,398,039	$ 5,926,350	$ 6,299,286

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

(a) Reconciliation to cash at the end of the year

Basis of Accounting - Additional Information (Details) shares in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2024 $ / shares	Jun. 30, 2024 USD ($) shares	Jun. 29, 2024 USD ($)	Jun. 30, 2021 USD ($)
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Loss after income tax		$ 220,242,105	$ 142,521,085	$ 92,817,371
Net cash outflows from operating activities		$ 161,015,354	120,608,379	71,334,952
Cash and cash equivalents			89,188,713	44,631,293		$ 172,471,346		$ 118,193,177
Net current asset position			79,643,659			124,136,906
Net assets (liabilities)			(5,853,178)			(75,810,077)
Funding additional payment	$ 50,000,000
Cash on hand						172,500,000
Equity			(5,853,178)	47,977,144		(75,810,077)		135,285,768
Issued capital			320,883,552			$ 466,084,145
American Depository Shares
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Issue of shares \| shares						75.0
ADS conversion, description		with each ADS representing eight ordinary shares
Expiration date		Feb. 28, 2025
Equity						$ 350,000,000
Ordinary shares [member]
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Equity			$ 320,883,552	$ 235,277,217		466,084,145		$ 234,147,526
Private Placement [member]
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Issued capital							$ 114,300,000
Private Placement and Rights Equity Offering in August or September of 2023
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Issued capital						58,200,000
Private Placement and Rights Equity Offering in June or July of 2024
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Issued capital						$ 151,900,000
2023 Investor Options
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Issue of shares \| shares						97.8
Exercise price share options \| $ / shares					$ 0.8
Expiration date		Aug. 31, 2025
Proceeds from issuing shares		$ 50,900,000
2024 Investor Options
Disclosure Of Reclassifications Or Changes In Presentation [Line Items]
Issue of shares \| shares						189.4
Exercise price share options \| $ / shares					$ 1
Expiration date		Jun. 30, 2026
Proceeds from issuing shares		$ 123,100,000

Cash Flow Statements Reconciliation - Summary of Cash Flow Statements Reconciliation (Details) - USD ($)

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2021

Cash at bank and in hand

$ 172,471,346

$ 89,188,713

$ 44,631,293

Cash and cash equivalents

172,471,346

89,188,713

44,631,293

$ 118,193,177

(b) Reconciliation of net loss after tax to net cash flows from operations

Net loss for the year

(220,242,105)

(142,521,085)

(92,817,371)

Adjustments for:

Income tax benefit recognized in profit or loss

(9,412,196)

(5,926,350)

(6,299,286)

Net loss of disposal of non-current assets

169

Depreciation of non-current assets

18,799

17,001

11,917

Depreciation of right-of-use assets

84,226

66,465

Interest expense on DFA* ( includes amounts owed to related party $24,698,653 (2023: $13,462,160))

30,263,042

13,462,160

Fair value loss on Investor options

^[1]

(387,284)

(12,302,160)

11,223,535

Share-based payments

5,084,613

5,834,686

5,251,572

Net exchange differences

107,001

489,137

2,813,993

Adjustments to reconcile profit (loss)

36,981,736

1,658,700

1,844,830

Changes in:

Payables

19,502,925

7,296,785

8,511,607

Receivables

(789,837)

378,896

307,618

Prepayments

(1,675,274)

6,142,284

5,730,207

Provisions

266,694

136,755

115,259

Net cash flows used in operating activities before tax

(165,955,861)

(126,907,665)

(76,307,850)

R&D tax incentive received

5,926,350

6,299,286

4,972,898

Current US tax paid

(985,843)

Net cash flows used in operating activities

$ (161,015,354)

$ (120,608,379)

$ (71,334,952)

[1]	In the current year, the description of this amount has been changed as described in Note 13.

Interest Expense on DFA - Additinal Information (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Material income and expense [abstract]
Non-cash interest at imputed rate	23.00%	23.00%

Summary of Accounting Policies - Additional Information (Details)	2 Months Ended	12 Months Ended
	Feb. 29, 2024 USD ($)	Jun. 30, 2024 AUD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Unsecured amount payable payment period		30 days	30 days
Revenue			$ 124,666	$ 108,406	$ 90,683
Percentage of cash amount equal to eligible research and development expenditures		43.50%	43.50%
Reclassification of expense from administrative expenses to research and development expense			$ 8,000,000
Adjustment to contributed equity	$ 3,200,000
Fair value loss on derivative - investor options	(5,600,000)
Fair value loss on derivative - investor options			(11,223,535)		$ 0
Derrivative financial liabilities - investor options	$ 8,700,000		$ 24,840,456
Australian Domiciled Subsidiary
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Ownership percentage in subsidiary		100.00%	100.00%
Leasehold Improvements
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Useful economic lives		8 years	8 years
Bottom of Range
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Other receivable collection period		30 days	30 days
Bottom of Range \| Equipment and Furniture
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Useful economic lives		3 years	3 years
Top of Range
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Other receivable collection period		60 days	60 days
Top of Range \| Research and Development Tax Incentive Scheme
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Revenue		$ 20,000,000
Top of Range \| Equipment and Furniture
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Useful economic lives		10 years	10 years

Net Foreign Exchange Loss

12 Months Ended

Jun. 30, 2024

Net Foreign Exchange Loss Gain [Abstract]

Net Foreign Exchange Loss

Note 15. Net Foreign Exchange loss



	2024		2023		2022

	US$		US$		US$
Net foreign exchange loss		107,001		489,137		2,813,993
Total net foreign exchange loss		107,001		489,137		2,813,993

Exchange differences arising on the translation of monetary items are recognized in the consolidated statements of profit and loss and other comprehensive income.

