Cover
Cover | 12 Months Ended |
Dec. 31, 2020shares | |
Cover [Abstract] | |
Entity Registrant Name | MEDICURE INC |
Entity Central Index Key | 0001133519 |
Trading Symbol | mph |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding | 10,251,313 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Address, Country | CA |
Entity Interactive Data Current | Yes |
Entity Voluntary Filers | No |
Document Accounting Standard | International Financial Reporting Standards |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Title of 12(g) Security | Common Shares |
ICFR Auditor Attestation Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 2,716 | $ 12,965 |
Restricted cash (Note 4) | 1,394 | |
Accounts receivable (Note 5) | 5,253 | 10,216 |
Inventories (Note 6) | 5,139 | 6,328 |
Prepaid expenses | 1,174 | 1,855 |
Total current assets | 15,676 | 31,364 |
Non-current assets: | ||
Property and equipment | 1,640 | 1,282 |
Intangible assets (Note 4 & 8) | 13,596 | 9,599 |
Goodwill (Note 4) | 2,986 | |
Other assets | 156 | 39 |
Total non-current assets | 18,378 | 10,920 |
Total assets | 34,054 | 42,284 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 6,979 | 9,384 |
Current portion of royalty obligation (Note 10) | 362 | 872 |
Current portion of acquisition payable (Note 4 & 8) | 637 | 649 |
Holdback payable (Note 4) | 1,876 | |
Current portion of contingent consideration (Note 4) | 1,925 | |
Current income taxes payable (Note 15) | 164 | 517 |
Current portion of lease obligation (Note 11) | 367 | 240 |
Total current liabilities | 12,310 | 11,662 |
Non-current liabilities | ||
Royalty obligation (Note 10) | 335 | 1,176 |
Acquisition payable (Note 8) | 1,132 | 1,655 |
Contingent consideration (Note 4) | 51 | |
Lease obligation (Note 11) | 1,080 | 849 |
Total non-current liabilities | 2,598 | 3,680 |
Total liabilities | 14,908 | 15,342 |
Equity: | ||
Share capital (Note 14 (b)) | 80,917 | 85,364 |
Warrants (Note 14 (d)) | 1,949 | |
Contributed surplus | 10,294 | 8,028 |
Accumulated other comprehensive income | (6,497) | (5,751) |
Deficit | (65,568) | (62,648) |
Total Equity | 19,146 | 26,942 |
Total liabilities and equity | 34,054 | 42,284 |
Commitments and contingencies (Note 17(a) & 17(d)) |
Consolidated Statements of Net
Consolidated Statements of Net (Loss) Income and Comprehensive (Loss) Income - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, net | |||
Product sales, net | $ 11,610 | $ 20,173 | $ 29,109 |
Cost of goods sold (Note 6 & 8) | 6,480 | 7,272 | 4,152 |
Gross profit | 5,130 | 12,901 | 24,957 |
Expenses | |||
Selling (Note 12) | 5,359 | 13,399 | 15,580 |
General and administrative (Note 12) | 4,579 | 3,395 | 3,922 |
Research and development (Note 12) | 3,299 | 4,349 | 6,681 |
Total expense | 13,237 | 21,143 | 26,183 |
Other expense (income): | |||
Revaluation of holdback receivable (Note 13) | 3,623 | 1,473 | |
Impairment loss on intangible assets (Note 8) | 6,321 | ||
Total Other (income) expense | 9,944 | 1,473 | |
Finance (income) costs: | |||
Finance (income) expense, net (Note 10 & 16) | (765) | (1,115) | (1,061) |
Foreign exchange (gain) loss, net | (497) | 2,570 | (6,461) |
Total Finance costs (income) | (1,262) | 1,455 | (7,522) |
Net (loss) income before income taxes | (6,845) | (19,641) | 4,823 |
Income tax (expense) recovery | |||
Current (Note 15) | 0 | (22) | (678) |
Deferred (Note 15) | 0 | (123) | (219) |
Income tax expense | (145) | (897) | |
Net (loss) income | (6,845) | (19,786) | 3,926 |
Exchange differences on translation of foreign subsidiaries: | (746) | (683) | 595 |
Item that will not be reclassified to profit and loss | |||
Revaluation of investment in Sensible Medical at FVOCI (Note 9) | (6,336) | ||
Comprehensive (loss) income | $ (7,591) | $ (26,805) | $ 4,521 |
(Loss) earnings per share | |||
Basic (Note 14(e)) | $ (0.64) | $ (1.32) | $ 0.25 |
Diluted (Note 14(e)) | $ (0.64) | $ (1.32) | $ 0.24 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands | Total | Share Capital | Warrants | Contributed Surplus | Accumulated other comprehensive income (loss) | Equity (Deficit) |
Balance at Dec. 31, 2017 | $ 80,709 | $ 125,734 | $ 1,949 | $ 6,897 | $ 673 | $ (54,544) |
Net income for the year ended | 3,926 | 3,926 | ||||
Other comprehensive (loss) income for the year ended | 595 | 595 | ||||
Transactions with owners, recorded directly in equity | ||||||
Buy-back of common shares under normal course issuer bid 14(b) | (3,021) | (3,501) | 480 | |||
Stock options exercised (Note 14(c)) | 363 | 654 | (291) | |||
Share-based compensation (Note 14(c)) | 1,022 | 1,022 | ||||
Total transactions with owners | (1,636) | (2,847) | 731 | 480 | ||
Balance at Dec. 31, 2018 | 83,594 | 122,887 | 1,949 | 7,628 | 1,268 | (50,138) |
Net income for the year ended | (19,786) | (19,786) | ||||
Other comprehensive (loss) income for the year ended | (7,019) | (7,019) | ||||
Transactions with owners, recorded directly in equity | ||||||
Buy-back of common shares under normal course issuer bid (Note 14(b)) | (4,145) | (5,955) | 1,810 | |||
Buy-back of common shares under substantial issuer bid (Note 14(b)) | (26,139) | (31,605) | 5,466 | |||
Stock options exercised (Note 14(c)) | 20 | 37 | (17) | |||
Share-based compensation (Note 14(c)) | 417 | 417 | ||||
Total transactions with owners | (29,847) | (37,523) | 400 | 7,276 | ||
Balance at Dec. 31, 2019 | 26,942 | 85,364 | 1,949 | 8,028 | (5,751) | (62,648) |
Net income for the year ended | (6,845) | (6,845) | ||||
Other comprehensive (loss) income for the year ended | (746) | (746) | ||||
Transactions with owners, recorded directly in equity | ||||||
Buy-back of common shares under normal course issuer bid (Note 14(b)) | (522) | (4,447) | 3,925 | |||
Transfer on expiry of warrants (Note 14 (d)) | (1,949) | 1,949 | ||||
Share-based compensation (Note 14(c)) | 317 | 317 | ||||
Total transactions with owners | (205) | (4,447) | $ (1,949) | 2,266 | 3,925 | |
Balance at Dec. 31, 2020 | $ 19,146 | $ 80,917 | $ 10,294 | $ (6,497) | $ (65,568) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash (used in) provided by: Operating activities: | |||
Net (loss) income for the year | $ (6,845) | $ (19,786) | $ 3,926 |
Adjustments for: | |||
Current income tax expense (recovery) (Note 15) | 22 | 678 | |
Deferred income tax expense (recovery) (Note 15) | 123 | 219 | |
Impairment of property and equipment | 0 | 95 | |
Impairment of intangible assets | 6,321 | ||
Revaluation of holdback receivable (Note 13) | 3,623 | 1,473 | |
Amortization of property and equipment | 307 | 485 | 103 |
Amortization of intangible assets (Note 8) | 2,466 | 1,438 | 196 |
Share-based compensation (Note 14(c)) | 317 | 417 | 1,022 |
Write-down of inventories (Note 6) | 682 | 1,983 | 95 |
Finance (income) expense, net (Note 16) | (765) | (1,115) | (1,061) |
Unrealized foreign exchange (gain) loss | (497) | 362 | (5,323) |
Change in the following: | |||
Accounts receivable | 5,081 | (318) | (1,341) |
Inventories | 723 | (4,072) | (1,259) |
Prepaid expenses | 703 | 842 | (1,793) |
Other assets | 78 | ||
Accounts payable and accrued liabilities | (3,802) | (4,992) | 7,132 |
Interest received (paid), net (Note 16) | 22 | 1,685 | 255 |
Income taxes paid (Note 15) | (306) | (477) | (2,041) |
Royalties paid (Note 10) | (326) | (1,355) | (1,539) |
Cash flows (used in) from operating activities | (2,240) | (14,641) | 742 |
Investing activities: | |||
Acquisition of Marley Drug, Inc, net of cash acquired (Note 4) | (7,238) | ||
Investment in Sensible Medical (Note 9) | (6,337) | ||
Proceeds from Apicore Sale Transaction (Note 5) | 0 | 65,235 | |
Receipt of holdback receivable funds (Note 13) | 6,719 | ||
Redemptions (purchase) of short-term investments | 47,747 | (44,100) | |
Acquisition of property and equipment | (2) | (186) | (197) |
Acquisition of intangible assets (Note 8) | (13,660) | (1,281) | |
Cash flows from investing activities | (7,240) | 34,283 | 19,657 |
Financing activities: | |||
Repurchase of common shares under substantial issuer bid (Note 14(b)) | (26,139) | ||
Repurchase of common shares under normal course issuer bid (Note 14(b)) | (522) | (4,145) | (3,021) |
Proceeds from exercise of stock options (Note 14(c)) | 20 | 363 | |
Repayment of lease liability | (244) | ||
Cash flows used in financing activities | (766) | (30,264) | (2,658) |
Foreign exchange (loss) gain on cash held in foreign currency | (3) | (552) | 1,138 |
(Decrease) increase in cash | (10,249) | (11,174) | 18,879 |
Cash and cash equivalents, beginning of period | 12,965 | 24,139 | 5,260 |
Cash and cash equivalents, end of period | $ 2,716 | $ 12,965 | $ 24,139 |
Reporting entity
Reporting entity | 12 Months Ended |
Dec. 31, 2020 | |
Nature Of Reporting Entity [Abstract] | |
Reporting entity | 1. Reporting entity Medicure Inc. (the “Company”) is a company domiciled and incorporated in Canada and as of October 24, 2011, its Common Shares are listed on the TSX Venture Exchange (“TSX-V”). TSX-V. 2-1250 The Company is a biopharmaceutical company engaged in the research, development and commercialization of human therapeutics. Through its subsidiary Medicure International, Inc., the Company has rights to the commercial product AGGRASTAT ® ® non-Q-wave In September 2019 the Company acquired ownership of ZYPITAMAG ® ® ® ® On December 17, 2020, the Company, through its subsidiary, Medicure Pharma Inc. acquired and began operating Marley Drug, Inc. (“Marley Drug”), a leading specialty pharmacy serving customers across the United States. The Company’s ongoing research and development activities include the continued development and further implementation of a new regulatory, brand and life cycle management strategy for AGGRASTAT ® |
Basis of preparation of financi
Basis of preparation of financial statements | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Basis Of Preparation Of Financial Statements Explanatory [Abstract] | |
Basis of preparation of financial statements | 2. Basis of preparation of financial statements (a) Statement of compliance These consolidated financial statements of the Company and its subsidiaries were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were authorized for issue by the Board of Directors on April 20, 2021. (b) Basis of presentation The consolidated financial statements have been prepared on the historical cost basis except for contingent consideration and the investment in Sensible Medical which are measured at fair value. On March 11, 2020, the COVID -19 COVID-19 (c) Functional and presentation currency The consolidated financial statements are presented in Canadian dollars, which is the Company’s functional currency. All financial information presented has been rounded to the nearest thousand dollar except where indicated otherwise. The Company has rounded comparative figures, which were previously presented as rounded to the nearest dollar, to the nearest thousand dollar to conform to current year presentation. Additionally, certain of the comparative figures have been reclassified to conform with the current year presentation, namely for the current year presentation selling expenses have been presented separately from general and administration expenses on the statements of net (loss) income and comprehensive (loss) income. (d) Use of estimates and judgments The preparation of these consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Areas where management has made critical judgments in the process of applying accounting policies and that have the most significant effect on the amounts recognized in the consolidated financial statements include the determination and allocation of the purchase price of Marley Drug and the determination of the Company’s and its subsidiaries’ functional currencies. Information about key assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year are included in the following notes to the consolidated financial statements for the year ended December 31, 2020: • Note 3(c)(iii): The valuation of the royalty obligation • Note 3(e): The accruals for returns, chargebacks, rebates and discounts • Note 3(i): The measurement and useful lives of intangible assets • Note 3(o): The measurement of the amount and assessment of the recoverability of income tax assets and income tax provisions • Note 3(q): The measurement and valuation of intangible assets and contingent consideration acquired and recorded as business combinations. • Note 3(r): The incremental borrowing rate (“IBR”) used in the valuation of leases. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant accounting policies | 3. Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, unless otherwise indicated. (a) Basis of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Company has power over the investee and when the Company is exposed, or has the rights, to variable returns from the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control and include wholly owned subsidiaries, Medicure International Inc., Medicure Pharma Inc., Medicure U.S.A. Inc., Medicure Mauritius Limited, Medicure Pharma Europe Limited and Apigen Investments Limited. Additionally, beginning on December 17, 2020, Marley Drug, Inc, became a subsidiary of Medicure Pharma Inc. and is consolidated with these financial statements. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany transactions and balances and unrealized gains and losses from intercompany transactions have been eliminated. (b) Foreign currency Items included in the financial statements of each of the Company’s consolidated subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (the functional currency). The consolidated financial statements are presented in Canadian dollars, which is the Company’s functional and presentation currency. Foreign currency transactions are translated into the respective functional currencies of the Company and its subsidiaries using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end Non-monetary Non-monetary The results and financial position of the Company’s foreign operations that have a functional currency different from the Company’s functional and presentation currency are translated into Canadian dollars as follows: (i) (ii) (iii) When a foreign operation is disposed of, the component of other comprehensive income relating to that particular foreign operation is recognized in the consolidated statements of net income and comprehensive income, as part of the gain or loss on sale where applicable. (c) Financial instruments (i) Financial Assets Initial recognition and measurement Upon recognition of a financial asset, classification is made based on the business model for managing the asset and the asset’s contractual cash flow characteristics. The financial asset is initially recognized at its fair value and subsequently classified and measured as (i) amortized cost; (ii) FVOCI; or (iii) FVTPL. Financial assets are classified as FVTPL if they have not been classified as measured at amortized cost or FVOCI. Upon initial recognition of an equity instrument that is not held-for-trading, Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: Financial assets measured at amortized cost A financial asset is subsequently measured at amortized cost, using the effective interest method and net of any impairment allowance, if the asset is held within a business whose objective is to hold assets in order to collect contractual cash flows; and the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest. Cash and cash equivalents, restricted cash, accounts receivable and other assets are classified within this category. Financial assets at FVTPL Financial assets measured at FVTPL are carried in the statement of financial position at fair value with changes in fair value therein recognized in the statement of net (loss) income. There are presently no assets classified within this category. Financial assets at FVOCI Financial assets measured at FVOCI are carried in the statement of financial position at fair value with changes in fair value therein recognized in the statement of comprehensive (loss) income. The Investment in Sensible Medical was designated within this category. (ii) Derecognition A financial asset or, where applicable a part of a financial asset or part of a group of similar financial assets is derecognized when the contractual rights to receive cash flows from the asset have expired; or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. (iii) Financial liabilities Initial recognition and measurement The Company recognizes a financial liability on the trade date in which it becomes a party to the contractual provisions of the instrument at fair value plus any directly attributable costs. Financial liabilities are subsequently measured at amortized cost or FVTPL, and are not subsequently reclassified. The Company’s financial liabilities are accounts payable and accrued liabilities, royalty obligation, acquisition payable and holdback which are recognized on an amortized cost basis. Financial liabilities measured at FVTPL include contingent consideration resulting from business combinations as defined by IFRS 9. The royalty obligation was recorded at its fair value at the date at which the liability was incurred and subsequently measured at amortized cost using the effective interest rate method at each reporting date. Estimating fair value for this liability required determining the most appropriate valuation model which was dependent on its underlying terms and conditions. This estimate also required determining expected revenue from AGGRASTAT ® The acquisition payable liabilities were recorded at its fair value at the date at which the liability was incurred and subsequently measured at amortized cost using the effective interest rate method at each reporting date. Estimating fair value for these liabilities required determining an appropriate discount rate. Contingent consideration resulting from a business combination are valued at fair value at the acquisition date as part of the business combination and subsequently fair valued as described in the business combination policy below. (iv) Offsetting of financial instruments Financial assets and financial liabilities are offset, and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. (v) Fair value of financial instruments Fair value is determined based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is measured using the assumptions that market participants would use when pricing an asset or liability. Typically, fair value is determined by using quoted prices in active markets for identical or similar assets or liabilities. When quoted prices in active markets are not available, fair value is determined using valuation techniques that maximize the use of observable inputs. When observable valuation inputs are not available, significant judgement is required through determining the valuation technique to apply, the valuation techniques such as discounted cash flow analysis and selecting inputs. The use of alternative valuation techniques or valuation inputs may result in a different fair value. (vi) Transaction costs Transaction costs for all financial instruments measured at amortized cost, the transaction costs are included in the initial measurement of the financial asset or financial liability and are amortized using the effective interest rate method over a period that corresponds with the term of the financial instruments. Transaction costs for financial instruments classified as FVTPL are recognized as an expense in professional fees, in the period the cost was incurred. (vii) Embedded Derivatives For financial liabilities measured at amortized cost, under certain conditions, an embedded derivative must be separated from its host contract and accounted for as a derivative. An embedded derivative causes some or all of the cash flows that otherwise would be required by the contract to be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or other variable, provided in the case of a non-financial (d) Impairment of financial assets An “expected credit loss” impairment model applies to financial assets which requires a loss allowance to be recorded on financial assets measured at amortized cost based on their expected credit losses. An estimate is made to determine the present value of future cash flows associated with the asset, and if required, an impairment loss is recorded. The impairment loss reduces the carrying value of the impaired financial asset to the value of the estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate is recorded either directly or through the use of an allowance account and the resulting impairment loss is recorded in profit or loss. The Company considers a financial asset in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. For accounts receivable, the Company applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized. (e) Revenue from contracts with customers As of December 31, 2020, excluding Marley Drug, the Company has three commercially available products that generated revenue for the year ended December 31, 2020, AGGRASTAT ® ® Products ® ® During 2019, the Company sold ReDS TM TM Sales are made subject to certain discounts available for prompt payment, volume discounts, rebates or chargebacks. Revenue from these sales is recognized based on the price specified per the pricing terms of the sales invoices, net of the estimated discounts, rebates or chargebacks. Variable consideration is based on historical information, using the expected value method. Revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. A liability is included within accounts payable and accrued liabilities and is measured for expected payments that will be made to the customers for the discounts in which they are entitled. Sales do not contain an element of financing as sales are made with credit terms within the normal operating cycle of the date of the invoice, which is consistent with market practice. Through Marley Drug, the Company operates a retail pharmacy and mail order pharmacy business selling pharmaceuticals directly to end users being individual patients. Revenue for in store sales is recognized upon payment by the customer. This is the point where all performance obligations have been met in regards to the product sold. Revenue for mail order sales is recognized upon the shipment of the products to the customer, generally at the time the product is picked up from the Company’s premises by the carrier. This is the point where all performance obligations have been met in regards to the product sold. (f) Cash and cash equivalents The Company considers all liquid investments purchased with a maturity of three months or less at acquisition to be cash and cash equivalents, which are carried and classified at amortized cost. (g) Inventories Inventories consist of unfinished product (raw material in the form of API and packaging materials) and finished commercial product, which are available for sale either to wholesale, pharmacy and hospital customers or through Marley Drug direct to patients, and are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in first-out Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining selling prices. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. When the circumstances that previously caused inventories to be written down below cost no longer exist, or when there is clear evidence of an increase in selling prices, the amount of the write-down previously recorded is reversed. (h) Property and equipment (i) Recognition and measurement Items of property and equipment are measured at cost less accumulated amortization and accumulated impairment losses and reversals. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. The costs of the day-to-day (ii) Amortization Amortization is recognized in profit or loss over the estimated useful lives of each part of an item of property and equipment in a manner that most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: Asset Basis Rate Computers, pharmacy equipment, office equipment, furniture and fixtures Straight-line 20% to 25% Leasehold improvements Straight-line Term of lease ReDS ™ Straight-line 33% Right of use assets Straight-line Term of lease Amortization methods, useful lives and residual values are reviewed at each period end and adjusted if appropriate. (i) Intangible assets Intangible assets that are acquired separately are measured at cost less accumulated amortization and accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. Product licenses are amortized on a straight-line basis over the contractual term of the acquired license. Pharmacy licenses are amortized on a straight-line basis over their estimated useful life of approximately seven years. Patents and drug approvals are amortized on a straight-line straight-line straight-line Amortization on product licenses commences when the intangible asset is available for use, which would typically be in connection with the commercial launch of the associated product under the license. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses. The cost of servicing the Company’s patents and trademarks are expensed as incurred. The amortization method and amortization period of an intangible asset with a finite useful life are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates in the consolidated statements of net (loss) income and comprehensive (loss) income. (j) Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. No development costs have been capitalized to date. Research and development expenses include all direct and indirect operating expenses supporting the products in development. Clinical trial expenses are a component of the Company’s research and development costs. These expenses include fees paid to contract research organizations, clinical sites, and other organizations who conduct research and development activities on the Company’s behalf. The amount of clinical trial expenses recognized in a period related to clinical agreements are based on estimates of the work performed using an accrual basis of accounting. These estimates incorporate factors such as patient enrolment, services provided, contractual terms, and prior experience with similar contracts. (k) Government assistance Government assistance, in the form of grants or the Canada Emergency Wage Subsidy, are recognized at fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. Government assistance toward current expenses is recorded as a reduction of the related expenses in the period the expenses are incurred. Government assistance towards property and equipment is deducted from the cost of the related property and equipment. The benefits of investment tax credits for scientific research and experimental development expenditures (“SR&ED”) incurred directly by the Company are recognized in the period the qualifying expenditure is made, provided there is reasonable assurance of recoverability. SR&ED investment tax credits receivable are recorded at their net realizable value. (l) Impairment of non-financial The Company assesses at each reporting period whether there is an indication that a non-financial pre-tax For assets other than goodwill, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss had been recognized. Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill are not reversed in future periods. (m) Employee benefits (i) Short-term employee benefits Short-term (ii) Long-term employee benefits An accrual is recognized for benefits accruing to employees when it is probable that settlement will be required and it is capable of being measured reliably. Accruals recognized in respect of employee benefits which are not due to be settled within one year are measured at the present value of the estimated future cash outflows to be made by the Company in respect of services provided by employees up to the reporting date. As of December 31, 2020, the employee benefit accrual represents deferred compensation and is recorded within other long-term liabilities. (iii) Share-based payment transactions The grant date fair value of share-based non-market non-market share-based non-vesting share-based true-up Share-based equity-settled share-based share-based For share-based non-employees, Where the terms of an equity-settled transaction award are modified, the minimum expense recognized is the expense as if the terms had not been modified, if the original terms of the award are met. An additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it vested on the date of the cancellation and any expense not yet recognized for the award (being the total expense as calculated at the grant date) is recognized immediately. This includes any awards where vesting conditions within the control of either the Company or the employee are not met. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled award and new awards are treated as if they were a modification of the original awards. (n) Finance income and finance costs Finance costs comprise interest expense on borrowings which are recognized in net income and comprehensive income using the effective interest rate method, accretion on the royalty obligation, prepayment fees on the early repayment of long-term debt and amortization of deferred debt issue costs using the effective interest rate method, offset by any finance income which is comprised of interest income on funds invested and is recognized as it accrues in net income and comprehensive income, using the effective interest rate method. Foreign currency gains and losses are reported on a net basis. (o) Income taxes The Company and its subsidiaries are generally taxable under the statutes of their country of incorporation. Income tax expense comprises current and deferred taxes. Current taxes and deferred taxes are recognized in profit or loss except to the extent that they relate to a business combination, or items recognized directly in equity or in other comprehensive income. Current taxes are the expected tax receivable or payable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax receivable or payable in respect of previous years. The Company follows the liability method of accounting for deferred taxes. Under this method, deferred taxes are recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred taxes are not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred taxes are not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred taxes are measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the tax laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax assets and liabilities on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. The Company has provided for income taxes, including the impacts of tax legislation in various jurisdictions, in accordance with guidance issued by accounting regulatory bodies, the Canada Revenue Agency, the U.S. Internal Revenue Service, the Barbados Revenue Authority, the Mauritius Revenue Authority, as well as other state and local governments through the date of the issuance of these consolidated financial statements. Additional guidance and interpretations can be expected and such guidance, if any, could impact future results. While management continues to monitor these matters, the ultimate impact, if any, as a result of the application of any guidance issued in the future cannot be determined at this time. The Company and its subsidiaries file federal income tax returns in Canada, the United States, Barbados and other foreign jurisdictions, as well as various provinces and states in Canada and the United States, respectively. Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws and the amount and timing of future taxable income. Given the Company operates within a complex structure internationally, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to taxable income and expenses recorded. The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions are based on various factors, such as interpretations of tax regulations by each taxable entity and the responsible tax authority. The Company and its subsidiaries have open tax years, primarily from 2011 to 2020, with significant taxing jurisdictions, including Canada, the United States and Barbados. These open years contain certain matters that could be subject to differing interpretations of applicable tax laws and regulations and tax treaties, as they relate to the amount, timing or inclusion of revenues and expenses, or the sustainability of income tax positions of the Company and its subsidiaries. Certain of these tax years may remain open indefinitely. Such differences of interpretation may arise on a wide variety of issues, depending on the conditions prevailing in the respective company’s domicile. As the Company assesses the probability for litigation and subsequent cash outflow with respect to taxes as remote, no contingent liability has been recognized. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, would be recognized subsequently if information about facts and circumstances changed. The adjustment would either be treated as a reduction to goodwill if it occurred during the measurement period or in profit or loss, when it occurs subsequent to the measurement period. (p) Earnings per share The Company presents basic earnings per share (“EPS”) data for its common voting shares. Basic EPS is calculated by dividing the profit or loss attributable to common voting shareholders of the Company by the weighted average number of common voting shares outstanding during the period, adjusted for the Company’s own shares held. Diluted EPS is computed similar to basic EPS except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of stock options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and warrants were exercised and that the proceeds from such exercise were used to acquire common shares at the average market price during the reporting periods. (q) Business combinations and goodwill The Company adopted amendments to IFRS 3 with a date of application of January 1, 2020. The IASB issued amendments to the definition of a business in IFRS 3 to help entities determine whether an acquired set of activities and assets is a business or not. They clarify the minimum requirements for a business, remove the assessment of whether market participants are capable of replacing any missing elements, add guidance to help entities assess whether an acquired process is substantive, narrow the definitions of a business and of outputs, and introduce an optional fair value concentration test. The amendments are applied to transactions that are either business combinations or asset acquisitions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on January 1, 2020. Consequently, transactions that occurred in prior periods do not need to be reassessed. The Company’s adoption of the amendments to IFRS 3 did not have a significant impact on the Company’s consolidated financial statements for the year ended December 31, 2020. Business combinations are accounted for using the acquisition method. The consideration for an acquisition is measured at the fair values of the assets transferred, the liabilities assumed and the equity interests issued at the acquisition date. Transaction costs that are incurred in connection with a business combination, other than costs associated with the issuance of debt or equity securities, are expensed as incurred. Identified assets acquired and liabilities and contingent liabilities assumed are measured initially at fair values at the date of acquisition. On an acquisition-by-acquisition non-controlling non-controlling Contingent consideration is measured at fair value on acquisition date and is included as part of the consideration transferred. The fair value of the contingent consideration liability is remeasured at each reporting date with the corresponding gain or loss being recognized in profit or loss. Goodwill is initially measured at cost, being the excess of fair value of the cost of the business combinations over the Company’s share in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. Any negative difference is recognized directly in the consolidated statements of net income and comprehensive income. If the fair values of the assets, liabilities and contingent liabilities can only be calculated on a provisional basis, the business combination is recognized using provisional values. Any adjustments resulting from the completion of the measurement process are recognized within twelve months of the date of the acquisition. (r) Leases At inception of a contract, the Company must assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset over a period of time in exchange for consideration. The Company must assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all of the economic benefits from the use of the asset during the term of the contract and if it has the right to direct the use of the asset. As a lessee, the Company recognizes a right-of-use (i) Right-of-use The right-of-use right-of-use right-of-use re-measurements (ii) Lease liability A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date discounted by the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method. Lease payments included in the measurement of the lease liability comprise: fixed payments; variable lease payments that depend on an index or a rate; amounts expected to be payable under any residual value guarantee; the exercise price under any purchase option that the Company would be reasonably certain to exercise; lease p |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about business combination [abstract] | |
Business combinations | 4. Business combinations On December 17, 2020, the Company acquired 100% of issued and outstanding shares of Marley Drug, a leading specialty pharmacy serving more than 30,000 customers across the United States for cash consideration of $7,781, of which $1,374 was held back and is recorded on the statement of financial position of the Company as restricted cash with an offsetting liability recorded as a holdback payable to be released in connection with the forgiveness of Marley Drug’s loan under the Paycheck Protection Program (“PPP”) from the United States Small Business Administration (“SBA”) and general representations and warranties one year after the acquisition date. An additional $504 was recorded as a holdback payable and will become payable once all state licenses have effectively been transferred to the Company, net of 90-day adjustments to true-up cash and working capital targets for the transaction. As well, the purchase agreement included contingent consideration of additional payments to the seller based on the achievement of certain future performance targets of Marley Drug. The first contingent consideration (“One Year Payment”) is based on a one-year revenue target up to USD$1.7 million based on Marley Drugs’ historical revenues. The second contingent consideration (“Earn Out Payments”) is based on certain revenue milestone targets over a two-year period within Marley Drug. The contingent consideration period commences on the successful transfer of all licenses, unless it is triggered early by the seller. The One-Year Payment has been recorded within current portion of contingent consideration on the statement of financial position with an estimated fair value of $1,922. The Earn Out Payments have been recorded within contingent consideration on the statement of financial position with an estimated fair value of $51. The fair value of the contingent consideration was estimated using probability weighted scenarios and a discount rate of 12%. Prior to the acquisition, Marley Drug had obtained a PPP loan from the United States SBA totaling $353 which remained a liability as of the acquisition date. The PPP loan has been fair valued at zero at the acquisition date as the amount was expected to be forgiven in full. Subsequent to December 31, 2020, the PPP loan was forgiven and the restricted cash and holdback payable of $353 was released to the seller in the transaction. The following table summarizes the finalized fair values of the identifiable assets and liabilities as at the date of the acquisition: Net assets acquired Cash and cash equivalents $ 542 Restricted cash 20 Accounts receivable 104 Inventories 215 Prepaid expenses 22 Property and equipment, including right of use asset 664 Pharmacy licenses 1,183 Customer lists 4,860 Brand name 495 Goodwill 2,991 Other assets 131 Accounts payable and accrued liabilities (416 ) Current portion of lease obligation (98 ) Lease obligation (455 ) Net assets acquired $ 10,258 Summary of purchase consideration Net cash paid 6,407 Holdback payable 1,878 Contingent consideration 1,973 Purchase consideration $ 10,258 Transaction costs relating to the Marley Drug acquisition were $421 and were included in general and administrative expenses for the year ended December 31, 2020. From the date of acquisition to December 31, 2020, Marley Drug contributed to the 2020 results $340 of revenue and $7 of net income before income taxes. If the acquisition had taken place as at January 1, 2020, revenue in 2020 would have increased by $9.8 million and net income before income taxes in 2020 would have increased by approximately $1.2 million after considering the amortization of the intangible assets acquired in the transaction. |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other receivables [abstract] | |
Accounts receivable | 5. Accounts receivable As at December 31 2020 2019 Trade accounts receivable $ 5,097 $ 10,136 Other accounts receivable 156 80 $ 5,253 $ 10,216 As at December 31, 2020, there were three customers with amounts owing greater than 10% of the Company’s accounts receivable which totaled 95% in aggregate (Customer A – 38%, Customer B – 23%, Customer C – 34%). As at December 31, 2019, there were three customers with amounts owing greater than 10% of the Company’s accounts receivable which totaled 96% in aggregate (Customer A – 41%, Customer B – 28%, Customer C – 27%). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Inventories [Abstract] | |
Inventories | 6. Inventories As at December 31 2020 2019 Finished commercial product available-for-sale $ 4,032 $ 5,273 Finished retail pharmacy product available for sale 216 — Unfinished product and packaging materials 891 1,055 $ 5,139 $ 6,328 Inventories expensed as part of cost of goods sold during the year ended December 31, 2020 amounted to $3,355 (2019 – $3,585; 2018 – $3,862). During the year ended December 31, 2020, the Company wrote-off |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | 7. Property and equipment Cost Computers and equipment Leasehold improvements ReDS ™ units Right of use assets Total At December 31, 2018 $ 470 $ 168 $ — $ — $ 638 Impact of adoption of IFRS 16 (Note 11) — — — 677 677 Additions 50 2 134 685 871 Impairment — — (130 ) — (130 ) Effect of movements in exchange rates — — (4 ) — (4 ) At December 31, 2019 $ 520 $ 170 $ — $ 1,362 $ 2,052 Acquisition under business combinations (note 4) 117 0 0 547 664 Additions 2 0 0 0 2 Disposals (96 ) 0 0 0 (96 ) Effect of movements in exchange rates 0 0 0 (1 ) (1 ) At December 31, 2020 $ 543 $ 170 $ 0 $ 1,908 $ 2,621 Accumulated amortization and impairment losses Computer and office equipment Leasehold improvements ReDS ™ units Right of use assets Total At December 31, 2018 $ 212 $ 110 $ — $ — $ 322 Amortization 111 60 37 277 485 Impairment — — (35 ) — (35 ) Effect of movements in exchange rates — — (2 ) — (2 ) At December 31, 2019 $ 323 $ 170 $ — $ 277 $ 770 Amortization 88 — — 219 307 Disposals (96 ) — — — (96 ) At December 31, 2020 $ 315 $ 170 $ — $ 496 $ 981 Carrying amounts Computer and office equipment Leasehold improvements ReDS ™ units Right of use assets Total At December 31, 2019 $ 197 $ — $ — $ 1,085 $ 1,282 At December 31, 2020 $ 228 $ 0 $ 0 $ 1,412 $ 1,640 During the year ended December 31, 2020, amortization of property and equipment totaling $10 and $297 (2019 – $485 and nil; 2018 – $103 and nil) is within selling expenses and general and administration expenses, respectively, on the consolidated statements of net (loss) income and comprehensive (loss) income. During the year ended December 31, 2019, an impairment of property and equipment totaling $95 is included within general and administrative expenses on the consolidated statements of net (loss) income and comprehensive (loss) income pertaining to an impairment of ReDS TM TM |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible assets | 8. Intangible assets Cost Licenses Patents Brand Customer Total At December 31, 2018 $ 1,910 $ 15,484 $ 4,365 $ 770 $ 22,529 Additions (note 9) 7,038 8,930 — — 15,968 Impairment (6,959 ) — — — (6,959 ) Transfers within intangible assets (1,854 ) 1,457 — — (397 ) Effect of movements in exchange rates (135 ) (942 ) (209 ) (37 ) (1,323 ) At December 31, 2019 $ — $ 24,929 $ 4,156 $ 733 $ 29,818 Acquisition under business combinations (note 4) 1,183 0 495 4,860 6,538 Effect of movements in exchange rates (2 ) (491 ) (83 ) (22 ) (598 ) At December 31, 2020 $ 1,181 $ 24,438 $ 4,568 $ 5,571 $ 35,758 Accumulated amortization and impairment losses Licenses Patents Brand Customer Total At December 31, 2018 $ 205 $ 15,484 $ 4,365 $ 770 $ 20,824 Amortization 841 597 — — 1,438 Impairment (638 ) — — — (638 ) Transfers within intangible assets (397 ) — — — (397 ) Effect of movements in exchange rates (11 ) (751 ) (209 ) (37 ) (1,008 ) At December 31, 2019 $ — $ 15,330 $ 4,156 $ 733 $ 20,219 Amortization 7 2,428 2 29 2,466 Effect of movements in exchange rates 0 (426 ) (82 ) (15 ) (523 ) At December 31, 2020 $ 7 $ 17,332 $ 4,076 $ 747 $ 22,162 Carrying amounts Licenses Patents and Brand Customer Total At December 31, 2019 $ — $ 9,599 $ — $ — $ 9,599 At December 31, 2020 $ 1,174 $ 7,106 $ 492 $ 4,824 $ 13,596 In September 2019 the Company acquired ownership of ZYPITAMAG ® ® ® ® The Company had considered indicators of impairment as at December 31, 2020 and 2019. As at December 31, 2020 and with respect to the intangible asset related to ZYPITAMAG ® The Company recorded a write-down TM TM TM TM TM The Company did not record any write-down of intangible assets during the year ended December 31, 2018. As at December 31, 2020, intangible assets pertaining to AGGRASTAT ® For the year ended December 31, 2020, amortization of intangible assets totaling $2,428 (2019—$1,438 and 2018—$196) is recorded within cost of goods sold pertaining to the ZYPITAMAG ® |
Investment in Sensible Medical
Investment in Sensible Medical | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about investment property [abstract] | |
Disclosure of Investment in Sensible Medical | 9. Investment in Sensible Medical On January 24, 2019, the Company acquired a 9.36% equity interest (7.71% on a fully-diluted basis) in Sensible Medical Innovations Ltd. (“Sensible”), and concurrently entered into an exclusive marketing and distribution agreement with Sensible to market ReDS ™ On completion of the transaction, the Company recorded the initial fair value assigned to the investment in Sensible Medical at $6,337 with the remainder attributed to the rights associated with the distribution agreement accounted for within intangible assets and ReDS ™ ™ The Company made an irrevocable election at initial recognition to recognize changes in the fair value of the investment in Sensible Medial through other comprehensive income (loss), as this is a strategic investment, and the Company considers this classification to be more relevant. As noted above, the initial fair value assigned to the investment upon initial recognition was $6,337. During the year ended December 31, 2019, the Company recorded other comprehensive loss of $6,336 associated with the change in fair value of the investment in Sensible Medical. This resulted in a carrying value as at December 31, 2020 and 2019 of one dollar. The change in the fair value of the investment in Sensible Medical is as a result of uncertainties with ReDS TM The license was being amortized over the term of the license agreement which was equal to ten years. During the year ended December 31, 2019, amortization of $641 was recorded within cost of goods sold. The Company recorded a write-down TM TM On August 19, 2020, the Company announced the termination of the marketing and distribution agreement with Sensible for the marketing of the ReDS TM The exclusive marketing and distribution agreement with Sensible included a period of co-exclusivity, co-exclusivity |
Royalty obligation
Royalty obligation | 12 Months Ended |
Dec. 31, 2020 | |
Royalty Obligation [Abstract] | |
Royalty obligation | 10. Royalty obligation On July 18, 2011, the Company settled its then existing long-term ® ® one-time ® MC-1. MC-1 In accordance with the terms of the agreement, if the Company were to dispose of its AGGRASTAT ® The royalty obligation was recorded at its fair value at the date at which the liability was incurred and subsequently measured at amortized cost using the effective interest rate method at each reporting date. This resulted in a carrying value as at December 31, 2020 of $697 (2019 – $2,048) of which $362 (2019 – $872) represents the current portion of the royalty obligation. The net change in the royalty obligation for the year ended December 31, 2020 of a recovery of $953 (2019 – recovery of $316, 2018 – expense of $355) is recorded within finance (income) expense on the consolidated statements of net (loss) income and comprehensive (loss) income. Royalties for the year ended December 31, 2020 totaled $441 (2019 – $1,023; 2018 – $1,654) with payments made during the year ended December 31, 2020 of $326 (2019 – $1,355; 2018 – $1,539). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
