Cover
Cover | 9 Months Ended |
Sep. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2023 |
Document Fiscal Period Focus | Q3 |
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, PO Box 53 |
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) $ in Thousands, € in Millions | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Current assets | ||
Cash and cash equivalents | $ 38,756 | $ 50,611 |
Trade and other receivables | 546 | 732 |
Inventory | 91 | 229 |
Income taxes receivable | 116 | 1,428 |
Prepaid expenses and other current assets | 2,402 | 2,488 |
Total current assets | 41,911 | 55,488 |
Non-current assets | ||
Restricted cash equivalents | 320 | 322 |
Property and equipment | 255 | 216 |
Total non-current assets | 575 | 538 |
Total assets | 42,486 | 56,026 |
Current liabilities | ||
Payables and accrued liabilities | 3,300 | 3,828 |
Provisions | 56 | 45 |
Income taxes payable | 106 | 108 |
Deferred revenues (note 3) | 90 | 2,949 |
Deferred gain (note 4) | 529 | |
Lease liabilities | 147 | 114 |
Total current liabilities | 4,228 | 7,044 |
Non-current liabilities | ||
Deferred revenues (note 3) | 1,647 | 1,684 |
Deferred gain (note 4) | 110 | |
Lease liabilities | 70 | 65 |
Employee future benefits (note 5) | 10,105 | 11,159 |
Provisions | 158 | 188 |
Total non-current liabilities | 11,980 | 13,206 |
Total liabilities | 16,208 | 20,250 |
Shareholders’ equity | ||
Share capital (note 6) | 293,410 | 293,410 |
Warrants | 5,085 | 5,085 |
Contributed surplus | 90,682 | 90,332 |
Deficit | (362,088) | (352,084) |
Accumulated other comprehensive loss | (811) | (967) |
Total Shareholders’ equity | 26,278 | 35,776 |
Total liabilities and shareholders’ equity | $ 42,486 | $ 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 at Dec. 31, 2021 | $ 293,410 | $ 5,085 | $ 89,788 | $ (334,619) | $ (678) | $ 52,986 |
IfrsStatementLineItems [Line Items] | ||||||
Net loss | (10,276) | (10,276) | ||||
Foreign currency translation adjustments | (26) | (26) | ||||
Actuarial gain on defined benefit plans | 6,231 | 6,231 | ||||
Comprehensive income (loss) | (4,045) | (26) | (4,071) | |||
Share-based compensation costs | 503 | 503 | ||||
Balance at Sep. 30, 2022 | 293,410 | 5,085 | 90,291 | (338,664) | (704) | 49,418 |
Balance at Dec. 31, 2022 | 293,410 | 5,085 | 90,332 | (352,084) | (967) | 35,776 |
IfrsStatementLineItems [Line Items] | ||||||
Net loss | (10,917) | (10,917) | ||||
Foreign currency translation adjustments | 156 | 156 | ||||
Actuarial gain on defined benefit plans | 913 | 913 | ||||
Comprehensive income (loss) | (10,004) | 156 | (9,848) | |||
Share-based compensation costs | 350 | 350 | ||||
Balance at Sep. 30, 2023 | $ 293,410 | $ 5,085 | $ 90,682 | $ (362,088) | $ (811) | $ 26,278 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Profit or loss [abstract] | ||||
Revenues (note 3) | $ 3 | $ 1,860 | $ 4,377 | $ 3,155 |
Expenses | ||||
Cost of sales | 11 | 14 | 167 | 106 |
Research and development | 2,751 | 3,293 | 9,692 | 8,081 |
Selling, general and administrative | 1,791 | 2,274 | 6,130 | 6,218 |
Total expenses | 4,553 | 5,581 | 15,989 | 14,405 |
Loss from operations | (4,550) | (3,721) | (11,612) | (11,250) |
Gain (loss) due to changes in foreign currency exchange rates | (12) | 301 | (44) | 977 |
Interest income | 419 | 739 | ||
Other finance costs | (2) | (3) | ||
Net finance income | 405 | 301 | 695 | 974 |
Loss before income taxes | (4,145) | (3,420) | (10,917) | (10,276) |
Income tax recovery | ||||
Net loss | (4,145) | (3,420) | (10,917) | (10,276) |
Items that may be reclassified subsequently to profit or loss: | ||||
Foreign currency translation adjustments | 323 | (105) | 156 | (26) |
Items that will not be reclassified to profit or loss: | ||||
Actuarial gain (loss) on defined benefit plans (note 5) | 993 | (1,794) | 913 | 6,231 |
Comprehensive loss | $ (2,829) | $ (5,319) | $ (9,848) | $ (4,071) |
Basic loss per share (note 7) | $ (0.85) | $ (0.70) | $ (2.25) | $ (2.12) |
Diluted loss per share (note 7) | $ (0.85) | $ (0.70) | $ (2.25) | $ (2.12) |
Weighted average number of shares outstanding, basic | 4,855,876 | 4,855,876 | 4,855,876 | 4,855,876 |
Weighted average number of shares outstanding, diluted | 4,855,876 | 4,855,876 | 4,855,876 | 4,855,876 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||||
Net loss for the period | $ (4,145) | $ (3,420) | $ (10,917) | $ (10,276) |
Items not affecting cash and cash equivalents: | ||||
Provisions | (20) | 7 | (10) | 12 |