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Contributed Equity	Share-based Payment Reserve	Fair Value of Investment Reserve	FX Translation Reserve	Accumulated Deficit	Issuance Costs September	Issuance Costs September Contributed Equity	Issuance costs June	Issuance costs June Contributed Equity
Beginning balance at Jun. 30, 2021	$ 135,285,768	$ 234,147,526	$ 4,087,650	$ 1,085,411	$ 20,089,163	$ (124,123,982)
Net loss for the year	(92,817,371)					(92,817,371)
Total Comprehensive income and expense for the period	(92,817,371)					(92,817,371)
Exercise of options granted under LTIP and NED plan	257,175	1,129,691	(872,516)
Recognition of share-based payment	5,251,572		5,251,572
Ending balance at Jun. 30, 2022	47,977,144	235,277,217	8,466,706	1,085,411	20,089,163	(216,941,353)
Net loss for the year	(142,521,085)			(142,521,085)		(142,521,085)
Total Comprehensive income and expense for the period	(142,521,085)					(142,521,085)
Issuance of ordinary shares net of issuance costs	81,815,357	81,815,357
Exercise of options granted under LTIP and NED plan	1,040,720	3,790,978	(2,750,258)
Recognition of share-based payment	5,834,686		5,834,686
Ending balance at Jun. 30, 2023	(5,853,178)	320,883,552	11,551,134	1,085,411	20,089,163	(359,462,438)
Net loss for the year	(220,242,105)			(220,242,105)		(220,242,105)
Total Comprehensive income and expense for the period	(220,242,105)					(220,242,105)
Issuance of ordinary shares net of issuance costs							$ 50,273,023	$ 50,273,023	$ 94,926,676	$ 94,926,676
Exercise of options investor options	894	894
Recognition of share-based payment	5,084,613		5,084,613
Ending balance at Jun. 30, 2024	$ (75,810,077)	$ 466,084,145	$ 16,635,747	$ 1,085,411	$ 20,089,163	$ (579,704,543)

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

The amount of residual interest in the assets of the entity after deducting all its liabilities.

Categories of current financial liabilities [abstract]

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Current Liabilities - Derivative Financial Liabilities Investor Options (Tables)

12 Months Ended

Jun. 30, 2024

Summary of Current Derivative Financial Liabilities Investor Options


	June 30, 2024			June 30, 2023		June 30, 2024			June 30, 2023

	Number outstanding			Number outstanding		US$			US$
Carrying amount at July 1		—			—		—			—
Fair valuation upon listing in September -2023		97,823,852			—		3,162,954			—
Fair valuation upon issuance in June -2024		142,886,040					10,454,056
Fair value on conversions of options to shares		(1,743	)		—		(89	)		—
Fair value loss on investor options at reporting date-2023 Investor options		—			—		11,192,991			—
Fair value loss on investor options at reporting date-2024 Investor options		-			—		30,544			—
Total financial liabilities investor options		240,708,149			—		24,840,456			—

Consolidated Statements of Profit or Loss and Other Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Profit or loss [abstract]
Research and development includes amounts owed by related parties	$ 3,042,762	$ 900,000
Interest expense on DFA includes amounts owed to related party	$ 24,698,653	$ 13,462,160

Expenses

12 Months Ended

Jun. 30, 2024

Expense By Nature [Abstract]

Expenses

Note 10. Expenses



	2024		2023		2022

	US$		US$		US$
Administrative expenses
Employee benefits expenses:
Salaries and fees		3,946,256		2,518,450		1,524,038
Cash bonuses		707,384		820,848		186,451
Superannuation		120,197		167,086		100,844
Share-based payments expense		3,785,157		3,925,513		4,421,974
Total employee benefits expense		8,558,994		7,431,897		6,233,307

Other expenses:
Insurance		1,669,307		2,289,446		3,992,816
Investor relations costs		383,092		451,378		328,026
Audit and accounting		526,002		337,038		496,652
Travel expenses		743,878		580,644		13,616
Payroll tax		186,627		132,441		91,604
Legal fees		1,303,884		1,330,054		1,252,014
Advisory fees1		8,239		6,084,005		156,978
Consultancy costs		708,955		1,389,048		1,619,824
Other expenses		1,586,268		1,455,004		1,027,906
Total other expenses		7,116,252		14,049,058		8,979,436

Depreciation of:
Equipment and furniture		18,800		17,000		11,917
Right-of-use assets		84,225		84,226		66,465
Total depreciation expense		103,025		101,226		78,382

Loss on disposal of non-current assets		—		—		169

Total administrative expenses		15,778,271		21,582,181		15,291,294

Advisory fees relates to a market assessment of potential financing alternatives and solutions.

Current Assets - Cash and Cash Equivalents - Additional Information (Details) - Deposit	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2022	Jun. 30, 2021
Current Assets Cash And Cash Equivalents [Line Items]
Number of Australian banks containing short term deposit	2
Average interest rate of short term deposits	4.71%	4.67%	0.43%
Bottom of Range
Current Assets Cash And Cash Equivalents [Line Items]
Short term deposit period	30 days
Top of Range
Current Assets Cash And Cash Equivalents [Line Items]
Short term deposit period	92 days

Current Liabilites - Lease Liabilities - Summary of Lease Liabilities (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Lease liabilities [abstract]
Carrying amount at July 1	$ 181,711
New lease		$ 252,677
Payments	(88,678)	(70,966)
Carrying amount at June 30	93,033	181,711
Maturity analysis year 1	98,693	102,806
Maturity analysis year 2		84,226
Maturity analysis	98,693	187,032
Less: unearned interest	(5,660)	(5,321)
Lease liabilities maturity analysis, Net	93,033	181,711
Current portion	93,033	97,485
Non-current portion		84,226	$ 84,226
Lease liabilities	$ 93,033	$ 181,711

Finance Income - Summary of Finance Income (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Material income and expense [abstract]
Interest income	$ 3,394,726	$ 3,227,496	$ 235,468
Total finance income	$ 3,394,726	$ 3,227,496	$ 235,468

Earnings Per Share - Summary of Income Used in Basic and Diluted Earnings Per Share Computation (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
(a) Earnings used in calculating earnings per share
Net loss attributable to ordinary equity holders of the parent	$ (220,242,105)	$ (142,521,085)	$ (92,817,371)
(b) Weighted average number of shares
Weighted average number of ordinary shares on issue for basic earnings per share	638,202,922	442,637,406	351,560,198
Effect of dilution:
Weighted average number of ordinary shares adjusted for the effect of dilution	638,202,922	442,637,406	351,560,198
Loss per share (basic in cents)	$ (0.3451)	$ (0.322)	$ (0.264)
Loss per share (diluted in cents)	$ (0.3451)	$ (0.322)	$ (0.264)

Segment Information

12 Months Ended

Jun. 30, 2024

Disclosure of operating segments [abstract]

Segment Information

Note 6. Segment Information

The Group operates in one industry and two geographical areas, those being the biotechnology and healthcare industry and Australia and United States, respectively.

