Cover
Cover - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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, 2022 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
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 | 4,855,876 | |
ICFR Auditor Attestation Flag | false | |
Auditor Firm ID | 1263 | 271 |
Auditor Name | Ernst & Young LLP | |
Auditor Location | Montreal, Canada | |
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, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents (note 6) | $ 50,611 | $ 65,300 |
Trade and other receivables (note 7) | 732 | 1,314 |
Inventory | 229 | 73 |
Income taxes receivable | 1,428 | 2,361 |
Prepaid expenses and other current assets (note 8) | 2,488 | 1,772 |
Total current assets | 55,488 | 70,820 |
Non-current assets | ||
Restricted cash equivalents (note 6) | 322 | 335 |
Property and equipment (note 9) | 216 | 192 |
Identifiable intangible assets (note 10) | 625 | |
Goodwill (note 11) | 8,130 | |
Total non-current assets | 538 | 9,282 |
Total assets | 56,026 | 80,102 |
Current liabilities | ||
Payables and accrued liabilities (note 12) | 3,828 | 2,672 |
Provisions (note 13) | 45 | 34 |
Income taxes payable (note 22) | 108 | 115 |
Deferred revenues (note 5) | 2,949 | 4,815 |
Lease liabilities (note 14) | 114 | 130 |
Total current liabilities | 7,044 | 7,766 |
Non-current liabilities | ||
Deferred revenues (note 5) | 1,684 | 1,493 |
Deferred gain (note 10) | 110 | 98 |
Lease liabilities (note 14) | 65 | 31 |
Employee future benefits (note 15) | 11,159 | 17,485 |
Provisions (note 13) | 188 | 243 |
Total non-current liabilities | 13,206 | 19,350 |
Total liabilities | 20,250 | 27,116 |
Shareholders’ equity | ||
Share capital (note 16) | 293,410 | 293,410 |
Warrants (note 17) | 5,085 | 5,085 |
Other capital (note 18) | 90,332 | 89,788 |
Deficit | (352,084) | (334,619) |
Accumulated other comprehensive loss | (967) | (678) |
Total Shareholders’ equity | 35,776 | 52,986 |
Total liabilities and shareholders’ equity | $ 56,026 | $ 80,102 |
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 income [member] | Total |
Balance at Dec. 31, 2019 | $ 224,528 | $ 89,806 | $ (316,891) | $ 94 | $ (2,463) | |
IfrsStatementLineItems [Line Items] | ||||||
Net loss | (5,118) | (5,118) | ||||
Foreign currency translation adjustments | (1,139) | (1,139) | ||||
Actuarial gain on defined benefit plans and remeasurement of the net defined benefit liability (note 15) | (650) | (650) | ||||
Comprehensive loss | (5,768) | (1,139) | (6,907) | |||
Reclassification of warrants to equity (note 17) | 7,377 | 7,377 | ||||
Issuance of common shares and warrants, net of transaction costs (note 16) | 10,480 | 5,025 | (362) | 15,143 | ||
Share-based compensation costs | 61 | 61 | ||||
Balance at Dec. 31, 2020 | 235,008 | 12,402 | 89,505 | (322,659) | (1,045) | 13,211 |
IfrsStatementLineItems [Line Items] | ||||||
Net loss | (8,368) | (8,368) | ||||
Foreign currency translation adjustments | 367 | 367 | ||||
Actuarial gain on defined benefit plans and remeasurement of the net defined benefit liability (note 15) | (3,592) | (3,592) | ||||
Comprehensive loss | (11,960) | 367 | (11,593) | |||
Issuance of common shares and warrants, net of transaction costs (note 16) | 29,082 | 1,897 | 30,979 | |||
Share-based compensation costs | 311 | 311 | ||||
Exercise of warrants (note 17) | 29,833 | (9,746) | 20,087 | |||
Transfer of warrant issuance costs upon exercise of warrants (note 17) | (532) | 532 | ||||
Exercise of deferred share units | 19 | (28) | (9) | |||
Balance at Dec. 31, 2021 | 293,410 | 5,085 | 89,788 | (334,619) | (678) | 52,986 |
IfrsStatementLineItems [Line Items] | ||||||
Net loss | (22,727) | (22,727) | ||||
Foreign currency translation adjustments | (289) | (289) | ||||
Actuarial gain on defined benefit plans and remeasurement of the net defined benefit liability (note 15) | 5,262 | 5,262 | ||||
Comprehensive loss | (17,465) | (289) | (17,754) | |||
Issuance of common shares and warrants, net of transaction costs (note 16) | ||||||
Share-based compensation costs | 544 | 544 | ||||
Balance at Dec. 31, 2022 | $ 293,410 | $ 5,085 | $ 90,332 | $ (352,084) | $ (967) | $ 35,776 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Revenues (notes 5 and 25) | $ 5,640 | $ 5,260 | $ 3,652 |
Expenses (note 19) | |||
Cost of sales | 157 | 90 | 2,317 |
Research and development | 12,506 | 6,574 | 1,506 |
Selling, general and administrative | 8,230 | 7,267 | 5,893 |
Gain on modification of building lease | (219) | ||
Impairment of intangible assets (note 10) | 584 | ||
Impairment of goodwill (note 11) | 7,642 | ||
(Reversal of) impairment of other assets (note 7) | 124 | (139) | |
Total operating expenses | 29,243 | 13,931 | 9,358 |
Loss from operations | (23,603) | (8,671) | (5,706) |
Gains due to changes in foreign currency exchange rates | 879 | 215 | 572 |
Change in fair value of warrant liability (note 17) | 1,147 | ||
Other finance costs | (3) | (21) | (736) |
Net finance income | 876 | 194 | 983 |
Loss before income taxes | (22,727) | (8,477) | (4,723) |
Income tax recovery (expense) (note 22) | 109 | (395) | |
Net loss | (22,727) | (8,368) | (5,118) |
Items that may be reclassified subsequently to profit or loss: | |||
Foreign currency translation adjustments | (289) | 367 | (1,139) |
Items that will not be reclassified to profit or loss: | |||
Actuarial gain (loss) on defined benefit plans and remeasurement of the net defined benefit liability | 5,262 | (3,592) | (650) |
Comprehensive loss | $ (17,754) | $ (11,593) | $ (6,907) |
Basic and diluted loss per share (note 26) | $ (4.68) | $ (1.82) | $ (3.11) |
Weighted average number of shares outstanding (basic and diluted) | 4,855,876 | 4,596,980 | 1,643,327 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net loss | $ (22,727) | $ (8,368) | $ (5,118) |
Items not affecting cash and cash equivalents: | |||
Amortization of deferred revenues | (1,704) | (1,670) | 1,257 |
Share-based compensation costs | 544 | 311 | 61 |
Provision for restructuring and other costs | (28) | 23 | (383) |
Impairment of intangible assets (note 10) | 584 | ||
Impairment of goodwill (note 11) | 7,642 | ||
(Reversal of) impairment of other assets | 124 | (139) | |
Depreciation and amortization | 135 | 145 | 232 |
Employee future benefits | 295 | 161 | 217 |
Gain on modification of building lease | (219) | ||
Change in fair value of warrant liability | (1,147) | ||
Transaction costs of warrants issued, expensed as finance cost | 732 | ||
Gain on disposal of property and equipment | (1) | (2) | |
Interest accretion on lease liabilities | 4 | 7 | (19) |
Net foreign exchange differences | 16 | (179) | (688) |
Other non-cash items | 95 | 133 | |
Refund (Payment) of income taxes | 831 | (1,605) | (1,448) |
Changes in operating assets and liabilities (note 21) | 604 | 2,500 | 2,402 |
Net cash used in operating activities | (13,680) | (8,581) | (4,129) |
Cash flows from financing activities | |||
Proceeds from issuances of common shares and warrants (note 16) | 34,200 | 23,500 | |
Transaction costs | (3,221) | (2,767) | |
Proceeds from exercise of warrants and deferred share units | 20,087 | ||
Proceeds on deferred gain | 16 | 98 | |
Payments on lease liabilities | (134) | (127) | (265) |
Net cash (used in) provided by financing activities | (118) | 51,037 | 20,468 |
Cash flows from investing activities | |||
Purchase of intangible assets | (609) | ||
Purchase of property and equipment | (11) | (30) | |
Proceeds for disposals of property and equipment | 1 | 6 | |
(Decrease) increase in restricted cash equivalents | (1) | (20) | 50 |
Net cash (used in) provided by investing activities | (12) | (658) | 56 |
Effect of exchange rate changes on cash and cash equivalents | (879) | (769) | 38 |
Net change in cash and cash equivalents | (14,689) | 41,029 | 16,433 |
Cash and cash equivalents – beginning of year | 65,300 | 24,271 | 7,838 |
Cash and cash equivalents – end of year | $ 50,611 | $ 65,300 | $ 24,271 |
Business overview
Business overview | 12 Months Ended |
Dec. 31, 2022 | |
Business Overview | |
Business overview | 1. Business overview Summary of business Aeterna Zentaris (the “Company” or “Aeterna”) is a specialty biopharmaceutical company commercializing and developing therapeutics and diagnostic tests. The Company’s lead product, Macrilen™ (macimorelin), is the first and only U.S. Food and Drug Administration (“FDA”) and European 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 (the “Novo Amendment”) between the Company and Novo Nordisk Health Care AG (“Novo”) until May 2023 and in the United Kingdom and Europe through a license agreement with Consilient Healthcare Inc (“Consilient” or “CH”) under the trade name of Ghryvelin®. 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 several indications with a focus on rare or orphan indications with the potential for pediatric use. Impact of COVID-19 and the Russian invasion of Ukraine The impact of the COVID-19 variants and the Russian invasion of Ukraine continue to cause delays in site initiation and patient enrollment in our DETECT-trial and may be impacting sales activities for Macrilen™ in the US and for Ghryvelin® in Europe. As a result of these delays in our DETECT-trial, the DETECT-trial will now continue until later into 2023, as compared to the end of the 2022 year as anticipated at the end of the previous fiscal year. The delays associated with COVID-19 and the Russian invasion of Ukraine have resulted in additional costs to the program and an increase in the estimated costs to complete the DETECT-trial. The Company will continue to monitor the impact of the COVID-19 pandemic and the Russian invasion of Ukraine in future periods and assess the impact of these on its judgments, estimates, accounting policies and amounts recognized in the consolidated financial statements. Actual results could differ from these estimates, and such differences may be material. 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. Basis of presentation (a) Statement of compliance These consolidated financial statements as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020 have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) These consolidated financial statements were approved by the Company’s Board of Directors on March 22, 2023. 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. (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. 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 loss and comprehensive loss. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies | |
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. 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) Inventory Inventory is 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. As of December 31, 2022 and 2021, all inventory related to work in process. 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 and equipment Items of property 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 Equipment [member] Methods Annual rates and period Equipment Declining balance and straight-line 20 Computer equipment Straight-line 25% to 33 1 Depreciation expense, which is recorded in the consolidated statement of loss and comprehensive loss, is allocated to the appropriate functional expense categories to which the underlying items of property and equipment relate. 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. Identifiable intangible assets 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 fifteen years ten years Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (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 and equipment 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 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. Goodwill is not subject to amortization, but instead is tested for impairment annually or more often if there is an indication that the group of CGUs to which the goodwill has been allocated may be impaired. Impairment is determined for goodwill by assessing whether the carrying value of the group of CGUs, including the allocated goodwill, exceeds the group of CGU’s recoverable amount, which is the higher of fair value less costs of disposal and the group of CGU’s value in use. Fair value less costs of disposal is determined based on a market approach and also derived from market data, including, information from market participants regarding the price that the Company could receive in a sale of the group of CGUs. Value in use is determined based on cash flow projections from financial budgets approved by senior management covering a five-year period. The 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 group of CGUs. In the event that the carrying amount of the group of CGU’s, including the allocated 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 loss and 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 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) 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 loss and comprehensive loss. 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 loss and 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 loss and comprehensive loss. Post-employment benefits The Company has partially funded and unfunded 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 in Germany. Provisions for pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions. The Company also provides defined contribution plans to some of its employees. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) 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 loss and comprehensive loss in subsequent periods. For defined contribution plans, expenses are recorded in the consolidated statement of loss and comprehensive loss as incurred–namely, over the period that the related employee service is rendered. 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 assets carried at FVTPL are initially recorded at fair value, and transaction costs directly attributable to issuing the financial assets are expensed in the statement of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets held at FVTPL are included in the statement of loss and comprehensive loss in the period in which they arise. As of December 31, 2022 and 2021, the Company did not have any financial assets at FVTPL. Financial liabilities at FVTPL These financial liabilities are initially recognized at fair value, and transaction costs directly attributable to issuing the financial liabilities are expensed in the statement of loss and comprehensive loss. Financial liabilities that are required to be measured at FVTPL are re-measured at each reporting date, with changes in fair value reported in the statement of loss and comprehensive loss. As of December 31, 2022 and 2021, the Company did not have any financial liabilities at FVTPL. Financial assets at amortized cost A financial asset is measured at amortized cost if the objective of the business model is to hold the financial asset for the collection of contractual cash flows, and the asset’s contractual cash flows are comprised solely of payments of principal and interest. Financial assets at amortized cost are classified as current or non-current based on their maturity date and are initially recognized at fair value and subsequently carried at amortized cost, less any impairment. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) Financial liabilities at amortized cost Financial liabilities classified as amortized cost are initially recognized at fair value, less directly attributable transaction costs. After initial recognition, costs are subsequently measured at amortized cost using the effective interest rate method with interest expense recognized on an effective yield basis. The effective interest rate is the rate that discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Interest accretion is recorded in interest expense in the consolidated statement of loss and comprehensive loss. Financial assets at FVTOCI Investments in equity instruments at FVTOCI are initially recognized at fair value, plus incremental transaction costs. Subsequently, financial assets at FVTOCI are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive loss in the period in which those gains or losses arise. As of December 31, 2022 and 2021, the Company did not have any financial assets at FVTOCI. Impairment of financial assets at amortized cost The Company applies the simplified approach on trade receivables, which allows for the use of a lifetime expected credit loss (“ECL”) provision considering the probability of default over the expected life of the financial asset. The 12-month ECL only considers default events that are possible within the year following the reporting date. The Company uses a provision matrix to calculate ECLs for trade receivables. The provision matrix is initially based on the Company’s historical observed default rates and is subsequently evaluated and updated based on new and forward-looking information. 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. 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 loss and comprehensive loss. At the time of redemption, each DSU may be exchanged for one common share of the Company, net of applicable holding taxes. 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, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (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”), 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 loss and 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, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (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 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) 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. 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 ta |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2022 | |
Critical Accounting Estimates And Judgments | |