Depreciation and amortization | 42 | 33 | 126 | 104 |
Share-based compensation costs | 27 | 443 | 350 | 503 |
Employee future benefits | 132 | 69 | 397 | 266 |
Amortization of deferred revenues | (1,248) | (1,554) | (1,952) | |
Net foreign exchange differences | (3) | (4) | ||
Other non-cash items | 2 | 3 | 7 | 3 |
Refund of income taxes | 675 | 1,322 | 830 | |
Changes in operating assets and liabilities (note 7) | (94) | 168 | (1,455) | 254 |
Net cash used in operating activities | (3,384) | (3,945) | (11,738) | (10,256) |
Cash flows from financing activities | ||||
Payments on lease liabilities | (33) | (33) | (113) | (101) |
Net cash used in financing activities | (33) | (33) | (113) | (101) |
Cash flows from investing activities | ||||
Purchase of property and equipment | (9) | (9) | (14) | (57) |
Change in restricted cash equivalents | (1) | 4 | (1) | 4 |
Net cash used in investing activities | (10) | (5) | (15) | (53) |
Effect of exchange rate changes on cash and cash equivalents | (3) | (358) | 11 | (1,074) |
Net change in cash and cash equivalents | (3,430) | (4,341) | (11,855) | (11,484) |
Cash and cash equivalents – Beginning of period | 42,186 | 58,157 | 50,611 | 65,300 |
Cash and cash equivalents – End of period | $ 38,756 | $ 53,816 | $ 38,756 | $ 53,816 |
Business overview
Business overview | 9 Months Ended |
Sep. 30, 2023 | |
Business Overview | |
Business overview | 1. Business overview Summary of business Aeterna Zentaris is a specialty biopharmaceutical company commercializing and developing therapeutics and diagnostic tests. The Company’s lead product, Macrilen ® The Company is also dedicated to the development of therapeutic assets and has 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. These unaudited condensed interim consolidated financial statements were approved by the Board of Directors (the “Board”) on November 8, 2023. |
Basis of presentation
Basis of presentation | 9 Months Ended |
Sep. 30, 2023 | |
Basis Of Presentation | |
Basis of presentation | 2. Basis of presentation These unaudited condensed interim consolidated financial statements have been prepared in accordance with 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 amendments Effective January 1, 2023, the Company adopted the Disclosure of Accounting Policies (amendments to IAS 1 and IFRS Practice Statement 2). The amendments to IAS 1 require that the Company discloses its material accounting policies instead of its significant accounting policies. As a result of the adoption of these amendments, there were no adjustments to the presentation or amounts recognized in the interim financial statements. Critical accounting estimates and judgements The preparation of condensed interim consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, expenses and related disclosures. Judgements, 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. Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2023, and for the three and nine months ended September 30, 2023, and 2022 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) Management reviews, on a regular basis, the Company’s accounting policies, assumptions, estimates and judgements 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 judgements 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
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue [abstract] | |
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 2023 2022 Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 $ $ $ $ License fees - 605 1,554 831 Development services - 1,202 2,741 2,091 Product sales - - - 57 Royalties 3 14 29 57 Supply chain - 39 53 119 Total revenue 3 1,860 4,377 3,155 The Company recorded revenue for the transfer of services over time for the three months ended September 30, 2023, nil 1,807 4,295 2,922 3 53 82 233 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 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2023, and for the three and nine months ended September 30, 2023, and 2022 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) Novo Nordisk Health Care AG: 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 was 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 returned to the Company, and the Company regained 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 continued to fund DETECT-trial costs up to $ 10.1 9.4 Liabilities related to contracts with customers The following table provides a summary of deferred revenue balances: Summary of deferred revenue September 30, 2023 Current Non-current Total $ $ $ Novo Nordisk Health Care - - - Pharmanovia 82 1,528 1,610 NK Meditech 8 119 127 90 1,647 1,737 December 31, 2022 Current Non-current Total $ $ $ Novo Nordisk Health Care 2,914 - 2,914 Consilient Health 35 1,556 1,591 NK Meditech - 128 128 2,949 1,684 4,633 |
