Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 07, 2019 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Entity Registrant Name | IntelGenx Technologies Corp. | |
Entity Central Index Key | 0001098880 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 93,527,474 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current | ||
Cash | $ 3,728 | $ 6,815 |
Short-term investments | 561 | 4,180 |
Accounts receivable | 197 | 815 |
Prepaid expenses | 184 | 462 |
Investment tax credits receivable | 283 | 416 |
Inventory | 386 | 375 |
Total current assets | 5,339 | 13,063 |
Leasehold improvements and equipment, net | 6,310 | 6,248 |
Security deposits | 728 | 707 |
Operating lease right-of-use asset | 690 | |
Total assets | 13,067 | 20,018 |
Current | ||
Accounts payable and accrued liabilities | 1,729 | 2,030 |
Current portion of long-term debt | 713 | 692 |
Current portion of operating lease liability | 135 | |
Total current liabilities | 2,577 | 2,722 |
Deferred lease obligations | 49 | |
Long-term debt | 639 | 1,140 |
Convertible debentures | 5,445 | 5,047 |
Convertible notes | 1,205 | 1,073 |
Operating lease liability | 562 | |
Total liabilities | 10,428 | 10,031 |
Shareholders' equity | ||
Capital stock, common shares, $0.00001 par value; 200,000,000 shares authorized; 93,527,473 shares issued and outstanding (2018: 93,477,473 common shares) | 1 | 1 |
Additional paid-in capital | 42,330 | 42,048 |
Accumulated deficit | (38,846) | (30,896) |
Accumulated other comprehensive loss | (846) | (1,166) |
Total shareholders' equity | 2,639 | 9,987 |
Total liabilities and shareholders' equity | $ 13,067 | $ 20,018 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Common Stock, Par Value Per Share | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 93,527,473 | 93,477,473 |
Common Stock, Shares, Outstanding | 93,527,473 | 93,477,473 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity (Unaudited) - 9 months ended Sep. 30, 2019 - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Beginning Balance at Dec. 31, 2018 | $ 1 | $ 42,048 | $ (30,896) | $ (1,166) | $ 9,987 |
Beginning Balance (Shares) at Dec. 31, 2018 | 93,477,473 | ||||
Modified retrospective adjustment upon adoption of ASC 842 | 49 | 49 | |||
Other comprehensive income | 320 | 320 | |||
Options exercised | 21 | 21 | |||
Options exercised (in shares) | 50,000 | ||||
Stock-based compensation | 261 | 261 | |||
Net loss for the period | (7,999) | (7,999) | |||
Ending Balance at Sep. 30, 2019 | $ 1 | $ 42,330 | $ (38,846) | $ (846) | $ 2,639 |
Ending Balance (Shares) at Sep. 30, 2019 | 93,527,473 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Total revenues | $ 61 | $ 700 | $ 674 | $ 1,173 |
Expenses | ||||
Research and development expense | 842 | 1,452 | 2,884 | 3,106 |
Selling, general and administrative expense | 1,560 | 1,713 | 4,445 | 4,315 |
Depreciation of tangible assets | 180 | 178 | 523 | 540 |
Total expenses | 2,582 | 3,343 | 7,852 | 7,961 |
Operating loss | (2,521) | (2,643) | (7,178) | (6,788) |
Interest income | 19 | 80 | ||
Net financing and interest expense | (305) | (301) | (901) | (821) |
Net loss | (2,807) | (2,944) | (7,999) | (7,609) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustment | (58) | 6 | 282 | (101) |
Change in fair value | 6 | 12 | 38 | 11 |
Total other comprehensive income (loss) | (52) | 18 | 320 | (90) |
Comprehensive loss | $ (2,859) | $ (2,926) | $ (7,679) | $ (7,699) |
Basic and diluted weighted average number of shares outstanding | 93,527,473 | 71,185,239 | 93,524,726 | 69,298,321 |
Basic and diluted loss per common share | $ (0.03) | $ (0.04) | $ (0.08) | $ (0.11) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Funds (used) provided - Operating activities | ||||
Net loss | $ (2,807) | $ (2,944) | $ (7,999) | $ (7,609) |
Depreciation of tangible assets | 180 | 178 | 523 | 540 |
Stock-based compensation | 80 | 188 | 261 | 311 |
Accretion expense | 133 | 111 | 377 | 278 |
DSU expense | 102 | 147 | 214 | 379 |
Interest payable by issuance of common shares | 231 | |||
Lease expense | 1 | 7 | ||
Total Adjustment | (2,311) | (2,320) | (6,617) | (5,870) |
Changes in non-cash items related to operations: | ||||
Accounts receivable | 269 | (107) | 618 | 31 |
Prepaid expenses | 174 | (124) | 278 | (511) |
Investment tax credits receivable | 342 | (85) | 133 | (222) |
Security deposits | (11) | |||
Accounts payable and accrued liabilities | 115 | 203 | (520) | 442 |
Deferred lease obligations | 1 | 1 | ||
Net change in non-cash items related to operations | 900 | (112) | 509 | (270) |
Net cash used in operating activities | (1,411) | (2,432) | (6,108) | (6,140) |
Financing activities | ||||
Repayment of term loans | (196) | (180) | (533) | (552) |
Proceeds from exercise of warrants and stock options | 1,280 | 21 | 1,829 | |
Net proceeds from private placement | 3,004 | |||
Transaction costs of private placement | (82) | |||
Net cash (used in) provided by financing activities | (196) | 1,100 | (512) | 4,199 |
Investing activities | ||||
Additions to leasehold improvements and equipment | (187) | (174) | (398) | (628) |
Redemption of short-term investments | 6 | 1,284 | 5,190 | 3,192 |
Acquisition of short-term investments | (453) | (1,469) | (453) | |
Net cash (used in) provided by investing activities | (181) | 657 | 3,323 | 2,111 |
(Decrease) Increase in cash | (1,788) | (675) | (3,297) | 170 |
Effect of foreign exchange on cash | (65) | 22 | 210 | (93) |
Cash | ||||
Beginning of period | 5,581 | 2,321 | 6,815 | 1,591 |
End of period | $ 3,728 | $ 1,668 | $ 3,728 | $ 1,668 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Basis of Presentation [Text Block] | 1. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal and recurring nature. These financial statements should be read in conjunction with the audited consolidated financial statements at December 31, 2018. Operating results for the nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The consolidated financial statements include the accounts of the Company and its subsidiary companies. On consolidation, all inter-entity transactions and balances have been eliminated. The financial statements are expressed in U.S. funds. Management has performed an evaluation of the Company’s activities through the date and time these financial statements were issued and concluded that there are no additional significant events requiring recognition or disclosure. |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Going Concern [Text Block] | 2. Going Concern The Company has financed its operations to date primarily through public offerings of its common stock, bank loans, royalty, up-front and milestone payments, license fees, proceeds from exercise of warrants and options, research and development revenues and the sale of U.S. royalty on future sales of Forfivo XL ® • Raise funding through the possible sale of the Company’s common stock, including public or private equity financings. • Raise funding through debt financing. • Continue to seek partners to advance product pipeline. • Initiate oral film manufacturing activities. • Initiate contract oral film manufacturing activities. If the Company is unable to raise capital when needed or on attractive terms, or if it is unable to procure partnership arrangements to advance its programs, the Company would be forced to delay, reduce or eliminate its research and development programs. The accompanying consolidated interim financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The accompanying consolidated interim financial statements do not include any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due. |
Adoption of New Accounting Stan
