Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
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 | 74,423,960 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001129928 |
Document Fiscal Year Focus | 2023 |
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, 2023 | |
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, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 34,912 | $ 11,666 |
Marketable securities | 0 | 20,472 |
Other receivables (note 5) | 15 | 521 |
Prepaid expenses (note 5) | 3,246 | 3,025 |
Total current assets | 38,173 | 35,684 |
Property and equipment (note 6) | 282 | 356 |
Right-of-use assets (note 8) | 365 | 296 |
Prepaid expenses (note 5) | 0 | 998 |
Total assets | 38,820 | 37,334 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 7) | 3,572 | 3,650 |
Other liabilities (note 5) | 332 | 0 |
Lease liabilities (note 8) | 133 | 216 |
Warrant derivative (notes 9, 17) | 200 | 79 |
Total current liabilities | 4,237 | 3,945 |
Contract liability (note 13) | 6,730 | 6,730 |
Lease liabilities (note 8) | 290 | 157 |
Total liabilities | 11,257 | 10,832 |
Commitments and contingencies (note 14) | ||
Shareholders’ equity | ||
Share capital (note 10) Authorized: unlimited Issued: December 31, 2023 – 74,423,960 December 31, 2022 – 61,327,914 | 430,906 | 404,040 |
Contributed surplus (note 11) | 42,116 | 40,051 |
Accumulated other comprehensive income | 544 | 662 |
Accumulated deficit | (446,003) | (418,251) |
Total shareholders’ equity | 27,563 | 26,502 |
Total liabilities and shareholders' equity | $ 38,820 | $ 37,334 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expenses | |||
Research and development (note 20) | $ 17,709 | $ 15,432 | $ 12,920 |
General and administrative (note 20) | 16,082 | 11,492 | 13,315 |
Loss before the following | (33,791) | (26,924) | (26,235) |
Change in fair value of warrant derivative (notes 9, 17) | 5,285 | (20) | 17 |
Foreign exchange (loss) gain | (475) | 1,665 | (136) |
Interest income, net | 1,326 | 528 | 99 |
Loss before income taxes | (27,655) | (24,751) | (26,255) |
Income tax expense (note 15) | (97) | (84) | (49) |
Net loss | (27,752) | (24,835) | (26,304) |
Other comprehensive (loss) income items that may be reclassified to net loss | |||
Translation adjustment | (118) | 274 | (12) |
Total comprehensive loss | $ (27,870) | $ (24,561) | $ (26,316) |
Basic loss per common share (cad per share) | $ (0.41) | $ (0.43) | $ (0.49) |
Diluted loss per common share (cad per share) | $ (0.41) | $ (0.43) | $ (0.49) |
Weighted average number of shares (basic) (shares) | 67,624,036 | 58,029,745 | 53,513,225 |
Weighted average number of shares (diluted) (shares) | 67,624,036 | 58,029,745 | 53,513,225 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) $ in Thousands | Total | At-the-market equity distribution agreement | Public offering | Share Capital | Share Capital At-the-market equity distribution agreement | Share Capital Public offering | Warrants | Contributed Surplus | Contributed Surplus Public offering | Accumulated Other Comprehensive Income | Accumulated Deficit |
Equity balance at beginning 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 11) | 238 | 381 | (143) | ||||||||
Issued pursuant to incentive share award plan (note 11) | 0 | 544 | (544) | ||||||||
Issue of equity | 34,168 | 34,168 | $ 34,168 | ||||||||
Share issue costs (note 10) | (1,256) | (1,256) | |||||||||
Issued pursuant to warrant derivative exercised (note 10) | 687 | 687 | |||||||||
Share-based compensation expense (note 11) | 3,826 | 3,826 | |||||||||
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 11) | 12 | 20 | (8) | ||||||||
Issued pursuant to incentive share award plan (note 11) | 0 | 98 | (98) | ||||||||
Expiry of equity warrant agreement | 0 | (3,618) | 3,618 | ||||||||
Issue of equity | 13,338 | 13,338 | 13,338 | ||||||||
Share issue costs (note 10) | (764) | (764) | |||||||||
Share-based compensation expense (note 11) | 2,378 | 2,378 | |||||||||
Equity balance at end of period at Dec. 31, 2022 | 26,502 | 404,040 | 0 | 40,051 | 662 | (418,251) | |||||
Net loss and other comprehensive income (loss) | (27,870) | (118) | (27,752) | ||||||||
Issued pursuant to stock option plan (note 11) | 781 | 1,271 | (490) | ||||||||
Issue of equity | $ 10,676 | $ 18,362 | $ 10,676 | $ 17,724 | $ 638 | ||||||
Share issue costs (note 10) | (2,805) | (2,805) | |||||||||
Share-based compensation expense (note 11) | 1,917 | 1,917 | |||||||||
Equity balance at end of period at Dec. 31, 2023 | $ 27,563 | $ 430,906 | $ 0 | $ 42,116 | $ 544 | $ (446,003) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net loss for the year | $ (27,752) | $ (24,835) | $ (26,304) |
Depreciation - property and equipment (notes 6, 20) | 81 | 93 | 130 |
Depreciation - right-of-use assets (notes 8, 20) | 322 | 299 | 322 |
Share-based compensation expense (notes 11, 20, 21) | 1,917 | 2,378 | 3,826 |
Compensation warrant expenses (note 11) | 151 | 0 | 0 |
Interest expense (income), net | 71 | (76) | 92 |
Unrealized foreign exchange loss (gain) | 282 | (1,625) | 426 |
Change in fair value of warrant derivative (notes 9, 17) | (5,285) | 20 | (17) |
Net change in non-cash working capital (note 18) | 1,765 | 391 | (908) |
Cash used in operating activities | (28,448) | (23,355) | (22,433) |
Investing Activities | |||
Acquisition of marketable securities | 0 | (20,348) | 0 |
Maturities of marketable securities | 20,230 | 0 | 0 |
Acquisition of property and equipment (note 6) | (8) | (55) | (286) |
Cash provided by investing activities | 20,222 | (20,403) | (286) |
Financing Activities | |||
Proceeds from exercise of stock options (note 11) | 781 | 12 | 238 |
Proceeds from exercise of warrants (note 9) | 0 | 0 | 231 |
Payment of lease liabilities (note 8) | (407) | (381) | (366) |
Cash provided by financing activities | 31,994 | 12,205 | 33,015 |
Increase (decrease) in cash and cash equivalents | 23,768 | (31,553) | 10,296 |
Cash and cash equivalents, beginning of year | 11,666 | 41,262 | 31,220 |
Impact of foreign exchange on cash and cash equivalents | (522) | 1,957 | (254) |
Cash and cash equivalents, end of year | 34,912 | 11,666 | 41,262 |
At-the-market equity distribution agreement | |||
Financing Activities | |||
Proceeds from share issuance | 10,261 | 12,574 | 32,912 |
Public offering | |||
Financing Activities | |||
Proceeds from share issuance | $ 21,359 | $ 0 | $ 0 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2023 | |
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 metastatic pancreatic ductal adenocarcinoma to registration-enabled clinical studies. In addition, we are exploring opportunities for registrational programs in other 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, 2023, we had an accumulated deficit of $446,003. We do not expect to generate significant revenues until and unless pelareorep becomes commercially viable. To date, we have funded our operations mainly through issuing 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, 2023, we had cash and cash equivalents of $34,912. We believe we have sufficient existing cash resources to fund our presently planned operations for at least the next twelve months from the balance sheet date. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, were authorized for issue in accordance with a resolution of the Board of Directors (the "Board") on March 7, 2024. 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 Material Accounting
Summary of Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Material Accounting Policies | Summary of Material 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 material accounting policies summarized below. Cash and cash equivalents and marketable securities Cash equivalents include interest-bearing deposits with our bank totaling $31,534 as at December 31, 2023 (December 31, 2022 - $9,501). 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, other 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 share Basic loss per share is calculated by dividing the loss attributable to common shareholders by the weighted average number of common shares outstanding during the year. Diluted loss per share is computed in a manner consistent with basic loss per share except that the weighted average common shares outstanding are adjusted to include the effects of all dilutive potential common shares, which comprise stock options, share awards, and warrants. 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 "Stock Option Plan") available to directors, officers, employees, and consultants with grants under the Stock Option Plan approved from time to time by our Board of Directors (the "Board"). Under the Stock Option Plan, no option shall be granted with an exercise price at a discount to the closing price of our stock on the Toronto Stock Exchange on the last trading date prior to the date of the grant. 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 Stock 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 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. Stock options awarded to non-employees are accounted for at the fair value of the goods received or the services rendered. The fair value is measured at the date the Company obtains the goods or the date the counterparty renders the service. If the fair value of the goods or services cannot be reliably measured, the fair value of the options granted will be used. Share award plan Our share award plan (the "Share Award Plan") is available to directors, officers, employees, and consultants. Under our Share Award Plan, performance and restricted share awards may be approved from time to time by the Board. Performance share awards ("PSAs") can be awarded to certain officers and employees to which common shares shall be issued based upon achieving the applicable performance criteria. Restricted share awards ("RSAs") can be awarded to certain officers, employees, non-employee directors, and consultants to which common shares shall be issued in accordance with the Share Award 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 PSAs/RSAs expected to vest, recognized over the vesting period. Compensation expense is adjusted for subsequent changes in management’s estimate of the number of PSAs/RSAs that are expected to vest. The effect of these changes is recognized in the period of the change. Adoption of New Accounting Standards 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 became effective on January 1, 2023. Adopting the amendments did not 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, 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 became effective on January 1, 2023. Adopting the amendments did not have a material impact on our consolidated financial statements. IAS 12 Income Taxes In May 2021, the IASB issued amendments to IAS 12, which narrowed the scope of the initial recognition exception under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences. The amendments became effective on January 1, 2023. Adopting the amendments did not have a material impact on our consolidated financial statements. Accounting Standards and Interpretations Issued but Not Yet Effective IAS 1 Classification of Liabilities as Current or Non-Current In October 2022, the IASB issued amendments to clarify how conditions with which an entity must comply within 12 months after the reporting period affect the classification of a liability. This is in addition to the amendment from January 2020 where the IASB issued amendments to IAS 1 Presentation of Financial Statements, to provide a more general approach to the presentation of liabilities as current or non-current based on contractual arrangements in place at the reporting date. These amendments specify that the rights and conditions existing at the end of the reporting period are relevant in determining whether the Company has a right to defer settlement of a liability by at least 12 months, provided that management's expectations are not a relevant consideration as to whether the Company will exercise its rights to defer settlement of a liability and clarify when a liability is considered settled. The amendments are effective for annual periods beginning on or after January 1, 2024, and are to be applied retrospectively. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. |