Deferred gain
Deferred gain | 9 Months Ended |
Sep. 30, 2023 | |
Deferred Gain | |
Deferred gain | 4. Deferred gain 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 ® 529 0.5 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2023, and for the three and nine months ended September 30, 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 | 9 Months Ended |
Sep. 30, 2023 | |
Employee Future Benefits | |
Employee future benefits | 5. 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 Nine months ended September 30, 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 89 11 100 142 Interest cost 599 1 600 295 Actuarial gain from changes in financial assumptions (1,249 ) (1 ) (1,250 ) (5,915 ) Benefits paid (560 ) - (560 ) (752 ) Impact of foreign exchange rate changes (295 ) (2 ) (297 ) (1,432 ) Balances – End of the period 20,241 102 20,343 21,750 Change in plan assets Balances – Beginning of the period 10,591 - 10,591 11,927 Interest income from plan assets 296 - 296 120 Employer contributions 25 - 25 45 Employee contributions 7 - 7 10 Benefits paid (198 ) - (198 ) (247 ) Remeasurement of plan assets - - - (641 ) Change in asset ceiling (337 ) - (337 ) - Impact of foreign exchange rate changes (146 ) - (146 ) (623 ) Balances – End of the period 10,238 - 10,238 10,591 Net liability of the unfunded plans 10,003 102 10,105 10,787 Net liability of the funded plans - - - 372 Net amount recognized as Employee future benefits 10,003 102 10,105 11,159 Amounts recognized: In net loss 385 12 397 295 Actuarial gain on defined benefit plans in other comprehensive loss 912 1 913 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 4.20 3.75 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2023, and for the three and nine months ended September 30, 2023, and 2022 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Shareholders_ equity
Shareholders’ equity | 9 Months Ended |
Sep. 30, 2023 | |
Shareholders Equity | |
Shareholders’ equity | 6. 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 – September 30, 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 Accordingly, all common shares, DSU, warrants, stock options and per share amounts in these interim condensed consolidated financial statements have been retroactively adjusted for all periods presented to give effect to the share consolidation (reverse split). 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 September 30, 2023 September 30, 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 September 30, 2023, and for the three and nine months ended September 30, 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 September 30, 2023, was $ 27 43 66 101 Summary of number and weighted average exercise prices of share options Stock options Weighted average exercise price # $ Balance – January 1, 2023 42,030 20.05 Granted 14,000 3.75 Cancelled / Forfeited (400 ) 87.00 Balance – September 30, 2023 55,630 15.47 Stock options Weighted average exercise price # $ Balance – January 1, 2022 43,455 22.00 Granted 2,000 8.88 Cancelled / Forfeited (2,399 ) 10.98 Balance – September 30, 2022 43,056 21.95 Deferred share units On June 14, 2023, the Company granted 100,000 80,000 284 402 Summary of DSU activity 2023 2022 # # Balance – January 1, 96,920 16,920 Granted 100,000 80,000 Balance – September 30, 196,920 96,920 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2023, and for the three and nine months ended September 30, 2023, and 2022 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Disclosure Of Cash Flow Information | |
Supplemental disclosure of cash flow information | 7. Supplemental disclosure of cash flow information Disclosure of changes in operating assets and liabilities 2023 2022 2023 2022 Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 $ $ $ $ Changes in operating assets and liabilities: Trade and other receivables (411 ) 205 (9 ) 425 Inventory (1 ) 41 139 (165 ) Prepaid expenses and other current assets 186 (481 ) 64 (1,240 ) Payables and accrued liabilities (159 ) (133 ) (322 ) (14 ) Deferred revenues (27 ) 595 (1,386 ) 1,425 Taxes payable - 210 - 210 Provision for restructuring and other costs (6 ) - (11 ) - Employee future benefits (142 ) (269 ) (396 ) (387 ) Deferred gain 466 - 466 - Increase (decrease) in operating assets and liabilities (94 ) 168 (1,455 ) 254 |
