Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | AETERNA ZENTARIS INC. |
Entity Central Index Key | 1,113,423 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 16,440,760 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents (note 6) | $ 7,780 | $ 21,999 |
Trade and other receivables (note 8) | 221 | 365 |
Inventory (note 7) | 643 | 0 |
Prepaid expenses and other current assets | 737 | 379 |
Total current assets | 9,381 | 22,743 |
Restricted cash equivalents | 381 | 496 |
Property, plant and equipment (note 9) | 101 | 204 |
Deferred tax assets (note 20) | 3,479 | 0 |
Identifiable intangible assets (note 10) | 90 | 70 |
Other non-current assets | 150 | 593 |
Goodwill (note 11) | 8,613 | 7,553 |
Total assets | 22,195 | 31,659 |
Current liabilities | ||
Payables and accrued liabilities (note 12) | 2,987 | 3,745 |
Provision for restructuring costs (note 13) | 2,296 | 33 |
Current portion of deferred revenues (note 5) | 486 | 426 |
Total current liabilities | 5,769 | 4,204 |
Deferred revenues (note 5) | 55 | 474 |
Warrant liability (note 14) | 3,897 | 6,854 |
Employee future benefits (note 18) | 14,229 | 13,414 |
Provisions (note 15) | 1,028 | 501 |
Total liabilities | 24,978 | 25,447 |
SHAREHOLDERS' (DEFICIENCY) EQUITY | ||
Share capital (note 16) | 222,335 | 213,980 |
Other capital | 88,772 | 88,590 |
Deficit | (314,161) | (298,059) |
Accumulated other comprehensive income | 271 | 1,701 |
Total shareholders' (deficiency) equity | (2,783) | 6,212 |
Total liabilities and shareholders' (deficiency) equity | $ 22,195 | $ 31,659 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity $ in Thousands | USD ($)shares | Share capitalUSD ($)shares | Pre-funded warrantsUSD ($) | Other capitalUSD ($) | DeficitUSD ($) | Accumulated other comprehensive incomeUSD ($) | |
Beginning balance, number of shares (in shares) at Dec. 31, 2014 | shares | [1],[2] | 655,091 | |||||
Beginning balance at Dec. 31, 2014 | $ 14,484 | $ 150,544 | $ 0 | $ 86,639 | $ (222,322) | $ (377) | |
Changes in equity [abstract] | |||||||
Net loss | (50,143) | (50,143) | |||||
Other comprehensive income (loss): | |||||||
Foreign currency translation adjustments | 1,509 | 1,509 | |||||
Actuarial gain on defined benefit plan (note 18) | 844 | 844 | |||||
Comprehensive loss | (47,790) | (49,299) | 1,509 | ||||
Share issuances in connection with a public offering (in shares) | shares | [1],[2] | 3,250,481 | |||||
Issue of equity | 14,322 | $ 14,322 | |||||
Pre-funded warrant issuances in connection with a public offering | 8,653 | 8,653 | |||||
Share issuances pursuant to the exercise of pre-funded warrants (in shares) | shares | 346,294 | ||||||
Share issuances pursuant to the exercise of pre-funded warrants | 0 | $ 8,653 | (8,653) | ||||
Share issuances pursuant to the exercise of warrants (other than pre-funded warrants) (in shares) | shares | 5,676,831 | ||||||
Share issuances pursuant to the exercise of warrants (other than pre-funded warrants) | 31,077 | $ 31,077 | |||||
Share-based compensation costs | 869 | 869 | |||||
Ending balance, number of shares (in shares) at Dec. 31, 2015 | shares | [1],[2] | 9,928,697 | |||||
Ending balance at Dec. 31, 2015 | $ 21,615 | $ 204,596 | 0 | 87,508 | (271,621) | 1,132 | |
Beginning balance, number of shares (in shares) at Nov. 16, 2015 | shares | 655,984,512 | ||||||
Ending balance, number of shares (in shares) at Nov. 17, 2015 | shares | 6,559,846 | ||||||
Other comprehensive income (loss): | |||||||
Stock split, conversion ratio | 100 | ||||||
Beginning balance, number of shares (in shares) at Dec. 31, 2015 | shares | [1],[2] | 9,928,697 | |||||
Changes in equity [abstract] | |||||||
Net loss | $ (24,959) | (24,959) | |||||
Other comprehensive income (loss): | |||||||
Foreign currency translation adjustments | 569 | 569 | |||||
Actuarial gain on defined benefit plan (note 18) | (1,479) | (1,479) | |||||
Comprehensive loss | (25,869) | (26,438) | 569 | ||||
Share issuances in connection with a public offering (in shares) | shares | 1,150,000 | ||||||
Issue of equity | 3,377 | $ 3,377 | |||||
Pre-funded warrant issuances in connection with a public offering | 2,789 | 2,789 | |||||
Share issuances pursuant to the exercise of pre-funded warrants (in shares) | shares | [1],[2] | 950,000 | |||||
Share issuances pursuant to the exercise of pre-funded warrants | 0 | $ 2,789 | (2,789) | ||||
Share issuances in connection with at-the-market drawdowns (in shares) | shares | 889,298 | ||||||
Share issuances in connection with at-the-market drawdowns | 3,218 | $ 3,218 | |||||
Share-based compensation costs | 1,082 | 1,082 | |||||
Ending balance, number of shares (in shares) at Dec. 31, 2016 | shares | [1],[2] | 12,917,995 | |||||
Ending balance at Dec. 31, 2016 | 6,212 | $ 213,980 | $ 0 | 88,590 | (298,059) | 1,701 | |
Changes in equity [abstract] | |||||||
Net loss | (16,796) | (16,796) | |||||
Other comprehensive income (loss): | |||||||
Foreign currency translation adjustments | (1,430) | (1,430) | |||||
Actuarial gain on defined benefit plan (note 18) | 694 | 694 | |||||
Comprehensive loss | (17,532) | (16,102) | (1,430) | ||||
Share issuances pursuant to the exercise of pre-funded warrants (in shares) | shares | 301,343 | ||||||
Share issuances in connection with at-the-market drawdowns (in shares) | shares | 3,221,422 | ||||||
Share issuances in connection with at-the-market drawdowns | 7,378 | $ 7,378 | |||||
Share issuances pursuant to the exercise of warrants (other than pre-funded warrants) | 977 | $ 977 | |||||
Share-based compensation costs | 182 | 182 | |||||
Ending balance, number of shares (in shares) at Dec. 31, 2017 | shares | [1],[2] | 16,440,760 | |||||
Ending balance at Dec. 31, 2017 | $ (2,783) | $ 222,335 | $ 88,772 | $ (314,161) | $ 271 | ||
Other comprehensive income (loss): | |||||||
Stock split, conversion ratio | 100 | ||||||
[1] | Adjusted to reflect the November 17, 2015 100-to-1 Share Consolidation (see note 1 - Business overview and note 16 - Share capital). | ||||||
[2] | Issued and paid in full. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | ||
Revenues | ||||
Sales commission and other | $ 465 | $ 414 | $ 297 | |
License fees (note 5) | 458 | 497 | 248 | |
Total revenues | 923 | 911 | 545 | |
Operating expenses (note 17) | ||||
Research and development costs | 10,704 | 16,495 | 17,234 | |
General and administrative expenses | 8,198 | 7,147 | 11,308 | |
Selling expenses | 5,095 | 6,745 | 6,887 | |
Total operating expenses | 23,997 | 30,387 | 35,429 | |
Loss from operations | (23,074) | (29,476) | (34,884) | |
Gain (loss) due to changes in foreign currency exchange rates | 502 | (70) | (1,767) | |
Change in fair value of warrant liability (note 14) | 2,222 | 4,437 | (10,956) | |
Warrant exercise inducement fee (note 14) | 0 | 0 | (2,926) | |
Other finance income | 75 | 150 | 305 | |
Net finance income (costs) | 2,799 | 4,517 | (15,344) | |
Loss before income taxes | (20,275) | (24,959) | (50,228) | |
Income tax recovery (note 20) | 3,479 | 0 | 0 | |
Net loss from continuing operations | (16,796) | (24,959) | (50,228) | |
Net income from discontinued operations | 0 | 0 | 85 | |
Net loss | (16,796) | (24,959) | (50,143) | |
Items that may be reclassified subsequently to profit or loss: | ||||
Foreign currency translation adjustments | (1,430) | 569 | 1,509 | |
Items that will not be reclassified to profit or loss: | ||||
Actuarial gain (loss) on defined benefit plans (note 18) | 694 | (1,479) | 844 | |
Comprehensive loss | $ (17,532) | $ (25,869) | $ (47,790) | |
Net loss per share (basic and diluted) from continuing operations (in dollars per share) | $ / shares | [1] | $ (1.12) | $ (2,410) | $ (18,170) |
Net income per share (basic and diluted) from discontinued operations (in dollars per share) | $ / shares | [1] | 0 | 0 | 30 |
Net loss per share (basic and diluted) (in dollars per share) | $ / shares | [1] | $ (1.12) | $ (2,410) | $ (18,140) |
Weighted average number of shares outstanding (notes 24): | ||||
Basic and diluted (in shares) | shares | 14,958,704 | 10,348,879 | 2,763,603 | |
Stock split, conversion ratio | 100 | |||
[1] | Adjusted to reflect the November 17, 2015 100-to-1 Share Consolidation (see note 1 - Business overview and note 16 - Share capital). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net loss for the year | $ (16,796) | $ (24,959) | $ (50,228) |
Items not affecting cash and cash equivalents: | |||
Change in fair value of warrant liability (note 14) | (2,222) | (4,437) | 10,956 |
Provision for restructuring costs (note 13) | 3,083 | (8) | 932 |
Recapture of inventory previously written off (note 7) | (643) | 0 | 0 |
Depreciation, amortization and impairment (notes 9 and 10) | 94 | 280 | 341 |
Deferred income taxes (note 20) | (3,479) | 0 | 0 |
Share-based compensation costs (note 16) | 182 | 1,082 | 919 |
Employee future benefits (note 18) | 246 | 382 | 351 |
Amortization of deferred revenues (note 5) | (458) | (345) | (248) |
Foreign exchange (gain) loss on items denominated in foreign currencies | (553) | 87 | 1,581 |
Gain on disposal of property, plant and equipment | (136) | (1) | (264) |
Other non-cash items | (19) | (83) | 154 |
Gain associated with the extinguishment of warrant liability | 0 | 0 | (162) |
Transaction cost allocated to warrants issued (note 16) | 0 | 56 | 2,208 |
Series B Warrant exercise inducement fee (note 14) | 0 | 0 | 2,926 |
Changes in operating assets and liabilities (note 19) | (2,212) | (1,064) | (3,395) |
Net cash provided by operating activities of discontinued operations | 0 | 0 | 85 |
Net cash used in operating activities | (22,913) | (29,010) | (33,844) |
Cash flows from financing activities | |||
Proceeds from issuances of common shares, warrants (including pre-funded warrants), net of cash transaction costs of $250, $1,107, and $4,223 in 2017, 2016, and 2015, respectively (note 16) | 7,788 | 9,924 | 49,427 |
Proceeds from warrants exercised (note 14) | 242 | 0 | 0 |
Series B Warrant exercise inducement fee (note 14) | 0 | 0 | (2,926) |
Payment pursuant to warrant amendment agreements (note 16) | 0 | 0 | (5,703) |
Net cash provided by financing activities | 8,030 | 9,924 | 40,798 |
Cash flows from investing activities | |||
Purchase of property, plant and equipment (note 9) | (4) | (66) | (26) |
Disposals of property, plant and equipment (note 9) | 161 | 2 | 505 |
Decrease (increase) in restricted cash equivalents | 150 | (250) | 434 |
Net cash provided by (used in) investing activities | 307 | (314) | 913 |
Effect of exchange rate changes on cash and cash equivalents | |||
Effect of exchange rate changes on cash and cash equivalents | 357 | (51) | (1,348) |
Net change in cash and cash equivalents | (14,219) | (19,451) | 6,519 |
Cash and cash equivalents – Beginning of year | 21,999 | 41,450 | 34,931 |
Cash and cash equivalents – End of year | $ 7,780 | $ 21,999 | $ 41,450 |
Consolidated Statements of Cas6
Consolidated Statements of Cash Flows - Parenthetical - USD ($) | Dec. 14, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of cash flows [abstract] | ||||
Payments for share issue costs | $ 1,638,000 | $ 250,000 | $ 1,107,000 | $ 4,223,000 |
Business overview
Business overview | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Business overview | 1 Business overview Summary of business Aeterna Zentaris Inc. ("Aeterna Zentaris" or the "Company") is a specialty biopharmaceutical company engaged in developing and commercializing novel pharmaceutical therapies. On December 20, 2017, the FDA granted marketing approval for Macrilenâ„¢ (macimorelin) to be used in the diagnosis of patients with AGHD. On January 16, 2018, the Company through AEZS Germany entered into a license and assignment agreement with Strongbridge Ireland Limited ("Strongbridge") to carry out development, manufacturing, registration and commercialization of Macrilenâ„¢ (macimorelin) in the United States and Canada (the "Strongbridge License Agreement"). Reporting entity The accompanying consolidated financial statements include the accounts of Aeterna Zentaris Inc., an entity incorporated under the Canada Business Corporations Act , and its wholly-owned subsidiaries (collectively referred to as the "Group"). Aeterna Zentaris Inc. is the ultimate parent company of the Group. The Company currently has three wholly-owned direct and indirect subsidiaries, Aeterna Zentaris GmbH ("AEZS Germany"), based in Frankfurt, Germany, Zentaris IVF GmbH, a wholly-owned subsidiary of AEZS Germany, based in Frankfurt, Germany, and Aeterna Zentaris, Inc., an entity incorporated in the state of Delaware and with offices in Summerville, South Carolina, in the United States. The registered office of the Company is located at 1155 Rene-Levesque Blvd. West, 41 st Floor, Montreal, Quebec H3B 3V2, Canada. The Company's common shares are listed on both the Toronto Stock Exchange (the "TSX") and on the NASDAQ Capital Market (the "NASDAQ"). Basis of presentation (a) Statement of compliance These consolidated financial statements as at December 31, 2017 and December 31, 2016 and for the years ended December 31, 2017 , 2016 and 2015 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") . The accounting policies in these consolidated financial statements are consistent with those of the previous financial year and previous quarter. These consolidated financial statements were approved by the Company's Board of Directors on March 27, 2018 . 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) 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. (c) 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"). On January 1, 2015 , the Company and its U.S. subsidiary, Aeterna Zentaris, Inc., changed their functional currency from the Euro ("EUR") to the U.S. dollar, given that changes to underlying transactions, events and conditions indicated that the U.S. dollar more appropriately reflects the primary economic environment in which these entities operate. This change in functional currency was accounted for prospectively. The functional currency of the German subsidiaries remains the EUR. 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 income within shareholders' (deficiency) 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 statement of comprehensive loss. Foreign exchange gains and losses that relate to cash and cash equivalents are presented within finance income or finance costs in the consolidated statement of comprehensive loss. All other foreign exchange gains and losses are presented in the consolidated statement of comprehensive loss within operating expenses. (d) Share consolidation (reverse stock split) On November 17, 2015 , the Company effected a consolidation of its issued and outstanding common shares on a 100 to 1 basis (the "Share Consolidation"). The Share Consolidation affected all shareholders, option holders and warrant holders uniformly and thus did not materially affect any security holder's percentage of ownership interest. All references in these consolidated financial statements to common shares, options and share purchase warrants have been retroactively adjusted to reflect the Share Consolidation. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
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. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method for all inventories. 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 product sales. For product candidates that have not been approved by the FDA, inventory used in clinical trials is wrote down at the time of production and recorded as research and development ("R&D") costs. For products that have been approved by the FDA, inventory used in clinical trials is expensed at the time the inventory is packaged for the clinical trial. All direct manufacturing costs incurred after approval are capitalized into inventory. Restricted cash equivalents Restricted cash equivalents are comprised of bank deposits, related to a guarantee for a long-term operating lease obligation and for a corporate credit card program that cannot be used for current purposes. Property, plant and equipment and depreciation Items of property, plant and equipment are recorded at cost, net of related government grants and accumulated depreciation and impairment charges. Depreciation is calculated using the following methods, annual rates and period: Methods Annual rates and period Equipment Declining balance and straight-line 20% Furniture and fixtures Declining balance and straight-line 10% and 20% Computer equipment Straight-line 25% and 33 1 /3% Leasehold improvements Straight-line Remaining lease term Depreciation expense, which is recorded in the consolidated statement of comprehensive loss, is allocated to the appropriate functional expense categories to which the underlying items of property, plant and equipment relate. Identifiable intangible assets and amortization Identifiable intangible assets with finite useful lives consist of in-process R&D acquired in business combinations, patents and trademarks. 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, where applicable, and accumulated amortization. Identifiable intangible assets with finite useful lives are amortized, from the time at which the assets are available for use, on a straight-line basis over their estimated useful lives of eight to fifteen years for in-process R&D and patents and ten years for trademarks. Amortization expense, which is recorded in the consolidated statement of comprehensive loss, is allocated to the appropriate functional expense categories to which the underlying identifiable intangible assets relate. Goodwill Goodwill represents the excess of the purchase price over the fair values of the net assets of entities acquired at their respective dates of acquisition. Goodwill is carried at cost less accumulated impairment losses. Goodwill is allocated to each cash-generating unit ("CGU") or group of CGUs that are expected to benefit from the related business combination. Impairment of assets Items of property, plant and equipment and identifiable intangible assets with finite lives 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. 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 the purpose 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. Impairment losses are allocated to the appropriate functional expense categories to which the underlying identifiable intangible assets relate, and are recorded in the consolidated statement of comprehensive loss. Items of property, plant and equipment and amortizable identifiable intangible assets with finite lives that 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 and instead is tested for impairment annually or more often if there is an indication that the CGU to which the goodwill has been allocated may be impaired. Impairment is determined for goodwill by assessing whether the carrying value of a CGU, including the allocated goodwill, exceeds its recoverable amount, which is the higher of fair value less costs to sell and value in use. In the event that the carrying amount of goodwill exceeds its recoverable amount, an impairment loss is recognized in an amount equal to the excess. Impairment losses related to goodwill are not subsequently reversed. Share purchase warrants Share purchase warrants are classified as liabilities when the Company does not have the unconditional right to avoid delivering cash to the holders in the future. Each of the Company's share purchase warrants contains a written put option, arising upon the occurrence of a fundamental transaction, as that term is defined in the share purchase warrants, including a change of control. As a result of the existence of these put options, and despite the fact that the repurchase feature is conditional on a defined contingency, the share purchase warrants are required to be classified as a financial liability, since such contingency could ultimately result in the transfer of assets by the Company. The warrant liability is initially measured at fair value, and any subsequent changes in fair value are recognized as gains or losses through profit or loss. Any transaction costs related to the share purchase warrants are expensed as incurred. The warrant liability is classified as non-current, unless the underlying share purchase warrants will expire or be settled within 12 months from the end of a given reporting period. Employee benefits Salaries and other short-term benefits Salaries and other short-term benefit obligations are measured on an undiscounted basis and are recognized in the consolidated statement of comprehensive loss over the related service period or when the Company has a present legal or constructive obligation to make payments as a result of past events and when the amount payable can be estimated reliably. Post-employment benefits The Company's subsidiary in Germany maintains defined contribution and unfunded defined benefit plans, as well as other benefit plans for its employees. For defined benefit pension plans and other post-employment benefits, net periodic pension expense is actuarially determined on a quarterly basis using the projected unit credit method. The cost of pension and other benefits earned by employees is determined by applying certain assumptions, including discount rates, the projected age of employees upon retirement, the expected rate of future compensation and employee turnover. The employee future benefits liability is recognized at its present value, which is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related future benefit liability. Actuarial gains and losses that arise in calculating the present value of the defined benefit obligation are recognized in other comprehensive loss, net of tax, and simultaneously reclassified in the deficit in the consolidated statement of financial position in the year in which the actuarial gains and losses arise and without recycling to the consolidated statement of comprehensive loss in subsequent periods. For defined contribution plans, expenses are recorded in the consolidated statement of comprehensive loss as incurred–namely, over the period that the related employee service is rendered. Termination benefits Termination benefits are recognized in the consolidated statement of comprehensive loss when the Company is demonstrably committed, without the realistic possibility of withdrawal, to a formal detailed plan to terminate employment earlier than originally expected. Termination benefit liabilities expected to be settled after 12 months from the end of a given reporting period are discounted to their present value, where material. Financial instruments The Company classifies its financial instruments in the following categories: "Financial assets at fair value through profit or loss ("FVTPL"); "Loans and receivables"; "Financial liabilities at "FVTPL"; and "Other financial liabilities". Financial assets and liabilities are offset, and the net amount is reported in the consolidated statement of financial position, when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. (a) Classification Financial assets at fair value through profit or loss Financial assets at FVTPL are financial assets held for trading. Fair value is defined as the amount at which the financial assets could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. A financial asset is classified as at FVTPL if the instrument is acquired or received as consideration principally for the purpose of selling in the short-term. Financial assets at FVTPL are classified as current assets if expected to be settled within 12 months from the end of a given reporting period; otherwise, the assets are classified as non-current. As at December 31, 2017 and 2016 , the Company held no assets classified as financial assets at FVTPL. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are included in current assets, except for instruments with maturities greater than 12 months after the end of a given reporting period or where restrictions apply that limit the Company from using the instrument for current purposes, which are classified as non-current assets. The Company's loans and receivables are comprised of cash and cash equivalents, trade and other receivables and restricted cash equivalents. Financial liabilities at fair value through profit or loss Financial liabilities at FVTPL are financial liabilities held for trading. A financial liability is classified as at FVTPL if the instrument is acquired or incurred principally for the purpose of selling or repurchasing in the short-term or where the Company does not have the unconditional right to avoid delivering cash or another financial asset to the holders in certain circumstances. Financial liabilities at FVTPL are classified as current liabilities if required to be settled within 12 months from the end of a given reporting period; otherwise, the liabilities are classified as non-current. Financial liabilities at FVTPL are currently comprised of the Company's warrant liability. Other financial liabilities Other financial liabilities include trade accounts payable and accrued liabilities, provision for restructuring and other non-current liabilities. (b) Recognition and measurement Financial assets at fair value through profit or loss Financial assets at FVTPL are recognized on the settlement date, which is the date on which the asset is delivered to the Company. Financial assets at FVTPL are initially recognized at fair value, and transaction costs are expensed immediately in the consolidated statement of comprehensive loss. Financial assets at FVTPL are derecognized when the right to receive cash flows from the underlying investment have expired or have been transferred and when the Group has transferred substantially all risks and rewards of ownership. Gains and losses arising from changes in the fair value of financial assets at FVTPL are presented in the consolidated statement of comprehensive loss within finance income or finance costs in the period in which they arise. Loans and receivables Loans and receivables are recognized on the settlement date and are measured initially at fair value and subsequently at amortized cost using the effective interest rate method. Financial liabilities at fair value through profit or loss Financial liabilities at FVTPL are recognized on the settlement date. Financial liabilities at FVTPL are initially recognized at fair value, and transaction costs are expensed immediately in the consolidated statement of comprehensive loss. Gains and losses arising from changes in the fair value of financial liabilities at FVTPL are presented in the consolidated statement of comprehensive loss in the period in which they arise. Other financial liabilities Financial instruments classified as "Other financial liabilities" are measured initially at fair value and subsequently at amortized cost using the effective interest rate method. (c) Impairment Financial assets measured at amortized cost are reviewed for impairment at each reporting date. Where there is objective evidence that impairment exists for a financial asset measured at amortized cost, an impairment charge equivalent to the difference between the asset's carrying amount and the present value of estimated future cash flows is recorded in the consolidated statement of comprehensive loss. The expected cash flows exclude future credit losses that have not been incurred and are discounted at the financial asset's original effective interest rate. Impairment charges related to financial assets carried at amortized cost are reversed if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized. However, the reversal cannot result in a carrying amount of the financial asset that exceeds what the amortized cost would have been had the impairment not been recognized at the date the impairment is reversed. Share capital Common shares are classified as equity. Incremental costs that are directly attributable to the issuance of common shares and stock options are recognized as a deduction from equity, net of any tax effects. Where offerings result in the issuance of units (where each unit is comprised of a common share of the Company and a share purchase warrant, exercisable in order to purchase a common share or fraction thereof), proceeds received in connection with those offerings are allocated between Share capital and Share purchase warrants based on the residual method. Proceeds are allocated to warrant liability based on the fair value of the share purchase warrants, and the residual amount of proceeds is allocated to Share capital. Transaction costs in connection with such offerings are allocated to the liability and equity unit components in proportion to the allocation of proceeds. Provisions Provisions represent liabilities to the Company for which the amount or timing is uncertain. Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, such as organizational restructuring, when it is probable that an outflow of resources will be required to settle the obligation and where the amount can be reliably estimated. Provisions are not recognized for future operating losses. Provisions are made for any contracts which are deemed onerous. A contract is onerous if the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Provisions for onerous contracts are measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Present value is determined based on expected future cash flows that are discounted at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized in finance costs. Revenue recognition Licensing revenues and multiple element arrangements The Company is currently in a phase in which certain potential products are being further developed or marketed jointly with partners and licensees. Existing licensing agreements usually involve one-time payments (upfront payments), payments for R&D services in the form of cost reimbursements, milestone payments and royalty receipts for licensing and marketing product candidates. Revenues associated with those multiple-element arrangements are allocated to the various elements based on their relative fair value. Agreements containing multiple elements are divided into separate units of accounting if certain criteria are met, including whether the delivered element has stand-alone value to the customer and whether there is objective and reliable evidence of the fair value of the undelivered obligation(s). The consideration received is allocated among the separate units based on each unit's fair value, and the applicable revenue recognition criteria are applied to each of the separate units. License fees representing non-refundable payments received at the time of executing the license agreements are recognized as revenue upon signature of the license agreements when the Company has no significant future performance obligations under a multiple element arrangement and collectibility of the fees is probable. When there are future performance obligations under a multiple element arrangement, upfront payments received at the beginning of licensing agreements are deferred and recognized as revenue on a systematic basis over the period during which the related services are rendered and all obligations are performed. Milestone payments Milestone payments, which are generally based on developmental or regulatory events, are recognized as revenue when the milestones are achieved, collectibility is assured, and when the Company has no significant future performance obligations in connection with the milestones. Sales Commission Revenues from sales commission are recognized when all the following conditions are satisfied: i. the service provided; ii. the amount of revenue can be measured reliably; and iii. it is probable that the economic benefits associated with the transaction will flow to the Company. The Company is responsible for promoting some products. Therefore, there is no continuing involvement following the patient starting the treatment and buying the products. 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. Current and deferred 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. Research and development costs Research costs are expensed as incurred. Development costs are expensed as incurred, except for those that meet generally accepted 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. Discontinued operations A discontinued operation is a component of the Company that has been disposed of, or is classified as held for sale, and represents a separate major line of business or geographical area of operations and/or is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. Classification as a discontinued operation occurs upon the earlier of the disposal of the operation (or disposal group) or the date at which the operation meets the criteria for classification as held for sale. When an operation is classified as discontinued, comparative statements of comprehensive loss and cash flows are presented as if the operations had been discontinued at the beginning of the earliest comparative period presented. Net (loss) income per share Basic net (loss) income per share is calculated using the weighted average number of common shares outstanding during the year. Diluted net (loss) income per share is calculated based on the weighted average number of common shares outstanding during the year, plus the effects of dilutive common share equivalents, such as stock options and share purchase warrants. This method requires that diluted net (loss) income per share be calculated using the treasury stock method, as if all common share equivalents had been exercised at the beginning of the reporting period, or period of issuance, as the case may be, and that the funds obtained thereby were used to purchase common shares of the Company at the average trading price of the common shares during the period. |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
