Cover
Cover | 3 Months Ended |
Mar. 31, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-38064 |
Entity Registrant Name | Aeterna Zentaris Inc. |
Entity Central Index Key | 0001113423 |
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, P |
Entity Address, City or Town | Toronto ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M5K 1E7 |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 46,560 | $ 50,611 |
Trade and other receivables | 557 | 732 |
Inventory | 227 | 229 |
Income taxes receivable | 1,450 | 1,428 |
Prepaid expenses and other current assets | 1,914 | 2,488 |
Total current assets | 50,708 | 55,488 |
Non-current assets | ||
Restricted cash equivalents | 326 | 322 |
Property and equipment | 248 | 216 |
Total non-current assets | 574 | 538 |
Total assets | 51,282 | 56,026 |
Current liabilities | ||
Payables and accrued liabilities | 4,130 | 3,828 |
Provisions | 44 | 45 |
Income taxes payable | 109 | 108 |
Deferred revenues (note 3) | 2,017 | 2,949 |
Lease liabilities | 134 | 114 |
Total current liabilities | 6,434 | 7,044 |
Non-current liabilities | ||
Deferred revenues (note 3) | 1,777 | 1,684 |
Deferred gain | 111 | 110 |
Lease liabilities | 76 | 65 |
Employee future benefits (note 4) | 11,498 | 11,159 |
Provisions | 178 | 188 |
Total non-current liabilities | 13,640 | 13,206 |
Total liabilities | 20,074 | 20,250 |
Shareholders’ equity | ||
Share capital (note 5) | 293,410 | 293,410 |
Warrants | 5,085 | 5,085 |
Other capital | 90,349 | 90,332 |
Deficit | (356,501) | (352,084) |
Accumulated other comprehensive loss | (1,135) | (967) |
Total Shareholders’ equity | 31,208 | 35,776 |
Total liabilities and shareholders’ equity | $ 51,282 | $ 56,026 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Issued capital [member] | Warrants [Member] | Other equity interest [member] | Retained earnings [member] | Accumulated other comprehensive income [member] | Total |
Balance – Value at Dec. 31, 2021 | $ 293,410 | $ 5,085 | $ 89,788 | $ (334,619) | $ (678) | $ 52,986 |
IfrsStatementLineItems [Line Items] | ||||||
Net loss | (2,640) | (2,640) | ||||
Foreign currency translation adjustments | 37 | 37 | ||||
Actuarial gain on defined benefit plans and remeasurement of the net defined benefit liability | 2,749 | 2,749 | ||||
Comprehensive income (loss) | 109 | 37 | 146 | |||
Share-based compensation costs (note 5) | 27 | 27 | ||||
Balance – Value at Mar. 31, 2022 | 293,410 | 5,085 | 89,815 | (334,510) | (641) | 53,159 |
Balance – Value at Dec. 31, 2022 | 293,410 | 5,085 | 90,332 | (352,084) | (967) | 35,776 |
IfrsStatementLineItems [Line Items] | ||||||
Net loss | (4,255) | (4,255) | ||||
Foreign currency translation adjustments | (168) | (168) | ||||
Actuarial gain on defined benefit plans and remeasurement of the net defined benefit liability | (162) | (162) | ||||
Comprehensive income (loss) | (4,417) | (168) | (4,585) | |||
Share-based compensation costs (note 5) | 17 | 17 | ||||
Balance – Value at Mar. 31, 2023 | $ 293,410 | $ 5,085 | $ 90,349 | $ (356,501) | $ (1,135) | $ 31,208 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Profit or loss [abstract] | ||
Revenues (note 3) | $ 2,128 | $ 1,517 |
Expenses | ||
Cost of sales | 17 | 79 |
Research and development | 4,012 | 2,390 |
Selling, general and administrative | 2,306 | 1,861 |
Total expenses | 6,335 | 4,330 |
Loss from operations | (4,207) | (2,813) |
Gain (loss) due to changes in foreign currency exchange rates | (59) | 174 |
Other finance (costs) income | 11 | (1) |
Net finance (costs) income | (48) | 173 |
Loss before income taxes | (4,255) | (2,640) |
Income tax recovery | ||
Net loss | (4,255) | (2,640) |
Items that may be reclassified subsequently to profit or loss: | ||
Foreign currency translation adjustments | (168) | 37 |
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 (note 4) | (162) | 2,749 |
Comprehensive loss | $ (4,585) | $ 146 |
Basic and diluted loss per share (note 7) | $ (0.88) | $ (0.54) |
Weighted average number of shares outstanding (basic and diluted) | 4,855,876 | 4,855,876 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net loss for the period | $ (4,255) | $ (2,640) |
Items not affecting cash and cash equivalents: | ||
Provision | (8) | (2) |
Depreciation and amortization | 40 | 36 |
Share-based compensation costs | 17 | 27 |
Employee future benefits | 135 | 99 |
Amortization of deferred revenues | (760) | (828) |