Significant Judgments, Estimate
Significant Judgments, Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2023 | |
Significant Judgments, Estimates And Assumptions [Abstract] | |
Significant Judgments, Estimates and Assumptions | Significant Judgments, Estimates, and Assumptions The preparation of our consolidated financial statements requires us to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amount and disclosures in our consolidated financial statements and accompanying notes. Management makes estimates based on our best knowledge of current events and actions that the Company may undertake in the future. We consider the potential impact of certain external factors outside of our control, including global political conflicts, supply chain disruptions, pandemics, inflation, rising interest rates, and liquidity, when making certain estimates and judgments relating to the preparation of these consolidated financial statements. Estimates and underlying assumptions are reviewed on an ongoing basis. Actual results could differ from these 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 of share-based compensation and compensation warrants 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, volatility, and dividend yield, and making assumptions about them. The assumptions and inputs used for estimating fair value of share-based compensation are disclosed in note 11. 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, volatility, and dividend yield, and making assumptions about them. The assumptions and inputs used for estimating fair value for warrant derivative issued are disclosed in note 9. 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. Functional currency |
Other Assets and Liabilities
Other Assets and Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
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 was jointly funded by Oncolytics and Pfizer. As at December 31, 2023, we recorded nil (December 31, 2022 - US$360 ($488)) in other receivables related to unbilled BRACELET-1 cost from Pfizer. As at December 31, 2023, Pfizer had completed its funding obligations. (b) 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, 2023, we recorded $1,319 (December 31, 2022 - $1,327) in current prepaid expenses and nil (December 31, 2022 - $998) in non-current prepaid expenses. (c) |
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 was jointly funded by Oncolytics and Pfizer. As at December 31, 2023, we recorded nil (December 31, 2022 - US$360 ($488)) in other receivables related to unbilled BRACELET-1 cost from Pfizer. As at December 31, 2023, Pfizer had completed its funding obligations. (b) 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, 2023, we recorded $1,319 (December 31, 2022 - $1,327) in current prepaid expenses and nil (December 31, 2022 - $998) in non-current prepaid expenses. (c) |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
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, 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 Additions, net of foreign exchange impact — 7 — — 7 As at December 31, 2023 $ 62 $ 436 $ 248 $ 231 $ 977 Amortization 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 Depreciation expense 2 30 28 21 81 As at December 31, 2023 $ 55 $ 351 $ 120 $ 169 $ 695 Net book value As at December 31, 2022 9 108 156 83 356 As at December 31, 2023 $ 7 $ 85 $ 128 $ 62 $ 282 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities December 31, 2023 December 31, 2022 Trade payables $ 1,082 $ 2,252 Accrued liabilities 2,490 1,398 $ 3,572 $ 3,650 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
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. 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%. During the year ended December 31, 2023, we extended the office lease for our subsidiaries, for which we recorded an addition of $392 to the lease liability and right-of-use asset. Under the terms of the lease, we have the option to extend the lease term for one of our subsidiaries for an additional three years. We did not include the extension option in the lease term as we were not reasonably certain to exercise the option. The following table summarizes our right-of-use assets activity for the years ended December 31: 2023 2022 As at beginning of year $ 296 $ 584 Additions 392 — Depreciation expense (322) (299) Foreign exchange impact (1) 11 As at end of year $ 365 $ 296 The following table summarizes our lease liabilities activity for the years ended December 31: 2023 2022 As at beginning of year $ 373 $ 655 Additions 392 — Payment of lease liabilities (407) (381) Interest expense on lease liabilities 71 80 Foreign exchange impact (6) 19 As at end of year $ 423 $ 373 Our total undiscounted lease liability as at December 31, 2023 was as follows: December 31, 2023 Less than one year $ 202 One to five years 311 More than five years — Total undiscounted lease liability $ 513 |
Warrant Derivative
Warrant Derivative | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Warrant Derivative | Warrant Derivative Our common share purchase warrants ("warrants") with a U.S. dollar exercise price, which differs from our functional currency, are treated as a derivative measured at fair value, and revalued each period end at fair value through profit and loss. The fair value of these warrants is presented as a liability on our 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. Changes in the value of our warrant derivative were as follows: Number of Warrants Outstanding Fair Value of Warrant Derivative As at December 31, 2021 64,035 $ 56 Change in fair value — 20 Foreign exchange impact — 3 As at December 31, 2022 64,035 $ 79 Issued pursuant to public offering 7,667,050 7,360 Discount on warrants issued — (1,822) Amortization of discount on warrants issued — 146 Change in fair value — (5,431) Foreign exchange impact — (132) As at December 31, 2023 7,731,085 $ 200 The following table summarizes our outstanding warrant derivative as at December 31, 2023: Exercise price Issuance date Expiry date Number of Warrants Outstanding US$0.90 August 16, 2019 August 16, 2024 64,035 US$2.81 August 8, 2023 August 8, 2028 6,667,000 US$2.81 September 7, 2023 August 8, 2028 1,000,050 7,731,085 On August 8, 2023, pursuant to an underwritten public offering, we issued 6,667,000 units for gross proceeds of $20,185 (US$15,001) at a price of US$2.25 per unit. On September 7, 2023, pursuant to the over-allotment option exercised by the underwriter, we issued an additional 1,000,050 units for gross proceeds of $3,077 (US$2,250) at a price of US$2.25 per unit. Each unit consisted of one common share and one warrant, which were immediately separable and issued separately in this offering. Each warrant entitles the holder to purchase one common share at an exercise price of US$2.81 up to 60 months from the date of issuance. The expiry of the warrants may be accelerated by the Company at any time prior to the expiry date if the volume weighted average price (if applicable, as converted to U.S. dollars at the Bank of Canada posted rate for the respective trading day) of the issued and outstanding common shares on the Toronto Stock Exchange or such other principal stock exchange on which the common shares are listed and posted for trading is greater than US$6.50 for any 20 consecutive trading days, at which time the Company may, within 10 business days, accelerate the expiry date by issuing a press release announcing the reduced warrant term whereupon the warrants will expire on or after the 75th calendar day after the date of such press release. Proceeds were allocated amongst common shares and warrants by applying a relative fair value approach, which resulted in $17,724 recorded in share capital and an initial warrant derivative liability of $7,360. The difference between the fair value of the warrants and their allocated proceeds was a discount of $1,822, which is amortized on a straight-line basis over the five-year expected life of the warrants and recorded under change in fair value of warrant derivative on our consolidated statement of loss and comprehensive loss. We use the Black-Scholes valuation model to estimate fair value. The expected volatility is based on the Company's common share historical volatility less an estimated market participant risk adjustment. The risk-free interest rate is based on the Government of Canada benchmark bond yield rates with an approximate equivalent remaining term in effect at the time of valuation, and the expected life represents the estimated length of time the warrants are expected to remain outstanding. The estimated fair value of the warrant derivative with an exercise price of US$2.81 was determined using the following assumptions: December 31, 2023 September 7, August 8, Underlying share price US$1.35 US$2.39 US$2.26 Risk-free interest rate 3.2% 3.9% 3.8% Expected life 4.6 years 5.0 years 5.0 years Expected volatility 36.5% 36.5% 36.5% Expected dividend yield Nil Nil Nil Fair value per warrant US$0.18 US$0.79 US$0.70 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2023 | |