Leases | 11. Leases Effective November 1, 2014, the Company entered into a sub-lease 18-month 18-month sub-lease 28-month In connection with the acquisition of Marley Drug, the Company acquired a lease obligation and corresponding right of use asset. The lease is for Marley Drug’s 3,280 square foot retail space. The original lease was signed in May of 2006 for a period of ten years with two, five-year extension periods. An addendum to the lease allowed for the first extension which was used starting April 1, 2017 with the second five-year extension available for an additional five years to April 2027. The current rate in the lease is $87 per annum. The discount rate used by the Company in calculating the lease obligation relating to the ROU asset is three percent. Minimum payments under the leases at December 31, 2020 are as follows: 2021 $ 327 2022 330 2023 331 2024 333 2025 136 2026 99 2027 33 $ 1,589 |
Government assistance
Government assistance | 12 Months Ended |
Dec. 31, 2020 | |
Government Assistance [Abstract] | |
Government assistance | 12. Government assistance During the year ended December 31, 2020, the Company recorded $860 (2019 – nil, 2018—nil) in government assistance resulting from the Canada Emergency Wage Subsidy. The funding has been recorded as a reduction of the related salary expenditures with $595, recorded within selling expenses, $159 recorded within general and administrative expenses and $106 recorded within research and development expenses for the year ended December 31, 2020. As at December 31, 2020, $85 of government assistance is recorded in accounts receivable (December 31, 2019—nil). |
Holdback receivable
Holdback receivable | 12 Months Ended |
Dec. 31, 2020 | |
Holdback Receivable [Abstract] | |
Holdback receivable | 13. Holdback receivable The Company had a holdback receivable of US$10 million, which originated on October 2, 2017 as a part of the Apicore Sale Transaction. The holdback receivable was initially recorded at its fair value of $11,941 and subsequently was measured at FVTPL. Additionally, the Company had an amount recorded as other long-term liability on the statement of financial position which was payable to the former President and Chief Executive Officer of Apicore upon receipt of the holdback receivable. On February 13, 2019, the Company received notice from the Buyer in the Apicore Sales Transaction of potential claims against the holdback receivable in respect of representations and warranties under the Apicore Sales Transaction, with the maximum exposure of the claims being the total holdback receivable. The Company proceeded diligently to investigate the potential claims and attempt to satisfactorily resolve them with a view to having the holdback receivable released. The Buyer did not make the required payments on the holdback receivable in February 2019 and April 2019. In consideration of the uncertainty associated with the potential claims asserted by the Buyer, the Company reduced the carrying value of the holdback receivable by $1,473 on the consolidated statement of financial position as at December 31, 2018. On December 5, 2019, the Company reached a settlement agreement with the Buyer in the Apicore Sales Transaction with respect to the amounts heldback under the Apicore Sales Transaction. A settlement agreement was reached under which the Company received US$5,100 (CDN$6,719) in relation to the holdback receivable. In connection with this settlement the amounts owing to former President and Chief Executive Officer of Apicore totaling US$880 (CDN$1,165) which were recorded within other long-term liabilities were settled by the Buyer. Immediately prior to the settlement, the Company reduced the carrying value on the statement of financial position of the holdback receivable by $3,623 to the net recoverable value from the negotiated settlement. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Capital Stock [Abstract] | |
Capital Stock | 14. Capital Stock (a) Authorized The Company has authorized share capital of an unlimited number of common voting shares, an unlimited number of Class A common shares and an unlimited number of preferred shares. The preferred shares may be issued in one or more series, and the directors may fix prior to each series issued, the designation, rights, privileges, restrictions and conditions attached to each series of preferred shares. (b) Shares issued and outstanding Shares issued and outstanding are as follows: Number of Amount Balance, December 31, 2018 15,547,812 $ 122,887 Shares issued upon exercise of stock options (13(c)) 8,001 37 Shares repurchased and cancelled under a normal course issuer bid (1) (751,800 ) (5,955 ) Shares repurchased and cancelled under a substantial issuer bid (2) (4,000,000 ) (31,605 ) Balance, December 31, 2019 10,804,013 $ 85,364 Shares repurchased and cancelled under a normal course issuer bid (1) (552,700 ) (4,447 ) Balance, December 31, 2020 10,251,313 $ 80,917 (1) On May 16, 2018, the Company announced that the TSX-V On May 30, 2019, the Company announced that the TSX-V On June 29, 2020, the Company announced that the TSX-V During the year ended December 31, 2020, the Company repurchased and cancelled 552,700 (2019 – 751,800), common shares as a result of the 2019 NCIB and 2020 NCIB. The aggregate price paid for these common shares totaled $522 (2019—$4,145). During the year ended December 31, 2020 the Company recorded $3,925 (2019—$1,810) directly in its deficit representing the difference between the aggregate price paid for these common shares and a reduction of the Company’s share capital totaling $4,447 (2019—$5,955). (2) On December 20, 2019, the Company completed a Substantial Issuer Bid (“SIB”) pursuant to which the Company purchased 4,000,000 of its common shares for cancellation at a set purchase price of $6.50 per common share for a total purchase price of $26,000 in cash. The Company incurred an additional $139 on transaction costs related to the SIB for a total aggregate purchase price paid of $26,139. During the year ended December 31, 2019, the Company recorded $5,466 directly in its deficit representing the difference between the aggregate price paid for these common shares and a reduction of the Company’s share capital totaling $31,605. (c) Stock option plan The Company has a stock option plan which is administered by the Board of Directors of the Company with stock options granted to directors, management, employees and consultants as a form of compensation. The number of common shares reserved for issuance of stock options is limited to a maximum of 2,934,403 common shares of the Company at any time. The stock options generally have a maximum term of between five and ten years and vest within a five-year period from the date of grant. Changes in the number of options outstanding during the year ended December 31, 2020 is as follows: Year ended December 31, 2020 Options Weighted average exercise price Balance, beginning of period 1,428,408 $ 3.67 Forfeited, cancelled or expired (101,450 ) (5.06 ) Balance, end of period 1,326,958 $ 3.57 Options exercisable, end of period 1,110,958 $ 3.12 Changes in the number of options outstanding during the years ended December 31, 2019 and 2018 are as follows: Year ended December 31 2019 2018 Options Weighted Options Weighted Balance, beginning of period 1,394,642 $ 3.91 1,602,127 $ 3.58 Granted 262,000 4.95 200,000 7.25 Exercised (8,001 ) (2.45 ) (206,885 ) (1.76 ) Forfeited, cancelled or expired (220,233 ) (6.75 ) (200,600 ) (6.85 ) Balance, end of period 1,428,408 $ 3.67 1,394,642 $ 3.91 Options exercisable, end of period 1,059,308 $ 2.88 1,044,892 $ 2.80 Options outstanding at December 31, 2020 consist of the following: Range of exercise prices Number Weighted Options outstanding Number $0.30 185,000 2.35 years $ 0.30 185,000 $0.31 - 536,933 1.29 years $ 1.59 536,933 $4.01 - 216,800 3.49 years $ 4.95 87,200 $5.01 - $7.30 388,225 1.77 years $ 7.09 301,825 $0.30 - 1,326,958 1.94 years $ 3.57 1,110,958 Compensation expense related to stock options granted during the year or from previous periods under the stock option plan for the year ended December 31, 2020 is $317 (2019 – $417; 2018 – $1,022). The compensation expense was determined based on the fair value of the options at the date of measurement using the Black-Scholes The compensation expense for the years ended December 31, 2020, 2019 and 2018 was determined based on the fair value of the options at the date of measurement using the Black-Scholes Years ended December 31: 2019 2018 Expected option life 4.4 years 4.4 years Risk free interest rate 1.40 % 1.92%-2.04 % Dividend yield nil nil Expected volatility 47.10 % 85.14%-93.72 % (d) Warrants On November 17, 2016 in connection with a term loan entered into to fund an acquisition, the Company issued 900,000 warrants to the lenders, exercisable for a 48-month pro-rata Changes in the number of warrants outstanding during the years ended December 31, 2020, 2019, and 2018 are as follows: Years ended December 31 2020 2019 2018 Warrants Weighted average exercise price Warrants Weighted Warrants Weighted Balance, beginning of period 900,000 $ 6.50 900,000 $ 6.50 900,000 $ 6.50 Expired (900,000 ) (6.50 ) — — — — Balance, end of period — — 900,000 $ 6.50 900,000 $ 6.50 Warrants exercisable, end of period — — 900,000 $ 6.50 900,000 $ 6.50 (e) Per share amounts The following table reflects the calculation of basic and diluted (loss) earnings per share for the years ended December 31, 2020, 2019 and 2018: Year ended December 31 2020 2019 2018 Basic net (loss) earnings $ (0.64 ) $ (1.32 ) $ 0.25 Diluted net (loss) earnings $ (0.64 ) $ (1.32 ) $ 0.24 The following table reflects the (loss) income used in the basic and diluted (loss) earnings per share computations for the years ended December 31, 2020, 2019 and 2018: Year ended December 31 2020 2019 2018 Net (loss) earnings $ (6,845 ) $ (19,786 ) $ 3,926 The following table reflects the share data used in the denominator of the basic and diluted (loss) earnings per share computations for the years ended December 31, 2020, 2019 and 2018: Year ended December 31 2020 2019 2018 Weighted average shares outstanding for basic (loss) earnings per share 10,686,041 14,998,540 15,791,396 Effects of dilution from: Stock options — — 772,267 Weighted average shares outstanding for diluted (loss) earnings per share 10,686,041 14,998,540 16,563,663 Effects of dilution from 1,326,958 stock options (2019 – 1,428,408, 2018 – 622,375) were excluded in the calculation of weighted average shares outstanding for diluted (loss) earnings per share for the year ended December 31, 2020 as they are anti-dilutive. Additionally, for the year ended December 31, 2019 and 2018, 900,000 warrants were excluded in the calculations of weighted average shares outstanding for diluted (loss) earnings per as they were anti-dilutive. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income taxes | 15. Income taxes The Company did not recognize any current income tax expense for the year ended December 31, 2020 (2019 – $22; 2018 – $678) and did not recognize any deferred income tax expense for the year ended December 31, 2020 (2019 – $123, 2018 – $219). As at December 31, 2020 and 2019, deferred tax assets have not been recognized with respect to the following table. The scientific research and experimental development deferred tax assets expire between 2025 and 2028. As at December 31 2020 2019 Deferred tax assets Scientific research and experimental development $ 3,358 $ 2,640 Non-capital losses 2,356 207 Other 595 1,781 Investment in Sensible — 855 Holdback receivable — 688 Total deferred tax assets $ 6,309 $ 6,171 The reconciliation of the Canadian statutory rate to the income tax rate applied to the net (loss) income for the years ended December 31, 2020, 2019 and 2018 to the income tax expense is as follows: Year ended December 31 2020 2019 2018 (Loss) Income for the year Canadian $ (519 ) $ (7,013 ) $ 3,440 Foreign (6,326 ) (12,628 ) 1,383 $ (6,845 ) $ (19,641 ) $ 4,823 Year ended December 31 2020 2019 2018 Canadian federal and provincial income taxes at 27% (2019 – 27%; 2018 – 27%) $ 1,848 $ 5,303 $ (1,302 ) Permanent differences and other items (159 ) (330 ) 26 Foreign tax rate in foreign jurisdictions (1,551 ) (1,308 ) 85 Change in unrecognized deferred tax assets (138 ) (3,810 ) 294 — $ (145 ) $ (897 ) The foreign tax rate differential is the difference between the Canadian federal and provincial statutory income tax rate and the tax rates in Barbados (2.50%), Mauritius (15.00%), Ireland (12.50%) and the United States (21.00%) that is applicable to income or losses incurred by the Company’s subsidiaries. At December 31, 2020, the Company has the following Canadian losses available for application in future years: 2037 $ 5,276 2040 2,666 $ 7,942 At December 31, 2020, the Company has the following Barbados losses available for application in future years: 2022 $ 1,249 2028 2,355 2029 4,842 $ 8,446 |
Finance income (expense)
Finance income (expense) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Finance Cost Income [Abstract] | |
Finance income (expense) | 16. Finance income (expense) During the years ended December 31, 2020, 2019 and 2018 the Company earned finance income (incurred finance expense) as follows: Year ended December 31 2020 2019 2018 Interest income $ 43 $ 886 $ 1,115 Remeasurement of royalty obligation 953 316 (355 ) Accretion of acquisition payable (155 ) (41 ) — Change in fair value of contingent consideration (6 ) — — Bank charges and other interest (21 ) (24 ) (25 ) Finance expense from lease obligation (49 ) (22 ) — Remeasurement of holdback receivable — — 326 $ 765 $ 1,115 $ 1,061 D Year ended December 31 2020 2019 2018 Interest received $ 43 $ 1,731 $ 279 Other interest, net and banking fees (21 ) (46 ) (24 ) $ 22 $ 1,685 $ 255 |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Commitment And Contingencies [Abstract] | |
Commitments and contingencies | 17. Commitments and contingencies (a) Commitments 2021 $ 1,649 2022 1,288 2023 191 2024 191 2025 — $ 3,319 The Company has entered into a manufacturing and supply agreement to purchase a minimum quantity of AGGRASTAT ® ® Subsequent to December 31, 2020 and effective January 1, 2021, the Company renewed its business and administration services agreement with GVI, as described in note 18(b), under which the Company is committed to pay $7 per month or $85 per year for a one-year Contracts with contract research organizations are payable over the terms of the associated agreements and clinical trials and timing of payments is largely dependent on various milestones being met, such as the number of patients recruited, number of monitoring visits conducted, the completion of certain data management activities, trial completion, and other trial related activities. On October 31, 2017, the Company acquired an exclusive license to sell and market PREXXARTAN ® ® ® In December 2017, the Company acquired an exclusive license to sell and market a branded cardiovascular drug, ZYPITAMAG ® ® ® (b) Guarantees The Company periodically enters into research agreements with third parties that include indemnification provisions customary in the industry. These guarantees generally require the Company to compensate the other party for certain damages and costs incurred as a result of claims arising from research and development activities undertaken on behalf of the Company. In some cases, the maximum potential amount of future payments that could be required under these indemnification provisions could be unlimited. These indemnification provisions generally survive termination of the underlying agreement. The nature of the indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay. Historically, the Company has not made any indemnification payments under such agreements and no amount has been accrued in the consolidated financial statements with respect to these indemnification obligations. (c) Royalties As a part of the Birmingham debt settlement described in note 12, beginning on July 18, 2011, the Company is obligated to pay a royalty to Birmingham based on future commercial AGGRASTAT ® ® one-time ® MC-1. MC-1 Beginning with the acquisition of ZYPITAMAG ® ® ® The Company is obligated to pay royalties on any future commercial net sales of PREXXARTAN ® ® (d) Contingencies In the normal course of business, the Company may from time to time be subject to various claims or possible claims. Although management currently believes there are no claims or possible claims that if resolved would either individually or collectively result in a material adverse impact on the Company’s financial position, results of operations, or cash flows, these matters are inherently uncertain and management’s view of these matters may change in the future. During 2018, the Company was named in a civil claim in Florida from the third-party manufacturer of PREXXARTAN ® ® On September 10, 2015, the Company submitted a supplemental New Drug Application (“sNDA”) to the FDA to expand the label for AGGRASTAT ® During 2015, the Company began a development project of a cardiovascular generic drug in collaboration with Apicore. The Company has entered into a supply and development agreement under which the Company holds all commercial rights to the drug. In connection with this project, the Company is obligated to pay Apicore 50% of net profit from the sale of this drug. On August 13, 2018, the Company announced that the FDA has approved its ANDA for SNP, a generic intravenous cardiovascular product and the product became available commercially during the third quarter of 2019. To date, no amounts are due and/or payable pertaining to profit sharing on this product. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Related party transactions | 18. Related party transactions (a) Key management personnel compensation Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. The Board of Directors, President and Chief Executive Officer and Chief Financial Officer are key management personnel for all periods. Beginning on July 1, 2019, the Company appointed a new President and Chief Operating Officer who was considered key management personnel beginning with this appointment. The then existing President retained the title of Chief Executive Officer and remains included in key management personnel for all periods. The Vice-President, Commercial Operations was considered key management personnel beginning on January 8, 2018 until the dissolution of his employment on June 30, 2019. In addition to their salaries, the Company also provides non-cash Year ended December 31 2020 2019 2018 Salaries, fees and short-term benefits $ 771 $ 781 $ 770 Share-based payments 230 208 669 $ 1,001 $ 989 $ 1,439 As at December 31, 2020, the Company had $14 owing to members of the Company’s Board of Directors (2019 – nil, 2018 – $5) recorded within accounts payable and accrued liabilities relating to amounts payable to the members of the Company’s Board of Directors for services provided. (b) Transactions with related parties Directors and key management personnel control 25% of the voting shares of the Company as at December 31, 2020 (2019 – 23%). During the year ended December 31, 2020 the Company paid GVI, a company controlled by the Chief Executive Officer, a total of $85 (2019 – $85; 2018 – $85) for business administration services, $238 (2019 – $295; 2018 – $228) in rental costs and $37 (2019 – $47; 2018 – $47) for information technology support services. As described in note 17(a), the business administration services summarized above are provided to the Company through a consulting agreement with GVI. Clinical research services are provided through a consulting agreement with GVI Clinical Development Solutions Inc. (“GVI CDS”), a company controlled by the Chief Executive Officer. Pharmacovigilance and safety, regulatory support, quality control and clinical support are provided to the Company through the GVI CDS agreement. During the year ended December 31, 2020, the Company paid GVI CDS $202 (2019 – $406; 2018 – $858) for clinical research services. Research and development services are provided through a consulting agreement with CanAm Bioresearch Inc. (“CanAm”), a company controlled by a close family member of the President and Chief Executive Officer. During the year ended December 31, 2020, the Company paid CanAm $7 (2019 – $133; 2018 – $393) for research and development services. These transactions have been measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. As at December 31, 2020, included in accounts payable and accrued liabilities is $56 (2019 – $95) payable to GVI, $99 (2019 – $56) payable to GVI CDS, and $7 (2019 – nil) payable to CanAm. These amounts are unsecured, payable on demand and non-interest Effective July 18, 2016, the Company renewed its consulting agreement with its Chief Executive Officer, through A.D. Friesen Enterprises Ltd., a company owned by the Chief Executive Officer, for a term of five years, at a rate of $300 annually, increasing to $315 annually, effective January 1, 2017 and increasing to $331 annually, effective January 1, 2019. The Company may terminate this agreement at any time upon 120 days’ written notice. There were not any amounts payable to A.D. Friesen Enterprises Ltd. as a result of this consulting agreement as at December 31, 2020 or 2019. Any amounts payable to A.D. Friesen Enterprises Ltd. are unsecured, payable on demand and non-interest Effective January 1, 2018, the Company renewed its consulting agreement with its Chief Financial Officer, through JFK Enterprises Ltd., a company owned by the Chief Financial Officer of the Company, for a one-year non-interest |
Expenses by nature
Expenses by nature | 12 Months Ended |
Dec. 31, 2020 | |
Expenses by nature [abstract] | |
