Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 16, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | FENNEC PHARMACEUTICALS INC. | ||
Entity Central Index Key | 1,211,583 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 45,267,296 | ||
Trading Symbol | FENCF | ||
Entity Common Stock, Shares Outstanding | 18,464,706 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 28,260 | $ 3,926 |
Prepaid expenses | 128 | 43 |
Other current assets | 13 | 3 |
Total assets | 28,401 | 3,972 |
Current liabilities: | ||
Accounts payable | 855 | 244 |
Accrued liabilities | 622 | 125 |
Derivative instruments (Note 5) | 167 | 33 |
Total current liabilities | 1,644 | 402 |
Total liabilities | 1,644 | 402 |
Commitments and Contingencies (Note 9) | ||
Shareholders' equity: | ||
Common stock, no par value; unlimited shares authorized; 18,411 shares issued and outstanding (2016-13,643) | 103,045 | 74,515 |
Additional paid-in capital | 43,837 | 42,134 |
Accumulated deficit | (121,368) | (114,322) |
Accumulated other comprehensive income | 1,243 | 1,243 |
Total shareholders’ equity | 26,757 | 3,570 |
Total liabilities and shareholders’ equity | $ 28,401 | $ 3,972 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares issued | 18,411 | 13,643 |
Common stock, shares outstanding | 18,411 | 13,643 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue | $ 0 | $ 0 |
Operating expenses: | ||
Research and development | 1,936 | 472 |
General and administrative | 5,015 | 2,399 |
Loss from operations | (6,951) | (2,871) |
Other income/(expense): | ||
Unrealized (loss)/gain on derivatives (Note 5) | (134) | 48 |
Sale of Eniluracil (Note 8) | 0 | 40 |
Other loss | (8) | (14) |
Net interest income | 47 | 8 |
Total other (loss)/income, net | (95) | 82 |
Net loss | $ (7,046) | $ (2,789) |
Loss per common share, basic and diluted | $ (0.47) | $ (0.22) |
Weighted-average number of common shares outstanding, basic (Note 3) | 15,014 | 12,765 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | ||
Net loss | $ (7,046) | $ (2,789) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | ||
Unrealized loss/(gain) on derivatives | 134 | (48) |
Stock-based compensation - consultants | 741 | 88 |
Stock-based compensation - employees | 1,517 | 615 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (85) | 33 |
Other assets | (10) | (2) |
Accounts payable | 611 | (54) |
Accrued liabilities | 497 | 33 |
Net cash used in operating activities | (3,641) | (2,124) |
Investing activity: | ||
Net cash used in investing activity | 0 | 0 |
Financing activities: | ||
Issuance of shares, net of issuance costs | 27,381 | 5,000 |
Issuance of shares, options exercise | 563 | 6 |
Issuance of shares, warrants exercise | 31 | 102 |
Net cash provided by financing activities | 27,975 | 5,108 |
Increase in cash and cash equivalents | 24,334 | 2,984 |
Cash and cash equivalents - Beginning of year | 3,926 | 942 |
Cash and cash equivalents - End of year | $ 28,260 | $ 3,926 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income |
Balance at Dec. 31, 2015 | $ 548 | $ 69,401 | $ 41,437 | $ (111,533) | $ 1,243 |
Balance (in shares) at Dec. 31, 2015 | 10,940 | ||||
Stock options issued | Consultants [Member] | 16 | $ 0 | 16 | 0 | 0 |
Stock options issued | Employees [Member] | 615 | ||||
Stock options issued | 0 | 615 | 0 | 0 | |
Warrants issued to consultants | 72 | 0 | 72 | 0 | 0 |
Exercise of stock options | 6 | $ 6 | 0 | 0 | 0 |
Exercise of stock options (in shares) | 4 | ||||
Exercise of warrants | 102 | $ 108 | (6) | 0 | 0 |
Exercise of warrants (in shares) | 67 | ||||
Issuance of securities | 5,000 | $ 5,000 | 0 | 0 | 0 |
Issuance of securities (in shares) | 2,632 | ||||
Net loss | (2,789) | $ 0 | 0 | (2,789) | 0 |
Balance at Dec. 31, 2016 | 3,570 | $ 74,515 | 42,134 | (114,322) | 1,243 |
Balance (in shares) at Dec. 31, 2016 | 13,643 | ||||
Stock options issued | Consultants [Member] | 741 | $ 0 | 741 | 0 | 0 |
Stock options issued | Employees [Member] | 1,517 | 0 | 1,517 | ||
Stock options issued | 0 | 0 | |||
Warrants issued to consultants | 0 | 0 | 0 | 0 | 0 |
Exercise of stock options | 563 | $ 1,107 | (544) | 0 | 0 |
Exercise of stock options (in shares) | 359 | ||||
Exercise of warrants | 31 | $ 42 | (11) | 0 | 0 |
Exercise of warrants (in shares) | 21 | ||||
Issuance of securities | 27,381 | $ 27,381 | 0 | 0 | 0 |
Issuance of securities (in shares) | 4,388 | ||||
Net loss | (7,046) | $ 0 | 0 | (7,046) | 0 |
Balance at Dec. 31, 2017 | $ 26,757 | $ 103,045 | $ 43,837 | $ (121,368) | $ 1,243 |
Balance (in shares) at Dec. 31, 2017 | 18,411 |
Nature of Business and Liquidit
Nature of Business and Liquidity | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Liquidity | 1 . Nature of Business and Liquidity Fennec Pharmaceuticals Inc. (“Fennec”) was originally formed as a British Columbia corporation under the name Adherex Technologies Inc. and subsequently changed its name on September 3, 2014. Fennec, together with its wholly owned subsidiaries Oxiquant, Inc. (“Oxiquant”) and Fennec Pharmaceuticals, Inc., both Delaware corporations, and Cadherin Biomedical Inc. (“CBI”), a Canadian corporation, collectively referred to herein as the “Company,” is a biopharmaceutical company with a product candidate under development for use in the treatment of cancer. With the exception of Fennec Pharmaceuticals, Inc., all subsidiaries are inactive. These 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 year ended December 31, 2016, the Company incurred a net loss from operations of $2,871 and still has not earned any revenue in its history. At December 31, 2016, it had an accumulated deficit of $114,322 and had experienced negative cash flows from operating activities in the amount of $2,124. Those circumstances raised substantial doubt about the Company’s ability to continue as a going concern within one year after the issue date of the December 31, 2016 consolidated financial statements, The Company was actively seeking to obtain additional funding in the future in order to finance the Company’s business strategy, operations and growth through the issuance of equity, debt or collaboration. During the year ended December 31, 2017 the Company incurred a net loss from operations of $ 6,951 121,368 3,641 On December 12, 2017, the Company announced the completion of an underwritten public offering of 2,352,950 8.50 135,670 21.2 ($19,810 net of commissions, fees and issue costs) The Company believes the aforementioned raises provide sufficient funding for the Company to carry-out its planned activities for the next twelve to eighteen 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 | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies 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 consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates include the valuation of derivative warrant liability and the valuation of stock-based compensation. Actual results could differ from those estimates. 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 December 31, 2017, the Company had $ 28,260 3,926 Financial instruments recognized on the balance sheets at December 31, 2017 and December 31, 2016 consist of cash and cash equivalents, accounts payable, accrued liabilities and derivative instruments, the carrying values of which, with the exception of the derivative instruments, approximate fair value due to their relatively short time to maturity. The Company does not hold or issue financial instruments for trading. The derivative liabilities are carried at fair value. 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. The Company has warrants outstanding to purchase common shares that were denominated in both United States dollars (“USD”) and Canadian dollars (“CAD”), which resulted in the Company having warrants outstanding that were denominated outside of the Company’s U.S. dollar functional currency. The Company’s outstanding warrants denominated in Canadian dollars were not considered to be indexed to the Company’s own stock and should therefore be treated as derivative financial instruments and recorded at their fair value as a liability. At December 31, 2017, the derivative liabilities were valued at $ 167 33 134 48 At this time, the Company does not have any revenue. Research costs, including employee compensation, laboratory fees, lab supplies, and research and testing performed under contract by third parties, are expensed as incurred. Development costs, including drug substance costs, clinical study expenses and regulatory expenses are expensed as incurred. Investment tax credits, which are earned as a result of qualifying research and development expenditures, are recognized when the expenditures are made and their realization is reasonably assured. They are applied to reduce related capital costs and research and development expenses in the year recognized. The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using currently enacted tax rates. The Company has deferred tax assets, which are subject to periodic recoverability assessments. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that more likely than not will be realized. As of December 31, 2017, we maintained a full valuation allowance against our deferred tax assets. The provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740-10, Uncertainty in Income Taxes, address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The U.S. dollar is the functional currency for the Company’s consolidated operations. All gains and losses from currency translations are included in results of operations. Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the year. Diluted net earnings per share is computed using the same method, except the weighted average number of common shares outstanding includes convertible debentures, stock options and warrants, if dilutive, as determined using the if-converted method and treasury methods. Accordingly, options to purchase 2,315 1,362 2,427 1,383 In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”). ASU 2017-05 is meant to clarify the scope of the original guidance within Subtopic 610-20 that was issued in connection with ASU 2014-09, as defined below, which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. ASU 2017-05 also added guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for our fiscal year ending December 31, 2018 and we are required to adopt ASU 2017-05 concurrent with the adoption of ASU 2014-09. Adoption of ASU 2017-05 is required, January 1, 2018. The expected impact of ASU 2017-05 on our consolidated financial statements and disclosures is de minimis. In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017-09, CompensationStock Compensation (Topic 718): Scope of Modification Accounting In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606), to clarify the principles for recognizing revenue. This update provides a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delayed the effective date of the new standard from January 1, 2017 to January 1, 2018. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies certain aspects of identifying performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients related to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration and the presentation of sales and other similar taxes collected from customers. In September 2017, the FASB issued ASU No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments. The amendments in ASU No. 2017-13 amends the early adoption date option for certain companies related to the adoption of ASU No. 2014-09 and ASU No. 2016-02. In November 2017, the FASB issued ASU No. 2017-14, Revenue from Contracts with Customers (Topic 606): Income Statement- Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), which amends certain SEC paragraphs within the FASB Accounting Standards Codification. These standards have the same effective date and transition date of January 1, 2018. The new revenue standard allows for either full retrospective or modified retrospective application. The Company currently does not have any revenue and therefore this update will not have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases |
Loss per Share
Loss per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Loss per Share | 3. Loss per Share Loss per common share is presented under two formats: basic loss per common share and diluted loss per common share. Basic loss per common share is computed by dividing net loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period, plus the potentially dilutive impact of common shares equivalents (e.g. stock options and warrants). Dilutive common share equivalents consist of the incremental common shares issuable upon exercise of stock options and warrants. Year Ended December 31, 2017 December 31, 2016 Numerator: Net loss $ (7,046) $ (2,789) Denominator: Weighted-average common shares, basic 15,014 12,765 Dilutive effect of stock options Dilutive effect of warrants Incremental dilutive shares Weighted-average common shares, dilutive 15,014 12,765 Net loss per share, basic and diluted $ (0.47) $ (0.22) Year Ended December 31, 2017 December 31, 2016 Options to purchase common shares 2,315 2,427 Warrants to purchase common shares 1,362 1,383 |
Stock options
Stock options | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock options | 4. Stock options The Compensation Committee of the Board of Directors administers the Company’s stock option 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. On June 24, 2010, at the Company’s annual meeting, shareholders approved an amendment to the Company’s Stock Option Plan (the “Plan Maximum Amendment”). The Plan Maximum Amendment relates to changing the maximum number of common shares issuable under the stock option plan from a fixed number of 6,666 25 4,603 Share Prices Reported in $CAD Number of Range Weighted Average Outstanding and exercisable at December 31, 2015 1,323 $1.62 2.43 $ 2.39 Exercised Forfeited or expired (324) 2.43 2.43 Outstanding and exercisable at December 31, 2016 999 $1.62 2.43 $ 2.38 Exercised (196) 1.89 2.43 2.36 Forfeited or expired (91) 1.89 2.43 2.40 Outstanding and exercisable at December 31, 2017 712 $1.89 2.43 $ 2.38 Price $CAD Outstanding and Exercisable at Weighted Average Remaining Life $ 1.62 17 0.26 $ 1.89 45 0.64 $ 2.43 650 0.64 Total 712 0.63 Number of Range Weighted Average Outstanding and exercisable at December 31, 2015 1,094 $0.45 3.60 $ 1.77 Granted 370 2.11 2.45 2.42 Exercised (4) 1.50 1.50 Forfeited or expired (32) 1.89 - 2.69 2.65 Outstanding and exercisable at December 31, 2016 1,428 $0.45 3.60 $ 1.93 Granted 341 3.10 10.10 5.27 Exercised (163) 0.60 2.79 1.22 Forfeited or expired (3) 2.79 2.79 Outstanding and exercisable at December 31, 2017 1,603 $0.45 10.10 $ 2.70 Price in Number Outstanding and Exercisable at Remaining Life $ 0.45 11 1.63 $ 0.54 19 2.38 $ 0.60 17 2.26 $ 0.72 50 2.65 $ 0.96 10 2.60 $ 1.05 110 1.97 $ 1.13 50 4.95 $ 1.23 8 4.86 $ 1.50 15 1.34 $ 1.59 133 3.07 $ 1.89 8 0.63 $ 2.11 36 6.00 $ 2.30 4 4.36 $ 2.31 275 3.32 $ 2.35 4 4.59 $ 2.40 8 2.26 $ 2.44 49 5.44 $ 2.45 285 5.51 $ 2.51 4 4.21 $ 2.55 4 3.85 $ 2.69 118 4.00 $ 2.79 38 3.59 $ 2.94 3 2.38 $ 3.10 10 6.26 $ 3.60 3 3.37 $ 3.67 40 6.38 $ 5.10 250 6.49 $ 6.72 21 6.63 $ 10.10 20 6.88 Total 1,603 4.43 Stock compensation expense for the fiscal years ended December 31, 2017 and 2016 was $ 2,258 615 5.27 2.42 15,850 1,827 2,195 Year Ended December 31, 2017 Year Ended December 31, 2016 Expected dividend 0% 0% Risk-free interest rate 2.04 2.33% 1.27 2.25% Expected volatility 158 168% 134 137% Expected life 7 years 7 years The Company uses the historical volatility and adjusts for available relevant market information pertaining to the Company’s share price. Modification of Existing US Dollar Denominated Options In 2016, the Company modified the terms of certain options granted to executives and directors by extending the expiration date by 1 year. 4 Expense Number of Expiration Risk Free Exercise Share Price Expected Recognized Options Date Rate Price $USD $USD Life (Years) Volatility $USD 6 11/18/2018 0.93 % 1.50 2.43 3.44 152 % 1 17 04/04/2020 1.08 % 0.60 2.43 3.82 155 % 1 19 05/17/2020 1.08 % 0.54 2.43 3.94 154 % 1 9 11/20/2020 1.08 % 1.05 2.43 4.45 147 % 1 51 4 Modification of Existing Canadian Dollar Denominated Options In 2016, the Company modified the terms of certain options granted to executives and directors by extending the expiration date by a weighted average amount of 1.45 years. 347 exchange rate of $CAD/$USD 0.7881 Expense Number of Expiration Risk Free Exercise Share Price Expected Recognized Options Date Rate Price $CAD $CAD Life (Years) Volatility $USD 17 08/18/2018 0.52 % 1.89 3.10 2.19 94 % 9 648 08/18/2018 0.52 % 2.43 3.10 2.19 94 % 338 665 347 Shareholder rights plan On June 27, 2017, the Company’s shareholders approved a Shareholder Rights Plan Agreement (the "Rights Plan") for the Company. The Rights Plan is to ensure, to the extent possible, that all shareholders of the Corporation are treated fairly and equally in connection with any take-over bid or other acquisition of control of the Corporation. The Rights Plan is designed to require any potential transaction that will result in a person owning, in the aggregate, 20% or more of the outstanding Common Shares to be structured as a formal take-over bid that satisfies certain minimum requirements relating primarily to the manner in which the bid must be made, the minimum number of days the bid must remain open, and the minimum number of shares that must be acquired under the bid. Registration of Certain Common Shares, Options and Warrants (S-1, S-3 & S-8) S-1 On August 11, 2017, the Company filed a Form S-1 with the Securities and Exchange Commission to register the 11,943 1,383 ⋅ The Company’s April 2010 private placement of common shares and warrants to purchase common shares; ⋅ The Company’s November 2013 private placement of common shares and warrants to purchase common shares; ⋅ The Company’s February 2016 private placements of warrants to purchase common shares in lieu of payment for services rendered; ⋅ The Company’s May 2016 private placement of common shares; and ⋅ The Company’s June 2017 private placement of common shares. S-3 On October 24, 2017, the Company filed an S-3 registration of common shares, pursuant to which the Company may offer from time to time, common shares having an aggregate offering price of up to $ 90.0 21.2 68.8 S-8 On October 24, 2017, the Company filed an S-8 registering its 3,964 |
Derivative Liabilities
Derivative Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments [Abstract] | |
