InflaRx N.V 6-K, filed Aug 5, 2022

InflaRx N.V. (IFRX)

6-K 2022-08-05 For: 2022-06-30

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Added on April 09, 2026

About this 6-K

InflaRx N.V filed this 6-K on August 5, 2022.

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	INFLARX N.V.

Date: August 5, 2022	By:	/s/ Niels Riedemann
	Name:	Niels Riedemann
	Title:	Chief Executive Officer

Exhibit No.		Description

99.1		InflaRx N.V. Unaudited Condensed Consolidated Financial Statements as of and for the Three and Six Months Ended June 30, 2022

99.2		InflaRx N.V. Management’s Discussion and Analysis of Financial Condition and Results of Operations

99.3		InflaRx N.V. Press Release dated August 5, 2022

101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2022 and 2021.			3
Unaudited Condensed Consolidated Statements of Financial Position as of June 30, 2022 and December 31, 2021.			4
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the six months ended June 30, 2022 and 2021.			5
Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021.			6
Notes to the Unaudited Condensed Consolidated Financial Statements.			7
	Summary of significant accounting policies and other disclosures.		7
		Reporting entity and Group’s structure.	7
		Basis of preparation.	7
		Significant events of the quarter and changes in circumstances.	8
	Other income.		9
	Net financial result.		10
	Other assets.		11
	Financial assets and financial liabilities.		11
	Cash and cash equivalents.		12
	Equity.		12
	Share-based payments.		12
		Equity settled share-based payment arrangements.	12
		Share-based payment expense recognized.	14
	Protective foundation.		14

			For the three months ended June 30,					For the six months ended June 30,
(in €, except for share data)	Note			2022 (unaudited)		2021 (unaudited)			2022 (unaudited)		2021 (unaudited)

Operating Expenses
Research and development expenses				(11,180,958	)	(11,299,270	)		(21,652,881	)	(16,206,155	)
General and administrative expenses				(4,346,965	)	(2,697,839	)		(8,734,408	)	(5,720,177	)
Total Operating Expenses				(15,527,923	)	(13,997,109	)		(30,387,289	)	(21,926,332	)
Other income		2		14,441,541		15,216			14,443,135		20,678
Other expenses				(279	)	(279	)		(844	)	(844	)
Operating Result				(1,086,661	)	(13,982,172	)		(15,944,999	)	(21,906,498	)
Finance income		3		82,401		35,622			110,362		58,584
Finance expenses		3		(7,945	)	(3,050	)		(32,531	)	(6,734	)
Foreign exchange result		3		1,563,580		(826,303	)		2,291,513		905,367
Other financial result		3		(86,000	)	(5,000	)		39,000		43,000
Income Taxes				-		-			-		-
Income (Loss) for the Period				465,376		(14,780,903	)		(13,536,654	)	(20,906,280	)

Share Information
Weighted average number of shares outstanding				44,203,763		44,186,279			44,203,763		39,024,533
Income (Loss) per share (basic/diluted)				0.01		(0.33	)		(0.31	)	(0.54	)
Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign currency				4,408,940		(1,427,302	)		5,718,815		2,077,397
Total Comprehensive Income (Loss)				4,874,316		(16,208,205	)		(7,817,839	)	(18,828,883	)

(in €)	Note		June 30, 2022 (unaudited)			December 31, 2021

ASSETS
Non-current assets
Property and equipment				231,133			274,373
Right-of-use assets				1,506,039			1,408,078
Intangible assets				187,218			235,216
Other assets		4		341,666			336,566
Financial assets		5		237,412			27,206,990
Total non-current assets				2,503,468			29,461,224
Current assets
Current other assets		4		10,130,597			10,983,458
Current tax assets				1,518,072			1,282,177
Financial assets from government grants		5		8,260,503			-
Other financial assets		5		76,804,249			57,162,266
Cash and cash equivalents		6		15,416,152			26,249,995
Total current assets				112,129,573			95,677,896
TOTAL ASSETS				114,633,041			125,139,120

