☒ | ANNUAL ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
British Columbia, | Canada | 98-1398788 | |||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||
Common | ZYME | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||
☐ | ||||||||||||||||
Emerging growth company | ☐ |
Item 1A. | ||||||||||||
1B. | ||||||||||||
Item 9C. | ||||||||||||
Item 1. Business |
Item 1B. Unresolved Staff Comments |
Item 3. Legal Proceedings |
NYSE | TSX | |||||||||||||||
High | Low | High | Low | |||||||||||||
US$ | C$ | |||||||||||||||
Quarter Ended | ||||||||||||||||
December 31, 2019 | 45.83 | 24.00 | n/a | n/a | ||||||||||||
September 30, 2019 | 29.75 | 21.52 | 39.10 | 29.64 | ||||||||||||
June 30, 2019 | 23.17 | 14.65 | 30.43 | 19.75 | ||||||||||||
March 31, 2019 | 17.30 | 13.96 | 23.02 | 18.73 | ||||||||||||
December 31, 2018 | 15.73 | 10.72 | 20.52 | 14.34 | ||||||||||||
September 30, 2018 | 16.88 | 12.15 | 21.69 | 15.84 | ||||||||||||
June 30, 2018 | 29.00 | 10.37 | 30.36 | 13.37 | ||||||||||||
March 31, 2018 | 14.00 | 7.69 | 17.31 | 9.62 | ||||||||||||
December 31, 2017 | 9.33 | 6.87 | 11.60 | 9.00 | ||||||||||||
September 30, 2017 | 9.12 | 6.25 | 11.48 | 8.05 | ||||||||||||
April 28, 2017 to June 30, 2017 | 14.25 | 7.24 | 19.55 | 10.50 |
Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
(dollars in thousands except share and per share amounts) | ||||||||||||||||||||
Consolidated Statement of Operations Data | ||||||||||||||||||||
Revenue | $ | 29,544 | $ | 53,019 | $ | 51,762 | $ | 11,009 | $ | 9,660 | ||||||||||
Operating Expenses: | ||||||||||||||||||||
Research and development | 115,900 | 56,926 | 41,144 | 35,551 | 24,403 | |||||||||||||||
General and administrative | 64,177 | 29,457 | 18,550 | 12,554 | 5,217 | |||||||||||||||
Impairment on acquired IPR&D | 768 | — | 1,536 | 768 | — | |||||||||||||||
Total operating expenses | 180,845 | 86,383 | 61,230 | 48,873 | 29,620 | |||||||||||||||
Loss from Operations | (151,301 | ) | (33,364 | ) | (9,468 | ) | (37,864 | ) | (19,960 | ) | ||||||||||
Other income (expense), net | 5,282 | (1,021 | ) | (494 | ) | (1,020 | ) | 824 | ||||||||||||
Loss before income taxes | (146,019 | ) | (34,385 | ) | (9,962 | ) | (38,884 | ) | (19,136 | ) | ||||||||||
Net income tax recovery (expense), net | 582 | (2,171 | ) | (444 | ) | 5,075 | (34 | ) | ||||||||||||
Net loss | $ | (145,437 | ) | $ | (36,556 | ) | $ | (10,406 | ) | $ | (33,809 | ) | $ | (19,170 | ) | |||||
Net loss per common share (basic) (1) | (3.83 | ) | (1.26 | ) | (0.51 | ) | (2.65 | ) | (1.70 | ) | ||||||||||
Net loss per common share (diluted) (1) | (3.83 | ) | (1.26 | ) | (0.64 | ) | (2.65 | ) | (1.70 | ) | ||||||||||
Weighted-average number of common shares (basic) (1) | 38,022,014 | 29,089,896 | 21,249,414 | 12,736,567 | 11,266,451 | |||||||||||||||
Weighted-average number of commons shares (diluted) (1) | 38,022,014 | 29,089,896 | 21,321,209 | 12,736,567 | 11,266,451 |
Year Ended December 31, | ||||||||||||||||
2019 | 2018 | 2017 | 2016 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Consolidated Balance Sheet Data | ||||||||||||||||
Cash and cash equivalents | $ | 128,451 | $ | 42,205 | $ | 35,946 | $ | 16,437 | ||||||||
Short-term investments | 170,453 | 157,959 | 51,851 | 23,824 | ||||||||||||
Working capital | 229,278 | 174,383 | 77,674 | 29,928 | ||||||||||||
Long-term obligations | 39,972 | 34,001 | 866 | 9,577 | ||||||||||||
Total assets | 368,205 | 244,477 | 131,955 | 93,995 | ||||||||||||
Total liabilities | 122,524 | 63,987 | 15,527 | 26,133 | ||||||||||||
Total shareholders’ equity | 245,681 | 180,490 | 116,428 | 9,002 |
Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | Change 2019 – 2018 | |||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
Revenue from research and development collaborations | $ | 29.5 | $ | 53.0 | $ | 51.8 | $ | (23.5 | ) | (44 | %) |
Year Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | Change 2021 – 2020 | ||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Revenue from research and development collaborations | $ | 26.7 | $ | 39.0 | $ | 29.5 | $ | (12.3) | (32 | %) |
Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | Change 2019 – 2018 | |||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
Total research and development expense | $ | 115.9 | $ | 56.9 | $ | 41.1 | $ | 59.0 | 104 | % |
Year Ended December 31, | |||||||||||||||||||||||||||||
(dollars in millions) | 2021 | 2020 | 2019 | Change 2021 – 2020 | |||||||||||||||||||||||||
Third-party research and development program expenses: | |||||||||||||||||||||||||||||
Clinical development programs: | |||||||||||||||||||||||||||||
Zanidatamab | $ | 86.8 | $ | 80.5 | $ | 56.6 | $ | 6.3 | 8 | % | |||||||||||||||||||
ZW49 | 12.7 | 11.5 | 6.5 | 1.2 | 10 | % | |||||||||||||||||||||||
Preclinical and other research programs | 13.9 | 12.1 | 9.6 | 1.8 | 15 | % | |||||||||||||||||||||||
113.4 | 104.1 | 72.7 | 9.3 | 9 | % | ||||||||||||||||||||||||
Unallocated departmental research and development expenses: | |||||||||||||||||||||||||||||
Salaries and benefits | 50.3 | 35.1 | 21.1 | 15.2 | 43 | % | |||||||||||||||||||||||
Stock-based compensation expense | 15.5 | 12.3 | 14.3 | 3.2 | 26 | % | |||||||||||||||||||||||
Other unallocated expenses | 20.6 | 19.7 | 9.3 | 0.9 | 5 | % | |||||||||||||||||||||||
Research and development expense | $ | 199.8 | $ | 171.2 | $ | 117.4 | $ | 28.6 | 17 | % | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | Change 2019 – 2018 | |||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
General and administrative expense | $ | 64.2 | $ | 29.5 | $ | 18.6 | $ | 34.7 | 118 | % |
Year Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | Change 2021 – 2020 | ||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Salaries and benefits | $ | 23.5 | $ | 18.0 | $ | 12.6 | $ | 5.5 | 31 | % | |||||||||||||||||||
Stock-based compensation (recovery) expense | (5.6) | 16.1 | 34.2 | (21.7) | (135) | % | |||||||||||||||||||||||
Professional fees, consulting and business insurance | 15.2 | 11.3 | 8.3 | 3.9 | 35 | % | |||||||||||||||||||||||
Other general and administrative expenses | 9.5 | 9.8 | 7.6 | (0.3) | (3) | % | |||||||||||||||||||||||
General and administrative expense | $ | 42.6 | $ | 55.2 | $ | 62.7 | $ | (12.6) | (23) | % |
Year Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | Change 2021 – 2020 | ||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Other income (expense), net | $ | 3.3 | $ | 7.3 | $ | 5.3 | $ | (4.0) | (55) | % |
Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | Change 2019 – 2018 | |||||||||||||||||
(dollars in millions) | ||||||||||||||||||||
Other income (expense), net | $ | 5.3 | $ | (1.0 | ) | $ | (0.5 | ) | $ | 6.3 | 630 | % |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(dollars in millions) | |||||||||||||||||
Net cash provided by (used in): | |||||||||||||||||
Operating activities | $ | (192.5) | $ | (151.4) | $ | (81.9) | |||||||||||
Investing activities | 144.6 | (43.4) | (25.6) | ||||||||||||||
Financing activities | 8.0 | 309.0 | 193.7 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (0.3) | (0.6) | — | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | $ | (40.2) | $ | 113.6 | $ | 86.2 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(dollars in millions) | ||||||||||||
Net cash provided by (used in): | ||||||||||||
Operating activities | $ | (81.8 | ) | $ | 24.2 | $ | 0.2 | |||||
Investing activities | (25.6 | ) | (109.0 | ) | (30.9 | ) | ||||||
Financing activities | 193.7 | 91.4 | 50.0 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (0.0 | ) | (0.3 | ) | 0.2 | |||||||
Net increase in cash and cash equivalents | $ | 86.3 | $ | 6.3 | $ | 19.5 | ||||||
Payments due by period | ||||||||||||||||||||||||
Less Than 1 Year | 1 to 2 Years | 2 to 3 Years | 3 to 4 Years | Thereafter | Total | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Capital lease obligations | $ | 31 | $ | 16 | $ | 6 | $ | 3 | $ | 1 | $ | 57 | ||||||||||||
Operating lease obligations | 1,438 | 2,076 | 1,007 | 991 | 1,019 | 6,531 | ||||||||||||||||||
Total contractual obligations | $ | 1,469 | $ | 2,092 | $ | 1,013 | $ | 994 | $ | 1,020 | $ | 6,588 | ||||||||||||
Item 8. Financial Statements and Supplementary Data |
Page | ||||||||
(PCAOB ID 85) | ||||||||
December 31, | ||||||||
2019 | 2018 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 128,451 | $ | 42,205 | ||||
Short-term investments (note 5 ) | 170,453 | 157,959 | ||||||
Accounts receivable | 2,185 | 358 | ||||||
Prepaid expenses and other current assets | 10,741 | 3,847 | ||||||
Total current assets | 311,830 | 204,369 | ||||||
Deferred financing fees | 650 | 265 | ||||||
Long-term prepaid assets | 2,306 | 1,135 | ||||||
Deferred tax asset (note 15) | 1,218 | 198 | ||||||
Property and equipment, net (note 7 ) | 11,100 | 6,484 | ||||||
Operating lease right-of-use assets (note 16 ) | 5,400 | — | ||||||
Intangible assets, net (note 8 ) | 6,057 | 1,614 | ||||||
Acquired in-process research and development (note 6 ) | 17,628 | 18,396 | ||||||
Goodwill (note 6) | 12,016 | 12,016 | ||||||
Total assets | $ | 368,205 | $ | 244,477 | ||||
Liabilities and shareholders’ equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities (note 9 ) | $ | 35,691 | $ | 13,403 | ||||
Fair value of liability classified options (note 17 ) | 45,569 | 12,603 | ||||||
Current portion of operating lease liability (note 1 6 ) | 1,282 | — | ||||||
Current portion of deferred revenue (note 1 3 ) | — | 3,530 | ||||||
Other current liabilities | 10 | 450 | ||||||
Total current liabilities | 82,552 | 29,986 | ||||||
Long-term portion of operating lease liability (note 1 6 ) | 5,599 | — | ||||||
Long-term portion of deferred revenue (note 1 3 ) | 32,941 | 32,941 | ||||||
Other long-term liabilities ( note 9 ) | 1,024 | 946 | ||||||
Deferred tax liability (note 15) | 408 | 114 | ||||||
Total liabilities | 122,524 | 63,987 | ||||||
Shareholders’ equity: | ||||||||
Common shares, 0 par value; unlimited authorized shares at December 31, 2019 and 2018;39,564,529 and31,977,668 shares issued and outstanding at December 31, 2019 and 2018, respectively (note 11b ) | 450,210 | 320,074 | ||||||
