Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 14, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
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 | 110,259,653 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current | ||
Cash | $ 355 | $ 1,332 |
Short-term investments | 4,012 | 580 |
Accounts receivable | 425 | 381 |
Prepaid expenses | 145 | 170 |
Investment tax credits receivable | 414 | 375 |
Inventory | 350 | 382 |
Total current assets | 5,701 | 3,220 |
Leasehold improvements and equipment, net | 5,712 | 6,365 |
Security deposits | 688 | 752 |
Operating lease right-of-use asset | 606 | 683 |
Total assets | 12,707 | 11,020 |
Current | ||
Accounts payable and accrued liabilities | 1,878 | 1,941 |
Current portion of long-term debt | 602 | 727 |
Current portion of operating lease liability | 125 | 137 |
Convertible debentures | 5,251 | 5,642 |
Total current liabilities | 7,856 | 8,447 |
Long-term debt | 339 | 470 |
Convertible notes | 1,308 | 1,255 |
Operating lease liability | 490 | 555 |
Total liabilities | 9,993 | 10,727 |
Shareholders' equity | ||
Capital Stock, common shares, $0.00001 par value; 200,000,000 shares authorized; 110,259,652 shares issued and outstanding (2019: 93,942,652 common shares) (note 10) | 1 | 1 |
Additional paid-in capital | 47,950 | 42,635 |
Accumulated deficit | (43,964) | (41,507) |
Accumulated other comprehensive loss | (1,273) | (836) |
Total shareholders' equity | 2,714 | 293 |
Total liabilities and shareholders' equity | $ 12,707 | $ 11,020 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value Per Share | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 110,259,652 | 93,942,652 |
Common Stock, Shares, Outstanding | 110,259,652 | 93,942,652 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2020 - 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, 2019 | $ 1 | $ 42,635 | $ (41,507) | $ (836) | $ 293 |
Beginning Balance (Shares) at Dec. 31, 2019 | 93,942,652 | ||||
Other comprehensive income | (437) | (437) | |||
Common stock issued, net of transaction costs of $778 | 3,912 | 3,912 | |||
Common stock issued, net of transaction costs of $778 (Shares) | 16,317,000 | ||||
Warrants issued, net of transaction costs of $240 | 1,207 | 1,207 | |||
Agents' warrants issued | 125 | 125 | |||
Stock-based compensation | 71 | 71 | |||
Net loss for the period | (2,457) | (2,457) | |||
Ending Balance at Mar. 31, 2020 | $ 1 | $ 47,950 | $ (43,964) | $ (1,273) | $ 2,714 |
Ending Balance (Shares) at Mar. 31, 2020 | 110,259,652 |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Common stock transaction cost | $ 778 |
Warrants transaction cost | $ 240 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Operations [Abstract] | ||
Total revenues | $ 202 | $ 416 |
Expenses | ||
Research and development expense | 850 | 860 |
Selling, general and administrative expense | 1,324 | 1,704 |
Depreciation of tangible assets | 179 | 171 |
Total expenses | 2,353 | 2,735 |
Operating loss | (2,151) | (2,319) |
Interest income | 1 | 29 |
Financing and interest expense | (307) | (298) |
Net financing and interest expense | (306) | (269) |
Net Loss | (2,457) | (2,588) |
Other Comprehensive (Loss) Income | ||
Foreign currency translation adjustment | (218) | 223 |
Change in fair value | (219) | 24 |
Total other comprehensive income (loss) | (437) | 247 |
Comprehensive loss | $ (2,894) | $ (2,341) |
Basic and diluted weighted average number of shares outstanding | 102,908,037 | 93,519,140 |
Basic and diluted loss per common share | $ (0.03) | $ (0.03) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Funds (used) provided - Operating activities | ||
Net loss | $ (2,457) | $ (2,588) |
Depreciation of tangible assets | 179 | 171 |
Stock-based compensation | 71 | 86 |
Accretion expense | 146 | 120 |
DSU expense | (175) | 210 |
Lease non-cash expense | 1 | 3 |
Total Adjustment | (2,235) | (1,998) |
Changes in non-cash items related to operations: | ||
Accounts receivable | (44) | 141 |
Prepaid expenses | 25 | 67 |
Investment tax credits receivable | (39) | (102) |
Accounts payable and accrued liabilities | 125 | (501) |
Net change in non-cash items related to operations | 67 | (395) |
Net cash used in operating activities | (2,168) | (2,393) |
Financing activities | ||
Repayment of long-term debt | (196) | (159) |
Proceeds from exercise of warrants and stock options | 21 | |
Net proceeds from public offering | 5,564 | |
Transaction costs of public offering | (320) | |
Net cash provided by (used in) financing activities | 5,048 | (138) |
Investing activities | ||
Additions to leasehold improvements and equipment | (57) | (70) |
Redemption of short-term investments | 581 | 3,731 |
Acquisition of short-term investments | (4,532) | (1,469) |
Net cash (used in) provided by investing activities | (4,008) | 2,192 |
