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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
(Mark One)
x |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 |
For the fiscal year ended September 30,
2022
OR
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 |
For the transition period from to
Commission file number: 001-37619
EDESA BIOTECH,
INC. |
(Exact name of registrant as specified in its charter) |
British Columbia, Canada |
|
N/A |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
100 Spy Court, Markham, ON, Canada L3R 5H6 |
|
(289) 800-9600 |
(Address of principal executive offices and zip code) |
|
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which
registered |
Common Shares, without par value |
|
EDSA |
|
The Nasdaq Stock Market LLC |
Securities registered pursuant to Section 12(g) of
the Act: None
Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x
Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No x
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of
this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x
No ¨
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions
of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging
growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
¨ |
Accelerated filer |
¨ |
Non-accelerated filer |
x |
Smaller reporting company |
x |
|
|
Emerging growth company |
¨ |
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant has filed a report on
and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of
the Sarbanes Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ¨
If securities are registered pursuant to Section 12(b) of
the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an
error to previously issued financial statement. ¨
Indicate by check mark whether any of those error corrections are
restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers
during the relevant recovery period pursuant to §240.10D-1(b). ¨
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act). Yes ¨ No x
As of March 31, 2022, the last business day of the
registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s outstanding
common shares held by nonaffiliates was approximately $35,987,404, which was calculated based on 15,462,287 common shares
outstanding as of that date, of which 12,116,971 common shares were held by nonaffiliates at the closing price of the
registrant’s common shares on The Nasdaq Capital Market on such date.
As of December 14, 2022, the registrant had 19,353,351 common
shares issued and outstanding.
DOCUMENTS INCORPORATED BY REFERENCE: NONE
Auditor - MNP LLP; location - Toronto, Canada; PCAOB ID - 1930
EXPLANATORY NOTE
This Amendment No. 1 to the Annual Report
on Form 10-K of Edesa Biotech, Inc. for the year ended September 30, 2022 as filed with the Securities and Exchange
Commission on December 16, 2022 (the “Original Form 10-K”) is being filed only for the purpose of filing Exhibit 4.11,
which was inadvertently omitted from the Original Form 10-K.
Except as otherwise expressly noted herein, this
Amendment No. 1 does not modify or update in any way the Original Form 10-K, nor does it reflect events occurring after the
filing of the Original Form 10-K. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Form 10-K.
PART IV
Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
(a) The following documents are filed as a part of
this Annual Report:
(1) Financial Statements
The list of consolidated financial statements and notes required by
this Item 15 (a) (1) is set forth in the “Index to Financial Statements” on page F-1 of this Annual Report.
(2) Financial Statement Schedules
All schedules have been omitted because the required information is
included in the financial statements or notes thereto.
(3) Exhibits
The exhibits listed on the Exhibit Index below are filed as part
of this Annual Report.
EXHIBIT INDEX
Exhibit
No. |
|
Description |
2.1* |
|
Share Exchange Agreement, dated
as of March 7, 2019, by and between Stellar Biotechnologies Inc., Edesa Biotech Inc. and the Edesa Shareholders (included as
Exhibit 2.1 to the Company's Current Report on Form 8-K filed on March 8, 2019, and incorporated herein by reference). |
|
|
|
3.1 |
|
Certificate of Incorporation
of the Company, dated June 12, 2007 (included as Exhibit 1(a) to the Company's Registration Statement on Form 20-F
filed on February 3, 2012, and incorporated herein by reference). |
|
|
|
3.2 |
|
Certificate of Amendment
of the Company, dated April 15, 2008 (included as Exhibit 1(b) to the Company's Registration Statement on Form 20-F
filed on February 3, 2012, and incorporated herein by reference). |
|
|
|
3.3 |
|
Certificate of Continuation
of the Company, dated November 25, 2009 (included as Exhibit 1(c) to the Company's Registration Statement on Form 20-F
filed on February 3, 2012, and incorporated herein by reference). |
|
|
|
3.4 |
|
Certificate of Change
of Name of the Company, dated April 7, 2010 (included as Exhibit 1(f) to the Company’s Registration Statement
on Form 20-F filed on February 3, 2012, and incorporated herein by reference). |
|
|
|
3.5 |
|
Certificate of Change of Name of the
Company, dated June 7, 2019 (included as Exhibit 3.6 to the Company's Annual Report on Form 10-K filed on December 12,
2019, and incorporated herein by reference). |
|
|
|
3.6 |
|
Amended and Restated Articles of Edesa
Biotech, Inc. (included as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on April 23, 2020,
and incorporated herein by reference). |
|
|
|
3.7 |
|
Notice of Articles of Edesa Biotech, Inc.