Additional paid-in capital | 92,839 | 12,347 | ||||||
Accumulated other comprehensive loss | (6,659 | ) | (6,659 | ) | ||||
Accumulated deficit | (290,709 | ) | (145,272 | ) | ||||
Total shareholders’ equity | 245,681 | 180,490 | ||||||
Total liabilities and shareholders’ equity | $ | 368,205 | �� | $ | 244,477 | |||
Research collaboration and licensing agreements (note 1 3 ) | ||||||||
Commitments and contingencies (note 1 8 | ||||||||
Subsequent event (note 1 9 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 201,867 | $ | 242,036 | |||||||
Short-term investments (note 5) | 50,741 | 184,318 | |||||||||
Accounts receivable | 15,614 | 15,293 | |||||||||
Prepaid expenses and other current assets | 19,998 | 13,429 | |||||||||
Total current assets | 288,220 | 455,076 | |||||||||
Deferred financing fees | 1,214 | 805 | |||||||||
Long-term investments (note 5) | 886 | 25,921 | |||||||||
Long-term prepaid assets | 12,490 | 2,290 | |||||||||
Deferred tax asset (note 14) | 3,070 | 1,723 | |||||||||
Property and equipment, net (note 7) | 22,783 | 12,185 | |||||||||
Operating lease right-of-use assets (note 15) | 26,987 | 5,429 | |||||||||
Intangible assets, net (note 8) | 3,838 | 5,303 | |||||||||
Acquired in-process research and development (note 6) | 17,628 | 17,628 | |||||||||
Goodwill (note 6) | 12,016 | 12,016 | |||||||||
Total assets | $ | 389,132 | $ | 538,376 | |||||||
Liabilities and shareholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities (note 9) | $ | 62,767 | $ | 43,655 | |||||||
Fair value of liability-classified stock options | 7,754 | 39,284 | |||||||||
Current portion of operating lease liability (note 15) | 1,310 | 2,710 | |||||||||
Other current liabilities | 22 | 17 | |||||||||
Total current liabilities | 71,853 | 85,666 | |||||||||
Long-term portion of operating lease liability (note 15) | 30,923 | 5,812 | |||||||||
Deferred revenue (note 12) | 32,941 | 32,941 | |||||||||
Other long-term liabilities (note 9) | 2,748 | 2,857 | |||||||||
Deferred tax liability (note 14) | 1,573 | 1,178 | |||||||||
Total liabilities | 140,038 | 128,454 | |||||||||
Shareholders’ equity: | |||||||||||
Common shares, no par value; unlimited authorized shares at December 31, 2021 and 2020; 46,633,935 and 46,035,389 shares issued and outstanding at December 31, 2021 and 2020, respectively (note 10b) | 741,147 | 724,219 | |||||||||
Additional paid-in capital | 197,710 | 163,623 | |||||||||
Accumulated other comprehensive loss | (6,659) | (6,659) | |||||||||
Accumulated deficit | (683,104) | (471,261) | |||||||||
Total shareholders’ equity | 249,094 | 409,922 | |||||||||
Total liabilities and shareholders’ equity | $ | 389,132 | $ | 538,376 | |||||||
Research collaboration and licensing agreements (note 12) | |||||||||||
Commitments and contingencies (note 17) | 0 | 0 | |||||||||
Subsequent events (note 18) | |||||||||||
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Revenue: | ||||||||||||
Research and development collaborations (note 1 3 ) | $ | 29,544 | $ | 53,019 | $ | 51,762 | ||||||
Operating expenses: | ||||||||||||
Research and development , net of government grants and c redits | 115,900 | 56,926 | 41,144 | |||||||||
General and administrative | 64,177 | 29,457 | 18,550 | |||||||||
Impairment on acquired IPR&D (note 6) | 768 | — | 1,536 | |||||||||
Total operating expenses | 180,845 | 86,383 | 61,230 | |||||||||
Loss from operations | (151,301 | ) | (33,364 | ) | (9,468 | ) | ||||||
Other income (expense): | ||||||||||||
Interest and other income | 6,022 | 2,638 | 743 | |||||||||
Other expense, net (note 14) | (740 | ) | (3,659 | ) | (1,237 | ) | ||||||
Total other income (expense), net | 5,282 | (1,021 | ) | (494 | ) | |||||||
Loss before income taxes | (146,019 | ) | (34,385 | ) | (9,962 | ) | ||||||
Income tax recovery (expense), net (note 15) | 582 | (2,171 | ) | (444 | ) | |||||||
Net loss and comprehensive loss | $ | (145,437 | ) | $ | (36,556 | ) | $ | (10,406 | ) | |||
Net loss per common share (note 4): | ||||||||||||
Basic | $ | (3.83 | ) | $ | (1.26 | ) | $ | (0.51 | ) | |||
Diluted | $ | (3.83 | ) | $ | (1.26 | ) | $ | (0.64 | ) | |||
Weighted-average common shares outstanding (note 4 ): | ||||||||||||
Basic | 38,022,014 | 29,089,896 | 21,249,414 | |||||||||
Diluted | 38,022,014 | 29,089,896 | 21,321,209 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenue: | |||||||||||||||||
Research and development collaborations (note 12) | $ | 26,680 | $ | 38,951 | $ | 29,544 | |||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 199,752 | 171,203 | 117,367 | ||||||||||||||
General and administrative | 42,561 | 55,216 | 62,710 | ||||||||||||||
Impairment of acquired IPR&D (note 6) | — | — | 768 | ||||||||||||||
Total operating expenses | 242,313 | 226,419 | 180,845 | ||||||||||||||
Loss from operations | (215,633) | (187,468) | (151,301) | ||||||||||||||
Other income (expense): | |||||||||||||||||
Interest income | 1,965 | 5,697 | 5,877 | ||||||||||||||
Other income (expense), net (note 13) | 1,309 | 1,648 | (595) | ||||||||||||||
Total other income (expense), net | 3,274 | 7,345 | 5,282 | ||||||||||||||
Loss before income taxes | (212,359) | (180,123) | (146,019) | ||||||||||||||
Income tax recovery (expense), net (note 14) | 516 | (429) | 582 | ||||||||||||||
Net loss and comprehensive loss | $ | (211,843) | $ | (180,552) | $ | (145,437) | |||||||||||
Net loss per common share (note 4): | |||||||||||||||||
Basic | $ | (4.11) | $ | (3.58) | $ | (3.83) | |||||||||||
Diluted | $ | (4.61) | $ | (3.58) | $ | (3.83) | |||||||||||
Weighted-average common shares outstanding (note 4): | |||||||||||||||||
Basic | 51,553,869 | 50,382,497 | 38,022,014 | ||||||||||||||
Diluted | 52,131,596 | 50,382,497 | 38,022,014 |
Rede emable Convertible C lass A Preferred shares | Com mon s hares | Accumulated | Accumulated o thercomprehensive | A dditionalpaid-i n | T otal shareholders' | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | deficit | loss | capital | equity | |||||||||||||||||||||||||||||
Balance at December 31, 2016 | 5,260,404 | $ | 58,860 | 13,126,248 | $ | 106,595 | $ | (97,790 | ) | $ | (6,659 | ) | $ | 6,856 | $ | 9,002 | ||||||||||||||||||||
Issuance of common shares on exercise of options | — | — | 207,777 | 1,777 | — | — | (512 | ) | 1,265 | |||||||||||||||||||||||||||
Issuance of common shares on exercise of warrants | — | — | 117,320 | 1,563 | — | — | — | 1,563 | ||||||||||||||||||||||||||||
Fair value adjustments upon reclassification of options to liabilities | — | — | — | — | — | — | (2,879 | ) | (2,879 | ) | ||||||||||||||||||||||||||
Stock -based compensation | — | — | — | — | — | — | 4,827 | 4,827 | ||||||||||||||||||||||||||||
Beneficial conversion feature recognized on the conversion of redeemable convertible class A preferred shares (note 11 )c | — | — | — | — | (520 | ) | — | 520 | — | |||||||||||||||||||||||||||
Conversion of redeemable convertible class A preferred shares to common shares in connection with initial public offering (note 11c ) | (5,260,404 | ) | (58,860 | ) | 7,098,194 | 58,860 | — | — | — | 58,860 | ||||||||||||||||||||||||||
Issuance of common shares in connection with initial public offering, net of offering costs (note 11 a) | — | — | 4,894,467 | 54,196 | — | — | — | 54,196 | ||||||||||||||||||||||||||||
Net loss | — | — | — | — | (10,406 | ) | — | — | (10,406 | ) | ||||||||||||||||||||||||||
Balance at December 31, 2017 | — | $ | — | 25,444,006 | $ | 222,991 | $ | (108,716 | ) | $ | (6,659 | ) | $ | 8,812 | $ | 116,428 | ||||||||||||||||||||
Issuance of common shares on exercise stock options(note 1 1 )e | — | — | 94,812 | 1,166 | — | — | (341 | ) | 825 | |||||||||||||||||||||||||||
Issuance of common shares through employee stock purchase plan (note 11 )f | — | — | 22,489 | 252 | — | — | — | 252 | ||||||||||||||||||||||||||||
Stock -based compensation | — | — | — | — | — | — | 3,876 | 3,876 | ||||||||||||||||||||||||||||
Issuance of common shares on exercise of warrants (note 10 ) | — | — | 206,361 | 4,913 | — | — | — | 4,913 | ||||||||||||||||||||||||||||
Issuance of common shares in connection with public offering, net of offering costs (note 11a ) | — | — | 6,210,000 | 90,752 | — | — | — | 90,752 | ||||||||||||||||||||||||||||
Net loss | — | — | — | — | (36,556 | ) | — | — | (36,556 | ) | ||||||||||||||||||||||||||
Balance at December 31, 2018 | — | $ | — | 31,977,668 | $ | 320,074 | $ | (145,272 | ) | $ | (6,659 | ) | $ | 12,347 | $ | 180,490 | ||||||||||||||||||||
Issuance of common shares on exercise of options (note 1 1 )e | — | — | 529,661 | 11,432 | — | — | (2,129 | ) | 9,303 | |||||||||||||||||||||||||||
Issuance of common shares through employee share purchase plan (note 1 1 )f | — | — | 43,308 | 763 | — | — | — | 763 | ||||||||||||||||||||||||||||
Fair value adjustments upon reclassification of options to liabilities | — | — | — | — | — | — | (119 | ) | (119 | ) | ||||||||||||||||||||||||||
Stock -based compensation | — | — | — | — | — | — | 12,676 | 12,676 | ||||||||||||||||||||||||||||
Issuance of common shares and pre-funded warrants in connection with public offering, net of offering costs (notes 11a and 11d) | — | — | 7,013,892 | 117,941 | — | — | 70,064 | 188,005 | ||||||||||||||||||||||||||||
Net loss | — | — | — | — | (145,437 | ) | — | — | (145,437 | ) | ||||||||||||||||||||||||||
Balance at December 31, 2019 | — | $ | — | 39,564,529 | $ | 450,210 | $ | (290,709 | ) | $ | (6,659 | ) | $ | 92,839 | $ | 245,681 | ||||||||||||||||||||
Common shares | Accumulated deficit | Accumulated other comprehensive loss | Additional paid-in capital | Total shareholders' equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 31,977,668 | $ | 320,074 | $ | (145,272) | $ | (6,659) | $ | 12,347 | $ | 180,490 | |||||||||||||||||||||||||||
Issuance of common shares on exercise of stock options (note 10e) | 529,661 | 11,432 | — | — | (2,129) | 9,303 | ||||||||||||||||||||||||||||||||
Issuance of common shares through employee stock purchase plan (note 10f) | 43,308 | 763 | — | — | — | 763 | ||||||||||||||||||||||||||||||||