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. (a) Critical accounting estimates and assumptions 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. Fair value of the warrant liability and stock options Determining the fair value of the warrant liability and stock options requires judgment related to the selection of the most appropriate pricing model, the estimation of stock price volatility and the expected term of the underlying instruments. Any changes in the estimates or inputs utilized to determine fair value could result in a significant impact on the Company's future operating results, liabilities or other components of shareholders' equity. Fair value assumptions used are described in note 14 - Warrant liability and 16 - Share capital . Goodwill impairment The annual impairment assessment related to goodwill requires to estimate the recoverable amount, which has been determined using fair value less costs of disposal. This evaluation is based on estimates that are derived from current market capitalization and on other factors, including assumptions related to relevant industry-specific market analyses and potential costs to dispose. The Company also concluded that there was only one CGU as management monitors goodwill on an overall entity basis. Future events, including a significant reduction in the Company's share price, could cause the assumptions utilized in the impairment tests to change, resulting in a potentially adverse effect on the Company's future results due to increased impairment charges. 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, the projected age of employees upon retirement, the expected rate of future compensation and estimated employee turnover. Because the determination of the cost and obligations associated with employee future benefits requires the use of various assumptions, there is measurement uncertainty inherent in the actuarial valuation process. Actual results will differ from results that are estimated based on the aforementioned assumptions. Additional information is included in note 18 - Employee future benefits . Income taxes The estimation of income taxes includes evaluating the recoverability of deferred tax assets based on an assessment of Group entities' ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. Management assesses whether it is probable that some or all of the deferred income tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income, which in turn is dependent upon the successful commercialization of the Company's products. To the extent that management's assessment of any Group entity's ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets, and future income tax provisions or recoveries could be affected. Additional information is included in note 20 - Income taxes . (b) Critical judgments in applying the Company's accounting policies Revenue recognition Management's assessments related to the recognition of revenues related to arrangements containing multiple elements are based on judgment. Judgment is necessary to identify separate units of accounting and to allocate related consideration to each separate unit of accounting. Where deferral of upfront payments or license fees is deemed appropriate, subsequent revenue recognition is often determined based upon the assessment of the Company's continuing involvement in the arrangement, the benefits expected to be derived by the customer and, where applicable, expected patent lives. Additional information is included in note 5 - Deferred revenues related to licensing arrangements and co-development agreement. |
Recent accounting pronoucements
Recent accounting pronoucements | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies, Changes In Accounting Estimates And Errors [Abstract] | |
Recent accounting pronouncements | 4 Recent accounting pronouncements Accounting standards adopted without impact In January 2016, the IASB issued amendments to IAS 12, Income taxes to clarify the requirements for recognizing deferred tax assets on unrealized losses. The amendments clarify the accounting for deferred tax where an asset is measured at fair value and that fair value is below the asset's tax base. They also clarify certain other aspects of accounting for deferred tax assets. The amendments are effective from January 1, 2017. The Company concluded that these amendments have no impact on the Company's consolidated financial statements. In January 2016, the IASB issued an amendment to IAS 7, Statement of cash flows , introducing an additional disclosure that will enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendment is part of the IASB's Disclosure Initiative, which continues to explore how financial statement disclosure can be improved. The amendment is effective from January 1, 2017. The Company believes that the information provided in note 14 is sufficient to meet this new requirement. Accounting standards not yet adopted The final version of IFRS 9, Financial Instruments ("IFRS 9"), was issued by the IASB in July 2014 and will replace IAS 39, Financial Instruments: Recognition and Measurement ("IAS 39"). IFRS 9 introduces a model for classification and measurement, a single, forward-looking expected loss impairment model and a substantially reformed approach to hedge accounting. The new single, principle-based approach for determining the classification of financial assets is driven by cash flow characteristics and the business model in which an asset is held. The new model also results in a single impairment model being applied to all financial instruments, which will require more timely recognition of expected credit losses. It also includes changes in respect of an entity's own credit risk in measuring liabilities elected to be measured at fair value, so that gains caused by the deterioration of an entity's own credit risk on such liabilities are no longer recognized in profit or loss. IFRS 9, which is to be applied retrospectively, is effective for annual periods beginning on or after January 1, 2018. There are amendments to IFRS 7 which require additional disclosures on transition from IAS 39 to IFRS 9. These amendments are effective upon adoption of IFRS 9. The Company is currently assessing the impact, if any, that these new standards may have on the Company's consolidated financial statements. In May 2014, the IASB issued IFRS 15, Revenue from Contracts with Customers ("IFRS 15"). The objective of this new standard is to provide a single, comprehensive revenue recognition framework for all contracts with customers to improve comparability of financial statements of companies globally. This new standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to receive in exchange for those goods or services. This new standard is effective for annual periods beginning on or after January 1, 2018. The Company is currently assessing the impact, if any, that these amendments may have on the Company's consolidated financial statements. In November 2016, the IFRS Interpretations Committee issued an Interpretation on how to determine the date of the transaction when applying IAS 21, The Effects of Changes in Foreign Exchange Rates . The Interpretation applies where an entity either pays or receives consideration in advance for foreign currency-denominated contracts. The Interpretation provides guidance for when a single payment/receipt is made, as well as for situations where multiple payments/receipts are made. The Interpretation is effective for annual periods beginning on or after January 1, 2018. The Company is currently assessing the impact, if any, that these amendments may have on the Company's consolidated financial statements. In December 2016, IFRIC 22, "Foreign Currency Transactions and Advance Consideration", was issued. IFRIC 22 addresses how to determine the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) and on the derecognition of a non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration in a foreign currency. IFRIC 22 is effective for annual periods beginning on or after January 1, 2018. Early adoption is permitted. The company is currently assessing the impact, if any, that this new standard may have on the Company's consolidated financial statements. In January 2016, the IASB issued IFRS 16, Leases ("IFRS 16"), which supersedes IAS 17, Leases , and the related interpretations on leases: IFRIC 4, Determining Whether an Arrangement Contains a Lease; Standard Interpretations Committee ("SIC") 15, Operating Leases - Incentives; and SIC 27, Evaluating the Substance of Transactions in the Legal Form of a Lease . IFRS 16 is effective for annual periods beginning on or after January 1, 2019, with earlier adoption permitted for companies that also apply IFRS 15. The Company is currently assessing the impact, if any, that this new standard may have on the Company's consolidated financial statements. In June 2017, FRIC 23, "Uncertainty over Income Tax Treatment", was issued. IFRIC 23 provides guidance on how to value uncertain income tax positions based on the probability of whether the relevant tax authorities will accept the company's tax treatments. A company is to assume that a taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. IFRIC 23 is effective for annual periods beginning on or after January 1, 2019. The company is currently assessing the impact, if any, that this new standard may have on the Company's consolidated financial statements. |
Deferred revenues related to li
Deferred revenues related to licensing arrangements and co-development agreement | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Deferred revenues related to licensing arrangements and co-development agreement | 5 Deferred revenues related to licensing arrangements and co-development agreement Zoptrexâ„¢ License Agreements On July 1, 2016 , the Company entered into a license agreement (the "Cyntec License Agreement") with Cyntec Co., Ltd. ("Cyntec"), an affiliate of Orient EuroPharma Co., Ltd. ("OEP") for Zoptrexâ„¢ (zoptarelin doxorubicin) for the initial indication of endometrial cancer. Under the terms of the Cyntec License Agreement, the Company was paid a non-refundable upfront cash payment (the "License Fee") of 500,000 Euros in consideration for the license to Cyntec of the Company's intellectual property related to Zoptrexâ„¢ and the grant to Cyntec of the right to commercialize Zoptrexâ„¢ in a territory consisting of Taiwan and nine countries in southeast Asia (the "OEP Territory"). Cyntec has also agreed to make additional payments to the Company upon achieving certain pre-established regulatory and commercial milestones. Furthermore, the Company will receive royalties based on future net sales of Zoptrexâ„¢ in the OEP Territory. Cyntec will be responsible for the development, registration, reimbursement and commercialization of the product in the OEP Territory. The Company also entered into related Technology Transfer and Supply Agreements with another affiliate of OEP, pursuant to which the Company will transfer to such affiliate the technology necessary to permit the affiliate to manufacture finished Zoptrexâ„¢ using quantities of the active pharmaceutical agreement purchased from the Company pursuant to the Supply Agreement. On December 1, 2014 , the Company entered into an exclusive master collaboration agreement ("Master Collaboration Agreement"), a technology transfer and technical assistance agreement ("Tech Transfer Agreement") and a license agreement ("Sinopharm License Agreement") with Sinopharm A-Think Pharmaceuticals Co., Ltd. ("Sinopharm") for the development, manufacture and commercialization of Zoptrexâ„¢ in all human uses, in the People's Republic of China, including Hong Kong and Macau (collectively, the "Sinopharm Territory"). Under the terms of the TTA, Sinopharm made a one-time, non-refundable payment (the "Transfer Fee") of $1,000,000 to the Company in consideration for the transfer of technical documentation and materials, know-how and technical assistance services. Additionally, pursuant to the Sinopharm License Agreement, the Company is entitled to receive additional consideration upon achieving certain milestones, including the occurrence of certain regulatory and commercial events in the Sinopharm Territory. Furthermore, the Company is entitled to royalties on future net sales of Zoptrexâ„¢ in the Sinopharm Territory. The Company has continuing involvement in the aforementioned arrangements, including the transfer of documentation, know-how and materials, as well as the provision of technical assistance, such as quality systems implementation, analytical and stability testing, territory-specific development initiatives, and other services. The Company has applied the provisions of IAS 18, Revenue ("IAS 18"), and has determined that all deliverables and performance obligations contemplated by the agreements with Cyntec/OEP and Sinopharm should be accounted for as a single unit of accounting, limited to amounts that are not contingent upon the delivery of additional items or the meeting of other specified performance conditions which are not known, probable or estimable at the time at which the agreements with OEP and Sinopharm were entered into. The Company has deferred the non-refundable License and Transfer Fees and is amortizing the related payment as revenue on a straight-line basis over the period during which the aforementioned services are rendered and obligations are performed. In determining the period over which the License and Transfer Fee revenues are to be recognized, the Company concluded that its significant continuing involvement in the aforementioned agreements will span approximately until the end of December 2018 . However, the Company may adjust the amortization period based on appropriate facts and circumstances not yet known, that would significantly change the duration of the Company's continuing involvement and performance obligations or benefits expected to be derived by OEP and Sinopharm. Future milestone payments will be recognized as revenue individually and in full upon the actual achievement of the related milestone, given the substantive nature of each milestone. Lastly, upon initial commercialization and sale of the developed product, the Company will recognize royalty revenues as earned, based on the contractual percentage applied to the actual net sales achieved by OEP or Sinopharm, as per the license agreement. On May 1, 2017, the Company announced that the ZoptEC pivotal Phase 3 clinical study of Zoptrexâ„¢ in women with locally advanced, recurrent or metastatic endometrial cancer did not achieve its primary endpoint of demonstrating a statistically significant increase in the median period of overall survival of patients treated with Zoptrexâ„¢ as compared to patients treated with doxorubicin. The results of the study are not supportive to pursue regulatory approval. Based on this outcome, the Company does not anticipate conducting clinical trials of Zoptrexâ„¢ with respect to any other indications. The Company currently has deferred revenues at December 31, 2017 of $541,000 relating to non-refundable upfront payments it previously received for licensing and technology transfer arrangements that it entered into with respect to the development of Zoptrexâ„¢ in various territories. Due to events that occurred in 2018, the Company does not anticipate development of Zoptrexâ„¢ under the licensing agreements, therefore the Company's remaining carrying amount of deferred revenues will be recognized in the first quarter of 2018 as income. Ergomed Agreement On April 10, 2013 , the Company entered into a co-development and revenue-sharing agreement ("CDRSA") with Ergomed Clinical Research Limited ("Ergomed"), pursuant to which Ergomed agreed to assist the Company in the clinical development program for Zoptrexâ„¢ for the purpose of maximizing the commercialization potential of Zoptrexâ„¢ with the ultimate aim of selling or licensing Zoptrexâ„¢. Concurrently with the execution of the CDRSA, the Company entered into a master services agreement ("MSA") with Ergomed for a Phase 3 clinical trial of Zoptrexâ„¢ in endometrial cancer, pursuant to which Ergomed provided clinical development services with respect to the co-development initiative referred to above. While Ergomed will not directly contribute any cash proceeds towards the completion of the activities contemplated by the CDRSA, Ergomed, as primary supplier of a substantial portion of Zoptrexâ„¢ related clinical and regulatory activities, will contribute to the overall funding of the initiative via the application of a 30% discount from the costs set forth in the MSA until the cumulative total of such reductions reaches a maximum of $10,000,000 . As of December 31, 2017 the amount not charged by Ergomed totaled approximately 9,900,000 . Ergomed will be entitled to receive an agreed upon single-digit percentage of any future net income (as defined in the CDRSA) or other proceeds related to the licensing of Zoptrexâ„¢ in endometrial cancer indication, up to a specified maximum amount. The Company recognizes R&D costs associated with the CDRSA and MSA net of the 30% discount, as services are rendered by Ergomed in the consolidated statement of comprehensive loss. During the years ended December 31, 2017 , 2016 and 2015 , the Company expensed a total of $1,117,000 , $4,436,000 , $7,140,000 , respectively, pursuant to the CDRSA and MSA. As mentioned previously, the results of the Zoptec pivotal Phase 3 clinical study of Zoptrexâ„¢ are not supportive to pursue regulatory approval and consequently the Company does not anticipate incurring additional R&D costs associated with the CDRSA and MSA. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | 6 Cash and cash equivalents December 31, 2017 2016 $ $ Cash on hand and balances with banks 7,780 21,999 7,780 21,999 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Inventory | 7 Inventory December 31, 2017 2016 $ $ Finished goods inventory 556 — Semi-finished goods inventory 87 — 643 — Inventory was written off at the end of December 31, 2016. With the approval of Macrilen™ (macimorelin) and the Strongbridge License Agreement (see note 26 - Subsequent events) the Company has re-capitalized the inventory costs in 2017 that were previously written off. Based on the Strongbridge License Agreement, the Company will sell all Macrilen™ (macimorelin) inventory to Strongbridge. |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2017 | |
Trade and other receivables [abstract] | |
Trade and other receivables | 8 Trade and other receivables December 31, 2017 2016 $ $ Trade accounts receivable 20 155 Value added tax 186 130 Other 15 80 221 365 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | 9 Property, plant and equipment Components of the Company's property, plant and equipment are summarized below. Cost Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At January 1, 2016 4,039 19 746 19 4,823 Additions 27 — 19 20 66 Disposals / Retirements — — (3 ) — (3 ) Impact of foreign exchange rate changes (147 ) — (25 ) (2 ) (174 ) At December 31, 2016 3,919 19 737 37 4,712 Additions 2 — 2 — 4 Disposals / Retirements (2,160 ) — (43 ) — (2,203 ) Impact of foreign exchange rate changes 507 — 94 5 606 At December 31, 2017 2,268 19 790 42 3,119 Accumulated depreciation Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At January 1, 2016 3,873 — 683 11 4,567 Disposals / Retirements — — (2 ) — (2 ) Depreciation expense 70 2 36 4 112 Impact of foreign exchange rate changes (144 ) — (25 ) — (169 ) At December 31, 2016 3,799 2 692 15 4,508 Disposals / Retirements (2,135 ) — (43 ) — (2,178 ) Depreciation expense 50 2 30 18 100 Impact of foreign exchange rate changes 496 — 90 2 588 At December 31, 2017 2,210 4 769 35 3,018 Carrying amount Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At December 31, 2016 120 17 45 22 204 At December 31, 2017 58 15 21 7 101 Depreciation of $100,000 ( $112,000 in 2016 and $260,000 in 2015 ) is presented in the consolidated statement of comprehensive loss as follows: $69,000 ( $80,000 in 2016 and $231,000 in 2015 ) in R&D costs, $10,000 ( $11,000 in 2016 and $13,000 in 2015 ) in G&A expenses and $21,000 ( $21,000 in 2016 and $16,000 in 2015 ) in selling expenses. |
Identifiable intangible assets
Identifiable intangible assets | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [abstract] | |
Identifiable intangible assets | 10 Identifiable intangible assets Identifiable intangible assets with finite useful lives consist entirely of in-process R&D costs, patents and trademarks. Changes in the carrying value of the Company's identifiable intangible assets with finite useful lives are summarized below. Year ended December 31, 2017 Year ended December 31, 2016 Cost Accumulated amortization Carrying value Cost Accumulated amortization Carrying value $ $ $ $ $ $ Balances – Beginning of the year 30,032 (29,962 ) 70 31,151 (30,914 ) 237 Additions — — — 5 — 5 Impairment (loss) reversal* — 44 44 — (85 ) (85 ) Recurring amortization expense* — (38 ) (38 ) — (83 ) (83 ) Impact of foreign exchange rate changes 4,214 (4,200 ) 14 (1,124 ) 1,120 (4 ) Balances – End of the year 34,246 (34,156 ) 90 30,032 (29,962 ) 70 _________________________ * Recorded with R&D costs in the consolidated statements of comprehensive loss. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets [Abstract] | |
Goodwill | 11 Goodwill The change in carrying value is as follows: Cost Accumulated impairment loss Carrying amount $ $ $ At January 1, 2016 7,836 — 7,836 Impact of foreign exchange rate changes (283 ) — (283 ) At December 31, 2016 7,553 — 7,553 Impact of foreign exchange rate changes 1,060 — 1,060 At December 31, 2017 8,613 — 8,613 |
Payables and accrued liabilitie
Payables and accrued liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Payables and accrued liabilities | 12 Payables and accrued liabilities December 31, 2017 2016 $ $ Trade accounts payable 1,222 2,044 Accrued research and development costs 127 340 Salaries, employment taxes and benefits 390 156 Current portion of onerous contract provisions (note 15) 173 295 Other accrued liabilities 1,075 910 2,987 3,745 |
Provision for restructuring cos
Provision for restructuring costs | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Provision for restructuring costs | 13 Provision for restructuring costs On October 9, 2015, the Company's Board of Directors approved a plan to restructure the Company's finance and accounting operations and to close the Company's Quebec City office (the "2015 Corporate Restructuring"). The Company transferred all functions performed by the five employees in its Quebec City office to other personnel. As of December 31, 2016, the Corporate Restructuring was completed. In July 2017 , the Company's subsidiary located in Germany and its Works Council approved the Company's restructuring program (the "2017 German Restructuring"), creating a constructive obligation from that date. The 2017 German Restructuring is a consequence of the negative Phase 3 clinical trial results of Zoptrex TM announced on May 1, 2017 and the related impact on the Company's product pipeline. This is also part of the continued strategy to transition Aeterna Zentaris into a commercially operating specialty biopharmaceutical organization. The goal of the 2017 German Restructuring is to reduce to a minimum the Company R&D activities and is expected to result in the termination of approximately 24 employees of the German subsidiary. The Company started implementing the 2017 German Restructuring in the fourth quarter of 2017, with staff departures expected to be completed over a period of approximately 18 months. Total initial restructuring costs associated with the 2017 German Restructuring include severance accruals and other directly related costs ($2,002,000) and an onerous lease provision ($1,113,000), which has been recorded as follows in the accompanying consolidated statement of comprehensive loss: $2,644,000 in R&D costs, $275,000 in General and administrative ("G&A") expenses and $196,000 in selling expenses. These estimated costs may vary as a result of changes in the underlying assumptions applied thereto, including but not limited to, the time needed to sublease the unused premises. Most of the restructuring accruals are expected to be paid in the financial year ending December 31, 2018 . The changes in the Company's provision for restructuring costs can be summarized as follows: Resource Optimization Program 2015 Corporate Restructuring 2017 German Restructuring Total $ $ $ $ At January 1, 2016 75 557 — 632 Utilization of provision (43 ) (523 ) — (566 ) Change in the provision — (8 ) — (8 ) Impact of foreign exchange rate changes 1 (26 ) — (25 ) At December 31, 2016 33 — — 33 Provision recognized — — 3,115 3,115 Utilization of provision (33 ) — (157 ) (190 ) Change in the provision — — (32 ) (32 ) Impact of foreign exchange rate changes — — 88 88 At December 31, 2017 — — 3,014 3,014 Less: current portion — — (2,296 ) (2,296 ) Non-current portion* — — 718 718 * The non-current portion consists exclusively of an onerous lease provision. |
Warrant liability
Warrant liability | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Warrant liability | 14 Warrant liability The change in the Company's warrant liability can be summarized as follows: Years ended December 31, 2017 2016 2015 $ $ $ Balance – Beginning of the year 6,854 10,891 8,225 Share purchase warrants issued during the year (note 16) — 400 28,678 Derecognition due to early expiry (note 16) — — (5,865 ) Share purchase warrants exercised during the year (735 ) — (31,103 ) Change in fair value of share purchase warrants (2,222 ) (4,437 ) 10,956 Balance - End of the year 3,897 6,854 10,891 Less: current portion — — (1,411 ) Non-current portion 3,897 6,854 9,480 A summary of the activity related to the Company's share purchase warrants is provided below. Years ended December 31, 2017 2016 2015 Number Weighted average exercise price (US$) Number Weighted average exercise price (US$) Number Weighted average exercise price (US$) Balance – Beginning of the year 3,779,245 9.66 * 2,842,309 11.30 * 287,852 104.46 Issued (note 16) — — 945,000 4.70 3,076,956 5.94 * Exercised (331,730 ) ** 1.07 — — (298,088 ) 4.24 Expired (note 16) (29,675 ) 345.00 (8,064 ) 4.23 (224,111 ) 66.90 Non-current portion 3,417,840 7.59 3,779,245 9.66 2,842,309 11.30 _________________________ * As adjusted ( note 16 - Share capital ) ** A portion of the Series A warrants was exercised using the cashless feature. Therefore, the total number of equivalent shares issued was 301,343 . The following table summarizes the share purchase warrants outstanding and exercisable as at December 31, 2017 : Exercise price ($) Number Weighted average remaining contractual life (years) 1.07 115,844 2.19 4.70 945,000 2.34 7.10 2,331,000 2.96 185.00 25,996 0.58 3,417,840 2.74 The table presented below shows the inputs and assumptions applied to the Black-Scholes option pricing model in order to determine the fair value of all warrants outstanding as at December 31, 2017 . The Black-Scholes option pricing model uses "Level 2" inputs, as defined by IFRS 13, Fair value measurement ("IFRS 13") and as discussed in note 22 - Financial instruments and financial risk management . Number of equivalent shares Market-value per share price Weighted average exercise price Risk-free annual interest rate Expected volatility Expected life (years) Expected dividend yield ($) ($) (a) (b) (c) (d) July 2013 Warrants 25,996 2.36 185.00 1.75 % 136.18 % 0.58 0.00 % March 2015 Series A Warrants (e) 115,844 2.36 1.07 1.90 % 132.24 % 2.19 0.00 % December 2015 Warrants 2,331,000 2.36 7.10 1.97 % 137.02 % 2.96 0.00 % November 2016 Warrants (f) 945,000 2.36 4.70 1.91 % 145.04 % 2.34 0.00 % ________________________ (a) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. (b) Based on the historical volatility of the Company's stock price over the most recent period consistent with the expected life of the warrants, as well as on future expectations. (c) Based upon time to expiry from the reporting period date. (d) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. (e) For the March 2015 Series A Warrants, the inputs and assumptions applied to the Black-Scholes option pricing model have been further adjusted to take into consideration the value attributed to certain anti-dilution provisions. Specifically, the weighted average exercise price is subject to adjustment (see note 16 - Share capital ). (f) For the November 2016 Warrants, the Company reduced the fair value of these warrants to take into consideration the fair value of the $10 call option, which was also calculated using the Black-Scholes pricing model. (see note 16 - Share capital ). Series B Warrants In addition to the availability of standard cashless exercise provisions, the Series B Warrants (defined and discussed in note 16 - Share capital ) were entitled to be exercised on an alternate cashless basis in accordance with their terms. Such an exercise permits the holder to obtain a number of common shares equal to: 200% of (i) the total number of common shares with respect to which the Series B Warrant was then being exercised multiplied by (ii) 81.00 divided by (iii) 85% of the quotient of (A) the sum of the per share volume weighted average price ("VWAP") of the common share for each of the five lowest trading days during the fifteen trading day period ending on and including the trading day immediately prior to the applicable Exercise Date, divided by (B) five , less (iv) the total number of common shares with respect to which the Series B Warrant is then being exercised. Exercises of Series B Warrants on an alternate cashless basis resulted in the issuance of a substantially larger number of the Company's common shares than would have been otherwise issued following a standard cash or cashless exercise of the Series B Warrants. Management has determined that, in light of the alternate cashless exercise feature and of actual Series B Warrant exercises since original issuance, application of the Black-Scholes option pricing model did not appropriately reflect the fair value of the Series B Warrants outstanding at a given statement of financial position date. Instead, management has determined that the application of an intrinsic valuation method is more representative of the market value of the Series B Warrants. On November 2, 2015 , the Company announced that the holders (the "Participating Holders") of substantially all of the remaining outstanding Series B Warrants at that time had agreed to exercise all Series B Warrants held by them, at a maximum exercise ratio of approximately 33.23 common shares per warrant in accordance with the alternate cashless exercise feature in such Series B Warrants. We paid the Participating Holders a total of $2,925,653 pursuant to the aforementioned agreements. The 8,064 Series B Warrants remaining on December 31, 2015 expired on September 12, 2016 without having been exercised. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other provisions [abstract] | |