Net loss per share
Net loss per share | 9 Months Ended |
Sep. 30, 2023 | |
Net Loss Per Share | |
Net loss per share | 8. 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 2023 2022 2023 2022 Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 $ $ $ $ Net loss (4,145 ) (3,420 ) (10,917 ) (10,276 ) Basic and diluted weighted-average shares outstanding 4,855,876 4,855,876 4,855,876 4,855,876 Basic weighted-average shares outstanding 4,855,876 4,855,876 4,855,876 4,855,876 Basic and diluted loss per share (0.85 ) (0.70 ) (2.25 ) (2.12 ) Basic loss per share (0.85 ) (0.70 ) (2.25 ) (2.12 ) Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Stock options and DSUs 252,550 142,375 252,550 142,375 Warrants 457,648 457,648 457,648 457,648 Anti-dilutive shares |
Segment information
Segment information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Information | |
Segment information | 9. Segment information The Company operates in a single operating segment, being the biopharmaceutical segment. Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2023, and for the three and nine months ended September 30, 2023, and 2022 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2023 | |
Commitments | |
Commitments | 10. 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 6,857 1 - 3 years 131 4 - 5 years 36 More than 5 years - Total 7,024 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 $ 38,127 |
Basis of presentation (Policies
Basis of presentation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Basis Of Presentation | |
New standards and amendments | New standards and amendments Effective January 1, 2023, the Company adopted the Disclosure of Accounting Policies (amendments to IAS 1 and IFRS Practice Statement 2). The amendments to IAS 1 require that the Company discloses its material accounting policies instead of its significant accounting policies. As a result of the adoption of these amendments, there were no adjustments to the presentation or amounts recognized in the interim financial statements. |
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 judgements, estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, expenses and related disclosures. Judgements, 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. Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2023, and for the three and nine months ended September 30, 2023, and 2022 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) Management reviews, on a regular basis, the Company’s accounting policies, assumptions, estimates and judgements 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 judgements 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) | 9 Months Ended |
Sep. 30, 2023 | |
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 2023 2022 2023 2022 Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 $ $ $ $ License fees - 605 1,554 831 Development services - 1,202 2,741 2,091 Product sales - - - 57 Royalties 3 14 29 57 Supply chain - 39 53 119 Total revenue 3 1,860 4,377 3,155 |
Summary of deferred revenue | The following table provides a summary of deferred revenue balances: Summary of deferred revenue September 30, 2023 Current Non-current Total $ $ $ Novo Nordisk Health Care - - - Pharmanovia 82 1,528 1,610 NK Meditech 8 119 127 90 1,647 1,737 December 31, 2022 Current Non-current Total $ $ $ Novo Nordisk Health Care 2,914 - 2,914 Consilient Health 35 1,556 1,591 NK Meditech - 128 128 2,949 1,684 4,633 |
Employee future benefits (Table
Employee future benefits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Employee Future Benefits | |
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 Nine months ended September 30, 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 89 11 100 142 Interest cost 599 1 600 295 Actuarial gain from changes in financial assumptions (1,249 ) (1 ) (1,250 ) (5,915 ) Benefits paid (560 ) - (560 ) (752 ) Impact of foreign exchange rate changes (295 ) (2 ) (297 ) (1,432 ) Balances – End of the period 20,241 102 20,343 21,750 Change in plan assets Balances – Beginning of the period 10,591 - 10,591 11,927 Interest income from plan assets 296 - 296 120 Employer contributions 25 - 25 45 Employee contributions 7 - 7 10 Benefits paid (198 ) - (198 ) (247 ) Remeasurement of plan assets - - - (641 ) Change in asset ceiling (337 ) - (337 ) - Impact of foreign exchange rate changes (146 ) - (146 ) (623 ) Balances – End of the period 10,238 - 10,238 10,591 Net liability of the unfunded plans 10,003 102 10,105 10,787 Net liability of the funded plans - - - 372 Net amount recognized as Employee future benefits 10,003 102 10,105 11,159 Amounts recognized: In net loss 385 12 397 295 Actuarial gain on defined benefit plans in other comprehensive loss 912 1 913 5,262 |
