0001193125-20-290149 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2020	Nov. 06, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Avita Therapeutics, Inc.
Entity Central Index Key	0001762303
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
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		21,623,287

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
ASSETS
Cash	$ 65,753	$ 73,639
Accounts receivable, net	2,360	2,076
BARDA receivables	371	356
Prepaids and other current assets	1,054	990
Restricted cash	201	201
Inventory	1,657	1,125
Total current assets	71,396	78,387
Plant and equipment, net	1,349	1,363
Operating lease right-of-use assets	2,216	2,347
Intangible assets	403	364
Other long term assets	55	1
Total assets	75,419	82,462
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities	3,570	4,333
Accrued wages and fringe benefits	3,589	2,816
Other current liabilities	561	560
Total current liabilities	7,720	7,709
Contract liabilities	435	435
Operating lease liabilities, long term	1,776	1,917
Total liabilities	9,931	10,061
Contingencies (Note 10)
Shareholders' Equity:
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 21,623,287 and 21,467,912 shares issued and outstanding at September 30, 2020 and June 30, 2020, respectively	3	3
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at September 30, 2020 and June 30, 2020
Additional paid-in capital	262,431	259,165
Accumulated other comprehensive income	8,194	8,146
Accumulated deficit	(205,140)	(194,913)
Total shareholders' equity	65,488	72,401
Total liabilities and shareholders' equity	$ 75,419	$ 82,462

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	200,000,000	200,000,000
Common stock shares issued	21,623,287	21,467,912
Common stock shares outstanding	21,623,287	21,467,912
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	10,000,000	10,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenues	$ 5,060	$ 3,250
Cost of sales	929	619
Gross profit	4,131	2,631
BARDA income	596	2,051
Operating expenses:
Sales and marketing expenses	2,935	2,962
General and administrative expenses	5,536	3,071
Research and development expenses	3,204	1,635
Share-based compensation	3,266	672
Total operating expenses	14,941	8,340
Operating loss	(10,214)	(3,658)
Interest expense	7	11
Other income	4	103
Loss before income taxes	(10,217)	(3,566)
Income tax benefit (expense)	10	0
Net loss	$ (10,227)	$ (3,566)
Net loss per common share:
Basic	$ 0.48	$ 0.19
Diluted	$ 0.48	$ 0.19
Weighted-average common shares:
Basic	21,503,643	18,719,857
Diluted	21,503,643	18,719,857

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (10,227)	$ (3,566)
Other comprehensive income gain/(loss):
Foreign currency translation gain/(loss)	48	(34)
Comprehensive loss	$ (10,179)	$ (3,600)

- 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

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Beginning Balance at Jun. 30, 2019	$ 20,832	$ 3	$ 165,473	$ 8,184	$ (152,828)
Beginning balance, shares at Jun. 30, 2019		18,712,996
Net loss	(3,566)				(3,566)
Share-based compensation	672		672
Issuance of common stock to director in lieu of directors fees	107		107
Issuance of common stock to director in lieu of directors fees, shares		15,853
Beginning balance adjustment related ot the adoption of ASC 842	(55)				(55)
Translation gain (loss)	(34)			(34)
Ending Balance at Sep. 30, 2019	17,956	$ 3	166,252	8,150	(156,449)
Ending Balance, shares at Sep. 30, 2019		18,728,849
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	(10,227)				(10,227)
Share-based compensation	3,266		3,266
Exercise of stock options
Exercise of stock options, shares	3,538	3,538
Vesting of restricted stock units
Vesting of restricted stock units, shares		151,837
Translation gain (loss)	48			48
Ending Balance at Sep. 30, 2020	$ 65,488	$ 3	$ 262,431	$ 8,194	$ (205,140)
Ending Balance, shares at Sep. 30, 2020		21,623,287

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flow from operating activities:
Net loss	$ (10,227)	$ (3,566)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	211	66
Non-cash lease expense	131	122
Loss (gain) on foreign currency transactions	80	(5)
Provision for write-down of inventories	(77)	8
Share based compensation	3,266	672
Issuance of common stock to directors in lieu of directors fees		107
Changes in operating assets and liabilities:
Trade and other receivables	(283)	(1,915)
BARDA receivables	(15)	309
Prepaids and other current assets	(65)	268
Inventory	(453)	(135)
Operating lease liability	(127)	(132)
Other long term assets	(54)	3
Accounts payable and accrued expenses	(860)	(810)
Accrued wages and fringe benefits	765	286
Other current liabilities	(5)	(155)
Other long term liabilities		(4)
Net cash used in operations	(7,713)	(4,881)
Cash flows from investing activities:
Cash paid for property and equipment	(209)	(86)
Cash paid for patent filing fees	(87)	(66)
Net cash used in investing activities	(296)	(152)
Cash flow from financing activities:
Principal repayment of finance lease	(4)	(17)
Net cash used in financing activities	(4)	(17)
Effect of foreign exchange rate on cash and restricted cash	127	(22)
Net decrease in cash and restricted cash	(7,886)	(5,072)
Cash and restricted cash at beginning of the period	73,840	20,374
Cash and restricted cash end of the period	65,954	15,302
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes	42
Cash paid for Interest	1	5
Fixed assets in accounts payable	$ 50

The Company

3 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

The Company

1. The Company

Nature of the Business

The AVITA group of companies (comprising AVITA Therapeutics, Inc. (“

AVITA Therapeutics

” or the “

Company

”) and its subsidiaries, including AVITA Medical Limited (“

AVITA Medical

”)) (collectively, “

AVITA Group

” or “

”, “

”, or “

our

”) is a commercial-stage regenerative tissue company focused on the treatment of burns, trauma and other acute injuries, together with skin defects like vitiligo. The Company’s lead product is the RECELL

