Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38512 |
Entity Registrant Name | ONCOLYTICS BIOTECH INC. |
Entity Incorporation, State or Country Code | A0 |
Entity Address, Address Line One | 804, 322 11th Avenue SW |
Entity Address, City or Town | Calgary |
Entity Address, State or Province | AB |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | T2R 0C5 |
Title of 12(b) Security | no |
Trading Symbol | ONCY |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 61,327,914 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001129928 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | 804, 322 11th Avenue SW |
Entity Address, City or Town | Calgary |
Entity Address, State or Province | AB |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | T2R 0C5 |
Contact Personnel Name | Kirk Look |
City Area Code | 403 |
Local Phone Number | 670-7377 |
Contact Personnel Email Address | info@oncolytics.ca |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 1263 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Calgary, Canada |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 11,666 | $ 41,262 |
Marketable securities | 20,472 | 0 |
Other receivables (note 5) | 521 | 866 |
Prepaid expenses (note 5) | 3,025 | 2,776 |
Total current assets | 35,684 | 44,904 |
Property and equipment (note 6) | 356 | 392 |
Right-of-use assets (note 8) | 296 | 584 |
Prepaid expenses (note 5) | 998 | 0 |
Total assets | 37,334 | 45,880 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 7) | 3,650 | 1,988 |
Other liabilities (note 5) | 0 | 352 |
Lease liabilities (note 8) | 216 | 294 |
Warrant derivative (notes 9(b), 16) | 79 | 56 |
Total current liabilities | 3,945 | 2,690 |
Contract liability (note 12) | 6,730 | 6,730 |
Lease liabilities (note 8) | 157 | 361 |
Total liabilities | 10,832 | 9,781 |
Commitments and contingencies (notes 13) | ||
Shareholders’ equity | ||
Share capital (note 9) Authorized: unlimited Issued: December 31, 2022 – 61,327,914 December 31, 2021 – 55,043,789 | 404,040 | 391,348 |
Warrants (note 9) | 0 | 3,618 |
Contributed surplus (note 10) | 40,051 | 34,161 |
Accumulated other comprehensive income | 662 | 388 |
Accumulated deficit | (418,251) | (393,416) |
Total shareholders’ equity | 26,502 | 36,099 |
Total liabilities and shareholders' equity | $ 37,334 | $ 45,880 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Expenses | |||
Research and development (note 19) | $ 15,432 | $ 12,920 | $ 12,945 |
General and administrative (note 19) | 11,492 | 13,315 | 12,514 |
Loss before the following | (26,924) | (26,235) | (25,459) |
Change in fair value of warrant derivative (notes 9(b), 16) | (20) | 17 | 3,492 |
Foreign exchange gain (loss) | 1,665 | (136) | (659) |
Interest income, net | 528 | 99 | 121 |
Loss before income taxes | (24,751) | (26,255) | (22,505) |
Income tax expense (note 14) | (84) | (49) | 0 |
Net loss | (24,835) | (26,304) | (22,505) |
Other comprehensive income (loss) items that may be reclassified to net loss | |||
Translation adjustment | 274 | (12) | (64) |
Net comprehensive loss | $ (24,561) | $ (26,316) | $ (22,569) |
Basic loss per common share (cad per share) | $ (0.43) | $ (0.49) | $ (0.56) |
Diluted loss per common share (cad per share) | $ (0.43) | $ (0.49) | $ (0.56) |
Weighted average number of shares (basic) (shares) | 58,029,745 | 53,513,225 | 40,338,789 |
Weighted average number of shares (diluted) (shares) | 58,029,745 | 53,513,225 | 40,338,789 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) $ in Thousands | Total | At-the-market agreement | Share Capital | Share Capital At-the-market agreement | Warrants | Contributed Surplus | Accumulated Other Comprehensive Income | Accumulated Deficit |
Equity balance at beginning of period at Dec. 31, 2019 | $ (108) | $ 311,078 | $ 3,618 | $ 29,339 | $ 464 | $ (344,607) | ||
Net loss and other comprehensive income (loss) | (22,569) | (64) | (22,505) | |||||
Issued pursuant to stock option plan (note 10) | 241 | 385 | (144) | |||||
Issued pursuant to incentive share award plan (note 10) | 0 | 732 | (732) | |||||
Issued pursuant to "At the Market" Agreement (note 9) | $ 40,038 | $ 40,038 | ||||||
Issued pursuant to warrant derivative exercised (note 9) | 6,333 | 6,333 | ||||||
Share-based compensation expense (note 10) | 2,559 | 2,559 | ||||||
Share issue costs (note 9) | (1,742) | (1,742) | ||||||
Equity balance at end of period at Dec. 31, 2020 | 24,752 | 356,824 | 3,618 | 31,022 | 400 | (367,112) | ||
Net loss and other comprehensive income (loss) | (26,316) | (12) | (26,304) | |||||
Issued pursuant to stock option plan (note 10) | 238 | 381 | (143) | |||||
Issued pursuant to incentive share award plan (note 10) | 0 | 544 | (544) | |||||
Issued pursuant to "At the Market" Agreement (note 9) | 34,168 | 34,168 | ||||||
Issued pursuant to warrant derivative exercised (note 9) | 687 | 687 | ||||||
Share-based compensation expense (note 10) | 3,826 | 3,826 | ||||||
Share issue costs (note 9) | (1,256) | (1,256) | ||||||
Equity balance at end of period at Dec. 31, 2021 | 36,099 | 391,348 | 3,618 | 34,161 | 388 | (393,416) | ||
Net loss and other comprehensive income (loss) | (24,561) | 274 | (24,835) | |||||
Issued pursuant to stock option plan (note 10) | 12 | 20 | (8) | |||||
Issued pursuant to incentive share award plan (note 10) | 0 | 98 | (98) | |||||
Expiry of equity warrant agreement (note 9) | 0 | (3,618) | 3,618 | |||||
Issued pursuant to "At the Market" Agreement (note 9) | $ 13,338 | $ 13,338 | ||||||
Share-based compensation expense (note 10) | 2,378 | 2,378 | ||||||
Share issue costs (note 9) | (764) | (764) | ||||||
Equity balance at end of period at Dec. 31, 2022 | $ 26,502 | $ 404,040 | $ 0 | $ 40,051 | $ 662 | $ (418,251) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | |||
Net loss for the year | $ (24,835) | $ (26,304) | $ (22,505) |
Depreciation - property and equipment (notes 6, 19) | 93 | 130 | 89 |
Depreciation - right-of-use assets (notes 8, 19) | 299 | 322 | 357 |
Share-based compensation expense (notes 10, 19, 20) | 2,378 | 3,826 | 2,559 |
Interest (income) expense, net | (76) | 92 | 69 |
Unrealized foreign exchange (gain) loss | (1,625) | 426 | 645 |
Change in fair value of warrant derivative (note 16) | 20 | (17) | (3,492) |
Net change in non-cash working capital (note 17) | 391 | (908) | 210 |
Cash used in operating activities | (23,355) | (22,433) | (22,068) |
Investing Activities | |||
Acquisition of marketable securities | (20,348) | 0 | 0 |
Acquisition of property and equipment (note 6) | (55) | (286) | (29) |
Cash used in investing activities | (20,403) | (286) | (29) |
Financing Activities | |||
Proceeds from exercise of stock options (note 10) | 12 | 238 | 241 |
Payment of lease liabilities (note 8) | (381) | (366) | (461) |
Cash provided by financing activities | 12,205 | 33,015 | 39,773 |
(Decrease) increase in cash and cash equivalents | (31,553) | 10,296 | 17,676 |
Cash and cash equivalents, beginning of year | 41,262 | 31,220 | 14,148 |
Impact of foreign exchange on cash and cash equivalents | 1,957 | (254) | (604) |
Cash and cash equivalents, end of year | 11,666 | 41,262 | 31,220 |
Warrant Derivative and Shares Under Warrant Agreement | |||
Financing Activities | |||
Proceeds from share issuance | 0 | 231 | 1,697 |
At-the-market agreement | |||
Financing Activities | |||
Proceeds from share issuance | $ 12,574 | $ 32,912 | $ 38,296 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Notes And Other Explanatory Information [Abstract] | |
Nature of Operations | Nature of Operations Oncolytics Biotech Inc. was incorporated on April 2, 1998, under the Business Corporations Act (Alberta) as 779738 Alberta Ltd. On April 8, 1998, we changed our name to Oncolytics Biotech Inc. We are a limited company incorporated and domiciled in Canada. Our shares are publicly traded on the Nasdaq Capital Market and the Toronto Stock Exchange. Our principal place of business is located at 804, 322 11 th Avenue S.W., Calgary, Alberta, Canada. We are a clinical-stage biopharmaceutical company developing pelareorep, a safe and well-tolerated intravenously delivered immunotherapeutic agent that activates the innate and adaptive immune systems and weakens tumor defense mechanisms. This improves the ability of the immune system to fight cancer, making tumors more susceptible to a broad range of oncology treatments. Our primary focus is to advance our programs in hormone receptor-positive / human epidermal growth factor 2-negative (HR+/HER2-) metastatic breast cancer and advanced/metastatic pancreatic ductal adenocarcinoma to phase 3 licensure-enabling studies. In addition, we are exploring opportunities for registrational programs in gastrointestinal cancers through our GOBLET platform study. We have not been profitable since our inception and expect to continue to incur substantial losses as we continue our research and development efforts. As at December 31, 2022, we had an accumulated deficit of $418,251. We do not expect to generate significant revenues until and unless pelareorep becomes commercially viable. To date, we have funded our operations mainly through the issuance of additional capital via public offerings, equity distribution arrangements, and the exercise of warrants and stock options. There can be no assurance that we will be able to raise additional funds through the sale of our common shares. Failure to raise additional capital would have a material adverse impact on our business, results of operations, and financial condition. As at December 31, 2022, we had cash and cash equivalents and marketable securities of $32,138. We believe we have sufficient existing cash resources to fund our presently planned operations for at least the next twelve months. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of Presentation | Basis of Presentation Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Our consolidated financial statements for the year ended December 31, 2022, were authorized for issue in accordance with a resolution of the Board of Directors (the "Board") on March 2, 2023. Basis of presentation Our consolidated financial statements include our financial statements and the financial statements of our subsidiaries, Oncolytics Biotech (Barbados) Inc. and Oncolytics Biotech (U.S.) Inc., and are presented in Canadian dollars, our functional currency. Subsidiaries are entities over which we have control which is achieved when we are exposed, or have the rights, to variable returns from our involvement with the investee and have the ability to affect those returns through our power to govern. The accounting policies of our subsidiaries are consistent with our accounting policies and all intercompany transactions, balances, income, and expenses are eliminated on consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The consolidated financial statements have, in management's opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below. Cash and cash equivalents and marketable securities Cash equivalents include interest-bearing deposits with our bank totaling $9,501 as at December 31, 2022 (December 31, 2021 - $39,902). Marketable securities include foreign currency term deposits with a maturity of greater than 90 days and less than one year. Deferred income taxes We follow the liability method of accounting for income taxes. Under the liability method, deferred income taxes are recognized for the difference between the financial statement carrying values and the respective income tax basis of assets and liabilities (temporary differences). Deferred income tax assets and liabilities are measured using substantively enacted income tax rates and laws expected to apply in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is charged or credited to income, except when it is related to items charged or credited to either other comprehensive income or directly to equity. Financial instruments Classification and measurement Financial assets Financial assets are initially measured at fair value. In the case of a financial asset not at fair value through profit or loss, the financial asset is initially measured at fair value plus or minus transaction costs. Financial assets are subsequently measured at amortised cost, fair value through profit or loss (FVPL), or fair value through other comprehensive income (FVOCI). The classification is based on two criteria: the Company’s business model for managing the assets; and whether the financial asset’s contractual cash flows represent 'solely payments of principal and interest' on the principal amount outstanding (the 'SPPI criterion'). Our financial assets include cash and cash equivalents, marketable securities, and other receivables. The classification and measurement of these financial assets are at amortized cost, as these assets are held within our business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the SPPI criterion. Financial liabilities Financial liabilities are initially measured at fair value and are subsequently measured at amortised cost or FVPL. Our financial liabilities include accounts payable and accrued liabilities and warrant derivative. The classification and measurement of accounts payable and accrued liabilities are at amortized cost. The classification and measurement of the warrant derivative is at FVPL. Impairment Accounting for impairment losses for financial assets uses a forward-looking expected credit loss (ECL) approach. We are required to record a loss allowance for ECLs on all financial assets not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. Derecognition A financial asset is derecognized when the contractual rights to the cash flows from the financial asset expire, or we transfer the financial asset and substantially all the risks and rewards of ownership of the financial asset to another entity. A financial liability is derecognized when our obligations specified in the contract are discharged or canceled, or expired. Fair Value Measurement Fair value is the price that would be received to sell an asset, or paid to transfer a liability in an orderly transaction between market participants, at the measurement date. In determining the fair value measurement of our financial instruments, we prioritize the related inputs used in measuring fair value into the following hierarchy: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; Level 3 - Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. Foreign currency translation The financial statements for each of our subsidiaries are prepared using their functional currency. Our functional and presentation currency is the Canadian dollar. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Exchange differences resulting from the settlement of such transactions and from the translation at exchange rates ruling at the statement of financial position date of monetary assets and liabilities denominated in currencies other than the functional currency are recognized directly in the consolidated statement of loss and comprehensive loss. Exceptions to this are where the monetary items form part of the net investment in a foreign operation, and the foreign operation's functional currency is the local currency. These exchange differences are initially recognized in equity. The statement of financial position of foreign operations is translated into Canadian dollars using the exchange rate at the statement of financial position date and the income statements are translated into Canadian dollars using the average exchange rate for the period. Where this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, the exchange rate on the transaction date is used. Exchange differences on translation into Canadian dollars are recognized as a separate component of equity. On disposal of a foreign operation, any cumulative exchange differences held in equity are transferred to the consolidated statement of loss and comprehensive loss. Leases At the inception of a contract, we assess whether a contract is, or contains a lease by determining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether: • the contract involves the use of an identified asset; • we have the right to obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use; and • we have the right to direct the use of the identified asset. A right-of-use asset and corresponding lease liability are recognized on the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is reduced by impairment losses and adjusted for certain remeasurements of the lease liabilities, if any. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the implicit interest rate in the lease. If the rate cannot be readily determined, our incremental rate of borrowing is used. The lease liability is subsequently measured at amortized cost using the effective interest method. The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, if we change our assessment of whether we will exercise a purchase, extension or termination option, or if the underlying lease contract is amended. We have elected not to separate fixed non-lease components from lease components and instead account for each lease component and associated fixed non-lease components as a single lease component. We have elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less. We recognize the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Loss per common share Basic loss per common share is determined using the weighted average number of common shares outstanding during the year. We use the treasury stock method to calculate diluted loss per common share. Under this method, diluted loss per common share is computed in a manner consistent with basic loss per common share except that the weighted average common shares outstanding are increased to include additional common shares from the assumed exercise of options and warrants if dilutive. The number of additional common shares is calculated by assuming that any outstanding "in the money" options, restricted share units, performance share units, and warrants were exercised at the later of the beginning of the period or the date of issue and that the proceeds from such exercises were used to acquire shares of common stock at the average market price during the reporting period. Property and equipment Property and equipment are recorded at cost. Depreciation is provided on bases and at rates designed to amortize the cost of the assets over their estimated useful lives. Depreciation is recorded using the declining balance method at the following annual rates: Office equipment and furniture 20 % Medical equipment 20 % Computer equipment 30 % Leasehold improvements Straight-line over the term of the lease Research and development costs Research and development costs are expensed as incurred, net of recoveries. We record accruals for the estimated costs of our research and development activities performed by third parties. Advance payments for goods or services that will be used or rendered for future research and development activities are capitalized as prepaid expenses and recognized as an expense as the related goods are delivered or the related services are performed. Development costs that meet specific criteria related to technical, market, and financial feasibility will be capitalized. To date, all development costs have been expensed. Revenue recognition Revenue relates to a long-term contract associated with a regional licensing agreement (the "Licensing Agreement") with Adlai Nortye Biopharma Co., Ltd. ("Adlai"). The pricing for the contract was based on the specific negotiations with Adlai and included non-refundable upfront license fees, development and regulatory milestone payments, royalties, and sales-based milestone payments. We account for a contract with a customer when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and the collectability of consideration is probable. Under the Licensing Agreement, we have granted a regional license to our intellectual property. The granting of this license is accounted for as one performance obligation. We have determined that we provide Adlai with a right to access our intellectual property, and therefore recognize revenue related to the upfront license fee over time. Revenue is recognized based on the extent of progress toward completion of the performance obligation using the input method. Under the input method, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. We use this method because Adlai receives and consumes the benefit of our intellectual property as we undertake activities that impact the intellectual property. Management must use judgment in making assumptions and estimates regarding total estimated costs, the complexity of the work to be performed, and the length of time to complete the performance obligation, among other variables. The contract also provides for development and regulatory milestone payments, royalties, and sales-based milestone payments. These amounts are contingent on the occurrence of a future event and therefore give rise to variable consideration. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price when it becomes highly probable that the amount will not be subject to significant reversal when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current, and forecasted) that is reasonably available to us. Based on this information and related analysis, any quarterly adjustments to revenue are recognized as necessary in the period they become known. The upfront license fee is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect us from the other party failing to adequately complete some or all of its obligations under the contract. Revenue from sales-based royalties and the achievement of annual sales volumes will be recognized when the subsequent sale occurs, as the license of the intellectual property is the predominant item to which the royalty relates. We consider payments associated with the achievement of annual sales volumes to be, in substance, royalty payments, and we will recognize such sales-based payments upon achievement of such sales volumes, provided that collection is reasonably assured. Contract liability - Our contract liability includes upfront license fees and billings in excess of the revenue recognized. Contract liabilities are recognized as revenue as or when we perform under the contract. We classify our contract liability as current or non-current based on the timing of when we expect to recognize revenue. Share-based compensation Stock option plan We have one stock option plan (the "Option Plan") available to officers, directors, employees, and consultants with grants under the Option Plan approved from time to time by our Board of Directors (the "Board"). Under the Option Plan, the exercise price of each option is set at equal to or higher than the trading price of our stock on the date of grant in accordance with Toronto Stock Exchange guidelines. Vesting is provided at the discretion of the Board, and the expiration of options is to be no greater than ten years from the date of grant. Exercised stock options are settled with common shares issued from treasury. We use the fair value-based method of accounting for stock option awards granted under the Option Plan. We recognize compensation expense and a corresponding adjustment to contributed surplus equal to the fair value of the stock options granted using the Black-Scholes valuation model and is recognized over the vesting periods of the respective options. Compensation expense is adjusted for subsequent changes in management’s estimate of the number of options that are expected to vest. Incentive share award plan Our incentive share award plan (the "Share Plan") is available to directors, officers, and employees. Under our Share Plan, performance and restricted share units may be approved from time to time by the Board. Performance share units ("PSUs") are awarded to certain officers and employees to which common shares shall be issued based upon achieving the applicable performance criteria. Restricted share units ("RSUs") are awarded to certain officers and employees and non-employee directors to which common shares shall be issued in accordance with the Share Plan. We recognize compensation expense and a corresponding adjustment to contributed surplus equal to the market value of our common shares at the grant date based on the number of PSUs/RSUs expected to vest, recognized over the vesting period. Compensation expense is adjusted for subsequent changes in management’s estimate of the number of PSUs/RSUs that are expected to vest. The effect of these changes is recognized in the period of the change. Accounting Standards and Interpretations Issued but Not Yet Effective IAS 1 Presentation of Financial Statements In February 2021, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments apply to annual reporting periods beginning on or after January 1, 2023, with earlier application permitted. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors In February 2021, the IASB issued amendments to IAS 8, in which it introduced a new definition of 'accounting estimates'. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies, and the correction of errors. Also, the amendments clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments apply to annual reporting periods beginning on or after January 1, 2023, with earlier application permitted. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. IAS 12 Income Taxes |
Significant Judgments, Estimate
Significant Judgments, Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2022 | |
Significant Judgments, Estimates And Assumptions [Abstract] | |
Significant Judgments, Estimates and Assumptions | Significant Judgments, Estimates, and Assumptions The full extent to which external factors outside of our control, including those related to the coronavirus infectious disease 2019 ("COVID-19") pandemic and the global political conflict in Ukraine, may directly or indirectly impact our business, results of operations and financial condition, including our ability to finance our operations, expenses, clinical trials, and research and development costs, will depend on future developments that are evolving and highly uncertain. We considered the potential impact of these events, including global supply chain disruptions, inflation, and rising interest rates, when making certain estimates and judgments relating to the preparation of these audited consolidated financial statements. While there was no material impact to our consolidated financial statements as of and for the year ended December 31, 2022, our future assessment of the magnitude and duration of COVID-19 and conflict in Ukraine, as well as other factors, could result in a material impact to our consolidated financial statements in future reporting periods. Judgments The preparation of our consolidated financial statements requires us to make judgments, estimates, and assumptions that affect the reported amount of revenue, expenses, assets, liabilities, and the disclosure of contingent liabilities at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. Estimates and assumptions Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates, and such differences could be material. Significant estimates made by management affecting our consolidated financial statements include: Revenue recognition We entered into a Licensing Agreement which provides, among other payments, upfront license fees in exchange for a regional license to our intellectual property. Management uses its judgment in applying the input method when determining the extent of progress toward completion of the performance obligation. Revenue recognition requires assumptions and estimates regarding total estimated costs, the complexity of the work to be performed, and the length of time to complete the performance obligation, among other variables. Clinical trial and manufacturing expenses Clinical trial and manufacturing expenses represent significant components of our research and development expenses, and we outsource a significant portion of these activities to third-party contract research/manufacturing organizations. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows to these organizations. Payments under the contracts depend on factors such as achieving certain milestones. As part of preparing the consolidated financial statements, we estimate the expense to recognize based on services that the contract research/manufacturing organizations have performed. When making these estimates, we use operational and contractual information from third-party service providers, operational data from internal personnel, and considerable judgment. We base our estimates on the best information available at the time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. Such increases or decreases in cost are generally considered to be changes in estimates and will be reflected in research and development expenses in the period identified. Valuation of share-based compensation Estimating the fair value for stock options granted requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model, including the expected life, share price volatility, and dividend yield, and making assumptions about them. The assumptions and inputs used for estimating fair value for stock options granted are disclosed in Note 10. Valuation of warrant derivative Estimating the fair value of the warrant derivative at initial measurement, at each exercise date and at each reporting period requires determining the most appropriate valuation model. This estimate also requires determining the most appropriate inputs to the valuation model, including the expected life, share price volatility, and dividend yield, and making assumptions about them. Income taxes Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Currently, we are accumulating tax loss carry-forward balances in various tax jurisdictions creating a deferred tax asset. Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Management's judgment is required to determine the amount of deferred tax assets that can be recognized based on the likely timing and the level of future taxable profits together with future tax planning strategies. To date, we have determined that none of our deferred tax assets should be recognized. Our deferred tax assets are mainly comprised of our net operating losses from prior years, prior year research and development expenses, and non-refundable investment tax credits. These tax pools relate to entities that have a history of losses, have varying expiry dates, and may not be used to offset taxable income within our other subsidiaries. There are also no taxable temporary differences or any tax planning opportunities available that could partly support the recognition of these losses as deferred tax assets. |