Provisions | 15 Provisions December 31, 2017 2016 $ $ Onerous contract provisions (detailed below) 310 404 Non-current portion of provision for restructuring costs (note 13) 718 — Other — 97 1,028 501 Onerous contract provisions Cetrotide ® onerous contracts* Onerous lease** Total $ $ $ At January 1, 2016 803 234 1,037 Change in the provision (24 ) — (24 ) Utilization of provision (196 ) (113 ) (309 ) Unwinding of discount and effect of changes in the discount and foreign exchange rates (9 ) 4 (5 ) At December 31, 2016 574 125 699 Less: current portion (note 12) (181 ) (114 ) (295 ) 393 11 404 At December 31, 2016 574 125 699 Change in the provision (20 ) — (20 ) Utilization of provision (145 ) (119 ) (264 ) Unwinding of discount and effect of changes in the discount and foreign exchange rates 64 3 67 At December 31, 2017 473 9 482 Less: current portion (note 12) (163 ) (9 ) (172 ) 310 — 310 _________________________ * Recorded following the transfer of the Cetrotide ® Business (discontinued operations). ** Represents the present value of the future lease payments that the Company is obligated to make pursuant to a non-cancellable operating lease in the United States, net of estimated future sublease income. The estimate may vary as a result of changes in the utilization of the leased premises and of the sublease arrangement. The lease expired in January 2018. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share capital | 16 Share capital The Company has an unlimited number of authorized common shares (being voting and participating shares) with no par value, as well as an unlimited number of preferred, first and second ranking shares, issuable in series, with rights and privileges specific to each class, with no par value. Share consolidation The 655,984,512 common shares issued and outstanding immediately prior to the Share Consolidation, which became legally effective on November 17, 2015 , were consolidated into 6,559,846 common shares (the "Post-Consolidation Shares"). The Post-Consolidation Shares began trading on each of the TSX and NASDAQ at the opening of markets on November 20, 2015 . The number of outstanding stock options and share purchase warrants were adjusted on the same basis with proportionate adjustments being made to each stock option and share purchase warrant exercise price. All share, option and share purchase warrant and per share, option and share purchase warrant data have been retroactively adjusted in these consolidated financial statements to reflect and give effect to the Share Consolidation as if it occurred at the beginning of the earliest period presented. Common shares issued in connection with "At-the-Market" ("ATM") drawdowns April 2016 ATM Program On April 1, 2016 , the Company entered into an ATM sales agreement (the " April 2016 ATM Program"), under which the Company was able, at its discretion and from time to time, to sell up to 3 million common shares through ATM issuances on the NASDAQ for aggregate gross proceeds of up to approximately $10 million . The April 2016 ATM Program provides that common shares were to be sold at market prices prevailing at the time of sale and, as a result, prices varied. Between April 1, 2016 and March 24, 2017 , the Company issued a total of 1,706,968 common shares under the April 2016 ATM Program at an average issuance price of $3.52 per share for aggregate gross proceeds of $6.0 million less cash transaction costs of $190,000 and previously deferred financing costs of $225,000 . March 2017 ATM Program On March 28, 2017 , the Company commenced a new ATM offering pursuant to its existing ATM Sales Agreement, dated April 1, 2016 , under which the Company was able, at its discretion, from time to time, to sell up to a maximum of 3 million common shares through ATM issuances on the NASDAQ, up to an aggregate amount of $9.0 million (the " March 2017 ATM Program"). The common shares were to be sold at market prices prevailing at the time of the sale of the common shares and, as a result, sale prices varied. Between March 28, 2017 and April 18, 2017 , the Company issued a total of 597,994 common shares under the March 2017 ATM Program at an average issuance price of $2.97 per share for aggregate gross proceeds of $1,780,000 less cash transaction costs of $55,000 and previously deferred financing costs of $65,000 . April 2017 ATM Program On April 27, 2017 , the Company entered into a New ATM Sales Agreement and filed with the Securities and Exchange Commission (the "SEC") a prospectus supplement (the " April 2017 ATM Prospectus Supplement" or "April 2017 ATM Program") related to sales and distributions of up to a maximum of 2,240,000 common shares through ATM issuances on the NASDAQ, up to an aggregate amount of $6.9 million under the New ATM Sales Agreement. The common shares will be sold at market prices prevailing at the time of the sale of the common shares and, as a result, prices may vary. The New ATM Sales Agreement and the April 2017 ATM Program superseded and replaced the March 2017 ATM Program, which itself superseded and replaced the April 2016 ATM Program. The April 2017 ATM Prospectus Supplement supplements the base prospectus included in the Company's Shelf Registration Statement on Form F-3, as amended (the " 2017 Shelf Registration Statement"), which was declared effective by the SEC on April 27, 2017 . The 2017 Shelf Registration Statement allows us to offer up to $50 million of common shares and is effective for a three -year period. Between May 30, 2017 and December 31, 2017 , the Company issued a total of 1,805,758 common shares under the April 2017 ATM Program at an average issuance price of $1.71 per share for aggregate gross proceeds of $3,761,000 less cash transaction costs of $115,000 and previously deferred financing costs of $285,000 . Because of these issuances, the exercise price of the Series A warrants issued in March 2015 was adjusted to $1.07 pursuant to the anti-dilution provisions contained in such warrants. Public offerings March 2015 Offering On March 11, 2015 , the Company completed a public offering of 596,775 units (the "Units"), with each Unit consisting of either one common share or one pre-funded warrant to purchase one common share ("Series C Warrant"), 0.75 of a warrant to purchase one common share ("Series A Warrant") and 0.50 of a warrant to purchase one common share ("Series B Warrant"), at a purchase price of $62.00 per Unit (the " March 2015 Offering"). Total gross cash proceeds raised through the March 2015 Offering amounted to $37,000,000 , less cash transaction costs of $2,560,000 and previously deferred transaction costs of $7,000 . The Series A Warrants were exercisable during a five -year term at an initial exercise price of $81.00 per share, and the Series B Warrants were exercisable during an 18 -month term at an initial exercise price of $81.00 per share. The Series A Warrants are and the Series B Warrants were subject to certain anti-dilution provision and may at any time be exercised on a standard cashless basis and, in addition, the Series B Warrants were exercisable on an alternate net cashless basis. The exercise of Series B Warrants performed on an alternate net cashless basis resulted in the issuance of a substantially larger number of the Company's common shares than otherwise would be issued following a standard cash or cashless exercise. See also note 14 - Warrant liability . The remaining 8,064 Series B Warrants expired September 12, 2016 . Between May 26, 2015 and December 31, 2015 , 290,318 of the Series B Warrants were exercised on an alternate cashless basis, resulting in the issuance of 5,670,118 common shares. The Company estimated the fair value attributable to the Series A and Series B warrants as of the date of grant by applying the Black-Scholes pricing model, to which the following assumptions were applied: Series A warrants: a risk-free annual interest rate of 1.59% , an expected volatility of 95.11% , an expected life of 5 years and a dividend yield of 0.0% ; Series B warrants: a risk-free annual interest rate of 0.47% , an expected volatility of 97.34% , an expected life of 18 months and a dividend yield of 0.0% . As a result, on March 11, 2015 , the total fair value of the share purchase warrants was estimated at $20,980,000 . The Series C Warrants were offered in the March 2015 Offering to investors whose purchase of Units would have resulted in their beneficially owning more than an "initial beneficial ownership limitation" of either 4.9% or 9.9% of our common shares following the offering. The Series C Warrants, which were exercisable immediately upon issuance and for a period of five years at an exercise price of $62.00 per share, were fully exercised between March 23, 2015 and June 5, 2015 . Total gross proceeds payable to the Company in connection with the exercise of the Series C Warrants were pre-funded by investors and therefore were included in the proceeds of the offering. No additional consideration was required to be paid to the Company upon exercise of the Series C Warrants. Total gross proceeds of the March 2015 Offering were allocated as follows: $20,980,000 was allocated to the warrant liability, $9,296,000 was allocated to pre-funded warrants, and the balance of $6,724,000 was allocated to Share capital. Transaction costs were allocated to the liability and equity components in proportion to the allocation of proceeds. As such, an amount of $1,451,000 was allocated to the warrant liability and immediately recognized in general and administrative expenses in the consolidated statement of comprehensive loss, an amount of $473,000 was allocated to Share capital and an amount of $643,000 was allocated to pre-funded warrants. Upon exercise of the Series C Warrants, the net proceeds initially allocated to the pre-funded warrants were re-allocated to Share capital. In connection with the March 2015 Offering, the holders of 211,230 of the 219,000 then outstanding warrants issued by the Company in connection with public offerings completed in November 2013 and January 2014 entered into an amendment agreement that caused such previously issued warrants to expire and terminate. The Company made a cash payment in the aggregate amount of $5,703,000 out of the proceeds of the March 2015 Offering as consideration to the relevant warrantholders in exchange for the latter agreeing to the aforementioned amendment. Upon expiry of the warrants in question, the Company recognized a gain of $5,865,000 and derecognized the expired warrants. The gain on derecognition was recorded, net of the aforementioned amendment fee, within finance income in the accompanying consolidated statement of comprehensive loss. For holders of the remaining 7,770 outstanding warrants issued by the Company in connection with the November 2013 and the January 2014 offerings who did not enter into a warrant amendment agreement, the exercise price of the corresponding warrants was reduced to $14.00 per share in accordance with the terms thereof. December 2015 Offering On December 14, 2015 , the Company completed a public offering of 3,000,000 common shares at a purchase price of $5.54 per share and 2,100,000 warrants to purchase one common share at a purchase price of $0.01 per warrant (the " December 2015 Offering"). In connection with the December 2015 Offering, the Company granted the underwriter a 45 -day over-allotment option to separately acquire up to an additional 330,000 common shares at the same purchase price of $5.54 per share and/or up to an additional 231,000 warrants at the same purchase price of $0.01 per warrants. The underwriter exercised its option in full with respect to the 231,000 warrants for market stabilization purposes but did not exercise any of its option in respect of common shares. Total gross cash proceeds raised through the December 2015 Offering amounted to $16,650,000 , less cash transaction costs of $1,638,000 . The warrants are exercisable for a period of five years at an exercise price of $7.10 per share. Upon complete exercise for cash, these warrants would result in the issuance of an aggregate of 2,331,000 common shares that would generate additional proceeds for an amount of $16,550,100 . However, those warrants may at any time be exercised on a "net" or "cashless" basis. The Company estimated the fair value attributable to the warrants as of the date of grant by applying the Black-Scholes pricing model, to which the following assumptions were applied: a risk-free annual interest rate of 1.68% , an expected volatility of 107.57% , an expected life of 5 years and a dividend yield of 0.00% . As a result, on December 14, 2015 , the total fair value of the share purchase warrants was estimated at $7,698,000 . Total gross proceeds of the December 2015 Offering were allocated as follows: $7,698,000 was allocated to the warrant liability and $8,952,000 was allocated to Share capital. Transaction costs were allocated to the liability and equity components in proportion to the allocation of proceeds. As such, an amount of $757,000 was allocated to the warrant liability and immediately recognized in general and administrative expenses in the consolidated statement of comprehensive loss, an amount of $881,000 was allocated to Share capital. In connection with the December 2015 Offering and in accordance with the anti-dilution provisions, the exercise prices of the January 2014 and March 2015 Series A and Series B warrants were adjusted to $0.00 and $4.95 , respectively. The remaining January 2014 Warrants were exercised on December 30, 2015 and no longer remain outstanding. November 2016 Offering On November 1, 2016 , the Company completed a registered direct offering of 2,100,000 units (the "Units"), with each Unit consisting of one common share or one pre-funded warrant to purchase one common share and 0.45 of a warrant to purchase one common share (the " November 2016 Offering"). Total gross cash proceeds raised through the November 2016 Offering amounted to $7.6 million , less cash transaction costs of $1.0 million , and previously deferred transactions costs of $27,000 . The warrants are exercisable six months after their date of issuance and for a period of three years thereafter at an exercise price of $4.70 per share. The warrants contain a call provision which provides that, in the event the Company's common shares trade at or above $10 on the market during a specified measurement period and subject to a minimum volume of trading during such measurement period, then, subject to certain conditions, the Company has the right to call for cancellation all or any portion of the warrants which are not exercised by holders within 10 trading days following receipt of a call notice from the Company. Upon complete exercise for cash, these warrants would result in the issuance of an aggregate of 945,000 common shares that would generate additional proceeds of approximately $4.4 million , although these warrants may be exercised on a "net" or "cashless" basis. See also note 14 - Warrant liability . The Company estimated the fair value attributable to the warrants as of the date of grant by applying probability to multiple Black-Scholes pricing models, to which the following weighed average assumptions were applied: a risk-free annual interest rate of 0.63% , an expected volatility of 112.48% , an expected life of 1.63 years and a dividend yield of 0.0% . In addition, the Company reduced the fair value of these warrants to take into consideration the fair value of the $10.00 call option, which was also calculated using the Black-Scholes pricing model with similar assumptions as described above. As a result, on November 1, 2016 , being the date of issuance, the total fair value of the share purchase warrants was estimated at $400,000 . The pre-funded warrants were offered in the November 2016 Offering to the investor because the purchase of Units would have resulted in the investor beneficially owning more than an "initial beneficial ownership limitation" of 4.9% of our common shares following the offering. The pre-funded warrants, which were exercisable immediately upon issuance and for a period of five years at an exercise price of $3.60 per share, were fully exercised between November 10, 2016 and December 19, 2016 . Total gross proceeds payable to the Company in connection with the exercise of the pre-funded warrants were pre-funded by the investor and therefore were included in the proceeds of the offering. No additional consideration was required to be paid to the Company upon exercise of the pre-funded warrants. Total gross proceeds of the November 2016 Offering were allocated as follows: $400,000 was allocated to the warrant liability, $3,239,000 was allocated to the pre-funded warrants, and the balance of $3,921,000 was allocated to Share capital. Transaction costs were allocated to the liability and equity components in proportion to the allocation of proceeds. As such, an amount of $56,000 was allocated to the warrant liability and immediately recognized in general and administrative expenses in the consolidated statement of comprehensive loss, an amount of $544,000 was allocated to Share capital and an amount of $450,000 was allocated to pre-funded warrants. Upon exercise of the pre-funded warrants, the net proceeds initially allocated to the pre-funded warrants were re-allocated to Share capital. Shareholder rights plan The Company has a shareholder rights plan (the "Rights Plan") that provides the Board of Directors and the Company's shareholders with additional time to assess any unsolicited take-over bid for the Company and, where appropriate, to pursue other alternatives for maximizing shareholder value. Under the Rights Plan, one right has been issued for each currently issued common share, and one right will be issued with each additional common share that may be issued from time to time. The Rights Plan was approved, ratified and confirmed by the Company's shareholders at its annual meeting of shareholders held on May 10, 2016 . Stock options The Company has in place a stock option plan (the "Stock Option Plan") for its directors, senior executives, employees and other collaborators who provide services to the Company. The total number of common shares that may be issued under the Stock Option Plan cannot exceed 11.4% of the total number of issued and outstanding common shares at any given time. The Company's Board of Directors amended the Stock Option Plan on March 20, 2014 and the Company's Shareholders approved, ratified and confirmed the Stock Option Plan on May 10, 2016 . Options granted under the Stock Option Plan prior to the 2014 amendment expire after a maximum period of 10 years following the date of grant. Options granted after the 2014 amendment expire after a maximum period of seven years following the date of grant. The following tables summarize the activity under the Stock Option Plan. Years ended December 31, 2017 2016 2015 US dollar-denominated options Number Weighted average exercise price (US$) Number Weighted average exercise price (US$) Number Weighted average exercise price (US$) Balance – Beginning of the year 966,539 7.23 272,874 25.88 33,956 187.36 Granted 390,000 2.05 713,573 3.47 243,000 5.17 Forfeited (643,271 ) 6.02 (10,034 ) 99.22 (4,082 ) 136.17 Cancelled — — (9,874 ) 157.00 — — Expired (853 ) 704.88 — — — — Balance – End of period 712,415 4.66 966,539 7.23 272,874 25.88 Years ended December 31, 2017 2016 2015 Canadian dollar-denominated options Number Weighted average exercise price (CAN$) Number Weighted average exercise price (CAN$) Number Weighted average exercise price (CAN$) Balance – Beginning of the year 1,858 820.27 3,787 845.46 4,909 1,010.40 Forfeited — — (1,028 ) 967.63 (271 ) 923.20 Cancelled — — (901 ) 758.00 — — Expired (355 ) 1,728.15 — — (851 ) 1,772.17 Balance – End of the year 1,503 605.84 1,858 820.27 3,787 845.46 US$ options outstanding as at December 31, 2017 Exercise price Number Weighted average remaining Weighted average exercise price 2.05 to 2.75 390,000 6.62 2.05 2.76 to 3.47 168,864 5.93 3.45 3.48 to 3.49 50,000 5.35 3.48 3.50 to 4.19 32,498 5.94 3.77 4.20 to 1,044.00 71,053 4.89 23.09 712,415 6.17 4.66 US$ options exercisable as at December 31, 2017 Exercise price Number Weighted average remaining Weighted average exercise price 2.76 to 3.47 56,851 5.93 3.45 3.48 to 3.49 16,669 5.35 3.48 3.50 to 4.19 10,834 5.94 3.77 4.20 to 1,044.00 49,055 4.86 31.39 133,409 5.46 13.75 CAN$ options both outstanding and exercisable as at December 31, 2017 Exercise price Number Weighted average remaining (years) Weighted average exercise price 330.00 to 360.00 197 0.92 330.00 360.01 to 480.00 333 0.87 390.00 480.01 to 741.00 502 1.94 570.00 741.01 to 912.00 471 2.87 912.00 1,503 1.86 605.84 As at December 31, 2017 , the total compensation cost related to unvested US Dollar stock options not yet recognized amounted to $444,450 ( $2,057,188 in 2016 ). This amount is expected to be recognized over a weighted average period of 1.38 years ( 1.71 years in 2016 ). 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. Fair value input assumptions for US dollar-denominated options granted 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. Years ended December 31, 2017 2016 Expected dividend yield (a) 0.00 % 0.00 % Expected volatility (b) 137.60 % 115.10 % Risk-free annual interest rate (c) 1.53 % 1.80 % Expected life (years) (d) 3.26 4.92 Weighted average share price $2.05 $3.47 Weighted average exercise price $2.05 $3.47 Weighted average grant date fair value $1.62 $2.80 ________________________ (a) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. (b) Based on the historical volatility of the Company's stock price over the most recent period consistent with the expected life of the stock options, as well as on future expectations. (c) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the stock options. (d) Based upon historical data related to the exercise of stock options, on post-vesting employment terminations and on future expectations related to exercise behavior. The Black-Scholes pricing models referred above use "Level 2" inputs in calculating fair value, as defined by IFRS 13, and as discussed in note 22 - Financial instruments and financial risk management . |
Operating expenses
Operating expenses | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Operating expenses | 17 Operating expenses The nature of the Company's operating expenses from continuing operations include the following: Years ended December 31, 2017 2016 2015 $ $ $ Key management personnel compensation (1) Salaries and short-term employee benefits 2,081 2,430 2,957 Termination benefits — — 843 Post-employment benefits 59 78 119 Share-based compensation costs 87 1,051 828 2,227 3,559 4,747 Other employees compensation: Salaries and short-term employee benefits 3,584 3,574 4,431 Termination benefits 1,806 — 245 Post-employment benefits 441 500 511 Share-based compensation costs 95 31 91 5,926 4,105 5,278 Goods and services (2) 13,575 21,217 21,429 Leasing costs, net of sublease receipts of $359 in 2017, $345 in 2016 and $380 in 2015 (3) 2,247 1,131 1,452 Refundable tax credits and grants — — (23 ) Onerous contract expenses resulting from the Restructuring — — (202 ) Transaction costs related to share purchase warrants — 56 2,208 Depreciation and amortization 138 195 271 Impairment (reversal) losses (44 ) 85 70 Operating foreign exchange (gains) losses (72 ) 39 199 15,844 22,723 25,404 23,997 30,387 35,429 _________________________ (1) Key management includes the Company's directors and members of the executive management team. (2) Goods and services include third-party R&D costs, laboratory supplies, professional fees, contracted sales force costs, marketing services, insurance and travel expenses. (3) Leasing costs also include changes in the onerous lease provision (note 15 - provisions), other than attributable to the unwinding of the discount. 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. |
Employee future benefits
Employee future benefits | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits [Abstract] | |
Employee future benefits | The Company's subsidiary in Germany provides unfunded defined benefit pension plans and unfunded post-employment benefit plans for certain groups of employees. Provisions for pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions. The unfunded defined benefit pension plans are final salary pension plans, which provide benefits to members (or to their surviving dependents) in the form of a guaranteed level of pension payable for life. The level of benefits provided depends on the member's length of service and on his or her base salary in the final years leading up to retirement. Current pensions vary in accordance with applicable statutory requirements, which foresee an adjustment every three years on an individual basis that is based on inflationary increases or in relation to salaries of comparable groups of active employees in the Company. An adjustment may be denied by the Company if the Company's financial situation does not allow for an increase in pensions. These plans are unfunded, and the Company meets benefit payment obligations as they fall due. The change in the Company's accrued benefit obligations is summarized as follows: Pension benefit plans Other benefit plans 2017 2016 2015 2017 2016 2015 $ $ $ $ $ $ Balances – Beginning of the year 13,197 12,375 14,619 217 281 433 Current service cost 107 87 103 14 13 14 Interest cost 237 282 260 3 — 8 Actuarial (gain) loss arising from changes in financial assumptions (694 ) 1,479 (844 ) (115 ) — (34 ) Benefits paid (485 ) (399 ) (410 ) (66 ) (60 ) (97 ) Impact of foreign exchange rate changes 1,783 (627 ) (1,353 ) 31 (17 ) (43 ) Balances – End of the year 14,145 13,197 12,375 84 217 281 Amounts recognized: In net loss (344 ) (369 ) (363 ) 98 (13 ) 12 In other comprehensive loss (1,089 ) (852 ) 2,197 (31 ) 17 43 The cumulative amount of actuarial net losses recognized in other comprehensive loss as at December 31, 2017 is approximately $4,277,000 (approximately $4,971,000 as at December 31, 2016 and approximately $3,492,000 as at December 31, 2015 ). The significant actuarial assumptions applied to determine the Company's accrued benefit obligations are as follows: Pension benefit plans Other benefit plans Years ended December 31, Years ended December 31, Actuarial assumptions 2017 2016 2015 2017 2016 2015 % % % % % % Discount rate 1.70 1.60 2.40 1.70 1.60 2.40 Pension benefits increase 1.80 1.80 1.80 1.80 1.80 2.40 Rate of compensation increase 2.00 2.00 2.00 2.00 2.00 2.00 The calculation of the pension benefit obligation is sensitive to the discount rate assumption. Since January 1, 2017 , management determined that the discount rate assumption should be adjusted from 1.6% to 1.7% as a result of changes in the European economic environment. 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 : 2017 2016 2015 Retiring at the end of the reporting period: Male 20 20 20 Female 24 24 24 Retiring 20 years after the end of the reporting period: Male 22 22 22 Female 26 26 26 The most recent actuarial reports give effect to the pension and post-employment benefit obligations as at December 31, 2017 . The next actuarial reports are planned for December 31, 2018 . In accordance with the assumptions used as at December 31, 2017 , undiscounted defined pension benefits expected to be paid are as follows: $ 2018 522 2019 541 2020 553 2021 558 2022 564 Thereafter 16,589 19,327 The weighted average duration of the defined benefit obligation is 15.8 years. Total expenses for the Company's defined contribution plan in its German subsidiary amounted to approximately $119,000 for the year ended December 31, 2017 ( $129,000 for 2016 and $159,000 for 2015 ). |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 12 Months Ended |
Dec. 31, 2017 | |
Statement of cash flows [abstract] | |
Disclosure of cash flow statement | 19 Supplemental disclosure of cash flow information Years ended December 31, 2017 2016 2015 $ $ $ Changes in operating assets and liabilities: Trade and other receivables 158 228 270 Prepaid expenses and other current assets (343 ) (45 ) (111 ) Other non-current assets 39 (233 ) 58 Payables and accrued liabilities (1,113 ) (313 ) (1,013 ) Deferred revenues — 555 — Provision for restructuring costs (note 13) (190 ) (566 ) (1,840 ) Employee future benefits (note 18) (551 ) (459 ) (507 ) Provisions (212 ) (231 ) (252 ) (2,212 ) (1,064 ) (3,395 ) |
Income taxes
Income taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Taxes [Abstract] | |
Income taxes | 20 Income taxes Significant components of current and deferred income tax expense are as follows: Years ended December 31, 2017 2016 2015 $ $ $ Current tax expense — — — Deferred tax: Origination and reversal of temporary differences 6,395 9,199 8,581 Adjustments in respect of prior years (149 ) 36 — Change in unrecognized tax assets (2,767 ) (9,235 ) (8,581 ) Income tax recovery 3,479 — — The reconciliation of the combined Canadian federal and provincial income tax rate to the income tax expense is provided below: Years ended December 31, 2017 2016 2015 Combined Canadian federal and provincial statutory income tax rate 26.8 % 26.9 % 26.9 % Years ended December 31, 2017 2016 2015 $ $ $ Income tax recovery based on combined statutory income tax rate 5,434 6,714 13,511 Change in unrecognized tax assets (2,701 ) (9,235 ) (8,581 ) Change in unrecognized tax assets related to OCI (228 ) 436 (269 ) Share issuance costs 164 224 — Permanent difference attributable to the use of local currency for tax reporting (71 ) (30 ) (1,297 ) Change in enacted rates used (358 ) (16 ) — Permanent difference attributable to net change in fair value of warrant liability 595 1,194 (3,754 ) Share-based compensation costs (49 ) (291 ) (248 ) Difference in statutory income tax rate of foreign subsidiaries 768 972 1,135 Permanent difference attributable to expiring loss carry forward — — (563 ) Adjustments in respect of prior years (149 ) 36 — Other 74 (4 ) 66 3,479 — — 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. Loss before income taxes Loss before income taxes is attributable to the Company's tax jurisdictions as follows: Years ended December 31, 2017 2016 2015 $ $ $ Germany (13,950 ) (19,179 ) (20,500 ) Canada (5,592 ) (5,659 ) (29,496 ) United States (733 ) (121 ) (232 ) (20,275 ) (24,959 ) (50,228 ) Significant components of deferred tax assets and liabilities are as follows: December 31, 2017 2016 $ $ Deferred tax assets Current: Operating losses carried forward 3,479 — Non-current: Operating losses carried forward 696 1,009 Intangible assets 4,812 5,199 8,987 6,208 Deferred tax liabilities Current: Payables and accrued liabilities — 109 — 109 Non-current: Property, plant and equipment 5 7 Deferred revenues 5,316 5,658 Warrant liability — 386 Other 187 48 5,508 6,099 5,508 6,208 Deferred tax assets (liabilities), net 3,479 — Significant components of unrecognized deferred tax assets are as follows: December 31, 2017 2016 $ $ Deferred tax assets Current: Deferred revenues and other provisions 584 217 584 217 Non-current: Deferred Revenues — — Operating losses carried forward 82,421 71,654 Research and development costs 9,167 9,195 Unused tax credits 8,019 8,019 Employee future benefits 2,296 2,275 Property, plant and equipment 407 175 Share issuance expenses 841 941 Onerous contract provisions — 26 Intangible assets — 189 Other 335 144 103,486 92,618 Unrecognized deferred tax assets 104,070 92,835 As at December 31, 2017 , amounts and expiry dates of tax attributes to be deferred for which no deferred tax asset was recognized were as follows: Canada Federal Provincial $ $ 2028 6,429 5,043 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 7,610 7,610 57,821 56,420 The Company has estimated non-refundable R&D investment tax credits of approximately $8,019,000 which can be carried forward to reduce Canadian federal income taxes payable and which expire at dates ranging from 2018 to 2037 . Furthermore, the Company has unrecognized tax assets in respect of operating losses to be carried forward in Germany and in the United States. The federal tax losses amount to approximately $211,000,000 in Germany, for which there is no expiry date, and to $2,165,000 in the United States, which expire as follows: United States $ 2028 369 2029 178 2034 151 2035 447 2036 195 2037 825 2,165 The operating loss carryforwards and the tax credits claimed are subject to review, and potential adjustment, by tax authorities. Other deductible temporary differences for which tax assets have not been booked are not subject to a time limit, except for share issuance expenses which are amortizable over five years. |
Capital disclosures