EQUITY AND LIABILITIES
Equity
Issued capital		7		5,304,452			5,304,452
Share premium		7		280,310,744			280,310,744
Other capital reserves				35,259,689			30,591,209
Accumulated deficit				(227,512,333	)		(213,975,679	)
Other components of equity				8,769,086			3,050,270
Total equity				102,131,638			105,280,996
Non-current liabilities
Lease liabilities		5		1,170,237			1,066,354
Other liabilities				37,733			35,019
Total non-current liabilities				1,207,970			1,101,373
Current liabilities
Trade and other payables		5		7,912,503			8,574,244
Liabilities from government grants		5		2,145,135			8,300,000
Lease liabilities		5		370,153			366,171
Employee benefits				735,304			1,378,130
Other liabilities				130,338			138,206
Total current liabilities				11,293,433			18,756,751
Total Liabilities				12,501,404			19,858,124
TOTAL EQUITY AND LIABILITIES				114,633,041			125,139,120

(in €, except for share data)	Note		Shares outstanding		Issued capital		Share premium			Other capital reserves		Accumulated deficit			Other components of equity			Total equity

Balance as of January 1, 2022				44,203,763		5,304,452		280,310,744			30,591,209		(213,975,679	)		3,050,271			105,280,996
Loss for the period				-		-		-			-		(13,536,654	)		-			(13,536,654	)
Exchange differences on translation of foreign currency				-		-		-			-		-			5,718,815			5,718,815
Total comprehensive loss				-		-		-			-		(13,536,654	)		5,718,815			(7,817,839	)
Equity-settled share-based payments		8		-		-		-			4,668,481		-			-			4,668,481
Balance as of June 30, 2022*				44,203,763		5,304,452		280,310,744			35,259,689		(227,512,333	)		8,769,086			102,131,638

Balance as of January 1, 2021				28,228,415		3,387,410		220,289,876			26,259,004		(168,345,620	)		(3,726,790	)		77,863,880
Loss for the period				-		-		-			-		(20,906,280	)		-			(20,906,280	)
Exchange differences on translation of foreign currency				-		-		-			-		-			2,077,397			2,077,397
Total comprehensive loss				-		-		-			-		(20,906,280	)		2,077,397			(18,828,883	)
Issuance of common shares and warrants				15,610,022		1,873,203		63,269,346			-		-			-			65,142,549
Transaction costs				-		-		(4,219,222	)		-		-			-			(4,219,222	)
Equity-settled share-based payments		8		-		-		-			2,687,779		-			-			2,687,779
Share options exercised		8		347,842		41,741		921,994			-		-			-			963,735
Balance as of June 30, 2021*				44,186,279		5,302,354		280,261,994			28,946,783		(189,251,900	)		1,649,393			123,609,838

(in €)	Note		For the six months ended June 30, 2022 (unaudited)			For the six months ended June 30, 2021 (unaudited)

Operating activities
Loss for the period				(13,536,654	)		(20,906,280	)
Adjustments for:
Depreciation & amortization of property and equipment, right-of-use assets and intangible assets				300,870			337,581
Net finance income				(2,408,345	)		(1,000,217	)
Share-based payment expense		7		4,668,481			2,687,779
Net foreign exchange differences				130,347			71,050
Changes in:
Financial assets from government grants		5		(8,260,503	)		-
Other assets				611,843			172,001
Employee benefits				(640,112	)		(662,388	)
Other liabilities				(7,867	)		7,020
Liabilities from government grants		5		(6,154,865	)		-
Trade and other payables				(661,741	)		672,727
Interest received				631,504			371,665
Interest paid				(32,039	)		(5,491	)
Net cash used in operating activities				(25,359,081	)		(18,254,553	)
Investing activities
Purchase of intangible assets, property and equipment				(9,728	)		(18,734	)
Purchase of current financial assets				(47,031,216	)		(27,535,842	)
Proceeds from the maturity of financial assets				59,595,044			29,497,122
Net cash from investing activities				12,554,101			(1,942,546	)
Financing activities
Proceeds from issuance of common shares		6		-			65,142,549
Transaction costs from issuance of common shares		6		-			(4,219,222	)
Proceeds from exercise of share options		7		-			963,735
Repayment of lease liabilities				(182,014	)		(183,128	)
Net cash from (used in) financing activities				(182,014	)		61,703,934
Net decrease increase in cash and cash equivalents				(12,986,995	)		45,391,927
Effect of exchange rate changes on cash and cash equivalents				2,153,152			999,820
Cash and cash equivalents at beginning of period				26,249,995			25,968,681
Cash and cash equivalents at end of period		5		15,416,152			72,360,428

