Cover
Cover - shares | 3 Months Ended | |
Dec. 31, 2020 | Feb. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --09-30 | |
Entity File Number | 001-37606 | |
Entity Registrant Name | ANAVEX LIFE SCIENCES CORP. | |
Entity Central Index Key | 0001314052 | |
Entity Tax Identification Number | 98-0608404 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 51 West 52nd Street | |
Entity Address, Address Line Two | 7th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | 844 | |
Local Phone Number | 689-3939 | |
Title of 12(b) Security | Common Stock Par Value $0.001 | |
Trading Symbol | AVXL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 69,487,852 |
INTERIM CONDENSED CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 |
Current | ||
Cash and cash equivalents | $ 47,357,599 | $ 29,249,018 |
Incentive and tax receivables | 6,577,807 | 4,849,340 |
Prepaid expenses and deposits | 398,840 | 443,839 |
Total Assets | 54,334,246 | 34,542,197 |
Current Liabilities | ||
Accounts payable | 4,216,948 | 3,989,054 |
Accrued liabilities | 3,816,521 | 3,316,574 |
Total Liabilities | 8,033,469 | 7,305,628 |
Capital stock Authorized: 10,000,000 preferred stock, par value $0.001 per share | 0 | 0 |
Capital stock Authorized: 100,000,000 common shares, par value $0.001 per share Issued and outstanding: 60,082,291 common shares (September 30, 2019 - 52,650,251) | 66,964 | 62,047 |
Additional paid-in capital | 213,766,108 | 186,851,752 |
Accumulated deficit | (167,532,295) | (159,677,230) |
Total Stockholders' Equity | 46,300,777 | 27,236,569 |
Total Liabilities and Stockholders' Equity | $ 54,334,246 | $ 34,542,197 |
INTERIM CONDENSED CONSOLIDATE_2
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2020 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 66,962,957 | 62,045,198 |
Common stock, shares outstanding | 66,962,957 | 62,045,198 |
INTERIM CONDENSED CONSOLIDATE_3
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating expenses | ||
General and administrative | $ 1,470,656 | $ 1,352,035 |
Research and development | 7,925,519 | 6,348,668 |
Total operating expenses | (9,396,175) | (7,700,703) |
Other income (expenses) | ||
Grant income | 0 | 74,944 |
Research and development incentive income | 1,269,316 | 943,215 |
Interest (expense) income, net | (1,559) | 46,720 |
Foreign exchange gain, net | 332,634 | 53,113 |
Total other income, net | 1,600,391 | 1,117,992 |
Net loss before provision for income taxes | (7,795,784) | (6,582,711) |
Income tax expense, current | (59,281) | (9,214) |
Net loss and comprehensive loss | $ (7,855,065) | $ (6,591,925) |
Net Loss per share | ||
Basic and diluted | $ (0.12) | $ (0.12) |
Weighted average number of shares outstanding | ||
Basic and diluted | 64,295,143 | 54,773,685 |
INTERIM CONDENSED CONSOLIDATE_4
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows used in Operating Activities | ||
Net loss | $ (7,855,065) | $ (6,591,925) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Stock-based compensation | 939,314 | 1,264,424 |
Changes in non-cash working capital balances related to operations: | ||
Incentive and tax receivables | (1,728,467) | (1,087,927) |
Prepaid expenses and deposits | 44,999 | 266,026 |
Accounts payable | 227,894 | 395,834 |
Accrued liabilities | 499,947 | 820,077 |
Net cash used in operating activities | (7,871,378) | (5,725,159) |
Cash Flows provided by Financing Activities | ||
Issuance of common shares | 26,243,419 | 10,997,952 |
Share issue costs | (263,460) | 0 |
Net cash provided by financing activities | 25,979,959 | 10,997,952 |
Increase in cash and cash equivalents during the period | 18,108,581 | 5,272,793 |
Cash and cash equivalents, beginning of period | 29,249,018 | 22,185,630 |
Cash and cash equivalents, end of period | $ 47,357,599 | $ 27,458,423 |
INTERIM CONDENSED CONSOLIDATE_5
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Sep. 30, 2019 | $ 52,652 | $ 153,633,807 | $ (133,396,760) | $ 20,289,699 |
Balance beginning, shares at Sep. 30, 2019 | 52,650,521 | |||
Purchase shares | $ 4,394 | 10,993,558 | 10,997,952 | |
Purchase shares, shares | 4,394,160 | |||
Commitment shares | $ 36 | (36) | ||
Commitment shares, shares | 35,675 | |||
Share based compensation | 1,264,424 | 1,264,424 | ||
Net loss | (6,591,925) | (6,591,925) | ||
Ending balance, value at Dec. 31, 2019 | $ 57,082 | 165,891,753 | (139,988,685) | 25,960,150 |
Balance ending, shares at Dec. 31, 2019 | 57,080,356 | |||
