Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | Aeterna Zentaris Inc. |
Entity Central Index Key | 0001113423 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2020 |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 6,743 | $ 7,838 |
Trade and other receivables (note 5) | 814 | 658 |
Inventory | 375 | 1,203 |
Prepaid expenses and other current assets (note 21) | 1,123 | 1,211 |
Total current assets | 9,055 | 10,910 |
Restricted cash equivalents | 313 | 364 |
Right of use assets (note 6) | 190 | 582 |
Property, plant and equipment | 25 | 35 |
Identifiable intangible assets | 32 | 40 |
Goodwill (note 7) | 8,054 | 8,050 |
Total assets | 17,669 | 19,981 |
Current liabilities | ||
Payables and accrued liabilities (note 8) | 1,697 | 2,148 |
Provision for restructuring and other costs (note 9) | 107 | 418 |
Income taxes payable | 1,448 | |
Current portion of deferred revenues | 596 | 991 |
Current portion of lease liabilities (note 10) | 119 | 648 |
Current portion of warrant liability (note 11) | 12 | 6 |
Total current liabilities | 2,531 | 5,659 |
Deferred revenues | 148 | 185 |
Lease liabilities (note 10) | 103 | 255 |
Warrant liability (note 11) | 2,249 | |
Employee future benefits (note 12) | 13,678 | 13,788 |
Non-current provision for restructuring and other costs (note 9) | 278 | 308 |
Total liabilities | 16,738 | 22,444 |
SHAREHOLDERS' EQUITY (DEFICIENCY) | ||
Share capital | 226,724 | 224,528 |
Warrants (note 13) | 4,237 | |
Other capital | 89,467 | 89,806 |
Deficit | (319,592) | (316,891) |
Accumulated other comprehensive income ("AOCI") | 95 | 94 |
Total shareholders' equity (deficiency) | 931 | (2,463) |
Total liabilities and shareholders' equity (deficiency) | $ 17,669 | $ 19,981 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency) (Unaudited) - USD ($) $ in Thousands | Share Capital [Member] | Warrant [Member] | Other Capital [Member] | Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Dec. 31, 2018 | $ 222,335 | $ 89,342 | $ (309,781) | $ 11 | $ 1,907 | |
Balance, shares at Dec. 31, 2018 | 16,440,760 | |||||
Statement Line Items [Line Items] | ||||||
Net income (loss) | (4,705) | (4,705) | ||||
Other comprehensive loss: Foreign currency translation adjustments | (26) | (26) | ||||
Other comprehensive loss: Actuarial gain (loss) on defined benefit plan | (1,491) | (1,491) | ||||
Comprehensive income (loss) | (6,196) | (26) | (6,222) | |||
Reclassification of warrant liability to equity (note 11(b)) | ||||||
Issuance of common shares and warrants, net | $ 805 | 805 | ||||
Issuance of common shares and warrants, net, shares | 191,650 | |||||
Share-based compensation costs | 482 | 482 | ||||
Balance at Jun. 30, 2019 | $ 223,140 | 89,824 | (315,977) | (15) | (3,028) | |
Balance, shares at Jun. 30, 2019 | 16,632,410 | |||||
Balance at Mar. 31, 2019 | $ 222,335 | 89,437 | (315,427) | 95 | (3,560) | |
Balance, shares at Mar. 31, 2019 | 16,440,760 | |||||
Statement Line Items [Line Items] | ||||||
Net income (loss) | 206 | 206 | ||||
Other comprehensive loss: Foreign currency translation adjustments | (110) | (110) | ||||
Other comprehensive loss: Actuarial gain (loss) on defined benefit plan | (756) | (756) | ||||
Comprehensive income (loss) | (550) | (110) | (660) | |||
Issuance of common shares and warrants, net | $ 805 | 805 | ||||
Issuance of common shares and warrants, net, shares | 191,650 | |||||
Share-based compensation costs | 387 | 387 | ||||
Balance at Jun. 30, 2019 | $ 223,140 | 89,824 | (315,977) | (15) | (3,028) | |
Balance, shares at Jun. 30, 2019 | 16,632,410 | |||||
Balance at Dec. 31, 2019 | $ 224,528 | 89,806 | (316,891) | 94 | (2,463) | |
Balance, shares at Dec. 31, 2019 | 19,994,510 | |||||
Statement Line Items [Line Items] | ||||||
Net income (loss) | (2,671) | (2,671) | ||||
Other comprehensive loss: Foreign currency translation adjustments | 1 | 1 | ||||
Other comprehensive loss: Actuarial gain (loss) on defined benefit plan | (30) | (30) | ||||
Comprehensive income (loss) | (2,701) | 1 | (2,700) | |||
Reclassification of warrant liability to equity (note 11(b)) | 4,237 | 4,237 | ||||
Issuance of common shares and warrants, net | $ 2,196 | (362) | 1,834 | |||
Issuance of common shares and warrants, net, shares | 3,589,561 | |||||
Share-based compensation costs | 23 | 23 | ||||
Balance at Jun. 30, 2020 | $ 226,724 | 4,237 | 89,467 | (319,592) | 95 | 931 |
Balance, shares at Jun. 30, 2020 | 23,584,071 | |||||
Balance at Mar. 31, 2020 | $ 226,413 | 89,694 | (314,724) | 304 | 1,687 | |
Balance, shares at Mar. 31, 2020 | 23,472,771 | |||||
Statement Line Items [Line Items] | ||||||
Net income (loss) | (3,450) | (3,450) | ||||
Other comprehensive loss: Foreign currency translation adjustments | (209) | (209) | ||||
Other comprehensive loss: Actuarial gain (loss) on defined benefit plan | (1,418) | (1,418) | ||||
Comprehensive income (loss) | (4,868) | (209) | (5,077) | |||
Reclassification of warrant liability to equity (note 11(b)) | 4,237 | 4,237 | ||||
Issuance of common shares and warrants, net | $ 311 | (362) | (51) | |||
Issuance of common shares and warrants, net, shares | 111,300 | |||||
Share-based compensation costs | 135 | 135 | ||||
Balance at Jun. 30, 2020 | $ 226,724 | $ 4,237 | $ 89,467 | $ (319,592) | $ 95 | $ 931 |
Balance, shares at Jun. 30, 2020 | 23,584,071 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues (note 4) | ||||
Royalty income | $ 10 | $ 8 | $ 24 | $ 21 |
Product sales | 129 | 1,016 | 129 | |
Supply chain | 40 | 39 | 81 | 45 |
Licensing revenue | 18 | 18 | 37 | 36 |
Total revenues | 68 | 194 | 1,158 | 231 |
Operating expenses | ||||
Cost of sales | 12 | 101 | 874 | 101 |
Research and development costs | 189 | 571 | 508 | 1,099 |
General and administrative expenses | 1,141 | 1,923 | 2,265 | 3,560 |
Selling expenses | 199 | 495 | 447 | 799 |
Restructuring costs (note 9) | 773 | 773 | ||
Impairment of right of use asset | 64 | 401 | ||
Gain on modification of building lease (notes 6 and 10) | (34) | (219) | ||
Impairment of prepaid asset | 169 | |||
Total operating expenses (note 14) | 1,507 | 3,927 | 3,875 | 6,902 |
Loss from operations | (1,439) | (3,733) | (2,717) | (6,671) |
Gain (loss) due to changes in foreign currency exchange rates | 130 | (6) | 26 | 58 |
(Loss) gain on change in fair value of warrant liability (note 11) | (2,139) | 3,926 | 331 | 1,865 |
Other finance (costs) income | (2) | 19 | (311) | 43 |
Net finance (costs) income | (2,011) | 3,939 | 46 | 1,966 |
Net (loss) income | (3,450) | 206 | (2,671) | (4,705) |
Items that may be reclassified subsequently to profit or loss: | ||||
Foreign currency translation adjustments | (209) | (110) | 1 | (26) |
Items that will not be reclassified to profit or loss: | ||||
Actuarial (loss) on defined benefit plans (note 12) | (1,418) | (756) | (30) | (1,491) |
Comprehensive (loss) | $ (5,077) | $ (660) | $ (2,700) | $ (6,222) |
Net (loss) income per share [basic and diluted] | $ (0.15) | $ 0.01 | $ (0.12) | $ (0.28) |
Weighted average number of shares outstanding (note 19): | ||||
Basic | 23,515,579 | 16,622,415 | 22,519,497 | 16,532,090 |
Diluted | 23,515,579 | 17,260,016 | 22,519,497 | 16,532,090 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||||
Net (loss) income for the period | $ (3,450) | $ 206 | $ (2,671) | $ (4,705) |
Items not affecting cash and cash equivalents: | ||||
Loss (gain) on change in fair value of warrant liability (note 11) | 2,139 | (3,926) | (331) | (1,865) |
Transaction costs of warrants issued and expensed as finance cost | 310 | |||
Provision for restructuring costs utilized (note 9) | (21) | 790 | (348) | 773 |
Depreciation and amortization | 39 | 70 | 146 | 136 |
Impairment of right of use asset | 64 | 401 | ||
Impairment of prepaid asset | 169 | |||
Gain on modification of building lease (notes 6 and 10) | (34) | (219) | ||
Share-based compensation costs | 89 | 595 | (23) | 690 |
Employee future benefits (note 12) | 50 | 2 | 99 | 136 |
Amortization of deferred revenues | (23) | (18) | (37) | (36) |
Foreign exchange (loss) on items denominated in foreign currencies | (84) | (4) | (32) | (49) |
Gain on disposal of property, plant and equipment | (2) | (2) | (3) | |
Other non-cash items | 22 | 7 | ||
Interest accretion on lease liabilities (note 10) | (4) | (18) | (15) | (38) |
Payment of income taxes | (637) | (1,448) | ||
Changes in operating assets and liabilities (note 15) | (494) | 69 | (290) | (785) |
Net cash used in operating activities | (2,410) | (2,170) | (4,854) | (5,176) |
Cash flows from financing activities | ||||
Issuance of common shares and warrants (notes 13 and 11, respectively) | 314 | 4,500 | 314 | |
Transaction costs (note 13) | (11) | (611) | ||
Payments on lease liabilities (note 10) | (41) | (159) | (199) | (310) |
Net cash provided by (used in) financing activities | (52) | 155 | 3,690 | 4 |
Cash flows from investing activities | ||||
Proceeds from disposal of property, plant and equipment | 6 | 6 | ||
Change in restricted cash equivalents | 50 | 50 | 50 | |
Net cash provided by investing activities | 56 | 56 | 50 | |
Effect of exchange rate changes on cash and cash equivalents | (33) | 341 | 13 | 293 |
Net change in cash and cash equivalents | (2,439) | (1,674) | (1,095) | (4,829) |
Cash and cash equivalents - Beginning of period | 9,182 | 11,357 | 7,838 | 14,512 |
Cash and cash equivalents - End of period | $ 6,743 | $ 9,683 | $ 6,743 | $ 9,683 |
Summary of business and liquidi
Summary of business and liquidity and basis of preparation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Summary of business and liquidity and basis of preparation | 1. Summary of business and liquidity and basis of preparation Summary of business and liquidity Aeterna Zentaris Inc. (“Aeterna Zentaris” or the “Company”) is a specialty biopharmaceutical company commercializing and developing therapeutics and diagnostic tests. The Company’s lead product, Macrilen™ (macimorelin), is the first and only United States Food and Drug Administration (“FDA”) and European Commission approved oral test indicated for the diagnosis of patients with adult growth hormone deficiency (“AGHD”). Macrilen™ (macimorelin) is currently marketed in the U.S. through a license and assignment agreement (the “License Agreement”) with Novo Nordisk A/S (“Novo”). Aeterna Zentaris is also pursuing the development of macimorelin for the diagnosis of child-onset growth hormone deficiency (“CGHD”), an area of significant unmet need. In addition, we are actively pursuing business development opportunities for the commercialization of macimorelin in Europe and the rest of the world in addition to other non-strategic assets to monetize their value. The Company’s principal focus is on the commercialization of Macrilen™ (macimorelin) and it currently does not have any other approved products. Under the terms of License Agreement, Novo is funding 70% of the pediatric clinical trial submitted to the European Medicines Agency (“EMA”) and FDA, the Company’s sole development activity. In November 2019, Novo contracted the Company’s wholly owned German subsidiary (“AEZS Germany”) to provide supply chain services for the manufacture of Macrilen™ (macimorelin). In April 2020, we announced the results from AEZS-130-P01 (“Study P01”) to establish a dose that can both be safely administered to pediatric patients and cause a clear rise in growth hormone concentration in subjects ultimately diagnosed as not having growth hormone deficiency. The Company plans to proceed with the pivotal second study, AEZS-130-P02 (“Study P02”), with an expected start date in the first quarter of 2021 and an expected completion date in July 2022, according to the pediatric investigation plan (“PIP”) agreement with the EMA. Study P02 is designed to investigate the diagnostic efficacy and safety of macimorelin acetate in pediatric patients from 2 years of age to 18 years of age with suspected growth hormone deficiency. Liquidity As at June 30, 2020, a substantial portion of the Company’s cash is held in AEZS Germany, the Company’s principle operating subsidiary. AEZS Germany is the counter-party to the License Agreement described above with Novo, and as such, for generating future revenue earned under the License Agreement. Management considers the cash resources available to AEZS Germany in executing its obligations under the License Agreement. In the event the current and medium term liabilities of AEZS Germany exceed the fair values ascribed to its assets, under German solvency laws, it may no longer be possible for AEZS Germany’s operations to continue or for AEZS Germany to transfer cash to Aeterna Zentaris or its U.S. subsidiary, if needed. COVID-19 impact In 2020, the COVID-19 pandemic began causing significant financial market declines and social dislocation. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak. The spread of COVID-19 may impact the Company’s operations, including the potential interruption of our clinical trial activities and the Company’s supply chain, or that of the Company’s licensee. For example, the COVID-19 outbreak may delay enrollment in the Company’s clinical trials due to prioritization of hospital resources toward the outbreak, and some patients may be unwilling to be enrolled in the Company’s trials or be unable to comply with clinical trial protocols if quarantines impede patient movement or interrupt healthcare services, which would delay the Company’s ability to conduct clinical trials or release clinical trial results and could delay the Company’s ability to obtain regulatory approval and commercialize the Company’s product candidates. The pandemic may also impact the ability of the Company’s suppliers to deliver components or raw materials on a timely basis or at all. In addition, hospitals may reduce staffing and reduce or postpone certain treatments in response to the spread of an infectious disease. The Company’s licensee may be impacted due to significant delays of diagnostic activities in the U.S. To date, the Company has not experienced significant business disruption from COVID-19. Basis of presentation These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. These unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s annual consolidated financial statements as at and for the year ended December 31, 2019. These unaudited condensed interim consolidated financial statements were approved by the Board of Directors (the “Board”) on August 5, 2020. The accounting policies in these condensed interim consolidated financial statements are consistent with those presented in the Company’s annual consolidated financial statements except as noted below: Share purchase warrants The Company accounts for share purchase warrants that meet the fixed-for-fixed criteria as equity-settled. Deferred share units Deferred share units (“DSUs) are classified as other capital. The Company grants DSUs to members of its Board of Directors who are not employees or officers of the Company. DSUs cannot be redeemed until the holder is no longer a director of the Company and are considered equity-settled instruments. Under the terms of the DSU agreement, the DSUs vest immediately upon grant. The value attributable to the DSUs is based on the market value of the share price at the time of grant and share based compensation expense is recognized in general and administrative expenses on the consolidated statements of loss and comprehensive (loss) income. At the time of redemption, each DSU may be exchanged for one common share of the Company. Any consideration received by the Company in connection with the exercise of DSUs is credited to share capital. Any other capital component of the share-based compensation is transferred to share capital upon the issuance of shares. |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgments | 6 Months Ended |
Jun. 30, 2020 | |
Critical Accounting Estimates And Judgments | |
Critical Accounting Estimates and Judgments | 2. Critical accounting estimates and judgements The preparation of condensed interim consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, expenses and related disclosures. Judgments, estimates and assumptions are based on historical experience, expectations, current trends and other factors that management believes to be relevant at the time at which the Company’s condensed interim consolidated financial statements are prepared. Management reviews, on a regular basis, the Company’s accounting policies, assumptions, estimates and judgments in order to ensure that the condensed interim consolidated financial statements are presented fairly and in accordance with IFRS. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Measurement uncertainty: The significant spread of COVID-19 within the U.S., Canada, Germany and elsewhere has resulted in a widespread health crisis and has had adverse effects on local, national and global economies generally, the markets the Company serves, its operations and the market price of its common shares. Uncertain factors, including the duration of the outbreak, the severity of the disease and the actions to contain or treat its impact, could cause interruptions in the Company’s operations and supply chain, which could impact the Company’s ability to accurately measure the net realizable value of inventory and fair value of trade and other receivables. Critical accounting estimates and assumptions, as well as critical judgments used in applying accounting policies in the preparation of the Company’s condensed interim consolidated financial statements, were the same as those applied to the Company’s annual consolidated financial statements as of December 31, 2019 and 2018 and for the years ended December 31, 2019 and 2018. |
Impact of Adoption of New Ifrs
Impact of Adoption of New Ifrs Standards in 2020 | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Impact of Adoption of New Ifrs Standards in 2020 | 3. Impact of adoption of new IFRS standards in 2020 (a) IAS 1 Presentation of financial statements and IAS 8 Accounting policies, changes in accounting estimates and errors (amendment) The amendments to IAS 1 and IAS 8 clarify the definition of material and seek to align the definition used in the Conceptual Framework with that in the standards themselves as well as ensuring the definition of material is consistent across all IFRS. The Company adopted these amendments effective January 1, 2020. The adoption of these amendments did not have a significant impact on the Company’s condensed interim consolidated financial statements. (b) Conceptual framework for financial reporting Together with the revised Conceptual Framework published in March 2018, the IASB also issued Amendments to References to the Conceptual Framework in IFRS Standards. The Company adopted the Revised Conceptual Framework effective January 1, 2020. The adoption of these amendments did not have a significant impact on the Company’s condensed interim consolidated financial statements. IFRS Pronouncements issued but not yet effective (c) IAS 1 – Presentation of financial statements The amendment to IAS 1 clarifies how to classify debt and other liabilities as either current or non-current. The amendment will be effective for annual periods beginning on or after January 1, 2022. The Company is currently evaluating the new guidance and impacts on its consolidated financial statements. (d) Annual improvements to IFRS standards 2018-2020 The annual improvements process addresses issues in the 2018-2020 reporting cycles including changes to IFRS 9, Financial Instruments, IFRS 1, First Time adoption of IFRS, IFRS 16, Leases, and IAS 41, Biological Assets. i) The amendment to IFRS 9 addresses which fees should be included in the 10% test for derecognition of financial liabilities. ii) The amendment to IFRS 1 allows a subsidiary adopting IFRS at a later date than its parent to also measure cumulative translation differences using the amounts reported by the parent based on the parent’s date of transition to IFRS. iii) The amendment to IFRS 16’s illustrative example 13 removes the illustration of payments from the lessor related to leasehold improvements. These amendments will be effective for annual periods beginning on or after January 1, 2022. The Company is currently evaluating the new guidance and impacts on its consolidated financial statements. (e) IAS 37 - Onerous contracts - Cost of fulfilling a contract The amendment to IAS 37 clarifies the meaning of costs to fulfil a contract and that before a separate provision for an onerous contract is established, an entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to the contract. This amendment will be effective for annual periods beginning on or after January 1, 2022. The Company is currently evaluating the new guidance and impacts on its consolidated financial statements. (f) IAS 16 - Proceeds before intended use The amendment to IAS 16 prohibits an entity from deducting from the cost of an item of Property, plant and equipment any proceeds received from selling items produced while the entity is preparing the assets for its intended use (for example, the proceeds from selling samples produced when testing a machine to see if it is functioning properly). It also clarifies that an entity is testing whether the asset is functioning properly when it assesses the technical and physical performance of the asset. The amendment also requires certain related disclosures. This amendment will be effective for annual periods beginning on or after January 1, 2022. The Company is currently evaluating the new guidance and impacts on its consolidated financial statements. |
Licensing Arrangement and Suppl
Licensing Arrangement and Supply Chain Agreement | 6 Months Ended |
Jun. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Licensing Arrangement and Supply Chain Agreement | 4. Licensing arrangement and supply chain agreement On January 16, 2018, the Company entered into the License Agreement which provides (i) for the “right to use” license relating to the Adult Indication, (ii) for the right to acquire a license for the Pediatric Indication if and when the FDA approves a pediatric indication, (iii) that the licensee is to fund 70% of the costs of a pediatric clinical trial submitted for approval to the EMA under the agreed Pediatric Investigation Plan (“PIP”) studies to be run by the Company with customary oversight from a joint steering committee (the “JSC”) and (iv) an interim supply arrangement (“Supply Arrangement”). Strongbridge Ireland Limited (“Strongbridge”), effective December 19, 2018, sold the U.S. and Canadian rights to Macrilen™ (macimorelin) to Novo for a payment plus tiered royalties on net sales. The service agreement under which Novo agreed to fund Strongbridge’s Macrilen™ (macimorelin) field organization as a contract field force to promote the product in the U.S. was terminated as of December 1, 2019. Following Novo’s acquisition of the U.S. and Canadian rights to Macrilen™ (macimorelin), the JSC has met regularly to discuss Novo’s commercialization plan for the U.S. and Canada, their supply chain needs and the enrollment of patients and protocols of the two PIP studies. The Company expects that quarterly meetings will continue as forecasts for sales, inventory build and needs for the PIP study progresses. Royalty income earned under the License Agreement for the six-month period ending June 30, 2020 was $24 (2019 - $21) and, during the six-month period ended June 30, 2020, the Company invoiced Novo $310 for its share of PIP study costs (2019 - $621) that are recorded within research and development costs on the condensed interim consolidated statements of comprehensive loss. The Company agreed, in the Supply Arrangement to the License Agreement, to supply ingredients for the manufacture of Macrilen™ (macimorelin) during an interim period at a price that is set ‘at cost’ without any profit margin. In November 2019, Novo contracted AEZS Germany, to provide supply chain services including API batch production and delivery of certain API and semi-finished goods, as well as the provision of ongoing support activities. During the six-month period ended June 30, 2020, the Company invoiced Novo $85 for supply chain activities and recognized as revenue $81 (2019 – $33 invoiced and recognized as revenue $45) and invoiced and recognized as revenue $1,016 in product sales (2019 - $806). |
Trade and Other Receivables
Trade and Other Receivables | 6 Months Ended |
Jun. 30, 2020 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables | 5. Trade and other receivables June 30, 2020 December 31, 2019 $ $ Trade accounts receivable (net of expected credit losses of $60 (December 31, 2019 - $55)) 121 210 Value added tax and income tax receivable 519 254 Other 174 194 814 658 |
Right of Use Assets
Right of Use Assets | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Right of Use Assets | 6. Right of use assets Building Vehicles and equipment Total $ $ $ Cost At January 1, 2020 757 106 863 Modification of building lease (259 ) — (259 ) Disposals — (21 ) (21 ) Impact of foreign exchange rate changes 1 — 1 At June 30, 2020 499 85 584 Building Vehicles and equipment Total $ $ $ Accumulated Depreciation At January 1, 2020 242 39 281 Disposals — (20 ) (20 ) Depreciation 116 16 132 Impact of foreign exchange rate changes 1 — 1 At June 30, 2020 359 35 394 Building Vehicles and equipment Total $ $ $ Carrying amount At June 30, 2020 140 50 190 As at December 31, 2019 515 67 582 Upon the renegotiation of the building lease agreement completed effective April 30, 2020 (note 10), a modification was recorded to the building right of use asset in the amount of $259, representing the reduction in the square footage leased from the landlord. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2020 | |
Reconciliation of changes in goodwill [abstract] | |
