Fennec Pharmaceuticals (FENC) 10-Q 13 May 21 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 11, 2021
Document and Entity Information
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Entity Registrant Name	FENNEC PHARMACEUTICALS INC.
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	FENCF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,002,853
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001211583
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 26,751	$ 30,344
Prepaid expenses	619	797
Other current assets	455	276
Total current assets	27,825	31,417
Total assets	27,825	31,417
Current liabilities:
Accounts payable	2,508	1,571
Accrued liabilities	384	776
Total current liabilities	2,892	2,347
Commitments and Contingencies (Note 6)
Stockholders' equity:
Common stock, no par value; unlimited shares authorized; 26,003 shares issued and outstanding (2020-26,003)	140,733	140,733
Additional paid-in capital	49,830	49,234
Accumulated deficit	(166,873)	(162,140)
Accumulated other comprehensive income	1,243	1,243
Total stockholders' equity	24,933	29,070
Total liabilities and stockholders' equity	$ 27,825	$ 31,417

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets
Common stock, no par value	$ 0	$ 0
Common stock, shares issued	26,003	26,003
Common stock, shares outstanding	26,003	26,003

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Consolidated Statements of Operations
Revenue	$ 0	$ 0
Operating expenses:
Research and development	2,416	1,393
General and administrative	2,507	2,442
Total operating expenses	4,923	3,835
Loss from operations	(4,923)	(3,835)
Other (expense) income:
Unrealized gain on securities	182	0
Other (loss)	(8)	(9)
Amortization expense	0	(17)
Interest income	16	35
Total other income, net	190	9
Net loss	$ (4,733)	$ (3,826)
Basic net loss per common share	$ (0.18)	$ (0.19)
Diluted net loss per common share	$ (0.18)	$ (0.19)
Weighted-average number of common shares outstanding, basic	26,003	19,896
Weighted-average number of common shares outstanding, diluted	26,003	19,896

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net loss	$ (4,733)	$ (3,826)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of deferred issuance cost	0	17
Unrealized gain on securities	(182)	0
Stock-based compensation - employees	587	391
Stock-based compensation - contractors	9	21
Changes in operating assets and liabilities:
Prepaid assets	178	6
Other current assets	(3)	(6)
Accounts payable	937	63
Accrued liabilities	(392)	(427)
Net cash used in operating activities	(3,593)	(3,749)
Decrease in cash and cash equivalents	(3,593)	(3,749)
Cash and cash equivalents - Beginning of Period	30,344
Cash and cash equivalents - End of Period	$ 26,751	$ 9,901

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common StockEmployees	Common StockContractors	Common Stock	Additional Paid-in CapitalEmployees	Additional Paid-in CapitalContractors	Additional Paid-in Capital	Accumulated DeficitEmployees	Accumulated DeficitContractors	Accumulated Deficit	Accumulated Other Comprehensive IncomeEmployees	Accumulated Other Comprehensive IncomeContractors	Accumulated Other Comprehensive Income	Employees	Contractors	Total
Balance at Dec. 31, 2019			$ 106,392			$ 48,271			$ (144,031)			$ 1,243			$ 11,875
Balance (in shares) at Dec. 31, 2019			19,896
Stock options issued	$ 0	$ 0		$ 391	$ 21		$ 0	$ 0		$ 0	$ 0		$ 391	$ 21
Net loss			$ 0			0			(3,826)			0			(3,826)
Balance at Mar. 31, 2020			$ 106,392			48,683			(147,857)			1,243			8,461
Balance (in shares) at Mar. 31, 2020			19,896
Balance at Dec. 31, 2020			$ 140,733			49,234			(162,140)			1,243			29,070
Balance (in shares) at Dec. 31, 2020			26,003
Stock options issued	$ 0	$ 0		$ 587	$ 9		$ 0	$ 0		$ 0	$ 0		$ 587	$ 9
Net loss			$ 0			0			(4,733)			0			(4,733)
Balance at Mar. 31, 2021			$ 140,733			$ 49,830			$ (166,873)			$ 1,243			$ 24,933
Balance (in shares) at Mar. 31, 2021			26,003

