Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2018 | May 10, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | ANAVEX LIFE SCIENCES CORP. | |
Entity Central Index Key | 1,314,052 | |
Document Type | 10-Q | |
Trading Symbol | AVXL | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,660,062 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 |
CONDENSED CONSOLIDATED INTERIM
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 |
Current | ||
Cash and cash equivalents | $ 25,656,584 | $ 27,440,257 |
Sales tax recoverable | 5,011 | 9,748 |
Prepaid expenses | 150,660 | 335,928 |
Current assets | 25,812,255 | 27,785,933 |
Deposits | 52,396 | 52,396 |
Deferred financing charges | 30,943 | |
Total Assets | 25,895,594 | 27,838,329 |
Current | ||
Accounts payable and accrued liabilities | 3,416,737 | 3,584,334 |
Total Liabilities | 3,416,737 | 3,584,334 |
Commitments - Note 5 | ||
Capital stock Authorized: 100,000,000 common shares, par value $0.001 per share Issued and outstanding: 44,573,788 common shares -September 30, 2017 - 43,330,817) | 44,575 | 43,332 |
Additional paid-in capital | 122,724,029 | 115,689,221 |
Accumulated deficit | (100,289,747) | (91,478,558) |
Total Stockholders' Equity | 22,478,857 | 24,253,995 |
Total Liabilities and Stockholders' Equity | $ 25,895,594 | $ 27,838,329 |
CONDENSED CONSOLIDATED INTERIM3
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2018 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Common shares, authorized | 100,000,000 | 100,000,000 |
Common shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common shares, issued | 44,573,788 | 43,330,817 |
Common shares, outstanding | 44,573,788 | 43,330,817 |
CONDENSED CONSOLIDATED INTERIM4
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Operating expenses | ||||
General and administrative | $ 1,489,450 | $ 1,116,014 | $ 2,887,253 | $ 2,242,198 |
Research and development | 3,245,023 | 2,492,933 | 5,939,335 | 4,535,423 |
Total operating expenses | (4,734,473) | (3,608,947) | (8,826,588) | (6,777,621) |
Other income (expenses) | ||||
Grant income | 16,684 | 51,970 | ||
Research and development incentive income | 2,022,902 | 2,022,902 | ||
Interest income, net | 28,647 | 18,147 | 59,023 | 21,802 |
Foreign exchange gain (loss) | (18,337) | 11,722 | (6,358) | 25,804 |
Total other income | 10,310 | 2,069,455 | 52,665 | 2,122,478 |
Net loss before provision for income taxes | (4,724,163) | (1,539,492) | (8,773,923) | (4,655,143) |
Income tax expense | (27,861) | (9,595) | (37,266) | (40,603) |
Net loss and comprehensive loss | $ (4,752,024) | $ (1,549,087) | $ (8,811,189) | $ (4,695,746) |
Loss per share | ||||
Basic and diluted (in dollars per share) | $ (0.11) | $ (0.04) | $ (0.2) | $ (0.12) |
Weighted average number of shares outstanding | ||||
Basic and diluted (in shares) | 44,545,523 | 41,159,707 | 44,210,591 | 39,761,612 |
CONDENSED CONSOLIDATED INTERIM5
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows used in Operating Activities | ||
Net loss | $ (8,811,189) | $ (4,695,746) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Stock-based compensation | 2,347,681 | 1,858,160 |
Changes in non-cash working capital balances related to operations: | ||
Sales tax recoverable | 4,737 | 18,711 |
Prepaid expenses and deposits | 185,268 | 38,135 |
Accounts payable and accrued liabilities | (167,597) | (1,086,301) |
Deferred grant income | 15,673 | |
Net cash used in operating activities | (6,441,100) | (3,851,368) |
Cash Flows provided by Financing Activities | ||
Issuance of common shares | 4,688,370 | 18,016,121 |
Deferred financing charges | (30,943) | |
Net cash provided by financing activities | 4,657,427 | 18,016,121 |
Increase (decrease) in cash and cash equivalents during the period | (1,783,673) | 14,164,753 |
Cash and cash equivalents, beginning of period | 27,440,257 | 9,186,814 |
Cash and cash equivalents, end of period | $ 25,656,584 | $ 23,351,567 |
CONDENSED CONSOLIDATED INTERIM6
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 6 months ended Mar. 31, 2018 - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance Beginning at Sep. 30, 2017 | $ 43,332 | $ 115,689,221 | $ (91,478,558) | $ 24,253,995 |
Balance Beginning (in shares) at Sep. 30, 2017 | 43,330,817 | 43,330,817 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Shares issued under purchase agreement - purchase shares | $ 1,234 | 4,687,136 | $ 4,688,370 | |
Shares issued under purchase agreement - purchase shares (in shares) | 1,233,580 | |||
Shares issued under purchase agreement - commitment shares | $ 8 | (8) | ||
Shares issued under purchase agreement - commitment shares (in shares) | 8,421 | |||
Shares issued upon exercise of warrants - cashless | $ 1 | (1) | ||
Shares issued upon exercise of warrants - cashless (in shares) | 970 | |||
Share based compensation | 2,347,681 | 2,347,681 | ||
Net loss | (8,811,189) | (8,811,189) | ||
Balance Ending at Mar. 31, 2018 | $ 44,575 | $ 122,724,029 | $ (100,289,747) | $ 22,478,857 |
Balance Ending (in shares) at Mar. 31, 2018 | 44,573,788 | 44,573,788 |
Business Description and Basis
