Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | LIMINAL BIOSCIENCES INC. |
Entity Central Index Key | 0001351172 |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position (Unaudited) - CAD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 19,312 | $ 37,144 |
Accounts receivable | 788 | 1,177 |
Prepaids | 1,602 | 2,997 |
Assets held for sale (note 3) | 3,937 | 0 |
Total current assets | 25,639 | 41,318 |
Other long-term assets | 357 | 243 |
Capital assets | 327 | 4,344 |
Right-of-use assets | 895 | 1,146 |
Intangible assets (note 4) | 4,412 | 3,240 |
Deferred tax assets | 168 | 168 |
Total assets | 31,798 | 50,459 |
Current liabilities | ||
Accounts payable and accrued liabilities | 5,394 | 5,968 |
Current portion of lease liabilities (note 5) | 679 | 735 |
Current portion of provision (note 6) | 3,166 | 3,400 |
Total current liabilities | 9,239 | 10,103 |
Long-term portion of lease liabilities (note 5) | 528 | 752 |
Long-term portion of provision (note 6) | 0 | 3,290 |
Warrant liability (note 7) | 556 | 106 |
Total liabilities | 10,323 | 14,251 |
EQUITY | ||
Share capital (note 9a) | 981,162 | 979,849 |
Contributed surplus (note 9b) | 46,503 | 45,973 |
Warrants (note 9c) | 95,856 | 95,856 |
Accumulated other comprehensive loss | (3,172) | (3,169) |
Deficit | (1,098,874) | (1,082,301) |
Total equity | 21,475 | 36,208 |
Total liabilities and equity | $ 31,798 | $ 50,459 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - CAD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Profit or loss [abstract] | ||||
Revenues | $ 112 | $ 157 | $ 248 | $ 157 |
Expenses | ||||
Research and development expenses | 4,339 | 3,942 | 8,508 | 8,317 |
Administration expenses | 4,776 | 4,505 | 8,335 | 9,205 |
Gain on foreign exchange | (65) | (1,745) | (76) | (959) |
Finance costs | (175) | 867 | (413) | 2,225 |
Loss on extinguishment of liabilities (note 8) | 0 | 0 | 0 | 212 |
Change in fair value of financial instruments measured at fair value through profit or loss (note 7) | 212 | (1,064) | 450 | (1,307) |
Loss from continuing operations, net of taxes of $nil | (8,975) | (6,348) | (16,556) | (17,536) |
Discontinued operations | ||||
Loss on sale of discontinued operations, net of income taxes $nil (note 3) | (98) | 0 | (98) | (600) |
Income (loss) from discontinued operations, net of taxes of $nil (note 3) | (68) | 123 | 81 | 747 |
Total income (loss) from discontinued operations | (166) | 123 | (17) | 147 |
Net loss | (9,141) | (6,225) | (16,573) | (17,389) |
Net (loss) income attributable to: | ||||
Non-controlling interests in continuing operations | 0 | 291 | 0 | (168) |
Owners of the parent | ||||
- Continuing operations | (8,975) | (6,639) | (16,556) | (17,368) |
- Discontinued operations | (166) | 123 | (17) | 147 |
Total Net loss attributable to owners of the parent from continuing and discontinued operations | (9,141) | (6,516) | (16,573) | (17,221) |
Net loss | $ (9,141) | $ (6,225) | $ (16,573) | $ (17,389) |
Income (Loss) per share attributable to the owners of the parent basic and diluted: | ||||
From continuing operations, basic | $ (2.89) | $ (2.14) | $ (5.33) | $ (5.6) |
From continuing operations, diluted | (2.89) | (2.14) | (5.33) | (5.6) |
From discontinued operations, basic | (0.05) | 0.04 | (0.01) | 0.05 |
From discontinued operations, diluted | (0.05) | 0.04 | (0.01) | 0.05 |
Total loss per share, basic | (2.94) | (2.1) | (5.34) | (5.55) |
Total loss per share, diluted | $ (2.94) | $ (2.1) | $ (5.34) | $ (5.55) |
Weighted average number of outstanding shares (in thousands) | 3,104 | 3,104 | 3,104 | 3,104 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parenthetical) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Profit or loss [abstract] | ||||
Loss from continuing operations, net of taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Gain (loss) on sale of discontinued operations, net of income taxes | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations, net of taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of comprehensive income [abstract] | ||||
Net loss | $ (9,141) | $ (6,225) | $ (16,573) | $ (17,389) |
Items that may be subsequently reclassified to profit and loss: | ||||
Exchange differences on translation of foreign operations from continuing operations | (2) | (7) | (3) | 4 |
Total other comprehensive income (loss) | (2) | (7) | (3) | 4 |
Total comprehensive loss | (9,143) | (6,232) | (16,576) | (17,385) |
Total comprehensive income (loss) attributable to: | ||||
Non-controlling interests | 0 | 291 | 0 | (168) |
Owners of the parent- Continuing operations | (8,977) | (6,646) | (16,559) | (17,364) |
Owners of the parent- Discontinued operations | (166) | 123 | (17) | 147 |