Net foreign exchange differences | 8 | (174) |
Other non-cash items | 1 | 14 |
Refund of income taxes | 881 | |
Changes in operating assets and liabilities (note 6) | 761 | 1,126 |
Net cash used in operating activities | (4,061) | (1,461) |
Cash flows from financing activities | ||
Payments on lease liabilities | (38) | (34) |
Net cash used in financing activities | (38) | (34) |
Cash flows from investing activities | ||
Purchase of property and equipment | (2) | (6) |
Net cash used in investing activities | (2) | (6) |
Effect of exchange rate changes on cash and cash equivalents | 50 | (203) |
Net change in cash and cash equivalents | (4,051) | (1,704) |
Cash and cash equivalents – Beginning of period | 50,611 | 65,300 |
Cash and cash equivalents – End of period | $ 46,560 | $ 63,596 |
Business overview
Business overview | 3 Months Ended |
Mar. 31, 2023 | |
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 ® ® These unaudited condensed interim consolidated financial statements were approved by the Board of Directors (the “Board”) on May 9, 2023. |
Basis of presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2023 | |
Basis of presentation | 2. Basis of presentation These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. The unaudited condensed interim consolidated financial statements do not include all the notes normally included in annual consolidated financial statements. Accordingly, these unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s annual consolidated financial statements as of and for the year ended December 31, 2022. The accounting policies used in these condensed interim consolidated financial statements are consistent with those presented in the Company’s annual consolidated financial statements. New standards and interpretations not yet adopted Several amendments apply for the first time in 2023, but do not have an impact on the interim condensed consolidated financial statements of the Company. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Critical accounting estimates and judgements The preparation of condensed interim consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, expenses and related disclosures. Judgments, estimates and assumptions are based on historical experience, expectations, current trends and other factors that management believes to be relevant at the time at which the Company’s condensed interim consolidated financial statements are prepared. Management reviews, on a regular basis, the Company’s accounting policies, assumptions, estimates and judgments in order to ensure that the condensed interim consolidated financial statements are presented fairly and in accordance with IFRS applicable to interim financial statements. Critical accounting estimates and assumptions, as well as critical judgments used in applying accounting policies in the preparation of the Company’s condensed interim consolidated financial statements, were the same as those applied to the Company’s annual consolidated financial statements as of and for the year ended December 31, 2022. Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of March 31, 2023, and for the three months ended March 31, 2023 and 2022 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue | 3. 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 2023 2022 Three months ended March 31, 2023 2022 $ $ License fees 760 432 Development services 1,339 966 Product sales - 57 Royalties 18 19 Supply chain 11 43 Total 2,128 1,517 Pharmanovia On March 15, 2023, with the Company’s consent, Consilient Health (“CH”) entered into an assignment agreement with Pharmanovia to transfer the current licensing agreement for the commercialization of macimorelin in the European Economic Area and the United Kingdom to Pharmanovia, as well as the current supply agreement pursuant to which the Company agreed to provide the licensed product (together, the “Assignment Agreement”). Also on March 15, 2023, the Company and Pharmanovia entered into an amendment agreement, pursuant to which the Company provided its acknowledgement and consent to the Assignment Agreement and agreed to certain amended terms which do not materially differ from the previous license and supply agreement with CH. Subsequent to the execution of the Assignment Agreement, the aggregate amount of the transaction price allocated to the Company’s unsatisfied performance obligations was $ 1,658 1,540 1,233 