Business Description and Basis of Presentation | 6 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation | Note 1 Business Description and Basis of Presentation Business Anavex Life Sciences Corp. (the “Company”) is a clinical stage biopharmaceutical company engaged in the development of differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental diseases including drug candidates to treat Alzheimer’s disease, other central nervous system (“CNS”) diseases, pain and various types of cancer. The Company’s lead compound ANAVEX 2-73 is being developed to treat Alzheimer’s disease, Parkinson’s disease and potentially other CNS diseases, including rare diseases, such as Rett syndrome. Basis of Presentation These unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States (“GAAP”) for interim reporting. Accordingly, certain information and footnote disclosures normally included in the annual financial statements in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the disclosures are adequate to make the information presented not misleading. These accompanying unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained herein. The consolidated balance sheet as of September 30, 2017 was derived from the audited annual financial statements but does not include all disclosures required by GAAP. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended September 30, 2017 filed with the SEC on December 11, 2017. The Company follows the same accounting policies in the preparation of interim reports. Operating results for the six months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending September 30, 2018. Use of Estimates The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations, stock-based compensation and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Principles of Consolidation These consolidated financial statements include the accounts of Anavex Life Sciences Corp. and its wholly-owned subsidiaries, Anavex Australia Pty Limited, a company incorporated under the laws of Australia, Anavex Germany GmbH, a company incorporated under the laws of Germany, and Anavex Canada Ltd., a company incorporated under the laws of the Province of Ontario, Canada. All inter-company transactions and balances have been eliminated. Fair Value Measurements The fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The book value of cash and cash equivalents and accounts payable and accrued liabilities approximate their fair values due to the short-term maturity of those instruments. At March 31, 2018 and September 30, 2017, the Company did not have any Level 3 assets or liabilities. Basic and Diluted Loss per Share Basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the weighted average number of all potentially dilutive securities convertible into shares of common stock that were outstanding during the period. As of March 31, 2018, loss per share excludes 7,476,339 (September 30, 2017 – 6,711,339) potentially dilutive common shares related to outstanding options and warrants, as their effect was anti-dilutive. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Note 2 Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17 “ Income Taxes: Balance Sheet Classification of Deferred Taxes In March 2016, the FASB issued ASC 2016-09, “ Compensation – Stock Compensation (Topic 718) – Improvements to Employee Share-Based Payment Accounting The SEC staff issued Staff Accounting Bulletin (“SAB”) 118, which provides guidance on accounting for the tax effects of the U.S. tax reform announced on December 22, 2017 by the U.S. Government commonly referred to as the Tax Cuts and Jobs Act. SAB 118 provides a measurement period that should not extend beyond one year from the U.S. tax reform enactment date for companies to complete the accounting under Accounting Standards Codification (“ASC”) 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the U.S. tax reform for which the accounting under ASC 740 is complete. Specifically, the Company was required to revalue its U.S. deferred tax assets and liabilities due to the federal income tax rate reduction from 35 percent to 21 percent. As such, the value of the Company’s deferred tax assets was reduced accordingly. However, since the Company has provided a full valuation allowance against its deferred tax assets, the revaluation did not have a material impact on any period presented. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB and the International Accounting Standards Board (IASB) issued a converged standard on revenue recognition from contracts with customers, ASU 2014-09 (Topic 606 and IFRS 15). This standard will supersede nearly all existing revenue recognition guidance. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The adoption of this standard is not expected to have a material impact for any period presented. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 reduces the existing diversity in practice in financial reporting across all industries by clarifying certain existing principles in ASC 230, Statement of Cash Flows, (“ASC 230”) including providing additional guidance on how and what an entity should consider in determining the classification of certain cash flows. In addition, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash (“ASU 2016-18”). ASU 2016-18 clarifies certain existing principles in ASC 230, including providing additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. This amendment is effective for the Company beginning on October 1, 2018. Early adoption is permitted. The adoption of ASU 2016-15 and ASU 2016-18 will modify the Company’s current disclosures and reclassifications within the consolidated statement of cash flows but they are not expected to have a material effect on the Company’s consolidated financial statements In May 2017, the FASB issued ASU No. 2017-09, “Compensation–Stock Compensation (Topic 718): Scope of Modification Accounting,” clarifying when a change to the terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the fair value, vesting condition or the classification of the award is not the same immediately before and after a change to the terms and conditions of the award. The new guidance is effective for the Company on a prospective basis beginning on October 1, 2018, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. Other than noted above, the Company does not expect the adoption of recently issued but not yet adopted accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow. |