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, 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 (a)(b) 8,401,029 34,168 Issued pursuant to warrant derivative exercised (c) 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 (b)(d) 6,235,232 13,338 Share issue costs — (764) As at December 31, 2022 61,327,914 $ 404,040 Issued pursuant to stock option plan 450,391 1,271 Issued pursuant to "At the Market" (ATM) equity distribution agreement (d) 4,978,605 10,676 Issued pursuant to public offering (e) 7,667,050 17,724 Share issue costs — (2,805) As at December 31, 2023 74,423,960 $ 430,906 (a) 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. During the year ended December 31, 2021, we sold 5,685,097 common shares for gross proceeds of $23,413 (US$18,503) at an average price of $4.12 (US$3.25). We received proceeds of $22,711 (US$17,948) after commissions of $702 (US$555). In total, we incurred share issue costs (including commissions) of $707. (b) On March 5, 2021, 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 to US$80,000 over a 16-month period through the facilities of the Nasdaq Capital Market in the United States. This sales agreement was terminated on June 16, 2022. During the year ended December 31, 2022, we sold 2,719,770 (2021 - 2,715,932) common shares for gross proceeds of $5,744 (US$4,560) (2021 - $10,755 (US$8,655)) at an average price of $2.11 (US$1.68) (2021 - $3.96 (US$3.19)). We received proceeds of $5,572 (US$4,423) (2021 - $10,432 (US$8,395)) after commissions of $172 (US$137) (2021 - $323 (US$260)). In total, we incurred share issue costs (including commissions) of $209 (2021 - $549). (c) On August 16, 2019, pursuant to an underwritten public offering, we issued units consisting of common shares and warrants. During the years ended December 31, 2023 and 2022, no warrants were exercised. During the year ended December 31, 2021, 201,722 warrants with a fair value of $456 were exercised for gross proceeds of $231 (US$182). (d) 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. During the year ended December 31, 2023, we sold 4,978,605 (2022 - 3,515,462) common shares for gross proceeds of $10,676 (US$7,904) (2022 - $7,594 (US$5,632)) at an average price of $2.14 (US$1.59) (2022 - $2.16 (US$1.60)). We received proceeds of $10,356 (US$7,667) (2022 - $7,366 (US$5,463)) after commissions of $320 (US$237) (2022 - $228 (US$169)). In total, we incurred share issue costs (including commissions) of $415 (2022 - $555). (e) On August 8, 2023, pursuant to an underwritten public offering, we issued 6,667,000 units for gross proceeds of $20,185 (US$15,001) at a price of US$2.25 per unit. On September 7, 2023, pursuant to the over-allotment option exercised by the underwriter, we issued an additional 1,000,050 units for gross proceeds of $3,077 (US$2,250) at a price of US$2.25 per unit. Each unit consisted of one common share and one warrant, which were immediately separable and issued separately in this offering. These warrants were classified as a financial liability (see note 9). Proceeds were allocated amongst common shares and warrants by applying a relative fair value approach, which resulted in $17,724 recorded in share capital and an initial warrant derivative liability of $7,360. In consideration of the services rendered by the underwriter, we issued 536,693 compensation warrants (see note 11). In total, we incurred transaction costs of $3,130 (including a fair value of $638 (US$473) for the compensation warrants), of which $2,390 were allocated to share issue costs and $740 were allocated to operating expenses, based on the relative fair values of the common share and warrant of each unit. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Share-based Payment Arrangements [Abstract] | |
Share-Based Compensation | Share-Based Compensation Stock options and share awards (a) Our amended and restated Stock Option Plan and Share Award Plan (collectively, the "Equity Incentive Plans") were approved by our shareholders at the annual general meeting of shareholders on May 9, 2023. Pursuant to our Equity Incentive Plans, we may grant stock options, restricted share awards, and performance share awards. The number of common shares reserved for issuance under our Equity Incentive Plans in aggregate shall not exceed 14% of the total number of issued and outstanding common shares from time to time. As at December 31, 2023, we reserved 10,419,354 common shares for issuance relating to our Equity Incentive Plans. Our share-based compensation expense for the year ended December 31, 2023, was $1,917 (2022 - $2,378; 2021 - $3,826). (b) Our stock option activity for the years ended December 31 was as follows: 2023 2022 2021 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 5,963,185 2.91 5,334,420 3.53 3,764,055 4.08 Granted 2,145,400 2.23 1,005,000 2.04 1,832,500 2.99 Forfeited (280,288) 2.86 (62,962) 3.83 (110,612) 6.21 Expired (314,573) 4.17 (304,940) 10.80 (28,364) 37.63 Exercised (450,391) 1.74 (8,333) 1.45 (123,159) 1.94 Outstanding, end of year 7,063,333 2.72 5,963,185 2.91 5,334,420 3.53 Exercisable, end of year 5,039,604 2.85 4,420,482 3.01 3,165,679 3.82 The following table summarizes information about the stock options outstanding and exercisable at December 31, 2023: Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $1.14 - $2.00 2,015,400 3.7 1.75 1,082,629 1.61 $2.01 - $2.70 1,260,664 2.4 2.25 1,063,990 2.23 $2.71 - $3.11 978,033 4.1 2.78 364,165 2.80 $3.12 - $4.00 2,665,769 1.5 3.32 2,385,353 3.30 $4.01 - $16.53 143,467 0.5 9.20 143,467 9.20 7,063,333 2.6 2.72 5,039,604 2.85 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. 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: 2023 2022 2021 Risk-free interest rate 4.1% 3.4% 0.7% Expected life 3.0 years 3.0 years 3.0 years Expected volatility 72.0% 96.0% 110.5% Expected dividend yield Nil Nil Nil Weighted average fair value of options $1.12 $1.24 $1.99 (c) Our share award activity for the years ended December 31 was as follows: 2023 2022 2021 Outstanding, beginning of year — 40,560 134,618 Granted 403,200 — — Forfeited (4,760) — — Released — (40,560) (94,058) Outstanding, end of year 398,440 — 40,560 (1) The weighted average fair value of the RSAs granted was $2.23in 2023. During the year ended December 31, 2023, we granted restricted share awards to officers of the Company. Restricted share award grants vest over a three-year period. Compensation warrants During the year ended December 31, 2023, in consideration of the services rendered by the underwriter as part of a public offering (see note 10(e)), we issued 536,693 compensation warrants. Each compensation warrant is exercisable into one common share at an exercise price of US$2.25 up to 60 months from the date of issuance. We use the Black-Scholes valuation model to estimate the fair value of the services rendered. The expected volatility is based on the Company's common share historical volatility less an estimated market participant risk adjustment. The risk-free interest rate is based on the Government of Canada benchmark bond yield rates with an approximate equivalent remaining term in effect at the time of valuation, and the expected life represents the estimated length of time the warrants are expected to remain outstanding. We used the following weighted average assumptions: Underlying share price US$2.28 Risk-free interest rate 3.8% Expected life 5.0 years Expected volatility 36.5% Expected dividend yield Nil Weighted average fair value of options US$0.88 The resulting fair value of $638 (US$473) was included as part of the public offering transaction costs, which were allocated to share issue costs and operating expenses based on the relative fair values of the common share and warrant of each unit issued. No compensation warrants were exercised during the year ended December 31, 2023. |
Loss Per Common Share
Loss Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Loss Per Common Share | Loss Per 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, 2023, of 67,624,036 (2022 - 58,029,745; 2021 - 53,513,225). The effect of any potential exercise of our stock options, share awards, 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, 2023 | |
Disclosure of revenue from contracts with customers [Abstract] | |
Contract Liability | Contract Liability 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. Our contract liability balance at December 31 , which w e expect to record in revenue over the next five years, is as follows: 2023 2022 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, 2023 | |
Contingencies [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We are committed to payments of approximately $12,686 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. We are also committed to office lease payments of approximately $1,098 over 5.3 years for one of our subsidiaries which have not yet commenced. 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, 2023 | |
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: 2023 2022 2021 Loss before income taxes $ (27,655) $ (24,751) $ (26,255) Statutory Canadian corporate tax rate 23.00% 23.00% 23.00% Anticipated tax recovery (6,361) (5,693) (6,039) Difference in tax rates 2,841 3,552 2,716 Share-based compensation expense 441 547 880 Revaluation of tax balances 2 (338) (552) Impact of Barbados rate change (9,088) — — Other permanent differences 325 (368) 45 Expiry of tax benefits 3,382 1,614 1,661 Change in fair value of warrant derivative (1,215) 5 (4) Provision to offset deferred tax asset 9,770 765 1,342 Current income taxes $ 97 $ 84 $ 49 At December 31, 2023, we have non-capital losses of $110,450 and $129,884 in Canada and Barbados, respectively (December 31, 2022 - $98,475 and $145,405, respectively). These losses are expected to expire between 2024 and 2043, if not utilized. At December 31, 2023, we have Canadian investment tax credits of $4,056 (December 31, 2022 - $4,368) that are expected to expire between 2024 and 2043, if not utilized. As well, we have unclaimed Canadian scientific research and experimental development expenditures available to reduce future years’ taxable income of $28,376 (December 31, 2022 - $27,663). We also have unclaimed U.S. credits for research activities available to reduce future years' taxable income of $1,232 (December 31, 2022 - $1,285) expiring between 2031 and 2043. 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: 2023 2022 2021 Non-capital losses carried forward $ 37,174 $ 26,726 $ 25,158 Scientific research and experimental development 7,742 7,648 7,705 Investment tax credits 3,123 3,363 3,716 Property and equipment 382 366 351 Share issue costs 833 518 648 Net capital losses carried forward 6 6 6 Unrecognized deferred tax asset $ 49,260 $ 38,627 $ 37,584 |
Capital Disclosures