Derivative Liabilities | 5. Derivative Liabilities The Company's derivative instruments include options to purchase 19 · Contractor options to purchase 17 1.62 · Contractor options to purchase 2 2.43 These options have been recorded at their fair value as a liability at issuance and will continue to be re-measured at fair value as a liability at each subsequent balance sheet date. Any change in value between reporting periods will be recorded as unrealized gain/(loss). These options will continue to be reported as a liability until such time as they are exercised, forfeited or expire. The fair value of these options is estimated using the Black-Scholes option-pricing model. Options issued to contractors in a foreign currency During the fiscal years ended December 31, 2011 and 2010, the Company issued 36 29 167 33 134 7 Share Prices Reported in $CAD Number of Options Weighted Average Outstanding and exercisable at December 31, 2015 40 $ 1.81 Exercised Forfeited or expired Outstanding and exercisable at December 31, 2016 40 $ 1.81 Exercised (21) 1.90 Forfeited or expired Outstanding and exercisable at December 31, 2017 19 $ 1.71 Derivative Value at (Loss)/Gain on Derivative Derivative Warrants/Options 2017 2016 2017 2016 Warrants expiring March 29, 2016 41 Options (various expiration dates) 167 33 (134) 7 Total 167 33 (134) 48 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements The Company has adopted ASC 820 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. Fair Value Measurement at December 31, 2017 Quoted Price in Active Significant Other Significant Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 275 (1) $ 27,985 $ $ 28,260 Liabilities Derivative liabilities 167 167 The Company's financial instruments include cash and cash equivalents and derivative liabilities. Only cash and cash equivalents and derivative liabilities are carried at their fair value. The derivative liabilities are options issued to contractors in a currency other than the functional currency of the Company. The options use the Black Scholes model with the following assumptions: expected dividend 0 0.83 79 0.5 (1) The Company held $ 275 255 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Authorized capital stock The Company’s authorized capital stock consists of an unlimited number of shares of no par common shares. Equity financings On June 8, 2017, the Company completed the closing of a non-brokered private placement (the “Offering”) of 1,900,000 7.6 4.00 On December 12, 2017, the Company announced the completion of a underwritten public offering of 2,352,950 8.50 135,670 21.2 Warrants to Purchase Common Shares Warrant Description Common Shares Issuable Upon Exercise of Exercise Price Expiration Date Investor warrants (1) 1,312 $ 1.50 USD November 22, 2018 Investor warrants (2) 50 $ 3.00 USD February 2, 2019 1,362 (1) On November 22, 2013, the Company announced it had completed the closing of a non-brokered private placement of 4,000 0.40 1,600 0.50 (3) 1.50 (2) On February 2, 2016 the company issued 50 3.00 |
Sale of Asset
Sale of Asset | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment Assets Held-for-sale Disclosure [Abstract] | |
Sale of Asset | 8. Sale of Asset On August 29, 2016, Fennec completed the sale of certain intellectual property, data and other assets related to Eniluracil and Adh-1 technologies and development programs to Elion Oncology, LLC for gross proceeds of $ 40 5 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 9. Commitments and Contingencies Oregon Health & Science University Agreement On February 20, 2013, Fennec entered into a new exclusive license agreement with OHSU for exclusive worldwide license rights to intellectual property directed to thiol-based compounds, including STS and their use in oncology (the "New 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. The term of the New OHSU Agreement expires on the date of the last to expire claim(s) covered in the patents licensed to Fennec, unless earlier terminated as provided in the agreement. STS is currently protected by methods of use patents that the Company exclusively licensed from OHSU that expire in Europe in 2021 and are currently pending in the United States. The New 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 New OHSU Agreement at any time upon 60 days prior written notice and payment of all fees due to OHSU under the New OHSU Agreement. On May 18, 2015, Fennec negotiated an amendment ("Amendment 1") to the exclusive license agreement with OHSU. Amendment 1 expands the exclusive license agreement signed with OHSU on February 20, 2013 ("OHSU Agreement") to include the use of N-acetylcysteine as a standalone therapy and/or in combination with STS 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 Amendment 1 under the OHSU Agreement 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. STS is currently protected by methods of use patents that the Company exclusively licensed from OHSU that expire in Europe in 2021 and are currently pending in the United States. The New 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 New OHSU Agreement at any time upon 60 days prior written notice and payment of all fees due to OHSU under the New OHSU Agreement. 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 of $ 275,000 100,000 |
De-recognition of Statute Barre
De-recognition of Statute Barred Payables | 12 Months Ended |
Dec. 31, 2017 | |
De-recognition of Statute Barred Payables [Abstract] | |
De-recognition of Statute Barred Payables | 10. De-recognition of Statute Barred Payables The Company had various payables from obligations which existed before current management took over the Company in 2009. These payables, although previously recorded, could not be substantiated as legitimate payables by management. Approximately $ 79 23 56 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company operates in both U.S. and Canadian tax jurisdictions. Its income is subject to varying rates of tax and losses incurred in one jurisdiction cannot be used to offset income taxes payable in another. Year Ended Year Ended 2017 2016 Domestic (loss)/gain $ (5,277) $ (1,771) Foreign loss (1,769) (1,018) Loss before income taxes (7,046) (2,789) Expected statutory rate (recovery) 26.50 % 26.50 % Expected provision for (recovery of) income tax (1,867) (739) Permanent differences 636 156 Change in valuation allowance 328 583 Effect of foreign exchange rate differences Effect of change in future enacted tax rates 843 Tax credits and other adjustments (3) 1 Effect of tax rate changes and other 63 (1) Provision for income taxes $ $ The Canadian statutory come tax rate of 26.0 15.0 11.0 December 31, December 31, Future tax assets: SR&ED expenditures 2,195 2,195 Income tax loss carryforwards 19,431 19,098 Non-refundable investment tax credits 1,263 1,263 Share issue costs 4 Accrued expenses Fixed and intangible assets 1,031 1,032 Harmonization credit 23,920 23,592 Less: valuation allowance (23,920) (23,592) Net future tax assets $ $ Tax Cuts and Jobs Act On December 22, 2017, the United States government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and jobs Act (the “Tax Act”). The Tax Act reduces the corporate tax rate to 21%, effective January 1, 2018. The Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”) on December 23, 2017. SAB 118 provides a one-year measurement period from a registrant’s reporting period that includes the United States Tax Act’s enactment date to allow the registrant sufficient time to obtain, prepare and analyze information to complete the accounting required under ASC 740. The ultimate impact of the Tax Act on our reported results may differ from the estimates provided herein, possibly material, due to, among other things, changes in interpretations and assumptions we have made, guidance that may be issued, and other actions we may take as a result of the Tax Act different from presently contemplated. There are no current income taxes owed, nor are any income taxes expected to be owed in the near term. At December 31, 2017 the Company has unclaimed Scientific Research and Experimental Development ("SR&ED") expenditures, income tax loss carry-forwards and non-refundable investment tax credits. The unclaimed amounts and their expiry dates are as listed below: Federal Province/ SR&ED expenditures (no expiry) $ 8,283 $ - Income tax loss carryforwards (expiry date): 2021 26 - 2022 233 - 2023 133 - 2024 1,536 1,455 2025 4,795 4,768 2026 20,562 20,550 2027 8,340 8,332 2028 10,840 10,823 2029 8,502 8,502 2030 2,608 2,499 2031 3,378 3,224 2032 3,491 3,383 2033 1,789 1,652 2034 1,812 1,606 2035 1,804 1,803 2036 2,208 2,202 2037 4,631 4,511 Investment tax credits (expiry date): 2018 10 2019 8 2020 96 2021 55 2022 548 2023 399 2024 178 2025 199 2026 86 2027 90 2028 50 |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation |
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 consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates include the valuation of derivative warrant liability and the valuation of stock-based compensation. Actual results could differ from those estimates. |
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 December 31, 2017, the Company had $ 28,260 3,926 |
Financial instruments | Financial instruments Financial instruments recognized on the balance sheets at December 31, 2017 and December 31, 2016 consist of cash and cash equivalents, accounts payable, accrued liabilities and derivative instruments, the carrying values of which, with the exception of the derivative instruments, approximate fair value due to their relatively short time to maturity. The Company does not hold or issue financial instruments for trading. The derivative liabilities are carried at fair value. 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. |