Goodwill | 7. Goodwill The change in carrying value is as follows: Carrying amount $ At January 1, 2019 8,210 Impact of foreign exchange rate changes (160 ) At December 31, 2019 8,050 Impact of foreign exchange rate changes 4 At June 30, 2020 8,054 Management evaluated goodwill for impairment based on the Company’s share price, which declined during the first quarter of 2020 and remained low during the second quarter of 2020, and the Company’s declining cash balance from continuing losses to June 30, 2020. This assessment is based on fair value less costs of disposal based on the Company’s market capitalization at June 30, 2020, its issued and outstanding common shares less estimated cost of disposal of approximately $1,132. There was no impairment assessed at June 30, 2020. |
Payables and Accrued Liabilitie
Payables and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Payables and Accrued Liabilities | 8. Payables and accrued liabilities June 30, 2020 December 31, 2019 $ $ Trade accounts payable 436 1,087 Salaries, employment taxes and benefits 132 64 Accrued audit fees 208 216 PIP study payables 3 118 Accrued severance 171 427 Accrued offering costs (note 21) 480 — Other accrued liabilities 267 236 1,697 2,148 |
Provision for Restructuring and
Provision for Restructuring and Other Costs | 6 Months Ended |
Jun. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Provision for Restructuring and Other Costs | 9. Provision for restructuring and other costs On June 6, 2019, the Company announced that it was reducing the size of its German workforce to more closely reflect the Company’s ongoing commercial activities in Frankfurt. AEZS Germany and its Works Council approved a restructuring that affected 8 employees that was completed by January 31, 2020. The changes in the Company’s provision for restructuring and other costs can be summarized as follows: Cetrotide (R) German Restructuring: severance Total $ $ $ Balance – January 1, 2020 396 330 726 Utilization of provision (25 ) (323 ) (348 ) Change in provision 14 — 14 Impact of foreign exchange rate changes (7 ) (7 ) Balance – June 30, 2020 385 — 385 Less current portion 107 — 107 Non-current portion 278 — 278 |
Lease Liabilities
Lease Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Lease liabilities [abstract] | |
Lease Liabilities | 10. Lease liabilities Six months ended Year ended June 30, 2020 December 31, 2019 $ $ Balance – Beginning of period 903 1,522 Interest paid as charged to comprehensive income (loss) as other finance costs (15 ) (66 ) Payment against lease liabilities (199 ) (614 ) Modification of lease liability (463 ) — Impact of foreign exchange rate changes (4 ) 61 Balance – End of period 222 903 Current lease liabilities 119 648 Non-current lease liabilities 103 255 Effective March 31, 2020, the Company and its landlord mutually agreed to modify its existing building lease agreement for its German subsidiary, extended the lease term for its portion of the reduced space from April 30, 2021 to March 31, 2022 and, retained one sub-lessee until April 30, 2021. On May 5, 2020, the sub-lessee terminated its lease with the Company effective April 30, 2020. Concurrent with this termination, the Company was able to renegotiate a further reduction in leased square footage with the landlord, which resulted in a lease modification and a resulting gain of $34 which is recorded in the condensed interim consolidated statements of comprehensive loss. |
Warrant Liability
Warrant Liability | 6 Months Ended |
Jun. 30, 2020 | |
Warrant Liability | |
Warrant Liability | 11. Warrant liability The change in the Company’s warrant liability can be summarized as follows: Six months ended Year ended June 30, 2020 December 31, 2019 $ $ Balance – Beginning of period 2,255 3,634 Issuance of warrants (a) 2,325 3,457 Warrants exercised during the period — (318 ) Net gain on change in fair value of warrant liability (331 ) (4,518 ) Warrant liability reclassified to equity (b) (4,237 ) — Balance – End of period 12 2,255 Current portion of warrant liability 12 6 Long-term portion of warrant liability — 2,249 The table presented below shows the inputs and assumptions applied to the Black-Scholes option pricing model in order to determine the fair value of all warrants outstanding as at June 30, 2020. Number of equivalent shares Market value per share price Weighted average exercise price Risk-free annual interest rate Expected volatility Expected life (years) Expected dividend yield ($) ($) (i) (ii) (iii) (iv) December 2015 Warrants 2,331,000 0.802 7.10 0.16 % 133.7 % 0.46 0.00 % (i) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. (ii) Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the warrants, as well as on future expectations. (iii) Based upon time to expiry from the reporting period date. (iv) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. A summary of the activity related to the Company’s share purchase warrants that are classified as a liability is provided below. Six months ended Year ended June 30, 2020 December 31, 2019 Number Weighted average exercise price Number Weighted average exercise price $ $ Balance – Beginning of period 6,629,144 4.00 3,391,844 6.23 Exercised — — (87,700 ) 1.07 Issued (a) 2,852,174 1.24 3,325,000 1.65 Reclassified to equity (b) (6,177,174 ) 1.46 — — Expired (c) (973,144 ) 4.60 — — Balance – End of period 2,331,000 7.10 6,629,144 4.00 (a) Warrants issued 2020 On February 21, 2020, the Company closed a registered direct offering for 3,478,261 common shares, at a purchase price of $1.29 per share, priced at-the-market (note 13). Additionally, the Company issued to the investors unregistered warrants to purchase up to an aggregate of 2,608,696 common shares in a concurrent private placement. The warrants have an exercise price of $1.20 per common share, are exercisable immediately and will expire five and one-half years following the date of issuance. The Company also issued 243,478 warrants to the placement agent with an exercise price of $1.62 per common share, which are exercisable immediately and will expire five years following the date of issuance. On July 7, 2020, the Company closed a public offering for gross proceeds of $12,000, with the issuance of common shares and warrants, see note 21. 2019 On September 20, 2019, the Company entered into a securities purchase agreement for $4,988 (before total transaction costs of $786) of its common shares in a registered direct offering and warrants to purchase common shares in a concurrent private placement (together, the “Offering”). The combined purchase price for one common share and one warrant was $1.50 (note 13). Under the terms of the securities purchase agreement, the Company sold 3,325,000 common shares. In a concurrent private placement, the Company issued warrants to purchase up to an aggregate of 3,325,000 common shares. The warrants are exercisable commencing six months from the date of issuance, have an exercise price of $1.65 per share and expire 5 years following the date of issuance. All issued warrants contain a provision where if, at any time while the warrants are outstanding, the Company completes a Fundamental Transaction (as defined in the warrant agreements) but is generally understood to be a change of control of the Company, the warrant holders will have the right to receive payment for the unexercised warrant (as defined in the warrant agreements). (b) Warrant liability reclassified to equity The Company had issued 3,325,000 unregistered investor warrants in the September 2019 closed direct offering as well as 2,608,696 unregistered investor warrants and 234,478 unregistered placement agent warrants in the February 2020 closed direct offering transaction. The terms of the warrant agreement stated that if the warrants remained unregistered, the warrant holder could elect to exercise the warrants by way of a cashless exercise. This violated the fixed-for-fixed criterion due to the cashless exercise option, and accordingly these warrants had been accounted for as a liability. Effective June 16, 2020, the Company registered the common shares underlying these warrants by way of a registration statement which eliminated the cashless exercise option on the warrants, on a one-for-one basis. Accordingly, as of June 16, 2020, the warrant liability was measured at fair value using Black-Scholes option pricing model, with the amount of the remeasurement loss recognized in the condensed interim consolidated statements of comprehensive loss. The carrying value of the warrants was then reclassified from warrant liability to other capital within equity (note 13). The table presented below shows the inputs and assumptions applied to the Black-Scholes option pricing model in order to determine the fair value of such warrants as at June 16, 2020. Number of equivalent shares Market value per share price Weighted average exercise price Risk-free annual interest rate Expected volatility Expected life (years) Expected dividend yield ($) ($) (i) (ii) (iii) (iv) September 2019 Warrants 3,325,000 0.96 1.65 0.30 % 104.5 % 4.3 0.00 % February 2020 Investor Warrants 2,608,696 0.96 1.20 0.36 % 119.3 % 5.2 0.00 % February 2020 Placement Agent Warrants 243,478 0.96 1.62 0.32 % 113.3 % 4.7 0.00 % (i) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. (ii) Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the warrants, as well as on future expectations. (iii) Based upon time to expiry from the reporting period date. (iv) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. (c) Warrants expired On March 10, 2020, the Company had 28,144 share purchase warrants expire, each with an exercise price of $1.07. On May 1, 2020, the Company had 945,000 share purchase warrants expire, each with an exercise price of $4.70. |
Employee Future Benefits
Employee Future Benefits | 6 Months Ended |
Jun. 30, 2020 | |
Employee Future Benefits | |
Employee Future Benefits | 12. Employee future benefits The Company sponsors a pension plan in Germany (The Aeterna Zentaris GmbH Pension Plan). The change in the Company’s accrued benefit obligations is summarized as follows: June 30, 2020 Year ended December 31, 2019 Pension benefit plans Other benefit plans Total Total $ $ $ $ Balances – Beginning of the period 13,705 83 13,788 13,205 Current service cost 23 1 24 49 Interest cost 75 — 75 241 Actuarial loss arising from changes in financial assumptions 30 — 30 1,040 Benefits paid (214 ) (1 ) (215 ) (483 ) Impact of foreign exchange rate changes (24 ) — (24 ) (264 ) Balances – End of the period 13,595 83 13,678 13,788 Amounts recognized: In net income (loss) (98 ) (1 ) (99 ) (262 ) In other comprehensive loss (6 ) — (6 ) (810 ) The calculation of the pension benefit obligation is sensitive to the discount rate assumption. Effective March 31, 2020, the Company incorporated a decline of 10.35% in its pension liabilities based on publicly available actuarial information. Effective June 30, 2020, based on publicly available actuarial information, this decline was predominantly reversed. The discount rate as at March 31, 2020 was 1.8% while at June 30, 2020, it was 1.1% (December 31, 2019: 1.1%). |
Share and Other Capital
Share and Other Capital | 6 Months Ended |
Jun. 30, 2020 | |
Share And Other Capital | |
Share and Other Capital | 13. Share and other capital The Company has an unlimited number of authorized common shares (being voting and participating shares) with no par value, as well as an unlimited number of preferred, first and second ranking shares, issuable in series, with rights and privileges specific to each class, with no par value. 2020 On February 21, 2020, the Company closed a registered direct offering for 3,478,261 common shares, at a purchase price of $1.29 per share, priced at-the-market. Additionally, 2,608,696 investor share purchase warrants were issued at an exercise price of $1.20 per common share and 243,478 broker share purchase warrants were issued at an exercise price of $1.62 per common share (note 11(a)). The net cash proceeds to the Company from the offering totaled approximately $3,900. The gross proceeds of $4,500 was allocated as $2,326 to warrants based on the ascribed fair value (note 11) and the remaining gross proceeds of $2,174 were allocated to share capital. The transaction costs of $600 were allocated between share capital and warrants based on their relative fair values. The fair value of the share capital was recorded within equity net of the allocated transaction costs. The transaction costs of $310 allocated to the warrant liability were recorded as expense in the statement of comprehensive (loss) income. During the second quarter of 2020, directors who were no longer on the Board redeemed their DSUs in full whereby 111,300 common shares were issued. On July 7, 2020, the Company closed a public offering for $12,000 in gross proceeds, with the issuance of common shares and warrants, see note 21. 