Adoption of New Accounting Standards | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Adoption of New Accounting Standards [Text Block] | 3. Adoption of New Accounting Standards The Company adopted Topic 842 Leases with a date of the initial application of January 1, 2019. As a result, the Company has changed its accounting policy for leases as detailed below. The Company adopted Topic 842 using a modified retrospective approach with a date of initial application of January 1, 2019, which requires the recognition of the right-of-use assets and related operating and finance lease liabilities on the balance sheet. As a result, the consolidated balance sheet prior to January 1, 2019 was not restated, continues to be reported under ASC Topic 840, Leases, or ASC 840, which did not require the recognition of operating lease liabilities on the balance sheet, and is not comparative. Under ASC 842, all leases are required to be recorded on the balance sheet and are classified as either operating or finance leases. The lease classification affects the expense recognition in the income statement. Operating lease charges are recorded entirely in selling, general and administrative expense. Finance lease charges are split, where amortization of the right-of-use asset is recorded in selling, general and administrative expense and an implied interest component is recorded in financing and interest expense. At the moment of initial application, the Company did not hold any finance leases. The expense recognition for operating leases under ASC 842 is substantially consistent with ASC 840. As a result, there is no significant difference in our results of operations presented in our consolidated income statement and consolidated statement of comprehensive loss for each period presented. The adoption of ASC 842 had a substantial impact on the Company’s balance sheet. The most significant impact was the recognition of the operating lease right-of-use asset and operating lease liability. Upon adoption, leases that were classified as operating leases under ASC 840 were classified as operating leases under ASC 842, and the Company recorded an adjustment of $726 to operating lease right-of-use asset and the related operating lease liability. The operating lease liability is based on the present value of the remaining minimum lease payments, determined under ASC 840, discounted using our secured incremental borrowing rate at the effective date of January 1, 2019, using the original lease term and the tenor. As permitted under ASC 842, the Company elected to use the practical expedient that permits to use hindsight in determining the lease term. The application of the practical expedients did not have a significant impact on the measurement of the operating lease liability. The impact of the adoption of ASC 842 on the balance sheet as at December 31, 2018 was: As reported Adoption of ASC 842 Balance December 31, 2018 Increase (Decrease) January 1, 2019 Operating lease right-of-use assets $ — $ 726 $ 726 Total assets 20,018 726 20,744 Total current liabilities 2,722 127 2,849 Deferred lease obligations 49 (49 ) — Operating lease liability — 599 599 Total liabilities 10,031 677 10,708 Total shareholders’ equity 9,987 49 10,036 Total liabilities and shareholders’ equity 20,018 726 20,744 The FASB issued ASU 2018-07 to expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees. These amendments are effective for a public business entity for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this statement did not have a material effect on the Company’s financial position of results. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Significant Accounting Policies [Text Block] | 4. Significant Accounting Policies Revenue Recognition The Company may enter into licensing and collaboration agreements for product development, licensing, supply and manufacturing for its product pipeline. The terms of the agreements may include non-refundable signing and licensing fees, milestone payments and royalties on any product sales derived from collaborations. These contracts are analyzed to identify all performance obligations forming part of these contracts. The transaction price of the contract is then determined. The transaction price is allocated between all performance obligations on a residual standalone selling price basis. The stand-alone selling price is estimated based on the comparable market prices, expected cost plus margin and the Company’s historical experience. Revenue is measured based on a consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue- producing transaction, that are collected by the Company from a customer, are excluded from revenue. The following is a description of principal activities – separated by nature – from which the Company generates its revenue. Research and Development Revenue Revenues with corporate collaborators are recognized as the performance obligations are satisfied over time, and the related expenditures are incurred pursuant to the terms of the agreement. Licensing and Collaboration Arrangements Licenses are considered to be right-to-use licenses. As such, the Company recognizes the licenses revenues at a point in time, upon granting the licenses. Milestone payments are considered variable consideration. As such, the Company estimates variable consideration at the most likely amount to which we expect to be entitled. The estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, research and other revenues in the period during which the adjustment is recognized. The process of successfully achieving the criteria for the milestone payments is highly uncertain. Consequently, there is significant risk that the Company may not earn all of the milestone payments for each of its contracts. Royalties are typically calculated as a percentage of net sales realized by the Company’s licensees of its products (including their sub-licensees), as specifically defined in each agreement. The licensees’ sales generally consist of revenues from product sales of the Company’s product pipeline and net sales are determined by deducting the following: estimates for chargebacks, rebates, sales incentives and allowances, returns and losses and other customary deductions in each region where the Company has licensees. Revenues arising from royalties are considered variable consideration. As such, the Company estimates variable consideration at the most likely amount to which we expect to be entitled. The estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Leasehold Improvements and Equipment Leasehold improvements and equipment are recorded at cost. Provisions for depreciation are based on their estimated useful lives using the methods as follows: On the declining balance method - Laboratory and office equipment 20% Computer equipment 30% On the straight-line method - over the lease term Manufacturing equipment 5 – 10 years Upon retirement or disposal, the cost of the asset disposed of and the related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. Expenditures for repair and maintenance are expensed as incurred. Leases Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of these criteria. Substantially all of the Company’s operating leases are comprised of office space and property leases and the Company does not hold any finance leases. For all leases at the lease commencement date, a right-of-use asset and a lease liability are recognized. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. The lease liability is initially measured the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s secured incremental borrowing rate for the same term as the underlying lease. Lease payments included in the measurement of the lease liability comprise the following: the fixed noncancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early. Lease modifications result in remeasurement of the lease liability. Lease expense for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. The Company has elected not to recognize right-of-use assets and lease liabilities for short-tern leases that have a term of 12 months or less. The effect of short-term leases on our right-of-use asset and lease liability was not material. Recent Accounting Pronouncements ASU 2019-05 Credit Losses (Topic 326): Targeted Transition Relief The FASB issued ASU 2019-05 which provides entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments – Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held- to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement – Overall, and 825-10. These amendments are effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of this Statement on its consolidated financial statements. ASU 2018-19 Codification Improvements to Topic 326, Financial Instruments—Credit Losses The FASB issued ASU 2018-19 which mitigates transition complexity by requiring entities other than public business entities, including not-for-profit organizations and certain employee benefit