Total comprehensive loss | $ (9,143) | $ (6,232) | $ (16,576) | $ (17,385) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - CAD ($) $ in Thousands | Total | Share Capital | Contributed Surplus | Warrants | Foreign Currency Translation Reserve | Deficit | Total Equity (Deficiency) Attributable to Owners of the Parent | Non-controlling Interests |
Beginning balance at Dec. 31, 2021 | $ 33,881 | $ 979,849 | $ 44,109 | $ 95,856 | $ (3,010) | $ (1,074,167) | $ 42,637 | $ (8,756) |
Net loss | (17,389) | (17,221) | (17,221) | (168) | ||||
Foreign currency translation reserve | 4 | 4 | 4 | |||||
Share-based payments expense | 1,156 | 1,156 | 1,156 | |||||
Ending balance at Jun. 30, 2022 | 17,652 | 979,849 | 45,265 | 95,856 | (3,006) | (1,091,388) | 26,576 | (8,924) |
Beginning balance at Dec. 31, 2022 | 36,208 | 979,849 | 45,973 | 95,856 | (3,169) | (1,082,301) | 36,208 | 0 |
Net loss | (16,573) | (16,573) | (16,573) | |||||
Foreign currency translation reserve | (3) | (3) | (3) | |||||
Issuance of shares (note 9a) | 1,313 | 1,313 | 1,313 | |||||
Share-based payments expense | 530 | 530 | 530 | |||||
Ending balance at Jun. 30, 2023 | $ 21,475 | $ 981,162 | $ 46,503 | $ 95,856 | $ (3,172) | $ (1,098,874) | $ 21,475 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows used in operating activities | ||||
Net loss from continuing operations during the period | $ (8,975) | $ (6,348) | $ (16,556) | $ (17,536) |
Net income (loss) from discontinued operations during the year | (166) | 123 | (17) | 147 |
Adjustments to reconcile net loss to cash flows used in operating activities: | ||||
Finance costs and foreign exchange | (521) | 855 | ||
Loss on sale of discontinued operations | 98 | 600 | ||
Change in fair value of financial instruments measured at fair value through profit or loss | 450 | (1,307) | ||
Loss on extinguishment of liabilities | 0 | 0 | 0 | 212 |
Provision expense | (346) | (1,028) | ||
Payment of principal elements of provision | (3,238) | 0 | ||
Share-based payments expense | 530 | 1,156 | ||
Depreciation of capital assets | 78 | 170 | ||
Depreciation of right-of-use assets | 263 | 252 | ||
Amortization of intangible assets | 142 | 141 | ||
Cash flows from (used in) operations before changes in working capital | (19,117) | (16,338) | ||
Change in non-cash working capital items | 996 | 2,515 | ||
Cash flows used in operating activities | (18,121) | (13,823) | ||
Cash flows used in financing activities | ||||
Repayment of principal on long-term debt | 0 | (39,123) | ||
Payments of principal on lease liabilities | (304) | (294) | ||
Payment of interest on lease liabilities | (102) | (98) | ||
Debt, share and warrants issuance and repayment costs | 0 | (40) | ||
Cash flows used in financing activities | (406) | (39,555) | ||
Cash flows from investing activities | ||||
Additions to capital assets | 0 | (13) | ||
Additions to intangible assets | 0 | (3) | ||
Interest received | 677 | 142 | ||
Cash flows used in investing activities | 677 | 126 | ||
Net change in cash and cash equivalent during the period | (17,850) | (53,252) | ||
Net effect of currency exchange rate on cash and cash equivalents | 18 | 567 | ||
Cash, beginning of period | 37,144 | 108,490 | ||
Cash and cash equivalents, end of the period | 19,312 | 55,805 | 19,312 | 55,805 |
Comprising of: | ||||
Cash | 19,311 | 42,914 | 19,311 | 42,914 |
Cash equivalents | 1 | 12,891 | 1 | 12,891 |
Total cash and cash equivalents | $ 19,312 | $ 55,805 | $ 19,312 | $ 55,805 |
Nature of operations and going
Nature of operations and going concern | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Nature Of Operations And Going Concern [Abstract] | |
Nature of operations and going concern | 1. N ature of operations and going concern Liminal BioSciences Inc., or Liminal or the Company, is incorporated under the Canada Business Corporations Act and is a publicly traded development stage biopharmaceutical company (Nasdaq symbol: LMNL) focused on discovering and developing distinctive novel small molecule therapeutics that modulate G protein-coupled receptors, or GPCR, pathways with the intent of developing best/first-in-class therapeutics for the treatment of metabolic, for inflammatory and fibrotic diseases with significant unmet needs, using its integrated drug discovery platform, medicinal chemistry expertise and deep understanding of the GPCR biology. The Company’s pipeline is currently made up of three development programs. The candidate selected for clinical development, LMNL6511, a selective antagonist for the GPR84 receptor, is expected to commence a Phase 1 clinical trial in the second half of 2023. The Company is also developing potential OXER1 antagonists and GPR40 agonists, both of which are at the preclinical stage. On February 1, 2023, the Company performed a share consolidation of all its issued and outstanding common shares, stock options and warrants on the basis of a consolidation ratio of ten pre-consolidation shares to one post consolidation share. The quantities and per unit prices of the