2019 On September 20, 2019, the Company entered into a securities purchase agreement with U.S. institutional investors to purchase $4,988 (before total transaction costs of $786) of its common shares in a registered direct offering and warrants to purchase common shares in a concurrent private placement (together, the “Offering”). The combined purchase price for one common share and one warrant was $1.50. Under the terms of the securities purchase agreement, the Company sold 3,325,000 common shares. In a concurrent private placement, the Company issued warrants to purchase up to an aggregate of 3,325,000 common shares (note 11(a)). The gross proceeds of $4,988 was allocated as $3,457 to warrants based on the ascribed fair value and the remaining gross proceeds of $1,531 were allocated to share capital. The transaction costs of $795 were allocated between share capital and warrants based on their relative fair values. The fair value of the share capital was recorded within equity net of the allocated transaction costs. The transaction costs of $550 allocated to the warrant liability were recorded as expense in the statement of comprehensive (loss) income. Shareholder rights plan Effective May 8, 2019, the shareholders re-approved the Company’s shareholder rights plan (the “Rights Plan”) that provides the Board and the Company’s shareholders with additional time to assess any unsolicited take-over bid for the Company and, where appropriate, to pursue other alternatives for maximizing shareholder value. Under the Rights Plan, one right has been issued for each currently issued common share, and one right will be issued with each additional common share that may be issued from time to time. Other capital The Company accounts for costs associated with share-based compensation from security grants under its long-term incentive plan (the “LTIP”) and stock option plans as other capital in its consolidated statements of changes in shareholders’ equity (deficiency) and as operating expenses in its condensed interim consolidated statements of comprehensive loss. The following tables summarize the activity under the LTIP and the Stock Option Plan: Six months ended US$ Stock options Weighted average exercise price DSUs CAN$ Stock options Weighted average exercise price June 30, 2020 (Number) (US$) (Number) (Number) (CAN$) Balance – Beginning of period 741,116 3.61 212,000 441 912.00 Granted — — 120,000 — — Exercised — — (159,000 ) — — Canceled/Forfeited (330,350 ) 2.14 — — — Expired (84,366 ) 15.51 — (431 ) 912.00 Balance – End of period 326,400 2.03 173,000 10 912.00 Year ended US$ Stock options Weighted average exercise price DSUs CAN$ Stock options Weighted average exercise price December 31, 2019 (Number) (US$) (Number) (Number) (CAN$) Balance – Beginning of period 727,816 4.07 161,000 869 743.56 Granted 185,000 1.07 150,000 — — Exercised (64,850 ) 2.75 (99,000 ) — — Canceled/Forfeited (6,000 ) 13,39 — — — Expired (100,850 ) 2.24 — (428 ) 570.00 Balance – End of period 741,116 3.61 212,000 441 912.00 The following table summarizes the activity regarding warrants that were reclassified into equity: Six months ended June 30, 2020 Year ended December 31, 2019 Weighted average Number (US$) $ $ Balance – Beginning of the period — — — Nil Warrant liability reclassified to equity (note 11(b)) 6,177,174 1.46 4,237 Nil Balance – End of the period 6,177,174 1.46 4,237 Nil |
Operating Expenses
Operating Expenses | 6 Months Ended |
Jun. 30, 2020 | |
Analysis of income and expense [abstract] | |
Operating Expenses | 14. Operating expenses The nature of the Company’s operating expenses from operations include the following: Six months ended June 30, 2020 2019 $ $ Key management personnel: Salaries and short-term employee benefits 483 594 Consultant fees 76 118 Share-based compensation costs 127 681 Post-employment benefits 27 18 713 1,411 Other employees: Salaries and short-term employee benefits 491 1,042 Share-based compensation costs (104 ) 9 Post-employment benefits 92 158 479 1,209 Cost of inventory used and services provided 874 101 Professional fees 929 1,474 Restructuring costs — 773 Consulting fees 274 76 Insurance 432 446 Third-party research and development 74 307 Travel 41 84 Marketing services 29 2 Laboratory supplies — 28 Other goods and services 50 64 Leasing costs, net of sublease receipts of $107 (2019 - $58) 62 176 Gain on modification of building lease (notes 6 and 10) (219 ) — Impairment of right of use asset (note 6) — 401 Impairment of prepaid asset — 197 Depreciation and amortization 14 19 Depreciation of right of use assets (note 6) 132 117 Operating foreign exchange losses (9 ) 17 3,875 6,902 |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 6 Months Ended |
Jun. 30, 2020 | |
Statement of cash flows [abstract] | |
Supplemental Disclosure of Cash Flow Information | 15. Supplemental disclosure of cash flow information Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 $ $ $ $ Changes in operating assets and liabilities: Trade and other receivables (149 ) 133 (156 ) (196 ) Inventory (8 ) (191 ) 828 (496 ) Prepaid expenses and other current assets (279 ) (267 ) 99 (123 ) Payables and accrued liabilities 41 502 (451 ) 247 Current portion of deferred revenues 11 — (395 ) — Employee future benefits (note 12) (110 ) (108 ) (215 ) (217 ) (494 ) 69 (290 ) (785 ) |
Capital Disclosures
Capital Disclosures | 6 Months Ended |
Jun. 30, 2020 | |
Capital Disclosures | |
Capital Disclosures | 16. Capital disclosures The Company’s objective in managing capital, consisting of shareholders’ equity, with cash and cash equivalents and restricted cash being its primary components, is to ensure sufficient liquidity to fund operating expenses and working capital requirements. Over the past several years, the Company has raised capital via public equity and registered direct offerings and issuances under various at-the-market sales programs as its primary source of liquidity. The policy on dividends is to retain cash to keep funds available to finance the activities required to advance the Company’s product development portfolio and to pursue appropriate commercial opportunities as they may arise. The Company is not subject to any capital requirements imposed by any regulators or by any other external source. |
Financial Instruments and Finan
Financial Instruments and Financial Risk Management | 6 Months Ended |
Jun. 30, 2020 | |
Warrant Liability | |
Financial Instruments and Financial Risk Management | 17. Financial instruments and financial risk management Financial assets and liabilities as at June 30, 2020 and December 31, 2019 are presented below. June 30, 2020 Financial assets at amortized cost Financial Liabilities at FVTPL Financial liabilities at amortized cost Total $ $ $ $ Cash and cash equivalents 6,743 — — 6,743 Trade and other receivables 295 — — 295 Restricted cash equivalents 313 — — 313 Payables and accrued liabilities — — 1,697 1,697 Lease liabilities — — 222 222 Warrant liability — 12 — 12 7,351 12 1,919 5,420 December 31, 2019 Financial assets at amortized cost Financial liabilities at FVTPL Financial liabilities at amortized cost Total $ $ $ $ Cash and cash equivalents 7,838 — — 7,838 Trade and other receivables 404 — — 404 Restricted cash equivalents 364 — — 364 Payables and accrued liabilities — — 2,148 2,148 Lease liabilities — — 903 903 Warrant liability — 2,255 — 2,255 8,606 2,255 3,051 3,300 Fair value IFRS 13, establishes a hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The input levels discussed in IFRS 13 are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for an asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). Level 3 – Inputs for an asset or liability that are not based on observable market data (unobservable inputs). In note 11 - Warrant liability, the Black-Scholes valuation methodology uses “Level 2” inputs in calculating fair value. The carrying values of the Company’s cash and cash equivalents, trade and other receivables, restricted cash equivalents, payables and accrued liabilities and provision for restructuring and other costs approximate their fair values due to their short-term maturities or to the prevailing interest rates of the related instruments, which are comparable to those of the market. Financial risk factors The following provides disclosures relating to the nature and extent of the Company’s exposure to risks arising from financial instruments, including credit risk, liquidity risk and market risk (share price risk) and how the Company manages those risks. (a) Credit risk Credit risk is the risk of an unexpected loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations. As at June 30, 2020, trade accounts receivable for an amount of approximately $121 were with five counterparties of which $60 was past due and impaired and fully provided for (December 31, 2019 - $265 with four counterparties and $55 past due and impaired and fully provided for). The licensee is obligated to pay its quarterly royalties, 45 days after quarter-end. At June 30, 2020, the Company has provided for all outstanding and unpaid amounts relating to its operations before its licensing of Macrilen TM (b) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. As indicated in note 16 - Capital disclosure, the Company manages this risk through the management of its capital structure. It also manages liquidity risk by continuously monitoring actual and projected cash flows. The Board reviews and approves the Company’s operating and capital budgets, as well as any material transactions occurring outside of the ordinary course of business. The Company has adopted an investment policy in respect of the safety and preservation of its capital to ensure the Company’s liquidity needs are met. The instruments are selected with regard to the expected timing of expenditures and prevailing interest rates. (c) Market risk Share price risk The change in fair value of the Company’s warrant liability, which is measured at FVTPL, results from the periodic “mark-to-market” revaluation, via the application of option pricing models, of currently outstanding share purchase warrants. These valuation models are impacted, among other inputs, by the market price of the Company’s common shares. As a result, the change in fair value of the warrant liability, which is reported in the consolidated statements of comprehensive loss, has been and may continue in future periods to be materially affected most notably by changes in the Company’s common share closing price, which on the NASDAQ ranged from $1.44 to $0.42 during the six-months ended June 30, 2020. (e) Foreign exchange risk Entities using the Euro as their functional currency The Company is exposed to foreign exchange risk due to its investments in foreign operations whose functional currency is the Euro. As at June 30, 2020, if the US dollar had increased or decreased by 10% against the Euro, with all variables held constant, net income for the six-month period ended June 30, 2020 would have been lower or higher by approximately $37 (2019 - $546). |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Information | |
Segment Information | 18. Segment information The Company operates in a single operating segment, being the biopharmaceutical segment. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings per share [abstract] | |
Net (Loss) Income Per Share | 19. Net (loss) income per share The following table sets forth pertinent data relating to the computation of basic and diluted net loss per share attributable to common shareholders. Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 $ $ $ $ Net (loss) income (3,450 ) 206 (2,671 ) (4,705 ) Basic weighted average number of shares outstanding 23,515,579 16,622,415 22,519,497 16,532,090 Net (loss) income per share (basic) (0.15 ) 0.01 (0.12 ) (0.28 ) Dilutive effect of stock options — — — — Dilutive effect of share purchase warrants — — — — Diluted weighted average number of shares outstanding 23,515,579 17,260,016 22,519,497 16,532,090 Net (loss) income per share (diluted) (0.15 ) 0.01 (0.12 ) (0.28 ) Items excluded from the calculation of diluted net loss per share because the exercise price was greater than the average market price of the common shares or due to their anti-dilutive effect Stock options 326,410 161,021 326,410 641,021 Deferred share units 173,000 150,000 173,000 288,000 Warrants (number of equivalent shares) 8,508,174 3,276,000 8,508,174 3,296,008 Net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of shares outstanding during the relevant period. Diluted weighted average number of shares reflects the dilutive effect of equity instruments, such as any “in the money” stock options and share purchase warrants. In periods with reported net losses, all stock options and share purchase warrants are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal, and thus “in the money” stock options and share purchase warrants have not been included in the computation of net loss per share because to do so would be anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies | |
Commitments and Contingencies | 20. Commitments and Contingencies Service and manufacturing $ Less than 1 year 910 1 - 3 years 5 4 - 5 years 5 More than 5 years 2 Total 922 Contingencies In the normal course of operations, the Company may become involved in various claims and legal proceedings related to, for example, contract terminations and employee-related and other matters. Securities class action lawsuit On March 9, 2020, the Company settled the previously disclosed class-action lawsuit against it pending in the U.S. District Court for New Jersey. The settlement payment of $6,500 will be funded entirely by the Company’s insurers. The class-action lawsuit alleged that the Company and certain of its former officers and directors violated the Securities Exchange Act of 1934 in connection with certain public statements between August 30, 2011 and November 6, 2014, regarding the safety and efficacy of Macrilen™ (macimorelin) and the prospects for the approval of the Company’s NDA for the product by the FDA. This settlement remains subject to execution of final settlement documents and approval by the U.S. District Court for the District of New Jersey. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | 21. Subsequent events On July 7, 2020, the Company closed a public offering of 26,666,666 units at a price to the public of $0.45 per unit, for gross proceeds of $12,000, before deducting placement agent fees and other offering expenses payable by the Company, estimated at $1,500. Each unit contained one common share (or common share equivalent in lieu thereof) and one investor share purchase warrant to purchase one common share. In total, 26,666,666 common shares, 26,666,666 investor share purchase warrants at an exercise price of $0.45 per share expiring July 7, 2025 and 1,866,667 placement agent warrants with an exercise price of $0.5625 per share, expiring July 1, 2025 were issued. As at June 30, 2020, the Company had incurred $537 in offering costs which were deferred and classified in the condensed interim consolidated statements of financial position, in the line “Prepaid expenses and other current assets” and $480 in accrued issuance costs were included within “Payables and accrued liabilities” in the condensed interim consolidated statements of financial position. Upon the completion of the public offing on July 7, 2020, the deferred offering costs were netted against the gross proceeds of the offering within equity. As a result of the public offering, the Company believes it has stockholders’ equity of at least $2.5 million as of the date of this filing and thereby satisfies the minimum stockholders’ equity requirement for continued listing on The Nasdaq Capital Market (“Nasdaq”). The Company received Nasdaq’s formal confirmation of such compliance on July 30, 2020. Additionally, on August 3, 2020, the Company announced that it had entered into a securities purchase agreement with several institutional investors in the United States providing for the sale and issuance of 12,427,876 common shares at a purchase price of $0.56325 per common share in a registered direct offering priced at-the-market under Nasdaq rules. The offering resulted in gross proceeds of approximately $7,000 and closed on August 5, 2020. Concurrently, the Company issued to the purchasers unregistered warrants to purchase up to an aggregate of 9,320,907 common shares. The warrants are exercisable for a period of five and one-half years, exercisable immediately following the issuance date and have an exercise price of $0.47 per common share. In addition, the Company has issued unregistered warrants to the placement agent to purchase up to an aggregate of 869,952 common shares, with an exercise price of $0.7040625 per share and an expiration date of August 3, 2025. |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Trade and other receivables [abstract] | |
Schedule of Trade and Other Receivables | June 30, 2020 December 31, 2019 $ $ Trade accounts receivable (net of expected credit losses of $60 (December 31, 2019 - $55)) 121 210 Value added tax and income tax receivable 519 254 Other 174 194 814 658 |
Right of Use Assets (Tables)
Right of Use Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Schedule of Right of Use Assets | Building Vehicles and equipment Total $ $ $ Cost At January 1, 2020 757 106 863 Modification of building lease (259 ) — (259 ) Disposals — (21 ) (21 ) Impact of foreign exchange rate changes 1 — 1 At June 30, 2020 499 85 584 Building Vehicles and equipment Total $ $ $ Accumulated Depreciation At January 1, 2020 242 39 281 Disposals — (20 ) (20 ) Depreciation 116 16 132 Impact of foreign exchange rate changes 1 — 1 At June 30, 2020 359 35 394 Building Vehicles and equipment Total $ $ $ Carrying amount At June 30, 2020 140 50 190 As at December 31, 2019 515 67 582 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Reconciliation of changes in goodwill [abstract] | |
Summary of Change in Carrying Value of Goodwill | The change in carrying value is as follows: Carrying amount $ At January 1, 2019 8,210 Impact of foreign exchange rate changes (160 ) At December 31, 2019 8,050 Impact of foreign exchange rate changes 4 At June 30, 2020 8,054 |
Payables and Accrued Liabilit_2
Payables and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Payables and Accrued Liabilities | June 30, 2020 December 31, 2019 $ $ Trade accounts payable 436 1,087 Salaries, employment taxes and benefits 132 64 Accrued audit fees 208 216 PIP study payables 3 118 Accrued severance 171 427 Accrued offering costs (note 21) 480 — Other accrued liabilities 267 236 1,697 2,148 |
Provision for Restructuring a_2
Provision for Restructuring and Other Costs (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Provision for Restructuring and Other Costs | The changes in the Company’s provision for restructuring and other costs can be summarized as follows: Cetrotide (R) German Restructuring: severance Total $ $ $ Balance – January 1, 2020 396 330 726 Utilization of provision (25 ) (323 ) (348 ) Change in provision 14 — 14 Impact of foreign exchange rate changes (7 ) (7 ) Balance – June 30, 2020 385 — 385 Less current portion 107 — 107 Non-current portion 278 — 278 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Lease liabilities [abstract] | |
Schedule of Operating Lease Liabilities | Six months ended Year ended June 30, 2020 December 31, 2019 $ $ Balance – Beginning of period 903 1,522 Interest paid as charged to comprehensive income (loss) as other finance costs (15 ) (66 ) Payment against lease liabilities (199 ) (614 ) Modification of lease liability (463 ) — Impact of foreign exchange rate changes (4 ) 61 Balance – End of period 222 903 Current lease liabilities 119 648 Non-current lease liabilities 103 255 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Warrant Liability | |
Schedule of Changes in Warrant Liability | The change in the Company’s warrant liability can be summarized as follows: Six months ended Year ended June 30, 2020 December 31, 2019 $ $ Balance – Beginning of period 2,255 3,634 Issuance of warrants (a) 2,325 3,457 Warrants exercised during the period — (318 ) Net gain on change in fair value of warrant liability (331 ) (4,518 ) Warrant liability reclassified to equity (b) (4,237 ) — Balance – End of period 12 2,255 Current portion of warrant liability 12 6 Long-term portion of warrant liability — 2,249 |
Summary of Share Purchase Warrant Activity | A summary of the activity related to the Company’s share purchase warrants that are classified as a liability is provided below. Six months ended Year ended June 30, 2020 December 31, 2019 Number Weighted average exercise price Number Weighted average exercise price $ $ Balance – Beginning of period 6,629,144 4.00 3,391,844 6.23 Exercised — — (87,700 ) 1.07 Issued (a) 2,852,174 1.24 3,325,000 1.65 Reclassified to equity (b) (6,177,174 ) 1.46 — — Expired (c) (973,144 ) 4.60 — — Balance – End of period 2,331,000 7.10 6,629,144 4.00 (a) Warrants issued 2020 On February 21, 2020, the Company closed a registered direct offering for 3,478,261 common shares, at a purchase price of $1.29 per share, priced at-the-market (note 13). Additionally, the Company issued to the investors unregistered warrants to purchase up to an aggregate of 2,608,696 common shares in a concurrent private placement. The warrants have an exercise price of $1.20 per common share, are exercisable immediately and will expire five and one-half years following the date of issuance. The Company also issued 243,478 warrants to the placement agent with an exercise price of $1.62 per common share, which are exercisable immediately and will expire five years following the date of issuance. On July 7, 2020, the Company closed a public offering for gross proceeds of $12,000, with the issuance of common shares and warrants, see note 21. 2019 On September 20, 2019, the Company entered into a securities purchase agreement for $4,988 (before total transaction costs of $786) of its common shares in a registered direct offering and warrants to purchase common shares in a concurrent private placement (together, the “Offering”). The combined purchase price for one common share and one warrant was $1.50 (note 13). Under the terms of the securities purchase agreement, the Company sold 3,325,000 common shares. In a concurrent private placement, the Company issued warrants to purchase up to an aggregate of 3,325,000 common shares. The warrants are exercisable commencing six months from the date of issuance, have an exercise price of $1.65 per share and expire 5 years following the date of issuance. All issued warrants contain a provision where if, at any time while the warrants are outstanding, the Company completes a Fundamental Transaction (as defined in the warrant agreements) but is generally understood to be a change of control of the Company, the warrant holders will have the right to receive payment for the unexercised warrant (as defined in the warrant agreements). (b) Warrant liability reclassified to equity The Company had issued 3,325,000 unregistered investor warrants in the September 2019 closed direct offering as well as 2,608,696 unregistered investor warrants and 234,478 unregistered placement agent warrants in the February 2020 closed direct offering transaction. The terms of the warrant agreement stated that if the warrants remained unregistered, the warrant holder could elect to exercise the warrants by way of a cashless exercise. This violated the fixed-for-fixed criterion due to the cashless exercise option, and accordingly these warrants had been accounted for as a liability. Effective June 16, 2020, the Company registered the common shares underlying these warrants by way of a registration statement which eliminated the cashless exercise option on the warrants, on a one-for-one basis. Accordingly, as of June 16, 2020, the warrant liability was measured at fair value using Black-Scholes option pricing model, with the amount of the remeasurement loss recognized in the condensed interim consolidated statements of comprehensive loss. The carrying value of the warrants was then reclassified from warrant liability to other capital within equity (note 13). The table presented below shows the inputs and assumptions applied to the Black-Scholes option pricing model in order to determine the fair value of such warrants as at June 16, 2020. (c) Warrants expired On March 10, 2020, the Company had 28,144 share purchase warrants expire, each with an exercise price of $1.07. On May 1, 2020, the Company had 945,000 share purchase warrants expire, each with an exercise price of $4.70. |
Summary of Share Purchase Warrants Outstanding and Exercisable | The table presented below shows the inputs and assumptions applied to the Black-Scholes option pricing model in order to determine the fair value of all warrants outstanding as at June 30, 2020. Number of equivalent shares Market value per share price Weighted average exercise price Risk-free annual interest rate Expected volatility Expected life (years) Expected dividend yield ($) ($) (i) (ii) (iii) (iv) December 2015 Warrants 2,331,000 0.802 7.10 0.16 % 133.7 % 0.46 0.00 % The table presented below shows the inputs and assumptions applied to the Black-Scholes option pricing model in order to determine the fair value of such warrants as at June 16, 2020. Number of equivalent shares Market value per share price Weighted average exercise price Risk-free annual interest rate Expected volatility Expected life (years) Expected dividend yield ($) ($) (i) (ii) (iii) (iv) September 2019 Warrants 3,325,000 0.96 1.65 0.30 % 104.5 % 4.3 0.00 % February 2020 Investor Warrants 2,608,696 0.96 1.20 0.36 % 119.3 % 5.2 0.00 % February 2020 Placement Agent Warrants 243,478 0.96 1.62 0.32 % 113.3 % 4.7 0.00 % (i) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. (ii) Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the warrants, as well as on future expectations. (iii) Based upon time to expiry from the reporting period date. (iv) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. |
Employee Future Benefits (Table
Employee Future Benefits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Employee Future Benefits | |