plans, to implement the credit losses standard issued in 2016, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. This aligns the implementation date for their annual financial statements with the implementation date for their interim financial statements. The guidance also clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. These amendments are effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of this Statement on its consolidated financial statements. ASU 2018-18 Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606 The FASB issued ASU 2018-18 which provides guidance on how to assess whether certain transactions between collaborative arrangement participants should be accounted for within the revenue recognition standard. The ASU also provides more comparability in the presentation of revenue for certain transactions between collaborative arrangement participants. It accomplishes this by allowing organizations to only present units of account in collaborative arrangements that are within the scope of the revenue recognition standard together with revenue accounted for under the revenue recognition standard. The parts of the collaborative arrangement that are not in the scope of the revenue recognition standard should be presented separately from revenue accounted for under the revenue recognition standard. These amendments are effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of this Statement on its consolidated financial statements. ASU 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement The FASB issued ASU 2018-13 which modifies the disclosure requirements in Topic 820 as follows: Removals -The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; -The policy for timing of transfers between levels; -The valuation processes for Level 3 fair value measurements; and -For nonpublic entities, the changes in unrealized gains and losses for the period included in earnings for recurring Level 3 fair value measurements held at the end of the reporting period. Modifications -In lieu of a rollforward for Level 3 fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities; -For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and -The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Additions -The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and - The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. These amendments are effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of this Statement on its consolidated financial statements. |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory [Text Block] | 5. Inventory Inventory as at September 30, 2019 consisted of raw materials in the amount of $386 (2018: $375). |
Leasehold Improvements and Equi
Leasehold Improvements and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Leasehold Improvements and Equipment [Text Block] | 6. Leasehold Improvements and Equipment September 30, December 31, 2019 2018 Accumulated Net Carrying Net Carrying Cost Depreciation Amount Amount Manufacturing equipment $ 4,471 $ 789 $ 3,682 $ 3,512 Laboratory and office equipment 1,327 822 505 562 Computer equipment 123 78 45 39 Leasehold improvements 3,244 1,166 2,078 2,135 $ 9,165 $ 2,855 $ 6,310 $ 6,248 From the balance of manufacturing equipment, an amount of $1,754 thousand (2018: $1,703 thousand) represents assets which are still under construction as at September 30, 2019 and are consequently not depreciated. |
Bank indebtedness
Bank indebtedness | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Bank indebtedness [Text Block] | 7. Bank Indebtedness The Company's credit facility is subject to review annually and consists of an operating demand line of credit of up to CAD$250 thousand ($189 thousand) and corporate credits cards of up to CAD$75 thousand ($57 thousand) and foreign exchange contracts limited to CAD$425 thousand ($321 thousand). Borrowings under the operating demand line of credit bear interest at the Bank’s prime lending rate plus 2%. The credit facility and term loan (see note 8) are secured by a first ranking movable hypothec on all present and future movable property of the Company for an amount of CAD$4,250,000 ($3,209,000) plus 20%, and a 50% guarantee by Export Development Canada, a Canadian Crown corporation export credit agency. The terms of the banking agreement require the Company to comply with certain debt service coverage and debt to net worth financial covenants on an annual basis at the end of the Company’s fiscal year. As at September 30, 2019, the Company has not drawn on its credit facility. |
Long-term debt
Long-term debt | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Long-term debt [Text Block] | 8. Long-term Debt The components of the Company’s debt are as follows: September 30, 2019 December 31, 2018 $ $ Term loan facility 1,126 1,502 Secured loan 226 330 Total debt 1,352 1,832 Less: current portion 713 692 Total long-term debt 639 1,140 The Company’s term loan facility consists of a total of CAD$4 million ($3.02 million) bearing interest at the Bank’s prime lending rate plus 2.50%, with monthly principal repayments of CAD$62 thousand ($47 thousand). The term loan is subject to the same security and financial covenants as the bank indebtedness (see note 7). The secured loan has a principal balance authorized of CAD$1 million ($755 thousand) bearing interest at prime plus 7.3%, reimbursable in monthly principal payments of CAD$17 thousand ($13 thousand) from January 2017 to March 2021. The loan is secured by a second ranking on all present and future property of the Company. The terms of the banking agreement require the Company to comply with certain debt service coverage and debt to net worth financial covenants on an annual basis at the end of the Company’s fiscal year. Principal repayments due in each of the next three years are as follows: 2019 178 (CAD 236) 2020 713 (CAD 945) 2021 461 (CAD 610) |
Convertible Debentures
Convertible Debentures | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Convertible Debentures [Text Block] | 9. Convertible Debentures On July 12, 2017, the Company closed its previously announced prospectus offering (the “Offering”) of convertible unsecured subordinated debentures of the Corporation (the “Debentures”) for gross aggregate proceeds of CAD$6,838,000 ($5,163,000). Pursuant to the Offering, the Corporation issued an aggregate principal amount of CAD$6,838,000 ($5,163,000) of Debentures at a price of CAD$1,000 ($755) per Debenture. The Debentures will mature on June 30, 2020 and bear interest at annual rate of 8% payable semi-annually on the last day of June and December of each year, commencing on December 31, 2017. The interest may be paid in common shares at the option of the Corporation. The Debentures will be convertible at the option of the holders at any time prior to the close of business on the earlier of June 30, 2020 and the business day immediately preceding the date specified by the Corporation for redemption of Debentures. The conversion price will be CAD$1.35 ($1.02) (the “Conversion Price”) per common share of the Corporation (“Share”), being a conversion rate of approximately 740 Shares per CAD$1,000 ($755) principal amount of Debentures, subject to adjustment in certain events. On August 8, 2017, the Company closed a second tranche of its prospectus Offering of convertible unsecured subordinated debentures of the Corporation for which a first closing took place on July 12, pursuant to which it had raised additional gross proceeds of CAD$762,000 ($575,000). Together with the principal amount of CAD$6,838,000 ($5,163,000) of Debentures issued on July 12, 2017, the Corporation issued a total aggregate principal amount of CAD$7,600,000 ($5,738,000) of Debentures at a price of CAD$1,000 ($755) per Debenture. The convertible debentures have been recorded as a liability. Total transactions costs in the amount of CAD$1,237,000 ($934,000) were recorded against the liability. The accretion expense for the nine-month period ended September 30, 2019 amounts to CAD$326,000 ($245,000), compared to CAD$282,000 ($219,000) for the comparative period in 2018. The components of the convertible debentures are as follows: September 30, December 31, 2019 2018 Face value of the convertible debentures $ 5,723 $ 5,556 Transaction costs (934 ) (907 ) Accretion 656 398 Convertible debentures $ 5,445 $ 5,047 The interest accrued on the convertible debentures for the nine-month period ended September 30, 2019 amounts to CAD$455 thousand ($342 thousand) and is recorded in financing and interest expense. The interest on the convertible debentures for the nine-month period ended September 30, 2018 amounted to CAD$456 thousand ($354 thousand) of which CAD$304 thousand ($231 thousand) was paid by issuance of 307,069 common shares on July 3, 2018. |