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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) Accounting for a contract modifications The Novo Amendment as well as the Novo notice of termination of the Novo Amendment received on August 26, 2022, as defined and discussed in note 5 – License, supply and distribution arrangements, and which were determined to be modifications pursuant to the provisions of IFRS 15, required management to apply significant judgments, including: assessment of any changes to the scope of the license agreement; assessment of whether the remaining goods or services are distinct from goods or services transferred before the modifications; 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 modifications. 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 is the higher of an asset’s fair value less costs of disposal and value in use. Management has determined that using fair value less cost of disposal results in the higher estimated recoverable value. The carrying amount of its consolidated net assets is compared to the fair value less cost of disposal. Based on this calculation, management determined that goodwill was impaired (see note 11). 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 15 - Employee future benefits. Research and development accruals As part of the process of preparing our financial statements, management is required to estimate accrued expenses including those pertaining to the Company’s 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 the Company’s behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has 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 management’s estimate, the Company adjusts 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Recent accounting pronouncement
Recent accounting pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Recent Accounting Pronouncements | |
Recent accounting pronouncements | 4. Recent accounting pronouncements New standards and interpretations not yet adopted Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the Company. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Revenue | 5. Revenue Disaggregation of revenue The Company derives revenue from the transfer of goods and services over time and at a point in time in the following categories: Summary of revenue from transfer of goods and services 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ License fees 1,704 1,670 911 Development services 3,617 3,337 — Product sales 57 — 2,370 Royalties 101 68 67 Supply chain 161 185 304 Total 5,640 5,260 3,652 Revenues of approximately $ 5,555 5,260 3,634 License, supply and distribution arrangements Novo Nordisk Health Care AG - Macrilen™ - United States and Canada On January 16, 2018, the Company entered into a 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 (the “DETECT-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, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) On November 16, 2020, the Company 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 15 8.5 40,000 40,000 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 Novo Amendment also confirms that Aeterna has the right to use the results from the DETECT-trial, 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 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 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) 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 5,000 550 550 470 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 4.7 195 0.2 5,559 4.5 Notice of termination On August 26, 2022, Novo provided the Company with a notice of termination of the Novo Amendment. Under the terms of the Novo Amendment, the termination is effective May 23, 2023 upon the completion of a 270 day notice period (“notice period”). Upon termination, the rights and licenses granted by the Company to Novo under the Novo Amendment will be returned to the Company, and the Company will regain full rights to continue the clinical development and future commercialization of Macrilen™. Following the notice of termination and throughout the 270 day notice period, as per the terms of the Novo Amendment, Novo will continue to fund all DETECT-trial costs up to $ 9.6 9 9.6 9 10.5 9.8 The Company concluded that the notice of termination represents a contract modification for accounting purposes. The Company further concluded that upon receipt of the notice of termination, the remaining goods and services to be performed during the notice period are considered distinct goods and services and therefore, the contract modification is to be accounted for prospectively. As of the date of receipt of the notice of termination from Novo, the Company had recognized total license fees associated with the Pediatric Indication of $ 1,615 1,880 3,865 4,448 7,937 7,776 2,872 2,814 5,065 4,962 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (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. Consilient Healthcare Limited - Macimorelin - European Union and United Kingdom 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 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. In December 2021, the Department of Health and Social Care in the United Kingdom approved a list price which triggered a $ 226 0.2 In May 2022, the list price was approved in Germany which triggered a $ 213 0.2 106 0.1 The aggregate amount of the transaction price allocated to the Company’s unsatisfied or partially unsatisfied performance obligations under the CH Agreement as of December 31, 2022 was $ 1,591 1,483 1,358 1,200 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) For the year ended December 31, 2022, the Company recognized $ 18 nil NK Meditech Limited - 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 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 T 136 0.1 Liabilities related to contracts with customers The Company has recognized the following deferred revenue balances related to contracts with customers: Summary of deferred revenue December 31, 2022 Current Non-Current Total $ $ $ Novo Nordisk Health Care 2,914 — 2,914 Consilient Healthcare Limited 35 1,556 1,591 NK Meditech Limited — 128 128 2,949 1,684 4,633 December 31, 2021 Current Non-Current Total $ $ $ Novo Nordisk Health Care 4,791 23 4,814 Consilient Healthcare Limited 24 1,334 1,358 NK Meditech Limited — 136 136 4,815 1,493 6,308 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 6. Cash and cash equivalents Schedule of cash and cash equivalents 2022 2021 December 31, 2022 2021 $ $ Cash on hand and balances with banks 50,611 55,600 Interest-bearing deposits with maturities of three months or less — 9,700 Total 50,611 65,300 The Company had restricted cash equivalents amounting to $ 322 335 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Trade and other receivables | 7. Trade and other receivables Summary of detailed trade and other receivables 2022 2021 December 31, 2022 2021 $ $ Trade accounts receivable 403 877 Value added tax 275 248 Other receivables 54 189 Total 732 1,314 During the year ended December 31, 2022, the Company recorded a write-down within other receivables of $ 124 nil |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2022 | |
Prepaid Expenses And Other Current Assets | |
Prepaid expenses and other current assets | 8. Prepaid expenses and other current assets Summary of prepaid expenses and other current assets 2022 2021 December 31, 2022 2021 $ $ Prepaid insurance 428 421 Prepaid research and development 1,998 1,329 Other 62 22 Total 2,488 1,772 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property And Equipment | |
Property and equipment | 9. Property and equipment Components of the Company’s property and equipment are summarized below. Schedule of property and equipment Cost Equipment Computer Equipment Right of use building Right of use vehicles Total $ $ $ $ $ At January 1, 2021 215 335 546 94 1,190 Additions 6 24 16 — 46 Modification of building lease — — 109 — 109 Disposals (5 ) (69 ) — — (74 ) Impact of foreign exchange rate changes (17 ) (22 ) (48 ) (7 ) (94 ) At December 31, 2021 199 268 623 87 1,177 Additions — 11 — 38 49 Modification of lease — — 98 18 116 Disposals — (1 ) (10 ) — (11 ) Impact of foreign exchange rate changes (11 ) (13 ) (26 ) (7 ) (57 ) At December 31, 2022 188 265 685 136 1,274 Accumulated Depreciation Equipment Computer Equipment Right of use building Right of use vehicles Total $ $ $ $ $ At January 1, 2021 199 329 437 46 1,011 Disposals (5 ) (69 ) — — (74 ) Depreciation 4 5 94 26 129 Impact of foreign exchange rate changes (17 ) (21 ) (38 ) (5 ) (81 ) At December 31, 2021 181 244 493 67 985 Disposals — (1 ) (10 ) — (11 ) Depreciation 2 9 94 25 130 Impact of foreign exchange rate changes (10 ) (12 ) (21 ) (3 ) (46 ) At December 31, 2022 173 240 556 89 1,058 Carrying amount Equipment Computer Equipment Right of use building Right of use vehicles Total $ $ $ $ $ At December 31, 2021 18 24 130 20 192 At December 31, 2022 15 25 129 47 216 On September 30, 2022 the Company and its landlord mutually agreed to a one-year plus 6 months’ notice extension to its existing building lease agreement for its German subsidiary, continuing such terms until March 31, 2024, resulting in a modification being recorded to the building right of use asset in the amount of $ 98 109 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Identifiable intangible assets
Identifiable intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Identifiable Intangible Assets | |
Identifiable intangible assets | 10. Identifiable intangible assets Changes in the carrying value of the Company’s identifiable intangible assets are summarized below. Schedule of identifiable intangible assets December 31, 2022 December 31, 2021 Cost Accumulated amortization Carrying value Cost Accumulated amortization Carrying value $ $ $ $ $ $ Balances – Beginning of the year 32,411 (31,786 ) 625 35,020 (34,961 ) 59 Additions — — — 609 — 609 Amortization — (5 ) (5 ) — (16 ) (16 ) Impairment of intangible assets (584 ) — (584 ) — — — Impact of foreign exchange rate changes (2,055 ) 2,019 (36 ) (3,218 ) 3,191 (27 ) Balances – End of the year 29,772 (29,772 ) — 32,411 (31,786 ) 625 In 2021, the Company recorded additions of $ 609 5 16 20 During the year ended December 31, 2022, the Company ceased its development of both the COVID-19 and Chlamydia vaccine trials. The previously capitalized upfront payments for licenses relating to these two trials of $ 212 372 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”). 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 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) The carrying value of the trademarks underlying Cetrotide is $nil and the Company received proceeds of $ 16 98 110 98 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Goodwill | 11. Goodwill Schedule of goodwill December 31, 2022 2021 $ $ Balance – Beginning of period 8,130 8,815 Impairment of goodwill (7,642 ) — Impact of foreign exchange rate changes (488 ) (685 ) Balance – End of period — 8,130 The Company considers the relationship between its market capitalization and its book value, among other factors, when reviewing for indicators of impairment. As of December 31, 2022, the market capitalization of the Company was below the carrying value of its shareholders’ equity, indicating a potential impairment of goodwill and impairment of the assets of the group of CGUs. For the year ended December 31, 2022, the recoverable amount of the group of CGUs was determined based on a fair value less cost of disposal (“FVLCD”) model. FVLCD was determined based on a market approach and also derived from market data, including, information from market participants regarding the price that the Company could receive in a sale of the group of CGUs. The fair value measurement is categorized as a level 2 fair value based on the inputs in the valuation techniques used. Management determined that value-in-use resulted in a lower estimated recoverable value than FVLCD. Based on the Company’s assessment, the recoverable amount of the group of CGUs was lower than the carrying value and therefore an impairment charge was recorded on its goodwill and intangible assets for an amount of $ 7,642 372 |
Payables and accrued liabilitie
Payables and accrued liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables And Accrued Liabilities | |
Payables and accrued liabilities | 12. Payables and accrued liabilities Summary of detailed information about payables and accrued liabilities 2022 2021 December 31, 2022 2021 $ $ Trade accounts payable 2,038 934 Accrued research and development costs 751 531 Accrued employee benefits 325 533 Payroll tax and other statutory liabilities 74 63 Other accrued liabilities 640 611 Payables and accrued liabilities 3,828 2,672 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2022 | |
Provisions [abstract] | |
Provisions | 13. Provisions Summary of provisions December 31, 2022 2021 $ $ Balance – Beginning of period 277 371 Utilization of provision (28 ) (90 ) Change in the provision — 23 Unwinding of discount and impact of foreign exchange rate changes (16 ) (27 ) Balances – End of the year 233 277 Less: current portion 45 34 Non-current portion 188 243 In 2013, the Company recognized a provision for certain non-cancellable contracts related to the Cetrotide activities, discussed in note 10, 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. |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Lease liabilities | 14. Lease liabilities Summary of lease liabilities December 31, 2022 2021 $ $ Balance – Beginning of period 161 184 Additions 38 15 Interest paid as charged to net loss as other finance costs (4 ) (7 ) Payment against lease liabilities (134 ) (127 ) Modification of lease liability 114 103 Impact of foreign exchange rate changes 4 (7 ) Balances – End of the year 179 161 Current lease liabilities 114 130 Non-current lease liabilities 65 31 The Company and its landlord mutually agreed to a one-year plus 6 months’ notice extension to its existing building lease agreement for its German subsidiary, continuing such terms until March 31, 2024, resulting in a modification being recorded to the lease liability in the amount of $ 98 103 Future lease payments as of December 31, 2022 are as follows: Summary of future lease payments $ Less than 1 year 114 1 – 3 years 65 Total 179 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Employee future benefits
Employee future benefits | 12 Months Ended |
Dec. 31, 2022 | |
Employee Future Benefits | |
Employee future benefits | 15. Employee future benefits The Company has partially funded and unfunded defined benefit multi-employer pension plans and unfunded post-employment benefit plans in Germany. The 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 members’ length of service and their salary in the final years leading up to retirement. These plans are governed by the employment laws of Germany, which generally require final salary payments of each plan to be adjusted every third year for either an inflationary increase or a set 1% Since the pension liability is adjusted for either an increase in inflation or a set 1% 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. In 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, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (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 benefit obligation is summarized for the years ended: Summary of net defined benefit liability asset $ $ $ $ December 31, 2022 2021 Pension Other benefit plans benefit plans Total Total $ $ $ $ Change in plan liabilities Balances – Beginning of the period 29,313 99 29,412 15,435 Current service cost 122 20 142 65 Interest cost 294 1 295 88 Actuarial gain arising from changes in financial assumptions (5,903 ) (12 ) (5,915 ) (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 (742 ) (10 ) (752 ) (511 ) Impact of foreign exchange rate changes (1,427 ) (5 ) (1,432 ) (1,228 ) Balances – End of the period 21,657 93 21,750 29,412 Change in plan assets Balances – Beginning of the period 11,927 — 11,927 — Presentation of plan assets as of December 31, 2021 — — — 11,963 Interest income from plan assets 120 — 120 — Employer contributions 45 — 45 — Employee contributions 10 — 10 — Benefits paid (247 ) — (247 ) — Remeasurement of plan assets (641 ) — (641 ) — Impact of foreign exchange rate changes (623 ) — (623 ) (36 ) Balances – End of the period 10,591 — 10,591 11,927 Net liability of the unfunded plans 10,694 93 10,787 12,749 Net liability of the funded plans 372 — 372 4,736 Net amount recognized as Employee future benefits 11,066 93 11,159 17,485 Amounts recognized: In net loss 286 9 295 161 Actuarial gain (loss) on defined benefit plans and remeasurement of the net defined benefit liability in other comprehensive (gain) loss 5,262 — 5,262 (3,592 ) Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) The Company’s proportionate share of the multi-employer pension plan assets as of December 31, 2022 are as follows: Summary of proportionate share of multi-employer pension plan assets 2022 2021 December 31, 2022 2021 $ $ Equity instruments (Level 1) 846 826 Debt instruments (Level 1) 6,302 7,445 Cash and cash equivalents (Level 1) 46 67 Real estate (Level 3) 2,079 2,207 Other (Level 3) 1,318 1,382 Total of pension plan assets 10,591 11,927 The significant actuarial assumptions applied to determine the Company’s accrued benefit obligations are as follows: Summary of actuarial assumptions applied to benefit obligations Actuarial assumptions 2022 2021 2020 2022 2021 2020 Pension Benefit Plans Other benefit plans Years ended December 31, Years ended December 31, Actuarial assumptions 2022 2021 2020 2022 2021 2020 % % % % % % Discount rate 3.75 1.10 0.60 3.75 1.10 0.60 Pension benefits increase 2.00 0.50 0.50 2.00 0.50 0.50 Rate of compensation increase 2.50 2.50 2.00 2.50 2.50 2.00 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 pensioner retiring age December 31, 2022 2021 2020 Years Years Years Retiring at the end of the reporting period: Male 21 21 20 Female 24 24 24 In accordance with the assumptions used as of December 31, 2022, undiscounted defined pension benefits expected to be paid are as follows: Summary of undiscounted defined pension benefits Total $ 2023 829 2024 895 2025 894 2026 926 2027 1,083 Thereafter 35,976 Total 40,603 The weighted average duration of the defined benefit obligation is 14.4 16.0 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) If variations in the following assumptions had occurred during 2022, the impact on the Company’s pension benefit obligation of $ 21,657 Summary of impact on pension benefit obligation Assumption Increase Decrease Change in discount rate of 0.25% (730 ) 771 Change in salary rate of 0.25% 16 (16 ) Change in pension rate assumption by 0.25% 456 (438 ) Change mortality by one year 1,014 (1,020 ) Total expenses for the defined benefit plan that the Company accounts for as a defined contribution plan amounted to approximately $ 20 45 38 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital | |
Share Capital | 16. Share Capital Authorized The Company has unlimited number of 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. 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. Summary of share capital Issued and outstanding Common shares Amount # $ Balance – December 31, 2019 799,780 224,528 Issuance of common shares, net of transaction costs 1,707,365 10,480 Balance – December 31, 2020 2,507,145 235,008 Issuance of common shares, net of transaction costs 943,448 29,082 Exercise of warrants, net of issuance costs upon exercise 1,404,443 29,301 Exercise of deferred share units 840 19 Balance – December 31, 2021 4,855,876 293,410 — — Balance – December 31, 2022 4,855,876 293,410 On July 15, 2022, the Company’s shareholders and board of directors approved an amendment to the Company’s articles of incorporation to effect a 1-for-25 1-for-25 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) 2021 On February 19, 2021, the Company completed an underwritten public offering of 820,390 36.25 29,739 2,837 123,058 36.25 57,427 45.31 February 17, 2026 On February 22, 2021, the Underwriter exercised the Underwriter Option and received 123,058 4,461 8,614 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 139,130 32.25 104,348 30.00 9,739 40.50 3,900 4,500 2,325 2,174 600 311 On July 7, 2020, the Company closed a public offering of 1,066,667 11.25 10,596 1,066,667 1,066,667 11.25 July 7, 2025 74,661 14.06 July 1, 2025 Because the warrants were classified as equity, the gross proceeds of $ 12,000 6,308 5,691 1,420 754 666 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) On August 5, 2020, the Company closed a securities purchase agreement of 497,115 14.08 7,000 372,836 five and one-half years 11.75 34,798 17.60 August 3, 2025 7,000 3,944 3,056 748 327 421 |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2022 | |
Warrants | |
Warrants | 17. Warrants Warrant activity for the years ended December 31, 2022, 2021 and 2020, was as follows: Summary of warrants activity reclassified equity Number Weighted average exercise price Amount # $ $ December 31, 2019 — — — Granted 1,141,328 11.44 5,025 Reclassification of warrant liability to equity 654,722 21.39 7,377 December 31, 2020 1,796,050 17.79 12,402 Granted 66,041 45.31 1,897 Exercised (1,404,443 ) 14.31 (9,746 ) Allocation of transaction costs to share capital — — 532 December 31, 2021 457,648 21.76 5,085 — - — December 31, 2022 457,648 21.76 5,085 Reclassification of warrant liability to equity The Company had issued 133,000 104,348 9,739 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 loss and 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, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) The Company also issued 372,836 34,799 The fair values of warrants are estimated using the Black-Scholes option pricing model. The weighted average assumptions used in the Black-Scholes valuation model for the periods presented were as follows: Summary of fair values of warrants assumptions Years ended December 31, 2021 2020 Expected dividend yield 0.00 % 0.00 % Expected volatility 119.18 % 116.50 % Risk-free annual interest rate 0.59 % 0.31 % Expected life (years) 4.99 5.09 Weighted average share price $ 37.00 $ 14.84 Weighted average exercise price $ 45.31 $ 20.74 The expected volatility of these warrants was determined using historical volatility rates and the expected life was determined based on time to expiry from the issuance date. |
Other capital
Other capital | 12 Months Ended |
Dec. 31, 2022 | |
Other Capital | |
Other capital | 18. Other capital 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 Stock options 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) The compensation expense for the year end December 31, 2022 was $ 142 107 ($51) Summary of number and weighted average exercise prices of share options Number Weighted average exercise price (US$) Number Weighted average exercise price (CAD$) # $ # $ December 31, 2019 29,645 90.25 18 22.80 Granted 7,200 9.15 — — Canceled/Forfeited (13,214 ) 64.00 — — Expired (3,375 ) 53.50 (18 ) 22.80 December 31, 2020 20,256 36.43 — - Granted 23,200 10.51 — — Expired (1 ) 14,000.00 — — December 31, 2021 43,455 21.95 — Granted 2,000 8.88 — — Canceled/Forfeited (2,900 ) 14. 49 — — Expired (525 ) 165.08 — — December 31, 2022 42,030 20.05 — On January 17, 2023, subsequent to year end, the Company granted 14,000 3.75 seven years will vest over a period of three years 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 Years ended December 31, 2022 2021 2020 Expected dividend yield 0.00 % 0.00 % 0.00 % Expected volatility 115.75 % 115.80 % 112.50 % Risk-free annual interest rate 1.59 % 1.23 % 0.27 % Expected life (years) 5.72 5.71 4.02 Weighted average share price $ 8.88 $ 10.51 $ 9.15 Weighted average exercise price $ 8.88 $ 10.51 $ 9.15 Weighted average grant date fair value $ 7.47 $ 8.82 $ 6.79 The expected volatility of these stock options was determined using historical volatility rates and the expected life was determined using the weighted average life of past options issued. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) At December 31, 2022, the following options were outstanding: 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 ($) Number (#) Weighted average remaining contractual life (years) Weighted average exercise price ($) 8.88 10.00 8,800 5.20 9.09 4,538 4.95 9.15 10.01 20.00 21,200 5.96 10.51 7,072 5.96 10.51 20.01 30.00 6,000 3.91 22.68 6,000 3.91 22.68 50.01 60.00 3,400 2.21 51.99 3,400 2.21 51.99 60.01 87.50 2,630 0.84 86.37 2,630 0.84 86.37 42,030 4.89 20.05 23,640 4.14 27.74 Deferred share units The compensation expense for the year end December 31, 2022 was $ 402 204 112 Summary of number and weighted average exercise prices of deferred shares units Years ended December 31, 2022 2021 2020 # # # Balance – Beginning of the year 16,920 6,920 8,480 Granted 80,000 11,200 4,800 Exercised — (1,200 ) (6,360 ) Balance – End of the year 96,920 16,920 6,920 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Expenses by nature
Expenses by nature | 12 Months Ended |
Dec. 31, 2022 | |
Expenses By Nature | |
Expenses by nature | 19. Expenses by nature Summary of expense by nature 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Inventory expensed during the year 54 — 2,317 Provision for obsolete inventory 32 — — Third-party research and development 11,244 5,534 692 Salaries, wages and benefits 3,563 3,037 2,789 Professional and consulting fees 2,475 2,570 2,185 Insurance 1,687 1,077 861 Stock-based compensation 544 311 61 Software and IT services 386 387 275 Depreciation and amortization 135 144 232 Marketing, communications and investor relations 317 289 34 Impairment of goodwill 7,642 — — (Reversal of) impairment of other assets 124 — (139 ) Impairment of intangible assets 584 — — Travel, meals and entertainment 225 111 49 Office, rent and telecommunications 120 162 272 License fees 19 139 27 Other 92 170 (78 ) Gain on modification of building lease — — (219 ) Expenses 29,243 13,931 9,358 |
Compensation of key management
Compensation of key management | 12 Months Ended |
Dec. 31, 2022 | |
Compensation Of Key Management | |
Compensation of key management | 20. Compensation of key management Key management includes the Corporation’s Directors, Chief Executive Officer, Chief Financial Officer, Chief Scientific Officer and Chief Medical Officer. Compensation awarded to key management is summarized as follows: Summary of compensation awarded to key management 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Salaries and short-term benefits 1,848 1,646 1,540 Consultant’s fees 17 163 167 Post-retirement benefits 63 70 86 Stock-based compensation 460 295 160 Key management compensation 2,388 2,174 1,953 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, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (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, 2022 | |
Supplemental Disclosure Of Cash Flow Information | |
Supplemental disclosure of cash flow information | 21. Supplemental disclosure of cash flow information Disclosure of changes in operating assets and liabilities 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Changes in operating assets and liabilities: Trade and other receivables 592 120 (1,023 ) Inventory (161 ) (56 ) 1,182 Prepaid expenses and other current assets (783 ) (750 ) (702 ) Payables and accrued liabilities 1,076 634 51 Income taxes payable — (109 ) 395 Deferred revenues 441 3,010 3,031 Provision for restructuring and other costs (2 ) — — Employee future benefits (559 ) (349 ) (532 ) Increase (decrease) in operating assets and liabilities 604 2,500 2,402 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Income taxes | 22. Income taxes Significant components of the current and deferred income tax recovery (expense) for the years ended December 31, 2022, 2021 and 2020 are as follows: Summary of significant components of current and deferred income tax recovery (expense) 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Current income tax recovery (expense) — 109 (395 ) Deferred tax: Origination and reversal of temporary differences 2,885 1,291 1,509 Change in unrecognized tax assets (2,885 ) (1,291 ) (1,509 ) Total income tax recovery (expense) — 109 (395 ) 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, 2022 and 2021, the tax authorities concluded the audit for those years. The subsequent years remain unaudited, and the Company has accrued $ 108 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (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 Years ended December 31, 2022 2021 2020 Combined Canadian federal and provincial statutory income tax rate 26.5 % 26.5 % 26.5 % 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Income tax recovery based on combined statutory income tax rate 6,023 2,246 1,252 Change in unrecognized tax assets (2,885 ) (1,291 ) (1,872 ) Share issuance costs — 367 363 Permanent difference attributable to impairment of goodwill (2,407 ) — — Impact of expiring investment tax credits (1,559 ) (1,724 ) (481 ) Provision to filed return adjustments 106 151 — Permanent difference attributable to net change in fair value of warrant liability — — 304 Share-based compensation costs (144 ) (82 ) (16 ) Difference in statutory income tax rate of foreign subsidiaries 902 226 99 Uncertain tax position — — (123 ) Other (36 ) 216 79 Total income tax recovery (expense) — 109 (395 ) Loss before income taxes is attributable to the Company’s tax jurisdictions as follows: Summary of (loss) income before income taxes 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Germany (16,756 ) (4,383 ) (2,042 ) Canada (5,679 ) (3,860 ) (2,463 ) United States (292 ) (234 ) (218 ) Total loss before income taxes (22,727 ) (8,477 ) (4,723 ) Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) Significant components of deferred tax assets and liabilities are as follows: Summary of significant components of deferred tax assets and liabilities 2022 2021 December 31, 2022 2021 $ $ Deferred tax assets Operating losses carried forward 582 205 Intangible assets — 776 Deferred tax assets 582 981 Deferred tax liabilities Accounts receivable — 375 Payables and accrued liabilities 450 7 Property and equipment 55 47 Deferred revenues — 492 Other 77 60 Deferred tax liabilities 582 981 Deferred tax assets (liabilities), net — — Significant components of unrecognized deferred tax assets and losses are as follows: Summary of significant components of unrecognized deferred tax assets 2022 2021 December 31, 2022 2021 $ $ Unrecognized deferred tax assets Deferred revenues and other provisions 1,475 1,680 Operating losses carried forward 87,445 87,734 Capital losses carried forward 210 105 SR&ED Pool 9,138 9,138 Unused tax credits 1,559 2,945 Employee future benefits 1,317 3,396 Property and equipment 524 523 Intangible assets 95 — Share issuance expenses 781 1,110 Other 294 84 Unrecognized deferred tax assets 102,838 106,715 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 $ 102,838 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) As of December 31, 2022, the Corporation has total accumulated non-capital losses of $ 84,234 82,833 Summary of disclosure of federal tax losses 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 3,501 2040 3,808 3,808 2041 4,822 4,822 2042 6,367 6,367 84,234 82,833 The Company has non-refundable R&D investment tax credits of approximately $ 1,559 208,656 195,006 5,095 United States $ 2028 369 2029 178 2034 151 2035 447 2036 195 2037 709 indefinite 1,224 indefinite 771 indefinite 516 indefinite 535 5,095 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Capital management
Capital management | 12 Months Ended |
Dec. 31, 2022 | |
Capital Management | |
Capital management | 23. Capital management 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 24. 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. |
Financial instruments and finan
Financial instruments and financial risk management | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments And Financial Risk Management | |
Financial instruments and financial risk management | 24. Financial instruments and financial risk management Financial assets and liabilities as of December 31, 2022 and 2021 are presented below. Disclosure of fair value measurement of assets December 31, 2022 Financial assets at amortized cost Financial liabilities at amortized cost $ $ Cash and cash equivalents 50,611 — Trade and other receivables 457 — Restricted cash equivalents 322 — Payables and accrued liabilities — 3,752 Lease liability — 179 51,390 3,931 December 31, 2021 Financial assets at amortized cost Financial liabilities at amortized cost $ $ Cash and cash equivalents 65,300 — Trade and other receivables 1,065 — Restricted cash equivalents 335 — Payables and accrued liabilities — 2,609 Lease liability — 161 66,700 2,770 Assets and liabilities, such as value added taxes, that are not contractual and that arise as a result of statutory requirements imposed by governments, do not meet the definition of financial assets or financial liabilities and are, therefore, excluded from trade and other receivables and payables and accrued liabilities. Fair value IFRS 13, Fair Value Measurement Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) 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). 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, 2022, three counterparties included in trade accounts receivable comprised a total receivable of approximately $ 403 932 nil 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, 2022, the Company has provided for all outstanding and unpaid amounts relating to its operations. 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 23, the Company manages this risk through the management of its capital structure by monitoring rolling forecasts of the Company’s cash and cash equivalents on the basis of expected cash flows. Management concluded that the Company has sufficient cash on hand to meet its obligations as they become due for the next 12 months, considering the Company’s planned research and development activities, selling expenses, general and administrative expenses and working capital requirements. The Company has the ability to scale its research and development activities, and will do so as necessary, based on cash availability. While the Company has $ 50,611 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) 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 14. (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, 2022, if the US dollar had increased or decreased by 10% against the Euro 823 300 110 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Switzerland 5,395 5,075 905 Ireland 82 — 73 Denmark 160 185 2,655 Other 3 — 19 Revenue 5,640 5,260 3,652 Non-current assets include restricted cash equivalents, right of use assets, property and equipment, identifiable intangible assets, other asset and goodwill (2021 only) and are detailed by geographical area as follows: Summary of non-current assets by geographical area 2022 2021 December 31, 2022 2021 $ $ Germany 463 9,212 Canada 4 — United States 71 70 Non Current Assets 538 9,282 Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Net loss per share
Net loss per share | 12 Months Ended |
Dec. 31, 2022 | |
Net Loss Per Share | |
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 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Net loss (22,727 ) (8,368 ) (5,118 ) Basic and diluted weighted-average number of shares outstanding 4,855,876 4,596,980 1,643,327 Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Stock options and DSUs 138,950 60,375 27,176 Share purchase warrants 457,648 457,648 1,796,050 Anti-dilutive shares |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments | |
Commitments | 27. Commitments Significant expenditure contracted for at the end of the reporting period but not recognized as liabilities is as follows: Schedule of expected future minimum lease payments Service and manufacturing R&D contracts TOTAL $ $ $ Less than 1 year 9,250 1,577 10,827 1 – 3 years 1,362 218 1,580 4 – 5 years 29 — 29 More than 5 years — — — Total 10,641 1,795 12,436 In 2021, the Company executed various agreements including in-licensing and similar arrangements with development partners (note 10). 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 may have to pay up $ 38,458 |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Event | |
Subsequent event | 28. Subsequent event On March 15, 2023, with the Company’s consent, Consilient Health entered into an assignment agreement to transfer the current licensing agreement for the commercialization of macimorelin in the European Economic Area and the United Kingdom to Atnahs Pharma UK Limited (“Pharmanovia”). Also on March 15, 2023, the Company and Pharmanovia entered into an exclusive supply agreement, pursuant to which the Company agreed to provide the Licensed Product to Pharmanovia. |
Reclassification of comparative
Reclassification of comparative figures | 12 Months Ended |
Dec. 31, 2022 | |
Reclassification Of Comparative Figures | |
Reclassification of comparative figures | 29. Reclassification of comparative figures Certain comparative amounts in the consolidated statements of financial position, consolidated statements of loss and comprehensive loss and the notes to these consolidated financial statements have been reclassified to conform to the presentation adopted in the current year. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies | |
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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) |
Inventory | Inventory Inventory is 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. As of December 31, 2022 and 2021, all inventory related to work in process. |
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 and equipment | Property and equipment Items of property 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 Equipment [member] Methods Annual rates and period Equipment Declining balance and straight-line 20 Computer equipment Straight-line 25% to 33 1 Depreciation expense, which is recorded in the consolidated statement of loss and comprehensive loss, is allocated to the appropriate functional expense categories to which the underlying items of property and equipment relate. 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. |
Identifiable intangible assets | Identifiable intangible assets 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 fifteen years ten years Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (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 and equipment 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 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. Goodwill is not subject to amortization, but instead is tested for impairment annually or more often if there is an indication that the group of CGUs to which the goodwill has been allocated may be impaired. Impairment is determined for goodwill by assessing whether the carrying value of the group of CGUs, including the allocated goodwill, exceeds the group of CGU’s recoverable amount, which is the higher of fair value less costs of disposal and the group of CGU’s value in use. Fair value less costs of disposal is determined based on a market approach and also derived from market data, including, information from market participants regarding the price that the Company could receive in a sale of the group of CGUs. Value in use is determined based on cash flow projections from financial budgets approved by senior management covering a five-year period. The 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 group of CGUs. In the event that the carrying amount of the group of CGU’s, including the allocated 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 loss and 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 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) 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 loss and comprehensive loss. 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 loss and 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 loss and comprehensive loss. |
Post-employment benefits | Post-employment benefits The Company has partially funded and unfunded 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 in Germany. Provisions for pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions. The Company also provides defined contribution plans to some of its employees. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) 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 loss and comprehensive loss in subsequent periods. For defined contribution plans, expenses are recorded in the consolidated statement of loss and comprehensive loss as incurred–namely, over the period that the related employee service is rendered. |
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 assets carried at FVTPL are initially recorded at fair value, and transaction costs directly attributable to issuing the financial assets are expensed in the statement of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets held at FVTPL are included in the statement of loss and comprehensive loss in the period in which they arise. As of December 31, 2022 and 2021, the Company did not have any financial assets at FVTPL. Financial liabilities at FVTPL These financial liabilities are initially recognized at fair value, and transaction costs directly attributable to issuing the financial liabilities are expensed in the statement of loss and comprehensive loss. Financial liabilities that are required to be measured at FVTPL are re-measured at each reporting date, with changes in fair value reported in the statement of loss and comprehensive loss. As of December 31, 2022 and 2021, the Company did not have any financial liabilities at FVTPL. Financial assets at amortized cost A financial asset is measured at amortized cost if the objective of the business model is to hold the financial asset for the collection of contractual cash flows, and the asset’s contractual cash flows are comprised solely of payments of principal and interest. Financial assets at amortized cost are classified as current or non-current based on their maturity date and are initially recognized at fair value and subsequently carried at amortized cost, less any impairment. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) Financial liabilities at amortized cost Financial liabilities classified as amortized cost are initially recognized at fair value, less directly attributable transaction costs. After initial recognition, costs are subsequently measured at amortized cost using the effective interest rate method with interest expense recognized on an effective yield basis. The effective interest rate is the rate that discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Interest accretion is recorded in interest expense in the consolidated statement of loss and comprehensive loss. Financial assets at FVTOCI Investments in equity instruments at FVTOCI are initially recognized at fair value, plus incremental transaction costs. Subsequently, financial assets at FVTOCI are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive loss in the period in which those gains or losses arise. As of December 31, 2022 and 2021, the Company did not have any financial assets at FVTOCI. Impairment of financial assets at amortized cost The Company applies the simplified approach on trade receivables, which allows for the use of a lifetime expected credit loss (“ECL”) provision considering the probability of default over the expected life of the financial asset. The 12-month ECL only considers default events that are possible within the year following the reporting date. The Company uses a provision matrix to calculate ECLs for trade receivables. The provision matrix is initially based on the Company’s historical observed default rates and is subsequently evaluated and updated based on new and forward-looking information. |
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. |
Share-based compensation costs | 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 loss and comprehensive loss. At the time of redemption, each DSU may be exchanged for one common share of the Company, net of applicable holding taxes. 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, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (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”), 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 loss and 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, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (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 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) 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. 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. Aeterna Zentaris Inc. Notes to Consolidated Financial Statements As of December 31, 2022 and December 31, 2021 and for the years ended December 31, 2022, 2021 and 2020 (in thousands of US dollars, except share and per share data and where otherwise noted) 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. |
Government assistance | Government assistance Amounts received or receivable resulting from government assistance programs, including grants and refundable investment tax credits for research and development, are accounted for in accordance with IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, |
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, warrants and similar instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. Diluted net loss per share is equal to the basic net loss per share as the Company is in a loss position and all securities, comprised of options and warrants, would be anti-dilutive. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies | |
Summary of depreciation using methods, annual rates and period | Items of property 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 Equipment [member] Methods Annual rates and period Equipment Declining balance and straight-line 20 Computer equipment Straight-line 25% to 33 1 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue [abstract] | |
Summary of revenue from transfer of goods and services | The Company derives revenue from the transfer of goods and services over time and at a point in time in the following categories: Summary of revenue from transfer of goods and services 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ License fees 1,704 1,670 911 Development services 3,617 3,337 — Product sales 57 — 2,370 Royalties 101 68 67 Supply chain 161 185 304 Total 5,640 5,260 3,652 |
Summary of deferred revenue | The Company has recognized the following deferred revenue balances related to contracts with customers: Summary of deferred revenue December 31, 2022 Current Non-Current Total $ $ $ Novo Nordisk Health Care 2,914 — 2,914 Consilient Healthcare Limited 35 1,556 1,591 NK Meditech Limited — 128 128 2,949 1,684 4,633 December 31, 2021 Current Non-Current Total $ $ $ Novo Nordisk Health Care 4,791 23 4,814 Consilient Healthcare Limited 24 1,334 1,358 NK Meditech Limited — 136 136 4,815 1,493 6,308 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Schedule of cash and cash equivalents | Schedule of cash and cash equivalents 2022 2021 December 31, 2022 2021 $ $ Cash on hand and balances with banks 50,611 55,600 Interest-bearing deposits with maturities of three months or less — 9,700 Total 50,611 65,300 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables [abstract] | |
Summary of detailed trade and other receivables | Summary of detailed trade and other receivables 2022 2021 December 31, 2022 2021 $ $ Trade accounts receivable 403 877 Value added tax 275 248 Other receivables 54 189 Total 732 1,314 |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Prepaid Expenses And Other Current Assets | |
Summary of prepaid expenses and other current assets | Summary of prepaid expenses and other current assets 2022 2021 December 31, 2022 2021 $ $ Prepaid insurance 428 421 Prepaid research and development 1,998 1,329 Other 62 22 Total 2,488 1,772 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property And Equipment | |
Schedule of property and equipment | Schedule of property and equipment Cost Equipment Computer Equipment Right of use building Right of use vehicles Total $ $ $ $ $ At January 1, 2021 215 335 546 94 1,190 Additions 6 24 16 — 46 Modification of building lease — — 109 — 109 Disposals (5 ) (69 ) — — (74 ) Impact of foreign exchange rate changes (17 ) (22 ) (48 ) (7 ) (94 ) At December 31, 2021 199 268 623 87 1,177 Additions — 11 — 38 49 Modification of lease — — 98 18 116 Disposals — (1 ) (10 ) — (11 ) Impact of foreign exchange rate changes (11 ) (13 ) (26 ) (7 ) (57 ) At December 31, 2022 188 265 685 136 1,274 Accumulated Depreciation Equipment Computer Equipment Right of use building Right of use vehicles Total $ $ $ $ $ At January 1, 2021 199 329 437 46 1,011 Disposals (5 ) (69 ) — — (74 ) Depreciation 4 5 94 26 129 Impact of foreign exchange rate changes (17 ) (21 ) (38 ) (5 ) (81 ) At December 31, 2021 181 244 493 67 985 Disposals — (1 ) (10 ) — (11 ) Depreciation 2 9 94 25 130 Impact of foreign exchange rate changes (10 ) (12 ) (21 ) (3 ) (46 ) At December 31, 2022 173 240 556 89 1,058 Carrying amount Equipment Computer Equipment Right of use building Right of use vehicles Total $ $ $ $ $ At December 31, 2021 18 24 130 20 192 At December 31, 2022 15 25 129 47 216 |
Identifiable intangible assets
Identifiable intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Identifiable Intangible Assets | |
Schedule of identifiable intangible assets | Changes in the carrying value of the Company’s identifiable intangible assets are summarized below. Schedule of identifiable intangible assets December 31, 2022 December 31, 2021 Cost Accumulated amortization Carrying value Cost Accumulated amortization Carrying value $ $ $ $ $ $ Balances – Beginning of the year 32,411 (31,786 ) 625 35,020 (34,961 ) 59 Additions — — — 609 — 609 Amortization — (5 ) (5 ) — (16 ) (16 ) Impairment of intangible assets (584 ) — (584 ) — — — Impact of foreign exchange rate changes (2,055 ) 2,019 (36 ) (3,218 ) 3,191 (27 ) Balances – End of the year 29,772 (29,772 ) — 32,411 (31,786 ) 625 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
Schedule of goodwill | Schedule of goodwill December 31, 2022 2021 $ $ Balance – Beginning of period 8,130 8,815 Impairment of goodwill (7,642 ) — Impact of foreign exchange rate changes (488 ) (685 ) Balance – End of period — 8,130 |
Payables and accrued liabilit_2
Payables and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables And Accrued Liabilities | |
Summary of detailed information about payables and accrued liabilities | Summary of detailed information about payables and accrued liabilities 2022 2021 December 31, 2022 2021 $ $ Trade accounts payable 2,038 934 Accrued research and development costs 751 531 Accrued employee benefits 325 533 Payroll tax and other statutory liabilities 74 63 Other accrued liabilities 640 611 Payables and accrued liabilities 3,828 2,672 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Provisions [abstract] | |
Summary of provisions | Summary of provisions December 31, 2022 2021 $ $ Balance – Beginning of period 277 371 Utilization of provision (28 ) (90 ) Change in the provision — 23 Unwinding of discount and impact of foreign exchange rate changes (16 ) (27 ) Balances – End of the year 233 277 Less: current portion 45 34 Non-current portion 188 243 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities [abstract] | |
Summary of lease liabilities | Summary of lease liabilities December 31, 2022 2021 $ $ Balance – Beginning of period 161 184 Additions 38 15 Interest paid as charged to net loss as other finance costs (4 ) (7 ) Payment against lease liabilities (134 ) (127 ) Modification of lease liability 114 103 Impact of foreign exchange rate changes 4 (7 ) Balances – End of the year 179 161 Current lease liabilities 114 130 Non-current lease liabilities 65 31 |
Summary of future lease payments | Future lease payments as of December 31, 2022 are as follows: Summary of future lease payments $ Less than 1 year 114 1 – 3 years 65 Total 179 |
Employee future benefits (Table
Employee future benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Employee Future Benefits | |
Summary of net defined benefit liability asset | The change in the Company’s accrued benefit obligations associated with the employee future benefit obligation is summarized for the years ended: Summary of net defined benefit liability asset $ $ $ $ December 31, 2022 2021 Pension Other benefit plans benefit plans Total Total $ $ $ $ Change in plan liabilities Balances – Beginning of the period 29,313 99 29,412 15,435 Current service cost 122 20 142 65 Interest cost 294 1 295 88 Actuarial gain arising from changes in financial assumptions (5,903 ) (12 ) (5,915 ) (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 (742 ) (10 ) (752 ) (511 ) Impact of foreign exchange rate changes (1,427 ) (5 ) (1,432 ) (1,228 ) Balances – End of the period 21,657 93 21,750 29,412 Change in plan assets Balances – Beginning of the period 11,927 — 11,927 — Presentation of plan assets as of December 31, 2021 — — — 11,963 Interest income from plan assets 120 — 120 — Employer contributions 45 — 45 — Employee contributions 10 — 10 — Benefits paid (247 ) — (247 ) — Remeasurement of plan assets (641 ) — (641 ) — Impact of foreign exchange rate changes (623 ) — (623 ) (36 ) Balances – End of the period 10,591 — 10,591 11,927 Net liability of the unfunded plans 10,694 93 10,787 12,749 Net liability of the funded plans 372 — 372 4,736 Net amount recognized as Employee future benefits 11,066 93 11,159 17,485 Amounts recognized: In net loss 286 9 295 161 Actuarial gain (loss) on defined benefit plans and remeasurement of the net defined benefit liability in other comprehensive (gain) loss 5,262 — 5,262 (3,592 ) |
