Cover
Cover | 9 Months Ended |
Sep. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2021 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-38064 |
Entity Registrant Name | Aeterna Zentaris Inc. |
Entity Central Index Key | 0001113423 |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 68,002 | $ 24,271 |
Trade and other receivables (note 5) | 910 | 1,681 |
Inventory | 57 | 21 |
Prepaid expenses and other current assets (note 6) | 3,431 | 1,913 |
Total current assets | 72,400 | 27,886 |
Restricted cash equivalents | 342 | 338 |
Right of use assets | 185 | 157 |
Property, plant and equipment | 40 | 22 |
Identifiable intangible assets | 642 | 59 |
Other assets | 107 | |
Goodwill | 8,326 | 8,815 |
Total Assets | 82,042 | 37,277 |
Current liabilities | ||
Payables and accrued liabilities (note 7) | 2,113 | 2,199 |
Current portion of provisions (note 8) | 81 | 92 |
Income taxes | 373 | 395 |
Current portion of deferred revenues | 2,075 | 2,193 |
Current portion of lease liabilities | 135 | 135 |
Total current liabilities | 4,777 | 5,014 |
Deferred revenues | 2,791 | 3,289 |
Lease liabilities | 65 | 49 |
Employee future benefits (note 9) | 14,215 | 15,435 |
Provisions (note 8) | 268 | 279 |
Total liabilities | 22,116 | 24,066 |
SHAREHOLDERS’ EQUITY | ||
Share capital (note 10) | 293,347 | 235,008 |
Warrants (note 10) | 5,103 | 12,402 |
Other capital (note 10) | 89,769 | 89,505 |
Deficit | (327,708) | (322,659) |
Accumulated other comprehensive loss (“AOCI”) | (585) | (1,045) |
Total shareholders’ equity | 59,926 | 13,211 |
Total liabilities and shareholders’ equity | $ 82,042 | $ 37,277 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Issued capital [member] | Warrants [Member] | Other equity interest [member] | Retained earnings [member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance - January 1, 2020 at Dec. 31, 2019 | $ 224,528 | $ 89,806 | $ (316,891) | $ 94 | $ (2,463) | |
Balance, shares at Dec. 31, 2019 | 19,994,510,000 | |||||
IfrsStatementLineItems [Line Items] | ||||||
Net loss | (3,807) | (3,807) | ||||
Foreign currency translation adjustments | (482) | (482) | ||||
Actuarial loss on defined benefit plans | (665) | (665) | ||||
Comprehensive loss | (4,472) | (482) | (4,954) | |||
Reclassification of warrants upon registration | 7,377 | 7,377 | ||||
Issuance of common shares and warrants, net of transaction costs | $ 10,480 | 5,025 | (362) | 15,143 | ||
Issuance of common shares and warrants, net of transaction costs, shares | 42,684,103 | |||||
Share-based compensation costs | 45 | 45 | ||||
Balance – September 30, 2020 at Sep. 30, 2020 | $ 235,008 | 12,402 | 89,489 | (321,363) | (388) | 15,148 |
Balance, shares at Sep. 30, 2020 | 62,678,613 | |||||
Balance - January 1, 2020 at Dec. 31, 2020 | $ 235,008 | 12,402 | 89,505 | (322,659) | (1,045) | 13,211 |
Balance, shares at Dec. 31, 2020 | 62,678,613 | |||||
IfrsStatementLineItems [Line Items] | ||||||
Net loss | (5,182) | (5,182) | ||||
Foreign currency translation adjustments | 460 | 460 | ||||
Actuarial loss on defined benefit plans | 133 | 133 | ||||
Comprehensive loss | (5,049) | 460 | (4,589) | |||
Issuance of common shares and warrants, net of transaction costs | $ 29,081 | 1,897 | 30,978 | |||
Issuance of common shares and warrants, net of transaction costs, shares | 23,586,207 | |||||
Exercise of warrants (note 10) | $ 29,770 | (9,728) | 20,042 | |||
Exercise of warrants (note 10), shares | 35,011,187 | |||||
Transfer of warrant issuance costs upon 2021 exercise of warrants (note 10) | $ (532) | 532 | ||||
Exercise of deferred share units (note 10) | $ 20 | (28) | (8) | |||
Exercise of deferred share units (note 10), shares | 21,000 | |||||
Share-based compensation costs | 292 | 292 | ||||
Balance – September 30, 2020 at Sep. 30, 2021 | $ 293,347 | $ 5,103 | $ 89,769 | $ (327,708) | $ (585) | $ 59,926 |
Balance, shares at Sep. 30, 2021 | 121,297,007 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues (note 4) | ||||
Royalty income | $ 20 | $ 23 | $ 47 | $ 47 |
Product sales | 1,016 | |||
Supply chain | 55 | 87 | 139 | 168 |
Licensing revenue | 527 | 18 | 1,601 | 55 |
Total revenues | 602 | 128 | 1,787 | 1,286 |
Operating expenses | ||||
Cost of sales | 31 | 33 | 72 | 907 |
Research and development expenses | 801 | 372 | 1,902 | 880 |
General and administrative expenses | 1,228 | 1,180 | 4,137 | 3,445 |
Selling expenses | 360 | 283 | 924 | 730 |
Gain on modification of building lease | (219) | |||
Total operating expenses (note 11) | 2,420 | 1,868 | 7,035 | 5,743 |
Loss from operations | (1,818) | (1,740) | (5,248) | (4,457) |
Gain (loss) due to changes in foreign currency exchange rates | 124 | 211 | (42) | 237 |
Change in fair value of warrant liability | 816 | 1,147 | ||
Other finance costs | (4) | (423) | (21) | (734) |
Net finance income (costs) | 120 | 604 | (63) | 650 |
Loss before income taxes | (1,698) | (1,136) | (5,311) | (3,807) |
Income tax recovery | 129 | |||
Net loss | (1,698) | (1,136) | (5,182) | (3,807) |
Items that may be reclassified subsequently to profit or loss: | ||||
Foreign currency translation adjustments | 39 | (483) | 460 | (482) |
Items that will not be reclassified to profit or loss: | ||||
Actuarial gain (loss) on defined benefit plans (note 9) | 219 | (635) | 133 | (665) |
Comprehensive loss | $ (1,440) | $ (2,254) | $ (4,589) | $ (4,954) |
Net loss per share [basic and diluted] | $ (0.01) | $ (0.02) | $ (0.05) | $ (0.11) |
Weighted average number of shares outstanding (note 14): | ||||
Basic | 121,297,007 | 56,211,486 | 112,743,285 | 33,832,136 |
Diluted | 121,297,007 | 56,211,486 | 112,743,285 | 33,832,136 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||||
Net loss for the period | $ (1,698) | $ (1,136) | $ (5,182) | $ (3,807) |
Items not affecting cash and cash equivalents: | ||||
Change in fair value of warrant liability | (816) | (1,147) | ||
Transaction costs of warrants issued and expensed as finance cost | 422 | 732 | ||
Change in provision (note 8) | 19 | (11) | 39 | (359) |
Depreciation and amortization | 33 | 42 | 105 | 188 |
Gain on modification of building lease | (219) | |||
Share-based compensation costs | 19 | 68 | 292 | 45 |
Employee future benefits (note 9) | 50 | 58 | 149 | 157 |
Amortization of deferred revenues | (527) | (18) | (1,601) | (55) |
Foreign exchange on items denominated in foreign currencies | (111) | (263) | 101 | (295) |
Gain on disposal of property, plant and equipment | (1) | (2) | ||
Other non-cash items | 66 | 2 | (19) | 9 |
Interest accretion on lease liabilities | 2 | (2) | 5 | (17) |
Payment of income taxes | (426) | (2,067) | (1,448) | |
Other asset | (25) | (107) | ||
Changes in operating assets and liabilities (note 12) | 1,110 | (139) | 2,118 | (429) |
Net cash used in operating activities | (1,488) | (1,793) | (6,168) | (6,647) |
Cash flows from financing activities | ||||
Issuance of common shares (note 10) | 34,200 | |||
Issuance of common shares and warrants (note 10) | 19,000 | 23,500 | ||
Transaction costs (note 10) | (2,158) | (3,221) | (2,767) | |
Proceeds from exercise of warrants (note 10) | 20,042 | |||
Payments on lease liabilities | (31) | (49) | (95) | (248) |
Net cash provided by (used in) financing activities | (31) | 16,793 | 50,926 | 20,485 |
Cash flows from investing activities | ||||
Proceeds from disposal of property, plant and equipment | 1 | 6 | ||
Purchase of intangible assets | (490) | |||
Purchase of property and equipment | (5) | (25) | ||
Change in restricted cash equivalents | (20) | (20) | 50 | |
Net cash (used in) provided by investing activities | (25) | (534) | 56 | |