Lincoln Park Purchase Agreement
Lincoln Park Purchase Agreement | 6 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Lincoln Park Purchase Agreement | Note 3 Lincoln Park Purchase Agreement On October 21, 2015, the Company entered into a $50,000,000 purchase agreement (the “2015 Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), pursuant to which the Company may sell and issue to Lincoln Park, and Lincoln Park is obligated to purchase, up to $50,000,000 in value of its shares of common stock from time to time over a 36-month period. The Company may direct Lincoln Park, at its sole discretion, and subject to certain conditions, to purchase up to 50,000 shares of common stock on any business day, provided that at least one business day has passed since the most recent purchase. The amount of a purchase may be increased under certain circumstances provided, however that Lincoln Park’s committed obligation under any single purchase shall not exceed $2,000,000. The purchase price of shares of common stock related to the future funding will be based on the then prevailing market prices of such shares at the time of sales as described in the 2015 Purchase Agreement. In consideration for entering into the 2015 Purchase Agreement, the Company issued to Lincoln Park 179,598 shares of common stock as a commitment fee and agreed to issue up to 89,799 shares pro rata, when and if, Lincoln Park purchases at the Company’s discretion the $50,000,000 aggregate commitment. During the six months ended March 31, 2018, the Company issued to Lincoln Park an aggregate of 1,242,001 (2017: 5,155,200) shares of common stock under the Purchase Agreement, including 1,233,580 (2017: 5,122,841) shares of common stock for an aggregate purchase price of $4,688,370 (2017: $18,016,121) and 8,421 (2017: 32,359) commitment shares. At March 31, 2018, an amount of $16,683,157 remained available under the 2015 Purchase Agreement. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4 Related Party Transactions There were no related party transactions during the three and six months ended March 31, 2018 and 2017. |
Commitments
Commitments | 6 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 5 Commitments a) Lease Commitment The Company is committed to lease payments as follows: Fiscal year ending September 30, 2018 $ 68,463 2019 68,463 $ 136,926 b) Litigation The Company is subject to claims and legal proceedings that arise in the ordinary course of business. Such matters are inherently uncertain, and there can be no guarantee that the outcome of any such matter will be decided favorably to the Company or that the resolution of any such matter will not have a material adverse effect upon the Company’s consolidated financial statements. The Company does not believe that any of such pending claims and/or legal proceedings will have a material adverse effect on its consolidated financial statements. c) Share Purchase Warrants A summary of the status of the Company’s outstanding share purchase warrants is presented below: Weighted Average Number of Shares Exercise Price Balance, October 1, 2016 1,809,309 $ 2.70 Exercised (200,000 ) $ 3.00 Balance, September 30, 2017 and March 31, 2018 1,609,309 $ 2.66 At March 31, 2018, the Company had share purchase warrants outstanding of 1,609,309, with a weighted average exercise price of $2.66 as follows: Number Exercise Price Expiry Date 1,262,180 $3.00 July 5, 2018 30,000 $4.00 February 24, 2019 277,127 $1.20 March 13, 2019 1,252 $1.68 March 13, 2019 31,250 $1.24 May 31, 2019 7,500 $1.04 May 31, 2019 1,609,309 All of the warrants expiring on July 5, 2018 contain a contingent call provision whereby the Company may have the option to call for cancellation of all or any portion of the warrants for consideration equal to $0.001 per share, provided the quoted market price of the Company’s common stock exceeds $6.00 for a period of twenty consecutive trading days, subject to certain minimum volume restrictions and other restrictions as provided in the warrant agreements. d) Stock–based Compensation Plan 2015 Stock Option Plan On September 18, 2015, the Company’s board of directors approved a 2015 Omnibus Incentive Plan (the “2015 Plan”), which provides for the grant of stock options and restricted stock awards to directors, officers, employees and consultants of the Company. The maximum number of our common shares reserved for issue under the plan is 6,050,553 shares subject to adjustment in the event of a change of the Company’s capitalization. As a result of the adoption of the 2015 Plan, no further option awards