Nature of Business and Going Co

Nature of Business and Going Concern	3 Months Ended
	Mar. 31, 2021
Nature of Business and Going Concern
Nature of Business and Going Concern	1. Nature of Business and Going Concern Fennec Pharmaceuticals Inc., a British Columbia corporation (“Fennec,” the “Company,” “we,” “us,” or “our”), is a biopharmaceutical company focused on the development of PEDMARK TM (a unique formulation of sodium thiosulfate) for the prevention of platinum-induced ototoxicity in pediatric cancer patients. We have four wholly-owned subsidiaries: Oxiquant, Inc. and Fennec Pharmaceuticals, Inc., both Delaware corporations, Cadherin Biomedical Inc., a Canadian company, and Fennec Pharmaceuticals (EU) Limited (“Fennec Limited”), an Ireland company. With the exception of Fennec Pharmaceuticals, Inc., all subsidiaries are inactive. These unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) that are applicable to a going concern which contemplates that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. During the three months ended March 31, 2021, the Company incurred a loss from operations of $4,923. At March 31, 2021, the Company had an accumulated deficit of $166,900 million and had experienced negative cash flows from operating activities during the three months ended March 31, 2021 in the amount of $3,593. On May 5, 2020, the Company announced the completion of an underwritten public offering of 4,800,000 common shares at a public offering price of $6.25 per share. In addition, Fennec issued an additional 660,204 common shares in connection with the partial exercise of the underwriters’ over-allotment option. The approximate total gross proceeds from the offering were $34,100 ($32,189 net of commissions, fees and issue costs). On February 1, 2019, the Company’s wholly owned subsidiary Fennec Pharmaceuticals, Inc. entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with Bridge Bank, a division of Western Alliance Bank, an Arizona corporation (“Bridge Bank”), pursuant to which Bridge Bank agreed to loan $12,500 to Fennec Pharmaceuticals, Inc., to be made available upon New Drug Application (“NDA”) approval of PEDMARK TM by the U.S. Food and Drug Administration (“FDA”) no later than September 30, 2020. The Loan and Security Agreement was amended on June 26, 2020 to increase the total potential amount of the loan to $18,000 and to extend the outside date to receive NDA approval of PEDMARK TM to December 31, 2020. In connection with this facility, the Company issued Bridge Bank a warrant to purchase up to 39,000 of the Company’s common shares at an exercise price of $6.80 per share, with an exercise period of ten years from the date of issuance subject to certain early termination conditions. Under Accounting Standards Codification (“ASC”) 470-50, Modifications and Extinguishments, the amendment to the facility was considered a modification. As such, the Company had been amortizing the loan fee and the value of the warrant over the remainder of the loan term. Following receipt of the FDA’s Complete Response Letter (“CRL”) in August 2020, which identified deficiencies in the third-party manufacturing facility that manufactures PEDMARK TM on the Company’s behalf, the Company decided to fully amortize the remaining portions of the loan fee and the value of the warrants. The Loan and Security Agreement expired on December 31, 2020 as a result of the Company not obtaining NDA approval of PEDMARK TM by that date, with no amounts advanced under the facility prior to its termination. The warrant issued to Bridge Bank remains outstanding notwithstanding termination of the facility. The Company believes the funds raised in its May 2020 public offering provide sufficient funding for the Company to carry out its planned activities, including NDA resubmission and, if approved, the commencement of commercialization efforts, for at least the next twelve months as it continues its strategic development of PEDMARK TM . These financial statements do not reflect the potentially material adjustments in the carrying values of assets and liabilities, the reported expenses, and the balance sheet classifications used, that would be necessary if the going concern assumption were not appropriate.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Significant Accounting Policies
Significant Accounting Policies	2. Basis of presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with US GAAP and are the responsibility of the Company’s management. These unaudited interim condensed consolidated financial statements do not include all of the information and notes required by US GAAP for annual financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes filed with the Securities and Exchange Commission (“SEC”) in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2020. The Company’s accounting policies are consistent with those presented in the audited consolidated financial statements included in the Annual Report on Form 10‑K for the year ended December 31, 2020. These unaudited interim condensed consolidated financial statements have been prepared in U.S. dollars. All amounts presented are in thousands except for per share amounts. Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the interim condensed consolidated financial statements and the reported amounts of expense during the reporting period. Actual results could differ from those estimates. In the opinion of management, these unaudited interim condensed consolidated financial statements include all adjustments, which are normal and recurring in nature, necessary for the fair presentation of the Company’s financial position at March 31, 2021 and to state fairly the results for the periods presented. The most significant estimates utilized during the quarter ended March 31, 2021 included estimates necessary to value grants of stock options to employees and various contractors, disclosed in Note 4. New accounting pronouncements In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). In this ASU, the FASB refines the scope of Topic 848 to clarify that certain optional expedients and exceptions therein for contract modifications and hedge accounting apply to contracts that are affected by the discounting transition. Specifically, modifications related to reference rate reform would not be considered an event that requires reassessment of previous accounting conclusions. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in the ASU are effective immediately for all entities. Entities may choose to apply the amendments retrospectively as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively to new modifications from any date within an interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. The Company chose to apply amendments prospectively and concluded after evaluation that ASU 2021-01 has no significant effect on our condensed consolidated financial statements. Cash and cash equivalents Cash equivalents consist of highly liquid investments with original maturities at the date of purchase of three months or less. The Company places its cash and cash equivalents in investments held by highly rated financial institutions in accordance with its investment policy designed to protect the principal investment. At March 31, 2021, the Company had $26,751 in cash, savings and money market accounts ($30,344 at December 31, 2020). At March 31, 2021, the Company held $ 668 in cash of which $34 (as presented in U.S. dollars) was in Canadian dollars ($45 at December 31, 2020 as presented in U.S. dollars). At March 31, 2021, the Company held $26,083 in money market investments. Money market investments typically have minimal risks. While the Company has not experienced any loss or write-down of its money market investments , the amounts it holds in money market accounts are substantially above the $250,000 amount insured by the FDIC and may lose value. Financial instruments Financial instruments recognized on the balance sheets at March 31, 2021 and December 31, 2020 consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, the carrying values of which approximate fair value due to their relatively short time to maturity. The Company does not hold or issue financial instruments for trading. The Company’s investment policy is to manage investments to achieve, in the order of importance, the financial objectives of preservation of principal, liquidity and return on investment. Investments, when made, are made in U.S. or Canadian bank securities, commercial paper of U.S. or Canadian industrial companies, utilities, financial institutions and consumer loan companies, and securities of foreign banks provided the obligations are guaranteed or carry ratings appropriate to the policy. Securities must have a minimum Dun & Bradstreet rating of A for bonds or R1 low for commercial paper. The policy risks are primarily the opportunity cost of the conservative nature of the allowable investments. As the main purpose of the Company is research and development, the Company has chosen to avoid investments of a trading or speculative nature. Revenue The Company’s revenue is generated through sales of intellectual property (“IP”). The Company generates its revenue through one segment and the revenue recognized under each of the Company’s arrangements during the current period is described below. The terms of these agreements may contain multiple promised goods or services or optional goods and services, including licenses to product candidates, referred to as exclusive licenses, as well as research and development activities to be performed by the Company on behalf of the collaboration partner related to the licensed product candidates. Revenue recognition Revenue is recognized when control of the promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods or providing services. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. When determining whether the customer has obtained control of the goods or services, the Company considers the point at which the customer may benefit from the goods or services. For sale of IP to, revenue is recognized upon grant or transfer of the IP, as the Company’s IP is considered functional in nature. Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s contracts may contain multiple performance obligations if a promise to transfer goods or services is separately identifiable from other promises in a contract and, therefore, is considered distinct. For contracts with multiple performance obligations, the Company determines the standalone selling price of each performance obligation and allocates the total transaction price using the relative selling price basis. The Company recognizes performance obligations based on their nature. Significant payment terms The Company’s revenue arrangements include payments to the Company of one or more of the following: a non-refundable, upfront payment; milestone payments and royalties on commercial sales of IP product candidates, if any. To date, the Company has received upfront payments and several milestone payments but has not received any license or option fees or earned royalty revenue as a result of product sales. Under ASC 606, the Company estimates the amount of consideration to which it will be entitled in exchange for satisfying performance obligations. Based on the Company’s current contracts, variable consideration primarily exists in the following forms: development and regulatory milestones, royalties and sales-based milestones. The Company utilizes the “most likely amount” variable consideration method for estimating development and regulatory milestone consideration to include in the transaction price. The Company only includes an amount of variable consideration in the transaction price to the extent it is probable that a significant reversal in the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company refers to this as the variable consideration constraint. Due to the uncertainty associated with the occurrence of the underlying events which would trigger development and regulatory milestone consideration under its revenue arrangements, with the exception of certain initial conditions precedent milestones, the Company has concluded the variable consideration associated with all development and regulatory milestones to be fully constrained as of the ASC 606 transition date and as of March 31, 2021, and therefore has not included such consideration in the transaction price for any of its revenue arrangements. The Company will reassess this conclusion at each subsequent reporting period and will only include amounts associated with regulatory or development milestones in the transaction price when, or if, the variable consideration is determined to be released from the constraint. In accordance with ASC 606, the Company is required to adjust the transaction price for the effects of the time value of money if the timing of payments agreed to by the parties to the contract, explicitly or implicitly, provides the Company or its customer with a significant benefit of financing the transfer of goods or services. The Company concluded that its licensing and collaboration arrangements do not contain a significant financing component because the payment structure of its agreements arise from reasons other than providing a significant benefit of financing. Contract assets The Company did not have a contract asset as of March 31, 2021 or December 31, 2020. Contract liabilities The Company did not have a contract liability as of March 31, 2021 or December 31, 2020. Revenue arrangements Elion In May 2016, the Company sold Eniluracil to Elion Oncology, LLC (“Elion”). The agreement called for $40,000 in cash and 5% royalties to be paid to Fennec for any income derived from the sale of Eniluracil. The agreement was for the sale, not license of IP. In addition, the agreement did not call for any additional good or service beyond the transfer of IP and related assets (e.g. “all information and know-how”, documentation, etc.). In August 2020, Elion entered into a license agreement with Processa Pharmaceuticals, Inc. (“Processa”). The license agreement called for equity and cash upon satisfying the Condition Precedent, along with development and regulatory milestone payments, Sales Milestone Payments, and Product Royalties. The grant of the license was conditioned upon the “Condition Precedent” which was defined as (i) Processa’s closing of a public offering by October 30, 2020 in which Processa raised at least $15M and (ii) Processa’s shares being listed on NASDAQ. Upon satisfying the Condition Precedent, which occurred in October 2020, Elion was entitled to receive $100,000 in cash and 825,000 in shares of Processa of which the Company is entitled to 5%. As a result, in January 2021, the Company received $5,000 in cash and 41,250 restricted shares of Processa common shares. The agreement between Elion and Processa entitles Elion to the payments outlined in the table below. Fennec would be eligible to receive 5% of the following based on future milestone events: Milestone Event Milestone Payment ($) 1st Year Anniversary of Effective Date 100,000 Restricted Shares 2nd Year Anniversary of Effective Date 100,000 Restricted Shares 1st Patient in Dose Confirmation Study 100,000 Restricted Shares NDA Submission 300,000 Restricted Shares 1st FDA Approval in US $ 5,000,000 2nd FDA Approval in US $ 3,000,000 1st Regulatory Approval Outside US $ 2,000,000 2nd Regulatory Approval Outside US $ 2,000,000 Since the Condition Precedent was achieved, and only the passage of time must occur in order for the 1 st and 2 nd Year Anniversary payments to become due, the Company concluded the 1 st and 2 nd Year Anniversary milestone payments are also probable of coming to fruition and thus were included in the transaction price during the 4 th quarter of 2020 along with the aforementioned Condition Precedent payments. The arrangement with Elion contains consideration that is variable based on the Processa’s achievement of the above referenced development and regulatory milestones. The next milestone payment the Company may be entitled to receive is 5,000 restricted shares for 1 st patient in Dose Confirmation Study and then another 15,000 restricted shares for the NDA submission. These are considered variable consideration that is fully constrained due to the uncertainty associated with the achievement of the development milestone. The considerations related to royalties (first and second FDA approval in US and first and second regulatory approval outside of US) are also variable consideration that are fully constrained in accordance with the royalty recognition constraint. The variable consideration related to royalties will be recognized in the period the products are sold by Processa and the Company has a present right to payment. The Company recognized $0.2 million in revenue associated with the aforementioned cash and shares it became entitled to for the year ended December 31, 2020. Due to the one year lockup provision on the Processa shares, the Company deemed it reasonable to apply a liquidity discount of 20% to the valuation of the shares associated with the achievement of the Condition Precedent. Shares associated with the one- and two-year anniversary milestones had a 30% and 40% liquidity discount applied to their fair market valuations. Recognizing the passage of time, the Company adjusted its liquidity discount to the original shares of 15% and then 25 and 30% for the one- and two-year anniversary tranches. Subsequent changes to the fair value of the underlying securities are recognized as unrealized gains or losses on marketable equity securities within the consolidated statement of operations and comprehensive loss. During the quarter ended March 31, 2021, the Company reported $182 in unrealized gain on the fair value of the underlying Processa shares.