Capital Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 Cash and cash equivalents $ 34,912 $ 11,666 Marketable securities $ — $ 20,472 Shareholders' equity $ 27,563 $ 26,502 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 associated costs. 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 16, 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 performed 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 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 from 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 and 2023 public offering (see note 10). We use these equity arrangements to assist us in achieving our capital objectives. 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 2023. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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, other liabilities, and warrant derivative. As at December 31, 2023, and December 31, 2022, the carrying amount of our cash and cash equivalents, marketable securities, other receivables, accounts payable and accrued liabilities, and other liabilities approximated their fair value due to their short-term maturity. 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, 2023, the fair value of our warrant derivative was $200 (December 31, 2022 - $79) (see note 9). 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. As at December 31, 2023, we were exposed to credit risk on our cash and cash equivalents 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. 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-domiciled bank accounts are used solely for the purpose of settling accounts payable and accrued liabilities or payroll. 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 investment accounts with variable 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 significantly impact our results of operations due to the short-term 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. For the year ended December 31, 2023, we were primarily exposed to the risk of changes in the Canadian dollar relative to the U.S. dollar as a portion of our financial assets and liabilities were denominated in such currency. 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 for the year ended December 31, 2023, by approximately $140. Significant balances in foreign currencies as at December 31, 2023, were as follows: U.S. dollar Cash and cash equivalents $ 24,294 Accounts payable and accrued liabilities (1,476) $ 22,818 For the year ended December 31, 2022, we were 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 for the year ended December 31, 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 for the year ended December 31, 2022, by approximately $22. Significant balances in foreign currencies as at December 31, 2022, were 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) We mitigate our foreign exchange risk by maintaining sufficient foreign currencies by purchasing foreign currencies or receiving foreign currencies from financing activities to settle our foreign accounts payable and accrued liabilities. Liquidity risk |
Additional Cash Flow Disclosure
Additional Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Additional Cash Flow Disclosures [Abstract] | |
Additional Cash Flow Disclosures | Additional Cash Flow Disclosures Net Change In Non-Cash Working Capital 2023 2022 2021 Change in: Other receivables $ 506 $ 345 $ (776) Prepaid expenses 777 (1,247) (349) Accounts payable and accrued liabilities (78) 1,662 183 Other liabilities 332 (352) 228 Non-cash impact of foreign exchange 228 (17) (194) Change in non-cash working capital related to operating activities $ 1,765 $ 391 $ (908) Other Cash Flow Disclosures 2023 2022 2021 Cash interest received $ 1,554 $ 452 $ 190 Cash taxes paid $ 120 $ 46 $ 35 |
Economic Dependence
Economic Dependence | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | |
Analysis of income and expense [abstract] | |
Components of Expenses | Components of Expenses 2023 2022 2021 Research and development expenses Clinical trial expenses $ 3,675 $ 4,970 $ 3,205 Manufacturing & related process development expenses 5,789 2,148 1,547 Intellectual property expenses 397 544 618 Translational science expenses — 264 673 Personnel-related expenses 6,324 6,023 4,754 Share-based compensation expense 1,305 1,371 2,087 Other expenses 219 112 36 $ 17,709 $ 15,432 $ 12,920 2023 2022 2021 General and administrative expenses Public company-related expenses $ 11,278 $ 6,790 $ 8,161 Office expenses 3,789 3,303 2,963 Share-based compensation expense 612 1,007 1,739 Depreciation - property and equipment 81 93 130 Depreciation - right-of-use assets 322 299 322 $ 16,082 $ 11,492 $ 13,315 For the year ended December 31, 2023, our research and development personnel-related expenses included employee compensation and benefits of $6,324 (2022 - $5,983; 2021 - $4,645). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
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, Executive Officers, President, and Vice Presidents. 2023 2022 2021 Short-term employee compensation and benefits $ 4,870 $ 4,308 $ 3,919 Termination benefits 319 — — Share-based compensation expense 1,496 1,615 2,703 $ 6,685 $ 5,923 $ 6,622 |
Summary of Material Accountin_2
Summary of Material Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 $31,534 as at December 31, 2023 (December 31, 2022 - $9,501). 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, other 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. |
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. |
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 share | iluted loss per share is computed in a manner consistent with basic loss per share except that the weighted average common shares outstanding are adjusted to include the effects of all dilutive potential common shares, which comprise stock options, share awards, and warrants. |
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 "Stock Option Plan") available to directors, officers, employees, and consultants with grants under the Stock Option Plan approved from time to time by our Board of Directors (the "Board"). Under the Stock Option Plan, no option shall be granted with an exercise price at a discount to the closing price of our stock on the Toronto Stock Exchange on the last trading date prior to the date of the grant. 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 Stock 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 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. Stock options awarded to non-employees are accounted for at the fair value of the goods received or the services rendered. The fair value is measured at the date the Company obtains the goods or the date the counterparty renders the service. If the fair value of the goods or services cannot be reliably measured, the fair value of the options granted will be used. Share award plan Our share award plan (the "Share Award Plan") is available to directors, officers, employees, and consultants. Under our Share Award Plan, performance and restricted share awards may be approved from time to time by the Board. Performance share awards ("PSAs") can be awarded to certain officers and employees to which common shares shall be issued based upon achieving the applicable performance criteria. Restricted share awards ("RSAs") can be awarded to certain officers, employees, non-employee directors, and consultants to which common shares shall be issued in accordance with the Share Award Plan. |
Adoption of New Accounting Standards and Accounting Standards and Interpretations Issued but Not Yet Effective | Adoption of New Accounting Standards 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 became effective on January 1, 2023. Adopting the amendments did not 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, 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 became effective on January 1, 2023. Adopting the amendments did not have a material impact on our consolidated financial statements. IAS 12 Income Taxes In May 2021, the IASB issued amendments to IAS 12, which narrowed the scope of the initial recognition exception under IAS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences. The amendments became effective on January 1, 2023. Adopting the amendments did not have a material impact on our consolidated financial statements. Accounting Standards and Interpretations Issued but Not Yet Effective IAS 1 Classification of Liabilities as Current or Non-Current In October 2022, the IASB issued amendments to clarify how conditions with which an entity must comply within 12 months after the reporting period affect the classification of a liability. This is in addition to the amendment from January 2020 where the IASB issued amendments to IAS 1 Presentation of Financial Statements, to provide a more general approach to the presentation of liabilities as current or non-current based on contractual arrangements in place at the reporting date. These amendments specify that the rights and conditions existing at the end of the reporting period are relevant in determining whether the Company has a right to defer settlement of a liability by at least 12 months, provided that management's expectations are not a relevant consideration as to whether the Company will exercise its rights to defer settlement of a liability and clarify when a liability is considered settled. The amendments are effective for annual periods beginning on or after January 1, 2024, and are to be applied retrospectively. The adoption of this standard is not expected to have a material impact on our consolidated financial statements. |
Summary of Material Accountin_3
Summary of Material Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 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 Additions, net of foreign exchange impact — 7 — — 7 As at December 31, 2023 $ 62 $ 436 $ 248 $ 231 $ 977 Amortization 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 Depreciation expense 2 30 28 21 81 As at December 31, 2023 $ 55 $ 351 $ 120 $ 169 $ 695 Net book value As at December 31, 2022 9 108 156 83 356 As at December 31, 2023 $ 7 $ 85 $ 128 $ 62 $ 282 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 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 Additions, net of foreign exchange impact — 7 — — 7 As at December 31, 2023 $ 62 $ 436 $ 248 $ 231 $ 977 Amortization 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 Depreciation expense 2 30 28 21 81 As at December 31, 2023 $ 55 $ 351 $ 120 $ 169 $ 695 Net book value As at December 31, 2022 9 108 156 83 356 As at December 31, 2023 $ 7 $ 85 $ 128 $ 62 $ 282 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of accounts payables and accrued liabilities | December 31, 2023 December 31, 2022 Trade payables $ 1,082 $ 2,252 Accrued liabilities 2,490 1,398 $ 3,572 $ 3,650 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 As at beginning of year $ 296 $ 584 Additions 392 — Depreciation expense (322) (299) Foreign exchange impact (1) 11 As at end of year $ 365 $ 296 |