Fair value adjustments upon reclassification of stock options to liabilities | — | — | — | — | (119) | (119) | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 12,676 | 12,676 | ||||||||||||||||||||||||||||||||
Issuance of common shares and pre-funded warrants in connection with public offering, net of offering costs (note 10a and 10d) | 7,013,892 | 117,941 | — | — | 70,064 | 188,005 | ||||||||||||||||||||||||||||||||
Net loss | — | — | (145,437) | — | — | (145,437) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 39,564,529 | $ | 450,210 | $ | (290,709) | $ | (6,659) | $ | 92,839 | $ | 245,681 | |||||||||||||||||||||||||||
Issuance of common shares on exercise stock options (note 10e) | 602,158 | 18,373 | — | — | (2,943) | 15,430 | ||||||||||||||||||||||||||||||||
Issuance of common shares through employee stock purchase plan (note 10f) | 43,973 | 1,618 | — | — | — | 1,618 | ||||||||||||||||||||||||||||||||
Fair value adjustments upon reclassification of stock options to liabilities | — | — | — | — | (110) | (110) | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 26,945 | 26,945 | ||||||||||||||||||||||||||||||||
Issuance of common shares and pre-funded warrants in connection with public offering, net of offering costs (notes 10a and 10d) | 5,824,729 | 254,018 | — | — | 46,892 | 300,910 | ||||||||||||||||||||||||||||||||
Net loss | — | — | (180,552) | — | — | (180,552) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 46,035,389 | $ | 724,219 | $ | (471,261) | $ | (6,659) | $ | 163,623 | $ | 409,922 | |||||||||||||||||||||||||||
Issuance of common shares on exercise of stock options (note 10e) | 502,019 | 12,878 | — | — | (3,218) | 9,660 | ||||||||||||||||||||||||||||||||
Issuance of common shares through employee share purchase plan (note 10f) | 68,964 | 3,080 | — | — | — | 3,080 | ||||||||||||||||||||||||||||||||
Issuance of common shares upon vesting of restricted stock units ("RSUs") | 27,563 | 970 | — | — | (970) | — | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 38,275 | 38,275 | ||||||||||||||||||||||||||||||||
Net loss | — | — | (211,843) | — | — | (211,843) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 46,633,935 | $ | 741,147 | $ | (683,104) | $ | (6,659) | $ | 197,710 | $ | 249,094 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net loss | $ | (145,437 | ) | $ | (36,556 | ) | $ | (10,406 | ) | |||
Items not involving cash: | ||||||||||||
Depreciation of property and equipment | 2,312 | 1,880 | 1,681 | |||||||||
Amortization of intangible assets | 3,113 | 1,750 | 1,058 | |||||||||
Impairment on acquired IPR&D | 768 | — | 1,536 | |||||||||
Stock-based compensation (note 11 e ) | 48,996 | 13,441 | 3,429 | |||||||||
Amortization of operating lease right-of-use assets | 1,906 | — | — | |||||||||
Deferred income tax (recovery) expense | (726 | ) | (17 | ) | 15 | |||||||
Change in fair value of contingent consideration (note 18 ) | 271 | 237 | 470 | |||||||||
Change in fair value of warrant liabilities (note 10) | — | 3,565 | (2,450 | ) | ||||||||
Accretion on long-term debt | — | — | 248 | |||||||||
Loss on debt extinguishment | — | — | 3,114 | |||||||||
Unrealized foreign exchange loss/(gain) | 504 | (48 | ) | (254 | ) | |||||||
Changes in non-cash operating working capital: | ||||||||||||
Accounts receivable | (1,828 | ) | (119 | ) | 2,409 | |||||||
Prepaid expenses and other current assets | (8,680 | ) | (251 | ) | (202 | ) | ||||||
Accounts payable and accrued liabilities | 21,572 | 3,684 | (358 | ) | ||||||||
Operating lease liabilities | (795 | ) | — | — | ||||||||
Deferred revenue | (3,530 | ) | 36,471 | — | ||||||||
Income taxes payable | (299 | ) | 140 | (71 | ) | |||||||
Net cash (used in) provided by operating activities | $ | (81,853 | ) | $ | 24,177 | $ | 219 | |||||
Cash flows from financing activities: | ||||||||||||
Proceeds from initial public offering, net of issuance costs (note 11a) | — | — | 55,791 | |||||||||
Proceeds from subsequent public offerings, net of issuance costs (note 11a ) | 188,231 | 90,752 | — | |||||||||
Issuance of common shares on exercise of options (note 1 1 )e | 5,498 | 682 | 965 | |||||||||
Issuance of common shares on exercise of warrants (note 10 ) | — | — | 1,018 | |||||||||
Issuance of common shares through employee stock purchase plan (note 11 )f | 598 | 233 | — | |||||||||
Repayment of debt (note 10 ) | — | — | (7,814 | ) | ||||||||
Deferred financing fees | (650 | ) | (225 | ) | — | |||||||
Finance lease payments | (16 | ) | (11 | ) | (9 | ) | ||||||
Net cash provided by financing activities | $ | 193,661 | $ | 91,431 | $ | 49,951 | ||||||
Cash flows from investing activities: | ||||||||||||
Purchase of s hort-term investments | (11,714 | ) | (105,626 | ) | (27,767 | ) | ||||||
Acquisition of property and equipment | (6,322 | ) | (803 | ) | (2,015 | ) | ||||||
Acquisition of intangible assets | (7,556 | ) | (2,617 | ) | (1,106 | ) | ||||||
Net cash used in investing activities | $ | (25,592 | ) | $ | (109,046 | ) | $ | (30,888 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | 30 | (303 | ) | 227 | ||||||||
Net change in cash and cash equivalents | 86,246 | 6,259 | 19,509 | |||||||||
Cash and cash equivalents, beginning of year | 42,205 | 35,946 | 16,437 | |||||||||
Cash and cash equivalents, end of year | $ | 128,451 | $ | 42,205 | $ | 35,946 | ||||||
Supplemental disclosure of non-cash investing and finance items: | ||||||||||||
Leased assets obtained in exchange for operating lease liabilities | $ | 7,026 | $ | — | $ | — | ||||||
Acquisition of property and equipment in accounts payable and accrued liabilities | 607 | 382 | 123 | |||||||||
Cashless exercise of warrants (note 10 ) | — | 4,913 | — |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net loss | $ | (211,843) | $ | (180,552) | $ | (145,437) | |||||||||||
Items not involving cash: | |||||||||||||||||
Depreciation and amortization of property and equipment | 3,739 | 3,355 | 2,312 | ||||||||||||||
Amortization of intangible assets | 2,793 | 4,160 | 3,113 | ||||||||||||||
Impairment of acquired IPR&D | — | — | 768 | ||||||||||||||
Stock-based compensation (note 10e) | 10,756 | 29,116 | 48,996 | ||||||||||||||
Amortization and impairment of operating lease right-of-use assets | 3,051 | 2,764 | 1,906 | ||||||||||||||
Deferred income tax expense (recovery) | (953) | 266 | (726) | ||||||||||||||
Non-cash consideration from licensing agreement | — | (218) | — | ||||||||||||||
Change in fair value of contingent consideration liability (note 17) | 213 | 307 | 271 | ||||||||||||||
Change in fair value of investments in equity instruments | (167) | — | — | ||||||||||||||
Unrealized foreign exchange (gain) loss | (433) | (453) | 504 | ||||||||||||||
Changes in non-cash operating working capital: | |||||||||||||||||
Accounts receivable | (266) | (13,107) | (1,828) | ||||||||||||||
Prepaid expenses and other current assets | (15,792) | (3,519) | (8,680) | ||||||||||||||
Accounts payable and accrued liabilities | 16,477 | 7,618 | 21,572 | ||||||||||||||
Operating lease liabilities | (26) | (1,140) | (795) | ||||||||||||||
Deferred revenue | — | — | (3,530) | ||||||||||||||
Income taxes payable | — | — | (299) | ||||||||||||||
Net cash used in operating activities | $ | (192,451) | $ | (151,403) | $ | (81,853) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from public offerings, net of issuance costs (note 10a) | — | 300,910 | 188,231 | ||||||||||||||
Issuance of common shares on exercise of stock options (note 10e) | 6,428 | 7,111 | 5,498 | ||||||||||||||
Issuance of common shares through employee stock purchase plan (note 10f) | 2,070 | 1,111 | 598 | ||||||||||||||
Deferred financing fees | (470) | (113) | (650) | ||||||||||||||
Finance lease payments | (17) | (41) | (16) | ||||||||||||||
Net cash provided by financing activities | $ | 8,011 | $ | 308,978 | $ | 193,661 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||
Net redemptions (purchases) of short-term investments | 157,881 | 13,325 | (11,714) | ||||||||||||||
Purchases of long-term investments | — | (50,500) | — | ||||||||||||||
Acquisition of property and equipment | (12,404) | (4,310) | (6,322) | ||||||||||||||
Acquisition of intangible assets | (881) | (1,955) | (7,556) | ||||||||||||||
Net cash provided by (used in) investing activities | $ | 144,596 | $ | (43,440) | $ | (25,592) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | (325) | (550) | 30 | ||||||||||||||
Net change in cash and cash equivalents | (40,169) | 113,585 | 86,246 | ||||||||||||||
Cash and cash equivalents, beginning of year | 242,036 | 128,451 | 42,205 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 201,867 | $ | 242,036 | $ | 128,451 | |||||||||||
Supplemental disclosure of non-cash investing and finance items: | |||||||||||||||||
Leased assets obtained in exchange for operating lease liabilities | $ | 24,609 | $ | 2,407 | $ | 7,026 | |||||||||||
Acquisition of property and equipment in accounts payable and accrued liabilities | 1,933 | 130 | 607 |
Asset Class | Rate | |||||||
Computer hardware | 3 years | |||||||
Office equipment | 3 years | |||||||
Furniture and fixtures | 5 years | |||||||
Laboratory equipment | 7 years | |||||||
Leasehold improvements | Shorter of the initial lease term or useful life |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Numerator: | |||||||||||||||||
Net loss attributable to common shareholders: | |||||||||||||||||
Basic | $ | (211,843) | $ | (180,552) | $ | (145,437) | |||||||||||
Adjustment for change in fair value of liability classified stock options | $ | (28,534) | $ | — | $ | — | |||||||||||
Diluted | $ | (240,377) | $ | (180,552) | $ | (145,437) | |||||||||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||
Basic | 51,553,869 | 50,382,497 | 38,022,014 | ||||||||||||||
Adjustment for dilutive effect of liability classified stock options | 577,727 | — | — | ||||||||||||||
Diluted | 52,131,596 | 50,382,497 | 38,022,014 | ||||||||||||||
Net loss per common share – basic | $ | (4.11) | $ | (3.58) | $ | (3.83) | |||||||||||
Net loss per common share – diluted | $ | (4.61) | $ | (3.58) | $ | (3.83) |
Acquired IPR&D | Accumulated Impairment | Net | |||||||||||||||