(included as Exhibit 3.7 to the Company’s Registration Statement on Form S-1 filed on April 11, 2022, and incorporated
herein by reference) |
|
|
|
4.1 |
|
Specimen of common share certificate
(included as Exhibit 4.1 to the Company’s Registration Statement on Form S-3 filed on August 30, 2019 and incorporated
herein by reference) |
|
|
|
4.2 |
|
Form of Class A Purchase
Warrant issued to investors (included as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on January 6,
2020 and incorporated herein by reference) |
|
|
|
4.3 |
|
Form of Warrant issued to Brookline
Capital Markets, a division of Arcadia Securities, LLC (included as Exhibit 4.3 to the Company’s Current Report on Form 8-K
filed on January 6, 2020 and incorporated herein by reference) |
|
|
|
4.4 |
|
Form of Warrant (included
as Exhibit 4.2 to the Company's Registration Statement on Form S-1 filed on May 8, 2018, and incorporated herein by
reference) |
|
|
|
4.5 |
|
Form of Underwriter Warrant
(included as Exhibit 4.1 to the Company’s Current Report on Form 8-K/A filed on February 26, 2021 and incorporated
herein by reference). |
|
|
|
4.6 |
|
Form of Pre-Funded Warrant
(included as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on March 23, 2022 and incorporated
herein by reference). |
4.7 |
|
Form of
Private Placement Warrant (included as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on March 23,
2022 and incorporated herein by reference) |
|
|
|
4.8 |
|
Form of Placement Agent
Warrant (included as Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on March 23, 2022 and incorporated
herein by reference). |
|
|
|
4.9 |
|
Form of Class A Warrant
(included as Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on November 3, 2022 and incorporated
herein by reference). |
|
|
|
4.10 |
|
Form of Class B Warrant
(included as Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on November 3, 2022 and incorporated
herein by reference). |
|
|
|
4.11 |
|
Description of Securities (filed herewith). |
|
|
|
10.1 |
|
Advance Notice Policy, adopted
October 31, 2013 (included as Exhibit 10.14 to the Company's Annual Report on Form 10-K filed on November 14,
2014, and incorporated herein by reference). |
|
|
|
10.2@ |
|
Employment Agreement by and between
the Company and Pardeep Nijhawan, dated June 14, 2019 (included as Exhibit 10.2 to the Company's Current Report on Form 8-K/A
filed on June 20, 2019, and incorporated herein by reference). |
|
|
|
10.3@ |
|
Employment Agreement by and between
the Company and Michael Brooks, dated June 14, 2019 (included as Exhibit 10.3 to the Company's Current Report on Form 8-K/A
filed on June 20, 2019, and incorporated herein by reference). |
|
|
|
10.4@ |
|
Form of Indemnification
Agreement, by and between the Company and each of its directors and executive officers (included as Exhibit 10.4 to the Company's
Current Report on Form 8-K/A filed on June 20, 2019, and incorporated herein by reference). |
|
|
|
10.5@ |
|
2019 Equity Incentive Compensation
Plan (included as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on October 25, 2019, and incorporated
herein by reference). |
|
|
|
10.6@ |
|
Amendment No. 1 to Edesa Biotech, Inc.