Convertible Notes
Convertible Notes | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Convertible Notes [Text Block] | 10. Convertible Notes On May 8, 2018, the Company closed its previously announced offering by way of private placement (the “Offering”). In connection with the Offering, the Company issued 320 units (the “Units”) at a subscription price of $10,000 per Unit for gross proceeds of $3,200,000. A related party of the Company participated in the Offering and subscribed for an aggregate of two Units. Each Unit is comprised of (i) 7,940 common shares of the Corporation (“Common Shares”), (ii) a $5,000 convertible 6% note (a “Note”), and (iii) 7,690 warrants to purchase common shares of the Corporation (“Warrants”). Each Note bears interest at a rate of 6% (payable quarterly, in arrears, with the first payment being due on September 1, 2018), matures on June 1, 2021 and is convertible into Common Shares at a conversion price of $0.80 per Common Share. Each Warrant entitles its holder to purchase one Common Share at a price of $0.80 per Common Share until June 1, 2021. In connection with the Offering, the Company paid to the Agents a cash commission of approximately $157,800 in the aggregate and issued non-transferable agents’ warrants to the Agents, entitling the Agents to purchase 243,275 common shares at a price of $0.80 per share until June 1, 2021. Management has determined the value of the agents’ warrants to be $50,000. The proceeds of the Units are attributed to liability and equity components based on the fair value of each component as follows: Gross proceeds Transaction costs Net proceeds Common stock $ 1,627 $ 167 $ 1,460 Convertible notes 1,086 111 975 Warrants 487 50 437 $ 3,200 $ 328 $ 2,872 The convertible notes have been recorded as a liability. Total transactions costs in the amount of $111 thousand were recorded against the liability. The accretion expense for the nine-month period ended September 30, 2019 amounts to $132,000 (2018: $59,000). The components of the convertible notes are as follows: September 30, December 31, 2019 2018 Attributed value of net proceeds to convertible notes $ 975 $ 975 Accretion 230 98 Convertible note $ 1,205 $ 1,073 The interest on the convertible notes for the nine-month period ended September 30, 2019 amounts to $72 thousand and is recorded in financing and interest expense (2018: $39). |
Capital Stock
Capital Stock | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Capital Stock [Text Block] | 11. Capital Stock September 30, December 31, 2019 2018 Authorized - 200,000,000 common shares of $0.00001 par value 20,000,000 preferred shares of $0.00001 par value Issued - 93,527,473 (December 31, 2018 - 93,477,473) common shares $ 1 $ 1 |
Additional Paid-In Capital
Additional Paid-In Capital | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Additional Paid-In Capital [Text Block] | 12. Additional Paid-In Capital Stock options On March 27, 2019, 100,000 options to purchase common stock were granted to an employee under the 2016 Stock Option Plan. The options have an exercise price of $0.69. The options granted vest over a period of 2 years at a rate of 25% every six months and expire 10 years after the grant date. The stock options were accounted for at their fair value, as determined by the Black-Scholes valuation model, of approximately $40 thousand. On January 16, 2018, 100,000 options to purchase common stock were granted to an employee under the 2016 Stock Option Plan. The options have an exercise price of $0.79. The options granted vest over a period of 2 years at a rate of 25% every six months and expire 10 years after the grant date. The stock options were accounted for at their fair value, as determined by the Black-Scholes valuation model, of approximately $44 thousand. On April 10, 2018, 275,000 options to purchase common stock were granted to employees under the 2016 Stock Option Plan. The options have an exercise price of $0.66. The options granted vest over a period of 2 years at a rate of 25% every six months and expire 10 years after the grant date. The stock options were accounted for at their fair value, as determined by the Black-Scholes valuation model, of approximately $99 thousand. On June 11, 2018, 800,000 options to purchase common stock were granted to officers and employees under the 2016 Stock Option Plan. The options have an exercise price of $0.76. The options granted vest over a period of 2 years at a rate of 25% every six months and expire 10 years after the grant date. The stock options were accounted for at their fair value, as determined by the Black-Scholes valuation model, of approximately $334 thousand. On July 3, 2018, the Company granted 100,000 options to purchase common stock to a consultant. The stock options are exercisable at $0.78 per share and vest over a period of 2 years at a rate of 25% every six months and expire 3 years after the grant date. The stock options were accounted for at their fair value of approximately $27 thousand During the nine-month period ended September 30, 2019 a total of 50,000 stock options were exercised for 50,000 common shares having a par value of $0 thousand in aggregate, for cash consideration of $21 thousand, resulting in an increase in additional paid-in capital of $21 thousand. During the nine-month period ended September 30, 2018 a total of 60,000 stock options were exercised for 60,000 common shares having a par value of $0 thousand in aggregate, for cash consideration of $33 thousand, resulting in an increase in additional paid-in capital of $33 thousand. Compensation expenses for stock-based compensation of $261 thousand and $311 thousand were recorded during the nine-month periods ended September 30, 2019 and 2018, respectively. An amount of $225 thousand expensed in the nine-month period ended September 30, 2019 relates to stock options granted to employees and an amount of $36 thousand relates to stock options granted to consultants. An amount of $302 thousand expensed in the nine-month period ended September 30, 2018 relates to stock options granted to employees and directors and an amount of $9 thousand relates to stock options granted to a consultant. As at September 30, 2019, the Company has $240 thousand (2018 - $550 thousand) of unrecognized stock-based compensation. Warrants During the nine-month period ended September 30, 2018 a total of 3,160,739 warrants were exercised for 3,160,739 common shares having a par value of $Nil in aggregate, for cash consideration of approximately $1,796 thousand, resulting in an increase in additional paid-in capital of approximately $1,796 thousand. No warrants were exercised during the nine-month period ended September 30, 2019. Deferred Share Units (“DSUs”) Effective February 7, 2018, the Board approved a Deferred Share Unit Plan (DSU Plan) to compensate non-employee directors as part of their annual remuneration. Under the DSU Plan, the Board may grant Deferred Share Units (“DSUs”) to the participating directors at its discretion and, in addition, each participating director may elect to receive all or a portion of his or her annual cash stipend in the form of DSUs. To the extent DSUs are granted, the amount of compensation that is deferred is converted into a number of DSUs, as determined by the market price of our Common Stock on the effective date of the election. These DSUs are converted back into a cash amount at the expiration of the deferral period based on the market price of our Common Stock on the expiration date and paid to the director in cash in accordance with the payout terms of the DSU Plan. As the DSUs are on a cash-only basis, no shares of Common Stock will be reserved or issued in connection with the DSUs. On March 27, 2019, 271,740 DSUs (287,355 on May 16, 2018) have been granted under the DSU Plan, accordingly, an amount of $214 thousand ($379 thousand in 2018) has been recognized in general and administrative expenses. Performance and Restricted Share Units (“PRSUs”) No PRSUs were granted during the nine-month periods ended September 30, 2019 and 2018. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues [Text Block] | 13. Revenues The following table presents our revenues disaggregated by revenue source. Sales and usage-based taxes are excluded from revenues: September 30, 2019 September 30, 2018 Research and development agreements $ 674 $ 1,173 The following table presents our revenues disaggregated by timing of recognition: September 30, September 30, 2018 (in U.S. $ thousands) Product and services transferred at point in time $ 371 $ — Products and services transferred over time 303 1,173 $ 674 $ 1,173 The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers: September 30, 2019 September 30, 2018 Europe $ 534 1,088 Canada 140 85 $ 674 $ 1,173 Remaining performance obligations As at September 30, 2019, the aggregate amount of the transaction price allocated to the remaining performance obligation is $1,511 representing research and development agreements, the majority of which is expected to be recognized in the next twelve months. The Company is also eligible to receive up to $4,540 in research and development milestone payments, approximately 60% of which is expected to be recognized in the next three years, with the remaining 40% expected in the two years following; up to $28,015 in commercial sales milestone payments, the majority of which is expected to be recognized in the next five years, but is wholly dependent on the marketing efforts of our development partners. In addition, the Company is entitled to receive royalties on potential sales. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases [Text Block] | 14. Leases Substantially all our operating lease right-of-use assets and operating lease liability represents leases for office space and property to conduct our business. The operating lease expense for the nine-month period ended September 30, 2019 included in general and administrative expenses is $114 thousand. $107 thousand. The weighted average remaining lease term and the weighted average discount rate for operating leases at September 30, 2019 were 6.4 years and 10%, respectively. The following table reconciles the undiscounted cash flows for the operating leases as et September 30, 2019 to the operating lease liabilities recorded on the balance sheet: Operating Leases 2019 Remainder $ 37 2020 147 2021 149 2022 153 2023 155 2024 158 Thereafter 184 Total undiscounted lease payments 983 Less: Interest 286 Present value of lease liabilities $ 697 Current portion of operating lease liability $135 Operating lease liability $562 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Related Party Transactions [Text Block] | 15. Related Party Transactions Included in management salaries for the nine-month period ended September 30, 2019 are $56 thousand (2018 - $39) for options granted to the Chief Executive Officer, $40 thousand (2018 - $36 thousand) for options granted to the President and Chief Financial Officer, $25 (2018 - $17) for options granted to the Vice President, Operations, $24 thousand (2018 - $17 thousand) for options granted to the Vice-President, Research and Development, $24 thousand (2018 – $48 thousand) for options granted to Vice-President, Business and Corporate Development under the 2016 Stock Option Plan and $Nil(2018 - $36 thousand) for options granted to non-employee directors. Also included general and administrative expense for the nine-month period ended September 30, 2019 are director fees of $174 thousand (2018 - $183 thousand) and DSU of $214 thousand (2018: $379). The above related party transactions have been measured at the exchange amount which is the amount of the consideration established and agreed to by the related parties. |
Basic and Diluted Loss Per Comm
Basic and Diluted Loss Per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Basic and Diluted Loss Per Common Share [Text Block] | 16. Basic and Diluted Loss Per Common Share Basic and diluted loss per common share is calculated based on the weighted average number of shares outstanding during the period. The warrants, share-based compensation and convertible debenture and notes have been excluded from the calculation of diluted loss per share since they are anti-dilutive. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue [Policy Text Block] | Revenue Recognition The Company may enter into licensing and collaboration agreements for product development, licensing, supply and manufacturing for its product pipeline. The terms of the agreements may include non-refundable signing and licensing fees, milestone payments and royalties on any product sales derived from collaborations. These contracts are analyzed to identify all performance obligations forming part of these contracts. The transaction price of the contract is then determined. The transaction price is allocated between all performance obligations on a residual standalone selling price basis. The stand-alone selling price is estimated based on the comparable market prices, expected cost plus margin and the Company’s historical experience. Revenue is measured based on a consideration specified in a contract with a customer, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue- producing transaction, that are collected by the Company from a customer, are excluded from revenue. The following is a description of principal activities – separated by nature – from which the Company generates its revenue. Research and Development Revenue Revenues with corporate collaborators are recognized as the performance obligations are satisfied over time, and the related expenditures are incurred pursuant to the terms of the agreement. Licensing and Collaboration Arrangements Licenses are considered to be right-to-use licenses. As such, the Company recognizes the licenses revenues at a point in time, upon granting the licenses. Milestone payments are considered variable consideration. As such, the Company estimates variable consideration at the most likely amount to which we expect to be entitled. The estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, research and other revenues in the period during which the adjustment is recognized. The process of successfully achieving the criteria for the milestone payments is highly uncertain. Consequently, there is significant risk that the Company may not earn all of the milestone payments for each of its contracts. Royalties are typically calculated as a percentage of net sales realized by the Company’s licensees of its products (including their sub-licensees), as specifically defined in each agreement. The licensees’ sales generally consist of revenues from product sales of the Company’s product pipeline and net sales are determined by deducting the following: estimates for chargebacks, rebates, sales incentives and allowances, returns and losses and other customary deductions in each region where the Company has licensees. Revenues arising from royalties are considered variable consideration. As such, the Company estimates variable consideration at the most likely amount to which we expect to be entitled. The estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. |
Leasehold Improvements and Equipment [Policy Text Block] | Leasehold Improvements and Equipment Leasehold improvements and equipment are recorded at cost. Provisions for depreciation are based on their estimated useful lives using the methods as follows: On the declining balance method - Laboratory and office equipment 20% Computer equipment 30% On the straight-line method - over the lease term Manufacturing equipment 5 – 10 years Upon retirement or disposal, the cost of the asset disposed of and the related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. Expenditures for repair and maintenance are expensed as incurred. |