System, a device that enables healthcare professionals to produce a suspension of

Spray-On

Skin

™

Cells using a small sample of the patient’s own skin. 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 PMA, we commenced commercializing the RECELL System in January 2019 in the United States. In addition, the FDA has granted the Company three Investigational Device Exemptions (“

IDEs

”) studies which have enabled the Company to initiate pivotal clinical investigational studies to seek expanded FDA (supplementary) PMA of the RECELL System for each of soft tissue reconstruction, pediatric scalds, and vitiligo. Enrollment of those clinical studies is ongoing and, if successful, those studies would enable the Company to commence commercializing the RECELL System in the United States in each of those indications.

In March 2020, the World Health Organization declared the outbreak of a novel strain of the coronavirus (“

COVID-19

”) a pandemic.

COVID-19

is having, and will likely continue to have, an adverse effect on our business, results of operations, financial condition, and cash flows, and its future impacts remain highly uncertain and unpredictable. The Company has considered the disruptions caused by

COVID-19,

including lower than forecasted sales, delays to the speed of enrollment in the Company’s clinical trials that may, if successful, support commercial approval and new revenues in additional markets, and macroeconomic factors, that may impact its estimates. 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, as of September 30, 2020 and through the date of this report. During the three months ended September 30, 2020,

COVID-19

had minor effects on the Company’s operations and financial position and cash flows. 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.

Redomiciliation

On June 29, 2020, the Company, a newly formed Delaware corporation, acquired all of the issued share capital of AVITA Medical , a then public company incorporated under the laws of the Commonwealth of Australia and former parent company of the AVITA Group. The acquisition was completed pursuant to a scheme of arrangement under Australian law, and was approved by the Federal Court of Australia on June 22, 2020, and by shareholders of AVITA Medical on June 15, 2020 (the “

Redomiciliation

”). Under the Redomiciliation, all of the issued and outstanding ordinary shares of AVITA Medical, including those ordinary shares held in the form of American Depositary Shares (“

ADSs

”), were exchanged for newly issued shares of common stock of the AVITA Therapeutics or CHESS Depositary Interests (“

CDIs

”). This exchange was conducted on the basis of one share of common stock of AVITA Therapeutics for every 100 ordinary shares of AVITA Medical, effecting an ‘implicit consolidation’ or ‘reverse split’. The holders of ordinary shares of AVITA Medical received one CDI for every 20 ordinary shares held in AVITA Medical, and the holders of AVITA Medical

ADSs

(each of which previously represented 20 ordinary shares in AVITA Medical) received one share of common stock in AVITA Therapeutics for every five ADSs held. The common stock of AVITA Therapeutics began trading on The NASDAQ Stock Exchange LLC (“

NASDAQ

”) upon market open on July 1, 2020 under the same ticker code, “RCEL” as AVITA Medical’s ADSs were traded under prior to the Redomiciliation.

As part of the exchange of shares under the Redomiciliation, a reverse split was also simultaneously implemented such that the number of shares of common stock on issue in AVITA Therapeutics (as set out in the condensed consolidated financial statements) is less than the number of ordinary shares in AVITA Medical that was previously set out in the consolidated financial statements of AVITA Medical.

The Redomiciliation resulted in the domicile of the AVITA Group moving from Australia to the United States of America, with AVITA Therapeutics becoming the ultimate parent company of the AVITA Group. In addition, the existing listing of AVITA Medical ordinary shares on the Australian Securities Exchange (“

ASX

”) (as its primary listing) and AVITA Medical ADSs on NASDAQ (as its secondary listing) was inverted and replaced with a new listing of AVITA Therapeutics common stock on NASDAQ (as its primary listing) under the existing ticker symbol, “RCEL” and AVITA Therapeutics CDIs on the ASX (as its secondary listing) under the existing ticker symbol, AVH. Five CDIs traded on ASX are equivalent to one share of common stock traded on NASDAQ.

As a result of the Redomiciliation, the reporting currency of the AVITA Group has changed from the Australian dollar to the U.S. dollar. In accordance with SEC regulation,

S-X

Rule 320 (e), the impact of the change in the reporting currency was included in a component of other comprehensive income (loss).

Summary of Significant Accounting Policies

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“

GAAP

”) for interim financial information and with the instructions to Form

10-Q

and Article 10 of Regulation

S-X

of the Securities and Exchange Commission (the “

SEC

”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information included in this quarterly report on Form

10-Q

should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual report on Form

10-K

for the fiscal year ended June 30, 2020 filed with the SEC on August 27, 2020 (the “

Annual Report

”).

There have been no changes to the Company’s significant accounting policies as described in the annual report on Form

10-K

that have had a material impact on the Company’s condensed consolidated financial statements. See the summary of the Company’s significant accounting policies set forth in the notes to its consolidated financial statements included in the Annual Report.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. As a result of the Redomiciliation, the parent company of the AVITA Group changed from AVITA Medical to AVITA Therapeutics. All intercompany transactions and balances have been eliminated on consolidation.

Use of Estimates

The preparation of the accompanying condensed 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, inventory, accounting for income taxes and share-based compensation 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

The financial position and results of operations of the Company’s

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, which are not material, are included in general and administrative expenses in the condensed consolidated statements of operations.