Disclosure of Net Defined Benefit Liability (Asset) | The Company sponsors a pension plan in Germany (The Aeterna Zentaris GmbH Pension Plan). The change in the Company’s accrued benefit obligations is summarized as follows: June 30, 2020 Year ended December 31, 2019 Pension benefit plans Other benefit plans Total Total $ $ $ $ Balances – Beginning of the period 13,705 83 13,788 13,205 Current service cost 23 1 24 49 Interest cost 75 — 75 241 Actuarial loss arising from changes in financial assumptions 30 — 30 1,040 Benefits paid (214 ) (1 ) (215 ) (483 ) Impact of foreign exchange rate changes (24 ) — (24 ) (264 ) Balances – End of the period 13,595 83 13,678 13,788 Amounts recognized: In net income (loss) (98 ) (1 ) (99 ) (262 ) In other comprehensive loss (6 ) — (6 ) (810 ) |
Share and Other Capital (Tables
Share and Other Capital (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share And Other Capital | |
Disclosure of Change in Stock Options Issued | The following tables summarize the activity under the LTIP and the Stock Option Plan: Six months ended US$ Stock options Weighted average exercise price DSUs CAN$ Stock options Weighted average exercise price June 30, 2020 (Number) (US$) (Number) (Number) (CAN$) Balance – Beginning of period 741,116 3.61 212,000 441 912.00 Granted — — 120,000 — — Exercised — — (159,000 ) — — Canceled/Forfeited (330,350 ) 2.14 — — — Expired (84,366 ) 15.51 — (431 ) 912.00 Balance – End of period 326,400 2.03 173,000 10 912.00 Year ended US$ Stock options Weighted average exercise price DSUs CAN$ Stock options Weighted average exercise price December 31, 2019 (Number) (US$) (Number) (Number) (CAN$) Balance – Beginning of period 727,816 4.07 161,000 869 743.56 Granted 185,000 1.07 150,000 — — Exercised (64,850 ) 2.75 (99,000 ) — — Canceled/Forfeited (6,000 ) 13,39 — — — Expired (100,850 ) 2.24 — (428 ) 570.00 Balance – End of period 741,116 3.61 212,000 441 912.00 |
Schedule of Warrants Activity Reclassified into Equity | The following table summarizes the activity regarding warrants that were reclassified into equity: Six months ended June 30, 2020 Year ended December 31, 2019 Weighted average Number (US$) $ $ Balance – Beginning of the period — — — Nil Warrant liability reclassified to equity (note 11(b)) 6,177,174 1.46 4,237 Nil Balance – End of the period 6,177,174 1.46 4,237 Nil |
Operating Expenses (Tables)
Operating Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Analysis of income and expense [abstract] | |
Schedule of Operating Expenses | The nature of the Company’s operating expenses from operations include the following: Six months ended June 30, 2020 2019 $ $ Key management personnel: Salaries and short-term employee benefits 483 594 Consultant fees 76 118 Share-based compensation costs 127 681 Post-employment benefits 27 18 713 1,411 Other employees: Salaries and short-term employee benefits 491 1,042 Share-based compensation costs (104 ) 9 Post-employment benefits 92 158 479 1,209 Cost of inventory used and services provided 874 101 Professional fees 929 1,474 Restructuring costs — 773 Consulting fees 274 76 Insurance 432 446 Third-party research and development 74 307 Travel 41 84 Marketing services 29 2 Laboratory supplies — 28 Other goods and services 50 64 Leasing costs, net of sublease receipts of $107 (2019 - $58) 62 176 Gain on modification of building lease (notes 6 and 10) (219 ) — Impairment of right of use asset (note 6) — 401 Impairment of prepaid asset — 197 Depreciation and amortization 14 19 Depreciation of right of use assets (note 6) 132 117 Operating foreign exchange losses (9 ) 17 3,875 6,902 |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Statement of cash flows [abstract] | |
Disclosure of Changes in Operating Assets and Liabilities | Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 $ $ $ $ Changes in operating assets and liabilities: Trade and other receivables (149 ) 133 (156 ) (196 ) Inventory (8 ) (191 ) 828 (496 ) Prepaid expenses and other current assets (279 ) (267 ) 99 (123 ) Payables and accrued liabilities 41 502 (451 ) 247 Current portion of deferred revenues 11 — (395 ) — Employee future benefits (note 12) (110 ) (108 ) (215 ) (217 ) (494 ) 69 (290 ) (785 ) |
Financial Instruments and Fin_2
Financial Instruments and Financial Risk Management (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Warrant Liability | |
Disclosure of Fair Value Measurement of Assets | Financial assets and liabilities as at June 30, 2020 and December 31, 2019 are presented below. June 30, 2020 Financial assets at amortized cost Financial Liabilities at FVTPL Financial liabilities at amortized cost Total $ $ $ $ Cash and cash equivalents 6,743 — — 6,743 Trade and other receivables 295 — — 295 Restricted cash equivalents 313 — — 313 Payables and accrued liabilities — — 1,697 1,697 Lease liabilities — — 222 222 Warrant liability — 12 — 12 7,351 12 1,919 5,420 December 31, 2019 Financial assets at amortized cost Financial liabilities at FVTPL Financial liabilities at amortized cost Total $ $ $ $ Cash and cash equivalents 7,838 — — 7,838 Trade and other receivables 404 — — 404 Restricted cash equivalents 364 — — 364 Payables and accrued liabilities — — 2,148 2,148 Lease liabilities — — 903 903 Warrant liability — 2,255 — 2,255 8,606 2,255 3,051 3,300 |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings per share [abstract] | |
Summary of Pertinent Data Relating to Computation of Basic and Diluted Net (Loss) Income Per Share | The following table sets forth pertinent data relating to the computation of basic and diluted net loss per share attributable to common shareholders. Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 $ $ $ $ Net (loss) income (3,450 ) 206 (2,671 ) (4,705 ) Basic weighted average number of shares outstanding 23,515,579 16,622,415 22,519,497 16,532,090 Net (loss) income per share (basic) (0.15 ) 0.01 (0.12 ) (0.28 ) Dilutive effect of stock options — — — — Dilutive effect of share purchase warrants — — — — Diluted weighted average number of shares outstanding 23,515,579 17,260,016 22,519,497 16,532,090 Net (loss) income per share (diluted) (0.15 ) 0.01 (0.12 ) (0.28 ) Items excluded from the calculation of diluted net loss per share because the exercise price was greater than the average market price of the common shares or due to their anti-dilutive effect Stock options 326,410 161,021 326,410 641,021 Deferred share units 173,000 150,000 173,000 288,000 Warrants (number of equivalent shares) 8,508,174 3,276,000 8,508,174 3,296,008 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies | |
Schedule of Expected Future Minimum Lease Payments | Service and manufacturing $ Less than 1 year 910 1 - 3 years 5 4 - 5 years 5 More than 5 years 2 Total 922 |
Summary of Business and Basis o
Summary of Business and Basis of Preparation (Details Narrative) | 6 Months Ended |
Jun. 30, 2020 | |
Novo Nordisk A/S [Member] | |
Statement Line Items [Line Items] | |
Percentage of cost sharing | 70.00% |
Licensing Arrangement and Sup_2
Licensing Arrangement and Supply Chain Agreement (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | ||||
Royalty income | $ 10 | $ 8 | $ 24 | $ 21 |
Supply chain | 40 | 39 | 81 | 45 |
Product sales | $ 129 | 1,016 | 129 | |
PIP Study [Member] | ||||
Statement Line Items [Line Items] | ||||
Licensee costs | $ 310 | 621 | ||
Novo Nordisk A/S [Member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of cost sharing | 70.00% | |||
Supply chain | $ 85 | $ 33 |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Trade and other receivables [abstract] | ||
Trade accounts receivable (net of expected credit losses of $60 (December 31, 2019 - $55)) | $ 121 | $ 210 |
Value added tax and income tax receivable | 519 | 254 |
Other | 174 | 194 |
Trade and other receivables | $ 814 | $ 658 |
Trade and Other Receivables -_2
Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Trade and other receivables [abstract] | ||
Trade accounts receivable, expected credit losses | $ 60 | $ 55 |
Right of Use Assets (Details Na
Right of Use Assets (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Building Lease Agreement [Member] | |
Statement Line Items [Line Items] | |
Modification of building lease | $ 259 |
Right of Use Assets - Schedule
Right of Use Assets - Schedule of Right of Use Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Right of use assets, at cost, beginning | $ 582 | |
Right of use assets, at cost, ending | 190 | |
IFRS 16 Leases [Member] | ||
Statement Line Items [Line Items] | ||
Right of use assets, at cost, beginning | 863 | |
Modification of building lease | (259) | |
Disposals | (21) | |
Impact of foreign exchange rate changes | 1 | |
Right of use assets, at cost, ending | 584 | |
Accumulated amortization, Beginning | 281 | |
Disposals | (20) | |
Depreciation | 132 | |
Impact of foreign exchange rate changes | 1 | |
Accumulated amortization, ending | 394 | |
Right of use assets, carrying amount | 190 | $ 582 |
IFRS 16 Leases [Member] | Buildings [Member] | ||
Statement Line Items [Line Items] | ||
Right of use assets, at cost, beginning | 757 | |
Modification of building lease | (259) | |
Disposals | ||
Impact of foreign exchange rate changes | 1 | |
Right of use assets, at cost, ending | 499 | |
Accumulated amortization, Beginning | 242 | |
Disposals | ||
Depreciation | 116 | |
Impact of foreign exchange rate changes | 1 | |
Accumulated amortization, ending | 359 | |
Right of use assets, carrying amount | 140 | 515 |
IFRS 16 Leases [Member] | Vehicles and Equipment [Member] | ||
Statement Line Items [Line Items] | ||
Right of use assets, at cost, beginning | 106 | |
Modification of building lease | ||
Disposals | (21) | |
Impact of foreign exchange rate changes | ||
Right of use assets, at cost, ending | 85 | |
Accumulated amortization, Beginning | 39 | |
Disposals | (20) | |
Depreciation | 16 | |
Impact of foreign exchange rate changes | ||
Accumulated amortization, ending | 35 | |
Right of use assets, carrying amount | $ 50 | $ 67 |
Goodwill (Details Narrative)
Goodwill (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Reconciliation of changes in goodwill [abstract] | |
Cost of disposal of goodwill | $ 1,132 |
Impairment of goodwill |
Goodwill - Summary of Change in
Goodwill - Summary of Change in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in goodwill [abstract] | ||
Goodwill Carrying amount, Beginning | $ 8,050 | $ 8,210 |
Impact of foreign exchange rate changes | 4 | (160) |
Goodwill Carrying amount, Ending | $ 8,054 | $ 8,050 |
Payables and Accrued Liabilit_3
Payables and Accrued Liabilities - Schedule of Payables and Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade accounts payable | $ 436 | $ 1,087 |
Salaries, employment taxes and benefits | 132 | 64 |
Accrued audit fees | 208 | 216 |
PIP study payables | 3 | 118 |
Accrued severance | 171 | 427 |
Accrued offering costs (note 21) | 480 | |
Other accrued liabilities | 267 | 236 |
Payables and accrued liabilities | $ 1,697 | $ 2,148 |
Provision for Restructuring a_3
Provision for Restructuring and Other Costs (Details Narrative) | Jun. 06, 2019Employee |
German Restructuring [Member] | |
Statement Line Items [Line Items] | |
Number of employees | 8 |
Provision for Restructuring a_4
Provision for Restructuring and Other Costs - Schedule of Provision for Restructuring and Other Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Beginning balance | $ 726 | |
Utilization of provision | (348) | |
Change in provision | 14 | |
Impact of foreign exchange rate changes | (7) | |
Ending balance | 385 | |
Less current portion | 107 | $ 418 |
Non-current portion | 278 | |
Cetrotide(R) Onerous Contracts [Member] | ||
Statement Line Items [Line Items] | ||
Beginning balance | 396 | |
Utilization of provision | (25) | |
Change in provision | 14 | |
Impact of foreign exchange rate changes | ||
Ending balance | 385 | |
Less current portion | 107 | |
Non-current portion | 278 | |
German Restructuring Severance [Member] | ||
Statement Line Items [Line Items] | ||
Beginning balance | 330 | |
Utilization of provision | (323) | |
Change in provision | ||
Impact of foreign exchange rate changes | (7) | |
Ending balance | ||
Less current portion | ||
Non-current portion |
Lease Liabilities (Details Narr
Lease Liabilities (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Lease liabilities [abstract] | |||||
Gain on modification of building lease | $ 34 | $ 34 | $ 219 |
Lease Liabilities - Schedule of
Lease Liabilities - Schedule of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Lease liabilities [abstract] | |||||
Balance - beginning of period | $ 903 | $ 1,522 | $ 1,522 | ||
Interest paid as charged to comprehensive income (loss) as other finance costs | (15) | (66) | |||
Payment against lease liabilities | $ (41) | $ (159) | (199) | $ (310) | (614) |
Modification of lease liability | (463) | ||||
Impact of foreign exchange rate changes | (4) | 61 | |||
Balance - end of period | 222 | 222 | 903 | ||
Current lease liabilities | 119 | 119 | 648 | ||