Leases [Policy Text Block] | Leases Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any one of these criteria. Substantially all of the Company’s operating leases are comprised of office space and property leases and the Company does not hold any finance leases. For all leases at the lease commencement date, a right-of-use asset and a lease liability are recognized. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. The lease liability is initially measured the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s secured incremental borrowing rate for the same term as the underlying lease. Lease payments included in the measurement of the lease liability comprise the following: the fixed noncancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early. Lease modifications result in remeasurement of the lease liability. Lease expense for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. The Company has elected not to recognize right-of-use assets and lease liabilities for short-tern leases that have a term of 12 months or less. The effect of short-term leases on our right-of-use asset and lease liability was not material. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements ASU 2019-05 Credit Losses (Topic 326): Targeted Transition Relief The FASB issued ASU 2019-05 which provides entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments – Credit Losses – Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments – Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held- to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement – Overall, and 825-10. These amendments are effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of this Statement on its consolidated financial statements. ASU 2018-19 Codification Improvements to Topic 326, Financial Instruments—Credit Losses The FASB issued ASU 2018-19 which mitigates transition complexity by requiring entities other than public business entities, including not-for-profit organizations and certain employee benefit plans, to implement the credit losses standard issued in 2016, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. This aligns the implementation date for their annual financial statements with the implementation date for their interim financial statements. The guidance also clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. These amendments are effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of this Statement on its consolidated financial statements. ASU 2018-18 Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606 The FASB issued ASU 2018-18 which provides guidance on how to assess whether certain transactions between collaborative arrangement participants should be accounted for within the revenue recognition standard. The ASU also provides more comparability in the presentation of revenue for certain transactions between collaborative arrangement participants. It accomplishes this by allowing organizations to only present units of account in collaborative arrangements that are within the scope of the revenue recognition standard together with revenue accounted for under the revenue recognition standard. The parts of the collaborative arrangement that are not in the scope of the revenue recognition standard should be presented separately from revenue accounted for under the revenue recognition standard. These amendments are effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of this Statement on its consolidated financial statements. ASU 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement The FASB issued ASU 2018-13 which modifies the disclosure requirements in Topic 820 as follows: Removals -The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; -The policy for timing of transfers between levels; -The valuation processes for Level 3 fair value measurements; and -For nonpublic entities, the changes in unrealized gains and losses for the period included in earnings for recurring Level 3 fair value measurements held at the end of the reporting period. Modifications -In lieu of a rollforward for Level 3 fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy and purchases and issues of Level 3 assets and liabilities; -For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and -The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Additions -The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and - The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. These amendments are effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of this Statement on its consolidated financial statements. |
Adoption of New Accounting St_2
Adoption of New Accounting Standards (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Schedule of impact of the adoption of ASC 842 on the balance sheet [Table Text Block] | As reported Adoption of ASC 842 Balance December 31, 2018 Increase (Decrease) January 1, 2019 Operating lease right-of-use assets $ — $ 726 $ 726 Total assets 20,018 726 20,744 Total current liabilities 2,722 127 2,849 Deferred lease obligations 49 (49 ) — Operating lease liability — 599 599 Total liabilities 10,031 677 10,708 Total shareholders’ equity 9,987 49 10,036 Total liabilities and shareholders’ equity 20,018 726 20,744 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Schedule of Estimated Useful Lives of Leasehold Improvements and Equipment [Table Text Block] | On the declining balance method - Laboratory and office equipment 20% Computer equipment 30% On the straight-line method - over the lease term Manufacturing equipment 5 – 10 years |
Leasehold Improvements and Eq_2
Leasehold Improvements and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Schedule of Leasehold Improvements and Equipment [Table Text Block] | September 30, December 31, 2019 2018 Accumulated Net Carrying Net Carrying Cost Depreciation Amount Amount Manufacturing equipment $ 4,471 $ 789 $ 3,682 $ 3,512 Laboratory and office equipment 1,327 822 505 562 Computer equipment 123 78 45 39 Leasehold improvements 3,244 1,166 2,078 2,135 $ 9,165 $ 2,855 $ 6,310 $ 6,248 |
Long-term debt (Tables)
Long-term debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Schedule of Term loan [Table Text Block] | September 30, 2019 December 31, 2018 $ $ Term loan facility 1,126 1,502 Secured loan 226 330 Total debt 1,352 1,832 Less: current portion 713 692 Total long-term debt 639 1,140 |
Schedule of Term loan principal repayments [Table Text Block] | 2019 178 (CAD 236) 2020 713 (CAD 945) 2021 461 (CAD 610) |
Convertible Debentures (Tables)
Convertible Debentures (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Schedule of Convertible Debt [Table Text Block] | September 30, December 31, 2019 2018 Face value of the convertible debentures $ 5,723 $ 5,556 Transaction costs (934 ) (907 ) Accretion 656 398 Convertible debentures $ 5,445 $ 5,047 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Schedule of Capital Units [Table Text Block] | Gross proceeds Transaction costs Net proceeds Common stock $ 1,627 $ 167 $ 1,460 Convertible notes 1,086 111 975 Warrants 487 50 437 $ 3,200 $ 328 $ 2,872 |
Schedule of Components of the Convertible Notes [Table Text Block] | September 30, December 31, 2019 2018 Attributed value of net proceeds to convertible notes $ 975 $ 975 Accretion 230 98 Convertible note $ 1,205 $ 1,073 |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements [Abstract] | |
Schedule of Stock by Class [Table Text Block] | September 30, December 31, 2019 2018 Authorized - 200,000,000 common shares of $0.00001 par value 20,000,000 preferred shares of $0.00001 par value Issued - 93,527,473 (December 31, 2018 - 93,477,473) common shares $ 1 $ 1 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue [Table Text Block] | September 30, 2019 September 30, 2018 Research and development agreements $ 674 $ 1,173 |
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | September 30, September 30, 2018 (in U.S. $ thousands) Product and services transferred at point in time $ 371 $ — Products and services transferred over time 303 1,173 $ 674 $ 1,173 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | September 30, 2019 September 30, 2018 Europe $ 534 1,088 Canada 140 85 $ 674 $ 1,173 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of undiscounted cash flows for the operating leases [Table Text Block] | Operating Leases 2019 Remainder $ 37 2020 147 2021 149 2022 153 2023 155 2024 158 Thereafter 184 Total undiscounted lease payments 983 Less: Interest 286 Present value of lease liabilities $ 697 Current portion of operating lease liability $135 Operating lease liability $562 |
Going Concern (Narrative) (Deta