Capital disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Capital disclosures | 21 Capital disclosures The Company's objective in managing capital, consisting of shareholders' equity, with cash and cash equivalents and restricted cash equivalents being its primary components, is to ensure sufficient liquidity to fund R&D costs, selling expenses, G&A expenses and working capital requirements. Over the past several years, the Company has raised capital via public equity offerings and issuances under various ATM sales programs as its primary source of liquidity, as discussed in note 16 - Share capital . The capital management objective of the Company remains the same as that in previous periods. The policy on dividends is to retain cash to keep funds available to finance the activities required to advance the Company's product development portfolio and to pursue appropriate commercial opportunities as they may arise. The Company is not subject to any capital requirements imposed by any regulators or by any other external source. |
Financial instruments and finan
Financial instruments and financial risk management | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Financial instruments and financial risk management | 22 Financial instruments and financial risk management Financial assets (liabilities) as at December 31, 2017 and December 31, 2016 are presented below. December 31, 2017 Loans and Financial Other Total $ $ $ $ Cash and cash equivalents (note 6) 7,780 — — 7,780 Trade and other receivables (note 8) 35 — — 35 Restricted cash equivalents 381 — — 381 Payables and accrued liabilities (note 12) — — (2,689 ) (2,689 ) Provision for restructuring costs (note 13) — — (1,806 ) (1,806 ) Warrant liability (note 14) — (3,897 ) — (3,897 ) 8,196 (3,897 ) (4,495 ) (196 ) December 31, 2016 Loans and receivables Financial liabilities at FVTPL Other financial liabilities Total $ $ $ $ Cash and cash equivalents (note 6) 21,999 — — 21,999 Trade and other receivables (note 8) 235 — — 235 Restricted cash equivalents 496 — — 496 Payables and accrued liabilities (note 12) — — (3,352 ) (3,352 ) Provision for restructuring costs (note 13) — — (33 ) (33 ) Warrant liability (note 14) — (6,854 ) — (6,854 ) Other non-current liabilities (note 15) — — (97 ) (97 ) 22,730 (6,854 ) (3,482 ) 12,394 Fair value The Black-Scholes valuation methodology uses "Level 2" inputs in calculating fair value, as defined in IFRS 13, which establishes a hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The input levels discussed in IFRS 13 are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for an asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). Level 3 – Inputs for an asset or liability that are not based on observable market data (unobservable inputs). The carrying values of the Company's cash and cash equivalents, trade and other receivables, restricted cash equivalents, payables and accrued liabilities, provision for restructuring costs and other non-current liabilities approximate their fair values due to their short-term maturities or to the prevailing interest rates of the related instruments, which are comparable to those of the market. 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 market risk (share price 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 loans and receivables 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. As at December 31, 2017 , trade accounts receivable for an amount of approximately $20,000 were with three counterparties, and no trade accounts receivable were past due and none were impaired. 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 establishes an allowance for doubtful accounts when accounts are determined to be uncollectible. 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 21 - Capital disclosures , the Company manages this risk through the management of its capital structure. It also manages liquidity risk by continuously monitoring actual and projected cash flows. The Board of Directors reviews and approves the Company's operating and capital budgets, as well as any material transactions occurring outside of the ordinary course of business. The Company has adopted an investment policy in respect of the safety and preservation of its capital to ensure the Company's liquidity needs are met. The instruments are selected with regard to the expected timing of expenditures and prevailing interest rates. On December 20, 2017, the FDA granted marketing approval for Macrilen™ (macimorelin) to be used in the diagnosis of patients with AGHD. On January 16, 2018, the Company, through AEZS Germany entered into the Strongbridge License Agreement. The Strongbridge License Agreement will contribute to fulfilling the Company's future obligations (see note 26 - Subsequent events). (c) Market risk Share price risk The change in fair value of the Company's warrant liability, which is measured at FVTPL, results from the periodic "mark-to-market" revaluation, via the application of option pricing models, of currently outstanding share purchase warrants. These valuation models are impacted, among other inputs, by the market price of the Company's common shares. As a result, the change in fair value of the warrant liability, which is reported in the consolidated statements of comprehensive loss, has been and may continue in future periods to be materially affected most notably by changes in the Company's common share closing price, which on the NASDAQ ranged from $0.84 to $3.65 during the year ended December 31, 2017 . If variations in the market price of our common shares of - 30% and + 30% were to occur, the impact on the Company's net loss related to the warrant liability held at December 31, 2017 would be as follows: Carrying -30% +30% $ $ $ Warrant liability 3,897 1,359 (1,474 ) Total impact on net loss – decrease / (increase) 1,359 (1,474 ) |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Segment information | 23 Segment information The Company operates in a single operating segment, being the biopharmaceutical segment. Geographical information Revenues by geographical area are detailed as follows: Years ended December 31, 2017 2016 2015 $ $ $ United States 452 410 217 China 262 249 302 Singapore — 101 — British Virgin Islands 206 100 — Switzerland — — 312 Other 3 51 45 923 911 876 Amounts presented: Within discontinued operations — — 331 Within continuing operations 923 911 545 923 911 876 Revenues have been allocated to geographic regions based on the country of residence of the Company's external customers or licensees. Non-current assets* by geographical area are detailed as follows: December 31, 2017 2016 $ $ Germany 8,792 7,793 United States 2 2 Canada 10 32 8,804 7,827 _______________________________ * Non-current assets include property, plant and equipment, identifiable intangible assets and goodwill. Major customers representing 10% or more of the Company's revenues in each of the last three years are as follows: Years ended December 31, 2017 2016 2015 $ $ $ Company 1* — — 312 Company 2 — 20 217 Company 3 262 249 302 Company 4 323 222 — Company 5 129 167 — Company 6 — 101 — Company 7 206 100 — _______________________________ *Related to Cetrotide ® (discontinued operations). |
Net loss per share
Net loss per share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Net loss per share | 24 Net loss per share The following table sets forth pertinent data relating to the computation of basic and diluted net (loss) income per share attributable to common shareholders. Years ended December 31, 2017 2016 2015 $ $ $ Net loss from continuing operations (16,796 ) (24,959 ) (50,228 ) Net income from discontinued operations — — 85 Net loss (16,796 ) (24,959 ) (50,143 ) Basic and diluted weighted average number of shares outstanding 14,958,704 10,348,879 2,763,603 Items excluded from the calculation of diluted net loss per share because the exercise price was greater than the average market price of the common shares or due to their anti-dilutive effect Stock options 713,918 968,397 276,661 Share purchase warrants 3,417,840 3,779,245 2,842,309 Net loss per share is calculated by dividing net loss by the weighted average number of shares outstanding during the relevant period. Diluted weighted average number of shares reflects the dilutive effect of equity instruments, such as any "in the money" stock options and share purchase warrants. In periods with reported net losses, all stock options and share purchase warrants are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal, and thus "in the money" stock options and share purchase warrants have not been included in the computation of net loss per share because to do so would be anti-dilutive. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Commitments and contingencies | 25 Commitments and contingencies The Company is committed to various operating leases for its premises. Expected future minimum lease payments, which also include future payments in connection with utility service agreements and future minimum sublease receipts under non-cancellable operating leases (subleases), as well as future payments in connection with service and manufacturing agreements, as at December 31, 2017 are as follows: Minimum lease payments Minimum sublease receipts Service and manufacturing $ $ $ Less than 1 year 448 (143 ) 403 1 - 3 years 633 (26 ) 283 4 - 5 years 105 — 259 More than 5 years 100 — 250 Total 1,286 (169 ) 1,195 Contingencies In the normal course of operations, the Company may become involved in various claims and legal proceedings related to, for example, contract terminations and employee-related and other matters. No accruals have been recorded as at December 31, 2017 or 2016 . Class Action Lawsuit The Company and certain of its former officers are defendants in a putative class action lawsuit brought on behalf of shareholders of the Company. The pending lawsuit is the result of the consolidation of several lawsuits, the first of which was filed on November 11, 2014 . The plaintiffs filed their amended consolidated complaint on April 10, 2015 . The amended complaint alleged violations of the Securities Exchange Act of 1934 in connection with allegedly false and misleading statements made by the defendants between August 30, 2011 and November 6, 2014 (the "Class Period"), regarding the safety and efficacy of Macrilen™ and the prospects for the approval of the Company's new drug application for the product by the FDA. The plaintiffs seek to represent a class comprised of purchasers of the Company's common shares during the Class Period and seek unspecified damages, costs and expenses and such other relief as determined by the Court. On March 2, 2015, the lawsuits were consolidated into one class action, and a Lead Plaintiff and Lead Counsel were appointed. On April 10, 2015, Lead Plaintiff filed an Amended Complaint. On May 26, 2015, the Company filed a motion to dismiss the class action. On September 14, 2015 , the Court dismissed the lawsuit, but granted the plaintiffs leave to amend. In dismissing the lawsuit, the Court affirmed that the plaintiffs had failed to state a claim. On October 14, 2015 , the plaintiffs filed a second amended complaint. The Company subsequently filed a motion to dismiss the second amended complaint. On March 2, 2016 , the Court issued an order granting the Company's motion to dismiss the complaint in part and denying it in part. The Court dismissed certain of the Company's former officers from the lawsuit. The Court allowed the claim that the Company misrepresented and omitted material facts from its public statements during the Class Period to proceed against the Company and its former CEO, who departed in 2013 , while dismissing such claims against other former officers. The Court also allowed a claim for "controlling person" liability to proceed against certain former officers. The Company filed a motion for reconsideration of the Court's March 2, 2016 order on March 16, 2016 and filed an answer to the second amended complaint on April 6, 2016. On June 30, 2016, the Court issued an order denying the Company's motion for reconsideration. Lead Plaintiffs filed a motion for class certification on May 8, 2017, on which a hearing was held on July 20, 2017. The court granted the motion for class certification on February 28, 2018, which we appealed. We filed an interlocutory petition for review on March 14, 2018. Lead Plaintiff’s opposition to the petition was due on Monday, March 26, 2018. The Company's directors' and officers' insurance policies ("D&O Insurance") provide for reimbursement of certain costs and expenses incurred in connection with the defense of this lawsuit, including legal and professional fees, as well as other loss (damages, settlements, and judgments), if any, subject to certain policy exclusions, restrictions, limits, deductibles and other terms. The Company believes that the D&O Insurance applies to the purported class-action lawsuit; however, the insurers have issued standard reservations of rights letters reserving all rights under the D&O Insurance. Legal and professional fees are expensed as incurred, and no reserve is established for them. During the second quarter of 2016 , the Company exceeded the deductible amount applicable to this claim. Therefore, the Company believes that the insurers will bear most of the costs for the Company's defense in future periods, subject to the Company's policy limits. While the Company believes that it has meritorious defenses and intends to defend this lawsuit vigorously, management cannot currently predict the outcome of this suit or reasonably estimate any potential loss that may result from this suit. Accordingly, the Company has not recorded any liability related to the lawsuit. No assurance can be given with respect to the ultimate outcome of such proceedings, and the Company could incur substantial unreimbursed legal fees, damages, settlements, judgments, and other expenses in connection with these proceedings that may not qualify for coverage under, or may exceed the limits of, its applicable D&O Insurance and could have a material adverse impact on the Company's financial condition, results of operations, liquidity and cash flows. Other lawsuits In late July 2017, the Company terminated for cause the employment agreement of Mr. David A. Dodd, the former President and Chief Executive Officer and it also terminated the employment of Mr. Philip A. Theodore, the former Senior Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary. All outstanding stock options held by both former officers were cancelled effective as of their respective termination dates, in accordance with the provisions of the Company's Stock Option Plan. On August 3, 2017, the Company announced that it had filed a lawsuit against both Messrs. Dodd and Theodore for damages suffered by the Company for breach of confidence and/or breach of fiduciary duty in an amount to be determined prior to trial. The Company is also seeking, among other things, an injunction to prevent both Messrs. Dodd and Theodore (i) from continuing to use the Company's confidential and proprietary information without authorization and (ii) from mounting a proxy contest that will be premised upon the breaches of fiduciary and statutory duties and breaches of confidence alleged in the lawsuit. The Company engaged external counsel to conduct an internal investigation related to this lawsuit, which is still ongoing. On December 21, 2017, Messrs. Dodd and Theodore brought a counterclaim against the Company and its Chair, Carolyn Egbert, in the amount of CAN$6.0 million alleging, among other things, that defamatory statements were made against Messrs. Dodd and Theodore. The Company and its Chair consider the counterclaim against them to be entirely without merit, and intend to vigorously defend against the counterclaim. In August 2017, Mr. Dodd filed a lawsuit in the Court of Common Pleas of South Carolina against the Company for damages of approximately $1.7 million. He is also requesting that all of his outstanding stock options vest effective upon his termination date. The Company cannot predict at this time the final outcome or potential losses, if any, with respect to this lawsuit. Cogas Consulting, LLC ("Cogas") filed a lawsuit against the Company in state court in Fulton County, Georgia on February 2, 2018. Cogas alleges that its employee (and sole shareholder) John Sharkey is entitled to a "success fee" commission on the Strongbridge License Agreement. Cogas is claiming damages in the form of a lost commission on the transaction. Cogas claims its commission is 5% on payments the Company receives within the first three years after January 14, 2018. Cogas alleges it is entitled to 5% of the $24 million Strongbridge already paid the Company, plus 5% of any royalty Strongbridge pays the Company through January 17, 2021. The Company plans to vigorously defend this matter. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Events After Reporting Period [Abstract] | |
Subsequent events | 26 Subsequent events On January 16, 2018, the Company through AEZS Germany entered into the Strongbridge License Agreement. The Company received an upfront cash payment of $24,000,000 from Strongbridge, and, for as long as Macrilen™ (macimorelin) is patent-protected, the Company will be entitled to a 15% royalty on net sales up to $75,000,000 and an 18% royalty on net sales above $75,000,000 . Following the end of patent protection in United States or Canada for Macrilen™ (macimorelin), the Company will be entitled to a 5% royalty on net sales in that country. In addition, the Company will also receive one-time payments from Strongbridge following the first achievement of the following commercial milestone events: • $4,000,000 on achieving $25,000,000 annual net sales, • $10,000,000 on achieving $50,000,000 annual net sales, • $20,000,000 on achieving $100,000,000 annual net sales, • $40,000,000 on achieving $200,000,000 annual net sales, and • $100,000,000 on achieving $500,000,000 annual net sales. Upon approval by the FDA of a pediatric indication for Macrilen™ (macimorelin), the Company will receive a one-time milestone payment of $5,000,000 from Strongbridge. Strongbridge will fund 70% of the costs of a worldwide pediatric development program to be run by the Company with customary oversight from a joint steering committee. The joint steering committee will be comprised of four persons, two of whom will be appointed by each of Strongbridge and the Company. |
Summary of significant accoun33
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Statement of compliance | (a) Statement of compliance These consolidated financial statements as at December 31, 2017 and December 31, 2016 and for the years ended December 31, 2017 , 2016 and 2015 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") . The accounting policies in these consolidated financial statements are consistent with those of the previous financial year and previous quarter. These consolidated financial statements were approved by the Company's Board of Directors on March 27, 2018 . 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 . |
Principles of consolidation | (b) 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. |
Foreign currency | (c) 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"). On January 1, 2015 , the Company and its U.S. subsidiary, Aeterna Zentaris, Inc., changed their functional currency from the Euro ("EUR") to the U.S. dollar, given that changes to underlying transactions, events and conditions indicated that the U.S. dollar more appropriately reflects the primary economic environment in which these entities operate. This change in functional currency was accounted for prospectively. The functional currency of the German subsidiaries remains the EUR. 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 income within shareholders' (deficiency) 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 statement of comprehensive loss. Foreign exchange gains and losses that relate to cash and cash equivalents are presented within finance income or finance costs in the consolidated statement of comprehensive loss. All other foreign exchange gains and losses are presented in the consolidated statement of comprehensive loss within operating expenses. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of unrestricted cash on hand and balances with banks, as well as short-term interest-bearing deposits, such as money market accounts, that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value, with a maturity of three months or less from the date of acquisition. |
Inventories | Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method for all inventories. 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 product sales. For product candidates that have not been approved by the FDA, inventory used in clinical trials is wrote down at the time of production and recorded as research and development ("R&D") costs. For products that have been approved by the FDA, inventory used in clinical trials is expensed at the time the inventory is packaged for the clinical trial. All direct manufacturing costs incurred after approval are capitalized into inventory. |
Restricted cash equivalents | Restricted cash equivalents Restricted cash equivalents are comprised of bank deposits, related to a guarantee for a long-term operating lease obligation and for a corporate credit card program that cannot be used for current purposes. |
Property, plant and equipment and depreciation | Property, plant and equipment and depreciation Items of property, plant and equipment are recorded at cost, net of related government grants and accumulated depreciation and impairment charges. Depreciation is calculated using the following methods, annual rates and period: Methods Annual rates and period Equipment Declining balance and straight-line 20% Furniture and fixtures Declining balance and straight-line 10% and 20% Computer equipment Straight-line 25% and 33 1 /3% Leasehold improvements Straight-line Remaining lease term Depreciation expense, which is recorded in the consolidated statement of comprehensive loss, is allocated to the appropriate functional expense categories to which the underlying items of property, plant and equipment relate. |
Identifiable intangible assets and amortization | Identifiable intangible assets and amortization Identifiable intangible assets with finite useful lives consist of in-process R&D acquired in business combinations, patents and trademarks. 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, where applicable, and accumulated amortization. Identifiable intangible assets with finite useful lives are amortized, from the time at which the assets are available for use, on a straight-line basis over their estimated useful lives of eight to fifteen years for in-process R&D and patents and ten years for trademarks. Amortization expense, which is recorded in the consolidated statement of comprehensive loss, is allocated to the appropriate functional expense categories to which the underlying identifiable intangible assets relate. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair values of the net assets of entities acquired at their respective dates of acquisition. Goodwill is carried at cost less accumulated impairment losses. Goodwill is allocated to each cash-generating unit ("CGU") or group of CGUs that are expected to benefit from the related business combination. |
Impairment of assets | Impairment of assets Items of property, plant and equipment and identifiable intangible assets with finite lives 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. 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 the purpose 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. Impairment losses are allocated to the appropriate functional expense categories to which the underlying identifiable intangible assets relate, and are recorded in the consolidated statement of comprehensive loss. Items of property, plant and equipment and amortizable identifiable intangible assets with finite lives that 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 and instead is tested for impairment annually or more often if there is an indication that the CGU to which the goodwill has been allocated may be impaired. Impairment is determined for goodwill by assessing whether the carrying value of a CGU, including the allocated goodwill, exceeds its recoverable amount, which is the higher of fair value less costs to sell and value in use. In the event that the carrying amount of goodwill exceeds its recoverable amount, an impairment loss is recognized in an amount equal to the excess. Impairment losses related to goodwill are not subsequently reversed. |
Share purchase warrants | Share purchase warrants Share purchase warrants are classified as liabilities when the Company does not have the unconditional right to avoid delivering cash to the holders in the future. Each of the Company's share purchase warrants contains a written put option, arising upon the occurrence of a fundamental transaction, as that term is defined in the share purchase warrants, including a change of control. As a result of the existence of these put options, and despite the fact that the repurchase feature is conditional on a defined contingency, the share purchase warrants are required to be classified as a financial liability, since such contingency could ultimately result in the transfer of assets by the Company. The warrant liability is initially measured at fair value, and any subsequent changes in fair value are recognized as gains or losses through profit or loss. Any transaction costs related to the share purchase warrants are expensed as incurred. The warrant liability is classified as non-current, unless the underlying share purchase warrants will expire or be settled within 12 months from the end of a given reporting period. |
Employee benefits | Employee benefits Salaries and other short-term benefits Salaries and other short-term benefit obligations are measured on an undiscounted basis and are recognized in the consolidated statement of comprehensive loss over the related service period or when the Company has a present legal or constructive obligation to make payments as a result of past events and when the amount payable can be estimated reliably. Post-employment benefits The Company's subsidiary in Germany maintains defined contribution and unfunded defined benefit plans, as well as other benefit plans for its employees. For defined benefit pension plans and other post-employment benefits, net periodic pension expense is actuarially determined on a quarterly basis using the projected unit credit method. The cost of pension and other benefits earned by employees is determined by applying certain assumptions, including discount rates, the projected age of employees upon retirement, the expected rate of future compensation and employee turnover. The employee future benefits liability is recognized at its present value, which is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related future benefit liability. Actuarial gains and losses that arise in calculating the present value of the defined benefit obligation are recognized in other comprehensive loss, net of tax, and simultaneously reclassified in the deficit in the consolidated statement of financial position in the year in which the actuarial gains and losses arise and without recycling to the consolidated statement of comprehensive loss in subsequent periods. For defined contribution plans, expenses are recorded in the consolidated statement of comprehensive loss as incurred–namely, over the period that the related employee service is rendered. Termination benefits Termination benefits are recognized in the consolidated statement of comprehensive loss when the Company is demonstrably committed, without the realistic possibility of withdrawal, to a formal detailed plan to terminate employment earlier than originally expected. Termination benefit liabilities expected to be settled after 12 months from the end of a given reporting period are discounted to their present value, where material. |
Financial instruments | Financial instruments The Company classifies its financial instruments in the following categories: "Financial assets at fair value through profit or loss ("FVTPL"); "Loans and receivables"; "Financial liabilities at "FVTPL"; and "Other financial liabilities". Financial assets and liabilities are offset, and the net amount is reported in the consolidated statement of financial position, when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. (a) Classification Financial assets at fair value through profit or loss Financial assets at FVTPL are financial assets held for trading. Fair value is defined as the amount at which the financial assets could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. A financial asset is classified as at FVTPL if the instrument is acquired or received as consideration principally for the purpose of selling in the short-term. Financial assets at FVTPL are classified as current assets if expected to be settled within 12 months from the end of a given reporting period; otherwise, the assets are classified as non-current. As at December 31, 2017 and 2016 , the Company held no assets classified as financial assets at FVTPL. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are included in current assets, except for instruments with maturities greater than 12 months after the end of a given reporting period or where restrictions apply that limit the Company from using the instrument for current purposes, which are classified as non-current assets. The Company's loans and receivables are comprised of cash and cash equivalents, trade and other receivables and restricted cash equivalents. Financial liabilities at fair value through profit or loss Financial liabilities at FVTPL are financial liabilities held for trading. A financial liability is classified as at FVTPL if the instrument is acquired or incurred principally for the purpose of selling or repurchasing in the short-term or where the Company does not have the unconditional right to avoid delivering cash or another financial asset to the holders in certain circumstances. Financial liabilities at FVTPL are classified as current liabilities if required to be settled within 12 months from the end of a given reporting period; otherwise, the liabilities are classified as non-current. Financial liabilities at FVTPL are currently comprised of the Company's warrant liability. Other financial liabilities Other financial liabilities include trade accounts payable and accrued liabilities, provision for restructuring and other non-current liabilities. (b) Recognition and measurement Financial assets at fair value through profit or loss Financial assets at FVTPL are recognized on the settlement date, which is the date on which the asset is delivered to the Company. Financial assets at FVTPL are initially recognized at fair value, and transaction costs are expensed immediately in the consolidated statement of comprehensive loss. Financial assets at FVTPL are derecognized when the right to receive cash flows from the underlying investment have expired or have been transferred and when the Group has transferred substantially all risks and rewards of ownership. Gains and losses arising from changes in the fair value of financial assets at FVTPL are presented in the consolidated statement of comprehensive loss within finance income or finance costs in the period in which they arise. Loans and receivables Loans and receivables are recognized on the settlement date and are measured initially at fair value and subsequently at amortized cost using the effective interest rate method. Financial liabilities at fair value through profit or loss Financial liabilities at FVTPL are recognized on the settlement date. Financial liabilities at FVTPL are initially recognized at fair value, and transaction costs are expensed immediately in the consolidated statement of comprehensive loss. Gains and losses arising from changes in the fair value of financial liabilities at FVTPL are presented in the consolidated statement of comprehensive loss in the period in which they arise. Other financial liabilities Financial instruments classified as "Other financial liabilities" are measured initially at fair value and subsequently at amortized cost using the effective interest rate method. (c) Impairment Financial assets measured at amortized cost are reviewed for impairment at each reporting date. Where there is objective evidence that impairment exists for a financial asset measured at amortized cost, an impairment charge equivalent to the difference between the asset's carrying amount and the present value of estimated future cash flows is recorded in the consolidated statement of comprehensive loss. The expected cash flows exclude future credit losses that have not been incurred and are discounted at the financial asset's original effective interest rate. Impairment charges related to financial assets carried at amortized cost are reversed if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized. However, the reversal cannot result in a carrying amount of the financial asset that exceeds what the amortized cost would have been had the impairment not been recognized at the date the impairment is reversed. |