Decrease in cash | (1,128) | (339) |
Effect of foreign exchange on cash | 151 | 151 |
Cash | ||
Beginning of period | 1,332 | 6,815 |
End of period | $ 355 | $ 6,627 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of 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, 2019. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. 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 | 3 Months Ended |
Mar. 31, 2020 | |
Going Concern [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 ® $4,367. On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus ("COVID-19") as a global pandemic, which continues to spread throughout Canada and around the world. On March 23, 2020, the government of Quebec ordered the closure of all non-essential businesses effective March 25, 2020. Because of the nature of its operations, the Company is only partially affected by this order. The Company is aware of the impact on its business as a result of COVID-19 but uncertain as to the extent of this impact on its consolidated financial statements. This partial disruption, even temporary, may impact our operations and overall business by delaying the progress of our research and development programs and production activities. There is uncertainty as to the duration and hence the potential impact. As a result, we are unable to estimate the potential impact on our business as of the date of this filing. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans to alleviate these conditions include pursuing one or more of the following steps to raise additional funding, none of which can be guaranteed or are entirely within the Company's control: • 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 current COVID-19 pandemic could continue to have a negative impact on the stock market, including trading prices of the Company's shares and its ability to raise new capital. 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. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 3. 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. 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 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The FASB issued ASU 2019-12 which removes specific exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles (GAAP). It eliminates the need for an organization to analyze whether the following apply in a given period: -Exception to the incremental approach for intraperiod tax allocation; -Exceptions to accounting for basis differences when there are ownership changes in foreign investments; and -Exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also improves financial statement preparers' application of income tax-related guidance and simplifies GAAP for: -Franchise taxes that are partially based on income; -Transactions with a government that result in a step up in the tax basis of goodwill; -Separate financial statements of legal entities that are not subject to tax; and -Enacted changes in tax laws in interim periods. These amendments are effective for fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of this Statement on its consolidated financial statements. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory [Text Block] | 4. Inventory Inventory as at March 31, 2020 consisted of raw materials in the amount of $350 2019: $382 . |
Leasehold Improvements and Equi
Leasehold Improvements and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Leasehold Improvements and Equipment [Text Block] | 5. Leasehold Improvements and Equipment March 31, December 31, 2020 2019 Accumulated Net Carrying Net Carrying Cost Depreciation Amount Amount Manufacturing equipment $ 4,300 $ 871 $ 3,429 $ 3,778 Laboratory and office equipment 1,255 817 438 498 Computer equipment 115 83 32 40 Leasehold improvements 3,058 1,245 1,813 2,049 $ 8,728 $ 3,016 $ 5,712 $ 6,365 From the balance of manufacturing equipment, an amount of $1,637 thousand (2019: $1,788 thousand) represents assets which are still under construction as at March 31, 2020 and are consequently not depreciated. |
Bank indebtedness
Bank indebtedness | 3 Months Ended |
Mar. 31, 2020 | |
Bank Indebtedness [Abstract] | |