Beginning balance, value at Sep. 30, 2020 | $ 62,047 | 186,851,752 | (159,677,230) | 27,236,569 |
Balance beginning, shares at Sep. 30, 2020 | 62,045,198 | |||
Purchase shares | $ 3,346 | 17,458,056 | 17,461,402 | |
Purchase shares, shares | 3,346,288 | |||
Commitment shares | $ 56 | (56) | ||
Commitment shares, shares | 56,642 | |||
Shares issued under Sales Agreement, net of shares issue costs | $ 1,515 | 8,517,042 | 8,518,557 | |
Shares issued under Sales Agreement, net of shares issue costs, shares | 1,514,829 | |||
Share based compensation | 939,314 | 939,314 | ||
Net loss | (7,855,065) | (7,855,065) | ||
Ending balance, value at Dec. 31, 2020 | $ 66,964 | $ 213,766,108 | $ (167,532,295) | $ 46,300,777 |
Balance ending, shares at Dec. 31, 2020 | 66,962,957 |
Business Description and Basis
Business Description and Basis of Presentation | 3 Months Ended |
Dec. 31, 2020 | |
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. (“Anavex” or the “Company”) is a clinical stage biopharmaceutical company engaged in the development of differentiated therapeutics by applying precision medicine to central nervous system (“CNS”) diseases with high unmet need. Anavex analyzes genomic data from clinical studies to identify biomarkers, which are used to select patients that will receive the therapeutic benefit for the treatment of neurodegenerative and neurodevelopmental diseases. The Company’s lead compound ANAVEX ® 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 of America (“U.S. GAAP”) for interim reporting. Accordingly, certain information and note disclosures normally included in the annual financial statements in accordance with U.S. 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, 2020 was derived from the audited annual financial statements but does not include all disclosures required by U.S. 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, 2020 filed with the SEC on December 28, 2020. The Company follows the same accounting policies in the preparation of interim reports. Operating results for the three months ended December 31, 2020 are not necessarily indicative of the results that may be expected for the year ending September 30, 2021. Liquidity All of the Company’s potential drug compounds are in the clinical development stage and the Company cannot be certain that its research and development efforts will be successful or, if successful, that its potential drug compounds will ever be approved for sales to pharmaceutical companies or generate commercial revenues. To date, we have not generated any revenues from our operations. The Company expects the business to continue to experience negative cash flows for the foreseeable future and cannot predict when, if ever, our business might become profitable. The Company believes that its existing cash and cash equivalents, along with existing financial commitments from third parties, will be sufficient to meet its cash commitments for at least two years after the date that these interim condensed consolidated financial statements are issued. The process of drug development can be costly, and the timing and outcomes of clinical trials is uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon a number of factors including but not limited to the design, timing and duration of future clinical trials, the progress of the Company’s research and development programs and the level of financial resources available. The Company has the ability to adjust its operating plan spending levels based on the timing of future clinical trials. Other than our rights related to the 2019 Purchase Agreement and the Sales Agreement (each as defined below in Note 4), there can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If the Company is not able to obtain the additional financing on a timely basis, if and when it is needed, it will be forced to delay or scale down some or all of its research and development activities. In December 2019, a novel strain of coronavirus, COVID-19, was reported to have surfaced in Wuhan, China. In March 2020, the World Health Organization (“WHO”) declared COVID-19 to be a global pandemic as a result of the rapid spread of the virus beyond its point of origin. The global outbreak of COVID-19 continues to rapidly evolve as of the date these interim condensed consolidated financial statements are issued. As such, it is uncertain as to the full magnitude that the outbreak will have on the Company’s financial condition and future results of operations. Management is actively monitoring the global situation on its business, including on its clinical trials and operations and financial condition. The effects of COVID-19 did not have a material impact on the Company’s result of operations or financial condition for the period ended December 31, 2020. However, given the daily evolution of the COVID-19 situation, and the global responses to curb its spread, the Company is not able to estimate the effects COVID-19 may have on its future results of operations or financial condition. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP 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 accounting for research and development costs, valuation and recoverability of deferred tax assets, asset impairment, 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. (“Anavex Australia”), 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 December 31, 2020 and September 30, 2020, the Company did not have any Level 3 assets or liabilities. Basic and Diluted Loss per Share Basic income/(loss) per common share is computed by dividing net income/(loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income/(loss) per common share is computed by dividing net income/(loss) available to common stockholders by the sum of (1) the weighted-average number of common shares outstanding during the period, (2) the dilutive effect of the assumed exercise of options and warrants using the treasury stock method and (3) the dilutive effect of other potentially dilutive securities. For purposes of the diluted net loss per share calculation, options and warrants are potentially dilutive securities and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. As of December 31, 2020, loss per share excludes 11,801,266 10,576,266 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2 Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow. |
Other Income
Other Income | 3 Months Ended |
Dec. 31, 2020 | |
Other Income | |
Other Income | Note 3 Other Income Grant Income During the year ended September 30, 2017, the Company was awarded grant funding in the amount of $ 597,886 The grant income was deferred when received and amortized to other income as the related research and development expenditures were incurred. The Company recognized $ 74,944 Research and development incentive income Research and development incentive income represents the receipt by the Company’s Australian subsidiary, of the Australian research and development incentive credit, (the “ATO R&D Credit”). During the three months ended December 31, 2020, the Company recorded research and development incentive income of $ 1,269,316 1,735,962 943,215 1,345,000 |
Equity Offering Agreements
Equity Offering Agreements | 3 Months Ended |
Dec. 31, 2020 | |
Equity Offering Agreements | |
Equity Offering Agreements | Note 4 Equity Offering Agreements 2019 Purchase Agreement On June 7, 2019, the Company entered into a $ 50,000,000 purchase agreement (the “2019 Purchase Agreement”) with Lincoln Park, as amended on July 1, 2020 , pursuant to which the Company had the right to sell and issue to Lincoln Park, and Lincoln Park was obligated to purchase, up to $ 50,000,000 in value of its shares of common stock from time to time from June 12, 2019, the date a prospectus supplement under which shares of common stock issuable under the 2019 Purchase Agreement was filed with the SEC, until such date as the Company directed Lincoln Park to purchase the $50,000,000 aggregate commitment, or July 1, 2022. In consideration for entering into the 2019 Purchase Agreement, the Company issued to Lincoln Park 324,383 162,191 During the three months ended December 31, 2020, the Company issued to Lincoln Park an aggregate of 3,402,930 4,429,835 3,346,288 4,394,160 17,461,402 10,997,952 56,642 35,675 6,649,794 24,111,197 Sales Agreement The Company entered into a Controlled Equity Offering Sales Agreement on July 6, 2018, which was amended and restated on May 1, 2020 (the “Sales Agreement”) with Cantor Fitzgerald & Co. and SVB Leerink LLC (together the “Sales Agents”), pursuant to which the Company may offer and sell shares of common stock registered under an effective registration statement from time to time through the Sales Agents (the “Offering”). Upon delivery of a placement notice based on the Company’s instructions and subject