Share capital | Share capital Common shares are classified as equity. Incremental costs that are directly attributable to the issuance of common shares and stock options are recognized as a deduction from equity, net of any tax effects. Where offerings result in the issuance of units (where each unit is comprised of a common share of the Company and a share purchase warrant, exercisable in order to purchase a common share or fraction thereof), proceeds received in connection with those offerings are allocated between Share capital and Share purchase warrants based on the residual method. Proceeds are allocated to warrant liability based on the fair value of the share purchase warrants, and the residual amount of proceeds is allocated to Share capital. Transaction costs in connection with such offerings are allocated to the liability and equity unit components in proportion to the allocation of proceeds. |
Provisions | Provisions Provisions represent liabilities to the Company for which the amount or timing is uncertain. Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, such as organizational restructuring, when it is probable that an outflow of resources will be required to settle the obligation and where the amount can be reliably estimated. Provisions are not recognized for future operating losses. Provisions are made for any contracts which are deemed onerous. A contract is onerous if the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. Provisions for onerous contracts are measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Present value is determined based on expected future cash flows that are discounted at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized in finance costs. |
Revenue recognition | Revenue recognition Licensing revenues and multiple element arrangements The Company is currently in a phase in which certain potential products are being further developed or marketed jointly with partners and licensees. Existing licensing agreements usually involve one-time payments (upfront payments), payments for R&D services in the form of cost reimbursements, milestone payments and royalty receipts for licensing and marketing product candidates. Revenues associated with those multiple-element arrangements are allocated to the various elements based on their relative fair value. Agreements containing multiple elements are divided into separate units of accounting if certain criteria are met, including whether the delivered element has stand-alone value to the customer and whether there is objective and reliable evidence of the fair value of the undelivered obligation(s). The consideration received is allocated among the separate units based on each unit's fair value, and the applicable revenue recognition criteria are applied to each of the separate units. License fees representing non-refundable payments received at the time of executing the license agreements are recognized as revenue upon signature of the license agreements when the Company has no significant future performance obligations under a multiple element arrangement and collectibility of the fees is probable. When there are future performance obligations under a multiple element arrangement, upfront payments received at the beginning of licensing agreements are deferred and recognized as revenue on a systematic basis over the period during which the related services are rendered and all obligations are performed. Milestone payments Milestone payments, which are generally based on developmental or regulatory events, are recognized as revenue when the milestones are achieved, collectibility is assured, and when the Company has no significant future performance obligations in connection with the milestones. Sales Commission Revenues from sales commission are recognized when all the following conditions are satisfied: i. the service provided; ii. the amount of revenue can be measured reliably; and iii. it is probable that the economic benefits associated with the transaction will flow to the Company. The Company is responsible for promoting some products. Therefore, there is no continuing involvement following the patient starting the treatment and buying the products. |
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. |
Current and deferred income tax | Current and deferred 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. |
Research and development costs | Research and development costs Research costs are expensed as incurred. Development costs are expensed as incurred, except for those that meet generally accepted 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. |
Discontinued operations | Discontinued operations A discontinued operation is a component of the Company that has been disposed of, or is classified as held for sale, and represents a separate major line of business or geographical area of operations and/or is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. Classification as a discontinued operation occurs upon the earlier of the disposal of the operation (or disposal group) or the date at which the operation meets the criteria for classification as held for sale. When an operation is classified as discontinued, comparative statements of comprehensive loss and cash flows are presented as if the operations had been discontinued at the beginning of the earliest comparative period presented. |
Net (loss) income per share | Net (loss) income per share Basic net (loss) income per share is calculated using the weighted average number of common shares outstanding during the year. Diluted net (loss) income per share is calculated based on the weighted average number of common shares outstanding during the year, plus the effects of dilutive common share equivalents, such as stock options and share purchase warrants. This method requires that diluted net (loss) income per share be calculated using the treasury stock method, as if all common share equivalents had been exercised at the beginning of the reporting period, or period of issuance, as the case may be, and that the funds obtained thereby were used to purchase common shares of the Company at the average trading price of the common shares during the period. Net loss per share is calculated by dividing net loss by the weighted average number of shares outstanding during the relevant period. Diluted weighted average number of shares reflects the dilutive effect of equity instruments, such as any "in the money" stock options and share purchase warrants. In periods with reported net losses, all stock options and share purchase warrants are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal, and thus "in the money" stock options and share purchase warrants have not been included in the computation of net loss per share because to do so would be anti-dilutive. |
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. (a) Critical accounting estimates and assumptions 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. Fair value of the warrant liability and stock options Determining the fair value of the warrant liability and stock options requires judgment related to the selection of the most appropriate pricing model, the estimation of stock price volatility and the expected term of the underlying instruments. Any changes in the estimates or inputs utilized to determine fair value could result in a significant impact on the Company's future operating results, liabilities or other components of shareholders' equity. Fair value assumptions used are described in note 14 - Warrant liability and 16 - Share capital . Goodwill impairment The annual impairment assessment related to goodwill requires to estimate the recoverable amount, which has been determined using fair value less costs of disposal. This evaluation is based on estimates that are derived from current market capitalization and on other factors, including assumptions related to relevant industry-specific market analyses and potential costs to dispose. The Company also concluded that there was only one CGU as management monitors goodwill on an overall entity basis. Future events, including a significant reduction in the Company's share price, could cause the assumptions utilized in the impairment tests to change, resulting in a potentially adverse effect on the Company's future results due to increased impairment charges. 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, the projected age of employees upon retirement, the expected rate of future compensation and estimated employee turnover. Because the determination of the cost and obligations associated with employee future benefits requires the use of various assumptions, there is measurement uncertainty inherent in the actuarial valuation process. Actual results will differ from results that are estimated based on the aforementioned assumptions. Additional information is included in note 18 - Employee future benefits . Income taxes The estimation of income taxes includes evaluating the recoverability of deferred tax assets based on an assessment of Group entities' ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. Management assesses whether it is probable that some or all of the deferred income tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income, which in turn is dependent upon the successful commercialization of the Company's products. To the extent that management's assessment of any Group entity's ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets, and future income tax provisions or recoveries could be affected. Additional information is included in note 20 - Income taxes . (b) Critical judgments in applying the Company's accounting policies Revenue recognition Management's assessments related to the recognition of revenues related to arrangements containing multiple elements are based on judgment. Judgment is necessary to identify separate units of accounting and to allocate related consideration to each separate unit of accounting. Where deferral of upfront payments or license fees is deemed appropriate, subsequent revenue recognition is often determined based upon the assessment of the Company's continuing involvement in the arrangement, the benefits expected to be derived by the customer and, where applicable, expected patent lives. Additional information is included in note 5 - Deferred revenues related to licensing arrangements and co-development agreement. |
Recent accounting pronouncements | Accounting standards adopted without impact In January 2016, the IASB issued amendments to IAS 12, Income taxes to clarify the requirements for recognizing deferred tax assets on unrealized losses. The amendments clarify the accounting for deferred tax where an asset is measured at fair value and that fair value is below the asset's tax base. They also clarify certain other aspects of accounting for deferred tax assets. The amendments are effective from January 1, 2017. The Company concluded that these amendments have no impact on the Company's consolidated financial statements. In January 2016, the IASB issued an amendment to IAS 7, Statement of cash flows , introducing an additional disclosure that will enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendment is part of the IASB's Disclosure Initiative, which continues to explore how financial statement disclosure can be improved. The amendment is effective from January 1, 2017. The Company believes that the information provided in note 14 is sufficient to meet this new requirement. Accounting standards not yet adopted The final version of IFRS 9, Financial Instruments ("IFRS 9"), was issued by the IASB in July 2014 and will replace IAS 39, Financial Instruments: Recognition and Measurement ("IAS 39"). IFRS 9 introduces a model for classification and measurement, a single, forward-looking expected loss impairment model and a substantially reformed approach to hedge accounting. The new single, principle-based approach for determining the classification of financial assets is driven by cash flow characteristics and the business model in which an asset is held. The new model also results in a single impairment model being applied to all financial instruments, which will require more timely recognition of expected credit losses. It also includes changes in respect of an entity's own credit risk in measuring liabilities elected to be measured at fair value, so that gains caused by the deterioration of an entity's own credit risk on such liabilities are no longer recognized in profit or loss. IFRS 9, which is to be applied retrospectively, is effective for annual periods beginning on or after January 1, 2018. There are amendments to IFRS 7 which require additional disclosures on transition from IAS 39 to IFRS 9. These amendments are effective upon adoption of IFRS 9. The Company is currently assessing the impact, if any, that these new standards may have on the Company's consolidated financial statements. In May 2014, the IASB issued IFRS 15, Revenue from Contracts with Customers ("IFRS 15"). The objective of this new standard is to provide a single, comprehensive revenue recognition framework for all contracts with customers to improve comparability of financial statements of companies globally. This new standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to receive in exchange for those goods or services. This new standard is effective for annual periods beginning on or after January 1, 2018. The Company is currently assessing the impact, if any, that these amendments may have on the Company's consolidated financial statements. In November 2016, the IFRS Interpretations Committee issued an Interpretation on how to determine the date of the transaction when applying IAS 21, The Effects of Changes in Foreign Exchange Rates . The Interpretation applies where an entity either pays or receives consideration in advance for foreign currency-denominated contracts. The Interpretation provides guidance for when a single payment/receipt is made, as well as for situations where multiple payments/receipts are made. The Interpretation is effective for annual periods beginning on or after January 1, 2018. The Company is currently assessing the impact, if any, that these amendments may have on the Company's consolidated financial statements. In December 2016, IFRIC 22, "Foreign Currency Transactions and Advance Consideration", was issued. IFRIC 22 addresses how to determine the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) and on the derecognition of a non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration in a foreign currency. IFRIC 22 is effective for annual periods beginning on or after January 1, 2018. Early adoption is permitted. The company is currently assessing the impact, if any, that this new standard may have on the Company's consolidated financial statements. In January 2016, the IASB issued IFRS 16, Leases ("IFRS 16"), which supersedes IAS 17, Leases , and the related interpretations on leases: IFRIC 4, Determining Whether an Arrangement Contains a Lease; Standard Interpretations Committee ("SIC") 15, Operating Leases - Incentives; and SIC 27, Evaluating the Substance of Transactions in the Legal Form of a Lease . IFRS 16 is effective for annual periods beginning on or after January 1, 2019, with earlier adoption permitted for companies that also apply IFRS 15. The Company is currently assessing the impact, if any, that this new standard may have on the Company's consolidated financial statements. In June 2017, FRIC 23, "Uncertainty over Income Tax Treatment", was issued. IFRIC 23 provides guidance on how to value uncertain income tax positions based on the probability of whether the relevant tax authorities will accept the company's tax treatments. A company is to assume that a taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. IFRIC 23 is effective for annual periods beginning on or after January 1, 2019. The company is currently assessing the impact, if any, that this new standard may have on the Company's consolidated financial statements. |
Dividends | 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. |
Fair value | The Black-Scholes valuation methodology uses "Level 2" inputs in calculating fair value, as defined in IFRS 13, which establishes a hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The input levels discussed in IFRS 13 are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for an asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). Level 3 – Inputs for an asset or liability that are not based on observable market data (unobservable inputs). The carrying values of the Company's cash and cash equivalents, trade and other receivables, restricted cash equivalents, payables and accrued liabilities, provision for restructuring costs and other non-current liabilities approximate their fair values due to their short-term maturities or to the prevailing interest rates of the related instruments, which are comparable to those of the market. |
Financial Risk | 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 market risk (share price 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 loans and receivables 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. As at December 31, 2017 , trade accounts receivable for an amount of approximately $20,000 were with three counterparties, and no trade accounts receivable were past due and none were impaired. 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 establishes an allowance for doubtful accounts when accounts are determined to be uncollectible. 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 21 - Capital disclosures , the Company manages this risk through the management of its capital structure. It also manages liquidity risk by continuously monitoring actual and projected cash flows. The Board of Directors reviews and approves the Company's operating and capital budgets, as well as any material transactions occurring outside of the ordinary course of business. The Company has adopted an investment policy in respect of the safety and preservation of its capital to ensure the Company's liquidity needs are met. The instruments are selected with regard to the expected timing of expenditures and prevailing interest rates. On December 20, 2017, the FDA granted marketing approval for Macrilenâ„¢ (macimorelin) to be used in the diagnosis of patients with AGHD. On January 16, 2018, the Company, through AEZS Germany entered into the Strongbridge License Agreement. The Strongbridge License Agreement will contribute to fulfilling the Company's future obligations (see note 26 - Subsequent events). (c) Market risk Share price risk The change in fair value of the Company's warrant liability, which is measured at FVTPL, results from the periodic "mark-to-market" revaluation, via the application of option pricing models, of currently outstanding share purchase warrants. These valuation models are impacted, among other inputs, by the market price of the Company's common shares. As a result, the change in fair value of the warrant liability, which is reported in the consolidated statements of comprehensive loss, has been and may continue in future periods to be materially affected most notably by changes in the Company's common share closing price, which on the NASDAQ ranged from $0.84 to $3.65 during the year ended December 31, 2017 . |
Summary of significant accoun34
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Components of property, plant and equipment | Items of property, plant and equipment are recorded at cost, net of related government grants and accumulated depreciation and impairment charges. Depreciation is calculated using the following methods, annual rates and period: Methods Annual rates and period Equipment Declining balance and straight-line 20% Furniture and fixtures Declining balance and straight-line 10% and 20% Computer equipment Straight-line 25% and 33 1 /3% Leasehold improvements Straight-line Remaining lease term Components of the Company's property, plant and equipment are summarized below. Cost Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At January 1, 2016 4,039 19 746 19 4,823 Additions 27 — 19 20 66 Disposals / Retirements — — (3 ) — (3 ) Impact of foreign exchange rate changes (147 ) — (25 ) (2 ) (174 ) At December 31, 2016 3,919 19 737 37 4,712 Additions 2 — 2 — 4 Disposals / Retirements (2,160 ) — (43 ) — (2,203 ) Impact of foreign exchange rate changes 507 — 94 5 606 At December 31, 2017 2,268 19 790 42 3,119 Accumulated depreciation Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At January 1, 2016 3,873 — 683 11 4,567 Disposals / Retirements — — (2 ) — (2 ) Depreciation expense 70 2 36 4 112 Impact of foreign exchange rate changes (144 ) — (25 ) — (169 ) At December 31, 2016 3,799 2 692 15 4,508 Disposals / Retirements (2,135 ) — (43 ) — (2,178 ) Depreciation expense 50 2 30 18 100 Impact of foreign exchange rate changes 496 — 90 2 588 At December 31, 2017 2,210 4 769 35 3,018 Carrying amount Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At December 31, 2016 120 17 45 22 204 At December 31, 2017 58 15 21 7 101 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash and Cash Equivalents | December 31, 2017 2016 $ $ Cash on hand and balances with banks 7,780 21,999 7,780 21,999 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule Of Inventories | December 31, 2017 2016 $ $ Finished goods inventory 556 — Semi-finished goods inventory 87 — 643 — |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Trade and other receivables [abstract] | |
Schedule of trade and other receivables | December 31, 2017 2016 $ $ Trade accounts receivable 20 155 Value added tax 186 130 Other 15 80 221 365 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Components of property, plant and equipment | Items of property, plant and equipment are recorded at cost, net of related government grants and accumulated depreciation and impairment charges. Depreciation is calculated using the following methods, annual rates and period: Methods Annual rates and period Equipment Declining balance and straight-line 20% Furniture and fixtures Declining balance and straight-line 10% and 20% Computer equipment Straight-line 25% and 33 1 /3% Leasehold improvements Straight-line Remaining lease term Components of the Company's property, plant and equipment are summarized below. Cost Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At January 1, 2016 4,039 19 746 19 4,823 Additions 27 — 19 20 66 Disposals / Retirements — — (3 ) — (3 ) Impact of foreign exchange rate changes (147 ) — (25 ) (2 ) (174 ) At December 31, 2016 3,919 19 737 37 4,712 Additions 2 — 2 — 4 Disposals / Retirements (2,160 ) — (43 ) — (2,203 ) Impact of foreign exchange rate changes 507 — 94 5 606 At December 31, 2017 2,268 19 790 42 3,119 Accumulated depreciation Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At January 1, 2016 3,873 — 683 11 4,567 Disposals / Retirements — — (2 ) — (2 ) Depreciation expense 70 2 36 4 112 Impact of foreign exchange rate changes (144 ) — (25 ) — (169 ) At December 31, 2016 3,799 2 692 15 4,508 Disposals / Retirements (2,135 ) — (43 ) — (2,178 ) Depreciation expense 50 2 30 18 100 Impact of foreign exchange rate changes 496 — 90 2 588 At December 31, 2017 2,210 4 769 35 3,018 Carrying amount Equipment Furniture and fixtures Computer equipment Leasehold improvements Total $ $ $ $ $ At December 31, 2016 120 17 45 22 204 At December 31, 2017 58 15 21 7 101 |
Identifiable intangible assets
Identifiable intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of Intangible Assets | Identifiable intangible assets with finite useful lives consist entirely of in-process R&D costs, patents and trademarks. Changes in the carrying value of the Company's identifiable intangible assets with finite useful lives are summarized below. Year ended December 31, 2017 Year ended December 31, 2016 Cost Accumulated amortization Carrying value Cost Accumulated amortization Carrying value $ $ $ $ $ $ Balances – Beginning of the year 30,032 (29,962 ) 70 31,151 (30,914 ) 237 Additions — — — 5 — 5 Impairment (loss) reversal* — 44 44 — (85 ) (85 ) Recurring amortization expense* — (38 ) (38 ) — (83 ) (83 ) Impact of foreign exchange rate changes 4,214 (4,200 ) 14 (1,124 ) 1,120 (4 ) Balances – End of the year 34,246 (34,156 ) 90 30,032 (29,962 ) 70 _________________________ * Recorded with R&D costs in the consolidated statements of comprehensive loss. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets [Abstract] | |
Reconciliation of changes in goodwill | The change in carrying value is as follows: Cost Accumulated impairment loss Carrying amount $ $ $ At January 1, 2016 7,836 — 7,836 Impact of foreign exchange rate changes (283 ) — (283 ) At December 31, 2016 7,553 — 7,553 Impact of foreign exchange rate changes 1,060 — 1,060 At December 31, 2017 8,613 — 8,613 |
Payables and accrued liabilit41
Payables and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Summary of payables and accrued liabilities | December 31, 2017 2016 $ $ Trade accounts payable 1,222 2,044 Accrued research and development costs 127 340 Salaries, employment taxes and benefits 390 156 Current portion of onerous contract provisions (note 15) 173 295 Other accrued liabilities 1,075 910 2,987 3,745 |
Provision for restructuring c42
Provision for restructuring costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Restructuring And Related Costs | The changes in the Company's provision for restructuring costs can be summarized as follows: Resource Optimization Program 2015 Corporate Restructuring 2017 German Restructuring Total $ $ $ $ At January 1, 2016 75 557 — 632 Utilization of provision (43 ) (523 ) — (566 ) Change in the provision — (8 ) — (8 ) Impact of foreign exchange rate changes 1 (26 ) — (25 ) At December 31, 2016 33 — — 33 Provision recognized — — 3,115 3,115 Utilization of provision (33 ) — (157 ) (190 ) Change in the provision — — (32 ) (32 ) Impact of foreign exchange rate changes — — 88 88 At December 31, 2017 — — 3,014 3,014 Less: current portion — — (2,296 ) (2,296 ) Non-current portion* — — 718 718 * The non-current portion consists exclusively of an onerous lease provision. |
Warrant liability (Tables)
Warrant liability (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Schedule Of Changes In Warrant Liability | The table presented below shows the inputs and assumptions applied to the Black-Scholes option pricing model in order to determine the fair value of all warrants outstanding as at December 31, 2017 . The Black-Scholes option pricing model uses "Level 2" inputs, as defined by IFRS 13, Fair value measurement ("IFRS 13") and as discussed in note 22 - Financial instruments and financial risk management . Number of equivalent shares Market-value per share price Weighted average exercise price Risk-free annual interest rate Expected volatility Expected life (years) Expected dividend yield ($) ($) (a) (b) (c) (d) July 2013 Warrants 25,996 2.36 185.00 1.75 % 136.18 % 0.58 0.00 % March 2015 Series A Warrants (e) 115,844 2.36 1.07 1.90 % 132.24 % 2.19 0.00 % December 2015 Warrants 2,331,000 2.36 7.10 1.97 % 137.02 % 2.96 0.00 % November 2016 Warrants (f) 945,000 2.36 4.70 1.91 % 145.04 % 2.34 0.00 % ________________________ (a) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. (b) Based on the historical volatility of the Company's stock price over the most recent period consistent with the expected life of the warrants, as well as on future expectations. (c) Based upon time to expiry from the reporting period date. (d) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. (e) For the March 2015 Series A Warrants, the inputs and assumptions applied to the Black-Scholes option pricing model have been further adjusted to take into consideration the value attributed to certain anti-dilution provisions. Specifically, the weighted average exercise price is subject to adjustment (see note 16 - Share capital ). (f) For the November 2016 Warrants, the Company reduced the fair value of these warrants to take into consideration the fair value of the $10 call option, which was also calculated using the Black-Scholes pricing model. (see note 16 - Share capital ). The change in the Company's warrant liability can be summarized as follows: Years ended December 31, 2017 2016 2015 $ $ $ Balance – Beginning of the year 6,854 10,891 8,225 Share purchase warrants issued during the year (note 16) — 400 28,678 Derecognition due to early expiry (note 16) — — (5,865 ) Share purchase warrants exercised during the year (735 ) — (31,103 ) Change in fair value of share purchase warrants (2,222 ) (4,437 ) 10,956 Balance - End of the year 3,897 6,854 10,891 Less: current portion — — (1,411 ) Non-current portion 3,897 6,854 9,480 |
Summary Of Share Purchase Warrant Activity | A summary of the activity related to the Company's share purchase warrants is provided below. Years ended December 31, 2017 2016 2015 Number Weighted average exercise price (US$) Number Weighted average exercise price (US$) Number Weighted average exercise price (US$) Balance – Beginning of the year 3,779,245 9.66 * 2,842,309 11.30 * 287,852 104.46 Issued (note 16) — — 945,000 4.70 3,076,956 5.94 * Exercised (331,730 ) ** 1.07 — — (298,088 ) 4.24 Expired (note 16) (29,675 ) 345.00 (8,064 ) 4.23 (224,111 ) 66.90 Non-current portion 3,417,840 7.59 3,779,245 9.66 2,842,309 11.30 _________________________ * As adjusted ( note 16 - Share capital ) ** A portion of the Series A warrants was exercised using the cashless feature. Therefore, the total number of equivalent shares issued was 301,343 . |
Summary of Share Purchase Warrants Outstanding And Exercisable | The following table summarizes the share purchase warrants outstanding and exercisable as at December 31, 2017 : Exercise price ($) Number Weighted average remaining contractual life (years) 1.07 115,844 2.19 4.70 945,000 2.34 7.10 2,331,000 2.96 185.00 25,996 0.58 3,417,840 2.74 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of other provisions [abstract] | |
Schedule of provisions and non-current liabilities | December 31, 2017 2016 $ $ Onerous contract provisions (detailed below) 310 404 Non-current portion of provision for restructuring costs (note 13) 718 — Other — 97 1,028 501 Onerous contract provisions Cetrotide ® onerous contracts* Onerous lease** Total $ $ $ At January 1, 2016 803 234 1,037 Change in the provision (24 ) — (24 ) Utilization of provision (196 ) (113 ) (309 ) Unwinding of discount and effect of changes in the discount and foreign exchange rates (9 ) 4 (5 ) At December 31, 2016 574 125 699 Less: current portion (note 12) (181 ) (114 ) (295 ) 393 11 404 At December 31, 2016 574 125 699 Change in the provision (20 ) — (20 ) Utilization of provision (145 ) (119 ) (264 ) Unwinding of discount and effect of changes in the discount and foreign exchange rates 64 3 67 At December 31, 2017 473 9 482 Less: current portion (note 12) (163 ) (9 ) (172 ) 310 — 310 _________________________ * Recorded following the transfer of the Cetrotide ® Business (discontinued operations). ** Represents the present value of the future lease payments that the Company is obligated to make pursuant to a non-cancellable operating lease in the United States, net of estimated future sublease income. The estimate may vary as a result of changes in the utilization of the leased premises and of the sublease arrangement. The lease expired in January 2018. |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Disclosure of change in stock options issued | The following tables summarize the activity under the Stock Option Plan. Years ended December 31, 2017 2016 2015 US dollar-denominated options Number Weighted average exercise price (US$) Number Weighted average exercise price (US$) Number Weighted average exercise price (US$) Balance – Beginning of the year 966,539 7.23 272,874 25.88 33,956 187.36 Granted 390,000 2.05 713,573 3.47 243,000 5.17 Forfeited (643,271 ) 6.02 (10,034 ) 99.22 (4,082 ) 136.17 Cancelled — — (9,874 ) 157.00 — — Expired (853 ) 704.88 — — — — Balance – End of period 712,415 4.66 966,539 7.23 272,874 25.88 Years ended December 31, 2017 2016 2015 Canadian dollar-denominated options Number Weighted average exercise price (CAN$) Number Weighted average exercise price (CAN$) Number Weighted average exercise price (CAN$) Balance – Beginning of the year 1,858 820.27 3,787 845.46 4,909 1,010.40 Forfeited — — (1,028 ) 967.63 (271 ) 923.20 Cancelled — — (901 ) 758.00 — — Expired (355 ) 1,728.15 — — (851 ) 1,772.17 Balance – End of the year 1,503 605.84 1,858 820.27 3,787 845.46 |