Other Assets and Liabilities
Other Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Assets and Liabilities | Other Assets and Liabilities (a) In 2019, we entered into a co-development agreement with Merck KGaA, Darmstadt, Germany, and Pfizer Inc ("Pfizer"), known as BRACELET-1. This phase 2 clinical trial is jointly funded by Oncolytics and Pfizer. As at December 31, 2022, we recorded US$360 ($488) (December 31, 2021 - US$617 ($782)) in other receivables related to unbilled BRACELET-1 cost from Pfizer and nil (December 31, 2021 - US$278 ($352)) in other liabilities representing unused payments received from Pfizer. (b) In 2022, we paid deposits to our manufacturer related to the production of pelareorep required for our clinical trial program. We classify the related prepaid expenses as current or non-current based on the timing of when we expect to receive services. As at December 31, 2022, we recorded $1,327 in current prepaid expenses and $998 in non-current prepaid expenses. |
Other Assets and Liabilities | Other Assets and Liabilities (a) In 2019, we entered into a co-development agreement with Merck KGaA, Darmstadt, Germany, and Pfizer Inc ("Pfizer"), known as BRACELET-1. This phase 2 clinical trial is jointly funded by Oncolytics and Pfizer. As at December 31, 2022, we recorded US$360 ($488) (December 31, 2021 - US$617 ($782)) in other receivables related to unbilled BRACELET-1 cost from Pfizer and nil (December 31, 2021 - US$278 ($352)) in other liabilities representing unused payments received from Pfizer. (b) In 2022, we paid deposits to our manufacturer related to the production of pelareorep required for our clinical trial program. We classify the related prepaid expenses as current or non-current based on the timing of when we expect to receive services. As at December 31, 2022, we recorded $1,327 in current prepaid expenses and $998 in non-current prepaid expenses. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and Equipment | Property and Equipment Medical Equipment Computer Equipment Office Equipment and Furniture Leasehold Improvements Total Cost As at December 31, 2020 $ 62 $ 366 $ 353 $ 497 $ 1,278 Additions, net of foreign exchange impact — 40 141 105 286 Disposals — — (277) (374) (651) As at December 31, 2021 62 406 217 228 913 Additions, net of foreign exchange impact — 23 31 3 57 As at December 31, 2022 $ 62 $ 429 $ 248 $ 231 $ 970 Amortization As at December 31, 2020 $ 48 $ 249 $ 263 $ 482 $ 1,042 Depreciation expense 3 36 72 19 130 Disposals — — (277) (374) (651) As at December 31, 2021 51 285 58 127 521 Depreciation expense 2 36 34 21 93 As at December 31, 2022 $ 53 $ 321 $ 92 $ 148 $ 614 Net book value As at December 31, 2021 11 121 159 101 392 As at December 31, 2022 $ 9 $ 108 $ 156 $ 83 $ 356 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities December 31, 2022 December 31, 2021 Trade payables $ 2,252 $ 594 Accrued liabilities 1,398 1,394 $ 3,650 $ 1,988 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Leases | Leases Our portfolio of leases consists of office spaces with lease terms generally between 3 to 6 years. We currently do not have leases with residual value guarantees or leases not yet commenced to which we are committed. We have variable lease payments related to office space lease operating costs that are not material. Lease liabilities have been measured by discounting future lease payments using our incremental borrowing rate as rates implicit in the leases were not readily determinable. The weighted-average rate applied was 15%. In 2021, we recorded an addition for a new office space lease for our Canadian head office and a lease modification related to the office lease extension for one of our subsidiaries. The following table summarizes our right-of-use assets activity for the years ended December 31: 2022 2021 As at beginning of year $ 584 $ 372 Additions — 210 Lease modification — 324 Depreciation expense (299) (322) Foreign exchange impact 11 — As at end of year $ 296 $ 584 The following table summarizes our lease liabilities activity for the years ended December 31: 2022 2021 As at beginning of year $ 655 $ 402 Additions — 203 Lease modification — 324 Payment of lease liabilities (381) (366) Interest expense on lease liabilities 80 92 Foreign exchange impact 19 — As at end of year $ 373 $ 655 Our total undiscounted lease liability as at December 31, 2022 was as follows: December 31, 2022 Less than one year $ 251 One to five years 196 More than five years — Total undiscounted lease liability $ 447 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share Capital | Share Capital Authorized: Unlimited number of no par value common shares Shares Number Amount As at December 31, 2019 32,198,453 $ 311,078 Issued pursuant to stock option plan 133,454 385 Issued pursuant to incentive share award plan 234,172 732 Issued pursuant to "At the Market" (ATM) equity distribution agreement (a)(c) 12,182,532 40,038 Issued pursuant to warrant derivative exercised (b) 1,418,369 6,333 Share issue costs — (1,742) As at December 31, 2020 46,166,980 $ 356,824 Issued pursuant to stock option plan 123,159 381 Issued pursuant to incentive share award plan 150,899 544 Issued pursuant to "At the Market" (ATM) equity distribution agreement (c)(d) 8,401,029 34,168 Issued pursuant to warrant derivative exercised (b) 201,722 687 Share issue costs — (1,256) As at December 31, 2021 55,043,789 $ 391,348 Issued pursuant to stock option plan 8,333 20 Issued pursuant to incentive share award plan 40,560 98 Issued pursuant to "At the Market" (ATM) equity distribution agreement (d)(e) 6,235,232 13,338 Share issue costs — (764) As at December 31, 2022 61,327,914 $ 404,040 (a) On October 24, 2018, we entered into an ATM equity offering sales agreement with Canaccord Genuity Inc. The ATM allowed us to issue common shares, at prevailing market prices, with an aggregate offering value of up to US$30,000 over a 19-month period through the facilities of the Nasdaq Capital Market in the United States. This sales agreement expired on June 4, 2020. In 2020, we sold 6,741,518 common shares for gross proceeds of US$17,538 at an average price of US$2.42. We received, net of commissions of US$526, proceeds of US$17,012. In total, we incurred share issue costs (including commissions) of $857. (b) On August 16, 2019, pursuant to an underwritten public offering, 4,619,773 units were sold at a purchase price of US$0.81 per unit for gross proceeds of US$3,742. Each unit included one common share with a fair value of US$0.54 and one common share purchase warrant with a fair value of US$0.27. These warrants were classified as a financial liability (see Note 16). Each common share purchase warrant entitled the holder to purchase one common share at an exercise price of US$0.90 until August 16, 2024. In 2022, no warrants were exercised. In 2021, 201,722 (2020 - 1,418,369) warrants with a fair value of $456 (2020 - $4,636) were exercised for gross proceeds of US$182 (2020 - US$1,277). As at December 31, 2022, there were 64,035 warrants outstanding (December 31, 2021 - 64,035). (c) On June 15, 2020, we entered into an ATM equity distribution agreement with Canaccord Genuity Inc. The ATM allowed us to issue common shares, at prevailing market prices, with an aggregate offering value of up US$40,000 over a 25-month period through the facilities of the Nasdaq Capital Market in the United States. This sales agreement was terminated on March 4, 2021. In 2021, we sold 5,685,097 (2020 - 5,441,014) common shares for gross proceeds of US$18,503 (2020 - US$12,629) at an average price of US$3.25 (2020 - US$2.11). We received, net of commissions of US$555 (2020 - US$379), proceeds of US$17,948 (2020 - US$12,250). In total, we incurred share issue costs (including commissions) of $707 (2020 - $885). (d) On March 5, 2021, we entered into an ATM equity distribution agreement with Canaccord Genuity Inc. The ATM allows us to issue common shares, at prevailing market prices, with an aggregate offering value of up to US$80,000 over a 16- month period through the facilities of the Nasdaq Capital Market in the United States. In 2022, we sold 2,719,770 (2021 - 2,715,932) common shares for gross proceeds of US$4,560 (2021 - US$8,655) at an average price of US$1.68 (2021 - US$3.19). We received, net of commissions of US$137 (2021 - US$260), proceeds of US$4,423 (2021 - US$8,395). In total, we incurred share issue costs (including commissions) of $209 (2021 - $549). This sales agreement was terminated on June 16, 2022. (e) On June 17, 2022, we entered into an ATM equity distribution agreement with Canaccord Genuity Inc. The ATM allows us to issue common shares, at prevailing market prices, with an aggregate offering value of up to US$65,000 over a 25-month period through the facilities of the Nasdaq Capital Market in the United States. In 2022, we sold 3,515,462 common shares for gross proceeds of US$5,632 at an average price of US$1.60. We received, net of commissions of US$169, proceeds of US$5,463. In total, we incurred share issue costs (including commissions) of $555. Equity Warrants On June 1, 2017, pursuant to an underwritten public offering, 16,445,000 units were sold for gross proceeds of $11,512. Each unit included one common share and one common share purchase warrant. Following the 2018 share consolidation, 9.5 common share purchase warrants entitled the holder to purchase one common share in the capital of the Company until June 1, 2022, at an exercise price of approximately $9.025. These warrants were classified as equity. These warrants expired on June 1, 2022, and were transferred to contributed surplus on the consolidated statement of financial position upon expiry. There was no cash flow impact as a result of the warrant expiry. The following table summarizes our outstanding equity warrants: Number of Warrants Outstanding Warrant As at December 31, 2019 16,445,000 $ 3,618 As at December 31, 2020 16,443,500 $ 3,618 As at December 31, 2021 16,443,500 $ 3,618 Expired (16,443,500) (3,618) As at December 31, 2022 — $ — |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Share-based Payment Arrangements [Abstract] | |
Share-Based Compensation | Share-Based Compensation Stock Option Plan We have granted stock options to acquire common stock through our stock option plan. Our stock option activity for the years ended December 31 was as follows: 2022 2021 2020 Number of options Weighted Average Exercise Price Number of options Weighted Average Exercise Price Number of options Weighted Average Exercise Price Outstanding, beginning of year 5,334,420 3.53 3,764,055 4.08 2,246,947 5.31 Granted 1,005,000 2.04 1,832,500 2.99 1,817,500 3.19 Forfeited (62,962) 3.83 (110,612) 6.21 (141,418) 3.84 Expired (304,940) 10.80 (28,364) 37.63 (25,520) 62.49 Exercised (8,333) 1.45 (123,159) 1.94 (133,454) 1.81 Outstanding, end of year 5,963,185 2.91 5,334,420 3.53 3,764,055 4.08 Exercisable, end of year 4,420,482 3.01 3,165,679 3.82 2,164,551 4.84 The following table summarizes information about the stock options outstanding and exercisable at December 31, 2022: Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $0.54 - $1.89 1,002,498 1.76 1.39 799,998 1.40 $1.90 - $3.05 1,724,442 3.31 2.34 1,001,738 2.37 $3.06 - $3.29 1,532,500 1.95 3.17 1,532,500 3.17 $3.30 - $3.75 1,393,131 2.87 3.42 775,632 3.43 $3.76 - $27.46 310,614 2.19 7.39 310,614 7.39 5,963,185 2.54 2.91 4,420,482 3.01 Option grants vest either immediately or annually over periods ranging from one We use the Black-Scholes valuation model to estimate fair value. We use historical data to estimate the expected dividend yield and expected volatility of our stock in determining the fair value of the stock options. The risk-free interest rate is based on the Government of Canada benchmark bond yield rates in effect at the time of grant and the expected life of the options represents the estimated length of time the options are expected to remain outstanding. The estimated fair value of stock options granted during the years ended December 31 were determined using the following weighted average assumptions: 2022 2021 2020 Risk-free interest rate 3.35% 0.66% 0.34% Expected life 3.0 years 3.0 years 3.0 years Expected share price volatility 96.02% 110.45% 110.82% Expected dividend yield Nil Nil Nil Weighted average fair value of options $1.24 $1.99 $2.12 Incentive Share Award Plan Restricted Share Units We have granted RSUs to non-employee directors through our incentive share award plan. Grants of RSUs to non-employee directors vest either immediately, on the third anniversary date from the grant date, or when the director ceases to be a member of the board. We have also granted RSUs to certain officers and employees of the Company. Grants of RSUs to certain officers and employees of the Company vest over a three-year period. Our RSU activity for the years ended December 31 was as follows: 2022 2021 2020 Outstanding, beginning of year 40,560 134,618 209,657 Granted — — 154,923 Released (40,560) (94,058) (229,962) Outstanding, end of year — 40,560 134,618 (1) The weighted average fair value of the RSUs granted was nil in 2022 (2021 - nil; 2020 - $2.41). |
Loss Per Common Share
Loss Per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share [abstract] | |
Loss Per Common Share | Loss Per Common Share Loss per common share is calculated by dividing net loss for the year by the weighted average number of common shares outstanding for the year ended December 31, 2022, of 58,029,745 (2021 - 53,513,225; 2020 - 40,338,789). The effect of any potential exercise of our stock options and warrants outstanding during the year has been excluded from the calculation of diluted loss per common share, as it would be anti-dilutive. |
Contract Liability
Contract Liability | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of revenue from contracts with customers [Abstract] | |
