0001564590-23-002302 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2022	Feb. 13, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Document Annual Report	true
Document Transition Report	false
Entity Registrant Name	AVITA MEDICAL, INC.
Entity Central Index Key	0001762303
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Security Exchange Name	NASDAQ
Trading Symbol	RCEL
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Entity Interactive Data Current	Yes
Entity Address, State or Province	CA
Entity Incorporation, State or Country Code	DE
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		25,296,086
Entity Public Float			$ 117,461,038
ICFR Auditor Attestation Flag	false
Entity File Number	001-39059
Entity Tax Identification Number	85-1021707
Entity Address, Address Line One	28159 Avenue Stanford
Entity Address, Address Line Two	Suite 220
Entity Address, City or Town	Valencia
Entity Address, Postal Zip Code	91355
City Area Code	(661)
Local Phone Number	367-9170
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Los Angeles, California

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
ASSETS
Cash and cash equivalents	$ 18,164,000	$ 55,511,000	$ 110,746,000
Marketable securities	61,178,000	29,649,000
Accounts receivable, net	3,515,000	3,118,000	3,467,000
BARDA receivables	898,000	308,000	3,936,000
Prepaids and other current assets	1,578,000	1,213,000	1,333,000
Restricted cash		201,000	201,000
Inventory	2,125,000	2,132,000	1,647,000
Total current assets	87,458,000	92,132,000	121,330,000
Marketable securities long-term	6,930,000	19,692,000
Plant and equipment, net	1,200,000	1,262,000	1,458,000
Operating lease right-of-use assets	851,000	1,544,000	1,480,000
Corporate-owned life insurance asset	1,238,000	304,000
Intangible assets, net	465,000	443,000	472,000
Other long-term assets	122,000	638,000	761,000
Total assets	98,264,000	116,015,000	125,501,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued liabilities	3,002,000	2,708,000	3,120,000
Accrued wages and fringe benefits	6,623,000	5,363,000	3,321,000
Other current liabilities	1,068,000	1,075,000	949,000
Total current liabilities	10,693,000	9,146,000	7,390,000
Non-qualified deferred compensation liability	1,270,000	262,000
Contract liabilities	698,000	952,000	1,075,000
Operating lease liabilities, long term	306,000	918,000	878,000
Other long-term liabilities		113,000	503,000
Total liabilities	12,967,000	11,391,000	9,846,000
Non-qualified deferred compensation plan share awards	557,000
Contingencies (Note 12)
Shareholders' equity:
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 25,208,436, 24,925,743 and 24,895,864 shares issued and outstanding at December 31, 2022, December 31, 2021 and June 30, 2021, respectively	3,000	3,000	3,000
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at December 31, 2022, December 31, 2021 and June 30, 2021.
Additional paid-in capital	339,825,000	332,484,000	328,889,000
Accumulated other comprehensive income	7,627,000	8,060,000	8,259,000
Accumulated deficit	(262,588,000)	(235,923,000)	(221,496,000)
Total shareholders' equity	84,740,000	104,624,000	115,655,000
Company common stock held by the non-qualified deferred compensation plan	(127,000)
Total liabilities, non-qualified deferred compensation plan share awards and shareholders' equity	$ 98,264,000	$ 116,015,000	$ 125,501,000

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Statement Of Financial Position [Abstract]
Common stock par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock shares authorized	200,000,000	200,000,000	200,000,000
Common stock shares issued	25,208,436	24,925,743	24,895,864
Common stock shares outstanding	25,208,436	24,925,743	24,895,864
Preferred stock par value	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000	10,000,000
Preferred stock shares issued	0	0	0
Preferred stock shares outstanding	0	0	0

Consolidated Statements of Operations - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenues	$ 13,956	$ 34,421	$ 29,232
Cost of sales	(1,905)	(6,041)	(5,949)
Gross profit	12,051	28,380	23,283
BARDA income	580	3,215	2,055
Operating expenses:
Sales and marketing expenses	(8,472)	(21,913)	(14,660)
General and administrative expenses	(10,996)	(23,330)	(22,400)
Research and development expenses	(7,586)	(13,857)	(14,818)
Total operating expenses	(27,054)	(59,100)	(51,878)
Operating loss	(14,423)	(27,505)	(26,540)
Interest expense	(17)	(16)	(22)
Other income	38	892	17
Loss before income taxes	(14,402)	(26,629)	(26,545)
Provision for income tax	(25)	(36)	(38)
Net loss	$ (14,427)	$ (26,665)	$ (26,583)
Net loss per common share:
Basic	$ (0.58)	$ (1.07)	$ (1.17)
Diluted	$ (0.58)	$ (1.07)	$ (1.17)
Weighted-average common shares:
Basic	24,915,414	25,000,180	22,674,313
Diluted	24,915,414	25,000,180	22,674,313

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (14,427)	$ (26,665)	$ (26,583)
Other comprehensive income gain/(loss):
Foreign currency translation gain/(loss)	(95)	(111)	113
Net unrealized loss on marketable securities, net of tax	(104)	(322)
Comprehensive loss	$ (14,626)	$ (27,098)	$ (26,470)

- Definition

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

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+ Details

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Company Common Stock Held by the NQDC	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Beginning Balance at Jun. 30, 2020	$ 72,401	$ 3		$ 259,165	$ 8,146	$ (194,913)
Beginning balance, shares at Jun. 30, 2020		21,467,912
Net loss	(26,583)					(26,583)
Issuance of common stock under direct placement	69,106			69,106
Issuance of common stock under direct placement, shares		3,214,250
Issuance costs associated with direct placement	(5,109)			(5,109)
Share-based compensation	5,664			5,664
Exercise of stock options	63			63
Exercise of stock options, shares		14,359
Vesting of restricted stock units, shares		199,343
Translation gain (loss)	113				113
Ending Balance at Jun. 30, 2021	115,655	$ 3		328,889	8,259	(221,496)
Ending Balance, shares at Jun. 30, 2021		24,895,864
Net loss	(14,427)					(14,427)
Share-based compensation	3,588			3,588
Exercise of stock options	7			7
Exercise of stock options, shares		1,125
Vesting of restricted stock units, shares		28,754
Translation gain (loss)	(95)				(95)
Net unrealized loss on marketable securities, net of tax	(104)				(104)
Ending Balance at Dec. 31, 2021	104,624	$ 3		332,484	8,060	(235,923)
Ending Balance, shares at Dec. 31, 2021		24,925,743
Net loss	(26,665)					(26,665)
Share-based compensation	6,527			6,527
Exercise of stock options	$ 900			900
Exercise of stock options, shares	150,125	150,125
Vesting of restricted stock units, shares		114,641
Translation gain (loss)	$ (111)
Net unrealized loss on marketable securities, net of tax	(322)
Company common stock held by the NQDC			$ (127)	127
Company common stock held by the NQDC, Shares		17,927
Change in classification of deferred compensation share awards	(192)			(192)
Change in redemption value of share awards in NQDC plan	(21)			(21)
Other comprehensive loss	(433)				(433)
Ending Balance at Dec. 31, 2022	$ 84,740	$ 3	$ (127)	$ 339,825	$ 7,627	$ (262,588)
Ending Balance, shares at Dec. 31, 2022		25,208,436

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Cash flow from operating activities:
Net loss	$ (14,427)	$ (26,665)	$ (26,583)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	330	568	715
Share-based compensation	3,588	6,998	5,664
Non-cash lease expense	328	692	591
Loss on fixed asset disposal		3	130
Patent impairment loss	42
Remeasurement and foreign currency transaction (gain)/loss	(72)	(85)	228
Excess and obsolete inventory related charges	44	375	226
BARDA deferred costs	(278)	130	343
Contract cost amortization	167	338	129
Provision (benefit) for doubtful accounts	(2)	(5)	12
Amortization of (premium)/discount of marketable securities	104	(281)
Non-cash changes in the fair value of NQDC plan		38
Changes in operating assets and liabilities:
Trade and other receivables	350	(395)	(1,399)
BARDA receivables	3,627	(590)	(3,580)
Prepaids and other current assets	119	(366)	(342)
Inventory	(530)	(371)	(745)
Operating lease liability	(334)	(720)	(594)
Corporate-owned life insurance asset	(304)	(1,084)
Other long-term assets	(43)	178	(889)
Accounts payable and accrued expenses	(392)	282	(1,333)
Accrued wages and fringe benefits	2,046	1,272	493
Other current liabilities	186	(92)	155
Non-qualified deferred compensation plan liability	262	994
Contract liabilities	(123)	(254)	640
Other long-term liabilities	(189)	(50)	238
Net cash used in operations	(5,501)	(19,090)	(25,901)
Cash flows from investing activities:
Purchase of marketable securities	(49,550)	(74,362)
Maturities of marketable securities		55,555
Cash paid for property and equipment	(65)	(452)	(894)
Cash paid for patent filing fees	(67)	(73)	(280)
Net cash used in investing activities	(49,682)	(19,332)	(1,174)
Cash flow from financing activities:
Proceeds from direct placement of common stock			69,106
Issuance cost associated with direct placement			(5,109)
Principal repayment of finance lease			(11)
Proceeds from exercise of stock options	7	900	63
Net cash provided by financing activities	7	900	64,049
Effect of foreign exchange rate on cash and restricted cash	(59)	(26)	133
Net increase/(decrease) in cash and cash equivalents and restricted cash	(55,235)	(37,548)	37,107
Cash and cash equivalents and restricted cash beginning of the period	110,947	55,712	73,840
Cash and cash equivalents and restricted cash end of the period	55,712	18,164	110,947
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	8	17	42
Cash paid for interest	17	15	3
Plant and equipment purchases not yet paid	$ 35	$ 33	$ 20

The Company

12 Months Ended

Dec. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

The Company

1. The Company

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These financial statements include the assets, liabilities, revenues and expenses of all wholly-owned subsidiaries.

Nature of the Business

AVITA Medical, Inc. and its subsidiaries (collectively, “AVITA Medical”, “we”, “our”, “us”, or “Company”), is a regenerative medicine company leading the development and commercialization of devices and autologous cellular therapies for skin restoration. The Company’s RECELL® System technology platform harnesses the regenerative properties of a patient’s own skin to create Spray-On Skin™ cells. In September 2018, the United States Food & Drug Administration (“FDA”) granted premarket approval (“PMA”) to the RECELL System for use in the treatment of acute thermal burns in patients eighteen years and older. Following receipt of our original PMA, we commenced commercialization of the RECELL System in January 2019 in the United States. In June 2021, the FDA approved expanded use of the RECELL System in combination of meshed autografting for acute full-thickness thermal wounds in pediatric and adult patients. In February 2022, the FDA approved a PMA supplement for the RECELL Autologous Cell Harvesting Device, an enhanced ease-of-use device aimed at providing clinicians a more efficient user experience and simplified workflow. In addition, the FDA has granted the Company Investigational Device Exemptions (“IDEs”), which enabled the Company to conduct pivotal clinical trials to further expand the indications of the RECELL System to include soft tissue repair and vitiligo. Enrollment of those clinical studies is complete, with topline results recently announced for both the soft tissue repair and vitiligo trials. Results from those studies are intended to support the Company’s pursuit of FDA approval to market the RECELL System in the United States for those indications. In connection to FDA approval, the Company submitted a PMA Supplement for soft tissue repair and a PMA application for vitiligo in December 2022.

In February 2019, we entered into a collaboration with COSMOTEC, an M3 Group company, to market and distribute the RECELL System in Japan. We worked with COSMOTEC to advance our application for approval of the RECELL System in Japan pursuant to Japan’s Pharmaceuticals and Medical Devices Act (“PMDA”). In February 2022, COSMOTEC’s application for regulatory approval was approved by the PMDA with labelling for burns only. In September 2022, COSMOTEC commercially launched RECELL in Japan following Japan’s Ministry of Health, Labor, and Welfare approval of reimbursement pricing. COSMOTEC potentially plans to submit a further application for soft tissue repair and vitiligo indications.

In March 2020, the World Health Organization declared the outbreak of a novel strain of the coronavirus (“COVID-19”) a pandemic. We continue to closely monitor the impact surrounding the spread and potential resurgence of COVID-19 due to existing and future variants. As of the date of this filing, we continue to be unable to predict the full impact that the ongoing COVID-19 pandemic will have on our future results of operations, liquidity, and financial condition due to numerous uncertainties, including the duration of the pandemic and the actions that may be taken in the future by government authorities across the United States in response to new variants. The Company has assessed the potential impact of COVID-19 on certain accounting matters including, but not limited to, the allowance for doubtful accounts, inventory reserves and return reserves, and impairment considerations for long-lived assets, marketable securities and intangibles, as of December 31, 2022, and through the date of this report. With respect to future operating results, it is not possible at this time to predict, with any degree of precision, the effects of COVID-19. Consequently, actual results for accounting estimates and assumptions, particularly those relating to the recoverability of certain intangible assets and estimates of expected credit losses on accounts receivable could differ from these estimates. However, we do not currently believe that COVID-19 will result in any significant changes in costs going forward. We will continue to monitor the performance of our business and reassess the impacts of COVID-19 and its variants.

CHANGE OF YEAR-END

On November 8, 2021, the Company changed its fiscal year-end from June 30th to December 31st. The decision to change the fiscal year-end to a calendar year end was to align our reporting cycle more closely with how we manage our business.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

Reclassification of prior year presentation

Certain prior year amounts within other long-term assets and other long-term liabilities have been reclassified to Corporate-owned life insurance asset and Non-qualified deferred compensation plan liability, respectively, in the Consolidated Balance Sheets and Consolidated Statement of Cash flows, for consistency with current period presentation. These reclassifications had no effect on the reported results of operations or financial position or net cash used in operations.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts (including doubtful accounts, carrying value of long-lived asset, the useful lives of long-lived assets, accounting for marketable securities, income taxes, stock-based compensation and the stand-alone selling price for the BARDA contract) and related disclosures. Estimates have been prepared on the basis of the current and available information. However, actual results could differ from estimated amounts.

Foreign Currency Translation and Foreign Currency Transactions

The financial position and results of operations of the Company’s operating non-U.S. subsidiaries are generally determined using the respective local currency as the functional currency of that subsidiary. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each period end. Income statement accounts are translated at the average rate of exchange prevailing during the period. Adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive gain (loss) in shareholders’ equity. Gains and losses resulting from foreign currency transactions are included in general and administrative expenses and were gain of $91,000 and $35,000 and a loss of $97,000 for the year-ended December 31, 2022, the transition period ended December 31, 2021 and the year-ended June 30, 2021, respectively.

The Company’s subsidiaries that use the U.S. dollar as their functional currency remeasure monetary assets and liabilities at exchange rates in effect at the end of each period, nonmonetary assets and liabilities at historical rates. Gains and losses resulting from these remeasurements and foreign currency transactions are included in general and administrative expenses and were a loss of $6,000 a gain $37,000 and a loss of $131,000 for the year-ended December 31, 2022, the transition period ended December 31, 2021 and the year-ended June 30, 2021, respectively.

Comprehensive Loss

The components of comprehensive loss consist of net loss, foreign currency translation adjustments from its subsidiaries not using the U.S. dollar as their functional currency and unrealized gains and losses in investments available for sale. The Company did not have reclassifications from other comprehensive loss to net loss during the year-ended December 31, 2022, the transition period ended December 31, 2021, and the year-ended June 30, 2021.

Revenue Recognition

The Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company expects to be entitled in exchange for those goods or services.

To determine revenue recognition for arrangements that are within the scope of Topic 606, the Company performs the following five steps:

1.	Identify the contract with a customer

2.	Identify the performance obligations

3.	Determine the transaction price

4.	Allocate the transaction price to the performance obligations

5.	Recognize revenue when/as performance obligation(s) are satisfied

In order for an arrangement to be considered a contract, it must be probable that the Company will collect the consideration to which it is entitled for goods or services to be transferred. Once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised with each contract, determines whether those are performance obligations and the related transaction price. The Company then recognizes the sale of goods based on the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied.

The Company’s revenue consists primarily of the sale of the RECELL System to hospitals or other treatment centers, COSMOTEC and to BARDA (collectively, “customers”), predominately in the United States. The Company evaluated the BARDA contract and concluded that a portion of the arrangement, such as the procurement of the RECELL system and the emergency preparedness, represents a transaction with a customer and as such are in the scope of ASC 606. Amounts received from BARDA for the research and development of the Company’s product are classified as BARDA income in the consolidated statement of operations and are accounted for under International Accounting Standards 20 (“IAS 20”). For further details refer to BARDA Income and Receivables below.

Revenues for commercial customers (hospitals, treatment centers and COSMOTEC) are recognized as control of the product is transferred to customers, at an amount that reflects the consideration expected to be received in exchange for the product. Revenues are recognized net of volume discounts. As such, revenue is recognized only to the extent a significant reversal of revenues is not expected to occur in subsequent periods. For the Company’s contracts that have an original duration of one year or less, the Company elected the practical expedient applicable to such contracts and does not consider the time value of money. Further, because of the short duration of these contracts, the Company has not disclosed the transaction price for the remaining performance obligations as of each reporting period or when the Company expects to recognize this revenue. The Company has further applied the practical expedient to exclude sales tax in the transaction price and expense contract fulfilment costs such as commissions and shipping and handling expenses as incurred.

For revenues related to the BARDA contract within the scope of ASC 606, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units, (ii) emergency preparedness services. Through this contract the Company promises to procure the product through a vendor management inventory arrangement and to stand ready to provide emergency deployment services related to the product. Emergency preparedness services include procuring necessary storage containers, housing, and maintaining the containers (and product), and providing shipping and handling services in the event of an emergency situation. This stand ready obligation is a series of distinct services that are substantially the same and have the same pattern of transfer to the customer, overtime as services are consumed.

The total transaction price for the portion of the BARDA contract that is with in the scope of ASC 606, was determined to be $9.2 million. The transaction price was allocated on a stand-alone selling price basis as follows: $7.6 million to the procurement of the RECELL product, which is classified as revenues when recognized in the consolidated statement of operations and $1.6 million to the emergency deployment services which is classified as revenues when recognized in the consolidated statement of operations. The $1.6 million for emergency deployment includes variable consideration which is deemed immaterial to the contract as a whole. The Company estimated the stand-alone selling price of the procurement of the RECELL product based on historical pricing of the Company’s product at the initial execution of the contract. The Company estimated the stand-alone selling price of the emergency deployment services performed based on the Company’s projected cost of providing the services plus an applicable profit margin as denoted in the contract.