	·	Reference to the Conceptual Framework - Amendments to IFRS 3
	·	Property, Plant and Equipment: Proceeds before Intended Use- Amendments to IAS 16
	·	Onerous Contracts - Costs of Fulfilling a Contract -Amendments to IAS 37
	·	AIP IFRS 9 Financial Instruments - Fees in the ’10 per cent’ 5

	·	IFRS 17 Insurance Contracts
	·	Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Noncurrent and Classification of Liabilities as Current or Non-current
	·	Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates
	·	Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
	·	Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2

	For the three months ended June 30,						For the six months ended June 30,
(in €)	2022 (unaudited)			2021 (unaudited)				2022 (unaudited)		2021 (unaudited)

Financial income
Interest income		82,401			35,622			110,362		58,584
Financial expenses
Interest expenses		(2,243	)		(305	)		(22,102	)	(2,885	)
Interest on lease liabilities		(5,702	)		(2,745	)		(10,429	)	(3,849	)
Total		74,456			32,572			77,831		51,850

	For the three months ended June 30,					For the six months ended June 30,
(in €)		2022 (unaudited)		2021 (unaudited)			2022 (unaudited)		2021 (unaudited)

Foreign exchange result
Foreign exchange income		2,947,221		1,635,201			4,057,629		4,092,239
Foreign exchange expense		(1,383,641	)	(2,461,504	)		(1,766,116	)	(3,186,872	)
Total		1,563,580		(826,303	)		2,291,513		905,367

(in €)	As of June 30, 2022 (unaudited)		As of December 31, 2021

Non-current other assets
Prepaid expense		341,666		336,566
Total		341,666		336,566
Current other assets
Prepayments on research & development projects		8,785,786		10,649,174
Current tax assets		1,518,072		1,282,177
Prepaid expense		1,343,166		334,284
Other		1,645		-
Total		11,648,669		12,265,635

Number of share options under the 2012 Plan	2022		2021
Outstanding as of January 1,		148,433		148,433
Exercised during the six months ended June 30		-		-
Outstanding as of June 30,		148,433		148,433
thereof vested		148,433		148,433

Number of share options under the 2016 Plan	2022		2021
Outstanding as of January 1,		888,632		1,094,852
Exercised during the six months ended June 30		-		(202,020	)
Outstanding as of June 30,		888,632		892,832
thereof vested		888,632		892,832

	·	increasing the maximum annual number of options for common shares in the Company’s capital available for issuance under the LTIP, starting on January 1, 2021, to 4% (from 3%) of the Company’s outstanding common shares (determined as of December 31 of the immediately preceding year); and

	·	removing certain restrictions from the LTIP, which will allow the Board of Directors and the committee administering the LTIP to (i) lower the exercise price per share of any options and/or share appreciation rights issued under the LTIP or take any other action treated as a ‘repricing’ of an award and (ii) cancel any option and/or share appreciation rights in exchange for cash or another award granted under the LTIP, in either case, without prior approval of the Company’s shareholders.