1,145 425 395 Liabilities related to contracts with customers The following table provides a summary of deferred revenue balances: Summary of deferred revenue March 31, 2023 Current Non-current Total $ $ $ Novo Amendment 2,005 - 2,005 Pharmanovia License Agreement 10 1,648 1,658 NK License Agreement 2 129 131 2,017 1,777 3,794 December 31, 2022 Current Non-current Total $ $ $ Novo Amendment 2,914 - 2,914 Consilient Health 35 1,556 1,591 NK License Agreement - 128 128 2,949 1,684 4,633 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of March 31, 2023, and for the three months ended March 31, 2023 and 2022 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Employee future benefits
Employee future benefits | 3 Months Ended |
Mar. 31, 2023 | |
Employee future benefits | 4. Employee future benefits The change in the Company’s employee future benefit obligations is summarized as follows: Summary of net defined benefit liability asset benefit plans benefit plans Total Total Three months ended March 31, 2023 Year ended December 31, 2022 Pension Other benefit plans benefit plans Total Total $ $ $ $ Change in plan liabilities Balances – Beginning of the period 21,657 93 21,750 29,412 Current service cost 30 3 33 142 Interest cost 200 1 201 295 Actuarial loss (gain) from changes in financial assumptions 148 - 148 (5,915 ) Benefits paid (194 ) - (194 ) (752 ) Impact of foreign exchange rate changes 334 1 335 (1,432 ) Balances – End of the period 22,175 98 22,273 21,750 Change in plan assets Balances – Beginning of the period 10,591 - 10,591 11,927 Interest income from plan assets 99 - 99 120 Employer contributions 8 - 8 45 Employee contributions 2 - 2 10 Benefits paid (71 ) - (71 ) (247 ) Remeasurement of plan assets (14 ) - (14 ) (641 ) Impact of foreign exchange rate changes 160 - 160 (623 ) Balances – End of the period 10,775 - 10,775 10,591 Net liability of the unfunded plans 10,913 98 11,011 10,787 Net liability of the funded plans 487 - 487 372 Net amount recognized as Employee future benefits 11,400 98 11,498 11,159 Amounts recognized: In net loss 131 4 135 295 Actuarial (loss) gain on defined benefit plans and remeasurement of the net defined benefit liability in other comprehensive loss (162 ) - (162 ) 5,262 The calculation of the employee future benefit obligation is sensitive to the discount rate assumption and other assumptions such as the rate of the pension benefit increase. Discount rates were 3.70 3.75 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of March 31, 2023, and for the three months ended March 31, 2023 and 2022 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Shareholders equity
Shareholders equity | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Shareholders equity | 5. Shareholders’ equity Shareholders equity Share capital The Company has authorized an 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. Summary of share capital Common shares Amount # $ Balance – December 31, 2022 4,855,876 293,410 - - Balance – March 31, 2023 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 Share-based compensation On January 17, 2023, the Company granted 14,000 2,000 Summary of assumptions to determine share-based compensation costs over the life of awards March 31, 2023 March 31, 2022 Expected dividend yield $ 0.00 $ 0.00 Expected volatility 104.46 % 115.75 % Risk-free annual interest rate 3.56 % 1.59 % Expected life (years) 5.45 5.72 Share price $ 3.75 $ 8.88 Exercise price $ 3.75 $ 8.88 Grant date fair value $ 2.99 $ 7.47 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 the Condensed Interim Consolidated Financial Statements As of March 31, 2023, and for the three months ended March 31, 2023 and 2022 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) The compensation expense for the three months ended March 31, 2023 was $ 17 27 Summary of number and weighted average exercise prices of share options Stock options Weighted average exercise price # $ Balance – December 31, 2022 42,030 20.05 Granted 14,000 3.75 Cancelled / Forfeited - - Balance – March 31, 2023 56,030 15.98 Stock options Weighted average exercise price # $ Balance – December 31, 2021 43,455 22.00 Granted 2,000 8.88 Cancelled / Forfeited (2,399 ) 10.98 Balance – March 31, 2022 43,056 21.95 |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 3 Months Ended |
Mar. 31, 2023 | |