The Company’s performance obligations are either satisfied at a point in time or over time as services are provided. The product procurement performance obligation is satisfied at a point in time, upon transfer of control of the product. As such, the related revenue for these performance obligations is recognized at a point in time as revenue within the Company’s consolidated statement of operations. In addition to guidance under ASC 606, the Company recognizes revenue from the sales of RECELL product to BARDA for placement into vaccine stockpiles in accordance with Securities and Exchange Commission (SEC) Interpretation, Commission Guidance regarding Accounting for Sale of Vaccines and BioTerror Countermeasures to the Federal Government for Placement into the Pediatric Vaccine Stockpile or the Strategic National Stockpile (SNS). Under this guidance, revenue is recognized when product is placed in the BARDA vendor-managed inventory (“VMI”) as control of the product has been transferred to the customer at the time of delivery to the VMI. RECELL units that have been delivered to BARDA have a product replacement obligation at no cost to BARDA due to product’s limited shelf-life. The estimated cost of the expired inventory over the term of the contract is recognized on a per unit basis at the time of delivery. The estimated liability is released upon replacement of the product along with a corresponding reduction to inventory. The emergency preparedness services performance obligation is satisfied over time. Revenue for the emergency deployment will be recognized on a straight-line basis during the term of the contract as services are consumed over time. Services recognized are included in sales within the Consolidated Statement of Operations. Contract costs to fulfil the performance obligations are incremental and expected to be recovered are capitalized and amortized on a straight-line basis over the term of the contract. As of December 31, 2022, contract costs are included in other current asset, in prior-years amounts were included in other long-term assets.

Contract Liabilities

The Company receives payments from customers based on contractual terms. Trade receivables are recorded when the right to consideration becomes unconditional. The Company satisfies its performance obligation on product sales when the products are shipped or delivered, depending on the terms of the sale. Payment terms on invoiced amounts are typically 30-90 days, and do not include a financing component. Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer.

Cost of Sales

Cost of sales related to products includes costs to manufacture or purchase, package, and ship the Company’s products. Costs also include relevant production overhead and depreciation and amortization. These costs are recognized when control of the product is transferred to the customer and revenue is recognized.

Income Taxes

Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that a portion of the deferred tax asset will not be realized. We recognize interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. Accrued interest and penalties are included on the related tax liability line in the Consolidated Balance Sheet.

The Company reviews its uncertain tax positions regularly. An uncertain tax position represents the Company’s expected treatment of a tax position taken in a filed return, or planned to be taken in a future tax return or claim that has not been reflected in measuring income tax expense for financial reporting purposes. The Company recognizes the tax benefit from an uncertain tax position when it is more-likely-than-not that the position will be sustained upon examination on the basis of the technical merits or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired.

Cash and Cash Equivalents

Consists of cash held at deposit institutions and cash equivalents. Cash equivalents consist of short-term highly liquid investments with original maturities of three months or less from the date of purchase and consist primarily of money market funds. The Company holds cash at deposit institutions in the amount of $4.1 million, $4.4 million and $54.2 million of which $737,000 and $203,000 and $273,000 is denominated in foreign currencies in foreign institutions as of December 31, 2022, December 31, 2021, and June 30, 2021 respectively. As of December 31, 2022, December 31, 2021, and June 30, 2021, the Company held cash equivalents in the amount of $14.1 million and $51.1 million, and $56.5 million, respectively.

Restricted Cash

Pursuant to a contractual agreement with American Express to maintain the business credit card, the Company was required to maintain restricted cash deposits which amounted to approximately $201,000 as of December 31, 2021 and June 30, 2021. As of December 31, 2022, the Company is no longer required to maintain a balance.

Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, trade receivables, BARDA receivables and other receivables. As of December 31, 2022, December 31, 2021 and June 30, 2021, substantially all of the Company’s cash was deposited in accounts at financial institutions, and amounts may exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which its cash is held.

As of December 31, 2022 and December 31, 2021, one commercial customer accounted for approximately 10% of net accounts receivable. As of June 30, 2021, no single commercial customer accounted for more than 10% of accounts receivable. For the year-ended December 31, 2022, one commercial customer accounted for more than 10% of total revenues. For the transition period ended December 31, 2021 and the year-ended June 30, 2021, no single commercial customer accounted for more than 10% of total revenues. BARDA revenues for the procurement of the RECELL system accounted for approximately 1%, 1% and 27% of total revenues for the year-ended December 31, 2022, the transition period ended December 31, 2021 and the year-ended June 30, 2021, respectively. BARDA receivables for the procurement of the RECELL system and emergency preparedness accounted for approximately 2%, 3%, and 91% of BARDA receivables as of December 31, 2022, December 31, 2021 and June 30, 2021, respectively. See table below for breakdown of BARDA receivables (in thousands).

	As of December 31, 2022		As of December 31, 2021		As of June 30, 2021
BARDA procurement and emergency preparedness services	$	16	$	9	$	3,583
BARDA expense reimbursements		882		299		353
Total	$	898	$	308	$	3,936

Fair Value of Financial Instruments

The carrying values of the Company’s financial instruments, consisting of cash and cash equivalents, marketable securities, trade receivables, prepaids and other receivables, accounts payable, accrued liabilities and contract liabilities, approximate fair value due to the relative short-term nature of these instruments.

Marketable Securities

We classify all highly liquid investments with original maturities of three months or less from the date of purchase as cash equivalents and all highly liquid investments with stated maturities of greater than three months as marketable securities. The Company classifies marketable securities as short-term when they have remaining contractual maturities of one year or less from the balance sheet date, and as long-term when the investments have remaining contractual maturities of more than one year from the balance sheet date. Classification is determined at the time of purchase and re-evaluated each balance sheet date. Short-term marketable securities represent investment of cash available for current operations. We account for our marketable securities as available-for-sale securities.

All marketable securities, which consist of corporate debt securities, asset backed securities, U.S treasury and commercial paper are denominated in the U.S. dollars, have been classified as “available for sale”, and are carried at fair value. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders equity until realized. Realized gains and losses on marketable securities are included in interest and other income, net, in the accompanying Consolidated Statements of Operations. The cost of any marketable securities sold is based on the specific identification method. The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Interest on marketable securities is included in other income. In accordance with the Company’s investment policy, management invests to diversify credit risk and only invests in securities with high credit quality, including U.S. government securities, and the maximum final maturity from the date of purchase is thirty-seven months.

If necessary, the Company will recognize an allowance for credit losses on available-for-sale debt securities on an individual basis, and will no longer consider other than-temporary impairment or immediately reduce the cost basis of the investment provided that it is more likely than not that the security will be held to recovery or maturity. Further, the Company will recognize any improvements in estimated credit losses on available-for-sale debt securities immediately in earnings and reduce the existing allowance for credit losses. The Company will disaggregate its available-for-sale debt securities into the following categories: commercial paper, corporate debt, government and agency securities and money market funds. The Company’s corporate bonds are comprised of predominantly high-grade corporate bonds while its government and agency securities are U.S. treasury bonds, and U.S. agency bonds. The Company has analyzed both corporate bonds and government and agency securities and identified that both types of securities have similar risk characteristics in that they are traded infrequently and have contractual interest rates and maturity dates.

To evaluate for impairment, management reviews credit rating changes, securities trends, interest rate movements and unrealized loss at the security level of the Company’s available for sale debt securities. If any of these give rise to a potential credit concern, the Company performs a discounted cash flow analysis to determine the credit portion of the impairment. The discounted cash flow analysis will be performed either internally or through the assistance of a qualified third party. Once the credit component of

the impairment is determined, the Company will record the impaired amount as an allowance to the available-for-sale debt securities balance and as a charge to other income in the accompanying Consolidated Statements of Operations, not to exceed the amount of the unrealized loss. The Company assesses expected credit losses at the end of each reporting period and adjusts the allowance through other income.

Accounts Receivable

Accounts receivable are recorded net of customer allowances for doubtful accounts. The Company estimates an allowance for expected credit losses (i.e., the inability of our customers to make required payments). These estimates are based on a combination of past experience and current trends. In estimating the allowance for expected credit losses, consideration is given to the current aging of receivables, a specific review for potential bad debts and an evaluation of historic write-offs. The resulting bad debt expense is included in sales and marketing expenses in the Consolidated Statement of Operations. Receivables are written-off when deemed uncollectible. As of December 31, 2022, December 31,2021, and June 30, 2021, the allowance for doubtful accounts was $24,000 $28,000, and $30,000, respectively.

A rollforward of the activity in the Company’s allowance for doubtful account is as follows (in thousands):

	Year-ended			Transition Period Ended			Year-ended
	December 31, 2022			December 31, 2021			June 30, 2021
Allowance for doubtful accounts, at beginning of year	$	28		$	30		$	18
Bad debt expense		5			2			12
Deductions		(9	)		(4	)		-
Allowance for doubtful accounts, at end of year	$	24		$	28		$	30

BARDA Income and Receivables

The Company was awarded a BARDA grant in September 2015. Under this grant BARDA supports the Company’s research and development for the Company’s product, including the ongoing U.S. clinical regulatory program targeted towards FDA PMA, our compassionate use program, clinical and health economics research, and U.S. pediatric burn programs.

Consideration received under the BARDA grant is earned and recognized under a cost-plus-fixed-fee arrangement in which the Company is reimbursed for direct costs incurred plus allowable indirect costs and a fixed-fee earned. Billings under the contracts are based on approved provisional indirect billing rates, which permit recovery of fringe benefits, general and administrative expenses and a fixed fee.

The Company has concluded that grants under the BARDA grant are not within the scope of ASC 606, as they do not meet the definition of a contract with a “customer.” The Company has further concluded that Subtopic 958-605, Not-for-Profit-Entities-Revenue Recognition also does not apply, as the Company is a business entity and the grants are with governmental agencies or units. With respect to the BARDA grant, we considered the guidance in IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, by analogy. BARDA income and related receivables are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions have been complied with. When the grant relates to an expense item, the grant received is recognized as income over the period when the expense was incurred.

Inventory

Inventory is valued at the lower of cost or estimated net realizable value and is reflected in cost of sales. Costs incurred in bringing each product to its present location and condition are accounted for at purchase cost on a first-in, first-out basis (“FIFO”). The Company capitalizes inventory costs associated with the Company’s products when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as research and development. Inventory is evaluated for impairment periodically to identify inventory obsolescence when an inventory item’s cost basis is in excess of its net realizable value. These adjustments are based upon multiple factors, including inventory levels, projected demand, and product shelf life.

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs to complete the sale.

Leases

The Company has operating leases for corporate office space, manufacturing and warehouse facility. The Company has finance leases for equipment and furniture, which are not material to the consolidated financial statements. The Company’s operating leases have remaining lease terms of one year to two years, some of which include options to renew the lease. At contract inception, the Company determines whether the contract is a lease or contains a lease. A contract contains a lease if the Company is both able to identify an asset and can conclude it has the right to control the identified asset for a period of time. Leases with an initial term of twelve months or less are not recorded on the Consolidated Balance Sheet.

Right-of-use (“ROU”) assets represent the Company’s right to control an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an explicit rate, the Company used its incremental borrowing rate (“IBR”) based on the information available at commencement date in determining the discount rate used to present value lease payments. In determining the IBR, the Company considered its credit rating and current market interest rates. The IBR used approximates the interest that the Company would be required to pay for a collateralized loan over a similar term. The Company’s leases typically do not include any residual value guarantees or asset retirement obligations.

The Company’s lease terms are only for periods in which it has enforceable rights. A lease is no longer enforceable when both the lessee and the lessor each have the right to terminate the lease without permission from the other party with no more than an insignificant penalty. The Company has options to renew some of these leases for three years after their expiration. The Company considers these options, which may be elected at the Company’s sole discretion, in determining the lease term on a lease-by-lease basis. Lease expense is recognized on a straight-line basis over the lease term and is primarily included in general and administrative expenses in the accompanying consolidated statements of operations.

The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all underlying asset classes. Some leases require variable payments for common area maintenance, property taxes, parking, insurance and other variable costs. The variable portion of lease payments is not included in operating lease assets or liabilities. Variable lease costs are expensed when incurred.

Property, Plant and Equipment

The Company’s property, plant and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation is computed based on the straight-line method over the estimated useful lives of the various asset classes, generally three to seven years. Leasehold improvements are amortized over the shorter of the life of the related asset or the remaining term of the lease. Costs associated with customized internal-use software systems that have reached the application development stage and meet recoverability tests are capitalized and include external direct costs utilized in developing or obtaining the applications and payroll and payroll-related expenses for employees who are directly associated with the application development. Maintenance and repairs are expensed as incurred.

Intangible Assets

The Company maintains definite-lived intangible assets related to patents initially measured at cost and amortized over estimated useful lives of approximately 3—20 years. The Company had capitalized patent costs of $558,000, $673,000 and $700,000 as of December 31, 2022, December 31, 2021, and June 30, 2021 respectively, related to regulatory approval of the RECELL System, and are being amortized over their estimated useful lives.

Impairment of Long-Lived Assets

The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the estimated, undiscounted future cash flows is less than the carrying amount of the asset, then an impairment is recognized for the amount by which the carrying value of the asset exceeds its estimated fair value. Fair value is determined using the market, income, or cost approaches as appropriate for the asset. Any write-downs are treated as permanent reductions in the carrying amount of the asset and recognized as an operating loss. The Company recorded $42,000 of impairments intangible assets during the transition period ended December 31, 2021. There were no impairments of long-lived assets for the year-ended December 31, 2022 and June 30, 2021.

Sales and Marketing Expenses

Sales and marketing expenses consist primarily of compensation and employee benefits of sales and marketing personnel and related field sales organization, marketing events, advertising costs, travel, trade shows and other marketing materials. The Company expenses all selling and marketing costs as incurred. Advertising expenses were $216,000, $16,000, and $73,000 for the year-ended December 31, 2022, the transition period ended December 31, 2021, and the year-ended June 30, 2021, respectively.

Research and Development Expenses

Research and development expenses represent costs incurred to develop the Company’s products. Research and development expenses consist primarily of salaries and other personnel costs, clinical trial costs, regulatory costs and manufacturing costs for non-commercial products. The Company expenses all research and development costs in the periods in which they are incurred.

Stock-Based Compensation

The Company records compensation expense for stock options and RSUs based on the fair market value of the awards on the date of grant. The fair value of stock-based compensation awards is amortized over the vesting period of the award. Compensation expense for performance-based awards is measured based on the number of shares ultimately expected to vest, estimated at each reporting date based on management’s expectations regarding the relevant performance criteria, if any. The Black-Scholes option pricing model and Monte Carlo Simulation were used to estimate the fair value of the time-based and performance-based options, respectively. Under ASU 2016-09, Compensation – Stock Compensation (“ASC 718”) Improvements to Employee Share-Based Payment Accounting, the Company elected to account for forfeitures as they occur.

The following assumptions were used in the valuation of stock options.

•

Expected volatility – determined using the average of the historical volatility using daily intervals over the expected term and the derived volatility using the longest term available of 12 months.

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Expected dividends – none, based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

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Expected term – the expected term of the Company’s stock options for tenure only vesting has been determined utilizing the “simplified” method as described in the SEC’s Staff Accounting Bulletin No. 107 relating to share-based compensation. The simplified method was chosen because the Company has limited historical option exercise experience due to its short operating history of awards granted, with the first plan being established in 2016 which was primarily used for executive awards. Further, the Company does not have sufficient history of exercises in the U.S. market given the Company’s redomiciliation from Australia to the United States in 2020. The expected term of options with a performance condition or market condition was set to the contractual term of 10 years. The contractual term was used for options with a performance or market condition as these are primarily awarded to executives and the Company assumes that they will hold them longer than rank and file employees.

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Risk-free interest rate – the risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award.

Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period, assuming potentially dilutive ordinary shares from option exercises, employee share awards, and other dilutive instruments that have been issued. For periods where the Company has presented a net loss, potentially dilutive securities are excluded from the computation of diluted net loss per share as they would be anti-dilutive. In accordance with ASC 710-10, shares of common stock held by the rabbi trust are excluded from the denominator in the basic and diluted EPS calculations.

Non-Qualified Deferred Compensation Plan Liability and Corporate-Owned Life Insurance Asset

The Company’s non-qualified deferred compensation plan (the "NQDC plan"), which became effective in October 2021, allows highly compensated key employees to elect to defer a portion of their salary, bonus, commissions and RSU awards to later years. Management determined that the cash deferrals under the NQDC plan shall be accounted for similarly to a defined benefit plan under ASC 715, Compensation – Retirement Benefits, and should follow accounting treatment that is similar to a cash balance plan. Management determined that the employee portion and employer portion of the deferred compensation should be recognized as a compensation expense with a corresponding credit to deferred compensation liability. The matching contribution will be accrued over the vesting period of two years with 25% vesting in the first year and 75% vesting in the second year. Employees aged 55 or older immediately vest in employer matching contributions. The change in the liability between each reporting period is accounted for as compensation expense with a corresponding adjustment to deferred compensation liability. Upon distribution, the Company will record the distribution as a decrease to compensation liability with a corresponding credit to cash. The Company funds the NQDC plan through a Corporate-Owned Life Insurance (“COLI”). Per the ASC 325-30-25-1A, Investments – Other, COLI is recorded as an asset in on the Consolidated Balance Sheets as it does not meet the definition of a plan asset under ASC 715. The Company invests in COLI policies relating to its deferred compensation plan. Investments in COLI policies are recorded at their cash surrender values as of each balance sheet date. Changes in the cash surrender value during the period are recorded as a gain or loss in the statements of operations in Other income.

Rabbi Trust

During April 2022, we established a rabbi trust for a select group of participants in which share awards granted under the 2020 Omnibus Incentive Plan (“2020 Plan”) and deferred under the NQDC plan may be deposited. In addition to the deferral of shares, the rabbi trust holds the assets in the COLI for the NQDC plan. The rabbi trust is an irrevocable trust and no portion of the trust fund may be used for any purpose other than the delivery of those assets to the participants. The assets held in the rabbi trust are subject to the claims of our general creditors in the event of bankruptcy or insolvency. The value of the assets of the rabbi trust is consolidated into our financial statements.