Loss per Share

Loss per Share	3 Months Ended
	Mar. 31, 2021
Loss per Share
Loss per Share	3. Loss per Share Earnings per common share is presented under two formats: basic earnings per common share and diluted earnings per common share. Basic earnings per common share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period, plus the potentially dilutive impact of common stock equivalents (i.e. stock options and warrants). Dilutive common share equivalents consist of the incremental common shares issuable upon exercise of stock options and warrants. The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended March 31, 2021 2020 Numerator: Net (loss) $ (4,733) $ (3,826) Denominator: Weighted-average common shares, basic 26,003 19,896 Dilutive effect of stock options — — Dilutive effect of warrants — — Incremental dilutive shares — — Weighted-average common shares, dilutive 26,003 19,896 Net (loss) per share, basic and diluted $ (0.18) $ (0.19) The following outstanding options and warrants were excluded from the computation of basic and diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2021 2020 Options to purchase common stock 2,952 3,088 Warrants to purchase common stock 39 39

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity
Stockholders' Equity	4. Stockholders’ Equity Authorized capital stock The Company’s authorized capital stock consists of an unlimited number of common shares, no par value per share. Warrants to Purchase Common Stock During the three months ended March 31, 2021 and 2020, there were no warrants issued or exercised. Outstanding warrants have a weighted average life of 7.85 years on March 31, 2021. The following tables detail the Company’s warrant activity for the three months ended March 31, 2021 and 2020, respectively: Common Shares Issuable Upon Weighted-Average Investor Warrants Exercise of Outstanding Warrants Exercise Price $USD Outstanding December 31, 2020 39 6.80 Issued — — Outstanding March 31, 2021 39 6.80 Total 39 6.80 Common Shares Issuable Upon Weighted-Average Investor Warrants Exercise of Outstanding Warrants Exercise Price $USD Outstanding December 31, 2019 39 6.80 Issued — — Outstanding March 31, 2020 39 6.80 Total 39 6.80 Stock option plan Equity Incentive Plan The Compensation Committee of the Board of Directors administers the Company’s equity incentive plan (the “Plan”). The Compensation Committee designates eligible participants to be included under the Plan and approves the number of options to be granted from time to time under the Plan. Currently, the maximum number of option shares issuable under the Plan, together with the Company’s prior stock option plan, is twenty-five percent (25%) of the total number of issued and outstanding common shares. Based upon the current shares outstanding, a maximum of 6,501 shares of common stock are authorized for issuance pursuant to stock options or other equity awards granted under the Plan. For all options issued under the Plan, the exercise price is the fair value of the underlying shares on the date of grant. All options vest within three years or less and are exercisable for a period of ten years from the date of grant. The Plan allows the issuance of Canadian and U.S. dollar grants. The table below outlines recognized contractor and employee expense from option awards for the three month periods ended March 31, 2021 and 2020 . Three Months Ended March 31, 2021 2020 Contractor options expense recognized $ 9 $ 21 Employee options expense recognized 587 391 Total option expense recognized $ 596 $ 412 Stock option activity The following is a summary of option activity for the three months ended March 31, 2021 and 2020 for stock options denominated in U.S. and Canadian dollars. As of August 2020, there were no Canadian denominated options outstanding. Number of Weighted-Average US Denominated Options Options (thousands) Exercise Price $USD Outstanding December 31, 2020 2,952 $ 4.82 Granted — — Exercised — — Outstanding at March 31, 2021 2,952 $ 4.82 Number of Weighted-Average US Denominated Options Options (thousands) Exercise Price $USD and $CAD Outstanding December 31, 2019 3,088 $ 3.59 (1) Granted — — Exercised — — Outstanding at March 31, 2020 3,088 $ 3.56 (2) 1. Figure represents 2,440 US denominated with a weighted average price of $4.05, and 648 $CAD denominated options with a weighted average price of $1.87 translated at $CAD/$USD 0.768174. 2. Figure represents 2,440 US denominated with a weighted average price of $4.05, and 648 $CAD denominated options with a weighted average price of $1.72 translated at $CAD/$USD 0.70978. During the three month periods ended March 31, 2021 and 2020, there was no US denominated option activity. Of the 2,952 options granted and outstanding at March 31, 2021, 2,154 are fully vested and exercisable.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements
Fair Value Measurements	5. The Company has adopted ASC 820 the Fair Value Measurements and Disclosure Topic of the FASB. This Topic applies to certain assets and liabilities that are being measured and reported on a fair value basis. The Fair value Measurements Topic defines fair value, establishes a framework for measuring fair value in accordance with US GAAP, and expands disclosure about fair value measurements. This Topic enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The Topic requires that financial assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Quoted Price in Active Market for Identical Significant Other Significant Instruments Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total 2021 2020 2021 2020 2021 2020 2021 2020 Assets Cash and cash equivalents $ 668 (1) $ 678 (1) $ 26,083 $ 29,666 $ — $ — $ 26,751 $ 30,344 Processa common shares — — 182 (2) — — — 182 — (1) The Company held approximately, $668 in cash as of March 31, 2021, of which approximately, $34 was in Canadian funds (translated into U.S. dollars). As of December 31, 2020, the Company held approximately $347 of which approximately $45 was in Canadian funds (translated into U.S. dollars). (2) The Company received 41,250 restricted common shares of Processa (PSCA). The share restriction will expire in three tranches: 50%, 25% and 25% at the 6, 9 and 12 month intervals, respectively from October 30, 2020. At October 30, 2020 Processa shares were trading at $4.11 per share. The Company originally applied a 20%, 30% and 40% liquidity discount to the shares and will mark to market at each balance sheet date.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	6. Commitments and Contingencies Oregon Health & Science University Agreement On February 20, 2013, Fennec entered into a new exclusive license agreement with Oregon Health & Science University (“OHSU”) for exclusive worldwide license rights to intellectual property directed to thiol-based compounds, including PEDMARK TM , and their use in oncology (the “OHSU Agreement”). OHSU will receive certain milestone payments, royalty on net sales for licensed products and a royalty on any consideration received from sublicensing of the licensed technology. On May 18, 2015, Fennec negotiated an amendment (“Amendment 1”) to the OHSU Agreement, which expands Fennec’s exclusive license to include the use of N-acetylcysteine as a standalone therapy and/or in combination with sodium thiosulfate for the prevention of ototoxicity induced by chemotherapeutic agents to treat cancers. Further, Amendment 1 adjusts select milestone payments entered in the OHSU Agreement including but not limited to the royalty rate on net sales for licensed products, royalty rate from sublicensing of the licensed technology and the fee payable upon the regulatory approval of a licensed product. The term of the OHSU Agreement as amended by Amendment 1 expires on the date of the last to expire claim(s) covered in the patents licensed to Fennec or 8 years, whichever is later. In the event a licensed product obtains regulatory approval and is covered by the Orphan Drug Designation, the parties will in good faith amend the term of the agreement. Sodium thiosulfate is currently protected by methods of use patents that the Company exclusively licensed from OHSU that expire in Europe in 2021 and that expire in the United States in 2038. The OHSU Agreement is terminable by either Fennec or OHSU in the event of a material breach of the agreement by either party after 45 days prior written notice. Fennec also has the right to terminate the OHSU Agreement at any time upon 60 days prior written notice and payment of all fees due to OHSU under the OHSU Agreement. Securities