Revenue Recognition

Revenues 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. Effective July 1, 2018, the Company adopted ASC 606,

Revenue from Contracts with Customers

, using the modified retrospective method applicable to all contracts that were not completed at the date of initial application. This update outlined a comprehensive new revenue recognition model designed to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard also required additional qualitative disclosures. Refer to Note 12 – Revenues for further information.

For the Company’s contracts that have an original duration of one year or less, the Company used 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.

Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, and trade and other receivables. As of September 30, 2020, and June 30, 2020, substantially all of the Company’s cash was deposited in accounts at financial institutions, and amounts 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 September 30, 2020 and June 30, 2020, no single customer accounted for more than 10% of net accounts receivable. For the three months ended September 30, 2020, no single customer accounted for more than 10% of total revenues. For the three months ended September 30, 2019, one customer accounted for 13% of total revenues.

BARDA Income and Receivables

The AVITA Group was awarded a Biomedical Advance Research and Development Authority (“

BARDA

”) contract in September 2015. Under this arrangement BARDA supports the Company’s research and development for the Company’s product, including the ongoing U.S. clinical regulatory program targeted towards PMA, our compassionate use program, clinical and health economics research, and U.S. pediatric burn programs.

Consideration received under the BARDA arrangement 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 relationship is not within the scope of ASC 606, as it does 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 payments are with governmental agencies or units. With respect to the BARDA arrangement, 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 amount will be received, and all attaching conditions have been complied with. When the payment relates to an expense item, the amount received is recognized as income over the period when the expense was incurred.

Accounting Standards Update

3 Months Ended

Sep. 30, 2020

Accounting Changes and Error Corrections [Abstract]

Accounting Standards Update

3. Accounting Standards Update

Recently Adopted Accounting Pronouncements

In August 2018, the FASB issued ASU

No. 2018-15,

Intangibles-Goodwill and

Other-Internal-Use

Software

(Subtopic

350-40):

Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which provides new guidance on the accounting for implementation,

set-up,

and other upfront costs incurred in a hosted cloud computing arrangement. Under the new guidance, entities will apply the same criteria for capitalizing implementation costs as they would for an

internal-use

software license arrangement. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. This ASU can be adopted prospectively to eligible costs incurred on or after the date of adoption or retrospectively. Effective July 1, 2020, the Company adopted this standard using the prospective transition method. The adoption of this update did not have a material impact on the Company’s condensed consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

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 is currently evaluating the potential impact that the adoption of ASU

2019-12

will have on its condensed consolidated financial statements.

- 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

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

Leases

3 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

4. Leases

On July 1, 2019, the Company adopted Accounting Standards Codification No. 842,

Leases

, (“ASC 842”), which requires lessees to recognize operating leases on the balance sheet as a

right-of-use

asset (“ROU”) and lease liability.

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 condensed consolidated balance sheet.

The Company has operating leases for corporate office space, manufacturing and warehouse facility. The Company has finance leases for equipment and furniture. The Company’s leases have remaining lease terms of less than one year to five years, some of which include options to renew the lease. Approximately $7,000 and $11,000 in finance leases was included in Other current liabilities as of September 30, 2020 and June 30, 2020, respectively.

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 implicit 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. The Company used the IBR on July 1, 2019 for its operating leases that commenced on or prior to that date. 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. Additionally, the Company used the portfolio approach when applying the discount rate selected based on the dollar amount and term of the obligation. Certain leases for equipment and furniture contain bargain purchase options and are classified as finance leases. 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.

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 ROU assets or operating lease liabilities. Variable lease costs are expensed when incurred.

The following table sets forth the Company’s operating lease expense which are included in general and administrative expenses in the consolidated statements of operations (in thousands):


	Three Months ended September 30, 2020		Three Months ended September 30, 2019
Operating lease cost	$	175	$	175
Variable lease cost		12		12

Total lease cost	$	187	$	187

Supplemental cash flow information related to operating leases for the three months ended September 30, 2020 and 2019 was as follows (in thousands):


	Three Months ended September 30, 2020		Three Months ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	171	$	166

Supplemental balance sheet information, as of September 30, 2020 and June 30, 2020 related to operating leases was as follows (in thousands):


	As of September 30, 2020			As of June 30, 2020
Reported as:
Operating lease right-of-use assets	$	2,216		$	2,347

Total right-of-use assets	$	2,216		$	2,347

Other current liabilities:
Operating lease liabilities, short-term	$	548		$	533
Operating lease liabiltiies, long term		1,776			1,917

Total operating lease liabilities	$	2,324		$	2,450

Operating lease weighted average remaining lease term (years)		3.66			3.91
Operating lease weighted average discount rate		7.50	%		7.50	%

As of September 30, 2020, maturities of the Company’s operating lease liabilities are as follows (in thousands):


	Operating Leases
Remaining 2021	$	524
2022		717
2023		740
2024		588
2025 and thereafter		87

Total lease payments	$	2,656
Less imputed interest		(332	)

Total operating lease liabilities	$	2,324

As of September 30, 2020, there were no leases entered into that had not yet commenced.

Inventory

3 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventory

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


	September 30, 2020		June 30, 2020
Raw materials	$	1,035	$	947
Work in process inventory		271		—
Finished goods		351	$	178

Total inventory	$	1,657	$	1,125

Intangible Assets

3 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

6. Intangible Assets

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


			As of September 30, 2020							As of June 30, 2020
	Weighted Average Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		3	$	237	$	(121	)	$	116	$	235	$	(101	)	$	134
Patent 2		14		105		(9	)		96		74		(9	)		65
Patent 3		15		127		(11	)		116		125		(9	)		116
Patent 5		20		46		(1	)		45		26		—			26
Trademarks		Indefinite		30		—			30		23		—			23

Total intangible assets			$	545	$	(142	)	$	403	$	483	$	(119	)	$	364

During the three months ended September 30, 2020 and 2019, 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 three months ended September 30, 2020 and 2019. Amortization expense of intangibles included in the condensed consolidated statements of operations was $23,000 and $0 for the three months ended September 30, 2020 and 2019, respectively.