will be granted under any previously existing stock option plan. Stock option awards previously granted under previously existing stock option plans remain outstanding in accordance with their terms. The 2015 Plan is administered by the board of directors, except that it may, in its discretion, delegate such responsibility to a committee of such board. The exercise price will be determined by the board of directors at the time of grant shall be at least equal to the fair market value on such date. If the grantee is a 10% stockholder on the grant date, then the exercise price shall not be less than 110% of fair market value of the Company’s shares of common stock on the grant date. Stock options may be granted under the 2015 Plan for an exercise period of up to ten years from the date of grant of the option or such lesser periods as may be determined by the board, subject to earlier termination in accordance with the terms of the 2015 Plan. A summary of the status of Company’s outstanding stock purchase options is presented below: Weighted Weighted Average Number of Average Grant Date Shares Exercise Price Fair Value Outstanding at October 1, 2016 4,199,000 $ 3.76 Granted 1,107,500 5.51 $ 5.44 Forfeited (214,470 ) 4.09 Outstanding at September 30, 2017 5,092,030 4.13 Granted 795,000 3.11 $ 2.68 Forfeited (6,667 ) 4.20 Exercised (13,333 ) 3.06 Outstanding at March 31, 2018 5,867,030 $ 4.00 Exercisable at March 31, 2018 3,782,650 $ 3.45 Exercisable at September 30, 2017 3,326,223 $ 3.10 During the six months ended March 31, 2018, 13,333 stock options exercisable at $3.06 were exercised on a cashless basis into 970 shares of common stock. Subsequent to March 31, 2018, 100,000 stock options exercisable at $0.92 per share, 37,500 stock options exercisable at $1.20 per share, and 18,750 stock options exercisable at $1.24 per share, were exercised on a cashless basis into an aggregate of 86,274 shares of common stock. At March 31, 2018, the following stock options were outstanding: Number of Shares Aggregate Remaining Number Exercise Intrinsic Contractual Total Vested Price Expiry Date Value Life (yrs) 500,000 500,000 $ 1.60 July 5, 2023 $ 580,000 5.26 75,000 75,000 $ 1.20 May 7, 2024 117,000 6.10 125,000 93,750 $ 1.32 May 8, 2024 180,000 6.11 718,750 718,750 $ 0.92 April 2, 2025 1,322,500 7.01 29,167 29,167 $ 1.44 June 8, 2025 38,500 7.19 50,000 33,333 $ 1.76 June 15, 2025 50,000 7.21 266,250 244,063 $ 5.04 September 18, 2025 — 7.47 1,500 1,500 $ 5.64 September 30, 2025 — 7.50 31,250 26,042 $ 5.68 October 2, 2025 — 7.51 25,000 20,833 $ 8.98 October 16, 2025 — 7.55 1,500 1,500 $ 5.57 December 31, 2025 — 7.75 1,500 1,500 $ 4.90 March 31, 2026 — 8.00 1,500 1,500 $ 5.66 April 27, 2026 — 8.07 19,697 19,697 $ 4.09 May 18, 2026 — 8.13 1,500 1,500 $ 6.11 June 30, 2026 — 8.25 379,625 189,813 $ 6.26 July 5, 2026 — 8.26 861,429 430,715 $ 7.06 July 18, 2026 — 8.30 1,006,696 1,006,696 $ 3.28 September 22, 2026 — 8.48 64,166 34,166 $ 3.63 October 3, 2026 — 8.51 15,000 7,500 $ 4.35 December 9, 2026 — 8.69 50,000 16,667 $ 5.39 February 7, 2027 — 8.86 40,000 16,666 $ 5.26 February 17, 2027 — 8.88 780,000 260,000 $ 5.92 May 12, 2027 — 9.11 12,500 3,125 $ 3.42 August 9, 2027 — 9.36 15,000 3,750 $ 4.33 September 19, 2027 — 9.47 545,000 45,417 $ 3.30 December 13, 2027 — 9.70 50,000 — $ 2.60 March 2, 2028 8,000 9.92 200,000 — $ 2.72 March 19, 2028 8,000 9.97 5,867,030 3,782,650 $ 2,304,000 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted market price of the Company’s stock for the options that were in-the-money at March 31, 2018. During the three and six months ended March 31, 2018, the Company recognized stock-based compensation expense of $1,225,696 and $2,347,681, respectively (2017: $968,893 and $1,858,160, respectively) in connection with the issuance and vesting of stock options in exchange for services. These amounts have been included in general and administrative expenses and research and development expenses on the Company’s statement of operations as follows: Three months ended March 31, Six months ended March 31, 2018 2017 2018 2017 General and administrative $ 625,679 $ 450,128 $ 1,197,041 $ 877,711 Research and development 600,017 518,765 1,150,640 980,449 Total share based compensation $ 1,225,696 $ 968,893 $ 2,347,681 $ 1,858,160 An amount of approximately $8,067,929 in stock-based compensation is expected to be recorded over the remaining term of such options through March 31, 2021. The fair value of each option award is estimated on the date of grant using the Black Scholes option pricing model based on the following weighted average assumptions: 2018 2017 Risk-free interest rate 2.43 % 1.76 % Expected life of options (years) 6.57 6.79 Annualized volatility 112.23 % 111.81 % Dividend rate 0.00 % 0.00 % |
Recent Accounting Pronounceme12