The NQDC plan permits diversification of vested shares (common stock) into other equity securities subject to a six-month and one day holding period subsequent to vesting. Per ASC 710-10-25-15, accounting for deferred common stock will be under plan type C or D. Accounting will depend on whether or not the employee has diversified the common stock. Under Plan type C, diversification is permitted but the employee has not diversified. Under Plan type D, diversification is permitted and the employee has diversified.

For common stock that have not been diversified, the employer stock held in the rabbi trust is classified in a manner similar to treasury stock and presented separately on the Consolidated Balance Sheets as Company common stock held by the non-qualified deferred compensation plan. Common stock will be recorded at fair value of the stock at the time it vested, subsequent changes in the value of the common stock will not be recognized. The deferred compensation obligation is measured independently at fair value of the common stock with a corresponding charge or credit to compensation cost. Fair value is determined as the product of the common stock and the closing price of the stock each reporting period.

Under plan type D, assets held by the rabbi trust are subject to applicable GAAP. As diversified common stock will be invested in mutual funds, assets held by the rabbi trust will be subject to accounting in ASC 321 - Investments - Equity Securities. The deferred compensation obligation is measured independently at fair value of the underlying assets. As of December 31, 2022, deferred common stock has not been diversified.

Non-qualified deferred compensation share awards

In accordance with ASC 718, Compensation — Stock Compensation, the deferred RSU awards under the NQDC plan are classified as an equity instrument and changes in fair value of the amount owed to the participant are not recognized. As the plan permits diversification, presentation outside of permanent equity in accordance with ASR 268, Redeemable Preferred Stock is appropriate. The redemption amounts are based on the vested percentage and are recorded outside of equity as non-qualified deferred compensation share awards on the Consolidated Balance Sheets. Deferred awards will be presented outside of permanent equity until the awards are vested.

The redemption value of unvested and deferred RSU awards is recorded outside of equity as Non-qualified deferred compensation plan share awards. Once awards are vested, they are reclassified back to permanent equity as Company common stock held by the non-qualified deferred compensation plan in the Consolidated Balance Sheets. For further details refer to Note 18.

Segment Reporting

Operating segments are defined as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company’s chief operating decision-maker is its Chief Executive Officer. To date, the Company has viewed its operations and manages its business as one segment.

Accounting Standards Update

12 Months Ended

Dec. 31, 2022

Accounting Changes And Error Corrections [Abstract]

Accounting Standards Update

3. Accounting Standards Update

Recently Adopted Accounting Pronouncements

In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance.” ASC 832 requires business entities to provide certain disclosures when they (1) have received government assistance and (2) use a grant or contribution accounting model by analogy to other accounting guidance. The guidance will require business entities to disclose the nature of the transactions, accounting policies used to account for the transactions, and state which line items on the balance sheet and income statement are affected by these transactions and the amount applicable to each financial statement line. Business entities will also have to disclose significant terms and conditions of transactions with a government such as the duration of the agreement, any commitments made by either side, provisions, and contingencies. The guidance in ASU 2021-10 is effective for all entities for fiscal years beginning after December 15, 2021. Entities may apply the provision either (1) prospectively to all transactions within the scope of ASC 832 that are reflected in the financial statements as of the adoption date and all new transactions entered into after the date of adoption or (2) retrospectively. The Company adopted this standard as of January 1, 2022. The adoption did not have a material impact on the consolidated financial statements or disclosures.

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, or ASU 2019-12, which includes amendments to simplify the accounting for income taxes by removing certain exceptions to the general principles in ASC 740, Income Taxes, or ASC 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. The new guidance is effective for the Company for annual periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted. The Company adopted this standard as of January 1, 2022. The adoption did not have a material impact on the consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

All other newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Marketable Securities

12 Months Ended

Dec. 31, 2022

Available For Sale Securities [Abstract]

Marketable Securities

4. Marketable Securities

The following table summarizes the amortized cost and estimates fair values of debt securities available for sale:

	As of December 31, 2022
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	14,089	$	-	$	-		$	14,089
Current marketable securities:
U.S Treasury securities	$	43,092	$	1	$	(393	)	$	42,700
Commercial paper		12,743		-		-			12,743
Corporate debt securities		3,865		-		(23	)		3,842
U.S Government agency obligations		1,901		-		(8	)		1,893
Total current marketable securities	$	61,601	$	1	$	(424	)	$	61,178
Long-term marketable securities:
Asset backed securities	$	3,568	$	7	$	(3	)	$	3,572
U.S Treasury securities		2,416		-		(6	)		2,410
U.S Government agency obligations		949		-		(1	)		948
Total long-term marketable securities	$	6,933	$	7	$	(10	)	$	6,930

	As of December 31, 2021
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	51,112	$	-	$	-		$	51,112
Current marketable securities:
Commercial paper	$	19,586	$	-	$	-		$	19,586
Corporate debt securities		7,068		-		(7	)		7,061
Asset backed securities		3,002		-		-			3,002
Total current marketable securities	$	29,656	$	-	$	(7	)	$	29,649
Long-term marketable securities:
U.S Treasury securities	$	18,043	$	-	$	(89	)	$	17,954
Corporate debt securities		1,746		-		(8	)		1,738
Total long-term marketable securities	$	19,789	$	-	$	(97	)	$	19,692

The maturities of debt securities available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid.

	As of December 31, 2022				As of December 31, 2021
	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
Due in one year or less	$	61,601	$	61,178	$	29,656	$	29,649
Due after one year through three years	$	6,933	$	6,930	$	19,789	$	19,692

Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $8,000 and an unrealized loss of $434,000 as of December 31, 2022 which resulted in a net unrealized loss of $426,000. Gross unrealized gains and losses on the Company’s marketable securities were an unrealized gain of $0 and an unrealized loss of $104,000 as of December 31, 2021 which resulted in a net unrealized loss of $104,000.

During the year-ended December 31, 2022 and the transition period ended December 31, 2021, the Company did not recognize credit losses. The Company did not have any marketable securities as of June 30, 2021. The Company has accrued interest income of $168,000, $72,000 and $0 as of December 31, 2022 and, 2021 and June 30, 2021, recorded in Prepaids and Other Current Assets. Money market funds were included in the cash and cash equivalents line item.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The authoritative guidance on fair value measurements establishes a framework with respect to measuring assets and liabilities at fair value on a recurring basis and non-recurring basis. Under the framework, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as of the measurement date. The framework also establishes a three-tier hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability and are developed based on the best information available in the circumstances. The hierarchy consists of the following three levels:

Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Inputs are unobservable inputs for the asset or liability

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy:

	As of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	14,089	$	-	$	-	$	14,089
Current marketable securities:
U.S Treasury securities		-		42,700		-		42,700
Commercial paper		-		12,743		-		12,743
Corporate debt securities		-		3,842		-		3,842
U.S Government agency obligations		-		1,893		-		1,893
Total current marketable securities		-		61,178		-		61,178
Long-term marketable securities:
Asset backed securities		-		3,572		-		3,572
U.S Treasury securities		-		2,410		-		2,410
U.S Government agency obligations		-		948		-		948
Total long-term marketable securities		-		6,930		-		6,930
Total marketable securities and cash equivalents	$	14,089	$	68,108	$	-	$	82,197

	As of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	51,112	$	-	$	-	$	51,112
Current marketable securities:
Commercial paper		-		19,586		-		19,586
Corporate debt securities		-		7,061		-		7,061
Asset backed securities		-		3,002		-		3,002
Total current marketable securities		-		29,649		-		29,649
Long-term marketable securities:
U.S Treasury securities		-		17,954		-		17,954
Corporate debt securities		-		1,738		-		1,738
Total long-term marketable securities		-		19,692		-		19,692
Total marketable securities and cash equivalents	$	51,112	$	49,341	$	-	$	100,453

The Company’s Level 1 assets include money market instruments and are valued based upon observable market prices. Level 2 assets consist of commercial paper, asset back securities and corporate debt securities, U.S. Government Agency obligations and U.S Treasury securities. Level 2 securities are valued based upon observable inputs that include reported trades, broker/dealer quotes, bids and offers. As of December 31, 2022 and December 31, 2021, the Company had no investments that were measured using unobservable (Level 3) inputs. There were no transfers between fair value measurement levels during the year-ended December 31, 2022 and the transition period ended December 31, 2021. For the year-ended June 30, 2021, the Company did not have any marketable securities. Cash equivalents consist of money market funds and are classified as a Level 1.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

6. Leases

During August 2021, the Company remeasured the lease liability for an office lease due to a change in the lease term. As a result of the remeasurement of the lease liability, there was an increase of approximately $392,000 to the operating lease ROU assets and operating lease liabilities. There was no impact on earnings as a result of the modification.

The following table sets forth the Company’s operating lease expenses which are included in general and administrative expenses in the Consolidated Statements of Operations (in thousands):

	Year-Ended		Transition Period Ended		Year-Ended
	December 31, 2022		December 31, 2021		June 30, 2021
Operating lease cost	$	775	$	284	$	731
Variable lease cost		51		25		48
Total lease cost	$	826	$	309	$	779

Supplemental cash flow information related to operating leases was as follows (in thousands):

	Year-Ended		Transition Period Ended		Year-Ended
	December 31, 2022		December 31, 2021		June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	803	$	288	735

Supplemental balance sheet information, related to operating leases was as follows (in thousands):

	As of December 31, 2022			As of December 31, 2021			As of June 30, 2021
Reported as:
Operating lease right-of-use assets	$	851		$	1,544		$	1,480
Total right-of-use assets	$	851		$	1,544		$	1,480

Other current liabilities:
Operating lease liabilities, short-term	$	612		$	720		$	702
Operating lease liabilities, long term		306			918			878
Total operating lease liabilities	$	918		$	1,638		$	1,580
Operating lease weighted average remaining lease term (years)		1.44			2.30			2.67
Operating lease weighted average discount rate		6.71	%		6.51	%		6.70	%

As of December 31, 2022, maturities of the Company’s operating lease liabilities are as follows (in thousands):

	Operating Leases
2023		649
2024		314
Total lease payments		963
Less imputed interest		(45	)
Total operating lease liabilities	$	918

At December 31, 2022 there were no leases entered into that had not yet commenced. On February 1, 2023, the Company executed the fifth amendment to the lease of the administrative and office space in Valencia, California. The lease was extended for 39 months and is currently leased through October 31, 2026, with an average monthly base rent charge of approximately $37,000.

Inventory

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventory

7. Inventory

The composition of inventories is as follows (in thousands):

	As of
	December 31, 2022		December 31, 2021		June 30, 2021
Raw materials	$	1,131	$	1,222	$	982
Work in process		384		176		241
Finished goods		610		734		424
Total inventory	$	2,125	$	2,132	$	1,647

The Company has reduced the carrying value of its inventories to reflect the lower of cost or net realizable value. Charges for estimated excess and obsolescence are recorded in cost of sales in the Consolidated Statement of Operations and were $375,000, $44,000 and $226,000 for the year-ended December 31, 2022, the transition period ended December 31, 2021, and the year-ended June 30, 2021, respectively.

Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

8. Intangible Assets

The composition of intangible assets is as follows (in thousands):

			As of December 31, 2022							As of December 31, 2021							As of June 30, 2021
	Weighted Average Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		2	$	17	$	(16	)	$	1	$	209	$	(182	)	$	27	$	264	$	(190	)	$	74
Patent 2		13		137		(28	)		109		123		(18	)		105		138		(16	)		122
Patent 3		14		194		(39	)		155		192		(25	)		167		163		(19	)		144
Patent 5		19		89		(6	)		83		46		(3	)		43		46		(2	)		44
Patent 6		20		43		(4	)		39		39		(2	)		37		39		(1	)		38
Patent 7		13		2		-			2		2		-			2		-		-			-
Patent 8		19		13		-			13		3		-			3		3		-			3
Patent 10		19		3		-			3		3		-			3		-		-			-
Patent 11		19		6		-			6		6		-			6		-		-			-
Trademarks	Indefinite			54		-			54		50		-			50		47		-			47
Total intangible assets			$	558	$	(93	)	$	465	$	673	$	(230	)	$	443	$	700	$	(228	)	$	472

During the year-ended December 31, 2022, the Company did not identify any events or changes in circumstances that indicated the carrying value of its intangibles may not be recoverable. As such, there was no impairment of intangibles assets recognized for the year-ended December 31, 2022. During the transition period ended December 31, 2021, the Company recorded impairment charge of $42,000 in general and administrative expenses. During the year-ended June 30, 2021, the Company did not identify any events or changes in circumstances that indicated the carrying value of its intangibles may not be recoverable. As such, there was no impairment of intangibles assets recognized for the year-ended June 30, 2021. Amortization expense of intangibles included in the Consolidated Statements of Operations was $58,000, $56,000 and $109,000 for the year-ended December 31, 2022, the transition period ended December 31, 2021 and the year-ended June 30, 2021, respectively.

The Company expects the future amortization of amortizable intangible assets held at December 31, 2022 to be (in thousands):

	Estimated Amortization Expense
2023		$	34
2024			33
2025			33
2026			33
2027			33
Thereafter			245
Total		$	411

Property and Equipment, net

12 Months Ended

Dec. 31, 2022

Property Plant And Equipment [Abstract]

Property and Equipment, net

9. Property and Equipment, net

The composition of property and equipment, net is as follows (in thousands):

	Useful Lives	As of December 31, 2022			As of December 31, 2021			As of June 30, 2021
Computer equipment	3 years	$	755		$	740		$	722
Computer software	3 years		871			811			775
Construction in progress			258			29			48
Furniture and fixtures	7 years		439			440			440
Laboratory equipment	5 years		643			566			523
Leasehold improvements	Lesser of life or lease term		257			242			242
RECELL Moulds	5 years		129			129			129
Less: accumulated amortization and depreciation			(2,152	)		(1,695	)		(1,421	)
Total plant and equipment, net		$	1,200		$	1,262		$	1,458

Depreciation expense related to plant and equipment was $510,000, $274,000 and $606,000 for the year-ended December 31, 2022, the transition period ended December 31, 2021, and the year-ended June 30, 2021, respectively.

Prepaids and Other Current Assets and Other Long-Term Assets

12 Months Ended

Dec. 31, 2022

Prepaids And Other Current Assets And Other Long Term Assets [Abstract]

Prepaids and Other Current Assets and Other Long—Term Assets

10. Prepaids and Other Current Assets and Other Long—Term Assets

Prepaids and other current assets consisted of the following (in thousands):

	As of December 31, 2022		As of December 31, 2021		As of June 30, 2021
Prepaid expenses	$	921	$	1,124	$	853
Lease deposits		110	2			-
Accrued investment income		168	72			-
BARDA contract costs		252		-		-
Other receivables		127	15		480
Total prepaids and other current assets	$	1,578	$	1,213	$	1,333

Prepaid expenses primarily consist of prepaid benefits and insurance.

Other long-term assets consisted of the following (in thousands):

	As of December 31, 2022		As of December 31, 2021		As of June 30, 2021
BARDA contract costs	$	-	$	504	$	613
Long-term lease deposits		25		124		126
Long-term prepaids		97		10		22
Total other long-term assets	$	122	$	638	$	761

Other current liabilities consisted of the following (in thousands):

	As of December 31, 2022		As of December 31, 2021		As of June 30, 2021
Operating lease liability	$	612	$	720	$	702
Other current liabilities		262		355		170
BARDA deferred costs		194		-		77
Total other current liabilities	$	1,068	$	1,075	$	949

Reporting Segment and Geographic Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Reporting Segment and Geographic Information

11. Reporting Segment and Geographic Information

The Company views its operations and manages its business in one reporting segment. Long-lived assets were primarily located in the United States as of December 31, 2022, December 31, 2021, and June 30, 2021, with an insignificant amount located in Australia and the United Kingdom.

Revenue by region were as follows (in thousands):

	Year-ended		Transition period ended		Year-ended
	December 31, 2022		December 31, 2021		June 30, 2021

Revenue:
United States	$	33,257	$	13,764	$	28,955
Foreign:
Japan	729			-		-
Australia	275		136			207
United Kingdom	160		56			70
Total	$	34,421	$	13,956	$	29,232

Revenue by Customer type were as follows (in thousands):

	Year-ended		Transition period ended		Year-ended
	December 31, 2022		December 31, 2021		June 30, 2021

Revenue:
Commercial sales		34,051		13,771	$	21,483
BARDA:
Product sales		—		—		7,595
Services for emergency preparedness		370		185		154
Total	$	34,421	$	13,956	$	29,232

Cost of sales by Customer type were as follows (in thousands):

	Year-ended		Transition period ended			Year-ended
	December 31, 2022		December 31, 2021			June 30, 2021

Cost of sales
Commercial cost	$	5,573	$	2,017		$	3,931
BARDA:
Product cost		130		(278	)		1,889
Emergency preparedness service cost		338		166			129
Total	$	6,041	$	1,905		$	5,949

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Contingencies

12 Months Ended

Dec. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Contingencies

12. Contingencies

The Company is subject to certain contingencies arising in the ordinary course of business. The Company records accruals for these contingencies to the extent that a loss is both probable and reasonably estimable. If some amount within a range of loss appears to be a better estimate than any other amount within the range, that amount is accrued. Alternatively, when no amount within a range of loss appears to be a better estimate than any other amount, the lowest amount in the range is accrued. The Company expenses legal costs associated with loss contingencies as incurred. As of December 31, 2022, the Company does not have any outstanding or threatened litigation that would have a material impact to the financial statements.

- Definition

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

+ References + Details

Common and Preferred Stock

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Common and Preferred Stock

13. Common and Preferred Stock

The Company’s CDIs are quoted on the ASX under AVITA Medical’s previous ASX ticker code, “AVH”. The Company’s shares of common stock are quoted on Nasdaq under AVITA Medical’s previous Nasdaq ticker code, “RCEL”. One share of common stock on Nasdaq is equivalent to five CDIs on the ASX.

The Company is authorized to issue 200,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, issuable in one or more series as designated by the Company’s board of directors. No other class of capital stock is authorized. The Company has 25,208,436, 24,925,743, and 24,895,864 shares of common stock issued and outstanding as of December 31, 2022, December 31, 2021, and June 30, 2021, respectively. The Company has no shares of preferred stock outstanding during any period.

On March 1, 2021, the Company issued 3,214,250 shares of common stock at the offering price of $21.50 per share. The gross proceeds from the offering were approximately $69.1 million while the Company incurred $5.1 million in capital issuance expenses. The offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-249419) that was previously filed with the Securities and Exchange Commission (the “SEC”) on October 9, 2020, and declared effective on October 16, 2020. It was also publicly released on the ASX. The final prospectus supplement relating to and describing the terms of the offering was filed with the SEC on February 25, 2021 (in the United States) and released on the ASX on March 1, 2021 (in Australia).