Balance at December 31, 2018 | $ | 20,700 | $ | (2,304) | $ | 18,396 | |||||||||||
Change during the period | — | (768) | (768) | ||||||||||||||
Balance at December 31, 2019 | $ | 20,700 | $ | (3,072) | $ | 17,628 | |||||||||||
Change during the period | — | — | — | ||||||||||||||
Balance at December 31, 2020 | $ | 20,700 | $ | (3,072) | $ | 17,628 | |||||||||||
Change during the period | — | — | — | ||||||||||||||
Balance at December 31, 2021 | $ | 20,700 | $ | (3,072) | $ | 17,628 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Computer hardware | $ | 3,554 | $ | 2,691 | |||||||
Furniture and fixtures | 1,558 | 1,559 | |||||||||
Office equipment | 1,045 | 971 | |||||||||
Laboratory equipment | 8,326 | 7,280 | |||||||||
Leasehold improvements | 9,104 | 9,054 | |||||||||
Construction in progress | 13,257 | 964 | |||||||||
Property and equipment | $ | 36,844 | $ | 22,519 | |||||||
Less accumulated depreciation | (14,061) | (10,334) | |||||||||
Property and equipment, net | $ | 22,783 | $ | 12,185 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Research licenses and computer software | $ | 16,430 | $ | 16,390 | |||||||
Software implementation costs | $ | 1,289 | $ | — | |||||||
Less accumulated amortization | (13,881) | (11,087) | |||||||||
Intangible assets, net | $ | 3,838 | $ | 5,303 |
Amortization expense | |||||
2022 | $ | 597 | |||
2023 | $ | 452 | |||
2024 | $ | 432 | |||
2025 | $ | 427 | |||
2026 | $ | 427 | |||
$ | 2,335 | ||||
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Trade payables | $ | 5,174 | $ | 6,244 | |||||||
Accrued research and development expenses | 50,963 | 25,962 | |||||||||
Employee compensation and vacation accruals | 3,346 | 9,439 | |||||||||
Accrued legal and professional fees | 1,064 | 859 | |||||||||
Other | 2,220 | 1,151 | |||||||||
Total | $ | 62,767 | $ | 43,655 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Liability for contingent consideration (note 17) | $ | 1,498 | $ | 1,285 | |||||||
Liabilities from in-licensing agreements | 1,150 | 1,450 | |||||||||
Finance lease liability | 100 | 122 | |||||||||
Total | $ | 2,748 | $ | 2,857 |
Number of RSUs | Weighted- average grant date fair value ($) | ||||||||||
Outstanding, December 31, 2020 | 82,704 | 35.19 | |||||||||
Granted | 316,212 | 24.71 | |||||||||
Vested and settled | (27,563) | 35.19 | |||||||||
Forfeited | (17,084) | 34.96 | |||||||||
Outstanding, December 31, 2021 | 354,269 | 25.85 |
Number of Options | Weighted- Average Exercise Price (C$) | Weighted- Average Exercise Price ($) | Weighted- Average Contractual Term (years) | Aggregate intrinsic value (C$) | Aggregate intrinsic value ($) | ||||||||||||||||||||||||||||||
Outstanding, December 31, 2019 | 2,356,413 | 16.21 | 12.46 | 6.70 | 101,404 | 77,807 | |||||||||||||||||||||||||||||
Granted | 413,750 | 49.22 | 36.25 | ||||||||||||||||||||||||||||||||
Expired | — | — | — | ||||||||||||||||||||||||||||||||
Exercised | (404,963) | 13.82 | 10.48 | ||||||||||||||||||||||||||||||||
Forfeited | (79,631) | 33.89 | 25.30 | ||||||||||||||||||||||||||||||||
Outstanding, December 31, 2020 | 2,285,569 | 22.00 | 17.27 | 6.46 | 87,545 | 68,664 | |||||||||||||||||||||||||||||
Granted | 480,117 | 42.83 | 34.12 | ||||||||||||||||||||||||||||||||
Expired | — | — | — | ||||||||||||||||||||||||||||||||
Exercised | (212,817) | 14.77 | 11.69 | ||||||||||||||||||||||||||||||||
Forfeited | (64,214) | 40.69 | 32.48 | ||||||||||||||||||||||||||||||||
Outstanding, December 31, 2021 | 2,488,655 | 26.15 | 20.70 | 6.24 | 7,919 | 6,224 | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Exercisable | 1,715,062 | 19.29 | 15.16 | 5.03 | 7,658 | 6,018 | |||||||||||||||||||||||||||||
Vested and expected to vest | 2,440,510 | 25.84 | 20.31 | 6.12 | 7,734 | 6,078 |
Number of Options | Weighted- Average Exercise Price ($) | Weighted- Average Contractual Term (years) | Aggregate intrinsic value ($) | ||||||||||||||||||||
Outstanding, December 31, 2019 | 2,853,346 | 15.85 | 8.66 | 84,481 | |||||||||||||||||||
Granted | 1,247,550 | 37.11 | |||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||
Exercised | (197,195) | 14.59 | |||||||||||||||||||||
Forfeited | (113,375) | 18.01 | |||||||||||||||||||||
Outstanding, December 31, 2020 | 3,790,326 | 22.85 | 8.20 | 92,705 | |||||||||||||||||||
Granted | 1,726,421 | 33.61 | |||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||
Exercised | (289,202) | 13.66 | |||||||||||||||||||||
Forfeited | (310,631) | 31.95 | |||||||||||||||||||||
Outstanding, December 31, 2021 | 4,916,914 | 26.59 | 7.93 | 5,555 | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Exercisable | 2,314,998 | 20.18 | 6.97 | 5,224 | |||||||||||||||||||
Vested and expected to vest | 4,750,727 | 26.37 | 7.90 | 5,537 |
Number of options | Weighted-average grant date fair value (C$) | Weighted- average grant date fair value (US$) | |||||||||||||||
Non-vested, December 31, 2020 | 690,776 | 24.44 | 19.17 | ||||||||||||||
Options granted | 480,117 | 29.50 | 23.18 | ||||||||||||||
Options vested | (344,786) | 21.36 | 16.79 | ||||||||||||||
Options forfeited and cancelled | (52,514) | 27.76 | 21.81 | ||||||||||||||
Non-vested, December 31, 2021 | 773,593 | 27.97 | 21.98 |
Number of options | Weighted- average grant date fair value (US$) | ||||||||||
Non-vested, December 31, 2020 | 2,290,287 | 18.75 | |||||||||
Options granted | 1,726,421 | 23.05 | |||||||||
Options vested | (1,114,482) | 17.45 | |||||||||
Options forfeited and cancelled | (300,310) | 21.32 | |||||||||
Non-vested, December 31, 2021 | 2,601,916 | 21.85 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Research and development expense: | |||||||||||||||||
Stock-based compensation for equity classified instruments | $ | 20,090 | $ | 12,299 | $ | 5,939 | |||||||||||
Change in fair value of liability classified instruments | (4,646) | (6) | 8,358 | ||||||||||||||
$ | 15,444 | $ | 12,293 | $ | 14,297 | ||||||||||||
General and administrative expense: | |||||||||||||||||
Stock-based compensation for equity classified instruments | $ | 18,184 | $ | 14,645 | $ | 6,737 | |||||||||||
Change in fair value of liability classified instruments | (23,758) | 1,416 | 27,470 | ||||||||||||||
$ | (5,574) | $ | 16,061 | $ | 34,207 | ||||||||||||
Finance expense (income): | |||||||||||||||||
Stock-based compensation for equity classified instruments | $ | — | $ | — | $ | — | |||||||||||
Change in fair value of liability classified instruments | (129) | (41) | 166 | ||||||||||||||
$ | (129) | $ | (41) | $ | 166 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Expected volatility | 80.3 | % | 76.8 | % | 73.2 | % | |||||||||||
Risk-free interest rate | 1.02 | % | 0.66 | % | 2.09 | % | |||||||||||
Expected average life of options | 6.05 years | 6.04 years | 6.03 years |
December 31, 2021 | December 31, 2020 | ||||||||||
Dividend yield | 0 | % | 0 | % | |||||||
Expected volatility | 74.3 | % | 77.2 | % | |||||||
Risk-free interest rate | 0.99 | % | 0.43 | % | |||||||
Expected average option term | 2.35 years | 2.47 years | |||||||||
Number of liability classified stock options outstanding | 911,400 | 1,028,676 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
CEWS and CERS subsidies | $ | 3,402 | $ | 3,031 | $ | — | |||||||||||
SR&ED credits, net | $ | 78 | $ | 142 | $ | 110 | |||||||||||
Total | $ | 3,480 | $ | 3,173 | $ | 110 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
BeiGene: | |||||||||||||||||
Milestone revenue | $ | 8,000 | $ | 15,000 | $ | — | |||||||||||
Recognition of upfront fee | — | — | 3,530 | ||||||||||||||
Janssen: | |||||||||||||||||
Milestone revenue | 8,000 | — | — | ||||||||||||||
Iconic: | |||||||||||||||||
Partner revenue | 5,000 | 4,000 | — | ||||||||||||||
Milestone revenue | — | — | 1,000 | ||||||||||||||
BMS: | |||||||||||||||||
Upfront fee relating to amendment | — | 12,000 | — | ||||||||||||||
Option exercise fee | — | — | 7,500 | ||||||||||||||
Merck: | |||||||||||||||||
Milestone revenue | — | — | 2,000 | ||||||||||||||
Lilly: | |||||||||||||||||
Milestone revenue | — | — | 8,000 | ||||||||||||||
Daiichi Sankyo: | |||||||||||||||||
Commercial license option fee | — | — | 3,500 | ||||||||||||||
Research support payments and other payments | 5,680 | 7,951 | 4,014 | ||||||||||||||
$ | 26,680 | $ | 38,951 | $ | 29,544 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Numerator: | |||||||||||||||||
Net loss attributable to common shareholders: | |||||||||||||||||
Basic | $ | (211,843) | $ | (180,552) | $ | (145,437) | |||||||||||
Adjustment for change in fair value of liability classified stock options | $ | (28,534) | $ | — | $ | — | |||||||||||
Diluted | $ | (240,377) | $ | (180,552) | $ | (145,437) | |||||||||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||
Basic | 51,553,869 | 50,382,497 | 38,022,014 | ||||||||||||||
Adjustment for dilutive effect of liability classified stock options | 577,727 | — | — | ||||||||||||||
Diluted | 52,131,596 | 50,382,497 | 38,022,014 | ||||||||||||||
Net loss per common share – basic | $ | (4.11) | $ | (3.58) | $ | (3.83) | |||||||||||
Net loss per common share – diluted | $ | (4.61) | $ | (3.58) | $ | (3.83) |
Acquired IPR&D | Accumulated Impairment | Net | |||||||||||||||
Balance at December 31, 2018 | $ | 20,700 | $ | (2,304) | $ | 18,396 | |||||||||||
Change during the period | — | (768) | (768) | ||||||||||||||
Balance at December 31, 2019 | $ | 20,700 | $ | (3,072) | $ | 17,628 | |||||||||||
Change during the period | — | — | — | ||||||||||||||
Balance at December 31, 2020 | $ | 20,700 | $ | (3,072) | $ | 17,628 | |||||||||||
Change during the period | — | — | — | ||||||||||||||
Balance at December 31, 2021 | $ | 20,700 | $ | (3,072) | $ | 17,628 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Computer hardware | $ | 3,554 | $ | 2,691 | |||||||
Furniture and fixtures | 1,558 | 1,559 | |||||||||
Office equipment | 1,045 | 971 | |||||||||
Laboratory equipment | 8,326 | 7,280 | |||||||||
Leasehold improvements | 9,104 | 9,054 | |||||||||
Construction in progress | 13,257 | 964 | |||||||||
Property and equipment | $ | 36,844 | $ | 22,519 | |||||||
Less accumulated depreciation | (14,061) | (10,334) | |||||||||