Effect of exchange rate changes on cash and cash equivalents | (322) | 3 | (493) | 14 |
Net change in cash and cash equivalents | (1,866) | 15,003 | 43,731 | 13,908 |
Cash and cash equivalents – Beginning of period | 69,868 | 6,743 | 24,271 | 7,838 |
Cash and cash equivalents – End of period | $ 68,002 | $ 21,746 | $ 68,002 | $ 21,746 |
Business overview
Business overview | 9 Months Ended |
Sep. 30, 2021 | |
Business overview | 1. Business overview Summary of business Aeterna Zentaris (the “Company” or “Aeterna”) is a specialty biopharmaceutical company commercializing and developing therapeutics and diagnostic tests. The Company’s lead product, Macrilen™ (macimorelin), is the first and only U.S. Food and Drug Administration (“FDA”) and European Commission approved oral test indicated for the diagnosis of patients with adult growth hormone deficiency (“AGHD”). Macimorelin is currently marketed in the U.S. under the tradename Macrilen™ through the license agreement and the amended license agreement (collectively the “Novo Amended License Agreement”) with Novo Nordisk Health Care AG (“Novo Nordisk” or “Novo”) where Aeterna Zentaris receives royalties on net sales. Macimorelin will be marketed in Europe and the United Kingdom through a license agreement with Consilient Health Ltd. (“Consilient Health”) and Aeterna Zentaris will receive royalties on net sales and other potential payments. The Company is conducting the Phase 3 study (“DETECT” trial) for macimorelin in the U.S. and Europe for the diagnosis of childhood-onset growth hormone deficiency (“CGHD”) in collaboration with Novo Nordisk. Novo Nordisk is paying 100% of costs up to € 9,000 (approximately $ 10,700 ) and includes reimbursement of Aeterna’s budgeted internal labor costs and any additional external jointly approved DETECT trial costs incurred over € 9,000 (approximately $ 10,700 ) will be shared equally between Novo Nordisk and Aeterna. The Company is actively pursuing business development opportunities for the commercialization of macimorelin in Asia and the rest of the world. In addition, the Company is pursuing innovative development candidates in different indications with a focus on rare or orphan indications and potential for pediatric use. COVID-19 impact In 2020, the COVID-19 pandemic began causing significant financial market declines and social dislocation and, to date, the Company has not experienced significant business disruption from COVID-19. The situation is dynamic with various cities and countries around the world are 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. Management will continue to monitor and assess the impact of the pandemic on its judgments, estimates, accounting policies and amounts recognized in these consolidated financial statements. As at September 30, 2021, the Company assessed the possible impacts of COVID-19 on its financial results. The Company has considered any impairment indicators on its financial assets, property, plant and equipment, intangible assets, and goodwill and considered no changes from the carrying amount were required in the reporting period. NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2021 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (amounts in thousands of US dollars, except share/option/warrant and per share/option/warrant data and as otherwise noted) (Unaudited) 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, 2020. The accounting policies in these condensed interim consolidated financial statements are consistent with those presented in the Company’s annual consolidated financial statements. These unaudited condensed interim consolidated financial statements were approved by the Board of Directors (the “Board”) on November 4, 2021. |
Critical accounting estimates a
Critical accounting estimates and judgements | 9 Months Ended |
Sep. 30, 2021 | |
Critical accounting estimates and judgements | 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 applicable to interim financial statements. Any changes in the judgments or assumptions applied to account for the Novo Amended License Agreement could result in a significant impact on the Company’s revenue and deferred revenue. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. 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, 2020 and 2019 and for the years then ended except for the following: Intangible assets Separately acquired intangible assets are recognized at the price paid in cash, less amortization and impairments. All intangible assets are tested for impairment when there are indications that the carrying value may not be recoverable, or, at a minimum, annually. The recoverable amount is determined as the higher of value in use or fair value less costs to sell using a discounted cash flow calculation, where the products’ expected cash flows are risk-adjusted over their estimated remaining useful economic life. Any impairment losses are recognized immediately in the consolidated statements of comprehensive (loss) income. Intangible assets relating to products which fail during development (or for which development ceases for other reasons) are also tested for impairment and are written down to their recoverable amount (which is usually nil). If, subsequent to an impairment loss being recognized, development restarts or other facts and circumstances change indicating that the impairment is less or no longer exists, the value of the asset is re-estimated and its carrying value is increased to the recoverable amount, but not exceeding the original value, by recognizing an impairment reversal in the consolidated statements of comprehensive (loss) income. Amortization of such intangible assets begins once such assets are ready for their intended use. NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2021 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (amounts in thousands of US dollars, except share/option/warrant and per share/option/warrant data and as otherwise noted) (Unaudited) Contingent payments The Company accounts for contingent variable payments for separately acquired intangible assets with the cost accumulation approach. Contingent consideration is not considered on initial recognition of the asset but is added to the cost of the asset initially recorded, when incurred. 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. |
Recent accounting pronouncement
Recent accounting pronouncements issued but not yet effective | 9 Months Ended |
Sep. 30, 2021 | |
Recent accounting pronouncements issued but not yet effective | 3. Recent accounting pronouncements issued but not yet effective The recent accounting pronouncements issued but not yet effective included in note 4 to the Company’s annual audited consolidated financial statements as at December 31, 2020 are unchanged. |
License, supply and distributio
License, supply and distribution arrangements | 9 Months Ended |
Sep. 30, 2021 | |
License, supply and distribution arrangements | 4. License, supply and distribution arrangements (a) License Agreement for U.S. and Canada Royalty income earned under the agreement with Novo Nordisk agreement for the three-month period ended September 30, 2021 was $ 20 23 577 14 Royalty income earned under the agreement with Novo Nordisk agreement for the nine-month period ended September 30, 2021 was $ 47 (2020 - $ 47 ) and during the nine-month period ended September 30, 2021, the Company invoiced Novo Nordisk $ 3,901 for the DETECT trial costs (2020 - $ 324 ), which is recorded as a reduction in research and development expenses. For the three-month period ended September 30, 2021, the Company invoiced $ 44 44 (2020 68 69 139 139 (2020 153 150 (b) License agreement for the European Union and the United Kingdom On December 7, 2020, the Company entered into an exclusive licensing and supply agreements with Consilient Health Ltd. (“CH” or “Consilient Health”) for the commercialization in the European Union and the United Kingdom of macimorelin in any diagnostic application. As per the agreement terms, the Company received a cash payment of € 1 1,207 NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2021 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (amounts in thousands of US dollars, except share/option/warrant and per share/option/warrant data and as otherwise noted) (Unaudited) |