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Revenue

12 Months Ended

Dec. 31, 2022

Revenue Performance Obligation [Abstract]

Revenue

14. Revenue

The Company’s revenue consists of sale of the RECELL System to hospitals or other treatment centers, COSMOTEC and to BARDA (collectively “customers”), predominately in the United States. In addition, the Company records service revenue for the emergency preparedness services provided to BARDA.

Performance Obligations

For commercial contracts, we identified the hospital or treatment center and COSMOTEC as the customer in Step 1 of the ASC 606 5 step model and have determined a contract exists with those customers in Step 1. As these contracts typically have a single performance obligation (i.e. product delivery), no allocation of the transaction price is required in Step 4 of the model. Control of the product is transferred to the customer at a point in time. Specifically, we determined the customer obtains control of the product at point in time at which the goods are either shipped or delivered to our customers’ facilities, depending on the terms of the contract. The transaction price is stated within the contract and is therefore fixed consideration. The transaction price does not include the sales tax that are imposed by governmental authorities.

For the contract with BARDA, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units, (ii) emergency preparedness services. The Company’s performance obligations are either satisfied at a point in time or over time as services are provided. The product procurement performance obligation is satisfied at a point in time, upon transfer of control of the product. RECELL units that have been delivered to BARDA have a product replacement obligation at no cost to BARDA due to product’s limited shelf-life. The estimated cost of the expired inventory over the term of the contract is recognized on a per unit basis at the time of delivery. The estimated liability is released upon replacement of the product along with a corresponding reduction to inventory. The Company has estimated deferred cost of approximately $194,000, $64,000 and $343,000 as of December 31, 2022, December 31, 2021, and June 30, 2021, respectively, for the rotation cost of the product. Such amounts are recorded in other current liabilities in the amounts of $194,000, $0, and $77,000 and other long-term liabilities in the amount of $0, $64,000, and $266,000 as of December 31, 2022, December 31, 2021, and June 30, 2021, respectively. The emergency preparedness services performance obligation is satisfied over time. Revenue for the emergency deployment will be recognized on a straight-line basis during the term of the contract as services are consumed over time. Services recognized of $370,000, $185,000 and $154,000 for the year-ended December 31, 2022, the transition period ended December 31, 2021, and the year-ended June 30, 2021, respectively, and are included in sales within the Consolidated Statement of Operations. Contract costs to fulfil the performance obligation are incremental and

expected to be recovered are capitalized and amortized on a straight-line basis over the term of the contract. As of December 31, 2022, contract cost of $252,000 are included in other current assets. As of December 31, 2021 and June 30, 2021 contract costs of $504,000, and $613,000 are included in other long-term assets, respectively.

Remaining Performance Obligations

Revenues from remaining performance obligations are calculated as the dollar value of the remaining performance obligations on executed contracts and relate to BARDA and COSMOTEC. The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) pursuant to the Company’s existing customer agreements is $698,000, $952,000, and $1.1 million as of December 31, 2022, December 31, 2021, and June 30, 2021, respectively. As of December 31, 2022, December 31, 2021 and June 30, 2021, the Company had $274,000, $517,000 and $665,000, respectively, in contract liabilities related to our contract with BARDA for the purchase, delivery and storage of the RECELL system for emergency response preparedness. The Company expects to recognize this amount as services are provided to BARDA. We are contracted to manage this inventory of product until the federal government requests shipment or at contract termination on December 31, 2023. Related to the contract with COSMOTEC, the Company had $424,000, $435,000, and $435,000 in contract liabilities as of December 31, 2022, December 31, 2021, and June 30, 2021, respectively. The Company expects to recognize revenue on a straight-line basis over the term of the contract commencing with the generation of commercial sales to COSMOTEC.

Variable Consideration

The Company evaluates its contracts with customers for forms of variable consideration, which may require an adjustment to the transaction price based on their estimated impact. For commercial customers, revenue from the sale of goods is recognized net of volume discounts. The Company uses the expected value method when estimating variable consideration. Revenue is only recognized to the extent that it is probable that a significant reversal will not occur. Variable consideration under the BARDA contract is not material to the consolidated financial statements.

Volume Discounts — The Company generally provides contracted customers with volume discounts that are explicitly stated in the Company’s customer contracts. The RECELL system is sold with respective volume discounts based on aggregated sales over a 12-month period on a customer-by-customer basis. Revenue from these sales is recognized based on the price specified in the contract, net of estimated volume discounts, and net of any sales tax charged. Goods sold are not eligible for return. The Company has determined such discounts are not distinct from the Company’s sale of products to the customer and, therefore, these payments have been recorded as a reduction of revenue and as a reduction to accounts receivable, net.

Contract Assets and Contract Liabilities

Contract assets include amounts related to the Company’s contractual right to consideration for both completed and partially completed performance for which the Company does not have the right to payment. As of December 31, 2022, December 31, 2021 and June 30, 2021 the Company does not have any contract assets.

Contract liabilities are recorded when the Company receives payment prior to satisfying its obligation to transfer goods to a customer. The Company had $698,000, $952,000, and $1.1 million of contract liabilities as of December 31, 2022, December 31, 2021, and June 30, 2021, respectively. The balance relates to the unsatisfied performance obligation for emergency preparedness under the BARDA contract and COSMOTEC. Performance obligation will be recognized over time over the term of the contract. For the year-ended December 31, 2022 and the transition period ended December 31, 2021, the Company recognized $370,000, and $185,000 of BARDA revenue from amounts included in the beginning balance of contract liabilities. For the year-ended June 30, 2021, amounts recognized were not significant. The Company recognized $11,000 of revenue for COSMOTEC for amounts included in the beginning balance of contract liabilities. The Company did not recognize any revenue for the transition period ended December 31, 2021 and the year-ended June 30, 2021 related to COSMOTEC for amounts included in the beginning balance of contract liabilities.

Cost to Obtain and Fulfill a Contract

Contract fulfillment costs include commissions and shipping expenses. The Company has opted to immediately expense the incremental cost of obtaining a contract when the underlying related asset would have been amortized over one year or less. The Company generally does not incur costs to obtain new contracts.

BARDA Contract Costs

Cost to fulfil the BARDA emergency preparedness performance obligation, which primarily consist of billed costs to BARDA incurred in connection with the emergency deployment services, are incremental and expected to be recovered. Costs are capitalized and amortized on a straight-line basis over the term of the contract. As of December 31, 2022, the Company had $252,000 of contract costs included in other current assets. As of December 31, 2021 and June 30, 2021, the Company had $504,000 and $613,000 of contracts costs included in other long-term assets. Amortization expense related to deferred contract costs were $338,000, $167,000, and $129,000 during the year-ended December 31, 2022, the transition period ended December 31, 2021 and the year-ended June 30, 2021, respectively, and are classified as cost of sales on the accompanying Consolidated Statements of Operations. There was no impairment loss in relation to deferred contract costs during the year-ended December 31, 2022, the transition period ended December 31, 2021, and the year-ended June 30, 2021.

Disaggregated Revenue

The Company disaggregates revenue from contracts with customers into geographical regions and by customer type. As noted in the segment footnote, the Company’s business consists of one reporting segment. A reconciliation of disaggregated revenue by geographical region and customer type is provided in Segment Note 11.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Share-Based Payment Plans

12 Months Ended

Dec. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Payment Plans

15. Share-Based Payment Plans

Overview of Employee Share-Based Compensation Plans

Our former parent company, AVITA Medical, adopted the Employee Share Plan and the Incentive Option Plan (collectively, the “2016 Plans”). Upon completion of the Redomiciliation, the 2016 Plans were terminated with respect to future grants and accordingly, there are no more shares available to be issued under the 2016 Plans. In addition, upon completion of the Redomiciliation, the Company had an implicit consolidation or reverse stock split of 100:1 and all share information presented below in relation to the 2016 Plans has been presented on a reverse split stock basis. During November 2020, the Company, pursuant to Rule 416 under the Securities Act of 1933, filed a registration statement on form S-8 to register a total of 1,750,000 shares of common stock which may be issued pursuant to the terms of the Company’s 2020 Omnibus Incentive Plan (“2020 Plan”). On December 22, 2021, the Company’s stockholders approved the issuance of options and awards to the Board of Directors and the former CEO (“Former CEO”). These awards are subject to the vesting and performance conditions as denoted in the individual agreements. On December 12, 2022, the Company’s stockholders approved the issuance of options and awards to the Board of Directors and the CEO. These awards are subject to the vesting and performance conditions as denoted in the individual agreements.

The 2020 Plan provides for the grant of the following Grants: (a) Incentive Stock Options, (b) Nonstatutory Stock Options, (c) Stock Appreciation Rights, (d) Restricted Stock Grants, (e) Restricted Stock Unit Grants, (f) Performance Grants, and (g) Other Grants. The 2020 Plan will be administered by the Compensation Committee or by the Board acting as the Compensation Committee. Subject to the general purposes, terms and conditions of the 2020 Plan, applicable law and any charter adopted by the Board governing the actions of the Compensation Committee, the Compensation Committee will have full power to implement and carry out the 2020 Plan. Without limitation, the Compensation Committee will have the authority to interpret the plan, approve persons to receive grants, determine the terms and number of shares of the grants, determine vesting and exercisability of grants, and make all other determinations necessary or advisable in connection with the administration of this Plan.

The contractual term of awards granted under the 2020 Plan is ten years from the date of its grant. Unless otherwise specified, the vesting period of awards under the 2020 Plan was: (i) vest over a four-year period in four equal installments, 25% at the end of each year from the date of grant, and /or (ii) subject to other performance criteria and hurdles, as determined by the Compensation Committee

The following table summarizes information about the Company’s share-based award plans as of December 31, 2022:

	Outstanding Options		Outstanding Restricted Stock Units		Shares available for future issuance
2016 Equity Incentive Plan		885,095		-		-
2020 Equity Incentive Plan		1,079,875		398,596		-
2021 AGM Awards		22,600		11,566		244,675
2022 AGM Awards		247,876		50,356		-

Share-Based Payment Expenses

Share-based payment transactions are recognized as compensation expense based on the fair value of the instrument on the date of grant. The Company uses the graded-vesting method to recognize compensation expense. Compensation cost is reduced for forfeitures as they occur in accordance with ASU 2016-09, Simplifying the Accounting for Share-Based Payments ("ASU 2016-09"). During the year-ended December 31, 2022, the transition period ended December 31, 2021, and the year-ended June 30, 2021, the Company recorded share-based compensation expense of $7.0 million, $3.6 million and $5.7 million, respectively. No income tax benefit was recognized in the Consolidated Statement of Operations for share-based payment arrangements for the year-ended December 31, 2022, the transition period ended December 31, 2021, and the year-ended June 30, 2021.

The Company has included share-based compensation expense as part of operating expenses in the accompanying Consolidated Statements of Operations as follows (in thousands):

	Year-ended		Transition period ended		Year-ended
	December 31, 2022		December 31, 2021		June 30, 2021

Sales and marketing expenses	$	1,393	$	663	$	925
General and administrative expenses		4,668		2,318		4,095
Research and development expenses		937		607		644
Total	$	6,998	$	3,588	$	5,664

A summary of share option activity as of December 31, 2022 and changes during the year then ended is presented below:

	Service Only Share Options			Performance Based Share Options			Market Awards			Total Share Options			Weighted -Average Exercise Price		Weighted -Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Exercisable at December 31, 2021		1,129,126			599,994			27,600			1,756,720		$	14.86		7.83	$	5,118,309
Granted		737,676			-			-			737,676			5.57
Exercised		(75,125	)		(75,000	)		-			(150,125	)		5.99
Expired		(10,425	)		(6,900	)		-			(17,325	)		14.60
Forfeited		(57,000	)		(6,900	)		(27,600	)		(91,500	)		12.95
Outstanding shares at December 31, 2022		1,724,252			511,194			-			2,235,446			12.47		7.71		1,530,263
Exercisable at December 31, 2022		682,749			310,858			-			993,607		$	12.40		6.17	$	587,632

The weighted-average grant-date fair value of options granted during the year-ended December 31, 2022, transition period ended December 31, 2021, and the year-ended June 30, 2021 was $4.64, $10.35, and $14.08, respectively. The total intrinsic value of options exercised during the year-ended December 31, 2022, the transition period ended December 31, 2021, and the year-ended June 30, 2021 was $179,000, $13,000, and $221,000 and, respectively. Intrinsic value is measured using the fair market value at the date of exercise for options exercised, or at balance sheet date for outstanding options, less the applicable exercise price.

Cash received from the exercise of options was approximately $900,000, $7,000, and $63,000 for the year-ended December 31, 2022, transition period ended December 31, 2021, and the year-ended June 30, 2021, respectively.

As of December 31, 2022, there was approximately $5.4 million of total unrecognized compensation cost related to share-based compensation expense. Of this amount $4.3 million relates to service only share options to be recognized over a weighted average period of 1.65 years, $1.1 million related to performance-based share options to be recognized over a weighted average period of 1.60 years.

Restricted Stock Units

Restricted stock units (“RSUs”) are granted to executives as part of their long-term incentive compensation. RSUs granted as a result of stockholder approval at the December 22, 2021 AGM and December 14, 2022 AGM arise out of contracts between the Company and the holders of such securities. These RSU awards were approved by the Compensation Committee as determined necessary. All RSU awards have a contractual term of 10 years and vest in accordance with the tenure or performance conditions as determined by the Compensation Committee and set out in the contracts between the Company and the holders of such securities. The grant date fair value is determined based on the price of the Company stock price on the date of grant (stock price determined on Nasdaq). RSUs primarily consist of awards to the Former CEO and other executives as well as Non-Executive Directors (as occurred following the 2021 AGM and 2022 AGM). The Former CEO RSU awards are described below.

A summary of the status of the Company’s unvested RSUs as of December 31, 2022, and changes that occurred during the year is presented below:

Unvested Shares	Service Condition RSU			Performance Condition RSU			Market Condition			Total RSU's			Weighted Average Grant Date Fair Value per Unit
Unvested RSUs outstanding at December 31, 2021		114,757			135,093			47,640			297,490		$	19.66
Granted		384,806			-			-			384,806			5.28
Vested		(75,041	)		(57,527	)		-			(132,568	)		26.43
Forfeited		(29,650	)		(11,920	)		(47,640	)		(89,210	)		7.71
Unvested RSUs outstanding at December 31, 2022		394,872			65,646			-			460,518		$	6.30

The weighted-average grant-date fair value of the RSUs granted during the year-ended December 31, 2022, transition period ended December 31, 2021, and the year-ended June 30, 2021 were $5.28, $13.57, and $22.65 per unit, respectively. The total fair value of shares vested during the year-ended December 31, 2022, the transition period ended December 31, 2021, and the year-ended June 30, 2021 were $894,000, $599,000, $4.9 million, respectively.

As of December 31, 2022, there was $1.9 million of total unrecognized compensation cost related to RSU awards. Of this amount $1.6 million relates to service only RSUs to be recognized over a weighted average period of 1.53 years, $341,000 related to performance-based awards to be recognized over a weighted average period of 1.51 years.

2019 Former CEO RSUs

On November 2019, the equivalent of 395,542 RSUs were issued to the Former CEO with the following vesting terms:

Tenure – the equivalent of 142,521 RSUs with a vesting period of three-years commencing on June 1, 2020. On June 1, 2022, the last tranche of 47,507 RSUs vested and the shares were appropriately released.

Milestone performance – 253,021 of the RSUs will vest upon satisfaction of various performance conditions. During the first quarter of 2022 the last performance milestone was achieved, the RSUs vested and were appropriately released.

2021 AGM Awards

On December 22, 2021, as part of the Company's 2021 AGM, the Company's stockholders approved the grant of stock option awards and RSUs to the Former CEO and the Board of Directors. These awards are referred to as the 2021 AGM awards.

Awards to the Former CEO under the 2021 AGM Awards

On December 22, 2021, the Former CEO was issued an aggregate 150,480 options and RSUs comprising:

•

37,600 tenure-based options and RSUs (23,800 RSUs and 13,800 options) with 25% of those options and RSUs vesting annually commencing on December 14, 2022. Service condition was not met as such, RSUs were forfeited, and options expired in accordance with the RSU and Option Agreement.

•

37,640 performance-based options and RSUs (23,840 RSUs and 13,800 options):

•

Performance condition for 11,920 RSUs and 6,900 options was met during fiscal year 2022. RSUs for vested shares were appropriately released. Vested and unexercised options expired 3 months subsequent to termination of employment.

•

Performance condition for 11,920 RSUs and 6,900 options were not met. These awards were unvested as of the date of termination of the Former CEO’s employment.

•

75,240 stretch-performance based options and RSUs (47,640 RSUs and 27,600 options). These awards were unvested as of the date of termination of the Former CEO’s employment.

In accordance with the terms of the RSU Agreement and Option Agreements with the Former CEO, unvested performance-based and market condition RSUs were forfeited on the date of termination and unvested performance-based and market conditions options expired on the date of termination. Per the terms of the RSU and Option Agreements, RSUs and options that were granted and are tenure-based only will continue to vest as long as the Former CEO continues to provide services to the Company as a Board Member. The Former CEO’s term as a Board Member ended on December 12, 2022, and unvested RSUs were forfeited.

Awards to the Board of Directors under the 2021 AGM Awards

The Board of Director awards consist of an aggregate 68,600 options and RSUs as follows:

•

41,400 tenure-based options and RSUs (15,300 options and 26,100 RSUs) vesting 12 months from the grant date.

•

6,900 tenure-based options and RSUs (4,350 RSUs and 2,550 options) granted to each of the six non-executive board members based on the vesting terms detailed above.

•

27,200 tenure-based options and RSUs (9,850 options and 17,350 RSUs) vesting on the first, second and third anniversary of the grant date in equal amounts (i.e. 1/3 of the RSUs and options will vest on each anniversary of the grant date, being on December 22 of each relevant year).

•

13,600 tenure-based options and RSUs (8,675 RSUs and 4,925 options) granted to Jan Stern Reed and James Corbett as an initial grant in connection with their appointment to the Board of Directors.