Common stock and warrants | Common shares and warrants The Company has warrants outstanding to purchase common shares that were denominated in both United States dollars (“USD”) and Canadian dollars (“CAD”), which resulted in the Company having warrants outstanding that were denominated outside of the Company’s U.S. dollar functional currency. The Company’s outstanding warrants denominated in Canadian dollars were not considered to be indexed to the Company’s own stock and should therefore be treated as derivative financial instruments and recorded at their fair value as a liability. At December 31, 2017, the derivative liabilities were valued at $ 167 33 134 48 |
Revenue recognition | Revenue recognition At this time, the Company does not have any revenue. |
Research and development costs and investment tax credits | Research and development costs and investment tax credits Research costs, including employee compensation, laboratory fees, lab supplies, and research and testing performed under contract by third parties, are expensed as incurred. Development costs, including drug substance costs, clinical study expenses and regulatory expenses are expensed as incurred. Investment tax credits, which are earned as a result of qualifying research and development expenditures, are recognized when the expenditures are made and their realization is reasonably assured. They are applied to reduce related capital costs and research and development expenses in the year recognized. |
Income taxes | Income taxes The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using currently enacted tax rates. The Company has deferred tax assets, which are subject to periodic recoverability assessments. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that more likely than not will be realized. As of December 31, 2017, we maintained a full valuation allowance against our deferred tax assets. The provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740-10, Uncertainty in Income Taxes, address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. |
Foreign currency translation | Foreign currency translation The U.S. dollar is the functional currency for the Company’s consolidated operations. All gains and losses from currency translations are included in results of operations. |
Earnings/(Loss) per share | Loss per share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the year. Diluted net earnings per share is computed using the same method, except the weighted average number of common shares outstanding includes convertible debentures, stock options and warrants, if dilutive, as determined using the if-converted method and treasury methods. Accordingly, options to purchase 2,315 1,362 2,427 1,383 |
New Accounting Pronouncements Adopted | Recent accounting pronouncements In February 2017, the FASB issued ASU No. 2017-05, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017-05”). ASU 2017-05 is meant to clarify the scope of the original guidance within Subtopic 610-20 that was issued in connection with ASU 2014-09, as defined below, which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. ASU 2017-05 also added guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for our fiscal year ending December 31, 2018 and we are required to adopt ASU 2017-05 concurrent with the adoption of ASU 2014-09. Adoption of ASU 2017-05 is required, January 1, 2018. The expected impact of ASU 2017-05 on our consolidated financial statements and disclosures is de minimis. In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017-09, CompensationStock Compensation (Topic 718): Scope of Modification Accounting In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers (Topic 606), to clarify the principles for recognizing revenue. This update provides a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delayed the effective date of the new standard from January 1, 2017 to January 1, 2018. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies certain aspects of identifying performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients related to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration and the presentation of sales and other similar taxes collected from customers. In September 2017, the FASB issued ASU No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments. The amendments in ASU No. 2017-13 amends the early adoption date option for certain companies related to the adoption of ASU No. 2014-09 and ASU No. 2016-02. In November 2017, the FASB issued ASU No. 2017-14, Revenue from Contracts with Customers (Topic 606): Income Statement- Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), which amends certain SEC paragraphs within the FASB Accounting Standards Codification. These standards have the same effective date and transition date of January 1, 2018. The new revenue standard allows for either full retrospective or modified retrospective application. The Company currently does not have any revenue and therefore this update will not have a significant impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per share (in thousands except per share data): Year Ended December 31, 2017 December 31, 2016 Numerator: Net loss $ (7,046) $ (2,789) Denominator: Weighted-average common shares, basic 15,014 12,765 Dilutive effect of stock options Dilutive effect of warrants Incremental dilutive shares Weighted-average common shares, dilutive 15,014 12,765 Net loss per share, basic and diluted $ (0.47) $ (0.22) |
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: Year Ended December 31, 2017 December 31, 2016 Options to purchase common shares 2,315 2,427 Warrants to purchase common shares 1,362 1,383 |
Stock options (Tables)
Stock options (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair values of options granted using weighted average assumptions | The fair values of options granted in fiscal years ended December 31, 2017 and 2016 were estimated on the date the options were granted based on the Black-Scholes option-pricing model, using the following weighted average assumptions for all options with a seven-year expiration: Year Ended December 31, 2017 Year Ended December 31, 2016 Expected dividend 0% 0% Risk-free interest rate 2.04 2.33% 1.27 2.25% Expected volatility 158 168% 134 137% Expected life 7 years 7 years |
Currency, Canadian Dollar [Member] | |
Options granted under the stock option plan are exercisable | Summary of $CAD Option Activity Share Prices Reported in $CAD Number of Range Weighted Average Outstanding and exercisable at December 31, 2015 1,323 $1.62 2.43 $ 2.39 Exercised Forfeited or expired (324) 2.43 2.43 Outstanding and exercisable at December 31, 2016 999 $1.62 2.43 $ 2.38 Exercised (196) 1.89 2.43 2.36 Forfeited or expired (91) 1.89 2.43 2.40 Outstanding and exercisable at December 31, 2017 712 $1.89 2.43 $ 2.38 |
Options reinstated agreement either expired and cancelled prior to the agreed severance | Summary of $CAD Option Remaining Life Price $CAD Outstanding and Exercisable at Weighted Average Remaining Life $ 1.62 17 0.26 $ 1.89 45 0.64 $ 2.43 650 0.64 Total 712 0.63 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes the effect of the June 8, 2016 transaction: Expense Number of Expiration Risk Free Exercise Share Price Expected Recognized Options Date Rate Price $CAD $CAD Life (Years) Volatility $USD 17 08/18/2018 0.52 % 1.89 3.10 2.19 94 % 9 648 08/18/2018 0.52 % 2.43 3.10 2.19 94 % 338 665 347 |
Currency, U.S. Dollar [Member] | |
Options granted under the stock option plan are exercisable | Summary of $USD Option Activity Number of Range Weighted Average Outstanding and exercisable at December 31, 2015 1,094 $0.45 3.60 $ 1.77 Granted 370 2.11 2.45 2.42 Exercised (4) 1.50 1.50 Forfeited or expired (32) 1.89 - 2.69 2.65 Outstanding and exercisable at December 31, 2016 1,428 $0.45 3.60 $ 1.93 Granted 341 3.10 10.10 5.27 Exercised (163) 0.60 2.79 1.22 Forfeited or expired (3) 2.79 2.79 Outstanding and exercisable at December 31, 2017 1,603 $0.45 10.10 $ 2.70 |
Options reinstated agreement either expired and cancelled prior to the agreed severance | Summary of $USD Option Remaining Life Price in Number Outstanding and Exercisable at Remaining Life $ 0.45 11 1.63 $ 0.54 19 2.38 $ 0.60 17 2.26 $ 0.72 50 2.65 $ 0.96 10 2.60 $ 1.05 110 1.97 $ 1.13 50 4.95 $ 1.23 8 4.86 $ 1.50 15 1.34 $ 1.59 133 3.07 $ 1.89 8 0.63 $ 2.11 36 6.00 $ 2.30 4 4.36 $ 2.31 275 3.32 $ 2.35 4 4.59 $ 2.40 8 2.26 $ 2.44 49 5.44 $ 2.45 285 5.51 $ 2.51 4 4.21 $ 2.55 4 3.85 $ 2.69 118 4.00 $ 2.79 38 3.59 $ 2.94 3 2.38 $ 3.10 10 6.26 $ 3.60 3 3.37 $ 3.67 40 6.38 $ 5.10 250 6.49 $ 6.72 21 6.63 $ 10.10 20 6.88 Total 1,603 4.43 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes the effect of the June 8, 2016 transaction: Expense Number of Expiration Risk Free Exercise Share Price Expected Recognized Options Date Rate Price $USD $USD Life (Years) Volatility $USD 6 11/18/2018 0.93 % 1.50 2.43 3.44 152 % 1 17 04/04/2020 1.08 % 0.60 2.43 3.82 155 % 1 19 05/17/2020 1.08 % 0.54 2.43 3.94 154 % 1 9 11/20/2020 1.08 % 1.05 2.43 4.45 147 % 1 51 4 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments [Abstract] | |