Shareholders_ equity (Tables)
Shareholders’ equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Shareholders Equity | |
Summary of share capital | Summary of share capital Common shares Amount # $ Balance – December 31, 2022 4,855,876 293,410 - - Balance – September 30, 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 September 30, 2023 September 30, 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 – January 1, 2023 42,030 20.05 Granted 14,000 3.75 Cancelled / Forfeited (400 ) 87.00 Balance – September 30, 2023 55,630 15.47 Stock options Weighted average exercise price # $ Balance – January 1, 2022 43,455 22.00 Granted 2,000 8.88 Cancelled / Forfeited (2,399 ) 10.98 Balance – September 30, 2022 43,056 21.95 |
Summary of DSU activity | Summary of DSU activity 2023 2022 # # Balance – January 1, 96,920 16,920 Granted 100,000 80,000 Balance – September 30, 196,920 96,920 |
Supplemental disclosure of ca_2
Supplemental disclosure of cash flow information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Disclosure Of Cash Flow Information | |
Disclosure of changes in operating assets and liabilities | Disclosure of changes in operating assets and liabilities 2023 2022 2023 2022 Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 $ $ $ $ Changes in operating assets and liabilities: Trade and other receivables (411 ) 205 (9 ) 425 Inventory (1 ) 41 139 (165 ) Prepaid expenses and other current assets 186 (481 ) 64 (1,240 ) Payables and accrued liabilities (159 ) (133 ) (322 ) (14 ) Deferred revenues (27 ) 595 (1,386 ) 1,425 Taxes payable - 210 - 210 Provision for restructuring and other costs (6 ) - (11 ) - Employee future benefits (142 ) (269 ) (396 ) (387 ) Deferred gain 466 - 466 - Increase (decrease) in operating assets and liabilities (94 ) 168 (1,455 ) 254 |
Net loss per share (Tables)
Net loss per share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 2023 2022 2023 2022 Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 $ $ $ $ Net loss (4,145 ) (3,420 ) (10,917 ) (10,276 ) Basic and diluted weighted-average shares outstanding 4,855,876 4,855,876 4,855,876 4,855,876 Basic weighted-average shares outstanding 4,855,876 4,855,876 4,855,876 4,855,876 Basic and diluted loss per share (0.85 ) (0.70 ) (2.25 ) (2.12 ) Basic loss per share (0.85 ) (0.70 ) (2.25 ) (2.12 ) Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Stock options and DSUs 252,550 142,375 252,550 142,375 Warrants 457,648 457,648 457,648 457,648 Anti-dilutive shares |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 TOTAL $ Less than 1 year 6,857 1 - 3 years 131 4 - 5 years 36 More than 5 years - Total 7,024 |
Summary of revenue from transfe
Summary of revenue from transfer of goods and services (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
IfrsStatementLineItems [Line Items] | ||||
Total revenue | $ 3 | $ 1,860 | $ 4,377 | $ 3,155 |
License Fees [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total revenue | 605 | 1,554 | 831 | |
Development Services [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total revenue | 1,202 | 2,741 | 2,091 | |
Product Sales [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total revenue | 57 | |||
Royalties [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total revenue | 3 | 14 | 29 | 57 |
Supply Chain [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total revenue | $ 39 | $ 53 | $ 119 |
Summary of deferred revenue (De
Summary of deferred revenue (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | $ 90 | $ 2,949 |
Total Deferred Revenues Non Current | 1,647 | 1,684 |
Total Deferred Revenues | 1,737 | 4,633 |
Novo Nordisk Health Care [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | 2,914 | |
Total Deferred Revenues Non Current | ||
Total Deferred Revenues | 2,914 | |
Pharmanovia [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | 82 | |
Total Deferred Revenues Non Current | 1,528 | |
Total Deferred Revenues | 1,610 | |
NK Meditech [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | 8 | |