2022 AGM Awards

Awards to the CEO under the 2022 AGM Awards

•

On December 12, 2022, the CEO was issued an aggregate 226,296 options with 25% of those options vesting annually commencing on September 28, 2023.

Awards to the Board of Directors under the 2022 AGM Awards

•

The Board of Director awards consist of an aggregate 71,936 options and RSUs (21,580 options and 50,356 RSUs) vesting 12-months from the grant date.

•

17,984 tenure-based options and RSUs (12,589 RSUs and 5,359 options) granted to each of the four non-executive board members based on the vesting terms detailed above.

Option Pricing Model

The Company estimates the fair value of tenure-based share options using the Black-Scholes option pricing model on the date of grant. The Company estimates the fair value of options with a performance condition and market conditions using the Monte-Carlo simulation model.

The valuation of the options is affected by the Company's share price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, expected share price volatility over the term of the awards and actual and projected employee share option exercise behaviors. The risk-free rate is based on the U.S. Treasury rate for the expected life at the time of grant, volatility is based on the average historical and implied volatility. For tenure-based options, the expected life is based on the estimated average of the life of options using the simplified method as prescribed by SAB 107. The Company utilizes the simplified method for plain vanilla options to determine the expected life of the options due to insufficient exercise activity during recent years. For performance or market awards using the Monte Carlo simulation, the Company estimates the expected term based on a future exercise assumption of 2x the exercise price for rank-and-file employees and 3x the exercise price for executives. The contractual term of 10 years has been set as the expected term for performance and market awards. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts.

Included in the following table is a summary of the related assumptions used in the Black-Scholes Option pricing model and Monte-Carlo simulation for the year-ended December 31, 2022, the transition period ended December 31, 2021, and the year-ended June 30, 2021.

	Year-Ended			Transition Period Ended			Year-Ended
	December 31, 2022			December 31, 2021			June 30, 2021
Expected volatility	72% - 113%			68% - 75%			65% - 80%
Weighted-average volatility		103	%		69	%		73	%
Expected dividends		0	%		0	%		0	%
Expected term (in years)	5 - 9.8			5 - 10			5 - 10
Risk-free interest rate	1.42% - 3.94%			0.88% - 1.46%			0.77% - 1.64%

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

16. Income Taxes

Geographic sources of loss before income taxes are as follows:

	Year- Ended			Transition Period Ended			Year- Ended
(amounts in thousands)	December 31, 2022			December 31, 2021			June 30, 2021

United States	$	(26,764	)	$	(14,490	)	$	(26,478	)
Foreign		135			88			(67	)
Loss before income taxes	$	(26,629	)	$	(14,402	)	$	(26,545	)

The income tax expense as shown in the accompanying Consolidated Statements of Operations includes the following:

	Year-Ended		Transition Period Ended		Year-Ended
(amounts in thousands)	December 31, 2022		December 31, 2021		June 30, 2021
Current:
Federal	$	-	$	-	$	-
State		36	25		38
Foreign		-		-		-
Total current		36	25		38
Deferred:
Federal		-		-		-
State		-		-		-
Foreign		-		-		-
Total deferred		-		-		-
Total income tax expense	$	36	$	25	$	38

The provision for income taxes differs from the tax computed using the statutory United States federal income tax rate of 21% for the year-ended December 31, 2022, transition period ended December 31, 2021, and year-ended June 30, 2021 as a result of the following items:

	Year-Ended			Transition Period Ended			Year-Ended
(amounts in thousands)	December 31, 2022			December 31, 2021			June 30, 2021
Tax expense (benefit) at U.S. statutory rate	$	(5,592	)	$	(3,024	)	$	(5,574	)
State income taxes		35			25			36
Foreign rate differential		5			5			(5	)
Share-based compensation		719			997			(27	)
Permanent differences		(30	)		29			233
Net change in valuation allowance		4,899			1,993			5,375
Income tax expense (benefit)	$	36		$	25		$	38

A summary of deferred income tax assets is as follows (in thousands):

	Year-Ended			Transition Period Ended			Year-Ended
	December 31, 2022			December 31, 2021			June 30, 2021
Deferred tax liabilities
ROU Asset	$	(229	)	$	(404	)	$	(389	)
Intangible assets		(11	)		(25	)		—
Property, plant and equipment		-			(5	)		(5	)
Total deferred tax liabilities	$	(240	)	$	(434	)	$	(394	)
Deferred tax assets
Property, plant and equipment	$	3		$	—		$	—
Accrued expenses		1,833			1,151			686
Intangible assets		—			—			262
Stock based compensation		3,405			2,739			3,215
Lease liability		247			428			415
Research and development		2,215			—			—
Net operating loss carryforward		48,413			46,918			44,282
Other		630			483			609
Total deferred tax assets	$	56,746		$	51,719		$	49,469
Less valuation allowance		(56,506	)		(51,285	)		(49,075	)
Net deferred tax assets	$	240		$	434		$	394
Net deferred tax assets / (liabilities)	$	—		$	—		$	—

At December 31, 2022, the Company and its subsidiaries had net operating loss carryforwards for federal, state, United Kingdom, and Australia income tax purposes of $129.5 million, $83.5 million, $28.4 million and $36.0 million respectively. The net operating loss carryforwards may be subject to limitation regarding their utilization against taxable income in future periods due to “change of ownership” provisions of the Internal Revenue Code and similar state and foreign provisions. Of these carryforwards, $21.7 million will expire, if not utilized, between 2026 through 2038. The remaining carryforwards have no expiration.

In assessing the recoverability of its deferred tax assets, the Company considers whether it is more likely than not that its deferred assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. The Company considers all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, historical earnings, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Based upon the weight of available evidence including the uncertainty regarding the Company’s ability to utilize certain net operating losses and tax credits in the future, the Company has established a valuation allowance against its net deferred tax assets of $56.5 million and $51.3 million as of December 31, 2022, December 31, 2021, respectively. The Company has established a valuation allowance against its net deferred tax asset of $49.1 million as of June 30, 2021. The deferred tax assets are primarily net operating loss carryforwards for which management has determined it is more likely than not that the deferred tax assets will not be realized.

The Company recognizes the tax benefit from an uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements related to a particular tax position are measured based on the largest benefit that has a greater than a 50% likelihood of being realized upon settlement. The amount of unrecognized tax benefits is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination.

The Company has not identified any uncertain tax positions as of December 31, 2022, December 31, 2021, and June 30, 2021.

The Company files income tax returns in the U.S. federal, California and certain other state and foreign jurisdictions. The Company remains subject to income tax examinations for its U.S. federal and state income taxes generally for fiscal years ended June 30, 2006 and forward. The Company also remains subject to income tax examinations for international income taxes for fiscal years ended June 30, 2018 through December 31, 2021, and for certain other U.S. state and local income taxes generally for the fiscal years ended June 30, 2018 through December 31, 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 21
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Loss Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Loss Per Share

17. Loss per Share

The following is a reconciliation of the basic and diluted loss per share computations:

	Year-Ended		Transition Period Ended		Year-Ended
	December 31, 2022		December 31, 2021		June 30, 2021
	(in thousands, except per share amounts)
Net Loss	$	26,665	$	14,427	$	26,583
Weighted-average common shares—outstanding, basic		25,000		24,915		22,674
Weighted-average common shares—outstanding, diluted		25,000		24,915		22,674
Net loss per common share, basic	$	1.07	$	0.58	$	1.17
Net loss per common share, diluted	$	1.07	$	0.58	$	1.17

The Company’s basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the relevant period. In accordance with ASC 710-10, 17,927 shares of common stock held by the rabbi trust are excluded from the denominator in the basic and diluted EPS calculations. For details on shares of common stock held by the rabbi trust refer to Note 18. For the purposes of the calculation of diluted net loss per share, options to purchase common stock, restricted stock units and unvested shares of common stock issued upon the early exercise of stock options have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. As the Company has reported a net loss for all periods presented diluted net loss per common share is the same as the basic net loss per share.

Retirement Plans

12 Months Ended

Dec. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

18. Retirement Plans

The Company offers a 401(k)-retirement savings plan (the “401(k) Plan”) for its employees, including its executive officers, who satisfy certain eligibility requirements. The Internal Revenue Code of 1986, as amended, allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the 401(k) Plan. The Company matches contributions to the 401(k) Plan based on the amount of salary deferral contributions the participant makes to the 401(k) Plan. The Company will match up to 6% of an employee’s compensation that the employee contributes to his or her 401(k) Plan account. Total Company matching contributions to the 401(k) Plan were $1,027,000, $966,000, and $733,000 in the year-ended December 31, 2022, the transition period ended December 31, 2021 and the year-ended June 30, 2021.

Non-qualified deferred compensation plan

The Company’s non-qualified deferred compensation plan (the "NQDC plan"), which became effective on October 2021 allows for eligible management and highly compensated key employees to elect to defer a portion of their salary, bonus, commissions and RSU awards to later years. Cash deferrals are immediately vested and are subject to investment risk and a risk of forfeiture under certain circumstances. RSU deferrals are subject to the vesting conditions of the award. Once RSUs vest, subject to a six-month and one day holding period, employees are allowed to diversify the common stock into other investment options offered by the plan. For cash deferrals, the Company matches 4% to 6% (depending on level) of employee contributions. These matching employer contributions are vested over a two-year period with 25% vesting on year one and 75% vesting on year two for employees under 55 years of age. Employer contributions for employees over 55 years of age are immediately vested. Employer contributions to the NQDC plan for the year-ended December 31, 2022 and the transition period ended December 31, 2021 were $258,000 and $16,000, respectively. The Company’s deferred compensation plan liability was $1,348,000 and $262,000 as of the year-ended December 31, 2022 and 2021. As of December 31, 2022, the Company has $1.27 million in non-qualified deferred compensation plan liability and $78,000 in other current liabilities in the Consolidated Balance Sheets. As of December 31, 2021 amounts are recorded in non-qualified deferred compensation plan liability in the Consolidated Balance Sheets. The Company did not have a NQDC plan for the year-ended June 30, 2021.

The Company established a COLI to fund the NQDC plan. Amounts in the COLI are invested in a number of funds. The securities are carried at the cash surrender value on the Consolidated Balance Sheets. We record investment gains and losses of the COLI as other income.

The fair values of the Company’s deferred compensation plan assets and liability are included in the table below. Note that the Company did not have NQDC plan for the year-ended June 30, 2021. For additional information on the fair value hierarchy and the inputs used to measure fair value, see Note 5, Fair Value Measurements.

	Fair Value as of December 31, 2022								Fair Value as of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Corporate-owned life insurance policies (1)		-		1,238		-		1,238		-		304		-		304
Non-qualified deferred compensation plan liability		-		1,348		-		1,348		-	262			-		262

(1) The corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and reflects the net asset value of the underlying publicly traded mutual funds and are categorized as Level 2.

(2) Non-qualified deferred compensation plan liability is measured at fair value based on quoted prices of identical instruments to the investment vehicles selected by the participants.

Rabbi Trust

During April 2022, we established a rabbi trust to hold the assets of the NQDC plan. The rabbi trust holds the COLI asset and the common stock from deferred RSU awards that have vested. The NQDC permits diversification of fully vested shares into other equity securities subject to a six month and one day holding period. In accordance with ASR 268, Redeemable Preferred Stock, and ASC 718, Compensation — Stock Compensation, prior to vesting, the deferred share awards are classified as an equity instrument and changes in fair value of the amount owed to the participant are not recognized. The redemption amounts of the deferred awards are based on the vested percentage and are recorded outside of permanent equity as Non-qualified deferred compensation share awards on the Consolidated Balance Sheets. As of December 31, 2022, a total of 253,048, shares awards have been deferred, and during the quarter-ended September 30, 2022, a total of 17,927 awards vested. Vested shares are converted to common stock and are reclassified to permanent equity. Common stock held in the rabbi trust is classified in a manner similar to treasury stock and presented separately on the Consolidated Balance Sheets as Common stock held by the NQDC plan. A total of 17,927 shares were vested at the redemption value of $127,000.

The following table summarizes the eligible share award activity as of December 31, 2022. There was no activity as of December 31, 2021 and June 30, 2021.

	As of
(in thousands)	December 31, 2022
Non-qualified deferred compensation share awards:
Balance at inception/beginning of period		-
Change in classification of deferred compensation share awards		192
Share-based compensation expense		471
Change in redemption value		21
Vesting of share awards held by NDQC		(127	)
Ending Balance		557

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (d)(iv)(03)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (q)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (r)(1)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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-Paragraph 1
-Subparagraph (d)(iii)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Deed of Cross Guarantee

12 Months Ended

Dec. 31, 2022

Guarantees [Abstract]

Deed of Cross Guarantee

19. Deed of Cross Guarantee

The Company (as the parent entity of the AVITA Group) is party to a deed of cross guarantee dated June 29, 2020 (“Deed”) with each of its Australian wholly-owned subsidiaries, namely:

•

AVITA Medical Pty Ltd (ACN 058 466 523);

•

C3 Operations Pty Ltd (ACN 090 161 505);

•

Visiomed Group Pty Ltd (ACN 003 010 580); and

•

Infamed Pty Limited (ACN 084 800 653),

(together, the “Australian Subsidiaries”).

The Company and the Australian Subsidiaries were the only parties to the Deed at December 31, 2022 and comprise the “closed group” for the purposes of the Deed (and also the “extended closed group”). No parties were added to or removed from the Deed, or subject to a notice of disposal, during or since the financial year-ended December 31, 2022. Since December 31, 2022, there has been no change in ownership of any of the Australian Subsidiaries.

By entering into the Deed, the Company and the Australian Subsidiaries have guaranteed the debts of each other.

Relief under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785

By entering into the Deed, the Australian Subsidiaries have been relieved from the requirement to prepare a financial report and directors’ report for the financial year-ended December 31, 2022 under ASIC Corporations (Wholly-owned Companies) Instrument 2016/785.

Consolidated financial information of parties to the Deed

The financial statements below are additional disclosure items specifically required by the Australian Securities and Investments Commission and represent the consolidated financial statements of the entities that are party to the Deed only (being the ‘closed group’ and also the ‘extended closed group’ under the Deed).

	Year-ended
(in thousands)	December 31, 2022
Revenues	$	568
Cost of sales		(243	)
Gross profit		325
Operating Expenses:
Sales and marketing expenses		(231	)
General and administrative expenses		(14	)
Product development expense		(9	)
Total operating expenses		(254	)
Other Income		1
Net loss	$	72

	As of
(in thousands)	December 31, 2022
ASSETS
Cash	$	337
Accounts receivable, net		2
Prepaids and other current assets		1,440
Inventory		46
Total assets		1,825
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities		7
Accrued wages and fringe benefits		75
Other current liabilities		1,728
Total liabilities		1,810
Contributed equity		232,747
Reserves		31,476
Accumulated deficit		(264,208	)
Total stockholders' equity (deficit)		15
Total liabilities and stockholders' equity (deficit)	$	1,825

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

20. Subsequent Events

The Company has considered all events occurring subsequent to December 31, 2022, and has concluded that all significant events have been disclosed in the financial statements and accompanying notes.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Reclassification of Prior Year Presentation

Reclassification of prior year presentation

Use of Estimates

Foreign Currency Translation and Foreign Currency Transactions

Comprehensive Loss

Revenue Recognition

To determine revenue recognition for arrangements that are within the scope of Topic 606, the Company performs the following five steps:

1.	Identify the contract with a customer

2.	Identify the performance obligations

3.	Determine the transaction price

4.	Allocate the transaction price to the performance obligations

5.	Recognize revenue when/as performance obligation(s) are satisfied

Contract Liabilities

Cost of Sales

Income Taxes

Cash and Cash Equivalents

Restricted Cash

Concentrations

	As of December 31, 2022		As of December 31, 2021		As of June 30, 2021
BARDA procurement and emergency preparedness services	$	16	$	9	$	3,583
BARDA expense reimbursements		882		299		353
Total	$	898	$	308	$	3,936

Fair Value of Financial Instruments

Marketable Securities

Accounts Receivable

A rollforward of the activity in the Company’s allowance for doubtful account is as follows (in thousands):

	Year-ended			Transition Period Ended			Year-ended
	December 31, 2022			December 31, 2021			June 30, 2021
Allowance for doubtful accounts, at beginning of year	$	28		$	30		$	18
Bad debt expense		5			2			12
Deductions		(9	)		(4	)		-
Allowance for doubtful accounts, at end of year	$	24		$	28		$	30

BARDA Income and Receivables

Inventory

Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs to complete the sale.

Leases

Property, Plant and Equipment

Intangible Assets

Impairment of Long-Lived Assets

Sales and Marketing Expenses

Research and Development Expenses

Stock-Based Compensation

The following assumptions were used in the valuation of stock options.

•

Expected dividends – none, based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

•

Risk-free interest rate – the risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award.

Loss per Share

Non-Qualified Deferred Compensation Plan Liability and Corporate-Owned Life Insurance Asset

Rabbi Trust

Non-qualified Deferred Compensation Share Awards

Non-qualified deferred compensation share awards

Segment Reporting

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Other Receivables

See table below for breakdown of BARDA receivables (in thousands).