to the terms and conditions of the Sales Agreement, the Sales Agents may sell the Shares by methods deemed to be an “at the market offering” offering, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, or by any other method permitted by law, including negotiated transactions, subject to the prior written consent of the Company. The Company is not obligated to make any sales of Shares under the Sales Agreement. The Company or Sales Agents may suspend or terminate the offering of Shares upon notice to the other party, subject to certain conditions. The Sales Agents will act as agent on a commercially reasonable efforts basis consistent with their normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of Nasdaq. The Company has agreed to pay the Sales Agents commissions for their services of up to 3.0% 1,514,829 8,782,017 8,518,557 33,718,084 42,500,100 |
Commitments
Commitments | 3 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 5 Commitments a) Leases During the three months ended December 31, 2020, the Company incurred office lease expense of $ 68,387 50,054 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 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: Schedule of exercisable share purchase warrants outstanding Number of Shares Weighted Average Exercise Price ($) Balance, September 30, 2019 350,000 4.19 Granted 150,000 3.17 Balance, September 30, 2020 and December 31, 2020 500,000 3.88 Granted - - Balance, September 30, 2020 And December 31, 2020 500,000 3.88 At December 31, 2020, the Company had share purchase warrants outstanding as follows: Schedule of share purchase warrants outstanding Number Exercise Price Expiry Date 350,000 4.19 June 30, 2021 150,000 3.17 May 6, 2024 500,000 d) Stock–based Compensation Plan 2015 Stock Option Plan On September 18, 2015, the Company’s board of directors approved a 2015 Omnibus Incentive Plan (the “2015 Plan”), which provided for the grant of stock options and restricted stock awards to directors, officers, employees and consultants of the Company. The maximum number of our common shares reserved for issue under the plan was 6,050,553 146,371 146,371 2019 Stock Option Plan On January 15, 2019, the Board approved the 2019 Omnibus Incentive Plan (the “2019 Plan”), which provides for the grant of stock options and restricted stock awards to directors, officers, employees, consultants and advisors of the Company. Under the terms of the 2019 Plan, 6,000,000 The 2019 Plan provides that it may be administered by the Board, or the Board may delegate such responsibility to a committee. The exercise price will be determined by the board of directors at the time of grant shall be at least equal to the fair market value on such date. If the grantee is a 10% stockholder on the grant date, then the exercise price shall not be less than 110% of fair market value of the Company’s shares of common stock on the grant date. 10 1,936,665 3,161,665 A summary of the status of Company’s outstanding stock purchase options is presented below: Schedule of outstanding stock purchase options Number of Shares Weighted Average Exercise Price ($) Weighted Average Grant Date Fair Value ($) Aggregate intrinsic value ($) Outstanding, September 30, 2019 8,462,933 3.58 4,115,032 Granted 1,695,000 2.96 2.27 Forfeited (68,332 ) 3.01 Exercised (13,335 ) 3.15 Outstanding, September 30, 2020 10,076,266 3.48 14,982,581 Granted 1,225,000 5.49 4.16 Outstanding, December 31, 2020 11,301,266 3.69 21,622,986 Exercisable, December 31, 2020 7,540,018 3.64 15,482,966 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 December 31, 2020. During the three months ended December 31, 2020, the Company recognized stock-based compensation expense of $ 939,314 1,264,424 Schedule of general and administrative expenses and research and development expenses 2020 2019 General and administrative $ 422,823 $ 481,101 Research and development 516,491 783,323 Total share based compensation $ 939,314 $ 1,264,424 An amount of approximately $ 8,185,000 The fair value of each option award granted during the three months ended December 31, 2020 and 2019 is estimated on the date of grant using the Black Scholes option pricing model based on the following weighted average assumptions: Schedule of weighted average assumptions for fair value of each option award 2020 2019 Risk-free interest rate 0.62 % 1.88 % Expected life of options (years) 5.59 5.21 Annualized volatility 