Class Action Suit Following the FDA’s CRL regarding our NDA for PEDMARK TM as described in Note 1, a putative lawsuit was filed against us purportedly on behalf of purchasers of the Company’s securities between December 20, 2018 and August 10, 2020. The lawsuit seeks to recover damages for Fennec investors under federal securities laws. While we believe that the lawsuit is without merit and intend to vigorously defend against it, the lawsuit is in its early stages and no assessment can be made as to its likely outcome or whether the outcome will be material to us. This litigation, and any other securities class actions that may be brought against us, could result in substantial costs and a diversion of our management’s attention and resources. Executive Severance In the event of his termination with us other than for cause, we will be obligated to pay Mr. Raykov a one-time severance payment equal to twelve months of salary ($442,900 as of March 31, 2021). In the event of his termination with us other than for cause, we will be obligated to pay Mr. Andrade a one-time severance payment equal to six months of salary ($160,423 as of March 31, 2021). In the event of her termination with us other than for cause, we will be obligated to pay Ms. Goel a one-time severance payment equal to three months of salary ($92,700 as of March 31, 2021). Leases We have an operating lease in Research Triangle Park, North Carolina utilizing small space within a commercial building. The operating lease has payments of $400 per month with no scheduled increases. This operating lease is terminable with 30 days’ notice and has no penalties or contingent payments due. On January 23, 2020, the Company entered into an Office Service Agreement (the “Office Service Agreement”) with Regus to lease office space at in Hoboken, New Jersey. Per the terms of the Office Service Agreement, the monthly rent payments are $1,441. The Company was required to pay a security deposit of $2,300, which is the equivalent to two months of rent. The Office Service Agreement commenced on January 27, 2020 and terminates on July 31, 2020, thereafter the lease may continue on a month-to-month basis with either party being able to terminate the agreement by providing one months’ advance written notice of termination. COVID-19 Our operations may be affected by the ongoing COVID-19 pandemic. The ultimate disruption which may be caused by the outbreak is uncertain; however, it may result in a material adverse impact on our financial position, operations and cash flows. Possible effects may include, but are not limited to, disruption to our product launch which includes the ability of sales reps to communicate with oncologists, absenteeism in our labor workforce, unavailability of products and supplies used in operations, and a decline in value of our assets, including inventories, property and equipment, and marketable securities. COVID-19 has not had a material effect on our operations to date as we have historically had a workforce which works remotely, preparations for product launch have been under the assumption of a virtual launch, and product supplies have not been impacted.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
Subsequent Events	7. Subsequent Events Management has evaluated subsequent events through the date of this filing and concluded there are no events of significance which require disclosure.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Significant Accounting Policies
Basis of presentation	Basis of presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with US GAAP and are the responsibility of the Company’s management. These unaudited interim condensed consolidated financial statements do not include all of the information and notes required by US GAAP for annual financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes filed with the Securities and Exchange Commission (“SEC”) in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2020. The Company’s accounting policies are consistent with those presented in the audited consolidated financial statements included in the Annual Report on Form 10‑K for the year ended December 31, 2020. These unaudited interim condensed consolidated financial statements have been prepared in U.S. dollars. All amounts presented are in thousands except for per share amounts.
Use of estimates	Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the interim condensed consolidated financial statements and the reported amounts of expense during the reporting period. Actual results could differ from those estimates. In the opinion of management, these unaudited interim condensed consolidated financial statements include all adjustments, which are normal and recurring in nature, necessary for the fair presentation of the Company’s financial position at March 31, 2021 and to state fairly the results for the periods presented. The most significant estimates utilized during the quarter ended March 31, 2021 included estimates necessary to value grants of stock options to employees and various contractors, disclosed in Note 4.
New accounting pronouncements	New accounting pronouncements In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848). In this ASU, the FASB refines the scope of Topic 848 to clarify that certain optional expedients and exceptions therein for contract modifications and hedge accounting apply to contracts that are affected by the discounting transition. Specifically, modifications related to reference rate reform would not be considered an event that requires reassessment of previous accounting conclusions. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in the ASU are effective immediately for all entities. Entities may choose to apply the amendments retrospectively as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively to new modifications from any date within an interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. The Company chose to apply amendments prospectively and concluded after evaluation that ASU 2021-01 has no significant effect on our condensed consolidated financial statements.
Cash and cash equivalents	Cash and cash equivalents Cash equivalents consist of highly liquid investments with original maturities at the date of purchase of three months or less. The Company places its cash and cash equivalents in investments held by highly rated financial institutions in accordance with its investment policy designed to protect the principal investment. At March 31, 2021, the Company had $26,751 in cash, savings and money market accounts ($30,344 at December 31, 2020). At March 31, 2021, the Company held $ 668 in cash of which $34 (as presented in U.S. dollars) was in Canadian dollars ($45 at December 31, 2020 as presented in U.S. dollars). At March 31, 2021, the Company held $26,083 in money market investments. Money market investments typically have minimal risks. While the Company has not experienced any loss or write-down of its money market investments , the amounts it holds in money market accounts are substantially above the $250,000 amount insured by the FDIC and may lose value.
Financial instruments	Financial instruments Financial instruments recognized on the balance sheets at March 31, 2021 and December 31, 2020 consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, the carrying values of which approximate fair value due to their relatively short time to maturity. The Company does not hold or issue financial instruments for trading. The Company’s investment policy is to manage investments to achieve, in the order of importance, the financial objectives of preservation of principal, liquidity and return on investment. Investments, when made, are made in U.S. or Canadian bank securities, commercial paper of U.S. or Canadian industrial companies, utilities, financial institutions and consumer loan companies, and securities of foreign banks provided the obligations are guaranteed or carry ratings appropriate to the policy. Securities must have a minimum Dun & Bradstreet rating of A for bonds or R1 low for commercial paper. The policy risks are primarily the opportunity cost of the conservative nature of the allowable investments. As the main purpose of the Company is research and development, the Company has chosen to avoid investments of a trading or speculative nature.