Contract Liability | Contract Liability Regional licensing agreement We entered into a regional licensing agreement (the "Licensing Agreement") with Adlai Nortye Biopharma Co., Ltd. ("Adlai") in November 2017. Under the terms of the Licensing Agreement, Adlai will have exclusive development and commercialization rights to pelareorep in China, Hong Kong, Macau, Singapore, South Korea, and Taiwan. We are entitled to receive upfront license fees, development and regulatory milestone payments, royalties, and sales-based milestone payments. Contract liability Our contract liability balance at December 31 , which w e expect to record in revenue over the next five years, is as follows: 2022 2021 Balance, beginning of year $ 6,730 $ 6,730 Revenue recognized — — Balance, end of year $ 6,730 $ 6,730 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Contingencies [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are committed to payments totaling approximately $16,775 for activities mainly related to our clinical trial and manufacturing programs, which are expected to occur over the next three years. We are able to cancel most of these agreements with notice. Indemnification of Officers and Directors Our corporate by-laws require that, except to the extent expressly prohibited by law, we will indemnify our officers and directors against all costs, charges, and expenses, including an amount paid to settle an action or satisfy a judgment reasonably incurred in respect of any civil, criminal, or administrative action or proceeding as it relates to their services to the Company. The by-laws provide no limit to the amount of the indemnification. We have purchased directors’ and officers’ insurance coverage to cover claims made against the directors and officers during the applicable policy periods. The amounts and types of coverage have varied from period to period as dictated by market conditions. We believe that we have adequate insurance coverage; however, there is no guarantee that all indemnification payments will be covered under our existing insurance policies. There is no pending litigation or proceeding involving any of our officers or directors as to which indemnification is being sought, nor are we aware of any threatened litigation that may result in claims for indemnification |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of income tax [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes recorded in the consolidated financial statements differs from the amount which would be obtained by applying the statutory income tax rate to the loss before income taxes as follows: 2022 2021 2020 Loss before income taxes $ (24,751) $ (26,255) $ (22,505) Statutory Canadian corporate tax rate 23.00% 23.00% 24.00% Anticipated tax recovery (5,693) (6,039) (5,401) Difference in tax rates 3,552 2,716 3,334 Share-based compensation expense 547 880 614 Revaluation of tax pools (338) (552) 21 Other permanent differences (368) 45 108 Expiry of tax benefits 1,614 1,661 — Change in fair value of warrant derivative 5 (4) (838) Provision to offset deferred tax asset 765 1,342 2,162 Current income taxes $ 84 $ 49 $ — At December 31, 2022, we have non-capital losses of $98,475 and $145,405 in Canada and Barbados, respectively (December 31, 2021 - $89,537 and $162,986, respectively). These losses are expected to expire between 2023 and 2042, if not utilized. At December 31, 2022, we have Canadian investment tax credits of $4,368 (December 31, 2021 - $4,834) that are expected to expire between 2023 and 2040, if not utilized. As well, we have unclaimed Canadian scientific research and experimental development expenditures available to reduce future years’ taxable income of $27,663 (December 31, 2021 - $27,663). We also have unclaimed U.S. credits for increasing research activities available to reduce future years' taxable income of $1,285 (December 31, 2021 - $1,343) expiring between 2031 and 2041. We have not recorded the potential benefits of these tax pools in these consolidated financial statements. Deferred tax assets are recognized, to the extent that it is probable that taxable income will be available to utilize the deductible temporary differences. The components of our unrecognized deferred tax asset are as follows: 2022 2021 2020 Non-capital losses carried forward $ 26,726 $ 25,158 $ 21,488 Scientific research and experimental development 7,648 7,705 6,362 Investment tax credits 3,363 3,716 4,068 Property and equipment 366 351 1,928 Share issue costs 518 648 689 Net capital losses carried forward 6 6 6 Unrecognized deferred tax asset $ 38,627 $ 37,584 $ 34,541 |
Capital Disclosures
Capital Disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Statement of changes in equity [abstract] | |
Capital Disclosures | Capital Disclosures Our objective when managing capital is to maintain a strong statement of financial position. We achieve our objective by obtaining adequate cash resources to support planned activities which include the clinical trial program, product manufacturing, administrative costs, and intellectual property expansion and protection. We include shareholders' equity, cash and cash equivalents, and marketable securities in the definition of capital. December 31, 2022 December 31, 2021 Cash and cash equivalents $ 11,666 $ 41,262 Marketable securities $ 20,472 $ — Shareholders' equity $ 26,502 $ 36,099 We have no debt other than accounts payable and accrued liabilities and lease liabilities. We also have commitments and potential contingent obligations relating to the completion of our research and development of pelareorep. In managing our capital, we estimate our future cash requirements by preparing a budget and a multi-year plan annually for review and approval by our Board. The budget establishes the approved activities for the upcoming year and estimates the costs associated with these activities. The multi-year plan estimates future activity along with the potential cash requirements and is based on our assessment of our current clinical trial progress along with the expected results from the coming year’s activity. Budget to actual variances are prepared and reviewed by management and are presented quarterly to the Board. Historically, funding for our plan is primarily managed through the issuance of additional common shares and common share purchase warrants that upon exercise are converted to common shares. Management regularly monitors the capital markets attempting to balance the timing of issuing additional equity with our progress through our clinical trial program, general market conditions, and the availability of capital. There are no assurances that funds will be made available to us when required. On June 12, 2022, we renewed our short form base shelf prospectus (the "Base Shelf") that qualifies for distribution of up to $150,000 of common shares, subscription receipts, warrants, or units (the "Securities") in either Canada, the U.S. or both. Under a Base Shelf, we may sell Securities to or through underwriters, dealers, placement agents, or other intermediaries. We may also sell Securities directly to purchasers or through agents, subject to obtaining any applicable exemption from registration requirements. The distribution of Securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be subject to change, at market prices prevailing at the time of sale, or at prices related to such prevailing market prices to be negotiated with purchasers and as set forth in an accompanying Prospectus Supplement. Renewing our Base Shelf provides us with additional flexibility when managing our cash resources as, under certain circumstances, it shortens the time required to close a financing and is expected to increase the number of potential investors that may be prepared to invest in the Company. Funds received as a result of using our Base Shelf would be used in line with our Board approved budget and multi-year plan. Our renewed Base Shelf will be effective until July 16, 2024. Our Base Shelf allowed us to enter into our ATM equity distribution agreements (see Note 9). We use these equity arrangements to assist us in achieving our capital objective. These arrangements provide us with the opportunity to raise capital and better manage our cash resources. We are not subject to externally imposed capital requirements, and there have been no changes in how we define or manage our capital in 2022. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | Financial Instruments Fair value of financial instruments Our financial instruments consist of cash and cash equivalents, marketable securities, other receivables, accounts payable and accrued liabilities, and warrant derivative. As at December 31, 2022, the carrying amount of our cash and cash equivalents, marketable securities, other receivables, and accounts payable and accrued liabilities approximated their fair value due to their short-term maturity. Warrants with an exercise price denominated in a currency that differs from an entity's functional currency are treated as a derivative, initially measured at fair value, with subsequent changes in fair value at each reporting period end recognized through profit and loss. Our warrants with an exercise price of US$0.90 (see Note 9(b)) meet this requirement, and we have presented the fair value of these warrants as a current liability on the consolidated statement of financial position. As these warrants are exercised, the fair value at the date of exercise and the associated non-cash liability will be included in our share capital along with the proceeds from the exercise. If these warrants expire, the non-cash warrant liability is reversed through the consolidated statement of loss and comprehensive loss. There is no cash flow impact as a result of the accounting treatment for changes in the fair value of the warrant derivative or when warrants expire unexercised. The warrant derivative is a recurring Level 2 fair value measurement as these warrants have not been listed on an exchange and therefore do not trade on an active market. As at December 31, 2022, the fair value of our warrant derivative was $79 (December 31, 2021 - $56). We use the Black-Scholes valuation model to estimate fair value. Financial risk management Credit risk Credit risk is the risk of a financial loss if a counterparty to a financial instrument fails to meet its contractual obligations. We are exposed to credit risk on our cash and cash equivalents, marketable securities, and other receivable from Pfizer in connection with the BRACELET-1 study (see Note 5) in the event of non-performance by counterparties, but we do not anticipate such non-performance. Our maximum exposure to credit risk at the end of the period is the carrying value of our cash and cash equivalents, marketable securities, and other receivable from Pfizer. We mitigate our exposure to credit risk connected to our cash and cash equivalents by maintaining our primary operating and investment bank accounts with Schedule I banks in Canada. For our foreign-domiciled bank accounts, we use referrals or recommendations from our Canadian banks to open foreign bank accounts. Our foreign bank accounts are used solely for the purpose of settling accounts payable and accrued liabilities or payroll. We also mitigate our exposure to credit risk by restricting our portfolio to investment-grade securities with short-term maturities and monitoring counterparties' credit risk and credit standing. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. We hold our cash and cash equivalents in bank accounts or high-interest savings accounts that have variable interest rates. Our marketable securities have fixed interest rates. We mitigate interest rate risk through our investment policy that only allows the investment of excess cash resources in investment-grade vehicles while matching maturities with our operational requirements. Fluctuations in market interest rates do not have a significant impact on our results of operations due to the short term to maturity of the investments held. Foreign exchange risk Foreign exchange risk arises from changes in foreign exchange rates that may affect the fair value or future cash flows of our financial assets or liabilities. We are primarily exposed to the risk of changes in the Canadian dollar relative to the U.S. dollar and the Euro as a portion of our financial assets and liabilities are denominated in such currencies. The impact of a $0.01 increase in the value of the U.S. dollar against the Canadian dollar would have decreased our net comprehensive loss in 2022 by approximately $170. The impact of a $0.01 increase in the value of the Euro against the Canadian dollar would have increased our net comprehensive loss in 2022 by approximately $22. We mitigate our foreign exchange risk by maintaining sufficient foreign currencies through the purchase of foreign currencies or receiving foreign currencies from financing activities to settle our foreign accounts payable and accrued liabilities. Significant balances in foreign currencies at December 31, 2022, are as follows: U.S. dollar Euro Cash and cash equivalents $ 6,635 $ — Marketable securities 15,115 — Accounts payable and accrued liabilities (1,093) (1,035) $ 20,657 $ (1,035) Liquidity risk Liquidity risk is the risk that we will encounter difficulty in meeting obligations associated with financial liabilities. We manage liquidity risk through the management of our capital structure as outlined in Note 15. Accounts payable and accrued liabilities are all due within the current operating period. |
Additional Cash Flow Disclosure
Additional Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Additional Cash Flow Disclosures [Abstract] | |
Additional Cash Flow Disclosures | Additional Cash Flow Disclosures Net Change In Non-Cash Working Capital 2022 2021 2020 Change in: Other receivables $ 345 $ (776) $ 1,979 Prepaid expenses and deposits (1,247) (349) 286 Accounts payable and accrued liabilities 1,662 183 (1,368) Other liabilities (352) 228 (723) Non-cash impact of foreign exchange (17) (194) 36 Change in non-cash working capital related to operating activities $ 391 $ (908) $ 210 Other Cash Flow Disclosures 2022 2021 2020 Cash interest received $ 452 $ 190 $ 190 Cash taxes paid $ 46 $ 35 $ 12 |
Economic Dependence
Economic Dependence | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Economic Dependence [Abstract] | |
Economic Dependence | Economic Dependence We are economically dependent on our toll manufacturers. We primarily use one toll manufacturer in the U.S. to produce the clinical-grade pelareorep active ingredient and a second toll manufacturer to formulate finished product required for our clinical trial program. Any significant disruption of the services provided by our primary toll manufacturers has the potential to delay the progress of our clinical trial program. We have used another toll manufacturer in the U.K. that has also produced clinical-grade pelareorep at a smaller scale. We have attempted to mitigate this risk by identifying an alternative toll manufacturer, establishing stability profiles for long-term storage of pelareorep, and producing sufficient pelareorep in advance of patient enrollment in a particular clinical trial. |
Components of Expenses
Components of Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Components of Expenses | Components of Expenses 2022 2021 2020 Research and development expenses Clinical trial expenses $ 4,970 $ 3,205 $ 3,055 Manufacturing & related process development expenses 2,148 1,547 3,384 Intellectual property expenses 544 618 907 Translational science expenses 264 673 318 Personnel-related expenses 6,023 4,754 4,135 Share-based compensation expense 1,371 2,087 1,043 Other expenses 112 36 103 $ 15,432 $ 12,920 $ 12,945 General and administrative expenses Public company-related expenses $ 6,790 $ 8,161 $ 7,432 Office expenses 3,303 2,963 3,120 Share-based compensation expense 1,007 1,739 1,516 Depreciation - property and equipment 93 130 89 Depreciation - right-of-use assets 299 322 357 $ 11,492 $ 13,315 $ 12,514 In 2022, our research and development personnel-related expenses included employee compensation and benefits of $5,983 (2021 - $4,645; 2020 - $3,775). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of related party [Abstract] | |
