Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Entity Addresses [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | FY | |
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 | |
Entity Incorporation, State or Country Code | Z4 | |
Entity Address, Address Line One | c/o Norton Rose Fulbright Canada, LLP | |
Entity Address, Address Line Two | 222 Bay Street | |
Entity Address, Address Line Three | Suite 3000, PO Box 53 | |
Entity Address, City or Town | Toronto | |
Entity Address, State or Province | ON | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | M5K 1E7 | |
Title of 12(b) Security | Common Shares | |
Trading Symbol | AEZS | |
Security Exchange Name | NASDAQ | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 121,397,007 | |
ICFR Auditor Attestation Flag | false | |
Auditor Firm ID | 1263 | 271 |
Auditor Name | Ernst & Young LLP | PricewaterhouseCoopers LLP |
Auditor Location | Montreal, Canada | PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | Weismüllerstr. 50 | |
Entity Address, City or Town | Frankfurt am Main | |
Entity Address, Country | DE | |
Entity Address, Postal Zip Code | D-60314 | |
City Area Code | 49 | |
Local Phone Number | 69-426020 | |
Contact Personnel Name | Klaus Paulini | |
Contact Personnel Email Address | KPaulini@aezsinc.com |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents (note 6) | $ 65,300 | $ 24,271 |
Trade and other receivables (note 7) | 1,314 | 1,681 |
Inventory (note 8) | 73 | 21 |
Income taxes receivable (note 22) | 2,361 | 601 |
Prepaid expenses and other current assets (note 9) | 1,772 | 1,040 |
Total current assets | 70,820 | 27,614 |
Restricted cash equivalents (note 10) | 335 | 338 |
Property, plant and equipment (note 11) | 42 | 22 |
Right of use assets (note 12) | 150 | 157 |
Identifiable intangible assets (note 13) | 625 | 59 |
Goodwill (note 14) | 8,130 | 8,815 |
Total assets | 80,102 | 37,005 |
Current liabilities | ||
Payables and accrued liabilities (note 15) | 2,672 | 2,199 |
Current portion of provisions (note 16) | 34 | 92 |
Income taxes payable (note 22) | 115 | 123 |
Current portion of deferred revenues (note 5) | 4,815 | 2,193 |
Current portion of lease liabilities (note 17) | 130 | 135 |
Total current liabilities | 7,766 | 4,742 |
Deferred revenues (note 5) | 1,493 | 3,289 |
Deferred gain (note 13) | 98 | |
Lease liabilities (note 17) | 31 | 49 |
Employee future benefits (note 18) | 17,485 | 15,435 |
Provisions (note 16) | 243 | 279 |
Total liabilities | 27,116 | 23,794 |
SHAREHOLDERS’ EQUITY | ||
Share capital (note 19) | 293,410 | 235,008 |
Warrants (note 19) | 5,085 | 12,402 |
Other capital (note 19) | 89,788 | 89,505 |
Deficit | (334,619) | (322,659) |
Accumulated other comprehensive loss | (678) | (1,045) |
Total shareholders’ equity | 52,986 | 13,211 |
Total liabilities and shareholders’ equity | $ 80,102 | $ 37,005 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Deficiency) - USD ($) $ in Thousands | Issued capital [member] | Warrants [Member] | Other equity interest [member] | Retained earnings [member] | Accumulated Other Comprehensive Loss Income [Member] | Total | |
Balance - December 31, 2020 at Dec. 31, 2018 | $ 222,335 | $ 89,342 | $ (309,781) | $ 11 | $ 1,907 | ||
Balance, shares at Dec. 31, 2018 | [1] | 16,440,760 | |||||
IfrsStatementLineItems [Line Items] | |||||||
Net loss | (6,042) | (6,042) | |||||
Foreign currency translation adjustments | 83 | 83 | |||||
Actuarial loss on defined benefit plan (note 18) | (1,068) | (1,068) | |||||
Comprehensive loss | (7,110) | 83 | (7,027) | ||||
Share issuance from the exercise of warrants, stock options and deferred share units | $ 906 | (329) | 577 | ||||
Share issuance from the exercise of warrants, stock options and deferred share units, shares | [1] | 228,750,000 | |||||
Issuance of common shares and warrants, net of transaction costs (note 19) | $ 1,287 | 1,287 | |||||
Issuance of common shares and warrants, net of transaction costs (note 19), shares | [1] | 3,325,000 | |||||
Share-based compensation costs (note 19) | 793 | 793 | |||||
Balance - December 31, 2021 at Dec. 31, 2019 | $ 224,528 | 89,806 | (316,891) | 94 | (2,463) | ||
Balance, shares at Dec. 31, 2019 | [1] | 19,994,510 | |||||
IfrsStatementLineItems [Line Items] | |||||||
Net loss | (5,118) | (5,118) | |||||
Foreign currency translation adjustments | (1,139) | (1,139) | |||||
Actuarial loss on defined benefit plan (note 18) | (650) | (650) | |||||
Comprehensive loss | (5,768) | (1,139) | (6,907) | ||||
Issuance of common shares and warrants, net of transaction costs (note 19) | $ 10,480 | 5,025 | (362) | 15,143 | |||
Issuance of common shares and warrants, net of transaction costs (note 19), shares | [1] | 42,684,103 | |||||
Share-based compensation costs (note 19) | 61 | 61 | |||||
Reclassification of warrants to equity (note 19) | 7,377 | 7,377 | |||||
Balance - December 31, 2021 at Dec. 31, 2020 | $ 235,008 | 12,402 | 89,505 | (322,659) | (1,045) | 13,211 | |
Balance, shares at Dec. 31, 2020 | [1] | 62,678,613 | |||||
IfrsStatementLineItems [Line Items] | |||||||
Net loss | (8,368) | (8,368) | |||||
Foreign currency translation adjustments | 367 | 367 | |||||
Actuarial loss on defined benefit plan (note 18) | (3,592) | (3,592) | |||||
Comprehensive loss | (11,960) | 367 | (11,593) | ||||
Issuance of common shares and warrants, net of transaction costs (note 19) | $ 29,082 | 1,897 | 30,979 | ||||
Issuance of common shares and warrants, net of transaction costs (note 19), shares | [1] | 23,586,207 | |||||
Share-based compensation costs (note 19) | 311 | 311 | |||||
Exercise of warrants (note 19) | $ 29,833 | (9,746) | 20,087 | ||||
Exercise of warrants (note 19), shares | [1] | 35,111,187 | |||||
Transfer of warrant issuance costs upon exercise of warrants (note 19) | $ (532) | 532 | |||||
Exercise of deferred share units (note 19) | $ 19 | (28) | (9) | ||||
Exercise of deferred share units (note 19), shares | [1] | 21,000 | |||||
Balance - December 31, 2021 at Dec. 31, 2021 | $ 293,410 | $ 5,085 | $ 89,788 | $ (334,619) | $ (678) | $ 52,986 | |
Balance, shares at Dec. 31, 2021 | [1] | 121,397,007 | |||||
[1] | Issued and paid in full. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues (notes 5 and 25) | |||
License fees | $ 1,670 | $ 911 | $ 74 |
Development services | 3,337 | ||
Product sales | 2,370 | 129 | |
Royalties | 68 | 67 | 45 |
Supply chain revenue | 185 | 304 | 284 |
Total revenues | 5,260 | 3,652 | 532 |
Operating expenses (note 20) | |||
Cost of sales | 90 | 2,317 | 410 |
Research and development expenses | 6,574 | 1,506 | 1,837 |
General and administrative expenses | 5,916 | 4,759 | 6,615 |
Selling expenses | 1,351 | 1,134 | 1,214 |
Restructuring costs | 507 | ||
Impairment of right of use asset | 22 | ||
Gain on modification of building lease (notes 12 and 17) | (219) | ||
(Reversal) impairment of other asset | (139) | 169 | |
Total operating expenses | 13,931 | 9,358 | 10,774 |
Loss from operations | (8,671) | (5,706) | (10,242) |
Gains due to changes in foreign currency exchange rates | 215 | 572 | 87 |
Change in fair value of warrant liability | 1,147 | 4,518 | |
Other finance costs | (21) | (736) | (593) |
Net finance income | 194 | 983 | 4,012 |
Loss before income taxes | (8,477) | (4,723) | (6,230) |
Income tax recovery (expense) (note 22) | 109 | (395) | 188 |
Net loss | (8,368) | (5,118) | (6,042) |
Items that may be reclassified subsequently to profit or loss: | |||
Foreign currency translation adjustments | 367 | (1,139) | 83 |
Items that will not be reclassified to profit or loss: | |||
Actuarial loss on defined benefit plans | (3,592) | (650) | (1,068) |
Comprehensive loss | $ (11,593) | $ (6,907) | $ (7,027) |
Net loss per share (basic) (note 26) | $ (0.07) | $ (0.12) | $ (0.35) |
Net loss per share (diluted) (note 26) | $ (0.07) | $ (0.12) | $ (0.35) |
Weighted average number of shares outstanding (note 26) | |||
Basic | 114,924,497 | 41,083,163 | 17,494,472 |
Diluted | 114,924,497 | 41,083,163 | 17,494,472 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities | |||
Net loss | $ (8,368) | $ (5,118) | $ (6,042) |
Items not affecting cash and cash equivalents: | |||
Change in fair value of warrant liability | (1,147) | (4,518) | |
Transaction costs of warrants issued, expensed as finance cost | 732 | 550 | |
Provision for restructuring and other costs (note 16) | 23 | (383) | 511 |
Impairment of right of use asset | 22 | ||
(Reversal) impairment of other asset | (139) | 169 | |
Gain on modification of building lease (notes 12 and 17) | (219) | ||
Depreciation and amortization (notes 11, 12 and 13) | 145 | 232 | 315 |
Share-based compensation costs (note 19) | 311 | 61 | 793 |
Employee future benefits (note 18) | 161 | 217 | 262 |
Amortization of deferred revenues | (1,670) | 1,257 | (74) |
Foreign exchange gain on items denominated in foreign currencies | (179) | (688) | (87) |
(Gain) loss on disposal of property, plant and equipment (note 12) | (1) | (2) | 10 |
Other non-cash items | 95 | 133 | (126) |
Interest accretion on lease liabilities (note 17) | 7 | (19) | (66) |
Payment of income taxes (note 22) | (1,605) | (1,448) | |
Changes in operating assets and liabilities (note 21) | 2,500 | 2,402 | (2,444) |
Net cash used in operating activities | (8,581) | (4,129) | (10,725) |
Cash flows from financing activities | |||
Proceeds from issuance of common shares (note 19) | 34,200 | ||
Proceeds from issuances of common shares and warrants (note 19) | 23,500 | 4,988 | |
Transaction costs | (3,221) | (2,767) | (795) |
Proceeds from exercise of warrants, stock options and deferred share units | 20,087 | 314 | |
Proceeds on deferred gain (note 13) | 98 | ||
Payments on lease liabilities (note 17) | (127) | (265) | (614) |
Net cash provided by financing activities | 51,037 | 20,468 | 3,893 |
Cash flows from investing activities | |||
Proceeds for disposals of property, plant and equipment (note 11) | 1 | 6 | |
Purchase of intangible assets (note 13) | (609) | ||
Purchase of property, plant and equipment (note 11) | (30) | ||
(Decrease) increase in restricted cash equivalents | (20) | 50 | 50 |
Net cash (used in) provided by investing activities | (658) | 56 | 50 |
Effect of exchange rate changes on cash and cash equivalents | (769) | 38 | 108 |
Net change in cash and cash equivalents | 41,029 | 16,433 | (6,674) |
Cash and cash equivalents – beginning of year | 24,271 | 7,838 | 14,512 |
Cash and cash equivalents – end of year (note 6) | $ 65,300 | $ 24,271 | $ 7,838 |
Business overview
Business overview | 12 Months Ended |
Dec. 31, 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 United States (“US”) Food and Drug Administration (“FDA”) and European Medicines Agency-approved oral test indicated for the diagnosis of patients with adult growth hormone deficiency (“AGHD”). Macrilen™ is currently marketed in the US through a license agreement, as amended, between the Company and Novo Nordisk Health Care AG (“Novo”). The Company is also dedicated to the development of therapeutic assets and has recently taken steps to establish a pre-clinical pipeline to potentially address unmet medical needs across a number of indications with a focus on rare or orphan indications and with the potential for pediatric use. COVID-19 impact Coronavirus, or COVID-19, a contagious disease that was characterized by the World Health Organization as a pandemic in early 2020, continues to affect the global community. The spread of COVID-19 may continue to impact our operations, including the potential interruption of our clinical trial activities and of our supply chain. For example, the rise in the Omicron variant in the COVID-19 pandemic has caused delays in site initiation and patient enrollment in our Phase 3 DETECT clinical trial for diagnostic use in childhood-onset growth hormone deficiency. Additionally, sales activities for Macrilen™ in the US may be impacted due to delays of diagnostic activities on AGHD in the US. Further, the COVID-19 pandemic may also cause some patients to be unwilling to enroll in our trials or be unable to comply with clinical trial protocols if quarantines impede patient movement or interrupt healthcare services, which would delay our ability to conduct clinical trials or release clinical trial results on a timely basis and could delay our ability to obtain regulatory approval and commercialize our product candidates. 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 of December 31, 2021, the Company assessed the possible impacts of COVID-19 on its consolidated financial results. The Company has evaluated its financial assets, property, plant and equipment, intangible assets, and goodwill for impairment and no changes from the carrying amount were required in the reporting period. Reporting entity The accompanying consolidated financial statements include the accounts of Aeterna Zentaris Inc., an entity incorporated under the Canada Business Corporations Act The registered office of the Company is located at 222 Bay Street, Suite 3000, P.O. Box 53, Toronto, Ontario M5K 1E7, Canada. The Company’s common shares are listed on both the Toronto Stock Exchange and on the NASDAQ Capital Market. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Basis of presentation (a) Statement of compliance These consolidated financial statements as of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). These consolidated financial statements were approved by the Company’s Board of Directors, subject to confirmation by the Audit Committee of the Board of Directors, which confirmation was received on March 28, 2022 . The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates and the exercise of management’s judgment in applying the Company’s accounting policies. Areas involving a high degree of judgment or complexity and areas where assumptions and estimates are significant to the Company’s consolidated financial statements are discussed in note 3 - Critical accounting estimates and judgments. Certain comparative figures for the year ended December 31, 2020 were reclassified to conform to the presentation adopted for December 31, 2021. (b) Basis of measurement The consolidated financial statements have been prepared under a historical cost convention. (c) Principles of consolidation These consolidated financial statements include any entity in which the Company directly or indirectly holds more than 50% of the voting rights or over which the Company exercises control. The Company controls an entity when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. An entity is included in the consolidation from the date that control is transferred to the Company, while any entities that are sold are excluded from the consolidation from the date that control ceases. All inter-company balances and transactions are eliminated on consolidation. (d) Foreign currency Items included in the financial statements of the Group’s entities are measured using the currency of the primary economic environment in which the entities operate (the “functional currency”) which is the US dollar for the Company and its US subsidiary, Aeterna Zentaris, Inc., and the Euro (“EUR” or “€”) for its German subsidiaries. Assets and liabilities of the German subsidiaries are translated from EUR balances at the period-end exchange rates, and the results of operations are translated from EUR amounts at average rates of exchange for the period. The resulting translation adjustments are included in accumulated other comprehensive loss within shareholders’ equity (deficiency). Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the underlying transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities not denominated in the functional currency are recognized in the consolidated statements of comprehensive loss. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Summary of significant accounting policies | 2. Summary of significant accounting policies The accounting policies set out below have been applied consistently to all years presented in these consolidated financial statements and have been applied consistently by all Group entities. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Cash and cash equivalents Cash and cash equivalents consist of unrestricted cash on hand and balances with banks, as well as short-term interest-bearing deposits, such as money market accounts, that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value, with a maturity of three months or less from the date of acquisition. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The Company’s policy is to write down inventory that has become obsolete and inventory that has a cost basis in excess of its expected net realizable value. Increases in the reserve are recorded as charges in cost of sales. For product candidates that have not been approved by the FDA, inventory used in clinical trials is written down at the time of production and recorded as research and development (“R&D”) costs. For products that have been approved by the FDA, inventory used in clinical trials is expensed at the time the inventory is packaged for the clinical trial. All direct manufacturing costs incurred after approval are capitalized into inventory. Restricted cash equivalents Restricted cash equivalents are comprised of bank deposits, which are related to a guarantee for a long-term operating lease obligation, and for corporate credit card programs that cannot be used for current purposes. Property, plant and equipment and depreciation Items of property, plant and equipment are recorded at cost, net of accumulated depreciation and impairment charges. Depreciation is calculated using the following methods, annual rates and period: Summary of Depreciation Using Methods, Annual Rates and Period Methods Annual rates and period Equipment Declining balance and straight-line 20% Furniture and fixtures Declining balance and straight-line 10% to 20% Computer equipment Straight-line 25% to 33 1 Leasehold improvements Straight-line Remaining lease term Depreciation expense, which is recorded in the consolidated statement of comprehensive loss, is allocated to the appropriate functional expense categories to which the underlying items of property, plant and equipment relate. Identifiable intangible assets and amortization Identifiable intangible assets with finite useful lives consist of in-process R&D acquired in business combinations, patents, trademarks, in-licensed technology and rights to serialization equipment located at the Company’s third-party macimorelin manufacturer. In-process R&D acquired in business combinations is recognized at fair value at the acquisition date. Patents and trademarks are comprised of costs, including professional fees incurred in connection with the filing of patents and the registration of trademarks for product marketing and manufacturing purposes, net of related government grants, impairment losses and accumulated amortization. Identifiable intangible assets with finite useful lives are amortized beginning at the time at which the assets are available for use, on a straight-line basis over the assets’ estimated useful lives, which range from seven to 15 years for in-process R&D and patents and are ten years for trademarks. Amortization expense, which is recorded in the consolidated statement of comprehensive loss, is allocated to the appropriate functional expense categories to which the underlying identifiable intangible assets relate. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Contingent payments The Company accounts for contingent variable payments for separately acquired intangible assets, such as in-licensed technology, under the cost accumulation approach. Contingent consideration is not considered on initial recognition of the asset but instead is added to the cost of the asset initially recorded, when incurred. Goodwill Goodwill is recognized as the fair value of the consideration transferred, including the recognized amount of any non-controlling interest in the acquiree, less the fair value of the net identifiable assets acquired, and liabilities assumed, as of the acquisition date. Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill acquired in business combinations is allocated to groups of cash generating units (“CGU”) that are expected to benefit from the synergies of the combination. Impairment of long-lived assets Items of property, plant and equipment, right of use assets and identifiable intangible assets with finite lives that are subject to depreciation or amortization, respectively, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Intangible assets that are not subject to amortization are tested when there are indications that their carrying value may not be recoverable, or, at a minimum, annually. Management is required to assess at each reporting date whether there is any indication that an asset may be impaired. Where such an indication exists, the asset’s recoverable amount is compared to its carrying value, and an impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows, or CGU. In determining value in use of a given asset or CGU, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Items of property, plant and equipment and identifiable intangible assets with finite lives that have suffered impairment are reviewed for possible reversal of the impairment if there has been a change, since the date of the most recent impairment test, in the estimates used to determine the impaired asset’s recoverable amount. However, an asset’s carrying amount, increased due to the reversal of a prior impairment loss, must not exceed the carrying amount that would have been determined, net of depreciation or amortization, had the original impairment not occurred. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Goodwill is not subject to amortization, but instead is tested for impairment annually or more often if there is an indication that the CGU to which the goodwill has been allocated may be impaired. Impairment is determined for goodwill by assessing whether the carrying value of a CGU, including the allocated goodwill, exceeds the CGU’s recoverable amount, which is the higher of fair value less costs to sell and the CGU’s value in use. Fair value less costs of disposal is determined based on the Company’s market capitalization, as well as relevant market data, such as control premiums, and other assumptions. In the event that the carrying amount of goodwill exceeds its recoverable amount, an impairment loss is recognized in an amount equal to the excess. Impairment losses related to goodwill, which are recorded in the consolidated statement of comprehensive loss, are not subsequently reversed. Provisions Provisions represent liabilities to the Company for which the amount or timing is uncertain. Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, such as organizational restructuring, when it is probable that an outflow of resources will be required to settle the obligation and where the amount can be reliably estimated. Provisions are not recognized for future operating losses. Provisions are made for any contracts which are deemed onerous. A contract is onerous if the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Provisions for onerous contracts are measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Present value is determined based on expected future cash flows that are discounted at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized in finance costs. Leases At the inception of a contract, the Company assesses whether a contract is or contains a lease. A lease is a contract in which the right to control the use of an identified asset is granted for an agreed-upon period of time in exchange for consideration. The Company assesses whether a contract conveys the right to control the use of an identified asset when there is both the right to direct the use of the asset and obtain substantially all the economic benefits from that use. The Company recognizes a right of use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the non-cancellable lease payments over the lease term and discounted at the rate implicit in the lease. If that rate cannot be determined, the Company’s incremental borrowing rate, or the rate that Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions, is used. Lease payments include fixed payments and such variable payments that depend on an index or a rate less any lease incentives receivable. The lease liability is subsequently measured at amortized cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right of use asset, with any difference recorded in the statement of comprehensive loss. Right of use assets are measured at cost, which comprises the initial lease liability, lease payments made at or before the lease commencement date, initial direct costs and restoration obligations, less lease incentives. Right of use assets are subsequently measured at amortized cost. The assets are depreciated over the shorter of the assets’ useful life and the lease terms on a straight-line basis, less any accumulated impairment losses, and adjusted for any remeasurement of the lease liability. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) The Company accounts for a lease modification as a separate lease if both of the following conditions exist: (a) the modification increases the scope of the lease by adding the right to use one or more underlying assets; and (b) the consideration for the lease increases by an amount equivalent to the standalone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. Where the Company accounts for a lease modification as a new lease, the separate lease is accounted for in the same way as a new lease, as described above. Where the Company does not account for a lease modification as a separate lease, the lease liability is remeasured by: (a) decreasing the carrying amount of the right of use asset to reflect the partial or full termination of the lease for lease modifications that decrease the scope of the lease, with any gain or loss relating to the partial or full termination of the lease recorded in the consolidated statement of comprehensive loss; or (b) making a corresponding adjustment to the right of use asset for all other lease modifications. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the consolidated statement of comprehensive loss. Employee benefits Salaries and other short-term benefits Salaries and other short-term benefit obligations are measured on an undiscounted basis and are recognized in the consolidated statement of comprehensive loss over the related service period or when the Company has a present legal or constructive obligation to make payments as a result of past events and when the amount payable can be estimated reliably. Post-employment benefits AEZS Germany provides unfunded and partially funded defined benefit multi-employer pension plans, namely the DUPK pension plan and the RUK 1990 and 2006 pension plans, (the “Pension Benefit Plans”) and unfunded post-employment benefit plans for certain groups of employees. Provisions for pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions. The Company also provides a defined contribution plans to some of its employees. For defined benefit pension plans and other post-employment benefits, net periodic pension expense is actuarially determined on a quarterly basis using the projected unit credit method. The cost of pension and other benefits earned by employees is determined by applying certain assumptions, including discount rates, rate of pension benefit increases, the projected age of employees upon retirement and the expected rate of future compensation. The employee future benefits liability is recognized at its present value, which is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related future benefit liability. Actuarial gains and losses that arise in calculating the present value of the defined benefit obligation are recognized in other comprehensive loss, net of tax, and simultaneously reclassified in the deficit in the consolidated statement of financial position in the year in which the actuarial gains and losses arise and without recycling to the consolidated statement of comprehensive loss in subsequent periods. For defined contribution plans, expenses are recorded in the consolidated statement of comprehensive loss as incurred–namely, over the period that the related employee service is rendered. Termination benefits Termination benefits are recognized in the consolidated statement of comprehensive loss when the Company is demonstrably committed, without the realistic possibility of withdrawal, to a formal detailed plan to terminate employment earlier than originally expected. Termination benefit liabilities expected to be settled after 12 months from the end of a given reporting period are discounted to their present value, where material. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Financial instruments The Company classifies its financial instruments in the following categories: financial assets at fair value through profit or loss (“FVTPL”); financial liabilities at FVTPL; financial assets at amortized cost; financial liabilities at amortized cost and financial assets at fair value through other comprehensive income (“FVTOCI”). Financial assets at FVTPL Financial liabilities at FVTPL Financial assets at amortized cost Financial liabilities at amortized cost Financial assets at FVTOCI Impairment of financial assets at amortized cost Share capital Common shares are classified as equity. Incremental costs that are directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Where offerings result in the issuance of units (where each unit is comprised of a common share of the Company and a warrant, exercisable in order to purchase a common share or fraction thereof) and the Company does not have the unconditional right to avoid delivering cash to the holders in the future, proceeds received in connection with those offerings are allocated between share capital and warrants. Transaction costs in connection with such offerings are allocated to the liability and equity unit components in proportion to the allocation of proceeds. Where offerings result in the issuance of units (where each unit is comprised of a common share of the Company and a warrant, exercisable in order to purchase a common share or fraction thereof) and the warrants issued meet the fixed-for-fixed criteria, discussed below, proceeds received in connection with those offerings are allocated between share capital and warrants based on the relative fair value method. Transaction costs in connection with such offerings are allocated to share capital and warrant components within equity in proportion to the allocation of proceeds. Warrants Warrants are classified as liabilities when the Company does not have the unconditional right to avoid delivering cash to the holders in the future, or when they can be settled with a variable number of common shares. Each of the Company’s warrants contains a written put option, arising upon the occurrence of a fundamental transaction, as that term is defined in the warrants, including a change of control. The warrant liability is initially measured at fair value, and any subsequent changes in fair value are recognized as gains or losses through profit or loss. Any transaction costs related to the warrants are expensed as incurred. Fair value of such warrants is determined at the issue date using the Black-Scholes option pricing model. The warrant liability is classified as non-current, unless the underlying warrants will expire or be settled within 12 months from the end of a given reporting period. When issued warrants meet the fixed-for-fixed criteria under IAS 32, Financial Instruments Share-based compensation costs The Company operates an equity-settled share-based compensation plan under which the Company receives services from directors, senior executives, employees and other collaborators as consideration for equity instruments of the Company. The Company accounts for all forms of share-based compensation using the fair value-based method. Fair value of stock options is determined at the date of grant using the Black-Scholes option pricing model, which includes estimates of the number of awards that are expected to vest over the vesting period. Where granted share options vest in installments over the vesting period (defined as graded vesting), the Company treats each installment as a separate share option grant. Share-based compensation expense is recognized over the vesting period, or as specified vesting conditions are satisfied, and credited to other capital. Any consideration received by the Company in connection with the exercise of stock options is credited to share capital. Any other capital component of the share-based compensation is transferred to share capital upon the issuance of shares. The Company grants deferred share units (“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 in the consolidated statement of comprehensive loss. 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Revenue recognition The Company generates revenue from license and collaboration agreements with customers (license fees, milestone revenue, royalties), the provision of development services, the sale of certain active pharmaceutical ingredients (“API”) and semi-finished goods and finished goods, and from certain supply chain activities, which are comprised largely of oversight or supervisory support services related to stability studies or development activities carried out with respect to API batch production as specified in underlying contracts with customers. The Company applies the provisions of IFRS 15, Revenue from Contracts with Customers The transaction price is allocated among the performance obligations on a relative standalone selling price basis, and the applicable revenue recognition criteria are applied to each of the separate performance obligations. Standalone selling prices may be estimated via methods that include, but are not limited to, an adjusted market assessment approach, an expected cost-plus-margin approach or a residual approach. Determining the standalone selling price for performance obligations requires significant judgment. The Company applies judgment in determining whether a combined performance obligation is satisfied at a point in time or over time, and, for performance obligations satisfied over time, in concluding upon the appropriate method of measuring progress to be applied for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, as estimates related to the measure of progress change, related revenue recognition is adjusted accordingly. Changes in the Company’s estimated measure of progress are accounted for on a cumulative catch-up basis as a change in accounting estimate and are recorded in the consolidated statement of comprehensive loss in the period of adjustment. License fees If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a license is distinct from the other promises, the Company considers whether the collaboration partner can benefit from the license for its intended purpose without the receipt of the remaining promises, whether the value of the license is dependent on the unsatisfied promises, whether there are other vendors that could provide the remaining promises and whether it is separately identifiable from the remaining promises. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation and whether the license is the predominant promise within the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Development services Arrangements that include a promise for the Company to provide development services are assessed to determine whether the services are capable of being distinct, are not highly interdependent or do not significantly modify one another, and if so, the services are accounted for as a separate performance obligation as the services are provided to the customer. Otherwise, when development services are determined not to be capable of being distinct, such services are added to the performance obligation that includes the underlying license. For development services that are combined with other promises, the Company applies judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. The Company utilizes judgment to determine the appropriate method of measuring progress for purposes of recognizing revenue, which is generally an input measure such as costs incurred. Milestone payments At the inception of any contracts with a customer that includes milestone payments, which are oftentimes payable upon the successful achievement of development or regulatory events, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If the Company concludes it is highly probable that a significant revenue reversal will not occur, the associated milestone payment is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue when (or as) the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company reassesses the probability of achievement of milestones and any related constraints, and, if necessary, adjusts the estimate of the overall transaction price on a cumulative catch-up basis. Royalty payments For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and when the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. Product sales The Company recognizes revenue from the sale of certain API and semi-finished goods, including Macrilen TM Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Supply chain revenue Supply chain services are contracted with fixed fees and are provided over a period of time. The Company recognizes revenue on a straight-line basis over time as it best represents the pattern of performance of the services. While providing services, the Company incurs certain direct costs for subcontractors and other expenses that are recoverable directly from its customers. The recoverable amounts of these direct costs are included in the Company’s operating expenses as the Company controls the services before they are transferred to the customer and acts as a principal in these arrangements. Contract costs The Company recognizes as an asset the incremental costs of obtaining a contract with a customer if the costs are expected to be recovered, and any capitalized contract costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. As a practical expedient, the Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that it otherwise would have recognized is one year or less. To date, the Company has not incurred any incremental costs of obtaining a contract with a customer. Contract modifications Contract modifications are defined in IFRS 15 as changes in the scope or price (or both) of a contract that are approved by the parties to the contract, such as a contract amendment. Contract modifications exist when the parties to a contract approve a modification that either creates new or changes existing enforceable rights and obligations of the parties to the contract. Depending on facts and circumstances, the Company accounts for a contract modification in one of the following ways: (a) as a separate contract; (b) as a termination of the existing contract and a creation of a new contract; or (c) as a combination of the preceding treatments. A contract modification is accounted for as a separate contract if the scope of the contract increases because of the addition of promised goods or services that are distinct and the price of the contract increases by an amount of consideration that reflects the Company’s standalone selling prices of the additional promised goods or services. When a contract modification is not considered a separate contract and the remaining goods or services are distinct from the goods or services transferred on or before the date of the contract modification, the Company accounts for the contract modification as a termination of the existing contract and a creation of a new contract. When a contract modification is not considered a separate contract and the remaining goods or services are not distinct, the Company accounts for the contract modification as an add-on to the existing contract and as an adjustment to revenue on a cumulative catch-up basis. Income tax Income tax on profit or loss comprises current and deferred tax. Tax is recognized in profit or loss, except that a change attributable to an item of income or expense recognized as other comprehensive loss or directly in equity is also recognized directly in other comprehensive loss or directly in equity. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. The current income tax charge is calculated in accordance with tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company’s subsidiaries operate and generate taxable income. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Deferred income tax is recognized on temporary differences (other than, where applicable, temporary differences associated with unremitted earnings from foreign subsidiaries and associates, to the extent that the investment is essentially permanent in duration, and temporary differences associated with the initial recognition of goodwill) arising between the tax bases of assets and liabilities and their carrying amoun |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2021 | |
Critical accounting estimates and judgments | 3. Critical accounting estimates and judgments The preparation of 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 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 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. Critical accounting estimates and assumptions are those that have a significant risk of causing material adjustment and are often applied to matters or outcomes that are inherently uncertain and subject to change. As such, management cautions that future events often vary from forecasts and expectations and that estimates routinely require adjustment. The following discusses the most significant accounting estimates and assumptions that the Company has made in the preparation of the consolidated financial statements. Accounting for a contract modification The Novo Amendment, as defined and discussed in note 5 – License, supply and distribution arrangements, and which was determined to be a modification pursuant to the provisions of IFRS 15, required management to apply significant judgments, including: assessment of any increases to the scope of the license agreement; assessment of whether the remaining goods or services are distinct from goods or services transferred before the modification; and assessment as to whether a portion of the changes in the transaction price was attributable to the amount of variable consideration promised before the modification. Any changes in the judgments or assumptions applied to account for this agreement could have a significant impact on the Company’s revenue and deferred revenue. License and collaboration arrangements with multiple elements The Company enters into licensing and supply agreements related to the licensing, development, supply and distribution for macimorelin in various territories. Each agreement may contain specific terms or clauses that require careful analysis by management under IFRS 15 in order to ensure the appropriate accounting treatment is reached. The agreements may include non-refundable upfront payments and licensing fees, the provision of development services, pre- and post-commercialization milestone payments, royalties on future product sales derived from such license agreements, and supply arrangements. Management analyzes each agreement and applies significant judgment to determine whether contracts entered into at or near the same time should be accounted for as a single arrangement, whether all parts of the contract are scoped within IFRS 15, to identify all performance obligations, determine whether a performance obligation is distinct or should be combined with other promised goods and services, determine and allocate the transaction price on a relative stand-alone selling price basis, determine whether a combined performance obligation is satisfied at a point in time or over time, and, for performance obligations satisfied over time, in concluding upon the appropriate method of measuring progress to be applied for purposes of recognizing revenue. Any changes in the judgments or assumptions applied can give rise to a significant impact on the Company’s revenues and deferred revenues Impairment of goodwill The annual impairment assessment related to goodwill requires management to estimate the recoverable amount, which has been determined using fair value less cost of disposal. The Company has a single cash generating unit and reportable segment, and management monitors goodwill based on an overall entity basis. The carrying amount of its consolidated net assets is compared to its overall market capitalization less estimated cost of disposal. Based on this calculation, including a control premium, management determined that goodwill was not impaired. Future events could cause the assumptions utilized in the impairment tests to change, resulting in a potentially adverse effect on the Company’s future results due to increased impairment charges. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Employee future benefits The determination of expenses and obligations associated with employee future benefits requires the use of assumptions, such as the discount rate to measure obligations, rate of pension benefit increases, the projected age of employees upon retirement and the expected rate of future compensation. Because the determination of the costs and obligations associated with employee future benefits requires the use of various assumptions, there is measurement uncertainty inherent in the actuarial valuation process. Actual results will differ from results that are estimated based on the aforementioned assumptions. Additional information is included in note 18 - Employee future benefits. Research and development accrual As part of the process of preparing our financial statements, we are required to estimate accrued expenses including those pertaining to our research and development expenses. This process involves reviewing open contracts and purchase orders, communicating with our personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of the actual cost. If the actual timing of the performance of services or the level of effort varies from our estimate, we adjust the accrued or prepaid expense balance accordingly. Although the Company does not expect estimates to be materially different from amounts actually incurred, if those estimates of the status and timing of services performed differ from the actual status and timing of services performed, the Company may report amounts that are too high or too low in any particular period. |
Recent accounting pronouncement
Recent accounting pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
Recent accounting pronouncements | 4. Recent accounting pronouncements IFRS Pronouncements issued but not yet effective (a) IAS 37, Provisions, Contingent Liabilities and Contingent Assets 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 this guidance and the impacts that the amendments may have on the Company’s consolidated financial statements. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents | 5. License, supply and distribution arrangements License and supply agreements for Macrilen™ - United States and Canada On January 16, 2018, the Company, through AEZS Germany, entered into License Agreement with Strongbridge Ireland Limited (“Strongbridge”) to carry out development, manufacturing, registration, regulatory and supply chain services for the commercialization of Macrilen™ (macimorelin) in the U.S. and Canada, which provides for (i) a right to use license relating to the adult indication (the “Adult Indication”); (ii) a license for a future FDA-approved pediatric indication (the “Pediatric Indication”); (iii) the licensee to fund 70% of the costs of a pediatric clinical trial submitted for approval to the EMA and FDA to be run by the Company with oversight from a joint steering committee (the “PIP”); and (iv) for an Interim Supply Arrangement. In January 2018, the Company received a cash payment of $ 24,000 5,000 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) On November 16, 2020, the Company, through AEZS Germany, entered into an amendment (the “Novo Amendment”) of its existing License Agreement with Novo related to the development and commercialization of macimorelin. Under the Novo Amendment, Aeterna continues to retain all rights to macimorelin outside of the U.S. and Canada but Novo agreed to make an upfront payment to Aeterna of $ 6,109 5,000 40 40 5,000 9,000 10,980 9,000 Under the amended terms, Novo was also granted co-ownership of the U.S. and Canadian patents and trademarks owned by Aeterna on macimorelin but will be required to transfer co-ownership in those patents back to Aeterna on the occurrence of certain termination events. Management has determined that the modification that grants co-ownership of the U.S. and Canadian patents and trademarks that were previously licensed by the Company to Novo is not a distinct performance obligation as the related benefits are highly interdependent and interrelated with the licensed indications granted under the existing license contract prior to the modification. In addition, upon regulatory approval of macimorelin in the U.S. for the diagnosis of CGHD, if Novo determines not to commercialize macimorelin in Canada, then Aeterna has the option to exclusively license rights to macimorelin in Canada (but not in U.S.) to a third party. The Amendment also confirms that Aeterna has the right to use the results from Study P02, if successful, to support Aeterna seeking regulatory approval and ongoing efforts to seek partnering opportunities for macimorelin in other regions outside of the two countries licensed to Novo, the U.S. and Canada. Analysis prior to modification At contract inception, upon analysis of the total discounted cash flows of both the $ 24,000 5,000 23,600 400 5.4 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Under the License Agreement, the Company considered the funding arrangement under the PIP to be a collaboration arrangement under IFRS 11 and has accounted for the invoicing as a reduction of costs incurred. During 2020, the Company invoiced its licensee $ 1,099 979 Analysis post modification On November 16, 2020, the Company announced that it had entered into the Novo Amendment of its existing License Agreement and received an upfront payment of $ 6,109 (€ 5,000 ) in December 2020. Management determined that the remaining performance obligation under the contract which provides the customer with the license of a future FDA approved Pediatric Indication is a distinct performance obligation before and after the modification. Accordingly, the Company accounted for the modification to the License Agreement as an adjustment to the existing License Agreement with Novo, on a prospective basis. The portion of the changes in the transaction price that was attributable to the change in royalty rate was allocated to both the Adult Indication and the Pediatric Indication. Based on the change in future royalty rates, the Company determined that $ 550 of the additional upfront payment should be allocated to the Adult Indication. Accordingly, the Company allocated $ 550 (€ 470 ) to the Adult Indication which was recognized in revenues for the year ended December 31, 2020 and deferred $ 5,559 (€ 4,530 ). As required per IFRS 11, given changes in facts and circumstances with respect to the development activities associated with the pediatric indication—namely, the substantive changes to rights and responsibilities granted to Novo pursuant to the Novo Amendment—management reassessed whether the classification of those activities should change. Management concluded that the parties to the Novo Amendment no longer share joint control of the related activities. As such, the Pediatric Indication development activities are no longer accounted for under IFRS 11, and the incremental performance obligation associated with the Pediatric Indication development services has been combined with the pediatric license for revenue recognition purposes. No other additional performance obligations were identified in the Novo Amendment. Based on the preceding analysis, management determined that the total modified transaction price was $ 5,754 (€ 4.7 million), which is comprised of $ 195 (€ 0.2 million) pre-Novo Amendment unamortized pediatric license fee and $ 5,559 (€ 4.5 million) post-Novo Amendment Pediatric Indication and has been allocated to the remaining combined performance obligation. Revenue associated with this performance obligation is being recognized as pediatric development services using a cost-to-cost measure of progress method. The transfer of control to Novo occurs over time, and as such, in management’s judgment, this input method is the best measure of progress towards satisfying the performance obligation and reflects a faithful depiction of the transfer of goods and services. As of December 31, 2021, management expects that the remaining performance obligation will be recognized through December 31, 2022. Management reevaluates the transaction price at the end of each reporting period or as changes in circumstances occur and adjusts the transaction price and the timing of recognition thereof as necessary. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Supply Chain Arrangement The Company agreed, in the Interim 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. The Company believes the stand-alone selling price of the manufacturing ingredients to be their cost, as that approximates the amount at which Novo would be able to procure those same goods with other suppliers. In November 2019, Novo contracted with AEZS Germany, to provide supply chain services including provision of supervision of stability studies (support services) as well as API batch production and delivery of certain API and semi-finished goods. License and supply agreements for macimorelin - European Union and United Kingdom Background On December 7, 2020, the Company entered into an exclusive licensing agreement with Consilient Health Limited (“CH”) for the commercialization of macimorelin (the “Licensed Product”) in the European Economic Area and the United Kingdom (the “CH License Agreement”). Under the terms of the CH License Agreement, CH agreed to make a non-refundable, non-creditable upfront payment to the Company of $ 1,209 1.0 The total transaction price associated with the CH Agreement is $ 1,209 1.0 that the achievement of the underlying milestones is uncertain and highly susceptible to factors outside of the Company’s control. The Company allocated the transaction price to the two combined performance obligation of the license agreement and the supply agreement for the adult and pediatric indication, using the application of an adjusted market assessment approach. Revenue will be recognized over time using an outputs method based on units of Licensed Product supplied to CH. The total units that the Company expects to supply to CH pursuant to the CH Agreement is an estimate, based on current projections and anticipated market demand, and therefore will be a significant judgment that will be relied upon when using the outputs method to recognize revenue. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) In December 2021, the Department of Health and Social Care in the United Kingdom approved a list price which triggered a $ 226 0.2 The aggregate amount of the transaction price allocated to the Company’s unsatisfied or partially unsatisfied performance obligations under the CH Agreement was $ 1,358 1.2 For the year ended December 31, 2021, the Company recognized $nil as license fee revenue associated with the CH Agreement. License and supply agreements for macimorelin - Korea The Company and NK Meditech Limited (“NK”) entered into a licensing agreement, effective November 30, 2021 and pursuant to which the Company granted to NK the exclusive right to commercialize (including marketing, selling and offering to sell) macimorelin in the Republic of Korea (the “ROK”) and as applicable, in the Democratic People’s Republic of Korea (“DPRK”) to the extent NK is allowed to use the aforementioned licensed rights in the latter (“NK License Agreement”). Under the terms of the NK License Agreement, NK agreed to make a non-refundable, non-creditable upfront payment to the Company of $ 136 (€ 0.1 million), which the Company received in December 2021. The Company also is eligible to receive additional consideration, including a regulatory milestone related to the approval of macimorelin in the Pediatric Indication in the ROK and/or DPRK. Additionally, NK has agreed to pay AEZS royalties of 12% of any sublicense income (i.e., royalties, upfront payments, license or option fees, lump sum payments, equity securities, milestone payments or other non-cash consideration) that may be received by NK from any future sublicensees (“Sublicense Income”). Also , effective November 30, 2021, the Company and NK entered into an exclusive supply agreement, pursuant to which the Company agreed to provide macimorelin to NK for a period of ten years, subject to renewal (the “NK Supply Agreement”). Management determined that the total transaction price associated with the NK License Agreement was $ 136 (€ 0.1 million), which consists of the upfront payment, discussed above, that was received by the Company in 2021. T 136 (€ 0.1 million) transaction price to the single combined performance using an outputs method based on units of macimorelin supplied to NK over a 10-year period. Distribution agreement for macimorelin - Israel and the Palestinian Authority In June 2020, the Company entered into an exclusive distribution and quality agreement with MegaPharm Ltd. (“MegaPharm”) for the commercialization in Israel and in the Palestinian Authority of Macrilen TM TM Summary of revenue recognized, deferred revenue and contract asset balances associated with license, supply and distribution arrangements The following table provides a summary of deferred revenue balances for the Novo Amendment, CH Agreement and NK License Agreement as of December 31: Summary of Deferred Revenue 2021 Current Non-Current Total $ $ $ Novo Amendment 4,791 23 4,814 CH Agreement 24 1,334 1,358 NK License Agreement — 136 136 Total 4,815 1,493 6,308 2020 Current Non-Current Total $ $ $ Novo Amendment 2,193 3,289 5,482 Total 2,193 3,289 5,482 The following table provides a summary of revenue recognized for the Strongbridge agreement and Novo Amendment: Summary of Products Supplied Under Agreement 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ License fee associated with the Strongbridge Agreement — 68 74 License fee associated with the Novo Amendment (of which $ 1,670 264 nil 1,670 843 — Development services associated with Novo Amendment 3,337 — — Product sales associated with Novo Supply Agreement (of which $ nil 852 nil — 2,370 129 Royalties associated with the Strongbridge Agreement — 56 45 Royalties associated with the Novo Amendment 68 11 — Supply chain revenue associated with the Novo Supply Agreement (of which $ nil 67 nil 185 304 284 Total 5,260 3,652 532 As of December 31, 2021, the Company had $ 132 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) 6. Cash and cash equivalents Summary of Cash and Cash Equivalents 2021 2020 December 31, 2021 2020 $ $ Cash on hand and balances with banks 55,600 23,920 Interest-bearing deposits with maturities of three months or less 9,700 351 Cash and cash equivalents 65,300 24,271 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2021 | |