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17 “ Income Taxes: Balance Sheet Classification of Deferred Taxes In March 2016, the FASB issued ASC 2016-09, “ Compensation – Stock Compensation (Topic 718) – Improvements to Employee Share-Based Payment Accounting The SEC staff issued Staff Accounting Bulletin (“SAB”) 118, which provides guidance on accounting for the tax effects of the U.S. tax reform announced on December 22, 2017 by the U.S. Government commonly referred to as the Tax Cuts and Jobs Act. SAB 118 provides a measurement period that should not extend beyond one year from the U.S. tax reform enactment date for companies to complete the accounting under Accounting Standards Codification (“ASC”) 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the U.S. tax reform for which the accounting under ASC 740 is complete. Specifically, the Company was required to revalue its U.S. deferred tax assets and liabilities due to the federal income tax rate reduction from 35 percent to 21 percent. As such, the value of the Company’s deferred tax assets was reduced accordingly. However, since the Company has provided a full valuation allowance against its deferred tax assets, the revaluation did not have a material impact on any period presented. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB and the International Accounting Standards Board (IASB) issued a converged standard on revenue recognition from contracts with customers, ASU 2014-09 (Topic 606 and IFRS 15). This standard will supersede nearly all existing revenue recognition guidance. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The adoption of this standard is not expected to have a material impact for any period presented. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 reduces the existing diversity in practice in financial reporting across all industries by clarifying certain existing principles in ASC 230, Statement of Cash Flows, (“ASC 230”) including providing additional guidance on how and what an entity should consider in determining the classification of certain cash flows. In addition, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash (“ASU 2016-18”). ASU 2016-18 clarifies certain existing principles in ASC 230, including providing additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. This amendment is effective for the Company beginning on October 1, 2018. Early adoption is permitted. The adoption of ASU 2016-15 and ASU 2016-18 will modify the Company’s current disclosures and reclassifications within the consolidated statement of cash flows but they are not expected to have a material effect on the Company’s consolidated financial statements In May 2017, the FASB issued ASU No. 2017-09, “Compensation–Stock Compensation (Topic 718): Scope of Modification Accounting,” clarifying when a change to the terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the fair value, vesting condition or the classification of the award is not the same immediately before and after a change to the terms and conditions of the award. The new guidance is effective for the Company on a prospective basis beginning on October 1, 2018, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. Other than noted above, the Company does not expect the adoption of recently issued but not yet adopted accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of lease payments | The Company is committed to lease payments as follows: Fiscal year ending September 30, 2018 $ 68,463 2019 68,463 $ 136,926 |
Schedule of purchase warrants outstanding | A summary of the status of the Company’s outstanding share purchase warrants is presented below: Weighted Average Number of Shares Exercise Price Balance, October 1, 2016 1,809,309 $ 2.70 Exercised (200,000 ) $ 3.00 Balance, September 30, 2017 and March 31, 2018 1,609,309 $ 2.66 |
Schedule of exercisable share purchase warrants outstanding | At March 31, 2018, the Company had share purchase warrants outstanding of 1,609,309, with a weighted average exercise price of $2.66 as follows: Number Exercise Price Expiry Date 1,262,180 $3.00 July 5, 2018 30,000 $4.00 February 24, 2019 277,127 $1.20 March 13, 2019 1,252 $1.68 March 13, 2019 31,250 $1.24 May 31, 2019 7,500 $1.04 May 31, 2019 1,609,309 |
Schedule of outstanding stock purchase options | A summary of the status of Company’s outstanding stock purchase options is presented below: Weighted Weighted Average Number of Average Grant Date Shares Exercise Price Fair Value Outstanding at October 1, 2016 4,199,000 $ 3.76 Granted 1,107,500 5.51 $ 5.44 Forfeited (214,470 ) 4.09 Outstanding at September 30, 2017 5,092,030 4.13 Granted 795,000 3.11 $ 2.68 Forfeited (6,667 ) 4.20 Exercised (13,333 ) 3.06 Outstanding at March 31, 2018 5,867,030 $ 4.00 Exercisable at March 31, 2018 3,782,650 $ 3.45 Exercisable at September 30, 2017 3,326,223 $ 3.10 |
Schedule of stock options outstanding | At March 31, 2018, the following stock options were outstanding: Number of Shares Aggregate Remaining Number Exercise Intrinsic Contractual Total Vested Price Expiry Date Value Life (yrs) 500,000 500,000 $ 1.60 July 5, 2023 $ 580,000 5.26 75,000 75,000 $ 1.20 May 7, 2024 117,000 6.10 125,000 93,750 $ 1.32 May 8, 2024 180,000 6.11 718,750 718,750 $ 0.92 April 2, 2025 1,322,500 7.01 29,167 29,167 $ 1.44 June 8, 2025 38,500 7.19 50,000 33,333 $ 1.76 June 15, 2025 50,000 7.21 266,250 244,063 $ 5.04 September 18, 2025 — 7.47 1,500 1,500 $ 5.64 September 30, 2025 — 7.50 31,250 26,042 $ 5.68 October 2, 2025 — 7.51 25,000 20,833 $ 8.98 October 16, 2025 — 7.55 1,500 1,500 $ 5.57 December 31, 2025 — 7.75 1,500 1,500 $ 4.90 March 31, 2026 — 8.00 1,500 1,500 $ 5.66 April 27, 2026 — 8.07 19,697 19,697 $ 4.09 May 18, 2026 — 8.13 1,500 1,500 $ 6.11 June 30, 2026 — 8.25 379,625 189,813 $ 6.26 July 5, 2026 — 8.26 861,429 430,715 $ 7.06 July 18, 2026 — 8.30 1,006,696 1,006,696 $ 3.28 September 22, 2026 — 8.48 64,166 34,166 $ 3.63 October 3, 2026 — 8.51 15,000 7,500 $ 4.35 December 9, 2026 — 8.69 50,000 16,667 $ 5.39 February 7, 2027 — 8.86 40,000 16,666 $ 5.26 February 17, 2027 — 8.88 780,000 260,000 $ 5.92 May 12, 2027 — 9.11 12,500 3,125 $ 3.42 August 9, 2027 — 9.36 15,000 3,750 $ 4.33 September 19, 2027 — 9.47 545,000 45,417 $ 3.30 December 13, 2027 — 9.70 50,000 — $ 2.60 March 2, 2028 8,000 9.92 200,000 — $ 2.72 March 19, 2028 8,000 9.97 5,867,030 3,782,650 $ 2,304,000 |