Expenses by nature | 19. Expenses by nature Expenses incurred for the years ended December 31, 2020, 2019 and 2018 are as follows: Year ended December 31 2020 2019 2018 Personnel expenses Salaries, fees and short-term benefits $ 3 , $ 6,394 $ 7,696 Share-based 317 417 1,022 3,515 6,811 8,718 Depreciation, amortization and impairment 2,772 2,017 299 Research and development 1,996 2,887 5,306 Manufacturing 943 752 765 Inventory material costs 3,355 3,851 3,862 Write-down of inventory 682 1,983 95 Medical affairs 161 718 1,026 Administration 398 821 1,505 Selling and logistics 2,975 6,997 8,019 Professional fees 2,920 1,578 740 $ 19,717 $ 28,415 $ 30,335 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments | 20. Financial instruments (a) Financial assets and liabilities Set out below is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments as at December 31, 2020 and 2019: As at December 31 2020 2019 Carrying amount Fair value Carrying Fair Financial assets Financial assets measured at amortized cost Cash and cash equivalents $ 2,716 $ 2,716 $ 12,965 $ 12,965 Restricted cash 1,394 1,394 — — Accounts receivable 5,253 5,253 10,216 10,216 Other assets 156 156 39 39 Financial assets measured at FVTPL Investment in Sensible Medical — — — — Financial liabilities Financial liabilities measured at amortized cost: Accounts payable and accrued liabilities $ 6,979 $ 6,979 $ 9,384 $ 9,384 Current portion of royalty obligation 362 362 872 872 Current portion of acquisition payable 2,613 2,613 649 649 Holdback payable 1,523 1,523 — — Current portion of lease obligation 367 367 240 240 Royalty obligation 336 335 1,176 1,176 Acquisition payable 1,132 1,132 1,655 1,655 Lease obligation 1,080 1,080 849 849 Financial liabilities measured at FVTPL Current portion of contingent consideration 1,925 1,925 — — Contingent consideration 51 51 — — The Company has determined the estimated fair values of its financial instruments based on appropriate valuation methodologies. The carrying values of current monetary assets and liabilities approximate their fair values due to their relatively short periods to maturity. The royalty obligation, and acquisition payable are carried at amortized cost. The investment in Sensible Medical is carried at FVOCI. During the year ended December 31, 2019, the Company recorded other comprehensive loss of $6,336 associated with the change in fair value of the investment in Sensible Medical. This resulted in a carrying value as at December 31, 2020 and 2019 of one dollar. IFRS 13, Fair Value Measurement • 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. The fair value hierarchy of the following financial assets and liabilities on the consolidated statements of financial position as at December 31, 2020 is as follows: Level 1 Level 2 Level 3 Financial assets Investment in Sensible Medical — — — Financial liabilities Current portion of royalty obligation — — $ 362 Current portion of acquisition payable — — 637 Current portion of contingent consideration — — 1,925 Royalty obligation — — 335 Acquisition payable — — 1,132 Contingent consideration — — 51 The fair value hierarchy of the following financial assets and liabilities on the consolidated statements of financial position as at December 31, 2019 is as follows: Level 1 Level 2 Level 3 Financial assets Investment in Sensible Medical $ — $ — $ — Financial liabilities Current portion of royalty obligation $ — $ — $ 872 Current portion of acquisition payable — — 649 Royalty obligation — — 1,176 Acquisition payable — — 1,655 Investment in Sensible Medical: Royalty obligation: ® ® Acquisition payable: The acquisition payable liability pertaining to the ZYPITAMAG ® Contingent consideration: For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. During the years ended December 31, 2020, 2019 and 2018 there were no transfers between Level 1 and Level 2 fair value measurements. (b) Risks arising from financial instruments and risk management The Company’s activities expose it to a variety of financial risks; market risk (including foreign exchange and interest rate risks), credit risk and liquidity risk. Risk management is the responsibility of the Company, which identifies, evaluates and, where appropriate, mitigates financial risks. (i) Market risk (a) The Company is exposed to U.S. dollar currency risk through the following U.S. denominated financial assets and liabilities: As at December 31 (Expressed in U.S. Dollars) 2020 2019 Cash $ 1,758 $ 9,518 Restricted cash 1,095 — Accounts receivable 4,032 7,817 Other assets 123 30 Accounts payable and accrued liabilities (4,698 ) (6,714 ) Current portion of royalty obligation (284 ) (671 ) Current portion of acquisition payable (500 ) (500 ) Holdback payable (1,473 ) — Current portion of contingent consideration (1,512 ) — Income taxes payable (129 ) (398 ) Current portion of lease obligation (77 ) — Royalty obligation (263 ) (906 ) Acquisition payable (889 ) (1,275 ) Contingent consideration (40 ) — Lease obligation (354 ) — $ (3,211 ) $ 6,901 Based on the above net exposures as at December 31, 2020, assuming that all other variables remain constant, a 5% appreciation or deterioration of the Canadian dollar against the U.S. dollar would result in a corresponding increase or decrease, respectively on the Company’s net income of approximately $205 (2019 – $448). The Company is also exposed to currency risk on the Euro, however management estimates such risk relating to an appreciation or deterioration of the Canadian dollar against the Euro would have limited impact on the operations of the Company. (i) Market risk (continued) (b) (ii) Credit risk C The Company limits its exposure to credit risk on cash by placing these financial instruments with high-credit The Company is subject to a concentration of credit risk related to its accounts receivable as 95% of the balance of amounts owing are from three customers. The Company has historically had low impairment in regards to its accounts receivable. As at December 31, 2020, none of the outstanding accounts receivable were outside of the normal payment terms and the Company did not record any bad debt expenses (2019 – nil; 2018 – nil). As at December 31, 2020 and 2019, the expected credit lifetime credit losses for accounts receivable aged as current were nominal amounts. The Company considers a financial asset in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. (iii) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages its liquidity risk by continuously monitoring forecasted and actual cash flows, as well as anticipated investing and financing activities and to ensure that it will have sufficient liquidity to meet its liabilities and commitments when due and to fund future operations. The majority of the Company’s accounts payable and accrued liabilities are due within the current operating period. (c) Capital management The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to continue the business of the Company. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share and warrant issuances, granting of stock options, the issuance of debt or by undertaking other activities as deemed appropriate under the specific circumstance. The Board of Directors does not establish a quantitative return on capital criteria for management, but rather relies on the expertise of the Company’s management to sustain future development of the business. The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern and to provide capital to pursue the development and commercialization of its products. In the management of capital, the Company includes cash, long-term At the current stage of the Company’s development, in order to maximize its current business activities, the Company does not pay out dividends. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company’s overall strategy with respect to capital risk management remains unchanged for the year ended December 31, 2020. |
Determination of fair values
Determination of fair values | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Fair Value Measurement Explanatory [Abstract] | |
Determination of fair values | 21. Determination of fair values A number of the Company’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial (a) Intangible assets The fair value of intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets. (b) Investment in Sensible Medical The investment in Sensible Medical is the fair value associated with the Company’s equity investment in Sensible Medical and is classified as FVOCI. The change in the Investment in Sensible Medical is recorded through other comprehensive (loss) income in the consolidated statement of net (loss) income and comprehensive (loss) income. The investment in Sensible Medical was recorded at fair value at the date at which it was acquired and subsequently revalued at each reporting date. Estimating fair value for this asset requires determining the most appropriate valuation model and determining the most appropriate inputs to the valuation model, including publicly traded companies similar to Sensible Medical to use as a proxy in the valuation model, a discount rate for lack of marketability of the investment and estimated costs to dispose of the investment. (c) Share-based payment transactions The fair value of the employee share options is measured using the Black-Scholes risk-free non-market (d) Royalty obligation The royalty obligation is recorded at its fair value at the date at which the liability was incurred and subsequently measured at amortized cost using the effective interest rate method at each reporting date. Estimating fair value for this liability requires determining the most appropriate valuation model which is dependent on its underlying terms and conditions. This estimate also requires determining expected revenue from AGGRASTAT ® (e) Acquisition payable The acquisition payable liabilities are recorded at its fair value at the date at which the liability was incurred and subsequently measured at amortized cost using the effective interest rate method at each reporting date. Estimating fair value for this liability requires determining the most appropriate valuation model which is dependent on its underlying terms and conditions. This estimate also requires determining an appropriate discount rate and making assumptions about it. (f) Contingent consideration Contingent consideration is recorded at its fair value at the date at which the liability was incurred and subsequently measured at fair value at each reporting date. Estimating fair value for this liability requires determining the most appropriate valuation model which is dependent on its underlying terms and conditions. This estimate also requires determining expected revenue from Marley Drug and the probabilities surrounding those revenues as well as an appropriate discount rate. |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Segmented information | 22. Segmented information The Company operated under one segment, the marketing and distribution of commercial products until the acquisition of Marley Drug on December 17, 2020 as described in note 6. After December 17, 2020, the Company operated under two segments, the marketing and distribution of commercial products and the operation of a retail and mail order pharmacy. Revenue generated from external customers for the years ended December 31, 2020, 2019 and 2018 was 100% from sales to customers in the United States. During the year ended December 31, 2020, 100% of total revenue from the marketing and distribution of commercial products was generated from fourteen customers. Customer A accounted for 37%, Customer B accounted for 25%, Customer C accounted for 34% and the remaining ten customers accounted for approximately 4% of revenue. During the year ended December 31, 2019, 100% of total revenue from the marketing and distribution of commercial products was generated from thirteen customers. Customer A accounted for 38%, Customer B accounted for 28%, Customer C accounted for 28% and the remaining ten customers accounted for approximately 6% of revenue. During the year ended December 31, 2018, 100% of total revenue from the marketing and distribution of commercial products was generated from eight customers. Customer A accounted for 33%, Customer B accounted for 28%, Customer C accounted for 33% and Customer D accounted for 6% and the remaining five customers accounted for less than 1% of revenue. The Company’s property and equipment, intangible assets and goodwill are located in the following countries: As at December 31 2020 2019 Canada $ 986 $ 1,282 United States 10,131 — Barbados 7,105 9,599 $ 18,222 $ 10,881 Following the acquisition of Marley Drug, the financial measures reviewed by the Company’s chief operating decision maker are presented separately for the year ended December 31, 2020: Marketing and Retail and Mail Total Revenue $ 11,270 $ 340 $ 11,610 Operating expenses (19,386 ) (331 ) (19,717 ) Finance income (expense), net 767 (2 ) 765 Foreign exchange gain, net 497 — 497 Net loss before income taxes $ (6,852 ) $ 7 $ (6,845 ) |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of consolidation | (a) Basis of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Company has power over the investee and when the Company is exposed, or has the rights, to variable returns from the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control and include wholly owned subsidiaries, Medicure International Inc., Medicure Pharma Inc., Medicure U.S.A. Inc., Medicure Mauritius Limited, Medicure Pharma Europe Limited and Apigen Investments Limited. Additionally, beginning on December 17, 2020, Marley Drug, Inc, became a subsidiary of Medicure Pharma Inc. and is consolidated with these financial statements. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany transactions and balances and unrealized gains and losses from intercompany transactions have been eliminated. |
Foreign currency | (b) Foreign currency Items included in the financial statements of each of the Company’s consolidated subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (the functional currency). The consolidated financial statements are presented in Canadian dollars, which is the Company’s functional and presentation currency. Foreign currency transactions are translated into the respective functional currencies of the Company and its subsidiaries using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end Non-monetary Non-monetary The results and financial position of the Company’s foreign operations that have a functional currency different from the Company’s functional and presentation currency are translated into Canadian dollars as follows: (i) (ii) (iii) When a foreign operation is disposed of, the component of other comprehensive income relating to that particular foreign operation is recognized in the consolidated statements of net income and comprehensive income, as part of the gain or loss on sale where applicable. |
Financial instruments | (c) Financial instruments (i) Financial Assets Initial recognition and measurement Upon recognition of a financial asset, classification is made based on the business model for managing the asset and the asset’s contractual cash flow characteristics. The financial asset is initially recognized at its fair value and subsequently classified and measured as (i) amortized cost; (ii) FVOCI; or (iii) FVTPL. Financial assets are classified as FVTPL if they have not been classified as measured at amortized cost or FVOCI. Upon initial recognition of an equity instrument that is not held-for-trading, Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: Financial assets measured at amortized cost A financial asset is subsequently measured at amortized cost, using the effective interest method and net of any impairment allowance, if the asset is held within a business whose objective is to hold assets in order to collect contractual cash flows; and the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest. Cash and cash equivalents, restricted cash, accounts receivable and other assets are classified within this category. Financial assets at FVTPL Financial assets measured at FVTPL are carried in the statement of financial position at fair value with changes in fair value therein recognized in the statement of net (loss) income. There are presently no assets classified within this category. Financial assets at FVOCI Financial assets measured at FVOCI are carried in the statement of financial position at fair value with changes in fair value therein recognized in the statement of comprehensive (loss) income. The Investment in Sensible Medical was designated within this category. (ii) Derecognition A financial asset or, where applicable a part of a financial asset or part of a group of similar financial assets is derecognized when the contractual rights to receive cash flows from the asset have expired; or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. (iii) Financial liabilities Initial recognition and measurement The Company recognizes a financial liability on the trade date in which it becomes a party to the contractual provisions of the instrument at fair value plus any directly attributable costs. Financial liabilities are subsequently measured at amortized cost or FVTPL, and are not subsequently reclassified. The Company’s financial liabilities are accounts payable and accrued liabilities, royalty obligation, acquisition payable and holdback which are recognized on an amortized cost basis. Financial liabilities measured at FVTPL include contingent consideration resulting from business combinations as defined by IFRS 9. The royalty obligation was recorded at its fair value at the date at which the liability was incurred and subsequently measured at amortized cost using the effective interest rate method at each reporting date. Estimating fair value for this liability required determining the most appropriate valuation model which was dependent on its underlying terms and conditions. This estimate also required determining expected revenue from AGGRASTAT ® The acquisition payable liabilities were recorded at its fair value at the date at which the liability was incurred and subsequently measured at amortized cost using the effective interest rate method at each reporting date. Estimating fair value for these liabilities required determining an appropriate discount rate. Contingent consideration resulting from a business combination are valued at fair value at the acquisition date as part of the business combination and subsequently fair valued as described in the business combination policy below. (iv) Offsetting of financial instruments Financial assets and financial liabilities are offset, and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. (v) Fair value of financial instruments Fair value is determined based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is measured using the assumptions that market participants would use when pricing an asset or liability. Typically, fair value is determined by using quoted prices in active markets for identical or similar assets or liabilities. When quoted prices in active markets are not available, fair value is determined using valuation techniques that maximize the use of observable inputs. When observable valuation inputs are not available, significant judgement is required through determining the valuation technique to apply, the valuation techniques such as discounted cash flow analysis and selecting inputs. The use of alternative valuation techniques or valuation inputs may result in a different fair value. (vi) Transaction costs Transaction costs for all financial instruments measured at amortized cost, the transaction costs are included in the initial measurement of the financial asset or financial liability and are amortized using the effective interest rate method over a period that corresponds with the term of the financial instruments. Transaction costs for financial instruments classified as FVTPL are recognized as an expense in professional fees, in the period the cost was incurred. (vii) Embedded Derivatives For financial liabilities measured at amortized cost, under certain conditions, an embedded derivative must be separated from its host contract and accounted for as a derivative. An embedded derivative causes some or all of the cash flows that otherwise would be required by the contract to be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or other variable, provided in the case of a non-financial |
Impairment of financial assets | (d) Impairment of financial assets An “expected credit loss” impairment model applies to financial assets which requires a loss allowance to be recorded on financial assets measured at amortized cost based on their expected credit losses. An estimate is made to determine the present value of future cash flows associated with the asset, and if required, an impairment loss is recorded. The impairment loss reduces the carrying value of the impaired financial asset to the value of the estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate is recorded either directly or through the use of an allowance account and the resulting impairment loss is recorded in profit or loss. The Company considers a financial asset in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. For accounts receivable, the Company applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized. |
Revenue from contracts with customers | (e) Revenue from contracts with customers As of December 31, 2020, excluding Marley Drug, the Company has three commercially available products that generated revenue for the year ended December 31, 2020, AGGRASTAT ® ® Products ® ® During 2019, the Company sold ReDS TM TM Sales are made subject to certain discounts available for prompt payment, volume discounts, rebates or chargebacks. Revenue from these sales is recognized based on the price specified per the pricing terms of the sales invoices, net of the estimated discounts, rebates or chargebacks. Variable consideration is based on historical information, using the expected value method. Revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. A liability is included within accounts payable and accrued liabilities and is measured for expected payments that will be made to the customers for the discounts in which they are entitled. Sales do not contain an element of financing as sales are made with credit terms within the normal operating cycle of the date of the invoice, which is consistent with market practice. Through Marley Drug, the Company operates a retail pharmacy and mail order pharmacy business selling pharmaceuticals directly to end users being individual patients. Revenue for in store sales is recognized upon payment by the customer. This is the point where all performance obligations have been met in regards to the product sold. Revenue for mail order sales is recognized upon the shipment of the products to the customer, generally at the time the product is picked up from the Company’s premises by the carrier. This is the point where all performance obligations have been met in regards to the product sold. |
Cash and cash equivalents | (f) Cash and cash equivalents The Company considers all liquid investments purchased with a maturity of three months or less at acquisition to be cash and cash equivalents, which are carried and classified at amortized cost. |
Inventories | (g) Inventories Inventories consist of unfinished product (raw material in the form of API and packaging materials) and finished commercial product, which are available for sale either to wholesale, pharmacy and hospital customers or through Marley Drug direct to patients, and are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in first-out Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining selling prices. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. When the circumstances that previously caused inventories to be written down below cost no longer exist, or when there is clear evidence of an increase in selling prices, the amount of the write-down previously recorded is reversed. |
Property and equipment | (h) Property and equipment (i) Recognition and measurement Items of property and equipment are measured at cost less accumulated amortization and accumulated impairment losses and reversals. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. The costs of the day-to-day (ii) Amortization Amortization is recognized in profit or loss over the estimated useful lives of each part of an item of property and equipment in a manner that most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: Asset Basis Rate Computers, pharmacy equipment, office equipment, furniture and fixtures Straight-line 20% to 25% Leasehold improvements Straight-line Term of lease ReDS ™ Straight-line 33% Right of use assets Straight-line Term of lease Amortization methods, useful lives and residual values are reviewed at each period end and adjusted if appropriate. |
Intangible assets | (i) Intangible assets Intangible assets that are acquired separately are measured at cost less accumulated amortization and accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. Product licenses are amortized on a straight-line basis over the contractual term of the acquired license. Pharmacy licenses are amortized on a straight-line basis over their estimated useful life of approximately seven years. Patents and drug approvals are amortized on a straight-line straight-line straight-line Amortization on product licenses commences when the intangible asset is available for use, which would typically be in connection with the commercial launch of the associated product under the license. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses. The cost of servicing the Company’s patents and trademarks are expensed as incurred. The amortization method and amortization period of an intangible asset with a finite useful life are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates in the consolidated statements of net (loss) income and comprehensive (loss) income. |
Research and development | (j) Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. No development costs have been capitalized to date. Research and development expenses include all direct and indirect operating expenses supporting the products in development. Clinical trial expenses are a component of the Company’s research and development costs. These expenses include fees paid to contract research organizations, clinical sites, and other organizations who conduct research and development activities on the Company’s behalf. The amount of clinical trial expenses recognized in a period related to clinical agreements are based on estimates of the work performed using an accrual basis of accounting. These estimates incorporate factors such as patient enrolment, services provided, contractual terms, and prior experience with similar contracts. |