Trade and other receivables | 7. Trade and other receivables Schedule of Trade and Other Receivables 2021 2020 December 31, 2021 2020 $ $ Trade accounts receivable (net of expected credit losses of $ 55 55 877 1,190 Value added tax 372 468 Other receivables 65 23 Trade and other receivables 1,314 1,681 See also note 24 - Financial instruments and financial risk management for discussion of credit losses. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2021 | |
Inventory | 8. Inventory Summary of Inventory 2021 2020 December 31, 2021 2020 $ $ Work in process 73 21 Inventory 73 21 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) The Company recognized $ nil nil 1,980 131 101 106 |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid expenses and other current assets | 9. Prepaid expenses and other current assets Summary of Prepaid Expenses and Other Current Assets 2021 2020 December 31, 2021 2020 $ $ Prepaid insurance 421 1,021 Prepaid research and development 1,329 — Other 22 19 Prepaid expenses and other current assets 1,772 1,040 |
Restricted cash equivalents
Restricted cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Restricted cash equivalents | 10. Restricted cash equivalents The Company had restricted cash equivalents amounting to $ 335 338 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, plant and equipment | 11. Property, plant and equipment Components of the Company’s property, plant and equipment are summarized below. Summary of Property, Plant and Equipment Equipment Furniture and fixtures Computer equipment Leasehold improvements Total Cost Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At January 1, 2020 422 7 314 34 777 Property, plant and equipment, Cost Beginning 422 7 314 34 777 Disposals / Retirements (245 ) (7 ) (3 ) (38 ) (293 ) Impact of foreign exchange rate changes 38 — 24 4 66 At December 31, 2020 215 — 335 — 550 Additions 6 — 24 — 30 Disposals / Retirements (5 ) — (69 ) — (74 ) Impact of foreign exchange rate changes (17 ) — (22 ) — (39 ) At December 31, 2021 199 — 268 — 467 Property, plant and equipment, Cost Ending 199 — 268 — 467 Equipment Furniture and fixtures Computer equipment Leasehold improvements Total Accumulated Depreciation Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At January 1, 2020 400 7 307 28 742 Property, plant and equipment, Accumulated depreciation Beginning 400 7 307 28 742 Disposals / Retirements (247 ) (7 ) (3 ) (38 ) (295 ) Depreciation expense 6 — 3 — 9 Impact of foreign exchange rate changes 40 — 22 10 72 At December 31, 2020 199 — 329 — 528 Disposals / Retirements (5 ) — (69 ) — (74 ) Depreciation expense 4 — 5 — 9 Impact of foreign exchange rate changes (17 ) — (21 ) — (38 ) At December 31, 2021 181 — 244 — 425 Property, plant and equipment, Accumulated depreciation Ending 181 — 244 — 425 Carrying amount Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At December 31, 2020 16 — 6 — 22 At December 31, 2021 18 — 24 — 42 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Right of use assets
Right of use assets | 12 Months Ended |
Dec. 31, 2021 | |
Right of use assets | 12. Right of use assets 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 ) Additions — 7 7 Disposals — (21 ) (21 ) Impact of foreign exchange rate changes 48 2 50 At December 31, 2020 546 94 640 Additions 16 — 16 Modification of building lease 109 — 109 Impact of foreign exchange rate changes (48 ) (7 ) (55 ) At December 31, 2021 623 87 710 Building Vehicles and equipment Total $ $ $ Accumulated Depreciation At January 1, 2020 242 39 281 Disposals — (21) (21) Depreciation 180 23 203 Impact of foreign exchange rate changes 15 5 20 At December 31, 2020 437 46 483 Depreciation 94 26 120 Impact of foreign exchange rate changes (38) (5) (43) At December 31, 2021 493 67 560 Building Vehicles and equipment Total $ $ $ Carrying amount As of December 31, 2020 109 48 157 As of December 31, 2021 130 20 150 Effective August 25, 2021, the Company and its landlord mutually agreed to a one-year extension to its existing building lease agreement for its German subsidiary, continuing such terms until March 31, 2023, resulting in a modification being recorded to the building right of use asset in the amount of $ 109 259 |
Identifiable intangible assets
Identifiable intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Identifiable intangible assets | 13. Identifiable intangible assets Changes in the carrying value of the Company’s identifiable intangible assets are summarized below. Summary of Identifiable Intangible Assets with Finite Useful Lives Year ended December 31, 2021 Year ended December 31, 2020 Cost Accumulated amortization Carrying value Cost Accumulated amortization Carrying value $ $ $ $ $ $ Balances – Beginning of the year 35,020 (34,961 ) 59 31,422 (31,382 ) 40 Additions 609 — 609 34 — 34 Amortization expense — (16 ) (16 ) — (20 ) (20 ) Impact of foreign exchange rate changes (3,218 ) 3,191 (27 ) 3,564 (3,559 ) 5 Balances – End of the year 32,411 (31,786 ) 625 35,020 (34,961 ) 59 During 2021, the Company recorded additions of $ 609 400 471 100 138 16 20 20 Cetrotide On August 10, 2021, the Company entered into a trademark maintenance and assignment option agreement with ARES Trading SA, a subsidiary of Merck KGaA (“Merck”), with respect to the trademarks owned by the Company on Cetrotide® (cetrorelix acetate for injection), a luteinizing hormone-releasing hormone antagonist approved for therapeutic use as part of in vitro fertilization programs in women undergoing infertility treatment (the “Cetrotide Agreement”). The Company had transferred all Cetrotide activities to Merck in 2013 via a license and supply agreement (“LSA”). Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Pursuant to the Cetrotide Agreement, the Company has granted to Merck the exclusive option to acquire any and all rights in the Cetrotide trademarks at the end of the term of the LSA (the “Option”), which currently is May 2029 (the “Transfer Date”), when, as agreed, the Company will convey and assign to Merck all rights and interest in, as well as title to, the Cetrotide trademarks. The transfer of the trademarks on the Transfer Date shall constitute a sale, after which the Company will no longer have any ownership in or obligations related to the Cetrotide trademarks. As consideration for having been granted the Option, Merck has agreed to pay the Company a total of $ 566 0.5 The carrying value of the trademarks underlying Cetrotide is $nil and the Company received proceeds of $ 98 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill | 14. Goodwill Summary of Change in Carrying Value of Goodwill Cost Accumulated impairment loss Carrying amount $ $ $ Balances at January 1, 2020 8,050 — 8,050 Impact of foreign exchange rate changes 765 — 765 Balances at December 31, 2020 8,815 — 8,815 Impact of foreign exchange rate changes (685 ) — (685 ) Balances at December 31, 2021 8,130 — 8,130 Management’s evaluation of impairment in goodwill is based on fair value less costs of disposal based on the Company’s market capitalization at December 31, 2021, including a control premium, less estimated cost of disposal of approximately $ 1,774 no |
Payables and accrued liabilitie
Payables and accrued liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and accrued liabilities | 15. Payables and accrued liabilities Schedule of Payables and Accrued Liabilities 2021 2020 December 31, 2021 2020 $ $ Trade accounts payable 934 1,187 Accrued research and development costs 531 23 Salaries, employment taxes and benefits 596 474 Other accrued liabilities 611 515 Payables and accrued liabilities 2,672 2,199 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Provisions | 16. Provisions Schedule of Changes in Provisions for Onerous Contracts Cetrotide onerous contracts German restructuring: severance Total $ $ $ Balance at January 1, 2020 396 330 726 Utilization of provision (93 ) (323 ) (416 ) Change in the provision 33 — 33 Unwinding of discount and impact of foreign exchange rate changes 35 (7 ) 28 Balance at December 31, 2020 371 — 371 Utilization of provision (90 ) — (90 ) Change in the provision 23 — 23 Unwinding of discount and impact of foreign exchange rate changes (27 ) — (27 ) Balance at December 31, 2021 277 — 277 Less: current portion 34 — 34 Non-current portion 243 — 243 In 2013, the Company recognized a provision for certain non-cancellable contracts related to the Cetrotide activities, discussed in note 13 – Identifiable intangible assets, that were deemed onerous. The provisions for onerous contracts represent the present value of estimated unavoidable future royalty and patent costs associated with the intellectual property underlying Cetrotide. 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. This restructuring was completed on January 31, 2020. |
Employee future benefits
Employee future benefits | 12 Months Ended |
Dec. 31, 2021 | |
Employee future benefits | 17. Lease liabilities Schedule of Operating Lease Liabilities Years Ended December 31, 2021 2020 $ $ Balance – Beginning of period 184 903 Additions 15 7 Interest paid as charged to comprehensive loss as other finance costs (7 ) (19 ) Payment against lease liabilities (127 ) (265 ) Modification of lease liability 103 (463 ) Impact of foreign exchange rate changes (7 ) 21 Balance – End of period 161 184 Current lease liabilities 130 135 Non-current lease liabilities 31 49 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) 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 nil 34 Future lease payments as of December 31, 2021 are as follows: Summary of Maturity Analysis of Operating Lease Liabilities $ Less than 1 year 130 1 – 3 years 31 Total 161 18. Employee future benefits AEZS Germany provides unfunded and partially funded defined benefit multi-employer pension plans, namely the DUPK pension plan and the RUK 1990 and 2006 pension plans, (the “Pension Benefit Plans”) and unfunded post-employment benefit plans for certain groups of employees. Provisions for pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions. The Company also provides a defined contribution plans to some of its employees. The Pension Benefit Plans are final salary pension plans, which provide benefits to members (or to their surviving dependents) in the form of a guaranteed level of pension payable for life. The level of benefits provided depends on the member’s length of service and on the member’s base salary in the final years leading up to retirement. Current pensions vary in accordance with applicable statutory requirements, which foresee an adjustment every three years on an individual basis that is based on inflationary increases or in relation to salaries of comparable groups of active employees in the Company. Generally, the Company has not authorized actual pension increases, given the economic situation of the Company, and any legally required increases have been funded from the related pension surpluses. In 2020, the Company became responsible for pension increases for one of its Pension Benefit Plans and, in 2021, the Company became additionally responsible for pension increases for two of its Pension Benefit Plans. An increase may be denied by the Company if the Company’s financial situation does not allow for an increase in pensions. As most German pension plans grant lifelong pension benefits, rising life expectancy could increase the Company’s benefit obligation. These plans are fully or partially unfunded and the Company meets benefit payment obligations as they fall due. In the past, certain Pension Benefit Plans were accounted for as defined contribution plans as sufficient information was not available for the Company to account for its proportionate share of the defined benefit obligation, plan assets and cost associated with such Pension Benefit Plans. During 2021, additional information became available to the Company, which began to account for its proportionate share of the defined benefit obligation and plan assets amounting to $ 16,137 11,963 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) The change in the Company’s accrued benefit obligations associated with the Employee future obligation is summarized for the year ended December 31, 2021: Disclosure of Net Defined Benefit Liability (Asset) Pension Benefit Plans Other benefit Total $ $ $ Change in benefit obligation: Balances – Beginning of the year 15,341 94 15,435 Current service cost 60 5 65 Interest cost 87 1 88 Actuarial loss (gain) arising from changes in financial assumptions (1,138 ) 8 (1,130 ) Past service cost associated with multi-employer plan 16,137 — 16,137 Actuarial loss arising from change in current assumptions on funding of future pension increases 556 — 556 Benefits paid (509 ) (2 ) (511 ) Impact of foreign exchange rate changes (1,221 ) (7 ) (1,228 ) Balances – End of the year 29,313 99 29,412 Obligation is attributable to: Active members 4,242 99 4,341 Vested terminees 13,799 — 13,799 Retirees 11,272 — 11,272 29,313 99 29,412 Change in plan assets Balances – Beginning of the year — — — Presentation of plan assets as of December 31, 2021 11,963 — 11,963 Impact of foreign exchange rate changes (36 ) — (36 ) Balances – End of the year 11,927 — 11,927 Net liability of the unfunded plans 12,650 99 12,749 Net liability of the funded plans 4,736 — 4,736 Net amount recognized as Employee future benefits 17,386 99 17,485 Amounts recognized: In net loss (147 ) (6 ) (153 ) In other comprehensive (loss) 2,407 1 2,408 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) The cumulative amount of actuarial net losses recognized in other comprehensive loss as of December 31, 2021 is $ 9,385 5,793 5,143 The change in the Company’s accrued benefit obligations associated with the Employee future benefits is summarized for the years ended December 31, 2020 and 2019: Pension Benefit Plans Other benefit plans 2020 2019 2020 2019 $ $ $ $ Balances – Beginning of the year 13,704 13,100 84 105 Current service cost 50 41 4 8 Interest cost 162 239 1 2 Actuarial loss (gain) arising from changes in financial assumptions 650 1,068 1 (28 ) Benefits paid (529 ) (483 ) (3 ) — Impact of foreign exchange rate changes 1,304 (261 ) 7 (3 ) Balances – End of the year 15,341 13,704 94 84 Amounts recognized: In net loss (212 ) (280 ) (6 ) 18 In other comprehensive loss (1,954 ) (807 ) (7 ) 3 The Company’s proportionate share of the multi-employer pension plan assets as of December 31, 2021 is as follows: Schedule of Employer Pension Plan Asset $ Quoted equities (Level 1) 826 Quoted bonds (Level 1) 7,445 Cash (Level 1) 67 Real estate (Level 3) 2,207 Other (Level 3) 1,382 Total 11,927 The significant actuarial assumptions applied to determine the Company’s accrued benefit obligations are as follows: Summary of Significant Actuarial Assumptions Applied to Determine Accrued Benefit Obligations Pension Benefit Plans Other benefit plans Years ended December 31, Years ended December 31, Actuarial assumptions 2021 2020 2019 2021 2020 2019 % % % % % % Discount rate 1.10 0.60 1.10 1.10 0.60 1.90 Pension benefits increase 0.50 0.50 1.50 0.50 0.50 1.50 Rate of compensation increase 2.50 2.00 2.00 2.50 2.00 2.00 During 2020, management expanded its assumptions of possible future compensation scenarios from its current three-year forecast to a thirty-year forecast and from using an expected average inflation rate to an expected inflation rate. Additionally, the Company included the potential claims of retirees within the thirty-year time horizon. The Company expects to invest in its R&D opportunities, which would not change its economic situation in the short term but, if successful, does allow for scenarios that such pension increases would be owing. Such potential future pension compensation obligations have been included in the revised forecast assumptions, at a rate of 0.50 1.75 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics and experience in Germany. These assumptions translate into an average remaining life expectancy in years for a pensioner retiring at age 65: Summary of Assumptions Translate into an Average Remaining Life Expectancy in Years 2021 2020 2019 Retiring at the end of the reporting period: Male 21 20 20 Female 24 24 24 Retiring 20 years after the end of the reporting period: Male 28 28 28 Female 31 31 31 The most recent actuarial reports give effect to the pension and post-employment benefit obligations as of December 31, 2021. The next actuarial reports are planned for December 31, 2022. In accordance with the assumptions used as of December 31, 2021, undiscounted defined pension benefits expected to be paid are as follows: Summary of Undiscounted Defined Pension Benefits Expected to be Paid Total $ 2022 801 2023 823 2024 853 2025 868 2026 894 Thereafter 32,685 36,924 The weighted average duration of the defined benefit obligation is 16.0 If variations in the following assumptions had occurred during 2021, the impact on the Company’s pension benefit obligation of $ 29,313 Summary of Impact on Pension Benefit Obligation Assumption Increase Decrease (1,252 ) 1,338 Change in discount rate of 0.25 (1,252 ) 1,338 Change in salary rate of 0.25 18 (18 ) Change in pension rate assumption by 0.25 905 (867 ) Change mortality by one year 968 (974 ) Total expenses for the defined benefit plan that the Company accounts for as a defined contribution plan amounted to approximately $ 45 38 54 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Share capital, warrants and oth
Share capital, warrants and other capital | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital Warrants And Other Capital | |
Share capital, warrants and other capital | 19. Share capital, warrants and other capital (a) Share 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 year ended December 31, 2021, certain warrant holders exercised outstanding warrants to purchase 35,111,187 20.1 On February 19, 2021, the Company completed an underwritten public offering of 20,509,746 1.45 29,739 2,837 3,076,461 1.45 1,435,682 1.8125 February 17, 2026 On February 22, 2021, the Underwriter exercised the Underwriter Option and received 3,076,461 4,461 215,352 Aggregate gross proceeds received in connection with the February 2021 Financing totaled $ 34,200 3,221 1,897 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 2,174 600 311 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) 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 1,420 754 666 On August 5, 2020, the Company closed a securities purchase agreement of 12,427,876 0.56325 7,000 9,320,907 five and one-half years 0.47 869,952 0.7040625 August 3, 2025 7,000 3,944 3,056 748 327 421 2019 On September 20, 2019, the Company entered into a securities purchase agreement with US institutional investors to purchase $ 4,988 795 The combined purchase price for one common share and one warrant was $1.50 3,325,000 4,988 3,457 1,531 795 550 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Shareholder rights plan Effective May 8, 2019, the shareholders re-approved the Company’s shareholder rights plan (the “Rights Plan”) that provides the board of directors and the Company’s shareholders with additional time to assess any unsolicited take-over bid for the Company and, where appropriate, to pursue other alternatives for maximizing shareholder value. Under the Rights Plan, one right has been issued for each currently issued common share, and one right will be issued with each additional common share that may be issued from time to time. (b) Warrants Schedule of Warrants Activity Reclassified into Equity Weighted average exercise price Number ($) $ Balance – January 1, 2020 — — — Warrant liability reclassified to equity 16,368,033 0.8556 7,377 Warrants issued as equity 28,533,333 0.4574 5,025 Balance – December 31, 2020 44,901,366 0.6025 12,402 February 2021 Placement Agent Warrants 1,651,034 1.8125 1,897 Warrants exercised (35,111,187 ) 0.5725 (9,746 ) Allocation of transaction costs to share capital — — 532 Balance – December 31, 2021 11,441,213 0.8668 5,085 i) Warrants granted in 2021 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 the February 2021 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 issued on February 19, 2021 1,435,682 1.48 1.8125 0.58734 % 119.18 % 4.99 0.00 % February 2021 Placement Agent Warrants issued on February 22, 2021 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. (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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) ii) Warrants exercised in 2021 During 2021, certain warrant holders exercised their warrants as follows: Summary of Warrants Exercise Transactions Warrants exercised (number of underlying common shares) Exercise Price Aggregate proceeds to the Company September 2019 Investor warrants 2,000,000 $ 1.65 $ 3,300 February 2020 Investor warrants 1,739,130 1.20 2,087 July 2020 Investor warrants 21,045,555 0.45 9,471 July 2020 Placement Agent warrants 1,866,667 0.5625 1,050 August 2020 Investor warrants 7,589,883 0.47 3,567 August 2020 Placement Agent warrants 869,952 0.7040625 612 35,111,187 $ 20,087 iii) Warrant liability reclassified to equity in 2020 The Company had issued 3,325,000 2,608,696 243,478 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 remeasured at fair value using the Black-Scholes option pricing model, with the amount of the remeasurement loss recognized in the consolidated statement of comprehensive loss. The carrying value of the warrants was then reclassified from warrant liability to other capital within equity. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) The Company also issued 9,320,907 869,952 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 of the noted dates of reclassification: 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) As of June 16, 2020: 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 % As of September 14, 2020: August 2020 Investor Warrants 9,320,907 0.38 0.47 0.31 % 120.5 % 5.4 0.00 % August 2020 Placement Agent Warrants 869,952 0.38 0.704063 0.26 % 114.6 % 4.9 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) iv) Warrants issued as equity in 2020 On July 7, 2020, the Company closed a public offering of 26,666,666 0.45 10,596 26,666,666 26,666,666 1,866,667 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: 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) July 2020 Investor Warrants 26,666,666 0.52 0.457 0.2879 % 123.1048 % 5 0.00 % July 2020 Placement Agent Warrants 1,866,667 0.52 0.5625 0.2879 % 123.1048 % 5 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) Other capital Long-term incentive plan At the 2018 annual and special meeting of shareholders, the Company’s shareholders approved the adoption of the 2018 long-term incentive plan (the “LTIP”), which allows the Board of Directors to issue up to 11.4 10 seven years Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) The Company settles stock options exercised through the issuance of new common shares as opposed to purchasing common shares on the market to settle stock option exercises. As of December 31, 2021, the total compensation cost related to unvested US dollar stock options not yet recognized amounted to $ 96 43 101 1.54 1.43 1.21 Disclosure of Change in Stock Options Issued Year ended December 31, 2021 Stock options Weighted average exercise price DSUs (Number) ($) (Number) Balance – January 1, 2021 506,400 1.44 173,000 Granted 580,000 0.42 280,000 Expired (32 ) 590.25 — Exercised — — (30,000 ) Balance – December 31, 2021 1,086,368 0.88 423,000 Year ended December 31, 2019 US$ Stock options Weighted average DSUs CAN$ Stock options Weighted average (Number) (US$) (Number) (Number) (CAN$) Balance – Beginning of year 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 year 741,116 3.61 212,000 441 912.00 Year ended December 31, 2020 US$ Stock options Weighted average exercise price DSUs CAN$ Stock options Weighted average exercise price (Number) (US$) (Number) (Number) (CAN$) Balance – Beginning of year 741,116 3.61 212,000 441 912.00 Granted 180,000 0.37 120,000 — — Exercised — — (159,000 ) — — Canceled/Forfeited (330,350 ) 2.56 — — — Expired (84,366 ) 2.14 — (441 ) 912.00 Balance – End of year 506,400 1.44 173,000 — — Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Fair value input assumptions for US dollar stock option grants The table below shows the assumptions, or weighted average parameters, applied to the Black-Scholes option pricing model in order to determine share-based compensation costs over the life of the awards. Summary of Assumptions to Determine Share-Based Compensation Costs Over the Life of Awards 2021 2020 2019 Years ended December 31, 2021 2020 2019 Expected dividend yield (a) 0.00 % 0.00 % 0.00 % Expected volatility (b) 115.80 % 112.50 % 110.02 % Risk-free annual interest rate (c) 1.23 % 0.27 % 1.86 % Expected life (years) (d) 5.71 4.02 5.94 Weighted average share price $ 0.42 $ 0.37 $ 2.00 Weighted average exercise price $ 0.42 $ 0.37 $ 2.00 Weighted average grant date fair value $ 0.35 $ 0.27 $ 2.00 _________________________ (a) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. (b) Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the stock options, as well as on future expectations. (c) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the stock options. (d) Based upon historical data related to the exercise of stock options, on post-vesting employment terminations and on future expectations related to exercise behavior. Schedule of Stock Options Exercise Price Range Options outstanding Options exercisable Range of US dollar stock option exercise prices Number (#) Weighted average remaining contractual life (years) Weighted average exercise price ($) Number (#) Weighted average remaining contractual life (years) Weighted average exercise price ($) 0.37 0.50 760,000 6.72 0.41 60,006 5.95 0.37 0.51 1.78 160,000 4.91 0.91 106,672 4.91 0.90 1.79 3.14 85,000 3.21 2.08 76,667 3.06 2.07 3.15 217.00 81,368 1.70 3.95 81,368 1.70 3.95 1,086,368 5.81 0.88 324,713 3.86 1.84 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Operating expenses
Operating expenses | 12 Months Ended |
Dec. 31, 2021 | |