Schedule of Other Share-based Compensation, Activity | The following is a summary of Canadian denominated contractor option activity for the year ended December 31, 2017 and 2016. Share Prices Reported in $CAD Number of Options Weighted Average Outstanding and exercisable at December 31, 2015 40 $ 1.81 Exercised Forfeited or expired Outstanding and exercisable at December 31, 2016 40 $ 1.81 Exercised (21) 1.90 Forfeited or expired Outstanding and exercisable at December 31, 2017 19 $ 1.71 |
Derivative Liabilities Fair Value | The following table presents the overall change in derivative liability for the year ended December 31, 2017 and December 31, 2016: Derivative Value at (Loss)/Gain on Derivative Derivative Warrants/Options 2017 2016 2017 2016 Warrants expiring March 29, 2016 41 Options (various expiration dates) 167 33 (134) 7 Total 167 33 (134) 48 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets/Liabilities Measured at Fair Value on Recurring Basis | Assets/Liabilities Measured at Fair Value on a Recurring Basis Fair Value Measurement at December 31, 2017 Quoted Price in Active Significant Other Significant Level 1 Level 2 Level 3 Total Assets Cash and cash equivalents $ 275 (1) $ 27,985 $ $ 28,260 Liabilities Derivative liabilities 167 167 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity [Abstract] | |
Warrants Outstanding to Purchase Common Stock | At December 31, 2017, the Company had the following warrants outstanding to purchase common shares priced in U.S. dollars with a weighted average price of $1.56 and a weighted average remaining life of 0.9 years: Warrant Description Common Shares Issuable Upon Exercise of Exercise Price Expiration Date Investor warrants (1) 1,312 $ 1.50 USD November 22, 2018 Investor warrants (2) 50 $ 3.00 USD February 2, 2019 1,362 (1) On November 22, 2013, the Company announced it had completed the closing of a non-brokered private placement of 4,000 0.40 1,600 0.50 (3) 1.50 (2) On February 2, 2016 the company issued 50 3.00 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the combined Canadian federal and provincial income tax rate with the Company’s effective tax rate is as follows: Year Ended Year Ended 2017 2016 Domestic (loss)/gain $ (5,277) $ (1,771) Foreign loss (1,769) (1,018) Loss before income taxes (7,046) (2,789) Expected statutory rate (recovery) 26.50 % 26.50 % Expected provision for (recovery of) income tax (1,867) (739) Permanent differences 636 156 Change in valuation allowance 328 583 Effect of foreign exchange rate differences Effect of change in future enacted tax rates 843 Tax credits and other adjustments (3) 1 Effect of tax rate changes and other 63 (1) Provision for income taxes $ $ |
Summary of Tax Credit Carryforwards | December 31, December 31, Future tax assets: SR&ED expenditures 2,195 2,195 Income tax loss carryforwards 19,431 19,098 Non-refundable investment tax credits 1,263 1,263 Share issue costs 4 Accrued expenses Fixed and intangible assets 1,031 1,032 Harmonization credit 23,920 23,592 Less: valuation allowance (23,920) (23,592) Net future tax assets $ $ There are no current income taxes owed, nor are any income taxes expected to be owed in the near term. At December 31, 2017 the Company has unclaimed Scientific Research and Experimental Development ("SR&ED") expenditures, income tax loss carry-forwards and non-refundable investment tax credits. The unclaimed amounts and their expiry dates are as listed below: Federal Province/ SR&ED expenditures (no expiry) $ 8,283 $ - Income tax loss carryforwards (expiry date): 2021 26 - 2022 233 - 2023 133 - 2024 1,536 1,455 2025 4,795 4,768 2026 20,562 20,550 2027 8,340 8,332 2028 10,840 10,823 2029 8,502 8,502 2030 2,608 2,499 2031 3,378 3,224 2032 3,491 3,383 2033 1,789 1,652 2034 1,812 1,606 2035 1,804 1,803 2036 2,208 2,202 2037 4,631 4,511 Investment tax credits (expiry date): 2018 10 2019 8 2020 96 2021 55 2022 548 2023 399 2024 178 2025 199 2026 86 2027 90 2028 50 |
Nature of Business and Liquid25
Nature of Business and Liquidity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 12, 2017 | Jun. 08, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Going Concern [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ (3,641) | $ (2,124) | ||
Retained Earnings (Accumulated Deficit) | (121,368) | (114,322) | ||
Operating Income (Loss) | $ (6,951) | $ (2,871) | ||
Private Placement [Member] | ||||
Going Concern [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 1,900,000 | |||
Sale of Stock, Price Per Share | $ 4 | |||
Sale of Stock, Consideration Received on Transaction | $ 7,600 | |||
Payments of Stock Issuance Costs | $ 7,571 | |||
Underwritten Public Offering [Member] | ||||
Going Concern [Line Items] | ||||
Sale of Stock, Number of Shares Issued in Transaction | 2,352,950 | |||
Sale of Stock, Price Per Share | $ 8.50 | |||
Sale of Stock, Consideration Received on Transaction | $ 21,200 | |||
Payments of Stock Issuance Costs | $ 19,810 |
Significant Accounting Polici26
Significant Accounting Policies - Additional Information (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Money market investments | $ 28,260 | $ 3,926 |
Derivative Liability (Note 3) | 167 | 33 |
Unrealized (loss)/gain on derivatives | $ (134) | $ 48 |
Warrant [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,362 | 1,383 |
Stock Option [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,315 | 2,427 |
Loss per Share (Schedule of Ear
Loss per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | ||
Net loss | $ (7,046) | $ (2,789) |
Denominator: | ||
Weighted-average common shares, basic | 15,014 | 12,765 |
Incremental dilutive shares | 0 | 0 |
Weighted-average common shares, dilutive | 15,014 | 12,765 |
Net loss per share, basic and diluted | $ (0.47) | $ (0.22) |
Warrant [Member] | ||
Denominator: | ||
Incremental dilutive shares | 0 | 0 |
Employee Stock Option [Member] | ||
Denominator: | ||
Incremental dilutive shares | 0 | 0 |
Loss per Share (warrants were e
Loss per Share (warrants were excluded from the computation of basic and diluted net loss per share) (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,315 | 2,427 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,362 | 1,383 |
Stock Options (Options Granted
Stock Options (Options Granted Under The Stock Option Plan Exercisable In Canadian Dollars And U.S Dollars) (Details) shares in Thousands | 12 Months Ended | |||
Dec. 31, 2017$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options Outstanding and Exercisable at Ending | shares | 1,603 | 1,603 | ||
Stock Option In Canadian Dollars [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options Outstanding and Exercisable at Beginning | shares | 999 | 999 | 1,323 | 1,323 |
Number of Options Exercised | shares | (196) | (196) | 0 | 0 |
Number of Options Forfeited or expired | shares | (91) | (91) | (324) | (324) |
Number of Options Outstanding and Exercisable at Ending | shares | 712 | 712 | 999 | 999 |
Exercised Range | $ 0 | |||
Forfeited or expired Range | 2.43 | |||
Weighted Average Exercise Price Outstanding and Exercisable at Beginning | $ 2.38 | 2.39 | ||
Weighted- Average Exercised | 2.36 | 0 | ||
Weighted- Average Forfeited or expired | 2.4 | 2.43 | ||
Weighted Average Exercise Price Outstanding and Exercisable at Ending | 2.38 | 2.38 | ||
Stock Option In Canadian Dollars [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding and Exercisable Range | 2.43 | 2.43 | ||
Exercised Range | 2.43 | |||
Forfeited or expired Range | 2.43 | |||
Outstanding and Exercisable Range | 2.43 | 2.43 | ||
Stock Option In Canadian Dollars [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding and Exercisable Range | 1.62 | 1.62 | ||
Exercised Range | 1.89 | |||
Forfeited or expired Range | 1.89 | |||
Outstanding and Exercisable Range | $ 1.89 | $ 1.62 | ||
Stock Option In Us Dollars [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options Outstanding and Exercisable at Beginning | shares | 1,428 | 1,428 | 1,094 | 1,094 |
Number of Options Granted | shares | 341 | 341 | 370 | 370 |
Number of Options Exercised | shares | (163) | (163) | (4) | (4) |
Number of Options Forfeited or expired | shares | (3) | (3) | (32) | (32) |
Number of Options Outstanding and Exercisable at Ending | shares | 1,603 | 1,603 | 1,428 | 1,428 |
Exercised Range | $ 1.50 | |||
Forfeited or expired Range | $ 2.79 | |||
Weighted Average Exercise Price Outstanding and Exercisable at Beginning | 1.93 | 1.77 | ||
Weighted- Average Granted | 5.27 | 2.42 | ||
Weighted- Average Exercised | 1.22 | 1.5 | ||
Weighted- Average Forfeited or expired | 2.79 | 2.65 | ||
Weighted Average Exercise Price Outstanding and Exercisable at Ending | 2.7 | 1.93 | ||
Stock Option In Us Dollars [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding and Exercisable Range | 3.60 | 3.60 | ||
Granted Range | 10.10 | 2.45 | ||
Exercised Range | 2.79 | |||
Forfeited or expired Range | 2.69 | |||
Outstanding and Exercisable Range | 10.10 | 3.60 | ||
Stock Option In Us Dollars [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding and Exercisable Range | 0.45 | 0.45 | ||
Granted Range | 3.10 | 2.11 | ||
Exercised Range | 0.60 | |||
Forfeited or expired Range | 1.89 | |||
Outstanding and Exercisable Range | $ 0.45 | $ 0.45 |
Stock options (Price In Canadia
Stock options (Price In Canadian Dollars) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding and Exercisable | 1,603 |