Going Concern (Narrative) (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Cash and short-term investments | $ 4,289 |
Adoption of New Accounting St_3
Adoption of New Accounting Standards (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating lease right-of-use assets related to operating lease liability | $ 690 | |
Accounting Standards Update 842 [Member] | ||
Operating lease right-of-use assets related to operating lease liability | $ 726 | |
Restatement Adjustment [Member] | Accounting Standards Update 842 [Member] | ||
Operating lease right-of-use assets related to operating lease liability | $ 726 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials inventory | $ 386 | $ 375 |
Leasehold Improvements and Eq_3
Leasehold Improvements and Equipment (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment, Net | $ 6,310 | $ 6,248 |
Asset not yet in service [Member] | ||
Property, Plant and Equipment, Net | $ 1,754 | $ 1,703 |
Bank indebtedness (Narrative) (
Bank indebtedness (Narrative) (Details) - 9 months ended Sep. 30, 2019 $ in Thousands, $ in Thousands | CAD ($) | USD ($) |
Line of Credit Facility, Interest Rate Description | Bank’s prime lending rate plus 2% | |
Line of Credit Facility, Collateral | The credit facility and term loan (see note 8) are secured by a first ranking movable hypothec on all present and future movable property of the Company for an amount of CAD$4,250,000 ($3,209,000) plus 20%, and a 50% guarantee by Export Development Canada, a Canadian Crown corporation export credit agency. | |
Line Of Credit Facility, Collateral Amount | $ 4,250,000 | $ 3,209,000 |
Line Of Credit Facility, Collateral Percentage | 20.00% | |
Line Of Credit Facility, Guarantee Percentage By Export Development Canada | 50.00% | |
Line of Credit [Member] | ||
Long-term Line of Credit | $ 250 | 189 |
Corporate Credit Cards [Member] | ||
Long-term Line of Credit | 75 | 57 |
Foreign Exchange Contract [Member] | ||
Long-term Line of Credit | $ 425 | $ 321 |
Long-term debt (Narrative) (Det
Long-term debt (Narrative) (Details) | 9 Months Ended | ||||||
Sep. 30, 2019CAD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Aug. 08, 2017CAD ($) | Aug. 08, 2017USD ($) | Jul. 12, 2017CAD ($) | Jul. 12, 2017USD ($) | |
Debt Instrument, Face Amount | $ 7,600,000 | $ 5,738,000 | $ 6,838,000 | $ 5,163,000 | |||
Term loan facility [Member] | |||||||
Debt Instrument, Face Amount | $ 4,000,000 | $ 3,020,000 | |||||
Debt Instrument, Interest Rate Terms | Bank’s prime lending rate plus 2.50% | Bank’s prime lending rate plus 2.50% | |||||
Debt Instrument, Periodic Payment | $ 62,000 | $ 47,000 | |||||
Secured Loan [Member] | |||||||
Debt Instrument, Face Amount | $ 1,000 | $ 755,000 | |||||
Debt Instrument, Interest Rate Terms | bearing interest at prime plus 7.3% | bearing interest at prime plus 7.3% | |||||
Debt Instrument, Periodic Payment | $ 17,000 | $ 13,000 |
Convertible Debentures (Narrati
Convertible Debentures (Narrative) (Details) | Aug. 08, 2017CAD ($) | Aug. 08, 2017USD ($) | Jul. 12, 2017CAD ($)$ / sharesshares | Jul. 12, 2017USD ($) | Sep. 30, 2019CAD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018CAD ($)shares | Sep. 30, 2018USD ($)shares | Dec. 31, 2018USD ($) | May 08, 2018$ / shares | Aug. 08, 2017USD ($) | Jul. 12, 2017USD ($)$ / sharesshares |
Net proceeds from issuance of convertible debentures | $ 762,000 | $ 575,000 | $ 6,838,000 | $ 5,163,000 | ||||||||
Aggregate principal amount | $ 7,600,000 | 6,838,000 | $ 5,738,000 | $ 5,163,000 | ||||||||
Proceeds from Convertible Debt, amount per instrument | $ 1,000 | $ 755 | ||||||||||
Debt Instrument, Interest Rate | 8.00% | 8.00% | ||||||||||
Debt Instrument, Convertible, Conversion Price | (per share) | $ 1.35 | $ 0.80 | $ 1.02 | |||||||||
Debt Instrument, Convertible, Number of shares per instrument | 740 | 740 | ||||||||||
Transaction costs | $ 1,237,000 | $ 934,000 | $ 907,000 | |||||||||
Accretion Expense | 326,000 | 245,000 | $ 282,000 | $ 219,000 | ||||||||
Interest on Convertible Debt, Net of Tax | $ 455,000 | $ 342,000 | 456,000 | 354,000 | ||||||||
Interest paid by issuance of common shares | $ 304,000 | $ 231,000 | ||||||||||
Interest paid by issuance of common shares (Shares) | 307,069 | 307,069 |
Convertible Notes (Narrative) (
Convertible Notes (Narrative) (Details) | May 08, 2018USD ($)$ / sharesshares | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Jul. 12, 2017$ / shares | Jul. 12, 2017$ / shares |
Stock Issued During Period, Shares, Conversion of Units | shares | 320 | ||||||
Subscription Price of Units | $ 10,000 | ||||||
Stock Issued During Period, Value, Conversion of Units | $ 3,200,000 | ||||||
Warrants Issued During Period, Warrants | shares | 7,690 | ||||||
Interest Rate on Convertible Note | 6.00% | ||||||
Debt Instrument, Convertible, Conversion Price | (per share) | $ 0.80 | $ 1.35 | $ 1.02 | ||||
Sale of Stock, Price Per Share | $ / shares | $ 0.80 | ||||||
Commission Paid to Agents | $ 157,800 | ||||||
Stock Issued During Period, Shares, Issued for Services | shares | 243,275 | ||||||
Equity Issuance, Per Share Amount | $ / shares | $ 0.80 | ||||||
Warrants Issued During Period, Value | $ 50,000 | ||||||
Financing Interest Expense | $ 72,000 | $ 39,000 | |||||
Accretion Expense | $ 133,000 | $ 111,000 | $ 377,000 | 278,000 | |||
Convertible Debt Securities [Member] | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares | 7,940 | ||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 5,000 | ||||||
Interest Rate on Convertible Note | 6.00% | ||||||
Convertible debt [Member] | |||||||
Transactions Costs of Convertible Notes | $ 111,000 | ||||||
Accretion Expense | $ 132,000 | $ 59,000 |
Additional Paid-In Capital (Nar
Additional Paid-In Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 03, 2018 | Jun. 11, 2018 | May 08, 2018 | Apr. 10, 2018 | Mar. 27, 2019 | May 16, 2018 | Jan. 16, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
Stock Issued During Period, Value, Stock Options Exercised | $ 21 | |||||||||||
Stock Issued During Period, Shares, Issued for Services | 243,275 | |||||||||||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||
Stock based compensation | $ 80 | $ 188 | $ 261 | $ 311 | ||||||||
Stock options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 50,000 | 60,000 | ||||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 21 | $ 33 | ||||||||||
Stock Issued During Period, Shares, Issued for Services | 50,000 | 60,000 | ||||||||||
Stock Issued During Period, Value, Issued for Services | $ 0 | $ 0 | ||||||||||
Employees and Directors [Member] | ||||||||||||
Stock based compensation | 225 | 302 | ||||||||||
Additional Paid-In Capital [Member] | ||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | 21 | $ 33 | ||||||||||
Class of Warrant or Right, Exercises in Period | 3,160,739 | |||||||||||
Number of common shares exercised | 3,160,739 | |||||||||||
Proceeds from Warrant Exercises | $ 1,796 | |||||||||||
Warrants exercised | 1,796 | |||||||||||
2016 Stock Option Plan [Member] | Employee [Member] | Stock options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 800,000 | 275,000 | 100,000 | 100,000 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.76 | $ 0.66 | $ 0.69 | $ 0.79 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years | 2 years | 2 years | 2 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | 10 years | 10 years | 10 years | ||||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 334 | $ 99 | $ 40 | $ 44 | ||||||||
Stock options granted to a consultant [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 100,000 | |||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.78 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 2 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | |||||||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 27 | |||||||||||
Stock based compensation | 36 | 9 | ||||||||||
Unrecognized stock-based compensation [Member] | ||||||||||||
Stock based compensation | 240 | 550 | ||||||||||
Deferred Share Units [Member] | ||||||||||||
Deferred Share Units Grants in Period | 271,740 | 287,355 | ||||||||||
Salaries, Wages and Officers' Compensation | $ 214 | $ 379 | $ 214 | $ 379 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Transaction price allocated to the remaining performance obligation | $ 1,511 |