Operating expenses | 20. Operating expenses The nature of the Company’s operating expenses includes the following: Schedule of Operating Expenses 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Key management personnel compensation (1) Salaries and short-term employee benefits (1) 1,646 1,540 1,705 Consultant’s fees (1) 163 167 194 Termination benefits (1) — — 503 Post-employment benefits, including defined contribution plan benefits of $ 33 33 195 (1) 70 86 257 Share-based compensation costs (1) 295 160 784 Key management personnel compensation (1) 2,174 1,953 3,443 Other employees compensation: Salaries and short-term employee benefits 1,160 1,004 1,257 Post-employment benefits, including defined contribution plan benefits of $ 15 9 25 139 159 78 Share-based compensation costs 16 (99 ) 9 Other employees compensation 1,315 1,064 1,344 Cost of inventory used and services provided 90 2,186 309 Professional fees 2,749 1,969 2,599 Insurance 1,077 861 890 Third-party research and development 5,047 414 322 Consulting fees 553 587 144 Restructuring costs — — 507 Travel 130 66 154 Marketing services 222 39 18 Laboratory supplies 114 36 23 Other goods and services 162 72 137 Leasing costs, net of sublease receipts of $ nil nil 214 112 218 247 Modification of building lease — (219 ) — (Reversal) impairment of other asset and inventory — (8 ) 270 Depreciation and amortization of property, equipment and intangibles 25 29 37 Depreciation - right to use assets 120 203 278 Impairment of right of use asset — — 22 Operating foreign exchange losses (gains) 41 (112 ) 30 Operating expenses excluding management and Employee compensation 10,442 6,341 5,987 Total operating expenses 13,931 9,358 10,774 ______________________ (1) Key management includes the Company’s executive management team and directors. Most of the employment agreements entered into between the Company and its executive officers include termination provisions, whereby the executive officers would be entitled to receive benefits that would be payable if the Company were to terminate the executive officers’ employment without cause or if their employment is terminated following a change of control. Separation benefits generally are calculated based on an agreed-upon multiple of applicable base salary and incentive compensation and, in certain cases, other benefit amounts. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental disclosure of cash flow information | 21. Supplemental disclosure of cash flow information Disclosure of Changes in Operating Assets and Liabilities 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Changes in operating assets and liabilities: Trade and other receivables 120 (1,023 ) (371 ) Inventory (56 ) 1,182 (971 ) Prepaid expenses and other current assets (750 ) (702 ) (170 ) Payables and accrued liabilities 634 51 (615 ) Income taxes payable (109 ) 395 (188 ) Deferred revenues 3,010 3,031 743 Provision for restructuring and other costs — — (389 ) Employee future benefits (note 18) (349 ) (532 ) (483 ) Increase (decrease) in operating assets and liabilities 2,500 2,402 (2,444 ) |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Income taxes | 22. Income taxes Significant components of the current and deferred income tax recovery (expense) for the years ended December 31, 2021, 2020 and 2019 are as follows: Summary of Significant Components of Current and Deferred Income Tax Recovery (Expense) 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Current income tax recovery (expense) 109 (395 ) 188 Deferred tax: Origination and reversal of temporary differences 1,291 1,509 2,755 Change in unrecognized tax assets (1,291 ) (1,509 ) (2,755 ) Total income tax recovery (expense) 109 (395 ) 188 From time to time, the Company is subject to tax audits. While the Company believes that its filing positions are appropriate and supportable, periodically, certain matters are challenged by tax authorities. Although the Company believes its tax provisions are adequate, the final determination of tax audits and any related disputes could be materially different from historical income tax provisions and accruals. In 2020, AEZS Germany underwent a tax audit regarding the taxation years 2013 to 2016. As of December 31, 2021, the tax authorities concluded the audit for those years. The subsequent years remain unaudited, and the Company has accrued $ 115 1,605 1,448 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) The reconciliation of the combined Canadian federal and provincial corporate income tax rate to the income tax expense is provided below: Summary of Reconciliation of Combined Canadian Federal and Provincial Income Tax Rate to Income Tax Expense 2021 2020 2019 Years ended December 31, 2021 2020 2019 Combined Canadian federal and provincial statutory income tax rate 26.5 % 26.5 % 26.5 % 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Income tax (expense) recovery based on combined statutory income tax rate 2,246 1,252 1,615 Change in unrecognized tax assets (1,291 ) (1,872 ) (2,820 ) Share issuance costs 367 363 65 Permanent difference attributable to the use of local currency for tax reporting — — 35 Change in enacted rates used — — (27 ) Impact of expiring tax credits (1,724 ) (481 ) — Provision to filed return adjustments 151 — — Permanent difference attributable to net change in fair value of warrant liability — 304 1,197 Share-based compensation costs (82 ) (16 ) (210 ) Difference in statutory income tax rate of foreign subsidiaries 226 99 321 Uncertain tax position — (123 ) — Other 216 79 12 Total income tax (expense) recovery 109 (395 ) 188 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) (Loss) income before income taxes (Loss) income before income taxes is attributable to the Company’s tax jurisdictions as follows: Summary of (Loss) Income Before Income Taxes 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Germany (4,383 ) (2,042 ) (6,010 ) Canada (3,860 ) (2,463 ) 812 United States (234 ) (218 ) (1,032 ) Loss before income taxes (8,477 ) (4,723 ) (6,230 ) Significant components of deferred tax assets and liabilities are as follows: Summary of Significant Components of Deferred Tax Assets and Liabilities 2021 2020 December 31, 2021 2020 $ $ Deferred tax assets Operating losses carried forward 205 46 Intangible assets 776 1,318 Deferred tax assets 981 1,364 Deferred tax liabilities Accounts receivable 375 — Payables and accrued liabilities 7 126 Property, plant and equipment 47 49 Deferred revenues 492 1,073 Other 60 116 Deferred tax liabilities 981 1,364 Deferred tax liabilities, net 981 1,364 Deferred tax assets (liabilities), net — — Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Significant components of deferred tax assets and losses are as follows: Summary of Significant Components of Unrecognized Deferred Tax Assets 2021 2020 December 31, 2021 2020 $ $ Unrecognized deferred tax assets Deferred revenues and other provisions 1,680 1,494 Operating losses carried forward 87,734 89,144 Capital losses carried forward 105 — SR&ED Pool 9,138 9,138 Unused tax credits 2,945 4,668 Employee future benefits 3,396 2,570 Property, plant and equipment 523 495 Intangible assets — 541 Share issuance expenses 1,110 623 Other 84 — Unrecognized deferred tax assets, gross 106,715 108,673 Unrecognized deferred tax assets 106,715 108,673 Deferred income tax assets are recognized to the extent that the realization of the related tax benefit through reversal of temporary differences and future taxable profits is probable. Based on the current forecasted future taxable profits and reversal of temporary differences, the company does not believe it will have sufficient future earnings to offset the deferred tax assets and has an unrecognized deferred tax asset balance of $ 106,715 As at December 31, 2021, the Corporation has total accumulated non-capital losses of $ 77,867 76,545 Summary of Disclosure of Federal Tax Losses Federal Provincial Canada Federal Provincial $ $ 2028 8,054 6,668 2029 4,791 4,773 2030 4,104 4,089 2031 1,753 1,737 2032 4,250 4,250 2033 3,721 3,721 2034 4,153 4,153 2035 10,418 10,452 2036 10,592 10,592 2037 7,343 7,343 2038 6,557 6,557 2039 3,501 3,580 2040 3,808 3,808 2041 4,822 4,822 Tax attributes to be deferred for which no deferred tax asset was recognized 77,867 76,545 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) The Company has non-refundable R&D investment tax credits of approximately $ 4,006 210,709 185,271 4,793 United States $ 2028 369 2029 178 2034 151 2035 447 2036 195 2037 709 2038 1,224 2039 771 2040 515 2041 234 Unused tax losses for which no deferred tax asset recognized 4,793 The operating loss carryforwards and the tax credits claimed are subject to review, and potential adjustment, by tax authorities. Other deductible temporary differences for which tax assets have not been booked are not subject to a time limit, except for share issuance expenses which are amortizable over five years. |
Capital disclosures
Capital disclosures | 12 Months Ended |
Dec. 31, 2021 | |
Capital disclosures | 23. Capital disclosures The Company’s objective in managing capital, consisting of shareholders’ equity, with cash and cash equivalents and restricted cash equivalents being its primary components, is to ensure sufficient liquidity to fund R&D costs, selling expenses, general and administrative expenses and working capital requirements. Over the past several years, the Company has raised capital via public and private equity offerings and issuances as its primary source of liquidity, as discussed in note 19 - share capital, warrants and other capital. The capital management objective of the Company remains the same as that in previous periods. 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Financial instruments and finan
Financial instruments and financial risk management | 12 Months Ended |
Dec. 31, 2021 | |
Financial instruments and financial risk management | 24. Financial instruments and financial risk management Financial assets and liabilities as of December 31, 2021 and December 31, 2020 are presented below. Disclosure of Fair Value Measurement of Assets December 31, 2021 Financial assets at amortized cost Financial liabilities at amortized cost $ $ Cash and cash equivalents (note 6) 65,300 — Trade and other receivables (note 7) 1,314 — Restricted cash equivalents (note 10) 335 — Payables and accrued liabilities (note 15) — 1,530 Lease liability (note 17) — 161 66,949 1,691 December 31, 2020 Financial assets at amortized cost Financial liabilities at amortized cost $ $ Cash and cash equivalents (note 6) 24,271 — Trade and other receivables (note 7) 1,681 — Restricted cash equivalents (note 10) 338 — Payables and accrued liabilities (note 15) — 2,176 Lease liability (note 17) — 184 26,290 2,360 Fair value IFRS 13, Fair Value 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). 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) 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 foreign exchange 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. The Company regularly monitors credit risk exposure and takes steps to mitigate the likelihood of this exposure resulting in losses. The Company’s exposure to credit risk currently relates to the financial assets at amortized cost in the table above. The Company holds its available cash in amounts that are readily convertible to known amounts of cash and deposits its cash balances with financial institutions that have an investment grade rating of at least “P-2” or the equivalent. This information is supplied by independent rating agencies where available and, if not available, the Company uses publicly available financial information to ensure that it invests its cash in creditworthy and reputable financial institutions. Once there are indicators that there is no reasonable expectation of recovery, such financial assets are written off but are still subject to enforcement activity. As of December 31, 2021, trade accounts receivable for an amount of approximately $ 932 55 1,245 55 Generally, the Company does not require collateral or other security from customers for trade accounts receivable; however, credit is extended following an evaluation of creditworthiness. In addition, the Company performs ongoing credit reviews of all of its customers and determines expected credit losses. On this basis, as of December 31, 2021, the Company has provided for all outstanding and unpaid amounts relating to its operations before its licensing of Macrilen TM The maximum exposure to credit risk approximates the amount recognized in the Company’s consolidated statement of financial position. (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 24, 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. A portion of the Company’s cash is held in AEZS Germany, which is the counter-party to various license and distribution agreements for the Company’s only approved product. In September 2019 and February, July and August of 2020 and February of 2021 the Company completed financings resulting in total funding (net of transaction costs) of $ 55,905 5,000 6,109 1,000 1,209 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) The Board of Directors 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. All of the Company’s financial liabilities except lease liabilities are current liabilities with expected settlement dates within one year. The maturity analysis for lease liabilities is disclosed in note 17. (c) 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 of December 31, 2021, if the US dollar had increased or decreased by 10% against the Euro 300 110 841 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Segment information | 25. Segment information The Company operates in a single Geographical information Revenues by geographical area have been allocated to geographic regions based on the country of residence of the Company’s external customers or licensees and are detailed as follows: Summary of Revenues by Geographical Area 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Switzerland 5,075 905 — Ireland — 73 74 Denmark 185 2,655 413 Other — 19 45 Revenue 5,260 3,652 532 Non-current assets include restricted cash equivalents, right of use assets, property, plant and equipment, identifiable intangible assets, other asset and goodwill and are detailed by geographical area as follows: Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Summary of Non-current Assets by Geographical Area 2021 2020 December 31, 2021 2020 $ $ Germany 9,212 9,341 United States 70 50 Non-current assets 9,282 9,391 Major customers representing 10% or more of the Company’s revenues in each of the last three years are as follows: Summary of Major Customers 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Company 1 5,260 3,634 532 |
Net loss per share
Net loss per share | 12 Months Ended |
Dec. 31, 2021 | |
Net loss per share | 26. 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 Per Share 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Net loss (8,368 ) (5,118 ) (6,042 ) Basic weighted average number of shares outstanding 114,924,497 41,083,163 17,494,472 Diluted weighted average number of shares outstanding 114,924,497 41,083,163 17,494,472 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 1,509,368 679,400 953,557 Share purchase warrants 11,441,213 44,901,366 6,629,144 Anti-dilutive shares 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, DSUs 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and contingencies | 27. Commitments and contingencies Contractual obligations and commitments as of December 31, 2021 Schedule of Expected Future Minimum Lease Payments Service and manufacturing R&D contracts TOTAL $ $ $ Less than 1 year 1,085 2,252 3,337 1 – 3 years 6 1,049 1,055 4 – 5 years — — — More than 5 years — — — Total 1,091 3,301 4,392 During 2021, the Company executed various agreements including in-licensing and similar arrangements with development partners (note 13). 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 at December 31, 2021, the Company expects to pay $ 3,301 8,937 32,942 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 28 — 28 1 – 3 years 113 — 113 4 – 5 years 927 — 927 More than 5 years 7,869 32,942 40,811 Total 8,937 32,942 41,879 The table excludes any payments already capitalized in the consolidated statement 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. Securities class action lawsuit On March 9, 2020, the Company settled the previously disclosed class-action lawsuit against it pending in the US District Court for the District of New Jersey. This settlement was approved by the US 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. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of unrestricted cash on hand and balances with banks, as well as short-term interest-bearing deposits, such as money market accounts, that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value, with a maturity of three months or less from the date of acquisition. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The Company’s policy is to write down inventory that has become obsolete and inventory that has a cost basis in excess of its expected net realizable value. Increases in the reserve are recorded as charges in cost of sales. For product candidates that have not been approved by the FDA, inventory used in clinical trials is written down at the time of production and recorded as research and development (“R&D”) costs. For products that have been approved by the FDA, inventory used in clinical trials is expensed at the time the inventory is packaged for the clinical trial. All direct manufacturing costs incurred after approval are capitalized into inventory. |
Restricted cash equivalents | Restricted cash equivalents Restricted cash equivalents are comprised of bank deposits, which are related to a guarantee for a long-term operating lease obligation, and for corporate credit card programs that cannot be used for current purposes. |
Property, plant and equipment and depreciation | Property, plant and equipment and depreciation Items of property, plant and equipment are recorded at cost, net of accumulated depreciation and impairment charges. Depreciation is calculated using the following methods, annual rates and period: Summary of Depreciation Using Methods, Annual Rates and Period Methods Annual rates and period Equipment Declining balance and straight-line 20% Furniture and fixtures Declining balance and straight-line 10% to 20% Computer equipment Straight-line 25% to 33 1 Leasehold improvements Straight-line Remaining lease term Depreciation expense, which is recorded in the consolidated statement of comprehensive loss, is allocated to the appropriate functional expense categories to which the underlying items of property, plant and equipment relate. |
Identifiable intangible assets and amortization | Identifiable intangible assets and amortization Identifiable intangible assets with finite useful lives consist of in-process R&D acquired in business combinations, patents, trademarks, in-licensed technology and rights to serialization equipment located at the Company’s third-party macimorelin manufacturer. In-process R&D acquired in business combinations is recognized at fair value at the acquisition date. Patents and trademarks are comprised of costs, including professional fees incurred in connection with the filing of patents and the registration of trademarks for product marketing and manufacturing purposes, net of related government grants, impairment losses and accumulated amortization. Identifiable intangible assets with finite useful lives are amortized beginning at the time at which the assets are available for use, on a straight-line basis over the assets’ estimated useful lives, which range from seven to 15 years for in-process R&D and patents and are ten years for trademarks. Amortization expense, which is recorded in the consolidated statement of comprehensive loss, is allocated to the appropriate functional expense categories to which the underlying identifiable intangible assets relate. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Contingent payments The Company accounts for contingent variable payments for separately acquired intangible assets, such as in-licensed technology, under the cost accumulation approach. Contingent consideration is not considered on initial recognition of the asset but instead is added to the cost of the asset initially recorded, when incurred. |
Goodwill | Goodwill Goodwill is recognized as the fair value of the consideration transferred, including the recognized amount of any non-controlling interest in the acquiree, less the fair value of the net identifiable assets acquired, and liabilities assumed, as of the acquisition date. Subsequent to initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill acquired in business combinations is allocated to groups of cash generating units (“CGU”) that are expected to benefit from the synergies of the combination. |
Impairment of long-lived assets | Impairment of long-lived assets Items of property, plant and equipment, right of use assets and identifiable intangible assets with finite lives that are subject to depreciation or amortization, respectively, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Intangible assets that are not subject to amortization are tested when there are indications that their carrying value may not be recoverable, or, at a minimum, annually. Management is required to assess at each reporting date whether there is any indication that an asset may be impaired. Where such an indication exists, the asset’s recoverable amount is compared to its carrying value, and an impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows, or CGU. In determining value in use of a given asset or CGU, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Items of property, plant and equipment and identifiable intangible assets with finite lives that have suffered impairment are reviewed for possible reversal of the impairment if there has been a change, since the date of the most recent impairment test, in the estimates used to determine the impaired asset’s recoverable amount. However, an asset’s carrying amount, increased due to the reversal of a prior impairment loss, must not exceed the carrying amount that would have been determined, net of depreciation or amortization, had the original impairment not occurred. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Goodwill is not subject to amortization, but instead is tested for impairment annually or more often if there is an indication that the CGU to which the goodwill has been allocated may be impaired. Impairment is determined for goodwill by assessing whether the carrying value of a CGU, including the allocated goodwill, exceeds the CGU’s recoverable amount, which is the higher of fair value less costs to sell and the CGU’s value in use. Fair value less costs of disposal is determined based on the Company’s market capitalization, as well as relevant market data, such as control premiums, and other assumptions. In the event that the carrying amount of goodwill exceeds its recoverable amount, an impairment loss is recognized in an amount equal to the excess. Impairment losses related to goodwill, which are recorded in the consolidated statement of comprehensive loss, are not subsequently reversed. |
Provisions | Provisions Provisions represent liabilities to the Company for which the amount or timing is uncertain. Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, such as organizational restructuring, when it is probable that an outflow of resources will be required to settle the obligation and where the amount can be reliably estimated. Provisions are not recognized for future operating losses. Provisions are made for any contracts which are deemed onerous. A contract is onerous if the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Provisions for onerous contracts are measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Present value is determined based on expected future cash flows that are discounted at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized in finance costs. |
Leases | Leases At the inception of a contract, the Company assesses whether a contract is or contains a lease. A lease is a contract in which the right to control the use of an identified asset is granted for an agreed-upon period of time in exchange for consideration. The Company assesses whether a contract conveys the right to control the use of an identified asset when there is both the right to direct the use of the asset and obtain substantially all the economic benefits from that use. The Company recognizes a right of use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of the non-cancellable lease payments over the lease term and discounted at the rate implicit in the lease. If that rate cannot be determined, the Company’s incremental borrowing rate, or the rate that Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions, is used. Lease payments include fixed payments and such variable payments that depend on an index or a rate less any lease incentives receivable. The lease liability is subsequently measured at amortized cost using the effective interest method and is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right of use asset, with any difference recorded in the statement of comprehensive loss. Right of use assets are measured at cost, which comprises the initial lease liability, lease payments made at or before the lease commencement date, initial direct costs and restoration obligations, less lease incentives. Right of use assets are subsequently measured at amortized cost. The assets are depreciated over the shorter of the assets’ useful life and the lease terms on a straight-line basis, less any accumulated impairment losses, and adjusted for any remeasurement of the lease liability. The lease term includes periods covered by an option to extend if the Company is reasonably certain to exercise that option. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) The Company accounts for a lease modification as a separate lease if both of the following conditions exist: (a) the modification increases the scope of the lease by adding the right to use one or more underlying assets; and (b) the consideration for the lease increases by an amount equivalent to the standalone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. Where the Company accounts for a lease modification as a new lease, the separate lease is accounted for in the same way as a new lease, as described above. Where the Company does not account for a lease modification as a separate lease, the lease liability is remeasured by: (a) decreasing the carrying amount of the right of use asset to reflect the partial or full termination of the lease for lease modifications that decrease the scope of the lease, with any gain or loss relating to the partial or full termination of the lease recorded in the consolidated statement of comprehensive loss; or (b) making a corresponding adjustment to the right of use asset for all other lease modifications. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the consolidated statement of comprehensive loss. |
Employee benefits | Employee benefits Salaries and other short-term benefits Salaries and other short-term benefit obligations are measured on an undiscounted basis and are recognized in the consolidated statement of comprehensive loss over the related service period or when the Company has a present legal or constructive obligation to make payments as a result of past events and when the amount payable can be estimated reliably. Post-employment benefits AEZS Germany provides unfunded and partially funded defined benefit multi-employer pension plans, namely the DUPK pension plan and the RUK 1990 and 2006 pension plans, (the “Pension Benefit Plans”) and unfunded post-employment benefit plans for certain groups of employees. Provisions for pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions. The Company also provides a defined contribution plans to some of its employees. For defined benefit pension plans and other post-employment benefits, net periodic pension expense is actuarially determined on a quarterly basis using the projected unit credit method. The cost of pension and other benefits earned by employees is determined by applying certain assumptions, including discount rates, rate of pension benefit increases, the projected age of employees upon retirement and the expected rate of future compensation. The employee future benefits liability is recognized at its present value, which is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related future benefit liability. Actuarial gains and losses that arise in calculating the present value of the defined benefit obligation are recognized in other comprehensive loss, net of tax, and simultaneously reclassified in the deficit in the consolidated statement of financial position in the year in which the actuarial gains and losses arise and without recycling to the consolidated statement of comprehensive loss in subsequent periods. For defined contribution plans, expenses are recorded in the consolidated statement of comprehensive loss as incurred–namely, over the period that the related employee service is rendered. Termination benefits Termination benefits are recognized in the consolidated statement of comprehensive loss when the Company is demonstrably committed, without the realistic possibility of withdrawal, to a formal detailed plan to terminate employment earlier than originally expected. Termination benefit liabilities expected to be settled after 12 months from the end of a given reporting period are discounted to their present value, where material. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Financial instruments | Financial instruments The Company classifies its financial instruments in the following categories: financial assets at fair value through profit or loss (“FVTPL”); financial liabilities at FVTPL; financial assets at amortized cost; financial liabilities at amortized cost and financial assets at fair value through other comprehensive income (“FVTOCI”). Financial assets at FVTPL Financial liabilities at FVTPL Financial assets at amortized cost Financial liabilities at amortized cost Financial assets at FVTOCI Impairment of financial assets at amortized cost |