	As of December 31, 2022		As of December 31, 2021		As of June 30, 2021
BARDA procurement and emergency preparedness services	$	16	$	9	$	3,583
BARDA expense reimbursements		882		299		353
Total	$	898	$	308	$	3,936

Summary of Allowance For Doubtful Account

A rollforward of the activity in the Company’s allowance for doubtful account is as follows (in thousands):

	Year-ended			Transition Period Ended			Year-ended
	December 31, 2022			December 31, 2021			June 30, 2021
Allowance for doubtful accounts, at beginning of year	$	28		$	30		$	18
Bad debt expense		5			2			12
Deductions		(9	)		(4	)		-
Allowance for doubtful accounts, at end of year	$	24		$	28		$	30

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2022

Available For Sale Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Values of Debt Securities Available for Sale

The following table summarizes the amortized cost and estimates fair values of debt securities available for sale:

	As of December 31, 2022
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	14,089	$	-	$	-		$	14,089
Current marketable securities:
U.S Treasury securities	$	43,092	$	1	$	(393	)	$	42,700
Commercial paper		12,743		-		-			12,743
Corporate debt securities		3,865		-		(23	)		3,842
U.S Government agency obligations		1,901		-		(8	)		1,893
Total current marketable securities	$	61,601	$	1	$	(424	)	$	61,178
Long-term marketable securities:
Asset backed securities	$	3,568	$	7	$	(3	)	$	3,572
U.S Treasury securities		2,416		-		(6	)		2,410
U.S Government agency obligations		949		-		(1	)		948
Total long-term marketable securities	$	6,933	$	7	$	(10	)	$	6,930

	As of December 31, 2021
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Carrying Value
(in thousands)
Cash equivalents:
Money market funds	$	51,112	$	-	$	-		$	51,112
Current marketable securities:
Commercial paper	$	19,586	$	-	$	-		$	19,586
Corporate debt securities		7,068		-		(7	)		7,061
Asset backed securities		3,002		-		-			3,002
Total current marketable securities	$	29,656	$	-	$	(7	)	$	29,649
Long-term marketable securities:
U.S Treasury securities	$	18,043	$	-	$	(89	)	$	17,954
Corporate debt securities		1,746		-		(8	)		1,738
Total long-term marketable securities	$	19,789	$	-	$	(97	)	$	19,692

Summary of Maturities of Debt Securities Available for Sale

	As of December 31, 2022				As of December 31, 2021
	Amortized Cost		Carrying Value		Amortized Cost		Carrying Value
Due in one year or less	$	61,601	$	61,178	$	29,656	$	29,649
Due after one year through three years	$	6,933	$	6,930	$	19,789	$	19,692

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis, based on the three-tier fair value hierarchy:

	As of December 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	14,089	$	-	$	-	$	14,089
Current marketable securities:
U.S Treasury securities		-		42,700		-		42,700
Commercial paper		-		12,743		-		12,743
Corporate debt securities		-		3,842		-		3,842
U.S Government agency obligations		-		1,893		-		1,893
Total current marketable securities		-		61,178		-		61,178
Long-term marketable securities:
Asset backed securities		-		3,572		-		3,572
U.S Treasury securities		-		2,410		-		2,410
U.S Government agency obligations		-		948		-		948
Total long-term marketable securities		-		6,930		-		6,930
Total marketable securities and cash equivalents	$	14,089	$	68,108	$	-	$	82,197

	As of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	51,112	$	-	$	-	$	51,112
Current marketable securities:
Commercial paper		-		19,586		-		19,586
Corporate debt securities		-		7,061		-		7,061
Asset backed securities		-		3,002		-		3,002
Total current marketable securities		-		29,649		-		29,649
Long-term marketable securities:
U.S Treasury securities		-		17,954		-		17,954
Corporate debt securities		-		1,738		-		1,738
Total long-term marketable securities		-		19,692		-		19,692
Total marketable securities and cash equivalents	$	51,112	$	49,341	$	-	$	100,453

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary Of Lease Cost

The following table sets forth the Company’s operating lease expenses which are included in general and administrative expenses in the Consolidated Statements of Operations (in thousands):

	Year-Ended		Transition Period Ended		Year-Ended
	December 31, 2022		December 31, 2021		June 30, 2021
Operating lease cost	$	775	$	284	$	731
Variable lease cost		51		25		48
Total lease cost	$	826	$	309	$	779

Summary Of Supplemental Cash Flow Information Related To Operating Leases

Supplemental cash flow information related to operating leases was as follows (in thousands):

	Year-Ended		Transition Period Ended		Year-Ended
	December 31, 2022		December 31, 2021		June 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	803	$	288	735

Summary Of Supplemental Balance Sheet Information Related To Operating Leases

Supplemental balance sheet information, related to operating leases was as follows (in thousands):

	As of December 31, 2022			As of December 31, 2021			As of June 30, 2021
Reported as:
Operating lease right-of-use assets	$	851		$	1,544		$	1,480
Total right-of-use assets	$	851		$	1,544		$	1,480

Other current liabilities:
Operating lease liabilities, short-term	$	612		$	720		$	702
Operating lease liabilities, long term		306			918			878
Total operating lease liabilities	$	918		$	1,638		$	1,580
Operating lease weighted average remaining lease term (years)		1.44			2.30			2.67
Operating lease weighted average discount rate		6.71	%		6.51	%		6.70	%

Summary Of Maturities Of The Company's Operating Lease Liabilities

As of December 31, 2022, maturities of the Company’s operating lease liabilities are as follows (in thousands):

	Operating Leases
2023		649
2024		314
Total lease payments		963
Less imputed interest		(45	)
Total operating lease liabilities	$	918

Inventory (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Summary Of Composition Of Inventories

The composition of inventories is as follows (in thousands):

	As of
	December 31, 2022		December 31, 2021		June 30, 2021
Raw materials	$	1,131	$	1,222	$	982
Work in process		384		176		241
Finished goods		610		734		424
Total inventory	$	2,125	$	2,132	$	1,647

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

Summary Of Composition Of Intangible Assets

The composition of intangible assets is as follows (in thousands):

			As of December 31, 2022							As of December 31, 2021							As of June 30, 2021
	Weighted Average Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		2	$	17	$	(16	)	$	1	$	209	$	(182	)	$	27	$	264	$	(190	)	$	74
Patent 2		13		137		(28	)		109		123		(18	)		105		138		(16	)		122
Patent 3		14		194		(39	)		155		192		(25	)		167		163		(19	)		144
Patent 5		19		89		(6	)		83		46		(3	)		43		46		(2	)		44
Patent 6		20		43		(4	)		39		39		(2	)		37		39		(1	)		38
Patent 7		13		2		-			2		2		-			2		-		-			-
Patent 8		19		13		-			13		3		-			3		3		-			3
Patent 10		19		3		-			3		3		-			3		-		-			-
Patent 11		19		6		-			6		6		-			6		-		-			-
Trademarks	Indefinite			54		-			54		50		-			50		47		-			47
Total intangible assets			$	558	$	(93	)	$	465	$	673	$	(230	)	$	443	$	700	$	(228	)	$	472

Summary Of Future Amortization Of Amortizable Intangible Assets Held

The Company expects the future amortization of amortizable intangible assets held at December 31, 2022 to be (in thousands):

	Estimated Amortization Expense
2023		$	34
2024			33
2025			33
2026			33
2027			33
Thereafter			245
Total		$	411

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2022

Property Plant And Equipment [Abstract]

Summary Of Composition Of Property And Equipment

The composition of property and equipment, net is as follows (in thousands):

	Useful Lives	As of December 31, 2022			As of December 31, 2021			As of June 30, 2021
Computer equipment	3 years	$	755		$	740		$	722
Computer software	3 years		871			811			775
Construction in progress			258			29			48
Furniture and fixtures	7 years		439			440			440
Laboratory equipment	5 years		643			566			523
Leasehold improvements	Lesser of life or lease term		257			242			242
RECELL Moulds	5 years		129			129			129
Less: accumulated amortization and depreciation			(2,152	)		(1,695	)		(1,421	)
Total plant and equipment, net		$	1,200		$	1,262		$	1,458

Prepaids and Other Current Assets and Other Long-Term Assets (Tables)

12 Months Ended

Dec. 31, 2022

Prepaids And Other Current Assets And Other Long Term Assets [Abstract]

Summary of Prepaids and Other Current Assets

Prepaids and other current assets consisted of the following (in thousands):

	As of December 31, 2022		As of December 31, 2021		As of June 30, 2021
Prepaid expenses	$	921	$	1,124	$	853
Lease deposits		110	2			-
Accrued investment income		168	72			-
BARDA contract costs		252		-		-
Other receivables		127	15		480
Total prepaids and other current assets	$	1,578	$	1,213	$	1,333

Summary of Other Long Term Assets

Other long-term assets consisted of the following (in thousands):

	As of December 31, 2022		As of December 31, 2021		As of June 30, 2021
BARDA contract costs	$	-	$	504	$	613
Long-term lease deposits		25		124		126
Long-term prepaids		97		10		22
Total other long-term assets	$	122	$	638	$	761

Summary of Other Current Liabilities

Other current liabilities consisted of the following (in thousands):

	As of December 31, 2022		As of December 31, 2021		As of June 30, 2021
Operating lease liability	$	612	$	720	$	702
Other current liabilities		262		355		170
BARDA deferred costs		194		-		77
Total other current liabilities	$	1,068	$	1,075	$	949

Reporting Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule Of Revenue By Region and Customer Type/Cost of Sales By Customer Type

Revenue by region were as follows (in thousands):

	Year-ended		Transition period ended		Year-ended
	December 31, 2022		December 31, 2021		June 30, 2021

Revenue:
United States	$	33,257	$	13,764	$	28,955
Foreign:
Japan	729			-		-
Australia	275		136			207
United Kingdom	160		56			70
Total	$	34,421	$	13,956	$	29,232

Revenue by Customer type were as follows (in thousands):

	Year-ended		Transition period ended		Year-ended
	December 31, 2022		December 31, 2021		June 30, 2021

Revenue:
Commercial sales		34,051		13,771	$	21,483
BARDA:
Product sales		—		—		7,595
Services for emergency preparedness		370		185		154
Total	$	34,421	$	13,956	$	29,232

Cost of sales by Customer type were as follows (in thousands):

	Year-ended		Transition period ended			Year-ended
	December 31, 2022		December 31, 2021			June 30, 2021

Cost of sales
Commercial cost	$	5,573	$	2,017		$	3,931
BARDA:
Product cost		130		(278	)		1,889
Emergency preparedness service cost		338		166			129
Total	$	6,041	$	1,905		$	5,949

Share-Based Payment Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Company Share Based Award Plans

The following table summarizes information about the Company’s share-based award plans as of December 31, 2022:

	Outstanding Options		Outstanding Restricted Stock Units		Shares available for future issuance
2016 Equity Incentive Plan		885,095		-		-
2020 Equity Incentive Plan		1,079,875		398,596		-
2021 AGM Awards		22,600		11,566		244,675
2022 AGM Awards		247,876		50,356		-

Summary Of Stock-based Compensation Is Reflected In The Statements Of Operations

The Company has included share-based compensation expense as part of operating expenses in the accompanying Consolidated Statements of Operations as follows (in thousands):

	Year-ended		Transition period ended		Year-ended
	December 31, 2022		December 31, 2021		June 30, 2021

Sales and marketing expenses	$	1,393	$	663	$	925
General and administrative expenses		4,668		2,318		4,095
Research and development expenses		937		607		644
Total	$	6,998	$	3,588	$	5,664

Summary Of Share Option Activity

A summary of share option activity as of December 31, 2022 and changes during the year then ended is presented below:

	Service Only Share Options			Performance Based Share Options			Market Awards			Total Share Options			Weighted -Average Exercise Price		Weighted -Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Exercisable at December 31, 2021		1,129,126			599,994			27,600			1,756,720		$	14.86		7.83	$	5,118,309
Granted		737,676			-			-			737,676			5.57
Exercised		(75,125	)		(75,000	)		-			(150,125	)		5.99
Expired		(10,425	)		(6,900	)		-			(17,325	)		14.60
Forfeited		(57,000	)		(6,900	)		(27,600	)		(91,500	)		12.95
Outstanding shares at December 31, 2022		1,724,252			511,194			-			2,235,446			12.47		7.71		1,530,263
Exercisable at December 31, 2022		682,749			310,858			-			993,607		$	12.40		6.17	$	587,632

Summary of Valuation Assumptions Used in Share Options

	Year-Ended			Transition Period Ended			Year-Ended
	December 31, 2022			December 31, 2021			June 30, 2021
Expected volatility	72% - 113%			68% - 75%			65% - 80%
Weighted-average volatility		103	%		69	%		73	%
Expected dividends		0	%		0	%		0	%
Expected term (in years)	5 - 9.8			5 - 10			5 - 10
Risk-free interest rate	1.42% - 3.94%			0.88% - 1.46%			0.77% - 1.64%

Non Option Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary Of Share Option Activity

A summary of the status of the Company’s unvested RSUs as of December 31, 2022, and changes that occurred during the year is presented below:

Unvested Shares	Service Condition RSU			Performance Condition RSU			Market Condition			Total RSU's			Weighted Average Grant Date Fair Value per Unit
Unvested RSUs outstanding at December 31, 2021		114,757			135,093			47,640			297,490		$	19.66
Granted		384,806			-			-			384,806			5.28
Vested		(75,041	)		(57,527	)		-			(132,568	)		26.43
Forfeited		(29,650	)		(11,920	)		(47,640	)		(89,210	)		7.71
Unvested RSUs outstanding at December 31, 2022		394,872			65,646			-			460,518		$	6.30

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Geographic Sources of Loss Before Income Taxes

Geographic sources of loss before income taxes are as follows:

	Year- Ended			Transition Period Ended			Year- Ended
(amounts in thousands)	December 31, 2022			December 31, 2021			June 30, 2021

United States	$	(26,764	)	$	(14,490	)	$	(26,478	)
Foreign		135			88			(67	)
Loss before income taxes	$	(26,629	)	$	(14,402	)	$	(26,545	)

Summary Of Income Tax Expense

The income tax expense as shown in the accompanying Consolidated Statements of Operations includes the following:

	Year-Ended		Transition Period Ended		Year-Ended
(amounts in thousands)	December 31, 2022		December 31, 2021		June 30, 2021
Current:
Federal	$	-	$	-	$	-
State		36	25		38
Foreign		-		-		-
Total current		36	25		38
Deferred:
Federal		-		-		-
State		-		-		-
Foreign		-		-		-
Total deferred		-		-		-
Total income tax expense	$	36	$	25	$	38

Summary Of Provision For Income Taxes

	Year-Ended			Transition Period Ended			Year-Ended
(amounts in thousands)	December 31, 2022			December 31, 2021			June 30, 2021
Tax expense (benefit) at U.S. statutory rate	$	(5,592	)	$	(3,024	)	$	(5,574	)
State income taxes		35			25			36
Foreign rate differential		5			5			(5	)
Share-based compensation		719			997			(27	)
Permanent differences		(30	)		29			233
Net change in valuation allowance		4,899			1,993			5,375
Income tax expense (benefit)	$	36		$	25		$	38

Summary Of Deferred Income Tax

A summary of deferred income tax assets is as follows (in thousands):

	Year-Ended			Transition Period Ended			Year-Ended
	December 31, 2022			December 31, 2021			June 30, 2021
Deferred tax liabilities
ROU Asset	$	(229	)	$	(404	)	$	(389	)
Intangible assets		(11	)		(25	)		—
Property, plant and equipment		-			(5	)		(5	)
Total deferred tax liabilities	$	(240	)	$	(434	)	$	(394	)
Deferred tax assets
Property, plant and equipment	$	3		$	—		$	—
Accrued expenses		1,833			1,151			686
Intangible assets		—			—			262
Stock based compensation		3,405			2,739			3,215
Lease liability		247			428			415
Research and development		2,215			—			—
Net operating loss carryforward		48,413			46,918			44,282
Other		630			483			609
Total deferred tax assets	$	56,746		$	51,719		$	49,469
Less valuation allowance		(56,506	)		(51,285	)		(49,075	)
Net deferred tax assets	$	240		$	434		$	394
Net deferred tax assets / (liabilities)	$	—		$	—		$	—

Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary Of Reconciliation Of The Basic And Diluted Loss Per Share

The following is a reconciliation of the basic and diluted loss per share computations:

	Year-Ended		Transition Period Ended		Year-Ended
	December 31, 2022		December 31, 2021		June 30, 2021
	(in thousands, except per share amounts)
Net Loss	$	26,665	$	14,427	$	26,583
Weighted-average common shares—outstanding, basic		25,000		24,915		22,674
Weighted-average common shares—outstanding, diluted		25,000		24,915		22,674
Net loss per common share, basic	$	1.07	$	0.58	$	1.17
Net loss per common share, diluted	$	1.07	$	0.58	$	1.17

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Summary of Fair Values of Company's Deferred Compensation Plan Assets and Liability

	Fair Value as of December 31, 2022								Fair Value as of December 31, 2021
(in thousands)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Corporate-owned life insurance policies (1)		-		1,238		-		1,238		-		304		-		304
Non-qualified deferred compensation plan liability		-		1,348		-		1,348		-	262			-		262

(2) Non-qualified deferred compensation plan liability is measured at fair value based on quoted prices of identical instruments to the investment vehicles selected by the participants.

Summary of Eligible Share Award Activity

The following table summarizes the eligible share award activity as of December 31, 2022. There was no activity as of December 31, 2021 and June 30, 2021.