Trade and other receivables
Trade and other receivables | 9 Months Ended |
Sep. 30, 2021 | |
Trade and other receivables | 5. Trade and other receivables Schedule of Trade and Other Receivables September 30, December 31, $ $ Trade accounts receivable (net of expected credit losses of $ 55 55 459 1,190 Value added tax and income tax receivable 428 468 Other 23 23 Trade and other receivables 910 1,681 |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 9 Months Ended |
Sep. 30, 2021 | |
Prepaid expenses and other current assets | 6. Prepaid expenses and other current assets Prepaid Expenses and Other Current Assets September 30, December 31, 2020 $ $ Prepaid insurance 433 1,021 Prepaid income taxes 2,942 873 Other 56 19 Prepaid expenses and other current assets 3,431 1,913 |
Payables and accrued liabilitie
Payables and accrued liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Payables and accrued liabilities | 7. Payables and accrued liabilities Schedule of Payables and Accrued Liabilities September 30, December 31, $ $ Trade accounts payable 672 1,187 Salaries, employment taxes and benefits 102 474 Accrued audit fees 144 144 Accrued research and development costs 843 23 Other accrued liabilities 352 371 Payables and accrued liabilities 2,113 2,199 NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2021 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (amounts in thousands of US dollars, except share/option/warrant and per share/option/warrant data and as otherwise noted) (Unaudited) |
Provisions
Provisions | 9 Months Ended |
Sep. 30, 2021 | |
Provisions | 8. Provisions The changes in the Company’s provisions for onerous contracts can be summarized as follows: Schedule of Changes in Provisions for Onerous Contracts Cetrotide (R) $ Balance – January 1, 2021 371 Utilization of provisions (42 ) Change in provisions 39 Impact of foreign exchange rate changes (19 ) Balance – September 30, 2021 349 Less current portion 81 Non-current portion 268 |
Employee future benefits
Employee future benefits | 9 Months Ended |
Sep. 30, 2021 | |
Employee future benefits | 9. Employee future benefits The Company sponsors pension plans in Germany (The Aeterna Zentaris GmbH Pension Plan). The change in the Company’s accrued benefit obligations is summarized as follows: Disclosure of Net Defined Benefit Liability (Asset) Nine months ended Year ended December 31, 2020 Pension benefit plans Other benefit plans Total Total $ $ $ $ Balances – Beginning of the period 15,341 94 15,435 13,788 Current service cost 46 3 49 54 Interest cost 67 — 67 163 Actuarial (gain) loss arising from changes in financial assumptions (133 ) — (133 ) 651 Benefits paid (342 ) (2 ) (344 ) (532 ) Impact of foreign exchange rate changes (854 ) (5 ) (859 ) 1,311 Balances – End of the period 14,125 90 14,215 15,435 Amounts recognized: In net loss 113 3 116 (218 ) In other comprehensive loss (987 ) (5 ) (992 ) (1,961 ) The calculation of the pension benefit obligation is sensitive to the discount rate assumption. Discount rates were 0.6% at December 31, 2020 and 1.1% at September 30, 2021 NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2021 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (amounts in thousands of US dollars, except share/option/warrant and per share/option/warrant data and as otherwise noted) (Unaudited) |
Share capital, warrants and oth
Share capital, warrants and other capital | 9 Months Ended |
Sep. 30, 2021 | |
Share capital, warrants and other capital | 10. Share capital, warrants 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. 2021 During the second quarter of 2021, a director who was no longer on the Company’s Board redeemed his DSUs in full whereby 21,000 common shares were issued. On February 19, 2021, the Company closed a public offering of 20,509,746 1.45 29,739 2,837 3,076,461 1,435,682 1.8125 26,902 3,076,461 4,461 384 215,352 1.8125 4,077 34,200 3,221 1,897 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 these Placement agent warrants: Schedule of Fair Value of Warrants Assumptions 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) February 2021 Placement agent warrants – public offering 1,435,682 1.48 1.8125 0.58734 % 119.18 % 4.99 0.00 % February 2021 Placement agent warrants – Underwriter Option 215,352 1.48 1.8125 0.58544 % 119.57 % 4.98 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. NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2021 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (amounts in thousands of US dollars, except share/option/warrant and per share/option/warrant data and as otherwise noted) (Unaudited) (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. (iii) Based upon time to expiry from the issuance date. (iv) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. During the nine-month period ended September 30, 2021, holders exercised warrants as follows: Summary of Warrants Exercise Transactions Number Exercised Exercise Price Cash Receipts September 2019 Investor warrants 2,000,000 $ 1.65 $ 3,300,000 February 2020 Investor warrants 1,739,130 $ 1.20 $ 2,086,956 July 2020 Investor warrants 20,945,555 $ 0.45 $ 9,425,500 July 2020 Placement Agent warrants 1,866,667 $ 0.5625 $ 1,050,000 August 2020 Investor warrants 7,589,883 $ 0.47 $ 3,567,245 August 2020 Placement Agent warrants 869,952 $ 0.7040625 $ 612,501 35,011,187 $ 20,042,202 2020 On February 21, 2020, the Company closed a registered direct offering for 3,478,261 1.29 2,608,696 1.20 243,478 1.62 3,900 4,500 2,325 2,175 600 310 On July 7, 2020, the Company closed a public offering of 26,666,666 0.45 10,596 26,666,666 26,666,666 0.45 July 7, 2025 1,866,667 0.5625 July 1, 2025 Because the warrants were classified as equity, the gross proceeds of $ 12,000 6,308 5,691 1,420 NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2021 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (amounts in thousands of US dollars, except share/option/warrant and per share/option/warrant data and as otherwise noted) (Unaudited) On August 5, 2020, the Company closed a securities purchase agreement with several institutional investors in the United States providing for the sale and issuance of 12,427,876 0.56325 7,000 9,320,907 0.47 869,952 0.7040625 August 3, 2025 Warrants Schedule of Warrants Activity Reclassified into Equity Weighted average exercise price Number (US$) $ Balance – January 1, 2020 — — — Warrant liability reclassified to equity 16,368,033 0.8556 7,377 Warrants issued as equity, net (July 2020) 28,533,333 0.4574 5,025 Balance – December 31, 2020 44,901,366 0.6025 12,402 Warrants granted 1,651,034 1.8125 1,897 Warrants exercised (35,011,187 ) 0.5725 (9,728 ) Allocation of transaction costs to share capital — — 532 533 Balance – September 30, 2021 11,541,213 0.8668 5,103 During the second quarter of 2021, due to the 2021 exercise of certain of the July 2020 issued Investor and Placement Agent warrants, the Company transferred to share capital $ 532 666 Other capital Disclosure of Change in Stock Options Issued Nine months ended September 30, 2021 US$ Stock options Weighted average exercise price DSUs (Number) (US$) (Number) Balance – January 1, 2021 506,400 1.44 173,000 Granted — — 280,000 Exercised) — — (30,000 ) Balance – September 30, 2021 506,400 1.44 423,000 NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2021 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (amounts in thousands of US dollars, except share/option/warrant and per share/option/warrant data and as otherwise noted) (Unaudited) |