The Group is focused primarily on developing a novel therapy for the treatment of highly prevalent and progressive retinal diseases.

The chief executive officer regularly reviews entity wide information that is compliant with International Financial Reporting Standards. There is only one segment for segment reporting purposes, and the information reviewed by the chief executive officer for the purpose of resources allocation and performance assessment is the same as the information presented in the consolidated financial statements.

The Group’s only revenue stream in the current and previous financial year is royalty income generated from licenses granted in respect of the Group’s intellectual property that are unrelated to the Group’s core business and the development of sozinibercept and that are not under development. These licenses are primarily used by third‑party licensees for research purposes. All of the royalty income of US$124,666 (2023: US$108,406 2022:US$90,683) was generated from customers based outside of Australia. The Group does not have any major customers. All equipment is located in Australia and United States.

Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($)

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Profit or loss [abstract]

Research and development (includes amounts owed by related parties $3,042,762 2023:$900,000)

$ 124,666

$ 108,406

$ 90,683

Other income

137,193

276,869

108,322

Operating expenses:

^[1]

(176,326,321)

(128,828,888)

(81,445,843)

Administration expenses

^[1]

(15,778,271)

(21,582,181)

(15,291,294)

Total operating expenses

(192,104,592)

(150,411,069)

(96,737,137)

Operating Loss

(191,842,733)

(150,025,794)

(96,538,132)

Finance income

3,394,726

3,227,496

235,468

Interest expense on DFA ( includes amounts owed to related party $24,698,653 (2023: $13,462,160))

(30,263,042)

(13,462,160)

Fair value loss on derivative - investor options

^[2]

387,284

12,302,160

(11,223,535)

Net foreign exchange (loss)/gain

(107,001)

(489,137)

(2,813,993)

Loss before income tax

(229,654,301)

(148,447,435)

(99,116,657)

Income tax benefit

9,412,196

5,926,350

6,299,286

Loss for the year

(220,242,105)

(142,521,085)

(92,817,371)

Other comprehensive income

Total comprehensive loss for the year

(220,242,105)

(142,521,085)

(92,817,371)

Loss for the year is attributable to:

Owners of the Company

(220,242,105)

(142,521,085)

(92,817,371)

Loss for the year

(220,242,105)

(142,521,085)

(92,817,371)

Total comprehensive loss for the year is attributable to:

Owners of the Company

(220,242,105)

(142,521,085)

(92,817,371)

Total comprehensive loss for the year

$ (220,242,105)

$ (142,521,085)

$ (92,817,371)

Loss per share attributable to the owners of the Company:

- Basic loss per share (cents)

$ (0.3451)

$ (0.322)

$ (0.264)

- Diluted loss per share (cents)

$ (0.3451)

$ (0.322)

$ (0.264)

[1]	Figures have been presented as described in Note 3
[2]	In the current year, the description of this amount has been changed as described in Note 13.

Non-Current Liabilities - Financial Liabilities - DFA (Tables)

12 Months Ended

Jun. 30, 2024

Categories of non-current financial liabilities [abstract]

Disclosure of Summary of Noncurrent Financial Liabilities DFA


	June 30, 2024			June 30, 2023

	US$			US$
Carrying amount at July 1		85,660,000			—
Funding at fair value		85,000,000			84,500,000
Interest expense on DFA* (includes amounts owed to related party $24,698,653 (2023: $13,462,160))		30,263,042			13,462,160
Gain on remeasurement of financial liability - DFA2		(387,284	)		(12,302,160	)
Total financial liabilities		200,535,758			85,660,000

Share-Based Payments - Summary of Recognized Share Based Payment Expenses (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Disclosure Of Detailed Information About Recognized Share Based Payment Expenses [Abstract]
Director and employee services received	$ 5,084,613	$ 5,834,686	$ 5,251,572

Summary of Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2024

Description Of Business And Summary Of Significant Accounting Policies [Abstract]

Summary of Adjustment of Derivative Financial Liability

The below table reflects the impact of the adjustment on key statement of profit and loss and other comprehensive income and statement of financial position line items. We will reflect these adjustments in the comparatives included in the 31 December 2024 condensed consolidated interim financial statements at the time such financial statements are issued.


	As previously reported - December 31, 2023			Adjustment			As adjusted
Fair value loss on derivatives - investor options	-				5,499,738			5,499,738
Loss before tax		101,223,489			5,499,738			106,723,227
Derivative financial liabilities – investor options	-				(8,662,603	)		(8,662,603	)
Contributed equity		374,320,334			(3,162,865	)		371,157,469
Accumulated losses		(455,647,868	)		(5,499,738	)		(461,147,606	)
Total equity		(46,913,724	)		(8,662,603	)		(55,576,327	)
Basic and diluted loss per share (cents)		(16.23	)		(0.95	)		(17.18	)

Interest Expense on DFA (Tables)

12 Months Ended

Jun. 30, 2024

Summary of Interest Expense on DFA


	2024		2023		2022

	US$		US$		US$
Interest expense on DFA		30,263,042		13,462,160		—
Total interest expense on DFA		30,263,042		13,462,160		—

Current Assets - Prepayments - Summary of Current Assets Prepayments (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Current prepayments [abstract]
Launch Service Agreement	$ 2,700,000	$ 900,000
R&D Contract Research Organization	223,239	793,964
Insurance	608,467	717,064
Other prepayments	365,073	223,643
Total current prepayments	$ 3,896,779	$ 2,634,671

Related Party Disclosures (Tables)

12 Months Ended

Jun. 30, 2024

Summary of Consolidated Financial Statements Include Financial Statements of Opthea Limited and Subsidiaries

The consolidated financial statements include the financial statements of Opthea Limited and its subsidiaries in the following table:


	Parent entity % equity interest
	June 30, 2024		June 30, 2023		June 30, 2022
	%		%		%
Vegenics Pty Ltd1		100		100		100
Opthea US Inc2		100		100		100

(1) Opthea Limited is the ultimate parent entity. Vegenics Pty Ltd is incorporated in Australia and has the same financial year as Opthea Limited.