Property and equipment, net | $ | 22,783 | $ | 12,185 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Research licenses and computer software | $ | 16,430 | $ | 16,390 | |||||||
Software implementation costs | $ | 1,289 | $ | — | |||||||
Less accumulated amortization | (13,881) | (11,087) | |||||||||
Intangible assets, net | $ | 3,838 | $ | 5,303 |
Amortization expense | |||||
2022 | $ | 597 | |||
2023 | $ | 452 | |||
2024 | $ | 432 | |||
2025 | $ | 427 | |||
2026 | $ | 427 | |||
$ | 2,335 | ||||
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Trade payables | $ | 5,174 | $ | 6,244 | |||||||
Accrued research and development expenses | 50,963 | 25,962 | |||||||||
Employee compensation and vacation accruals | 3,346 | 9,439 | |||||||||
Accrued legal and professional fees | 1,064 | 859 | |||||||||
Other | 2,220 | 1,151 | |||||||||
Total | $ | 62,767 | $ | 43,655 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Liability for contingent consideration (note 17) | $ | 1,498 | $ | 1,285 | |||||||
Liabilities from in-licensing agreements | 1,150 | 1,450 | |||||||||
Finance lease liability | 100 | 122 | |||||||||
Total | $ | 2,748 | $ | 2,857 |
Number of RSUs | Weighted- average grant date fair value ($) | ||||||||||
Outstanding, December 31, 2020 | 82,704 | 35.19 | |||||||||
Granted | 316,212 | 24.71 | |||||||||
Vested and settled | (27,563) | 35.19 | |||||||||
Forfeited | (17,084) | 34.96 | |||||||||
Outstanding, December 31, 2021 | 354,269 | 25.85 |
Number of Options | Weighted- Average Exercise Price (C$) | Weighted- Average Exercise Price ($) | Weighted- Average Contractual Term (years) | Aggregate intrinsic value (C$) | Aggregate intrinsic value ($) | ||||||||||||||||||||||||||||||
Outstanding, December 31, 2019 | 2,356,413 | 16.21 | 12.46 | 6.70 | 101,404 | 77,807 | |||||||||||||||||||||||||||||
Granted | 413,750 | 49.22 | 36.25 | ||||||||||||||||||||||||||||||||
Expired | — | — | — | ||||||||||||||||||||||||||||||||
Exercised | (404,963) | 13.82 | 10.48 | ||||||||||||||||||||||||||||||||
Forfeited | (79,631) | 33.89 | 25.30 | ||||||||||||||||||||||||||||||||
Outstanding, December 31, 2020 | 2,285,569 | 22.00 | 17.27 | 6.46 | 87,545 | 68,664 | |||||||||||||||||||||||||||||
Granted | 480,117 | 42.83 | 34.12 | ||||||||||||||||||||||||||||||||
Expired | — | — | — | ||||||||||||||||||||||||||||||||
Exercised | (212,817) | 14.77 | 11.69 | ||||||||||||||||||||||||||||||||
Forfeited | (64,214) | 40.69 | 32.48 | ||||||||||||||||||||||||||||||||
Outstanding, December 31, 2021 | 2,488,655 | 26.15 | 20.70 | 6.24 | 7,919 | 6,224 | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Exercisable | 1,715,062 | 19.29 | 15.16 | 5.03 | 7,658 | 6,018 | |||||||||||||||||||||||||||||
Vested and expected to vest | 2,440,510 | 25.84 | 20.31 | 6.12 | 7,734 | 6,078 |
Number of Options | Weighted- Average Exercise Price ($) | Weighted- Average Contractual Term (years) | Aggregate intrinsic value ($) | ||||||||||||||||||||
Outstanding, December 31, 2019 | 2,853,346 | 15.85 | 8.66 | 84,481 | |||||||||||||||||||
Granted | 1,247,550 | 37.11 | |||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||
Exercised | (197,195) | 14.59 | |||||||||||||||||||||
Forfeited | (113,375) | 18.01 | |||||||||||||||||||||
Outstanding, December 31, 2020 | 3,790,326 | 22.85 | 8.20 | 92,705 | |||||||||||||||||||
Granted | 1,726,421 | 33.61 | |||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||
Exercised | (289,202) | 13.66 | |||||||||||||||||||||
Forfeited | (310,631) | 31.95 | |||||||||||||||||||||
Outstanding, December 31, 2021 | 4,916,914 | 26.59 | 7.93 | 5,555 | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Exercisable | 2,314,998 | 20.18 | 6.97 | 5,224 | |||||||||||||||||||
Vested and expected to vest | 4,750,727 | 26.37 | 7.90 | 5,537 |
Number of options | Weighted-average grant date fair value (C$) | Weighted- average grant date fair value (US$) | |||||||||||||||
Non-vested, December 31, 2020 | 690,776 | 24.44 | 19.17 | ||||||||||||||
Options granted | 480,117 | 29.50 | 23.18 | ||||||||||||||
Options vested | (344,786) | 21.36 | 16.79 | ||||||||||||||
Options forfeited and cancelled | (52,514) | 27.76 | 21.81 | ||||||||||||||
Non-vested, December 31, 2021 | 773,593 | 27.97 | 21.98 |
Number of options | Weighted- average grant date fair value (US$) | ||||||||||
Non-vested, December 31, 2020 | 2,290,287 | 18.75 | |||||||||
Options granted | 1,726,421 | 23.05 | |||||||||
Options vested | (1,114,482) | 17.45 | |||||||||
Options forfeited and cancelled | (300,310) | 21.32 | |||||||||
Non-vested, December 31, 2021 | 2,601,916 | 21.85 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Research and development expense: | |||||||||||||||||
Stock-based compensation for equity classified instruments | $ | 20,090 | $ | 12,299 | $ | 5,939 | |||||||||||
Change in fair value of liability classified instruments | (4,646) | (6) | 8,358 | ||||||||||||||
$ | 15,444 | $ | 12,293 | $ | 14,297 | ||||||||||||
General and administrative expense: | |||||||||||||||||
Stock-based compensation for equity classified instruments | $ | 18,184 | $ | 14,645 | $ | 6,737 | |||||||||||
Change in fair value of liability classified instruments | (23,758) | 1,416 | 27,470 | ||||||||||||||
$ | (5,574) | $ | 16,061 | $ | 34,207 | ||||||||||||
Finance expense (income): | |||||||||||||||||
Stock-based compensation for equity classified instruments | $ | — | $ | — | $ | — | |||||||||||
Change in fair value of liability classified instruments | (129) | (41) | 166 | ||||||||||||||
$ | (129) | $ | (41) | $ | 166 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Expected volatility | 80.3 | % | 76.8 | % | 73.2 | % | |||||||||||
Risk-free interest rate | 1.02 | % | 0.66 | % | 2.09 | % | |||||||||||
Expected average life of options | 6.05 years | 6.04 years | 6.03 years |
December 31, 2021 | December 31, 2020 | ||||||||||
Dividend yield | 0 | % | 0 | % | |||||||
Expected volatility | 74.3 | % | 77.2 | % | |||||||
Risk-free interest rate | 0.99 | % | 0.43 | % | |||||||
Expected average option term | 2.35 years | 2.47 years | |||||||||
Number of liability classified stock options outstanding | 911,400 | 1,028,676 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
CEWS and CERS subsidies | $ | 3,402 | $ | 3,031 | $ | — | |||||||||||
SR&ED credits, net | $ | 78 | $ | 142 | $ | 110 | |||||||||||
Total | $ | 3,480 | $ | 3,173 | $ | 110 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
BeiGene: | |||||||||||||||||
Milestone revenue | $ | 8,000 | $ | 15,000 | $ | — | |||||||||||
Recognition of upfront fee | — | — | 3,530 | ||||||||||||||
Janssen: | |||||||||||||||||
Milestone revenue | 8,000 | — | — | ||||||||||||||
Iconic: | |||||||||||||||||
Partner revenue | 5,000 | 4,000 | — | ||||||||||||||
Milestone revenue | — | — | 1,000 | ||||||||||||||
BMS: | |||||||||||||||||
Upfront fee relating to amendment | — | 12,000 | — | ||||||||||||||
Option exercise fee | — | — | 7,500 | ||||||||||||||
Merck: | |||||||||||||||||
Milestone revenue | — | — | 2,000 | ||||||||||||||
Lilly: | |||||||||||||||||
Milestone revenue | — | — | 8,000 | ||||||||||||||
Daiichi Sankyo: | |||||||||||||||||
Commercial license option fee | — | — | 3,500 | ||||||||||||||
Research support payments and other payments | 5,680 | 7,951 | 4,014 | ||||||||||||||
$ | 26,680 | $ | 38,951 | $ | 29,544 |
December 31, 2018 | Adjustments Due to the Adoption of Topic 842 | January 1, 2019 | ||||||||||
Operating lease right-of-use assets(1) | $ | — | $ | 3,222 | $ | 3,222 | ||||||
Total lease inducements (2) | 333 | (333 | ) | — | ||||||||
Total operating lease liabilities (3) | — | 3,561 | 3,561 |
As reported | Effect of Adoption of Topic 842 Higher / (Lower) | Balances Without the Adoption of Topic 842 | ||||||||||
Operating expenses for the year ended December 31, 2019 | $ | 180,845 | $ | 311 | $ | 180,534 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Numerator | ||||||||||||
Net loss attributable to common shareholders: | $ | (145,437 | ) | $ | (36,556 | ) | $ | (10,406 | ) | |||
Deemed dividend due to beneficial conversion feature | — | — | (520 | ) | ||||||||
Basic | $ | (145,437 | ) | $ | (36,556 | ) | $ | (10,926 | ) | |||
Adjustment for change in fair value of ASC 815 liability classified stock options and warrant | — | — | (2,757 | ) | ||||||||
Diluted | $ | (145,437 | ) | $ | (36,556 | ) | $ | (13,683 | ) | |||
Denominator: | ||||||||||||
Weighted-average common shares outstanding: | ||||||||||||
Basic (*) | 38,022,014 | 29,089,896 | 21,249,414 | |||||||||
Adjustment for dilutive effect of liability classified stock options and warrants | — | — | 71,795 | |||||||||
Diluted | 38,022,014 | 29,089,896 | 21,321,209 | |||||||||
Net loss per common share – basic | $ | (3.83 | ) | $ | (1.26 | ) | $ | (0.51 | ) | |||
Net loss per common share – diluted | $ | (3.83 | ) | $ | (1.26 | ) | $ | (0.64 | ) |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Numerator: | |||||||||||||||||
Net loss attributable to common shareholders: | |||||||||||||||||
Basic | $ | (211,843) | $ | (180,552) | $ | (145,437) | |||||||||||
Adjustment for change in fair value of liability classified stock options | $ | (28,534) | $ | — | $ | — | |||||||||||
Diluted | $ | (240,377) | $ | (180,552) | $ | (145,437) | |||||||||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||
Basic | 51,553,869 | 50,382,497 | 38,022,014 | ||||||||||||||
Adjustment for dilutive effect of liability classified stock options | 577,727 | — | — | ||||||||||||||
Diluted | 52,131,596 | 50,382,497 | 38,022,014 | ||||||||||||||
Net loss per common share – basic | $ | (4.11) | $ | (3.58) | $ | (3.83) | |||||||||||
Net loss per common share – diluted | $ | (4.61) | $ | (3.58) | $ | (3.83) |
Acquired IPR&D | Accumulated Impairment | Net | ||||||||||
Balance at December 31, 2016 | $ | 20,700 | $ | (768 | ) | $ | 19,932 | |||||
Change during the period | — | (1,536 | ) | (1,536 | ) | |||||||
Balance at December 31, 2017 | $ | 20,700 | $ | (2,304 | ) | $ | 18,396 | |||||
Change during the period | — | — | — | |||||||||
Balance at December 31, 2018 | $ | 20,700 | $ | (2,304 | ) | $ | 18,396 | |||||
Change during the period | — | (768 | ) | (768 | ) | |||||||