Operating expenses
Operating expenses | 9 Months Ended |
Sep. 30, 2021 | |
Operating expenses | 11. Operating expenses The nature of the Company’s operating expenses from operations include the following: Schedule of Operating Expenses Nine months ended September 30, 2021 2020 $ $ Key management personnel: Salaries and short-term employee benefits 968 834 Consultant fees 125 137 Share-based compensation costs 278 143 Post-employment benefits including defined contribution plan benefits of $ 23 15 38 41 Key management personnel compensation 1,409 1,155 Other employees: Salaries and short-term employee benefits 734 837 Post-employment benefits including defined contribution plan benefits of $ 13 16 114 141 Share-based compensation costs 14 (98 ) Other employees compensation 862 880 Cost of inventory used and services provided 72 907 Professional fees 2,053 1,380 Consulting fees 397 419 Insurance 661 645 Third-party research and development 838 175 Travel 57 51 Marketing services 212 32 Laboratory supplies 96 24 Other goods and services 115 72 Leasing costs 92 104 Gain on modification of building lease — (219 ) Depreciation and amortization 105 178 Operating foreign exchange losses (gains) 66 (60 ) Total operating expenses (note 11) 7,035 5,743 NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2021 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (amounts in thousands of US dollars, except share/option/warrant and per share/option/warrant data and as otherwise noted) (Unaudited) |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental disclosure of cash flow information | 12. Supplemental disclosure of cash flow information Disclosure of Changes in Operating Assets and Liabilities Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 $ $ $ $ Changes in operating assets and liabilities: Trade and other receivables 563 (27 ) 666 (183 ) Inventory — 4 (39 ) 832 Prepaid expenses and other current assets 233 754 548 853 Payables and accrued liabilities 298 (770 ) (17 ) (1,221 ) Taxes payable — — (129 ) — Deferred revenues 84 23 1,314 (372 ) Employee future benefits (68 ) (123 ) (225 ) (338 ) Changes in operating assets and liabilities 1,110 (139 ) 2,118 (429 ) |
Segment information
Segment information | 9 Months Ended |
Sep. 30, 2021 | |
Segment information | 13. Segment information The Company operates in a single |
Net loss per share
Net loss per share | 9 Months Ended |
Sep. 30, 2021 | |
Net loss per share | 14. Net loss 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. Summary of Pertinent Data Relating to Computation of Basic and Diluted Net (Loss) Income Per Share Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 $ $ $ $ Net loss (1,698 ) (1,136 ) (5,182 ) (3,807 ) Basic weighted average number of shares outstanding 121,297,007 56,211,486 112,743,285 33,832,136 Net loss income per share (basic) (0.01 ) (0.02 ) (0.05 ) (0.11 ) Dilutive effect of stock options and DSUs — — — — Dilutive effect of warrants — — — — Diluted weighted average number of shares outstanding 121,297,007 56,211,486 112,743,285 33,832,136 Net loss per share (diluted) (0.01 ) (0.02 ) (0.05 ) (0.11 ) 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 and DSUs 929,400 499,410 929,400 499,410 Warrants 11,541,213 47,232,366 11,541,213 47,232,366 NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2021 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (amounts in thousands of US dollars, except share/option/warrant and per share/option/warrant data and as otherwise noted) (Unaudited) Net loss per share is calculated by dividing net loss 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 warrants. In periods with reported net losses, all stock options and 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 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 | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies | 15. Commitments and Contingencies Schedule of Expected Future Minimum Lease Payments Service and manufacturing R&D contracts TOTAL $ $ $ Less than 1 year 900 2,273 3,173 1 - 3 years 600 1,514 2,114 4 - 5 years — 125 125 More than 5 years — — — Total 1,500 3,912 5,412 During 2021, the Company has executed various agreements including in-licensing and similar arrangements with development partners. Such agreements may require the Company to make payments on achievement of stages of development, launch or revenue milestones, although the Company generally has the right to terminate these agreements at no penalty. The Company recognizes research and development milestones as an intangible asset once it is committed to the payment, which is generally when the Company reaches a set point in the development cycle. Based on the closing exchange rates, the Company expects to pay $ 3,912 3,189 158 9,117 6,525 1,150 33,695 27,600 1,250 Schedule of R&D and Revenue Related Milestone Payments Future potential R&D milestone payments Future potential revenue milestone payments TOTAL $ $ $ Less than 1 year 29 — 29 1 - 3 years — — — 4 - 5 years 1,063 — 1,063 More than 5 years 8,025 33,695 41,720 Total 9,117 33,695 42,812 The table excludes any payments already capitalized in the condensed interim consolidated statements of financial position. The future payments that are disclosed represent contract payments and are not discounted and are not risk-adjusted. The development of any pharmaceutical product candidates is a complex and risky process that may fail at any stage in the development process due to a number of factors. The timing of the payments is based on the Company’s current best estimate of achievement of the relevant milestone. 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. On March 9, 2020, the Company settled the previously disclosed class-action lawsuit against it pending in the U.S. District Court for the District of New Jersey. This settlement was approved by the U.S. District Court for the District of New Jersey on June 3, 2021. The settlement payment was funded entirely by the Company’s insurers. As no appeals were filed within the 30-day appeal period, this matter is fully and finally settled. |
Subsequent event
Subsequent event | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent event | 16. Subsequent event On October 1, 2021, the Company received notice of exercise of 100,000 0.45 100,000 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Trade and Other Receivables | Schedule of Trade and Other Receivables September 30, December 31, $ $ Trade accounts receivable (net of expected credit losses of $ 55 55 459 1,190 Value added tax and income tax receivable 428 468 Other 23 23 Trade and other receivables 910 1,681 |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets September 30, December 31, 2020 $ $ Prepaid insurance 433 1,021 Prepaid income taxes 2,942 873 Other 56 19 Prepaid expenses and other current assets 3,431 1,913 |
Payables and accrued liabilit_2