(2) Opthea Limited is the ultimate parent entity. Opthea US Inc was incorporated in the United States in May 2021 and has the same financial year as Opthea Limited.

Summary of Trading Transactions with Related Parties

During the year, group entities entered into the following transactions with related parties who are not members of the Group.


	Consolidated
	Purchase of Service (US$)
		2024	2023	2022
Ocelot		—	—	—
Launch Tx		2,700,000	900,000	—
Mr Lawrence Gozlan		—	—	—
Saama Technologies		342,762	—	—


	Consolidated
	Amounts owed to related parties (US$)
		2024	2023	2022
Ocelot		141,554,653	85,660,000	—
Launch Tx		—	900,000	—
Lawrence Gozlan		—	—	—
Saama Technologies		—	—	—


	Consolidated
	Amounts owed to related parties* ( US$)
		2024	2023	2022
Ocelot		—	—	—
Launch Tx		3,150,000	—	—
Mr. Lawrence Gozlan		—	—	—
Saama Technologies		24,238	—	—

Key Management Personnel

12 Months Ended

Jun. 30, 2024

Disclosure of transactions between related parties [abstract]

Key Management Personnel

Note 37. Key Management Personnel

(a)

Compensation of Key Management Personnel



	2024		2023		2022

	US$		US$		US$
Short-term employee benefits		3,415,969		2,898,544		1,555,658
Post-employment benefits		105,007		137,168		56,105
Termination benefits		475,000		—		—
Share-based payments expense		3,214,616		4,221,472		4,664,767
		7,210,592		7,257,184		6,276,530

(b)

Other transactions and balances with director and key management personnel and their related parties

There were no director and key management personnel related party transactions during the prior financial year for the current year refer to Note 33(b).

Summary of Accounting Policies

12 Months Ended

Jun. 30, 2024

Description Of Business And Summary Of Significant Accounting Policies [Abstract]

Summary of Accounting Policies

Note 3. Summary of Accounting Policies

The consolidated financial statements have been prepared using the material accounting policies and measurement bases summarized below.

Basis of measurement

Change in Presentation

i. Research and Development and Administrative expenses

ii. Adjustment of 31 December 2023 derivative financial liability


	As previously reported - December 31, 2023			Adjustment			As adjusted
Fair value loss on derivatives - investor options	-				5,499,738			5,499,738
Loss before tax		101,223,489			5,499,738			106,723,227
Derivative financial liabilities – investor options	-				(8,662,603	)		(8,662,603	)
Contributed equity		374,320,334			(3,162,865	)		371,157,469
Accumulated losses		(455,647,868	)		(5,499,738	)		(461,147,606	)
Total equity		(46,913,724	)		(8,662,603	)		(55,576,327	)
Basic and diluted loss per share (cents)		(16.23	)		(0.95	)		(17.18	)

Basis of Consolidation

The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. Control is achieved when the Company:

•

Has power over the investee;

•

Is exposed, or has rights, to variable returns from its involvement with the investee; and

•

Has the ability to use its power to affect its returns.

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

Foreign currency translation

i. Functional and presentation currency

The functional and presentation currency of the Group is the United States dollars (US$).

ii. Transactions and balances

Financial assets and liabilities

Recognition and derecognition of financial assets

When financial assets are recognized initially, they are measured at fair value, plus directly attributable transaction costs.

Cash and cash equivalents

For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above.

Other receivables

The Group writes off a receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery.

Finance income

Almost all of the Group’s finance income is earned on short‑term bank deposits, and as such, finance income is recognized when the Group’s right to receive the payment is established.

Payables

The amounts are unsecured and are usually paid within 30 days of recognition.

Financial liabilities - DFA

Amortized cost and effective interest method

Interest expense is recognized in profit and loss and is included in the “Interest expense on DFA” line item.

Derivative financial liabilities -investor options

Equipment

•

Equipment and furniture – 3 to 10 years; and

•

Leasehold improvements – 8 years or the term of the lease if shorter.

The assets’ residual values, useful lives and amortization methods are reviewed, and adjusted if appropriate, at each financial year end.

An item of equipment is derecognized upon disposal or when no further economic benefits are expected from its use or disposal.

Research and development costs

As of June 30, 2024, 2023 and 2022, the Group is in the research phase and has not capitalized any development costs to date.

Provisions and employee benefits

i. Wages, salaries, annual leave and sick leave

ii. Long service leave

Share‑based payment transactions

The cost of these equity‑settled transactions with employees is measured by reference to the fair value at the date at which they are granted. Binomial models are used to value the options issued.

The charge to profit or loss for the period is the cumulative amount less the amounts already charged in previous periods. There is a corresponding credit to equity.

Until an award has vested, any amounts recorded are contingent and will be adjusted if more or fewer awards vest than were originally anticipated to do so.

Contributed equity

Revenue recognition

to provide rights to the Group’s intellectual property is accounted for as a performance obligation satisfied at a point in time.

The following consideration is received in exchange for licenses of intellectual property:

•

Up‑front license fees – these are fixed amounts and are recognized at the point in time when the Group transfers the intellectual property to the customer.

•

During the years ended June 30, 2024, 2023 and 2022, the Group’s only revenue related to sales‑based royalties.

Income tax

Current tax

The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.

Research and development tax incentive

The Group estimates the amount of R&D tax incentive after the completion of the financial year based on eligible Australia and overseas expenditures incurred during that year.

Deferred tax

Deferred income tax is provided on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Income taxes relating to items recognized directly in equity are recognized directly in equity and not in profit or loss.