Related Party Transactions | Related Party Transactions Compensation of Key Management Personnel Key management personnel are those persons having authority and responsibility for planning, directing, and controlling our activities as a whole. We have determined that key management personnel consists of the Board of Directors, the President and Chief Executive Officer, and the executives who report directly to the President and Chief Executive Officer. 2022 2021 2020 Short-term employee compensation and benefits $ 4,308 $ 3,919 $ 3,515 Termination benefits — — 495 Share-based compensation expense 1,615 2,703 1,758 $ 5,923 $ 6,622 $ 5,768 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of events after reporting period [Abstract] | |
Subsequent Events | Subsequent EventsBetween January 1, 2023 and March 2, 2023, we issued 1,499,044 shares for gross proceeds of US$2,570 through our June 2022 ATM equity distribution agreement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Cash and cash equivalents and marketable securities | Cash and cash equivalents and marketable securities Cash equivalents include interest-bearing deposits with our bank totaling $9,501 as at December 31, 2022 (December 31, 2021 - $39,902). Marketable securities include foreign currency term deposits with a maturity of greater than 90 days and less than one year. |
Deferred income taxes | We follow the liability method of accounting for income taxes. Under the liability method, deferred income taxes are recognized for the difference between the financial statement carrying values and the respective income tax basis of assets and liabilities (temporary differences). Deferred income tax assets and liabilities are measured using substantively enacted income tax rates and laws expected to apply in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is charged or credited to income, except when it is related to items charged or credited to either other comprehensive income or directly to equity. |
Financial assets | Financial assets are initially measured at fair value. In the case of a financial asset not at fair value through profit or loss, the financial asset is initially measured at fair value plus or minus transaction costs. Financial assets are subsequently measured at amortised cost, fair value through profit or loss (FVPL), or fair value through other comprehensive income (FVOCI). The classification is based on two criteria: the Company’s business model for managing the assets; and whether the financial asset’s contractual cash flows represent 'solely payments of principal and interest' on the principal amount outstanding (the 'SPPI criterion'). |
Financial liabilities | Financial liabilities are initially measured at fair value and are subsequently measured at amortised cost or FVPL. Our financial liabilities include accounts payable and accrued liabilities and warrant derivative. The classification and measurement of accounts payable and accrued liabilities are at amortized cost. The classification and measurement of the warrant derivative is at FVPL. |
Impairment | Accounting for impairment losses for financial assets uses a forward-looking expected credit loss (ECL) approach. We are required to record a loss allowance for ECLs on all financial assets not held at FVPL. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive. The shortfall is then discounted at an approximation to the asset’s original effective interest rate. |
Derecognition | A financial asset is derecognized when the contractual rights to the cash flows from the financial asset expire, or we transfer the financial asset and substantially all the risks and rewards of ownership of the financial asset to another entity. A financial liability is derecognized when our obligations specified in the contract are discharged or canceled, or expired. |
Fair value measurement | Fair value is the price that would be received to sell an asset, or paid to transfer a liability in an orderly transaction between market participants, at the measurement date. In determining the fair value measurement of our financial instruments, we prioritize the related inputs used in measuring fair value into the following hierarchy: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; Level 3 - Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. |
Foreign currency translation | The financial statements for each of our subsidiaries are prepared using their functional currency. Our functional and presentation currency is the Canadian dollar. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Exchange differences resulting from the settlement of such transactions and from the translation at exchange rates ruling at the statement of financial position date of monetary assets and liabilities denominated in currencies other than the functional currency are recognized directly in the consolidated statement of loss and comprehensive loss. Exceptions to this are where the monetary items form part of the net investment in a foreign operation, and the foreign operation's functional currency is the local currency. These exchange differences are initially recognized in equity. The statement of financial position of foreign operations is translated into Canadian dollars using the exchange rate at the statement of financial position date and the income statements are translated into Canadian dollars using the average exchange rate for the period. Where this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, the exchange rate on the transaction date is used. Exchange differences on translation into Canadian dollars are recognized as a separate component of equity. On disposal of a foreign operation, any cumulative exchange differences held in equity are transferred to the consolidated statement of loss and comprehensive loss. |
Leases | At the inception of a contract, we assess whether a contract is, or contains a lease by determining whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess whether: • the contract involves the use of an identified asset; • we have the right to obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use; and • we have the right to direct the use of the identified asset. A right-of-use asset and corresponding lease liability are recognized on the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is reduced by impairment losses and adjusted for certain remeasurements of the lease liabilities, if any. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. The lease payments are discounted using the implicit interest rate in the lease. If the rate cannot be readily determined, our incremental rate of borrowing is used. The lease liability is subsequently measured at amortized cost using the effective interest method. The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in our estimate of the amount expected to be payable under a residual value guarantee, if we change our assessment of whether we will exercise a purchase, extension or termination option, or if the underlying lease contract is amended. We have elected not to separate fixed non-lease components from lease components and instead account for each lease component and associated fixed non-lease components as a single lease component. |
Loss per common share | Basic loss per common share is determined using the weighted average number of common shares outstanding during the year. We use the treasury stock method to calculate diluted loss per common share. Under this method, diluted loss per common share is computed in a manner consistent with basic loss per common share except that the weighted average common shares outstanding are increased to include additional common shares from the assumed exercise of options and warrants if dilutive. The number of additional common shares is calculated by assuming that any outstanding "in the money" options, restricted share units, performance share units, and warrants were exercised at the later of the beginning of the period or the date of issue and that the proceeds from such exercises were used to acquire shares of common stock at the average market price during the reporting period. |
Property and equipment | Property and equipment are recorded at cost. Depreciation is provided on bases and at rates designed to amortize the cost of the assets over their estimated useful lives. Depreciation is recorded using the declining balance method at the following annual rates: Office equipment and furniture 20 % Medical equipment 20 % Computer equipment 30 % Leasehold improvements Straight-line over the term of the lease |
Research and development costs | Research and development costs are expensed as incurred, net of recoveries. We record accruals for the estimated costs of our research and development activities performed by third parties. Advance payments for goods or services that will be used or rendered for future research and development activities are capitalized as prepaid expenses and recognized as an expense as the related goods are delivered or the related services are performed. Development costs that meet specific criteria related to technical, market, and financial feasibility will be capitalized. To date, all development costs have been expensed. |
Revenue recognition | Revenue relates to a long-term contract associated with a regional licensing agreement (the "Licensing Agreement") with Adlai Nortye Biopharma Co., Ltd. ("Adlai"). The pricing for the contract was based on the specific negotiations with Adlai and included non-refundable upfront license fees, development and regulatory milestone payments, royalties, and sales-based milestone payments. We account for a contract with a customer when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and the collectability of consideration is probable. Under the Licensing Agreement, we have granted a regional license to our intellectual property. The granting of this license is accounted for as one performance obligation. We have determined that we provide Adlai with a right to access our intellectual property, and therefore recognize revenue related to the upfront license fee over time. Revenue is recognized based on the extent of progress toward completion of the performance obligation using the input method. Under the input method, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. We use this method because Adlai receives and consumes the benefit of our intellectual property as we undertake activities that impact the intellectual property. Management must use judgment in making assumptions and estimates regarding total estimated costs, the complexity of the work to be performed, and the length of time to complete the performance obligation, among other variables. The contract also provides for development and regulatory milestone payments, royalties, and sales-based milestone payments. These amounts are contingent on the occurrence of a future event and therefore give rise to variable consideration. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price when it becomes highly probable that the amount will not be subject to significant reversal when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current, and forecasted) that is reasonably available to us. Based on this information and related analysis, any quarterly adjustments to revenue are recognized as necessary in the period they become known. The upfront license fee is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect us from the other party failing to adequately complete some or all of its obligations under the contract. Revenue from sales-based royalties and the achievement of annual sales volumes will be recognized when the subsequent sale occurs, as the license of the intellectual property is the predominant item to which the royalty relates. We consider payments associated with the achievement of annual sales volumes to be, in substance, royalty payments, and we will recognize such sales-based payments upon achievement of such sales volumes, provided that collection is reasonably assured. Contract liability - Our contract liability includes upfront license fees and billings in excess of the revenue recognized. Contract liabilities are recognized as revenue as or when we perform under the contract. We classify our contract liability as current or non-current based on the timing of when we expect to recognize revenue. |
Share-based compensation | Stock option plan We have one stock option plan (the "Option Plan") available to officers, directors, employees, and consultants with grants under the Option Plan approved from time to time by our Board of Directors (the "Board"). Under the Option Plan, the exercise price of each option is set at equal to or higher than the trading price of our stock on the date of grant in accordance with Toronto Stock Exchange guidelines. Vesting is provided at the discretion of the Board, and the expiration of options is to be no greater than ten years from the date of grant. Exercised stock options are settled with common shares issued from treasury. We use the fair value-based method of accounting for stock option awards granted under the Option Plan. We recognize compensation expense and a corresponding adjustment to contributed surplus equal to the fair value of the stock options granted using the Black-Scholes valuation model and is recognized over the vesting periods of the respective options. Compensation expense is adjusted for subsequent changes in management’s estimate of the number of options that are expected to vest. Incentive share award plan Our incentive share award plan (the "Share Plan") is available to directors, officers, and employees. Under our Share Plan, performance and restricted share units may be approved from time to time by the Board. Performance share units ("PSUs") are awarded to certain officers and employees to which common shares shall be issued based upon achieving the applicable performance criteria. Restricted share units ("RSUs") are awarded to certain officers and employees and non-employee directors to which common shares shall be issued in accordance with the Share Plan. |