Lease liabilities | The following table summarizes our lease liabilities activity for the years ended December 31: 2023 2022 As at beginning of year $ 373 $ 655 Additions 392 — Payment of lease liabilities (407) (381) Interest expense on lease liabilities 71 80 Foreign exchange impact (6) 19 As at end of year $ 423 $ 373 |
Total undiscounted lease liability | Our total undiscounted lease liability as at December 31, 2023 was as follows: December 31, 2023 Less than one year $ 202 One to five years 311 More than five years — Total undiscounted lease liability $ 513 |
Warrant Derivative (Tables)
Warrant Derivative (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Reconciliation of change in fair value of warrant derivative | Changes in the value of our warrant derivative were as follows: Number of Warrants Outstanding Fair Value of Warrant Derivative As at December 31, 2021 64,035 $ 56 Change in fair value — 20 Foreign exchange impact — 3 As at December 31, 2022 64,035 $ 79 Issued pursuant to public offering 7,667,050 7,360 Discount on warrants issued — (1,822) Amortization of discount on warrants issued — 146 Change in fair value — (5,431) Foreign exchange impact — (132) As at December 31, 2023 7,731,085 $ 200 The following table summarizes our outstanding warrant derivative as at December 31, 2023: Exercise price Issuance date Expiry date Number of Warrants Outstanding US$0.90 August 16, 2019 August 16, 2024 64,035 US$2.81 August 8, 2023 August 8, 2028 6,667,000 US$2.81 September 7, 2023 August 8, 2028 1,000,050 7,731,085 The estimated fair value of the warrant derivative with an exercise price of US$2.81 was determined using the following assumptions: December 31, 2023 September 7, August 8, Underlying share price US$1.35 US$2.39 US$2.26 Risk-free interest rate 3.2% 3.9% 3.8% Expected life 4.6 years 5.0 years 5.0 years Expected volatility 36.5% 36.5% 36.5% Expected dividend yield Nil Nil Nil Fair value per warrant US$0.18 US$0.79 US$0.70 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Schedule of share capital | Shares Number Amount 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 (a)(b) 8,401,029 34,168 Issued pursuant to warrant derivative exercised (c) 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 (b)(d) 6,235,232 13,338 Share issue costs — (764) As at December 31, 2022 61,327,914 $ 404,040 Issued pursuant to stock option plan 450,391 1,271 Issued pursuant to "At the Market" (ATM) equity distribution agreement (d) 4,978,605 10,676 Issued pursuant to public offering (e) 7,667,050 17,724 Share issue costs — (2,805) As at December 31, 2023 74,423,960 $ 430,906 (a) 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. During the year ended December 31, 2021, we sold 5,685,097 common shares for gross proceeds of $23,413 (US$18,503) at an average price of $4.12 (US$3.25). We received proceeds of $22,711 (US$17,948) after commissions of $702 (US$555). In total, we incurred share issue costs (including commissions) of $707. (b) On March 5, 2021, 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 to US$80,000 over a 16-month period through the facilities of the Nasdaq Capital Market in the United States. This sales agreement was terminated on June 16, 2022. During the year ended December 31, 2022, we sold 2,719,770 (2021 - 2,715,932) common shares for gross proceeds of $5,744 (US$4,560) (2021 - $10,755 (US$8,655)) at an average price of $2.11 (US$1.68) (2021 - $3.96 (US$3.19)). We received proceeds of $5,572 (US$4,423) (2021 - $10,432 (US$8,395)) after commissions of $172 (US$137) (2021 - $323 (US$260)). In total, we incurred share issue costs (including commissions) of $209 (2021 - $549). (c) On August 16, 2019, pursuant to an underwritten public offering, we issued units consisting of common shares and warrants. During the years ended December 31, 2023 and 2022, no warrants were exercised. During the year ended December 31, 2021, 201,722 warrants with a fair value of $456 were exercised for gross proceeds of $231 (US$182). (d) 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. During the year ended December 31, 2023, we sold 4,978,605 (2022 - 3,515,462) common shares for gross proceeds of $10,676 (US$7,904) (2022 - $7,594 (US$5,632)) at an average price of $2.14 (US$1.59) (2022 - $2.16 (US$1.60)). We received proceeds of $10,356 (US$7,667) (2022 - $7,366 (US$5,463)) after commissions of $320 (US$237) (2022 - $228 (US$169)). In total, we incurred share issue costs (including commissions) of $415 (2022 - $555). (e) On August 8, 2023, pursuant to an underwritten public offering, we issued 6,667,000 units for gross proceeds of $20,185 (US$15,001) at a price of US$2.25 per unit. On September 7, 2023, pursuant to the over-allotment option exercised by the underwriter, we issued an additional 1,000,050 units for gross proceeds of $3,077 (US$2,250) at a price of US$2.25 per unit. Each unit consisted of one common share and one warrant, which were immediately separable and issued separately in this offering. These warrants were classified as a financial liability (see note 9). Proceeds were allocated amongst common shares and warrants by applying a relative fair value approach, which resulted in $17,724 recorded in share capital and an initial warrant derivative liability of $7,360. In consideration of the services rendered by the underwriter, we issued 536,693 compensation warrants (see note 11). In total, we incurred transaction costs of $3,130 (including a fair value of $638 (US$473) for the compensation warrants), of which $2,390 were allocated to share issue costs and $740 were allocated to operating expenses, based on the relative fair values of the common share and warrant of each unit. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of share-based payment arrangement [Abstract] | |
Schedule of stock options and weighted average exercise prices of share options | Our stock option activity for the years ended December 31 was as follows: 2023 2022 2021 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 5,963,185 2.91 5,334,420 3.53 3,764,055 4.08 Granted 2,145,400 2.23 1,005,000 2.04 1,832,500 2.99 Forfeited (280,288) 2.86 (62,962) 3.83 (110,612) 6.21 Expired (314,573) 4.17 (304,940) 10.80 (28,364) 37.63 Exercised (450,391) 1.74 (8,333) 1.45 (123,159) 1.94 Outstanding, end of year 7,063,333 2.72 5,963,185 2.91 5,334,420 3.53 Exercisable, end of year 5,039,604 2.85 4,420,482 3.01 3,165,679 3.82 |
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, 2023: Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $1.14 - $2.00 2,015,400 3.7 1.75 1,082,629 1.61 $2.01 - $2.70 1,260,664 2.4 2.25 1,063,990 2.23 $2.71 - $3.11 978,033 4.1 2.78 364,165 2.80 $3.12 - $4.00 2,665,769 1.5 3.32 2,385,353 3.30 $4.01 - $16.53 143,467 0.5 9.20 143,467 9.20 7,063,333 2.6 2.72 5,039,604 2.85 |
Schedule of weighted average remaining contractual life and outstanding stock options by exercise price | The following table summarizes information about the stock options outstanding and exercisable at December 31, 2023: Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $1.14 - $2.00 2,015,400 3.7 1.75 1,082,629 1.61 $2.01 - $2.70 1,260,664 2.4 2.25 1,063,990 2.23 $2.71 - $3.11 978,033 4.1 2.78 364,165 2.80 $3.12 - $4.00 2,665,769 1.5 3.32 2,385,353 3.30 $4.01 - $16.53 143,467 0.5 9.20 143,467 9.20 7,063,333 2.6 2.72 5,039,604 2.85 |
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: 2023 2022 2021 Risk-free interest rate 4.1% 3.4% 0.7% Expected life 3.0 years 3.0 years 3.0 years Expected volatility 72.0% 96.0% 110.5% Expected dividend yield Nil Nil Nil Weighted average fair value of options $1.12 $1.24 $1.99 |
Schedule of number of other equity instruments | Our share award activity for the years ended December 31 was as follows: 2023 2022 2021 Outstanding, beginning of year — 40,560 134,618 Granted 403,200 — — Forfeited (4,760) — — Released — (40,560) (94,058) Outstanding, end of year 398,440 — 40,560 (1) The weighted average fair value of the RSAs granted was $2.23in 2023. |
Schedule of compensation warrants weighted average assumptions | We used the following weighted average assumptions: Underlying share price US$2.28 Risk-free interest rate 3.8% Expected life 5.0 years Expected volatility 36.5% Expected dividend yield Nil Weighted average fair value of options US$0.88 |
Contract Liability (Tables)
Contract Liability (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 2022 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, 2023 | |
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: 2023 2022 2021 Loss before income taxes $ (27,655) $ (24,751) $ (26,255) Statutory Canadian corporate tax rate 23.00% 23.00% 23.00% Anticipated tax recovery (6,361) (5,693) (6,039) Difference in tax rates 2,841 3,552 2,716 Share-based compensation expense 441 547 880 Revaluation of tax balances 2 (338) (552) Impact of Barbados rate change (9,088) — — Other permanent differences 325 (368) 45 Expiry of tax benefits 3,382 1,614 1,661 Change in fair value of warrant derivative (1,215) 5 (4) Provision to offset deferred tax asset 9,770 765 1,342 Current income taxes $ 97 $ 84 $ 49 |
Schedule of unrecognized non-capital losses, non-refundable credits and deferred tax assets | 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: 2023 2022 2021 Non-capital losses carried forward $ 37,174 $ 26,726 $ 25,158 Scientific research and experimental development 7,742 7,648 7,705 Investment tax credits 3,123 3,363 3,716 Property and equipment 382 366 351 Share issue costs 833 518 648 Net capital losses carried forward 6 6 6 Unrecognized deferred tax asset $ 49,260 $ 38,627 $ 37,584 |
Capital Disclosures (Tables)
Capital Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement of changes in equity [abstract] | |
Schedule of capital components | December 31, 2023 December 31, 2022 Cash and cash equivalents $ 34,912 $ 11,666 Marketable securities $ — $ 20,472 Shareholders' equity $ 27,563 $ 26,502 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of balances in foreign currencies | Significant balances in foreign currencies as at December 31, 2023, were as follows: U.S. dollar Cash and cash equivalents $ 24,294 Accounts payable and accrued liabilities (1,476) $ 22,818 Significant balances in foreign currencies as at December 31, 2022, were 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, 2023 | |
Additional Cash Flow Disclosures [Abstract] | |
Net change in non-cash working capital | Net Change In Non-Cash Working Capital 2023 2022 2021 Change in: Other receivables $ 506 $ 345 $ (776) Prepaid expenses 777 (1,247) (349) Accounts payable and accrued liabilities (78) 1,662 183 Other liabilities 332 (352) 228 Non-cash impact of foreign exchange 228 (17) (194) Change in non-cash working capital related to operating activities $ 1,765 $ 391 $ (908) |