Payables and accrued liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Payables and Accrued Liabilities | Schedule of Payables and Accrued Liabilities September 30, December 31, $ $ Trade accounts payable 672 1,187 Salaries, employment taxes and benefits 102 474 Accrued audit fees 144 144 Accrued research and development costs 843 23 Other accrued liabilities 352 371 Payables and accrued liabilities 2,113 2,199 |
Provisions (Tables)
Provisions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Changes in Provisions for Onerous Contracts | Schedule of Changes in Provisions for Onerous Contracts Cetrotide (R) $ Balance – January 1, 2021 371 Utilization of provisions (42 ) Change in provisions 39 Impact of foreign exchange rate changes (19 ) Balance – September 30, 2021 349 Less current portion 81 Non-current portion 268 |
Employee future benefits (Table
Employee future benefits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure of Net Defined Benefit Liability (Asset) | Disclosure of Net Defined Benefit Liability (Asset) Nine months ended Year ended December 31, 2020 Pension benefit plans Other benefit plans Total Total $ $ $ $ Balances – Beginning of the period 15,341 94 15,435 13,788 Current service cost 46 3 49 54 Interest cost 67 — 67 163 Actuarial (gain) loss arising from changes in financial assumptions (133 ) — (133 ) 651 Benefits paid (342 ) (2 ) (344 ) (532 ) Impact of foreign exchange rate changes (854 ) (5 ) (859 ) 1,311 Balances – End of the period 14,125 90 14,215 15,435 Amounts recognized: In net loss 113 3 116 (218 ) In other comprehensive loss (987 ) (5 ) (992 ) (1,961 ) |
Share capital, warrants and o_2
Share capital, warrants and other capital (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Fair Value of Warrants Assumptions | Schedule of Fair Value of Warrants Assumptions 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) February 2021 Placement agent warrants – public offering 1,435,682 1.48 1.8125 0.58734 % 119.18 % 4.99 0.00 % February 2021 Placement agent warrants – Underwriter Option 215,352 1.48 1.8125 0.58544 % 119.57 % 4.98 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. NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2021 AND FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (amounts in thousands of US dollars, except share/option/warrant and per share/option/warrant data and as otherwise noted) (Unaudited) (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. (iii) Based upon time to expiry from the issuance date. (iv) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. |
Summary of Warrants Exercise Transactions | Summary of Warrants Exercise Transactions Number Exercised Exercise Price Cash Receipts September 2019 Investor warrants 2,000,000 $ 1.65 $ 3,300,000 February 2020 Investor warrants 1,739,130 $ 1.20 $ 2,086,956 July 2020 Investor warrants 20,945,555 $ 0.45 $ 9,425,500 July 2020 Placement Agent warrants 1,866,667 $ 0.5625 $ 1,050,000 August 2020 Investor warrants 7,589,883 $ 0.47 $ 3,567,245 August 2020 Placement Agent warrants 869,952 $ 0.7040625 $ 612,501 35,011,187 $ 20,042,202 |
Schedule of Warrants Activity Reclassified into Equity | Schedule of Warrants Activity Reclassified into Equity Weighted average exercise price Number (US$) $ Balance – January 1, 2020 — — — Warrant liability reclassified to equity 16,368,033 0.8556 7,377 Warrants issued as equity, net (July 2020) 28,533,333 0.4574 5,025 Balance – December 31, 2020 44,901,366 0.6025 12,402 Warrants granted 1,651,034 1.8125 1,897 Warrants exercised (35,011,187 ) 0.5725 (9,728 ) Allocation of transaction costs to share capital — — 532 533 Balance – September 30, 2021 11,541,213 0.8668 5,103 |
Disclosure of Change in Stock Options Issued | Disclosure of Change in Stock Options Issued Nine months ended September 30, 2021 US$ Stock options Weighted average exercise price DSUs (Number) (US$) (Number) Balance – January 1, 2021 506,400 1.44 173,000 Granted — — 280,000 Exercised) — — (30,000 ) Balance – September 30, 2021 506,400 1.44 423,000 |
Operating expenses (Tables)
Operating expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Operating Expenses | Schedule of Operating Expenses Nine months ended September 30, 2021 2020 $ $ Key management personnel: Salaries and short-term employee benefits 968 834 Consultant fees 125 137 Share-based compensation costs 278 143 Post-employment benefits including defined contribution plan benefits of $ 23 15 38 41 Key management personnel compensation 1,409 1,155 Other employees: Salaries and short-term employee benefits 734 837 Post-employment benefits including defined contribution plan benefits of $ 13 16 114 141 Share-based compensation costs 14 (98 ) Other employees compensation 862 880 Cost of inventory used and services provided 72 907 Professional fees 2,053 1,380 Consulting fees 397 419 Insurance 661 645 Third-party research and development 838 175 Travel 57 51 Marketing services 212 32 Laboratory supplies 96 24 Other goods and services 115 72 Leasing costs 92 104 Gain on modification of building lease — (219 ) Depreciation and amortization 105 178 Operating foreign exchange losses (gains) 66 (60 ) Total operating expenses (note 11) 7,035 5,743 |
Supplemental disclosure of ca_2
Supplemental disclosure of cash flow information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure of Changes in Operating Assets and Liabilities | Disclosure of Changes in Operating Assets and Liabilities Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 $ $ $ $ Changes in operating assets and liabilities: Trade and other receivables 563 (27 ) 666 (183 ) Inventory — 4 (39 ) 832 Prepaid expenses and other current assets 233 754 548 853 Payables and accrued liabilities 298 (770 ) (17 ) (1,221 ) Taxes payable — — (129 ) — Deferred revenues 84 23 1,314 (372 ) Employee future benefits (68 ) (123 ) (225 ) (338 ) Changes in operating assets and liabilities 1,110 (139 ) 2,118 (429 ) |
Net loss per share (Tables)
Net loss per share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Pertinent Data Relating to Computation of Basic and Diluted Net (Loss) Income Per Share | Summary of Pertinent Data Relating to Computation of Basic and Diluted Net (Loss) Income Per Share Three months ended Nine months ended September 30, September 30, 2021 2020 2021 2020 $ $ $ $ Net loss (1,698 ) (1,136 ) (5,182 ) (3,807 ) Basic weighted average number of shares outstanding 121,297,007 56,211,486 112,743,285 33,832,136 Net loss income per share (basic) (0.01 ) (0.02 ) (0.05 ) (0.11 ) Dilutive effect of stock options and DSUs — — — — Dilutive effect of warrants — — — — Diluted weighted average number of shares outstanding 121,297,007 56,211,486 112,743,285 33,832,136 Net loss per share (diluted) (0.01 ) (0.02 ) (0.05 ) (0.11 ) 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 and DSUs 929,400 499,410 929,400 499,410 Warrants 11,541,213 47,232,366 11,541,213 47,232,366 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Expected Future Minimum Lease Payments | Schedule of Expected Future Minimum Lease Payments Service and manufacturing R&D contracts TOTAL $ $ $ Less than 1 year 900 2,273 3,173 1 - 3 years 600 1,514 2,114 4 - 5 years — 125 125 More than 5 years — — — Total 1,500 3,912 5,412 |
Schedule of R&D and Revenue Related Milestone Payments | Schedule of R&D and Revenue Related Milestone Payments Future potential R&D milestone payments Future potential revenue milestone payments TOTAL $ $ $ Less than 1 year 29 — 29 1 - 3 years — — — 4 - 5 years 1,063 — 1,063 More than 5 years 8,025 33,695 41,720 Total 9,117 33,695 42,812 |
Business overview (Details Narr
Business overview (Details Narrative) - Novo Nordisk A/S [Member] € in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($) | Sep. 30, 2021EUR (€) | |