Company's common shares, stock options and warrants presented in these interim condensed consolidated financial statements have been retroactively adjusted to give effect to the share consolidation. The Company’s registered office is located at 231 Dundas Street East, Belleville, Ontario, K8N 1E2 and its principal executive office is located at 440, Boul. Armand-Frappier, suite 300, Laval, Québec, Canada, H7V 4B4. Liminal has active business operations in Canada and the United Kingdom. Structured Alpha LP, or SALP, is Liminal’s majority and controlling shareholder and is considered Liminal’s parent entity for accounting purposes. Thomvest Asset Management Ltd., or Thomvest, is the general partner of SALP and the ultimate controlling parent, for accounting purposes, of Liminal is The 2003 TIL Settlement. The interim condensed consolidated financial statements for the quarter and six months ended June 30, 2023, or interim financial statements, are presented in Canadian dollars, $ or CAD, and have been prepared in accordance with International Financial Reporting Standards, or IFRS, as issued by the International Accounting Standards Board, or IASB, on a going concern basis, which presumes the Company will continue its operations for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the ordinary course of business. During the six months ended June 30, 2023, the Company incurred a net loss from continuing operations of $ 16.6 million ($ 17.5 million for the six months ended June 30, 2022) and had negative operating cash flows, including continuing and discontinued operations, of $ 18.1 million ($ 13.8 million for the six months ended June 30, 2022). At June 30, 2023, the Company had an accumulated deficit of $ 1,098.9 million ($ 1,082.3 million at December 31, 2022) and a working capital of $ 16.4 million ($ 31.2 million at December 31, 2022). The Company’s cash runway is dependent on the research programs currently underway, the pace of their progression and their outcome, as well as those planned to be undertaken in the short term. As such, there is always a degree of uncertainty in regard to the outcome or cost of those programs. The cash runway is also dependent on decisions the Company makes in terms of managing its capital, including raising capital through the issuance of debt or equity, and the Company's ability to conclude such financing transactions at an acceptable cost. The need to complete financing transactions in the future is likely to continue until the Company can generate sufficient product revenues to finance its cash requirements. Management may revert to a variety of sources for financing future cash needs including public or private equity offerings, debt financings, strategic collaborations, alliances and licensing arrangements, grant funding, selling non-core assets or other sources. Despite the Company’s efforts to obtain the necessary funding and improve profitability of its operations, there can be no assurance of its success in doing so, especially with respect to its access to further funding on acceptable terms, if at all. The Company currently expects that its existing resources will be sufficient to fund its planned operations and expenditures until December 2023. These circumstances indicate the existence of a material uncertainty that may cast substantial doubt about the Company’s ability to continue as a going concern. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash in amounts sufficient to sustain operations and meet its obligations. These measures could cause significant delays in the Company’s preclinical, clinical and regulatory efforts, which are critical to the realization of its business plan. These interim financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material. |
Material accounting policies
Material accounting policies | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Material accounting policies | 2. Material accounting policies a) Accounting framework These interim financial statements have been prepared in accordance with IAS 34, Interim financial reporting . Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with IFRS, have been omitted or condensed. These interim financial statements should therefore be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2022, which have been prepared in accordance with IFRS and can be found at www.sec.gov/edgar and at www.sedar.com. These interim financial statements were approved for issue on August 8, 2023 by the Company’s Audit, Risk and Finance committee as delegated by the Board of Directors. b) New standards and interpretations adopted The accounting policies used in our interim financial statements are consistent with those we applied in our December 31, 2022 audited annual consolidated financial statements except for the adoption of the following amendments on January 1, 2023. Amendments