(in €)	As of June 30, 2022 (unaudited)		As of December 31, 2021

Short-term deposits
Deposits held in U.S Dollars		3,514		12,584,892
Total		3,514		12,584,892
Cash at banks
Cash held in U.S. Dollars		13,336,087		7,612,467
Cash held in Euro		2,076,551		6,052,636
Total		15,412,638		13,665,102
Total cash and cash equivalents		15,416,152		26,249,995

Number of share options under the LTIP	2022			2021
Outstanding as of January 1,		3,170,046			2,146,478
Granted during the six months ended June 30		1,561,666			870,928
Exercised during the six months ended June 30		-			(145,822	)
Forfeited during the six months ended June 30		(117,259	)		(15,000	)
Outstanding as of June 30,		4,614,453			2,856,584
thereof vested		3,306,162			1,954,858

Share options granted	Number		Fair value per option		FX rate as of grant date		Fair value per option		Share price at grant date / Exercise price		Expected volatility		Expected life (midpoint based)		Risk-free rate (interpolated, U.S. sovereign strips curve)
2022
January 12		1,516,666	$	3.66		0.9008	€	3.30	$	4.13		1.35		5.31		1.57	%
January 12		45,000	$	3.68		0.9008	€	3.32	$	4.13		1.35		5.50		1.59	%
		1,561,666

	·	engage with regulators with respect to potential approval paths for vilobelimab in COVID-19 and PG and determine and execute on next steps for the clinical development of, and regulatory approval for, vilobelimab in severe COVID-19 and/or PG;

	·	further develop vilobelimab for cSCC, depending on the results of the ongoing trial in that indication;

	·	initiate and continue research programs and development activities, including development of IFX002 and INF904; and

	·	expenses incurred under agreements with contract research organizations (CROs), contract manufacturing organizations (CMOs), consultants and independent contractors that conduct research and development, manufacturing development, preclinical and clinical activities on our behalf;

	·	employee-related expenses, including salaries, benefits and share-based compensation expense based upon employees’ role within the organization; and

	·	professional legal fees related to the protection and maintenance of our intellectual property.

	·	Vilobelimab. We expect our expenses associated with vilobelimab will increase in 2022 compared to 2021, as we complete the outstanding clinical trial activities in COVID-19, explore the regulatory approval submission for vilobelimab in severe COVID-19, complete outstanding activities in our Phase II clinical program of vilobelimab in patients with AAV and our Phase II clinical trial program in patients with PG, potentially start a Phase III study in PG, and continue the Phase II clinical program in cSCC. In addition, we are also incurring expenses related to the manufacturing of clinical trial material and by validating our manufacturing process for vilobelimab to meet regulatory standards for approval as a commercial-grade manufacturing process. Furthermore, we are investigating commercial-scale production options.

	·	INF904. We are developing an oral, small molecule drug candidate that targets the C5aR receptor. All IND-enabling studies have been completed and we plan to initiate the Phase I program in the second half of 2022.

	·	IFX002. We are continuing preclinical development of IFX002, expenses for which mainly consist of salaries, costs for preclinical testing conducted by CROs and costs of production for preclinical material.

	·	Other development programs. Our other research and development expenses relate to our preclinical studies of other product candidates and discovery activities, expenses for which mainly consist of salaries, costs of production for preclinical compounds and costs paid to CROs.

	Three Months Ended June 30,
(in €)	2022			2021			Change
Operating Expenses
Research and development expenses		(11,180,958	)		(11,299,270	)		(118,312	)
General and administrative expenses		(4,346,965	)		(2,697,839	)		1,649,127
Total Operating Expenses		(15,527,923	)		(13,997,109	)		1,530,815
Other income		14,441,541			15,216			14,426,325
Other expenses		(279	)		(279	)		—
Operating Result		(1,086,661	)		(13,982,172	)		(12,895,510	)
Finance income		82,401			35,622			(46,779	)
Finance expenses		(7,945	)		(3,050	)		4,895
Foreign exchange result		1,563,580			(826,303	)		(2,389,883	)
Other financial result		(86,000	)		(5,000	)		81,000
Income (Loss) for the Period		465,376			(14,780,903	)		(15,246,278	)
Exchange differences on translation of foreign currency		4,408,940			(1,427,302	)		5,836,242
Total Comprehensive Income (Loss)		4,874,316			(16,208,205	)		(21,082,521	)