2019 Equity Incentive Compensation Plan (included as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed
on April 23, 2021, and incorporated herein by reference). |
|
|
|
10.7 |
|
Lease, dated as of January 1,
2017, by and between the Registrant and 1968160 Ontario Inc. (included as Exhibit 10.1 to the Company's Current Report on Form 8-K
filed on August 30, 2019, and incorporated herein by reference). |
|
|
|
10.8+ |
|
Exclusive License Agreement, dated
as of June 29, 2016, by and between the Registrant and Yissum Research Development Company (included as Exhibit 10.2 to
the Company's Current Report on Form 8-K filed on August 30, 2019, and incorporated herein by reference). |
|
|
|
10.9 |
|
First Amendment to Exclusive License
Agreement, dated April 3, 2017, by and between the Registrant and Yissum Research Development Company (included as Exhibit 10.3
to the Company's Current Report on Form 8-K filed on August 30, 2019, and incorporated herein by reference). |
|
|
|
10.10 |
|
Second Amendment to Exclusive License
Agreement, dated May 7, 2017, by and between the Registrant and Yissum Research Development Company (included as Exhibit 10.4
to the Company's Current Report on Form 8-K filed on August 30, 2019, and incorporated herein by reference). |
10.11+# |
|
Third Amendment to Exclusive License Agreement, dated October 26, 2022, by and between the Registrant
and Yissum Research Development Company. |
|
|
|
10.12+ |
|
License and Development Agreement,
dated as of August 27, 2017, by and between the Registrant and Pendopharm, a division of Pharmascience Inc. (included as Exhibit 10.6
to the Company's Current Report on Form 8-K filed on August 30, 2019, and incorporated herein by reference). |
|
|
|
10.13+ |
|
License Agreement by and between Edesa
Biotech Research, Inc. and NovImmune SA dated April 17, 2020 (included as Exhibit 10.1 to the Company’s Current
Report on Form 8-K filed on April 23, 2020, and incorporated herein by reference). |
|
|
|
10.14+ |
|
Purchase Agreement by and between
Edesa Biotech Research, Inc. and NovImmune SA dated April 17, 2020 (included as Exhibit 10.2 to the Company’s
Current Report on Form 8-K filed on April 23, 2020, and incorporated herein by reference). |
|
|
|
10.15@ |
|
Employment Agreement by and between
the Company and Kathi Niffenegger, dated December 1, 2020 (included as Exhibit 10.21 to the Company’s Annual Report
on Form 10-K filed on December 7, 2020, and incorporated herein by reference). |
|
|
|
10.16+ |
|
Strategic Innovation Fund Agreement
among Edesa Biotech Research, Inc., Edesa Biotech, Inc., and her Majesty the Queen in right of Canada as represented by
the Minister of Industry, dated February 2, 2021 (included as Exhibit 10.1 to the Company’s Current Report on Form 8-K
filed on February 3, 2021, and incorporated herein by reference). |
|
|
|
10.17+ |
|
Exclusive License Agreement, dated
as of March 16, 2021, by and between the Edesa Biotech Research, Inc. and Dr. Saul Yedgar (included as Exhibit 10.1
to the Company’s Current Report on Form 8-K filed on March 22, 2021, and incorporated herein by reference). |
|
|
|
10.18@ |
|
Amendment to Employment Agreement,
entered into on March 19, 2021, by and between Par Nijhawan and Edesa Biotech, Inc. (included as Exhibit 10.3 to the
Company’s Quarterly Report on Form 10-Q filed on May 14, 2021, and incorporated herein by reference). |
|
|
|
10.19@ |
|
Amendment to Employment Agreement,
entered into on March 19, 2021, by and between Kathi Niffenegger and Edesa Biotech USA, Inc. (included as Exhibit 10.4
to the Company’s Quarterly Report on Form 10-Q filed on May 14, 2021, and incorporated herein by reference). |
|
|
|
10.20@ |
|
Amendment to Employment Agreement,
entered into on March 19, 2021, by and between Michael Brooks and Edesa Biotech, Inc. (included as Exhibit 10.5 to
the Company’s Quarterly Report on Form 10-Q filed on May 14, 2021, and incorporated herein by reference). |