Schedule of general and administrative expenses and research and development expenses | These amounts have been included in general and administrative expenses and research and development expenses on the Company’s statement of operations as follows: Three months ended March 31, Six months ended March 31, 2018 2017 2018 2017 General and administrative $ 625,679 $ 450,128 $ 1,197,041 $ 877,711 Research and development 600,017 518,765 1,150,640 980,449 Total share based compensation $ 1,225,696 $ 968,893 $ 2,347,681 $ 1,858,160 |
Schedule of weighted average assumptions for fair value of each option award | The fair value of each option award is estimated on the date of grant using the Black Scholes option pricing model based on the following weighted average assumptions: 2018 2017 Risk-free interest rate 2.43 % 1.76 % Expected life of options (years) 6.57 6.79 Annualized volatility 112.23 % 111.81 % Dividend rate 0.00 % 0.00 % |
Business Description and Basi14
Business Description and Basis of Presentation (Details Narrative) - shares | 6 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Loss per share for potentially dilutive common shares | 7,476,339 | 6,711,339 |
Lincoln Park Purchase Agreeme15
Lincoln Park Purchase Agreement (Details Narrative) - 2015 Purchase Agreement [Member] - Lincoln Park Capital Fund, LLC [Member] - USD ($) | Oct. 21, 2015 | Mar. 31, 2018 | Mar. 31, 2017 |
Total number of shares obligated to purchase | $ 50,000,000 | ||
Agreement term | 36 months | ||
Description of purchases price | The Company may direct Lincoln Park, at its sole discretion, and subject to certain conditions, to purchase up to 50,000 shares of common stock on any business day, provided that at least one business day has passed since the most recent purchase. The amount of a purchase may be increased under certain circumstances provided, however that Lincoln Park’s committed obligation under any single purchase shall not exceed $2,000,000. The purchase price of shares of common stock related to the future funding will be based on the then prevailing market prices of such shares at the time of sales as described in the 2015 Purchase Agreement. | ||
Number of shares issued | 179,598 | 1,242,001 | 5,155,200 |
Pro rata basic number of shares obligated to purchase | 89,799 | ||
Number of shares issued for aggregate purchase price | 1,233,580 | 5,122,841 | |
Number of shares issued for aggregate purchase price, value | $ 4,688,370 | $ 18,016,121 | |
Number of shares issued for commitment | 8,421 | 32,359 | |
Amount of shares remain available | $ 16,683,157 |
Commitments (Details)
Commitments (Details) | Sep. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 68,463 |
2,019 | 68,463 |
Operating leases, future minimum payments receivable | $ 136,926 |
Commitments (Details 1)
Commitments (Details 1) - Purchase Warrants [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Balance, at beginning | 1,609,309 | 1,809,309 |
Exercised | (200,000) | |
Balance, at end | 1,609,309 | 1,609,309 |
Share based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Exercise Price [Roll Forward] | ||
Balance, at beginning | $ 2.66 | $ 2.70 |
Exercised | 3 | |
Balance, at end | $ 2.66 | $ 2.66 |
Commitments (Details 2)
Commitments (Details 2) | 6 Months Ended |
Mar. 31, 2018$ / sharesshares | |
First Purchase Warrants [Member] | |
Number | 1,262,180 |
Exercise Price | $ / shares | $ 3 |
Expiry Date | Jul. 5, 2018 |
Second Purchase Warrants [Member] | |
Number | 30,000 |
Exercise Price | $ / shares | $ 4 |
Expiry Date | Feb. 24, 2019 |
Third Purchase Warrants [Member] | |
Number | 277,127 |
Exercise Price | $ / shares | $ 1.20 |
Expiry Date | Mar. 13, 2019 |
Four Purchase Warrants [Member] | |
Number | 1,252 |
Exercise Price | $ / shares | $ 1.68 |
Expiry Date | Mar. 13, 2019 |
Five Purchase Warrants [Member] | |
Number | 31,250 |
Exercise Price | $ / shares | $ 1.24 |
Expiry Date | May 31, 2019 |
Six Purchase Warrants [Member] | |
Number | 7,500 |
Exercise Price | $ / shares | $ 1.04 |
Expiry Date | May 31, 2019 |
Purchase Warrants [Member] | |
Number | 1,609,309 |
Commitments (Details 3)
Commitments (Details 3) - 2015 Omnibus Incentive Plan [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning | 5,092,030 | 4,199,000 |
Granted | 795,000 | 1,107,500 |
Forfeited | (6,667) | (214,470) |
Exercised | (13,333) | |
Outstanding at ending | 5,867,030 | 5,092,030 |
Exercisable at ending | 3,782,650 | 3,326,223 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at beginning | $ 4.13 | $ 3.76 |
Granted | 3.11 | 5.51 |
Forfeited | 4.20 | 4.09 |
Exercised | 3.06 | |
Outstanding at ending | 4 | 4.13 |
Exercisable at ending | 3.45 | 3.10 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Granted | $ 2.68 | $ 5.44 |
Commitments (Details 4)
Commitments (Details 4) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
First Stock Option [Member] | ||||
Total Number of Shares | 500,000 | 500,000 | ||
Number of Vested Shares | 500,000 | 500,000 | ||