Government assistance | (k) Government assistance Government assistance, in the form of grants or the Canada Emergency Wage Subsidy, are recognized at fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. Government assistance toward current expenses is recorded as a reduction of the related expenses in the period the expenses are incurred. Government assistance towards property and equipment is deducted from the cost of the related property and equipment. The benefits of investment tax credits for scientific research and experimental development expenditures (“SR&ED”) incurred directly by the Company are recognized in the period the qualifying expenditure is made, provided there is reasonable assurance of recoverability. SR&ED investment tax credits receivable are recorded at their net realizable value. |
Impairment of non-financial assets | (l) Impairment of non-financial The Company assesses at each reporting period whether there is an indication that a non-financial pre-tax For assets other than goodwill, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss had been recognized. Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill are not reversed in future periods. |
Employee benefits | (m) Employee benefits (i) Short-term employee benefits Short-term (ii) Long-term employee benefits An accrual is recognized for benefits accruing to employees when it is probable that settlement will be required and it is capable of being measured reliably. Accruals recognized in respect of employee benefits which are not due to be settled within one year are measured at the present value of the estimated future cash outflows to be made by the Company in respect of services provided by employees up to the reporting date. As of December 31, 2020, the employee benefit accrual represents deferred compensation and is recorded within other long-term liabilities. (iii) Share-based payment transactions The grant date fair value of share-based non-market non-market share-based non-vesting share-based true-up Share-based equity-settled share-based share-based For share-based non-employees, Where the terms of an equity-settled transaction award are modified, the minimum expense recognized is the expense as if the terms had not been modified, if the original terms of the award are met. An additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it vested on the date of the cancellation and any expense not yet recognized for the award (being the total expense as calculated at the grant date) is recognized immediately. This includes any awards where vesting conditions within the control of either the Company or the employee are not met. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled award and new awards are treated as if they were a modification of the original awards. |
Finance income and finance costs | (n) Finance income and finance costs Finance costs comprise interest expense on borrowings which are recognized in net income and comprehensive income using the effective interest rate method, accretion on the royalty obligation, prepayment fees on the early repayment of long-term debt and amortization of deferred debt issue costs using the effective interest rate method, offset by any finance income which is comprised of interest income on funds invested and is recognized as it accrues in net income and comprehensive income, using the effective interest rate method. Foreign currency gains and losses are reported on a net basis. |
Income taxes | (a) Basis of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Company has power over the investee and when the Company is exposed, or has the rights, to variable returns from the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control and include wholly owned subsidiaries, Medicure International Inc., Medicure Pharma Inc., Medicure U.S.A. Inc., Medicure Mauritius Limited, Medicure Pharma Europe Limited and Apigen Investments Limited. Additionally, beginning on December 17, 2020, Marley Drug, Inc, became a subsidiary of Medicure Pharma Inc. and is consolidated with these financial statements. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intercompany transactions and balances and unrealized gains and losses from intercompany transactions have been eliminated. (b) Foreign currency Items included in the financial statements of each of the Company’s consolidated subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (the functional currency). The consolidated financial statements are presented in Canadian dollars, which is the Company’s functional and presentation currency. Foreign currency transactions are translated into the respective functional currencies of the Company and its subsidiaries using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end Non-monetary Non-monetary The results and financial position of the Company’s foreign operations that have a functional currency different from the Company’s functional and presentation currency are translated into Canadian dollars as follows: (i) (ii) (iii) When a foreign operation is disposed of, the component of other comprehensive income relating to that particular foreign operation is recognized in the consolidated statements of net income and comprehensive income, as part of the gain or loss on sale where applicable. (c) Financial instruments (i) Financial Assets Initial recognition and measurement Upon recognition of a financial asset, classification is made based on the business model for managing the asset and the asset’s contractual cash flow characteristics. The financial asset is initially recognized at its fair value and subsequently classified and measured as (i) amortized cost; (ii) FVOCI; or (iii) FVTPL. Financial assets are classified as FVTPL if they have not been classified as measured at amortized cost or FVOCI. Upon initial recognition of an equity instrument that is not held-for-trading, Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: Financial assets measured at amortized cost A financial asset is subsequently measured at amortized cost, using the effective interest method and net of any impairment allowance, if the asset is held within a business whose objective is to hold assets in order to collect contractual cash flows; and the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest. Cash and cash equivalents, restricted cash, accounts receivable and other assets are classified within this category. Financial assets at FVTPL Financial assets measured at FVTPL are carried in the statement of financial position at fair value with changes in fair value therein recognized in the statement of net (loss) income. There are presently no assets classified within this category. Financial assets at FVOCI Financial assets measured at FVOCI are carried in the statement of financial position at fair value with changes in fair value therein recognized in the statement of comprehensive (loss) income. The Investment in Sensible Medical was designated within this category. (ii) Derecognition A financial asset or, where applicable a part of a financial asset or part of a group of similar financial assets is derecognized when the contractual rights to receive cash flows from the asset have expired; or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. (iii) Financial liabilities Initial recognition and measurement The Company recognizes a financial liability on the trade date in which it becomes a party to the contractual provisions of the instrument at fair value plus any directly attributable costs. Financial liabilities are subsequently measured at amortized cost or FVTPL, and are not subsequently reclassified. The Company’s financial liabilities are accounts payable and accrued liabilities, royalty obligation, acquisition payable and holdback which are recognized on an amortized cost basis. Financial liabilities measured at FVTPL include contingent consideration resulting from business combinations as defined by IFRS 9. The royalty obligation was recorded at its fair value at the date at which the liability was incurred and subsequently measured at amortized cost using the effective interest rate method at each reporting date. Estimating fair value for this liability required determining the most appropriate valuation model which was dependent on its underlying terms and conditions. This estimate also required determining expected revenue from AGGRASTAT ® The acquisition payable liabilities were recorded at its fair value at the date at which the liability was incurred and subsequently measured at amortized cost using the effective interest rate method at each reporting date. Estimating fair value for these liabilities required determining an appropriate discount rate. Contingent consideration resulting from a business combination are valued at fair value at the acquisition date as part of the business combination and subsequently fair valued as described in the business combination policy below. (iv) Offsetting of financial instruments Financial assets and financial liabilities are offset, and the net amount reported in the statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. (v) Fair value of financial instruments Fair value is determined based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is measured using the assumptions that market participants would use when pricing an asset or liability. Typically, fair value is determined by using quoted prices in active markets for identical or similar assets or liabilities. When quoted prices in active markets are not available, fair value is determined using valuation techniques that maximize the use of observable inputs. When observable valuation inputs are not available, significant judgement is required through determining the valuation technique to apply, the valuation techniques such as discounted cash flow analysis and selecting inputs. The use of alternative valuation techniques or valuation inputs may result in a different fair value. (vi) Transaction costs Transaction costs for all financial instruments measured at amortized cost, the transaction costs are included in the initial measurement of the financial asset or financial liability and are amortized using the effective interest rate method over a period that corresponds with the term of the financial instruments. Transaction costs for financial instruments classified as FVTPL are recognized as an expense in professional fees, in the period the cost was incurred. (vii) Embedded Derivatives For financial liabilities measured at amortized cost, under certain conditions, an embedded derivative must be separated from its host contract and accounted for as a derivative. An embedded derivative causes some or all of the cash flows that otherwise would be required by the contract to be modified according to a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or other variable, provided in the case of a non-financial (d) Impairment of financial assets An “expected credit loss” impairment model applies to financial assets which requires a loss allowance to be recorded on financial assets measured at amortized cost based on their expected credit losses. An estimate is made to determine the present value of future cash flows associated with the asset, and if required, an impairment loss is recorded. The impairment loss reduces the carrying value of the impaired financial asset to the value of the estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate is recorded either directly or through the use of an allowance account and the resulting impairment loss is recorded in profit or loss. The Company considers a financial asset in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. For accounts receivable, the Company applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized. (e) Revenue from contracts with customers As of December 31, 2020, excluding Marley Drug, the Company has three commercially available products that generated revenue for the year ended December 31, 2020, AGGRASTAT ® ® Products ® ® During 2019, the Company sold ReDS TM TM Sales are made subject to certain discounts available for prompt payment, volume discounts, rebates or chargebacks. Revenue from these sales is recognized based on the price specified per the pricing terms of the sales invoices, net of the estimated discounts, rebates or chargebacks. Variable consideration is based on historical information, using the expected value method. Revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur. A liability is included within accounts payable and accrued liabilities and is measured for expected payments that will be made to the customers for the discounts in which they are entitled. Sales do not contain an element of financing as sales are made with credit terms within the normal operating cycle of the date of the invoice, which is consistent with market practice. Through Marley Drug, the Company operates a retail pharmacy and mail order pharmacy business selling pharmaceuticals directly to end users being individual patients. Revenue for in store sales is recognized upon payment by the customer. This is the point where all performance obligations have been met in regards to the product sold. Revenue for mail order sales is recognized upon the shipment of the products to the customer, generally at the time the product is picked up from the Company’s premises by the carrier. This is the point where all performance obligations have been met in regards to the product sold. (f) Cash and cash equivalents The Company considers all liquid investments purchased with a maturity of three months or less at acquisition to be cash and cash equivalents, which are carried and classified at amortized cost. (g) Inventories Inventories consist of unfinished product (raw material in the form of API and packaging materials) and finished commercial product, which are available for sale either to wholesale, pharmacy and hospital customers or through Marley Drug direct to patients, and are measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in first-out Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining selling prices. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. When the circumstances that previously caused inventories to be written down below cost no longer exist, or when there is clear evidence of an increase in selling prices, the amount of the write-down previously recorded is reversed. (h) Property and equipment (i) Recognition and measurement Items of property and equipment are measured at cost less accumulated amortization and accumulated impairment losses and reversals. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. The costs of the day-to-day (ii) Amortization Amortization is recognized in profit or loss over the estimated useful lives of each part of an item of property and equipment in a manner that most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and comparative periods are as follows: Asset Basis Rate Computers, pharmacy equipment, office equipment, furniture and fixtures Straight-line 20% to 25% Leasehold improvements Straight-line Term of lease ReDS ™ Straight-line 33% Right of use assets Straight-line Term of lease Amortization methods, useful lives and residual values are reviewed at each period end and adjusted if appropriate. (i) Intangible assets Intangible assets that are acquired separately are measured at cost less accumulated amortization and accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which they relate. All other expenditures are recognized in profit or loss as incurred. Product licenses are amortized on a straight-line basis over the contractual term of the acquired license. Pharmacy licenses are amortized on a straight-line basis over their estimated useful life of approximately seven years. Patents and drug approvals are amortized on a straight-line straight-line straight-line Amortization on product licenses commences when the intangible asset is available for use, which would typically be in connection with the commercial launch of the associated product under the license. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses. The cost of servicing the Company’s patents and trademarks are expensed as incurred. The amortization method and amortization period of an intangible asset with a finite useful life are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates in the consolidated statements of net (loss) income and comprehensive (loss) income. (j) Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. No development costs have been capitalized to date. Research and development expenses include all direct and indirect operating expenses supporting the products in development. Clinical trial expenses are a component of the Company’s research and development costs. These expenses include fees paid to contract research organizations, clinical sites, and other organizations who conduct research and development activities on the Company’s behalf. The amount of clinical trial expenses recognized in a period related to clinical agreements are based on estimates of the work performed using an accrual basis of accounting. These estimates incorporate factors such as patient enrolment, services provided, contractual terms, and prior experience with similar contracts. (k) Government assistance Government assistance, in the form of grants or the Canada Emergency Wage Subsidy, are recognized at fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. Government assistance toward current expenses is recorded as a reduction of the related expenses in the period the expenses are incurred. Government assistance towards property and equipment is deducted from the cost of the related property and equipment. The benefits of investment tax credits for scientific research and experimental development expenditures (“SR&ED”) incurred directly by the Company are recognized in the period the qualifying expenditure is made, provided there is reasonable assurance of recoverability. SR&ED investment tax credits receivable are recorded at their net realizable value. (l) Impairment of non-financial The Company assesses at each reporting period whether there is an indication that a non-financial pre-tax For assets other than goodwill, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss had been recognized. Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill are not reversed in future periods. (m) Employee benefits (i) Short-term employee benefits Short-term (ii) Long-term employee benefits An accrual is recognized for benefits accruing to employees when it is probable that settlement will be required and it is capable of being measured reliably. Accruals recognized in respect of employee benefits which are not due to be settled within one year are measured at the present value of the estimated future cash outflows to be made by the Company in respect of services provided by employees up to the reporting date. As of December 31, 2020, the employee benefit accrual represents deferred compensation and is recorded within other long-term liabilities. (iii) Share-based payment transactions The grant date fair value of share-based non-market non-market share-based non-vesting share-based true-up Share-based equity-settled share-based share-based For share-based non-employees, Where the terms of an equity-settled transaction award are modified, the minimum expense recognized is the expense as if the terms had not been modified, if the original terms of the award are met. An additional expense is recognized for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it vested on the date of the cancellation and any expense not yet recognized for the award (being the total expense as calculated at the grant date) is recognized immediately. This includes any awards where vesting conditions within the control of either the Company or the employee are not met. However, if a new award is substituted for the cancelled award, and designated as a replacement award on the date that it is granted, the cancelled award and new awards are treated as if they were a modification of the original awards. (n) Finance income and finance costs Finance costs comprise interest expense on borrowings which are recognized in net income and comprehensive income using the effective interest rate method, accretion on the royalty obligation, prepayment fees on the early repayment of long-term debt and amortization of deferred debt issue costs using the effective interest rate method, offset by any finance income which is comprised of interest income on funds invested and is recognized as it accrues in net income and comprehensive income, using the effective interest rate method. Foreign currency gains and losses are reported on a net basis. |
Earnings per share | (p) Earnings per share The Company presents basic earnings per share (“EPS”) data for its common voting shares. Basic EPS is calculated by dividing the profit or loss attributable to common voting shareholders of the Company by the weighted average number of common voting shares outstanding during the period, adjusted for the Company’s own shares held. Diluted EPS is computed similar to basic EPS except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of stock options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and warrants were exercised and that the proceeds from such exercise were used to acquire common shares at the average market price during the reporting periods. |
Business combinations and goodwill | (q) Business combinations and goodwill The Company adopted amendments to IFRS 3 with a date of application of January 1, 2020. The IASB issued amendments to the definition of a business in IFRS 3 to help entities determine whether an acquired set of activities and assets is a business or not. They clarify the minimum requirements for a business, remove the assessment of whether market participants are capable of replacing any missing elements, add guidance to help entities assess whether an acquired process is substantive, narrow the definitions of a business and of outputs, and introduce an optional fair value concentration test. The amendments are applied to transactions that are either business combinations or asset acquisitions for which the acquisition date is on or after the beginning of the first annual reporting period beginning on January 1, 2020. Consequently, transactions that occurred in prior periods do not need to be reassessed. The Company’s adoption of the amendments to IFRS 3 did not have a significant impact on the Company’s consolidated financial statements for the year ended December 31, 2020. Business combinations are accounted for using the acquisition method. The consideration for an acquisition is measured at the fair values of the assets transferred, the liabilities assumed and the equity interests issued at the acquisition date. Transaction costs that are incurred in connection with a business combination, other than costs associated with the issuance of debt or equity securities, are expensed as incurred. Identified assets acquired and liabilities and contingent liabilities assumed are measured initially at fair values at the date of acquisition. On an acquisition-by-acquisition non-controlling non-controlling Contingent consideration is measured at fair value on acquisition date and is included as part of the consideration transferred. The fair value of the contingent consideration liability is remeasured at each reporting date with the corresponding gain or loss being recognized in profit or loss. Goodwill is initially measured at cost, being the excess of fair value of the cost of the business combinations over the Company’s share in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. Any negative difference is recognized directly in the consolidated statements of net income and comprehensive income. If the fair values of the assets, liabilities and contingent liabilities can only be calculated on a provisional basis, the business combination is recognized using provisional values. Any adjustments resulting from the completion of the measurement process are recognized within twelve months of the date of the acquisition. |