The Company expects the future amortization of amortizable intangible assets held at September 30, 2020 to be (in thousands):


	Estimated Amortization Expense
Remainder of 2021	$	70
2022		67
2023		21
2024		21
2025		21
2026 and thereafter		173

Total	$	373

Property, Plant and Equipment

3 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

7. Property, Plant and Equipment

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


	Useful Lives	As of September 30, 2020			As of June 30, 2020
Computer equipment	3 years	$	825		$	802
Computer software	3 years		496			369
Construction in progress			91			138
Furniture and fixtures	7 years		427			425
Laboratory equipment	5 years		233			194
Leasehold improvements	Lesser of life or lease term		216			216
RECELL Moulds	5 years		130			100
Less: accumulated amortization and depreciation			(1,069	)		(881	)

Total property, plant and equipment, net		$	1,349		$	1,363

Depreciation expense related to plant and equipment was $188,000 and $66,000 for the three months ended September 30, 2020 and 2019, respectively.

Prepaids and Other Current Assets

3 Months Ended

Sep. 30, 2020

Prepaid Expense and Other Assets, Current [Abstract]

Prepaids and Other Current Assets

8. Prepaids and Other Current Assets

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


	As of September 30, 2020		As of June 30, 2020
Prepaid expenses	$	850	$	792
Lease deposits		98		123
Other receivables		106		75

Total prepaids and other current assets	$	1,054	$	990

Prepaid expenses primarily consist of prepaid benefits and insurance.

Reporting Segment and Geographic Information

3 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Reporting Segment and Geographic Information

9. 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 September 30, 2020 and June 30, 2020 with an insignificant amount located in Australia and the United Kingdom. Revenue by region for the three months ended September 30, 2020 and 2019 were as follows (in thousands):


	Three Months ended September 30, 2020		Three Months ended September 30, 2019
Revenue:
United States	$	4,970	$	3,130
Foreign:
Australia		80		46
United Kingdom		10		74

Total	$	5,060	$	3,250

- 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

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+ Details

Contingencies

3 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Contingencies

10. 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 September 30, 2020 and June 30, 2020, the Company did not have any outstanding or threatened litigation that would have a material impact to the financial statements.

Common and Preferred Stock

3 Months Ended

Sep. 30, 2020

Equity [Abstract]

Common and Preferred Stock

11. Common and Preferred Stock

On June 29, 2020, a statutory scheme of arrangement under Australian law to effect a redomiciliation of the AVITA Group from Australia to the United States of America was implemented (the “

Scheme

”). The Scheme was approved by shareholders on June 15, 2020 and approved by the Federal Court of Australia on June 22, 2020.

Pursuant to the Scheme, all ordinary shares in AVITA Medical, the former parent company of the AVITA Group, were exchanged for shares of common stock in AVITA Therapeutics. As a result, AVITA Therapeutics became the sole shareholder of AVITA Medical and the new parent company of the AVITA Group. In conjunction with the Scheme, an implicit reverse split on a 1 for 100 basis was implemented whereby shareholders of AVITA Medical received one share of common stock in AVITA Therapeutics for every 100 ordinary shares held in AVITA Medical.

Under the Scheme, eligible shareholders in AVITA Medical received consideration in the form of:

•

five CDIs in AVITA Therapeutics for every 100 ordinary shares in AVITA Medical that were held by them; or

•

one share of common stock in AVITA Therapeutics for every 5 ADS

in AVITA Medical that were held by them.

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

As a result of the ‘implicit consolidation’ that occurred under the Scheme, the number of shares of common stock on issue in the Company (as set out in the condensed consolidated financial statements) is less than the number of ordinary shares in AVITA Medical that was previously set out in the consolidated financial statements of AVITA Medical. All common share amounts included in the condensed consolidated financial statements have been retroactively reduced by a factor of one hundred and all per share amounts have been increased by a factor or one hundred, with the exception of the Company’s common stock par value.

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. As of September 30, 2020, and June 30, 2020, 21,623,287 and 21,467,912 shares of common stock, respectively, were issued and outstanding and no shares of preferred stock were outstanding.

Revenues

3 Months Ended

Sep. 30, 2020

Revenue, Performance Obligation [Abstract]

Revenues

12. Revenues

Revenues

The Company’s revenue consists of sale of the RECELL System to hospitals or other treatment centers (“customers”), predominately in the United States.

Contract Assets and 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 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 September 30, 2020, and June 30, 2020, the Company did 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 $435,000 and $435,000 of contract liabilities as of September 30, 2020 and June 30, 2020, respectively. For the three months ended September 30, 2020 and 2019, revenue recognized from amounts included in the beginning balance of contract liabilities was not significant.

Remaining Performance Obligations

Revenues from remaining performance obligations are calculated as the dollar value of the remaining performance obligations on executed contracts. 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 $9.6 million as of September 30, 2020. The majority of which relates to our July 13, 2020 contract with BARDA for the purchase, delivery and storage of RECELL Systems under the Strategic National Stockpile (“SNS”) for a period of three years for use in a mass casualty or other emergency situation.