Share capital | Share capital Common shares are classified as equity. Incremental costs that are directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Where offerings result in the issuance of units (where each unit is comprised of a common share of the Company and a warrant, exercisable in order to purchase a common share or fraction thereof) and the Company does not have the unconditional right to avoid delivering cash to the holders in the future, proceeds received in connection with those offerings are allocated between share capital and warrants. Transaction costs in connection with such offerings are allocated to the liability and equity unit components in proportion to the allocation of proceeds. Where offerings result in the issuance of units (where each unit is comprised of a common share of the Company and a warrant, exercisable in order to purchase a common share or fraction thereof) and the warrants issued meet the fixed-for-fixed criteria, discussed below, proceeds received in connection with those offerings are allocated between share capital and warrants based on the relative fair value method. Transaction costs in connection with such offerings are allocated to share capital and warrant components within equity in proportion to the allocation of proceeds. Warrants Warrants are classified as liabilities when the Company does not have the unconditional right to avoid delivering cash to the holders in the future, or when they can be settled with a variable number of common shares. Each of the Company’s warrants contains a written put option, arising upon the occurrence of a fundamental transaction, as that term is defined in the warrants, including a change of control. The warrant liability is initially measured at fair value, and any subsequent changes in fair value are recognized as gains or losses through profit or loss. Any transaction costs related to the warrants are expensed as incurred. Fair value of such warrants is determined at the issue date using the Black-Scholes option pricing model. The warrant liability is classified as non-current, unless the underlying warrants will expire or be settled within 12 months from the end of a given reporting period. When issued warrants meet the fixed-for-fixed criteria under IAS 32, Financial Instruments Share-based compensation costs The Company operates an equity-settled share-based compensation plan under which the Company receives services from directors, senior executives, employees and other collaborators as consideration for equity instruments of the Company. The Company accounts for all forms of share-based compensation using the fair value-based method. Fair value of stock options is determined at the date of grant using the Black-Scholes option pricing model, which includes estimates of the number of awards that are expected to vest over the vesting period. Where granted share options vest in installments over the vesting period (defined as graded vesting), the Company treats each installment as a separate share option grant. Share-based compensation expense is recognized over the vesting period, or as specified vesting conditions are satisfied, and credited to other capital. Any consideration received by the Company in connection with the exercise of stock options is credited to share capital. Any other capital component of the share-based compensation is transferred to share capital upon the issuance of shares. The Company grants deferred share units (“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 in the consolidated statement of comprehensive loss. 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Revenue recognition | Revenue recognition The Company generates revenue from license and collaboration agreements with customers (license fees, milestone revenue, royalties), the provision of development services, the sale of certain active pharmaceutical ingredients (“API”) and semi-finished goods and finished goods, and from certain supply chain activities, which are comprised largely of oversight or supervisory support services related to stability studies or development activities carried out with respect to API batch production as specified in underlying contracts with customers. The Company applies the provisions of IFRS 15, Revenue from Contracts with Customers The transaction price is allocated among the performance obligations on a relative standalone selling price basis, and the applicable revenue recognition criteria are applied to each of the separate performance obligations. Standalone selling prices may be estimated via methods that include, but are not limited to, an adjusted market assessment approach, an expected cost-plus-margin approach or a residual approach. Determining the standalone selling price for performance obligations requires significant judgment. The Company applies judgment in determining whether a combined performance obligation is satisfied at a point in time or over time, and, for performance obligations satisfied over time, in concluding upon the appropriate method of measuring progress to be applied for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, as estimates related to the measure of progress change, related revenue recognition is adjusted accordingly. Changes in the Company’s estimated measure of progress are accounted for on a cumulative catch-up basis as a change in accounting estimate and are recorded in the consolidated statement of comprehensive loss in the period of adjustment. License fees If the license to the Company’s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a license is distinct from the other promises, the Company considers whether the collaboration partner can benefit from the license for its intended purpose without the receipt of the remaining promises, whether the value of the license is dependent on the unsatisfied promises, whether there are other vendors that could provide the remaining promises and whether it is separately identifiable from the remaining promises. For licenses that are combined with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation and whether the license is the predominant promise within the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Development services Arrangements that include a promise for the Company to provide development services are assessed to determine whether the services are capable of being distinct, are not highly interdependent or do not significantly modify one another, and if so, the services are accounted for as a separate performance obligation as the services are provided to the customer. Otherwise, when development services are determined not to be capable of being distinct, such services are added to the performance obligation that includes the underlying license. For development services that are combined with other promises, the Company applies judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. The Company utilizes judgment to determine the appropriate method of measuring progress for purposes of recognizing revenue, which is generally an input measure such as costs incurred. Milestone payments At the inception of any contracts with a customer that includes milestone payments, which are oftentimes payable upon the successful achievement of development or regulatory events, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If the Company concludes it is highly probable that a significant revenue reversal will not occur, the associated milestone payment is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are generally not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue when (or as) the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company reassesses the probability of achievement of milestones and any related constraints, and, if necessary, adjusts the estimate of the overall transaction price on a cumulative catch-up basis. Royalty payments For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and when the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied or partially satisfied. Product sales The Company recognizes revenue from the sale of certain API and semi-finished goods, including Macrilen TM Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Supply chain revenue Supply chain services are contracted with fixed fees and are provided over a period of time. The Company recognizes revenue on a straight-line basis over time as it best represents the pattern of performance of the services. While providing services, the Company incurs certain direct costs for subcontractors and other expenses that are recoverable directly from its customers. The recoverable amounts of these direct costs are included in the Company’s operating expenses as the Company controls the services before they are transferred to the customer and acts as a principal in these arrangements. Contract costs The Company recognizes as an asset the incremental costs of obtaining a contract with a customer if the costs are expected to be recovered, and any capitalized contract costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. As a practical expedient, the Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that it otherwise would have recognized is one year or less. To date, the Company has not incurred any incremental costs of obtaining a contract with a customer. Contract modifications Contract modifications are defined in IFRS 15 as changes in the scope or price (or both) of a contract that are approved by the parties to the contract, such as a contract amendment. Contract modifications exist when the parties to a contract approve a modification that either creates new or changes existing enforceable rights and obligations of the parties to the contract. Depending on facts and circumstances, the Company accounts for a contract modification in one of the following ways: (a) as a separate contract; (b) as a termination of the existing contract and a creation of a new contract; or (c) as a combination of the preceding treatments. A contract modification is accounted for as a separate contract if the scope of the contract increases because of the addition of promised goods or services that are distinct and the price of the contract increases by an amount of consideration that reflects the Company’s standalone selling prices of the additional promised goods or services. When a contract modification is not considered a separate contract and the remaining goods or services are distinct from the goods or services transferred on or before the date of the contract modification, the Company accounts for the contract modification as a termination of the existing contract and a creation of a new contract. When a contract modification is not considered a separate contract and the remaining goods or services are not distinct, the Company accounts for the contract modification as an add-on to the existing contract and as an adjustment to revenue on a cumulative catch-up basis. |
Income tax | Income tax Income tax on profit or loss comprises current and deferred tax. Tax is recognized in profit or loss, except that a change attributable to an item of income or expense recognized as other comprehensive loss or directly in equity is also recognized directly in other comprehensive loss or directly in equity. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. The current income tax charge is calculated in accordance with tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company’s subsidiaries operate and generate taxable income. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) Deferred income tax is recognized on temporary differences (other than, where applicable, temporary differences associated with unremitted earnings from foreign subsidiaries and associates, to the extent that the investment is essentially permanent in duration, and temporary differences associated with the initial recognition of goodwill) arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or R&D non-refundable tax credits in the Group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filing is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. |
Research and development expenses | Research and development expenses Research costs are expensed as incurred. Development costs are expensed as incurred, except for those that meet the criteria for deferral, in which case the costs are capitalized and amortized to operations over the estimated period of benefit. No development costs have been capitalized during any of the periods presented. |
Net loss per share | Net loss per share Basic net loss per share is calculated using the weighted average number of common shares outstanding during the year. Diluted net loss per share is calculated based on the weighted average number of common shares outstanding during the year, plus the effects of dilutive common share equivalents, such as stock options and warrants. This method requires that diluted net loss per share be calculated using the treasury stock method, as if all common share equivalents had been exercised at the beginning of the reporting period, or period of issuance, as the case may be, and that the funds obtained thereby were used to purchase common shares of the Company at the average trading price of the common shares during the period. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Depreciation Using Methods, Annual Rates and Period | Items of property, plant and equipment are recorded at cost, net of accumulated depreciation and impairment charges. Depreciation is calculated using the following methods, annual rates and period: Summary of Depreciation Using Methods, Annual Rates and Period Methods Annual rates and period Equipment Declining balance and straight-line 20% Furniture and fixtures Declining balance and straight-line 10% to 20% Computer equipment Straight-line 25% to 33 1 Leasehold improvements Straight-line Remaining lease term |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Products Supplied Under Agreement | The following table provides a summary of deferred revenue balances for the Novo Amendment, CH Agreement and NK License Agreement as of December 31: Summary of Deferred Revenue 2021 Current Non-Current Total $ $ $ Novo Amendment 4,791 23 4,814 CH Agreement 24 1,334 1,358 NK License Agreement — 136 136 Total 4,815 1,493 6,308 2020 Current Non-Current Total $ $ $ Novo Amendment 2,193 3,289 5,482 Total 2,193 3,289 5,482 The following table provides a summary of revenue recognized for the Strongbridge agreement and Novo Amendment: Summary of Products Supplied Under Agreement 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ License fee associated with the Strongbridge Agreement — 68 74 License fee associated with the Novo Amendment (of which $ 1,670 264 nil 1,670 843 — Development services associated with Novo Amendment 3,337 — — Product sales associated with Novo Supply Agreement (of which $ nil 852 nil — 2,370 129 Royalties associated with the Strongbridge Agreement — 56 45 Royalties associated with the Novo Amendment 68 11 — Supply chain revenue associated with the Novo Supply Agreement (of which $ nil 67 nil 185 304 284 Total 5,260 3,652 532 |
Summary of Products Supplied Under Agreement | Summary of Products Supplied Under Agreement 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ License fee associated with the Strongbridge Agreement — 68 74 License fee associated with the Novo Amendment (of which $ 1,670 264 nil 1,670 843 — Development services associated with Novo Amendment 3,337 — — Product sales associated with Novo Supply Agreement (of which $ nil 852 nil — 2,370 129 Royalties associated with the Strongbridge Agreement — 56 45 Royalties associated with the Novo Amendment 68 11 — Supply chain revenue associated with the Novo Supply Agreement (of which $ nil 67 nil 185 304 284 Total 5,260 3,652 532 |
Summary of Cash and Cash Equivalents | Summary of Cash and Cash Equivalents 2021 2020 December 31, 2021 2020 $ $ Cash on hand and balances with banks 55,600 23,920 Interest-bearing deposits with maturities of three months or less 9,700 351 Cash and cash equivalents 65,300 24,271 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Trade and Other Receivables | Schedule of Trade and Other Receivables 2021 2020 December 31, 2021 2020 $ $ Trade accounts receivable (net of expected credit losses of $ 55 55 877 1,190 Value added tax 372 468 Other receivables 65 23 Trade and other receivables 1,314 1,681 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Inventory | Summary of Inventory 2021 2020 December 31, 2021 2020 $ $ Work in process 73 21 Inventory 73 21 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) The Company recognized $ nil nil 1,980 131 101 106 |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Prepaid Expenses and Other Current Assets | Summary of Prepaid Expenses and Other Current Assets 2021 2020 December 31, 2021 2020 $ $ Prepaid insurance 421 1,021 Prepaid research and development 1,329 — Other 22 19 Prepaid expenses and other current assets 1,772 1,040 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Property, Plant and Equipment | Components of the Company’s property, plant and equipment are summarized below. Summary of Property, Plant and Equipment Equipment Furniture and fixtures Computer equipment Leasehold improvements Total Cost Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At January 1, 2020 422 7 314 34 777 Property, plant and equipment, Cost Beginning 422 7 314 34 777 Disposals / Retirements (245 ) (7 ) (3 ) (38 ) (293 ) Impact of foreign exchange rate changes 38 — 24 4 66 At December 31, 2020 215 — 335 — 550 Additions 6 — 24 — 30 Disposals / Retirements (5 ) — (69 ) — (74 ) Impact of foreign exchange rate changes (17 ) — (22 ) — (39 ) At December 31, 2021 199 — 268 — 467 Property, plant and equipment, Cost Ending 199 — 268 — 467 Equipment Furniture and fixtures Computer equipment Leasehold improvements Total Accumulated Depreciation Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At January 1, 2020 400 7 307 28 742 Property, plant and equipment, Accumulated depreciation Beginning 400 7 307 28 742 Disposals / Retirements (247 ) (7 ) (3 ) (38 ) (295 ) Depreciation expense 6 — 3 — 9 Impact of foreign exchange rate changes 40 — 22 10 72 At December 31, 2020 199 — 329 — 528 Disposals / Retirements (5 ) — (69 ) — (74 ) Depreciation expense 4 — 5 — 9 Impact of foreign exchange rate changes (17 ) — (21 ) — (38 ) At December 31, 2021 181 — 244 — 425 Property, plant and equipment, Accumulated depreciation Ending 181 — 244 — 425 Carrying amount Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At December 31, 2020 16 — 6 — 22 At December 31, 2021 18 — 24 — 42 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Right of use assets (Tables)
Right of use assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Right of Use Assets | 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 ) Additions — 7 7 Disposals — (21 ) (21 ) Impact of foreign exchange rate changes 48 2 50 At December 31, 2020 546 94 640 Additions 16 — 16 Modification of building lease 109 — 109 Impact of foreign exchange rate changes (48 ) (7 ) (55 ) At December 31, 2021 623 87 710 Building Vehicles and equipment Total $ $ $ Accumulated Depreciation At January 1, 2020 242 39 281 Disposals — (21) (21) Depreciation 180 23 203 Impact of foreign exchange rate changes 15 5 20 At December 31, 2020 437 46 483 Depreciation 94 26 120 Impact of foreign exchange rate changes (38) (5) (43) At December 31, 2021 493 67 560 Building Vehicles and equipment Total $ $ $ Carrying amount As of December 31, 2020 109 48 157 As of December 31, 2021 130 20 150 |
Identifiable intangible assets
Identifiable intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Identifiable Intangible Assets with Finite Useful Lives | Changes in the carrying value of the Company’s identifiable intangible assets are summarized below. Summary of Identifiable Intangible Assets with Finite Useful Lives Year ended December 31, 2021 Year ended December 31, 2020 Cost Accumulated amortization Carrying value Cost Accumulated amortization Carrying value $ $ $ $ $ $ Balances – Beginning of the year 35,020 (34,961 ) 59 31,422 (31,382 ) 40 Additions 609 — 609 34 — 34 Amortization expense — (16 ) (16 ) — (20 ) (20 ) Impact of foreign exchange rate changes (3,218 ) 3,191 (27 ) 3,564 (3,559 ) 5 Balances – End of the year 32,411 (31,786 ) 625 35,020 (34,961 ) 59 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Change in Carrying Value of Goodwill | Summary of Change in Carrying Value of Goodwill Cost Accumulated impairment loss Carrying amount $ $ $ Balances at January 1, 2020 8,050 — 8,050 Impact of foreign exchange rate changes 765 — 765 Balances at December 31, 2020 8,815 — 8,815 Impact of foreign exchange rate changes (685 ) — (685 ) Balances at December 31, 2021 8,130 — 8,130 |
Payables and accrued liabilit_2
Payables and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Payables and Accrued Liabilities | Schedule of Payables and Accrued Liabilities 2021 2020 December 31, 2021 2020 $ $ Trade accounts payable 934 1,187 Accrued research and development costs 531 23 Salaries, employment taxes and benefits 596 474 Other accrued liabilities 611 515 Payables and accrued liabilities 2,672 2,199 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2021 and December 31, 2020 and for the years ended December 31, 2021, 2020 and 2019 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Changes in Provisions for Onerous Contracts | Schedule of Changes in Provisions for Onerous Contracts Cetrotide onerous contracts German restructuring: severance Total $ $ $ Balance at January 1, 2020 396 330 726 Utilization of provision (93 ) (323 ) (416 ) Change in the provision 33 — 33 Unwinding of discount and impact of foreign exchange rate changes 35 (7 ) 28 Balance at December 31, 2020 371 — 371 Utilization of provision (90 ) — (90 ) Change in the provision 23 — 23 Unwinding of discount and impact of foreign exchange rate changes (27 ) — (27 ) Balance at December 31, 2021 277 — 277 Less: current portion 34 — 34 Non-current portion 243 — 243 |
Employee future benefits (Table
Employee future benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Operating Lease Liabilities | Schedule of Operating Lease Liabilities Years Ended December 31, 2021 2020 $ $ Balance – Beginning of period 184 903 Additions 15 7 Interest paid as charged to comprehensive loss as other finance costs (7 ) (19 ) Payment against lease liabilities (127 ) (265 ) Modification of lease liability 103 (463 ) Impact of foreign exchange rate changes (7 ) 21 Balance – End of period 161 184 Current lease liabilities 130 135 Non-current lease liabilities 31 49 |
Summary of Maturity Analysis of Operating Lease Liabilities | Future lease payments as of December 31, 2021 are as follows: Summary of Maturity Analysis of Operating Lease Liabilities $ Less than 1 year 130 1 – 3 years 31 Total 161 |
Disclosure of Net Defined Benefit Liability (Asset) | The change in the Company’s accrued benefit obligations associated with the Employee future obligation is summarized for the year ended December 31, 2021: Disclosure of Net Defined Benefit Liability (Asset) Pension Benefit Plans Other benefit Total $ $ $ Change in benefit obligation: Balances – Beginning of the year 15,341 94 15,435 Current service cost 60 5 65 Interest cost 87 1 88 Actuarial loss (gain) arising from changes in financial assumptions (1,138 ) 8 (1,130 ) Past service cost associated with multi-employer plan 16,137 — 16,137 Actuarial loss arising from change in current assumptions on funding of future pension increases 556 — 556 Benefits paid (509 ) (2 ) (511 ) Impact of foreign exchange rate changes (1,221 ) (7 ) (1,228 ) Balances – End of the year 29,313 99 29,412 Obligation is attributable to: Active members 4,242 99 4,341 Vested terminees 13,799 — 13,799 Retirees 11,272 — 11,272 29,313 99 29,412 Change in plan assets Balances – Beginning of the year — — — Presentation of plan assets as of December 31, 2021 11,963 — 11,963 Impact of foreign exchange rate changes (36 ) — (36 ) Balances – End of the year 11,927 — 11,927 Net liability of the unfunded plans 12,650 99 12,749 Net liability of the funded plans 4,736 — 4,736 Net amount recognized as Employee future benefits 17,386 99 17,485 Amounts recognized: In net loss (147 ) (6 ) (153 ) In other comprehensive (loss) 2,407 1 2,408 The change in the Company’s accrued benefit obligations associated with the Employee future benefits is summarized for the years ended December 31, 2020 and 2019: Pension Benefit Plans Other benefit plans 2020 2019 2020 2019 $ $ $ $ Balances – Beginning of the year 13,704 13,100 84 105 Current service cost 50 41 4 8 Interest cost 162 239 1 2 Actuarial loss (gain) arising from changes in financial assumptions 650 1,068 1 (28 ) Benefits paid (529 ) (483 ) (3 ) — Impact of foreign exchange rate changes 1,304 (261 ) 7 (3 ) Balances – End of the year 15,341 13,704 94 84 Amounts recognized: In net loss (212 ) (280 ) (6 ) 18 In other comprehensive loss (1,954 ) (807 ) (7 ) 3 |
Schedule of Employer Pension Plan Asset | The Company’s proportionate share of the multi-employer pension plan assets as of December 31, 2021 is as follows: Schedule of Employer Pension Plan Asset $ Quoted equities (Level 1) 826 Quoted bonds (Level 1) 7,445 Cash (Level 1) 67 Real estate (Level 3) 2,207 Other (Level 3) 1,382 Total 11,927 |
Summary of Significant Actuarial Assumptions Applied to Determine Accrued Benefit Obligations | The significant actuarial assumptions applied to determine the Company’s accrued benefit obligations are as follows: Summary of Significant Actuarial Assumptions Applied to Determine Accrued Benefit Obligations Pension Benefit Plans Other benefit plans Years ended December 31, Years ended December 31, Actuarial assumptions 2021 2020 2019 2021 2020 2019 % % % % % % Discount rate 1.10 0.60 1.10 1.10 0.60 1.90 Pension benefits increase 0.50 0.50 1.50 0.50 0.50 1.50 Rate of compensation increase 2.50 2.00 2.00 2.50 2.00 2.00 |
Summary of Assumptions Translate into an Average Remaining Life Expectancy in Years | Assumptions regarding future mortality are set based on actuarial advice in accordance with published statistics and experience in Germany. These assumptions translate into an average remaining life expectancy in years for a pensioner retiring at age 65: Summary of Assumptions Translate into an Average Remaining Life Expectancy in Years 2021 2020 2019 Retiring at the end of the reporting period: Male 21 20 20 Female 24 24 24 Retiring 20 years after the end of the reporting period: Male 28 28 28 Female 31 31 31 |
Summary of Undiscounted Defined Pension Benefits Expected to be Paid | In accordance with the assumptions used as of December 31, 2021, undiscounted defined pension benefits expected to be paid are as follows: Summary of Undiscounted Defined Pension Benefits Expected to be Paid Total $ 2022 801 2023 823 2024 853 2025 868 2026 894 Thereafter 32,685 36,924 |
Summary of Impact on Pension Benefit Obligation | Summary of Impact on Pension Benefit Obligation Assumption Increase Decrease (1,252 ) 1,338 Change in discount rate of 0.25 (1,252 ) 1,338 Change in salary rate of 0.25 18 (18 ) Change in pension rate assumption by 0.25 905 (867 ) Change mortality by one year 968 (974 ) |
Share capital, warrants and o_2
Share capital, warrants and other capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital Warrants And Other Capital | |
Schedule of Warrants Activity Reclassified into Equity | Schedule of Warrants Activity Reclassified into Equity Weighted average exercise price Number ($) $ Balance – January 1, 2020 — — — Warrant liability reclassified to equity 16,368,033 0.8556 7,377 Warrants issued as equity 28,533,333 0.4574 5,025 Balance – December 31, 2020 44,901,366 0.6025 12,402 February 2021 Placement Agent Warrants 1,651,034 1.8125 1,897 Warrants exercised (35,111,187 ) 0.5725 (9,746 ) Allocation of transaction costs to share capital — — 532 Balance – December 31, 2021 11,441,213 0.8668 5,085 |
Schedule of Fair Value of Warrants Assumptions | 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 the February 2021 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 issued on February 19, 2021 1,435,682 1.48 1.8125 0.58734 % 119.18 % 4.99 0.00 % February 2021 Placement Agent Warrants issued on February 22, 2021 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. (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. 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 of the noted dates of reclassification: 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) As of June 16, 2020: 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 % As of September 14, 2020: August 2020 Investor Warrants 9,320,907 0.38 0.47 0.31 % 120.5 % 5.4 0.00 % August 2020 Placement Agent Warrants 869,952 0.38 0.704063 0.26 % 114.6 % 4.9 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. 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: 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) July 2020 Investor Warrants 26,666,666 0.52 0.457 0.2879 % 123.1048 % 5 0.00 % July 2020 Placement Agent Warrants 1,866,667 0.52 0.5625 0.2879 % 123.1048 % 5 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. |