Leases | (r) Leases At inception of a contract, the Company must assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset over a period of time in exchange for consideration. The Company must assess whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all of the economic benefits from the use of the asset during the term of the contract and if it has the right to direct the use of the asset. As a lessee, the Company recognizes a right-of-use (i) Right-of-use The right-of-use right-of-use right-of-use re-measurements (ii) Lease liability A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date discounted by the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method. Lease payments included in the measurement of the lease liability comprise: fixed payments; variable lease payments that depend on an index or a rate; amounts expected to be payable under any residual value guarantee; the exercise price under any purchase option that the Company would be reasonably certain to exercise; lease payments in any optional renewal period if the Company is reasonably certain to exercise an extension option; and penalties for any early termination of a lease unless the Company is reasonably certain not to terminate early. The Company has elected to not include non-lease The Company has elected not to recognize right-of-use low-value (iii) Estimating the IBR The Company cannot readily determine the interest rate implicit in its lease, therefore, it uses its IBR to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Company ‘would have to pay which requires estimation when no observable rates are available or when they need to be adjusted to reflect the terms and conditions of the lease. The Company estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary’s stand-alone credit rating). |
New standard not yet adopted | (s) New standard not yet adopted Amendments to International Accounting Standard (“IAS”) 1 – presentation of financial statements: In January 2020, the IAS issued an amendment to IAS 1 Presentation of Financial Statements that clarifies the criterion for classifying a liability as non-current |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Schedule of estimated useful lives of property, plant and equipment | Asset Basis Rate Computers, pharmacy equipment, office equipment, furniture and fixtures Straight-line 20% to 25 % Leasehold improvements Straight-line Term of lease ReDS ™ Straight-line 33 % Right of use assets Straight-line Term of lease |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about business combination [abstract] | |
Summary of the fair values of the identifiable assets and liabilities as at the date of acquisition | The following table summarizes the finalized fair values of the identifiable assets and liabilities as at the date of the acquisition: Net assets acquired Cash and cash equivalents $ 542 Restricted cash 20 Accounts receivable 104 Inventories 215 Prepaid expenses 22 Property and equipment, including right of use asset 664 Pharmacy licenses 1,183 Customer lists 4,860 Brand name 495 Goodwill 2,991 Other assets 131 Accounts payable and accrued liabilities (416 ) Current portion of lease obligation (98 ) Lease obligation (455 ) Net assets acquired $ 10,258 Summary of purchase consideration Net cash paid 6,407 Holdback payable 1,878 Contingent consideration 1,973 Purchase consideration $ 10,258 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trade and other receivables [abstract] | |
Schedule of accounts receivable | As at December 31 2020 2019 Trade accounts receivable $ 5,097 $ 10,136 Other accounts receivable 156 80 $ 5,253 $ 10,216 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Inventories [Abstract] | |
Schedule of inventories | As at December 31 2020 2019 Finished commercial product available-for-sale $ 4,032 $ 5,273 Finished retail pharmacy product available for sale 216 — Unfinished product and packaging materials 891 1,055 $ 5,139 $ 6,328 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of property, plant and equipment | Cost Computers and equipment Leasehold improvements ReDS ™ units Right of use assets Total At December 31, 2018 $ 470 $ 168 $ — $ — $ 638 Impact of adoption of IFRS 16 (Note 11) — — — 677 677 Additions 50 2 134 685 871 Impairment — — (130 ) — (130 ) Effect of movements in exchange rates — — (4 ) — (4 ) At December 31, 2019 $ 520 $ 170 $ — $ 1,362 $ 2,052 Acquisition under business combinations (note 4) 117 0 0 547 664 Additions 2 0 0 0 2 Disposals (96 ) 0 0 0 (96 ) Effect of movements in exchange rates 0 0 0 (1 ) (1 ) At December 31, 2020 $ 543 $ 170 $ 0 $ 1,908 $ 2,621 Accumulated amortization and impairment losses Computer and office equipment Leasehold improvements ReDS ™ units Right of use assets Total At December 31, 2018 $ 212 $ 110 $ — $ — $ 322 Amortization 111 60 37 277 485 Impairment — — (35 ) — (35 ) Effect of movements in exchange rates — — (2 ) — (2 ) At December 31, 2019 $ 323 $ 170 $ — $ 277 $ 770 Amortization 88 — — 219 307 Disposals (96 ) — — — (96 ) At December 31, 2020 $ 315 $ 170 $ — $ 496 $ 981 Carrying amounts Computer and office equipment Leasehold improvements ReDS ™ units Right of use assets Total At December 31, 2019 $ 197 $ — $ — $ 1,085 $ 1,282 At December 31, 2020 $ 228 $ 0 $ 0 $ 1,412 $ 1,640 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of intangible assets | Cost Licenses Patents Brand Customer Total At December 31, 2018 $ 1,910 $ 15,484 $ 4,365 $ 770 $ 22,529 Additions (note 9) 7,038 8,930 — — 15,968 Impairment (6,959 ) — — — (6,959 ) Transfers within intangible assets (1,854 ) 1,457 — — (397 ) Effect of movements in exchange rates (135 ) (942 ) (209 ) (37 ) (1,323 ) At December 31, 2019 $ — $ 24,929 $ 4,156 $ 733 $ 29,818 Acquisition under business combinations (note 4) 1,183 0 495 4,860 6,538 Effect of movements in exchange rates (2 ) (491 ) (83 ) (22 ) (598 ) At December 31, 2020 $ 1,181 $ 24,438 $ 4,568 $ 5,571 $ 35,758 Accumulated amortization and impairment losses Licenses Patents Brand Customer Total At December 31, 2018 $ 205 $ 15,484 $ 4,365 $ 770 $ 20,824 Amortization 841 597 — — 1,438 Impairment (638 ) — — — (638 ) Transfers within intangible assets (397 ) — — — (397 ) Effect of movements in exchange rates (11 ) (751 ) (209 ) (37 ) (1,008 ) At December 31, 2019 $ — $ 15,330 $ 4,156 $ 733 $ 20,219 Amortization 7 2,428 2 29 2,466 Effect of movements in exchange rates 0 (426 ) (82 ) (15 ) (523 ) At December 31, 2020 $ 7 $ 17,332 $ 4,076 $ 747 $ 22,162 Carrying amounts Licenses Patents and Brand Customer Total At December 31, 2019 $ — $ 9,599 $ — $ — $ 9,599 At December 31, 2020 $ 1,174 $ 7,106 $ 492 $ 4,824 $ 13,596 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Presentation of leases for lessee [abstract] | |
Summary of minimum payments under the leases | Minimum payments under the leases at December 31, 2020 are as follows: 2021 $ 327 2022 330 2023 331 2024 333 2025 136 2026 99 2027 33 $ 1,589 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Capital Stock [Abstract] | |
Schedule of shares issued and outstanding | Shares issued and outstanding are as follows: Number of Amount Balance, December 31, 2018 15,547,812 $ 122,887 Shares issued upon exercise of stock options (13(c)) 8,001 37 Shares repurchased and cancelled under a normal course issuer bid (1) (751,800 ) (5,955 ) Shares repurchased and cancelled under a substantial issuer bid (2) (4,000,000 ) (31,605 ) Balance, December 31, 2019 10,804,013 $ 85,364 Shares repurchased and cancelled under a normal course issuer bid (1) (552,700 ) (4,447 ) Balance, December 31, 2020 10,251,313 $ 80,917 (1) On May 16, 2018, the Company announced that the TSX-V On May 30, 2019, the Company announced that the TSX-V On June 29, 2020, the Company announced that the TSX-V During the year ended December 31, 2020, the Company repurchased and cancelled 552,700 (2019 – 751,800), common shares as a result of the 2019 NCIB and 2020 NCIB. The aggregate price paid for these common shares totaled $522 (2019—$4,145). During the year ended December 31, 2020 the Company recorded $3,925 (2019—$1,810) directly in its deficit representing the difference between the aggregate price paid for these common shares and a reduction of the Company’s share capital totaling $4,447 (2019—$5,955). (2) On December 20, 2019, the Company completed a Substantial Issuer Bid (“SIB”) pursuant to which the Company purchased 4,000,000 of its common shares for cancellation at a set purchase price of $6.50 per common share for a total purchase price of $26,000 in cash. The Company incurred an additional $139 on transaction costs related to the SIB for a total aggregate purchase price paid of $26,139. During the year ended December 31, 2019, the Company recorded $5,466 directly in its deficit representing the difference between the aggregate price paid for these common shares and a reduction of the Company’s share capital totaling $31,605. |
Schedule of changes in stock options | Changes in the number of options outstanding during the year ended December 31, 2020 is as follows: Year ended December 31, 2020 Options Weighted average exercise price Balance, beginning of period 1,428,408 $ 3.67 Forfeited, cancelled or expired (101,450 ) (5.06 ) Balance, end of period 1,326,958 $ 3.57 Options exercisable, end of period 1,110,958 $ 3.12 Year ended December 31 2019 2018 Options Weighted Options Weighted Balance, beginning of period 1,394,642 $ 3.91 1,602,127 $ 3.58 Granted 262,000 4.95 200,000 7.25 Exercised (8,001 ) (2.45 ) (206,885 ) (1.76 ) Forfeited, cancelled or expired (220,233 ) (6.75 ) (200,600 ) (6.85 ) Balance, end of period 1,428,408 $ 3.67 1,394,642 $ 3.91 Options exercisable, end of period 1,059,308 $ 2.88 1,044,892 $ 2.80 |
Schedule of contractual life of options outstanding | Options outstanding at December 31, 2020 consist of the following: Range of exercise prices Number Weighted Options outstanding Number $0.30 185,000 2.35 years $ 0.30 185,000 $0.31 - 536,933 1.29 years $ 1.59 536,933 $4.01 - 216,800 3.49 years $ 4.95 87,200 $5.01 - $7.30 388,225 1.77 years $ 7.09 301,825 $0.30 - 1,326,958 1.94 years $ 3.57 1,110,958 |
Schedule of fair value of the options using the Black-Scholes option pricing model | The compensation expense for the years ended December 31, 2020, 2019 and 2018 was determined based on the fair value of the options at the date of measurement using the Black-Scholes Years ended December 31: 2019 2018 Expected option life 4.4 years 4.4 years Risk free interest rate 1.40 % 1.92%-2.04 % Dividend yield nil nil Expected volatility 47.10 % 85.14%-93.72 % |
Schedule of changes in warrants outstanding | Years ended December 31 2020 2019 2018 Warrants Weighted average exercise price Warrants Weighted Warrants Weighted Balance, beginning of period 900,000 $ 6.50 900,000 $ 6.50 900,000 $ 6.50 Expired (900,000 ) (6.50 ) — — — — Balance, end of period — — 900,000 $ 6.50 900,000 $ 6.50 Warrants exercisable, end of period — — 900,000 $ 6.50 900,000 $ 6.50 |
Schedule of calculation of basic and diluted earnings per share | The following table reflects the calculation of basic and diluted (loss) earnings per share for the years ended December 31, 2020, 2019 and 2018: Year ended December 31 2020 2019 2018 Basic net (loss) earnings $ (0.64 ) $ (1.32 ) $ 0.25 Diluted net (loss) earnings $ (0.64 ) $ (1.32 ) $ 0.24 |
Schedule of basic and diluted earnings per share | The following table reflects the (loss) income used in the basic and diluted (loss) earnings per share computations for the years ended December 31, 2020, 2019 and 2018: Year ended December 31 2020 2019 2018 Net (loss) earnings $ (6,845 ) $ (19,786 ) $ 3,926 The following table reflects the share data used in the denominator of the basic and diluted (loss) earnings per share computations for the years ended December 31, 2020, 2019 and 2018: Year ended December 31 2020 2019 2018 Weighted average shares outstanding for basic (loss) earnings per share 10,686,041 14,998,540 15,791,396 Effects of dilution from: Stock options — — 772,267 Weighted average shares outstanding for diluted (loss) earnings per share 10,686,041 14,998,540 16,563,663 Effects of dilution from 1,326,958 stock options (2019 – 1,428,408, 2018 – 622,375) were excluded in the calculation of weighted average shares outstanding for diluted (loss) earnings per share for the year ended December 31, 2020 as they are anti-dilutive. Additionally, for the year ended December 31, 2019 and 2018, 900,000 warrants were excluded in the calculations of weighted average shares outstanding for diluted (loss) earnings per as they were anti-dilutive. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax [Line Items] | |
Schedule of deferred tax assets not recognized | As at December 31 2020 2019 Deferred tax assets Scientific research and experimental development $ 3,358 $ 2,640 Non-capital losses 2,356 207 Other 595 1,781 Investment in Sensible — 855 Holdback receivable — 688 Total deferred tax assets $ 6,309 $ 6,171 |
Schedule of reconciliation of statutory rate to the income tax rate applied to the net (loss) income | The reconciliation of the Canadian statutory rate to the income tax rate applied to the net (loss) income for the years ended December 31, 2020, 2019 and 2018 to the income tax expense is as follows: Year ended December 31 2020 2019 2018 (Loss) Income for the year Canadian $ (519 ) $ (7,013 ) $ 3,440 Foreign (6,326 ) (12,628 ) 1,383 $ (6,845 ) $ (19,641 ) $ 4,823 Year ended December 31 2020 2019 2018 Canadian federal and provincial income taxes at 27% (2019 – 27%; 2018 – 27%) $ 1,848 $ 5,303 $ (1,302 ) Permanent differences and other items (159 ) (330 ) 26 Foreign tax rate in foreign jurisdictions (1,551 ) (1,308 ) 85 Change in unrecognized deferred tax assets (138 ) (3,810 ) 294 — $ (145 ) $ (897 ) |
UNITED STATES | |
Income Tax [Line Items] | |
Schedule of losses available for application in future years | 2037 $ 5,276 2040 2,666 $ 7,942 |
BARBADOS | |
Income Tax [Line Items] | |
Schedule of losses available for application in future years | 2022 $ 1,249 2028 2,355 2029 4,842 $ 8,446 |
Finance income (expense) (Table
Finance income (expense) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Finance Cost Income [Abstract] | |
Schedule of company's incurred finance income (expense) | Year ended December 31 2020 2019 2018 Interest income $ 43 $ 886 $ 1,115 Remeasurement of royalty obligation 953 316 (355 ) Accretion of acquisition payable (155 ) (41 ) — Change in fair value of contingent consideration (6 ) — — Bank charges and other interest (21 ) (24 ) (25 ) Finance expense from lease obligation (49 ) (22 ) — Remeasurement of holdback receivable — — 326 $ 765 $ 1,115 $ 1,061 |
Schedule of company's paid finance income (expense) | Year ended December 31 2020 2019 2018 Interest received $ 43 $ 1,731 $ 279 Other interest, net and banking fees (21 ) (46 ) (24 ) $ 22 $ 1,685 $ 255 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Commitment And Contingencies [Abstract] | |
Schedule of commitments and contingencies | 2021 $ 1,649 2022 1,288 2023 191 2024 191 2025 — $ 3,319 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of compensation paid to key management personnel | In addition to their salaries, the Company also provides non-cash Year ended December 31 2020 2019 2018 Salaries, fees and short-term benefits $ 771 $ 781 $ 770 Share-based payments 230 208 669 $ 1,001 $ 989 $ 1,439 |
Expenses by nature (Tables)
Expenses by nature (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Expenses by nature [abstract] | |
Schedule of expenses incurred | Year ended December 31 2020 2019 2018 Personnel expenses Salaries, fees and short-term benefits $ 3 , $ 6,394 $ 7,696 Share-based 317 417 1,022 3,515 6,811 8,718 Depreciation, amortization and impairment 2,772 2,017 299 Research and development 1,996 2,887 5,306 Manufacturing 943 752 765 Inventory material costs 3,355 3,851 3,862 Write-down of inventory 682 1,983 95 Medical affairs 161 718 1,026 Administration 398 821 1,505 Selling and logistics 2,975 6,997 8,019 Professional fees 2,920 1,578 740 $ 19,717 $ 28,415 $ 30,335 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of comparison by class of the carrying amounts and fair value of the company's financial instruments | As at December 31 2020 2019 Carrying amount Fair value Carrying Fair Financial assets Financial assets measured at amortized cost Cash and cash equivalents $ 2,716 $ 2,716 $ 12,965 $ 12,965 Restricted cash 1,394 1,394 — — Accounts receivable 5,253 5,253 10,216 10,216 Other assets 156 156 39 39 Financial assets measured at FVTPL Investment in Sensible Medical — — — — Financial liabilities Financial liabilities measured at amortized cost: Accounts payable and accrued liabilities $ 6,979 $ 6,979 $ 9,384 $ 9,384 Current portion of royalty obligation 362 362 872 872 Current portion of acquisition payable 2,613 2,613 649 649 Holdback payable 1,523 1,523 — — Current portion of lease obligation 367 367 240 240 Royalty obligation 336 335 1,176 1,176 Acquisition payable 1,132 1,132 1,655 1,655 Lease obligation 1,080 1,080 849 849 Financial liabilities measured at FVTPL Current portion of contingent consideration 1,925 1,925 — — Contingent consideration 51 51 — — |
Schedule of fair value of financial assets and liabilities | The fair value hierarchy of the following financial assets and liabilities on the consolidated statements of financial position as at December 31, 2020 is as follows: Level 1 Level 2 Level 3 Financial assets Investment in Sensible Medical — — — Financial liabilities Current portion of royalty obligation — — $ 362 Current portion of acquisition payable — — 637 Current portion of contingent consideration — — 1,925 Royalty obligation — — 335 Acquisition payable — — 1,132 Contingent consideration — — 51 The fair value hierarchy of the following financial assets and liabilities on the consolidated statements of financial position as at December 31, 2019 is as follows: Level 1 Level 2 Level 3 Financial assets Investment in Sensible Medical $ — $ — $ — Financial liabilities Current portion of royalty obligation $ — $ — $ 872 Current portion of acquisition payable — — 649 Royalty obligation — — 1,176 Acquisition payable — — 1,655 |
Schedule for exposure to U.S. dollar currency risk through financial assets and liabilities | As at December 31 (Expressed in U.S. Dollars) 2020 2019 Cash $ 1,758 $ 9,518 Restricted cash 1,095 — Accounts receivable 4,032 7,817 Other assets 123 30 Accounts payable and accrued liabilities (4,698 ) (6,714 ) Current portion of royalty obligation (284 ) (671 ) Current portion of acquisition payable (500 ) (500 ) Holdback payable (1,473 ) — Current portion of contingent consideration (1,512 ) — Income taxes payable (129 ) (398 ) Current portion of lease obligation (77 ) — Royalty obligation (263 ) (906 ) Acquisition payable (889 ) (1,275 ) Contingent consideration (40 ) — Lease obligation (354 ) — $ (3,211 ) $ 6,901 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
Schedule of geographical areas of property, plant and equipment and intangible assets | As at December 31 2020 2019 Canada $ 986 $ 1,282 United States 10,131 — Barbados 7,105 9,599 $ 18,222 $ 10,881 |
Summary of Operating segments | Following the acquisition of Marley Drug, the financial measures reviewed by the Company’s chief operating decision maker are presented separately for the year ended December 31, 2020: Marketing and Retail and Mail Total Revenue $ 11,270 $ 340 $ 11,610 Operating expenses (19,386 ) (331 ) (19,717 ) Finance income (expense), net 767 (2 ) 765 Foreign exchange gain, net 497 — 497 Net loss before income taxes $ (6,852 ) $ 7 $ (6,845 ) |
Significant accounting polici_4
Significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Computers, pharmacy equipment, office equipment, furniture and fixtures | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Method of depreciation | Straight-line |
Depreciation rates | 20% to 25 |
Leasehold improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Method of depreciation | Straight-line |
Depreciation rates | Term of lease |
ReDS Demonstration Units [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Method of depreciation | Straight-line |
Depreciation rates | 33 |
Right-of-use assets [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Method of depreciation | Straight-line |
Depreciation rates | Term of lease |
Business combinations (Details)
Business combinations (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 17, 2020 | Dec. 31, 2019 |
Net assets acquired | |||
Restricted cash | $ 1,394 | ||
Other assets | 156 | $ 39 | |
Current portion of lease obligation | (367) | (240) | |
Lease obligation | (1,080) | $ (849) | |
Summary of purchase consideration | |||
Holdback payable | $ 1,876 | ||
Marley Drug Inc [Member] | |||
Net assets acquired | |||
Cash and cash equivalents | $ 542 | ||
Restricted cash | 20 | ||
Accounts receivable | 104 | ||
Inventories | 215 | ||
Prepaid expenses | 22 | ||
Property and equipment, including right of use asset | 664 | ||
Pharmacy licenses | 1,183 | ||
Customer lists | 4,860 | ||
Brand name | 495 | ||
Goodwill | 2,991 | ||
Other assets | 131 | ||
Accounts payable and accrued liabilities | (416) | ||
Current portion of lease obligation | (98) | ||
Lease obligation | (455) | ||
Net assets acquired | 10,258 | ||
Summary of purchase consideration | |||
Net cash paid | 6,407 | ||
Holdback payable | 1,878 | ||
Contingent consideration | 1,973 | ||
Purchase consideration | $ 10,258 |
Business combinations (Detail T
Business combinations (Detail Textuals) $ in Thousands, $ in Millions | Dec. 31, 2020CAD ($) | Jan. 01, 2020CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) | Dec. 17, 2020CAD ($) |
Disclosure of detailed information about business combination [line items] | |||||
Business combination continent consideration current fair value | $ 1,925 | $ 1,925 | |||
Business combination contingent consideration non current fair value | 51 | 51 | |||
Marley Drug Inc [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Voting interest acquired, percentage | 100.00% | ||||
Upfront payment | $ 7,781 | ||||
Upfront payment held back | 1,374 | ||||
Holdback payable | 504 | ||||
Transaction costs related to acquisition | $ 421 | ||||
Revenue contribution | 340 | ||||
Net loss before income taxes | $ 7 | ||||
Increase in revenue | $ 9,800 | ||||
Increase in net income before tax | $ 1,200 | ||||
Marley Drug Inc [Member] | Discount rate, measurement input [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Business combination continget consideration discount rate | 12.00% | 12.00% | |||
Marley Drug Inc [Member] | At fair value [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Business combination continent consideration current fair value | $ 1,922 | $ 1,922 | |||
Business combination contingent consideration non current fair value | 51 | $ 51 | |||
Marley Drug Inc [Member] | Business Combination Contingent Consideration One [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenue target to be achieved for the payment of contingent consideration | $ 1.7 | ||||
Marley Drug Inc [Member] | Business Combination Contingent Consideration Two [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Contingent consideration term | 2 years | 2 years | |||
Marley Drug Inc [Member] | Subsequent Event [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Restricted cash released to the seller | 353 | ||||
Marley Drug Inc [Member] | PPP Loan [Member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Current portion of long-term debt | $ 353 | ||||
Marley Drug Inc [Member] | PPP Loan [Member] | At fair value [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Current portion of long-term debt | $ 0 | $ 0 |
Accounts receivable (Details)
Accounts receivable (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade and other receivables [abstract] | ||
Trade accounts receivable | $ 5,097 | $ 10,136 |
Other accounts receivable | 156 | 80 |
Accounts receivable | $ 5,253 | $ 10,216 |
Accounts receivable (Detail Tex
Accounts receivable (Detail Textuals) - Customer | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of major customers [line items] | |||
Number of customers owing greater than 10% of accounts receivable | 3 | 3 | 3 |
Concentration Risk, Percentage Of Accounts Receivable | 95.00% | 96.00% | 95.00% |
Customer A | |||
Disclosure of major customers [line items] | |||
Concentration Risk, Percentage Of Accounts Receivable | 38.00% | 41.00% | |
Customer B | |||
Disclosure of major customers [line items] | |||
Concentration Risk, Percentage Of Accounts Receivable | 23.00% | 28.00% | |
Customer C | |||
Disclosure of major customers [line items] | |||
Concentration Risk, Percentage Of Accounts Receivable | 34.00% | 27.00% |
Inventories (Details)