- 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
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+ Details

Share-Based Payment Plans

3 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Share-Based Payment Plans

13. Share-Based Payment Plans

Overview of Employee Share-Based Compensation Plans

In November 2014, our former parent company, AVITA Medical, adopted the Employee Share Plan and the Incentive Option Plan (collectively, the “2016 Plans”). The 2016 Plans previously authorized the issuance of stock options or other share-based instruments representing up to 7.5% of outstanding capital of AVITA Medical. Any increase in the maximum number of shares issuable under the 2016 Plans was subject to shareholder approval or to an increase in the total number of ordinary shares outstanding. Upon 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 Redomiciliation, the Company had an implicit

100-1

reverse stock split and all share information presented below has been presented on a reverse split stock basis. At the 2020 Annual Meeting of Stockholders that will be held on November 9, 2020, the Company intends to seek shareholder approval for a new employee stock option plan.

Share-Based Payment Expenses

Share-based payment transactions are recognized as compensation cost based on the fair value of the instrument on the date of grant. The Company uses the binomial option valuation model to estimate the grant date fair value of employee stock options.

During the three months ended September 30, 2020 and 2019, the Company recorded stock-based compensation expense of $3.2 million and $672,000, respectively. No income tax benefit was recognized in the condensed consolidated statement of comprehensive loss for share-based payment arrangements for the three months ended September 30, 2020 and 2019.

A summary of stock option activity under the employees share option plan

arrangement as of September 30, 2020 and changes during the period then ended is presented below:


	Service Only Stock Options			Performance Based Stock Options			Total Stock Options
Outstanding at June 30, 2020		904,353			356,171			1,260,524
Exercised		(3,538	)		—			(3,538	)
Expired		(1,636	)		(2	)		(1,638	)
Forfeited		(21,778	)		—			(21,778	)

Outstanding at September 30, 2020		877,401			356,169			1,233,570

Exercisable at September 30, 2020		296,803			298,897			595,700

Restricted Stock Units

Restricted stock units (“

RSUs

”) are granted to executives as part of their long-term incentive compensation. RSU awards are approved by the Compensation Committee as determined necessary. The 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. The grant date fair value is determined based on the price of the Company stock on the ASX on the date of grant. RSUs primarily consist of awards to the Chief Executive Officer and other executives.

A summary of the status of the Company’s unvested shares as of September 30, 2020, and changes during the three months ended September 30, 2020, is presented below:


	Service Condition RSU		Performance Condition RSUs			Total RSU
Unvested RSUs outstanding at June 30, 2020		95,013		244,346			339,359
Vested		—		(151,837	)		(151,837	)
Forfeited		—		(2	)		(2	)

Unvested RSUs outstanding at September 30, 2020		95,013		92,507			187,520

Income Taxes

3 Months Ended

Sep. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

At June 30, 2020, the Company and its subsidiaries had net operating loss carryforwards for U.S. federal, state, United Kingdom, and Australian income tax purposes of $88.5 million, $57.5 million, $29.8 million, and $34.1 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, in various years through 2038. The remaining loss 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 full valuation allowance against all its net deferred tax assets. 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 condensed 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 September 30, 2020 or June 30, 2020.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“

CARES Ac

t”) was enacted in the United States. The CARES Act provides numerous tax provisions and other stimulus measures, including temporary changes regarding the prior and future utilization of net operating losses and technical corrections from prior tax legislation for tax depreciation of certain qualified improvement property. The Company evaluated the provisions of the CARES Act and does not anticipate the associated impacts, if any, will have a material effect on its financial position.

- 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 + Details

Net Loss per Share

3 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Loss per Share

15. Net Loss per Share

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


	Three Months Ended September 30,
	2020		2019
	(in thousands, expect per share data)
Net Loss	$	10,227	$	3,56 6
Weighted-average common shares - outstanding, basic		21,504		18,720
Weighted-average common shares - outstanding, diluted		21,504		18,720

Net loss per common share, basic	$	0.48	$	0.19

Net loss per common share, diluted	$	0.48	$	0.19

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. 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. Because the Company has reported a net loss for the three months ended September 30, 2020 and 2019, diluted net loss per common share is the same as the basic net loss per share for those periods.

The loss per share incorporates the impact of the reverse stock split that was effectuated in conjunction with the Redomicilation. In accordance with ASC 260, the impact of the reverse stock split was retrospectively applied for all periods presented.

Retirement Plans

3 Months Ended

Sep. 30, 2020

Retirement Benefits [Abstract]

Retirement Plans

16. 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 $165,000 and $154,000 in the three months ended September 30, 2020 and 2019, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Subsequent Events

3 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

The Company has considered all events occurring subsequent to September 30, 2020 and has concluded that all significant events have been disclosed in the condensed consolidated financial statements and accompanying notes.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Basis of Presentation

GAAP

”) for interim financial information and with the instructions to Form

10-Q

and Article 10 of Regulation

S-X

of the Securities and Exchange Commission (the “

SEC

”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The information included in this quarterly report on Form

10-Q

should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual report on Form

10-K

for the fiscal year ended June 30, 2020 filed with the SEC on August 27, 2020 (the “

Annual Report

”).

There have been no changes to the Company’s significant accounting policies as described in the annual report on Form

10-K

Principles of Consolidation

Use of Estimates

Foreign Currency Translation

The financial position and results of operations of the Company’s

non-U.S.

Revenue Recognition

Revenue from Contracts with Customers

Concentrations

BARDA Income and Receivables

The AVITA Group was awarded a Biomedical Advance Research and Development Authority (“

BARDA

Consideration received under the BARDA arrangement 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.