Financial Result	Three Months Ended June 30,
(in €)	2022			2021			Change
Financial income
Interest income		82,401			35,622			46,779
Financial expenses
Interest expenses		(2,243	)		(305	)		(1,938	)
Interest on lease liabilities		(5,702	)		(2,745	)		(2,957	)
Total		74,456			32,572			41,884

	Six Months Ended June 30,
(in €)	2022			2021			Change
Operating Expenses
Research and development expenses		(21,652,881	)		(16,206,155	)		(5,446,726	)
General and administrative expenses		(8,734,408	)		(5,720,177	)		(3,014,232	)
Total Operating Expenses		(30,387,289	)		(21,926,332	)		(8,460,957	)
Other income		14,443,135			20,678			14,422,457
Other expense		(844	)		(844	)		—
Operating Result		(15,944,999	)		(21,906,498	)		5,961,499
Finance income		110,362			58,584			51,778
Finance expenses		(32,531	)		(6,734	)		(25,797	)
Foreign exchange result		2,291,513			905,367			1,386,146
Other financial result		39,000			43,000			(4,000	)
Loss for the Period		(13,536,654	)		(20,906,280	)		7,369,626
Exchange differences on translation of foreign currency		5,718,815			2,077,397			3,641,418
Total Comprehensive Loss		(7,817,839	)		(18,828,883	)		11,011,044

Foreign exchange result	Six Months Ended June 30,
(in €)	2022			2021			Change
Foreign exchange result
Foreign exchange income		4,057,629			4,092,239			(34,610	)
Foreign exchange expense		(1,766,116	)		(3,186,872	)		1,420,756
Total		2,291,513			905,367			1,386,146

	·	our operation as a development stage company with limited operating history, our history of operating losses and our accumulated deficit of €227.5 million as of June 30, 2022;

	·	the timing, progress and results of clinical trials of vilobelimab and any other product candidates, including for the development of vilobelimab to treat PG and critical COVID-19, and statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available, the costs of such trials and our research and development programs generally;

	·	the submission of an application to the FDA in the third quarter of 2022 for emergency use authorization for vilobelimab to treat critical COVID-19;

	·	the timing and outcome of any discussions or submission of filings for regulatory approval of vilobelimab or any other product candidate, and the timing of and our ability to obtain and maintain regulatory approval of vilobelimab for any indication;

	·	our ability to leverage our proprietary anti-C5a technology to discover and develop therapies to treat complement-mediated autoimmune and inflammatory diseases;

	·	our ability to protect, maintain and enforce our intellectual property protection for vilobelimab and any other product candidates, and the scope of such protection;

	·	whether the FDA, EMA or comparable foreign regulatory authority will accept or agree with the number, design, size, conduct or implementation of our clinical trials, including any proposed primary or secondary endpoints for such trials;

	·	the success of our future clinical trials for vilobelimab and any other product candidates and whether such clinical results will reflect results seen in previously conducted preclinical studies and clinical trials;

	·	our expectations regarding the size of the patient populations for, market opportunity for and clinical utility of vilobelimab or any other product candidates, if approved for commercial use;

	·	our manufacturing capabilities and strategy, including the scalability and cost of our manufacturing methods and processes and the optimization of our manufacturing methods and processes, and our ability to continue to rely on our existing third-party manufacturers and our ability to engage additional third-party manufacturers for our planned future clinical trials and potentially for commercial supply of vilobelimab;

	·	our estimates of our expenses, ongoing losses, future revenue, capital requirements and our needs for or ability to obtain additional financing;

	·	our expectations regarding the scope of any approved indication for vilobelimab;

	·	our ability to defend against liability claims resulting from the testing of our product candidates in the clinic or, if, approved, any commercial sales;

	·	our ability to commercialize vilobelimab or our other product candidates;

	·	if any of our product candidates obtain regulatory approval, our ability to comply with and satisfy ongoing obligations and continued regulatory overview;

	·	our ability to comply with enacted and future legislation in seeking marketing approval and commercialization;

	·	our future growth and ability to compete, which depends on our retaining key personnel and recruiting additional qualified personnel;

	·	our competitive position and the development of and projections relating to our competitors in the development of C5a inhibitors or our industry; and

	·	Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. You should refer to the “ITEM 3. KEY INFORMATION— C. Risk factors” section of our Annual Report for the year ended December 31, 2021 filed with the SEC for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. As a result of these factors, we cannot assure you that the forward-looking statements in this discussion or in our Annual Report will prove to be accurate. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. You should, however, review the factors and risks and other information we describe in the reports we will file from time to time with the SEC after the date of this discussion.