Tax consolidation legislation

Other taxes

Revenues, expenses, assets and liabilities are recognized net of the amount of GST except:

•

Receivables and payables are stated with the amount of GST included.

The net amount of GST recoverable from, or payable to the taxation authority is included as part of receivables or payables in the statement of financial position.

Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Jun. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Financial Risk Management Objectives and Policies (Tables)

12 Months Ended

Jun. 30, 2024

Interest rate risk [member]

Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items]

Summary of Judgments of Reasonably Possible Movements

At June 30, 2024, 2023 and 2022, if interest rates moved, with all variables held constant, post tax (loss)/profit and equity would have been affected as illustrated in the following table:


	Post tax (loss)/profit impact
	2024			2023			2022

	US$			US$			US$
Judgments of reasonably possible movements
+0.50% (50 basis points) (2023:+0.50%)		282,599			270,059			114,859
-0.50% (50 basis points) (2023:-0.50%)		(282,599	)		(270,059	)		(114,859	)

Currency Risk

Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items]

Summary of Judgments of Reasonably Possible Movements


	Post tax (loss)/profit impact
	2024			2023			2022

	US$			US$			US$
Judgments of reasonably possible movements
Consolidated
AUD/USD +10% (2023:+10%)		(9,005,731	)		(3,847,285	)		(2,119,834	)
AUD/USD -10% (2023:-10%)		11,007,004			4,702,237			2,590,908

Summary of Exposure to Foreign Currency Risk

At the reporting date, the Group has the following exposure to foreign currencies. :


	Consolidated
2024	AUD			EURO			GBP			CAD
Financial assets
Cash		131,913,902			—			—			—
Receivables		485,840			—			—			—
Financial liabilities
Payables		(2,350,157	)		(488,341	)		(3,161	)		(13,182	)
Other financial liabilities		—			—			—			—
Net exposure		130,049,585			(488,341	)		(3,161	)		(13,182	)

	Consolidated
2023	AUD			EURO			GBP			CAD
Financial assets
Cash		55,307,319			—			—			—
Receivables		38,263			—			—			—
Financial liabilities
Payables		(1,138,778	)		(53,332	)		(3,166	)		(136,689	)
Other financial liabilities		—			—			—			—
Net exposure		54,206,804			(53,332	)		(3,166	)		(136,689	)

Liquidity Risk

Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items]

Summary of Undiscounted Cash Flows of the Financial Liabilities

The table below reflects undiscounted cash flows of the financial liabilities.


	Consolidated
	Carrying amount		Less than 3 months		Between 3 months and 2 years		2 years and later		Total
June 30, 2024
Non-derivative liabilities
Payables		9,471,882		9,471,882		-		-		9,471,882
Accrued expenses		28,482,603		27,383,742		1,098,861		-		28,482,603
Financial liability - DFA		200,535,758		-		-		731,000,000		731,000,000
Total		238,490,243		36,855,624		1,098,861		731,000,000		768,954,485

	Consolidated
	Carrying amount		Less than 3 months		Between 3 months and 2 years		2 years and later		Total
June 30, 2023
Non-derivative liabilities
Payables		5,677,858		5,677,858		-		-		5,677,858
Accrued expenses		12,103,789		12,103,789		-		-		12,103,789
Financial liability - DFA		85,660,000		-		-		365,500,000		365,500,000
Total		103,441,647		17,781,647		-		365,500,000		383,281,647

Interest Expense on DFA

12 Months Ended

Jun. 30, 2024

Disclosure of contingent liabilities [abstract]

Interest Expense on DFA

Note 12. Interest expense on DFA


	2024		2023		2022

	US$		US$		US$
Interest expense on DFA		30,263,042		13,462,160		—
Total interest expense on DFA		30,263,042		13,462,160		—

The interest expense on DFA is non-cash interest at the imputed rate of 23%.

Contingencies

12 Months Ended

Jun. 30, 2024

Contingencies

Note 35. Contingencies

The Group is party to various research agreements with respect to which a commitment to pay is contingent on the achievement of research milestones. Assuming all milestones are achieved within the time‑frames stipulated in the contracts, those which could become payable in less than one year total US$nil (2023: US$nil) and those which could become payable in more than one year total US$1,084,821 (2023: US$1,086,244).

Under these license/collaboration agreements, payments are to be made only if certain research and clinical development milestones are achieved and royalties may become payable on any eventual sales of products developed under these agreements.

The group had a bank guarantee outstanding at June 30, 2024 in respect of a rental deposit for its office premises of AU$ 64,574 (US$38,210) (2023: AU$64,574 (US$38,036)).

Share-Based Payments

12 Months Ended

Jun. 30, 2024

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share-Based Payments

Note 38. Share-Based Payments

(a)

Recognized share-based payment expenses

The expense recognized for share‑based payments during the year is shown in the table below:




	2024		2023		2022
	US$		US$		US$
Expense arising from equity-settled share-based payment transactions:
Director and employee services received		5,084,613		5,834,686		5,251,572
		5,084,613		5,834,686		5,251,572

(b)

Non‑executive director and employee share option plans

During the 2015 financial year, the Group introduced an ownership‑based compensation scheme for non‑executive directors, executives and senior employees, the Long-Term Incentive Plan (LTIP) and Non‑Executive Directors Share and Option Plan (NED Plan). In accordance with the terms of the plans, as approved by shareholders at the 2014 annual general meeting, eligible non‑executive directors, executives and senior employees with the Group may be granted options to purchase ordinary shares.

Each employee share option converts into one ordinary share of Opthea Limited on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights and are not transferable. Options may be exercised at any time from the date of vesting to the date of their expiry.

The number of options granted is subject to approval by the board and rewards executives and senior employees to the extent of the Group’s and the individual’s achievement judged against both qualitative and quantitative criteria as determined by the board on a case by case basis.

The vesting condition of options granted under the LTIP and NED Plan is continuous service.