Disclosure of number and weighted average remaining contractual life of outstanding share options | US$ options outstanding as at December 31, 2017 Exercise price Number Weighted average remaining Weighted average exercise price 2.05 to 2.75 390,000 6.62 2.05 2.76 to 3.47 168,864 5.93 3.45 3.48 to 3.49 50,000 5.35 3.48 3.50 to 4.19 32,498 5.94 3.77 4.20 to 1,044.00 71,053 4.89 23.09 712,415 6.17 4.66 US$ options exercisable as at December 31, 2017 Exercise price Number Weighted average remaining Weighted average exercise price 2.76 to 3.47 56,851 5.93 3.45 3.48 to 3.49 16,669 5.35 3.48 3.50 to 4.19 10,834 5.94 3.77 4.20 to 1,044.00 49,055 4.86 31.39 133,409 5.46 13.75 CAN$ options both outstanding and exercisable as at December 31, 2017 Exercise price Number Weighted average remaining (years) Weighted average exercise price 330.00 to 360.00 197 0.92 330.00 360.01 to 480.00 333 0.87 390.00 480.01 to 741.00 502 1.94 570.00 741.01 to 912.00 471 2.87 912.00 1,503 1.86 605.84 |
Disclosure of range of exercise prices of outstanding share options | US$ options outstanding as at December 31, 2017 Exercise price Number Weighted average remaining Weighted average exercise price 2.05 to 2.75 390,000 6.62 2.05 2.76 to 3.47 168,864 5.93 3.45 3.48 to 3.49 50,000 5.35 3.48 3.50 to 4.19 32,498 5.94 3.77 4.20 to 1,044.00 71,053 4.89 23.09 712,415 6.17 4.66 US$ options exercisable as at December 31, 2017 Exercise price Number Weighted average remaining Weighted average exercise price 2.76 to 3.47 56,851 5.93 3.45 3.48 to 3.49 16,669 5.35 3.48 3.50 to 4.19 10,834 5.94 3.77 4.20 to 1,044.00 49,055 4.86 31.39 133,409 5.46 13.75 CAN$ options both outstanding and exercisable as at December 31, 2017 Exercise price Number Weighted average remaining (years) Weighted average exercise price 330.00 to 360.00 197 0.92 330.00 360.01 to 480.00 333 0.87 390.00 480.01 to 741.00 502 1.94 570.00 741.01 to 912.00 471 2.87 912.00 1,503 1.86 605.84 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period | 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. Years ended December 31, 2017 2016 Expected dividend yield (a) 0.00 % 0.00 % Expected volatility (b) 137.60 % 115.10 % Risk-free annual interest rate (c) 1.53 % 1.80 % Expected life (years) (d) 3.26 4.92 Weighted average share price $2.05 $3.47 Weighted average exercise price $2.05 $3.47 Weighted average grant date fair value $1.62 $2.80 ________________________ (a) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. (b) Based on the historical volatility of the Company's stock price over the most recent period consistent with the expected life of the stock options, as well as on future expectations. (c) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the stock options. (d) Based upon historical data related to the exercise of stock options, on post-vesting employment terminations and on future expectations related to exercise behavior. |
Operating expenses (Tables)
Operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Schedule of Operating Expenses | The nature of the Company's operating expenses from continuing operations include the following: Years ended December 31, 2017 2016 2015 $ $ $ Key management personnel compensation (1) Salaries and short-term employee benefits 2,081 2,430 2,957 Termination benefits — — 843 Post-employment benefits 59 78 119 Share-based compensation costs 87 1,051 828 2,227 3,559 4,747 Other employees compensation: Salaries and short-term employee benefits 3,584 3,574 4,431 Termination benefits 1,806 — 245 Post-employment benefits 441 500 511 Share-based compensation costs 95 31 91 5,926 4,105 5,278 Goods and services (2) 13,575 21,217 21,429 Leasing costs, net of sublease receipts of $359 in 2017, $345 in 2016 and $380 in 2015 (3) 2,247 1,131 1,452 Refundable tax credits and grants — — (23 ) Onerous contract expenses resulting from the Restructuring — — (202 ) Transaction costs related to share purchase warrants — 56 2,208 Depreciation and amortization 138 195 271 Impairment (reversal) losses (44 ) 85 70 Operating foreign exchange (gains) losses (72 ) 39 199 15,844 22,723 25,404 23,997 30,387 35,429 _________________________ (1) Key management includes the Company's directors and members of the executive management team. (2) Goods and services include third-party R&D costs, laboratory supplies, professional fees, contracted sales force costs, marketing services, insurance and travel expenses. (3) Leasing costs also include changes in the onerous lease provision (note 15 - provisions), other than attributable to the unwinding of the discount. |
Employee future benefits (Table
Employee future benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits [Abstract] | |
Disclosure of net defined benefit liability (asset) | The change in the Company's accrued benefit obligations is summarized as follows: Pension benefit plans Other benefit plans 2017 2016 2015 2017 2016 2015 $ $ $ $ $ $ Balances – Beginning of the year 13,197 12,375 14,619 217 281 433 Current service cost 107 87 103 14 13 14 Interest cost 237 282 260 3 — 8 Actuarial (gain) loss arising from changes in financial assumptions (694 ) 1,479 (844 ) (115 ) — (34 ) Benefits paid (485 ) (399 ) (410 ) (66 ) (60 ) (97 ) Impact of foreign exchange rate changes 1,783 (627 ) (1,353 ) 31 (17 ) (43 ) Balances – End of the year 14,145 13,197 12,375 84 217 281 Amounts recognized: In net loss (344 ) (369 ) (363 ) 98 (13 ) 12 In other comprehensive loss (1,089 ) (852 ) 2,197 (31 ) 17 43 In accordance with the assumptions used as at December 31, 2017 , undiscounted defined pension benefits expected to be paid are as follows: $ 2018 522 2019 541 2020 553 2021 558 2022 564 Thereafter 16,589 19,327 |
Disclosure of defined benefit plans | The significant actuarial assumptions applied to determine the Company's accrued benefit obligations are as follows: Pension benefit plans Other benefit plans Years ended December 31, Years ended December 31, Actuarial assumptions 2017 2016 2015 2017 2016 2015 % % % % % % Discount rate 1.70 1.60 2.40 1.70 1.60 2.40 Pension benefits increase 1.80 1.80 1.80 1.80 1.80 2.40 Rate of compensation increase 2.00 2.00 2.00 2.00 2.00 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 : 2017 2016 2015 Retiring at the end of the reporting period: Male 20 20 20 Female 24 24 24 Retiring 20 years after the end of the reporting period: Male 22 22 22 Female 26 26 26 |
Supplemental disclosure of ca48
Supplemental disclosure of cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement of cash flows [abstract] | |
Disclosure of changes in operating assets and liabilities | Years ended December 31, 2017 2016 2015 $ $ $ Changes in operating assets and liabilities: Trade and other receivables 158 228 270 Prepaid expenses and other current assets (343 ) (45 ) (111 ) Other non-current assets 39 (233 ) 58 Payables and accrued liabilities (1,113 ) (313 ) (1,013 ) Deferred revenues — 555 — Provision for restructuring costs (note 13) (190 ) (566 ) (1,840 ) Employee future benefits (note 18) (551 ) (459 ) (507 ) Provisions (212 ) (231 ) (252 ) (2,212 ) (1,064 ) (3,395 ) |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Components of current and deferred income tax expense | Significant components of current and deferred income tax expense are as follows: Years ended December 31, 2017 2016 2015 $ $ $ Current tax expense — — — Deferred tax: Origination and reversal of temporary differences 6,395 9,199 8,581 Adjustments in respect of prior years (149 ) 36 — Change in unrecognized tax assets (2,767 ) (9,235 ) (8,581 ) Income tax recovery 3,479 — — |
Reconciliation of income tax rate to the income tax expense | The reconciliation of the combined Canadian federal and provincial income tax rate to the income tax expense is provided below: Years ended December 31, 2017 2016 2015 Combined Canadian federal and provincial statutory income tax rate 26.8 % 26.9 % 26.9 % Years ended December 31, 2017 2016 2015 $ $ $ Income tax recovery based on combined statutory income tax rate 5,434 6,714 13,511 Change in unrecognized tax assets (2,701 ) (9,235 ) (8,581 ) Change in unrecognized tax assets related to OCI (228 ) 436 (269 ) Share issuance costs 164 224 — Permanent difference attributable to the use of local currency for tax reporting (71 ) (30 ) (1,297 ) Change in enacted rates used (358 ) (16 ) — Permanent difference attributable to net change in fair value of warrant liability 595 1,194 (3,754 ) Share-based compensation costs (49 ) (291 ) (248 ) Difference in statutory income tax rate of foreign subsidiaries 768 972 1,135 Permanent difference attributable to expiring loss carry forward — — (563 ) Adjustments in respect of prior years (149 ) 36 — Other 74 (4 ) 66 3,479 — — |
Components of loss before tax | Loss before income taxes is attributable to the Company's tax jurisdictions as follows: Years ended December 31, 2017 2016 2015 $ $ $ Germany (13,950 ) (19,179 ) (20,500 ) Canada (5,592 ) (5,659 ) (29,496 ) United States (733 ) (121 ) (232 ) (20,275 ) (24,959 ) (50,228 ) |
Components of deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities are as follows: December 31, 2017 2016 $ $ Deferred tax assets Current: Operating losses carried forward 3,479 — Non-current: Operating losses carried forward 696 1,009 Intangible assets 4,812 5,199 8,987 6,208 Deferred tax liabilities Current: Payables and accrued liabilities — 109 — 109 Non-current: Property, plant and equipment 5 7 Deferred revenues 5,316 5,658 Warrant liability — 386 Other 187 48 5,508 6,099 5,508 6,208 Deferred tax assets (liabilities), net 3,479 — |
Components of unrecognized deferred tax assets | Significant components of unrecognized deferred tax assets are as follows: December 31, 2017 2016 $ $ Deferred tax assets Current: Deferred revenues and other provisions 584 217 584 217 Non-current: Deferred Revenues — — Operating losses carried forward 82,421 71,654 Research and development costs 9,167 9,195 Unused tax credits 8,019 8,019 Employee future benefits 2,296 2,275 Property, plant and equipment 407 175 Share issuance expenses 841 941 Onerous contract provisions — 26 Intangible assets — 189 Other 335 144 103,486 92,618 Unrecognized deferred tax assets 104,070 92,835 |
Disclosure of tax attributes to be deferred | As at December 31, 2017 , amounts and expiry dates of tax attributes to be deferred for which no deferred tax asset was recognized were as follows: Canada Federal Provincial $ $ 2028 6,429 5,043 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 7,610 7,610 57,821 56,420 |
Disclosure of federal tax losses | The Company has estimated non-refundable R&D investment tax credits of approximately $8,019,000 which can be carried forward to reduce Canadian federal income taxes payable and which expire at dates ranging from 2018 to 2037 . Furthermore, the Company has unrecognized tax assets in respect of operating losses to be carried forward in Germany and in the United States. The federal tax losses amount to approximately $211,000,000 in Germany, for which there is no expiry date, and to $2,165,000 in the United States, which expire as follows: United States $ 2028 369 2029 178 2034 151 2035 447 2036 195 2037 825 2,165 |
Financial instruments and fin50
Financial instruments and financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Disclosure of fair value measurement of assets | Financial assets (liabilities) as at December 31, 2017 and December 31, 2016 are presented below. December 31, 2017 Loans and Financial Other Total $ $ $ $ Cash and cash equivalents (note 6) 7,780 — — 7,780 Trade and other receivables (note 8) 35 — — 35 Restricted cash equivalents 381 — — 381 Payables and accrued liabilities (note 12) — — (2,689 ) (2,689 ) Provision for restructuring costs (note 13) — — (1,806 ) (1,806 ) Warrant liability (note 14) — (3,897 ) — (3,897 ) 8,196 (3,897 ) (4,495 ) (196 ) December 31, 2016 Loans and receivables Financial liabilities at FVTPL Other financial liabilities Total $ $ $ $ Cash and cash equivalents (note 6) 21,999 — — 21,999 Trade and other receivables (note 8) 235 — — 235 Restricted cash equivalents 496 — — 496 Payables and accrued liabilities (note 12) — — (3,352 ) (3,352 ) Provision for restructuring costs (note 13) — — (33 ) (33 ) Warrant liability (note 14) — (6,854 ) — (6,854 ) Other non-current liabilities (note 15) — — (97 ) (97 ) 22,730 (6,854 ) (3,482 ) 12,394 |
Disclosure of fair value measurement of liabilities | Financial assets (liabilities) as at December 31, 2017 and December 31, 2016 are presented below. December 31, 2017 Loans and Financial Other Total $ $ $ $ Cash and cash equivalents (note 6) 7,780 — — 7,780 Trade and other receivables (note 8) 35 — — 35 Restricted cash equivalents 381 — — 381 Payables and accrued liabilities (note 12) — — (2,689 ) (2,689 ) Provision for restructuring costs (note 13) — — (1,806 ) (1,806 ) Warrant liability (note 14) — (3,897 ) — (3,897 ) 8,196 (3,897 ) (4,495 ) (196 ) December 31, 2016 Loans and receivables Financial liabilities at FVTPL Other financial liabilities Total $ $ $ $ Cash and cash equivalents (note 6) 21,999 — — 21,999 Trade and other receivables (note 8) 235 — — 235 Restricted cash equivalents 496 — — 496 Payables and accrued liabilities (note 12) — — (3,352 ) (3,352 ) Provision for restructuring costs (note 13) — — (33 ) (33 ) Warrant liability (note 14) — (6,854 ) — (6,854 ) Other non-current liabilities (note 15) — — (97 ) (97 ) 22,730 (6,854 ) (3,482 ) 12,394 |
Disclosure of nature and extent of risks arising from financial instruments | If variations in the market price of our common shares of - 30% and + 30% were to occur, the impact on the Company's net loss related to the warrant liability held at December 31, 2017 would be as follows: Carrying -30% +30% $ $ $ Warrant liability 3,897 1,359 (1,474 ) Total impact on net loss – decrease / (increase) 1,359 (1,474 ) |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Disclosure of geographical areas | Non-current assets* by geographical area are detailed as follows: December 31, 2017 2016 $ $ Germany 8,792 7,793 United States 2 2 Canada 10 32 8,804 7,827 _______________________________ * Non-current assets include property, plant and equipment, identifiable intangible assets and goodwill. Revenues by geographical area are detailed as follows: Years ended December 31, 2017 2016 2015 $ $ $ United States 452 410 217 China 262 249 302 Singapore — 101 — British Virgin Islands 206 100 — Switzerland — — 312 Other 3 51 45 923 911 876 Amounts presented: Within discontinued operations — — 331 Within continuing operations 923 911 545 923 911 876 |
Disclosure of major customers | Major customers representing 10% or more of the Company's revenues in each of the last three years are as follows: Years ended December 31, 2017 2016 2015 $ $ $ Company 1* — — 312 Company 2 — 20 217 Company 3 262 249 302 Company 4 323 222 — Company 5 129 167 — Company 6 — 101 — Company 7 206 100 — _______________________________ *Related to Cetrotide ® (discontinued operations). |
Net loss per share (Tables)
Net loss per share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Summary of Pertinent Data Relating to the Computation of Basic and Diluted Net (Loss) Income Per Share | The following table sets forth pertinent data relating to the computation of basic and diluted net (loss) income per share attributable to common shareholders. Years ended December 31, 2017 2016 2015 $ $ $ Net loss from continuing operations (16,796 ) (24,959 ) (50,228 ) Net income from discontinued operations — — 85 Net loss (16,796 ) (24,959 ) (50,143 ) Basic and diluted weighted average number of shares outstanding 14,958,704 10,348,879 2,763,603 Items excluded from the calculation of diluted net loss per share because the exercise price was greater than the average market price of the common shares or due to their anti-dilutive effect Stock options 713,918 968,397 276,661 Share purchase warrants 3,417,840 3,779,245 2,842,309 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Provisions, Contingent Liabilities and Contingent Assets [Abstract] | |
Expected future minimum lease payments | The Company is committed to various operating leases for its premises. Expected future minimum lease payments, which also include future payments in connection with utility service agreements and future minimum sublease receipts under non-cancellable operating leases (subleases), as well as future payments in connection with service and manufacturing agreements, as at December 31, 2017 are as follows: Minimum lease payments Minimum sublease receipts Service and manufacturing $ $ $ Less than 1 year 448 (143 ) 403 1 - 3 years 633 (26 ) 283 4 - 5 years 105 — 259 More than 5 years 100 — 250 Total 1,286 (169 ) 1,195 |
Business overview (Details)
Business overview (Details) | Nov. 17, 2015 | Dec. 31, 2017 |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Stock split, conversion ratio | 100 | 100 |
Summary of significant accoun55
Summary of significant accounting policies - Property, plant and equipment and depreciation (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, annual depreciation rate | 0.2 |
Furniture and fixtures | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, annual depreciation rate | 0.1 |
Furniture and fixtures | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, annual depreciation rate | 0.2 |
Computer equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, annual depreciation rate | 0.25 |
Computer equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives, annual depreciation rate | 0.3333 |
Summary of significant accoun56
Summary of significant accounting policies - Identifiable Intangible Assets And Amortization (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Trademark | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill, useful lives | 10 years |
Minimum | In process R&D and Patents | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill, useful lives | 8 years |
Maximum | In process R&D and Patents | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets other than goodwill, useful lives | 15 years |
Summary of significant accoun57
Summary of significant accounting policies - Financial Instruments (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Financial assets | $ 0 | $ 0 |
Summary of significant accoun58
Summary of significant accounting policies - Research and Development Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | ||
Capitalized costs during the period | $ 0 | $ 0 |
Deferred revenues related to 59
Deferred revenues related to licensing arrangements and co-development agreement (Details) € in Thousands | Jul. 01, 2016EUR (€) | Dec. 01, 2014USD ($) | Apr. 10, 2013USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Disclosure of geographical areas [line items] | ||||||
Deferred revenues (note 5) | $ 55,000 | $ 474,000 | ||||
Research and development costs | 10,704,000 | 16,495,000 | $ 17,234,000 | |||
License Agreement Terms | ||||||
Disclosure of geographical areas [line items] | ||||||
Deferred revenues (note 5) | $ 541,000 | |||||
Phase 3 Clinical Trial Of Zoptrex | Co-Development and Revenue-Sharing Agreement | ||||||
Disclosure of geographical areas [line items] | ||||||
Total costs not charged to the company, percent | 30.00% | |||||
Maximum amount of research and development costs incurred, but not charged to the company | $ 10,000,000 | |||||
Research and development costs incurred but not charged to the company | $ 9,900,000 | |||||
Research and development costs | $ 1,117,000 | $ 4,436,000 | $ 7,140,000 | |||
Cyntec | License Agreement Terms | ||||||
Disclosure of geographical areas [line items] | ||||||
Non-refundable upfront payment received | € | € 500 | |||||
Sinopharm | License Agreement Terms | ||||||
Disclosure of geographical areas [line items] | ||||||
Non-refundable upfront payment received | $ 1,000,000 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Cash on hand and balances with banks | $ 7,780 | $ 21,999 | ||
Total cash and cash equivalents | $ 7,780 | $ 21,999 | $ 41,450 | $ 34,931 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Finished goods inventory | $ 556 | $ 0 |
Semi-finished goods inventory | 87 | 0 |
Total inventory | $ 643 | $ 0 |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Trade and other receivables [abstract] | ||
Trade accounts receivable | $ 20 | $ 155 |
Value added tax | 186 | 130 |
Other | 15 | 80 |
Trade and other current receivables | $ 221 | $ 365 |
Property, plant and equipment -
Property, plant and equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | $ 204 | ||
Depreciation expense | 100 | $ 112 | $ 260 |
Ending balance of property, plant and equipment | 101 | 204 | |
Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | 4,712 | 4,823 | |
Additions | 4 | 66 | |
Disposals / Retirements | (2,203) | (3) | |
Impact of foreign exchange rate changes | 606 | (174) | |
Ending balance of property, plant and equipment | 3,119 | 4,712 | 4,823 |
Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | (4,508) | (4,567) | |
Disposals / Retirements | 2,178 | 2 | |
Depreciation expense | (100) | (112) | |
Impact of foreign exchange rate changes | (588) | 169 | |
Ending balance of property, plant and equipment | (3,018) | (4,508) | (4,567) |
Equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | 120 | ||
Ending balance of property, plant and equipment | 58 | 120 | |
Equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | 3,919 | 4,039 | |
Additions | 2 | 27 | |
Disposals / Retirements | (2,160) | 0 | |
Impact of foreign exchange rate changes | 507 | (147) | |
Ending balance of property, plant and equipment | 2,268 | 3,919 | 4,039 |
Equipment | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | (3,799) | (3,873) | |
Disposals / Retirements | 2,135 | 0 | |
Depreciation expense | (50) | (70) | |
Impact of foreign exchange rate changes | (496) | 144 | |
Ending balance of property, plant and equipment | (2,210) | (3,799) | (3,873) |
Furniture and fixtures | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | 17 | ||
Ending balance of property, plant and equipment | 15 | 17 | |
Furniture and fixtures | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | 19 | 19 | |
Additions | 0 | 0 | |
Disposals / Retirements | 0 | 0 | |
Impact of foreign exchange rate changes | 0 | 0 | |
Ending balance of property, plant and equipment | 19 | 19 | 19 |
Furniture and fixtures | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | (2) | 0 | |
Disposals / Retirements | 0 | 0 | |
Depreciation expense | (2) | (2) | |
Impact of foreign exchange rate changes | 0 | 0 | |
Ending balance of property, plant and equipment | (4) | (2) | 0 |
Computer equipment | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | 45 | ||
Ending balance of property, plant and equipment | 21 | 45 | |
Computer equipment | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | 737 | 746 | |
Additions | 2 | 19 | |
Disposals / Retirements | (43) | (3) | |
Impact of foreign exchange rate changes | 94 | (25) | |
Ending balance of property, plant and equipment | 790 | 737 | 746 |
Computer equipment | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | (692) | (683) | |
Disposals / Retirements | 43 | 2 | |
Depreciation expense | (30) | (36) | |
Impact of foreign exchange rate changes | (90) | 25 | |
Ending balance of property, plant and equipment | (769) | (692) | (683) |
Leasehold improvements | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | 22 | ||
Ending balance of property, plant and equipment | 7 | 22 | |
Leasehold improvements | Cost | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | 37 | 19 | |
Additions | 0 | 20 | |
Disposals / Retirements | 0 | 0 | |
Impact of foreign exchange rate changes | 5 | (2) | |
Ending balance of property, plant and equipment | 42 | 37 | 19 |
Leasehold improvements | Accumulated depreciation | |||
Reconciliation of changes in property, plant and equipment [abstract] | |||
Beginning balance of property, plant and equipment | (15) | (11) | |
Disposals / Retirements | 0 | 0 | |
Depreciation expense | (18) | (4) | |
Impact of foreign exchange rate changes | (2) | 0 | |
Ending balance of property, plant and equipment | $ (35) | $ (15) | $ (11) |
Property, plant and equipment64
Property, plant and equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation | $ 100 | $ 112 | $ 260 |
R&D | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation | 69 | 80 | 231 |
General and Administrative | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation | 10 | 11 | 13 |
Selling | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation | $ 21 | $ 21 | $ 16 |
Identifiable intangible asset65
Identifiable intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balances – Beginning of the year | $ (70) | $ (237) |
Additions | 0 | (5) |
Impairment (loss) reversal | 44 | (85) |
Recurring amortization expense | 38 | 83 |
Impact of foreign exchange rate changes | (14) | 4 |
Balances – End of the year | (90) | (70) |
Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balances – Beginning of the year | (30,032) | (31,151) |
Additions | 0 | (5) |
Impairment (loss) reversal | 0 | 0 |
Recurring amortization expense | 0 | 0 |
Impact of foreign exchange rate changes | (4,214) | 1,124 |
Balances – End of the year | (34,246) | (30,032) |
Accumulated amortization | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balances – Beginning of the year | (29,962) | (30,914) |
Additions | 0 | 0 |
Impairment (loss) reversal | (44) | 85 |
Recurring amortization expense | (38) | (83) |
Impact of foreign exchange rate changes | (4,200) | 1,120 |
Balances – End of the year | $ (34,156) | $ (29,962) |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in goodwill [abstract] | ||
Beginning balance | $ 7,553 | $ 7,836 |
Impact of foreign exchange rate changes | 1,060 | (283) |
Ending balance | 8,613 | 7,553 |
Cost | ||
Reconciliation of changes in goodwill [abstract] | ||
Beginning balance | 7,553 | 7,836 |
Impact of foreign exchange rate changes | 1,060 | (283) |
Ending balance | 8,613 | 7,553 |
Accumulated impairment loss | ||
Reconciliation of changes in goodwill [abstract] | ||
Beginning balance | 0 | 0 |
Impact of foreign exchange rate changes | 0 | 0 |
Ending balance | $ 0 | $ 0 |
Payables and accrued liabilit67
Payables and accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade accounts payable | $ 1,222 | $ 2,044 |
Accrued research and development costs | 127 | 340 |
Salaries, employment taxes and benefits | 390 | 156 |
Current portion of onerous contract provisions (note 15) | 173 | 295 |
Other accrued liabilities | 1,075 | 910 |
Payables and accrued liabilities | $ 2,987 | $ 3,745 |
Provision for restructuring c68
Provision for restructuring costs - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2017USD ($) | Dec. 31, 2017 | Jul. 31, 2017 | |
Disclosure of other provisions [line items] | |||
Number of employees to be terminated | 24 | ||
Employee terminations, expected period | 18 months | ||
R&D | |||
Disclosure of other provisions [line items] | |||
Restructuring costs | $ 2,644 | ||
General and Administrative | |||
Disclosure of other provisions [line items] | |||
Restructuring costs | 275 | ||
Selling | |||
Disclosure of other provisions [line items] | |||
Restructuring costs | 196 | ||
Severance Payments And Other Directly Related Costs | |||
Disclosure of other provisions [line items] | |||
Restructuring costs | 2,002 | ||
Onerous lease | |||
Disclosure of other provisions [line items] | |||
Restructuring costs | $ 1,113 |
Provision for restructuring c69
Provision for restructuring costs - Schedule of Restructuring Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 33 | $ 632 |
Provision recognized | 3,115 | |
Utilization of provision | (190) | (566) |
Change in the provision | (32) | (8) |
Impact of foreign exchange rate changes | 88 | (25) |
Ending balance | 3,014 | 33 |
Less: current portion | (2,296) | (33) |
Non-current portion | 718 | 0 |
Resource Optimization Program | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 33 | 75 |
Provision recognized | 0 | |
Utilization of provision | (33) | (43) |
Change in the provision | 0 | 0 |
Impact of foreign exchange rate changes | 0 | 1 |
Ending balance | 0 | 33 |
Less: current portion | 0 | |
Non-current portion | 0 | |
2015 Corporate Restructuring | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | 557 |
Provision recognized | 0 | |
Utilization of provision | 0 | (523) |
Change in the provision | 0 | (8) |
Impact of foreign exchange rate changes | 0 | (26) |
Ending balance | 0 | 0 |
Less: current portion | 0 | |
Non-current portion | 0 | |
2017 German Restructuring | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | 0 |
Provision recognized | 3,115 | |
Utilization of provision | (157) | 0 |
Change in the provision | (32) | 0 |
Impact of foreign exchange rate changes | 88 | 0 |
Ending balance | 3,014 | $ 0 |
Less: current portion | (2,296) | |
Non-current portion | $ 718 |
Warrant liability - Schedule of
Warrant liability - Schedule of Changes In Warrant Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Balance – Beginning of the year | $ 6,854 | $ 10,891 | $ 8,225 |
Derecognition due to early expiry (note 16) | 0 | 0 | (5,865) |
Share purchase warrants exercised during the year | (735) | 0 | (31,103) |
Change in fair value of share purchase warrants | (2,222) | (4,437) | 10,956 |
Balance - End of the year | 3,897 | 6,854 | 10,891 |
Less: current portion | 0 | 0 | (1,411) |
Warrant liability | 3,897 | 6,854 | 9,480 |
Warrant liability | |||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||
Share purchase warrants issued during the year (note 16) | $ 0 | $ 400 | $ 28,678 |
Warrant liability - Summary of
Warrant liability - Summary of Share Purchase Warrant Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Purchase Warrants Outstanding | |||
Warrants outstanding, beginning of period (in shares) | 3,779,245 | 2,842,309 | 287,852 |
Warrants issued during period (in shares) | 0 | 945,000 | 3,076,956 |
Warrants exercised during period (in shares) | (331,730) | 0 | (298,088) |
Warrants expired during period (in shares) | (29,675) | (8,064) | (224,111) |
Warrants outstanding, end of period (in shares) | 3,417,840 | 3,779,245 | 2,842,309 |
Share Purchase Warrants Outstanding, Weighted Average Exercise Price | |||
Weighted average exercise price, beginning of period (in usd per share) | $ 9.66 | $ 11.30 | $ 104.46 |
Weighted average exercise price, issued during period (in usd per share) | 0 | 4.70 | 5.94 |
Weighted average exercise price, exercised during period( in usd per share) | 1.07 | 0 | 4.24 |
Weighted average exercise price, expired during period (in usd per share) | 345 | 4.23 | 66.90 |
Weighted average exercise price, end of period (in usd per share) | $ 7.59 | $ 9.66 | $ 11.30 |
Warrants Not Settleable In Cash | Series A Warrants | |||
Share Purchase Warrants Outstanding, Weighted Average Exercise Price | |||
Shares issued upon exercise | 301,343 |
Warrant liability - Summary o72
Warrant liability - Summary of Warrants Outstanding and Exercisable (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 14, 2015 | Dec. 31, 2014 | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||||
Exercise price (in usd per share) | $ 7.10 | ||||
Number of warrants outstanding (in shares) | 3,417,840 | 3,779,245 | 2,842,309 | 287,852 | |
Weighted average remaining contractual life (years) | 2 years 8 months 27 days | ||||
Exercise Price Range One | |||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||
Exercise price (in usd per share) | $ 1.07 | ||||
Number of warrants outstanding (in shares) | 115,844 | ||||
Weighted average remaining contractual life (years) | 2 years 2 months 9 days | ||||
Exercise Price Range Two | |||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||
Exercise price (in usd per share) | $ 4.70 | ||||
Number of warrants outstanding (in shares) | 945,000 | ||||
Weighted average remaining contractual life (years) | 2 years 4 months 2 days | ||||
Exercise Price Range Three | |||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||
Exercise price (in usd per share) | $ 7.10 | ||||
Number of warrants outstanding (in shares) | 2,331,000 | ||||