Summary of proportionate share of multi-employer pension plan assets | The Company’s proportionate share of the multi-employer pension plan assets as of December 31, 2022 are as follows: Summary of proportionate share of multi-employer pension plan assets 2022 2021 December 31, 2022 2021 $ $ Equity instruments (Level 1) 846 826 Debt instruments (Level 1) 6,302 7,445 Cash and cash equivalents (Level 1) 46 67 Real estate (Level 3) 2,079 2,207 Other (Level 3) 1,318 1,382 Total of pension plan assets 10,591 11,927 |
Summary of actuarial assumptions applied to benefit obligations | The significant actuarial assumptions applied to determine the Company’s accrued benefit obligations are as follows: Summary of actuarial assumptions applied to benefit obligations Actuarial assumptions 2022 2021 2020 2022 2021 2020 Pension Benefit Plans Other benefit plans Years ended December 31, Years ended December 31, Actuarial assumptions 2022 2021 2020 2022 2021 2020 % % % % % % Discount rate 3.75 1.10 0.60 3.75 1.10 0.60 Pension benefits increase 2.00 0.50 0.50 2.00 0.50 0.50 Rate of compensation increase 2.50 2.50 2.00 2.50 2.50 2.00 |
Summary of pensioner retiring age | Summary of pensioner retiring age December 31, 2022 2021 2020 Years Years Years Retiring at the end of the reporting period: Male 21 21 20 Female 24 24 24 |
Summary of undiscounted defined pension benefits | In accordance with the assumptions used as of December 31, 2022, undiscounted defined pension benefits expected to be paid are as follows: Summary of undiscounted defined pension benefits Total $ 2023 829 2024 895 2025 894 2026 926 2027 1,083 Thereafter 35,976 Total 40,603 |
Summary of impact on pension benefit obligation | Summary of impact on pension benefit obligation Assumption Increase Decrease Change in discount rate of 0.25% (730 ) 771 Change in salary rate of 0.25% 16 (16 ) Change in pension rate assumption by 0.25% 456 (438 ) Change mortality by one year 1,014 (1,020 ) |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital | |
Summary of share capital | Summary of share capital Issued and outstanding Common shares Amount # $ Balance – December 31, 2019 799,780 224,528 Issuance of common shares, net of transaction costs 1,707,365 10,480 Balance – December 31, 2020 2,507,145 235,008 Issuance of common shares, net of transaction costs 943,448 29,082 Exercise of warrants, net of issuance costs upon exercise 1,404,443 29,301 Exercise of deferred share units 840 19 Balance – December 31, 2021 4,855,876 293,410 — — Balance – December 31, 2022 4,855,876 293,410 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Warrants | |
Summary of warrants activity reclassified equity | Warrant activity for the years ended December 31, 2022, 2021 and 2020, was as follows: Summary of warrants activity reclassified equity Number Weighted average exercise price Amount # $ $ December 31, 2019 — — — Granted 1,141,328 11.44 5,025 Reclassification of warrant liability to equity 654,722 21.39 7,377 December 31, 2020 1,796,050 17.79 12,402 Granted 66,041 45.31 1,897 Exercised (1,404,443 ) 14.31 (9,746 ) Allocation of transaction costs to share capital — — 532 December 31, 2021 457,648 21.76 5,085 — - — December 31, 2022 457,648 21.76 5,085 |
Summary of fair values of warrants assumptions | Summary of fair values of warrants assumptions Years ended December 31, 2021 2020 Expected dividend yield 0.00 % 0.00 % Expected volatility 119.18 % 116.50 % Risk-free annual interest rate 0.59 % 0.31 % Expected life (years) 4.99 5.09 Weighted average share price $ 37.00 $ 14.84 Weighted average exercise price $ 45.31 $ 20.74 |
Other capital (Tables)
Other capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Capital | |
Summary of number and weighted average exercise prices of share options | Summary of number and weighted average exercise prices of share options Number Weighted average exercise price (US$) Number Weighted average exercise price (CAD$) # $ # $ December 31, 2019 29,645 90.25 18 22.80 Granted 7,200 9.15 — — Canceled/Forfeited (13,214 ) 64.00 — — Expired (3,375 ) 53.50 (18 ) 22.80 December 31, 2020 20,256 36.43 — - Granted 23,200 10.51 — — Expired (1 ) 14,000.00 — — December 31, 2021 43,455 21.95 — Granted 2,000 8.88 — — Canceled/Forfeited (2,900 ) 14. 49 — — Expired (525 ) 165.08 — — December 31, 2022 42,030 20.05 — |
Summary of assumptions to determine share-based compensation costs over the life of awards | Summary of assumptions to determine share-based compensation costs over the life of awards Years ended December 31, 2022 2021 2020 Expected dividend yield 0.00 % 0.00 % 0.00 % Expected volatility 115.75 % 115.80 % 112.50 % Risk-free annual interest rate 1.59 % 1.23 % 0.27 % Expected life (years) 5.72 5.71 4.02 Weighted average share price $ 8.88 $ 10.51 $ 9.15 Weighted average exercise price $ 8.88 $ 10.51 $ 9.15 Weighted average grant date fair value $ 7.47 $ 8.82 $ 6.79 |
Schedule of stock options exercise price range | At December 31, 2022, the following options were outstanding: 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 ($) Number (#) Weighted average remaining contractual life (years) Weighted average exercise price ($) 8.88 10.00 8,800 5.20 9.09 4,538 4.95 9.15 10.01 20.00 21,200 5.96 10.51 7,072 5.96 10.51 20.01 30.00 6,000 3.91 22.68 6,000 3.91 22.68 50.01 60.00 3,400 2.21 51.99 3,400 2.21 51.99 60.01 87.50 2,630 0.84 86.37 2,630 0.84 86.37 42,030 4.89 20.05 23,640 4.14 27.74 |
Summary of number and weighted average exercise prices of deferred shares units | Summary of number and weighted average exercise prices of deferred shares units Years ended December 31, 2022 2021 2020 # # # Balance – Beginning of the year 16,920 6,920 8,480 Granted 80,000 11,200 4,800 Exercised — (1,200 ) (6,360 ) Balance – End of the year 96,920 16,920 6,920 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Expenses By Nature | |
Summary of expense by nature | Summary of expense by nature 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Inventory expensed during the year 54 — 2,317 Provision for obsolete inventory 32 — — Third-party research and development 11,244 5,534 692 Salaries, wages and benefits 3,563 3,037 2,789 Professional and consulting fees 2,475 2,570 2,185 Insurance 1,687 1,077 861 Stock-based compensation 544 311 61 Software and IT services 386 387 275 Depreciation and amortization 135 144 232 Marketing, communications and investor relations 317 289 34 Impairment of goodwill 7,642 — — (Reversal of) impairment of other assets 124 — (139 ) Impairment of intangible assets 584 — — Travel, meals and entertainment 225 111 49 Office, rent and telecommunications 120 162 272 License fees 19 139 27 Other 92 170 (78 ) Gain on modification of building lease — — (219 ) Expenses 29,243 13,931 9,358 |
Compensation of key management
Compensation of key management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Compensation Of Key Management | |
Summary of compensation awarded to key management | Summary of compensation awarded to key management 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Salaries and short-term benefits 1,848 1,646 1,540 Consultant’s fees 17 163 167 Post-retirement benefits 63 70 86 Stock-based compensation 460 295 160 Key management compensation 2,388 2,174 1,953 |
Supplemental disclosure of ca_2
Supplemental disclosure of cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Disclosure Of Cash Flow Information | |
Disclosure of changes in operating assets and liabilities | Disclosure of changes in operating assets and liabilities 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Changes in operating assets and liabilities: Trade and other receivables 592 120 (1,023 ) Inventory (161 ) (56 ) 1,182 Prepaid expenses and other current assets (783 ) (750 ) (702 ) Payables and accrued liabilities 1,076 634 51 Income taxes payable — (109 ) 395 Deferred revenues 441 3,010 3,031 Provision for restructuring and other costs (2 ) — — Employee future benefits (559 ) (349 ) (532 ) Increase (decrease) in operating assets and liabilities 604 2,500 2,402 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020 are as follows: Summary of significant components of current and deferred income tax recovery (expense) 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Current income tax recovery (expense) — 109 (395 ) Deferred tax: Origination and reversal of temporary differences 2,885 1,291 1,509 Change in unrecognized tax assets (2,885 ) (1,291 ) (1,509 ) Total income tax recovery (expense) — 109 (395 ) |
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 Years ended December 31, 2022 2021 2020 Combined Canadian federal and provincial statutory income tax rate 26.5 % 26.5 % 26.5 % 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Income tax recovery based on combined statutory income tax rate 6,023 2,246 1,252 Change in unrecognized tax assets (2,885 ) (1,291 ) (1,872 ) Share issuance costs — 367 363 Permanent difference attributable to impairment of goodwill (2,407 ) — — Impact of expiring investment tax credits (1,559 ) (1,724 ) (481 ) Provision to filed return adjustments 106 151 — Permanent difference attributable to net change in fair value of warrant liability — — 304 Share-based compensation costs (144 ) (82 ) (16 ) Difference in statutory income tax rate of foreign subsidiaries 902 226 99 Uncertain tax position — — (123 ) Other (36 ) 216 79 Total income tax recovery (expense) — 109 (395 ) |
Summary of (loss) income before income taxes | Loss before income taxes is attributable to the Company’s tax jurisdictions as follows: Summary of (loss) income before income taxes 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Germany (16,756 ) (4,383 ) (2,042 ) Canada (5,679 ) (3,860 ) (2,463 ) United States (292 ) (234 ) (218 ) Total loss before income taxes (22,727 ) (8,477 ) (4,723 ) |
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 2022 2021 December 31, 2022 2021 $ $ Deferred tax assets Operating losses carried forward 582 205 Intangible assets — 776 Deferred tax assets 582 981 Deferred tax liabilities Accounts receivable — 375 Payables and accrued liabilities 450 7 Property and equipment 55 47 Deferred revenues — 492 Other 77 60 Deferred tax liabilities 582 981 Deferred tax assets (liabilities), net — — |
Summary of significant components of unrecognized deferred tax assets | Significant components of unrecognized deferred tax assets and losses are as follows: Summary of significant components of unrecognized deferred tax assets 2022 2021 December 31, 2022 2021 $ $ Unrecognized deferred tax assets Deferred revenues and other provisions 1,475 1,680 Operating losses carried forward 87,445 87,734 Capital losses carried forward 210 105 SR&ED Pool 9,138 9,138 Unused tax credits 1,559 2,945 Employee future benefits 1,317 3,396 Property and equipment 524 523 Intangible assets 95 — Share issuance expenses 781 1,110 Other 294 84 Unrecognized deferred tax assets 102,838 106,715 |
Summary of disclosure of federal tax losses | Summary of disclosure of federal tax losses 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 3,501 2040 3,808 3,808 2041 4,822 4,822 2042 6,367 6,367 84,234 82,833 United States $ 2028 369 2029 178 2034 151 2035 447 2036 195 2037 709 indefinite 1,224 indefinite 771 indefinite 516 indefinite 535 5,095 |
Financial instruments and fin_2
Financial instruments and financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments And Financial Risk Management | |
Disclosure of fair value measurement of assets | Financial assets and liabilities as of December 31, 2022 and 2021 are presented below. Disclosure of fair value measurement of assets December 31, 2022 Financial assets at amortized cost Financial liabilities at amortized cost $ $ Cash and cash equivalents 50,611 — Trade and other receivables 457 — Restricted cash equivalents 322 — Payables and accrued liabilities — 3,752 Lease liability — 179 51,390 3,931 December 31, 2021 Financial assets at amortized cost Financial liabilities at amortized cost $ $ Cash and cash equivalents 65,300 — Trade and other receivables 1,065 — Restricted cash equivalents 335 — Payables and accrued liabilities — 2,609 Lease liability — 161 66,700 2,770 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Switzerland 5,395 5,075 905 Ireland 82 — 73 Denmark 160 185 2,655 Other 3 — 19 Revenue 5,640 5,260 3,652 |
Summary of non-current assets by geographical area | Non-current assets include restricted cash equivalents, right of use assets, property and equipment, identifiable intangible assets, other asset and goodwill (2021 only) and are detailed by geographical area as follows: Summary of non-current assets by geographical area 2022 2021 December 31, 2022 2021 $ $ Germany 463 9,212 Canada 4 — United States 71 70 Non Current Assets 538 9,282 |
Net loss per share (Tables)
Net loss per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Loss Per Share | |
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 2022 2021 2020 Years ended December 31, 2022 2021 2020 $ $ $ Net loss (22,727 ) (8,368 ) (5,118 ) Basic and diluted weighted-average number of shares outstanding 4,855,876 4,596,980 1,643,327 Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Stock options and DSUs 138,950 60,375 27,176 Share purchase warrants 457,648 457,648 1,796,050 Anti-dilutive shares |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments | |
Schedule of expected future minimum lease payments | Significant expenditure contracted for at the end of the reporting period but not recognized as liabilities is as follows: Schedule of expected future minimum lease payments Service and manufacturing R&D contracts TOTAL $ $ $ Less than 1 year 9,250 1,577 10,827 1 – 3 years 1,362 218 1,580 4 – 5 years 29 — 29 More than 5 years — — — Total 10,641 1,795 12,436 |
Summary of depreciation using m
Summary of depreciation using methods, annual rates and period (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Equipment [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% |
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% |
Summary of significant accoun_4
Summary of significant accounting policies (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 | |
Research and development and patents [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Identifiable intangible assets with finite estimated useful lives | 7 years |
Research and development and patents [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Identifiable intangible assets with finite estimated useful lives | 15 years |
Trademarks [member] | |
IfrsStatementLineItems [Line Items] | |
Identifiable intangible assets with finite estimated useful lives | 10 years |
Summary of revenue from transfe
Summary of revenue from transfer of goods and services (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Total | $ 5,640 | $ 5,260 | $ 3,652 |
License fees [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 1,704 | 1,670 | 911 |
Development services [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 3,617 | 3,337 | |
Product sales [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 57 | 2,370 | |
Royalties [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | 101 | 68 | 67 |
Supply chain [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total | $ 161 | $ 185 | $ 304 |
Summary of deferred revenue (De
Summary of deferred revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | $ 2,949 | $ 4,815 |
Total Deferred Revenues Non Current | 1,684 | 1,493 |
Total Deferred Revenues | 4,633 | 6,308 |
Novo nordisk health care [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | 2,914 | 4,791 |
Total Deferred Revenues Non Current | 23 | |
Total Deferred Revenues | 2,914 | 4,814 |
Consilient healthcare limited [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | 35 | 24 |
Total Deferred Revenues Non Current | 1,556 | 1,334 |
Total Deferred Revenues | 1,591 | 1,358 |
NK meditech limited [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | ||
Total Deferred Revenues Non Current | 128 | 136 |
Total Deferred Revenues | $ 128 | $ 136 |
Revenue (Details Narrative)
Revenue (Details Narrative) € in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Aug. 26, 2022 USD ($) | Aug. 26, 2022 EUR (€) | May 31, 2022 USD ($) | May 31, 2022 EUR (€) | Dec. 07, 2020 USD ($) | Dec. 07, 2020 EUR (€) | Nov. 16, 2020 USD ($) | Nov. 16, 2020 EUR (€) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 EUR (€) | Dec. 31, 2022 EUR (€) | Aug. 26, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 07, 2020 EUR (€) | Dec. 31, 2018 USD ($) | Jul. 23, 2018 USD ($) | Jan. 31, 2018 USD ($) | |
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Revenues | $ 5,640 | $ 5,260 | $ 3,652 | |||||||||||||||||||||
Performance obligation and deferred | 226 | € 200 | ||||||||||||||||||||||
Germany [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Performance obligation and deferred | $ 213 | € 200 | ||||||||||||||||||||||
Spain [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Performance obligation and deferred | 106 | € 100 | ||||||||||||||||||||||
Development services [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Revenues | 3,617 | 3,337 | ||||||||||||||||||||||
Development services [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Revenues | $ 5,065 | € 4,962 | ||||||||||||||||||||||
Nova amendement [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Additional detect trial costs | 10,500 | 9,800 | ||||||||||||||||||||||
Detect trial costs | 9,600 | 9,000 | ||||||||||||||||||||||
Pediatric indication [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Licensee costs | 2,872 | 2,814 | ||||||||||||||||||||||
Novo nordisk A/S [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Additional detect trial costs | $ 10,980 | € 9,000 | ||||||||||||||||||||||
Novo nordisk A/S [member] | Nova amendement [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Additional detect trial costs | 9,600 | 9,000 | ||||||||||||||||||||||