Total Deferred Revenues Non Current | 119 | 128 |
Total Deferred Revenues | $ 127 | 128 |
Consilient Health [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total Current Deferred Revenues | 35 | |
Total Deferred Revenues Non Current | 1,556 | |
Total Deferred Revenues | $ 1,591 |
Revenue (Details Narrative)
Revenue (Details Narrative) € in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
May 23, 2023 USD ($) | May 23, 2023 EUR (€) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Mar. 15, 2023 USD ($) | Mar. 15, 2023 EUR (€) | |
IfrsStatementLineItems [Line Items] | ||||||||
Revenue | $ 3 | $ 1,860 | $ 4,377 | $ 3,155 | ||||
Novo Nordisk Health Care AG [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Detect trial costs | $ 10,100 | € 9,400 | ||||||
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 | ||||||
Goods or services transferred over time [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Revenue | 1,807 | 4,295 | 2,922 | |||||
Goods or services transferred at point in time [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Revenue | $ 3 | $ 53 | $ 82 | $ 233 |
Deferred gain (Details Narrativ
Deferred gain (Details Narrative) $ in Thousands, € in Millions | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Aug. 10, 2021 USD ($) | Aug. 10, 2021 EUR (€) |
Deferred Gain | ||||
Deferred gain | $ 529 | $ 529 | € 0.5 |
Summary of net defined benefit
Summary of net defined benefit liability asset (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Change in plan liabilities | ||
Balances – Beginning of the period | $ 21,750 | $ 29,412 |
Current service cost | 100 | 142 |
Interest cost | 600 | 295 |
Actuarial gain from changes in financial assumptions | 1,250 | 5,915 |
Benefits paid | (560) | (752) |
Impact of foreign exchange rate changes | (297) | (1,432) |
Balances – End of the period | 20,343 | 21,750 |
Change in plan assets | ||
Balances – Beginning of the period | 10,591 | 11,927 |
Interest income from plan assets | 296 | 120 |
Employer contributions | 25 | 45 |
Employee contributions | 7 | 10 |
Benefits paid | (198) | (247) |
Remeasurement of plan assets | (641) | |
Change in asset ceiling | (337) | |
Impact of foreign exchange rate changes | (146) | (623) |
Balances – End of the period | 10,238 | 10,591 |
Net liability of the unfunded plans | 10,105 | 10,787 |
Net liability of the funded plans | 372 | |
Net amount recognized as Employee future benefits | 10,105 | 11,159 |
Amounts recognized: | ||
In net loss | 397 | 295 |
Actuarial gain on defined benefit plans in other comprehensive loss | 913 | 5,262 |
Pension defined benefit plans [member] | ||
Change in plan liabilities | ||
Balances – Beginning of the period | 21,657 | |
Current service cost | 89 | |
Interest cost | 599 | |
Actuarial gain from changes in financial assumptions | 1,249 | |
Benefits paid | (560) | |
Impact of foreign exchange rate changes | (295) | |
Balances – End of the period | 20,241 | 21,657 |
Change in plan assets | ||
Balances – Beginning of the period | 10,591 | |
Interest income from plan assets | 296 | |
Employer contributions | 25 | |
Employee contributions | 7 | |
Benefits paid | (198) | |
Remeasurement of plan assets | ||
Change in asset ceiling | (337) | |
Impact of foreign exchange rate changes | (146) | |
Balances – End of the period | 10,238 | 10,591 |
Net liability of the unfunded plans | 10,003 | |
Net liability of the funded plans | ||
Net amount recognized as Employee future benefits | 10,003 | |
Amounts recognized: | ||
In net loss | 385 | |
Actuarial gain on defined benefit plans in other comprehensive loss | 912 | |
Other benefit plans [member] | ||
Change in plan liabilities | ||
Balances – Beginning of the period | 93 | |
Current service cost | 11 | |
Interest cost | 1 | |
Actuarial gain from changes in financial assumptions | 1 | |
Benefits paid | ||
Impact of foreign exchange rate changes | (2) | |
Balances – End of the period | 102 | 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 | ||
Change in asset ceiling | ||
Impact of foreign exchange rate changes | ||
Balances – End of the period | ||
Net liability of the unfunded plans | 102 | |
Net liability of the funded plans | ||
Net amount recognized as Employee future benefits | 102 | |
Amounts recognized: | ||
In net loss | 12 | |
Actuarial gain on defined benefit plans in other comprehensive loss | $ 1 |
Employee future benefits (Detai
Employee future benefits (Details Narrative) | Sep. 30, 2023 | Dec. 31, 2022 |