to I AS 8, Accounting policies , Changes in Accounting Estimates and Errors (IAS 8) - The amendments to IAS 8 introduce a definition of accounting estimates and provide clarifications to distinguish accounting policies from accounting estimates. The amendments are applicable retrospectively and are effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted. c) New standards and interpretations not yet adopted The IFRS accounting standards, amendments, and interpretations that the Company reasonably expects may have a material impact on the disclosures, the financial position or results of operations of the Company when applied at a future date are as follows: Amendments IAS 1, Presentation of Financial Statements (IAS 1) - IAS 1 has been revised to clarify how to classify debt and other liabilities as current or non-current. The amendments help to determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments also include clarifying the classification requirements for debt an entity might settle by converting it into equity. The amendments are applicable retrospectively and are effective for annual reporting periods beginning on or after January 1, 2024 with earlier application permitted. The Company concluded that these amendments will not have an impact on its financial statements at the date of adoption and for the comparative periods. d) Significant accounting judgements and estimation uncertainty The preparation of these interim financial statements requires the use of judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying disclosures. The uncertainty that is often inherent in estimates and assumptions could result in material adjustments to assets or liabilities affected in future periods. The significant judgments made and critical accounting estimates applied by us and disclosed in the consolidated financial statements for the year ended December 31, 2022, remain unchanged. |
Discontinued operations
Discontinued operations | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations [Abstract] | |
Discontinued operations | 3. Discontinued operations Discontinued operations for the periods presented in the interim financial statements comprise the revenues and expenses of operations and the gains and transaction expenses related thereto, for the following activities, assets and liabilities: • the obligations towards a Contract Development Manufacturing Organization, or CDMO, it retained upon the sale of the plasma derived business; • the operating costs of the previously owned Labrosse facility, located in Pointe-Claire, Québec; and • the operating costs of the Company's dormant manufacturing facility located in Belleville, Ontario, or the Belleville facility. All amounts relating to the activities above have been presented as discontinued operations in the current and prior periods. More specifically, we have restated the prior periods to remove the impact of those operations from all lines in the financial statements (revenues, cost of sales and production cost, R&D and administration, selling and marketing being the lines most impacted) and have reclassified those results to the income (loss) from discontinued operations lines in the interim financial statements. During the six months ended June 30, 2023, the Belleville facility, formerly part of the plasma-derived therapeutics segment and previously classified as property, plant and equipment, met the criteria to be classified as held for sale, and is presented as such in the consolidated statement of financial position at June 30, 2023. Gain on sale of discontinued operations During the six months ended June 30, 2023 and 2022, the Company recorded an indemnification adjustment expense of $ 98 and $ 600 , respectively, which represents a disputed research and development tax credit claim and interest with a taxation authority. Results and cash flows from discontinued operations The net loss from discontinued operations for the quarters and six months ended June 30, 2023 and 2022 are presented below: Quarter ended June30, Six months ended June 30, 2023 2022 2023 2022 Revenues $ — $ 8 $ — $ 15 Expenses Research and development expenses 1) ( 14 ) ( 389 ) ( 345 ) ( 1,201 ) Administration expenses 80 142 261 336 Gain on foreign exchange — ( 12 ) — ( 12 ) Finance costs 2 144 3 145 Income (loss) from discontinued $ ( 68 ) $ 123 $ 81 $ 747 1) Expense (income) recognized in regards to an agreement with a CDMO which in the comparative period is accounted for in part as a lease (note 5) and an onerous contract (note 6). These expenses (income) are due to changes to the discounted value caused by changes in inflation and discount rates. The consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 were not restated to present the cash flows from the discontinued operations separately as the Company selected to provide this information in the present note. The cash flows from the discontinued operations and the gain on sale of discontinued operations for the six months ended June 30, 2023 and 2022 are presented in the following table: June 30, June 30, Cash flows used in operating activities $ ( 264 ) $ ( 323 ) Cash flows utilized during the period $ ( 264 ) $ ( 323 ) |