Revenue	Revenue The Company’s revenue is generated through sales of intellectual property (“IP”). The Company generates its revenue through one segment and the revenue recognized under each of the Company’s arrangements during the current period is described below. The terms of these agreements may contain multiple promised goods or services or optional goods and services, including licenses to product candidates, referred to as exclusive licenses, as well as research and development activities to be performed by the Company on behalf of the collaboration partner related to the licensed product candidates. Revenue recognition Revenue is recognized when control of the promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods or providing services. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. When determining whether the customer has obtained control of the goods or services, the Company considers the point at which the customer may benefit from the goods or services. For sale of IP to, revenue is recognized upon grant or transfer of the IP, as the Company’s IP is considered functional in nature. Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s contracts may contain multiple performance obligations if a promise to transfer goods or services is separately identifiable from other promises in a contract and, therefore, is considered distinct. For contracts with multiple performance obligations, the Company determines the standalone selling price of each performance obligation and allocates the total transaction price using the relative selling price basis. The Company recognizes performance obligations based on their nature. Significant payment terms The Company’s revenue arrangements include payments to the Company of one or more of the following: a non-refundable, upfront payment; milestone payments and royalties on commercial sales of IP product candidates, if any. To date, the Company has received upfront payments and several milestone payments but has not received any license or option fees or earned royalty revenue as a result of product sales. Under ASC 606, the Company estimates the amount of consideration to which it will be entitled in exchange for satisfying performance obligations. Based on the Company’s current contracts, variable consideration primarily exists in the following forms: development and regulatory milestones, royalties and sales-based milestones. The Company utilizes the “most likely amount” variable consideration method for estimating development and regulatory milestone consideration to include in the transaction price. The Company only includes an amount of variable consideration in the transaction price to the extent it is probable that a significant reversal in the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company refers to this as the variable consideration constraint. Due to the uncertainty associated with the occurrence of the underlying events which would trigger development and regulatory milestone consideration under its revenue arrangements, with the exception of certain initial conditions precedent milestones, the Company has concluded the variable consideration associated with all development and regulatory milestones to be fully constrained as of the ASC 606 transition date and as of March 31, 2021, and therefore has not included such consideration in the transaction price for any of its revenue arrangements. The Company will reassess this conclusion at each subsequent reporting period and will only include amounts associated with regulatory or development milestones in the transaction price when, or if, the variable consideration is determined to be released from the constraint. In accordance with ASC 606, the Company is required to adjust the transaction price for the effects of the time value of money if the timing of payments agreed to by the parties to the contract, explicitly or implicitly, provides the Company or its customer with a significant benefit of financing the transfer of goods or services. The Company concluded that its licensing and collaboration arrangements do not contain a significant financing component because the payment structure of its agreements arise from reasons other than providing a significant benefit of financing. Contract assets The Company did not have a contract asset as of March 31, 2021 or December 31, 2020. Contract liabilities The Company did not have a contract liability as of March 31, 2021 or December 31, 2020. Revenue arrangements Elion In May 2016, the Company sold Eniluracil to Elion Oncology, LLC (“Elion”). The agreement called for $40,000 in cash and 5% royalties to be paid to Fennec for any income derived from the sale of Eniluracil. The agreement was for the sale, not license of IP. In addition, the agreement did not call for any additional good or service beyond the transfer of IP and related assets (e.g. “all information and know-how”, documentation, etc.). In August 2020, Elion entered into a license agreement with Processa Pharmaceuticals, Inc. (“Processa”). The license agreement called for equity and cash upon satisfying the Condition Precedent, along with development and regulatory milestone payments, Sales Milestone Payments, and Product Royalties. The grant of the license was conditioned upon the “Condition Precedent” which was defined as (i) Processa’s closing of a public offering by October 30, 2020 in which Processa raised at least $15M and (ii) Processa’s shares being listed on NASDAQ. Upon satisfying the Condition Precedent, which occurred in October 2020, Elion was entitled to receive $100,000 in cash and 825,000 in shares of Processa of which the Company is entitled to 5%. As a result, in January 2021, the Company received $5,000 in cash and 41,250 restricted shares of Processa common shares. The agreement between Elion and Processa entitles Elion to the payments outlined in the table below. Fennec would be eligible to receive 5% of the following based on future milestone events: Milestone Event Milestone Payment ($) 1st Year Anniversary of Effective Date 100,000 Restricted Shares 2nd Year Anniversary of Effective Date 100,000 Restricted Shares 1st Patient in Dose Confirmation Study 100,000 Restricted Shares NDA Submission 300,000 Restricted Shares 1st FDA Approval in US $ 5,000,000 2nd FDA Approval in US $ 3,000,000 1st Regulatory Approval Outside US $ 2,000,000 2nd Regulatory Approval Outside US $ 2,000,000 Since the Condition Precedent was achieved, and only the passage of time must occur in order for the 1 st and 2 nd Year Anniversary payments to become due, the Company concluded the 1 st and 2 nd Year Anniversary milestone payments are also probable of coming to fruition and thus were included in the transaction price during the 4 th quarter of 2020 along with the aforementioned Condition Precedent payments. The arrangement with Elion contains consideration that is variable based on the Processa’s achievement of the above referenced development and regulatory milestones. The next milestone payment the Company may be entitled to receive is 5,000 restricted shares for 1 st patient in Dose Confirmation Study and then another 15,000 restricted shares for the NDA submission. These are considered variable consideration that is fully constrained due to the uncertainty associated with the achievement of the development milestone. The considerations related to royalties (first and second FDA approval in US and first and second regulatory approval outside of US) are also variable consideration that are fully constrained in accordance with the royalty recognition constraint. The variable consideration related to royalties will be recognized in the period the products are sold by Processa and the Company has a present right to payment. The Company recognized $0.2 million in revenue associated with the aforementioned cash and shares it became entitled to for the year ended December 31, 2020. Due to the one year lockup provision on the Processa shares, the Company deemed it reasonable to apply a liquidity discount of 20% to the valuation of the shares associated with the achievement of the Condition Precedent. Shares associated with the one- and two-year anniversary milestones had a 30% and 40% liquidity discount applied to their fair market valuations. Recognizing the passage of time, the Company adjusted its liquidity discount to the original shares of 15% and then 25 and 30% for the one- and two-year anniversary tranches. Subsequent changes to the fair value of the underlying securities are recognized as unrealized gains or losses on marketable equity securities within the consolidated statement of operations and comprehensive loss. During the quarter ended March 31, 2021, the Company reported $182 in unrealized gain on the fair value of the underlying Processa shares.