        Options/Rights services

        Grant date

        Grant date
fair value
 US$

        Exercise
price US$

        Expiry date

        Vesting date

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

October 19, 2021

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

October 19, 2022

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

October 19, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

January 31, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

November 30, 2022

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

April 30, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

April 30, 2023

LTIP - employees FY2022

October 19, 2021

0.955

0.000

October 18, 2031

September 30, 2024

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2021

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2022

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2023

LTIP - employees FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2024

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2022

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2023

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2024

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2025

LTIP - employees FY2022

June 6, 2022

0.553

1.460

June 5, 2032

June 6, 2025

LTIP - employees FY2023

November 16, 2022

0.471

0.658

November 16, 2032

November 16, 2025

LTIP - employees FY2023

November 16, 2022

0.672

0.000

November 16, 2032

November 16, 2025

LTIP - employees FY2023

December 13, 2022

0.459

0.644

December 13, 2032

December 13, 2024

LTIP - employees FY2023

December 13, 2022

0.459

0.644

December 13, 2032

December 13, 2025

LTIP - employees FY2023

December 13, 2022

0.459

0.644

December 13, 2032

December 13, 2026

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 18, 2033

September 18,2024

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 18, 2033

September 18,2025

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 18, 2033

September 18,2026

LTIP - employees FY2024

September 18, 2023

0.153

0.264

September 18, 2033

September 18,2027

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 10, 2033

October 10, 2024

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 10, 2033

October 10, 2025

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 10, 2033

October 10, 2026

LTIP - employees FY2024

October 10, 2023

0.157

0.205

October 10, 2033

October 10, 2027

LTIP - employees FY2024

November 30, 2023

0.236

0.261

November 30, 2033

November 30, 2024

LTIP - employees FY2024

November 30, 2023

0.236

0.261

November 30, 2033

November 30, 2025

LTIP - employees FY2024

November 30, 2023

0.236

0.261

November 30, 2033

November 30, 2026

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 12, 2020

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 12, 2021

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 12, 2022

NED Plan FY2021

October 12, 2020

1.050

3.240

October 11, 2024

October 12, 2023

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 12, 2020

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 12, 2021

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 12, 2022

NED Plan FY2021

October 12, 2020

1.240

2.160

October 11, 2024

October 12, 2023

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2021

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2022

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2023

NED Plan FY2021

January 19, 2021

0.880

1.560

January 18, 2025

January 19, 2024

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2021

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2022

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2023

NED Plan FY2022

October 19, 2021

0.526

0.948

October 18, 2025

October 19, 2024

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2022

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2023

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2024

NED Plan FY2022

April 21, 2022

0.397

0.755

April 20, 2026

April 21, 2025

NED Plan FY2023

November 16, 2022

0.469

0.672

November 16, 2032

November 16, 2025

NED Plan FY2023

November 16, 2022

0.471

0.658

November 16, 2032

November 16, 2025

NED Plan FY2023

November 16, 2022

0.672

0.000

November 16, 2032

November 16, 2025

NED Plan FY2024

November 30, 2023

0.213

0.382

November 30, 2033

November 30, 2024

NED Plan FY2024

November 30, 2023

0.213

0.382

November 30, 2033

November 30, 2025

NED Plan FY2024

November 30, 2023

0.213

0.382

November 30, 2033

November 30, 2026

There has been no alteration of the terms and conditions of the above share‑based payment arrangements since the grant date.

(c)

Fair value of share options granted

Where relevant, the expected life used in the model has been adjusted based on management’s best estimate for the effects of non‑transferability, exercise restrictions (including the probability of meeting conditions attached to the option), and behavioral considerations. Expected volatility is based on the historical share price volatility over the past 4 or 5 years.


Options/Rights services	Grant date share price US$		Exercise price US$		Fair value per option US$		Expected volatility			Option life	Dividend yield			Risk free interest rate			Model used
LTIP - director FY2019		0.420		0.625		0.150		58.00	%	4 years		0	%		2.04	%	Binomial
LTIP - employees FY2018		0.340		0.920		0.260		66.00	%	5 years		0	%		2.09	%	Binomial
LTIP - employees FY2019		0.480		0.608		0.180		57.00	%	4 years		0	%		2.04	%	Binomial
LTIP - employees FY2022		0.955		0.948		0.526		74.78	%	4 years		0	%		0.25	%	Binomial
LTIP - employees FY2022		0.955	nil			0.955	na			10 years		0	%	n/a			Binomial
LTIP - employees FY2022		0.901		1.460		0.553		75.00	%	6.5 years		0	%		3.40	%	Binomial
LTIP - employees FY2023		0.672		0.658		0.471		75.00	%	6.5 years		0	%		3.60	%	Binomial
LTIP - employees FY2023		0.672	nil			0.672		75.00	%	10 years		0	%		3.70	%	Binomial
LTIP - employees FY2023		0.643		0.644		0.459		75.00	%	7 years		0	%		3.30	%	Binomial
LTIP - employees FY2024		0.238		0.263		0.153		67.50	%	6.5 years		0	%		4.10	%	Binomial
LTIP - employees FY2024		0.225		0.205		0.157		67.50	%	7 years		0	%		4.30	%	Binomial
LTIP - employees FY2024		0.334		0.261		0.236		67.50	%	6.5 years		0	%		4.20	%	Binomial
NED Plan FY2016		0.280		0.360		0.140		65.00	%	5 years		0	%		2.09	%	Binomial
NED Plan FY2019		0.420		0.625		0.150		58.00	%	4 years		0	%		2.04	%	Binomial
NED Plan FY2021		2.190		2.160		1.240		77.25	%	4 years		0	%		0.25	%	Binomial
NED Play FY2021		2.190		3.240		1.050		77.25	%	4 years		0	%		0.25	%	Binomial
NED Plan FY2021		1.560		1.560		0.880		77.01	%	4 years		0	%		0.25	%	Binomial
NED Plan FY2022		0.955		0.945		0.526		74.78	%	4 years		0	%		0.25	%	Binomial
NED Plan FY2022		0.741		0.755		0.397		75.00	%	3.5 years		0	%		2.70	%	Binomial
NED Plan FY2023		0.672		0.658		0.471		75.00	%	6.5 years		0	%		3.60	%	Binomial
NED Plan FY2023		0.672	nil			0.672		75.00	%	10 years		0	%		3.70	%	Binomial
NED Plan FY2024		0.334		0.382		0.334		67.50	%	6.5 years		0	%		4.20	%	Binomial