958-605,

Not-for-Profit-Entities-Revenue

Recognition

also does not apply, as the Company is a business entity and the payments are with governmental agencies or units. With respect to the BARDA arrangement, we considered the guidance in IAS 20,

Accounting for Government Grants and Disclosure of Government Assistance,

Leases (Tables)

3 Months Ended

Sep. 30, 2020

Leases [Abstract]

Summary Of Lease Cost

The following table sets forth the Company’s operating lease expense which are included in general and administrative expenses in the consolidated statements of operations (in thousands):


	Three Months ended September 30, 2020		Three Months ended September 30, 2019
Operating lease cost	$	175	$	175
Variable lease cost		12		12

Total lease cost	$	187	$	187

Summary Of Supplemental Cash Flow Information Related To Operating Leases

Supplemental cash flow information related to operating leases for the three months ended September 30, 2020 and 2019 was as follows (in thousands):


	Three Months ended September 30, 2020		Three Months ended September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	171	$	166

Summary Of Supplemental Balance Sheet Information Related To Operating Leases

Supplemental balance sheet information, as of September 30, 2020 and June 30, 2020 related to operating leases was as follows (in thousands):


	As of September 30, 2020			As of June 30, 2020
Reported as:
Operating lease right-of-use assets	$	2,216		$	2,347

Total right-of-use assets	$	2,216		$	2,347

Other current liabilities:
Operating lease liabilities, short-term	$	548		$	533
Operating lease liabiltiies, long term		1,776			1,917

Total operating lease liabilities	$	2,324		$	2,450

Operating lease weighted average remaining lease term (years)		3.66			3.91
Operating lease weighted average discount rate		7.50	%		7.50	%

Summary Of Maturities Of The Company's Operating Lease Liabilities

As of September 30, 2020, maturities of the Company’s operating lease liabilities are as follows (in thousands):


	Operating Leases
Remaining 2021	$	524
2022		717
2023		740
2024		588
2025 and thereafter		87

Total lease payments	$	2,656
Less imputed interest		(332	)

Total operating lease liabilities	$	2,324

Inventory (Tables)

3 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Summary Of Composition Of Inventories

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


	September 30, 2020		June 30, 2020
Raw materials	$	1,035	$	947
Work in process inventory		271		—
Finished goods		351	$	178

Total inventory	$	1,657	$	1,125

Intangible Assets (Tables)

3 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary Of Composition Of Intangible Assets

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


			As of September 30, 2020							As of June 30, 2020
	Weighted Average Life		Gross Amount		Accumulated Amortization			Net Carry Amount		Gross Amount		Accumulated Amortization			Net Carry Amount
Patent 1		3	$	237	$	(121	)	$	116	$	235	$	(101	)	$	134
Patent 2		14		105		(9	)		96		74		(9	)		65
Patent 3		15		127		(11	)		116		125		(9	)		116
Patent 5		20		46		(1	)		45		26		—			26
Trademarks		Indefinite		30		—			30		23		—			23

Total intangible assets			$	545	$	(142	)	$	403	$	483	$	(119	)	$	364

Summary Of Future Amortization Of Amortizable Intangible Assets Held

The Company expects the future amortization of amortizable intangible assets held at September 30, 2020 to be (in thousands):


	Estimated Amortization Expense
Remainder of 2021	$	70
2022		67
2023		21
2024		21
2025		21
2026 and thereafter		173

Total	$	373

Property, Plant and Equipment (Tables)

3 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Summary Of Composition Of Property, Plant And Equipment

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


	Useful Lives	As of September 30, 2020			As of June 30, 2020
Computer equipment	3 years	$	825		$	802
Computer software	3 years		496			369
Construction in progress			91			138
Furniture and fixtures	7 years		427			425
Laboratory equipment	5 years		233			194
Leasehold improvements	Lesser of life or lease term		216			216
RECELL Moulds	5 years		130			100
Less: accumulated amortization and depreciation			(1,069	)		(881	)

Total property, plant and equipment, net		$	1,349		$	1,363

Prepaids and Other Current Assets (Tables)

3 Months Ended

Sep. 30, 2020

Prepaid Expense and Other Assets, Current [Abstract]

Schedule Of Prepaids And Other Current Assets

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


	As of September 30, 2020		As of June 30, 2020
Prepaid expenses	$	850	$	792
Lease deposits		98		123
Other receivables		106		75

Total prepaids and other current assets	$	1,054	$	990

Reporting Segment and Geographic Information (Tables)

3 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule Of Revenue By Region

Revenue by region for the three months ended September 30, 2020 and 2019 were as follows (in thousands):


	Three Months ended September 30, 2020		Three Months ended September 30, 2019
Revenue:
United States	$	4,970	$	3,130
Foreign:
Australia		80		46
United Kingdom		10		74

Total	$	5,060	$	3,250

Share-Based Payment Plans (Tables)

3 Months Ended

Sep. 30, 2020

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

Summary Of Stock Option Activity

A summary of stock option activity under the employees share option plan

arrangement as of September 30, 2020 and changes during the period then ended is presented below:


	Service Only Stock Options			Performance Based Stock Options			Total Stock Options
Outstanding at June 30, 2020		904,353			356,171			1,260,524
Exercised		(3,538	)		—			(3,538	)
Expired		(1,636	)		(2	)		(1,638	)
Forfeited		(21,778	)		—			(21,778	)

Outstanding at September 30, 2020		877,401			356,169			1,233,570

Exercisable at September 30, 2020		296,803			298,897			595,700

Non Option Restricted Stock Units

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

Summary Of Stock Option Activity

A summary of the status of the Company’s unvested shares as of September 30, 2020, and changes during the three months ended September 30, 2020, is presented below:


	Service Condition RSU		Performance Condition RSUs			Total RSU
Unvested RSUs outstanding at June 30, 2020		95,013		244,346			339,359
Vested		—		(151,837	)		(151,837	)
Forfeited		—		(2	)		(2	)

Unvested RSUs outstanding at September 30, 2020		95,013		92,507			187,520

Net Loss per Share (Tables)

3 Months Ended

Sep. 30, 2020

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:


	Three Months Ended September 30,
	2020		2019
	(in thousands, expect per share data)
Net Loss	$	10,227	$	3,56 6
Weighted-average common shares - outstanding, basic		21,504		18,720
Weighted-average common shares - outstanding, diluted		21,504		18,720

Net loss per common share, basic	$	0.48	$	0.19

Net loss per common share, diluted	$	0.48	$	0.19

The Company - Additional Information (Detail)	3 Months Ended
The Company - Additional Information (Detail)	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of stock exchange ratio	This exchange was conducted on the basis of one share of common stock of AVITA Therapeutics for every 100 ordinary shares of AVITA Medical, effecting an ‘implicit consolidation’ or ‘reverse split’. The holders of ordinary shares of AVITA Medical received one CDI for every 20 ordinary shares held in AVITA Medical, and the holders of AVITA Medical ADSs (each of which previously represented 20 ordinary shares in AVITA Medical) received one share of common stock in AVITA Therapeutics for every five ADSs held.

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Concentration risk, customer	0	0	0
Revenue Benchmark
Concentration risk, percentage	10.00%	10.00%	10.00%
Revenue Benchmark \| Customer One [Member]
Concentration risk, percentage		13.00%

Leases - Additional Information (Detail) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Jul. 01, 2019
Leases [Line Items]
Finance lease liability	$ 7,000	$ 11,000
Minimum
Leases [Line Items]
Remaining lease terms			1 year
Maximum
Leases [Line Items]
Remaining lease terms			5 years

Leases - Summary Of Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Lease Cost [Line Items]
Operating lease cost	$ 175	$ 175
Variable lease cost	12	12
Total lease cost	$ 187	$ 187

Leases - Summary Of Supplemental Cash Flow Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Disclosure Of Supplemental cash flow information related to operating leases [Line Items]
Operating cash outflows due to operating leases	$ 171	$ 166

Leases - Summary Of Supplemental Balance Sheet Information Related To Operating Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Disclosure Of Supplemental Balance Sheet Information Related To Operating Leases [Line Items]
Operating lease right-of-use assets	$ 2,216	$ 2,347
Total right-of-use assets	2,216	2,347
Operating lease liabilities, short-term	548	533
Operating lease liabiltiies, long term	1,776	1,917
Total operating lease liabilities	$ 2,324	$ 2,450
Operating lease weighted average remaining lease term (years)	3 years 7 months 27 days	3 years 10 months 27 days
Operating lease weighted average discount rate	7.50%	7.50%

Leases - Summary Of Maturities Of The Company's Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Lessee Operating Lease Liability Maturity [Line Items]
Remaining 2021	$ 524
2022	717
2023	740
2024	588
2025 and thereafter	87
Total lease payments	2,656
Less imputed interest	(332)
Total operating lease liabilities	$ 2,324	$ 2,450

Inventory - Summary Of Composition Of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Inventory [Line Items]
Raw materials	$ 1,035	$ 947
Work in process inventory	271
Finished goods	351	178
Total inventory	$ 1,657	$ 1,125

Inventory - Additional Information (Detail) - USD ($)	3 Months Ended
Inventory - Additional Information (Detail) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventory impairments	$ 43,000	$ 53,000

Intangible Assets - Summary Of Composition Of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 30	$ 23
Intangible Assets, Gross (Excluding Goodwill)	545	483
Finite Lived Intangible Assets, Accumulated Amortization	(142)	(119)
Finite Lived Intangible Assets, Net Carrying Amount	373
Intangible Assets, Net (Excluding Goodwill)	403	364
Trademarks
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 30	23
Patent 1
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	3 years
Finite Lived Intangible Assets, Gross Amount	$ 237	235
Finite Lived Intangible Assets, Accumulated Amortization	(121)	(101)
Finite Lived Intangible Assets, Net Carrying Amount	$ 116	134
Patent 2
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	$ 105	74
Finite Lived Intangible Assets, Accumulated Amortization	(9)	(9)
Finite Lived Intangible Assets, Net Carrying Amount	$ 96	65
Patent 3
Schedule Of Intangible Assets Excluding Goodwill [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Finite Lived Intangible Assets, Gross Amount	$ 127	125
Finite Lived Intangible Assets, Accumulated Amortization	(11)	(9)
Finite Lived Intangible Assets, Net Carrying Amount	$ 116	116
Patent 5
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	$ 46	26
Finite Lived Intangible Assets, Accumulated Amortization	(1)
Finite Lived Intangible Assets, Net Carrying Amount	$ 45	$ 26

Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 0	$ 0
Amortization of intangible assets	$ 23,000	$ 0

Intangible Assets - Summary of Future Amortization of Amortizable Intangible assets held (Detail) $ in Thousands	Sep. 30, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 70
2022	67
2023	21
2024	21
2025	21
2026 and thereafter	173
Total	$ 373