	As of
(in thousands)	December 31, 2022
Non-qualified deferred compensation share awards:
Balance at inception/beginning of period		-
Change in classification of deferred compensation share awards		192
Share-based compensation expense		471
Change in redemption value		21
Vesting of share awards held by NDQC		(127	)
Ending Balance		557

Deed of Cross Guarantee (Tables)

12 Months Ended

Dec. 31, 2022

Guarantees [Abstract]

Consolidated Income Statement Of The Parties To The Deed

	Year-ended
(in thousands)	December 31, 2022
Revenues	$	568
Cost of sales		(243	)
Gross profit		325
Operating Expenses:
Sales and marketing expenses		(231	)
General and administrative expenses		(14	)
Product development expense		(9	)
Total operating expenses		(254	)
Other Income		1
Net loss	$	72

Consolidated Balance Sheet Of The Parties To The Deed

	As of
(in thousands)	December 31, 2022
ASSETS
Cash	$	337
Accounts receivable, net		2
Prepaids and other current assets		1,440
Inventory		46
Total assets		1,825
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities		7
Accrued wages and fringe benefits		75
Other current liabilities		1,728
Total liabilities		1,810
Contributed equity		232,747
Reserves		31,476
Accumulated deficit		(264,208	)
Total stockholders' equity (deficit)		15
Total liabilities and stockholders' equity (deficit)	$	1,825

Summary of Significant Accounting Policies - Additional Information (Detail)		6 Months Ended	12 Months Ended
	Jul. 31, 2020	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) PerformanceObligation	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions		$ 72,000	$ 85,000	$ (228,000)
Contract description			For revenues related to the BARDA contract within the scope of ASC 606, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units, (ii) emergency preparedness services.
Cash at deposit institutions		4,400,000	$ 4,100,000	54,200,000
Cash in foreign institutions		203,000	737,000	273,000
Cash equivalents held		51,100,000	14,100,000	56,500,000
Restricted cash		201,000		201,000
Allowance for doubtful accounts		28,000	$ 24,000	30,000	$ 18,000
Lease renewal period			3 years
Capitalized patent costs		673,000	$ 558,000	700,000
Impairment of intangible assets		$ 42,000
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]		Operating Income Loss
Impairments of long-lived assets			0	0
Advertising expenses		$ 16,000	216,000	$ 73,000
Expected dividends			$ 0
Contractual term			10 years
Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting period			2 years
Vesting on Year One \| Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting percentage			25.00%
Vesting on Year Two \| Deferred Compensation Plans
Summary Of Significant Accounting Policies [Line Items]
Employer matching contributions, Vesting percentage			75.00%
Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer		one	one	no
Accounts Receivable \| Customer Concentration Risk \| Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		10.00%	10.00%	10.00%
Revenue Benchmark
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, customer		no	one	no
Revenue Benchmark \| Customer Concentration Risk \| Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		10.00%	10.00%	10.00%
Minimum
Summary Of Significant Accounting Policies [Line Items]
Revenue, performance obligation, description of payment terms			30 days
Remaining lease terms			1 year
Estimated useful lives of intangible assets			3 years
Contractual term		5 years	5 years	5 years
Minimum \| Property, Plant and Equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of property plant and equipment			three years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Revenue, performance obligation, description of payment terms			90 days
Remaining lease terms			2 years
Estimated useful lives of intangible assets			20 years
Contractual term		10 years	9 years 9 months 18 days	10 years
Maximum \| Property, Plant and Equipment
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives of property plant and equipment			seven years
BARDA
Summary Of Significant Accounting Policies [Line Items]
Number of performance obligations \| PerformanceObligation			2
Total transaction price of contract			$ 9,200,000
BARDA \| Revenue Benchmark \| Customer Concentration Risk \| Commercial Customer
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		1.00%	1.00%	27.00%
BARDA \| Accounts Receivable Revenue \| Customer Concentration Risk
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage		3.00%	2.00%	91.00%
RECELL system \| BARDA
Summary Of Significant Accounting Policies [Line Items]
Number of units will be delivered	5,614
Transaction price allocated on a stand alone selling price basis			$ 7,600,000
Emergency Deployment \| BARDA
Summary Of Significant Accounting Policies [Line Items]
Transaction price allocated on a stand alone selling price basis			1,600,000
General and Administrative Expense
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions		$ 37,000	(6,000)	$ (131,000)
General and Administrative Expense \| Non-US
Summary Of Significant Accounting Policies [Line Items]
Gain (loss) on foreign currency transactions		$ 35,000	91,000	$ (97,000)
Revenue \| RECELL system \| BARDA
Summary Of Significant Accounting Policies [Line Items]
Transaction price allocated on a stand alone selling price basis			$ 1,600,000

Summary of Significant Accounting Policies - Summary of Other Receivables (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Other Receivables Net Current [Abstract]
BARDA procurement and emergency preparedness services	$ 16	$ 9	$ 3,583
BARDA expense reimbursements	882	299	353
Total	$ 898	$ 308	$ 3,936

Summary of Significant Accounting Policies - Summary of Allowance for Doubtful Account (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Allowance For Credit Loss [Abstract]
Allowance for doubtful accounts, at beginning of year	$ 30,000	$ 28,000	$ 18,000
Bad debt expense	2,000	5,000	12,000
Deductions	(4,000)	(9,000)
Allowance for doubtful accounts, at end of year	$ 28,000	$ 24,000	$ 30,000

Marketable Securities - Summary of Amortized Cost and Estimates Fair Values of Debt Securities Available for Sale (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	$ 61,601	$ 29,656
Gross Unrealized Holding Gains, Current marketable securities	1
Gross Unrealized Holding Losses, Current marketable securities	(424)	(7)
Carrying Value, Current marketable securities	61,178	29,649
Amortized Cost, Long-term marketable securities	6,933	19,789
Gross Unrealized Holding Gains, Long-term marketable securities	7
Gross Unrealized Holding Losses, Long-term marketable securities	(10)	(97)
Carrying Value, Long-term marketable securities	6,930	19,692
Money Market Funds \| Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	14,089	51,112
Carrying Value	14,089	51,112
U.S Treasury Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	43,092
Gross Unrealized Holding Gains, Current marketable securities	1
Gross Unrealized Holding Losses, Current marketable securities	(393)
Carrying Value, Current marketable securities	42,700
Amortized Cost, Long-term marketable securities	2,416	18,043
Gross Unrealized Holding Losses, Long-term marketable securities	(6)	(89)
Carrying Value, Long-term marketable securities	2,410	17,954
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	12,743	19,586
Carrying Value, Current marketable securities	12,743	19,586
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	3,865	7,068
Gross Unrealized Holding Losses, Current marketable securities	(23)	(7)
Carrying Value, Current marketable securities	3,842	7,061
Amortized Cost, Long-term marketable securities		1,746
Gross Unrealized Holding Losses, Long-term marketable securities		(8)
Carrying Value, Long-term marketable securities		1,738
Asset-backed Securities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities		3,002
Carrying Value, Current marketable securities		$ 3,002
Amortized Cost, Long-term marketable securities	3,568
Gross Unrealized Holding Gains, Long-term marketable securities	7
Gross Unrealized Holding Losses, Long-term marketable securities	(3)
Carrying Value, Long-term marketable securities	3,572
U.S Government Agency Obligations
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current marketable securities	1,901
Gross Unrealized Holding Losses, Current marketable securities	(8)
Carrying Value, Current marketable securities	1,893
Amortized Cost, Long-term marketable securities	949
Gross Unrealized Holding Losses, Long-term marketable securities	(1)
Carrying Value, Long-term marketable securities	$ 948

Marketable Securities - Summary of Maturities of Debt Securities Available for Sale (Detail) - Contractual Maturities - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Available for sale securities, Due in one year or less, Amortized cost	$ 61,601	$ 29,656
Due after one year through three years	6,933	19,789
Available for sale securities, Due in one year or less, Carrying value	61,178	29,649
Due after one year through three years	$ 6,930	$ 19,692

Marketable Securities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Schedule Of Available For Sale Securities [Line Items]
Unrealized gain on marketable securities	$ 8,000	$ 0
Unrealized loss on marketable securities	434,000	104,000
Net unrealized loss on marketable securities	426,000	104,000
Credit loss recognized	0	0
Prepaids and Other Current Assets
Schedule Of Available For Sale Securities [Line Items]
Accrued interest income	$ 168,000	$ 72,000	$ 0

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	$ 61,178	$ 29,649
Total long-term marketable securities	6,930	19,692
Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	61,178	29,649
Total long-term marketable securities	6,930	19,692
Total marketable securities and cash equivalents	82,197	100,453
Fair Value on Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total marketable securities and cash equivalents	14,089	51,112
Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	61,178	29,649
Total long-term marketable securities	6,930	19,692
Total marketable securities and cash equivalents	68,108	49,341
Money Market Funds \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	14,089	51,112
Money Market Funds \| Fair Value on Recurring Basis \| Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash equivalents	14,089	51,112
U.S Treasury Securities \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	42,700
Total long-term marketable securities	2,410	17,954
U.S Treasury Securities \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	42,700
Total long-term marketable securities	2,410	17,954
Commercial Paper \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	12,743	19,586
Commercial Paper \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	12,743	19,586
Asset-backed Securities \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	3,572	3,002
Asset-backed Securities \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	3,572	3,002
Corporate Debt Securities \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	3,842	7,061
Total long-term marketable securities		1,738
Corporate Debt Securities \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	3,842	7,061
Total long-term marketable securities		$ 1,738
US Government Corporations and Agencies Securities \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	1,893
Total long-term marketable securities	948
US Government Corporations and Agencies Securities \| Fair Value on Recurring Basis \| Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total short-term marketable securities	1,893
Total long-term marketable securities	$ 948

Leases - Additional Information (Detail) - USD ($)	Feb. 01, 2023	Aug. 31, 2021
Leases [Abstract]
Increase in operating lease ROU assets and operating lease liabilities		$ 392,000
Average monthly base rent charge	$ 37,000
Lessee, operating lease, extended term	39 months

Leases - Summary Of Lease Cost (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Lease Cost [Abstract]
Operating lease cost	$ 284	$ 775	$ 731
Variable lease cost	25	51	48
Total lease cost	$ 309	$ 826	$ 779

Leases - Summary Of Supplemental Cash Flow Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Disclosure Of Supplemental Cash Flow Information Related To Operating Leases [Abstract]
Operating cash outflows from operating leases	$ 288	$ 803	$ 735

Leases - Summary Of Supplemental Balance Sheet Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Disclosure Of Supplemental Balance Sheet Information Related To Operating Leases [Abstract]
Operating lease right-of-use assets	$ 851	$ 1,544	$ 1,480
Total right-of-use assets	851	1,544	1,480
Operating lease liabilities, short-term	$ 612	$ 720	$ 702
Operating Lease Liability Current Statement Of Financial Position Extensible List	Other current liabilities	Other current liabilities	Other current liabilities
Operating lease liabilities, long term	$ 306	$ 918	$ 878
Total operating lease liabilities	$ 918	$ 1,638	$ 1,580
Operating lease weighted average remaining lease term (years)	1 year 5 months 8 days	2 years 3 months 18 days	2 years 8 months 1 day
Operating lease weighted average discount rate	6.71%	6.51%	6.70%

Leases - Summary Of Maturities Of The Company's Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Operating Lease Liabilities Payments Due [Abstract]
2023	$ 649
2024	314
Total lease payments	963
Less imputed interest	(45)
Total operating lease liabilities	$ 918	$ 1,638	$ 1,580

Inventory - Summary Of Composition Of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 1,131	$ 1,222	$ 982
Work in process	384	176	241
Finished goods	610	734	424
Total inventory	$ 2,125	$ 2,132	$ 1,647

Inventory - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
Inventory - Additional Information (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventory impairments	$ 44,000	$ 375,000	$ 226,000

Intangible Assets - Summary Of Composition Of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Finite Lived Intangible Assets, Accumulated Amortization	$ (93)	$ (230)	$ (228)
Finite Lived Intangible Assets, Net Carrying Amount	411
Gross Amount	558	673	700
Intangible assets, net	465	443	472
Intangible Assets, Net (Excluding Goodwill)	465	443	472
Trademarks
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 54	50	47
Patent 1
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	2 years
Finite Lived Intangible Assets, Gross Amount	$ 17	209	264
Finite Lived Intangible Assets, Accumulated Amortization	(16)	(182)	(190)
Finite Lived Intangible Assets, Net Carrying Amount	$ 1	27	74
Patent 2
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	13 years
Finite Lived Intangible Assets, Gross Amount	$ 137	123	138
Finite Lived Intangible Assets, Accumulated Amortization	(28)	(18)	(16)
Finite Lived Intangible Assets, Net Carrying Amount	$ 109	105	122
Patent 3
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	14 years
Finite Lived Intangible Assets, Gross Amount	$ 194	192	163
Finite Lived Intangible Assets, Accumulated Amortization	(39)	(25)	(19)
Finite Lived Intangible Assets, Net Carrying Amount	$ 155	167	144
Patent 5
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	19 years
Finite Lived Intangible Assets, Gross Amount	$ 89	46	46
Finite Lived Intangible Assets, Accumulated Amortization	(6)	(3)	(2)
Finite Lived Intangible Assets, Net Carrying Amount	$ 83	43	44
Patent 6
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	20 years
Finite Lived Intangible Assets, Gross Amount	$ 43	39	39
Finite Lived Intangible Assets, Accumulated Amortization	(4)	(2)	(1)
Finite Lived Intangible Assets, Net Carrying Amount	$ 39	37	38
Patent 7
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	13 years
Finite Lived Intangible Assets, Gross Amount	$ 2	2
Finite Lived Intangible Assets, Net Carrying Amount	$ 2	2
Patent 8
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	19 years
Finite Lived Intangible Assets, Gross Amount	$ 13	3	3
Finite Lived Intangible Assets, Net Carrying Amount	$ 13	3	$ 3
Patent 10
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	19 years
Finite Lived Intangible Assets, Gross Amount	$ 3	3
Finite Lived Intangible Assets, Net Carrying Amount	$ 3	3
Patent 11
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	19 years
Finite Lived Intangible Assets, Gross Amount	$ 6	6
Finite Lived Intangible Assets, Net Carrying Amount	$ 6	$ 6

Intangible Assets - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 42,000	$ 0	$ 0
Amortization of intangible assets	$ 56,000	$ 58,000	$ 109,000

Intangible Assets - Summary of Future Amortization of Amortizable Intangible assets held (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2023	$ 34
2024	33
2025	33
2026	33
2027	33
Thereafter	245
Finite Lived Intangible Assets, Net Carrying Amount	$ 411

Property and Equipment, net - Summary Of Composition Of Property And Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (2,152)	$ (1,695)	$ (1,421)
Total plant and equipment, net	$ 1,200	1,262	1,458
Computer Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Property, Plant and Equipment, Gross	$ 755	740	722
Computer Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Property, Plant and Equipment, Gross	$ 871	811	775
Construction In Progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 258	29	48
Furniture And Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Property, Plant and Equipment, Gross	$ 439	440	440
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 643	566	523
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Useful Lives	Lesser of life or lease term
Property, Plant and Equipment, Gross	$ 257	242	242
RECELL Moulds
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 129	$ 129	$ 129

Property and Equipment, net - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Property Plant And Equipment [Abstract]
Depreciation	$ 274,000	$ 510,000	$ 606,000

Prepaids and Other Current Assets and Other Long-Term Assets - Summary of Prepaids and Other Current Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Prepaids And Other Current Assets And Other Long Term Assets [Abstract]
Prepaid expenses	$ 921	$ 1,124	$ 853
Lease deposits	110	2
Accrued investment income	168	72
BARDA contract costs	252
Other receivables	127	15	480
Total prepaids and other current assets	$ 1,578	$ 1,213	$ 1,333

Prepaids and Other Current Assets and Other Long-Term Assets - Summary of Other Long Term Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Other Assets Noncurrent Disclosure [Abstract]
BARDA contract costs		$ 504	$ 613
Long-term lease deposits	$ 25	124	126
Long-term prepaids	97	10	22
Total other long-term assets	$ 122	$ 638	$ 761

Prepaids and Other Current Assets and Other Long-Term Assets - Summary of Other Current Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Other Liabilities Current [Abstract]
Operating lease liabilities, short-term	$ 612	$ 720	$ 702
Other current liabilities	262	355	170
BARDA deferred costs	194		77
Total other current liabilities	$ 1,068	$ 1,075	$ 949

Reporting Segment and Geographic Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 Segment
Segment Reporting [Abstract]
Number of reporting segment	1

Reporting Segment and Geographic Information - Schedule Of Revenue By Region and Customer Type/Cost of Sales By Customer Type (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Revenue:
Revenues	$ 13,956	$ 34,421	$ 29,232
Cost of sales
Cost of sales	1,905	6,041	5,949
Cost of sales	(278)	130	343
Commercial Sales
Revenue:
Revenues	13,771	34,051	21,483
Product Sales
Revenue:
Revenues			7,595
Services For Emergency Preparedness
Revenue:
Revenues	185	370	154
Commercial Cost
Cost of sales
Cost of sales	2,017	5,573	3,931
Product Cost
Cost of sales
Cost of sales	(278)	130	1,889
Emergency Preparedness Service Cost
Cost of sales
Cost of sales	166	338	129
United States
Revenue:
Revenues	13,764	33,257	28,955
Foreign \| Japan
Revenue:
Revenues		729
Foreign \| Australia
Revenue:
Revenues	136	275	207
Foreign \| United Kingdom
Revenue:
Revenues	$ 56	$ 160	$ 70

Contingencies - Additional Information (Detail)	Dec. 31, 2022 USD ($)
Threatened Litigation
Litigation liability	$ 0

Common and Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 01, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2020
Class Of Stock [Line Items]
Common stock shares authorized		200,000,000	200,000,000	200,000,000
Common stock par value		$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock shares authorized		10,000,000	10,000,000	10,000,000
Preferred stock par value		$ 0.0001	$ 0.0001	$ 0.0001
Common stock shares issued		24,895,864	25,208,436	24,925,743	24,925,743
Common stock shares outstanding		24,895,864	25,208,436	24,925,743
Preferred stock shares outstanding		0	0	0
Stock issued during period, value, new issues		$ 69,106
Common Stock
Class Of Stock [Line Items]
Stock issued during period, shares, new issues	3,214,250	3,214,250
Sale of stock issue price per share	$ 21.50
Stock issued during period, value, new issues	$ 69,100
Capital issuance expenses	$ 5,100
Shareholders Of Avita Medical \| ADRS
Class Of Stock [Line Items]
Reverse stock split ratio, description		One share of common stock on Nasdaq is equivalent to five CDIs on the ASX.