|
|
|
10.21 |
|
Form of Securities Purchase
Agreement, dated March 21, 2022, by and between the Company and the Purchaser (included as Exhibit 10.1 to the Company’s
Current Report on Form 8-K filed on March 23, 2022 and incorporated herein by reference). |
|
|
|
10.22@ |
|
Amendment to Employment Agreement,
entered into on April 12, 2022, by and between Par Nijhawan and Edesa Biotech, Inc. (included as Exhibit 10.1 to the
Company’s Quarterly Report on Form 10-Q filed on May 13, 2022, and incorporated herein by reference). |
10.23@ |
|
Amendment to Employment
Agreement, entered into on April 12, 2022, by and between Kathi Niffenegger and Edesa Biotech USA, Inc. (included as Exhibit 10.2
to the Company’s Quarterly Report on Form 10-Q filed on May 13, 2022, and incorporated herein by reference). |
|
|
|
10.24@ |
|
Amendment to Employment Agreement,
entered into on April 12, 2022, by and between Michael Brooks and Edesa Biotech USA, Inc. (included as Exhibit 10.3
to the Company’s Quarterly Report on Form 10-Q filed on May 13, 2022, and incorporated herein by reference). |
|
|
|
10.25 |
|
Form of Non-U.S. Subscription
Agreement (included as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 3, 2022 and
incorporated herein by reference). |
|
|
|
10.26 |
|
Form of U.S. Subscription
Agreement (included as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on November 3, 2022 and
incorporated herein by reference). |
|
|
|
14.1 |
|
Code of Ethics and Business Conduct
(included as Exhibit 14.1 to the Company's Annual Report on Form 10-K filed on December 12, 2019, and incorporated
herein by reference). |
|
|
|
21 |
|
Subsidiaries of Edesa Biotech, Inc.
(included as Exhibit 21 to the Company’s Annual Report on Form 10-K filed on December 7, 2020, and incorporated
herein by reference). |
|
|
|
23.1# |
|
Consent of MNP LLP. |
|
|
|
24.1# |
|
Power of Attorney (included on signature page). |
|
|
|
31.1 |
|
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) under
the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
|
|
|
31.2 |
|
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) under
the Securities and Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith). |
|
|
|
32.1** |
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C.
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.2** |
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C.
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
101.INS |
|
XBRL Instance Document |
|
|
|
101.SCH |
|
XBRL Taxonomy Extension Schema Document |
|
|
|
101.CAL |
|
XBRL Taxonomy Calculation Linkbase Document |
|
|
|
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document |
|
|
|
101.LAB |
|
XBRL Taxonomy Label Linkbase Document |
|
|
|
101.PRE |
|
XBRL Taxonomy Presentation Linkbase Document |
* All schedules and exhibits to the Share Exchange Agreement have
been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the
Securities and Exchange Commission upon request.
** The information in this exhibit (included as an exhibit to the
Company’s Annual Report on Form 10-K filed with the Commission on December 16, 2022) is furnished and deemed not filed
with the Securities and Exchange Commission for purposes of section 18 of the Exchange Act of 1934, as amended, and is not to be incorporated
by reference into any filing of Edesa Biotech, Inc. under the Securities Act of 1933, as amended, or the Exchange Act of 1934, as
amended, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
@ Management contract or compensatory plan or arrangement.
+ Portions of this exhibit have been omitted pursuant to Rule 601(b)(10)(iv) of
Regulation S-K.
# Previously filed.
SIGNATURES
Pursuant to the requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
|
EDESA BIOTECH, INC. |
|
|
|
Date: March 27, 2023 |
|
/s/ Pardeep Nijhawan |
|
|
Pardeep Nijhawan, MD |
|
|
Director, Chief Executive Officer and Corporate Secretary (Principal Executive Officer) |