IfrsStatementLineItems [Line Items] | ||
Percentage of clinical trial costs reimbursement | 100.00% | 100.00% |
Clinical trial costs | $ | $ 10,700 | |
Additional clinical trial costs | $ | $ 10,700 | |
Euro [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Clinical trial costs | € | € 9,000 | |
Additional clinical trial costs | € | € 9,000 |
License, supply and distribut_2
License, supply and distribution arrangements (Details Narrative) $ in Thousands, € in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2021USD ($) | Jan. 31, 2021EUR (€) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
IfrsStatementLineItems [Line Items] | ||||||
Royalty income | $ 20 | $ 23 | $ 47 | $ 47 | ||
Supply chain | 55 | 87 | 139 | 168 | ||
Revenue | 602 | 128 | 1,787 | 1,286 | ||
License Agreement [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Royalty income | 20 | 23 | 47 | 47 | ||
Supply chain | 44 | 68 | ||||
Revenue | 44 | 69 | 139 | |||
Cash payment | $ 1,207 | |||||
License Agreement [Member] | Euro [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Cash payment | € | € 1 | |||||
License Agreement [Member] | Novo Nordisk A/S [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Licensee costs | $ 577 | $ 14 | 3,901 | 324 | ||
Supply chain | 153 | |||||
Revenue | $ 139 | $ 150 |
Schedule of Trade and Other Rec
Schedule of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Trade accounts receivable (net of expected credit losses of $55 (December 31, 2020 - $55)) | $ 459 | $ 1,190 |
Value added tax and income tax receivable | 428 | 468 |
Other | 23 | 23 |
Trade and other receivables | $ 910 | $ 1,681 |
Schedule of Trade and Other R_2
Schedule of Trade and Other Receivables (Details) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Trade accounts receivable, expected credit losses | $ 55 | $ 55 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Prepaid insurance | $ 433 | $ 1,021 |
Prepaid income taxes | 2,942 | 873 |
Other | 56 | 19 |
Prepaid expenses and other current assets | $ 3,431 | $ 1,913 |
Schedule of Payables and Accrue
Schedule of Payables and Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Trade accounts payable | $ 672 | $ 1,187 |
Salaries, employment taxes and benefits | 102 | 474 |
Accrued audit fees | 144 | 144 |
Accrued research and development costs | 843 | 23 |
Other accrued liabilities | 352 | 371 |
Payables and accrued liabilities | $ 2,113 | $ 2,199 |
Schedule of Changes in Provisio
Schedule of Changes in Provisions for Onerous Contracts (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Less current portion | $ 81 | $ 92 |
Cetrotide(R) Onerous Contracts [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Beginning balance | 371 | |
Utilization of provisions | (42) | |
Change in the provisions | 39 | |
Impact of foreign exchange rate changes | (19) | |
Ending balance | 349 | |
Less current portion | 81 | |
Non-current portion | $ 268 |
Disclosure of Net Defined Benef
Disclosure of Net Defined Benefit Liability (Asset) (Details) - Unfunded Plan1 [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Balances - Beginning of the period | $ 15,435 | $ 13,788 |
Current service cost | 49 | 54 |
Interest cost | 67 | 163 |
Actuarial (gain) loss arising from changes in financial assumptions | (133) | 651 |
Benefits paid | (344) | (532) |
Impact of foreign exchange rate changes | (859) | 1,311 |
Balances - End of the period | 14,215 | 15,435 |
Amounts recognized: In net loss | 116 | (218) |
Amounts recognized: In other comprehensive loss | (992) | (1,961) |
Pension defined benefit plans [member] | ||
IfrsStatementLineItems [Line Items] | ||
Balances - Beginning of the period | 15,341 | |
Current service cost | 46 | |
Interest cost | 67 | |
Actuarial (gain) loss arising from changes in financial assumptions | (133) | |
Benefits paid | (342) | |
Impact of foreign exchange rate changes | (854) | |
Balances - End of the period | 14,125 | 15,341 |
Amounts recognized: In net loss | 113 | |
Amounts recognized: In other comprehensive loss | (987) | |
Other Benefit Plans [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balances - Beginning of the period | 94 | |
Current service cost | 3 | |
Interest cost | ||
Actuarial (gain) loss arising from changes in financial assumptions | ||
Benefits paid | (2) | |
Impact of foreign exchange rate changes | (5) | |
Balances - End of the period | 90 | $ 94 |
Amounts recognized: In net loss | 3 | |
Amounts recognized: In other comprehensive loss | $ (5) |
Employee future benefits (Detai
Employee future benefits (Details Narrative) | Sep. 30, 2021 | Dec. 31, 2020 |
Pension defined benefit plans [member] | ||
IfrsStatementLineItems [Line Items] | ||
Actuarial assumption of discount rates | 1.10% | 0.60% |
Share capital, warrants and o_3
Share capital, warrants and other capital (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Feb. 22, 2021 | Feb. 19, 2021 | Aug. 05, 2020 | Jul. 07, 2020 | Feb. 21, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 21,000 | |||||||||
Transaction costs | $ 2,158 | $ 532 | $ 3,221 | $ 2,767 | ||||||
Share capital | $ 666 | |||||||||
Share issue related cost | $ 1,420 | $ 533 | ||||||||
Registered Direct Offering [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 3,478,261 | |||||||||
Share price | $ 1.29 | |||||||||
Proceeds from issuing common shares | $ 4,500 | |||||||||
Placement Agent Warrants [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 215,352 | 1,866,667 | ||||||||
Proceeds from issuing common shares | $ 4,461 | |||||||||
Placement agent fees and other offering expenses | $ 384 | |||||||||
Option to purchase common stock | 3,076,461 | 3,076,461 | ||||||||
Warrants exercise price | $ 1.8125 | $ 0.5625 | ||||||||
Warrant liability | $ 1,897 | |||||||||
Warrants expiry date | Jul. 1, 2025 | |||||||||
Warrants [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 243,478 | |||||||||
Proceeds from issuing common shares | $ 2,325 | |||||||||
Warrants exercise price | $ 1.62 | |||||||||
Transaction costs | $ 600 | |||||||||
Warrants [Member] | Registered Direct Offering [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 2,608,696 | |||||||||
Proceeds from issuing common shares | $ 3,900 | |||||||||
Warrants exercise price | $ 1.20 | |||||||||
Warrant liability | $ 310 | |||||||||
Share Capital [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Proceeds from issuing common shares | 2,175 | |||||||||
Transaction costs | $ 600 | |||||||||
Share capital | $ 6,308 | |||||||||
Investor Share Purchase Warrants [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 26,666,666 | |||||||||
Warrants exercise price | $ 0.45 | |||||||||
Warrants expiry date | Jul. 7, 2025 | |||||||||
Share Purchase Warrants [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Proceeds from exercise of warrants | $ 5,691 | |||||||||
Ordinary shares [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Proceeds from issuing common shares | $ 7,000 | |||||||||
Option to purchase common stock | 12,427,876 | |||||||||
Common stock purchase price | $ 0.56325 | |||||||||
Unregistered Warrants [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Option to purchase common stock | 869,952 | |||||||||
Warrants exercise price | $ 0.47 | |||||||||
Warrants expiry date | Aug. 3, 2025 | |||||||||
Common stock purchase price | $ 0.7040625 | |||||||||
Warrant purchase | 9,320,907 | |||||||||
Public Offering [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 20,509,746 | 26,666,666 | ||||||||
Share price | $ 1.45 | $ 0.45 | ||||||||
Proceeds from issuing common shares | $ 29,739 | $ 10,596 | ||||||||