Supplemental disclosure of cash flow information | 6. Supplemental disclosure of cash flow information Disclosure of changes in operating assets and liabilities $ $ Three months ended March 31, 2023 2022 $ $ Changes in operating assets and liabilities: Trade and other receivables 203 474 Inventory 5 (206 ) Prepaid expenses and other current assets 626 711 Payables and accrued liabilities 235 159 Deferred revenues (154 ) 8 Provision for restructuring and other costs (9 ) - Employee future benefits (145 ) (20 ) Increase (decrease) in operating assets and liabilities 761 1,126 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of March 31, 2023, and for the three months ended March 31, 2023 and 2022 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Net loss per share
Net loss per share | 3 Months Ended |
Mar. 31, 2023 | |
Net loss per share | 7. 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 Three months ended March 31, 2023 2022 Net loss (4,255 ) (2,640 ) Basic and diluted weighted-average shares outstanding 4,855,876 4,855,876 Basic and diluted loss per share (0.88 ) (0.54 ) Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Stock options and DSUs 152,950 59,976 Share purchase warrants 457,648 457,648 Anti-dilutive shares |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2023 | |
Segment information | 8. Segment information The Company operates in a single operating segment, being the biopharmaceutical segment. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2023 | |
Commitments | 9. 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 TOTAL $ Less than 1 year 9,224 1 - 3 years 1,982 4 - 5 years 29 More than 5 years - Total 11,235 In 2021, the Company executed various agreements including in-licensing and similar arrangements with development partners. Such agreements may require the Company to make payments on achievement of stages of development, launch or revenue milestones, although the Company generally has the right to terminate these agreements at no penalty. The Company may have to pay up to $ 38,912 |
Basis of presentation (Policies
Basis of presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
New standards and interpretations not yet adopted | New standards and interpretations not yet adopted Several amendments apply for the first time in 2023, but do not have an impact on the interim condensed consolidated financial statements of the Company. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. |
Critical accounting estimates and judgements | Critical accounting estimates and judgements The preparation of condensed interim consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, expenses and related disclosures. Judgments, estimates and assumptions are based on historical experience, expectations, current trends and other factors that management believes to be relevant at the time at which the Company’s condensed interim consolidated financial statements are prepared. Management reviews, on a regular basis, the Company’s accounting policies, assumptions, estimates and judgments in order to ensure that the condensed interim consolidated financial statements are presented fairly and in accordance with IFRS applicable to interim financial statements. Critical accounting estimates and assumptions, as well as critical judgments used in applying accounting policies in the preparation of the Company’s condensed interim consolidated financial statements, were the same as those applied to the Company’s annual consolidated financial statements as of and for the year ended December 31, 2022. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 2023 2022 Three months ended March 31, 2023 2022 $ $ License fees 760 432 Development services 1,339 966 Product sales - 57 Royalties 18 19 Supply chain 11 43 Total 2,128 1,517 |
Summary of deferred revenue | The following table provides a summary of deferred revenue balances: Summary of deferred revenue March 31, 2023 Current Non-current Total $ $ $ Novo Amendment 2,005 - 2,005 Pharmanovia License Agreement 10 1,648 1,658 NK License Agreement 2 129 131 2,017 1,777 3,794 December 31, 2022 Current Non-current Total $ $ $ Novo Amendment 2,914 - 2,914 Consilient Health 35 1,556 1,591 NK License Agreement - 128 128 2,949 1,684 4,633 |
Employee future benefits (Table