Summary of Warrants Exercise Transactions | During 2021, certain warrant holders exercised their warrants as follows: Summary of Warrants Exercise Transactions Warrants exercised (number of underlying common shares) Exercise Price Aggregate proceeds to the Company September 2019 Investor warrants 2,000,000 $ 1.65 $ 3,300 February 2020 Investor warrants 1,739,130 1.20 2,087 July 2020 Investor warrants 21,045,555 0.45 9,471 July 2020 Placement Agent warrants 1,866,667 0.5625 1,050 August 2020 Investor warrants 7,589,883 0.47 3,567 August 2020 Placement Agent warrants 869,952 0.7040625 612 35,111,187 $ 20,087 |
Disclosure of Change in Stock Options Issued | Disclosure of Change in Stock Options Issued Year ended December 31, 2021 Stock options Weighted average exercise price DSUs (Number) ($) (Number) Balance – January 1, 2021 506,400 1.44 173,000 Granted 580,000 0.42 280,000 Expired (32 ) 590.25 — Exercised — — (30,000 ) Balance – December 31, 2021 1,086,368 0.88 423,000 Year ended December 31, 2019 US$ Stock options Weighted average DSUs CAN$ Stock options Weighted average (Number) (US$) (Number) (Number) (CAN$) Balance – Beginning of year 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 year 741,116 3.61 212,000 441 912.00 Year ended December 31, 2020 US$ Stock options Weighted average exercise price DSUs CAN$ Stock options Weighted average exercise price (Number) (US$) (Number) (Number) (CAN$) Balance – Beginning of year 741,116 3.61 212,000 441 912.00 Granted 180,000 0.37 120,000 — — Exercised — — (159,000 ) — — Canceled/Forfeited (330,350 ) 2.56 — — — Expired (84,366 ) 2.14 — (441 ) 912.00 Balance – End of year 506,400 1.44 173,000 — — |
Summary of Assumptions to Determine Share-Based Compensation Costs Over the Life of Awards | The table below shows the assumptions, or weighted average parameters, applied to the Black-Scholes option pricing model in order to determine share-based compensation costs over the life of the awards. Summary of Assumptions to Determine Share-Based Compensation Costs Over the Life of Awards 2021 2020 2019 Years ended December 31, 2021 2020 2019 Expected dividend yield (a) 0.00 % 0.00 % 0.00 % Expected volatility (b) 115.80 % 112.50 % 110.02 % Risk-free annual interest rate (c) 1.23 % 0.27 % 1.86 % Expected life (years) (d) 5.71 4.02 5.94 Weighted average share price $ 0.42 $ 0.37 $ 2.00 Weighted average exercise price $ 0.42 $ 0.37 $ 2.00 Weighted average grant date fair value $ 0.35 $ 0.27 $ 2.00 _________________________ (a) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. (b) Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the stock options, as well as on future expectations. (c) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the stock options. (d) Based upon historical data related to the exercise of stock options, on post-vesting employment terminations and on future expectations related to exercise behavior. |
Schedule of Stock Options Exercise Price Range | Schedule of Stock Options Exercise Price Range Options outstanding Options exercisable Range of US dollar stock option exercise prices Number (#) Weighted average remaining contractual life (years) Weighted average exercise price ($) Number (#) Weighted average remaining contractual life (years) Weighted average exercise price ($) 0.37 0.50 760,000 6.72 0.41 60,006 5.95 0.37 0.51 1.78 160,000 4.91 0.91 106,672 4.91 0.90 1.79 3.14 85,000 3.21 2.08 76,667 3.06 2.07 3.15 217.00 81,368 1.70 3.95 81,368 1.70 3.95 1,086,368 5.81 0.88 324,713 3.86 1.84 |
Operating expenses (Tables)
Operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Operating Expenses | The nature of the Company’s operating expenses includes the following: Schedule of Operating Expenses 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Key management personnel compensation (1) Salaries and short-term employee benefits (1) 1,646 1,540 1,705 Consultant’s fees (1) 163 167 194 Termination benefits (1) — — 503 Post-employment benefits, including defined contribution plan benefits of $ 33 33 195 (1) 70 86 257 Share-based compensation costs (1) 295 160 784 Key management personnel compensation (1) 2,174 1,953 3,443 Other employees compensation: Salaries and short-term employee benefits 1,160 1,004 1,257 Post-employment benefits, including defined contribution plan benefits of $ 15 9 25 139 159 78 Share-based compensation costs 16 (99 ) 9 Other employees compensation 1,315 1,064 1,344 Cost of inventory used and services provided 90 2,186 309 Professional fees 2,749 1,969 2,599 Insurance 1,077 861 890 Third-party research and development 5,047 414 322 Consulting fees 553 587 144 Restructuring costs — — 507 Travel 130 66 154 Marketing services 222 39 18 Laboratory supplies 114 36 23 Other goods and services 162 72 137 Leasing costs, net of sublease receipts of $ nil nil 214 112 218 247 Modification of building lease — (219 ) — (Reversal) impairment of other asset and inventory — (8 ) 270 Depreciation and amortization of property, equipment and intangibles 25 29 37 Depreciation - right to use assets 120 203 278 Impairment of right of use asset — — 22 Operating foreign exchange losses (gains) 41 (112 ) 30 Operating expenses excluding management and Employee compensation 10,442 6,341 5,987 Total operating expenses 13,931 9,358 10,774 ______________________ (1) Key management includes the Company’s executive management team and directors. |
Supplemental disclosure of ca_2
Supplemental disclosure of cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Changes in Operating Assets and Liabilities | Disclosure of Changes in Operating Assets and Liabilities 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Changes in operating assets and liabilities: Trade and other receivables 120 (1,023 ) (371 ) Inventory (56 ) 1,182 (971 ) Prepaid expenses and other current assets (750 ) (702 ) (170 ) Payables and accrued liabilities 634 51 (615 ) Income taxes payable (109 ) 395 (188 ) Deferred revenues 3,010 3,031 743 Provision for restructuring and other costs — — (389 ) Employee future benefits (note 18) (349 ) (532 ) (483 ) Increase (decrease) in operating assets and liabilities 2,500 2,402 (2,444 ) |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Summary of Significant Components of Current and Deferred Income Tax Recovery (Expense) | Significant components of the current and deferred income tax recovery (expense) for the years ended December 31, 2021, 2020 and 2019 are as follows: Summary of Significant Components of Current and Deferred Income Tax Recovery (Expense) 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Current income tax recovery (expense) 109 (395 ) 188 Deferred tax: Origination and reversal of temporary differences 1,291 1,509 2,755 Change in unrecognized tax assets (1,291 ) (1,509 ) (2,755 ) Total income tax recovery (expense) 109 (395 ) 188 |
Summary of Reconciliation of Combined Canadian Federal and Provincial Income Tax Rate to Income Tax Expense | The reconciliation of the combined Canadian federal and provincial corporate income tax rate to the income tax expense is provided below: Summary of Reconciliation of Combined Canadian Federal and Provincial Income Tax Rate to Income Tax Expense 2021 2020 2019 Years ended December 31, 2021 2020 2019 Combined Canadian federal and provincial statutory income tax rate 26.5 % 26.5 % 26.5 % 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Income tax (expense) recovery based on combined statutory income tax rate 2,246 1,252 1,615 Change in unrecognized tax assets (1,291 ) (1,872 ) (2,820 ) Share issuance costs 367 363 65 Permanent difference attributable to the use of local currency for tax reporting — — 35 Change in enacted rates used — — (27 ) Impact of expiring tax credits (1,724 ) (481 ) — Provision to filed return adjustments 151 — — Permanent difference attributable to net change in fair value of warrant liability — 304 1,197 Share-based compensation costs (82 ) (16 ) (210 ) Difference in statutory income tax rate of foreign subsidiaries 226 99 321 Uncertain tax position — (123 ) — Other 216 79 12 Total income tax (expense) recovery 109 (395 ) 188 |
Summary of (Loss) Income Before Income Taxes | (Loss) income before income taxes is attributable to the Company’s tax jurisdictions as follows: Summary of (Loss) Income Before Income Taxes 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Germany (4,383 ) (2,042 ) (6,010 ) Canada (3,860 ) (2,463 ) 812 United States (234 ) (218 ) (1,032 ) Loss before income taxes (8,477 ) (4,723 ) (6,230 ) |
Summary of Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows: Summary of Significant Components of Deferred Tax Assets and Liabilities 2021 2020 December 31, 2021 2020 $ $ Deferred tax assets Operating losses carried forward 205 46 Intangible assets 776 1,318 Deferred tax assets 981 1,364 Deferred tax liabilities Accounts receivable 375 — Payables and accrued liabilities 7 126 Property, plant and equipment 47 49 Deferred revenues 492 1,073 Other 60 116 Deferred tax liabilities 981 1,364 Deferred tax liabilities, net 981 1,364 Deferred tax assets (liabilities), net — — |
Summary of Significant Components of Unrecognized Deferred Tax Assets | Significant components of deferred tax assets and losses are as follows: Summary of Significant Components of Unrecognized Deferred Tax Assets 2021 2020 December 31, 2021 2020 $ $ Unrecognized deferred tax assets Deferred revenues and other provisions 1,680 1,494 Operating losses carried forward 87,734 89,144 Capital losses carried forward 105 — SR&ED Pool 9,138 9,138 Unused tax credits 2,945 4,668 Employee future benefits 3,396 2,570 Property, plant and equipment 523 495 Intangible assets — 541 Share issuance expenses 1,110 623 Other 84 — Unrecognized deferred tax assets, gross 106,715 108,673 Unrecognized deferred tax assets 106,715 108,673 |
Summary of Disclosure of Federal Tax Losses | Summary of Disclosure of Federal Tax Losses Federal Provincial Canada Federal Provincial $ $ 2028 8,054 6,668 2029 4,791 4,773 2030 4,104 4,089 2031 1,753 1,737 2032 4,250 4,250 2033 3,721 3,721 2034 4,153 4,153 2035 10,418 10,452 2036 10,592 10,592 2037 7,343 7,343 2038 6,557 6,557 2039 3,501 3,580 2040 3,808 3,808 2041 4,822 4,822 Tax attributes to be deferred for which no deferred tax asset was recognized 77,867 76,545 United States $ 2028 369 2029 178 2034 151 2035 447 2036 195 2037 709 2038 1,224 2039 771 2040 515 2041 234 Unused tax losses for which no deferred tax asset recognized 4,793 |
Financial instruments and fin_2
Financial instruments and financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Fair Value Measurement of Assets | Financial assets and liabilities as of December 31, 2021 and December 31, 2020 are presented below. Disclosure of Fair Value Measurement of Assets December 31, 2021 Financial assets at amortized cost Financial liabilities at amortized cost $ $ Cash and cash equivalents (note 6) 65,300 — Trade and other receivables (note 7) 1,314 — Restricted cash equivalents (note 10) 335 — Payables and accrued liabilities (note 15) — 1,530 Lease liability (note 17) — 161 66,949 1,691 December 31, 2020 Financial assets at amortized cost Financial liabilities at amortized cost $ $ Cash and cash equivalents (note 6) 24,271 — Trade and other receivables (note 7) 1,681 — Restricted cash equivalents (note 10) 338 — Payables and accrued liabilities (note 15) — 2,176 Lease liability (note 17) — 184 26,290 2,360 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Summary of Revenues by Geographical Area | Revenues by geographical area have been allocated to geographic regions based on the country of residence of the Company’s external customers or licensees and are detailed as follows: Summary of Revenues by Geographical Area 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Switzerland 5,075 905 — Ireland — 73 74 Denmark 185 2,655 413 Other — 19 45 Revenue 5,260 3,652 532 |
Summary of Non-current Assets by Geographical Area | Summary of Non-current Assets by Geographical Area 2021 2020 December 31, 2021 2020 $ $ Germany 9,212 9,341 United States 70 50 Non-current assets 9,282 9,391 |
Summary of Major Customers | Major customers representing 10% or more of the Company’s revenues in each of the last three years are as follows: Summary of Major Customers 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Company 1 5,260 3,634 532 |
Net loss per share (Tables)
Net loss per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Pertinent Data Relating to Computation of Basic and Diluted 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 Per Share 2021 2020 2019 Years ended December 31, 2021 2020 2019 $ $ $ Net loss (8,368 ) (5,118 ) (6,042 ) Basic weighted average number of shares outstanding 114,924,497 41,083,163 17,494,472 Diluted weighted average number of shares outstanding 114,924,497 41,083,163 17,494,472 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 1,509,368 679,400 953,557 Share purchase warrants 11,441,213 44,901,366 6,629,144 Anti-dilutive shares |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Expected Future Minimum Lease Payments | Contractual obligations and commitments as of December 31, 2021 Schedule of Expected Future Minimum Lease Payments Service and manufacturing R&D contracts TOTAL $ $ $ Less than 1 year 1,085 2,252 3,337 1 – 3 years 6 1,049 1,055 4 – 5 years — — — More than 5 years — — — Total 1,091 3,301 4,392 |
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 28 — 28 1 – 3 years 113 — 113 4 – 5 years 927 — 927 More than 5 years 7,869 32,942 40,811 Total 8,937 32,942 41,879 |
Summary of Depreciation Using M
Summary of Depreciation Using Methods, Annual Rates and Period (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Machinery [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment and depreciation, Methods | Declining balance and straight-line |
Property, plant and equipment and depreciation, Annual rates and period, percentage | 20.00% |
Fixtures and fittings [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment and depreciation, Methods | Declining balance and straight-line |
Property, plant and equipment and depreciation, Annual rates and period, Percentage description | 10% to 20% |
Computer equipment [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment and depreciation, Methods | Straight-line |
Property, plant and equipment and depreciation, Annual rates and period, Percentage description | 25% to 331/3% |
Leasehold improvements [member] | |
IfrsStatementLineItems [Line Items] | |
Property, plant and equipment and depreciation, Methods | Straight-line |
Property, plant and equipment and depreciation, Annual rates and period, period description | Remaining lease term |
Summary of Products Supplied Un
Summary of Products Supplied Under Agreement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Total Current Deferred Revenues | $ 4,815 | $ 2,193 | |
Total Deferred Revenues Non Current | 1,493 | 3,289 | |
Total Deferred Revenues | 6,308 | 5,482 | |
Total | 5,260 | 3,652 | $ 532 |
License Strongbridge Agreement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 68 | 74 | |
License Novo Amendment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 1,670 | 843 | |
Development Services Novo Amendment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 3,337 | ||
Novo Supply Agreement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 2,370 | 129 | |
Royalties Strongbridge Agreement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 56 | 45 | |
Royalties Novo Amendement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 68 | 11 | |
Novo Supply Agreements [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 185 | 304 | $ 284 |
Novo Amendment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total Current Deferred Revenues | 4,791 | 2,193 | |
Total Deferred Revenues Non Current | 23 | 3,289 | |
Total Deferred Revenues | 4,814 | $ 5,482 | |
CH Agreement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total Current Deferred Revenues | 24 | ||
Total Deferred Revenues Non Current | 1,334 | ||
Total Deferred Revenues | 1,358 | ||
NK License Agreement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Total Current Deferred Revenues | |||
Total Deferred Revenues Non Current | 136 | ||
Total Deferred Revenues | $ 136 |
Summary of Products Supplied _2
Summary of Products Supplied Under Agreement (Details) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Deferred tax liabilities | $ 981 | $ 1,364 | |
Supply Agreement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax liabilities | 67 | ||
License Novo Amendment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
License fee | 1,670 | 264 | 0 |
Novo Supply Agreement [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred revenue | $ 852 |
Summary of Cash and Cash Equiva
Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash on hand and balances with banks | $ 55,600 | $ 23,920 | ||
Interest-bearing deposits with maturities of three months or less | 9,700 | 351 | ||
Cash and cash equivalents | $ 65,300 | $ 24,271 | $ 7,838 | $ 14,512 |
Schedule of Trade and Other Rec
Schedule of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade accounts receivable (net of expected credit losses of $55 (2020 - $55)) | $ 877 | $ 1,190 |
Value added tax | 372 | 468 |
Other receivables | 65 | 23 |
Trade and other receivables | $ 1,314 | $ 1,681 |
Schedule of Trade and Other R_2
Schedule of Trade and Other Receivables (Details) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade accounts receivable, expected credit losses | $ 55 | $ 55 |
Summary of Inventory (Details)
Summary of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Work in process | $ 73 | $ 21 |
Inventory | $ 73 | $ 21 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details Narrative) € in Thousands, $ in Thousands | Dec. 07, 2020USD ($) | Dec. 07, 2020EUR (€) | Nov. 16, 2020USD ($) | Nov. 16, 2020USD ($) | Nov. 16, 2020EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2018USD ($) | Jan. 31, 2018USD ($) |
IfrsStatementLineItems [Line Items] | ||||||||||||||
Revenue | $ 5,260 | $ 3,652 | $ 532 | |||||||||||
Performance obligation and deferred | 226 | € 200 | ||||||||||||
Contract assets | 132 | |||||||||||||
License Agreement [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Annual net sales | $ 40,000 | |||||||||||||
Post Nova Amendement [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Licensee costs | 5,559 | € 4,500 | ||||||||||||
Transaction Price Prior to Modification [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Transaction costs | $ 5,754 | € 4,700 | ||||||||||||
Amortization period | 5 years 4 months 24 days | 5 years 4 months 24 days | ||||||||||||
Transaction Price Prior to Modification [Member] | Adult Indication [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Transaction costs | $ 23,600 | |||||||||||||
Transaction Price Prior to Modification [Member] | Pediatric Indication [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Transaction costs | $ 400 | |||||||||||||
Transaction Price Prior to Modification [Member] | Discounted cash flow [member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Transaction costs | 24,000 | $ 24,000 | ||||||||||||
Transaction Price Prior to Modification [Member] | FDA Approval [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Transaction costs | 5,000 | $ 5,000 | ||||||||||||
License Agreement [Member] | Novo Nordisk A/S [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Upfront payment received | $ 6,109 | 6,109 | € 5,000 | |||||||||||
[custom:RevenueDeferred-0] | 5,559 | |||||||||||||
License Agreement [Member] | Novo Nordisk A/S [Member] | Euro [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Upfront payment received | $ 5,000 | |||||||||||||
[custom:RevenueDeferred-0] | € | € 4,530 | |||||||||||||
License Agreement [Member] | Consilient Health Limited [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Transaction costs | $ 1,209 | |||||||||||||
Upfront payment received | 1,209 | |||||||||||||
PIP Study [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Clinical trial costs | 10,980 | |||||||||||||
Licensee costs | 1,099 | $ 979 | ||||||||||||
PIP Study [Member] | Novo Nordisk A/S [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Additional clinical trial costs | € | € 9,000 | |||||||||||||
Transaction Price Adjusted Post Modification [Member] | Adult Indication [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Revenue | $ 550 | $ 550 | € 470 | |||||||||||
Pre Nova Amendement [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Transaction costs | 195 | 200 | ||||||||||||
CH License Agreement [Member] | Consilient Health Limited [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Transaction costs | $ 1,000 | |||||||||||||
Upfront payment received | € | € 1,000 | |||||||||||||
CH Agreement [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Performance obligation and deferred | 1,358 | € 1,200 | ||||||||||||
NK License Agreement [Member] | ||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
Transaction costs | 136 | € 100 | ||||||||||||
Upfront payment received | $ 136 | € 100 |
Summary of Prepaid Expenses and
Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid insurance | $ 421 | $ 1,021 |
Prepaid research and development | 1,329 | |
Other | 22 | 19 |
Prepaid expenses and other current assets | $ 1,772 | $ 1,040 |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory costs | $ 1,980 | $ 101 | |
Impairment of inventory | $ 131 | $ 106 |
Summary of Property, Plant and
Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
At December 31, 2020 | $ 550 | $ 777 |
Disposals / Retirements | (74) | (293) |
Impact of foreign exchange rate changes | (39) | 66 |
Additions | 30 | |
Property, plant and equipment, Cost Ending | 467 | 550 |
At December 31, 2020 | 528 | 742 |
Disposals / Retirements | (74) | (295) |
Depreciation expense | 9 | 9 |
Impact of foreign exchange rate changes | (38) | 72 |
Property, plant and equipment, Accumulated depreciation Ending | 425 | 528 |
Property, plant and equipment, Carrying amount | 42 | 22 |
Machinery [member] | ||
IfrsStatementLineItems [Line Items] | ||
At December 31, 2020 | 215 | 422 |
Disposals / Retirements | (5) | (245) |
Impact of foreign exchange rate changes | (17) | 38 |
Additions | 6 | |
Property, plant and equipment, Cost Ending | 199 | 215 |
At December 31, 2020 | 199 | 400 |
Disposals / Retirements | (5) | (247) |
Depreciation expense | 4 | 6 |
Impact of foreign exchange rate changes | (17) | 40 |
Property, plant and equipment, Accumulated depreciation Ending | 181 | 199 |
Property, plant and equipment, Carrying amount | 18 | 16 |
Fixtures and fittings [member] | ||
IfrsStatementLineItems [Line Items] | ||
At December 31, 2020 | 7 | |
Disposals / Retirements | (7) | |
Impact of foreign exchange rate changes | ||
Additions | ||
Property, plant and equipment, Cost Ending | ||
At December 31, 2020 | 7 | |
Disposals / Retirements | (7) | |
Depreciation expense | ||
Impact of foreign exchange rate changes | ||
Property, plant and equipment, Accumulated depreciation Ending | ||
Property, plant and equipment, Carrying amount | ||
Computer equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
At December 31, 2020 | 335 | 314 |
Disposals / Retirements | (69) | (3) |
Impact of foreign exchange rate changes | (22) | 24 |
Additions | 24 | |
Property, plant and equipment, Cost Ending | 268 | 335 |
At December 31, 2020 | 329 | 307 |
Disposals / Retirements | (69) | (3) |
Depreciation expense | 5 | 3 |
Impact of foreign exchange rate changes | (21) | 22 |
Property, plant and equipment, Accumulated depreciation Ending | 244 | 329 |
Property, plant and equipment, Carrying amount | 24 | 6 |
Leasehold improvements [member] | ||
IfrsStatementLineItems [Line Items] | ||
At December 31, 2020 | 34 | |
Disposals / Retirements | (38) | |
Impact of foreign exchange rate changes | 4 | |
Additions | ||
Property, plant and equipment, Cost Ending | ||
At December 31, 2020 | 28 | |
Disposals / Retirements | (38) | |
Depreciation expense | ||
Impact of foreign exchange rate changes | 10 | |
Property, plant and equipment, Accumulated depreciation Ending | ||
Property, plant and equipment, Carrying amount |
Restricted cash equivalents (De
Restricted cash equivalents (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted cash and cash equivalents | $ 335 | $ 338 |
Schedule of Right of Use Assets
Schedule of Right of Use Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
At December 31, 2020 | $ 157 | |
At December 31, 2021 | 150 | $ 157 |
IFRS Sixteen Leases [Member] | ||
IfrsStatementLineItems [Line Items] | ||
At December 31, 2020 | 640 | 863 |
Modification of building lease | 109 | 259 |
Additions | 16 | 7 |
Disposals | (21) | |
Impact of foreign exchange rate changes | (55) | 50 |
At December 31, 2021 | 710 | 640 |
At December 31, 2020 | 483 | 281 |
Disposals | (21) | |
Depreciation | 120 | 203 |
Impact of foreign exchange rate changes | (43) | 20 |
At December 31, 2021 | 560 | 483 |
Right of use assets, carrying amount | 150 | 157 |
IFRS Sixteen Leases [Member] | Buildings [member] | ||
IfrsStatementLineItems [Line Items] | ||
At December 31, 2020 | 546 | 757 |
Modification of building lease | 109 | 259 |
Additions | 16 | |
Disposals | ||
Impact of foreign exchange rate changes | (48) | 48 |
At December 31, 2021 | 623 | 546 |
At December 31, 2020 | 437 | 242 |
Disposals | ||
Depreciation | 94 | 180 |
Impact of foreign exchange rate changes | (38) | 15 |
At December 31, 2021 | 493 | 437 |
Right of use assets, carrying amount | 130 | 109 |
IFRS Sixteen Leases [Member] | Vehicles and Equipment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
At December 31, 2020 | 94 | 106 |
Modification of building lease | ||
Additions | 7 | |
Disposals | (21) | |
Impact of foreign exchange rate changes | (7) | 2 |
At December 31, 2021 | 87 | 94 |
At December 31, 2020 | 46 | 39 |
Disposals | (21) | |
Depreciation | 26 | 23 |
Impact of foreign exchange rate changes | (5) | 5 |
At December 31, 2021 | 67 | 46 |
Right of use assets, carrying amount | $ 20 | $ 48 |
Right of use assets (Details Na
Right of use assets (Details Narrative) - USD ($) $ in Thousands | Aug. 25, 2021 | Dec. 31, 2021 |
Building Lease Agreement [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Modification of building lease | $ 109 | $ 259 |
Summary of Identifiable Intangi
Summary of Identifiable Intangible Assets with Finite Useful Lives (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Identifiable intangible assets, Cost Balances - Beginning of the year | $ 35,020 | $ 31,422 | |
Accumulated amortization Balances - Beginning of the year | (34,961) | 31,382 | |
Carrying value Balances - Beginning of the year | 59 | 40 | |
Accumulated amortization Balances - Beginning of the year | 34,961 | (31,382) | |
Additions | 609 | 34 | |
Additions | |||
Additions | 609 | 34 | |
Additions | |||
Recurring amortization expense | |||
Recurring amortization expense | (16) | (20) | $ (20) |
Recurring amortization expense | (16) | (20) | |
Impact of foreign exchange rate changes | (3,218) | 3,564 | |
Impact of foreign exchange rate changes | 3,191 | (3,559) | |
Impact of foreign exchange rate changes | (27) | 5 | |
Accumulated amortization Balances - End of the year | 32,411 | 35,020 | 31,422 |
Accumulated amortization Balances - End of the year | (31,786) | (34,961) | 31,382 |
Carrying value Balances - End of the year | $ 625 | $ 59 | $ 40 |
Summary of Change in Carrying V
Summary of Change in Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill Cost, Beginning | $ 8,815 | $ 8,050 |
Accumulated impairment loss, Beginning | ||
Goodwill Carrying amount, Beginning | 8,815 | 8,050 |
Impact of foreign exchange rate changes | (685) | 765 |
Impact of foreign exchange rate changes | ||
Impact of foreign exchange rate changes | (685) | 765 |
Goodwill Cost, Ending | 8,130 | 8,815 |
Accumulated impairment loss, Ending | ||
Goodwill Carrying amount, Ending | $ 8,130 | $ 8,815 |
Identifiable intangible asset_2
Identifiable intangible assets (Details Narrative) € in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
IfrsStatementLineItems [Line Items] | |||||
Addition to identifiable intangible assets | $ 609 | $ 34 | |||
Amortization expense | 16 | $ 20 | $ 20 | ||
Reimbursement pay | 566 | € 500 | |||
Proceeds from trademarks | 98 | ||||
License Agreement [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Addition to identifiable intangible assets | 609 | ||||
License Agreement [Member] | University of Wuerzburg [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Addition to identifiable intangible assets | 471 | € 400 | |||
License Agreement [Member] | University of Sheffield [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Addition to identifiable intangible assets | $ 138 | $ 100 |
Schedule of Payables and Accrue
Schedule of Payables and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Trade accounts payable | $ 934 | $ 1,187 |
Accrued research and development costs | 531 | 23 |
Salaries, employment taxes and benefits | 596 | 474 |
Other accrued liabilities | 611 | 515 |
Payables and accrued liabilities | $ 2,672 | $ 2,199 |
Schedule of Changes in Provisio
Schedule of Changes in Provisions for Onerous Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Balance at December 31, 2020 | $ 371 | $ 726 |