Bank Indebtedness [Text Block] | 6. 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 ($176 thousand) and corporate credits cards of up to CAD$75 thousand ($53 thousand) and foreign exchange contracts limited to CAD$425 thousand ($300 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 ($2,996,000) plus 20%, and a 50% guarantee by Export Development Canada, a Canadian Crown corporation export credit agency. |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Long-term Debt [Text Block] | 7. Long-term Debt The components of the Company’s debt are as follows: March 31, 2020 December 31, 2019 $ $ Term loan facility 788 1,005 Secured loan 153 192 Total debt 941 1,197 Less: current portion 602 727 Total long-term debt 339 470 The Company’s term loan facility consists of a total of CAD$4 million ($2.82 million) bearing interest at the Bank’s prime lending rate plus 2.50%, with monthly principal repayments of CAD$62 thousand ($44 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 ($705 thousand) bearing interest at prime plus 7.3%, reimbursable in monthly principal payments of CAD$17 thousand ($12 thousand) from January 2017 to March 2021. In March 2020, as a result of the global pandemic, the lender granted the Company an automatic six-month moratorium of capital repayments. 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 two years are as follows: 2020 441 (CAD 625) 2021 500 (CAD 710) |
Convertible Debentures
Convertible Debentures | 3 Months Ended |
Mar. 31, 2020 | |
Convertible Debt [Abstract] | |
Convertible Debentures [Text Block] | 8. 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 ($4,820,000). Pursuant to the Offering, the Corporation issued an aggregate principal amount of CAD$6,838,000 ($4,820,000) of Debentures at a price of CAD$1,000 ($705) 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 ($0.95) (the "Conversion Price") per common share of the Corporation ("Share"), being a conversion rate of approximately 740 Shares per CAD$1,000 ($705) 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 ($537,000). Together with the principal amount of CAD$6,838,000 ($4,820,000) of Debentures issued on July 12, 2017, the Corporation issued a total aggregate principal amount of CAD$7,600,000 ($5,357,000) of Debentures at a price of CAD$1,000 ($705) per Debenture. The convertible debentures have been recorded as a liability. Total transactions costs in the amount of CAD$1,237,000 ($872,000) were recorded against the liability. The accretion expense for the three-month period ended March 31, 2020 amounts to CAD $121,000 ($90,000), compared to CAD$105,000 ($79,000) for the comparative period in 2019. The components of the convertible debentures are as follows: March 31, December 31, 2020 2019 Face value of the convertible debentures $ 5,343 $ 5,835 Transaction costs (872 ) (952 ) Accretion 780 759 Convertible debentures $ 5,251 $ 5,642 The interest accrued on the convertible debentures for the three-month period ended March 31, 2020 amounts to CAD$152 thousand ($113 thousand) and is recorded in financing and interest expense. The interest on the convertible debentures amounted to CAD$152 thousand ($114 thousand) for the three-month period ended March 31, 2019. |
Convertible Notes
Convertible Notes | 3 Months Ended |
Mar. 31, 2020 | |
Convertible Notes [Abstract] | |
Convertible Notes [Text Block] | 9. 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 three -month period ended $53,000 (2019: $42,000). The components of the convertible notes are as follows: March 31, December 31, 2020 2019 Attributed value of net proceeds to convertible notes $ 975 $ 975 Accretion 333 280 Convertible note $ 1,308 $ 1,255 The interest on the convertible notes for the three -month period ended amounts to $24,000 and is recorded in financing and interest expense (2019: $24,000). |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock [Text Block] | 10. Capital Stock March 31, 2020 December 31, 2019 Authorized - 200,000,000 common shares of $0.00001 par value 20,000,000 preferred shares of $0.00001 par value Issued - 110,259,652 (December 31, 2019 - 93,942,652) common shares $ 1 $ 1 |
Additional Paid-In Capital
Additional Paid-In Capital | 3 Months Ended |
Mar. 31, 2020 | |
Additional Paid in Capital [Abstract] | |
Additional Paid-In Capital [Text Block] | 11. Additional Paid-In Capital Public Offering On February 11, 2020, IntelGenx announced the closing of 16,317,000 units (the "Units") at a price of CAD$0.50 ($0.35) for gross proceeds of CAD$8,158,500 ($5,751,000). Each Unit consists of one share of common stock of the Company and one warrant entitling the holder to purchase one share of common stock of the Company at an exercise price of CAD$0.75 ($0.53) per share. The Warrants are exercisable immediately and will expire on the third anniversary of the date of their issuance. Management has determined the value attributed to common stock is $3,912 thousand and $1,207 thousand for the warrants issued, resulting in an increase in additional paid-in-capital of $5,119 thousand. In connection with the Offering, the Company paid to the Agents a cash commission of approximately CAD$763,000 ($574,000) in the aggregate and issued non-transferable agents' warrants to the Agents, entitling the Agents to purchase 1,142,190 common shares at a price of CAD$0.75 ($0.53) per share until February 11, 2023. Management has determined the value of the agents' warrants to be $125,000, resulting in an increase in additional paid-in-capital of $125,000. The proceeds of the Units are attributed to equity components based on the fair value of each component as follows: Gross proceeds Transaction costs Net proceeds Common stock $ 4,690 $ 778 $ 3,912 Warrants 1,447 240 1,207 $ 6,137 $ 1,018 $ 5,119 Stock options No options were granted during the three-month period ended March 31, 2020. No stock options were exercised during the three-month period ended March 31, 2020. 