Exercise Price | $ 1.60 | $ 1.60 | ||
Expiry Date | Jul. 5, 2023 | |||
Aggregate Intrinsic Value | $ 580,000 | $ 580,000 | ||
Remaining Contractual Life (in years) | 5 years 3 months 3 days | |||
Second Stock Option [Member] | ||||
Total Number of Shares | 75,000 | 75,000 | ||
Number of Vested Shares | 75,000 | 75,000 | ||
Exercise Price | $ 1.20 | $ 1.20 | ||
Expiry Date | May 7, 2024 | |||
Aggregate Intrinsic Value | $ 117,000 | $ 117,000 | ||
Remaining Contractual Life (in years) | 6 years 1 month 6 days | |||
Third Stock Option [Member] | ||||
Total Number of Shares | 125,000 | 125,000 | ||
Number of Vested Shares | 93,750 | 93,750 | ||
Exercise Price | $ 1.32 | $ 1.32 | ||
Expiry Date | May 8, 2024 | |||
Aggregate Intrinsic Value | $ 180,000 | $ 180,000 | ||
Remaining Contractual Life (in years) | 6 years 1 month 9 days | |||
Four Stock Option [Member] | ||||
Total Number of Shares | 718,750 | 718,750 | ||
Number of Vested Shares | 718,750 | 718,750 | ||
Exercise Price | $ 0.92 | $ 0.92 | ||
Expiry Date | Apr. 2, 2025 | |||
Aggregate Intrinsic Value | $ 1,322,500 | $ 1,322,500 | ||
Remaining Contractual Life (in years) | 7 years 1 month 6 days | |||
Five Stock Option [Member] | ||||
Total Number of Shares | 29,167 | 29,167 | ||
Number of Vested Shares | 29,167 | 29,167 | ||
Exercise Price | $ 1.44 | $ 1.44 | ||
Expiry Date | Jun. 8, 2025 | |||
Aggregate Intrinsic Value | $ 38,500 | $ 38,500 | ||
Remaining Contractual Life (in years) | 7 years 2 months 8 days | |||
Six Stock Option [Member] | ||||
Total Number of Shares | 50,000 | 50,000 | ||
Number of Vested Shares | 33,333 | 33,333 | ||
Exercise Price | $ 1.76 | $ 1.76 | ||
Expiry Date | Jun. 15, 2025 | |||
Aggregate Intrinsic Value | $ 50,000 | $ 50,000 | ||
Remaining Contractual Life (in years) | 7 years 2 months 15 days | |||
Seven Stock Option [Member] | ||||
Total Number of Shares | 266,250 | 266,250 | ||
Number of Vested Shares | 244,063 | 244,063 | ||
Exercise Price | $ 5.04 | $ 5.04 | ||
Expiry Date | Sep. 18, 2025 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 7 years 5 months 19 days | |||
Eight Stock Option [Member] | ||||
Total Number of Shares | 1,500 | 1,500 | ||
Number of Vested Shares | 1,500 | 1,500 | ||
Exercise Price | $ 5.64 | $ 5.64 | ||
Expiry Date | Sep. 30, 2025 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 7 years 6 months | |||
Nine Stock Option [Member] | ||||
Total Number of Shares | 31,250 | 31,250 | ||
Number of Vested Shares | 26,042 | 26,042 | ||
Exercise Price | $ 5.68 | $ 5.68 | ||
Expiry Date | Oct. 2, 2025 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 7 years 6 months 3 days | |||
Ten Stock Option [Member] | ||||
Total Number of Shares | 25,000 | 25,000 | ||
Number of Vested Shares | 20,833 | 20,833 | ||
Exercise Price | $ 8.98 | $ 8.98 | ||
Expiry Date | Oct. 16, 2025 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 7 years 6 months 18 days | |||
Eleven Stock Option [Member] | ||||
Total Number of Shares | 1,500 | 1,500 | ||
Number of Vested Shares | 1,500 | 1,500 | ||
Exercise Price | $ 5.57 | $ 5.57 | ||
Expiry Date | Dec. 31, 2025 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 7 years 9 months | |||
Twelve Stock Option [Member] | ||||
Total Number of Shares | 1,500 | 1,500 | ||
Number of Vested Shares | 1,500 | 1,500 | ||
Exercise Price | $ 4.90 | $ 4.90 | ||
Expiry Date | Mar. 31, 2026 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 8 years | |||
Thirteen Stock Option [Member] | ||||
Total Number of Shares | 1,500 | 1,500 | ||
Number of Vested Shares | 1,500 | 1,500 | ||
Exercise Price | $ 5.66 | $ 5.66 | ||
Expiry Date | Apr. 27, 2026 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 8 years 8 months 12 days | |||
Fourteen Stock Option [Member] | ||||
Total Number of Shares | 19,697 | 19,697 | ||
Number of Vested Shares | 19,697 | 19,697 | ||
Exercise Price | $ 4.09 | $ 4.09 | ||
Expiry Date | May 18, 2026 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 8 years 1 month 16 days | |||
Fifteen Stock Option [Member] | ||||
Total Number of Shares | 1,500 | 1,500 | ||
Number of Vested Shares | 1,500 | 1,500 | ||
Exercise Price | $ 6.11 | $ 6.11 | ||
Expiry Date | Jun. 30, 2026 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 8 years 3 months | |||
Sixteen Stock Option [Member] | ||||
Total Number of Shares | 379,625 | 379,625 | ||
Number of Vested Shares | 189,813 | 189,813 | ||
Exercise Price | $ 6.26 | $ 6.26 | ||
Expiry Date | Jul. 5, 2026 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 8 years 3 months 3 days | |||
Seventeen Stock Option [Member] | ||||
Total Number of Shares | 861,429 | 861,429 | ||
Number of Vested Shares | 430,715 | 430,715 | ||
Exercise Price | $ 7.06 | $ 7.06 | ||
Expiry Date | Jul. 18, 2026 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 8 years 3 months 18 days | |||
Eighteen Stock Option [Member] | ||||
Total Number of Shares | 1,006,696 | 1,006,696 | ||
Number of Vested Shares | 1,006,696 | 1,006,696 | ||
Exercise Price | $ 3.28 | $ 3.28 | ||
Expiry Date | Sep. 22, 2026 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 8 years 5 months 22 days | |||
Nineteen Stock Option [Member] | ||||
Total Number of Shares | 64,166 | 64,166 | ||
Number of Vested Shares | 34,166 | 34,166 | ||
Exercise Price | $ 3.63 | $ 3.63 | ||
Expiry Date | Oct. 3, 2026 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 8 years 6 months 3 days | |||