Balance at December 31, 2019 | $ | 20,700 | $ | (3,072 | ) | $ | 17,628 | |||||
Acquired IPR&D | Accumulated Impairment | Net | |||||||||||||||
Balance at December 31, 2018 | $ | 20,700 | $ | (2,304) | $ | 18,396 | |||||||||||
Change during the period | — | (768) | (768) | ||||||||||||||
Balance at December 31, 2019 | $ | 20,700 | $ | (3,072) | $ | 17,628 | |||||||||||
Change during the period | — | — | — | ||||||||||||||
Balance at December 31, 2020 | $ | 20,700 | $ | (3,072) | $ | 17,628 | |||||||||||
Change during the period | — | — | — | ||||||||||||||
Balance at December 31, 2021 | $ | 20,700 | $ | (3,072) | $ | 17,628 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Computer hardware | $ | 3,554 | $ | 2,691 | |||||||
Furniture and fixtures | 1,558 | 1,559 | |||||||||
Office equipment | 1,045 | 971 | |||||||||
Laboratory equipment | 8,326 | 7,280 | |||||||||
Leasehold improvements | 9,104 | 9,054 | |||||||||
Construction in progress | 13,257 | 964 | |||||||||
Property and equipment | $ | 36,844 | $ | 22,519 | |||||||
Less accumulated depreciation | (14,061) | (10,334) | |||||||||
Property and equipment, net | $ | 22,783 | $ | 12,185 |
December 31, | ||||||||
2019 | 2018 | |||||||
Computer hardware | $ | 2,438 | $ | 1,439 | ||||
Furniture and fixtures | 1,248 | 747 | ||||||
Office equipment | 729 | 535 | ||||||
Laboratory equipment | 6,628 | 5,270 | ||||||
Leasehold improvements | 6,374 | 3,377 | ||||||
Construction in progress | 915 | 221 | ||||||
Property and equipment | $ | 18,332 | $ | 11,589 | ||||
Less accumulated depreciation | (7,232 | ) | (5,105 | ) | ||||
Property and equipment, net | $ | 11,100 | $ | 6,484 | ||||
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Research licenses and computer software | $ | 16,430 | $ | 16,390 | |||||||
Software implementation costs | $ | 1,289 | $ | — | |||||||
Less accumulated amortization | (13,881) | (11,087) | |||||||||
Intangible assets, net | $ | 3,838 | $ | 5,303 |
December 31, | ||||||||
2019 | 2018 | |||||||
Computer software and research license | $ | 12,985 | $ | 5,429 | ||||
Less accumulated amortization | (6,928 | ) | (3,815 | ) | ||||
Intangible assets, net | $ | 6,057 | $ | 1,614 | ||||
Amortization expense | |||||
2022 | $ | 597 | |||
2023 | $ | 452 | |||
2024 | $ | 432 | |||
2025 | $ | 427 | |||
2026 | $ | 427 | |||
$ | 2,335 | ||||
December 31, | ||||||||
2019 | 2018 | |||||||
Trade payables | $ | 5,349 | $ | 2,599 | ||||
Accrued research expenses | 24,262 | 6,633 | ||||||
Employee compensation and vacation accruals | 5,009 | 2,926 | ||||||
Accrued legal and professional fees | 231 | 556 | ||||||
Other | 840 | 689 | ||||||
Total | $ | 35,691 | $ | 13,403 | ||||
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Trade payables | $ | 5,174 | $ | 6,244 | |||||||
Accrued research and development expenses | 50,963 | 25,962 | |||||||||
Employee compensation and vacation accruals | 3,346 | 9,439 | |||||||||
Accrued legal and professional fees | 1,064 | 859 | |||||||||
Other | 2,220 | 1,151 | |||||||||
Total | $ | 62,767 | $ | 43,655 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Liability for contingent consideration (note 17) | $ | 1,498 | $ | 1,285 | |||||||
Liabilities from in-licensing agreements | 1,150 | 1,450 | |||||||||
Finance lease liability | 100 | 122 | |||||||||
Total | $ | 2,748 | $ | 2,857 |
December 31, | ||||||||
2019 | 2018 | |||||||
Liability for contingent consideration (note 18 ) | $ | 978 | $ | 707 | ||||
Lease inducements | — | 197 | ||||||
Finance lease liability (note 1 6 ) | 46 | 42 | ||||||
Total | $ | 1,024 | $ | 946 | ||||
Year ended December 31, 2017 | ||||
Long term debt at January 1, 2017 | $ | 4,810 | ||
Less: unamortized debt issue costs at January 1, 2017 | (393 | ) | ||
Long term debt at January 1, 2017, net of deferred charges | $ | 4,417 | ||
Accretion during the period up to the Repayment Date | 248 | |||
Amortization of debt issue costs during the period up to the Repayment Date | 35 | |||
Carrying value of long term debt on the Repayment Date, net of deferred charges | $ | 4,700 | ||
Repayment, including repayment premium and expenses | (7,814 | ) | ||
Loss on debt extinguishment | $ | (3,114 | ) | |
Number of RSUs | Weighted- average grant date fair value ($) | ||||||||||
Outstanding, December 31, 2020 | 82,704 | 35.19 | |||||||||
Granted | 316,212 | 24.71 | |||||||||
Vested and settled | (27,563) | 35.19 | |||||||||
Forfeited | (17,084) | 34.96 | |||||||||
Outstanding, December 31, 2021 | 354,269 | 25.85 |
Number of Options | Weighted- Average Exercise Price (C$) | Weighted- Average Exercise Price ($) | Weighted- Average Contractual Term (years) | Aggregate intrinsic value (C$) | Aggregate intrinsic value ($) | |||||||||||||||||||
Outstanding, December 31, 2017 | 2,263,712 | 14.24 | 11.35 | 7.53 | 1,455 | 1,160 | ||||||||||||||||||
Granted | 326,975 | 16.51 | 12.74 | |||||||||||||||||||||
Expired | (7,908 | ) | 16.22 | 12.52 | ||||||||||||||||||||
Exercised | (94,812 | ) | 8.81 | 6.80 | ||||||||||||||||||||
Forfeited | (41,977 | ) | 18.09 | 13.96 | ||||||||||||||||||||
Outstanding, December 31, 2018 | 2,445,990 | 14.66 | 10.74 | 6.99 | 14,421 | 10,571 | ||||||||||||||||||
Granted | 358,800 | 22.92 | 17.14 | |||||||||||||||||||||
Expired | (1,047 | ) | 4.75 | 3.65 | ||||||||||||||||||||
Exercised | (403,553 | ) | 12.53 | 9.46 | ||||||||||||||||||||
Forfeited | (43,777 | ) | 18.42 | 13.91 | ||||||||||||||||||||
Outstanding, December 31, 2019 | 2,356,413 | 16.21 | 12.46 | 6.70 | 101,404 | 77,807 | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
Exercisable | 1,623,284 | 14.49 | 11.12 | 5.89 | 72,648 | 55,743 | ||||||||||||||||||
Vested and expected to vest | 2,317,044 | 16.15 | 12.39 | 6.67 | 99,860 | 76,622 |
Number of Options | Weighted- Average Exercise Price (C$) | Weighted- Average Exercise Price ($) | Weighted- Average Contractual Term (years) | Aggregate intrinsic value (C$) | Aggregate intrinsic value ($) | ||||||||||||||||||||||||||||||
Outstanding, December 31, 2019 | 2,356,413 | 16.21 | 12.46 | 6.70 | 101,404 | 77,807 | |||||||||||||||||||||||||||||
Granted | 413,750 | 49.22 | 36.25 | ||||||||||||||||||||||||||||||||
Expired | — | — | — | ||||||||||||||||||||||||||||||||
Exercised | (404,963) | 13.82 | 10.48 | ||||||||||||||||||||||||||||||||
Forfeited | (79,631) | 33.89 | 25.30 | ||||||||||||||||||||||||||||||||
Outstanding, December 31, 2020 | 2,285,569 | 22.00 | 17.27 | 6.46 | 87,545 | 68,664 | |||||||||||||||||||||||||||||
Granted | 480,117 | 42.83 | 34.12 | ||||||||||||||||||||||||||||||||
Expired | — | — | — | ||||||||||||||||||||||||||||||||
Exercised | (212,817) | 14.77 | 11.69 | ||||||||||||||||||||||||||||||||
Forfeited | (64,214) | 40.69 | 32.48 | ||||||||||||||||||||||||||||||||
Outstanding, December 31, 2021 | 2,488,655 | 26.15 | 20.70 | 6.24 | 7,919 | 6,224 | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Exercisable | 1,715,062 | 19.29 | 15.16 | 5.03 | 7,658 | 6,018 | |||||||||||||||||||||||||||||
Vested and expected to vest | 2,440,510 | 25.84 | 20.31 | 6.12 | 7,734 | 6,078 |
Number of Options | Weighted- Average Exercise Price ($) | Weighted- Average Contractual Term (years) | Aggregate intrinsic value ($) | |||||||||||||
Outstanding, December 31, 2017 | 636,595 | 9.70 | 9.46 | 15 | ||||||||||||
Granted | 910,783 | 13.03 | ||||||||||||||
Expired | — | — | ||||||||||||||
Exercised | — | — | ||||||||||||||
Forfeited | (7,600 | ) | 9.82 | |||||||||||||
Outstanding, December 31, 2018 | 1,539,778 | 11.67 | 9.02 | 4,876 | ||||||||||||
Granted | 1,501,750 | 19.89 | ||||||||||||||
Expired | — | — | ||||||||||||||
Exercised | (126,108 | ) | 13.32 | |||||||||||||
Forfeited | (62,074 | ) | 14.91 | |||||||||||||
Outstanding, December 31, 2019 | 2,853,346 | 15.85 | 8.66 | 84,481 | ||||||||||||
December 31, 2019 | ||||||||||||||||
Exercisable | 712,423 | 11.21 | 7.66 | 24,403 | ||||||||||||
Vested and expected to vest | 2,738,378 | 15.79 | 8.60 | 81,255 |
Number of Options | Weighted- Average Exercise Price ($) | Weighted- Average Contractual Term (years) | Aggregate intrinsic value ($) | ||||||||||||||||||||
Outstanding, December 31, 2019 | 2,853,346 | 15.85 | 8.66 | 84,481 | |||||||||||||||||||
Granted | 1,247,550 | 37.11 | |||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||
Exercised | (197,195) | 14.59 | |||||||||||||||||||||
Forfeited | (113,375) | 18.01 | |||||||||||||||||||||
Outstanding, December 31, 2020 | 3,790,326 | 22.85 | 8.20 | 92,705 | |||||||||||||||||||
Granted | 1,726,421 | 33.61 | |||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||
Exercised | (289,202) | 13.66 | |||||||||||||||||||||
Forfeited | (310,631) | 31.95 | |||||||||||||||||||||
Outstanding, December 31, 2021 | 4,916,914 | 26.59 | 7.93 | 5,555 | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Exercisable | 2,314,998 | 20.18 | 6.97 | 5,224 | |||||||||||||||||||
Vested and expected to vest | 4,750,727 | 26.37 | 7.90 | 5,537 |
Number of options | Weighted-average date (C$) | Weighted- average date (US$) | ||||||||||
Non-vested, December 31, 2018 | 899,079 | 10.25 | 7.51 | |||||||||
Options granted | 358,800 | 14.89 | 11.42 | |||||||||
Options vested | (482,042 | ) | 28.06 | 21.53 | ||||||||
Options forfeited and cancelled | (42,708 | ) | 16.43 | 12.60 | ||||||||
Non-vested, December 31, 2019 | 733,129 | 16.03 | 12.30 | |||||||||
Number of options | Weighted-average grant date fair value (C$) | Weighted- average grant date fair value (US$) | |||||||||||||||
Non-vested, December 31, 2020 | 690,776 | 24.44 | 19.17 | ||||||||||||||
Options granted | 480,117 | 29.50 | 23.18 | ||||||||||||||
Options vested | (344,786) | 21.36 | 16.79 | ||||||||||||||
Options forfeited and cancelled | (52,514) | 27.76 | 21.81 | ||||||||||||||
Non-vested, December 31, 2021 | 773,593 | 27.97 | 21.98 |
Number of options | Weighted- average grant date fair value (US$) | |||||||
Non-vested, December 31, 2018 | 1,254,428 | 7.31 | ||||||
Options granted | 1,501,750 | 13.01 | ||||||
Options vested | (553,181 | ) | 7.43 | |||||
Options forfeited and cancelled | (62,074 | ) | 9.63 | |||||
Non-vested, December 31, 2019 | 2,140,923 | 11.21 | ||||||