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 During the three-month period ended March 31, 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. Compensation expenses for stock-based compensation of $71 thousand and $86 thousand were recorded during the three-month periods ended March 31, 2020 and 2019, respectively. An amount of $59 thousand expensed in the three-month period ended March 31, 2020 relates to stock options granted to employees and an amount of $12 thousand relates to stock options granted to consultants. An amount of $74 thousand expensed in the three-month period ended March 31, 2019 relates to stock options granted to employees and an amount of $12 thousand relates to stock options granted to a consultant. As at March 31, 2020, the Company has $86 thousand (2019 - $416 thousand) of unrecognized stock-based compensation. Warrants No warrants were exercised during the three-month periods ended March 31, 2020 and 2019. Deferred Share Units (“DSUs”) On March 27, 2019, 271,740 DSUs have been granted under the DSU Plan. No DSUs were granted in 2020. Performance and Restricted Share Units (“PRSUs”) No PRSUs were granted during the three-month periods ended March 31, 2020 and 2019. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues [Text Block] | 12. Revenues The following table presents our revenues disaggregated by revenue source. Sales and usage-based taxes are excluded from revenues: March 31, 2020 March 31, 2019 Research and development agreements $ 202 $ 416 The following table presents our revenues disaggregated by timing of recognition: March 31, 2020 March 31, 2019 (in U.S. $ thousands) Product and services transferred at point in time $ 202 $ 372 Products and services transferred over time — 44 $ 202 $ 416 The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers: March 31, 2020 March 31, 2019 Europe $ 202 385 Canada — 31 $ 202 $ 416 Remaining performance obligations As at March 31, 2020, the aggregate amount of the transaction price allocated to the remaining performance obligation is $1,084 $4,169 60% 40% $28,376 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases [Text Block] | 13. 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 three-month period ended March 31, 2020 included in general and administrative expenses is $37 thousand. The cash outflows from operating leases for the three-month period ended March 31, 2020 was $36 thousand. The weighted average remaining lease term and the weighted average discount rate for operating leases at March 31, 2020 were 5.9 years and 10%, respectively. The following table reconciles the undiscounted cash flows for the operating leases as at March 31, 2020 to the operating lease liabilities recorded on the balance sheet: Operating Leases 2020 $ 103 2021 139 2022 143 2023 144 2024 148 Thereafter 172 Total undiscounted lease payments 849 Less: Interest 234 Present value of lease liabilities $ 615 Current portion of operating lease liability $ 125 Operating lease liability $ 490 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | 14. Related Party Transactions Included in management salaries are $10 thousand (2019 - $20 thousand) for options granted to the Chief Executive Officer, $10 thousand (2019 - $14 thousand) for options granted to the Chief Financial Officer, $10 thousand (2019 - $5 thousand) for options granted to the Vice President, Operations, $5 thousand (2019 - $8 thousand) for options granted to the Vice-President, Research and Development, $5 thousand (2019 - $8 thousand) for options granted to Vice-President, Business and Corporate Development under the 2016 Stock Option Plan. Also included in general and administrative expense for the three-month period ended March 31, 2020 are director fees of $58 thousand (2019 - $58 thousand) and DSU recovery of $175 thousand (2019: expense of $210 thousand). 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 | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Common Share [Text Block] | 15. 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) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Revenue Recognition [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. 