Property, Plant and Equipment - Summary Of Composition Of Property, Plant And Equipment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020
Property, Plant and Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (1,069)	$ (881)
Total property, plant and equipment, net	$ 1,349	1,363
Computer Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Property, Plant and Equipment, Gross	$ 825	802
Computer Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Property, Plant and Equipment, Gross	$ 496	369
Construction In Progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 91	138
Furniture And Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years
Property, Plant and Equipment, Gross	$ 427	425
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 233	194
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	0 months
Property, Plant and Equipment, Gross	$ 216	216
RECELL Moulds
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Property, Plant and Equipment, Gross	$ 130	$ 100

Property, Plant and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation	$ 188,000	$ 66,000

Prepaids and Other Current Assets - Schedule Of Prepaids And Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Prepaid expenses	$ 850	$ 792
Lease deposits	98	123
Other receivables	106	75
Total prepaids and other current assets	$ 1,054	$ 990

Reporting Segment and Geographic Information - Schedule Of Revenue By Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Revenue :
Revenues	$ 5,060	$ 3,250
United States
Revenue :
Revenues	4,970	3,130
Foreign \| Australia
Revenue :
Revenues	80	46
Foreign \| United Kingdom
Revenue :
Revenues	$ 10	$ 74

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Contingencies - Additional Information (Detail) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Threatened Litigation
Litigation liability	$ 0	$ 0

Common and Preferred Stock - Additional Information (Detail)	Jun. 29, 2020	Sep. 30, 2020 $ / shares shares	Jun. 30, 2020 $ / shares shares
Class of Stock [Line Items]
Common stock shares authorized		200,000,000	200,000,000
Common stock par value \| $ / shares		$ 0.0001	$ 0.0001
Common stock shares issued		21,623,287	21,467,912
Common stock shares outstanding		21,623,287	21,467,912
Preferred stock shares authorized		10,000,000	10,000,000
Preferred stock par value \| $ / shares		$ 0.0001	$ 0.0001
Preferred stock shares outstanding		0	0
Shareholders Of Avita Medical
Class of Stock [Line Items]
Reverse stock split ratio	0.01
CDI \| Shareholders Of Avita Medical
Class of Stock [Line Items]
Reverse stock split ratio	0.05
Common Stock \| Shareholders Of Avita Medical \| ADRS
Class of Stock [Line Items]
Reverse stock split ratio	0.05

Revenue - Additional Information (Detail) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Revenue, Performance Obligation [Abstract]
Contract with customer assets	$ 0	$ 0
Contract with customers non current liability	435,000	$ 435,000
Performance obligation estimated revenue expected to be recognised	$ 9,600,000

Share-Based Payment Plans - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 3,266,000	$ 672,000
Income tax benefit (expense)	$ (10,000)	$ 0
Employee Share Plan And Incentive Option Plan Two Thousand And Sixteen
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstading share capital authorised for issuance share based plan			7.50%
Share based compensation by share based payment arrangement weighted average grant date of fair value of options granted		$ 0
Share based compensation by share based payment arrangement intrinsic value of options exercised		$ 0
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 options total fair value of shares vested		$ 0
Share based compensation by share based payment arrangement other than option weighted average grant date fair value		$ 0

Share-Based Payment Plans - Summary Of Stock Option Activity (Detail)	3 Months Ended
	Sep. 30, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	1,260,524
Exercised	(3,538)
Expired	(1,638)
Forfeited	(21,778)
Ending balance	1,233,570
Exercisable	595,700
Service Only Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	904,353
Exercised	(3,538)
Expired	(1,636)
Forfeited	(21,778)
Ending balance	877,401
Exercisable	296,803
Performance Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance	356,171
Expired	(2)
Ending balance	356,169
Exercisable	298,897

Share-Based Payment Plans - Summary Of Company Unvested Shares (Detail)	3 Months Ended
	Sep. 30, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares beginning balance	339,359
Unvested shares vested	(151,837)
Unvested shares forfeited	(2)
Unvested shares ending balance	187,520
Non Options Service Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares beginning balance	95,013
Unvested shares vested	0
Unvested shares forfeited	0
Unvested shares ending balance	95,013
Non Option Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares beginning balance	244,346
Unvested shares vested	(151,837)
Unvested shares forfeited	(2)
Unvested shares ending balance	92,507

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Line Items]
Unrecognised income tax benenfits	$ 0	$ 0
Tax Cut And Jobs Act
Income Tax Disclosure [Line Items]
Percentage of tax amount likely to be realised	50.00%	50.00%	50.00%	50.00%
Tax Year 2038
Income Tax Disclosure [Line Items]
Net operating loss carryforwards		$ 21,700,000
Internal Revenue Service (IRS)
Income Tax Disclosure [Line Items]
Net operating loss carryforwards		88,500,000
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Net operating loss carryforwards		57,500,000
Her Majesty's Revenue and Customs (HMRC)
Income Tax Disclosure [Line Items]
Net operating loss carryforwards		29,800,000
Australian Taxation Office
Income Tax Disclosure [Line Items]
Net operating loss carryforwards		$ 34,100,000

Net Loss per Share - Summary of Reconciliation of The Basic And Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Loss	$ 10,227	$ 3,566
Weighted-average common shares - outstanding, basic	21,503,643	18,719,857
Weighted-average common shares - outstanding, diluted	21,503,643	18,719,857
Net loss per common share, basic	$ (0.48)	$ (0.19)
Net loss per common share, diluted	$ (0.48)	$ (0.19)

- 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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+ Details

- Definition

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

+ References

+ Details

Retirement Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Retirement Benefits [Abstract]
Defined contribution plan employers matching contribution percentage of employees pay	6.00%
Employers contribution to retirement plan	$ 165,000	$ 154,000