Revenue - Additional Information (Detail)		6 Months Ended	12 Months Ended
Revenue - Additional Information (Detail)	Jul. 31, 2020	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) PerformanceObligation	Jun. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract description			For revenues related to the BARDA contract within the scope of ASC 606, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units, (ii) emergency preparedness services.
Capiitalized fulfilment costs		$ 504,000		$ 613,000
Performance obligation estimated revenue expected to be recognised		952,000	$ 698,000	1,100,000
Contract liabilities		952,000	698,000	1,075,000
Contract with customer assets		0		0
Contract with customers non current liability		952,000	698,000	1,075,000
Contract cost amortization		167,000	338,000	129,000
Contract cost impairment loss		0	0	0
Cost of Sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract cost amortization		167,000	338,000	129,000
Other Current Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capiitalized fulfilment costs			$ 252,000
Other Long-term Assets
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Capiitalized fulfilment costs		504,000		613,000
BARDA
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract description			For the contract with BARDA, the Company identified two performance obligations (i) the procurement of 5,614 RECELL units, (ii) emergency preparedness services.
Number of performance obligations \| PerformanceObligation			2
Contract with customer liability revenue recognized		185,000	$ 370,000
BARDA \| Other Current Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred cost current		0	194,000	77,000
BARDA \| Other Long-term Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred cost non current		64,000	0	266,000
BARDA \| RECELL system
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of units will be delivered	5,614
Product replacement obligation cost			0
Deferred cost		64,000	194,000	343,000
Services recognised		185,000	370,000	154,000
Contract liabilities		517,000	274,000	665,000
Contract with customers non current liability		517,000	274,000	665,000
COSMOTEC
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract with customer liability revenue recognized		0	11,000	0
COSMOTEC \| RECELL system \| Contract Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation estimated revenue expected to be recognised		$ 435,000	$ 424,000	$ 435,000

Share-Based Payment Plans - Additional Information (Detail) - USD ($)				1 Months Ended		6 Months Ended	12 Months Ended
	Dec. 12, 2022	Jun. 01, 2022	Dec. 22, 2021	Jun. 30, 2020	Nov. 30, 2019	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation						$ 3,588,000	$ 6,998,000	$ 5,664,000
Income tax benefit (expense)						0	0	0
Proceeds from exercise of stock options						$ 7,000	$ 900,000	$ 63,000
Share based compensation by share based payment arrangement other than option weighted average grant date fair value							$ 5.28
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period							384,806
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested							132,568
Milestone performance awards to CEO						297,490	460,518
Milestone performance awards to CEO						1,756,720	2,235,446
Contractual term							10 years
Performance Based Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO						599,994	511,194
Contractual term							10 years
Market Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO						27,600
Contractual term							10 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement other than option weighted average grant date fair value						$ 13.57	$ 5.28	$ 22.65
Share based compensation by share based payment arrangement other than options total fair value of shares vested						$ 599,000	$ 894,000	$ 4,900,000
Unrecognized share based compensation compensation expense relating to RSUs							$ 1,900,000
Non Options Service Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to stock options weighted average period of recognition							1 year 6 months 10 days
Unrecognized share based compensation compensation expense relating to RSUs							$ 1,600,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period							384,806
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested							75,041
Milestone performance awards to CEO						114,757	394,872
Non Option Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to RSUs							$ 341,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested							57,527
Milestone performance awards to CEO						135,093	65,646
Non Option Market Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to stock options weighted average period of recognition							1 year 6 months 3 days
Milestone performance awards to CEO						47,640
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement contractual term of awards							10 years
Share based compensation by share based payment arrangement vesting period							4 years
2020 Plan \| Vesting Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage							25.00%
2020 Plan \| Vesting Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage							25.00%
2020 Plan \| Vesting Period Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage							25.00%
2020 Plan \| Vesting Period Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage							25.00%
2020 Plan \| Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement number of shares authorised for issuance									1,750,000
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reverse stock split							reverse stock split of 100:1
Share based compensation by share based payment arrangement weighted average grant date of fair value of options granted						$ 10.35	$ 4.64	$ 14.08
Share based compensation by share based payment arrangement intrinsic value of options exercised						$ 13,000	$ 179,000	$ 221,000
Proceeds from exercise of stock options						$ 7,000	900,000	$ 63,000
Unrecognized share based compensation compensation expense relating to stock options							5,400,000
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen \| Service Only
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to stock options							$ 4,300,000
Unrecognized share based compensation compensation expense relating to stock options weighted average period of recognition							1 year 7 months 24 days
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen \| Performance Based Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share based compensation compensation expense relating to stock options							$ 1,100,000
Unrecognized share based compensation compensation expense relating to stock options weighted average period of recognition							1 year 7 months 6 days
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement contractual term of awards							10 years
Long Term Incentive Plan \| Restricted Stock Units (RSUs) \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period					395,542
Long Term Incentive Plan \| Restricted Stock Units (RSUs) \| Chief Executive Officer \| Service Based Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period				3 years
Tenure RSU awards to CEO				142,521
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested		47,507
Long Term Incentive Plan \| Restricted Stock Units (RSUs) \| Chief Executive Officer \| Patient Visit For Treatment And Regulatory Approval
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO on Nov 2019								253,021
2021 AGM Awards \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage			25.00%
Aggregate number of options and RSU			150,480
Tenure awards to CEO			37,600
Tenure option awards to CEO			13,800
2021 AGM Awards \| Performance Based Share Options \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO			37,640
Milestone performance awards to CEO			13,800
2021 AGM Awards \| Performance Based Share Options \| Chief Executive Officer \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO							6,900
Description of the milestone to be achieved for vesting of restricted stock awards							Performance condition for 11,920 RSUs and 6,900 options was met during fiscal year 2022. RSUs for vested shares were appropriately released. Vested and unexercised options expired 3 months subsequent to termination of employment.
2021 AGM Awards \| Performance Based Share Options \| Chief Executive Officer \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO							6,900
Description of the milestone to be achieved for vesting of restricted stock awards							Performance condition for 11,920 RSUs and 6,900 options were not met. These awards were unvested as of the date of termination of the Former CEO’s employment.
2021 AGM Awards \| Market Awards \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO			75,240
Milestone performance awards to CEO			27,600
2021 AGM Awards \| Restricted Stock Units (RSUs) \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to CEO			23,800
2021 AGM Awards \| Non Option Performance Based Restricted Stock Units \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO			23,840
2021 AGM Awards \| Non Option Performance Based Restricted Stock Units \| Chief Executive Officer \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO							11,920
2021 AGM Awards \| Non Option Performance Based Restricted Stock Units \| Chief Executive Officer \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO							11,920
2021 AGM Awards \| Non Option Market Condition \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO			47,640
Two Thousand And Twenty One A G M Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO							22,600
Two Thousand And Twenty One A G M Plan \| Board of Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period			12 months
Aggregate number of options and RSU			68,600
Tenure awards to Board of Director			41,400
Tenure option awards to Board of Director			15,300
Tenure awards granted to Board of Director			6,900
Tenure option awards granted to Board of Director			2,550
Two Thousand And Twenty One A G M Plan \| Board of Director \| Vesting Percentage Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage			33.33%
Tenure awards to Board of Director			27,200
Tenure option awards to Board of Director			9,850
Tenure awards granted to Board of Director			13,600
Tenure option awards granted to Board of Director			4,925
Two Thousand And Twenty One A G M Plan \| Restricted Stock Units (RSUs) \| Board of Director \| Service Period Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to Board of Director			26,100
Tenure RSU awards granted to Board of Director			4,350
Two Thousand And Twenty One A G M Plan \| Restricted Stock Units (RSUs) \| Board of Director \| Vesting Percentage Milestone
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenure RSU awards to Board of Director			17,350
Tenure RSU awards granted to Board of Director			8,675
2021 AGM Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO							247,876
2021 AGM Awards \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting percentage	25.00%
Milestone performance awards to CEO	226,296
2021 AGM Awards \| Board of Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation by share based payment arrangement vesting period							12 months
Aggregate number of options and RSU							71,936
Milestone performance awards to CEO							21,580
Tenure awards to Board of Director							17,984
Tenure option awards to Board of Director							5,359
2021 AGM Awards \| Restricted Stock Units (RSUs) \| Board of Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone performance awards to CEO							50,356
Tenure RSU awards to Board of Director							12,589

Share-Based Payment Plans - Summary Of Company Share Based Award Plans (Detail) - shares	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	2,235,446	1,756,720
2016 Equity Incentive Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	885,095
2020 Equity Incentive Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	1,079,875
Outstanding Restricted Stock Units	398,596
Two Thousand And Twenty One A G M Plan
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	22,600
Outstanding Restricted Stock Units	11,566
Shares available for future issuance	244,675
2021 AGM Awards
Schedule Of Company Stock Based Award Plans [Line Items]
Outstanding Options	247,876
Outstanding Restricted Stock Units	50,356

Share-Based Payment Plans - Summary Of Stock-based Compensation Is Reflected In The Statements Of Operations (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 3,588	$ 6,998	$ 5,664
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	663	1,393	925
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	2,318	4,668	4,095
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 607	$ 937	$ 644

Share-Based Payment Plans - Summary Of Share Option Activity (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance		1,756,720
Granted		737,676
Exercised		(150,125)
Expired		(17,325)
Forfeited		(91,500)
Ending balance	1,756,720	2,235,446
Exercisable		993,607
Weighted Average exercise price beginning balance		$ 14.86
Weighted Average exercise price granted		5.57
Weighted Average exercise price exercised		5.99
Weighted Average exercise price expired		14.60
Weighted Average exercise price forfeited		12.95
Weighted Average exercise price ending balance	$ 14.86	12.47
Weighted Average exercise price exercisable		$ 12.40
Weighted average contractual term	7 years 9 months 29 days	7 years 8 months 15 days
Weighted average contractual term in exercisable		6 years 2 months 1 day
Aggregate intrinsic value	$ 5,118,309	$ 1,530,263
Aggregate intrinsic value of exercisable		$ 587,632
Service Only Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance		1,129,126
Granted		737,676
Exercised		(75,125)
Expired		(10,425)
Forfeited		(57,000)
Ending balance	1,129,126	1,724,252
Exercisable		682,749
Performance Based Share Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance		599,994
Exercised		(75,000)
Expired		(6,900)
Forfeited		(6,900)
Ending balance	599,994	511,194
Exercisable		310,858
Market Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance		27,600
Forfeited		(27,600)
Ending balance	27,600

Share-Based Payment Plans - Summary Of Company Unvested RSUs (Detail)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	297,490
Unvested RSUs granted	384,806
Unvested RSUs vested	(132,568)
Unvested RSUs forfeited	(89,210)
Unvested RSUs ending balance	460,518
Weighted average grant date fair value per unit beginning balance \| $ / shares	$ 19.66
Weighted average grant date fair value per unit granted \| $ / shares	5.28
Weighted average grant date fair value per unit vested \| $ / shares	26.43
Weighted average grant date fair value per unit forfeited \| $ / shares	7.71
Weighted average grant date fair value per unit ending balance \| $ / shares	$ 6.30
Non Options Service Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	114,757
Unvested RSUs granted	384,806
Unvested RSUs vested	(75,041)
Unvested RSUs forfeited	(29,650)
Unvested RSUs ending balance	394,872
Non Option Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	135,093
Unvested RSUs vested	(57,527)
Unvested RSUs forfeited	(11,920)
Unvested RSUs ending balance	65,646
Non Option Market Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested RSUs beginning balance	47,640
Unvested RSUs forfeited	(47,640)
Unvested RSUs ending balance

Share-based Payment Plans - Summary of Valuation Assumptions Used in Share Options (Detail)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected volatility minimum	68.00%	72.00%	65.00%
Expected volatility maximum	75.00%	113.00%	80.00%
Weighted-average volatility	69.00%	103.00%	73.00%
Expected dividends	0.00%	0.00%	0.00%
Contractual term		10 years
Risk-free interest rate minimum	0.88%	1.42%	0.77%
Risk-free interest rate maximum	1.46%	3.94%	1.64%
Minimum
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Contractual term	5 years	5 years	5 years
Maximum
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Contractual term	10 years	9 years 9 months 18 days	10 years

Income Taxes - Geographic Sources of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
United States	$ (14,490)	$ (26,764)	$ (26,478)
Foreign	88	135	(67)
Loss before income taxes	$ (14,402)	$ (26,629)	$ (26,545)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Income Taxes - Summary Of Income Tax Expense (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Current:
State	$ 25	$ 36	$ 38
Total current	25	36	38
Deferred:
Total income tax expense	$ 25	$ 36	$ 38

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Summary of Provision For Income Taxes (Parenthetical) (Detail)	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%

Income Taxes - Summary of Provision For Income Taxes (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Tax expense (benefit) at U.S. statutory rate	$ (3,024)	$ (5,592)	$ (5,574)
State income taxes	25	35	36
Foreign rate differential	5	5	(5)
Share-based compensation	997	719	(27)
Permanent differences	29	(30)	233
Net change in valuation allowance	1,993	4,899	5,375
Income tax expense (benefit)	$ 25	$ 36	$ 38

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Summary of Deferred Income Tax (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Deferred tax liabilities
ROU Asset	$ (229)	$ (404)	$ (389)
Intangible assets	(11)	(25)
Property, plant and equipment		(5)	(5)
Total deferred tax liabilities	(240)	(434)	(394)
Deferred tax assets
Property, plant and equipment	3
Accrued expenses	1,833	1,151	686
Intangible assets			262
Stock based compensation	3,405	2,739	3,215
Lease liability	247	428	415
Research and development	2,215
Net operating loss carryforward	48,413	46,918	44,282
Other	630	483	609
Total deferred tax assets	56,746	51,719	49,469
Less valuation allowance	(56,506)	(51,285)	(49,075)
Net deferred tax assets	240	434	394
Net deferred tax assets / (liabilities)

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021
Income Tax Disclosure [Line Items]
Deferred tax assets valuation allowance	$ 56,506,000	$ 51,285,000	$ 49,075,000
Unrecognized income tax benefits	$ 0	$ 0	$ 0
Tax Cut And Jobs Act
Income Tax Disclosure [Line Items]
Percentage of tax amount likely to be realised	50.00%
Tax Year 2026 through 2038
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 21,700,000
Earliest Tax Year
Income Tax Disclosure [Line Items]
Open tax year	2026
Latest Tax Year
Income Tax Disclosure [Line Items]
Open tax year	2038
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 129,500,000
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	83,500,000
Her Majesty's Revenue and Customs (HMRC)
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	28,400,000
Australian Taxation Office
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 36,000,000.0

Loss per Share - Summary of Reconciliation of The Basic And Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss	$ 14,427	$ 26,665	$ 26,583
Weighted-average common shares—outstanding, basic	24,915,414	25,000,180	22,674,313
Weighted-average common shares—outstanding, diluted	24,915,414	25,000,180	22,674,313
Net loss per common share, basic	$ 0.58	$ 1.07	$ 1.17
Net loss per common share, diluted	$ 0.58	$ 1.07	$ 1.17

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

+ References

+ Details

Loss per Share - Additional Information (Detail)	12 Months Ended
Loss per Share - Additional Information (Detail)	Dec. 31, 2022 shares
Earnings Per Share [Abstract]
Common stock excluded from calculation of basic and diluted EPS	17,927

Retirement Plans - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay			6.00%
Employers contribution to retirement plan		$ 966,000	$ 1,027,000	$ 733,000
Non-qualified deferred compensation liability		262,000	$ 1,270,000
Number of shares awards deferred, unvested			253,048
Deferred compensation arrangement with individual, shares vested	17,927		17,927
Deferred compensation arrangement with individual, vested redemption value			$ 127,000
Non-qualified Deferred Compensation Plans
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting period			2 years
Employer contributions to deferred compensation plan		16,000	$ 258,000
Deferred compensation plan liability		262,000	1,348,000
Non-qualified deferred compensation liability		$ 262,000	1,348,000
Non-qualified Deferred Compensation Plans \| Non-qualified Deferred Compensation Liability
Defined Benefit Plan Disclosure [Line Items]
Non-qualified deferred compensation liability			1,270,000
Non-qualified Deferred Compensation Plans \| Other Current Liabilities
Defined Benefit Plan Disclosure [Line Items]
Non-qualified deferred compensation liability			$ 78,000
Non-qualified Deferred Compensation Plans \| Vesting on Year One
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting percentage			25.00%
Non-qualified Deferred Compensation Plans \| Vesting on Year Two
Defined Benefit Plan Disclosure [Line Items]
Employer matching contributions, Vesting percentage			75.00%
Non-qualified Deferred Compensation Plans \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay			4.00%
Non-qualified Deferred Compensation Plans \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan employers matching contribution percentage of employees pay			6.00%

Retirement Plans - Summary of Fair Values of Company's Deferred Compensation Plan Assets and Liability (Detail) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Defined Benefit Plan Disclosure [Line Items]

Non-qualified deferred compensation liability

$ 1,270

$ 262

Non-qualified Deferred Compensation Plans

Defined Benefit Plan Disclosure [Line Items]

Corporate-owned life insurance policies

^[1]

1,238

304

Non-qualified deferred compensation liability

1,348

262

Non-qualified Deferred Compensation Plans | Level 2

Defined Benefit Plan Disclosure [Line Items]

Corporate-owned life insurance policies

^[1]

1,238

304

Non-qualified deferred compensation liability

$ 1,348

$ 262

[1]	The corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and reflects the net asset value of the underlying publicly traded mutual funds and are categorized as Level 2.

Retirement Plans - Summary of Eligible Share Award Activity (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Change in classification of deferred compensation share awards		$ (192)
Share-based compensation	$ 3,588	6,998	$ 5,664
Non-qualified \| Deferred Compensation Plans
Defined Benefit Plan Disclosure [Line Items]
Change in classification of deferred compensation share awards		192
Share-based compensation		471
Change in redemption value		21
Vesting of share awards held by NDQC		(127)
Ending Balance		$ 557

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Deed of Cross Guarantee - Consolidated Income Statement Of The Parties To The Deed (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jun. 30, 2021
Consolidated income statement of the parties to the deed [Line Items]
Revenues	$ 13,956	$ 34,421	$ 29,232
Cost of sales	(1,905)	(6,041)	(5,949)
Gross profit	12,051	28,380	23,283
Operating Expenses:
Sales and marketing expenses	(8,472)	(21,913)	(14,660)
General and administrative expenses	(10,996)	(23,330)	(22,400)
Product development expense	(7,586)	(13,857)	(14,818)
Total operating expenses	(27,054)	(59,100)	(51,878)
Net loss	$ (14,427)	(26,665)	$ (26,583)
Avita Medical And Australian Wholly Owned Subsidaries Closed Group
Consolidated income statement of the parties to the deed [Line Items]
Revenues		568
Cost of sales		(243)
Gross profit		325
Operating Expenses:
Sales and marketing expenses		(231)
General and administrative expenses		(14)
Product development expense		(9)
Total operating expenses		(254)
Other Income		1
Net loss		$ 72

Deed of Cross Guarantee - Consolidated Balance Sheet Of The Parties To The Deed (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
ASSETS
Cash and cash equivalents	$ 18,164	$ 55,511	$ 110,746
Accounts receivable, net	3,515	3,118	3,467
Prepaids and other current assets	1,578	1,213	1,333
Inventory	2,125	2,132	1,647
Total assets	98,264	116,015	125,501
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued liabilities	3,002	2,708	3,120
Accrued wages and fringe benefits	6,623	5,363	3,321
Other current liabilities	1,068	1,075	949
Total liabilities	12,967	11,391	9,846
Accumulated deficit	(262,588)	(235,923)	(221,496)
Total shareholders' equity	84,740	104,624	115,655	$ 72,401
Total liabilities and stockholders' equity (deficit)	98,264	$ 116,015	$ 125,501
Avita Medical And Australian Wholly Owned Subsidaries Closed Group
ASSETS
Cash and cash equivalents	337
Accounts receivable, net	2
Prepaids and other current assets	1,440
Inventory	46
Total assets	1,825
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued liabilities	7
Accrued wages and fringe benefits	75
Other current liabilities	1,728
Total liabilities	1,810
Contributed equity	232,747
Reserves	31,476
Accumulated deficit	(264,208)
Total shareholders' equity	15
Total liabilities and stockholders' equity (deficit)	$ 1,825