Weighted Average Remaining Life (years) | 4 years 5 months 5 days |
Currency Canadian Dollar [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding and Exercisable | 712 |
Weighted Average Remaining Life (years) | 7 months 17 days |
Price In Canadian Dollars 1.62 [Member] | Currency Canadian Dollar [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price | $ / shares | $ 1.62 |
Number Outstanding and Exercisable | 17 |
Weighted Average Remaining Life (years) | 3 months 4 days |
Price In Canadian Dollars 1.89 [Member] | Currency Canadian Dollar [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price | $ / shares | $ 1.89 |
Number Outstanding and Exercisable | 45 |
Weighted Average Remaining Life (years) | 7 months 20 days |
Price In Canadian Dollars 2.43 [Member] | Currency Canadian Dollar [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price | $ / shares | $ 2.43 |
Number Outstanding and Exercisable | 650 |
Weighted Average Remaining Life (years) | 7 months 20 days |
Stock Options (Price In US Doll
Stock Options (Price In US Dollars) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Number Outstanding and Exercisable | 1,603 |
Remaining life (years) | 4 years 5 months 5 days |
Price In Us Dollars 0.45 [Member] | |
Price in US Dollars | $ / shares | $ 0.45 |
Number Outstanding and Exercisable | 11 |
Remaining life (years) | 1 year 7 months 17 days |
Price In Us Dollars 0.54 [Member] | |
Price in US Dollars | $ / shares | $ 0.54 |
Number Outstanding and Exercisable | 19 |
Remaining life (years) | 2 years 4 months 17 days |
Price In Us Dollars 0.60 [Member] | |
Price in US Dollars | $ / shares | $ 0.60 |
Number Outstanding and Exercisable | 17 |
Remaining life (years) | 2 years 3 months 4 days |
Price In Us Dollars 0.72 [Member] | |
Price in US Dollars | $ / shares | $ 0.72 |
Number Outstanding and Exercisable | 50 |
Remaining life (years) | 2 years 7 months 24 days |
Price In Us Dollars 0.96 [Member] | |
Price in US Dollars | $ / shares | $ 0.96 |
Number Outstanding and Exercisable | 10 |
Remaining life (years) | 2 years 7 months 6 days |
Price In Us Dollars 1.05 [Member] | |
Price in US Dollars | $ / shares | $ 1.05 |
Number Outstanding and Exercisable | 110 |
Remaining life (years) | 1 year 11 months 19 days |
Price In Us Dollars 1.13[Member] | |
Price in US Dollars | $ / shares | $ 1.13 |
Number Outstanding and Exercisable | 50 |
Remaining life (years) | 4 years 11 months 12 days |
Price In Us Dollars 1.23 [Member] | |
Price in US Dollars | $ / shares | $ 1.23 |
Number Outstanding and Exercisable | 8 |
Remaining life (years) | 4 years 10 months 10 days |
Price In Us Dollars 1.50 [Member] | |
Price in US Dollars | $ / shares | $ 1.50 |
Number Outstanding and Exercisable | 15 |
Remaining life (years) | 1 year 4 months 2 days |
Price In Us Dollars 1.59 [Member] | |
Price in US Dollars | $ / shares | $ 1.59 |
Number Outstanding and Exercisable | 133 |
Remaining life (years) | 3 years 25 days |
Price In Us Dollars 1.89 [Member] | |
Price in US Dollars | $ / shares | $ 1.89 |
Number Outstanding and Exercisable | 8 |
Remaining life (years) | 7 months 17 days |
Price In Us Dollars 2.11 [Member] | |
Price in US Dollars | $ / shares | $ 2.11 |
Number Outstanding and Exercisable | 36 |
Remaining life (years) | 6 years |
Price In Us Dollars 2.30 [Member] | |
Price in US Dollars | $ / shares | $ 2.30 |
Number Outstanding and Exercisable | 4 |
Remaining life (years) | 4 years 4 months 10 days |
Price In Us Dollars 2.31 [Member] | |
Price in US Dollars | $ / shares | $ 2.31 |
Number Outstanding and Exercisable | 275 |
Remaining life (years) | 3 years 3 months 25 days |
Price In Us Dollars 2.35 [Member] | |
Price in US Dollars | $ / shares | $ 2.35 |
Number Outstanding and Exercisable | 4 |
Remaining life (years) | 4 years 7 months 2 days |
Price In Us Dollars 2.40 [Member] | |
Price in US Dollars | $ / shares | $ 2.40 |
Number Outstanding and Exercisable | 8 |
Remaining life (years) | 2 years 3 months 4 days |
Price In Us Dollars 2.44 [Member] | |
Price in US Dollars | $ / shares | $ 2.44 |
Number Outstanding and Exercisable | 49 |
Remaining life (years) | 5 years 5 months 8 days |
Price In Us Dollars 2.45 [Member] | |
Price in US Dollars | $ / shares | $ 2.45 |
Number Outstanding and Exercisable | 285 |
Remaining life (years) | 5 years 6 months 4 days |
Price In Us Dollars 2.51 [Member] | |
Price in US Dollars | $ / shares | $ 2.51 |
Number Outstanding and Exercisable | 4 |
Remaining life (years) | 4 years 2 months 16 days |
Price In Us Dollars 2.55 [Member] | |
Price in US Dollars | $ / shares | $ 2.55 |
Number Outstanding and Exercisable | 4 |
Remaining life (years) | 3 years 10 months 6 days |
Price In Us Dollars 2.69 [Member] | |
Price in US Dollars | $ / shares | $ 2.69 |
Number Outstanding and Exercisable | 118 |
Remaining life (years) | 4 years |
Price In Us Dollars 2.79 [Member] | |
Price in US Dollars | $ / shares | $ 2.79 |
Number Outstanding and Exercisable | 38 |
Remaining life (years) | 3 years 7 months 2 days |
Price In Us Dollars 2.94 [Member] | |
Price in US Dollars | $ / shares | $ 2.94 |
Number Outstanding and Exercisable | 3 |
Remaining life (years) | 2 years 4 months 17 days |
Price In Us Dollars 3.10 [Member] | |
Price in US Dollars | $ / shares | $ 3.10 |
Number Outstanding and Exercisable | 10 |
Remaining life (years) | 6 years 3 months 4 days |
Price In Us Dollars 3.60 [Member] | |
Price in US Dollars | $ / shares | $ 3.60 |
Number Outstanding and Exercisable | 3 |
Remaining life (years) | 3 years 4 months 13 days |
Price In Us Dollars 3.67 [Member] | |
Price in US Dollars | $ / shares | $ 3.67 |
Number Outstanding and Exercisable | 40 |
Remaining life (years) | 6 years 4 months 17 days |
Price In Us Dollars 5.10 [Member] | |
Price in US Dollars | $ / shares | $ 5.10 |
Number Outstanding and Exercisable | 250 |
Remaining life (years) | 6 years 5 months 26 days |
Price In Us Dollars 6.72 [Member] | |
Price in US Dollars | $ / shares | $ 6.72 |
Number Outstanding and Exercisable | 21 |
Remaining life (years) | 6 years 7 months 17 days |
Price In Us Dollars 10.10 [Member] | |
Price in US Dollars | $ / shares | $ 10.10 |
Number Outstanding and Exercisable | 20 |
Remaining life (years) | 6 years 10 months 17 days |
Stock options (Options Were Gra
Stock options (Options Were Granted Based On The Black Scholes Option Pricing Model) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Expected dividend | 0.00% | 0.00% |
Expected life | 7 years | 7 years |
Maximum [Member] | ||
Risk-free interest rate | 2.33% | 2.25% |
Expected volatility | 168.00% | 137.00% |
Minimum [Member] | ||
Risk-free interest rate | 2.04% | 1.27% |
Expected volatility | 158.00% | 134.00% |
Stock options (Modification of
Stock options (Modification of Existing US Dollar Denominated Options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Expected Life (Years) | 7 years | 7 years |
Expense Recognized | $ 1,517 | $ 615 |
Executives and Directors [Member] | U.S.dollars [Member] | ||
Number of Options | 51 | |
Expense Recognized | $ 4 | |
Executives and Directors [Member] | U.S.dollars [Member] | Stock Option Grant One [Member] | ||
Number of Options | 6 | |
Expiration Date | Nov. 18, 2018 | |
Risk Free Rate | 0.93% | |
Exercise Price | $ 1.50 | |
Share Price | $ 2.43 | |
Expected Life (Years) | 3 years 5 months 8 days | |
Volatility Rate | 152.00% | |
Expense Recognized | $ 1 | |
Executives and Directors [Member] | U.S.dollars [Member] | Stock Option Grant Two [Member] | ||
Number of Options | 17 | |
Expiration Date | Apr. 4, 2020 | |
Risk Free Rate | 1.08% | |
Exercise Price | $ 0.60 | |
Share Price | $ 2.43 | |
Expected Life (Years) | 3 years 9 months 25 days | |
Volatility Rate | 155.00% | |
Expense Recognized | $ 1 | |
Executives and Directors [Member] | U.S.dollars [Member] | Stock Option Grant Three [Member] | ||
Number of Options | 19 | |
Expiration Date | May 17, 2020 | |
Risk Free Rate | 1.08% | |
Exercise Price | $ 0.54 | |
Share Price | $ 2.43 | |
Expected Life (Years) | 3 years 11 months 8 days | |
Volatility Rate | 154.00% | |
Expense Recognized | $ 1 | |
Executives and Directors [Member] | U.S.dollars [Member] | Stock Option Grant Four [Member] | ||
Number of Options | 9 | |
Expiration Date | Nov. 20, 2020 | |
Risk Free Rate | 1.08% | |
Exercise Price | $ 1.05 | |
Share Price | $ 2.43 | |
Expected Life (Years) | 4 years 5 months 12 days | |
Volatility Rate | 147.00% | |
Expense Recognized | $ 1 |
Stock options (Modification o34
Stock options (Modification of Existing Canadian Dollar Denominated Options) (Details) - CAD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Expected Life (Years) | 7 years | 7 years |
Executives and Directors [Member] | Canadian dollars [Member] | ||
Number of Options | 665 | |
Expense Recognized | $ 347 | |
Executives and Directors [Member] | Canadian dollars [Member] | Stock Option Grant One [Member] | ||
Number of Options | 17 | |
Expiration Date | Aug. 18, 2018 | |
Risk Free Rate | 0.52% | |
Exercise Price | $ 1.89 | |
Share Price | $ 3.10 | |
Expected Life (Years) | 2 years 2 months 8 days | |
Volatility Rate | 94.00% | |
Expense Recognized | $ 9 | |
Executives and Directors [Member] | Canadian dollars [Member] | Stock Option Grant Two [Member] | ||
Number of Options | 648 | |
Expiration Date | Aug. 18, 2018 | |
Risk Free Rate | 0.52% | |
Exercise Price | $ 2.43 | |
Share Price | $ 3.10 | |