Accounting Standards and Interpretations Issued but Not Yet Effective | IAS 1 Presentation of Financial Statements In February 2021, the IASB issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments apply to annual reporting periods beginning on or after January 1, 2023, with earlier application permitted. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors In February 2021, the IASB issued amendments to IAS 8, in which it introduced a new definition of 'accounting estimates'. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies, and the correction of errors. Also, the amendments clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments apply to annual reporting periods beginning on or after January 1, 2023, with earlier application permitted. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. IAS 12 Income Taxes |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule of depreciation rates | Depreciation is recorded using the declining balance method at the following annual rates: Office equipment and furniture 20 % Medical equipment 20 % Computer equipment 30 % Leasehold improvements Straight-line over the term of the lease Medical Equipment Computer Equipment Office Equipment and Furniture Leasehold Improvements Total Cost As at December 31, 2020 $ 62 $ 366 $ 353 $ 497 $ 1,278 Additions, net of foreign exchange impact — 40 141 105 286 Disposals — — (277) (374) (651) As at December 31, 2021 62 406 217 228 913 Additions, net of foreign exchange impact — 23 31 3 57 As at December 31, 2022 $ 62 $ 429 $ 248 $ 231 $ 970 Amortization As at December 31, 2020 $ 48 $ 249 $ 263 $ 482 $ 1,042 Depreciation expense 3 36 72 19 130 Disposals — — (277) (374) (651) As at December 31, 2021 51 285 58 127 521 Depreciation expense 2 36 34 21 93 As at December 31, 2022 $ 53 $ 321 $ 92 $ 148 $ 614 Net book value As at December 31, 2021 11 121 159 101 392 As at December 31, 2022 $ 9 $ 108 $ 156 $ 83 $ 356 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of property and equipment | Depreciation is recorded using the declining balance method at the following annual rates: Office equipment and furniture 20 % Medical equipment 20 % Computer equipment 30 % Leasehold improvements Straight-line over the term of the lease Medical Equipment Computer Equipment Office Equipment and Furniture Leasehold Improvements Total Cost As at December 31, 2020 $ 62 $ 366 $ 353 $ 497 $ 1,278 Additions, net of foreign exchange impact — 40 141 105 286 Disposals — — (277) (374) (651) As at December 31, 2021 62 406 217 228 913 Additions, net of foreign exchange impact — 23 31 3 57 As at December 31, 2022 $ 62 $ 429 $ 248 $ 231 $ 970 Amortization As at December 31, 2020 $ 48 $ 249 $ 263 $ 482 $ 1,042 Depreciation expense 3 36 72 19 130 Disposals — — (277) (374) (651) As at December 31, 2021 51 285 58 127 521 Depreciation expense 2 36 34 21 93 As at December 31, 2022 $ 53 $ 321 $ 92 $ 148 $ 614 Net book value As at December 31, 2021 11 121 159 101 392 As at December 31, 2022 $ 9 $ 108 $ 156 $ 83 $ 356 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of accounts payables and accrued liabilities | December 31, 2022 December 31, 2021 Trade payables $ 2,252 $ 594 Accrued liabilities 1,398 1,394 $ 3,650 $ 1,988 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Presentation of leases for lessee [abstract] | |
Right-of-use assets | The following table summarizes our right-of-use assets activity for the years ended December 31: 2022 2021 As at beginning of year $ 584 $ 372 Additions — 210 Lease modification — 324 Depreciation expense (299) (322) Foreign exchange impact 11 — As at end of year $ 296 $ 584 |
Lease liabilities | The following table summarizes our lease liabilities activity for the years ended December 31: 2022 2021 As at beginning of year $ 655 $ 402 Additions — 203 Lease modification — 324 Payment of lease liabilities (381) (366) Interest expense on lease liabilities 80 92 Foreign exchange impact 19 — As at end of year $ 373 $ 655 |
Total undiscounted lease liability | Our total undiscounted lease liability as at December 31, 2022 was as follows: December 31, 2022 Less than one year $ 251 One to five years 196 More than five years — Total undiscounted lease liability $ 447 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Schedule of share capital | Shares Number Amount As at December 31, 2019 32,198,453 $ 311,078 Issued pursuant to stock option plan 133,454 385 Issued pursuant to incentive share award plan 234,172 732 Issued pursuant to "At the Market" (ATM) equity distribution agreement (a)(c) 12,182,532 40,038 Issued pursuant to warrant derivative exercised (b) 1,418,369 6,333 Share issue costs — (1,742) As at December 31, 2020 46,166,980 $ 356,824 Issued pursuant to stock option plan 123,159 381 Issued pursuant to incentive share award plan 150,899 544 Issued pursuant to "At the Market" (ATM) equity distribution agreement (c)(d) 8,401,029 34,168 Issued pursuant to warrant derivative exercised (b) 201,722 687 Share issue costs — (1,256) As at December 31, 2021 55,043,789 $ 391,348 Issued pursuant to stock option plan 8,333 20 Issued pursuant to incentive share award plan 40,560 98 Issued pursuant to "At the Market" (ATM) equity distribution agreement (d)(e) 6,235,232 13,338 Share issue costs — (764) As at December 31, 2022 61,327,914 $ 404,040 (a) On October 24, 2018, we entered into an ATM equity offering sales agreement with Canaccord Genuity Inc. The ATM allowed us to issue common shares, at prevailing market prices, with an aggregate offering value of up to US$30,000 over a 19-month period through the facilities of the Nasdaq Capital Market in the United States. This sales agreement expired on June 4, 2020. In 2020, we sold 6,741,518 common shares for gross proceeds of US$17,538 at an average price of US$2.42. We received, net of commissions of US$526, proceeds of US$17,012. In total, we incurred share issue costs (including commissions) of $857. (b) On August 16, 2019, pursuant to an underwritten public offering, 4,619,773 units were sold at a purchase price of US$0.81 per unit for gross proceeds of US$3,742. Each unit included one common share with a fair value of US$0.54 and one common share purchase warrant with a fair value of US$0.27. These warrants were classified as a financial liability (see Note 16). Each common share purchase warrant entitled the holder to purchase one common share at an exercise price of US$0.90 until August 16, 2024. In 2022, no warrants were exercised. In 2021, 201,722 (2020 - 1,418,369) warrants with a fair value of $456 (2020 - $4,636) were exercised for gross proceeds of US$182 (2020 - US$1,277). As at December 31, 2022, there were 64,035 warrants outstanding (December 31, 2021 - 64,035). (c) On June 15, 2020, we entered into an ATM equity distribution agreement with Canaccord Genuity Inc. The ATM allowed us to issue common shares, at prevailing market prices, with an aggregate offering value of up US$40,000 over a 25-month period through the facilities of the Nasdaq Capital Market in the United States. This sales agreement was terminated on March 4, 2021. In 2021, we sold 5,685,097 (2020 - 5,441,014) common shares for gross proceeds of US$18,503 (2020 - US$12,629) at an average price of US$3.25 (2020 - US$2.11). We received, net of commissions of US$555 (2020 - US$379), proceeds of US$17,948 (2020 - US$12,250). In total, we incurred share issue costs (including commissions) of $707 (2020 - $885). (d) On March 5, 2021, we entered into an ATM equity distribution agreement with Canaccord Genuity Inc. The ATM allows us to issue common shares, at prevailing market prices, with an aggregate offering value of up to US$80,000 over a 16- month period through the facilities of the Nasdaq Capital Market in the United States. In 2022, we sold 2,719,770 (2021 - 2,715,932) common shares for gross proceeds of US$4,560 (2021 - US$8,655) at an average price of US$1.68 (2021 - US$3.19). We received, net of commissions of US$137 (2021 - US$260), proceeds of US$4,423 (2021 - US$8,395). In total, we incurred share issue costs (including commissions) of $209 (2021 - $549). This sales agreement was terminated on June 16, 2022. (e) On June 17, 2022, we entered into an ATM equity distribution agreement with Canaccord Genuity Inc. The ATM allows us to issue common shares, at prevailing market prices, with an aggregate offering value of up to US$65,000 over a 25-month period through the facilities of the Nasdaq Capital Market in the United States. In 2022, we sold 3,515,462 common shares for gross proceeds of US$5,632 at an average price of US$1.60. We received, net of commissions of US$169, proceeds of US$5,463. In total, we incurred share issue costs (including commissions) of $555. |
Summary of outstanding warrants | The following table summarizes our outstanding equity warrants: Number of Warrants Outstanding Warrant As at December 31, 2019 16,445,000 $ 3,618 As at December 31, 2020 16,443,500 $ 3,618 As at December 31, 2021 16,443,500 $ 3,618 Expired (16,443,500) (3,618) As at December 31, 2022 — $ — The following table summarizes information about the stock options outstanding and exercisable at December 31, 2022: Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $0.54 - $1.89 1,002,498 1.76 1.39 799,998 1.40 $1.90 - $3.05 1,724,442 3.31 2.34 1,001,738 2.37 $3.06 - $3.29 1,532,500 1.95 3.17 1,532,500 3.17 $3.30 - $3.75 1,393,131 2.87 3.42 775,632 3.43 $3.76 - $27.46 310,614 2.19 7.39 310,614 7.39 5,963,185 2.54 2.91 4,420,482 3.01 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of share-based payment arrangement [Abstract] | |
Schedule of stock options and weighted average exercise prices of share options | We have granted stock options to acquire common stock through our stock option plan. Our stock option activity for the years ended December 31 was as follows: 2022 2021 2020 Number of options Weighted Average Exercise Price Number of options Weighted Average Exercise Price Number of options Weighted Average Exercise Price Outstanding, beginning of year 5,334,420 3.53 3,764,055 4.08 2,246,947 5.31 Granted 1,005,000 2.04 1,832,500 2.99 1,817,500 3.19 Forfeited (62,962) 3.83 (110,612) 6.21 (141,418) 3.84 Expired (304,940) 10.80 (28,364) 37.63 (25,520) 62.49 Exercised (8,333) 1.45 (123,159) 1.94 (133,454) 1.81 Outstanding, end of year 5,963,185 2.91 5,334,420 3.53 3,764,055 4.08 Exercisable, end of year 4,420,482 3.01 3,165,679 3.82 2,164,551 4.84 |
Schedule of stock options outstanding and exercisable by range of exercise price | The following table summarizes information about the stock options outstanding and exercisable at December 31, 2022: Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $0.54 - $1.89 1,002,498 1.76 1.39 799,998 1.40 $1.90 - $3.05 1,724,442 3.31 2.34 1,001,738 2.37 $3.06 - $3.29 1,532,500 1.95 3.17 1,532,500 3.17 $3.30 - $3.75 1,393,131 2.87 3.42 775,632 3.43 $3.76 - $27.46 310,614 2.19 7.39 310,614 7.39 5,963,185 2.54 2.91 4,420,482 3.01 |
Schedule of weighted average remaining contractual life and outstanding stock options by exercise price | The following table summarizes our outstanding equity warrants: Number of Warrants Outstanding Warrant As at December 31, 2019 16,445,000 $ 3,618 As at December 31, 2020 16,443,500 $ 3,618 As at December 31, 2021 16,443,500 $ 3,618 Expired (16,443,500) (3,618) As at December 31, 2022 — $ — The following table summarizes information about the stock options outstanding and exercisable at December 31, 2022: Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $0.54 - $1.89 1,002,498 1.76 1.39 799,998 1.40 $1.90 - $3.05 1,724,442 3.31 2.34 1,001,738 2.37 $3.06 - $3.29 1,532,500 1.95 3.17 1,532,500 3.17 $3.30 - $3.75 1,393,131 2.87 3.42 775,632 3.43 $3.76 - $27.46 310,614 2.19 7.39 310,614 7.39 5,963,185 2.54 2.91 4,420,482 3.01 |
Disclosure weighted average assumptions and fair value of options | The estimated fair value of stock options granted during the years ended December 31 were determined using the following weighted average assumptions: 2022 2021 2020 Risk-free interest rate 3.35% 0.66% 0.34% Expected life 3.0 years 3.0 years 3.0 years Expected share price volatility 96.02% 110.45% 110.82% Expected dividend yield Nil Nil Nil Weighted average fair value of options $1.24 $1.99 $2.12 |
Schedule of number of other equity instruments | Our RSU activity for the years ended December 31 was as follows: 2022 2021 2020 Outstanding, beginning of year 40,560 134,618 209,657 Granted — — 154,923 Released (40,560) (94,058) (229,962) Outstanding, end of year — 40,560 134,618 (1) The weighted average fair value of the RSUs granted was nil in 2022 (2021 - nil; 2020 - $2.41). |
Contract Liability (Tables)
Contract Liability (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of revenue from contracts with customers [Abstract] | |
Contract liability balances | Our contract liability balance at December 31 , which w e expect to record in revenue over the next five years, is as follows: 2022 2021 Balance, beginning of year $ 6,730 $ 6,730 Revenue recognized — — Balance, end of year $ 6,730 $ 6,730 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of income tax [Abstract] | |
Provision for income taxes | The provision for income taxes recorded in the consolidated financial statements differs from the amount which would be obtained by applying the statutory income tax rate to the loss before income taxes as follows: 2022 2021 2020 Loss before income taxes $ (24,751) $ (26,255) $ (22,505) Statutory Canadian corporate tax rate 23.00% 23.00% 24.00% Anticipated tax recovery (5,693) (6,039) (5,401) Difference in tax rates 3,552 2,716 3,334 Share-based compensation expense 547 880 614 Revaluation of tax pools (338) (552) 21 Other permanent differences (368) 45 108 Expiry of tax benefits 1,614 1,661 — Change in fair value of warrant derivative 5 (4) (838) Provision to offset deferred tax asset 765 1,342 2,162 Current income taxes $ 84 $ 49 $ — |
Schedule of unrecognized non-capital losses, non-refundable credits and deferred tax assets | t December 31, 2022, we have non-capital losses of $98,475 and $145,405 in Canada and Barbados, respectively (December 31, 2021 - $89,537 and $162,986, respectively). These losses are expected to expire between 2023 and 2042, if not utilized. At December 31, 2022, we have Canadian investment tax credits of $4,368 (December 31, 2021 - $4,834) that are expected to expire between 2023 and 2040, if not utilized. As well, we have unclaimed Canadian scientific research and experimental development expenditures available to reduce future years’ taxable income of $27,663 (December 31, 2021 - $27,663). We also have unclaimed U.S. credits for increasing research activities available to reduce future years' taxable income of $1,285 (December 31, 2021 - $1,343) expiring between 2031 and 2041. We have not recorded the potential benefits of these tax pools in these consolidated financial statements. Deferred tax assets are recognized, to the extent that it is probable that taxable income will be available to utilize the deductible temporary differences. The components of our unrecognized deferred tax asset are as follows: 2022 2021 2020 Non-capital losses carried forward $ 26,726 $ 25,158 $ 21,488 Scientific research and experimental development 7,648 7,705 6,362 Investment tax credits 3,363 3,716 4,068 Property and equipment 366 351 1,928 Share issue costs 518 648 689 Net capital losses carried forward 6 6 6 Unrecognized deferred tax asset $ 38,627 $ 37,584 $ 34,541 |
Capital Disclosures (Tables)
Capital Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement of changes in equity [abstract] | |