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 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The FASB issued ASU 2019-12 which removes specific exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles (GAAP). It eliminates the need for an organization to analyze whether the following apply in a given period: -Exception to the incremental approach for intraperiod tax allocation; -Exceptions to accounting for basis differences when there are ownership changes in foreign investments; and -Exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also improves financial statement preparers' application of income tax-related guidance and simplifies GAAP for: -Franchise taxes that are partially based on income; -Transactions with a government that result in a step up in the tax basis of goodwill; -Separate financial statements of legal entities that are not subject to tax; and -Enacted changes in tax laws in interim periods. These amendments are effective for fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of this Statement on its consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [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) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Leasehold Improvements and Equipment [Table Text Block] | March 31, December 31, 2020 2019 Accumulated Net Carrying Net Carrying Cost Depreciation Amount Amount Manufacturing equipment $ 4,300 $ 871 $ 3,429 $ 3,778 Laboratory and office equipment 1,255 817 438 498 Computer equipment 115 83 32 40 Leasehold improvements 3,058 1,245 1,813 2,049 $ 8,728 $ 3,016 $ 5,712 $ 6,365 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Term loan [Table Text Block] | March 31, 2020 December 31, 2019 $ $ Term loan facility 788 1,005 Secured loan 153 192 Total debt 941 1,197 Less: current portion 602 727 Total long-term debt 339 470 |
Schedule of Term loan principal repayments [Table Text Block] | 2020 441 (CAD 625) 2021 500 (CAD 710) |
Convertible Debentures (Tables)
Convertible Debentures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Convertible Debt [Abstract] | |
Schedule of Convertible Debt [Table Text Block] | March 31, December 31, 2020 2019 Face value of the convertible debentures $ 5,343 $ 5,835 Transaction costs (872 ) (952 ) Accretion 780 759 Convertible debentures $ 5,251 $ 5,642 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Convertible Notes [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] | March 31, December 31, 2020 2019 Attributed value of net proceeds to convertible notes $ 975 $ 975 Accretion 333 280 Convertible note $ 1,308 $ 1,255 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock by Class [Table Text Block] | March 31, 2020 December 31, 2019 Authorized - 200,000,000 common shares of $0.00001 par value 20,000,000 preferred shares of $0.00001 par value Issued - 110,259,652 (December 31, 2019 - 93,942,652) common shares $ 1 $ 1 |
Additional Paid-In Capital (Tab
Additional Paid-In Capital (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Additional Paid in Capital [Abstract] | |
Schedule Of Proceeds Of Equity Components Based On Fair Value Under Public Offering [Table Text Block] | Gross proceeds Transaction costs Net proceeds Common stock $ 4,690 $ 778 $ 3,912 Warrants 1,447 240 1,207 $ 6,137 $ 1,018 $ 5,119 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue [Table Text Block] | March 31, 2020 March 31, 2019 Research and development agreements $ 202 $ 416 |
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | March 31, 2020 March 31, 2019 (in U.S. $ thousands) Product and services transferred at point in time $ 202 $ 372 Products and services transferred over time — 44 $ 202 $ 416 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | March 31, 2020 March 31, 2019 Europe $ 202 385 Canada — 31 $ 202 $ 416 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of undiscounted cash flows for the operating leases [Table Text Block] | Operating Leases 2020 $ 103 2021 139 2022 143 2023 144 2024 148 Thereafter 172 Total undiscounted lease payments 849 Less: Interest 234 Present value of lease liabilities $ 615 |
Schedule of operating lease liabilities [Table Text Block] | Current portion of operating lease liability $ 125 Operating lease liability $ 490 |
Going Concern (Narrative) (Deta
Going Concern (Narrative) (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Going Concern [Line Items] | |
Cash and short-term investments | $ 4,367 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials inventory | $ 350 | $ 382 |
Leasehold Improvements and Eq_3
Leasehold Improvements and Equipment (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Net | $ 5,712 | $ 6,365 |
Asset not yet in service [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Net | $ 1,637 | $ 1,788 |
Bank indebtedness (Narrative) (
Bank indebtedness (Narrative) (Details) - 3 months ended Mar. 31, 2020 | CAD ($) | USD ($) |