Non-current lease liabilities | $ 103 | $ 103 | $ 255 |
Warrant Liability (Details Narr
Warrant Liability (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jul. 07, 2020 | May 02, 2020 | Mar. 10, 2020 | Feb. 21, 2020 | Sep. 20, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Feb. 29, 2020 | Sep. 30, 2019 |
Statement Line Items [Line Items] | |||||||||||
Number of shares issued as direct offering | 3,478,261 | 4,988 | |||||||||
Purchase price of shares | $ 1.29 | $ 1.50 | |||||||||
Warrants Issued | 945,000 | 28,144 | 2,608,696 | ||||||||
Warrants exercise price | $ 4.70 | $ 1.07 | $ 1.20 | $ 1.65 | |||||||
Issuance of common shares and warrants | $ 314 | $ 4,500 | $ 314 | ||||||||
Number of stock sold during period | 3,325,000 | ||||||||||
Issuance of Common Shares and Warrants [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Issuance of common shares and warrants | $ 12,000 | ||||||||||
Unregistered Investor Warrants [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares issued as direct offering | 2,608,696 | 3,325,000 | |||||||||
Unregistered Placement Agent Warrants [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Number of shares issued as direct offering | 234,478 | ||||||||||
Placement Agent [Member] | |||||||||||
Statement Line Items [Line Items] | |||||||||||
Warrants Issued | 243,478 | ||||||||||
Warrants exercise price | $ 1.62 |
Warrant Liability - Schedule of
Warrant Liability - Schedule of Changes in Warrant Liability (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Current portion of warrant liability | $ 12 | $ 6 |
Long-term portion of warrant liability | 2,249 | |
Warrant Liability [Member] | ||
Statement Line Items [Line Items] | ||
Balance - beginning of period | 2,255 | 3,634 |
Issuance of warrants | 2,325 | 3,457 |
Warrants exercised during the period | (318) | |
Net gain on change in fair value of warrant liability | (331) | (4,518) |
Warrant liability reclassified to equity | (4,237) | |
Balance - end of period | 12 | 2,255 |
Current portion of warrant liability | 12 | 6 |
Long-term portion of warrant liability | $ 2,249 |
Warrant Liability - Summary of
Warrant Liability - Summary of Share Purchase Warrant Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | May 02, 2020 | Mar. 10, 2020 | Feb. 21, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | |||||
Warrants Outstanding, Beginning of period | |||||
Warrants Issued | 945,000 | 28,144 | 2,608,696 | ||
Warrants Reclassified to equity | $ 4,237 | ||||
Warrants Outstanding, End of period | 6,177,174 | ||||
Weighted Average Exercise Price, Beginning of period | |||||
Weighted Average Exercise Price, Reclassified to equity | 1.46 | ||||
Weighted Average Exercise Price, End of period | $ 1.46 | ||||
Warrant Liability [Member] | |||||
Statement Line Items [Line Items] | |||||
Warrants Outstanding, Beginning of period | 6,629,144 | 3,391,844 | |||
Warrants Exercised | (87,700) | ||||
Warrants Issued | 2,852,174 | 3,325,000 | |||
Warrants Reclassified to equity | $ (6,177,174) | ||||
Warrants Expired | (973,144) | ||||
Warrants Outstanding, End of period | 2,331,000 | 6,629,144 | |||
Weighted Average Exercise Price, Beginning of period | $ 4 | $ 6.23 | |||
Weighted Average Exercise Price, Exercised | 1.07 | ||||
Weighted Average Exercise Price, Issued | 1.24 | 1.65 | |||
Weighted Average Exercise Price, Reclassified to equity | 1.46 | ||||
Weighted Average Exercise Price, Expired | 4.60 | ||||
Weighted Average Exercise Price, End of period | $ 7.10 | $ 4 |
Warrant Liability - Summary o_2
Warrant Liability - Summary of Share Purchase Warrants Outstanding and Exercisable (Details) - $ / shares | Jun. 16, 2020 | Jun. 30, 2020 | |
December 2015 Warrants [Member] | |||
Statement Line Items [Line Items] | |||
Number of equivalent shares | 2,331,000 | ||
Market value per share price | $ 0.802 | ||
Weighted average exercise price | $ 7.10 | ||
Risk-free annual interest rate | [1] | 0.16% | |
Expected volatility | [2] | 133.70% | |
Expected life (years) | [3] | 5 months 16 days | |
Expected dividend yield | [4] | 0.00% | |
September 2019 Warrants [Member] | |||
Statement Line Items [Line Items] | |||
Number of equivalent shares | 3,325,000 | ||
Market value per share price | $ 0.96 | ||
Weighted average exercise price | $ 1.65 | ||
Risk-free annual interest rate | [1] | 0.30% | |
Expected volatility | [2] | 104.50% | |
Expected life (years) | [3] | 4 years 3 months 19 days | |
Expected dividend yield | [4] | 0.00% | |
February 2020 Investor Warrants [Member] | |||
Statement Line Items [Line Items] | |||
Number of equivalent shares | 2,608,696 | ||
Market value per share price | $ 0.96 | ||
Weighted average exercise price | $ 1.20 | ||
Risk-free annual interest rate | [1] | 0.36% | |
Expected volatility | [2] | 119.30% | |
Expected life (years) | [3] | 5 years 2 months 12 days | |
Expected dividend yield | [4] | 0.00% | |
February 2020 Broker Warrants [Member] | |||
Statement Line Items [Line Items] | |||
Number of equivalent shares | 243,478 | ||
Market value per share price | $ 0.96 | ||
Weighted average exercise price | $ 1.62 | ||
Risk-free annual interest rate | [1] | 0.32% | |
Expected volatility | [2] | 113.30% | |
Expected life (years) | [3] | 4 years 8 months 12 days | |
Expected dividend yield | [4] | 0.00% | |
[1] | Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. | ||
[2] | Based on the historical volatility of the Company's stock price over the most recent period consistent with the expected life of the warrants, as well as on future expectations. | ||
[3] | Based upon time to expiry from the reporting period date. | ||
[4] | The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. |
Employee Future Benefits (Detai
Employee Future Benefits (Details Narrative) - Pension Benefit Plans [Member] | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of defined benefit plans [line items] | ||
Pension liabilities decline rate | 10.35% | |
Discount rate | 1.80% | 1.10% |
Employee Future Benefits - Disc
Employee Future Benefits - Disclosure of Net Defined Benefit Liability (Asset) (Details) - Unfunded Plan One [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Balances - Beginning of the period | $ 13,788 | $ 13,205 |
Current service cost | 24 | 49 |
Interest cost | 75 | 241 |
Actuarial loss arising from changes in financial assumptions | 30 | 1,040 |
Benefits paid | (215) | (483) |
Impact of foreign exchange rate changes | (24) | (264) |
Balances - End of the period | 13,678 | 13,788 |
Amounts recognized in net income (loss) | (99) | (262) |
Amounts recognized in other comprehensive loss | (6) | (810) |
Pension Benefit Plans [Member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Balances - Beginning of the period | 13,705 | |
Current service cost | 23 | |
Interest cost | 75 | |
Actuarial loss arising from changes in financial assumptions | 30 | |
Benefits paid | (214) | |
Impact of foreign exchange rate changes | (24) | |
Balances - End of the period | 13,595 | 13,705 |
Amounts recognized in net income (loss) | (98) | |
Amounts recognized in other comprehensive loss | (6) | |
Other Benefit Plans [Member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Balances - Beginning of the period | 83 | |
Current service cost | 1 | |
Interest cost | ||
Actuarial loss arising from changes in financial assumptions | ||
Benefits paid | (1) | |
Impact of foreign exchange rate changes | ||
Balances - End of the period | 83 | $ 83 |
Amounts recognized in net income (loss) | (1) | |
Amounts recognized in other comprehensive loss |
Share and Other Capital (Detail
Share and Other Capital (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Jul. 07, 2020 | Feb. 21, 2020 | Sep. 20, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Statement Line Items [Line Items] | |||||||
Number of common shares issued | 3,478,261 | 4,988 | |||||
Transaction costs | $ 11 | $ 611 | |||||
Issuance of common shares and warrants | $ 314 | $ 4,500 | $ 314 | ||||
Deferred Stock Units DSU's [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of common shares issued | 111,300 | 111,300 | |||||
Warrant [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of common shares issued | 243,478 | ||||||
Exercise price | $ 1.62 | ||||||
Proceeds from issuing common shares | $ 2,326 | ||||||
Transaction costs | 600 | ||||||
Share Capital [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Proceeds from issuing common shares | 2,174 | ||||||
Transaction costs | $ 600 | ||||||
Issuance of Common Shares and Warrants [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Issuance of common shares and warrants | $ 12,000 | ||||||
Registered Direct Offering [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of common shares issued | 3,478,261 | ||||||
Share price | $ 1.29 | ||||||
Proceeds from issuing common shares | $ 4,500 | ||||||
Registered Direct Offering [Member] | Warrant [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of common shares issued | 2,608,696 | ||||||
Exercise price | $ 1.20 | ||||||
Proceeds from issuing common shares | $ 3,900 | ||||||
Warrant liability | $ 310 | ||||||
Securities Purchase Agreement [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of common shares issued | 3,325,000 | ||||||
Transaction costs | $ 786 | ||||||
Warrant liability | 550 | ||||||
Issuance of common shares and warrants | $ 4,988 | ||||||
Combined purchase price, description | The combined purchase price for one common share and one warrant was $1.50. | ||||||
Securities Purchase Agreement [Member] | Warrant [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of common shares issued | 3,325,000 | ||||||
Transaction costs | $ 795 | ||||||
Issuance of common shares and warrants | 3,457 | ||||||
Securities Purchase Agreement [Member] | Share Capital [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Transaction costs | 795 | ||||||
Issuance of common shares and warrants | $ 1,531 |
Share and Other Capital - Discl
Share and Other Capital - Disclosure of Change in Stock Options Issued (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020EmployeePeriod$ / shares | Dec. 31, 2019EmployeePeriod$ / shares | |
Employee Stock Option USD [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Balance - Beginning of the period, Number (in shares) | Employee | 741,116 | 727,816 |
Granted, Number (in shares) | Employee | 185,000 | |
Exercised, Number (in shares) | Employee | (64,850) | |
Canceled/Forfeited, Number (in shares) | Employee | (330,350) | (6,000) |
Expired, Number (in shares) | Employee | (84,366) | (100,850) |
Balance - End of the period, Number (in shares) | 326,400 | 741,116 |
Balance - Beginning of the period, Weighted average exercise price (in US and CAN dollars per share) | $ 3.61 | $ 4.07 |
Granted, Weighted average exercise price (in US and CAN dollars per share) | 1.07 | |
Exercised, Weighted average exercise price (in US and CAN dollars per share) | 2.75 | |
Canceled/Forfeited, Weighted average exercise price (in US and CAN dollars per share) | 2.14 | 13.39 |
Expired, Weighted average exercise price (in US and CAN dollars per share) | 15.51 | 2.24 |
Balance - End of the period, Weighted average exercise price (in US and CAN dollars per share) | $ 2.03 | $ 3.61 |
Deferred Stock Units DSU's [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Balance - Beginning of the period, Number (in shares) | Period | 212,000 | 161,000 |
Granted, Number (in shares) | Period | 120,000 | 150,000 |
Exercised, Number (in shares) | Period | (159,000) | (99,000) |
Canceled/Forfeited, Number (in shares) | Period | ||
Expired, Number (in shares) | Period | ||
Balance - End of the period, Number (in shares) | Period | 173,000 | 212,000 |
Employee Stock Option CAD [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Balance - Beginning of the period, Number (in shares) | Employee | 441 | 869 |
Granted, Number (in shares) | Period | ||
Exercised, Number (in shares) | Period | ||
Canceled/Forfeited, Number (in shares) | ||
Expired, Number (in shares) | (431) | (428) |
Balance - End of the period, Number (in shares) | 10 | 441 |
Balance - Beginning of the period, Weighted average exercise price (in US and CAN dollars per share) | $ 912 | $ 743.56 |
Granted, Weighted average exercise price (in US and CAN dollars per share) | ||
Exercised, Weighted average exercise price (in US and CAN dollars per share) | ||
Canceled/Forfeited, Weighted average exercise price (in US and CAN dollars per share) | ||
Expired, Weighted average exercise price (in US and CAN dollars per share) | 912 | 570 |
Balance - End of the period, Weighted average exercise price (in US and CAN dollars per share) | $ 912 | $ 912 |
Share and Other Capital - Sched
Share and Other Capital - Schedule of Warrants Activity Reclassified into Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Share And Other Capital | ||
Warrants Outstanding, Beginning of period | ||
Warrants Outstanding, Beginning of period, value | ||
Warrant liability reclassified to equity | 6,177,174 | |
Warrant liability reclassified to equity, value | $ 4,237 | |