96.16 % 101.60 % Dividend rate 0.00 % 0.00 % |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 6 Subsequent Events Subsequent to December 31, 2020; a) the Company received $ 497,931 995,862 ® b) the Company issued 683,279 661,708 6,649,782 21,571 c) an aggregate of 1,841,616 25,893,861 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow. |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of exercisable share purchase warrants outstanding | Schedule of exercisable share purchase warrants outstanding Number of Shares Weighted Average Exercise Price ($) Balance, September 30, 2019 350,000 4.19 Granted 150,000 3.17 Balance, September 30, 2020 and December 31, 2020 500,000 3.88 Granted - - Balance, September 30, 2020 And December 31, 2020 500,000 3.88 |
Schedule of share purchase warrants outstanding | Schedule of share purchase warrants outstanding Number Exercise Price Expiry Date 350,000 4.19 June 30, 2021 150,000 3.17 May 6, 2024 500,000 |
Schedule of outstanding stock purchase options | Schedule of outstanding stock purchase options Number of Shares Weighted Average Exercise Price ($) Weighted Average Grant Date Fair Value ($) Aggregate intrinsic value ($) Outstanding, September 30, 2019 8,462,933 3.58 4,115,032 Granted 1,695,000 2.96 2.27 Forfeited (68,332 ) 3.01 Exercised (13,335 ) 3.15 Outstanding, September 30, 2020 10,076,266 3.48 14,982,581 Granted 1,225,000 5.49 4.16 Outstanding, December 31, 2020 11,301,266 3.69 21,622,986 Exercisable, December 31, 2020 7,540,018 3.64 15,482,966 |
Schedule of general and administrative expenses and research and development expenses | Schedule of general and administrative expenses and research and development expenses 2020 2019 General and administrative $ 422,823 $ 481,101 Research and development 516,491 783,323 Total share based compensation $ 939,314 $ 1,264,424 |
Schedule of weighted average assumptions for fair value of each option award | Schedule of weighted average assumptions for fair value of each option award 2020 2019 Risk-free interest rate 0.62 % 1.88 % Expected life of options (years) 5.59 5.21 Annualized volatility 96.16 % 101.60 % Dividend rate 0.00 % 0.00 % |
Business Description and Basi_2
Business Description and Basis of Presentation (Details Narrative) - shares | 3 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Loss per share for potentially dilutive common shares | 11,801,266 | 10,576,266 |
Other Income (Details Narrative
Other Income (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2017 | |
Grant income | $ 0 | $ 74,944 | $ 597,886 |
Research and development incentive income | 1,269,316 | 943,215 | |
Australia, Dollars | |||
Research and development incentive income | $ 1,735,962 | $ 1,345,000 |
Equity Offering Agreements (Det
Equity Offering Agreements (Details Narrative) - USD ($) | Jun. 07, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Proceeds from Issuance of Common Stock | $ 26,243,419 | $ 10,997,952 | ||
2019 Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Total number of shares obligated to purchase | $ 50,000,000 | |||
Proceeds from Issuance or Sale of Equity | $ 50,000,000 | |||
Share issued for offering, shares | 324,383 | 3,402,930 | 4,429,835 | |
Pro rata basic number of shares obligated to purchase | 162,191 | |||
Number of shares issued for aggregate purchase price | 3,346,288 | 4,394,160 | ||
Number of shares issued for aggregate purchase price, value | $ 17,461,402 | $ 10,997,952 | ||
Number of shares issued for commitment | 56,642 | 35,675 | ||
Amount of shares remain available | $ 6,649,794 | $ 24,111,197 | ||
Equity Offering Sales Agreement [Member] | Cantor Fitzgerald & Co [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Share issued for offering, shares | 1,514,829 | |||
Amount of shares remain available | $ 33,718,084 | $ 42,500,100 | ||
Percentage of gross proceeds from sales | 3.00% | |||
Gross proceeds from sale of common stock | $ 8,782,017 | |||
Proceed from offering | 8,518,557 | |||
Proceeds from Issuance of Common Stock | $ 8,518,557 |
Commitments (Details)
Commitments (Details) - Purchase Warrants [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Purchase Warrants Balance, at beginning | 500,000 | 350,000 |
Weighted Average Exercise Price Balance, at beginning | $ 3.88 | $ 4.19 |
Share Purchase Warrants Granted | 0 | 150,000 |
Weighted Average Exercise Price Granted | $ 3.17 | |
Share Purchase Warrants Balance, at ending | 500,000 | 500,000 |