Inventories (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Inventories [Abstract] | ||
Finished commercial product available-for-sale | $ 4,032 | $ 5,273 |
Finished retail pharmacy product available for sale | 216 | |
Unfinished product and packaging materials | 891 | 1,055 |
Current inventories | $ 5,139 | $ 6,328 |
Inventories (Detail Textuals)
Inventories (Detail Textuals) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Inventories [Abstract] | |||
Cost of goods sold, inventory | $ 3,355 | $ 3,585 | $ 3,862 |
Wrote-off (reversal) of inventory | $ 682 | $ 1,983 | $ 95 |
Property, plant and equipment_2
Property, plant and equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | $ 1,282 | ||
Amortization | 307 | $ 485 | $ 103 |
Impairment | 0 | (95) | |
Balance | 1,640 | 1,282 | |
Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 2,052 | 638 | |
Impact of adoption of IFRS 16 (Note 4) | 677 | ||
Acquisition under business combinations | 664 | ||
Additions | 2 | 871 | |
Impairment | (130) | ||
Effect of movements in exchange rates | (1) | (4) | |
Disposals | (96) | ||
Balance | 2,621 | 2,052 | 638 |
Accumulated amortization and impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 770 | 322 | |
Amortization | 307 | 485 | |
Impairment | (35) | ||
Effect of movements in exchange rates | (2) | ||
Disposals | (96) | ||
Balance | 981 | 770 | 322 |
Computer And Office Equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 197 | ||
Balance | 228 | 197 | |
Computer And Office Equipment | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 520 | 470 | |
Acquisition under business combinations | 117 | ||
Additions | 2 | 50 | |
Effect of movements in exchange rates | 0 | ||
Disposals | (96) | ||
Balance | 543 | 520 | 470 |
Computer And Office Equipment | Accumulated amortization and impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 323 | 212 | |
Amortization | 88 | 111 | |
Disposals | (96) | ||
Balance | 315 | 323 | 212 |
Leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 0 | ||
Balance | 0 | 0 | |
Leasehold improvements | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 170 | 168 | |
Acquisition under business combinations | 0 | ||
Additions | 0 | 2 | |
Effect of movements in exchange rates | 0 | ||
Disposals | 0 | ||
Balance | 170 | 170 | 168 |
Leasehold improvements | Accumulated amortization and impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 170 | 110 | |
Amortization | 60 | ||
Balance | 170 | 170 | $ 110 |
ReDS Demonstration Units [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 0 | ||
Additions | 67 | ||
Balance | 0 | 0 | |
ReDS Demonstration Units [Member] | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Acquisition under business combinations | 0 | ||
Additions | 0 | 134 | |
Impairment | (130) | ||
Effect of movements in exchange rates | 0 | (4) | |
Disposals | 0 | ||
Balance | 0 | ||
ReDS Demonstration Units [Member] | Accumulated amortization and impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amortization | 37 | ||
Impairment | (35) | ||
Effect of movements in exchange rates | (2) | ||
Balance | 0 | ||
Right-of-use assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 1,085 | ||
Balance | 1,412 | 1,085 | |
Right-of-use assets [member] | Cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 1,362 | ||
Impact of adoption of IFRS 16 (Note 4) | 677 | ||
Acquisition under business combinations | 547 | ||
Additions | 0 | 685 | |
Effect of movements in exchange rates | (1) | ||
Disposals | 0 | ||
Balance | 1,908 | 1,362 | |
Right-of-use assets [member] | Accumulated amortization and impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance | 277 | ||
Amortization | 219 | 277 | |
Balance | $ 496 | $ 277 |
Property, plant and equipment_3
Property, plant and equipment (Detail Textuals) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amortization of property, plant and equipment | $ 307 | $ 485 | $ 103 |
Impairment of property, plant and equipment | 0 | 95 | |
Selling, general and administrative expense | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amortization of property, plant and equipment | 297 | 0 | 0 |
Discontinued Operations | Selling, general and administrative expense | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amortization of property, plant and equipment | $ 10 | $ 485 | $ 103 |
Intangible assets (Details)
Intangible assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | $ 9,599 | ||
Impairment | 6,321 | $ 6,321 | |
Amortization | 2,466 | 1,438 | $ 196 |
Ending balance | 13,596 | 9,599 | |
Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 29,818 | 22,529 | |
Additions | 15,968 | ||
Impairment | (6,959) | ||
Acquisition under business combinations (note 4) | 6,538 | ||
Transfers within intangible assets | (397) | ||
Effect of movements in exchange rates | (598) | (1,323) | |
Ending balance | 35,758 | 29,818 | 22,529 |
Accumulated amortization and impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 20,219 | 20,824 | |
Impairment | (638) | ||
Amortization | 2,466 | 1,438 | |
Transfers within intangible assets | (397) | ||
Effect of movements in exchange rates | (523) | (1,008) | |
Ending balance | 22,162 | 20,219 | 20,824 |
Licences | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 0 | ||
Additions | 7,038 | ||
Ending balance | 1,174 | 0 | |
Licences | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 1,910 | ||
Additions | 7,038 | ||
Impairment | (6,959) | ||
Acquisition under business combinations (note 4) | 1,183 | ||
Transfers within intangible assets | (1,854) | ||
Effect of movements in exchange rates | (2) | (135) | |
Ending balance | 1,181 | 1,910 | |
Licences | Accumulated amortization and impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 205 | ||
Impairment | (638) | ||
Amortization | 7 | 841 | |
Transfers within intangible assets | (397) | ||
Effect of movements in exchange rates | 0 | (11) | |
Ending balance | 7 | 205 | |
Patents | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 9,599 | ||
Ending balance | 7,106 | 9,599 | |
Patents | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 24,929 | 15,484 | |
Additions | 8,930 | ||
Impairment | 0 | ||
Acquisition under business combinations (note 4) | 0 | ||
Transfers within intangible assets | 1,457 | ||
Effect of movements in exchange rates | (491) | (942) | |
Ending balance | 24,438 | 24,929 | 15,484 |
Patents | Accumulated amortization and impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 15,330 | 15,484 | |
Amortization | 2,428 | 597 | |
Effect of movements in exchange rates | (426) | (751) | |
Ending balance | 17,332 | 15,330 | 15,484 |
Trademarks | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 0 | ||
Ending balance | 492 | 0 | |
Trademarks | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 4,156 | 4,365 | |
Acquisition under business combinations (note 4) | 495 | ||
Effect of movements in exchange rates | (83) | (209) | |
Ending balance | 4,568 | 4,156 | 4,365 |
Trademarks | Accumulated amortization and impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 4,156 | 4,365 | |
Amortization | 2 | ||
Effect of movements in exchange rates | (82) | (209) | |
Ending balance | 4,076 | 4,156 | 4,365 |
Customer list | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 0 | ||
Ending balance | 4,824 | 0 | |
Customer list | Cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 733 | 770 | |
Acquisition under business combinations (note 4) | 4,860 | ||
Effect of movements in exchange rates | (22) | (37) | |
Ending balance | 5,571 | 733 | 770 |
Customer list | Accumulated amortization and impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 733 | 770 | |
Amortization | 29 | ||
Effect of movements in exchange rates | (15) | (37) | |
Ending balance | $ 747 | $ 733 | $ 770 |
Intangible assets (Detail Textu
Intangible assets (Detail Textuals) $ in Thousands, $ in Thousands | Sep. 30, 2019CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 17, 2020CAD ($) | Sep. 30, 2019USD ($) |
Disclosure of detailed information about intangible assets [line items] | ||||||
Fair value of deferred payment payable current | $ 637 | |||||
Fair value of deferred payment payable | $ 1,132 | |||||
Initial amortization period of intangible assets | 4 years 3 months 18 days | |||||
Remaining amortization period of intangible assets | 3 years 1 month 6 days | |||||
Write-down of intangible assets | $ 6,321 | $ 6,321 | ||||
Percentage of intangible asset discount rate | 20.00% | |||||
Zydus | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Upfront payment | $ 6,622 | $ 5,000 | ||||
Deferred payment | 2,649 | $ 2,000 | ||||
Percentage of intangible asset discount rate | 14.09% | |||||
Percentage of cumulative aggregate growth rate | 103.00% | |||||
Cumulative aggregate growth term | 3 years | |||||
Intangible asset recoverable amount | $ 301 | |||||
Marley Drug Inc [Member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Amortization of intangibles assets recorded in selling expense | 38 | |||||
Upfront payment | $ 7,781 | |||||
Accumulated amortization and impairment losses | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Amortization of the acquired intangible assets | $ 2,428 | $ 1,438 | $ 196 | |||
Patents And Drug Approval [Member] | ||||||
Disclosure of detailed information about intangible assets [line items] | ||||||
Additions | 8,930 | |||||
Transfers within intangible assets | $ 1,457 |
Investment in Sensible Medical
Investment in Sensible Medical (Detail Textuals) $ in Thousands, $ in Thousands | Jan. 24, 2019CAD ($) | Jan. 24, 2019USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) |
Disclosure of detailed information about investment property [line items] | |||||
Change in fair value of the investment | $ (6,336) | ||||
Amortization | $ 2,466 | 1,438 | $ 196 | ||
Write-down of intangible assets | 6,321 | 6,321 | |||
ReDS Demonstration Units [Member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Additions to property plant and equipment | 67 | ||||
Licences [member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Additions to license | 7,038 | ||||
Licences [member] | Cost Of Goods Sold [Member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Amortization | $ 641 | ||||
Sensible to Market ReDS [Member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Rights acquired | $ 13,351 | $ 10,000 | |||
Directly attributable costs | $ 91 | $ 68 | |||
Sensible Medical Innovations Ltd [Member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Voting interest acquired | 9.36% | 9.36% | |||
Voting interest acquired on diluted basis | 7.71% | 7.71% | |||
Change in fair value of the investment | 6,336 | ||||
Sensible Medical Innovations Ltd [Member] | Marketing And Distribution Agreement [Member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Percentage of share of profit | 20.00% | ||||
Percentage of share of profit upon certain conditions being met | 35.00% | ||||
Revenue | $ 89 | $ 289 | $ 0 | ||
Sensible Medical Innovations Ltd [Member] | At fair value [member] | |||||
Disclosure of detailed information about investment property [line items] | |||||
Investment in sensible medical | $ 6,337 |
Royalty obligation (Detail Text
Royalty obligation (Detail Textuals) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 18, 2011 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Royalty Obligation [Line Items] | ||||
Carrying value of the royalty obligation | $ 697 | $ 2,048 | ||
Current portion of the royalty obligation | 362 | 872 | ||
Change in royalty obligation | 953 | 316 | $ 355 | |
Royalties received | 441 | 1,023 | 1,654 | |
Royalties paid | $ (326) | $ (1,355) | $ (1,539) | |
Birmingham Associates Ltd | AGGRASTAT | ||||
Royalty Obligation [Line Items] | ||||
Value of shares issued on debt conversion | $ 4,750 | |||
Number of shares issued on debt conversion | 2,176,003 | |||
Percentage of first $2,000,000 of quarterly sales | 4.00% | |||
Percentage of quarterly sales between $2,000,000 and $4,000,000 | 6.00% | |||
Percentage of portion of quarterly sales exceeding $4,000,000 payable within 60 days | 8.00% | |||
Amount of quarterly product revenue | $ 2,000 | |||
Amount of quarterly product revenue | 2,000 | |||
Amount of quarterly product revenue | 4,000 | |||
Amount of quarterly product revenue | $ 4,000 |
Leases (Details)
Leases (Details) $ in Thousands | Dec. 31, 2020CAD ($) |
Disclosure of Detailed Information of Maturity Analysis of Lease Liabilities [Line Items] | |
Gross lease liabilities | $ 1,589 |
2021 | |
Disclosure of Detailed Information of Maturity Analysis of Lease Liabilities [Line Items] | |
Gross lease liabilities | 327 |
2022 | |
Disclosure of Detailed Information of Maturity Analysis of Lease Liabilities [Line Items] | |
Gross lease liabilities | 330 |
2023 | |
Disclosure of Detailed Information of Maturity Analysis of Lease Liabilities [Line Items] | |
Gross lease liabilities | 331 |
2024 | |
Disclosure of Detailed Information of Maturity Analysis of Lease Liabilities [Line Items] | |
Gross lease liabilities | 333 |
2025 | |
Disclosure of Detailed Information of Maturity Analysis of Lease Liabilities [Line Items] | |
Gross lease liabilities | 136 |
2026 | |
Disclosure of Detailed Information of Maturity Analysis of Lease Liabilities [Line Items] | |
Gross lease liabilities | 99 |
2027 | |
Disclosure of Detailed Information of Maturity Analysis of Lease Liabilities [Line Items] | |
Gross lease liabilities | $ 33 |
Leases (Detail Textuals)
Leases (Detail Textuals) $ in Thousands | Dec. 31, 2020CAD ($) | Nov. 01, 2019CAD ($) | Dec. 31, 2020CAD ($) | Dec. 17, 2020 | Jan. 01, 2020 | Nov. 01, 2018CAD ($) |
Disclosure of initial application of standards or interpretations [line items] | ||||||
Term of agreement | 10 years | |||||
Discount rate used in lease obligations | 6.50% | 0.00% | ||||
Reduced sublease rent per annum | $ 87 | |||||
Marley Drug Inc [Member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Area of retail space | 3,280 | |||||
Sublease Agreement With Gvi [Member] | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Term of agreement | 3 years | 3 years | ||||
Sublease rent upto 30th April, 2016 | 170 | $ 170 | ||||
Sublease rent from 1st May, 2016 | $ 212 | $ 212 | $ 306 | |||
Reduced sublease rent per annum | $ 238 |
Government assistance (Detail T
Government assistance (Detail Textuals) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Government Assistance [Abstract] | |||
Government assistance resulting from the canada emergency wage subsidy | $ 860 | $ 0 | $ 0 |
Decrease in selling salary expense due to government assistance | 595 | ||
Decrease in general and administrativesalary expense due to government assistance | 159 | ||
Decrease in research and developmentsalary expense due to government assistance | 106 | ||
Government grant receivable | $ 85 | $ 0 |
Holdback receivable (Detail Tex
Holdback receivable (Detail Textuals) $ in Thousands, $ in Thousands | Dec. 05, 2019CAD ($) | Dec. 05, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 05, 2019USD ($) | Oct. 02, 2017CAD ($) | Oct. 02, 2017USD ($) |
Disclosure Of Holdback Receivable [Line Items] | |||||||
Holdback receivable (Note 5&10) | $ 3,623 | ||||||
Amount of allowance against the holdback receivable | $ 3,623 | $ 1,473 | |||||
Receipt of holdback receivable funds | 6,719 | $ 5,100 | |||||
Apicore | |||||||
Disclosure Of Holdback Receivable [Line Items] | |||||||
Holdback receivable (Note 5&10) | $ 11,941 | $ 10,000 | |||||
Other liabilities | $ 1,165 | $ 880 |
Capital Stock (Details)
Capital Stock (Details) - CAD ($) | Dec. 20, 2019 | May 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of common shares | ||||||
Shares repurchased and cancelled under a normal course issuer bid | (563,000) | (552,700) | (751,800) | (771,900) | ||
Shares repurchased and cancelled under a substantial issuer bid | 4,000,000 | |||||
Amount of common shares | ||||||
Balance | $ 26,942,000 | $ 83,594,000 | $ 80,709,000 | |||
Shares issued upon exercise of stock options | 20,000 | 363,000 | ||||
Shares repurchased and cancelled under a substantial issuer bid | $ 26,000,000 | |||||
Balance | $ 19,146,000 | $ 26,942,000 | $ 83,594,000 | |||
Share Capital | ||||||
Number of common shares | ||||||
Balance | 10,804,013 | 15,547,812 | ||||
Shares issued upon exercise of stock options | 8,001 | |||||
Shares repurchased and cancelled under a normal course issuer bid | [1] | (552,700) | (751,800) | |||
Balance | 10,251,313 | 10,804,013 | 15,547,812 | |||
Shares repurchased and cancelled under a substantial issuer bid | [2] | (4,000,000) | ||||
Amount of common shares | ||||||
Balance | $ 85,364,000 | $ 122,887,000 | $ 125,734,000 | |||
Shares issued upon exercise of stock options | 37,000 | 654,000 | ||||
Shares repurchased and cancelled under a normal course issuer bid | [1] | (4,447,000) | (5,955,000) | |||
Shares repurchased and cancelled under a substantial issuer bid | [2] | (31,605,000) | ||||
Balance | $ 80,917,000 | $ 85,364,000 | $ 122,887,000 | |||
[1] | On May 16, 2018, the Company announced that the TSX-V accepted the Company’s notice of its intention to make a normal course issuer bid (the “2018 NCIB”). Under the terms of the 2018 NCIB, the Company could have acquired up to an aggregate of 794,088 common shares, representing five percent of the common shares outstanding at the time of the application, over the twelve-month period that the 2018 NCIB was in place. The 2018 NCIB commenced on May 28, 2018 and ended on May 27, 2019. During the twelve months of the 2018 NCIB, the Company purchased and cancelled 771,900 common shares for a total cost of $5,085. The prices that the Company paid for the common shares purchased was the market price of the shares at the time of purchase. | |||||
[2] | On December 20, 2019, the Company completed a Substantial Issuer Bid (“SIB”) pursuant to which the Company purchased 4,000,000 of its common shares for cancellation at a set purchase price of $6.50 per common share for a total purchase price of $26,000 in cash. The Company incurred an additional $139 on transaction costs related to the SIB for a total aggregate purchase price paid of $26,139. During the year ended December 31, 2019, the Company recorded $5,466 directly in its deficit representing the difference between the aggregate price paid for these common shares and a reduction of the Company’s share capital totaling $31,605. |
Capital Stock (Details 1)
Capital Stock (Details 1) | 12 Months Ended | ||
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | |
Options | |||
Balance | shares | 1,428,408 | 1,394,642 | 1,602,127 |
Granted | shares | 262,000 | 200,000 | |
Exercised | shares | (8,001) | (206,885) | |
Forfeited, cancelled or expired | shares | (101,450) | (220,233) | (200,600) |
Balance | shares | 1,326,958 | 1,428,408 | 1,394,642 |
Options exercisable, end of period | shares | 1,110,958 | 1,059,308 | 1,044,892 |
Weighted average exercise price | |||
Balance | $ / shares | $ 3.67 | $ 3.91 | $ 3.58 |
Granted | $ / shares | 4.95 | 7.25 | |
Exercised | $ / shares | (2.45) | (1.76) | |
Forfeited, cancelled or expired | $ / shares | (5.06) | (6.75) | (6.85) |
Balance | $ / shares | 3.57 | 3.67 | 3.91 |
Options exercisable, end of period | $ / shares | $ 3.12 | $ 2.88 | $ 2.80 |
Capital Stock (Details 2)
Capital Stock (Details 2) | 12 Months Ended | ||||
Dec. 31, 2020sharesCustomer$ / shares | Dec. 31, 2020sharesCustomer$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares$ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number outstanding | shares | 1,326,958 | 1,326,958 | 1,428,408 | 1,394,642 | 1,602,127 |
Options outstanding weighted average exercise price | $ 3.57 | $ 3.67 | $ 3.91 | $ 3.58 | |
Options exercisable, end of period | shares | 1,110,958 | 1,110,958 | 1,059,308 | 1,044,892 | |
$0.30 | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Range of exercise prices | $ 0.30 | ||||
Number outstanding | Customer | 185,000 | 185,000 | |||
Weighted average remaining contractual life (in years) | 2 years 4 months 6 days | ||||
Options outstanding weighted average exercise price | $ 0.30 | ||||
Options exercisable, end of period | Customer | 185,000 | 185,000 | |||
$0.31 - $3.00 | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number outstanding | Customer | 536,933 | 536,933 | |||
Weighted average remaining contractual life (in years) | 1 year 3 months 14 days | ||||
Options outstanding weighted average exercise price | $ 1.59 | ||||
Options exercisable, end of period | Customer | 536,933 | 536,933 | |||
$0.31 - $3.00 | Bottom of range | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Range of exercise prices | $ 0.31 | ||||
$0.31 - $3.00 | Top of range | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Range of exercise prices | $ 3 | ||||
$4.01 - $5.00 | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number outstanding | Customer | 216,800 | 216,800 | |||
Weighted average remaining contractual life (in years) | 3 years 5 months 26 days | ||||
Options outstanding weighted average exercise price | $ 4.95 | ||||
Options exercisable, end of period | Customer | 87,200 | 87,200 | |||
$4.01 - $5.00 | Bottom of range | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Range of exercise prices | $ 4.01 | ||||
$4.01 - $5.00 | Top of range | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Range of exercise prices | $ 5 | ||||
$5.01 - $7.30 | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number outstanding | Customer | 388,225 | 388,225 | |||
Weighted average remaining contractual life (in years) | 1 year 9 months 7 days | ||||
Options outstanding weighted average exercise price | $ 7.09 | ||||
Options exercisable, end of period | Customer | 301,825 | 301,825 | |||
$5.01 - $7.30 | Bottom of range | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Range of exercise prices | $ 5.01 | ||||
$5.01 - $7.30 | Top of range | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Range of exercise prices | $ 7.30 | ||||
$0.30 - $7.30 | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number outstanding | Customer | 1,326,958 | 1,326,958 | |||
Weighted average remaining contractual life (in years) | 1 year 11 months 8 days | ||||
Options outstanding weighted average exercise price | $ 3.57 | ||||
Options exercisable, end of period | Customer | 1,110,958 | 1,110,958 | |||
$0.30 - $7.30 | Bottom of range | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Range of exercise prices | $ 0.30 | ||||
$0.30 - $7.30 | Top of range | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Range of exercise prices | $ 7.30 |
Capital Stock (Details 3)
Capital Stock (Details 3) - yr | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Expected option life (in years) | 4.4 | 4.4 |
Risk free interest rate | 1.40% | |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 47.10% | |
Bottom of range | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Risk free interest rate | 1.92% | |
Expected volatility | 85.14% | |
Top of range | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Risk free interest rate | 2.04% | |
Expected volatility | 93.72% |
Capital Stock (Details 4)
Capital Stock (Details 4) | 12 Months Ended | ||
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | |
Warrants | |||
Balance, beginning of period | shares | 900,000 | 900,000 | 900,000 |
Expired | shares | (900,000) | ||
Balance, end of period | shares | 900,000 | 900,000 | |
Warrants exercisable, end of period | shares | 900,000 | 900,000 | |
Weighted average exercise price | |||
Balance, beginning of period | $ / shares | $ 6.50 | $ 6.50 | $ 6.50 |
Exercised | $ / shares | (6.50) | ||
Balance, end of period | $ / shares | 6.50 | 6.50 | |
Warrants exercisable, end of period | $ / shares | $ 6.50 | $ 6.50 |
Capital Stock (Details 6)
Capital Stock (Details 6) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Capital Stock [Abstract] | |||
Basic earnings (loss) per share | $ (0.64) | $ (1.32) | $ 0.25 |
Diluted earnings (loss) per share | $ (0.64) | $ (1.32) | $ 0.24 |
Capital Stock (Details 7)
Capital Stock (Details 7) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Capital Stock [Abstract] | |||
Net earnings before discontinued operations | $ (6,845) | $ (19,786) | $ 3,926 |
Net income from discontinued operations, net of tax | $ 3,926 | ||
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | |||
Weighted average shares outstanding for basic earnings per share | 10,686,041 | 14,998,540 | 15,791,396 |
Effects of dilution from: | |||
Stock options | 772,267 | ||
Weighted average shares outstanding for diluted earnings per share | 10,686,041 | 14,998,540 | 16,563,663 |