Schedule of capital components | December 31, 2022 December 31, 2021 Cash and cash equivalents $ 11,666 $ 41,262 Marketable securities $ 20,472 $ — Shareholders' equity $ 26,502 $ 36,099 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of balances in foreign currencies | Significant balances in foreign currencies at December 31, 2022, are as follows: U.S. dollar Euro Cash and cash equivalents $ 6,635 $ — Marketable securities 15,115 — Accounts payable and accrued liabilities (1,093) (1,035) $ 20,657 $ (1,035) |
Additional Cash Flow Disclosu_2
Additional Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Additional Cash Flow Disclosures [Abstract] | |
Net change in non-cash working capital | Net Change In Non-Cash Working Capital 2022 2021 2020 Change in: Other receivables $ 345 $ (776) $ 1,979 Prepaid expenses and deposits (1,247) (349) 286 Accounts payable and accrued liabilities 1,662 183 (1,368) Other liabilities (352) 228 (723) Non-cash impact of foreign exchange (17) (194) 36 Change in non-cash working capital related to operating activities $ 391 $ (908) $ 210 |
Other cash flow disclosures | Other Cash Flow Disclosures 2022 2021 2020 Cash interest received $ 452 $ 190 $ 190 Cash taxes paid $ 46 $ 35 $ 12 |
Components of Expenses (Tables)
Components of Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Analysis of income and expense [abstract] | |
Other expenses and adjustments | 2022 2021 2020 Research and development expenses Clinical trial expenses $ 4,970 $ 3,205 $ 3,055 Manufacturing & related process development expenses 2,148 1,547 3,384 Intellectual property expenses 544 618 907 Translational science expenses 264 673 318 Personnel-related expenses 6,023 4,754 4,135 Share-based compensation expense 1,371 2,087 1,043 Other expenses 112 36 103 $ 15,432 $ 12,920 $ 12,945 General and administrative expenses Public company-related expenses $ 6,790 $ 8,161 $ 7,432 Office expenses 3,303 2,963 3,120 Share-based compensation expense 1,007 1,739 1,516 Depreciation - property and equipment 93 130 89 Depreciation - right-of-use assets 299 322 357 $ 11,492 $ 13,315 $ 12,514 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of related party [Abstract] | |
Schedule of related party transactions | 2022 2021 2020 Short-term employee compensation and benefits $ 4,308 $ 3,919 $ 3,515 Termination benefits — — 495 Share-based compensation expense 1,615 2,703 1,758 $ 5,923 $ 6,622 $ 5,768 |
Nature of Operations (Details)
Nature of Operations (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Notes And Other Explanatory Information [Abstract] | ||
Accumulated deficit | $ (418,251) | $ (393,416) |
Cash and cash equivalents and current investments | $ 32,138 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 CAD ($) plan | Dec. 31, 2021 CAD ($) | |
Summary Of Significant Accounting Policies [Abstract] | ||
Cash equivalents | $ | $ 9,501 | $ 39,902 |
Number of plans | plan | 1 | |
Maximum option expiration term | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Depreciation Rates (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Office equipment and furniture | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Annual depreciation rate | 20% |
Medical equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Annual depreciation rate | 20% |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Annual depreciation rate | 30% |
Other Assets and Liabilities (D
Other Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) |
Currency1 [Line Items] | ||||
Other liabilities | $ 0 | $ 352,000 | ||
Current prepaid expenses | 1,327,000 | |||
Non-current prepaid expenses | 998,000 | 0 | ||
BRACELET-1 collaboration agreement | ||||
Currency1 [Line Items] | ||||
Other receivables | 488,000 | $ 360 | 782,000 | $ 617 |
Other liabilities | $ 0 | $ 352,000 | $ 278 |
Property and Equipment (Details
Property and Equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | $ 392 | |
Property and equipment, ending balance | 356 | $ 392 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 913 | 1,278 |
Additions, net of foreign exchange impact | 57 | 286 |
Disposals | 651 | |
Property and equipment, ending balance | 970 | 913 |
Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | (521) | (1,042) |
Depreciation expense | 93 | 130 |
Disposals | (651) | |
Property and equipment, ending balance | (614) | (521) |
Medical Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 11 | |
Property and equipment, ending balance | 9 | 11 |
Medical Equipment | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 62 | 62 |
Additions, net of foreign exchange impact | 0 | 0 |
Disposals | 0 | |
Property and equipment, ending balance | 62 | 62 |
Medical Equipment | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | (51) | (48) |
Depreciation expense | 2 | 3 |
Disposals | 0 | |
Property and equipment, ending balance | (53) | (51) |
Computer Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 121 | |
Property and equipment, ending balance | 108 | 121 |
Computer Equipment | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 406 | 366 |
Additions, net of foreign exchange impact | 23 | 40 |
Disposals | 0 | |
Property and equipment, ending balance | 429 | 406 |
Computer Equipment | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | (285) | (249) |
Depreciation expense | 36 | 36 |
Disposals | 0 | |
Property and equipment, ending balance | (321) | (285) |
Office Equipment and Furniture | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 159 | |
Property and equipment, ending balance | 156 | 159 |
Office Equipment and Furniture | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 217 | 353 |
Additions, net of foreign exchange impact | 31 | 141 |
Disposals | 277 | |
Property and equipment, ending balance | 248 | 217 |
Office Equipment and Furniture | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | (58) | (263) |
Depreciation expense | 34 | 72 |
Disposals | (277) | |
Property and equipment, ending balance | (92) | (58) |
Leasehold Improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 101 | |
Property and equipment, ending balance | 83 | 101 |
Leasehold Improvements | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 228 | 497 |
Additions, net of foreign exchange impact | 3 | 105 |
Disposals | 374 | |
Property and equipment, ending balance | 231 | 228 |
Leasehold Improvements | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | (127) | (482) |
Depreciation expense | 21 | 19 |
Disposals | (374) | |
Property and equipment, ending balance | $ (148) | $ (127) |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | $ 2,252 | $ 594 |
Accrued liabilities | 1,398 | 1,394 |
Accounts payable and accrued liabilities | $ 3,650 | $ 1,988 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Weighted average rate | 15% | |
Minimum | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease term | 3 years | |
Maximum | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Lease term | 6 years |
Leases - Right-of-use Assets an
Leases - Right-of-use Assets and Lease Liabilities (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CAD ($) | |
Right-Of-Use Assets [Abstract] | |||||
Right-of-use assets, beginning balance | $ 584 | $ 372 | |||
Additions | $ 0 | $ 210 | |||
Lease modification | 0 | 324 | |||
Depreciation expense | (299) | (322) | |||
Foreign exchange impact | 11 | 0 | |||
Right-of-use assets, ending balance | 296 | 584 | $ 372 | ||
Lease Liabilities [Abstract] | |||||
Lease liabilities, beginning balance | 655 | 402 | |||
Additions | $ 0 | $ 203 | |||
Lease modification | 0 | 324 | |||
Payment of lease liabilities | (381) | (366) | (461) | ||
Interest expense on lease liabilities | 80 | 92 | |||
Foreign exchange impact | 19 | 0 | |||
Lease liabilities, ending balance | $ 373 | $ 655 | $ 402 |
Leases - Total Undiscounted Lea
Leases - Total Undiscounted Lease Liability (Details) $ in Thousands | Dec. 31, 2022 CAD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liability | $ 447 |
Less than one year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liability | 251 |
One to five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liability | 196 |
More than five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liability | $ 0 |
Share Capital - Schedule of Sha
Share Capital - Schedule of Share Capital (Details) - CAD ($) $ in Thousands | 12 Months Ended | |||
Aug. 16, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amount | ||||
Equity balance at beginning of period | $ 36,099 | $ 24,752 | $ (108) | |
Share issue costs | (764) | (1,256) | (1,742) | |
Equity balance at end of period | 26,502 | 36,099 | 24,752 | |
At-the-market agreement | ||||
Amount | ||||
Issued shares | $ 13,338 | $ 34,168 | $ 40,038 | |
Warrant Derivatives | ||||
Number | ||||
Issued (shares) | 4,619,773 | |||
Shares | ||||
Number | ||||
Share capital issued, beginning (shares) | 55,043,789 | 46,166,980 | 32,198,453 | |
Share capital issued ending (shares) | 61,327,914 | 55,043,789 | 46,166,980 | |
Amount | ||||
Equity balance at beginning of period | $ 391,348 | $ 356,824 | $ 311,078 | |
Share issue costs | (764) | (1,256) | (1,742) | |
Equity balance at end of period | $ 404,040 | $ 391,348 | $ 356,824 | |
Shares | Stock option plan | ||||
Number | ||||
Issued (shares) | 8,333 | 123,159 | 133,454 | |
Amount | ||||
Issued shares | $ 20 | $ 381 | $ 385 | |
Shares | Incentive award plan | ||||
Number | ||||
Issued (shares) | 40,560 | 150,899 | 234,172 | |
Amount | ||||
Issued shares | $ 98 | $ 544 | $ 732 | |
Shares | At-the-market agreement | ||||
Number | ||||
Issued (shares) | 6,235,232 | 8,401,029 | 12,182,532 | |
Amount | ||||
Issued shares | $ 13,338 | $ 34,168 | $ 40,038 | |
Shares | Warrant Derivatives | ||||
Number | ||||
Issued (shares) | 201,722 | 1,418,369 | ||
Amount | ||||
Issued shares | $ 687 | $ 6,333 |
Share Capital - Schedule of S_2
Share Capital - Schedule of Share Capital Footnotes (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||
Jun. 17, 2022 USD ($) | Mar. 05, 2021 USD ($) | Jun. 15, 2020 USD ($) | Aug. 16, 2019 USD ($) $ / shares shares | Oct. 24, 2018 USD ($) | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CAD ($) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 CAD ($) shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Disclosure of classes of share capital [line items] | |||||||||||
Share issue related cost | $ 764 | $ 1,256 | $ 1,742 | ||||||||
Gross proceeds from warrant exercises | $ 182,000 | $ 1,277,000 | |||||||||
Share Capital | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Share issue related cost | $ 764 | $ 1,256 | $ 1,742 | ||||||||
United States ATM | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Agreement | $ 30,000,000 | ||||||||||
Agreement term | 19 months | ||||||||||
Issued (shares) | shares | 6,741,518 | 6,741,518 | |||||||||
Gross proceeds from common shares | $ 17,538,000 | ||||||||||
Purchase price (cad and usd per share) | $ / shares | $ 2.42 | ||||||||||
Share issue related cost, commissions | $ 526,000 | ||||||||||
Net proceeds from issue of ordinary shares | $ 17,012,000 | ||||||||||
Share issue related cost | $ 857 | ||||||||||
Warrant Derivatives | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 4,619,773 | ||||||||||
Gross proceeds from common shares | $ 3,742,000 | ||||||||||
Purchase price (cad and usd per share) | $ / shares | $ 0.81 | ||||||||||
Number of common shares issuable per warrant (shares) | shares | 1 | ||||||||||
Warrant Derivatives | Share Capital | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 201,722 | 201,722 | 1,418,369 | 1,418,369 | |||||||
Common shares per unit (shares) | shares | 1 | ||||||||||
Shares issued, fair value of common share (usd per share) | $ / shares | $ 0.54 | ||||||||||
2020 United States ATM | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Agreement | $ 40,000,000 | ||||||||||
Agreement term | 25 months | ||||||||||
Issued (shares) | shares | 5,685,097 | 5,685,097 | 5,441,014 | 5,441,014 | |||||||
Gross proceeds from common shares | $ 18,503,000 | $ 12,629,000 | |||||||||
Purchase price (cad and usd per share) | $ / shares | $ 3.25 | $ 2.11 | |||||||||
Share issue related cost, commissions | $ 555,000 | $ 379,000 | |||||||||
Net proceeds from issue of ordinary shares | $ 17,948,000 | $ 12,250,000 | |||||||||
Share issue related cost | $ 707 | $ 885 | |||||||||
2021 United States ATM | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Agreement | $ 80,000,000 | ||||||||||
Agreement term | 16 months | ||||||||||
Issued (shares) | shares | 2,719,770 | 2,719,770 | 2,715,932 | 2,715,932 | |||||||
Gross proceeds from common shares | $ 4,560,000 | $ 8,655,000 | |||||||||
Purchase price (cad and usd per share) | $ / shares | $ 1.68 | $ 3.19 | |||||||||
Share issue related cost, commissions | $ 137,000 | $ 260,000 | |||||||||
Net proceeds from issue of ordinary shares | $ 4,423,000 | $ 8,395,000 | |||||||||
Share issue related cost | $ 209 | $ 549 | |||||||||
2022 United States ATM | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Agreement | $ 65,000,000 | ||||||||||
Agreement term | 25 months | ||||||||||
Issued (shares) | shares | 3,515,462 | 3,515,462 | |||||||||
Gross proceeds from common shares | $ 5,632,000 | ||||||||||
Purchase price (cad and usd per share) | $ / shares | $ 1.60 | ||||||||||
Share issue related cost, commissions | $ 169,000 | ||||||||||
Net proceeds from issue of ordinary shares | $ 5,463,000 | ||||||||||
Share issue related cost | $ 555 | ||||||||||
Warrants | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Warrants exercised (shares) | shares | 0 | 0 | 201,722 | 201,722 | 1,418,369 | 1,418,369 | |||||
Warrants exercised | $ 456 | $ 4,636 | |||||||||
Class of warrant or right, outstanding | shares | 64,035 | ||||||||||
Warrants | Warrant Derivatives | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Common shares per unit (shares) | shares | 1 | ||||||||||
Shares issued, fair value of common share (usd per share) | $ / shares | $ 0.27 | ||||||||||
Exercise price (usd per share) | $ / shares | $ 0.90 |
Share Capital - Equity Warrants
Share Capital - Equity Warrants Narrative (Details) $ / shares in Units, $ in Thousands | May 22, 2018 | Jun. 01, 2017 CAD ($) $ / shares shares |
Disclosure of classes of share capital [line items] | ||
Stock conversion ratio | 0.105263157894737 | |
Shares Public Offering, Equity Warrants | ||
Disclosure of classes of share capital [line items] | ||
Issued (shares) | 16,445,000 | |
Gross proceeds from common shares | $ | $ 11,512 | |
Common shares per unit (shares) | 1 | |
Common share purchase warrant per unit (shares) | 1 | |
Warrants exercisable into common shares (shares) | 9.5 | |
Number of common shares issuable per warrant (shares) | 1 | |
Purchase price (cad per share) | $ / shares | $ 9.025 |
Share Capital - Summary of Outs
Share Capital - Summary of Outstanding Warrants (Details) - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||||
Warrants issued | $ 0 | $ 3,618 | $ 3,618 | $ 3,618 |
Expired | $ (3,618) | |||
Warrants | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares outstanding (shares) | 0 | 16,443,500 | 16,443,500 | 16,445,000 |
Expired (shares) | (16,443,500) |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Stock Options and Weighted Average Exercise Prices (Details) | 12 Months Ended | ||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Number of options | |||