Warrants Outstanding, End of period | 6,177,174 | |
Warrants Outstanding, End of period, value | $ 4,237 | |
Weighted Average Exercise Price, Beginning of period | ||
Weighted Average Exercise Price, Warrant liability reclassified to equity | 1.46 | |
Weighted Average Exercise Price, End of period | $ 1.46 |
Operating Expenses - Schedule o
Operating Expenses - Schedule of Operating Expenses (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Line Items [Line Items] | |||||
Cost of inventory used and services provided | $ 12 | $ 101 | $ 874 | $ 101 | |
Gain on modification of building lease (notes 6 and 10) | $ (34) | (34) | (219) | ||
Impairment of prepaid asset | 169 | ||||
Unfunded Plan One [Member] | Other Benefit Plans [Member] | |||||
Statement Line Items [Line Items] | |||||
Salaries and short-term employee benefits | 483 | 594 | |||
Consultant fees | 76 | 118 | |||
Share-based compensation costs | 127 | 681 | |||
Post-employment benefits | 27 | 18 | |||
Key management personnel compensation | 713 | 1,411 | |||
Salaries and short-term employee benefits | 491 | 1,042 | |||
Share-based compensation costs | (104) | 9 | |||
Post-employment benefits | 92 | 158 | |||
Other employees compensation | 479 | 1,209 | |||
Cost of inventory used and services provided | 874 | 101 | |||
Professional fees | 929 | 1,474 | |||
Restructuring costs | 773 | ||||
Consulting fees | 274 | 76 | |||
Insurance | 432 | 446 | |||
Third-party research and development | 74 | 307 | |||
Travel | 41 | 84 | |||
Marketing services | 29 | 2 | |||
Laboratory supplies | 28 | ||||
Other goods and services | 50 | 64 | |||
Leasing costs, net of sublease receipts of $107 (2019 - $58) | 62 | 176 | |||
Gain on modification of building lease (notes 6 and 10) | (219) | ||||
Impairment of right of use asset (note 6) | 401 | ||||
Impairment of prepaid asset | 197 | ||||
Depreciation and amortization | 14 | 19 | |||
Depreciation of right of use assets (note 6) | 132 | 117 | |||
Operating foreign exchange losses | (9) | 17 | |||
Total operating expenses | $ 3,875 | $ 6,902 |
Operating Expenses - Schedule_2
Operating Expenses - Schedule of Operating Expenses (Details) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Unfunded Plan One [Member] | Other Benefit Plans [Member] | ||
Statement Line Items [Line Items] | ||
Sublease | $ 107 | $ 58 |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information - Disclosure of Changes in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of cash flows [abstract] | ||||
Trade and other receivables | $ (149) | $ 133 | $ (156) | $ (196) |
Inventory | (8) | (191) | 828 | (496) |
Prepaid expenses and other current assets | (279) | (267) | 99 | (123) |
Payables and accrued liabilities | 41 | 502 | (451) | 247 |
Current portion of deferred revenues | 11 | (395) | ||
Employee future benefits (note 13) | (110) | (108) | (215) | (217) |
Increase (decrease) in operating assets and liabilities | $ (494) | $ 69 | $ (290) | $ (785) |
Financial Instruments and Fin_3
Financial Instruments and Financial Risk Management (Details Narrative) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($)Period$ / shares | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)Period | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Foreign exchange risk, description | The Company is exposed to foreign exchange risk due to its investments in foreign operations whose functional currency is the Euro. As at June 30, 2020, if the US dollar had increased or decreased by 10% against the Euro, with all variables held constant, net income for the six-month period ended June 30, 2020 would have been lower or higher by approximately $37 (2019 - $546). | ||
Foreign exchange risk exposure | $ 37 | $ 546 | |
Trade and Other Current Receivables [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade receivables, number of counterparties | Period | 5 | 4 | |
Trade and Other Current Receivables [Member] | Credit risk [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade accounts receivables | $ 121 | $ 265 | |
Trade and Other Current Receivables [Member] | Credit risk [Member] | Financial Assets Past Due but Not Impaired [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade accounts receivables | $ 60 | $ 55 | |
Trade and Warrant Liability [Member] | Equity Price Risk [Member] | Bottom of range [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Common stock, share price | $ / shares | $ 1.44 | ||
Trade and Warrant Liability [Member] | Equity Price Risk [Member] | Top of range [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Common stock, share price | $ / shares | $ 0.42 |
Financial Instruments and Fin_4
Financial Instruments and Financial Risk Management - Disclosure of Fair Value Measurement of Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | $ 5,420 | $ 3,300 |
Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 12 | 2,255 |
Financial Liabilities At Amortised Cost Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 1,919 | 3,051 |
Payables and Accrued Liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 1,697 | 2,148 |
Warrant Liability [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 12 | 2,255 |
Lease Liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 222 | 903 |
Lease Liabilities [Member] | Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Lease Liabilities [Member] | Financial Liabilities At Amortised Cost Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 222 | 903 |
Payables and Accrued Liabilities [Member] | Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Payables and Accrued Liabilities [Member] | Financial Liabilities At Amortised Cost Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 1,697 | 2,148 |
Warrant Liability [Member] | Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 12 | 2,255 |
Warrant Liability [Member] | Financial Liabilities At Amortised Cost Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Cash and Cash Equivalents [Member] | Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Cash and Cash Equivalents [Member] | Financial Liabilities At Amortised Cost Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Trade and Other Receivables [Member] | Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Trade and Other Receivables [Member] | Financial Liabilities At Amortised Cost Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Restricted Cash Equivalents [Member] | Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Restricted Cash Equivalents [Member] | Financial Liabilities At Amortised Cost Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Financial Assets At Amortised Cost Category [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 7,351 | 8,606 |
Financial Assets At Amortised Cost Category [Member] | Lease Liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Financial Assets At Amortised Cost Category [Member] | Payables and Accrued Liabilities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Financial Assets At Amortised Cost Category [Member] | Warrant Liability [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | ||
Financial Assets At Amortised Cost Category [Member] | Cash and Cash Equivalents [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 6,743 | 7,838 |
Financial Assets At Amortised Cost Category [Member] | Trade and Other Receivables [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 295 | 404 |
Financial Assets At Amortised Cost Category [Member] | Restricted Cash Equivalents [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 313 | 364 |
Cash and Cash Equivalents [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 6,743 | 7,838 |
Trade and Other Receivables [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 295 | 404 |
Restricted Cash [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | $ 313 | |
Restricted Cash Equivalents [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | $ 364 |
Segment Information (Details Na
Segment Information (Details Narrative) | 6 Months Ended |
Jun. 30, 2020Employee | |
Segment Information | |
Number of operating segments | 1 |
Net (Loss) Income Per Share - S
Net (Loss) Income Per Share - Summary of Pertinent Data Relating to Computation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings per share [line items] | ||||
Net (loss) income | $ (3,450) | $ 206 | $ (2,671) | $ (4,705) |
Basic weighted average number of shares outstanding (in shares) | 23,515,579 | 16,622,415 | 22,519,497 | 16,532,090 |
Net (loss) income per share (basic) | $ (0.15) | $ 0.01 | $ (0.12) | $ (0.28) |
Diluted weighted average number of shares outstanding (in shares) | 23,515,579 | 17,260,016 | 22,519,497 | 16,532,090 |
Net (loss) income per share (diluted) | $ (0.15) | $ 0.01 | $ (0.12) | $ (0.28) |
Stock Options [Member] | ||||
Earnings per share [line items] | ||||
Diluted weighted average number of shares outstanding (in shares) | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 326,410 | 161,021 | 326,410 | 641,021 |
Share Purchase Warrants [Member] | ||||
Earnings per share [line items] | ||||
Diluted weighted average number of shares outstanding (in shares) | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 8,508,174 | 3,276,000 | 8,508,174 | 3,296,008 |
Deferred Share Units [Member] | ||||
Earnings per share [line items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 173,000 | 150,000 | 173,000 | 288,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) $ in Thousands | Mar. 09, 2020USD ($) |
Commitments And Contingencies | |
Payments for legal settlements | $ 6,500 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Expected Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Statement Line Items [Line Items] | |
Total | $ 922 |
Less Than 1 Year [Member] | |
Statement Line Items [Line Items] | |
Service and manufacturing | 910 |
1 - 3 Years [Member] | |
Statement Line Items [Line Items] | |
Service and manufacturing | 5 |
4 - 5 Years [Member] | |
Statement Line Items [Line Items] | |
Service and manufacturing | 5 |
More than 5 Years [Member] | |
Statement Line Items [Line Items] | |
Service and manufacturing | $ 2 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Aug. 03, 2020 | Jul. 07, 2020 | May 02, 2020 | Mar. 10, 2020 | Feb. 21, 2020 | Sep. 20, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||||||||||||||
Number of shares issued as direct offering | 3,478,261 | 4,988 | ||||||||||||
Gross proceeds from Issuance of common shares and warrants | $ 314 | $ 4,500 | $ 314 | |||||||||||
Warrants Issued | 945,000 | 28,144 | 2,608,696 | |||||||||||
Warrants exercise price | $ 4.70 | $ 1.07 | $ 1.20 | $ 1.65 | ||||||||||
Stockholders equity | $ 931 | $ (3,028) | $ 931 | $ (3,028) | $ 1,687 | $ (2,463) | $ (3,560) | $ 1,907 | ||||||
Placement Agent [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Warrants Issued | 243,478 | |||||||||||||
Warrants exercise price | $ 1.62 | |||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Number of shares issued as direct offering | 3,325,000 | |||||||||||||
Gross proceeds from Issuance of common shares and warrants | $ 4,988 | |||||||||||||
Non-adjusting events after reporting period [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Number of shares issued as direct offering | 26,666,666 | |||||||||||||
Share price | $ 0.45 | |||||||||||||
Gross proceeds from Issuance of common shares and warrants | $ 12,000 | |||||||||||||
Placement agent fees and other offering expenses | 1,500 | |||||||||||||
Accrued stock issuance cost | 480 | |||||||||||||
Stockholders equity | $ 2,500 | |||||||||||||
Non-adjusting events after reporting period [Member] | Securities Purchase Agreement [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Number of shares issued as direct offering | 12,427,876 | |||||||||||||
Share price | $ 0.56325 | |||||||||||||
Gross proceeds from Issuance of common shares and warrants | $ 7,000 | |||||||||||||
Non-adjusting events after reporting period [Member] | Warrant [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Warrants Issued | 26,666,666 | |||||||||||||
Warrants exercise price | $ 0.45 | |||||||||||||
Warrants expiry date | Jul. 7, 2025 | |||||||||||||
Non-adjusting events after reporting period [Member] | Placement Agent Warrants [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Warrants Issued | 1,866,667 | |||||||||||||
Warrants exercise price | $ 0.5625 | |||||||||||||
Warrants expiry date | Jul. 1, 2025 | |||||||||||||
Non-adjusting events after reporting period [Member] | Unregistered Warrants [Member] | Securities Purchase Agreement [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Warrants Issued | 9,320,907 | |||||||||||||
Warrants exercise price | $ 0.47 | |||||||||||||
Non-adjusting events after reporting period [Member] | Unregistered Warrants [Member] | Securities Purchase Agreement [Member] | Placement Agent [Member] | ||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||
Warrants Issued | 869,952 | |||||||||||||
Warrants exercise price | $ 0.7040625 | |||||||||||||
Warrants expiry date | Aug. 3, 2025 |