Novo nordisk health care [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Revenues | $ 5,555 | 5,260 | 3,634 | |||||||||||||||||||||
Transaction price prior to modification [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
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] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Annual net sales | $ 40,000 | |||||||||||||||||||||||
License agreement [member] | Top of range [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Percentage of reduced royalty payments | 15% | 15% | ||||||||||||||||||||||
License agreement [member] | Bottom of range [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Percentage of reduced royalty payments | 8.50% | 8.50% | ||||||||||||||||||||||
License agreement [member] | Novo nordisk A/S [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Upfront payment received | $ 6,109 | € 5,000 | $ 6,109 | € 5,000 | ||||||||||||||||||||
License agreement [member] | Consilient healthcare limited [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Transaction costs | $ 1,209 | 1,591 | 1,358 | € 1,483 | € 1,200 | € 1,000 | ||||||||||||||||||
Upfront payment received | $ 1,209 | € 1,000 | ||||||||||||||||||||||
PIP study [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Licensee costs | 1,099 | |||||||||||||||||||||||
Transaction price adjusted post modification [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Transaction costs | 7,937 | 5,754 | 4,700 | € 7,776 | ||||||||||||||||||||
Transaction price adjusted post modification [member] | Adult indication [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Revenues | 550 | € 470 | ||||||||||||||||||||||
Additional upfront payment received | $ 550 | |||||||||||||||||||||||
Deferred revenue | $ 5,559 | $ 5,559 | € 4,530 | |||||||||||||||||||||
Pre nova amendement [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Transaction costs | 195 | € 200 | ||||||||||||||||||||||
Post nova amendement [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Licensee costs | 5,559 | € 4,500 | ||||||||||||||||||||||
Nova amendement [member] | Development services [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Revenues | 3,865 | 4,448 | ||||||||||||||||||||||
Nova amendement [member] | Pediatric indication [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Licensee costs | $ 1,615 | € 1,880 | ||||||||||||||||||||||
CH agreement [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Revenues | $ 18 | |||||||||||||||||||||||
NK license agreement [member] | ||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||
Transaction costs | 136 | € 100 | ||||||||||||||||||||||
Upfront payment received | $ 136 | € 100 |
Schedule of cash and cash equiv
Schedule of cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | ||||
Cash on hand and balances with banks | $ 50,611 | $ 55,600 | ||
Interest-bearing deposits with maturities of three months or less | 9,700 | |||
Total | $ 50,611 | $ 65,300 | $ 24,271 | $ 7,838 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents [abstract] | ||
Restricted cash and cash equivalents | $ 322 | $ 335 |
Summary of detailed trade and o
Summary of detailed trade and other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables [abstract] | ||
Trade accounts receivable | $ 403 | $ 877 |
Value added tax | 275 | 248 |
Other receivables | 54 | 189 |
Total | $ 732 | $ 1,314 |
Trade and other receivables (De
Trade and other receivables (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables [abstract] | ||
Other receivables | $ 124 |
Summary of prepaid expenses and
Summary of prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid Expenses And Other Current Assets | ||
Prepaid insurance | $ 428 | $ 421 |
Prepaid research and development | 1,998 | 1,329 |
Other | 62 | 22 |
Total | $ 2,488 | $ 1,772 |
Schedule of property and equipm
Schedule of property and equipment (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||||
Property and equipment, cost, Beginning balance | $ 1,177,000 | $ 1,190,000 | $ 1,177,000 | $ 1,190,000 |
Additions | 49,000 | 46,000 | ||
Modification of lease | 116,000 | 109,000 | ||
Disposals | (11,000) | (74,000) | ||
Impact of foreign exchange rate changes | (57,000) | (94,000) | ||
Property and equipment, cost, Ending balance | 1,274,000 | 1,177,000 | ||
Property and equipment, cost, Beginning balance | 985,000 | 1,011,000 | 985,000 | 1,011,000 |
Disposals | (11,000) | (74,000) | ||
Depreciation | 130,000 | 129,000 | ||
Impact of foreign exchange rate changes | (46,000) | (81,000) | ||
Property and equipment, cost, Ending balance | 1,058,000 | 985,000 | ||
Property and equipment, net book value | 216,000 | 192,000 | ||
Equipments [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Property and equipment, cost, Beginning balance | 199,000 | 215,000 | 199,000 | 215,000 |
Additions | 6,000 | |||
Modification of lease | ||||
Disposals | (5,000) | |||
Impact of foreign exchange rate changes | (11,000) | (17,000) | ||
Property and equipment, cost, Ending balance | 188,000 | 199,000 | ||
Property and equipment, cost, Beginning balance | 181,000 | 199,000 | 181,000 | 199,000 |
Disposals | (5,000) | |||
Depreciation | 2,000 | 4,000 | ||
Impact of foreign exchange rate changes | (10,000) | (17,000) | ||
Property and equipment, cost, Ending balance | 173,000 | 181,000 | ||
Property and equipment, net book value | 15,000 | 18,000 | ||
Computer equipment [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Property and equipment, cost, Beginning balance | 335,000 | 335,000 | ||
Additions | 24,000 | |||
Property and equipment, cost, Beginning balance | 244,000 | 329,000 | 244,000 | 329,000 |
Disposals | (1,000) | (69,000) | ||
Depreciation | 9,000 | 5,000 | ||
Impact of foreign exchange rate changes | (12,000) | (21,000) | ||
Property and equipment, cost, Ending balance | 240,000 | 244,000 | ||
Property and equipment, net book value | 25,000 | 24,000 | ||
Right of use building [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Property and equipment, cost, Beginning balance | 623,000 | 546,000 | 623,000 | 546,000 |
Additions | 16,000 | |||
Modification of lease | 98 | 109 | 98,000 | 109,000 |
Disposals | (10,000) | |||
Impact of foreign exchange rate changes | (26,000) | (48,000) | ||
Property and equipment, cost, Ending balance | 685,000 | 623,000 | ||
Property and equipment, cost, Beginning balance | 437,000 | 437,000 | ||
Disposals | (10,000) | |||
Depreciation | 94,000 | 94,000 | ||
Impact of foreign exchange rate changes | (21,000) | (38,000) | ||
Property and equipment, cost, Ending balance | 556,000 | |||
Property and equipment, net book value | 129,000 | 130,000 | ||
Right of use vehicles [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Property and equipment, cost, Beginning balance | 87,000 | 94,000 | 87,000 | 94,000 |
Additions | 38,000 | |||
Modification of lease | 18,000 | |||
Disposals | ||||
Impact of foreign exchange rate changes | (7,000) | (7,000) | ||
Property and equipment, cost, Ending balance | 136,000 | 87,000 | ||
Property and equipment, cost, Beginning balance | 67,000 | $ 46,000 | 67,000 | 46,000 |
Disposals | ||||
Depreciation | 25,000 | 26,000 | ||
Impact of foreign exchange rate changes | (3,000) | (5,000) | ||
Property and equipment, cost, Ending balance | 89,000 | 67,000 | ||
Property and equipment, net book value | 47,000 | 20,000 | ||
Leasehold improvements [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Property and equipment, cost, Beginning balance | 268,000 | 268,000 | ||
Additions | 11,000 | |||
Modification of lease | ||||
Disposals | (1,000) | (69,000) | ||
Impact of foreign exchange rate changes | (13,000) | (22,000) | ||
Property and equipment, cost, Ending balance | 265,000 | 268,000 | ||
Property and equipment, cost, Beginning balance | $ 493,000 | $ 493,000 | ||
Property and equipment, cost, Ending balance | $ 493,000 |
Property and equipment (Details
Property and equipment (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||||
Modification building right use assets | $ 116,000 | $ 109,000 | ||
Right of use building [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Modification building right use assets | $ 98 | $ 109 | $ 98,000 | $ 109,000 |
Schedule of identifiable intang
Schedule of identifiable intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Identifiable Intangible Assets | |||
Cost Beginning balance | $ 32,411 | $ 35,020 | |
Accumulated amortization, Beginning balance | (31,786) | (34,961) | |
Carrying value, Beginning balance | 625 | 59 | |
Cost, Additions | 609 | ||
Accumulated amortization Additions | |||
Carrying value Additions | 609 | ||
Cost, Amortization | |||
Amortization, Accumulated amortization | (5) | (16) | |
Amortization, Carrying value | (5) | (16) | $ (20) |
Cost, Impairment of intangible assets | (584) | ||
Accumulated amortization,Impairment of intangible assets | |||
Carrying value, Impairment of intangible assets | (584) | ||
Cost,Impact of foreign exchange rate changes | (2,055) | (3,218) | |
Accumulated amortization,Impact of foreign exchange rate changes | 2,019 | 3,191 | |
Carrying value,Impact of foreign exchange rate changes | (36) | (27) | |
Cost, Ending balance | 29,772 | 32,411 | 35,020 |
Accumulated amortization, Ending balance | (29,772) | (31,786) | (34,961) |
Carrying value, Ending balance | $ 625 | $ 59 |
Identifiable intangible asset_2
Identifiable intangible assets (Details Narrative) $ in Thousands, € in Millions | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Identifiable Intangible Assets | ||||||
Impairment of intangible assets addition | $ 609 | |||||
Amortization of intangible assets | 5 | 16 | $ 20 | |||
Payment for license | 212 | |||||
Addtional impairment of intangible assets | 372 | |||||
Trade mark fee | 566 | € 0.5 | ||||
Proceeds from trademarks | $ 110 | $ 98 | $ 16 | $ 98 |
Schedule of goodwill (Details)
Schedule of goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | ||
Balance - Beginning of period | $ 8,130 | $ 8,815 |
Impairment of goodwill | (7,642) | |
Impact of foreign exchange rate changes | (488) | (685) |
Balance - Ending of period | $ 8,130 |
Goodwill (Details Narrative)
Goodwill (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | ||
Intangible assets and goodwill | $ 7,642 | $ 372 |
Summary of detailed information
Summary of detailed information about payables and accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables And Accrued Liabilities | ||
Trade accounts payable | $ 2,038 | $ 934 |
Accrued research and development costs | 751 | 531 |
Accrued employee benefits | 325 | 533 |
Payroll tax and other statutory liabilities | 74 | 63 |
Other accrued liabilities | 640 | 611 |
Payables and accrued liabilities | $ 3,828 | $ 2,672 |
Summary of provisions (Details)
Summary of provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Provisions [abstract] | ||
Balance - Beginning of period | $ 277 | $ 371 |
Utilization of provision | (28) | (90) |
Change in the provision | 23 | |
Unwinding of discount and impact of foreign exchange rate changes | (16) | (27) |
Balances - End of the year | 233 | 277 |
Less: current portion | 45 | 34 |
Non-current portion | $ 188 | $ 243 |
Summary of lease liabilities (D
Summary of lease liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease liabilities [abstract] | |||
Balance - Beginning of period | $ 161 | $ 184 | |
Additions | 38 | 15 | |
Interest paid as charged to net loss as other finance costs | (4) | (7) | |
Payment against lease liabilities | (134) | (127) | $ (265) |
Modification of lease liability | 114 | 103 | |
Impact of foreign exchange rate changes | 4 | (7) | |
Balances - End of the year | 179 | 161 | $ 184 |
Current lease liabilities | 114 | 130 | |
Non-current lease liabilities | $ 65 | $ 31 |
Summary of future lease payment
Summary of future lease payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
IfrsStatementLineItems [Line Items] | |
Total | $ 179 |
Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 114 |
Later than one year and not later than three years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | $ 65 |
Lease liabilities (Details Narr
Lease liabilities (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease liabilities [abstract] | ||
Modification of lease liability | $ 98 | $ 103 |
Summary of net defined benefit
Summary of net defined benefit liability asset (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Change in plan liabilities | ||
Balances – Beginning of the period | $ 29,412 | $ 15,435 |
Current service cost | 142 | 65 |
Interest cost | 295 | 88 |
Actuarial gain arising from changes in financial assumptions | 5,915 | 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 | (752) | (511) |
Impact of foreign exchange rate changes | (1,432) | (1,228) |
Balances – End of the period | 21,750 | 29,412 |
Change in plan assets | ||
Balances – Beginning of the period | 11,927 | |
Presentation of plan assets as of December 31, 2021 | 11,963 | |
Employer contributions | 45 | |
Employee contributions | 10 | |
Benefits paid | (247) | |
Remeasurement of plan assets | (641) | |
Impact of foreign exchange rate changes | (623) | (36) |
Balances – End of the period | 10,591 | 11,927 |
Net liability of the unfunded plans | 10,787 | 12,749 |
Net liability of the funded plans | 372 | 4,736 |
Net amount recognized as Employee future benefits | 11,159 | 17,485 |
Amounts recognized: | ||
In net loss | 295 | 161 |
Actuarial gain (loss) on defined benefit plans and remeasurement of the net defined benefit liability in other comprehensive (gain) loss | 5,262 | (3,592) |
Pension defined benefit plans [member] | ||
Change in plan liabilities | ||
Balances – Beginning of the period | 29,313 | |
Current service cost | 122 | |
Interest cost | 294 | |
Actuarial gain arising from changes in financial assumptions | 5,903 | |
Past service cost associated with multi-employer plan | ||
Actuarial loss arising from change in current assumptions on funding of future pension increases | ||
Benefits paid | (742) | |
Impact of foreign exchange rate changes | (1,427) | |
Balances – End of the period | 21,657 | 29,313 |
Change in plan assets | ||
Balances – Beginning of the period | 11,927 | |
Presentation of plan assets as of December 31, 2021 | ||
Employer contributions | 45 | |
Employee contributions | 10 | |
Benefits paid | (247) | |
Remeasurement of plan assets | (641) | |
Impact of foreign exchange rate changes | (623) | |
Balances – End of the period | 10,591 | 11,927 |
Net liability of the unfunded plans | 10,694 | |
Net liability of the funded plans | 372 | |
Net amount recognized as Employee future benefits | 11,066 | |
Amounts recognized: | ||
In net loss | 286 | |
Actuarial gain (loss) on defined benefit plans and remeasurement of the net defined benefit liability in other comprehensive (gain) loss | 5,262 | |
Other benefit plans [member] | ||
Change in plan liabilities | ||
Balances – Beginning of the period | 99 | |
Current service cost | 20 | |
Interest cost | 1 | |
Actuarial gain arising from changes in financial assumptions | 12 | |
Past service cost associated with multi-employer plan | ||
Actuarial loss arising from change in current assumptions on funding of future pension increases | ||
Benefits paid | (10) | |
Impact of foreign exchange rate changes | (5) | |
Balances – End of the period | 93 | 99 |
Change in plan assets | ||
Balances – Beginning of the period | ||
Presentation of plan assets as of December 31, 2021 | ||
Employer contributions | ||
Employee contributions | ||
Benefits paid | ||
Remeasurement of plan assets | ||
Impact of foreign exchange rate changes | ||
Balances – End of the period | ||
Net liability of the unfunded plans | 93 | |
Net liability of the funded plans | ||
Net amount recognized as Employee future benefits | 93 | |
Amounts recognized: | ||
In net loss | 9 | |
Actuarial gain (loss) on defined benefit plans and remeasurement of the net defined benefit liability in other comprehensive (gain) loss |
Summary of proportionate share
Summary of proportionate share of multi-employer pension plan assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | |||
Total of pension plan assets | $ 10,591 | $ 11,927 | |
Level 1 of fair value hierarchy [member] | |||
IfrsStatementLineItems [Line Items] | |||
Equity instruments (Level 1) | 846 | 826 | |
Debt instruments (Level 1) | 6,302 | 7,445 | |
Cash and cash equivalents (Level 1) | 46 | 67 | |
Level 3 of fair value hierarchy [member] | |||
IfrsStatementLineItems [Line Items] | |||
Real estate (Level 3) | 2,079 | 2,207 | |
Other (Level 3) | $ 1,318 | $ 1,382 |
Summary of actuarial assumption
Summary of actuarial assumptions applied to benefit obligations (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | |||
Discount rate | 0.25% | ||
Pension benefits increase | 0.25% | ||
Pension defined benefit plans [member] | |||
IfrsStatementLineItems [Line Items] | |||
Discount rate | 3.75% | 1.10% | 0.60% |
Pension benefits increase | 2% | 0.50% | 0.50% |
Rate of compensation increase | 2.50% | 2.50% | 2% |
Other benefit plans [member] | |||
IfrsStatementLineItems [Line Items] | |||
Discount rate | 3.75% | 1.10% | 0.60% |
Pension benefits increase | 2% | 0.50% | 0.50% |
Rate of compensation increase | 2.50% | 2.50% | 2% |
Summary of pensioner retiring a
Summary of pensioner retiring age (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Male [member] | |||
IfrsStatementLineItems [Line Items] | |||
Retiring at the end of the reporting period | 21 years | 21 years | 20 years |
Female [member] | |||
IfrsStatementLineItems [Line Items] | |||
Retiring at the end of the reporting period | 24 years | 24 years | 24 years |
Summary of undiscounted defined
Summary of undiscounted defined pension benefits (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Employee Future Benefits | |
2023 | $ 829 |
2024 | 895 |
2025 | 894 |
2026 | 926 |
2027 | 1,083 |
Thereafter | 35,976 |
Total | $ 40,603 |
Summary of impact on pension be
Summary of impact on pension benefit obligation (Details) (Parenthetical) | Dec. 31, 2022 |