Employee future benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Summary of net defined benefit liability asset | The change in the Company’s employee future benefit obligations is summarized as follows: Summary of net defined benefit liability asset benefit plans benefit plans Total Total Three months ended March 31, 2023 Year ended December 31, 2022 Pension Other benefit plans benefit plans Total Total $ $ $ $ Change in plan liabilities Balances – Beginning of the period 21,657 93 21,750 29,412 Current service cost 30 3 33 142 Interest cost 200 1 201 295 Actuarial loss (gain) from changes in financial assumptions 148 - 148 (5,915 ) Benefits paid (194 ) - (194 ) (752 ) Impact of foreign exchange rate changes 334 1 335 (1,432 ) Balances – End of the period 22,175 98 22,273 21,750 Change in plan assets Balances – Beginning of the period 10,591 - 10,591 11,927 Interest income from plan assets 99 - 99 120 Employer contributions 8 - 8 45 Employee contributions 2 - 2 10 Benefits paid (71 ) - (71 ) (247 ) Remeasurement of plan assets (14 ) - (14 ) (641 ) Impact of foreign exchange rate changes 160 - 160 (623 ) Balances – End of the period 10,775 - 10,775 10,591 Net liability of the unfunded plans 10,913 98 11,011 10,787 Net liability of the funded plans 487 - 487 372 Net amount recognized as Employee future benefits 11,400 98 11,498 11,159 Amounts recognized: In net loss 131 4 135 295 Actuarial (loss) gain on defined benefit plans and remeasurement of the net defined benefit liability in other comprehensive loss (162 ) - (162 ) 5,262 |
Shareholders equity (Tables)
Shareholders equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Summary of share capital | Summary of share capital Common shares Amount # $ Balance – December 31, 2022 4,855,876 293,410 - - Balance – March 31, 2023 4,855,876 293,410 |
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 March 31, 2023 March 31, 2022 Expected dividend yield $ 0.00 $ 0.00 Expected volatility 104.46 % 115.75 % Risk-free annual interest rate 3.56 % 1.59 % Expected life (years) 5.45 5.72 Share price $ 3.75 $ 8.88 Exercise price $ 3.75 $ 8.88 Grant date fair value $ 2.99 $ 7.47 |
Summary of number and weighted average exercise prices of share options | Summary of number and weighted average exercise prices of share options Stock options Weighted average exercise price # $ Balance – December 31, 2022 42,030 20.05 Granted 14,000 3.75 Cancelled / Forfeited - - Balance – March 31, 2023 56,030 15.98 Stock options Weighted average exercise price # $ Balance – December 31, 2021 43,455 22.00 Granted 2,000 8.88 Cancelled / Forfeited (2,399 ) 10.98 Balance – March 31, 2022 43,056 21.95 |
Supplemental disclosure of ca_2
Supplemental disclosure of cash flow information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure of changes in operating assets and liabilities | Disclosure of changes in operating assets and liabilities $ $ Three months ended March 31, 2023 2022 $ $ Changes in operating assets and liabilities: Trade and other receivables 203 474 Inventory 5 (206 ) Prepaid expenses and other current assets 626 711 Payables and accrued liabilities 235 159 Deferred revenues (154 ) 8 Provision for restructuring and other costs (9 ) - Employee future benefits (145 ) (20 ) Increase (decrease) in operating assets and liabilities 761 1,126 |
Net loss per share (Tables)
Net loss per share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Three months ended March 31, 2023 2022 Net loss (4,255 ) (2,640 ) Basic and diluted weighted-average shares outstanding 4,855,876 4,855,876 Basic and diluted loss per share (0.88 ) (0.54 ) Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Stock options and DSUs 152,950 59,976 Share purchase warrants 457,648 457,648 Anti-dilutive shares |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 TOTAL $ Less than 1 year 9,224 1 - 3 years 1,982 4 - 5 years 29 More than 5 years - Total 11,235 |
Summary of revenue from transfe
Summary of revenue from transfer of goods and services (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Total | $ 2,128 | $ 1,517 |
License Fees [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 760 | 432 |
Development Services [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 1,339 | 966 |
Product Sales [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 57 | |
Royalties [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | 18 | 19 |
Supply Chain [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total | $ 11 | $ 43 |
Summary of deferred revenue (De
Summary of deferred revenue (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | $ 2,017 | $ 2,949 |