Outstanding, beginning of the year (shares) | shares | 5,334,420 | 3,764,055 | 2,246,947 |
Granted during the year (shares) | shares | 1,005,000 | 1,832,500 | 1,817,500 |
Forfeited during the year (shares) | shares | (62,962) | (110,612) | (141,418) |
Expired during the year (shares) | shares | (304,940) | (28,364) | (25,520) |
Exercised during the year (shares) | shares | (8,333) | (123,159) | (133,454) |
Outstanding, end of the year (shares) | shares | 5,963,185 | 5,334,420 | 3,764,055 |
Options exercisable, end of the year (shares) | shares | 4,420,482 | 3,165,679 | 2,164,551 |
Weighted Average Exercise Price $ | |||
Outstanding, beginning of the year (cad per share) | $ / shares | $ 3.53 | $ 4.08 | $ 5.31 |
Granted during the year (cad per share) | $ / shares | 2.04 | 2.99 | 3.19 |
Forfeited during the year (cad per share) | $ / shares | 3.83 | 6.21 | 3.84 |
Expired during the year (cad per share) | $ / shares | 10.80 | 37.63 | 62.49 |
Exercised during the year (cad per share) | $ / shares | 1.45 | 1.94 | 1.81 |
Outstanding, beginning of the year (cad per share) | $ / shares | 2.91 | 3.53 | 4.08 |
Options exercisable, end of the year (cad per share) | $ / shares | $ 3.01 | $ 3.82 | $ 4.84 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Stock Options Outstanding and Exercisable by Range of Exercise Price (Details) | 12 Months Ended | |||
Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | Dec. 31, 2019 shares $ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 5,963,185 | 5,334,420 | 3,764,055 | 2,246,947 |
Weighted Average Remaining Contractual Life (years) | 2 years 6 months 14 days | |||
Weighted Average Exercise Price (cad per share) | $ 2.91 | $ 3.53 | $ 4.08 | $ 5.31 |
Number Exercisable (shares) | shares | 4,420,482 | 3,165,679 | 2,164,551 | |
Weighted Average Exercise Price (cad per share) | $ 3.01 | $ 3.82 | $ 4.84 | |
$0.54 - $1.79 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 1,002,498 | |||
Weighted Average Remaining Contractual Life (years) | 1 year 9 months 3 days | |||
Weighted Average Exercise Price (cad per share) | $ 1.39 | |||
Number Exercisable (shares) | shares | 799,998 | |||
Weighted Average Exercise Price (cad per share) | $ 1.40 | |||
$0.54 - $1.79 | Minimum | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (cad per share) | 0.54 | |||
$0.54 - $1.79 | Maximum | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (cad per share) | $ 1.89 | |||
$1.80 - $3.01 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 1,724,442 | |||
Weighted Average Remaining Contractual Life (years) | 3 years 3 months 21 days | |||
Weighted Average Exercise Price (cad per share) | $ 2.34 | |||
Number Exercisable (shares) | shares | 1,001,738 | |||
Weighted Average Exercise Price (cad per share) | $ 2.37 | |||
$1.80 - $3.01 | Minimum | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (cad per share) | 1.90 | |||
$1.80 - $3.01 | Maximum | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (cad per share) | $ 3.05 | |||
$3.02 - $3.90 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 1,532,500 | |||
Weighted Average Remaining Contractual Life (years) | 1 year 11 months 12 days | |||
Weighted Average Exercise Price (cad per share) | $ 3.17 | |||
Number Exercisable (shares) | shares | 1,532,500 | |||
Weighted Average Exercise Price (cad per share) | $ 3.17 | |||
$3.02 - $3.90 | Minimum | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (cad per share) | 3.06 | |||
$3.02 - $3.90 | Maximum | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (cad per share) | $ 3.29 | |||
$3.91 - $7.41 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 1,393,131 | |||
Weighted Average Remaining Contractual Life (years) | 2 years 10 months 13 days | |||
Weighted Average Exercise Price (cad per share) | $ 3.42 | |||
Number Exercisable (shares) | shares | 775,632 | |||
Weighted Average Exercise Price (cad per share) | $ 3.43 | |||
$3.91 - $7.41 | Minimum | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (cad per share) | 3.30 | |||
$3.91 - $7.41 | Maximum | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (cad per share) | $ 3.75 | |||
$7.42 - $52.63 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 310,614 | |||
Weighted Average Remaining Contractual Life (years) | 2 years 2 months 8 days | |||
Weighted Average Exercise Price (cad per share) | $ 7.39 | |||
Number Exercisable (shares) | shares | 310,614 | |||
Weighted Average Exercise Price (cad per share) | $ 7.39 | |||
$7.42 - $52.63 | Minimum | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (cad per share) | 3.76 | |||
$7.42 - $52.63 | Maximum | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise price (cad per share) | $ 27.46 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expense | $ 2,378 | $ 3,826 | $ 2,559 |
Restricted share units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period, if not immediately vested | 3 years | ||
Reserve of share-based payments | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Common shares reserved for issuance (shares) | 6,132,791 | ||
Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period, if not immediately vested | 1 year | ||
Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period, if not immediately vested | 3 years |
Share-Based Compensation - Disc
Share-Based Compensation - Disclosure Weighted Average Assumptions and Fair Value of Options (Details) | 12 Months Ended | ||
Dec. 31, 2022 CAD ($) year | Dec. 31, 2021 CAD ($) year | Dec. 31, 2020 CAD ($) year | |
Disclosure of Share-based Payment Arrangements [Abstract] | |||
Risk-free interest rate | 3.35% | 0.66% | 0.34% |
Expected life | year | 3 | 3 | 3 |
Expected share price volatility | 96.02% | 110.45% | 110.82% |
Expected dividend yield | 0% | 0% | 0% |
Weighted average fair value of options (cad per share) | $ | $ 1.24 | $ 1.99 | $ 2.12 |
Share-Based Compensation - Sc_3
Share-Based Compensation - Schedule of Number of Other Equity Instruments (Details) - Restricted share units | 12 Months Ended | ||
Dec. 31, 2022 CAD ($) shares | Dec. 31, 2021 CAD ($) shares | Dec. 31, 2020 CAD ($) shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding, beginning of the year (shares) | 40,560 | 134,618 | 209,657 |
Granted during the year (shares) | 0 | 0 | 154,923 |
Vested during the year (shares) | (40,560) | (94,058) | (229,962) |
Outstanding, end of the year (shares) | 0 | 40,560 | 134,618 |
Weighted average fair value at measurement date, other equity instruments granted | $ | $ 0 | $ 0 | $ 2.41 |
Loss Per Common Share (Details)
Loss Per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [abstract] | |||
Weighted average number of common shares outstanding (shares) | 58,029,745 | 53,513,225 | 40,338,789 |
Contract Liability - Narrative
Contract Liability - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of revenue from contracts with customers [Abstract] | |
Expected recognition period | 5 years |
Contract Liability - Schedule o
Contract Liability - Schedule of Contract Revenues and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of revenue from contracts with customers [Abstract] | ||
Balance, beginning of year | $ 6,730 | $ 6,730 |
Revenue recognized | 0 | 0 |
Balance, end of year | $ 6,730 | $ 6,730 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 CAD ($) | |
Contingencies [Abstract] | |
Commitment for payment | $ 16,775 |
Commitment term | 3 years |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of income tax [Abstract] | |||
Loss before income taxes | $ (24,751) | $ (26,255) | $ (22,505) |
Statutory Canadian corporate tax rate | 23% | 23% | 24% |
Anticipated tax recovery | $ (5,693) | $ (6,039) | $ (5,401) |
Difference in tax rates | 3,552 | 2,716 | 3,334 |
Share-based compensation expense | 547 | 880 | 614 |
Revaluation of tax pools | (338) | (552) | 21 |
Other permanent differences | (368) | 45 | 108 |
Expiry of tax benefits | 1,614 | 1,661 | 0 |
Change in fair value of warrant derivative | 5 | (4) | (838) |
Provision to offset deferred tax asset | 765 | 1,342 | 2,162 |
Current income taxes | $ 84 | $ 49 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CANADA | Non-capital losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | $ 98,475 | $ 89,537 |
CANADA | Non-refundable federal investment tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax credits | 4,368 | 4,834 |
CANADA | Unclaimed scientific research and experimental development expenditures | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax credits | 27,663 | 27,663 |
BARBADOS | Non-capital losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | 145,405 | 162,986 |
UNITED STATES | Unclaimed scientific research and experimental development expenditures | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax credits | $ 1,285 | $ 1,343 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Deferred Tax Assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | $ 38,627 | $ 37,584 | $ 34,541 |
Non-capital losses carried forward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 26,726 | 25,158 | 21,488 |
Scientific research and experimental development | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 7,648 | 7,705 | 6,362 |
Investment tax credits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 3,363 | 3,716 | 4,068 |
Property and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 366 | 351 | 1,928 |
Share issue costs | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 518 | 648 | 689 |
Net capital losses carried forward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | $ 6 | $ 6 | $ 6 |
Capital Disclosures (Details)
Capital Disclosures (Details) - CAD ($) | Dec. 31, 2022 | Jun. 12, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of changes in equity [abstract] | |||||
Cash and cash equivalents | $ 11,666,000 | $ 41,262,000 | $ 31,220,000 | $ 14,148,000 | |
Shareholders' equity | $ 26,502,000 | $ 36,099,000 | $ 24,752,000 | $ (108,000) | |
Base Shelf securities authorized | $ 150,000,000 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | Aug. 16, 2019 $ / shares | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Warrant derivative | $ 79,000 | $ 56,000 | |
Shares Under Warrant Derivative Agreement | Warrants | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Exercise price (usd per share) | $ / shares | $ 0.90 | ||
Currency risk | U.S. dollars | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of increase in value of currency, amount | 0.01 | ||
Increase (decrease) in net loss due to change in currency value | 170,000 | ||
Currency risk | Euro | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Impact of increase in value of currency, amount | 0.01 | ||
Increase (decrease) in net loss due to change in currency value | (22,000) | ||
Level 2 | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Warrant derivative | $ 79,000 | $ 56,000 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Balances in Foreign Currencies (Details) $ in Thousands, $ in Thousands | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2020 CAD ($) | Dec. 31, 2019 CAD ($) |
Currency1 [Line Items] | |||||
Cash and cash equivalents | $ 11,666 | $ 41,262 | $ 31,220 | $ 14,148 | |
Accounts payable and accrued liabilities | (3,650) | $ (1,988) | |||
U.S. dollars | |||||
Currency1 [Line Items] | |||||
Cash and cash equivalents | $ 6,635 | ||||
Marketable securities | 15,115 | ||||
Accounts payable and accrued liabilities | (1,093) | ||||
Balances in foreign currencies | 20,657 | ||||
Euro | |||||
Currency1 [Line Items] | |||||
Cash and cash equivalents | 0 | ||||
Marketable securities | $ 0 | ||||
Accounts payable and accrued liabilities | (1,035) | ||||
Balances in foreign currencies | $ (1,035) |
Additional Cash Flow Disclosu_3
Additional Cash Flow Disclosures - Net Change In Non-Cash Working Capital (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Additional Cash Flow Disclosures [Abstract] | |||
Other receivables | $ 345 | $ (776) | $ 1,979 |
Prepaid expenses and deposits | (1,247) | (349) | 286 |
Accounts payable and accrued liabilities | 1,662 | 183 | (1,368) |
Other liabilities | (352) | 228 | (723) |
Non-cash impact of foreign exchange | (17) | (194) | 36 |
Change in non-cash working capital related to operating activities | $ 391 | $ (908) | $ 210 |
Additional Cash Flow Disclosu_4
Additional Cash Flow Disclosures - Other Cash Flow Disclosures (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Additional Cash Flow Disclosures [Abstract] | |||
Cash interest received | $ 452 | $ 190 | $ 190 |
Cash taxes paid | $ 46 | $ 35 | $ 12 |
Economic Dependence (Details)
Economic Dependence (Details) | 12 Months Ended |
Dec. 31, 2022 manufacturer | |
Toll manufacturer | |
Concentration Risk Type1 [Line Items] | |
Concentration, number | 1 |
Components of Expenses (Details
Components of Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Research and development expenses | |||
Share-based compensation expense | $ 2,378 | $ 3,826 | $ 2,559 |
Research and development expenses | 15,432 | 12,920 | 12,945 |
General and administrative expenses | |||
Depreciation - right-of-use assets | 299 | 322 | |
General and administrative expenses | 11,492 | 13,315 | 12,514 |
Research and development expenses | |||
Research and development expenses | |||
Clinical trial expenses | 4,970 | 3,205 | 3,055 |
Manufacturing & related process development expenses | 2,148 | 1,547 | 3,384 |
Intellectual property expenses | 544 | 618 | 907 |
Translational science expenses | 264 | 673 | 318 |
Personnel-related expenses | 6,023 | 4,754 | 4,135 |
Share-based compensation expense | 1,371 | 2,087 | 1,043 |
Other expenses | 112 | 36 | 103 |
General and administrative expenses | |||
Employee compensation and benefits expense | 5,983 | 4,645 | 3,775 |
General and administrative expenses | |||
Research and development expenses | |||
Share-based compensation expense | 1,007 | 1,739 | 1,516 |
General and administrative expenses | |||
Public company-related expenses | 6,790 | 8,161 | 7,432 |
Office expenses | 3,303 | 2,963 | 3,120 |
Depreciation - property and equipment | 93 | 130 | 89 |
Depreciation - right-of-use assets | 299 | 322 | 357 |
Employee compensation and benefits expense | $ 2,870 | $ 2,542 | $ 2,635 |
Related Party Transactions (Det
Related Party Transactions (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of related party [Abstract] | |||
Short-term employee compensation and benefits | $ 4,308 | $ 3,919 | $ 3,515 |
Termination benefits | 0 | 0 | 495 |
Share-based compensation expense | 1,615 | 2,703 | 1,758 |
Compensation of key management personnel | $ 5,923 | $ 6,622 | $ 5,768 |
Subsequent Events (Details)
Subsequent Events (Details) - 2022 United States ATM $ in Thousands, $ in Thousands | 2 Months Ended | 12 Months Ended |
Mar. 02, 2023 CAD ($) shares | Dec. 31, 2022 USD ($) shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||
Issued (shares) | shares | 3,515,462 | |
Gross proceeds from common shares | $ | $ 5,632 | |
Share transactions | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Issued (shares) | shares | 1,499,044 | |
Gross proceeds from common shares | $ | $ 2,570 |