Number of options | Weighted- average grant date fair value (US$) | ||||||||||
Non-vested, December 31, 2020 | 2,290,287 | 18.75 | |||||||||
Options granted | 1,726,421 | 23.05 | |||||||||
Options vested | (1,114,482) | 17.45 | |||||||||
Options forfeited and cancelled | (300,310) | 21.32 | |||||||||
Non-vested, December 31, 2021 | 2,601,916 | 21.85 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Research and development expense: | |||||||||||||||||
Stock-based compensation for equity classified instruments | $ | 20,090 | $ | 12,299 | $ | 5,939 | |||||||||||
Change in fair value of liability classified instruments | (4,646) | (6) | 8,358 | ||||||||||||||
$ | 15,444 | $ | 12,293 | $ | 14,297 | ||||||||||||
General and administrative expense: | |||||||||||||||||
Stock-based compensation for equity classified instruments | $ | 18,184 | $ | 14,645 | $ | 6,737 | |||||||||||
Change in fair value of liability classified instruments | (23,758) | 1,416 | 27,470 | ||||||||||||||
$ | (5,574) | $ | 16,061 | $ | 34,207 | ||||||||||||
Finance expense (income): | |||||||||||||||||
Stock-based compensation for equity classified instruments | $ | — | $ | — | $ | — | |||||||||||
Change in fair value of liability classified instruments | (129) | (41) | 166 | ||||||||||||||
$ | (129) | $ | (41) | $ | 166 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Research and development expenses: | ||||||||||||
Stock-based compensation for equity classified instruments | $ | 5,939 | $ | 2,203 | $ | 913 | ||||||
Change in fair value of liability classified equity instruments | 8,358 | 2,032 | 492 | |||||||||
$ | 14,297 | $ | 4,235 | $ | 1,405 | |||||||
General and administrative expenses: | ||||||||||||
Stock-based compensation for equity classified instruments | $ | 6,737 | $ | 3,693 | $ | 1,852 | ||||||
Change in fair value of liability classified equity instruments | 27,470 | 5,362 | 486 | |||||||||
$ | 34,207 | $ | 9,055 | $ | 2,338 | |||||||
Finance expense (income): | ||||||||||||
Stock-based compensation for equity classified instruments | $ | — | $ | 1 | $ | — | ||||||
Change in fair value of liability classified equity instruments | 166 | 150 | (314 | ) | ||||||||
$ | 166 | $ | 151 | $ | (314 | ) |
Year ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | ||||||
Expected volatility | 73.59 | % | 66.25 | % | 66.25 | % | ||||||
Risk-free interest rate | 1.47 | % | 2.18 | % | 1.44 | % | ||||||
Forfeiture rate | 5.37 | % | 5.37 | % | 4.75 | % | ||||||
Expected average life of options | 6.05 years | 5.91 years | 5.90 years |
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | Dividend yield | 0 | % | 0 | % | 0 | % | ||||||||||||||||
Expected volatility | 73.15 | % | 66.78 | % | 65.89 | % | Expected volatility | 80.3 | % | 76.8 | % | 73.2 | % | ||||||||||||||||
Risk-free interest rate | 2.23 | % | 2.69 | % | 1.84 | % | Risk-free interest rate | 1.02 | % | 0.66 | % | 2.09 | % | ||||||||||||||||
Forfeiture rate | 5.37 | % | 5.37 | % | 4.75 | % | |||||||||||||||||||||||
Expected average life of options | 6.03 years | 5.88 years | 5.89 years | Expected average life of options | 6.05 years | 6.04 years | 6.03 years |
December 31, 2021 | December 31, 2020 | ||||||||||
Dividend yield | 0 | % | 0 | % | |||||||
Expected volatility | 74.3 | % | 77.2 | % | |||||||
Risk-free interest rate | 0.99 | % | 0.43 | % | |||||||
Expected average option term | 2.35 years | 2.47 years | |||||||||
Number of liability classified stock options outstanding | 911,400 | 1,028,676 |
December 31, 2019 | December 31, 2018 | ||||||||
Dividend yield | 0 | % | 0 | % | |||||
Expected volatility | 76.09 | % | 72.27 | % | |||||
Risk-free interest rate | 1.68 | % | 1.94 | % | |||||
Forfeiture rate | 5.37 | % | 5.37 | % | |||||
Expected average option term | 3.38 years | 3.59 years | |||||||
Number of liability classified share options outstanding | 1,249,365 | 1,437,163 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
SR&ED credits (expense), net | $ | 110 | $ | (5 | ) | $ | 857 | |||||
IRAP credits | — | — | 218 | |||||||||
Total | $ | 110 | $ | (5 | ) | $ | 1,075 | |||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
CEWS and CERS subsidies | $ | 3,402 | $ | 3,031 | $ | — | |||||||||||
SR&ED credits, net | $ | 78 | $ | 142 | $ | 110 | |||||||||||
Total | $ | 3,480 | $ | 3,173 | $ | 110 |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
BeiGene: | |||||||||||||||||
Milestone revenue | $ | 8,000 | $ | 15,000 | $ | — | |||||||||||
Recognition of upfront fee | — | — | 3,530 | ||||||||||||||
Janssen: | |||||||||||||||||
Milestone revenue | 8,000 | — | — | ||||||||||||||
Iconic: | |||||||||||||||||
Partner revenue | 5,000 | 4,000 | — | ||||||||||||||
Milestone revenue | — | — | 1,000 | ||||||||||||||
BMS: | |||||||||||||||||
Upfront fee relating to amendment | — | 12,000 | — | ||||||||||||||
Option exercise fee | — | — | 7,500 | ||||||||||||||
Merck: | |||||||||||||||||
Milestone revenue | — | — | 2,000 | ||||||||||||||
Lilly: | |||||||||||||||||
Milestone revenue | — | — | 8,000 | ||||||||||||||
Daiichi Sankyo: | |||||||||||||||||
Commercial license option fee | — | — | 3,500 | ||||||||||||||
Research support payments and other payments | 5,680 | 7,951 | 4,014 | ||||||||||||||
$ | 26,680 | $ | 38,951 | $ | 29,544 |
Year ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Janssen: | ||||||||||||
Recognition of upfront fee | $ | — | $ | — | $ | 50,000 | ||||||
Merck: | ||||||||||||
Milestone revenue | 2,000 | — | — | |||||||||
Lilly: | ||||||||||||
Milestone revenue | 8,000 | 2,000 | — | |||||||||
BMS: | ||||||||||||
Option exercise fee | 7,500 | 4,000 | — | |||||||||
Daiichi Sankyo: | ||||||||||||
Technology access fee | — | 18,000 | — | |||||||||
Milestone revenue | — | — | 1,000 | |||||||||
Commercial license option fee | 3,500 | |||||||||||
LEO: | ||||||||||||
Recognition of upfront fee | — | 5,000 | $ | — | ||||||||
BeiGene: | ||||||||||||
Recognition of upfront fee | 3,530 | 23,530 | $ | — | ||||||||
Iconic: | ||||||||||||
Milestone revenue | 1,000 | — | $ | — | ||||||||
Research support payments and other payments | 4,014 | 489 | 762 | |||||||||
$ | 29,544 | $ | 53,019 | $ | 51,762 | |||||||
Year ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Foreign exchange (loss) gain | $ | (567 | ) | $ | 72 | $ | 97 | |||||
Change in fair value of warrant liabilities (note 10) | — | (3,565 | ) | 2,450 | ||||||||
Loss on debt extinguishment (note 10) | — | — | (3,114 | ) | ||||||||
Accretion expense | — | — | (248 | ) | ||||||||
Other | (173 | ) | (166 | ) | (422 | ) | ||||||
$(740) | $(3,659) | $(1,237) | ||||||||||
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Foreign exchange gain (loss) | $ | 1,191 | $ | 1,683 | $ | (567) | |||||||||||
Other | 118 | (35) | (28) | ||||||||||||||
$ | 1,309 | $ | 1,648 | $ | (595) |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Current income tax expense | $ | (437) | $ | (292) | $ | (1,373) | |||||||||||
Deferred income tax recovery (expense) | 953 | (137) | 1,955 | ||||||||||||||
Income tax recovery (expense) | $ | 516 | $ | (429) | $ | 582 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Current income tax expense | $ | (1,373 | ) | $ | (2,188 | ) | $ | (429 | ) | |||
Deferred income tax recovery (expense) | 1,955 | 17 | (15 | ) | ||||||||
Income tax recovery (expense) | $ | 582 | $ | (2,171 | ) | $ | (444 | ) | ||||
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Computed taxes at Canadian tax rate | $ | 39,453 | $ | 9,284 | $ | 2,587 | ||||||
Non-deductible expenses | (13,020 | ) | (4,311 | ) | (259 | ) | ||||||
Difference between domestic and foreign tax rate | 104 | 14 | 11 | |||||||||
Effect of change in tax rates | (10 | ) | (2 | ) | 860 | |||||||
Adjustments to prior year | (39 | ) | (543 | ) | 313 | |||||||
Change in valuation allowance | (29,057 | ) | (9,340 | ) | (8,510 | ) | ||||||
Share issuance costs in equity | 3,578 | 1,906 | 2,547 | |||||||||
Change in recognition and measurement of tax positions | (2,391 | ) | (672 | ) | — | |||||||
Changes due to SR&ED | 2,200 | 1,668 | 1,973 | |||||||||
Other | (236 | ) | (175 | ) | 34 | |||||||
Income tax recovery (expen se) | $ | 582 | $ | (2,171 | ) | $ | (444 | ) | ||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Computed taxes at Canadian tax rate | $ | 57,368 | $ | 48,627 | $ | 39,453 | |||||||||||
Non-deductible expenses | (1,026) | (9,191) | (13,020) | ||||||||||||||
Difference between domestic and foreign tax rate | (345) | 185 | 104 | ||||||||||||||
Effect of change in tax rates | — | — | (10) | ||||||||||||||
Adjustments to prior year | (33) | (441) | (39) | ||||||||||||||
Change in valuation allowance | (60,260) | (48,411) | (29,057) | ||||||||||||||
Share issuance costs in equity | 2 | 5,385 | 3,578 | ||||||||||||||
Change in recognition and measurement of tax positions | — | — | (2,391) | ||||||||||||||
Changes due to SR&ED and research credits | 5,096 | 4,067 | 2,200 | ||||||||||||||
Other | (286) | (650) | (236) | ||||||||||||||
Income tax recovery (expense) | $ | 516 | $ | (429) | $ | 582 |
December 31, 2021 | December 31, 2020 | ||||||||||
Deferred tax assets: | |||||||||||
Non-capital losses carried forward | $ | 123,554 | $ | 71,566 | |||||||
Deferred revenue | 8,894 | 8,894 | |||||||||
Share issue costs | 6,058 | 8,365 | |||||||||
Property and equipment | 1,219 | 1,423 | |||||||||
Intangible assets | 2,911 | 1,352 | |||||||||
Research and development deductions and credits | 35,401 | 27,994 | |||||||||
Contingent consideration | 421 | 366 | |||||||||
Stock options | 4,330 | 2,038 | |||||||||
Operating lease liability | 7,871 | 1,837 | |||||||||
Other | 351 | 280 | |||||||||
$ | 191,010 | $ | 124,115 | ||||||||
Deferred tax liabilities: | |||||||||||
Property and equipment | (1,085) | (1,296) | |||||||||
IPR&D | (4,760) | (4,760) | |||||||||
Operating lease right-of-use assets | (6,685) | (1,181) | |||||||||
Outside basis difference in foreign subsidiary | (1,573) | (1,178) | |||||||||
$ | (14,103) | $ | (8,415) | ||||||||
176,907 | 115,700 | ||||||||||
Less: valuation allowance | (175,410) | (115,155) | |||||||||
Net deferred tax assets | $ | 1,497 | $ | 545 | |||||||