Weighted average remaining contractual life (years) | 2 years 11 months 16 days | ||||
Exercise Price Range Four | |||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||
Exercise price (in usd per share) | $ 185 | ||||
Number of warrants outstanding (in shares) | 25,996 | ||||
Weighted average remaining contractual life (years) | 6 months 29 days |
Warrant liability - Schedule 73
Warrant liability - Schedule Of Inputs And Assumptions Used In Determining The Fair Value Of Warrants Outstanding (Details) - Level 2 of fair value hierarchy - Warrant liability - Option pricing model | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
July 2013 Warrants | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of equivalent shares | shares | 25,996 |
Market-value per share price | $ 2.36 |
Weighted average exercise price (in usd per share) | $ 185 |
Risk-free annual interest rate | 1.75% |
Expected volatility | 136.18% |
Expected life (years) | 6 months 29 days |
Expected dividend yield | 0.00% |
March 2015 Series A Warrants | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of equivalent shares | shares | 115,844 |
Market-value per share price | $ 2.36 |
Weighted average exercise price (in usd per share) | $ 1.07 |
Risk-free annual interest rate | 1.90% |
Expected volatility | 132.24% |
Expected life (years) | 2 years 2 months 9 days |
Expected dividend yield | 0.00% |
December 2015 Warrants | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of equivalent shares | shares | 2,331,000 |
Market-value per share price | $ 2.36 |
Weighted average exercise price (in usd per share) | $ 7.10 |
Risk-free annual interest rate | 1.97% |
Expected volatility | 137.02% |
Expected life (years) | 2 years 11 months 16 days |
Expected dividend yield | 0.00% |
November 2016 Warrants | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of equivalent shares | shares | 945,000 |
Market-value per share price | $ 2.36 |
Weighted average exercise price (in usd per share) | $ 4.70 |
Risk-free annual interest rate | 1.91% |
Expected volatility | 145.04% |
Expected life (years) | 2 years 4 months 2 days |
Expected dividend yield | 0.00% |
Other equity, call option price (in usd per share) | $ 10 |
Warrant liability - Series B Wa
Warrant liability - Series B Warrants (Details) | Sep. 20, 2016shares | Nov. 02, 2015USD ($)$ / shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 14, 2015$ / shares | Dec. 31, 2014shares |
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise price (in usd per share) | $ / shares | $ 7.10 | ||||||
Proceeds from warrants exercised | $ | $ 242,000 | $ 0 | $ 0 | ||||
Number of warrants outstanding (in shares) | 3,417,840 | 3,779,245 | 2,842,309 | 287,852 | |||
Series B Warrants | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Warrants exercisable in share-based payment arrangement, percent | 200.00% | ||||||
Warrants exercisable in share-based payment arrangement, multiplier | 81 | ||||||
Warrants exercisable in share-based payment arrangement, percent of quotient of the sum of the per share volume weighted average price | 0.85 | ||||||
Warrants exercisable in share-based payment arrangement, number of lowest trading days | 5 days | ||||||
Warrants exercisable in share-based payment arrangement, number of trading days immediately prior to exercise date | 15 days | ||||||
Warrants exercisable in share-based payment arrangement, denominator | 5 days | ||||||
Exercise price (in usd per share) | $ / shares | $ 33.23 | ||||||
Proceeds from warrants exercised | $ | $ 2,925,653 | ||||||
Number of warrants outstanding (in shares) | 8,064 | ||||||
Number of share options expired in share-based payment arrangement (in shares) | 8,064 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions and Non-current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of other provisions [abstract] | ||
Onerous contract provisions (detailed below) | $ 310 | $ 404 |
Non-current portion of provision for restructuring costs (note 13) | 718 | 0 |
Other | 0 | 97 |
Other non-current provisions | $ 1,028 | $ 501 |
Provisions - Onerous contract p
Provisions - Onerous contract provisions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in Onerous Contract Provisions [Roll Forward] | ||
Utilization of provision | $ (190) | $ (566) |
Less: current portion (note 12) | (173) | (295) |
Other non-current provisions | 310 | 404 |
Cetrotide® onerous contracts | ||
Changes in Onerous Contract Provisions [Roll Forward] | ||
Beginning balance, other provisions | 574 | 803 |
Change in the provision | (20) | (24) |
Utilization of provision | (145) | (196) |
Unwinding of discount and effect of changes in the discount and foreign exchange rates | 64 | (9) |
Ending balance, other provisions | 473 | 574 |
Less: current portion (note 12) | (163) | (181) |
Other non-current provisions | 310 | 393 |
Onerous lease | ||
Changes in Onerous Contract Provisions [Roll Forward] | ||
Beginning balance, other provisions | 125 | 234 |
Change in the provision | 0 | 0 |
Utilization of provision | (119) | (113) |
Unwinding of discount and effect of changes in the discount and foreign exchange rates | 3 | 4 |
Ending balance, other provisions | 9 | 125 |
Less: current portion (note 12) | (9) | (114) |
Other non-current provisions | 0 | 11 |
Onerous contract provisions | ||
Changes in Onerous Contract Provisions [Roll Forward] | ||
Beginning balance, other provisions | 699 | 1,037 |
Change in the provision | (20) | (24) |
Utilization of provision | (264) | (309) |
Unwinding of discount and effect of changes in the discount and foreign exchange rates | 67 | (5) |
Ending balance, other provisions | 482 | 699 |
Less: current portion (note 12) | (172) | (295) |
Other non-current provisions | $ 310 | $ 404 |
Share capital - Share Consolida
Share capital - Share Consolidation (Details) - shares | Nov. 17, 2015 | Nov. 16, 2015 |
Share Capital, Reserves And Other Equity Interest [Abstract] | ||
Number of shares outstanding (in shares) | 6,559,846 | 655,984,512 |
Number of shares issued (in shares) | 6,559,846 | 655,984,512 |
Share capital - Common Shares I
Share capital - Common Shares Issued in Connection with "At-the-Market" ("ATM") Drawdowns (Details) - USD ($) | Apr. 27, 2017 | Dec. 14, 2015 | Apr. 18, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Mar. 24, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 28, 2017 | Apr. 01, 2016 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Proceeds from issuances of common shares, warrants (including pre-funded warrants), net of cash transaction costs of $250, $1,107, and $4,223 in 2017, 2016, and 2015, respectively (note 16) | $ 16,650,000 | $ 7,788,000 | $ 9,924,000 | $ 49,427,000 | ||||||
Payments for share issue costs | $ 1,638,000 | $ 250,000 | $ 1,107,000 | $ 4,223,000 | ||||||
Exercise price (in usd per share) | $ 7.10 | |||||||||
April 2016 ATM Program | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Shares authorized | 3,000,000 | |||||||||
Number of shares authorised (in shares) | $ 10,000,000 | |||||||||
Sale of stock, number of shares issued (in shares) | 1,706,968 | |||||||||
Proceeds from issuances of common shares, warrants (including pre-funded warrants), net of cash transaction costs of $250, $1,107, and $4,223 in 2017, 2016, and 2015, respectively (note 16) | $ 6,000,000 | |||||||||
Payments for share issue costs | 190,000 | |||||||||
Finance costs | $ 225,000 | |||||||||
March 2017 ATM Program | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of shares authorised (in shares) | $ 9,000,000 | |||||||||
Sale of stock, number of shares issued (in shares) | 597,994 | |||||||||
Proceeds from issuances of common shares, warrants (including pre-funded warrants), net of cash transaction costs of $250, $1,107, and $4,223 in 2017, 2016, and 2015, respectively (note 16) | $ 1,780,000 | |||||||||
Payments for share issue costs | 55,000 | |||||||||
Finance costs | $ 65,000 | |||||||||
April 2017 ATM Program | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Shares authorized | 2,240,000 | |||||||||
Number of shares authorised (in shares) | $ 6,900,000 | |||||||||
Sale of stock, number of shares issued (in shares) | 1,805,758 | |||||||||
Proceeds from issuances of common shares, warrants (including pre-funded warrants), net of cash transaction costs of $250, $1,107, and $4,223 in 2017, 2016, and 2015, respectively (note 16) | $ 3,761,000 | |||||||||
Payments for share issue costs | 115,000 | |||||||||
Finance costs | $ 285,000 | |||||||||
Shelf Registration Statement 2017 | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of shares authorised (in shares) | $ 50,000,000 | |||||||||
Sale of stock offering period | 3 years | |||||||||
Average | April 2016 ATM Program | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Sale of stock, price per share (USD per share) | $ 3.52 | |||||||||
Average | March 2017 ATM Program | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Sale of stock, price per share (USD per share) | $ 2.97 | |||||||||
Average | April 2017 ATM Program | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Sale of stock, price per share (USD per share) | $ 1.71 | $ 1.71 | ||||||||
Series A Warrants | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Exercise price (in usd per share) | $ 1.07 | $ 1.07 |
Share capital - March 2015 Offe
Share capital - March 2015 Offering (Details) - USD ($) | Mar. 11, 2017 | Nov. 01, 2016 | Sep. 20, 2016 | Sep. 12, 2016 | Dec. 14, 2015 | Mar. 11, 2015 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 02, 2015 | Mar. 12, 2015 | Dec. 31, 2014 |
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Payments for share issue costs | $ 1,638,000 | $ 250,000 | $ 1,107,000 | $ 4,223,000 | |||||||||
Warrant exercise period | 5 years | ||||||||||||
Exercise price (in usd per share) | $ 7.10 | ||||||||||||
Warrant liability | $ 10,891,000 | $ 3,897,000 | $ 6,854,000 | $ 10,891,000 | $ 8,225,000 | ||||||||
Warrants expired during period (in shares) | 29,675 | 8,064 | 224,111 | ||||||||||
Number of warrants outstanding (in shares) | 2,842,309 | 3,417,840 | 3,779,245 | 2,842,309 | 287,852 | ||||||||
Gain (loss) on warrants | $ 2,222,000 | $ 4,437,000 | $ (10,956,000) | ||||||||||
Warrant liability | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Warrant liability | $ 400,000 | $ 7,698,000 | $ 3,897,000 | ||||||||||
Series A Warrants | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Exercise price (in usd per share) | $ 1.07 | ||||||||||||
Series B Warrants | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Number of share options expired in share-based payment arrangement (in shares) | 8,064 | ||||||||||||
Exercise price (in usd per share) | $ 33.23 | ||||||||||||
Number of warrants outstanding (in shares) | 8,064 | 8,064 | |||||||||||
Warrants, November 2013 And January 2014 | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Exercise price (in usd per share) | $ 14 | ||||||||||||
Number of warrants outstanding (in shares) | 7,770 | ||||||||||||
Common share | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Number of securities called by warrants or rights (in shares) | 2,331,000 | ||||||||||||
Public Stock Offering | Pre-Funded Warrants | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Allocation of equity | $ 9,000,000 | ||||||||||||
Share issue related cost | 643,000 | ||||||||||||
Public Stock Offering | Share capital | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Allocation of equity | $ 8,952,000 | 7,000,000 | |||||||||||
Share issue related cost | 881,000 | 473,000 | |||||||||||
Public Stock Offering | Warrant liability | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Share issue related cost | 757,000 | $ 1,451,000 | |||||||||||
Public Stock Offering | General and Administrative | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Gain (loss) on warrants | $ (1,451,000) | $ (56,000) | $ (757,000) | ||||||||||
Public Stock Offering | Series A Warrants | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Number of securities called by warrants (in shares) | 0.75 | ||||||||||||
Warrant exercise period | 5 years | ||||||||||||
Exercise price (in usd per share) | $ 0 | $ 81 | |||||||||||
Public Stock Offering | Series B Warrants | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Number of securities called by warrants or rights (in shares) | 290,318 | 290,318 | |||||||||||
Number of securities called by warrants (in shares) | 0.50 | ||||||||||||
Number of share options expired in share-based payment arrangement (in shares) | 8,064 | ||||||||||||
Warrant exercise period | 18 months | ||||||||||||
Exercise price (in usd per share) | $ 4.95 | $ 81 | |||||||||||
Stock issued during period, new issues (in shares) | 5,670,118 | ||||||||||||
Public Stock Offering | Series C Warrant | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Initial beneficial ownership limitation option two | 9.90% | ||||||||||||
Public Stock Offering | Warrants, November 2013 And January 2014 | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Warrants expired during period (in shares) | 211,230 | ||||||||||||
Number of warrants outstanding (in shares) | 219,000 | ||||||||||||
Payments for termination of warrants | $ 5,703,000 | ||||||||||||
Gain (loss) on warrants | $ 5,865,000 | ||||||||||||
Public Stock Offering | Common share | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Number of securities called by warrants or rights (in shares) | 2,100,000 | 596,775 | |||||||||||
Proceeds from issuing other equity instruments | $ 37,000,000 | ||||||||||||
Payments for share issue costs | 2,560,000 | ||||||||||||
Finance costs | 7,000 | ||||||||||||
Warrant liability | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Warrant liability | $ 21,000,000 | ||||||||||||
Warrants Not Settleable In Cash | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Risk-free annual interest rate | 1.68% | ||||||||||||
Expected volatility | 107.57% | ||||||||||||
Warrants Not Settleable In Cash | Public Stock Offering | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Expected life (years) | 5 years | ||||||||||||
Expected dividend yield | 0.00% | ||||||||||||
Warrants Not Settleable In Cash | Public Stock Offering | Series A Warrants | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Risk-free annual interest rate | 1.59% | ||||||||||||
Expected volatility | 95.11% | ||||||||||||
Expected life (years) | 5 years | ||||||||||||
Expected dividend yield | 0.00% | ||||||||||||
Warrants Not Settleable In Cash | Public Stock Offering | Series B Warrants | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Risk-free annual interest rate | 0.47% | ||||||||||||
Expected volatility | 97.34% | ||||||||||||
Expected life (years) | 18 months | ||||||||||||
Expected dividend yield | 0.00% | ||||||||||||
Warrants Not Settleable In Cash | Public Stock Offering | Series C Warrant | |||||||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||||||
Warrant exercise period | 5 years | 5 years | |||||||||||
Exercise price (in usd per share) | $ 62 | ||||||||||||
Initial beneficial ownership limitation option one | 4.90% |
Share capital - December 2015 O
Share capital - December 2015 Offering (Details) - USD ($) | Mar. 11, 2017 | Dec. 14, 2015 | Nov. 02, 2015 | Mar. 11, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 01, 2016 | Dec. 31, 2014 |
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Proceeds from issuances of common shares, warrants (including pre-funded warrants), net of cash transaction costs of $250, $1,107, and $4,223 in 2017, 2016, and 2015, respectively (note 16) | $ 16,650,000 | $ 7,788,000 | $ 9,924,000 | $ 49,427,000 | |||||
Payments for share issue costs | $ 1,638,000 | 250,000 | 1,107,000 | 4,223,000 | |||||
Warrant exercise period | 5 years | ||||||||
Exercise price (in usd per share) | $ 7.10 | ||||||||
Proceeds from warrants exercised | 242,000 | 0 | 0 | ||||||
Warrant liability | $ 3,897,000 | $ 6,854,000 | $ 10,891,000 | $ 8,225,000 | |||||
Over-Allotment Option | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Sale of stock, number of shares issued (in shares) | 231,000 | ||||||||
Sale of stock, price per share (USD per share) | $ 0.01 | ||||||||
Number of securities called by warrants or rights (in shares) | 231,000 | ||||||||
Number of share options exercised in share-based payment arrangement | 0 | ||||||||
Series A Warrants | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Exercise price (in usd per share) | $ 1.07 | ||||||||
Series A Warrants | Public Stock Offering | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Warrant exercise period | 5 years | ||||||||
Exercise price (in usd per share) | $ 0 | $ 81 | |||||||
Series B Warrants | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Exercise price (in usd per share) | $ 33.23 | ||||||||
Proceeds from warrants exercised | $ 2,925,653 | ||||||||
Series B Warrants | Public Stock Offering | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Number of securities called by warrants or rights (in shares) | 290,318 | ||||||||
Warrant exercise period | 18 months | ||||||||
Exercise price (in usd per share) | $ 4.95 | $ 81 | |||||||
Share capital | Public Stock Offering | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Allocation of equity | $ 8,952,000 | $ 7,000,000 | |||||||
Share issue related cost | $ 881,000 | $ 473,000 | |||||||
Common share | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Number of securities called by warrants or rights (in shares) | 2,331,000 | ||||||||
Common share | Public Stock Offering | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Sale of stock, number of shares issued (in shares) | 3,000,000 | ||||||||
Sale of stock, price per share (USD per share) | $ 5.54 | ||||||||
Number of securities called by warrants or rights (in shares) | 2,100,000 | 596,775 | |||||||
Payments for share issue costs | $ 2,560,000 | ||||||||
Common share | Over-Allotment Option | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Sale of stock, number of shares issued (in shares) | 330,000 | ||||||||
Sale of stock, price per share (USD per share) | $ 5.54 | ||||||||
Underwriter period for exercising over-allotment option | 45 days | ||||||||
Scenario, Forecast | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Proceeds from warrants exercised | $ 16,550,100 | ||||||||
Warrant liability | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Warrant liability | 7,698,000 | $ 3,897,000 | $ 400,000 | ||||||
Warrant liability | Public Stock Offering | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Share issue related cost | $ 757,000 | $ 1,451,000 | |||||||
Warrants Not Settleable In Cash | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Risk-free annual interest rate | 1.68% | ||||||||
Expected volatility | 107.57% | ||||||||
Warrants Not Settleable In Cash | Public Stock Offering | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Expected life (years) | 5 years | ||||||||
Expected dividend yield | 0.00% | ||||||||
Warrants Not Settleable In Cash | Series A Warrants | Public Stock Offering | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Risk-free annual interest rate | 1.59% | ||||||||
Expected volatility | 95.11% | ||||||||
Expected life (years) | 5 years | ||||||||
Expected dividend yield | 0.00% | ||||||||
Warrants Not Settleable In Cash | Series B Warrants | Public Stock Offering | |||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | |||||||||
Risk-free annual interest rate | 0.47% | ||||||||
Expected volatility | 97.34% | ||||||||
Expected life (years) | 18 months | ||||||||
Expected dividend yield | 0.00% |
Share capital - November 2016 O
Share capital - November 2016 Offering (Details) - USD ($) | Mar. 11, 2017 | Nov. 01, 2016 | Dec. 14, 2015 | Mar. 11, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Payments for share issue costs | $ 1,638,000 | $ 250,000 | $ 1,107,000 | $ 4,223,000 | ||||
Exercise price (in usd per share) | $ 7.10 | |||||||
Proceeds from warrants exercised | 242,000 | 0 | 0 | |||||
Warrant liability | 3,897,000 | 6,854,000 | 10,891,000 | $ 8,225,000 | ||||
Warrant exercise period | 5 years | |||||||
Gain (loss) on change in fair value of warrant liability | (2,222,000) | $ (4,437,000) | $ 10,956,000 | |||||
Registered Direct Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Number of securities called by warrants (in shares) | 0.45 | |||||||
Period after date of issuance in which warrants become exercisable | 6 months | |||||||
Sale of stock offering period | 3 years | |||||||
Exercise price (in usd per share) | $ 4.70 | |||||||
Pre-Funded Warrants | Public Stock Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Allocation of equity | $ 9,000,000 | |||||||
Share issue related cost | 643,000 | |||||||
Pre-Funded Warrants | Registered Direct Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Allocation of equity | $ 3,239,000 | |||||||
Share issue related cost | 450,000 | |||||||
Share capital | Public Stock Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Allocation of equity | $ 8,952,000 | 7,000,000 | ||||||
Share issue related cost | $ 881,000 | $ 473,000 | ||||||
Share capital | Registered Direct Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Allocation of equity | 3,921,000 | |||||||
Share issue related cost | $ 544,000 | |||||||
Common share | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Number of securities called by warrants or rights (in shares) | 2,331,000 | |||||||
Common share | Public Stock Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Number of securities called by warrants or rights (in shares) | 2,100,000 | 596,775 | ||||||
Payments for share issue costs | $ 2,560,000 | |||||||
Finance costs | 7,000 | |||||||
Sale of stock, price per share (USD per share) | $ 5.54 | |||||||
Common share | Registered Direct Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Number of securities called by warrants or rights (in shares) | 2,100,000 | |||||||
Number of securities called by warrants (in shares) | 945,000 | |||||||
Proceeds from issuance or sale of equity | $ 7,600,000 | |||||||
Payments for share issue costs | 1,000,000 | |||||||
Finance costs | $ 27,000 | |||||||
Sale of stock, price per share (USD per share) | $ 10 | |||||||
Warrants exercisable in share-based payment arrangement, number of trading days immediately prior to exercise date | 10 days | |||||||
Proceeds from warrants exercised | $ 4,400,000 | |||||||
Warrant liability | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Warrant liability | 400,000 | $ 7,698,000 | $ 3,897,000 | |||||
Warrant liability | Public Stock Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Share issue related cost | 757,000 | $ 1,451,000 | ||||||
Warrant liability | Registered Direct Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Share issue related cost | 56,000 | |||||||
General and Administrative | Public Stock Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Gain (loss) on change in fair value of warrant liability | $ 1,451,000 | $ 56,000 | $ 757,000 | |||||
Pre-Funded Warrants | Registered Direct Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Exercise price (in usd per share) | $ 3.60 | |||||||
Warrants Not Settleable In Cash | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Risk-free annual interest rate | 1.68% | |||||||
Expected volatility | 107.57% | |||||||
Warrants Not Settleable In Cash | Public Stock Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Expected life (years) | 5 years | |||||||
Expected dividend yield | 0.00% | |||||||
Warrants Not Settleable In Cash | Registered Direct Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Risk-free annual interest rate | 0.63% | |||||||
Expected volatility | 112.48% | |||||||
Expected life (years) | 1 year 7 months 17 days | |||||||
Expected dividend yield | 0.00% | |||||||
Warrants Not Settleable In Cash | Series C Warrant | Public Stock Offering | ||||||||
Subsidiary or Equity Method Investee, Sale of Stock by Subsidiary or Equity Investee [Line Items] | ||||||||
Exercise price (in usd per share) | $ 62 | |||||||
Initial beneficial ownership limitation option one | 4.90% | |||||||
Warrant exercise period | 5 years | 5 years |
Share capital - Stock Options N
Share capital - Stock Options Narrative (Details) - USD ($) $ in Thousands | May 10, 2016 | Mar. 19, 2014 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Maximum percentage of number of common shares that may be issued | 11.40% | |||
Stock options | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Stock options expiration period | 10 years | 7 years | ||
Employee Stock Option, USD | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Total compensation costs | $ 444 | $ 2,057 | ||
Unrecognized stock based compensation costs, weighted average period for recognition | 1 year 4 months 17 days | 1 year 8 months 16 days |
Share capital - Change in Stock
Share capital - Change in Stock Options Issued (Details) | 12 Months Ended | |||||
Dec. 31, 2017USD ($)shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016CAD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2015CAD ($)shares | |
Employee Stock Option, USD | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Balance – Beginning of the year, Number (in shares) | shares | 966,539 | 966,539 | 272,874 | 272,874 | 33,956 | 33,956 |
Granted, Number (in shares) | shares | 390,000 | 390,000 | 713,573 | 713,573 | 243,000 | 243,000 |
Forfeited, Number (in shares) | shares | (643,271) | (643,271) | (10,034) | (10,034) | (4,082) | (4,082) |
Cancelled, Number (in shares) | shares | 0 | 0 | (9,874) | (9,874) | 0 | 0 |
Expired, Number (in shares) | shares | (853) | (853) | 0 | 0 | 0 | 0 |
Balance – End of period, Number (in shares) | shares | 712,415 | 712,415 | 966,539 | 966,539 | 272,874 | 272,874 |
Balance – Beginning of the year, Weighted average exercise price (in US and CAN dollars per share) | $ | $ 7.23 | $ 25.88 | $ 187.36 | |||
Granted, Weighted average exercise price (in US and CAN dollars per share) | $ | 2.05 | 3.47 | 5.17 | |||
Forfeited, Weighted average exercise price (in US and CAN dollars per share) | $ | 6.02 | 99.22 | 136.17 | |||
Cancelled, Weighted average exercise price (in US and CAN dollars per share) | $ | 0 | 157 | 0 | |||
Expired, Weighted average exercise price (in US and CAN dollars per share) | $ | 704.88 | 0 | 0 | |||
Balance – End of period, Weighted average exercise price (in US and CAN dollars per share) | $ | $ 4.66 | $ 7.23 | $ 25.88 | |||
Employee Stock Option, CAD | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Balance – Beginning of the year, Number (in shares) | shares | 1,858 | 1,858 | 3,787 | 3,787 | 4,909 | 4,909 |
Forfeited, Number (in shares) | shares | 0 | 0 | (1,028) | (1,028) | (271) | (271) |
Cancelled, Number (in shares) | shares | 0 | 0 | (901) | (901) | 0 | 0 |
Expired, Number (in shares) | shares | (355) | (355) | 0 | 0 | (851) | (851) |
Balance – End of period, Number (in shares) | shares | 1,503 | 1,503 | 1,858 | 1,858 | 3,787 | 3,787 |
Balance – Beginning of the year, Weighted average exercise price (in US and CAN dollars per share) | $ | $ 820.27 | $ 845.46 | $ 1,010.40 | |||
Forfeited, Weighted average exercise price (in US and CAN dollars per share) | $ | 0 | 967.63 | 923.20 | |||
Cancelled, Weighted average exercise price (in US and CAN dollars per share) | $ | 0 | 758 | 0 | |||
Expired, Weighted average exercise price (in US and CAN dollars per share) | $ | 1,728.15 | 0 | 1,772.17 | |||
Balance – End of period, Weighted average exercise price (in US and CAN dollars per share) | $ | $ 605.84 | $ 820.27 | $ 845.46 |
Share capital - Range of Exerci
Share capital - Range of Exercise Prices of Outstanding Share Options (Details) | Dec. 31, 2017USD ($)sharesyear$ / shares | Dec. 31, 2017CAD ($)sharesyear$ / shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016CAD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2015CAD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2014CAD ($)shares |
Employee Stock Option, USD | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number of options outstanding (in shares) | shares | 712,415 | 712,415 | 966,539 | 966,539 | 272,874 | 272,874 | 33,956 | 33,956 |
Weighted average remaining contractual life (years) | year | 6.17 | 6.17 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 4.66 | $ 7.23 | $ 25.88 | $ 187.36 | ||||
Number of share options exercisable (in shares) | shares | 133,409 | 133,409 | ||||||
Weighted average remaining contractual life (years) | year | 5.46 | 5.46 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 13.75 | |||||||
Employee Stock Option, USD | Exercise Price Range One | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number of options outstanding (in shares) | shares | 390,000 | 390,000 | ||||||
Weighted average remaining contractual life (years) | year | 6.62 | 6.62 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 2.05 | |||||||
Number of share options exercisable (in shares) | shares | 56,851 | 56,851 | ||||||
Weighted average remaining contractual life (years) | year | 5.93 | 5.93 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 3.45 | |||||||
Employee Stock Option, USD | Exercise Price Range Two | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number of options outstanding (in shares) | shares | 168,864 | 168,864 | ||||||
Weighted average remaining contractual life (years) | year | 5.93 | 5.93 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 3.45 | |||||||
Number of share options exercisable (in shares) | shares | 16,669 | 16,669 | ||||||
Weighted average remaining contractual life (years) | year | 5.35 | 5.35 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 3.48 | |||||||
Employee Stock Option, USD | Exercise Price Range Three | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number of options outstanding (in shares) | shares | 50,000 | 50,000 | ||||||
Weighted average remaining contractual life (years) | year | 5.35 | 5.35 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 3.48 | |||||||
Number of share options exercisable (in shares) | shares | 10,834 | 10,834 | ||||||
Weighted average remaining contractual life (years) | year | 5.94 | 5.94 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 3.77 | |||||||
Employee Stock Option, USD | Exercise Price Range Four | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number of options outstanding (in shares) | shares | 32,498 | 32,498 | ||||||
Weighted average remaining contractual life (years) | year | 5.94 | 5.94 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 3.77 | |||||||
Number of share options exercisable (in shares) | shares | 49,055 | 49,055 | ||||||
Weighted average remaining contractual life (years) | year | 4.86 | 4.86 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 31.39 | |||||||
Employee Stock Option, USD | Exercise Price Range Five | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number of options outstanding (in shares) | shares | 71,053 | 71,053 | ||||||
Weighted average remaining contractual life (years) | year | 4.89 | 4.89 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 23.09 | |||||||
Employee Stock Option, CAD | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number of options outstanding (in shares) | shares | 1,503 | 1,503 | 1,858 | 1,858 | 3,787 | 3,787 | 4,909 | 4,909 |
Weighted average remaining contractual life (years) | year | 1.86 | 1.86 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 605.84 | $ 820.27 | $ 845.46 | $ 1,010.40 | ||||
Number of share options exercisable (in shares) | shares | 1,503 | 1,503 | ||||||
Weighted average remaining contractual life (years) | year | 1,860 | 1,860 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 605,840 | |||||||
Employee Stock Option, CAD | Exercise Price Range One | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number of options outstanding (in shares) | shares | 0 | 0 | ||||||
Weighted average remaining contractual life (years) | year | 0.92 | 0.92 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 330 | |||||||
Number of share options exercisable (in shares) | shares | 197 | 197 | ||||||
Weighted average remaining contractual life (years) | year | 920 | 920 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 330,000 | |||||||
Employee Stock Option, CAD | Exercise Price Range Two | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number of options outstanding (in shares) | shares | 0 | 0 | ||||||
Weighted average remaining contractual life (years) | year | 0.87 | 0.87 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 390 | |||||||
Number of share options exercisable (in shares) | shares | 333 | 333 | ||||||
Weighted average remaining contractual life (years) | year | 870 | 870 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 390,000 | |||||||