Expected Life (Years) | 2 years 2 months 8 days | |
Volatility Rate | 94.00% | |
Expense Recognized | $ 338 |
Stock options - Additional Info
Stock options - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jun. 24, 2010shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017CAD ($) | Dec. 31, 2016USD ($)$ / shares | Oct. 24, 2017USD ($)shares | Aug. 11, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 15,850 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1,827 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 2,195 | |||||
Description of Difference between Reported Amount and Reporting Currency Denominated Amount | exchange rate of $CAD/$USD 0.7881 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | shares | 3,964 | |||||
Registration Payment Arrangement, Maximum Potential Consideration | 68,800 | |||||
Proceeds from Registration Payment Arrangement | $ 21,200 | |||||
Class Of Warrant Or Right Outstanding | shares | 1,362 | |||||
Number Of Common Shares , Registered | shares | 11,943 | |||||
S Registration Of Common Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Registration Payment Arrangement, Maximum Potential Consideration | $ 90,000 | |||||
US Dollar Denominated Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Terms | the Company modified the terms of certain options granted to executives and directors by extending the expiration date by 1 year. | |||||
Canadian Dollar Denominated Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Description and Terms | Company modified the terms of certain options granted to executives and directors by extending the expiration date by a weighted average amount of 1.45 years. | |||||
General and Administrative Expense [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 2,258 | $ 615 | ||||
General and Administrative Expense [Member] | Executives and Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock or Unit Option Plan Expense | $ 4 | $ 347 | ||||
Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issuable under Stock Option Plan | shares | 6,666 | |||||
Percentage Of Total Number Of Share Issued and Outstanding | 25.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 5.27 | $ 2.42 | ||||
Plan Maximum Amendment [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issuable under Stock Option Plan | shares | 4,603 |
Derivative Liabilities (Contrac
Derivative Liabilities (Contractor Option Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Options Outstanding and Exercisable at Ending | 1,603 | |
Derivative Instrument Option Activity [Member] | ||
Number of Options Outstanding and Exercisable at Beginning | 40 | 40 |
Number of Options Exercised | (21) | 0 |
Number of Options Forfeited or expired | 0 | 0 |
Number of Options Outstanding and Exercisable at Ending | 19 | 40 |
Weighted Average Exercise Price Outstanding and Exercisable at Beginning | $ 1.81 | $ 1.81 |
Weighted Average Exercise Price Exercised | 1.9 | 0 |
Weighted Average Exercise Price Forfeited or expired | 0 | 0 |
Weighted Average Exercise Price Outstanding and Exercisable at Ending | $ 1.71 | $ 1.81 |
Derivative Liabilities (fair va
Derivative Liabilities (fair value liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 167 | $ 33 |
Unrealized Gain (Loss) on Derivatives | (134) | 48 |
Warrant on March 29, 2016 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 0 | 0 |
Unrealized Gain (Loss) on Derivatives | 0 | 41 |
Options [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 167 | 33 |
Unrealized Gain (Loss) on Derivatives | $ (134) | $ 7 |
Derivative Liabilities - Additi
Derivative Liabilities - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2017$ / shares | Sep. 03, 2014$ / shares | Dec. 31, 2011shares | Dec. 31, 2010shares | |
Derivative [Line Items] | ||||||
Common shares issuable upon exercise of outstanding warrants | 1,362 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.50 | |||||
Derivative Liability | $ | $ 167 | $ 33 | ||||
Unrealized (loss)/gain on derivatives | $ | $ (134) | 48 | ||||
Invester Option [Member] | ||||||
Derivative [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 19 | |||||
Options Held [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Liability | $ | $ 167 | 33 | ||||
Options to Contractors [Member] | ||||||
Derivative [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 36 | 29 | ||||
Unrealized (loss)/gain on derivatives | $ | $ 134 | $ 7 | ||||
Contractor Options Expire On April 4, 2018 [Member] | ||||||
Derivative [Line Items] | ||||||
Common shares issuable upon exercise of outstanding warrants | 17 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.62 | |||||
Contractor Options Expire On May 18, 2018 [Member] | ||||||
Derivative [Line Items] | ||||||
Common shares issuable upon exercise of outstanding warrants | 2 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.43 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets/Liabilities Measured at Fair Value on Recurring Basis) (Details) $ in Thousands | Dec. 31, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Cash and cash equivalents | $ 28,260 | |
Derivative liabilities | 167 | |
Quoted Price in Active Markets for Identical Instruments Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Cash and cash equivalents | 275 | [1] |
Derivative liabilities | 0 | |
Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Cash and cash equivalents | 27,985 | |
Derivative liabilities | 167 | |
Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Cash and cash equivalents | $ 0 | |
[1] | The Company held $275 in cash, of which $255 was in Canadian funds (translated into U.S. dollars). |
Fair Value Measurements (Asse40
Fair Value Measurements (Assets/Liabilities Measured at Fair Value on Recurring Basis) (Parenthetical) (Details) - 12 months ended Dec. 31, 2017 $ in Thousands, $ in Thousands | USD ($) | CAD ($) |
Assumptions used to Determine Fair Value Options [Line Items] | ||
Cash | $ 255 | $ 275 |
Warrant [Member] | ||
Assumptions used to Determine Fair Value Options [Line Items] | ||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |
Employee Stock Option [Member] | Minimum [Member] | ||
Assumptions used to Determine Fair Value Options [Line Items] | ||
Risk free interest rate | 0.83% | |
Expected volatility rate | 79.00% | |
Expected life | 6 months |
Stockholders' Equity (Warrants
Stockholders' Equity (Warrants Outstanding to Purchase Common Stock) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Sep. 03, 2014 | ||
Class of Warrant or Right [Line Items] | |||
Common shares issuable upon exercise of outstanding warrants | 1,362 | ||
Exercise price in CAD/USD Dollars | $ 1.50 | ||
Inverstor warrants one | |||
Class of Warrant or Right [Line Items] | |||
Common shares issuable upon exercise of outstanding warrants | [1] | 1,312 | |
Exercise price in CAD/USD Dollars | [1] | $ 1.50 | |
Expiration Date | [1] | Nov. 22, 2018 | |
Investor warrants two | |||
Class of Warrant or Right [Line Items] | |||
Common shares issuable upon exercise of outstanding warrants | [2] | 50 | |
Exercise price in CAD/USD Dollars | [2] | $ 3 | |
Expiration Date | [2] | Feb. 2, 2019 | |
[1] | On November 22, 2013, the Company announced it had completed the closing of a non-brokered private placement of 4,000 units, at a price of $0.40 per unit for net proceeds of $1,600. Each unit consisted of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.50 per share for a period of five years from the date of issuance. As a result of the September 3, 2014 share consolidation, each three (3) warrants now entitle the holder thereof to purchase one common share of the Company at a purchase price of $1.50 per whole share for a period of five years from the issue date. | ||
[2] | On February 2, 2016 the company issued 50 warrants to Aranea Partners in lieu of cash for investor services. These warrants are fully vested at December 31, 2016 and are redeemable for $3.00 per common share. The fair value of these warrants is estimated using the Black-Scholes pricing model. |
Stockholders' Equity (Warrant42
Stockholders' Equity (Warrants Outstanding to Purchase Common Stock) (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 12, 2017 | Feb. 02, 2016 | Nov. 22, 2013 | Dec. 31, 2017 | Sep. 03, 2014 |
Class of Warrant or Right [Line Items] | |||||
Common shares issuable upon exercise of outstanding warrants | (1,362,000) | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.50 | ||||
Aranea Partners [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right ,Warrants Issued | 50,000 | ||||
Class Of warrant Or Right , Warrants Redeemable Price | $ 3 | ||||
Nonbroker Rights Offering [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Issuance of stock | 4,000 | ||||
Issuance of stock, price per share | $ 0.40 | ||||
Proceeds from issuance of unit | $ 1,600 | ||||
Common shares issuable upon exercise of outstanding warrants | (3,000) | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 | ||||
Underwritten Public Offering [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Sale of Stock, Number of Shares Issued in Transaction | 2,352,950,000 | ||||
Sale of Stock, Price Per Share | $ 8.50 | ||||
Sale of Stock, Consideration Received on Transaction | $ 21,200 | ||||
Over-Allotment Option [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Sale of Stock, Number of Shares Issued in Transaction | 135,670,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 12, 2017 | Jun. 08, 2017 | Jun. 08, 2017 | Feb. 02, 2016 | Nov. 22, 2013 | Sep. 03, 2014 |