Placement agent fees and other offering expenses | $ 2,837 | |||||||||
Placement agent warrants | 1,435,682 | |||||||||
Public Offering [Member] | Warrants [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Proceeds from issuing common shares | $ 26,902 | |||||||||
Warrants exercise price | $ 1.8125 | |||||||||
Underwriter Offering [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Proceeds from issuing common shares | 4,077 | |||||||||
Underwriter Offering [Member] | Share Capital [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Proceeds from issuing common shares | 34,200 | $ 12,000 | ||||||||
Transaction costs | $ 3,221 |
Schedule of Fair Value of Warra
Schedule of Fair Value of Warrants Assumptions (Details) | 9 Months Ended | |
Sep. 30, 2021$ / sharesshares | ||
February 2021 Placement agent Warrants - Public Offering [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of equivalent shares | shares | 1,435,682 | |
Weighted average share price, share options granted | $ 1.48 | |
Exercise price, share options granted | $ 1.8125 | |
Risk-free annual interest rate | 0.58734% | [1] |
Expected volatility | 119.18% | [2] |
Expected life (years) | 4 years 11 months 26 days | [3] |
Expected dividend yield | 0.00% | [4] |
February 2021 Placement agent Warrants - Underwriter Option [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of equivalent shares | shares | 215,352 | |
Weighted average share price, share options granted | $ 1.48 | |
Exercise price, share options granted | $ 1.8125 | |
Risk-free annual interest rate | 0.58544% | [1] |
Expected volatility | 119.57% | [2] |
Expected life (years) | 4 years 11 months 23 days | [3] |
Expected dividend yield | 0.00% | [4] |
[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. | |
[3] | Based upon time to expiry from the issuance date. | |
[4] | The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. |
Summary of Warrants Exercise Tr
Summary of Warrants Exercise Transactions (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)shares$ / shares | |
IfrsStatementLineItems [Line Items] | |
Number of share options exercised in share-based payment arrangement | shares | 35,011,187 |
Proceeds from exercise of options | $ | $ 20,042,202 |
September 2019 Investor Warrants [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of share options exercised in share-based payment arrangement | shares | 2,000,000 |
Exercise Price | $ / shares | $ 1.65 |
Proceeds from exercise of options | $ | $ 3,300,000 |
February 2020 Investor Warrants [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of share options exercised in share-based payment arrangement | shares | 1,739,130 |
Exercise Price | $ / shares | $ 1.20 |
Proceeds from exercise of options | $ | $ 2,086,956 |
July 2020 Investor Warrants [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of share options exercised in share-based payment arrangement | shares | 20,945,555 |
Exercise Price | $ / shares | $ 0.45 |
Proceeds from exercise of options | $ | $ 9,425,500 |
July 2020 Placement Agent Warrants [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of share options exercised in share-based payment arrangement | shares | 1,866,667 |
Exercise Price | $ / shares | $ 0.5625 |
Proceeds from exercise of options | $ | $ 1,050,000 |
August 2020 Investor Warrants [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of share options exercised in share-based payment arrangement | shares | 7,589,883 |
Exercise Price | $ / shares | $ 0.47 |
Proceeds from exercise of options | $ | $ 3,567,245 |
August 2020 Placement Agent Warrants [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of share options exercised in share-based payment arrangement | shares | 869,952 |
Exercise Price | $ / shares | $ 0.7040625 |
Proceeds from exercise of options | $ | $ 612,501 |
Schedule of Warrants Activity R
Schedule of Warrants Activity Reclassified into Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 07, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Warrants Outstanding, End of year | 44,901,366 | ||
Weighted Average Exercise Price, End of year | $ 0.6025 | ||
Warrants Outstanding, End of year, value | $ 12,402 | ||
Warrant liability reclassified to equity | 16,368,033 | ||
Weighted Average Exercise Price, Warrant liability reclassified to equity | $ 0.8556 | ||
Warrant liability reclassified to equity, value | $ 7,377 | ||
Warrants issued as equity (July 2020) | 28,533,333 | ||
Weighted Average Exercise Price, Warrants issued as equity (July 2020) | $ 0.4574 | ||
Warrants issued as equity (July 2020), value | $ 5,025 | ||
Warrants granted | 1,651,034 | ||
Weighted Average Exercise Price, Warrants granted | $ 1.8125 | ||
Warrants granted, value | $ 1,897 | ||
Warrants exercised | (35,011,187) | ||
Weighted Average Exercise Price, Warrants exercised | $ 0.5725 | ||
Warrants exercised, value | $ (9,728) | ||
Allocation of transaction costs to share capital, value | $ 1,420 | $ 533 | |
Warrants Outstanding, End of year | 11,541,213 | 44,901,366 | |
Weighted Average Exercise Price, End of year | $ 0.8668 | $ 0.6025 | |
Warrants Outstanding, End of year, value | $ 5,103 | $ 12,402 |
Disclosure of Change in Stock O
Disclosure of Change in Stock Options Issued (Details) | 9 Months Ended |
Sep. 30, 2021shares$ / shares | |
IfrsStatementLineItems [Line Items] | |
Exercised, Number (in shares) | 35,011,187 |
Exercised, Number (in shares) | (35,011,187) |
Employee Stock Option, USD [Member] | |
IfrsStatementLineItems [Line Items] | |
Balance - Beginning of year, Number (in shares) | 506,400 |
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 1.44 |
Granted, Number (in shares) | |
Granted, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | |
Exercised, Number (in shares) | |
Exercised, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | |
Exercised, Number (in shares) | |
Balance - End of year, Number (in shares) | 506,400 |
Balance - End of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 1.44 |
Deferred Stock Units DSU's [Member] | |
IfrsStatementLineItems [Line Items] | |
Balance - Beginning of year, Number (in shares) | 173,000 |
Granted, Number (in shares) | 280,000 |
Exercised, Number (in shares) | 30,000 |
Exercised, Number (in shares) | (30,000) |
Balance - End of year, Number (in shares) | 423,000 |
Schedule of Operating Expenses
Schedule of Operating Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Salaries and short-term employee benefits | $ 968 | $ 834 | ||
Consultant fees | 125 | 137 | ||
Share-based compensation costs | 278 | 143 | ||
Post-employment benefits including defined contribution plan benefits of $23 in 2021 and $15 in 2020 | 38 | 41 | ||
Key management personnel compensation | 1,409 | 1,155 | ||
Salaries and short-term employee benefits | 734 | 837 | ||
Post-employment benefits including defined contribution plan benefits of $13 in 2021 and $16 in 2020 | 114 | 141 | ||
Share-based compensation costs | 14 | (98) | ||
Other employees compensation | 862 | 880 | ||
Cost of inventory used and services provided | $ 31 | $ 33 | 72 | 907 |
Professional fees | 2,053 | 1,380 | ||
Consulting fees | 397 | 419 | ||
Insurance | 661 | 645 | ||
Third-party research and development | 838 | 175 | ||
Travel | 57 | 51 | ||
Marketing services | 212 | 32 | ||
Laboratory supplies | 96 | 24 | ||
Other goods and services | 115 | 72 | ||
Leasing costs | 92 | 104 | ||
Gain on modification of building lease | (219) | |||
Depreciation and amortization | 105 | 178 | ||
Operating foreign exchange losses (gains) | 66 | (60) | ||
Total operating expenses (note 11) | $ 2,420 | $ 1,868 | $ 7,035 | $ 5,743 |
Schedule of Operating Expense_2