Employee Future Benefits | |
Change in discount rate | 0.25% |
Change in salary rate | 0.25% |
Change in pension rate assumption | 0.25% |
Summary of impact on pension _2
Summary of impact on pension benefit obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Actuarial assumption of discount rates [member] | ||
IfrsStatementLineItems [Line Items] | ||
Increase | $ (730) | |
Decrease | $ 771 | |
Actuarial assumption of expected rates of salary increases [member] | ||
IfrsStatementLineItems [Line Items] | ||
Increase | 16 | |
Decrease | (16) | |
Actuarial assumption of expected rates of pension increases [member] | ||
IfrsStatementLineItems [Line Items] | ||
Increase | 456 | |
Decrease | (438) | |
Actuarial assumption of mortality rates [member] | ||
IfrsStatementLineItems [Line Items] | ||
Increase | $ 1,014 | |
Decrease | $ (1,020) |
Employee future benefits (Detai
Employee future benefits (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Defined benefit obligation | $ 16,137 | ||
Plan assets | $ 11,963 | ||
Pensioner retiring age period | 65 years | ||
Weighted average duration of defined benefit obligation | 14 years 4 months 24 days | 16 years | |
Pension benefit obligation | $ 21,750 | $ 29,412 | $ 15,435 |
Expenses for defined benefit plan | $ 20 | 45 | $ 38 |
Final salary pension defined benefit plans [member] | |||
IfrsStatementLineItems [Line Items] | |||
Percentage of expected increase in inflation | 1% | ||
Pension defined benefit plans [member] | |||
IfrsStatementLineItems [Line Items] | |||
Pension benefit obligation | $ 21,657 | $ 29,313 |
Summary of share capital (Detai
Summary of share capital (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Balance | $ 52,986 | $ 13,211 | $ (2,463) |
Issuance of common shares, net of transaction costs, amount | 30,979 | 15,143 | |
Exercise of deferred share units, amount | (9) | ||
Balance | $ 35,776 | $ 52,986 | $ 13,211 |
Issued capital [member] | |||
IfrsStatementLineItems [Line Items] | |||
Beginning balance, shares | 4,855,876 | 2,507,145 | 799,780 |
Balance | $ 293,410 | $ 235,008 | $ 224,528 |
Issuance of common shares, net of transaction costs, shares | 943,448 | 1,707,365 | |
Issuance of common shares, net of transaction costs, amount | $ 29,082 | $ 10,480 | |
Exercise of warrants, net of issuance costs upon exercise, shares | 1,404,443 | ||
Exercise of warrants, net of issuance costs upon exercise, amount | $ 29,301 | ||
Exercise of deferred share units, shares | 840 | ||
Exercise of deferred share units, amount | $ 19 | ||
Ending balance, shares | 4,855,876 | 4,855,876 | 2,507,145 |
Balance | $ 293,410 | $ 293,410 | $ 235,008 |
Share Capital (Details Narrativ
Share Capital (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Jul. 15, 2022 | Feb. 22, 2021 | Feb. 19, 2021 | Aug. 05, 2020 | Jul. 07, 2020 | Feb. 21, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | ||||||||||
Proceeds from issuing common shares | $ 754 | |||||||||
Transaction costs | 1,420 | $ (3,221) | $ (2,767) | |||||||
Gross proceeds from Issuance of common shares and warrants | 12,000 | |||||||||
Warrants issued value | 666 | |||||||||
Placement agent [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Gross proceeds from Issuance of common shares and warrants | $ 748 | |||||||||
Securities purchase agreement [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 497,115 | |||||||||
Share price | $ 14.08 | |||||||||
Warrant liability | $ 3,944 | |||||||||
Gross proceeds from Issuance of common shares and warrants | $ 7,000 | |||||||||
Securities purchase agreement [member] | Unregistered warrants [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Warrants Issued | 372,836 | |||||||||
Warrants exercise price | $ 11.75 | |||||||||
Warrant exercisable term description | five and one-half years | |||||||||
Securities purchase agreement [member] | Unregistered warrants [member] | Placement agent [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Warrants Issued | 34,798 | |||||||||
Warrants exercise price | $ 17.60 | |||||||||
Warrants expiration date | Aug. 03, 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] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Transaction costs | $ 421 | |||||||||
February 2021 Placement Agent Warrants [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Warrants Issued | 8,614 | 57,427 | ||||||||
Warrants exercise price | $ 45.31 | |||||||||
Warrants expiration date | Feb. 17, 2026 | |||||||||
Warrant liability | $ 1,897 | |||||||||
Underwriter option [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 123,058 | |||||||||
Proceeds from issuing common shares | $ 4,461 | |||||||||
February 2021 Financing [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Proceeds from issuing common shares | 34,200 | |||||||||
Cash transaction costs | $ 3,221 | |||||||||
Warrants [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Gross proceeds from Issuance of common shares and warrants | $ 5,691 | |||||||||
Issued capital [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 4,855,876 | 4,855,876 | 2,507,145 | 799,780 | ||||||
Common stock [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 1,066,667 | |||||||||
July 2020 Investor Warrants [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 1,066,667 | |||||||||
Share price | $ 11.25 | |||||||||
Warrants expiration date | Jul. 07, 2025 | |||||||||
February 2021 Placement Agent Warrants [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 74,661 | |||||||||
Share price | $ 14.06 | |||||||||
Warrants expiration date | Jul. 01, 2025 | |||||||||
Share capital [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Gross proceeds from Issuance of common shares and warrants | $ 6,308 | |||||||||
Public offering [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 820,390 | 1,066,667 | ||||||||
Share price | $ 36.25 | $ 11.25 | ||||||||
Proceeds from issuing common shares | $ 29,739 | $ 10,596 | ||||||||
Placement agent fees and other offering expenses | $ 2,837 | |||||||||
Over allotment options [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Share price | $ 36.25 | |||||||||
Option to purchase common stock | 123,058 | |||||||||
Direct offering [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Number of common shares issued, shares | 139,130 | |||||||||
Share price | $ 32.25 | |||||||||
Proceeds from issuing common shares | $ 3,900 | |||||||||
Proceeds from issuing common shares | 4,500 | |||||||||
Transaction costs | $ 600 | |||||||||
Direct offering [member] | Investor warrants [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Warrants Issued | 104,348 | |||||||||
Warrants exercise price | $ 30 | |||||||||
Direct offering [member] | Broker warrants [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Warrants Issued | 9,739 | |||||||||
Warrants exercise price | $ 40.50 | |||||||||
Direct offering [member] | Warrants [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Proceeds from issuing common shares | $ 2,325 | |||||||||
Transaction costs | 311 | |||||||||
Direct offering [member] | Issued capital [member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Proceeds from issuing common shares | $ 2,174 | |||||||||
Shareholders And Board Of Directors [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Reverse stock split | 1-for-25 | |||||||||
Deferred Stock Units [Member] | ||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||
Reverse stock split | 1-for-25 |
Summary of warrants activity re
Summary of warrants activity reclassified equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Warrants | |||
Warrants Outstanding, Ending of year | 457,648 | 1,796,050 | |
Weighted average exercise price, beginning of year | $ 21.76 | $ 17.79 | |
Warrants outstanding, beginning of year, value | $ 5,085 | $ 12,402 | |
Granted | 66,041 | 1,141,328 | |
Weighted average exercise price, Granted | $ 45.31 | $ 11.44 | |
Warrants outstanding, Granted | $ 1,897 | $ 5,025 | |
Reclassification of warrant liability to equity | 654,722 | ||
Weighted average exercise price, Reclassification of warrant liability to equity | $ 21.39 | ||
Warrants outstanding, Reclassification of warrant liability to equity | $ 7,377 | ||
Exercised | (1,404,443) | ||
Weighted average exercise price, Exercised | $ 14.31 | ||
Warrants outstanding, Exercised | $ (9,746) | ||
Allocation of transaction costs to share capital | |||
Weighted average exercise price, Allocation of transaction costs to share capital | |||
Warrants outstanding, Allocation of transaction costs to share capital | $ 532 | ||
Warrants Outstanding, Ending of year | 457,648 | 457,648 | 1,796,050 |
Weighted average exercise price, ending of year | $ 21.76 | $ 21.76 | $ 17.79 |
Warrants outstanding, ending of year, value | $ 5,085 | $ 5,085 | $ 12,402 |
Summary of fair values of warra
Summary of fair values of warrants assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Expected dividend yield | 0% | 0% | 0% |
Expected volatility | 115.75% | 115.80% | 112.50% |
Risk-free annual interest rate | 1.59% | 1.23% | 0.27% |
Expected life (years) | 5 years 8 months 19 days | 5 years 8 months 15 days | 4 years 7 days |
Weighted average share price | $ 8.88 | $ 10.51 | $ 9.15 |
Weighted average exercise price | $ 8.88 | $ 10.51 | $ 9.15 |
Warrants [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Expected dividend yield | 0% | 0% | |
Expected volatility | 119.18% | 116.50% | |
Risk-free annual interest rate | 0.59% | 0.31% | |
Expected life (years) | 4 years 11 months 26 days | 5 years 1 month 2 days | |
Weighted average share price | $ 37 | $ 14.84 | |
Weighted average exercise price | $ 45.31 | $ 20.74 |
Warrants (Details Narrative)
Warrants (Details Narrative) - Registered direct offering [member] | 12 Months Ended |
Dec. 31, 2022 shares | |
February 2020 Investor Warrants [member] | |
IfrsStatementLineItems [Line Items] | |
Warrants Issued | 104,348 |
February 2020 Placement Agent Warrants [member] | |
IfrsStatementLineItems [Line Items] | |
Warrants Issued | 9,739 |
August 2020 Investor Warrants [member] | |
IfrsStatementLineItems [Line Items] | |
Warrants Issued | 372,836 |
August 2020 Placement AgentWarrants [member] | |
IfrsStatementLineItems [Line Items] | |
Warrants Issued | 34,799 |
September 2019 Warrants [Member] | |
IfrsStatementLineItems [Line Items] | |
Warrants Issued | 133,000 |
Summary of number and weighted
Summary of number and weighted average exercise prices of share options (Details) | 12 Months Ended | ||||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
IfrsStatementLineItems [Line Items] | |||||
Number of Options, Beginning | 43,455 | 20,256 | 20,256 | 29,645 | 29,645 |
Weighted average exercise price, beginning | (per share) | $ 21.95 | $ 36.43 | $ 90.25 | $ 22.80 | |
Number of Options, Granted | 2,000 | 23,200 | 23,200 | 7,200 | 7,200 |
Weighted average exercise price, granted | $ / shares | $ 8.88 | $ 10.51 | $ 9.15 | ||
Number of Options, Canceled/Forfeited | (2,900) | (13,214) | (13,214) | ||
Weighted average exercise price, canceled/forfeited | $ / shares | $ 14 | $ 64 | |||
Number of Options, Expired | (525) | (1) | (1) | (3,375) | (3,375) |
Weighted average exercise price, expired | (per share) | $ 165.08 | $ 14,000 | $ 53.50 | $ 22.80 | |
Weighted average exercise price, ending | (per share) | $ 20.05 | $ 21.95 | $ 36.43 | ||
Number of Options, Ending | 42,030 | 43,455 | 43,455 | 20,256 | 20,256 |
Canada [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of Options, Beginning | 18 | 18 | |||
Number of Options, Granted | |||||
Number of Options, Canceled/Forfeited | |||||
Number of Options, Expired | (18) | (18) | |||
Number of Options, Ending |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Capital | |||
Expected dividend yield | 0% | 0% | 0% |
Expected volatility | 115.75% | 115.80% | 112.50% |
Risk-free annual interest rate | 1.59% | 1.23% | 0.27% |
Expected life (years) | 5 years 8 months 19 days | 5 years 8 months 15 days | 4 years 7 days |
Weighted average share price | $ 8.88 | $ 10.51 | $ 9.15 |
Weighted average exercise price | 8.88 | 10.51 | 9.15 |
Weighted average grant date fair value | $ 7.47 | $ 8.82 | $ 6.79 |
Schedule of stock options exerc
Schedule of stock options exercise price range (Details) | 12 Months Ended |
Dec. 31, 2022 shares $ / shares | |
IfrsStatementLineItems [Line Items] | |
Options outstanding, Number (in shares) | shares | 42,030 |
Options outstanding, Weighted average remaining contractual life (years) | 4 years 10 months 20 days |
Options outstanding, Weighted average exercise price | $ 20.05 |
Options exercisable, Number (in shares) | shares | 23,640 |
Options exercisable Weighted average remaining contractual life (years) | 4 years 1 month 20 days |
Options exercisable, Weighted average exercise price | $ 27.74 |
Exercise price range 1 [member] | |
IfrsStatementLineItems [Line Items] | |
Range of options exercise price, lower limit | 8.88 |
Range of options exercise price, upper limit | $ 10 |
Options outstanding, Number (in shares) | shares | 8,800 |
Options outstanding, Weighted average remaining contractual life (years) | 5 years 2 months 12 days |
Options outstanding, Weighted average exercise price | $ 9.09 |
Options exercisable, Number (in shares) | shares | 4,538 |
Options exercisable Weighted average remaining contractual life (years) | 4 years 11 months 12 days |
Options exercisable, Weighted average exercise price | $ 9.15 |
Exercise price range 2 [member] | |
IfrsStatementLineItems [Line Items] | |
Range of options exercise price, lower limit | 10.01 |
Range of options exercise price, upper limit | $ 20 |
Options outstanding, Number (in shares) | shares | 21,200 |
Options outstanding, Weighted average remaining contractual life (years) | 5 years 11 months 15 days |
Options outstanding, Weighted average exercise price | $ 10.51 |
Options exercisable, Number (in shares) | shares | 7,072 |
Options exercisable Weighted average remaining contractual life (years) | 5 years 11 months 15 days |
Options exercisable, Weighted average exercise price | $ 10.51 |
Exercise price range 3 [member] | |
IfrsStatementLineItems [Line Items] | |
Range of options exercise price, lower limit | 20.01 |
Range of options exercise price, upper limit | $ 30 |
Options outstanding, Number (in shares) | shares | 6,000 |
Options outstanding, Weighted average remaining contractual life (years) | 3 years 10 months 28 days |
Options outstanding, Weighted average exercise price | $ 22.68 |
Options exercisable, Number (in shares) | shares | 6,000 |
Options exercisable Weighted average remaining contractual life (years) | 3 years 10 months 28 days |
Options exercisable, Weighted average exercise price | $ 22.68 |
Exercise price range 4 [member] | |
IfrsStatementLineItems [Line Items] | |
Range of options exercise price, lower limit | 50.01 |
Range of options exercise price, upper limit | $ 60 |
Options outstanding, Number (in shares) | shares | 3,400 |
Options outstanding, Weighted average remaining contractual life (years) | 2 years 2 months 15 days |
Options outstanding, Weighted average exercise price | $ 51.99 |
Options exercisable, Number (in shares) | shares | 3,400 |
Options exercisable Weighted average remaining contractual life (years) | 2 years 2 months 15 days |
Options exercisable, Weighted average exercise price | $ 51.99 |
Exercise price range 5 [member] | |
IfrsStatementLineItems [Line Items] | |
Range of options exercise price, lower limit | 60.01 |
Range of options exercise price, upper limit | $ 87.50 |
Options outstanding, Number (in shares) | shares | 2,630 |
Options outstanding, Weighted average remaining contractual life (years) | 10 months 2 days |
Options outstanding, Weighted average exercise price | $ 86.37 |
Options exercisable, Number (in shares) | shares | 2,630 |
Options exercisable Weighted average remaining contractual life (years) | 10 months 2 days |
Options exercisable, Weighted average exercise price | $ 86.37 |
Summary of number and weighte_2
Summary of number and weighted average exercise prices of deferred shares units (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Number of Options, Beginning | 43,455 | 20,256 | 29,645 |
Number of Options, Granted | 2,000 | 23,200 | 7,200 |
Number of Options, Ending | 42,030 | 43,455 | 20,256 |
Deferred share unit [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of Options, Beginning | 16,920 | 6,920 | 8,480 |
Number of Options, Granted | 80,000 | 11,200 | 4,800 |
Number of Options, Exercised | (1,200) | (6,360) | |
Number of Options, Ending | 96,920 | 16,920 | 6,920 |
Other capital (Details Narrativ
Other capital (Details Narrative) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 17, 2023 shares $ / shares | Dec. 31, 2022 USD ($) shares $ / shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
IfrsStatementLineItems [Line Items] | ||||
Compensation expenses | $ | $ 142 | $ 107 | $ (51) | |
Number of options, granted | 2,000 | 23,200 | 7,200 | |
Weighted average exercise price, exercisable | $ / shares | $ 27.74 | |||
Weighted average remaining contractual life | 4 years 10 months 20 days | |||
Deferred share unit [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Compensation expenses | $ | $ 402 | $ 204 | $ 112 | |
Number of options, granted | 80,000 | 11,200 | 4,800 | |
2018 long term incentive plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Percentage of issued and outstanding common shares | 11.40% | |||
2018 long term incentive plan [member] | Nonadjusting event [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of options, granted | 14,000 | |||
Weighted average exercise price, exercisable | $ / shares | $ 3.75 | |||
Weighted average remaining contractual life | 7 years | |||
Vesting description | will vest over a period of three years | |||
Stock option plan prior to 2014 amendment [member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Expected life of options granted | 10 years | |||
Stock option plan after to 2014 amendment [member] | Top of range [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Expected life of options granted | 7 years |