Fair value of ADS options granted


ADS Options	Grant date share price US$		Exercise price US$		Fair value per ADS option US$		Expected volatility			ADS Option life	Dividend yield			Risk free interest rate			Model used
LTIP - employee 2022		7.240		7.625		4.970		75.00	%	7 years		0	%		1.40	%	Binomial
LTIP - employee 2022		7.500		7.515		5.228		75.00	%	7 years		0	%		1.70	%	Binomial
LTIP - employee 2022		5.925		6.009		4.116		75.00	%	7 years		0	%		1.70	%	Binomial
LTIP - employee 2022		5.915		6.090		4.171		75.00	%	7 years		0	%		2.90	%	Binomial
LTIP - employee 2022		7.000		7.116		4.953		75.00	%	7 years		0	%		2.90	%	Binomial
LTIP - employee 2022		7.309		7.445		5.175		75.00	%	7 years		0	%		3.00	%	Binomial
LTIP - employee 2022		5.500		5.522		3.886		75.00	%	7 years		0	%		3.40	%	Binomial
LTIP - employee 2023		6.600		6.350		4.718		75.00	%	7 years		0	%		2.90	%	Binomial
LTIP - employee 2023		4.810		4.850		3.479		75.00	%	7 years		0	%		4.30	%	Binomial
LTIP - employee 2023		4.850		5.170		3.457		75.00	%	7 years		0	%		4.10	%	Binomial
LTIP - employee 2023		4.959		4.929		3.560		75.00	%	7 years		0	%		3.60	%	Binomial
LTIP - employee 2023		5.450		5.238		3.935		75.00	%	7 years		0	%		3.50	%	Binomial
LTIP - employee 2023		5.030		5.150		3.602		75.00	%	7 years		0	%		3.80	%	Binomial
LTIP - employee 2023		3.360		3.545		2.384		75.00	%	7 years		0	%		3.60	%	Binomial
LTIP - employee 2024		1.660		1.660		1.110		67.50	%	6.5 years		0	%		4.90	%	Binomial
LTIP - employee 2024		1.660		1.660		0.691		67.50	%	7.6 years		0	%		4.90	%	Binomial
LTIP - employee 2024		1.630		1.660		1.082		67.50	%	6.5 years		0	%		4.70	%	Binomial
LTIP - employee 2024		1.920		1.830		1.327		67.50	%	7 years		0	%		4.50	%	Binomial
LTIP - employee 2024		1.920		1.890		1.316		67.50	%	7 years		0	%		4.50	%	Binomial
LTIP - employee 2024		2.760		2.760		1.830		71.71	%	6 years		0	%		3.81	%	Binomial
LTIP - employee 2024		3.030		3.030		2.740		71.64	%	6 years		0	%		4.34	%	Binomial
LTIP - employee 2024		4.140		4.140		3.160		70.68	%	6 years		0	%		4.34	%	Binomial
LTIP - employee 2024		3.950		3.950		3.010		70.68	%	6 years		0	%		4.34	%	Binomial
LTIP - employee 2024		3.750		3.750		2.490		70.72	%	6 years		0	%		4.43	%	Binomial
LTIP - employee 2024		3.290		3.340		2.180		70.76	%	6 years		0	%		4.65	%	Binomial
LTIP - employee 2024		2.660		2.660		1.750		69.85	%	6 years		0	%		4.41	%	Binomial

(d)

Movements in share options during the year

The following reconciles the share/rights options outstanding at the beginning and end of the year:



	2024				2023					2022
	Number of options and rights		Weighted average exercise price US$		Number of options and rights			Weighted average exercise price US$		Number of options and rights			Weighted average exercise price US$
Balance at beginning of year		25,450,000		1.04		22,988,000			1.16		16,644,000			1.28
Granted during the year:
To employees and directors under the LTIP and NED Plan		9,850,000		0.30		10,050,000			0.58		8,400,000		0.77
Exercised during the year		—		—		(6,613,000	)		0.62		(2,056,000	)		0.58
Expired during the year		—		—		(975,000	)		0.61		—			—
Balance at end of the year		35,300,000		0.89		25,450,000			1.04		22,988,000			1.16
Exercisable at end of year		20,024,203		1.18		10,842,234			1.48		12,857,589			0.97

The share options outstanding at the end of the year had a weighted average exercise price of US $1.18 (2023: US$1.48, 2022: US$0.97) and a weighted average remaining contractual life of 507 days (2023: 555 days, 2022: 567 days).

Movements in ADS options during the year

The following reconciles the ADS options outstanding at the beginning and end of the year:


	2024					2023					2022
	Number of options and rights			Weighted average exercise price US$		Number of options and rights			Weighted average exercise price US$		Number of options and rights		Weighted average exercise price US$


Balance at beginning of year		1,505,000			5.81		925,000			6.75		—		—
Granted during the year:
To employees and directors under the LTIP and NED Plan		4,768,000			1.97		755,000			5.07		925,000		6.75
Exercised during the year		—			—		—			—		—		—
Expired during the year		(525,000	)		5.62		(175,000	)		7.62		—		—
Balance at end of the year		5,748,000			2.64		1,505,000			5.81		925,000		6.75
Exercisable at end of year		537,914			6.01		250,000			6.70		—		—

Movements in contractor ADS options during the year

The following reconciles the contractor ADS options outstanding at the beginning and end of the year:


	2024				2023				2022
	Number of options and rights		Weighted average exercise price US$		Number of options and rights		Weighted average exercise price US$		Number of options and rights		Weighted average exercise price US$


Balance at beginning of year		—		—		—		—		—		—
Granted during the year:
To contractors under additional terms		277,000		3.14		—		—		—		—
Exercised during the year		—		—		—		—		—		—
Expired during the year		—		—		—		—		—		—
Balance at end of the year		277,000		3.14		—		—		—		—
Exercisable at end of year		39,220		3.16		—		—		—		—

Non-Current Liabilities - Provisions (Tables)

12 Months Ended

Jun. 30, 2024

Non-current provisions [abstract]

Summary of Non-Current Liabilities - Provisions


	June 30, 2024		June 30, 2023

	US$		US$
Long service leave		9,877		7,631
Total non-current provisions		9,877		7,631

Gain on Remeasurement of Financial Liability -DFA - Summary of Gain on Remeasurement of Financial Liability DFA (Details) - USD ($)

12 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2022

Disclosure Of Noncurrent Assets Prepayments [Abstract]

^[1]

$ 387,284

$ 12,302,160

$ 0

[1]	In the current year, the description of this amount has been changed as described in Note 13.