Total Deferred Revenues Non Current | 1,777 | 1,684 |
Total Deferred Revenues | 3,794 | 4,633 |
Novo Amendment [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | 2,005 | 2,914 |
Total Deferred Revenues Non Current | ||
Total Deferred Revenues | 2,005 | 2,914 |
Pharmanovia License Agreement [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | 10 | |
Total Deferred Revenues Non Current | 1,648 | |
Total Deferred Revenues | 1,658 | |
NK License Agreement [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | 2 | |
Total Deferred Revenues Non Current | 129 | 128 |
Total Deferred Revenues | $ 131 | 128 |
Consilient Health [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | 35 | |
Total Deferred Revenues Non Current | 1,556 | |
Total Deferred Revenues | $ 1,591 |
Summary of net defined benefit
Summary of net defined benefit liability asset (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Change in plan liabilities | ||
Balances – Beginning of the period | $ 21,750 | $ 29,412 |
Current service cost | 33 | 142 |
Interest cost | 201 | 295 |
Actuarial loss (gain) from changes in financial assumptions | (148) | 5,915 |
Benefits paid | (194) | (752) |
Impact of foreign exchange rate changes | 335 | (1,432) |
Balances – End of the period | 22,273 | 21,750 |
Change in plan assets | ||
Balances – Beginning of the period | 10,591 | 11,927 |
Interest income from plan assets | 99 | 120 |
Employer contributions | 8 | 45 |
Employee contributions | 2 | 10 |
Benefits paid | (71) | (247) |
Remeasurement of plan assets | (14) | (641) |
Impact of foreign exchange rate changes | 160 | (623) |
Balances – End of the period | 10,775 | 10,591 |
Net liability of the unfunded plans | 11,011 | 10,787 |
Net liability of the funded plans | 487 | 372 |
Net amount recognized as Employee future benefits | 11,498 | 11,159 |
Amounts recognized: | ||
In net loss | 135 | 295 |
Actuarial (loss) gain on defined benefit plans and remeasurement of the net defined benefit liability in other comprehensive loss | (162) | 5,262 |
Pension defined benefit plans [member] | ||
Change in plan liabilities | ||
Balances – Beginning of the period | 21,657 | |
Current service cost | 30 | |
Interest cost | 200 | |
Actuarial loss (gain) from changes in financial assumptions | (148) | |
Benefits paid | (194) | |
Impact of foreign exchange rate changes | 334 | |
Balances – End of the period | 22,175 | 21,657 |
Change in plan assets | ||
Balances – Beginning of the period | 10,591 | |
Interest income from plan assets | 99 | |
Employer contributions | 8 | |
Employee contributions | 2 | |
Benefits paid | (71) | |
Remeasurement of plan assets | (14) | |
Impact of foreign exchange rate changes | 160 | |
Balances – End of the period | 10,775 | 10,591 |
Net liability of the unfunded plans | 10,913 | |
Net liability of the funded plans | 487 | |
Net amount recognized as Employee future benefits | 11,400 | |
Amounts recognized: | ||
In net loss | 131 | |
Actuarial (loss) gain on defined benefit plans and remeasurement of the net defined benefit liability in other comprehensive loss | (162) | |
Other benefit plans [member] | ||
Change in plan liabilities | ||
Balances – Beginning of the period | 93 | |
Current service cost | 3 | |
Interest cost | 1 | |
Actuarial loss (gain) from changes in financial assumptions | ||
Benefits paid | ||
Impact of foreign exchange rate changes | 1 | |
Balances – End of the period | 98 | 93 |
Change in plan assets | ||
Balances – Beginning of the period | ||
Interest income from plan assets | ||
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 | 98 | |
Net liability of the funded plans | ||
Net amount recognized as Employee future benefits | 98 | |
Amounts recognized: | ||
In net loss | 4 | |
Actuarial (loss) gain on defined benefit plans and remeasurement of the net defined benefit liability in other comprehensive loss |
Revenue (Details Narrative)
Revenue (Details Narrative) - Mar. 15, 2023 | USD ($) | EUR (€) |
Unsatisfied Performance Obligations [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Performance obligations | $ 1,658 | € 1,540 |
Indication Performance Obligation [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Performance obligations | 1,233 | 1,145 |
Pediatric Indication Performance [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Performance obligations | $ 425 | € 395 |