Line of Credit Facility [Line Items] | ||
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 ($2,996,000) 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 | $ 2,996,000 |
Line Of Credit Facility, Collateral Percentage | 20.00% | |
Line Of Credit Facility, Guarantee Percentage By Export Development Canada | 50.00% | |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 250,000 | 176,000 |
Corporate Credit Cards [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | 75,000 | 53,000 |
Corporate Credit Cards 2 [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | 60,000 | |
Foreign Exchange Contract [Member] | ||
Line of Credit Facility [Line Items] | ||
Long-term Line of Credit | $ 425,000 | $ 300,000 |
Long-term Debt (Narrative) (Det
Long-term Debt (Narrative) (Details) | 3 Months Ended | ||||||
Mar. 31, 2020CAD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Aug. 08, 2017CAD ($) | Aug. 08, 2017USD ($) | Jul. 12, 2017CAD ($) | Jul. 12, 2017USD ($) | |
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 7,600,000 | $ 5,357,000 | $ 6,838,000 | $ 4,820,000 | |||
Term loan facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 4,000,000 | $ 2,820,000 | |||||
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 | $ 44,000 | |||||
Secured Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 1,000,000 | $ 705,000 | |||||
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 | $ 12,000 |
Convertible Debentures (Narrati
Convertible Debentures (Narrative) (Details) | Aug. 08, 2017CAD ($) | Aug. 08, 2017USD ($) | Jul. 12, 2017CAD ($)$ / sharesshares | Jul. 12, 2017USD ($) | Mar. 31, 2020CAD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | May 08, 2018$ / shares | Aug. 08, 2017USD ($) | Jul. 12, 2017USD ($)$ / sharesshares |
Convertible Debt [Abstract] | ||||||||||||
Net proceeds from issuance of convertible debentures | $ 762,000 | $ 537,000 | $ 6,838,000 | $ 4,820,000 | ||||||||
Aggregate principal amount | $ 7,600,000 | 6,838,000 | $ 5,357,000 | $ 4,820,000 | ||||||||
Proceeds from Convertible Debt, amount per instrument | $ 1,000 | $ 705 | ||||||||||
Debt Instrument, Interest Rate | 8.00% | 8.00% | ||||||||||
Debt Instrument, Convertible, Conversion Price | (per share) | $ 1.35 | $ 0.80 | $ 0.95 | |||||||||
Debt Instrument, Convertible, Number of shares per instrument | 740 | 740 | ||||||||||
Transaction costs | $ 1,237,000 | $ 872,000 | $ 952,000 | |||||||||
Accretion Expense | 121,000 | 90,000 | $ 105,000 | $ 79,000 | ||||||||
Interest on Convertible Debt, Net of Tax | $ 152,000 | $ 113,000 | $ 152,000 | $ 114,000 |
Convertible Notes (Narrative) (
Convertible Notes (Narrative) (Details) | May 08, 2018USD ($)$ / sharesshares | Mar. 31, 2020USD ($)shares | Mar. 31, 2019USD ($) | Jul. 12, 2017$ / shares | Jul. 12, 2017$ / shares |
Debt Instrument [Line Items] | |||||
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 | $ 0.95 | ||
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 | $ 24,000 | $ 24,000 | |||
Accretion Expense | $ 146,000 | 120,000 | |||
Convertible Debt Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
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] | |||||
Debt Instrument [Line Items] | |||||
Transactions Costs of Convertible Notes | $ 111,000 | ||||
Accretion Expense | $ 53,000 | $ 42,000 |
Additional Paid-In Capital (Nar
Additional Paid-In Capital (Narrative) (Details) | Feb. 11, 2020CAD ($)$ / sharesshares | Feb. 11, 2020USD ($)$ / sharesshares | May 08, 2018USD ($) | Mar. 27, 2019USD ($)$ / sharesshares | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($)shares | Mar. 31, 2020$ / shares | Mar. 31, 2020$ / shares | Feb. 11, 2020USD ($)$ / shares |
Schedule of Additional Paid In Capital [Line Items] | |||||||||
Stock based compensation | $ 71,000 | $ 86,000 | |||||||
Proceeds from Issuance Initial Public Offering | 5,564,000 | ||||||||
Commission Paid to Agents | $ 157,800 | ||||||||
Warrants Issued During Period, Value | $ 50,000 | ||||||||
IPO [Member] | |||||||||
Schedule of Additional Paid In Capital [Line Items] | |||||||||
Number of units issued | shares | 16,317,000 | 16,317,000 | |||||||
Units issued, price per unit | (per share) | $ 0.50 | $ 0.35 | |||||||
Warrants, grants during period, exercise price | (per share) | $ 0.75 | $ 0.53 | |||||||
Proceeds from Issuance Initial Public Offering | $ 8,158,500 | $ 5,751,000 | |||||||
Fair value of common stock and warrant issued | $ 5,119,000 | ||||||||
Commission Paid to Agents | $ 763,000 | $ 574,000 | |||||||
Agents warrants granted during period | shares | 1,142,190 | 1,142,190 | |||||||
Agents warrants granted during period, exercise price | (per share) | $ 0.75 | $ 0.53 | |||||||
Agent warrants issued during period, value | $ 125,000 | ||||||||
Stock options [Member] | |||||||||