Summary of expense by nature (D
Summary of expense by nature (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses By Nature | |||
Inventory expensed during the year | $ 54 | $ 2,317 | |
Provision for obsolete inventory | 32 | ||
Third-party research and development | 11,244 | 5,534 | 692 |
Salaries, wages and benefits | 3,563 | 3,037 | 2,789 |
Professional and consulting fees | 2,475 | 2,570 | 2,185 |
Insurance | 1,687 | 1,077 | 861 |
Stock-based compensation | 544 | 311 | 61 |
Software and IT services | 386 | 387 | 275 |
Depreciation and amortization | 135 | 144 | 232 |
Marketing, communications and investor relations | 317 | 289 | 34 |
Impairment of goodwill | 7,642 | ||
(Reversal of) impairment of other assets | 124 | (139) | |
Impairment of intangible assets | 584 | ||
Travel, meals and entertainment | 225 | 111 | 49 |
Office, rent and telecommunications | 120 | 162 | 272 |
License fees | 19 | 139 | 27 |
Other | 92 | 170 | (78) |
Gain on modification of building lease | (219) | ||
Total operating expenses | $ 29,243 | $ 13,931 | $ 9,358 |
Summary of compensation awarded
Summary of compensation awarded to key management (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Compensation Of Key Management | |||
Salaries and short-term benefits | $ 1,848 | $ 1,646 | $ 1,540 |
Consultant’s fees | 17 | 163 | 167 |
Post-retirement benefits | 63 | 70 | 86 |
Stock-based compensation | 460 | 295 | 160 |
Key management compensation | $ 2,388 | $ 2,174 | $ 1,953 |
Disclosure of changes in operat
Disclosure of changes in operating assets and liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Disclosure Of Cash Flow Information | |||
Trade and other receivables | $ 592 | $ 120 | $ (1,023) |
Inventory | (161) | (56) | 1,182 |
Prepaid expenses and other current assets | (783) | (750) | (702) |
Payables and accrued liabilities | 1,076 | 634 | 51 |
Income taxes payable | (109) | 395 | |
Deferred revenues | 441 | 3,010 | 3,031 |
Provision for restructuring and other costs | (2) | ||
Employee future benefits | (559) | (349) | (532) |
Increase (decrease) in operating assets and liabilities | $ 604 | $ 2,500 | $ 2,402 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | |||
Current income tax recovery (expense) | $ 109 | $ (395) | |
Origination and reversal of temporary differences | 2,885 | 1,291 | 1,509 |
Change in unrecognized tax assets | (2,885) | (1,291) | (1,509) |
Total income tax recovery (expense) | $ 109 | $ (395) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | |||
Combined Canadian federal and provincial statutory income tax rate | 26.50% | 26.50% | 26.50% |
Income tax recovery based on combined statutory income tax rate | $ 6,023 | $ 2,246 | $ 1,252 |
Change in unrecognized tax assets | (2,885) | (1,291) | (1,872) |
Share issuance costs | 367 | 363 | |
Permanent difference attributable to impairment of goodwill | (2,407) | ||
Impact of expiring investment tax credits | (1,559) | (1,724) | (481) |
Provision to filed return adjustments | 106 | 151 | |
Permanent difference attributable to net change in fair value of warrant liability | 304 | ||
Share-based compensation costs | (144) | (82) | (16) |
Difference in statutory income tax rate of foreign subsidiaries | 902 | 226 | 99 |
Uncertain tax position | (123) | ||
Other | (36) | 216 | 79 |
Total income tax recovery (expense) | $ 109 | $ (395) |
Summary of (loss) income before
Summary of (loss) income before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Total loss before income taxes | $ (22,727) | $ (8,477) | $ (4,723) |
Germany [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total loss before income taxes | (16,756) | (4,383) | (2,042) |
Canada [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total loss before income taxes | (5,679) | (3,860) | (2,463) |
United states [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total loss before income taxes | $ (292) | $ (234) | $ (218) |
Summary of significant compon_2
Summary of significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets | $ 582 | $ 981 |
Deferred tax liabilities | 582 | 981 |
Deferred tax assets (liabilities), net | ||
Operating losses carried forward temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets | 582 | 205 |
Intangible asset related temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax assets | 776 | |
Accounts receivable related temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liabilities | 375 | |
Payable and accrued liabilities related temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liabilities | 450 | 7 |
Property plant and equipment related temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liabilities | 55 | 47 |
Deferred revenues related temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liabilities | 492 | |
Other temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deferred tax liabilities | $ 77 | $ 60 |
Summary of significant compon_3
Summary of significant components of unrecognized deferred tax assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | $ 102,838 | $ 106,715 |
Deferred revenues and other provisions related temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 1,475 | 1,680 |
Operating losses carried forward temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 87,445 | 87,734 |
Capital losses carried forward temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 210 | 105 |
Scientific research and experimental development [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 9,138 | 9,138 |
Unused tax credits [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 1,559 | 2,945 |
Employee future benefits related temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 1,317 | 3,396 |
Property plant and equipment related temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 524 | 523 |
Intangible assets related temporary difference [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 95 | |
Share issuance expenses related temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 781 | 1,110 |
Other temporary differences [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | $ 294 | $ 84 |
Summary of disclosure of federa
Summary of disclosure of federal tax losses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | $ 102,838 | $ 106,715 |
Domestic tax authority [member] | Canada [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 84,234 | |
Domestic tax authority [member] | Canada [member] | 2028 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 8,054 | |
Domestic tax authority [member] | Canada [member] | 2029 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 4,791 | |
Domestic tax authority [member] | Canada [member] | 2030 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 4,104 | |
Domestic tax authority [member] | Canada [member] | 2031 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 1,753 | |
Domestic tax authority [member] | Canada [member] | 2032 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 4,250 | |
Domestic tax authority [member] | Canada [member] | 2033 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 3,721 | |
Domestic tax authority [member] | Canada [member] | 2034 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 4,153 | |
Domestic tax authority [member] | Canada [member] | 2035 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 10,418 | |
Domestic tax authority [member] | Canada [member] | 2036 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 10,592 | |
Domestic tax authority [member] | Canada [member] | 2037 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 7,343 | |
Domestic tax authority [member] | Canada [member] | 2038 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 6,557 | |
Domestic tax authority [member] | Canada [member] | 2039 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 3,501 | |
Domestic tax authority [member] | Canada [member] | 2040 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 3,808 | |
Domestic tax authority [member] | Canada [member] | 2041 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 4,822 | |
Domestic tax authority [member] | Canada [member] | 2042 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 6,367 | |
State and local jurisdiction [member] | Canada [member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 82,833 | |
State and local jurisdiction [member] | Canada [member] | 2028 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 6,668 | |
State and local jurisdiction [member] | Canada [member] | 2029 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 4,773 | |
State and local jurisdiction [member] | Canada [member] | 2030 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 4,089 | |
State and local jurisdiction [member] | Canada [member] | 2031 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 1,737 | |
State and local jurisdiction [member] | Canada [member] | 2032 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 4,250 | |
State and local jurisdiction [member] | Canada [member] | 2033 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 3,721 | |
State and local jurisdiction [member] | Canada [member] | 2034 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 4,153 | |
State and local jurisdiction [member] | Canada [member] | 2035 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 10,452 | |
State and local jurisdiction [member] | Canada [member] | 2036 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 10,592 | |
State and local jurisdiction [member] | Canada [member] | 2037 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 7,343 | |
State and local jurisdiction [member] | Canada [member] | 2038 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 6,557 | |
State and local jurisdiction [member] | Canada [member] | 2039 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 3,501 | |
State and local jurisdiction [member] | Canada [member] | 2040 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 3,808 | |
State and local jurisdiction [member] | Canada [member] | 2041 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | 4,822 | |
State and local jurisdiction [member] | Canada [member] | 2042 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Unrecognized deferred tax assets | $ 6,367 |
Income taxes (Details Narrative
Income taxes (Details Narrative) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | |
IfrsStatementLineItems [Line Items] | |||
Uncertain tax provision accrued | $ 108 | ||
Unrecognized deferred tax assets | 102,838 | $ 106,715 | |
Germany [member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax losses for which no deferred tax asset recognized | 208,656 | € 195,006 | |
United states [member] | |||
IfrsStatementLineItems [Line Items] | |||
Unrecognized deferred tax assets | 5,095 | ||
Unused tax losses for which no deferred tax asset recognized | 5,095 | ||
United states [member] | 2028 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unrecognized deferred tax assets | 369 | ||
United states [member] | 2029 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unrecognized deferred tax assets | 178 | ||
United states [member] | 2034 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unrecognized deferred tax assets | 151 | ||
United states [member] | 2035 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unrecognized deferred tax assets | 447 | ||
United states [member] | 2036 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unrecognized deferred tax assets | 195 | ||
United states [member] | 2037 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Unrecognized deferred tax assets | 709 | ||
United states [member] | Indefinite [member] | |||
IfrsStatementLineItems [Line Items] | |||
Unrecognized deferred tax assets | 1,224 | ||
United states [member] | Indefinite one [member] | |||
IfrsStatementLineItems [Line Items] | |||
Unrecognized deferred tax assets | 771 | ||
United states [member] | Indefinite two [member] | |||
IfrsStatementLineItems [Line Items] | |||
Unrecognized deferred tax assets | 516 | ||
United states [member] | Indefinite three [member] | |||
IfrsStatementLineItems [Line Items] | |||
Unrecognized deferred tax assets | 535 | ||
RD investment tax credits [member] | |||
IfrsStatementLineItems [Line Items] | |||
Unused tax credits for which no deferred tax asset recognized | 1,559 | ||
Domestic tax authority [member] | |||
IfrsStatementLineItems [Line Items] | |||
Accumulated non-capital losses | 84,234 | ||
State and local jurisdiction [member] | |||
IfrsStatementLineItems [Line Items] | |||
Accumulated non-capital losses | $ 82,833 |
Disclosure of fair value measur
Disclosure of fair value measurement of assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial liabilities at amortised cost, category [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | $ 3,931 | $ 2,770 |
Financial liabilities at amortised cost, category [member] | Lease liabilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | 179 | 161 |
Financial liabilities at amortised cost, category [member] | Payables and accrued liabilities [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | 3,752 | 2,609 |
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) | 51,390 | 66,700 |
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) | 50,611 | 65,300 |
Financial assets at amortised cost, category [member] | Trade and other receivables [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | 457 | 1,065 |
Financial assets at amortised cost, category [member] | Restricted cash [member] | ||
IfrsStatementLineItems [Line Items] | ||
Financial asset (liabilities) | $ 322 | $ 335 |
Financial instruments and fin_3
Financial instruments and financial risk management (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
IfrsStatementLineItems [Line Items] | ||||
Cash and cash equivalents | $ 50,611 | $ 65,300 | $ 24,271 | $ 7,838 |
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, 2022, if the US dollar had increased or decreased by 10% against the Euro | |||
Foreign exchange risk exposure | $ 823 | 300 | $ 110 | |
Trade and other current receivables [member] | Credit risk [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Trade accounts receivables | 403 | 932 | ||
Trade and other current receivables [member] | Credit risk [member] | Financial assets past due but not impaired [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Trade accounts receivables | $ 55 |
Summary of revenues by geograph
Summary of revenues by geographical area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Revenues (notes 5 and 25) | $ 5,640 | $ 5,260 | $ 3,652 |
Switzerland [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues (notes 5 and 25) | 5,395 | 5,075 | 905 |
Ireland [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues (notes 5 and 25) | 82 | 73 | |
Denmark [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues (notes 5 and 25) | 160 | 185 | 2,655 |
Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues (notes 5 and 25) | $ 3 | $ 19 |
Summary of non-current assets b
Summary of non-current assets by geographical area (Details) - USD ($) $ in Thousands | Jan. 12, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Non Current Assets | $ 538 | $ 9,282 |
Germany [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non Current Assets | 463 | 9,212 |
Canada [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non Current Assets | 4 | |
United states [member] | ||
IfrsStatementLineItems [Line Items] | ||
Non Current Assets | $ 71 | $ 70 |
Segment information (Details Na
Segment information (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 Integer | |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Net loss | $ (22,727) | $ (8,368) | $ (5,118) |
Basic and diluted weighted-average number of shares outstanding | 4,855,876 | 4,596,980 | 1,643,327 |
Stock options and DSUs [Member] | |||
Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | |||
Share purchase warrants | 138,950 | 60,375 | 27,176 |
Warrants [Member] | |||
Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | |||
Share purchase warrants | 457,648 | 457,648 | 1,796,050 |
Schedule of expected future min
Schedule of expected future minimum lease payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
IfrsStatementLineItems [Line Items] | |
Total | $ 12,436 |
Less than 1 year [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 10,827 |
1-3 years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,580 |
4-5 years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 29 |
More than 5 years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
Services and manufacturing [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 10,641 |
Services and manufacturing [member] | Less than 1 year [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 9,250 |
Services and manufacturing [member] | 1-3 years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,362 |
Services and manufacturing [member] | 4-5 years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 29 |
Services and manufacturing [member] | More than 5 years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
Research and development contract [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,795 |
Research and development contract [member] | Less than 1 year [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,577 |
Research and development contract [member] | 1-3 years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 218 |
Research and development contract [member] | 4-5 years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | |
Research and development contract [member] | More than 5 years [member] | |
IfrsStatementLineItems [Line Items] | |
Total |
Commitments (Details Narrative)
Commitments (Details Narrative) $ in Thousands | Dec. 31, 2022 USD ($) |
IfrsStatementLineItems [Line Items] | |
Minimum lease payments net | $ 12,436 |
Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Minimum lease payments net | $ 38,458 |