Schedule of Operating Expenses (Details) (Parenthetical) - Other Benefit Plans [Member] - Unfunded Plan1 [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Key management personnel of entity or parent [member] | ||
IfrsStatementLineItems [Line Items] | ||
Post-employment benefits, including defined contribution plan benefits | $ 23 | $ 15 |
Other Employees Compensation [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Post-employment benefits, including defined contribution plan benefits | $ 13 | $ 16 |
Disclosure of Changes in Operat
Disclosure of Changes in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Trade and other receivables | $ 563 | $ (27) | $ 666 | $ (183) |
Inventory | 4 | (39) | 832 | |
Prepaid expenses and other current assets | 233 | 754 | 548 | 853 |
Payables and accrued liabilities | 298 | (770) | (17) | (1,221) |
Taxes payable | (129) | |||
Deferred revenues | 84 | 23 | 1,314 | (372) |
Employee future benefits | (68) | (123) | (225) | (338) |
Changes in operating assets and liabilities | $ 1,110 | $ (139) | $ 2,118 | $ (429) |
Segment information (Details Na
Segment information (Details Narrative) | 9 Months Ended |
Sep. 30, 2021Segment | |
Disclosure of operating segments [abstract] | |
Number of operating segments | 1 |
Summary of Pertinent Data Relat
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net loss | $ (1,698) | $ (1,136) | $ (5,182) | $ (3,807) |
Basic weighted average number of shares outstanding | 121,297,007 | 56,211,486 | 112,743,285 | 33,832,136 |
Net loss income per share (basic) | $ (0.01) | $ (0.02) | $ (0.05) | $ (0.11) |
Dilutive effect of stock options and DSUs | ||||
Dilutive effect of warrants | ||||
Diluted weighted average number of shares outstanding | 121,297,007 | 56,211,486 | 112,743,285 | 33,832,136 |
Net loss per share (diluted) | $ (0.01) | $ (0.02) | $ (0.05) | $ (0.11) |
Stock options and DSUs | 929,400 | 499,410 | 929,400 | 499,410 |
Warrants | 11,541,213 | 47,232,366 | 11,541,213 | 47,232,366 |
Schedule of Expected Future Min
Schedule of Expected Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
IfrsStatementLineItems [Line Items] | |
Total | $ 5,412 |
Services and Manufacturing [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,500 |
R & D Contract [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 3,912 |
Less Than 1 Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 3,173 |
Less Than 1 Year [Member] | Services and Manufacturing [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 900 |
Less Than 1 Year [Member] | R & D Contract [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 2,273 |
1 - 3 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 2,114 |
1 - 3 Years [Member] | Services and Manufacturing [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 600 |
1 - 3 Years [Member] | R & D Contract [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,514 |
4 - 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 125 |
4 - 5 Years [Member] | Services and Manufacturing [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
4 - 5 Years [Member] | R & D Contract [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 125 |
More than 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
More than 5 Years [Member] | Services and Manufacturing [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
More than 5 Years [Member] | R & D Contract [Member] | |
IfrsStatementLineItems [Line Items] | |
Total |
Schedule of R&D and Revenue Rel
Schedule of R&D and Revenue Related Milestone Payments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
IfrsStatementLineItems [Line Items] | |
Total | $ 42,812 |
R&D Milestone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 9,117 |
Revenue Related Mile Stone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 33,695 |
Less Than 1 Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 29 |
Less Than 1 Year [Member] | R&D Milestone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 29 |
Less Than 1 Year [Member] | Revenue Related Mile Stone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
1 - 3 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
1 - 3 Years [Member] | R&D Milestone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
1 - 3 Years [Member] | Revenue Related Mile Stone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
4 - 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,063 |
4 - 5 Years [Member] | R&D Milestone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,063 |
4 - 5 Years [Member] | Revenue Related Mile Stone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
More than 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 41,720 |
More than 5 Years [Member] | R&D Milestone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 8,025 |
More than 5 Years [Member] | Revenue Related Mile Stone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | $ 33,695 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) € in Thousands, £ in Thousands, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2021EUR (€) | Sep. 30, 2021GBP (£) | |
R&D Contracts [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential Milestone Payments Description | Based on the closing exchange rates, the Company expects to pay $3,912, including $3,699 [EUR 3,189], and $213 [GBP 158], in R&D contracts and up to $9,117, including $7,569 [EUR 6,525] and $1,548 [GBP 1,150], in R&D milestone payments and up to $33,695, including $32,013 [EUR 27,600] and $1,682 [GBP 1,250], in revenue related milestone payments. | Based on the closing exchange rates, the Company expects to pay $3,912, including $3,699 [EUR 3,189], and $213 [GBP 158], in R&D contracts and up to $9,117, including $7,569 [EUR 6,525] and $1,548 [GBP 1,150], in R&D milestone payments and up to $33,695, including $32,013 [EUR 27,600] and $1,682 [GBP 1,250], in revenue related milestone payments. | Based on the closing exchange rates, the Company expects to pay $3,912, including $3,699 [EUR 3,189], and $213 [GBP 158], in R&D contracts and up to $9,117, including $7,569 [EUR 6,525] and $1,548 [GBP 1,150], in R&D milestone payments and up to $33,695, including $32,013 [EUR 27,600] and $1,682 [GBP 1,250], in revenue related milestone payments. |
Potential milestone payments | $ 3,912 | £ 158 | |
R&D Contracts [Member] | Euro [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential milestone payments | € 3,189 | ||
R&D Milestone Payments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential milestone payments | $ | 9,117 | ||
R&D Milestone Payments [Member] | Euro [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential milestone payments | 6,525 | ||
R&D Milestone Payments [Member] | GBP [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential milestone payments | £ | 1,150 | ||
Revenue Related Mile Stone Payments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential milestone payments | $ | $ 33,695 | ||
Revenue Related Mile Stone Payments [Member] | Euro [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential milestone payments | € 27,600 | ||
Revenue Related Mile Stone Payments [Member] | GBP [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Potential milestone payments | £ | £ 1,250 |
Subsequent event (Details Narra
Subsequent event (Details Narrative) - $ / shares | Oct. 04, 2021 | Jun. 30, 2021 |
IfrsStatementLineItems [Line Items] | ||
Number of shares issued | 21,000 | |
Events Occurring After Reporting Date [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of warranrts exercised | 100,000 | |
Warrants exercise price | $ 0.45 | |
Number of shares issued | 100,000 |