Schedule of Additional Paid In Capital [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 50,000 | ||||||||
Options exercised | $ 21,000 | ||||||||
Stock Issued During Period, Value, Issued for Services | 0 | ||||||||
Employees and Directors [Member] | |||||||||
Schedule of Additional Paid In Capital [Line Items] | |||||||||
Stock based compensation | 59,000 | 74,000 | |||||||
Common Stock [Member] | IPO [Member] | |||||||||
Schedule of Additional Paid In Capital [Line Items] | |||||||||
Fair value of common stock and warrant issued | 3,912,000 | ||||||||
Warrant [Member] | IPO [Member] | |||||||||
Schedule of Additional Paid In Capital [Line Items] | |||||||||
Fair value of common stock and warrant issued | $ 1,207,000 | ||||||||
Additional Paid-In Capital [Member] | |||||||||
Schedule of Additional Paid In Capital [Line Items] | |||||||||
Increase in additional paid-in-capital | 21,000 | ||||||||
2016 Stock Option Plan [Member] | Employee [Member] | Stock options [Member] | |||||||||
Schedule of Additional Paid In Capital [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 100,000 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0.69 | ||||||||
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 | 10 years | ||||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 40,000 | ||||||||
Stock options granted to consultant [Member] | |||||||||
Schedule of Additional Paid In Capital [Line Items] | |||||||||
Stock based compensation | 12,000 | 12,000 | |||||||
Unrecognized stock-based compensation [Member] | |||||||||
Schedule of Additional Paid In Capital [Line Items] | |||||||||
Stock based compensation | $ 86,000 | $ 416,000 | |||||||
Deferred Share Units [Member] | |||||||||
Schedule of Additional Paid In Capital [Line Items] | |||||||||
Deferred Share Units Grants in Period | shares | 271,740 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Transaction price allocated to the remaining performance obligation | $ 1,084 |
Research and development milestone payments | $ 4,169 |
Percentages of recognized in next three year | 60.00% |
Percentages of remaining recognized in next two years | 40.00% |
Commercial sales milestone payments | $ 28,376 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 37 |
Operating Lease, Payments | $ 36 |
Weighted average remaining lease term | 5 years 10 months 24 days |
Weighted average discount rate for operating leases | 10.00% |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Options granted to Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Salaries, Wages and Officers' Compensation | $ 10 | $ 20 |
Options granted to Chief Financial Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Salaries, Wages and Officers' Compensation | 10 | 14 |
Options granted to former Vice President, Operations [Member] | ||
Related Party Transaction [Line Items] | ||
Salaries, Wages and Officers' Compensation | 10 | 5 |
Options Granted To Vice President Research And Development [Member] | ||
Related Party Transaction [Line Items] | ||
Salaries, Wages and Officers' Compensation | 5 | 8 |
Options granted to Vice- President, Business and Corporate Development [Member] | ||
Related Party Transaction [Line Items] | ||
Salaries, Wages and Officers' Compensation | 5 | 8 |
Director fees [Member] | ||
Related Party Transaction [Line Items] | ||
Salaries, Wages and Officers' Compensation | 58 | 58 |
Deferred Share Units [Member] | ||
Related Party Transaction [Line Items] | ||
Salaries, Wages and Officers' Compensation | $ (175) | $ 210 |
Summary of Significant Accounti
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Leasehold Improvements and Equipment (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Laboratory and office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
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 [Line Items] | |
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 [Line Items] | |
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 [Line Items] | |
Property, Plant and Equipment, Depreciation Methods | straight-line method |
Manufacturing equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Manufacturing equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Leasehold improvements and Eq_4
Leasehold improvements and Equipment - Schedule of Leasehold Improvements and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 8,728 | |
Accumulated Depreciation | 3,016 | |
Property, Plant and Equipment, Net Carrying Amount | 5,712 | $ 6,365 |
Manufacturing equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 4,300 | |
Accumulated Depreciation | 871 | |
Property, Plant and Equipment, Net Carrying Amount | 3,429 | 3,778 |
Laboratory and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1,255 | |
Accumulated Depreciation | 817 | |