Other cash flow disclosures | Other Cash Flow Disclosures 2023 2022 2021 Cash interest received $ 1,554 $ 452 $ 190 Cash taxes paid $ 120 $ 46 $ 35 |
Components of Expenses (Tables)
Components of Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Analysis of income and expense [abstract] | |
Other expenses and adjustments | 2023 2022 2021 Research and development expenses Clinical trial expenses $ 3,675 $ 4,970 $ 3,205 Manufacturing & related process development expenses 5,789 2,148 1,547 Intellectual property expenses 397 544 618 Translational science expenses — 264 673 Personnel-related expenses 6,324 6,023 4,754 Share-based compensation expense 1,305 1,371 2,087 Other expenses 219 112 36 $ 17,709 $ 15,432 $ 12,920 2023 2022 2021 General and administrative expenses Public company-related expenses $ 11,278 $ 6,790 $ 8,161 Office expenses 3,789 3,303 2,963 Share-based compensation expense 612 1,007 1,739 Depreciation - property and equipment 81 93 130 Depreciation - right-of-use assets 322 299 322 $ 16,082 $ 11,492 $ 13,315 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of related party [Abstract] | |
Schedule of related party transactions | 2023 2022 2021 Short-term employee compensation and benefits $ 4,870 $ 4,308 $ 3,919 Termination benefits 319 — — Share-based compensation expense 1,496 1,615 2,703 $ 6,685 $ 5,923 $ 6,622 |
Nature of Operations (Details)
Nature of Operations (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Notes And Other Explanatory Information [Abstract] | ||
Accumulated deficit | $ (446,003) | $ (418,251) |
Cash and cash equivalents and current investments | $ 34,912 |
Summary of Material Accountin_4
Summary of Material Accounting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 CAD ($) plan | Dec. 31, 2022 CAD ($) | |
Summary Of Significant Accounting Policies [Abstract] | ||
Cash equivalents | $ | $ 31,534 | $ 9,501 |
Number of plans | plan | 1 | |
Maximum option expiration term | 10 years |
Summary of Material Accountin_5
Summary of Material Accounting Policies - Schedule of Depreciation Rates (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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, $ in Thousands | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) |
Currency1 [Line Items] | ||||
Current prepaid expenses | $ 1,319 | $ 1,327 | ||
Non-current prepaid expenses | 0 | 998 | ||
Other liabilities | 332 | 0 | ||
BRACELET-1 collaboration agreement | ||||
Currency1 [Line Items] | ||||
Other receivables | 0 | $ 488 | $ 360 | |
Clinical Trial | ||||
Currency1 [Line Items] | ||||
Other receivables | 5,000 | |||
Other liabilities | $ 298 | $ 225 |
Property and Equipment (Details
Property and Equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | $ 356 | |
Property and equipment, ending balance | 282 | $ 356 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 970 | 913 |
Additions, net of foreign exchange impact | 7 | 57 |
Property and equipment, ending balance | 977 | 970 |
Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | (614) | (521) |
Depreciation expense | 81 | 93 |
Property and equipment, ending balance | (695) | (614) |
Medical Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 9 | |
Property and equipment, ending balance | 7 | 9 |
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 |
Property and equipment, ending balance | 62 | 62 |
Medical Equipment | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | (53) | (51) |
Depreciation expense | 2 | 2 |
Property and equipment, ending balance | (55) | (53) |
Computer Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 108 | |
Property and equipment, ending balance | 85 | 108 |
Computer Equipment | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 429 | 406 |
Additions, net of foreign exchange impact | 7 | 23 |
Property and equipment, ending balance | 436 | 429 |
Computer Equipment | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | (321) | (285) |
Depreciation expense | 30 | 36 |
Property and equipment, ending balance | (351) | (321) |
Office Equipment and Furniture | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 156 | |
Property and equipment, ending balance | 128 | 156 |
Office Equipment and Furniture | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 248 | 217 |
Additions, net of foreign exchange impact | 0 | 31 |
Property and equipment, ending balance | 248 | 248 |
Office Equipment and Furniture | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | (92) | (58) |
Depreciation expense | 28 | 34 |
Property and equipment, ending balance | (120) | (92) |
Leasehold Improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 83 | |
Property and equipment, ending balance | 62 | 83 |
Leasehold Improvements | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | 231 | 228 |
Additions, net of foreign exchange impact | 0 | 3 |
Property and equipment, ending balance | 231 | 231 |
Leasehold Improvements | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment, beginning balance | (148) | (127) |
Depreciation expense | 21 | 21 |
Property and equipment, ending balance | $ (169) | $ (148) |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade payables | $ 1,082 | $ 2,252 |
Accrued liabilities | 2,490 | 1,398 |
Accounts payable and accrued liabilities | $ 3,572 | $ 3,650 |
Leases - Narrative (Details)
Leases - Narrative (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Weighted average rate | 15% | |
Additions | $ 392 | $ 0 |
Additions | $ 392 | $ 0 |
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) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Right-Of-Use Assets [Abstract] | |||
Right-of-use assets, beginning balance | $ 296 | $ 584 | |
Additions | 392 | 0 | |
Depreciation expense | (322) | (299) | |
Foreign exchange impact | (1) | 11 | |
Right-of-use assets, ending balance | 365 | 296 | $ 584 |
Lease Liabilities [Abstract] | |||
Lease liabilities, beginning balance | 373 | 655 | |
Additions | 392 | 0 | |
Payment of lease liabilities | (407) | (381) | (366) |
Interest expense on lease liabilities | 71 | 80 | |
Foreign exchange impact | (6) | 19 | |
Lease liabilities, ending balance | $ 423 | $ 373 | $ 655 |
Leases - Total Undiscounted Lea
Leases - Total Undiscounted Lease Liability (Details) $ in Thousands | Dec. 31, 2023 CAD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liability | $ 513 |
Less than one year | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liability | 202 |
One to five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liability | 311 |
More than five years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total undiscounted lease liability | $ 0 |
Warrant Derivative - Reconcilia
Warrant Derivative - Reconciliation of Change in Fair Value of Warrant Derivative (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Warrants Outstanding | |||
Balance at beginning of period (in shares) | 64,035 | 64,035 | |
Balance at end of period (in shares) | 7,731,085 | 64,035 | 64,035 |
Fair Value of Warrant Derivative | |||
Balance at beginning of period | $ 79 | $ 56 | |
Issued pursuant to public offering | 13,338 | $ 34,168 | |
Discount on warrants issued | (1,822) | ||
Change in fair value | 5,285 | (20) | 17 |
Foreign exchange impact | (6) | 19 | |
Balance at end of period | $ 200 | 79 | $ 56 |
Warrants | |||
Number of Warrants Outstanding | |||
Issued pursuant to public offering (in shares) | 7,667,050 | ||
Fair Value of Warrant Derivative | |||
Issued pursuant to public offering | $ 7,360 | ||
Discount on warrants issued | (1,822) | ||
Amortization of discount on warrants issued | 146 | ||
Change in fair value | (5,431) | 20 | |
Foreign exchange impact | $ (132) | $ 3 |
Warrant Derivative - Warrant De
Warrant Derivative - Warrant Derivative Outstanding (Details) - $ / shares | Dec. 31, 2023 | Sep. 07, 2023 | Aug. 08, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 16, 2019 |
Disclosure of Share Capital, Reserves And Other Equity Interest [Abstract] | ||||||
Exercise price (usd per share) | $ 2.81 | $ 2.81 | $ 0.90 | |||
Number of Warrants Outstanding | 7,731,085 | 1,000,050 | 6,667,000 | 64,035 | 64,035 | 64,035 |
Warrant Derivative - Narrative
Warrant Derivative - Narrative (Details) $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Sep. 07, 2023 CAD ($) d | Sep. 07, 2023 USD ($) d $ / shares shares | Aug. 08, 2023 CAD ($) d | Aug. 08, 2023 USD ($) d $ / shares shares | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | Aug. 16, 2019 $ / shares | |
Disclosure of fair value measurement of liabilities [line items] | ||||||||
Number of warrants and shares outstanding (in shares) | shares | 1,000,050 | 6,667,000 | ||||||
Gross proceeds from units | $ 3,077 | $ 2,250 | $ 20,185 | $ 15,001 | ||||
Purchase price (cad and usd per share) | $ / shares | $ 2.25 | $ 2.25 | ||||||
Exercise price (usd per share) | $ / shares | $ 2.81 | 2.81 | $ 0.90 | |||||
Expiration period, granted | 60 months | 60 months | 60 months | |||||
Class of warrant or right, threshold trading price (usd per share) | $ / shares | $ 6.50 | $ 6.50 | ||||||
Class of warrant or right, threshold consecutive trading days | d | 20 | 20 | 20 | 20 | ||||
Class of warrant or right, accelerated threshold trading days | d | 10 | 10 | 10 | 10 | ||||
Class of warrant or right, expiration days | d | 75 | 75 | 75 | 75 | ||||
Issued pursuant to public offering | $ 13,338 | $ 34,168 | ||||||
Warrant liability | $ 7,360 | |||||||
Discount on warrants issued | $ (1,822) | |||||||
Warrants, term | 5 years | |||||||
Shares Under Warrant Derivative Agreement | ||||||||
Disclosure of fair value measurement of liabilities [line items] | ||||||||
Purchase price (cad and usd per share) | $ / shares | $ 2.25 | $ 2.25 | ||||||
Share Capital | ||||||||
Disclosure of fair value measurement of liabilities [line items] | ||||||||
Issued pursuant to public offering | $ 13,338 | 34,168 | ||||||
Share Capital | Shares Under Warrant Derivative Agreement | ||||||||
Disclosure of fair value measurement of liabilities [line items] | ||||||||
Issued pursuant to public offering | $ 687 | |||||||
Level 3 of fair value hierarchy | ||||||||
Disclosure of fair value measurement of liabilities [line items] | ||||||||
Exercise price (usd per share) | $ / shares | $ 2.81 | |||||||
Warrants | ||||||||
Disclosure of fair value measurement of liabilities [line items] | ||||||||
Issued pursuant to public offering | $ 7,360 | |||||||
Discount on warrants issued | (1,822) | |||||||
Public offering | Share Capital | ||||||||
Disclosure of fair value measurement of liabilities [line items] | ||||||||
Issued pursuant to public offering | $ 17,724 | |||||||