Employee Stock Option, CAD | Exercise Price Range Three | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number of options outstanding (in shares) | shares | 1,000 | 1,000 | ||||||
Weighted average remaining contractual life (years) | year | 1.94 | 1.94 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 570 | |||||||
Number of share options exercisable (in shares) | shares | 502 | 502 | ||||||
Weighted average remaining contractual life (years) | year | 1,940 | 1,940 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 570,000 | |||||||
Employee Stock Option, CAD | Exercise Price Range Four | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Number of options outstanding (in shares) | shares | 0 | 0 | ||||||
Weighted average remaining contractual life (years) | year | 2.87 | 2.87 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 912 | |||||||
Number of share options exercisable (in shares) | shares | 471 | 471 | ||||||
Weighted average remaining contractual life (years) | year | 2,870 | 2,870 | ||||||
Weighted average exercise price (in US and CAN dollars per share) | $ 912,000 | |||||||
Minimum | Employee Stock Option, USD | Exercise Price Range One | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 2.05 | |||||||
Minimum | Employee Stock Option, USD | Exercise Price Range Two | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 2.76 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 2.76 | |||||||
Minimum | Employee Stock Option, USD | Exercise Price Range Three | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 3.48 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 3.48 | |||||||
Minimum | Employee Stock Option, USD | Exercise Price Range Four | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 3.50 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 3.50 | |||||||
Minimum | Employee Stock Option, USD | Exercise Price Range Five | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 4.20 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 4.20 | |||||||
Minimum | Employee Stock Option, CAD | Exercise Price Range One | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 330 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 330 | |||||||
Minimum | Employee Stock Option, CAD | Exercise Price Range Two | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 360.01 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 360.01 | |||||||
Minimum | Employee Stock Option, CAD | Exercise Price Range Three | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 480.01 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 480.01 | |||||||
Minimum | Employee Stock Option, CAD | Exercise Price Range Four | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 741.01 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 741.01 | |||||||
Maximum | Employee Stock Option, USD | Exercise Price Range One | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 2.75 | |||||||
Maximum | Employee Stock Option, USD | Exercise Price Range Two | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 3.47 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 3.47 | |||||||
Maximum | Employee Stock Option, USD | Exercise Price Range Three | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 3.49 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 3.49 | |||||||
Maximum | Employee Stock Option, USD | Exercise Price Range Four | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 4.19 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 4.19 | |||||||
Maximum | Employee Stock Option, USD | Exercise Price Range Five | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 1,044 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 1,044 | |||||||
Maximum | Employee Stock Option, CAD | Exercise Price Range One | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 360 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 360 | |||||||
Maximum | Employee Stock Option, CAD | Exercise Price Range Two | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 480 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 480 | |||||||
Maximum | Employee Stock Option, CAD | Exercise Price Range Three | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 741 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 741 | |||||||
Maximum | Employee Stock Option, CAD | Exercise Price Range Four | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||||
Exercise price, outstanding (in US and CAN dollars per share) | $ 912 | |||||||
Exercise price, exercisable (in US and CAN dollars per share) | $ / shares | $ 912 |
Share capital - Disclosure of A
Share capital - Disclosure of Assumptions Used to Determine Share-based Compensation Costs (Details) - Employee Stock Option, USD | 12 Months Ended | ||
Dec. 31, 2017USD ($)year | Dec. 31, 2016USD ($)year | Dec. 31, 2015USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected dividend yield | 0.00% | 0.00% | |
Expected volatility | 138.00% | 115.00% | |
Risk-free annual interest rate | 2.00% | 2.00% | |
Expected life (years) | year | 3.26 | 4.92 | |
Weighted average share price (in dollars per share) | $ 2.05 | $ 3.47 | |
Granted, Weighted average exercise price (in US and CAN dollars per share) | 2.05 | 3.47 | $ 5.17 |
Weighted average grant date fair value (in dollars per share) | $ 1.62 | $ 2.80 |
Operating expenses (Details)
Operating expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Key management personnel compensation | |||
Salaries and short-term employee benefits | $ 2,081 | $ 2,430 | $ 2,957 |
Termination benefits | 0 | 0 | 843 |
Post-employment benefits | 59 | 78 | 119 |
Share-based compensation costs | 87 | 1,051 | 828 |
Key management personnel compensation | 2,227 | 3,559 | 4,747 |
Other employees compensation: | |||
Salaries and short-term employee benefits | 3,584 | 3,574 | 4,431 |
Termination benefits | 1,806 | 0 | 245 |
Post-employment benefits | 441 | 500 | 511 |
Share-based compensation costs | 95 | 31 | 91 |
Other employee compensation | 5,926 | 4,105 | 5,278 |
Goods and services | 13,575 | 21,217 | 21,429 |
Leasing costs, net of sublease receipts | 2,247 | 1,131 | 1,452 |
Refundable tax credits and grants | 0 | 0 | (23) |
Onerous contract expenses resulting from the Restructuring | 0 | 0 | (202) |
Transaction costs related to share purchase warrants | 0 | 56 | 2,208 |
Depreciation and amortization | 138 | 195 | 271 |
Impairment (reversal) losses | (44) | 85 | 70 |
Operating foreign exchange (gains) losses | (72) | 39 | 199 |
Operating expense, excluding compensation cost | 15,844 | 22,723 | 25,404 |
Total operating expenses | 23,997 | 30,387 | 35,429 |
Sublease receipts | $ 359 | $ 345 | $ 380 |
Employee future benefits - Chan
Employee future benefits - Changes in Accrued Benefit Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amounts recognized: | |||
Amounts recognized in net loss | $ (441) | $ (500) | $ (511) |
Amounts recognized in other comprehensive loss | 4,277 | 4,971 | 3,492 |
Unfunded Plan | Pension benefit plans | |||
Amounts recognized: | |||
Amounts recognized in net loss | (344) | (369) | (363) |
Amounts recognized in other comprehensive loss | (1,089) | (852) | 2,197 |
Unfunded Plan | Other benefit plans | |||
Amounts recognized: | |||
Amounts recognized in net loss | 98 | (13) | 12 |
Amounts recognized in other comprehensive loss | (31) | 17 | 43 |
Present value of defined benefit obligation | Unfunded Plan | Pension benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Balances – Beginning of the year | 13,197 | 12,375 | 14,619 |
Current service cost | 107 | 87 | 103 |
Interest cost | 237 | 282 | 260 |
Actuarial (gain) loss arising from changes in financial assumptions | (694) | 1,479 | (844) |
Benefits paid | (485) | (399) | (410) |
Impact of foreign exchange rate changes | 1,783 | (627) | (1,353) |
Balances – End of the year | 14,145 | 13,197 | 12,375 |
Present value of defined benefit obligation | Unfunded Plan | Other benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Balances – Beginning of the year | 217 | 281 | 433 |
Current service cost | 14 | 13 | 14 |
Interest cost | 3 | 0 | 8 |
Actuarial (gain) loss arising from changes in financial assumptions | (115) | 0 | (34) |
Benefits paid | (66) | (60) | (97) |
Impact of foreign exchange rate changes | 31 | (17) | (43) |
Balances – End of the year | $ 84 | $ 217 | $ 281 |
Employee future benefits - Narr
Employee future benefits - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Disclosure of defined benefit plans [line items] | |||
Cumulative amount of actuarial net losses recognized | $ 4,277 | $ 4,971 | $ 3,492 |
Defined contribution plan expenses | $ 119 | $ 129 | $ 159 |
Pension benefit plans | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 1.70% | 1.60% | 2.40% |
Weighted average duration of the defined benefit obligation | 15.8 |
Employee future benefits - Actu
Employee future benefits - Actuarial Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension benefit plans | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 1.70% | 1.60% | 2.40% |
Pension benefits increase | 1.80% | 1.80% | 1.80% |
Rate of compensation increase | 2.00% | 2.00% | 2.00% |
Other benefit plans | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 1.70% | 1.60% | 2.40% |
Pension benefits increase | 1.80% | 1.80% | 2.40% |
Rate of compensation increase | 2.00% | 2.00% | 2.00% |
Male | Pension benefit plans | |||
Disclosure of defined benefit plans [line items] | |||
Average remaining life expectancy at the end of the reporting period | 20 years | 20 years | 20 years |
Average remaining life expectancy of those retiring twenty years after the end of the reporting period | 22 years | 22 years | 22 years |
Female | Pension benefit plans | |||
Disclosure of defined benefit plans [line items] | |||
Average remaining life expectancy at the end of the reporting period | 24 years | 24 years | 24 years |
Average remaining life expectancy of those retiring twenty years after the end of the reporting period | 26 years | 26 years | 26 years |
Employee future benefits - Undi
Employee future benefits - Undiscounted Defined Pensions Benefits to be Paid (Details) - Pension benefit plans $ in Thousands | Dec. 31, 2017USD ($) |
Disclosure of defined benefit plans [line items] | |
Total undiscounted defined pension benefits expected to be paid | $ 19,327 |
2,018 | |
Disclosure of defined benefit plans [line items] | |
Total undiscounted defined pension benefits expected to be paid | 522 |
2,019 | |
Disclosure of defined benefit plans [line items] | |
Total undiscounted defined pension benefits expected to be paid | 541 |
2,020 | |
Disclosure of defined benefit plans [line items] | |
Total undiscounted defined pension benefits expected to be paid | 553 |
2,021 | |
Disclosure of defined benefit plans [line items] | |
Total undiscounted defined pension benefits expected to be paid | 558 |
2,022 | |
Disclosure of defined benefit plans [line items] | |
Total undiscounted defined pension benefits expected to be paid | 564 |
More than 5 years | |
Disclosure of defined benefit plans [line items] | |
Total undiscounted defined pension benefits expected to be paid | $ 16,589 |
Supplemental disclosure of ca91
Supplemental disclosure of cash flow information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) In Operating Capital [Abstract] | |||
Trade and other receivables | $ 158 | $ 228 | $ 270 |
Prepaid expenses and other current assets | (343) | (45) | (111) |
Other non-current assets | 39 | (233) | 58 |
Payables and accrued liabilities | (1,113) | (313) | (1,013) |
Amortization of deferred revenues (note 5) | 0 | 555 | 0 |
Provision for restructuring costs (note 13) | (190) | (566) | (1,840) |
Employee future benefits (note 18) | (551) | (459) | (507) |
Provisions | (212) | (231) | (252) |
Increase (decrease) in working capital | $ 2,212 | $ 1,064 | $ 3,395 |
Income taxes - Components of Cu
Income taxes - Components of Current and Deferred Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Current tax expense | $ 0 | $ 0 | $ 0 |
Deferred tax: | |||
Origination and reversal of temporary differences | 6,395 | 9,199 | 8,581 |
Adjustments in respect of prior years | (149) | 36 | 0 |
Change in unrecognized tax assets | (2,767) | (9,235) | (8,581) |
Income tax recovery | $ 3,479 | $ 0 | $ 0 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of the Combined Canadian Federal and Provincial Income Tax Rate to the Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Combined Canadian federal and provincial statutory income tax rate | 26.80% | 26.90% | 26.90% |
Income tax recovery based on combined statutory income tax rate | $ 5,434 | $ 6,714 | $ 13,511 |
Change in unrecognized tax assets | (2,701) | (9,235) | (8,581) |
Change in unrecognized tax assets related to OCI | (228) | 436 | (269) |
Share issuance costs | 164 | 224 | 0 |
Permanent difference attributable to the use of local currency for tax reporting | (71) | (30) | (1,297) |
Change in enacted rates used | (358) | (16) | 0 |
Permanent difference attributable to net change in fair value of warrant liability | 595 | 1,194 | (3,754) |
Share-based compensation costs | (49) | (291) | (248) |
Difference in statutory income tax rate of foreign subsidiaries | 768 | 972 | 1,135 |
Permanent difference attributable to expiring loss carry forward | 0 | 0 | (563) |
Adjustments in respect of prior years | (149) | 36 | 0 |
Other | 74 | (4) | 66 |
Income tax recovery | $ 3,479 | $ 0 | $ 0 |
Income taxes - Loss Before Inco
Income taxes - Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of geographical areas [line items] | |||
Loss before income taxes | $ (20,275) | $ (24,959) | $ (50,228) |
Germany | |||
Disclosure of geographical areas [line items] | |||
Loss before income taxes | (13,950) | (19,179) | (20,500) |
Canada | |||
Disclosure of geographical areas [line items] | |||
Loss before income taxes | (5,592) | (5,659) | (29,496) |
United States | |||
Disclosure of geographical areas [line items] | |||
Loss before income taxes | $ (733) | $ (121) | $ (232) |
Income taxes - Components of De
Income taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current: | ||
Deferred tax assets | $ 8,987 | $ 6,208 |
Current: | ||
Deferred tax liabilities, current | 0 | 109 |
Non-current: | ||
Deferred tax liabilities, noncurrent | 5,508 | 6,099 |
Deferred tax liabilities | 5,508 | 6,208 |
Deferred tax assets (liabilities), net | 3,479 | 0 |
Operating losses carried forward | ||
Current: | ||
Deferred tax assets, current | 3,479 | 0 |
Non-current: | ||
Deferred tax assets, noncurrent | 696 | 1,009 |
Intangible assets | ||
Non-current: | ||
Deferred tax assets, noncurrent | 4,812 | 5,199 |
Payables and accrued liabilities | ||
Current: | ||
Deferred tax liabilities, current | 0 | 109 |
Property, plant and equipment | ||
Non-current: | ||
Deferred tax liabilities, noncurrent | 5 | 7 |
Deferred revenues | ||
Non-current: | ||
Deferred tax liabilities, noncurrent | 5,316 | 5,658 |
Warrant liability | ||
Non-current: | ||
Deferred tax liabilities, noncurrent | 0 | 386 |
Other | ||
Non-current: | ||
Deferred tax liabilities, noncurrent | $ 187 | $ 48 |
Income taxes - Components of Un
Income taxes - Components of Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||
Current: | $ 584 | $ 217 |
Non-current: | 103,486 | 92,618 |
Unrecognized deferred tax assets | 104,070 | 92,835 |
Deferred revenues and other provisions | ||
Deferred tax assets | ||
Current: | 584 | 217 |
Deferred revenues | ||
Deferred tax assets | ||
Non-current: | 0 | 0 |
Operating losses carried forward | ||
Deferred tax assets | ||
Non-current: | 82,421 | 71,654 |
Research and development costs | ||
Deferred tax assets | ||
Non-current: | 9,167 | 9,195 |
Unused tax credits | ||
Deferred tax assets | ||
Non-current: | 8,019 | 8,019 |
Employee future benefits | ||
Deferred tax assets | ||
Non-current: | 2,296 | 2,275 |
Property, plant and equipment | ||
Deferred tax assets | ||
Non-current: | 407 | 175 |
Share issuance expenses | ||
Deferred tax assets | ||
Non-current: | 841 | 941 |
Onerous contract provisions | ||
Deferred tax assets | ||
Non-current: | 0 | 26 |
Intangible assets | ||
Deferred tax assets | ||
Non-current: | 0 | 189 |
Other | ||
Deferred tax assets | ||
Non-current: | $ 335 | $ 144 |
Income taxes - Disclosure of Ta
Income taxes - Disclosure of Tax Attributes to be Deferred (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | $ 104,070 | $ 92,835 |
Canada | Federal | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 57,821 | |
Canada | Federal | Expiration Year 2028 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 6,429 | |
Canada | Federal | Expiration Year 2029 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,791 | |
Canada | Federal | Expiration Year 2030 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,104 | |
Canada | Federal | Expiration Year 2031 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 1,753 | |
Canada | Federal | Expiration Year 2032 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,250 | |
Canada | Federal | Expiration Year 2033 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 3,721 | |
Canada | Federal | Expiration Year 2034 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,153 | |
Canada | Federal | Expiration Year 2035 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 10,418 | |
Canada | Federal | Expiration Year 2036 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 10,592 | |
Canada | Federal | Expiration Year 2037 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 7,610 | |
Canada | Provincial | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 56,420 | |
Canada | Provincial | Expiration Year 2028 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 5,043 | |
Canada | Provincial | Expiration Year 2029 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,773 | |
Canada | Provincial | Expiration Year 2030 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,089 | |
Canada | Provincial | Expiration Year 2031 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 1,737 | |
Canada | Provincial | Expiration Year 2032 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,250 | |
Canada | Provincial | Expiration Year 2033 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 3,721 | |
Canada | Provincial | Expiration Year 2034 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 4,153 | |
Canada | Provincial | Expiration Year 2035 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 10,452 | |
Canada | Provincial | Expiration Year 2036 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | 10,592 | |
Canada | Provincial | Expiration Year 2037 | ||
Disclosure of geographical areas [line items] | ||
Tax attributes to be deferred for which no deferred tax asset was recognized | $ 7,610 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Germany | |
Disclosure of geographical areas [line items] | |
Unused tax losses for which no deferred tax asset recognised | $ 211,000 |
United States | |
Disclosure of geographical areas [line items] | |
Unused tax losses for which no deferred tax asset recognised | 2,165 |
R&D Investment Tax Credits | |
Disclosure of geographical areas [line items] | |
Unused tax credits for which no deferred tax asset recognised | $ 8,019 |
Income taxes - Disclosure of Fe
Income taxes - Disclosure of Federal Tax Losses (Details) - United States $ in Thousands | Dec. 31, 2017USD ($) |
Disclosure of geographical areas [line items] | |
Unused tax losses for which no deferred tax asset recognised | $ 2,165 |
Expiration Year 2028 | |
Disclosure of geographical areas [line items] | |
Unused tax losses for which no deferred tax asset recognised | 369 |
Expiration Year 2029 | |
Disclosure of geographical areas [line items] | |
Unused tax losses for which no deferred tax asset recognised | 178 |
Expiration Year 2034 | |
Disclosure of geographical areas [line items] | |
Unused tax losses for which no deferred tax asset recognised | 151 |
Expiration Year 2035 | |
Disclosure of geographical areas [line items] | |
Unused tax losses for which no deferred tax asset recognised | 447 |
Expiration Year 2036 | |
Disclosure of geographical areas [line items] | |
Unused tax losses for which no deferred tax asset recognised | 195 |
Expiration Year 2037 | |
Disclosure of geographical areas [line items] | |
Unused tax losses for which no deferred tax asset recognised | $ 825 |
Financial instruments and fi100
Financial instruments and financial risk management - Schedule Of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | $ (196) | $ 12,394 |
Cash and Cash Equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 7,780 | 21,999 |
Trade And Other Receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 35 | 235 |
Restricted cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 381 | 496 |
Loans and receivables, category | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 8,196 | 22,730 |
Loans and receivables, category | Cash and Cash Equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 7,780 | 21,999 |
Loans and receivables, category | Trade And Other Receivables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 35 | 235 |
Loans and receivables, category | Restricted cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 381 | 496 |
Payables and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 2,689 | 3,352 |
Provision for restructuring costs (note 13) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 1,806 | 33 |
Warrant liability | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 3,897 | 6,854 |
Other non-current liabilities (note 14) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 97 | |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | (3,897) | (6,854) |
Financial liabilities at fair value through profit or loss, category [member] | Payables and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 0 | 0 |
Financial liabilities at fair value through profit or loss, category [member] | Provision for restructuring costs (note 13) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 0 | 0 |
Financial liabilities at fair value through profit or loss, category [member] | Warrant liability | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 3,897 | 6,854 |
Financial liabilities at fair value through profit or loss, category [member] | Other non-current liabilities (note 14) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 0 | |
Financial liabilities at amortised cost, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | (4,495) | (3,482) |
Financial liabilities at amortised cost, category [member] | Payables and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 2,689 | 3,352 |
Financial liabilities at amortised cost, category [member] | Provision for restructuring costs (note 13) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | 1,806 | 33 |
Financial liabilities at amortised cost, category [member] | Warrant liability | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | $ 0 | 0 |
Financial liabilities at amortised cost, category [member] | Other non-current liabilities (note 14) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial asset (liabilities) | $ 97 |
Financial instruments and fi101
Financial instruments and financial risk management - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017USD ($)counterparty$ / shares | |
Trade receivables | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Trade receivables, number of counterparties | counterparty | 3 |
Credit risk | Trade And Other Receivables | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Trade receivables | $ 20,000 |
Credit risk | Financial assets past due but not impaired | Trade And Other Receivables | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Trade receivables | 0 |
Credit risk | Financial assets impaired | Trade And Other Receivables | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Trade receivables | $ 0 |
Equity price risk | Trade and Warrant Liability | Minimum | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Common stock, share price (USD per share) | $ / shares | $ 0.84 |
Equity price risk | Trade and Warrant Liability | Maximum | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Common stock, share price (USD per share) | $ / shares | $ 3.65 |
Financial instruments and fi102
Financial instruments and financial risk management - Effect Of Share Price Variations On Warrant Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 01, 2016 | Dec. 31, 2015 | Dec. 14, 2015 | Dec. 31, 2014 |
Disclosure of detailed information about financial instruments [line items] | ||||||
Warrant liability | $ 3,897 | $ 6,854 | $ 10,891 | $ 8,225 | ||
Bottom Of Range | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, other relevant impact | 1,359 | |||||
Top Of Range | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, other relevant impact | (1,474) | |||||
Warrant liability | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Warrant liability | 3,897 | $ 400 | $ 7,698 | |||
Warrant liability | Market risk | Bottom Of Range | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, other relevant impact | 1,359 | |||||
Warrant liability | Market risk | Top Of Range | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, other relevant impact | $ (1,474) |
Segment information - Narrative
Segment information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017segment | |
Operating Segments [Abstract] | |
Number of operating segments | 1 |
Segment information - Revenues
Segment information - Revenues by Geographical Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of geographical areas [line items] | |||
Revenue | $ 923 | $ 911 | $ 545 |
Within discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 0 | 0 | 331 |
Within continuing operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 923 | 911 | 545 |
Within both continuing and discontinued operations | |||
Disclosure of geographical areas [line items] | |||
Revenue | 923 | 911 | 876 |
Within both continuing and discontinued operations | United States | |||
Disclosure of geographical areas [line items] | |||
Revenue | 452 | 410 | 217 |
Within both continuing and discontinued operations | China | |||
Disclosure of geographical areas [line items] | |||
Revenue | 262 | 249 | 302 |
Within both continuing and discontinued operations | Singapore | |||
Disclosure of geographical areas [line items] | |||
Revenue | 0 | 101 | 0 |
Within both continuing and discontinued operations | British Virgin Islands | |||
Disclosure of geographical areas [line items] | |||
Revenue | 206 | 100 | 0 |
Within both continuing and discontinued operations | Switzerland | |||
Disclosure of geographical areas [line items] | |||
Revenue | 0 | 0 | 312 |
Within both continuing and discontinued operations | Other | |||
Disclosure of geographical areas [line items] | |||
Revenue | $ 3 | $ 51 | $ 45 |
Segment information - Non-curre
Segment information - Non-current Assets by Geographical Area (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 8,804 | $ 7,827 |
Germany | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 8,792 | 7,793 |
United States | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | 2 | 2 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Non-current assets | $ 10 | $ 32 |
Segment information - Summary o
Segment information - Summary of Major Customer Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of major customers [line items] | |||
Revenue | $ 923 | $ 911 | $ 545 |
Company 1 | |||
Disclosure of major customers [line items] | |||
Revenue | 0 | 0 | 312 |
Company 2 | |||
Disclosure of major customers [line items] | |||
Revenue | 0 | 20 | 217 |
Company 3 | |||
Disclosure of major customers [line items] | |||
Revenue | 262 | 249 | 302 |
Company 4 | |||
Disclosure of major customers [line items] | |||
Revenue | 323 | 222 | 0 |
Company 5 | |||
Disclosure of major customers [line items] | |||
Revenue | 129 | 167 | 0 |
Company 6 | |||
Disclosure of major customers [line items] | |||
Revenue | 0 | 101 | 0 |
Company 7 | |||
Disclosure of major customers [line items] | |||
Revenue | $ 206 | $ 100 | $ 0 |
Net loss per share (Details)
Net loss per share (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [line items] | |||
Net loss from continuing operations | $ (16,796) | $ (24,959) | $ (50,228) |
Net income from discontinued operations | 0 | 0 | 85 |
Net loss | $ (16,796) | $ (24,959) | $ (50,143) |
Basic and diluted weighted average number of shares outstanding (in shares) | 14,958,704 | 10,348,879 | 2,763,603 |
Stock options | |||
Earnings per share [line items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 713,918 | 968,397 | 276,661 |
Share purchase warrants | |||
Earnings per share [line items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 3,417,840 | 3,779,245 | 2,842,309 |
Commitments and contingencies -
Commitments and contingencies - Expected Future Minimum Payments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Disclosure of finance lease and operating lease by lessor [line items] | |
Minimum lease payments | $ 1,286 |
Minimum sublease receipts | (169) |
Service and manufacturing | 1,195 |
Less than 1 year | |
Disclosure of finance lease and operating lease by lessor [line items] | |
Minimum lease payments | 448 |
Minimum sublease receipts | (143) |
Service and manufacturing | 403 |
1 - 3 years | |
Disclosure of finance lease and operating lease by lessor [line items] | |
Minimum lease payments | 633 |
Minimum sublease receipts | (26) |
Service and manufacturing | 283 |
4 - 5 years | |
Disclosure of finance lease and operating lease by lessor [line items] | |
Minimum lease payments | 105 |
Minimum sublease receipts | 0 |
Service and manufacturing | 259 |
More than 5 years | |
Disclosure of finance lease and operating lease by lessor [line items] | |
Minimum lease payments | 100 |
Minimum sublease receipts | 0 |
Service and manufacturing | $ 250 |
Commitments and contingencie109
Commitments and contingencies - Contingencies Narrative (Details) - USD ($) | Feb. 02, 2018 | Jan. 16, 2018 | Dec. 21, 2017 | Aug. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of contingent liabilities [line items] | ||||||
Contingent liabilities | $ 0 | $ 0 | ||||
Messrs, Dodd And Theodore | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Damages sought | $ 6,000,000 | |||||
Mr. Dodd | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Damages sought | $ 1,700,000 | |||||
Entering into significant commitments or contingent liabilities | Cogas | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Commission percentage | 5.00% | |||||
Commission period | 3 years | |||||
Entering into significant commitments or contingent liabilities | Strongbridge | ||||||
Disclosure of contingent liabilities [line items] | ||||||
Upfront payment received | $ 24,000,000 |
Subsequent events - Narrative (
Subsequent events - Narrative (Details) - Strongbridge - Strongbridge License Agreement | Jan. 16, 2018USD ($) |
Disclosure of non-adjusting events after reporting period [line items] | |
Upfront payment received | $ 24,000,000 |
Royalty Milestone One | |
Disclosure of non-adjusting events after reporting period [line items] | |
Royalty, percent of net sales | 15.00% |
Annual net sales threshold | $ 75,000,000 |
Royalty Milestone Two | |
Disclosure of non-adjusting events after reporting period [line items] | |
Royalty, percent of net sales | 18.00% |
Annual net sales threshold | $ 75,000,000 |
After Patent Protection | |
Disclosure of non-adjusting events after reporting period [line items] | |
Royalty, percent of net sales | 5.00% |
Commercial Milestone One | |
Disclosure of non-adjusting events after reporting period [line items] | |
Payment for milestone | $ 4,000,000 |
Annual net sales threshold | 25,000,000 |
Commercial Milestone Two | |
Disclosure of non-adjusting events after reporting period [line items] | |
Payment for milestone | 10,000,000 |
Annual net sales threshold | 50,000,000 |
Commercial Milestone Three | |
Disclosure of non-adjusting events after reporting period [line items] | |
Payment for milestone | 20,000,000 |
Annual net sales threshold | 100,000,000 |
Commercial Milestone Four | |
Disclosure of non-adjusting events after reporting period [line items] | |
Payment for milestone | 40,000,000 |
Annual net sales threshold | 200,000,000 |
Commercial Milestone Five | |
Disclosure of non-adjusting events after reporting period [line items] | |
Payment for milestone | 100,000,000 |
Annual net sales threshold | 500,000,000 |
FDA Approval Of Pediatric Use | |
Disclosure of non-adjusting events after reporting period [line items] | |
Payment for milestone | $ 5,000,000 |
Percentage of cost sharing | 70.00% |