Capital Stock (Detail Textuals)
Capital Stock (Detail Textuals) | Jun. 29, 2020shares | Dec. 20, 2019CAD ($)shares | Dec. 20, 2019$ / shares | May 30, 2019CAD ($)shares | May 16, 2018shares | Dec. 31, 2020CAD ($)shares | Dec. 31, 2019CAD ($)shares | Dec. 31, 2018CAD ($)shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Stock options vesting term | five-year | ||||||||
Aggregate common stock share outstanding normal course issuer Bid | shares | 533,116 | 761,141 | 794,088 | ||||||
Shares repurchased and cancelled under a normal course issuer bid | shares | 563,000 | 552,700 | 751,800 | 771,900 | |||||
Repurchase of common shares under normal course issuer Bid | $ 2,235,000 | $ 522,000 | $ 4,145,000 | $ 5,085,000 | |||||
Common stock repurchase price per share | $ / shares | $ 6.50 | ||||||||
Repurchase of common stock additional cost | $ 139,000 | ||||||||
Repurchase of common stock aggregate price paid | $ 26,139,000 | ||||||||
Shares repurchased and cancelled under a substantial issuer bid | shares | 4,000,000 | ||||||||
Shares repurchased and cancelled under a substantial issuer bid | $ 26,000,000 | ||||||||
Aggregate Percentage Of Common Stock Share Outstanding | 0.00% | ||||||||
Shares Repurchased And Cancelled Under Normal Course Issuer | shares | 563,000 | 552,700 | 751,800 | 771,900 | |||||
Repurchase Of Common Shares Under Normal Course Issuer Bid | $ 2,235,000 | $ 522,000 | $ 4,145,000 | $ 5,085,000 | |||||
Deficit | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Buy-back of common shares | 3,925,000 | 1,810,000 | |||||||
Buy-back of common shares under substantial issuer bid | 5,466,000 | ||||||||
Share Capital | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Shares repurchased and cancelled under a normal course issuer bid | [1] | $ 4,447,000 | $ 5,955,000 | ||||||
Shares repurchased and cancelled under a normal course issuer bid | shares | [1] | 552,700 | 751,800 | ||||||
Shares repurchased and cancelled under a substantial issuer bid | shares | [2] | (4,000,000) | |||||||
Shares repurchased and cancelled under a substantial issuer bid | [2] | $ (31,605,000) | |||||||
Shares Repurchased And Cancelled Under Normal Course Issuer | shares | [1] | 552,700 | 751,800 | ||||||
Top of range | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Number of common shares reserved for issuance of stock options | shares | 2,934,403 | ||||||||
Stock options term | 10 days | ||||||||
Bottom of range | |||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||
Stock options term | 5 days | ||||||||
[1] | On May 16, 2018, the Company announced that the TSX-V accepted the Company’s notice of its intention to make a normal course issuer bid (the “2018 NCIB”). Under the terms of the 2018 NCIB, the Company could have acquired up to an aggregate of 794,088 common shares, representing five percent of the common shares outstanding at the time of the application, over the twelve-month period that the 2018 NCIB was in place. The 2018 NCIB commenced on May 28, 2018 and ended on May 27, 2019. During the twelve months of the 2018 NCIB, the Company purchased and cancelled 771,900 common shares for a total cost of $5,085. The prices that the Company paid for the common shares purchased was the market price of the shares at the time of purchase. | ||||||||
[2] | On December 20, 2019, the Company completed a Substantial Issuer Bid (“SIB”) pursuant to which the Company purchased 4,000,000 of its common shares for cancellation at a set purchase price of $6.50 per common share for a total purchase price of $26,000 in cash. The Company incurred an additional $139 on transaction costs related to the SIB for a total aggregate purchase price paid of $26,139. During the year ended December 31, 2019, the Company recorded $5,466 directly in its deficit representing the difference between the aggregate price paid for these common shares and a reduction of the Company’s share capital totaling $31,605. |
Capital Stock (Detail Textuals
Capital Stock (Detail Textuals 1) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about business combination [line items] | |||
Expense from share-based payment transactions with employees | $ 317 | $ 417 | $ 1,022 |
Capital Stock (Detail Textual_2
Capital Stock (Detail Textuals 2) - Apicore - Crown Capital Fund IV LP term loan | 1 Months Ended | |
Nov. 17, 2016CAD ($)$ / shares | Dec. 01, 2016shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of warrants issued to lenders | shares | 900,000 | |
Maturity period of term loans | 48 | |
Warrant exercise price issued to lenders | $ / shares | $ 6.50 | |
Fair value assigned to warrants issued | $ 2,066 | |
Pro rata share of financing costs | $ 117 |
Capital Stock (Detail Textual_3
Capital Stock (Detail Textuals 3) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Capital Stock [Abstract] | |||
Anti-dilutive stock option excluded from calculation of diluted earnings per share before discontinued operations as exercise price exceeded the share price on TSX Venture Exchange | 1,326,958 | 1,428,408 | 622,375 |
Anti-dilutive warrants excluded from calculation of diluted earnings per share before discontinued operations as exercise price exceeded the share price on TSX Venture Exchange | 900,000 | 900,000 |
Income taxes (Details)
Income taxes (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||
Scientific research and experimental development | $ 3,358 | $ 2,640 |
Non-capital losses | 2,356 | 207 |
Other | 595 | 1,781 |
Investment in Sensible | 855 | |
Holdback receivable | 688 | |
Total deferred tax assets | $ 6,309 | $ 6,171 |
Income taxes (Details 1)
Income taxes (Details 1) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (loss) for the year | |||
Canadian | $ (519) | $ (7,013) | $ 3,440 |
Foreign | (6,326) | (12,628) | 1,383 |
(Loss) Income for the year | (6,845) | (19,641) | 4,823 |
Canadian federal and provincial income taxes at 27% (2019 – 27%; 2018 – 27%) | 1,848 | 5,303 | (1,302) |
Permanent differences and other items | (159) | (330) | 26 |
Foreign tax rate in foreign jurisdictions | (1,551) | (1,308) | 85 |
Change in unrecognized deferred tax assets | $ (138) | (3,810) | 294 |
Income tax expense | $ (145) | $ (897) |
Income taxes (Details 2)
Income taxes (Details 2) $ in Thousands | Dec. 31, 2020CAD ($) |
CAD | |
Income Tax [Line Items] | |
Losses available for application in future years | $ 7,942 |
CAD | 2037 | |
Income Tax [Line Items] | |
Losses available for application in future years | 5,276 |
CAD | 2040 | |
Income Tax [Line Items] | |
Losses available for application in future years | 2,666 |
Barbados | |
Income Tax [Line Items] | |
Losses available for application in future years | 8,446 |
Barbados | 2022 | |
Income Tax [Line Items] | |
Losses available for application in future years | 1,249 |
Barbados | 2028 | |
Income Tax [Line Items] | |
Losses available for application in future years | 2,355 |
Barbados | 2029 | |
Income Tax [Line Items] | |
Losses available for application in future years | $ 4,842 |
Income taxes (Detail Textuals)
Income taxes (Detail Textuals) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Current income tax expense | $ 0 | $ 22 | $ 678 |
Deferred income tax expense (recovery) | $ 0 | $ 123 | $ 219 |
Income taxes (Detail Textuals 1
Income taxes (Detail Textuals 1) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax [Line Items] | |||
Statutory income tax rate | 27.00% | 27.00% | 27.00% |
Barbados | |||
Income Tax [Line Items] | |||
Statutory income tax rate | 2.50% | ||
MAURITIUS | |||
Income Tax [Line Items] | |||
Statutory income tax rate | 15.00% | ||
IRELAND | |||
Income Tax [Line Items] | |||
Statutory income tax rate | 12.50% | ||
United States | |||
Income Tax [Line Items] | |||
Statutory income tax rate | 21.00% |
Finance income (expense) (Detai
Finance income (expense) (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule For Finance Income And Expense [Line Items] | |||
Interest income | $ 43 | $ 886 | $ 1,115 |
Remeasurement of royalty obligation | 953 | 316 | (355) |
Accretion of acquisition payable | (155) | ||
Change in fair value of contingent consideration | (6) | ||
Bank charges and other interest | (21) | (24) | (25) |
Remeasurement of holdback receivable | 326 | ||
Total Finance costs (income) | 765 | 1,115 | 1,061 |
MIOP loan | |||
Schedule For Finance Income And Expense [Line Items] | |||
Accretion of acquisition payable | (41) | $ 0 | |
Finance expense from lease obligation | $ (49) | $ (22) |
Finance income (expense) (Det_2
Finance income (expense) (Details 1) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule For Finance Income And Expense [Line Items] | |||
Interest received | $ 43 | $ 1,731 | $ 279 |
Other interest, net and banking fees | (21) | (46) | (24) |
Finance income (expense) (paid) received | $ 22 | $ 1,685 | $ 255 |
Commitments and contingencies_2
Commitments and contingencies (Details) $ in Thousands | Dec. 31, 2020CAD ($) |
Commitments And Contingencies [Line Items] | |
Future payable representing contracts and other commitments | $ 3,319 |
2021 | |
Commitments And Contingencies [Line Items] | |
Future payable representing contracts and other commitments | 1,649 |
2022 | |
Commitments And Contingencies [Line Items] | |
Future payable representing contracts and other commitments | 1,288 |
2023 | |
Commitments And Contingencies [Line Items] | |
Future payable representing contracts and other commitments | 191 |
2024 | |
Commitments And Contingencies [Line Items] | |
Future payable representing contracts and other commitments | 191 |
2025 | |
Commitments And Contingencies [Line Items] | |
Future payable representing contracts and other commitments | $ 0 |
Commitments and contingencies_3
Commitments and contingencies (Detail Textuals) € in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2020CAD ($) | Jan. 01, 2020 | Dec. 31, 2017USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) |
Commitments And Contingencies [Line Items] | |||||
Unfinished product inventory | $ 218 | ||||
Term of agreement | 10 years | ||||
Business and administration agreement with GVI | |||||
Commitments And Contingencies [Line Items] | |||||
Term of agreement | 1 year | ||||
Amount committed to pay under the agreement, per month | $ 7 | ||||
Amount committed to pay under the agreement, per year | $ 85 | ||||
Bottom of range | |||||
Commitments And Contingencies [Line Items] | |||||
Unfinished product inventory | 400 | ||||
Top of range | |||||
Commitments And Contingencies [Line Items] | |||||
Unfinished product inventory | € | € 525 | ||||
AGGRASTAT | |||||
Commitments And Contingencies [Line Items] | |||||
Unfinished product inventory | $ 150 | ||||
Prexxartan | Exclusive License Agreement | |||||
Commitments And Contingencies [Line Items] | |||||
Term of agreement | 7 years | ||||
Upfront payment | $ 100 | ||||
Additional amount payable | $ 400 |
Commitments and contingencies_4
Commitments and contingencies (Detail Textuals 1) € in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018USD ($) | |
Commitments And Contingencies [Line Items] | |||||||
Royalty expense | $ 441 | $ 1,023 | $ 1,654 | ||||
Royalty payment | $ (326) | (1,355) | $ (1,539) | ||||
Payment for expansion of label | € | € 300 | ||||||
Period over which contingent liability is payable | 3 years | 3 years | 3 years | ||||
ZYPITAMAG | Zydus | |||||||
Commitments And Contingencies [Line Items] | |||||||
Royalty expense | $ 15 | $ 2 | $ 0 | ||||
Cost of good sold | $ 10 | $ 2 | |||||
Birmingham Associates Ltd | AGGRASTAT | |||||||
Commitments And Contingencies [Line Items] | |||||||
Terms of quarterly sales | 60 days | 60 days | 60 days | ||||
Birmingham Associates Ltd | AGGRASTAT | Upto 200000 | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of royalty | 4.00% | 4.00% | 4.00% | ||||
Birmingham Associates Ltd | AGGRASTAT | Between 200000 and 400000 | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of royalty | 8.00% | 8.00% | 8.00% | ||||
Birmingham Associates Ltd | AGGRASTAT | Above 400000 | |||||||
Commitments And Contingencies [Line Items] | |||||||
Percentage of royalty | 6.00% | 6.00% | 6.00% |
Related party transactions (Det
Related party transactions (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |||
Salaries, fees and short-term benefits | $ 771 | $ 781 | $ 770 |
Share-based payments | 230 | 208 | 669 |
Total | $ 1,001 | $ 989 | $ 1,439 |
Related party transactions (D_2
Related party transactions (Detail Textuals) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Key management personnel of entity or parent | |||
Disclosure of transactions between related parties [line items] | |||
Amount payable for services provided recorded within accounts payable and accrued liabilities | $ 14 | $ 0 | $ 5 |
Related party transactions (D_3
Related party transactions (Detail Textuals 1) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Key management personnel of entity or parent | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Voting shares of Directors and key management personnel control | 25.00% | 23.00% | |
Genesys Venture Inc | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Business administration services | $ 85 | $ 85 | $ 85 |
Rental costs | 238 | 295 | 228 |
Commercial and information technology support services | $ 37 | $ 47 | $ 47 |
Related party transactions (D_4
Related party transactions (Detail Textuals 2) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Research and development expense | $ 3,299 | $ 4,349 | $ 6,681 |
GVI clinical development solutions Inc | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Accounts payable and accrued liabilities | 99 | 56 | |
GVI clinical development solutions Inc | Consulting agreement | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Research and development expense | 202 | 406 | 858 |
CanAm Bioresearch Inc | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Accounts payable and accrued liabilities | 7 | 0 | |
CanAm Bioresearch Inc | Consulting agreement | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Research and development expense | 7 | 133 | $ 393 |
Genesys Venture Inc | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Accounts payable and accrued liabilities | $ 56 | $ 95 |
Related party transactions (D_5
Related party transactions (Detail Textuals 3) - CAD ($) $ in Thousands | Dec. 31, 2020 | Jul. 18, 2016 | Jan. 31, 2018 | Dec. 31, 2018 |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||
Term of agreement | 10 years | |||
Revised amount payable under agreement | $ 331 | |||
A.D. Friesen Enterprises Ltd., | ||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||
Term of agreement | 5 years | |||
Amount payable under agreement | $ 300 | |||
Revised amount payable under agreement | $ 315 | |||
JFK Enterprises Ltd | ||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||||
Term of agreement | 1 year | |||
Amount payable under agreement | $ 155 |
Expenses by nature (Details)
Expenses by nature (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Personnel expenses | |||
Salaries, fees and short-term benefits | $ 3,199 | $ 6,394 | $ 7,696 |
Share-based payments | 317 | 417 | 1,022 |
Employee benefits expense | 3,515 | 6,811 | 8,718 |
Depreciation, amortization and impairment | 2,772 | 2,017 | 299 |
Research and development | 1,996 | 2,887 | 5,306 |
Manufacturing | 943 | 752 | 765 |
Inventory material costs | 3,355 | 3,851 | 3,862 |
Write-down of inventories | 682 | 1,983 | 95 |
Medical affairs | 161 | 718 | 1,026 |
Administration | 398 | 821 | 1,505 |
Selling and logistics | 2,975 | 6,997 | 8,019 |
Professional fees | 2,920 | 1,578 | 740 |
Expenses by nature | $ 19,717 | $ 28,415 | $ 30,335 |
Financial instruments (Details)
Financial instruments (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts payable and accrued liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | $ 6,979 | $ 9,384 |
Fair value | 6,979 | 9,384 |
Current portion of royalty obligation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 362 | 872 |
Fair value | 362 | 872 |
Current portion of acquisition payable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 2,613 | 649 |
Fair value | 2,613 | 649 |
Holdback Payable [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 1,523 | |
Fair value | 1,523 | |
Current Portion Of Lease Obligations | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 367 | 240 |
Fair value | 367 | 240 |
Royalty obligation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 336 | 1,176 |
Fair value | 335 | 1,176 |
Acquisition payable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 1,132 | 1,655 |
Fair value | 1,132 | 1,655 |
Lease liabilities | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 1,080 | 849 |
Fair value | 1,080 | 849 |
Current portion of contingent consideration | Financial liabilities measured at FVTPL | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 1,925 | |
Fair value | 1,925 | |
Contingent consideration | Financial liabilities measured at FVTPL | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 51 | |
Fair value | 51 | |
Cash and cash equivalents | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 2,716 | 12,965 |
Fair value | 2,716 | 12,965 |
Restricted Cash [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 1,394 | |
Fair value | 1,394 | |
Accounts receivable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 5,253 | 10,216 |
Fair value | 5,253 | 10,216 |
Other assets [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying amount | 156 | 39 |
Fair value | $ 156 | $ 39 |
Financial instruments (Details
Financial instruments (Details 1) - Level 3 - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current portion of royalty obligation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ 362 | $ 872 |
Current portion of acquisition payable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 637 | 649 |
Current portion of contingent consideration | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,925 | |
Royalty obligation | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 335 | 1,176 |
Acquisition payable | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | 1,132 | $ 1,655 |
Contingent consideration | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial liabilities | $ 51 |
Financial instruments (Detail_2
Financial instruments (Details 2) $ in Thousands, $ in Thousands | Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Restricted cash | $ 1,394 | |||
Accounts receivable | 5,253 | $ 10,216 | ||
Other assets | 156 | 39 | ||
Accounts payable and accrued liabilities | (6,979) | (9,384) | ||
Current portion of royalty obligation | (362) | (872) | ||
Current portion of acquisition payable | (637) | (649) | ||
Holdback payable | (1,876) | |||
Current portion of contingent consideration | (1,925) | |||
Income taxes payable | (164) | (517) | ||
Current portion of lease obligation | (367) | (240) | ||
Royalty obligation | (335) | (1,176) | ||
Acquisition payable | (1,132) | $ (1,655) | ||
Contingent consideration | $ (51) | |||
U.S. dollar currency risk | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Cash | $ 1,758 | $ 9,518 | ||
Restricted cash | 1,095 | |||
Accounts receivable | 4,032 | 7,817 | ||
Other assets | 123 | 30 | ||
Accounts payable and accrued liabilities | (4,698) | (6,714) | ||
Current portion of royalty obligation | (284) | (671) | ||
Current portion of acquisition payable | (500) | (500) | ||
Holdback payable | (1,473) | |||
Current portion of contingent consideration | (1,512) | |||
Income taxes payable | (129) | (398) | ||
Current portion of lease obligation | (77) | |||
Royalty obligation | (263) | (906) | ||
Acquisition payable | (889) | (1,275) | ||
Contingent consideration | (40) | |||
Lease obligation | (354) | |||
Derivative financial assets liabilities | $ (3,211) | $ 6,901 |
Financial instruments (Detail T
Financial instruments (Detail Textuals) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020CAD ($)Customer | Dec. 31, 2019CAD ($)Customer | Dec. 31, 2018CAD ($)Customer | |
Disclosure of detailed information about financial instruments [line items] | |||
Other comprehensive loss in Sensible Medical | $ 6,336 | ||
Fair value measurement, Discount rate | 20.00% | ||
Concentration of credit risk, Percentage Of Accounts Receivable | 95.00% | 96.00% | 95.00% |
Number of customers owing greater than 10% of accounts receivable | Customer | 3 | 3 | 3 |
Bad debt expenses | $ 0 | $ 0 | |
Increase in discount rate for calculating royalty obligation | 1.00% | ||
Discount rate, measurement input | |||
Disclosure of detailed information about financial instruments [line items] | |||
Increase in discount rate for calculating royalty obligation | 12.00% | ||
Fair value measurement, Discount rate | 1.00% | ||
Increase decrease in the fair value of liabilitites due to changes in discount rate | $ 18 | 0 | |
Discount rate, measurement input | Non Current Portion Of Acquistion Payable [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Increase in discount rate for calculating royalty obligation | 1.00% | ||
Fair value measurement, Discount rate | 10.00% | ||
Increase decrease in the fair value of liabilitites due to changes in discount rate | $ 15 | 28 | |
Other price risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of Change in net income due to 5% appreciation or deterioration of the Canadian dollar against the U.S. dollar | 205 | 448 | |
Interest rate risk | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of Change in net income due to 1% appreciation or deterioration of the Canadian dollar against the U.S. dollar | 27 | 130 | |
AGGRASTAT | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amount of Change in royalty obligation liability if the expected revenue from AGGRASTAT sales were to change by 10% | 55 | 257 | |
Amount of Change in royalty obligation liability if If the discount rate used in calculating the fair value of the royalty obligation of 20% were to change by 1% | $ 3 | $ 15 |
Segmented information (Details)
Segmented information (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of geographical areas [line items] | ||
Property, plant and equipment, intangible assets and other assets | $ 18,222 | $ 10,881 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Property, plant and equipment, intangible assets and other assets | 986 | 1,282 |
Barbados | ||
Disclosure of geographical areas [line items] | ||
Property, plant and equipment, intangible assets and other assets | 7,105 | $ 9,599 |
United States | ||
Disclosure of geographical areas [line items] | ||
Property, plant and equipment, intangible assets and other assets | $ 10,131 |
Segmented information (Details
Segmented information (Details 1) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 11,610 | $ 20,173 | $ 29,109 |
Operating expenses | (19,717) | ||
Finance income (expense), net | 765 | 1,115 | 1,061 |
Foreign exchange gain, net | 497 | (2,570) | 6,461 |
Net loss before income taxes | (6,845) | $ (19,641) | $ 4,823 |
Marketing and Distribution of Commercial Products [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 11,270 | ||
Operating expenses | (19,386) | ||
Finance income (expense), net | 767 | ||
Foreign exchange gain, net | 497 | ||
Net loss before income taxes | (6,852) | ||
Retail and Mail Order Pharmacy [Member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 340 | ||
Operating expenses | (331) | ||
Finance income (expense), net | (2) | ||
Net loss before income taxes | $ 7 |
Segmented information (Detail T
Segmented information (Detail Textuals) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Percentage of total revenue | 100.00% | 100.00% | 100.00% |
AGGRASTAT | United States | |||
Disclosure of operating segments [line items] | |||
Percentage of total revenue | 100.00% | 100.00% | 100.00% |
Segmented information (Detail_2
Segmented information (Detail Textuals 1) - Customer | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Percentage of total revenue | 100.00% | 100.00% | 100.00% |
Number of customers | 14 | 13 | 8 |
Number of remaining customers accounted for less than 1% revenue | 10 | 10 | 5 |
Customer A | |||
Disclosure of operating segments [line items] | |||
Percentage of total revenue | 37.00% | 38.00% | 33.00% |
Customer B | |||
Disclosure of operating segments [line items] | |||
Percentage of total revenue | 25.00% | 28.00% | 28.00% |
Customer C | |||
Disclosure of operating segments [line items] | |||
Percentage of total revenue | 34.00% | 28.00% | 33.00% |
Customer D | |||
Disclosure of operating segments [line items] | |||
Percentage of total revenue | 4.00% | 6.00% | 6.00% |