Property, Plant and Equipment, Net Carrying Amount | 438 | 498 |
Computer equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 115 | |
Accumulated Depreciation | 83 | |
Property, Plant and Equipment, Net Carrying Amount | 32 | 40 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 3,058 | |
Accumulated Depreciation | 1,245 | |
Property, Plant and Equipment, Net Carrying Amount | $ 1,813 | $ 2,049 |
Long-term Debt - Schedule of Te
Long-term Debt - Schedule of Term loan (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Term loan facility | $ 788 | $ 1,005 |
Secured loan | 153 | 192 |
Total debt | 941 | 1,197 |
Less: current portion | 602 | 727 |
Total long-term debt | $ 339 | $ 470 |
Long-term Debt - Schedule of _2
Long-term Debt - Schedule of Term loan principal repayments (Details) - Mar. 31, 2020 $ in Thousands, $ in Thousands | CAD ($) | USD ($) |
Other Liabilities Disclosure [Abstract] | ||
2020 | $ 625 | $ 441 |
2021 | $ 710 | $ 500 |
Convertible Debentures - Schedu
Convertible Debentures - Schedule of Convertible Debt (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020CAD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Convertible Debt [Abstract] | |||
Face value of the convertible debentures | $ 5,343 | $ 5,835 | |
Transaction costs | $ (1,237,000) | (872) | (952) |
Accretion | 780 | 759 | |
Convertible debentures | $ 5,251 | $ 5,642 |
Convertible Notes - Schedule of
Convertible Notes - Schedule of Capital Units (Details) - Offering [Member] $ in Thousands | May 08, 2018USD ($) |
Debt Instrument [Line Items] | |
Gross proceeds | $ 3,200 |
Transaction costs | 328 |
Net proceeds | 2,872 |
Common stock [Member] | |
Debt Instrument [Line Items] | |
Gross proceeds | 1,627 |
Transaction costs | 167 |
Net proceeds | 1,460 |
Warrants [Member] | |
Debt Instrument [Line Items] | |
Gross proceeds | 487 |
Transaction costs | 50 |
Net proceeds | 437 |
Convertible notes [Member] | |
Debt Instrument [Line Items] | |
Gross proceeds | 1,086 |
Transaction costs | 111 |
Net proceeds | $ 975 |
Convertible Notes - Schedule _2
Convertible Notes - Schedule of Components of the Convertible Notes (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Convertible Notes [Abstract] | ||
Attributed value of net proceeds to convertible notes | $ 975 | $ 975 |
Accretion | 333 | 280 |
Convertible notes | $ 1,308 | $ 1,255 |
Capital Stock - Schedule of Sto
Capital Stock - Schedule of Stock by Class (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
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 | 110,259,652 | 93,942,652 |
Common Stock, Value, Issued | $ 1 | $ 1 |
Additional Paid-In Capital - Sc
Additional Paid-In Capital - Schedule of proceeds of the Units (Details) - IPO [Member] $ in Thousands | Feb. 11, 2020USD ($) |
Schedule of Additional Paid In Capital [Line Items] | |
Gross proceeds | $ 6,137 |
Transaction costs | 1,018 |
Net proceeds | 5,119 |
Common Stock [Member] | |
Schedule of Additional Paid In Capital [Line Items] | |
Gross proceeds | 4,690 |
Transaction costs | 778 |
Net proceeds | 3,912 |
Warrant [Member] | |
Schedule of Additional Paid In Capital [Line Items] | |
Gross proceeds | 1,447 |
Transaction costs | 240 |
Net proceeds | $ 1,207 |
Revenues - Schedule of Revenue
Revenues - Schedule of Revenue disaggregated by revenue source (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 202 | $ 416 |
Research and development agreements [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 202 | $ 416 |
Revenues - Schedule of Revenu_2
Revenues - Schedule of Revenue disaggregated by timing of recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenues, Total | $ 202 | $ 416 |
Product and services transferred at point in time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, Total | 202 | 372 |
Products and services transferred over time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, Total | $ 0 | $ 44 |
Revenues - Schedule of Revenu_3
Revenues - Schedule of Revenue disaggregated by geography, based on the billing addresses of our customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenues, Total | $ 202 | $ 416 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, Total | 202 | 385 |
Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, Total | $ 0 | $ 31 |
Leases - Schedule of Leases (De
Leases - Schedule of Leases (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
2019 Remainder | $ 103 |
2020 | 139 |
2021 | 143 |
2022 | 144 |
2023 | 148 |
Thereafter | 172 |
Total undiscounted lease payments | 849 |
Less: Interest | 234 |
Present value of lease liabilities | $ 615 |
Leases - Schedule of operating
Leases - Schedule of operating lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Current portion of operating lease liability | $ 125 | $ 137 |
Operating lease liability | $ 490 | $ 555 |