Employee future benefits (Detai
Employee future benefits (Details Narrative) | Mar. 31, 2023 | Dec. 31, 2022 |
Employee future benefit obligation | 3.70% | 3.75% |
Summary of share capital (Detai
Summary of share capital (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
IfrsStatementLineItems [Line Items] | |||
Balance – Value | $ 35,776 | $ 53,159 | $ 52,986 |
Balance – Value | $ 31,208 | 35,776 | 53,159 |
Issued capital [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares issued | 4,855,876 | ||
Balance – Value | $ 293,410 | $ 293,410 | 293,410 |
Number of shares issued | 4,855,876 | 4,855,876 | |
Balance – Value | $ 293,410 | $ 293,410 | $ 293,410 |
Summary of assumptions to deter
Summary of assumptions to determine share-based compensation costs over the life of awards (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of classes of share capital [abstract] | ||
Expected dividend yield | 0% | 0% |
Expected volatility | 104.46% | 115.75% |
Risk-free annual interest rate | 3.56% | 1.59% |
Expected life (years) | 5 years 5 months 12 days | 5 years 8 months 19 days |
Share price | $ 3.75 | $ 8.88 |
Exercise price | 3.75 | 8.88 |
Grant date fair value | $ 2.99 | $ 7.47 |
Summary of number and weighted
Summary of number and weighted average exercise prices of share options (Details) | 3 Months Ended | |
Mar. 31, 2023 shares $ / shares | Mar. 31, 2022 shares $ / shares | |
Disclosure of classes of share capital [abstract] | ||
Number of Options, Beginning | shares | 42,030 | 43,455 |
Weighted average exercise price, beginning | $ / shares | $ 20.05 | $ 22 |
Number of Options, Granted | shares | 14,000 | 2,000 |
Weighted average exercise price, granted | $ / shares | $ 3.75 | $ 8.88 |
Number of Options, Canceled/Forfeited | shares | (2,399) | |
Weighted average exercise price, cancelled/forfeited | $ / shares | $ 10.98 | |
Number of Options, Ending | shares | 56,030 | 43,056 |
Weighted average exercise price, ending | $ / shares | $ 15.98 | $ 21.95 |
Shareholders equity (Details Na
Shareholders equity (Details Narrative) $ in Thousands | 3 Months Ended | ||||
Jan. 17, 2023 shares | Jul. 15, 2022 | Jan. 17, 2022 shares | Mar. 31, 2023 USD ($) shares | Mar. 31, 2022 USD ($) shares | |
IfrsStatementLineItems [Line Items] | |||||
Number of options, granted | 14,000 | 2,000 | |||
Compensation expenses | $ | $ 17 | $ 27 | |||
2018 long term incentive plan [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Number of options, granted | 14,000 | 2,000 | |||
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 |
Disclosure of changes in operat
Disclosure of changes in operating assets and liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Trade and other receivables | $ 203 | $ 474 |
Inventory | 5 | (206) |
Prepaid expenses and other current assets | 626 | 711 |
Payables and accrued liabilities | 235 | 159 |
Deferred revenues | (154) | 8 |
Provision for restructuring and other costs | (9) | |
Employee future benefits | (145) | (20) |
Increase (decrease) in operating assets and liabilities | $ 761 | $ 1,126 |
Summary of pertinent data relat
Summary of pertinent data relating to computation of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Net loss | $ (4,255) | $ (2,640) |
Basic and diluted weighted-average shares outstanding | 4,855,876 | 4,855,876 |
Basic and diluted loss per share | $ (0.88) | $ (0.54) |
Employee Stock Option 1 Deferred Stock Units [Member] | ||
Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | ||
Anti-dilutive shares | 152,950 | 59,976 |
Warrants [Member] | ||
Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | ||
Anti-dilutive shares | 457,648 | 457,648 |
Schedule of expected future min
Schedule of expected future minimum lease payments (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
IfrsStatementLineItems [Line Items] | |
Total | $ 11,235 |
Less than 1 year [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 9,224 |
1 - 3 years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 1,982 |
4 - 5 years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 29 |
More Than 5 Years [member] | |
IfrsStatementLineItems [Line Items] | |
Total |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2021 |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Minimum lease payments net | $ 11,235 | |
Top of range [member] | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Minimum lease payments net | $ 38,912 |