Weighted Average Exercise Price Balance, at ending | $ 3.88 | $ 3.88 |
Commitments (Details 1)
Commitments (Details 1) | Dec. 31, 2020$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number | 500,000 |
Purchase Warrants 1 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number | 350,000 |
Exercise Price | $ / shares | $ 4.19 |
Expiry date | Jun. 30, 2021 |
Purchase Warrants 2 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number | 150,000 |
Exercise Price | $ / shares | $ 3.17 |
Expiry date | May 6, 2024 |
Commitments (Details 2)
Commitments (Details 2) - 2015 Omnibus Incentive Plan [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding at beginning | 10,076,266 | 8,462,933 |
Weighted Average Exercise Price Outstanding at beginning | $ 3.48 | $ 3.58 |
Aggregate intrinsic value Outstanding at beginning | $ 14,982,581 | $ 4,115,032 |
Options Granted | 1,225,000 | 1,695,000 |
Weighted Average Exercise Price Granted | $ 5.49 | $ 2.96 |
Weighted Average Grant Date Fair Value Granted | $ 4.16 | $ 2.27 |
Options Forfeited | (68,332) | |
Weighted Average Exercise Price Forfeited | $ 3.01 | |
Option Exercised | (13,335) | |
Weighted Average Exercise Price Exercised | $ 3.15 | |
Options Outstanding at ending | 11,301,266 | 10,076,266 |
Weighted Average Exercise Price Outstanding at ending | $ 3.69 | $ 3.48 |
Aggregate intrinsic value Outstanding at ending | $ 21,622,986 | $ 14,982,581 |
Options Exercisable | 7,540,018 | |
Weighted Average Exercise Price, Exercisable | $ 3.64 | |
Aggregate intrinsic value Exercisable | $ 15,482,966 |
Commitments (Details 3)
Commitments (Details 3) - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | ||
Total share based compensation | $ 939,314 | $ 1,264,424 |
General and Administrative Expense [Member] | ||
Loss Contingencies [Line Items] | ||
Total share based compensation | 422,823 | 481,101 |
Research and Development Expense [Member] | ||
Loss Contingencies [Line Items] | ||
Total share based compensation | $ 516,491 | $ 783,323 |
Commitments (Details 4)
Commitments (Details 4) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Risk-free interest rate | 0.62% | 1.88% |
Expected life of options (years) | 5 years 7 months 2 days | 5 years 2 months 15 days |
Annualized volatility | 96.16% | 101.60% |
Dividend rate | 0.00% | 0.00% |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Lease expense | $ 68,387 | $ 50,054 | |
Stock-based compensation expense | 939,314 | $ 1,264,424 | |
Remaining stock based compensation | $ 8,185,000 | ||
2015 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of common shares reserved for future issuance | 6,050,553 | ||
2015 Omnibus Incentive Plan [Member] | Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of common shares reserved for future issuance | 146,371 | 146,371 | |
2019 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum number of common shares reserved for future issuance | 1,936,665 | 3,161,665 | |
Additional shares of common stock available for issuance | 6,000,000 | ||
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 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Jun. 07, 2019 | Feb. 11, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | ||||
Gross sale proceeds | $ 26,243,419 | $ 10,997,952 | ||
2019 Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member] | ||||
Subsequent Event [Line Items] | ||||
Share issued for offering, shares | 324,383 | 3,402,930 | 4,429,835 | |
Number of shares issued for aggregate purchase price | 3,346,288 | 4,394,160 | ||
Number of shares issued for aggregate purchase price | $ 17,461,402 | $ 10,997,952 | ||
Number of shares issued for commitment | 56,642 | 35,675 | ||
Subsequent Event [Member] | 2019 Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member] | ||||
Subsequent Event [Line Items] | ||||
Share issued for offering, shares | 683,279 | |||
Number of shares issued for aggregate purchase price | 661,708 | |||
Number of shares issued for aggregate purchase price | $ 6,649,782 | |||
Number of shares issued for commitment | 21,571 | |||
Subsequent Event [Member] | Sales Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Share issued for offering, shares | 1,841,616 | |||
Gross sale proceeds | $ 25,893,861 | |||
Subsequent Event [Member] | Michael J Fox Foundation [Member] | ||||
Subsequent Event [Line Items] | ||||
Grant received | 497,931 | |||
Total grant | $ 995,862 |