Research and development milestone payments | $ 4,540 |
Percentages of recognized in next three year | 60.00% |
Percentages of remaining recognized in next two years | 40.00% |
Commercial sales milestone payments | $ 28,015 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - Accounting Standards Update 2016-02 [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Line Items] | |
Operating lease expense | $ 114 |
Operating Lease, Payments | $ 107 |
Weighted average remaining lease term | 6 years 4 months 24 days |
Weighted average discount rate for operating leases | 10.00% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Mar. 27, 2019 | May 16, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Options granted to the Chief Executive Officer [Member] | ||||
Salaries, Wages and Officers' Compensation | $ 56 | $ 39 | ||
Options granted to the Chief Financial Officer [Member] | ||||
Salaries, Wages and Officers' Compensation | 40 | 36 | ||
Options granted to the former Vice President, Operations [Member] | ||||
Salaries, Wages and Officers' Compensation | 25 | 17 | ||
Options granted to the Vice-President, Research and Development [Member] | ||||
Salaries, Wages and Officers' Compensation | 24 | 17 | ||
Options granted to Vice- President, Business and Corporate Development [Member] | ||||
Salaries, Wages and Officers' Compensation | 24 | 48 | ||
Options granted to non-employee directors [Member] | ||||
Salaries, Wages and Officers' Compensation | 36 | |||
Director fees [Member] | ||||
Salaries, Wages and Officers' Compensation | 174 | 183 | ||
Deferred Share Units [Member] | ||||
Salaries, Wages and Officers' Compensation | $ 214 | $ 379 | $ 214 | $ 379 |
Schedule of Adoption of New Acc
Schedule of Adoption of New Accounting Standards (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Operating lease right-of-use assets | $ 690 | |
Total assets | 13,067 | $ 20,018 |
Total current liabilities | 2,577 | 2,722 |
Deferred lease obligations | 49 | |
Operating lease liability | 562 | |
Total liabilities | 10,428 | 10,031 |
Total shareholders' equity | 2,639 | 9,987 |
Total liabilities and shareholders' equity | $ 13,067 | 20,018 |
Adoption of ASC 842 [Member] | ||
Operating lease right-of-use assets | 726 | |
Total assets | 20,744 | |
Total current liabilities | 2,849 | |
Deferred lease obligations | 0 | |
Operating lease liability | 599 | |
Total liabilities | 10,708 | |
Total shareholders' equity | 10,036 | |
Total liabilities and shareholders' equity | 20,744 | |
Previously Reported [Member] | Adoption of ASC 842 [Member] | ||
Operating lease right-of-use assets | 0 | |
Total assets | 20,018 | |
Total current liabilities | 2,722 | |
Deferred lease obligations | 49 | |
Operating lease liability | 0 | |
Total liabilities | 10,031 | |
Total shareholders' equity | 9,987 | |
Total liabilities and shareholders' equity | 20,018 | |
Restatement Adjustment [Member] | Adoption of ASC 842 [Member] | ||
Operating lease right-of-use assets | 726 | |
Total assets | 726 | |
Total current liabilities | 127 | |
Deferred lease obligations | (49) | |
Operating lease liability | 599 | |
Total liabilities | 677 | |
Total shareholders' equity | 49 | |
Total liabilities and shareholders' equity | $ 726 |
Schedule of Estimated Useful Li
Schedule of Estimated Useful Lives of Leasehold Improvements and Equipment (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Laboratory and office equipment [Member] | |
Property, Plant and Equipment, Depreciation Methods | declining balance method |
Property Plant and Equipment, Estimated Useful Live Depreciation Methods Percentage | 20.00% |
Computer equipment [Member] | |
Property, Plant and Equipment, Depreciation Methods | declining balance method |
Property Plant and Equipment, Estimated Useful Live Depreciation Methods Percentage | 30.00% |
Leasehold improvements [Member] | |
Property, Plant and Equipment, Depreciation Methods | straight-line method |
Property Plant And Equipment, Estimated Useful Live Depreciation Methods Description | over the lease term |
Manufacturing equipment [Member] | |
Property, Plant and Equipment, Depreciation Methods | straight-line method |
Manufacturing equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Manufacturing equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Schedule of Leasehold Improveme
Schedule of Leasehold Improvements and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Cost | $ 9,165 | |
Accumulated Depreciation | 2,855 | |
Property, Plant and Equipment, Net Carrying Amount | 6,310 | $ 6,248 |
Manufacturing equipment [Member] | ||
Cost | 4,471 | |
Accumulated Depreciation | 789 | |
Property, Plant and Equipment, Net Carrying Amount | 3,682 | 3,512 |
Laboratory and office equipment [Member] | ||
Cost | 1,327 | |
Accumulated Depreciation | 822 | |
Property, Plant and Equipment, Net Carrying Amount | 505 | 562 |
Computer equipment [Member] | ||
Cost | 123 | |
Accumulated Depreciation | 78 | |
Property, Plant and Equipment, Net Carrying Amount | 45 | 39 |
Leasehold improvements [Member] | ||
Cost | 3,244 | |
Accumulated Depreciation | 1,166 | |
Property, Plant and Equipment, Net Carrying Amount | $ 2,078 | $ 2,135 |
Schedule of Term loan (Details)
Schedule of Term loan (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Term loan facility | $ 1,126 | $ 1,502 |
Secured loan | 226 | 330 |
Total debt | 1,352 | 1,832 |
Less: current portion | 713 | 692 |
Total long-term debt | $ 639 | $ 1,140 |
Schedule of Term loan principal
Schedule of Term loan principal repayments (Details) - Sep. 30, 2019 $ in Thousands, $ in Thousands | CAD ($) | USD ($) |
2019 | $ 236 | $ 178 |
2020 | 945 | 713 |
2021 | $ 610 | $ 461 |
Schedule of Convertible Debt (D
Schedule of Convertible Debt (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019CAD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Face value of the convertible debentures | $ 5,723 | $ 5,556 | |
Transaction costs | $ (1,237,000) | (934) | (907) |
Accretion | 656 | 398 | |
Convertible debentures | $ 5,445 | $ 5,047 |
Schedule of Capital Units (Deta
Schedule of Capital Units (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Gross proceeds | $ 3,200 |
Transaction costs | 328 |
Net proceeds | 2,872 |
Common stock [Member] | |
Gross proceeds | 1,627 |
Transaction costs | 167 |
Net proceeds | 1,460 |
Warrants [Member] | |
Gross proceeds | 487 |
Transaction costs | 50 |
Net proceeds | 437 |
Convertible notes [Member] | |
Gross proceeds | 1,086 |
Transaction costs | 111 |
Net proceeds | $ 975 |
Schedule of Components of the C
Schedule of Components of the Convertible Notes (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Attributed value of net proceeds to convertible notes | $ 975 | $ 975 |
Accretion | 230 | 98 |
Convertible notes | $ 1,205 | $ 1,073 |
Schedule of Stock by Class (Det
Schedule of Stock by Class (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Common Stock, Shares, Issued | 93,527,473 | 93,477,473 |
Common Stock, Value, Issued | $ 1 | $ 1 |
Schedule of Revenue disaggregat
Schedule of Revenue disaggregated by revenue source (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 61 | $ 700 | $ 674 | $ 1,173 |
Research and development agreements [Member] | ||||
Revenue | $ 674 | $ 1,173 |
Schedule of Revenue disaggreg_2
Schedule of Revenue disaggregated by timing of recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues, Total | $ 61 | $ 700 | $ 674 | $ 1,173 |
Product and services transferred at point in time [Member] | ||||
Revenues, Total | 371 | 0 | ||
Products and services transferred over time [Member] | ||||
Revenues, Total | $ 303 | $ 1,173 |
Schedule of Revenue disaggreg_3
Schedule of Revenue disaggregated by geography, based on the billing addresses of our customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues, Total | $ 61 | $ 700 | $ 674 | $ 1,173 |
Europe [Member] | ||||
Revenues, Total | 534 | 1,088 | ||
Canada [Member] | ||||
Revenues, Total | $ 140 | $ 85 |
Schedule of Leases (Details)
Schedule of Leases (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 Remainder | $ 37 |
2020 | 147 |
2021 | 149 |
2022 | 153 |
2023 | 155 |
2024 | 158 |
Thereafter | 184 |
Total undiscounted lease payments | 983 |
Less: Interest | 286 |
Present value of lease liabilities | 697 |
Current portion of operating lease liability | 135 |
Operating lease liability | $ 562 |