Loss per Share (Tables)

Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Loss per Share
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended March 31, 2021 2020 Numerator: Net (loss) $ (4,733) $ (3,826) Denominator: Weighted-average common shares, basic 26,003 19,896 Dilutive effect of stock options — — Dilutive effect of warrants — — Incremental dilutive shares — — Weighted-average common shares, dilutive 26,003 19,896 Net (loss) per share, basic and diluted $ (0.18) $ (0.19)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding options and warrants were excluded from the computation of basic and diluted net loss per share for the periods presented because including them would have had an anti-dilutive effect: Three Months Ended March 31, 2021 2020 Options to purchase common stock 2,952 3,088 Warrants to purchase common stock 39 39

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity
Schedule of Warrants Outstanding to Purchase Common Stock	The following tables detail the Company’s warrant activity for the three months ended March 31, 2021 and 2020, respectively: Common Shares Issuable Upon Weighted-Average Investor Warrants Exercise of Outstanding Warrants Exercise Price $USD Outstanding December 31, 2020 39 6.80 Issued — — Outstanding March 31, 2021 39 6.80 Total 39 6.80 Common Shares Issuable Upon Weighted-Average Investor Warrants Exercise of Outstanding Warrants Exercise Price $USD Outstanding December 31, 2019 39 6.80 Issued — — Outstanding March 31, 2020 39 6.80 Total 39 6.80
Schedule of Share Based Compensation, Stock Options Expense Recognized	The table below outlines recognized contractor and employee expense from option awards for the three month periods ended March 31, 2021 and 2020 . Three Months Ended March 31, 2021 2020 Contractor options expense recognized $ 9 $ 21 Employee options expense recognized 587 391 Total option expense recognized $ 596 $ 412
Schedule of Share- Based Compensation Stock Options Activity	The following is a summary of option activity for the three months ended March 31, 2021 and 2020 for stock options denominated in U.S. and Canadian dollars. As of August 2020, there were no Canadian denominated options outstanding. Number of Weighted-Average US Denominated Options Options (thousands) Exercise Price $USD Outstanding December 31, 2020 2,952 $ 4.82 Granted — — Exercised — — Outstanding at March 31, 2021 2,952 $ 4.82 Number of Weighted-Average US Denominated Options Options (thousands) Exercise Price $USD and $CAD Outstanding December 31, 2019 3,088 $ 3.59 (1) Granted — — Exercised — — Outstanding at March 31, 2020 3,088 $ 3.56 (2) 1. Figure represents 2,440 US denominated with a weighted average price of $4.05, and 648 $CAD denominated options with a weighted average price of $1.87 translated at $CAD/$USD 0.768174. 2. Figure represents 2,440 US denominated with a weighted average price of $4.05, and 648 $CAD denominated options with a weighted average price of $1.72 translated at $CAD/$USD 0.70978.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements
Schedule of Assets/Liabilities Measured at Fair Value on Recurring Basis	Quoted Price in Active Market for Identical Significant Other Significant Instruments Observable Inputs Unobservable Inputs Level 1 Level 2 Level 3 Total 2021 2020 2021 2020 2021 2020 2021 2020 Assets Cash and cash equivalents $ 668 (1) $ 678 (1) $ 26,083 $ 29,666 $ — $ — $ 26,751 $ 30,344 Processa common shares — — 182 (2) — — — 182 — (1) The Company held approximately, $668 in cash as of March 31, 2021, of which approximately, $34 was in Canadian funds (translated into U.S. dollars). As of December 31, 2020, the Company held approximately $347 of which approximately $45 was in Canadian funds (translated into U.S. dollars). The Company received 41,250 restricted common shares of Processa (PSCA). The share restriction will expire in three tranches: 50%, 25% and 25% at the 6, 9 and 12 month intervals, respectively from October 30, 2020. At October 30, 2020 Processa shares were trading at $4.11 per share. The Company originally applied a 20%, 30% and 40% liquidity discount to the shares and will mark to market at each balance sheet date.

Nature of Business and Going _2

Nature of Business and Going Concern - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	May 05, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Feb. 01, 2019
Going Concern [Line Items]
Loss from operations		$ (4,923)	$ (3,835)
Accumulated deficit		(166,873)		$ (162,140)
Cash flows from operating activities		$ (3,593)	$ (3,749)
Issuance of securities (in shares)	4,800,000
Shares issued, exercise price	$ 6.25
Total gross proceeds from the offering	$ 32,189
Net proceeds from public offering	$ 34,100
Line of credit facility, borrowing capacity					$ 18,000
Overallotment Option
Going Concern [Line Items]
Issuance of securities (in shares)	660,204
Bridge Bank | Loan And Security Agreement | Term Loan A
Going Concern [Line Items]
Shares issued, exercise price					$ 6.80
Line of credit facility, borrowing capacity					$ 12,500
Shares, issued					39,000,000

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) $ in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2016USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021CAD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)	Aug. 31, 2020USD ($)
Summary Of Significant Accounting Policies [Line Items]
Money market investments					$ 668		$ 30,344
Cash				$ 34	26,751	$ 45
FDIC insured amount					250,000
Debt Securities, Unrealized Gain (Loss)		$ 182	$ 0
Money Market Funds
Summary Of Significant Accounting Policies [Line Items]
Money market investments					$ 26,083
Elion
Summary Of Significant Accounting Policies [Line Items]
Cash								$ 100,000
Eniluracil | Elion
Summary Of Significant Accounting Policies [Line Items]
Cash proceeds from sale of Eniluracil	$ 40,000
Percentage of royalties	5.00%

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jan. 31, 2021	Aug. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues						$ 0	$ 0	$ 200
Liquidity discount (as a percent)	40.00%	30.00%	20.00%			20.00%
1st Year Anniversary of Effective Date
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment						$ 100,000
Liquidity discount (as a percent)						30.00%
2nd Year Anniversary of Effective Date
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment						$ 100,000
Liquidity discount (as a percent)						40.00%
1st Patient in Dose Confirmation Study
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment						$ 100,000
NDA Submission
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment						300,000
1st FDA Approval in US
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment						5,000,000
2nd FDA Approval in US
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment						3,000,000
1st Regulatory Approval Outside US
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment						2,000,000
2nd Regulatory Approval Outside US
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment						$ 2,000,000
Restricted shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares to be issued under agreement						41,250
Restricted shares | 1st Patient in Dose Confirmation Study
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment						$ 5,000
Restricted shares | NDA Submission
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment						$ 15,000
Processa Pharmaceuticals, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Minimum proceeds from public offering					$ 15,000
Shares to be issued under agreement					825,000,000
Processa Pharmaceuticals, Inc | Restricted shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment				$ 5,000
Processa Pharmaceuticals, Inc | License agreement | Restricted shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares to be issued under agreement				41,250
Adjusted liquidity discount (as a percent)						15.00%
Processa Pharmaceuticals, Inc | License agreement | Restricted shares | 1st Year Anniversary of Effective Date
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Adjusted liquidity discount (as a percent)						25.00%
Processa Pharmaceuticals, Inc | License agreement | Restricted shares | 2nd Year Anniversary of Effective Date
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Adjusted liquidity discount (as a percent)						30.00%