Shares Under Warrant Derivative Agreement | ||||||||
Disclosure of fair value measurement of liabilities [line items] | ||||||||
Number of common shares issuable per warrant (in shares) | shares | 1 | |||||||
Shares Under Warrant Derivative Agreement | Warrants | ||||||||
Disclosure of fair value measurement of liabilities [line items] | ||||||||
Common shares per unit (in shares) | shares | 1 | |||||||
Shares Under Warrant Derivative Agreement | Share Capital | ||||||||
Disclosure of fair value measurement of liabilities [line items] | ||||||||
Common shares per unit (in shares) | shares | 1 |
Warrant Derivative - Summary of
Warrant Derivative - Summary of Assumptions Used in the Black Scholes Option Pricing Model for Warrants (Details) - Warrants | Dec. 31, 2023 year $ / shares | Sep. 07, 2023 year $ / shares | Aug. 08, 2023 year $ / shares |
Disclosure of fair value measurement of liabilities [line items] | |||
Underlying share price (usd per share) | $ 1.35 | $ 2.39 | $ 2.26 |
Risk-free interest rate | 0.032 | 0.039 | 0.038 |
Expected life | year | 4.6 | 5 | 5 |
Expected volatility | 0.365 | 0.365 | 0.365 |
Expected dividend yield | 0 | 0 | 0 |
Fair value per warrant (usd per share) | $ 0.18 | $ 0.79 | $ 0.70 |
Share Capital - Schedule of Sha
Share Capital - Schedule of Share Capital (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amount | |||
Equity balance at beginning of period | $ 26,502 | $ 36,099 | $ 24,752 |
Issued pursuant to public offering | 13,338 | 34,168 | |
Share issue costs | (2,805) | (764) | (1,256) |
Equity balance at end of period | 27,563 | $ 26,502 | $ 36,099 |
At-the-market equity distribution agreement | |||
Amount | |||
Issued pursuant to public offering | $ 10,676 | ||
Share Capital | |||
Number | |||
Share capital issued, beginning (shares) | 61,327,914 | 55,043,789 | 46,166,980 |
Share capital issued ending (shares) | 74,423,960 | 61,327,914 | 55,043,789 |
Amount | |||
Equity balance at beginning of period | $ 404,040 | $ 391,348 | $ 356,824 |
Issued pursuant to public offering | 13,338 | 34,168 | |
Share issue costs | (2,805) | (764) | (1,256) |
Equity balance at end of period | $ 430,906 | $ 404,040 | $ 391,348 |
Share Capital | At-the-market equity distribution agreement | |||
Number | |||
Issued (in shares) | 4,978,605 | 6,235,232 | 8,401,029 |
Amount | |||
Issued pursuant to public offering | $ 10,676 | $ 13,338 | $ 34,168 |
Share Capital | Warrant derivatives | |||
Number | |||
Issued (in shares) | 201,722 | ||
Amount | |||
Issued pursuant to public offering | $ 687 | ||
Share Capital | Public offering | |||
Number | |||
Issued (in shares) | 7,667,050 | ||
Amount | |||
Issued pursuant to public offering | $ 17,724 | ||
Stock option plan | Share Capital | |||
Number | |||
Issued (in shares) | 450,391 | 8,333 | 123,159 |
Amount | |||
Issued pursuant to public offering | $ 1,271 | $ 20 | $ 381 |
Incentive share award plan | Share Capital | |||
Number | |||
Issued (in shares) | 40,560 | 150,899 | |
Amount | |||
Issued pursuant to public offering | $ 98 | $ 544 |
Share Capital - Schedule of S_2
Share Capital - Schedule of Share Capital Footnotes (Details) $ / shares in Units, $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||||
Sep. 07, 2023 CAD ($) | Sep. 07, 2023 USD ($) $ / shares shares | Aug. 08, 2023 CAD ($) | Aug. 08, 2023 USD ($) $ / shares shares | Jun. 17, 2022 USD ($) | Mar. 05, 2021 USD ($) | Jun. 15, 2020 USD ($) | Dec. 31, 2023 CAD ($) shares $ / shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CAD ($) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | |
Disclosure of classes of share capital [line items] | ||||||||||||||||
Gross proceeds from units | $ 3,077 | $ 2,250,000 | $ 20,185 | $ 15,001,000 | ||||||||||||
Purchase price (cad and usd per share) | $ / shares | $ 2.25 | $ 2.25 | ||||||||||||||
Share issue related cost | $ 2,805 | $ 764 | $ 1,256 | |||||||||||||
Gross proceeds from warrant exercises | 231 | $ 182,000 | ||||||||||||||
Number of warrants and shares outstanding (in shares) | shares | 1,000,050 | 6,667,000 | ||||||||||||||
Number of common shares (in shares) | shares | 1 | 1 | ||||||||||||||
Number of warrants (in shares) | shares | 1 | |||||||||||||||
Issued pursuant to public offering | 13,338 | 34,168 | ||||||||||||||
Warrant liability | $ 7,360 | |||||||||||||||
Share issue operating expense | 740 | |||||||||||||||
Share Capital | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Share issue related cost | 2,805 | 764 | 1,256 | |||||||||||||
Issued pursuant to public offering | $ 13,338 | $ 34,168 | ||||||||||||||
Contributed Surplus | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Expense from share-based payment transactions with parties other than employees | 638 | $ 473,000 | ||||||||||||||
Public offering | Share Capital | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issued pursuant to public offering | 17,724 | |||||||||||||||
Compensation Warrants | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Share issue related cost | $ 2,390 | |||||||||||||||
Granted (in shares) | shares | 536,693 | 536,693 | ||||||||||||||
Warrants issued, transaction costs | $ 3,130 | |||||||||||||||
Warrants | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Issued (in shares) | shares | 7,667,050 | 7,667,050 | ||||||||||||||
Exercised (in shares) | shares | 0 | 0 | 0 | 0 | 201,722 | 201,722 | ||||||||||
Warrants exercised, fair value | $ 456 | |||||||||||||||
Issued pursuant to public offering | $ 7,360 | |||||||||||||||
2020 United States ATM | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Agreement | $ 40,000,000 | |||||||||||||||
Agreement term | 25 months | |||||||||||||||
Issued (in shares) | shares | 5,685,097 | 5,685,097 | ||||||||||||||
Gross proceeds from units | $ 23,413 | $ 18,503,000 | ||||||||||||||
Purchase price (cad and usd per share) | (per share) | $ 3.25 | $ 4.12 | ||||||||||||||
Net proceeds from issue of ordinary shares | 22,711 | $ 17,948,000 | ||||||||||||||
Share issue related cost, commissions | 702 | $ 555,000 | ||||||||||||||
Share issue related cost | $ 707 | |||||||||||||||
2021 United States ATM | ||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||
Agreement | $ 80,000,000 | |||||||||||||||
Agreement term | 16 months | |||||||||||||||
Issued (in shares) | shares | 2,719,770 | 2,719,770 | 2,715,932 | 2,715,932 | ||||||||||||
Gross proceeds from units | $ 5,744 | $ 4,560,000 | $ 10,755 | $ 8,655,000 | ||||||||||||
Purchase price (cad and usd per share) | (per share) | $ 1.68 | $ 3.19 | $ 2.11 | $ 3.96 | ||||||||||||
Net proceeds from issue of ordinary shares | 5,572 | $ 4,423,000 | 10,432 | $ 8,395,000 | ||||||||||||
Share issue related cost, commissions | 172 | $ 137,000 | 323 | $ 260,000 | ||||||||||||
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 (in shares) | shares | 4,978,605 | 4,978,605 | 3,515,462 | 3,515,462 | ||||||||||||
Gross proceeds from units | $ 10,676 | $ 7,904,000 | $ 7,594 | $ 5,632,000 | ||||||||||||
Purchase price (cad and usd per share) | (per share) | $ 2.14 | $ 1.60 | $ 1.59 | $ 2.16 | ||||||||||||
Net proceeds from issue of ordinary shares | $ 10,356 | 7,667,000 | 7,366 | $ 5,463,000 | ||||||||||||
Share issue related cost, commissions | 320 | $ 237,000 | 228 | $ 169,000 | ||||||||||||
Share issue related cost | $ 415 | $ 555 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Sep. 07, 2023 | Dec. 31, 2023 CAD ($) shares | Dec. 31, 2023 USD ($) shares $ / shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2021 CAD ($) shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Common shares reserved for issuance, maximum percentage | 14% | 14% | |||
Share-based compensation expense | $ | $ 1,917 | $ 2,378 | $ 3,826 | ||
Purchase price (cad and usd per share) | $ / shares | $ 2.25 | ||||
Expiration period, granted | 60 months | 60 months | 60 months | ||
Contributed Surplus | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Expense from share-based payment transactions with parties other than employees | $ 638 | $ 473 | |||
Restricted share units | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period, if not immediately vested | 3 years | 3 years | |||
Granted (in shares) | 403,200 | 403,200 | 0 | 0 | |
Reserve of share-based payments | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Common shares reserved for issuance (in shares) | 10,419,354 | 10,419,354 | |||
Compensation Warrants | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Granted (in shares) | 536,693 | 536,693 | |||
Minimum | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period, if not immediately vested | 1 year | 1 year | |||
Maximum | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Vesting period, if not immediately vested | 3 years | 3 years |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Stock Options and Weighted Average Exercise Prices (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Number of options | |||
Outstanding, beginning of the year (shares) | shares | 5,963,185 | 5,334,420 | 3,764,055 |
Granted during the year (shares) | shares | 2,145,400 | 1,005,000 | 1,832,500 |
Forfeited during the year (shares) | shares | (280,288) | (62,962) | (110,612) |
Expired during the year (shares) | shares | (314,573) | (304,940) | (28,364) |
Exercised during the year (shares) | shares | (450,391) | (8,333) | (123,159) |
Outstanding, end of the year (shares) | shares | 7,063,333 | 5,963,185 | 5,334,420 |
Options exercisable, end of the year (shares) | shares | 5,039,604 | 4,420,482 | 3,165,679 |
Weighted Average Exercise Price $ | |||
Outstanding, beginning of the year (cad per share) | $ / shares | $ 2.91 | $ 3.53 | $ 4.08 |
Granted during the year (cad per share) | $ / shares | 2.23 | 2.04 | 2.99 |
Forfeited during the year (cad per share) | $ / shares | 2.86 | 3.83 | 6.21 |
Expired during the year (cad per share) | $ / shares | 4.17 | 10.80 | 37.63 |
Exercised during the year (cad per share) | $ / shares | 1.74 | 1.45 | 1.94 |
Outstanding, beginning of the year (cad per share) | $ / shares | 2.72 | 2.91 | 3.53 |
Options exercisable, end of the year (cad per share) | $ / shares | $ 2.85 | $ 3.01 | $ 3.82 |
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, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 7,063,333 | 5,963,185 | 5,334,420 | 3,764,055 |
Weighted Average Remaining Contractual Life (years) | 2 years 7 months 6 days | |||
Weighted Average Exercise Price (cad per share) | $ 2.72 | $ 2.91 | $ 3.53 | $ 4.08 |
Number Exercisable (shares) | shares | 5,039,604 | 4,420,482 | 3,165,679 | |
Weighted Average Exercise Price (cad per share) | $ 2.85 | $ 3.01 | $ 3.82 | |
$0.54 - $1.79 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 2,015,400 | |||
Weighted Average Remaining Contractual Life (years) | 3 years 8 months 12 days | |||