Deferred tax asset | $ | 3,070 | $ | 1,723 | |||||||
Deferred tax liability | (1,573) | (1,178) | |||||||||
Net deferred tax assets | $ | 1,497 | $ | 545 |
December 31, 2019 | December 31, 2018 | |||||||
Deferred tax assets: | ||||||||
Non-capital losses carried forward | $ | 33,016 | $ | 6,680 | ||||
Deferred revenue | 8,894 | 9,848 | ||||||
Share issue costs | 5,473 | 3,428 | ||||||
Property and equipment | 1,731 | 1,167 | ||||||
Research and development deductions and credits | 21,813 | 20,749 | ||||||
Contingent consideration | 264 | 191 | ||||||
Stock options | 1,242 | 220 | ||||||
Operating lease liability | 1,540 | — | ||||||
Other | 348 | 314 | ||||||
$ | 74,321 | $ | 42,597 | |||||
Deferred tax liabilities: | ||||||||
Property and equipment | (583 | ) | (54 | ) | ||||
IPR&D | (4,760 | ) | (4,967 | ) | ||||
Operating lease right-of-use assets | (1,016 | ) | — | |||||
Other | (408 | ) | (132 | ) | ||||
$ | (6,767 | ) | $ | (5,153 | ) | |||
67,554 | 37,444 | |||||||
Less: valuation allowance | (66,744 | ) | (37,360 | ) | ||||
Net deferred tax assets (liabilities) | $ | 810 | $ | 84 | ||||
Deferred tax asset | $ | 1,218 | $ | 198 | ||||
Deferred tax liability | (408 | ) | (114 | ) | ||||
Net deferred tax assets (liability) | $ | 810 | $ | 84 | ||||
Expiry date | Investment tax credits | Non-capital losses | ||||||
2029 | 1,078 | — | ||||||
2030 | — | — | ||||||
2031 | — | — | ||||||
2032 | — | — | ||||||
2033 | — | — | ||||||
2034 | 230 | — | ||||||
2035 | 1,068 | 3,961 | ||||||
2036 | 878 | 24,578 | ||||||
2037 | 1,587 | 10,625 |
Expiry date | Investment tax credits | Non-capital losses | ||||||||||||
2029 | 1,169 | — | ||||||||||||
2030 | 1,242 | — | ||||||||||||
2031 | 1,758 | — | ||||||||||||
2032 | — | — | ||||||||||||
2033 | — | — | ||||||||||||
2034 | 229 | — | ||||||||||||
2035 | 1,068 | 3,961 | ||||||||||||
2036 | 862 | 24,578 | ||||||||||||
2037 | 1,587 | 10,625 | ||||||||||||
2038 | 1,485 | — | ||||||||||||
2039 | 1,818 | 81,253 | ||||||||||||
2040 | 1,903 | 146,611 | ||||||||||||
2041 | 2,686 | 190,578 | ||||||||||||
$ | 15,807 | $ | 457,606 |
Expiry date | Investment tax credits | Non-capital losses | ||||||
2038 | 1,485 | — | ||||||
2039 | 1,749 | 83,117 | ||||||
$ | 8,075 | $ | 122,281 | |||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Balance, beginning of year | $ | 3,063 | $ | 3,063 | $ | 672 | |||||||||||
Increases related to prior year tax positions | — | — | — | ||||||||||||||
Increases related to current year tax positions | — | — | 2,391 | ||||||||||||||
Balance, end of year | $ | 3,063 | $ | 3,063 | $ | 3,063 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Balance, beginning of year | $ | 672 | $ | — | $ | — | ||||||
Increases related to prior year tax positions | — | 142 | — | |||||||||
Increases related to current year tax positions | 2,391 | 530 | — | |||||||||
Balance, end of year | $ | 3,063 | $ | 672 | $ | — | ||||||
December 31, 2019 | December 31, 2018 | |||||||
Operating lease liabilities: | ||||||||
Current portion | $ | 1,282 | $ | — | ||||
Long-term portion | 5,599 | — | ||||||
Total operating lease liabilities | 6,881 | $ | — | |||||
Finance lease liabilities: | ||||||||
Current portion included in other current liabilities | 10 | 15 | ||||||
Long-term portion included in other long-term liabilities | 46 | 42 | ||||||
Total finance lease liabilities | 56 | 57 | ||||||
Total lease liabilities | $ | 6,937 | $ | 57 | ||||
December 31, 2021 | December 31, 2020 | ||||||||||
Operating lease liabilities: | |||||||||||
Current portion | $ | 1,310 | $ | 2,710 | |||||||
Long-term portion | 30,923 | 5,812 | |||||||||
Total operating lease liabilities | 32,233 | $ | 8,522 | ||||||||
Finance lease liabilities: | |||||||||||
Current portion included in other current liabilities | 22 | 17 | |||||||||
Long-term portion included in other long-term liabilities | 100 | 122 | |||||||||
Total finance lease liabilities | 122 | 139 | |||||||||
Total lease liabilities | $ | 32,355 | $ | 8,661 |
Operating leases | |||||
Within 1 year | $ | 2,248 | |||
1 to 2 years | 5,181 | ||||
2 to 3 years | 5,117 | ||||
3 to 4 years | 5,262 | ||||
4 to 5 years | 5,246 | ||||
Thereafter | 15,545 | ||||
Total operating lease payments | 38,599 | ||||
Less: | |||||
Imputed interest | (6,366) | ||||
Operating lease liabilities | $ | 32,233 |
Operating leases | ||||
Within 1 year | $ | 1,438 | ||
1 to 2 years | 2,076 | |||
2 to 3 years | 1,007 | |||
3 to 4 years | 991 | |||
4 to 5 years | 1,019 | |||
Thereafter | 781 | |||
Total operating lease payments | 7,312 | |||
Less: | ||||
Imputed interest | (431 | ) | ||
Operating lease liabilities | $ | 6,881 | ||
December 31, 2019 | Level 1 | Level 2 | Level 3 | December 31, 2021 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||
Liability classified stock options | $ | 45,569 | $ | — | $ | — | $ | 45,569 | |||||||||||||||||||||||||||||||
Liability for contingent consideration | 978 | — | — | 978 | |||||||||||||||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||||||||||||||||
Cash equivalents: | Cash equivalents: | ||||||||||||||||||||||||||||||||||||||
Commercial paper | Commercial paper | 61,387 | — | 61,387 | — | ||||||||||||||||||||||||||||||||||
Investments: | Investments: | ||||||||||||||||||||||||||||||||||||||
GICs | GICs | 50,741 | — | 50,741 | — | ||||||||||||||||||||||||||||||||||
Total | $ | 46,547 | $ | — | $ | — | $ | 46,547 | Total | 112,128 | — | 112,128 | — | ||||||||||||||||||||||||||
Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||
Liability for contingent consideration | Liability for contingent consideration | 1,498 | — | — | 1,498 | ||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,498 | $ | — | $ | — | $ | 1,498 |
December 31, 2018 | Level 1 | Level 2 | Level 3 | |||||||||||||
Liabilities | ||||||||||||||||
Liability classified stock options | $ | 12,603 | $ | — | $ | — | $ | 12,603 | ||||||||
Liability for contingent consideration | 707 | — | — | 707 | ||||||||||||
Total | $ | 13,310 | $ | — | $ | — | $ | 13,310 | ||||||||
December 31, 2020 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Commercial paper | 161,011 | — | 161,011 | — | |||||||||||||||||||
Investments: | |||||||||||||||||||||||
GICs | 209,521 | — | 209,521 | — | |||||||||||||||||||
Total | 370,532 | — | 370,532 | — | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Liability for contingent consideration | 1,285 | — | — | 1,285 | |||||||||||||||||||
Total | $ | 1,285 | $ | — | $ | — | $ | 1,285 |
Liability at the beginning of the period | Increase (decrease) in fair value of liability for contingent consideration | Liability at end of the period | |||||||||||||||
Year ended December 31, 2021 | $ | 1,285 | $ | 213 | $ | 1,498 | |||||||||||
Year ended December 31, 2020 | $ | 978 | $ | 307 | $ | 1,285 |
Liability at the beginning of the period | Increase (decrease) in fair value of liability for contingent consideration | Liability at end of the period | ||||||||||
Year ended December 31, 2019 | $ | 707 | $ | 271 | $ | 978 | ||||||
Year ended December 31, 2018 | $ | 470 | $ | 237 | $ | 707 |
Liability at the beginning of the period | Reclassification to liability from equity | Increase (decrease) in fair value of warrant liabilities | Exercise of warrants | Liability at end of the period | ||||||||||||||||
Year ended December 31, 2019 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Year ended December 31, 2018 | $ | 1,348 | $ | — | $ | 3,565 | $ | (4,913 | ) | $ | — |
Liability at beginning of the period | Reclassification to liabilities from equity | Increase (decrease) in fair value of liability classified stock options | Exercise of options | Unrealized foreign currency loss (gain) | Liability at end of the period | |||||||||||||||||||
Year ended December 31, 2019 | $ | 12,603 | $ | 119 | $ | 35,994 | $ | (3,804 | ) | $ | 657 | $ | 45,569 | |||||||||||
Year ended December 31, 2018 | $ | 3,945 | $ | — | $ | 9,451 | $ | (142 | ) | $ | (651 | ) | $ | 12,603 |
Item 10. Directors, Executive Officers and Corporate Governance |
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters |
Item 13. Certain Relationships and Related Transactions and Director Independence |
Item 14. Principal Accounting Fees and Services |
Item 15. Exhibits, Financial Statement Schedules |
Exhibit No. | Description | ||||||||||
3.1 | |||||||||||
3.2 | |||||||||||
4.1 | |||||||||||
4.2 | |||||||||||
4.3 | |||||||||||
4.4 | |||||||||||
4.5 | |||||||||||
4.6 | |||||||||||
10.1# | |||||||||||
10.2# | |||||||||||
10.3# |
10.4# | |||||||||||
10.5# | |||||||||||
10.6# | |||||||||||
10.7# | |||||||||||
Exhibit No. | Description | |||||||||
10.40* | ||||||||||
10.41* | ||||||||||
10.42† | ||||||||||
10.43* | ||||||||||
10.44* | ||||||||||
10.45* | ||||||||||
10.46† | ||||||||||
10.47* | ||||||||||
10.48 |
Exhibit No. | Description | ||||||||||
10.57# | |||||||||||
10.58 | |||||||||||
10.59 | |||||||||||
10.60# | |||||||||||
10.61# | |||||||||||
10.62# | |||||||||||
10.63# | |||||||||||
10.64# | |||||||||||
10.65# | |||||||||||
10.66# | |||||||||||
10.67# | |||||||||||
10.68# | |||||||||||
21.1 | |||||||||||
23.1 | |||||||||||
31.1 | |||||||||||
31.2 | |||||||||||
32.1 | |||||||||||
32.2 | |||||||||||
101 | |||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
By: | ||||||||||||||
Name: | Kenneth Galbraith | |||||||||||||
Title: | Chair of the Board of Directors, Chief Executive Officer and |
Signature | Title | Date | ||||||||||||
/s/ | ||||||||||||||
Kenneth Galbraith | ||||||||||||||
/s/ Neil Klompas | ||||||||||||||
Neil Klompas | ||||||||||||||
/s/ Troy M. Cox | Director | February 24, 2022 | ||||||||||||
Troy M. Cox | ||||||||||||||
/s/ Kenneth Hillan | Director | |||||||||||||
Kenneth Hillan | ||||||||||||||
/s/ Susan Mahony | Director | |||||||||||||
Susan Mahony | ||||||||||||||
/s/ Kelvin Neu | Director | February 24, 2022 | ||||||||||||
Kelvin Neu | ||||||||||||||
/s/ Hollings C. Renton | Director | February 24, 2022 | ||||||||||||
Hollings C. Renton | ||||||||||||||
/s/ Natalie Sacks | Director | |||||||||||||
Natalie Sacks | ||||||||||||||
/s/ Lota Zoth | Director | February 24, 2022 | ||||||||||||
Lota Zoth | ||||||||||||||