Twenty Stock Option [Member] | ||||
Total Number of Shares | 15,000 | 15,000 | ||
Number of Vested Shares | 7,500 | 7,500 | ||
Exercise Price | $ 4.35 | $ 4.35 | ||
Expiry Date | Dec. 9, 2026 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 8 years 8 months 8 days | |||
Twenty One Stock Option [Member] | ||||
Total Number of Shares | 50,000 | 50,000 | ||
Number of Vested Shares | 16,667 | 16,667 | ||
Exercise Price | $ 5.39 | $ 5.39 | ||
Expiry Date | Feb. 7, 2027 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 8 years 10 months 9 days | |||
Twenty Two Stock Option [Member] | ||||
Total Number of Shares | 40,000 | 40,000 | ||
Number of Vested Shares | 16,666 | 16,666 | ||
Exercise Price | $ 5.26 | $ 5.26 | ||
Expiry Date | Feb. 17, 2027 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 8 years 10 months 16 days | |||
Twenty Three Stock Option [Member] | ||||
Total Number of Shares | 780,000 | 780,000 | ||
Number of Vested Shares | 260,000 | 260,000 | ||
Exercise Price | $ 5.92 | $ 5.92 | ||
Expiry Date | May 12, 2027 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 9 years 1 month 9 days | |||
Twenty Four Stock Option [Member] | ||||
Total Number of Shares | 12,500 | 12,500 | ||
Number of Vested Shares | 3,125 | 3,125 | ||
Exercise Price | $ 3.42 | $ 3.42 | ||
Expiry Date | Aug. 9, 2017 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 9 years 4 months 9 days | |||
Twenty Five Stock Option [Member] | ||||
Total Number of Shares | 15,000 | 15,000 | ||
Number of Vested Shares | 3,750 | 3,750 | ||
Exercise Price | $ 4.33 | $ 4.33 | ||
Expiry Date | Oct. 19, 2027 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 9 years 5 months 19 days | |||
Twenty Six Stock Option [Member] | ||||
Total Number of Shares | 545,000 | 545,000 | ||
Number of Vested Shares | 45,417 | 45,417 | ||
Exercise Price | $ 3.30 | $ 3.30 | ||
Expiry Date | Dec. 13, 2027 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 9 years 8 months 12 days | |||
Twenty Seven Stock Option [Member] | ||||
Total Number of Shares | 50,000 | 50,000 | ||
Number of Vested Shares | ||||
Exercise Price | $ 2.60 | $ 2.60 | ||
Expiry Date | Mar. 2, 2028 | |||
Aggregate Intrinsic Value | $ 8,000 | $ 8,000 | ||
Remaining Contractual Life (in years) | 9 years 11 months 1 day | |||
Twenty Eight Stock Option [Member] | ||||
Total Number of Shares | 200,000 | 200,000 | ||
Number of Vested Shares | ||||
Exercise Price | $ 2.72 | $ 2.72 | ||
Expiry Date | Mar. 19, 2028 | |||
Aggregate Intrinsic Value | $ 8,000 | $ 8,000 | ||
Remaining Contractual Life (in years) | 9 years 11 months 19 days | |||
2015 Omnibus Incentive Plan [Member] | ||||
Total Number of Shares | 5,867,030 | 5,867,030 | 5,092,030 | 4,199,000 |
Number of Vested Shares | 3,782,650 | 3,782,650 | ||
Exercise Price | $ 4 | $ 4 | $ 4.13 | $ 3.76 |
Aggregate Intrinsic Value | $ 2,304,000 | $ 2,304,000 |
Commitments (Details 5)
Commitments (Details 5) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Total share based compensation | $ 1,225,696 | $ 968,893 | $ 2,347,681 | $ 1,858,160 |
General and administrative [Member] | ||||
Total share based compensation | 625,679 | 450,128 | 1,197,041 | 877,711 |
Research and development [Member] | ||||
Total share based compensation | $ 600,017 | $ 518,765 | $ 1,150,640 | $ 980,449 |
Commitments (Details 6)
Commitments (Details 6) | 6 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Risk-free interest rate | 2.43% | 1.76% |
Expected life of options (years) | 6 years 6 months 25 days | 6 years 9 months 14 days |
Annualized volatility | 112.23% | 111.81% |
Dividend rate | 0.00% | 0.00% |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Remaining stock based compensation | $ 8,067,929 | |||
Share based compensation | $ 1,225,696 | $ 968,893 | $ 2,347,681 | $ 1,858,160 |
2015 Omnibus Incentive Plan [Member] | ||||
Maximum number of common shares reserved for future issuance | 6,050,553 | 6,050,553 | ||
Description of grant option | The exercise price will be determined by the board of directors at the time of grant shall be at least equal to the fair market value on such date. If the grantee is a 10% stockholder on the grant date, then the exercise price shall not be less than 110% of fair market value of the Company’s shares of common stock on the grant date. | |||
Expiration period | 10 years | |||
Purchase Warrants [Member] | ||||
Number of warrant exercisable | 1,609,309 | 1,609,309 | ||
Weighted average exercise price (in dollars per share) | $ 2.66 | $ 2.66 | ||
Number of warrant exercisable | 100,000 | 100,000 | ||
Weighted average exercise price (in dollars per share) | $ 0.92 | $ 0.92 | ||
Number of warrant exercisable | 37,500 | 37,500 | ||
Weighted average exercise price (in dollars per share) | $ 1.20 | $ 1.20 | ||
Number of warrant exercisable | 18,750 | 18,750 | ||
Weighted average exercise price (in dollars per share) | $ 1.24 | $ 1.24 | ||
Expiration date | Jul. 5, 2018 | |||
Description of cancellation policy | The Company may have the option to call for cancellation of all or any portion of the warrants for consideration equal to $0.001 per share, provided the quoted market price of the Companys common stock exceeds $6.00 for a period of twenty consecutive trading days, subject to certain minimum volume restrictions and other restrictions as provided in the warrant agreements. | |||
Number of common shares called | 86,274 | 86,274 |