Utilization of provision | (90) | (416) |
Change in the provision | 23 | 33 |
Unwinding of discount and impact of foreign exchange rate changes | (27) | 28 |
Balance at December 31, 2021 | 277 | 371 |
Less: current portion | 34 | 92 |
Non-current portion | 243 | |
Cetrotide Onerous Contracts [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at December 31, 2020 | 371 | 396 |
Utilization of provision | (90) | (93) |
Change in the provision | 23 | 33 |
Unwinding of discount and impact of foreign exchange rate changes | (27) | 35 |
Balance at December 31, 2021 | 277 | 371 |
Less: current portion | 34 | |
Non-current portion | 243 | |
German Restructuring Severance [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at December 31, 2020 | 330 | |
Utilization of provision | (323) | |
Change in the provision | ||
Unwinding of discount and impact of foreign exchange rate changes | (7) | |
Balance at December 31, 2021 | ||
Less: current portion | ||
Non-current portion |
Schedule of Operating Lease Lia
Schedule of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Operating Lease Liabilities | |||
Balance - Beginning of period | $ 184 | $ 903 | |
Additions | 15 | 7 | |
Interest paid as charged to comprehensive loss as other finance costs | (7) | (19) | |
Payment against lease liabilities | (127) | (265) | $ (614) |
Modification of lease liability | 103 | (463) | |
Impact of foreign exchange rate changes | (7) | 21 | |
Balance - End of period | 161 | 184 | $ 903 |
Current lease liabilities | 130 | 135 | |
Non-current lease liabilities | $ 31 | $ 49 |
Goodwill (Details Narrative)
Goodwill (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Cost of disposal of goodwill | $ 1,774 |
Impairment of goodwill | $ 0 |
Summary of Maturity Analysis of
Summary of Maturity Analysis of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
IfrsStatementLineItems [Line Items] | |||
Lease liabilities | $ 161 | $ 184 | $ 903 |
Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Lease liabilities | 130 | ||
Later than two years and not later than three years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Lease liabilities | $ 31 |
Disclosure of Net Defined Benef
Disclosure of Net Defined Benefit Liability (Asset) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Balances - Beginning of the year | $ 11,963 | ||
Balances - End of the year | 11,927 | $ 11,963 | |
Unfunded Plan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - Beginning of the period | 15,435 | ||
Current service cost | 65 | ||
Interest cost | 88 | ||
Actuarial loss (gain) arising from changes in financial assumptions | (1,130) | ||
Past service cost associated with multi-employer plan | 16,137 | ||
Actuarial loss arising from change in current assumptions on funding of future pension increases | 556 | ||
Benefits paid | (511) | ||
Impact of foreign exchange rate changes | (1,228) | ||
Balances - End of the period | 29,412 | 15,435 | |
Balances - Beginning of the year | |||
Presentation of plan assets as of December 31, 2021 | 11,963 | ||
Impact of foreign exchange rate changes | (36) | ||
Balances - End of the year | 11,927 | ||
Net liability of the unfunded plans | 12,749 | ||
Net liability of the funded plans | 4,736 | ||
Net amount recognized as Employee future benefits | 17,485 | ||
Amounts recognized: In net loss | (153) | ||
Amounts recognized: In other comprehensive loss | 2,408 | ||
Unfunded Plan [Member] | Active Members [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - End of the period | 4,341 | ||
Unfunded Plan [Member] | Vested Terminees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - End of the period | 13,799 | ||
Unfunded Plan [Member] | Retirees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - End of the period | 11,272 | ||
Unfunded Plan [Member] | Pension defined benefit plans [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - Beginning of the period | 15,341 | 13,704 | 13,100 |
Current service cost | 60 | 50 | 41 |
Interest cost | 87 | 162 | 239 |
Actuarial loss (gain) arising from changes in financial assumptions | (1,138) | 650 | 1,068 |
Past service cost associated with multi-employer plan | 16,137 | ||
Actuarial loss arising from change in current assumptions on funding of future pension increases | 556 | ||
Benefits paid | (509) | (529) | (483) |
Impact of foreign exchange rate changes | (1,221) | 1,304 | (261) |
Balances - End of the period | 29,313 | 15,341 | 13,704 |
Balances - Beginning of the year | |||
Presentation of plan assets as of December 31, 2021 | 11,963 | ||
Impact of foreign exchange rate changes | (36) | ||
Balances - End of the year | 11,927 | ||
Net liability of the unfunded plans | 12,650 | ||
Net liability of the funded plans | 4,736 | ||
Net amount recognized as Employee future benefits | 17,386 | ||
Amounts recognized: In net loss | (147) | (212) | (280) |
Amounts recognized: In other comprehensive loss | 2,407 | (1,954) | (807) |
Unfunded Plan [Member] | Pension defined benefit plans [member] | Active Members [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - End of the period | 4,242 | ||
Unfunded Plan [Member] | Pension defined benefit plans [member] | Vested Terminees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - End of the period | 13,799 | ||
Unfunded Plan [Member] | Pension defined benefit plans [member] | Retirees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - End of the period | 11,272 | ||
Unfunded Plan [Member] | Other Benefit Plans [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - Beginning of the period | 94 | 84 | 105 |
Current service cost | 5 | 4 | 8 |
Interest cost | 1 | 1 | 2 |
Actuarial loss (gain) arising from changes in financial assumptions | 8 | 1 | (28) |
Past service cost associated with multi-employer plan | |||
Actuarial loss arising from change in current assumptions on funding of future pension increases | |||
Benefits paid | (2) | (3) | |
Impact of foreign exchange rate changes | (7) | 7 | (3) |
Balances - End of the period | 99 | 94 | 84 |
Balances - Beginning of the year | |||
Presentation of plan assets as of December 31, 2021 | |||
Impact of foreign exchange rate changes | |||
Balances - End of the year | |||
Net liability of the unfunded plans | 99 | ||
Net liability of the funded plans | |||
Net amount recognized as Employee future benefits | 99 | ||
Amounts recognized: In net loss | (6) | (6) | 18 |
Amounts recognized: In other comprehensive loss | 1 | $ (7) | $ 3 |
Unfunded Plan [Member] | Other Benefit Plans [Member] | Active Members [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - End of the period | 99 | ||
Unfunded Plan [Member] | Other Benefit Plans [Member] | Vested Terminees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - End of the period | |||
Unfunded Plan [Member] | Other Benefit Plans [Member] | Retirees [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balances - End of the period |
Schedule of Employer Pension Pl
Schedule of Employer Pension Plan Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Total | $ 11,927 | $ 11,963 |
Multi Employer Pension Plan [Member] | Quoted Equities Level 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 826 | |
Multi Employer Pension Plan [Member] | Quoted Bonds Level 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 7,445 | |
Multi Employer Pension Plan [Member] | Cash Level 1 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 67 | |
Multi Employer Pension Plan [Member] | Real Estate Level 3 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 2,207 | |
Multi Employer Pension Plan [Member] | Other Level 3 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | $ 1,382 |
Summary of Significant Actuaria
Summary of Significant Actuarial Assumptions Applied to Determine Accrued Benefit Obligations (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pension defined benefit plans [member] | |||
IfrsStatementLineItems [Line Items] | |||
Discount rate | 0.50% | ||
Pension defined benefit plans [member] | Actuarial Assumptions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Discount rate | 1.10% | 0.60% | 1.10% |
Pension benefits increase | 0.50% | 0.50% | 1.50% |
Rate of compensation increase | 2.50% | 2.00% | 2.00% |
Other Benefit Plans [Member] | Actuarial Assumptions [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Discount rate | 1.10% | 0.60% | 1.90% |
Pension benefits increase | 0.50% | 0.50% | 1.50% |
Rate of compensation increase | 2.50% | 2.00% | 2.00% |
Summary of Assumptions Translat
Summary of Assumptions Translate into an Average Remaining Life Expectancy in Years (Details) - Pension defined benefit plans [member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Male [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average remaining life expectancy at the end of the reporting period | 21 years | 20 years | 20 years |
Average remaining life expectancy of those retiring twenty years after the end of the reporting period | 28 years | 28 years | 28 years |
Female [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Average remaining life expectancy at the end of the reporting period | 24 years | 24 years | 24 years |
Average remaining life expectancy of those retiring twenty years after the end of the reporting period | 31 years | 31 years | 31 years |
Summary of Undiscounted Defined
Summary of Undiscounted Defined Pension Benefits Expected to be Paid (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Total undiscounted defined pension benefits expected to be paid | $ 16,137 | |
Pension defined benefit plans [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total undiscounted defined pension benefits expected to be paid | $ 36,924 | |
Pension defined benefit plans [member] | Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total undiscounted defined pension benefits expected to be paid | 801 | |
Pension defined benefit plans [member] | Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total undiscounted defined pension benefits expected to be paid | 823 | |
Pension defined benefit plans [member] | Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total undiscounted defined pension benefits expected to be paid | 853 | |
Pension defined benefit plans [member] | Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total undiscounted defined pension benefits expected to be paid | 868 | |
Pension defined benefit plans [member] | Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total undiscounted defined pension benefits expected to be paid | 894 | |
Pension defined benefit plans [member] | Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total undiscounted defined pension benefits expected to be paid | $ 32,685 |
Summary of Impact on Pension Be
Summary of Impact on Pension Benefit Obligation (Details) - Pension defined benefit plans [member] $ in Thousands | Dec. 31, 2021USD ($) |
Actuarial assumption of discount rates [member] | |
IfrsStatementLineItems [Line Items] | |
Increase | $ (1,252) |
Decrease | 1,338 |
Actuarial assumption of expected rates of pension increases [member] | |
IfrsStatementLineItems [Line Items] | |
Increase | 18 |
Decrease | (18) |
Actuarial assumption of expected rates of salary increases [member] | |
IfrsStatementLineItems [Line Items] | |
Increase | 905 |
Decrease | (867) |
Actuarial assumption of mortality rates [member] | |
IfrsStatementLineItems [Line Items] | |
Increase | 968 |
Decrease | $ (974) |
Summary of Impact on Pension _2
Summary of Impact on Pension Benefit Obligation (Details) (Parenthetical) - Pension defined benefit plans [member] | 12 Months Ended |
Dec. 31, 2021 | |
Actuarial assumption of discount rates [member] | |
IfrsStatementLineItems [Line Items] | |
Change in percentage, increase | 0.25% |
Change in percentage, decrease | 0.25% |
Actuarial assumption of expected rates of pension increases [member] | |
IfrsStatementLineItems [Line Items] | |
Change in percentage, increase | 0.25% |
Change in percentage, decrease | 0.25% |
Actuarial assumption of expected rates of salary increases [member] | |
IfrsStatementLineItems [Line Items] | |
Change in percentage, increase | 0.25% |
Change in percentage, decrease | 0.25% |
Actuarial assumption of mortality rates [member] | |
IfrsStatementLineItems [Line Items] | |
Change in mortality, increase | 1 year |
Change in mortality, decrease | 1 year |
Employee future benefits (Detai
Employee future benefits (Details Narrative) - USD ($) $ in Thousands | May 05, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
IfrsStatementLineItems [Line Items] | |||||
Gain on modification of building lease | $ 34 | ||||
Defined benefit obligation, at present value | $ 16,137 | ||||
Assets of benefit plan | $ 11,927 | 11,963 | |||
Cumulative amount of actuarial net losses | $ 9,385 | 5,793 | $ 5,143 | ||
Weighted average duration of defined benefit obligation | 16 years | ||||
German Subsidiary [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Defined contribution plan, expenses | $ 45 | 38 | 54 | ||
Unfunded Plan [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Assets of benefit plan | 11,927 | ||||
Liability asset of defined benefit plans | 29,412 | $ 15,435 | |||
Pension defined benefit plans [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Defined benefit obligation, at present value | 36,924 | ||||
Discount rate | 0.50% | ||||
Pension defined benefit plans [member] | Unfunded Plan [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Assets of benefit plan | 11,927 | ||||
Liability asset of defined benefit plans | 29,313 | $ 15,341 | $ 13,704 | $ 13,100 | |
Pension defined benefit plans [member] | Addition Expected Inflation [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Discount rate | 1.75% | ||||
German Subsidiary [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Gain on modification of building lease | $ 34 |
Schedule of Warrants Activity R
Schedule of Warrants Activity Reclassified into Equity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share Capital Warrants And Other Capital | ||
Warrants Outstanding, Beginning of year | 44,901,366 | |
Weighted Average Exercise Price, Beginning of year | $ 0.6025 | |
Warrants Outstanding, Beginning 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 | 28,533,333 | |
Weighted Average Exercise Price, Warrants issued as equity (July 2020) | $ 0.4574 | |
Warrants issued as equity (July 2020), value | $ 5,025 | |
February 2021 Placement Agent Warrants | 1,651,034 | |
Weighted Average Exercise Price, February 2021 Placement Agent Warrants | $ 1.8125 | |
February 2021 Placement Agent Warrants, value | $ 1,897 | |
Warrants exercised | (35,111,187) | |
Warrants exercised | $ 0.5725 | |
Warrants exercised, value | $ (9,746) | |
Allocation of transaction costs to share capital, value | $ 532 | |
Warrants Outstanding, End of year | 11,441,213 | 44,901,366 |
Weighted Average Exercise Price, End of year | $ 0.8668 | $ 0.6025 |
Warrants Outstanding, End of year, value | $ 5,085 | $ 12,402 |
Schedule of Fair Value of Warra
Schedule of Fair Value of Warrants Assumptions (Details) - $ / shares | Sep. 14, 2020 | Jun. 16, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | ||||||
Market value per share price | $ 0.42 | $ 0.37 | $ 2 | |||
Risk-free annual interest rate | [1] | 123.00% | 27.00% | 186.00% | ||
Expected volatility | [2] | 115.80% | 112.50% | 110.02% | ||
Expected dividend yield | [3] | 0.00% | 0.00% | 0.00% | ||
February 2021 Placement Agent Warrants issued on February 19, 2021 [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of equivalent shares | 1,435,682 | |||||
Market value per share price | $ 1.48 | |||||
Weighted average exercise price | $ 1.8125 | |||||
Risk-free annual interest rate | [4] | 0.58734% | ||||
Expected volatility | [5] | 119.18% | ||||
Expected life (years) | [6] | 4 years 11 months 26 days | ||||
Expected dividend yield | [7] | 0.00% | ||||
February 2021 Placement Agent Warrants issued on February 22, 2021 [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of equivalent shares | 215,352 | |||||
Market value per share price | $ 1.48 | |||||
Weighted average exercise price | $ 1.8125 | |||||
Risk-free annual interest rate | [4] | 0.58544% | ||||
Expected volatility | [5] | 119.57% | ||||
Expected life (years) | [6] | 4 years 11 months 23 days | ||||
Expected dividend yield | [7] | 0.00% | ||||
September 2019 Warrants [Member] | ||||||
IfrsStatementLineItems [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 | [8] | 0.30% | ||||
Expected volatility | [9] | 104.50% | ||||
Expected life (years) | [10] | 4 years 3 months 18 days | ||||
Expected dividend yield | [11] | 0.00% | ||||
February 2020 Investor Warrants [Member] | ||||||
IfrsStatementLineItems [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 | [8] | 0.36% | ||||
Expected volatility | [9] | 119.30% | ||||
Expected life (years) | [10] | 5 years 2 months 12 days | ||||
Expected dividend yield | [11] | 0.00% | ||||
February 2020 Placement Agent Warrants [Member] | ||||||
IfrsStatementLineItems [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 | [8] | 0.32% | ||||
Expected volatility | [9] | 113.30% | ||||
Expected life (years) | [10] | 4 years 8 months 12 days | ||||
Expected dividend yield | [11] | 0.00% | ||||
August 2020 Placement Agent Warrants [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of equivalent shares | 9,320,907 | |||||
Market value per share price | $ 0.38 | |||||
Weighted average exercise price | $ 0.47 | |||||
Risk-free annual interest rate | [8] | 0.31% | ||||
Expected volatility | [9] | 120.50% | ||||
Expected life (years) | [10] | 5 years 4 months 24 days | ||||
Expected dividend yield | [11] | 0.00% | ||||
August 2020 Investor Warrants [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of equivalent shares | 869,952 | |||||
Market value per share price | $ 0.38 | |||||
Weighted average exercise price | $ 0.704063 | |||||
Risk-free annual interest rate | [8] | 0.26% | ||||
Expected volatility | [9] | 114.60% | ||||
Expected life (years) | [10] | 4 years 10 months 24 days | ||||
Expected dividend yield | [11] | 0.00% | ||||
June Two Thousand Twenty Investor Warrants [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of equivalent shares | 26,666,666 | |||||
Market value per share price | $ 0.52 | |||||
Weighted average exercise price | $ 0.457 | |||||
Risk-free annual interest rate | [12] | 0.2879% | ||||
Expected volatility | [13] | 123.1048% | ||||
Expected life (years) | [14] | 5 years | ||||
Expected dividend yield | [15] | 0.00% | ||||
June 2020 Placement Agent Warrants [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of equivalent shares | 1,866,667 | |||||
Market value per share price | $ 0.52 | |||||
Weighted average exercise price | $ 0.5625 | |||||
Risk-free annual interest rate | [12] | 0.2879% | ||||
Expected volatility | [13] | 123.1048% | ||||
Expected life (years) | [14] | 5 years | ||||
Expected dividend yield | [15] | 0.00% | ||||
[1] | Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the stock options. | |||||
[2] | Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the stock options, as well as on future expectations. | |||||
[3] | The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. | |||||
[4] | Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. | |||||
[5] | Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the warrants. | |||||
[6] | Based upon time to expiry from the issuance date. | |||||
[7] | The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. | |||||
[8] | Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. | |||||
[9] | 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. | |||||
[10] | Based upon time to expiry from the reporting period date. | |||||
[11] | The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. | |||||
[12] | Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. | |||||
[13] | 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. | |||||
[14] | Based upon time to expiry from the reporting period date. | |||||
[15] | 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 | 12 Months Ended |
Dec. 31, 2021USD ($)shares$ / shares | |
IfrsStatementLineItems [Line Items] | |
Number of share options exercised in share-based payment arrangement | shares | 35,111,187 |
Proceeds from exercise of options | $ | $ 20,087 |
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 |
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 | $ | $ 2,087 |
July 2020 Investor Warrants [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of share options exercised in share-based payment arrangement | shares | 21,045,555 |
Exercise Price | $ / shares | $ 0.45 |
Proceeds from exercise of options | $ | $ 9,471 |
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 |
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 |
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 |
Disclosure of Change in Stock O
Disclosure of Change in Stock Options Issued (Details) | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
IfrsStatementLineItems [Line Items] | |||
Balance - Beginning of year, Number (in shares) | (35,111,187) | ||
Exercised, Number (in shares) | 35,111,187 | ||
Employee Stock Option, USD [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance - Beginning of year, Number (in shares) | 506,400 | 741,116 | 727,816 |
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 1.44 | $ 3.61 | $ 4.07 |
Balance - Beginning of year, Number (in shares) | 580,000 | 180,000 | 185,000 |
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 0.42 | $ 0.37 | $ 1.07 |
Balance - Beginning of year, Number (in shares) | (32) | (84,366) | (100,850) |
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 590.25 | $ 2.14 | $ 2.24 |
Balance - Beginning of year, Number (in shares) | 32 | 84,366 | 100,850 |
Balance - Beginning of year, Number (in shares) | (64,850) | ||
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ (2.75) | ||
Balance - Beginning of year, Number (in shares) | 1,086,368 | 506,400 | 741,116 |
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 0.88 | $ 1.44 | $ 3.61 |
Exercised, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 2.75 | ||
Exercised, Number (in shares) | 64,850 | ||
Balance - Beginning of year, Number (in shares) | (330,350) | (6,000) | |
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 2.56 | $ 13.39 | |
Balance - Beginning of year, Number (in shares) | 330,350 | 6,000 | |
Deferred Stock Units DSU's [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance - Beginning of year, Number (in shares) | 173,000 | 212,000 | 161,000 |
Balance - Beginning of year, Number (in shares) | 280,000 | 120,000 | 150,000 |
Balance - Beginning of year, Number (in shares) | |||
Balance - Beginning of year, Number (in shares) | |||
Balance - Beginning of year, Number (in shares) | (30,000) | (159,000) | (99,000) |
Balance - Beginning of year, Number (in shares) | 423,000 | 173,000 | 212,000 |
Exercised, Number (in shares) | 30,000 | 159,000 | 99,000 |
Balance - Beginning of year, Number (in shares) | |||
Balance - Beginning of year, Number (in shares) | |||
Employee Stock Option, CAD [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance - Beginning of year, Number (in shares) | 441 | 869 | |
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 912 | $ 743.56 | |
Balance - Beginning of year, Number (in shares) | |||
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | |||
Balance - Beginning of year, Number (in shares) | (441) | (428) | |
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 912 | $ 570 | |
Balance - Beginning of year, Number (in shares) | 441 | 428 | |
Balance - Beginning of year, Number (in shares) | |||
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | |||
Balance - Beginning of year, Number (in shares) | 441 | ||
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 912 | ||
Exercised, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | |||
Exercised, Number (in shares) | |||
Balance - Beginning of year, Number (in shares) | |||
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | |||
Balance - Beginning of year, Number (in shares) |
Summary of Assumptions to Deter
Summary of Assumptions to Determine Share-Based Compensation Costs Over the Life of Awards (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Share Capital Warrants And Other Capital | ||||
Expected dividend yield | [1] | 0.00% | 0.00% | 0.00% |
Expected volatility | [2] | 115.80% | 112.50% | 110.02% |
Risk-free annual interest rate | [3] | 123.00% | 27.00% | 186.00% |
Expected life (years) | [4] | 5 years 8 months 15 days | 4 years 7 days | 5 years 11 months 8 days |
Weighted average share price | $ 0.42 | $ 0.37 | $ 2 | |
Weighted average exercise price | 0.42 | 0.37 | 2 | |
Weighted average grant date fair value | $ 0.35 | $ 0.27 | $ 2 | |
[1] | The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. | |||
[2] | Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the stock options, as well as on future expectations. | |||
[3] | Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the stock options. | |||
[4] | Based upon historical data related to the exercise of stock options, on post-vesting employment terminations and on future expectations related to exercise behavior. |
Schedule of Stock Options Exerc
Schedule of Stock Options Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2021shares$ / shares | |
IfrsStatementLineItems [Line Items] | |
Options outstanding, Number (in shares) | shares | 1,086,368 |
Options outstanding, Weighted average remaining contractual life (years) | 5 years 9 months 21 days |
Options outstanding, Weighted average exercise price (in US dollars per share) | $ 0.88 |
Options exercisable, Number (in shares) | shares | 324,713 |
Options exercisable, Weighted average remaining contractual life (years) | 3 years 10 months 9 days |
Options exercisable, Weighted average exercise price (in US dollars per share) | $ 1.84 |
Range One [Member] | |
IfrsStatementLineItems [Line Items] | |
Range of US/CAN dollar-denominated options exercise price, lower limit | 0.37 |
Range of US/CAN dollar-denominated options exercise price, upper limit | $ 0.50 |
Options outstanding, Number (in shares) | shares | 760,000 |
Options outstanding, Weighted average remaining contractual life (years) | 6 years 8 months 19 days |
Options outstanding, Weighted average exercise price (in US dollars per share) | $ 0.41 |
Options exercisable, Number (in shares) | shares | 60,006 |
Options exercisable, Weighted average remaining contractual life (years) | 5 years 11 months 12 days |
Options exercisable, Weighted average exercise price (in US dollars per share) | $ 0.37 |
Range Two [Member] | |
IfrsStatementLineItems [Line Items] | |
Range of US/CAN dollar-denominated options exercise price, lower limit | 0.51 |
Range of US/CAN dollar-denominated options exercise price, upper limit | $ 1.78 |
Options outstanding, Number (in shares) | shares | 160,000 |
Options outstanding, Weighted average remaining contractual life (years) | 4 years 10 months 28 days |
Options outstanding, Weighted average exercise price (in US dollars per share) | $ 0.91 |
Options exercisable, Number (in shares) | shares | 106,672 |
Options exercisable, Weighted average remaining contractual life (years) | 4 years 10 months 28 days |
Options exercisable, Weighted average exercise price (in US dollars per share) | $ 0.90 |
Range Three [Member] | |
IfrsStatementLineItems [Line Items] | |
Range of US/CAN dollar-denominated options exercise price, lower limit | 1.79 |
Range of US/CAN dollar-denominated options exercise price, upper limit | $ 3.14 |
Options outstanding, Number (in shares) | shares | 85,000 |
Options outstanding, Weighted average remaining contractual life (years) | 3 years 2 months 15 days |
Options outstanding, Weighted average exercise price (in US dollars per share) | $ 2.08 |
Options exercisable, Number (in shares) | shares | 76,667 |
Options exercisable, Weighted average remaining contractual life (years) | 3 years 21 days |
Options exercisable, Weighted average exercise price (in US dollars per share) | $ 2.07 |
Range Four [Member] | |
IfrsStatementLineItems [Line Items] | |
Range of US/CAN dollar-denominated options exercise price, lower limit | 3.15 |
Range of US/CAN dollar-denominated options exercise price, upper limit | $ 217 |
Options outstanding, Number (in shares) | shares | 81,368 |
Options outstanding, Weighted average remaining contractual life (years) | 1 year 8 months 12 days |
Options outstanding, Weighted average exercise price (in US dollars per share) | $ 3.95 |
Options exercisable, Number (in shares) | shares | 81,368 |
Options exercisable, Weighted average remaining contractual life (years) | 1 year 8 months 12 days |
Options exercisable, Weighted average exercise price (in US dollars per share) | $ 3.95 |
Share capital, warrants and o_3
Share capital, warrants and other capital (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Feb. 22, 2021 | Feb. 21, 2021 | Feb. 19, 2021 | Aug. 05, 2020 | Jul. 07, 2020 | Sep. 20, 2019 | May 10, 2017 | Feb. 28, 2021 | Aug. 31, 2020 | Aug. 31, 2020 | Jul. 31, 2020 | Feb. 28, 2020 | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Number of common shares issued, shares | 26,666,666 | 35,111,187 | |||||||||||||||