Employee Future Benefits | ||
Employee future benefit obligation | 4.20% | 3.75% |
Summary of share capital (Detai
Summary of share capital (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
IfrsStatementLineItems [Line Items] | |||
Balance | $ 35,776 | $ 49,418 | $ 52,986 |
Balance | $ 26,278 | 35,776 | 49,418 |
Issued capital [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of shares issued | 4,855,876 | ||
Balance | $ 293,410 | $ 293,410 | 293,410 |
Number of shares issued | 4,855,876 | 4,855,876 | |
Balance | $ 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 | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Shareholders Equity | ||
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) | 9 Months Ended | |
Sep. 30, 2023 shares $ / shares | Sep. 30, 2022 shares $ / shares | |
Shareholders Equity | ||
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 | (400) | (2,399) |
Weighted average exercise price, cancelled/forfeited | $ / shares | $ 87 | $ 10.98 |
Number of options, ending | shares | 55,630 | 43,056 |
Weighted average exercise price, ending | $ / shares | $ 15.47 | $ 21.95 |
Summary of DSU activity (Detail
Summary of DSU activity (Details) - Deferred Share Unit [member] - shares | 9 Months Ended | |||
Jun. 14, 2023 | Jun. 14, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
IfrsStatementLineItems [Line Items] | ||||
Balance – January 1, | 96,920 | 16,920 | ||
Granted | 100,000 | 80,000 | 100,000 | 80,000 |
Balance – September 30, | 196,920 | 96,920 |
Shareholders_ equity (Details N
Shareholders’ equity (Details Narrative) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Jun. 14, 2023 shares | Jan. 17, 2023 shares | Jul. 15, 2022 | Jun. 14, 2022 shares | Jan. 17, 2022 shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) shares | |
IfrsStatementLineItems [Line Items] | |||||||||
Number of options, granted | 14,000 | 2,000 | |||||||
Compensation expenses | $ | $ 27 | $ 43 | $ 66 | $ 101 | |||||
Deferred Share Unit [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Compensation expenses | $ | $ 284 | $ 402 | |||||||
Number of share units granted | 100,000 | 80,000 | 100,000 | 80,000 | |||||
2018 Long Term Incentive Plan [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of options, granted | 14,000 | 2,000 | |||||||
Key management personnel of entity or parent [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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Supplemental Disclosure Of Cash Flow Information | ||||
Trade and other receivables | $ (411) | $ 205 | $ (9) | $ 425 |
Inventory | (1) | 41 | 139 | (165) |
Prepaid expenses and other current assets | 186 | (481) | 64 | (1,240) |
Payables and accrued liabilities | (159) | (133) | (322) | (14) |
Deferred revenues | (27) | 595 | (1,386) | 1,425 |
Taxes payable | 210 | 210 | ||
Provision for restructuring and other costs | (6) | (11) | ||
Employee future benefits | (142) | (269) | (396) | (387) |
Deferred gain | 466 | 466 | ||
Increase (decrease) in operating assets and liabilities | $ (94) | $ 168 | $ (1,455) | $ 254 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
IfrsStatementLineItems [Line Items] | ||||
Net loss | $ (4,145) | $ (3,420) | $ (10,917) | $ (10,276) |
Basic weighted-average shares outstanding | 4,855,876 | 4,855,876 | 4,855,876 | 4,855,876 |
Diluted weighted-average shares outstanding | 4,855,876 | 4,855,876 | 4,855,876 | 4,855,876 |
Basic loss per share | $ (0.85) | $ (0.70) | $ (2.25) | $ (2.12) |
Diluted loss per share | $ (0.85) | $ (0.70) | $ (2.25) | $ (2.12) |
Employee Stock Option One Deferred Stock Units [Member] | ||||
Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | ||||
Anti-dilutive shares | 252,550 | 142,375 | 252,550 | 142,375 |
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 | 457,648 | 457,648 |
Schedule of expected future min
Schedule of expected future minimum lease payments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
IfrsStatementLineItems [Line Items] | |
Total | $ 7,024 |
Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 6,857 |
One To Three Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 131 |
Four To Five Years [Member] | |
IfrsStatementLineItems [Line Items] | |
Total | 36 |
Later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Total |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Minimum lease payments net | $ 7,024 | |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Minimum lease payments net | $ 38,127 |