Consolidated Statements of Stockholders' Equity (Parenthetical) - Ordinary shares [member] - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Issuance of ordinary shares and pre-funded warrants, net of issuance cost		$ 4,531,040
Issuance Costs September
Issuance of ordinary shares and pre-funded warrants, net of issuance cost	$ 4,764,890
Issuance Costs September \| Related party [Member]
Issuance of ordinary shares and pre-funded warrants, net of issuance cost	125,000
Issuance costs June
Issuance of ordinary shares and pre-funded warrants, net of issuance cost	$ 8,903,734

Income Taxes - Summary of Reconciliation Between Income Tax Benefit and the Product of Accounting Loss Before Income Tax Multiplied by the Group's Applicable Income Tax Rate (Parenthetical) (Details)	12 Months Ended
	Jun. 30, 2024
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]
Income tax rate	30.00%

Non-Current Assets - Prepayments

12 Months Ended

Jun. 30, 2024

Non-Current Assets - Prepayments

Note 22. Non-Current Assets - Prepayments


	June 30, 2024		June 30, 2023

	US$		US$
Prepayments		466,701		53,535
Total non-current prepayments		466,701		53,535

The non‑current prepayment amount relates to the Launch Service Agreement and specific Phase 3 Clinical trial insurance in place for various sites around the world covering periods to 2026.

Financial Risk Management Objectives and Policies - Summary of Judgments of Reasonably Possible Movements (Details) - Post tax (loss)/profit impact [Member] - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
+0.50% (50 basis points) (2023:+0.50%)
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items]
Judgments of reasonably possible movements	$ 282,599	$ 270,059	$ 114,859
-0.50% (50 basis points) (2023:-0.50%)
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items]
Judgments of reasonably possible movements	(282,599)	(270,059)	(114,859)
AUD/USD +10% (2023:+10%)
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items]
Judgments of reasonably possible movements	(9,005,731)	(3,847,285)	(2,119,834)
AUD/USD -10% (2023:-10%)
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items]
Judgments of reasonably possible movements	$ 11,007,004	$ 4,702,237	$ 2,590,908

Non-Current Assets - Right of Use Assets - Additional Information (Details)	12 Months Ended
	Jun. 30, 2024
Disclosure of quantitative information about right-of-use assets [abstract]
Lease contract term	3 years

Earnings per Share (Tables)

12 Months Ended

Jun. 30, 2024

Summary of Income Used in Basic and Diluted Earnings Per Share Computation



	2024			2023			2022

	US$			US$			US$
The following reflects the income used in the basic and diluted earnings per share computations:
(a) Earnings used in calculating earnings per share
Net loss attributable to ordinary equity holders of the parent		(220,242,105	)		(142,521,085	)		(92,817,371	)

(b) Weighted average number of shares
Weighted average number of ordinary shares on issue for basic earnings per share		638,202,922			442,637,406			351,560,198
Effect of dilution:
Share options		—			—		—
Weighted average number of ordinary shares adjusted for the effect of dilution		638,202,922			442,637,406			351,560,198
Loss per share (basic and diluted in cents)		(34.51	)		(32.20	)		(26.40	)

Ordinary Options

These options related to the option plans listed below.



Ordinary Options	2024		2023		2022
NED Plan		21,000,000		16,500,000		14,000,000
LTIP		11,400,000		6,050,000		7,388,000
		32,400,000		22,550,000		21,388,000

Performance Rights


	2024		2023		2022
Performance Rights
NED Plan		650,000		650,000		—
LTIP		2,250,000		2,250,000		1,600,000
		2,900,000		2,900,000		1,600,000

A D S Options


	2024		2023		2022
ADS Options
NED Plan		—		—		—
LTIP - Extended terms		277,000		—		—
LTIP		6,273,000		1,505,000		925,000
		6,550,000		1,505,000		925,000

Investor Options


Investor Options	2024		2023		2022

2023 investor options - listed		97,822,109		—		—
2024 investor options- granted and not listed		142,886,040		—		—
		240,708,149		—		—

Income Taxes - Additional Information (Details)	12 Months Ended
Income Taxes - Additional Information (Details)	Jun. 30, 2024 AUD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 AUD ($)	Jun. 30, 2023 USD ($)
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Income tax losses		$ 124,807,138		$ 67,878,759
Capital losses		412,122		$ 412,122
Net deferred tax recognized in the statement of financial position		$ 0
Franking account balance percentage	30.00%	30.00%	30.00%	30.00%
Franking account balance	$ 227,371		$ 227,371

Fair Value Loss on Derivative - Investor Options (Tables)

12 Months Ended

Jun. 30, 2024

Summary of Fair Value Loss On Derivative Investor Options


	2024		2023		2022

	US$		US$		US$
Fair value loss on derivative - investor options in September 2023 (2023 Investor options)		11,192,991		—		—
Fair value loss on derivative - investor options in June 2024 (2024 Investor options)		30,544		—		—
Total fair value loss on derivative - investor options		11,223,535		—		—

Finance Income

12 Months Ended

Jun. 30, 2024

Finance Income

Note 11. Finance Income


	2024		2023		2022

	US$		US$		US$
Interest income		3,394,726		3,227,496		235,468
Total finance income		3,394,726		3,227,496		235,468

Gain on Remeasurement of Financial Liability -DFA (Tables)

12 Months Ended

Jun. 30, 2024