Proceeds from issuing common shares | $ 754 | $ 20,100 | |||||||||||||||
Share price | $ 0.45 | ||||||||||||||||
Warrant liability | $ 5,691 | ||||||||||||||||
Transaction costs | 1,420 | $ 55,905 | $ 55,905 | $ 55,905 | $ 55,905 | $ 55,905 | 3,221 | $ 2,767 | $ 795 | ||||||||
Gross proceeds from Issuance of common shares and warrants | 12,000 | 34,200 | |||||||||||||||
Share capital | 6,308 | ||||||||||||||||
Warrants issued value | 666 | ||||||||||||||||
Stock Options [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Unrecognized compensation cost | $ 96 | $ 43 | $ 101 | ||||||||||||||
Unrecognized compensation cost expected to be recognized over weighted average period | 1 year 6 months 14 days | 1 year 5 months 4 days | 1 year 2 months 15 days | ||||||||||||||
Registered Direct Offering [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Number of common shares issued, shares | 3,478,261 | ||||||||||||||||
Proceeds from issuing common shares | $ 4,500 | ||||||||||||||||
Share price | $ 1.29 | ||||||||||||||||
Registered Direct Offering [Member] | September 2019 Warrants [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Warrants Issued | 3,325,000 | ||||||||||||||||
Public Offering [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Proceeds from issuing common shares | $ 10,596 | ||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Number of common shares issued, shares | 12,427,876 | 3,325,000 | |||||||||||||||
Share price | $ 0.56325 | ||||||||||||||||
Warrant liability | $ 3,944 | $ 550 | |||||||||||||||
Gross proceeds from Issuance of common shares and warrants | $ 7,000 | $ 4,988 | |||||||||||||||
Combined purchase price, description | The combined purchase price for one common share and one warrant was $1.50 | ||||||||||||||||
Securities Purchase Agreement [Member] | Investors [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Gross proceeds from Issuance of common shares and warrants | $ 4,988 | ||||||||||||||||
Securities Purchase Agreement [Member] | Unregistered Warrants [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Warrants Issued | 9,320,907 | ||||||||||||||||
Warrants exercise price | $ 0.47 | ||||||||||||||||
Warrant exercisable term description | five and one-half years | ||||||||||||||||
Securities Purchase Agreement [Member] | Unregistered Warrants [Member] | Placement Agent [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Warrants Issued | 869,952 | ||||||||||||||||
Warrants exercise price | $ 0.7040625 | ||||||||||||||||
Warrants expiry date | Aug. 3, 2025 | ||||||||||||||||
Transaction costs | $ 327 | ||||||||||||||||
Gross proceeds from Issuance of common shares and warrants | 7,000 | ||||||||||||||||
Share capital | 3,056 | ||||||||||||||||
Securities Purchase Agreement [Member] | Warrant Liability [Member] | Nonadjusting Event [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Transaction costs | 421 | ||||||||||||||||
Gross proceeds from Issuance of common shares and warrants | $ 748 | ||||||||||||||||
2018 Long-Term Incentive Plan [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Percentage of issued and outstanding common shares | 11.40% | ||||||||||||||||
Warrants [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Number of common shares issued, shares | 243,478 | ||||||||||||||||
Proceeds from issuing common shares | $ 34,200 | ||||||||||||||||
Non-cash transaction costs | 3,221 | ||||||||||||||||
Warrant liability | $ 1,897 | ||||||||||||||||
Exercise price | $ 1.62 | ||||||||||||||||
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 | ||||||||||||||||
Warrant liability | $ 311 | ||||||||||||||||
Exercise price | $ 1.20 | ||||||||||||||||
Warrants [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Transaction costs | 795 | ||||||||||||||||
Gross proceeds from Issuance of common shares and warrants | 3,457 | ||||||||||||||||
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 | ||||||||||||||||
Share price | $ 0.5625 | ||||||||||||||||
Option to purchase common stock | 3,076,461 | ||||||||||||||||
Warrants expiry date | Jul. 1, 2025 | ||||||||||||||||
Warrants Liability [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Proceeds from issuing common shares | $ 2,325 | ||||||||||||||||
Share Capital [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Proceeds from issuing common shares | 2,174 | ||||||||||||||||
Share Capital [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Transaction costs | 795 | ||||||||||||||||
Gross proceeds from Issuance of common shares and warrants | $ 1,531 | ||||||||||||||||
Share Capital and Warrants [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Transaction costs | $ 600 | ||||||||||||||||
Common Stock [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Number of common shares issued, shares | 26,666,666 | ||||||||||||||||
Investor Share Purchase Warrants [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Number of common shares issued, shares | 26,666,666 | ||||||||||||||||
Share price | $ 0.45 | ||||||||||||||||
Warrants expiry date | Jul. 7, 2025 | ||||||||||||||||
February 2020 Investor Warrants [Member] | Registered Direct Offering [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Warrants Issued | 2,608,696 | ||||||||||||||||
February 2020 Placement Agent Warrants [Member] | Registered Direct Offering [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Warrants Issued | 243,478 | ||||||||||||||||
August 2020 Investor Warrants [Member] | Registered Direct Offering [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Warrants Issued | 9,320,907 | ||||||||||||||||
August 2020 Placement Agent Warrants [Member] | Registered Direct Offering [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Warrants Issued | 869,952 | ||||||||||||||||
Top of range [member] | Stock Option Plan Prior to 2014 Amendment [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Expected life of options granted | 10 years | ||||||||||||||||
Top of range [member] | Stock Option Plan After to 2014 Amendment [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Expected life of options granted | 7 years | ||||||||||||||||
Public Offering [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Number of common shares issued, shares | 20,509,746 | ||||||||||||||||
Proceeds from issuing common shares | $ 29,739 | ||||||||||||||||
Share price | $ 1.45 | ||||||||||||||||
Placement agent fees and other offering expenses | $ 2,837 | ||||||||||||||||
Warrants Issued | 1,435,682 | ||||||||||||||||
Public Offering [Member] | Warrants [Member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Warrants exercise price | $ 1.8125 | ||||||||||||||||
Warrants expiry date | Feb. 17, 2026 | ||||||||||||||||
Public Offering [Member] | Top of range [member] | |||||||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||||||
Option to purchase common stock | 3,076,461 |
Schedule of Operating Expenses
Schedule of Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
IfrsStatementLineItems [Line Items] | ||||
Cost of inventory used and services provided | $ 90 | $ 2,317 | $ 410 | |
Restructuring costs | 507 | |||
Modification of building lease | (219) | |||
Impairment of right of use asset | 131 | 106 | ||
Total operating expenses | 13,931 | 9,358 | 10,774 | |
Unfunded Plan [Member] | Other Benefit Plans [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Salaries and short-term employee benefits | [1] | 1,646 | 1,540 | 1,705 |
Consultant’s fees | [1] | 163 | 167 | 194 |
Termination benefits | [1] | 503 | ||
Post-employment benefits, including defined contribution plan benefits of $33 in 2021, $33 in 2020 and $195 in 2019 | 70 | 86 | 257 | |
Share-based compensation costs | [1] | 295 | 160 | 784 |
Key management personnel compensation | [1] | 2,174 | 1,953 | 3,443 |
Salaries and short-term employee benefits | 1,160 | 1,004 | 1,257 | |
Post-employment benefits, including defined contribution plan benefits of $15 in 2021, $9 in 2020 and $25 in 2019 | 139 | 159 | 78 | |
Share-based compensation costs | 16 | (99) | 9 | |
Other employees compensation | 1,315 | 1,064 | 1,344 | |
Cost of inventory used and services provided | 90 | 2,186 | 309 | |
Professional fees | 2,749 | 1,969 | 2,599 | |
Insurance | 1,077 | 861 | 890 | |
Third-party research and development | 5,047 | 414 | 322 | |
Consulting fees | 553 | 587 | 144 | |
Restructuring costs | 507 | |||
Travel | 130 | 66 | 154 | |
Marketing services | 222 | 39 | 18 | |
Laboratory supplies | 114 | 36 | 23 | |
Other goods and services | 162 | 72 | 137 | |
Leasing costs, net of sublease receipts of $nil in 2021, $nil in 2020 and $214 in 2019 | 112 | 218 | 247 | |
Modification of building lease | (219) | |||
(Reversal) impairment of other asset and inventory | (8) | 270 | ||
Depreciation and amortization of property, equipment and intangibles | 25 | 29 | 37 | |
Depreciation - right to use assets | 120 | 203 | 278 | |
Impairment of right of use asset | 22 | |||
Operating foreign exchange losses (gains) | 41 | (112) | 30 | |
Operating expenses excluding management and Employee compensation | 10,442 | 6,341 | 5,987 | |
Total operating expenses | $ 13,931 | $ 9,358 | $ 10,774 | |
[1] | Key management includes the Company’s executive management team and directors. |
Schedule of Operating Expense_2
Schedule of Operating Expenses (Details) (Parenthetical) - Unfunded Plan [Member] - Other Benefit Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Sublease | $ 214 | ||
Key management personnel of entity or parent [member] | |||
IfrsStatementLineItems [Line Items] | |||
Post-employment benefits, including defined contribution plan benefits | 33 | 33 | 195 |
Other Employees Compensation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Post-employment benefits, including defined contribution plan benefits | $ 15 | $ 9 | $ 25 |
Disclosure of Changes in Operat
Disclosure of Changes in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Trade and other receivables | $ 120 | $ (1,023) | $ (371) |
Inventory | (56) | 1,182 | (971) |
Prepaid expenses and other current assets | (750) | (702) | (170) |
Payables and accrued liabilities | 634 | 51 | (615) |
Income taxes payable | (109) | 395 | (188) |
Deferred revenues | 3,010 | 3,031 | 743 |
Provision for restructuring and other costs | (389) | ||
Employee future benefits (note 18) | (349) | (532) | (483) |
Increase (decrease) in operating assets and liabilities | $ 2,500 | $ 2,402 | $ (2,444) |
Summary of Significant Componen
Summary of Significant Components of Current and Deferred Income Tax Recovery (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Current income tax recovery (expense) | $ 109 | $ (395) | $ 188 |
Origination and reversal of temporary differences | 1,291 | 1,509 | 2,755 |
Change in unrecognized tax assets | (1,291) | (1,509) | (2,755) |
Total income tax recovery (expense) | $ 109 | $ (395) | $ 188 |
Summary of Reconciliation of Co
Summary of Reconciliation of Combined Canadian Federal and Provincial Income Tax Rate to Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Combined Canadian federal and provincial statutory income tax rate | 26.50% | 26.50% | 26.50% |
Income tax (expense) recovery based on combined statutory income tax rate | $ 2,246 | $ 1,252 | $ 1,615 |
Change in unrecognized tax assets | (1,291) | (1,872) | (2,820) |
Share issuance costs | 367 | 363 | 65 |
Permanent difference attributable to the use of local currency for tax reporting | 35 | ||
Change in enacted rates used | (27) | ||
Impact of expiring tax credits | (1,724) | (481) | |
Provision to filed return adjustments | 151 | ||
Permanent difference attributable to net change in fair value of warrant liability | 304 | 1,197 | |
Share-based compensation costs | (82) | (16) | (210) |
Difference in statutory income tax rate of foreign subsidiaries | 226 | 99 | 321 |
Uncertain tax position | (123) | ||
Other | 216 | 79 | 12 |
Total income tax recovery (expense) | $ 109 | $ (395) | $ 188 |
Summary of (Loss) Income Before
Summary of (Loss) Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Loss before income taxes | $ (8,477) | $ (4,723) | $ (6,230) |
Germany [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Loss before income taxes | (4,383) | (2,042) | (6,010) |
Canada [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Loss before income taxes | (3,860) | (2,463) | 812 |
United States [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Loss before income taxes | $ (234) | $ (218) | $ (1,032) |
Summary of Significant Compon_2
Summary of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets | $ 981 | $ 1,364 |
Deferred tax liabilities | 981 | 1,364 |
Deferred tax liabilities, net | 981 | 1,364 |
Deferred tax assets (liabilities), net | ||
Operating Losses Carried Forward [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets | 205 | 46 |
Intangible Asset [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets | 776 | 1,318 |
Accounts Receivable Related Temporary Differences [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liabilities | 375 | 0 |
Payable and Accrued Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liabilities | 7 | 126 |
Property, Plant and Equipment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liabilities | 47 | 49 |
Deferred Revenues [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liabilities | 492 | 1,073 |
Other temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liabilities | $ 60 | $ 116 |
Summary of Significant Compon_3
Summary of Significant Components of Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets, gross | $ 106,715 | $ 108,673 |
Unrecognized deferred tax assets | 106,715 | 108,673 |
Deferred Revenues and Other Provisions [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets, gross | 1,680 | 1,494 |
Operating Losses Carried Forward [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets, gross | 87,734 | 89,144 |
Capital Losses Carried Forward Temporary Differences [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets, gross | 105 | |
Scientific Research and Experimental Development [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets, gross | 9,138 | 9,138 |
Unused tax credits [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets, gross | 2,945 | 4,668 |
Employee Future Benefits [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets, gross | 3,396 | 2,570 |
Property, Plant and Equipment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets, gross | 523 | 495 |
Intangible Assets [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets, gross | 541 | |
Share Issuance Expenses [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets, gross | 1,110 | 623 |
Other temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets, gross | $ 84 |
Summary of Disclosure of Federa
Summary of Disclosure of Federal Tax Losses (Details) $ in Thousands, $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) |
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | $ 106,715 | $ 108,673 | |
United State [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | 4,793 | ||
United State [Member] | 2028 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | 369 | ||
United State [Member] | 2029 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | 178 | ||
United State [Member] | 2034 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | 151 | ||
United State [Member] | 2035 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | 447 | ||
United State [Member] | 2036 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | 195 | ||
United State [Member] | 2037 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | 709 | ||
United State [Member] | 2038 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | 1,224 | ||
United State [Member] | 2039 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | 771 | ||
United State [Member] | 2040 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | 515 | ||
United State [Member] | 2041 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | $ 234 | ||
Domestic Tax Authority [Member] | Canada [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | $ 77,867 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2028 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 8,054 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2029 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,791 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2030 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,104 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2031 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 1,753 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2032 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,250 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2033 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 3,721 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2034 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,153 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2035 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 10,418 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2036 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 10,592 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2037 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 7,343 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2038 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 6,557 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2039 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 3,501 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2040 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 3,808 | ||
Domestic Tax Authority [Member] | Canada [Member] | 2041 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,822 | ||
Provincial [Member] | Canada [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 76,545 | ||
Provincial [Member] | Canada [Member] | 2028 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 6,668 | ||
Provincial [Member] | Canada [Member] | 2029 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,773 | ||
Provincial [Member] | Canada [Member] | 2030 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,089 | ||
Provincial [Member] | Canada [Member] | 2031 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 1,737 | ||
Provincial [Member] | Canada [Member] | 2032 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,250 | ||
Provincial [Member] | Canada [Member] | 2033 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 3,721 | ||
Provincial [Member] | Canada [Member] | 2034 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,153 | ||
Provincial [Member] | Canada [Member] | 2035 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 10,452 | ||
Provincial [Member] | Canada [Member] | 2036 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 10,592 | ||
Provincial [Member] | Canada [Member] | 2037 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 7,343 | ||
Provincial [Member] | Canada [Member] | 2038 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 6,557 | ||
Provincial [Member] | Canada [Member] | 2039 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 3,580 | ||
Provincial [Member] | Canada [Member] | 2040 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | 3,808 | ||
Provincial [Member] | Canada [Member] | 2041 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Tax attributes to be deferred for which no deferred tax asset was recognized | $ 4,822 |
Income taxes (Details Narrative
Income taxes (Details Narrative) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | |
IfrsStatementLineItems [Line Items] | |||
Uncertain tax provision accrued | $ 115 | ||
Unrecognized deferred tax asset | 106,715 | $ 108,673 | |
R D Investment Tax Credits [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax credits for which no deferred tax asset recognized | 4,006 | ||
Domestic Tax Authority [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Accumulated non-capital losses | 77,867 | ||
Provincial [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Accumulated non-capital losses | 76,545 | ||
Germany [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Prepaid taxes owned | 1,605 | $ 1,448 | |
Unused tax losses for which no deferred tax asset recognized | 210,709 | € 185,271 | |
United State [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | $ 4,793 |
Disclosure of Fair Value Measur
Disclosure of Fair Value Measurement of Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial liabilities at amortised cost, category [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | $ 1,691 | $ 2,360 |
Financial liabilities at amortised cost, category [member] | Lease liabilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | 161 | 184 |
Financial liabilities at amortised cost, category [member] | Payables and Accrued Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | 1,530 | 2,176 |
Cash and Cash Equivalent [Member] | Financial liabilities at amortised cost, category [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | ||
Trade and Other Receivables [Member] | Financial liabilities at amortised cost, category [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | ||
Restricted Cash [Member] | Financial liabilities at amortised cost, category [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | ||
Financial assets at amortised cost, category [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | 66,949 | 26,290 |
Financial assets at amortised cost, category [member] | Lease liabilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | ||
Financial assets at amortised cost, category [member] | Payables and Accrued Liabilities [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | ||
Financial assets at amortised cost, category [member] | Cash and Cash Equivalent [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | 65,300 | 24,271 |
Financial assets at amortised cost, category [member] | Trade and Other Receivables [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | 1,314 | 1,681 |
Financial assets at amortised cost, category [member] | Restricted Cash [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | $ 335 | $ 338 |
Financial instruments and fin_3
Financial instruments and financial risk management (Details Narrative) € in Thousands, $ in Thousands | Jul. 07, 2020USD ($) | Feb. 28, 2021USD ($) | Jan. 31, 2021USD ($) | Jan. 31, 2021EUR (€) | Aug. 31, 2020USD ($) | Jul. 31, 2020USD ($) | Feb. 28, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) |
IfrsStatementLineItems [Line Items] | ||||||||||||
Transaction costs | $ 1,420 | $ 55,905 | $ 55,905 | $ 55,905 | $ 55,905 | $ 55,905 | $ 3,221 | $ 2,767 | $ 795 | |||
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 of December 31, 2021, if the US dollar had increased or decreased by 10% against the Euro | |||||||||||
Foreign exchange risk exposure | $ 300 | 110 | $ 841 | |||||||||
Germany [Member] | ||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||
Proceeds from cash received | 6,109 | € 5,000 | ||||||||||
Germany [Member] | Nonadjusting Event [Member] | ||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||
Proceeds from cash received | $ 1,209 | € 1,000 | ||||||||||
Trade and Other Current Receivables [Member] | Credit risk [member] | ||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||
Trade accounts receivables | 932 | 1,245 | ||||||||||
Trade and Other Current Receivables [Member] | Credit risk [member] | Financial assets past due but not impaired [member] | ||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||
Trade accounts receivables | $ 55 | $ 55 |
Summary of Revenues by Geograph
Summary of Revenues by Geographical Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 5,260 | $ 3,652 | $ 532 |
Switzerland [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 5,075 | 905 | |
Ireland [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 73 | 74 | |
Denmark [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | 185 | 2,655 | 413 |
Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenue | $ 19 | $ 45 |
Summary of Non-current Assets b
Summary of Non-current Assets by Geographical Area (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Non-current assets | $ 9,282 | $ 9,391 |
Germany [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current assets | 9,212 | 9,341 |
United State [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Non-current assets | $ 70 | $ 50 |
Summary of Major Customers (Det
Summary of Major Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Information | |||
Company 1 | $ 5,260 | $ 3,634 | $ 532 |
Segment information (Details Na
Segment information (Details Narrative) | 12 Months Ended |
Dec. 31, 2021Integer | |
Segment Information | |
Number of operating segments | 1 |
Summary of Pertinent Data Relat
Summary of Pertinent Data Relating to Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | |||
Net loss | $ (8,368) | $ (5,118) | $ (6,042) |
Basic weighted average number of shares outstanding | 114,924,497 | 41,083,163 | 17,494,472 |
Diluted weighted average number of shares outstanding | 114,924,497 | 41,083,163 | 17,494,472 |
Stock Options and DSUs [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Anti-dilutive shares | 1,509,368 | 679,400 | 953,557 |
Warrants [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Anti-dilutive shares | 11,441,213 | 44,901,366 | 6,629,144 |
Schedule of Expected Future Min
Schedule of Expected Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
IfrsStatementLineItems [Line Items] | |
Total | $ 4,392 |
Less Than 1 Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 3,337 |
1 - 3 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,055 |
4 - 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
More than 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
Services and Manufacturing [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,091 |
Services and Manufacturing [Member] | Less Than 1 Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,085 |
Services and Manufacturing [Member] | 1 - 3 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 6 |
Services and Manufacturing [Member] | 4 - 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
Services and Manufacturing [Member] | More than 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
R&D Contract [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 3,301 |
R&D Contract [Member] | Less Than 1 Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 2,252 |
R&D Contract [Member] | 1 - 3 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,049 |
R&D Contract [Member] | 4 - 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
R&D Contract [Member] | More than 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total |
Schedule of R&D and Revenue Rel
Schedule of R&D and Revenue Related Milestone Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
IfrsStatementLineItems [Line Items] | |
Total | $ 41,879 |
Less Than 1 Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 28 |
1 - 3 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 113 |
4 - 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 927 |
More than 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 40,811 |
R&D Milestone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 8,937 |
R&D Milestone Payments [Member] | Less Than 1 Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 28 |
R&D Milestone Payments [Member] | 1 - 3 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 113 |
R&D Milestone Payments [Member] | 4 - 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 927 |
R&D Milestone Payments [Member] | More than 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 7,869 |
Revenue Related Mile Stone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 32,942 |
Revenue Related Mile Stone Payments [Member] | Less Than 1 Year [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
Revenue Related Mile Stone Payments [Member] | 1 - 3 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
Revenue Related Mile Stone Payments [Member] | 4 - 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
Revenue Related Mile Stone Payments [Member] | More than 5 Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | $ 32,942 |
Commitments and contingencies_2
Commitments and contingencies (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
IfrsStatementLineItems [Line Items] | |
Potential milestone payments description | the Company expects to pay $3,301, including $3,124 (€2.8 million), and $177 (£0.1 million), in R&D contracts and up to $8,937, including $7,386 (€6.5 million) and $1,551 (£1.2 million), in R&D milestone payments and up to $32,942, including $31,255 (€27.6 million) and $1,687 (£1.3 million), in revenue related milestone payments. |
Research and Development [Member] | |
IfrsStatementLineItems [Line Items] | |
Potential milestone payments | $ 3,301 |
R&D Contracts [Member] | |
IfrsStatementLineItems [Line Items] | |
Potential milestone payments | 8,937 |
R&D Milestone Payments [Member] | |
IfrsStatementLineItems [Line Items] | |
Potential milestone payments | $ 32,942 |