·	Fast Track and Orphan Drug designation for vilobelimab in pyoderma gangrenosum (PG) granted by the FDA

·	Plans to submit EUA with the FDA for vilobelimab in critically ill COVID-19 patients announced

·	Grant income of €14.4 million realized during the second quarter

·	Cash, cash equivalents and marketable securities of €91.8 million, expected to finance operations until year-end 2024

in €	June 30, 2022 (unaudited)			December 31, 2021

ASSETS
Non-current assets
Property and equipment		231,133			274,373
Right-of-use assets		1,506,039			1,408,078
Intangible assets		187,218			235,216
Other assets		341,666			336,566
Financial assets		237,412			27,206,990
Total non-current assets		2,503,468			29,461,224
Current assets
Current other assets		10,130,597			10,983,458
Current tax assets		1,518,072			1,282,177
Financial assets from government grants		8,260,503			—
Other financial assets		76,804,249			57,162,266
Cash and cash equivalents		15,416,152			26,249,995
Total current assets		112,129,573			95,677,896
TOTAL ASSETS		114,633,041			125,139,120

EQUITY AND LIABILITIES
Equity
Issued capital		5,304,452			5,304,452
Share premium		280,310,744			280,310,744
Other capital reserves		35,259,689			30,591,209
Accumulated deficit		(227,512,333	)		(213,975,679	)
Other components of equity		8,769,086			3,050,270
Total equity		102,131,638			105,280,996
Non-current liabilities
Lease liabilities		1,170,237			1,066,354
Other liabilities		37,733			35,019
Total non-current liabilities		1,207,970			1,101,373
Current liabilities
Trade and other payables		7,912,503			8,574,244
Liabilities from government grants received		2,145,135			8,300,000
Lease liabilities		370,153			366,171
Employee benefits		735,304			1,378,130
Other financial liabilities		130,338			138,206
Total current liabilities		11,293,433			18,756,751
Total Liabilities		12,501,404			19,858,124
TOTAL EQUITY AND LIABILITIES		114,633,041			125,139,120

(in €, except for share data)	Issued capital		Share premium			Other capital reserves		Accumulated deficit			Other components of equity			Total equity

Balance as of January 1, 2022		5,304,452		280,310,744			30,591,209		(213,975,679	)		3,050,271			105,280,996
Loss for the period		—		—			—		(13,536,654	)		—			(13,536,654	)
Exchange differences on translation of foreign currency		—		—			—		—			5,718,815			5,718,815
Total comprehensive loss		—		—			—		(13,536,654	)		5,718,815			(7,817,839	)
Equity-settled share-based payment		—		—			4,668,481		—			—			4,668,481
Balance as of June 30, 2022		5,304,452		280,310,744			35,259,689		(227,512,333	)		8,769,086			102,131,638

Balance as of January 1, 2021		3,387,410		220,289,876			26,259,004		(168,345,620	)		(3,726,790	)		77,863,880
Loss for the period		—		—			—		(20,906,280	)		—			(20,906,280	)
Exchange differences on translation of foreign currency		—		—			—		—			2,077,397			2,077,397
Total comprehensive loss		—		—			—		(20,906,280	)		2,077,397			(18,828,883	)
Issuance of common shares and warrants		1,873,203		63,269,346			—		—			—			65,142,549
Transaction costs		—		(4,219,222	)		—		—			—			(4,219,222	)
Equity-settled share-based payment		—		—			2,687,779		—			—			2,687,779
Share options exercised		41,741		921,994			—		—			—			963,735
Balance as of June 30, 2021		5,302,354		280,261,994			28,946,783		(189,251,900	)		1,649,393			123,609,838