Weighted Average Exercise Price (cad per share) | $ 1.75 | |||
Number Exercisable (shares) | shares | 1,082,629 | |||
Weighted Average Exercise Price (cad per share) | $ 1.61 | |||
$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) | 1.14 | |||
$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) | $ 2 | |||
$1.80 - $3.01 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 1,260,664 | |||
Weighted Average Remaining Contractual Life (years) | 2 years 4 months 24 days | |||
Weighted Average Exercise Price (cad per share) | $ 2.25 | |||
Number Exercisable (shares) | shares | 1,063,990 | |||
Weighted Average Exercise Price (cad per share) | $ 2.23 | |||
$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) | 2.01 | |||
$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) | $ 2.70 | |||
$3.02 - $3.90 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 978,033 | |||
Weighted Average Remaining Contractual Life (years) | 4 years 1 month 6 days | |||
Weighted Average Exercise Price (cad per share) | $ 2.78 | |||
Number Exercisable (shares) | shares | 364,165 | |||
Weighted Average Exercise Price (cad per share) | $ 2.80 | |||
$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) | 2.71 | |||
$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) | $ 3.11 | |||
$3.91 - $7.41 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 2,665,769 | |||
Weighted Average Remaining Contractual Life (years) | 1 year 6 months | |||
Weighted Average Exercise Price (cad per share) | $ 3.32 | |||
Number Exercisable (shares) | shares | 2,385,353 | |||
Weighted Average Exercise Price (cad per share) | $ 3.30 | |||
$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) | 3.12 | |||
$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) | $ 4 | |||
$7.42 - $52.63 | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number Outstanding (shares) | shares | 143,467 | |||
Weighted Average Remaining Contractual Life (years) | 6 months | |||
Weighted Average Exercise Price (cad per share) | $ 9.20 | |||
Number Exercisable (shares) | shares | 143,467 | |||
Weighted Average Exercise Price (cad per share) | $ 9.20 | |||
$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) | 4.01 | |||
$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) | $ 16.53 |
Share-Based Compensation - Disc
Share-Based Compensation - Disclosure Weighted Average Assumptions and Fair Value of Options (Details) | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) year | Dec. 31, 2022 CAD ($) year | Dec. 31, 2021 CAD ($) year | |
Disclosure of Share-based Payment Arrangements [Abstract] | |||
Risk-free interest rate | 4.10% | 3.40% | 0.70% |
Expected life | year | 3 | 3 | 3 |
Expected volatility | 72% | 96% | 110.50% |
Expected dividend yield | 0% | 0% | 0% |
Weighted average fair value of options (cad per share) | $ | $ 1.12 | $ 1.24 | $ 1.99 |
Share-Based Compensation - Sc_3
Share-Based Compensation - Schedule of Number of Other Equity Instruments (Details) - Restricted share units | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding, beginning of the year (in shares) | 0 | 40,560 | 134,618 |
Granted (in shares) | 403,200 | 0 | 0 |
Forfeited (in shares) | (4,760) | 0 | 0 |
Released (in shares) | 0 | (40,560) | (94,058) |
Outstanding, end of the year (in shares) | 398,440 | 0 | 40,560 |
Weighted average fair value at measurement date, other equity instruments granted | $ | $ 2.23 |
Share-Based Compensation - Sc_4
Share-Based Compensation - Schedule of Compensation Warrants Weighted Average Assumptions (Details) - Compensation Warrants | 12 Months Ended |
Dec. 31, 2023 year $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Underlying share price (usd per share) | $ 2.28 |
Risk-free interest rate | 0.038 |
Expected life | year | 5 |
Expected volatility | 0.365 |
Expected dividend yield | 0 |
Weighted average fair value of options (usd per share) | $ 0.88 |
Loss Per Common Share (Details)
Loss Per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Weighted average number of common shares outstanding (shares) | 67,624,036 | 58,029,745 | 53,513,225 |
Contract Liability - Narrative
Contract Liability - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | Dec. 31, 2022 | |
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, 2023 CAD ($) | |
Contingencies [Abstract] | |
Commitment for payment | $ 12,686 |
Commitment term | 3 years |
Lease not yet commenced, payments | $ 1,098 |
Lease not yet commenced, term | 5 years 3 months 18 days |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of income tax [Abstract] | |||
Loss before income taxes | $ (27,655) | $ (24,751) | $ (26,255) |
Statutory Canadian corporate tax rate | 23% | 23% | 23% |
Anticipated tax recovery | $ (6,361) | $ (5,693) | $ (6,039) |
Difference in tax rates | 2,841 | 3,552 | 2,716 |
Share-based compensation expense | 441 | 547 | 880 |
Revaluation of tax balances | 2 | (338) | (552) |
Impact of Barbados rate change | (9,088) | 0 | 0 |
Other permanent differences | 325 | (368) | 45 |
Expiry of tax benefits | 3,382 | 1,614 | 1,661 |
Change in fair value of warrant derivative | (1,215) | 5 | (4) |
Provision to offset deferred tax asset | 9,770 | 765 | 1,342 |
Current income taxes | $ 97 | $ 84 | $ 49 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CANADA | Non-capital losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | $ 110,450 | $ 98,475 |
CANADA | Non-refundable federal investment tax credits | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax credits | 4,056 | 4,368 |
CANADA | Unclaimed scientific research and experimental development expenditures | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax credits | 28,376 | 27,663 |
BARBADOS | Non-capital losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unused tax losses | 129,884 | 145,405 |
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 | $ 1,232 | $ 1,285 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Deferred Tax Assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | $ 49,260 | $ 38,627 | $ 37,584 |
Non-capital losses carried forward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 37,174 | 26,726 | 25,158 |
Scientific research and experimental development | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 7,742 | 7,648 | 7,705 |
Investment tax credits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 3,123 | 3,363 | 3,716 |
Property and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 382 | 366 | 351 |
Share issue costs | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 833 | 518 | 648 |
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, 2023 | Dec. 31, 2022 | Jun. 12, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of changes in equity [abstract] | |||||
Cash and cash equivalents | $ 34,912,000 | $ 11,666,000 | $ 41,262,000 | $ 31,220,000 | |
Shareholders' equity | $ 27,563,000 | $ 26,502,000 | $ 36,099,000 | $ 24,752,000 | |
Base Shelf securities authorized | $ 150,000,000 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Warrant derivative | $ 200,000 | $ 79,000 | $ 56,000 |
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 (cad per share) | 0.01 | 0.01 | |
Increase (decrease) in net loss due to change in currency value | 140,000 | 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 (cad per share) | 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 | $ 200,000 | $ 79,000 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Balances in Foreign Currencies (Details) $ in Thousands, $ in Thousands | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2020 CAD ($) |
Currency1 [Line Items] | ||||||
Cash and cash equivalents | $ 34,912 | $ 11,666 | $ 41,262 | $ 31,220 | ||
Accounts payable and accrued liabilities | $ (3,572) | (3,650) | ||||
U.S. dollars | ||||||
Currency1 [Line Items] | ||||||
Cash and cash equivalents | $ 24,294 | $ 6,635 | ||||
Financial assets available-for-sale | 15,115 | |||||
Accounts payable and accrued liabilities | (1,476) | (1,093) | ||||
Balances in foreign currencies | $ 22,818 | $ 20,657 | ||||
Euro | ||||||
Currency1 [Line Items] | ||||||
Cash and cash equivalents | 0 | |||||
Financial assets available-for-sale | 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Cash Flow Disclosures [Abstract] | |||
Other receivables | $ 506 | $ 345 | $ (776) |
Prepaid expenses | 777 | (1,247) | (349) |
Accounts payable and accrued liabilities | (78) | 1,662 | 183 |
Other liabilities | 332 | (352) | 228 |
Non-cash impact of foreign exchange | 228 | (17) | (194) |
Change in non-cash working capital related to operating activities | $ 1,765 | $ 391 | $ (908) |
Additional Cash Flow Disclosu_4
Additional Cash Flow Disclosures - Other Cash Flow Disclosures (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Cash Flow Disclosures [Abstract] | |||
Cash interest received | $ 1,554 | $ 452 | $ 190 |
Cash taxes paid | $ 120 | $ 46 | $ 35 |
Economic Dependence (Details)
Economic Dependence (Details) | 12 Months Ended |
Dec. 31, 2023 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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and development expenses | |||
Share-based compensation expense | $ 1,917 | $ 2,378 | $ 3,826 |
Research and development expenses | 17,709 | 15,432 | 12,920 |
General and administrative expenses | |||
Depreciation - right-of-use assets | 322 | 299 | |
General and administrative expenses | 16,082 | 11,492 | 13,315 |
Research and development expenses | |||
Research and development expenses | |||
Clinical trial expenses | 3,675 | 4,970 | 3,205 |
Manufacturing & related process development expenses | 5,789 | 2,148 | 1,547 |
Intellectual property expenses | 397 | 544 | 618 |
Translational science expenses | 0 | 264 | 673 |
Personnel-related expenses | 6,324 | 6,023 | 4,754 |
Share-based compensation expense | 1,305 | 1,371 | 2,087 |
Other expenses | 219 | 112 | 36 |
General and administrative expenses | |||
Employee compensation and benefits expense | 6,324 | 5,983 | 4,645 |
General and administrative expenses | |||
Research and development expenses | |||
Share-based compensation expense | 612 | 1,007 | 1,739 |
General and administrative expenses | |||
Public company-related expenses | 11,278 | 6,790 | 8,161 |
Office expenses | 3,789 | 3,303 | 2,963 |
Depreciation - property and equipment | 81 | 93 | 130 |
Depreciation - right-of-use assets | 322 | 299 | 322 |
Employee compensation and benefits expense | $ 3,332 | $ 2,870 | $ 2,542 |
Related Party Transactions (Det
Related Party Transactions (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of related party [Abstract] | |||
Short-term employee compensation and benefits | $ 4,870 | $ 4,308 | $ 3,919 |
Termination benefits | 319 | 0 | 0 |
Share-based compensation expense | 1,496 | 1,615 | 2,703 |
Compensation of key management personnel | $ 6,685 | $ 5,923 | $ 6,622 |