Loss per Share - Computation of

Loss per Share - Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net (loss)	$ (4,733)	$ (3,826)
Denominator:
Weighted-average common shares, basic	26,003	19,896
Incremental dilutive shares	0	0
Weighted-average common shares, dilutive	26,003	19,896
Net (loss) per share, basic and diluted	$ (0.18)	$ (0.19)
Warrants
Denominator:
Dilutive effect of stock options	0	0
Options
Denominator:
Dilutive effect of stock options	0	0

Loss per Share - Outstanding Op

Loss per Share - Outstanding Options and Warrants (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,952	3,088
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	39	39

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants to Purchase Common Stock (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2019
Stockholders' Equity
Outstanding and exercisable at the beginning	39	39
Issued	0	0
Outstanding and exercisable at the end	39	39
Exercised	39		39
Weighted-Average Outstanding, beginning	$ 6.80	$ 6.80
Issued	0	0
Weighted-Average Outstanding, end	6.80	6.80
Exercised	$ 6.80	$ 6.80

Stockholders' Equity - Recogniz

Stockholders' Equity - Recognized Contractor and Employee Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Recognized Employee Expense [Line Items]
Stock or Unit Option Plan Expense	$ 596	$ 412
Contractor Option [Member]
Recognized Employee Expense [Line Items]
Stock or Unit Option Plan Expense	9	21
Options
Recognized Employee Expense [Line Items]
Stock or Unit Option Plan Expense	$ 587	$ 391

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Option Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2021$ / sharesshares	Mar. 31, 2021$ / sharesshares	Mar. 31, 2020$ / sharesshares	Mar. 31, 2020$ / sharesshares
Stock Option In Canadian Dollars [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of Options Outstanding at Ending | shares	648	648	648	648
Weighted-average Exercise Price Outstanding at Ending | $ / shares	$ 1.87		$ 1.72
Stock Option In Us Dollars [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of Options Outstanding at Beginning | shares	2,952	2,952	3,088	3,088
Number of Options Granted | shares	0	0	0	0
Number of Options Exercised | shares	0	0
Number of Options Outstanding at Ending | shares	2,952	2,952	3,088	3,088
Weighted-average Exercise Price outstanding at Beginning | $ / shares		$ 4.82
Weighted-average Exercise Price Granted | $ / shares		0		$ 0
Weighted-average Exercise Price Exercised | $ / shares		0
Weighted-average Exercise Price Outstanding at Ending | $ / shares		$ 4.82

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)	May 05, 2020shares	Mar. 31, 2021$ / sharesshares	Mar. 31, 2021$ / sharesshares	Dec. 31, 2020$ / shares	Mar. 31, 2020$ / sharesshares	Mar. 31, 2020$ / sharesshares
Stockholders Equity Note [Line Items]
Common stock, no par value | $ / shares			$ 0	$ 0
Stock Issued During Period, Shares, New Issues	4,800,000
Foreign exchange translation rate		0.768174	0.768174		0.709780	0.709780
Shares issuable under Stock Option Plan, as percent of shares outstanding		25.00%
Stock Option In Canadian Dollars [Member]
Stockholders Equity Note [Line Items]
Options outstanding		648,000	648,000		648,000	648,000
Weighted average price | $ / shares		$ 1.87			$ 1.72
US Denominated [Member]
Stockholders Equity Note [Line Items]
Options outstanding		2,952,000	2,952,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number		2,154,000	2,154,000
Share Based Compensation Arrangement By Share Based Payment Award Options Issued Number		0	0		0	0
Originally US denominated options
Stockholders Equity Note [Line Items]
Options outstanding		2,440,000	2,440,000		2,440,000	2,440,000
Weighted average price | $ / shares			$ 4.05			$ 4.05
U.S.dollars [Member]
Stockholders Equity Note [Line Items]
Class Or Warrant Or Right Outstanding Weighted Average Remaining Contractual Terms		7 years 10 months 6 days
Options outstanding		0	0		0	0
Maximum
Stockholders Equity Note [Line Items]
Shares issuable under Stock Option Plan		6,501,000	6,501,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets/Liabilities Measured at Fair Value (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jan. 31, 2021	Aug. 31, 2020	Mar. 31, 2021	Apr. 30, 2021	Jul. 31, 2021	Oct. 31, 2021	Oct. 30, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents		$ 26,751	$ 30,344			$ 26,751
Processa common shares		$ 182				$ 182
Share price										$ 4.11
Liquidity discount (as a percent)	40.00%	30.00%	20.00%			20.00%
6 month interval
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expiration of share restriction							50.00%
9 month interval
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expiration of share restriction								25.00%
12 month interval
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expiration of share restriction									25.00%
Quoted Price in Active Markets for Identical Instruments Level 1 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents		$ 668	$ 678			$ 668
Significant Other Observable Inputs Level 2 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents		26,083	29,666			26,083
Processa common shares		182	0			182
Significant Unobservable Inputs Level 3 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents		0	0			0
Processa common shares		0	$ 0			0
Restricted shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Processa common shares		$ 41,250				$ 41,250
Shares to be issued under agreement						41,250
Processa Pharmaceuticals, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares to be issued under agreement					825,000,000
License agreement | Processa Pharmaceuticals, Inc | Restricted shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares to be issued under agreement				41,250

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Thousands, $ in Thousands	Mar. 31, 2021CAD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020CAD ($)	Dec. 31, 2020USD ($)
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Cash	$ 34	$ 26,751	$ 45
Quoted Price in Active Markets for Identical Instruments Level 1 [Member]
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Cash	$ 34	$ 668	$ 45	$ 347

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jan. 23, 2020	Mar. 31, 2021
Operating Leases, Rent Expense	$ 1,441	$ 400
Security Deposit Liability	$ 2,300
Rostislav Raykov [Member]
Severance Costs Payable In Case Of Termination Other Than For Cause		442,900
Robert Andrade [Member]
Severance Costs Payable In Case Of Termination Other Than For Cause		160,423
Goel [Member]
Severance Costs Payable In Case Of Termination Other Than For Cause		$ 92,700