Stockholders Equity Note [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.50 | |||||
Aranea Partners [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Class of Warrant or Right ,Warrants Issued | 50 | |||||
Private Placement [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 1,900,000 | |||||
Proceeds From Issuance Of Private Placement | $ 7,600 | |||||
Equity Issuance Per Share Amounts | $ 4 | |||||
Sale of Stock, Number of Shares Issued in Transaction | 1,900,000 | |||||
Sale of Stock, Price Per Share | $ 4 | $ 4 | ||||
Sale of Stock, Consideration Received on Transaction | $ 7,600 | |||||
Nonbroker Rights [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.50 | |||||
Stock Issued During Period, Shares, New Issues | 4,000 | |||||
Proceeds From Issuance Of Private Placement | $ 1,600 | |||||
Equity Issuance Per Share Amounts | $ 0.40 | |||||
Underwritten Public Offering [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 2,352,950 | |||||
Sale of Stock, Price Per Share | $ 8.50 | |||||
Sale of Stock, Consideration Received on Transaction | $ 21,200 | |||||
Over-Allotment Option [Member] | ||||||
Stockholders Equity Note [Line Items] | ||||||
Sale of Stock, Number of Shares Issued in Transaction | 135,670 |
Sale of Asset - Additional Info
Sale of Asset - Additional Information (Details) $ in Thousands | 1 Months Ended |
Aug. 29, 2016USD ($) | |
Proceeds from Sale of Property, Plant, and Equipment | $ 40 |
Disposal Of Asset Percentage Of Revenue Sharing | 5.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional information (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Rostislav Raykov | |
Severance Costs Payable In Case Of Termination Other Than For Cause | $ 275,000 |
Chief Financial Officer [Member] | Terminated After April 30, 2016 [Member] | |
Severance Costs Payable In Case Of Termination Other Than For Cause | $ 100,000 |
De-recognition of Statute Bar46
De-recognition of Statute Barred Payables - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derecognized Of Payable, Reversed Into Expenses | $ 79 |
General and Administrative Expense [Member] | |
Derecognized Of Payable, Reversed Into Expenses | 23 |
Research and Development Expense [Member] | |
Derecognized Of Payable, Reversed Into Expenses | $ 56 |
Income Taxes (Canadian federal
Income Taxes (Canadian federal and provincial income tax rate) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Effective Tax Rate [Line Items] | ||
Domestic (loss)/gain | $ (5,277) | $ (1,771) |
Foreign loss | (1,769) | (1,018) |
Loss before income taxes | $ (7,046) | $ (2,789) |
Expected statutory rate (recovery) | 26.50% | 26.50% |
Expected provision for (recovery of) income tax | $ (1,867) | $ (739) |
Permanent differences | 636 | 156 |
Change in valuation allowance | 328 | 583 |
Effect of foreign exchange rate differences | 0 | 0 |
Effect of change in future enacted tax rates | 843 | 0 |
Tax credits and other adjustments | (3) | 1 |
Effect of tax rate changes and other | 63 | (1) |
Provision for income taxes | $ 0 | $ 0 |
Income Taxes (Future Income Tax
Income Taxes (Future Income Taxes (Recovery)) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes Future Recovery Disclosure [Line Items] | ||
Future tax assets gross | $ 23,920 | $ 23,592 |
Less: valuation allowance | (23,920) | (23,592) |
Net future tax assets | 0 | 0 |
SR & ED expenditures [Member] | ||
Income Taxes Future Recovery Disclosure [Line Items] | ||
Future tax assets gross | 2,195 | 2,195 |
Income tax loss carryforwards [Member] | ||
Income Taxes Future Recovery Disclosure [Line Items] | ||
Future tax assets gross | 19,431 | 19,098 |
Non-refundable investment tax credits [Member] | ||
Income Taxes Future Recovery Disclosure [Line Items] | ||
Future tax assets gross | 1,263 | 1,263 |
Share issue costs [Member] | ||
Income Taxes Future Recovery Disclosure [Line Items] | ||
Future tax assets gross | 0 | 4 |
Accrued expenses [Member] | ||
Income Taxes Future Recovery Disclosure [Line Items] | ||
Future tax assets gross | 0 | 0 |
Fixed and intangible assets [Member] | ||
Income Taxes Future Recovery Disclosure [Line Items] | ||
Future tax assets gross | 1,031 | 1,032 |
Harmonization credit [Member] | ||
Income Taxes Future Recovery Disclosure [Line Items] | ||
Future tax assets gross | $ 0 | $ 0 |
Income Taxes (Income Tax Loss C
Income Taxes (Income Tax Loss Carry Forwards And Non-Refundable Investment tax Credits) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Federal [Member] | |
Income Tax [Line Items] | |
SR & ED expenditures (no expiry) | $ 8,283 |
Federal [Member] | Year 2021 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 26 |
Investment tax credits (expiry date) | 55 |
Federal [Member] | Year 2022 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 233 |
Investment tax credits (expiry date) | 548 |
Federal [Member] | Year 2023 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 133 |
Investment tax credits (expiry date) | 399 |
Federal [Member] | Year 2024 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 1,536 |
Investment tax credits (expiry date) | 178 |
Federal [Member] | Year 2025 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 4,795 |
Investment tax credits (expiry date) | 199 |
Federal [Member] | Year 2026 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 20,562 |
Investment tax credits (expiry date) | 86 |
Federal [Member] | Year 2027 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 8,340 |
Investment tax credits (expiry date) | 90 |
Federal [Member] | Year 2028 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 10,840 |
Investment tax credits (expiry date) | 50 |
Federal [Member] | Year 2029 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 8,502 |
Federal [Member] | Year 2030 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 2,608 |
Federal [Member] | Year 2031 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 3,378 |
Federal [Member] | Year 2032 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 3,491 |
Federal [Member] | Year 2033 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 1,789 |
Federal [Member] | Year 2034 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 1,812 |
Federal [Member] | Year 2035 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 1,804 |
Federal [Member] | Year 2036 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 2,208 |
Federal [Member] | Year 2018 [Member] | |
Income Tax [Line Items] | |
Investment tax credits (expiry date) | 10 |
Federal [Member] | Year 2019 [Member] | |
Income Tax [Line Items] | |
Investment tax credits (expiry date) | 8 |
Federal [Member] | Year 2020 [Member] | |
Income Tax [Line Items] | |
Investment tax credits (expiry date) | 96 |
Federal [Member] | Year 2037 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 4,631 |
Province State [Member] | |
Income Tax [Line Items] | |
SR & ED expenditures (no expiry) | 0 |
Province State [Member] | Year 2021 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 0 |
Province State [Member] | Year 2022 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 0 |
Province State [Member] | Year 2023 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 0 |
Province State [Member] | Year 2024 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 1,455 |
Province State [Member] | Year 2025 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 4,768 |
Province State [Member] | Year 2026 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 20,550 |
Province State [Member] | Year 2027 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 8,332 |
Province State [Member] | Year 2028 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 10,823 |
Province State [Member] | Year 2029 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 8,502 |
Province State [Member] | Year 2030 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 2,499 |
Province State [Member] | Year 2031 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 3,224 |
Province State [Member] | Year 2032 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 3,383 |
Province State [Member] | Year 2033 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 1,652 |
Province State [Member] | Year 2034 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 1,606 |
Province State [Member] | Year 2035 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 1,803 |
Province State [Member] | Year 2036 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | 2,202 |
Province State [Member] | Year 2037 [Member] | |
Income Tax [Line Items] | |
Income tax loss carryforwards (expiry date) | $ 4,511 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes Disclosure - Additional Information [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 26.50% | 26.50% | |
Scenario, Plan [Member] | |||
Income Taxes Disclosure - Additional Information [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Canadian Statutory Income Tax [Member] | |||
Income Taxes Disclosure - Additional Information [Line Items] | |||
IncomeTax Rate | 26.00% | ||
Federal Income Tax [Member] | |||
Income Taxes Disclosure - Additional Information [Line Items] | |||
IncomeTax Rate | 15.00% | ||
Provincial Income Tax [Member] | |||
Income Taxes Disclosure - Additional Information [Line Items] | |||
IncomeTax Rate | 11.00% |