Intangible assets
Intangible assets | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible assets | 4. Intangible assets Licenses and Patents Software Total Cost Balance at January 1, 2023 $ 145,759 $ 5,477 $ 265 $ 151,501 Additions 1,312 — — 1,312 Disposals — ( 420 ) — ( 420 ) Effect of foreign exchange differences — ( 16 ) 1 ( 15 ) Balance at June 30, 2023 $ 147,071 $ 5,041 $ 266 $ 152,378 Accumulated amortization Balance at January 1, 2023 $ 142,562 $ 5,439 $ 260 $ 148,261 Amortization expense 121 21 — 142 Disposals — ( 420 ) — ( 420 ) Effect of foreign exchange differences — ( 16 ) ( 1 ) ( 17 ) Balance at June 30, 2023 $ 142,683 $ 5,024 $ 259 $ 147,966 Carrying amounts At June 30, 2023 $ 4,388 $ 17 $ 7 $ 4,412 At December 31, 2022 3,197 38 5 3,240 During the quarter ended June 30, 2023, the nomination of LMNL6326 as the lead preclinical candidate for the OXER1 program triggered a milestone event pursuant to the share purchase agreement, or SPA, dated July 17, 2020 , entered into between the Company and the selling shareholders where the Company acquired 100 % of the issued and outstanding common shares of Fairhaven Pharmaceuticals Inc., or Fairhaven, a company with a preclinical research program of small molecule antagonists. As a result of the achievement of this milestone, the Company paid an additional amount of $ 1,312 to the selling shareholders, by issuing 145,312 common shares of the Company equal to the amount of the milestone payment divided by the five -trading day volume weighted average trading price of the Company's common shares on Nasdaq immediately preceding the milestone payment date (note 9a). |
Lease liabilities
Lease liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Lease liabilities [abstract] | |
Lease liabilities | 5. Lease liabilities The transactions affecting the lease liabilities during the six months ended June 30, 2023 were as follows: Balance at January 1, 2023 $ 1,487 Additions 12 Interest expense 109 Payments ( 406 ) Lease modification and other remeasurements — Effect of foreign exchange differences 5 Balance at June 30, 2023 $ 1,207 Less current portion of lease liabilities ( 679 ) Long-term portion of lease liabilities $ 528 |
Provisions
Provisions | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring provision [abstract] | |
Provisions | 6. Provisions The transactions affecting the provisions during the six months ended June 30, 2023 were as follows: Balance at January 1, 2023 $ 6,690 Decrease to provision during the period ( 320 ) Payments ( 3,238 ) Interest expense 60 Effect of changes in the discount rate ( 26 ) Balance at June 30, 2023 $ 3,166 Less current portion of provision ( 3,166 ) Long-term portion of provision $ — |
Warrant liability
Warrant liability | 6 Months Ended |
Jun. 30, 2023 | |
Warrant Liability [Abstract] | |
Warrant Liability | 7. Warrant liability On February 1, 2023, the Company performed a ten-to-one share consolidation of its common shares, stock options and warrants. The quantities and per unit prices presented throughout the consolidated financial statements, including this note, have been retroactively adjusted to give effect to the share consolidation. As part of the consideration for the private placement completed on November 3, 2020 where SALP and another investor participated equally, and a subsequent amendment to this private placement agreement made on November 25, 2020, the Company issued a total of 789,472 warrants that expire on November 3, 2025 . Both of these issuances combined are referred to as the November 2020 warrants. Each warrant can be exercised to acquire one common share at an exercise price initially set at USD 55.0 and that can be reduced if equity financings are completed at a lower price before its expiry. The November 2020 warrants do not meet the definition of an equity instrument since the exercise price is denominated in USD which is different than the functional currency of Liminal which is the CAD. Consequently, they are accounted for as a financial instrument, presented as a warrant liability in the consolidated statement of financial position and carried at fair value through profit or loss. The fair value of the November 2020 warrants was $ 556 and $ 106 at June 30, 2023 and December 31, 2022, respectively. The fair value for the November 2020 warrants held by SALP was $ 278 and $ 53 on those same dates. A loss of $ 212 and $ 450 , resulting from the change in fair value of the November 2020 warrants during the quarter and the six months ended June 30, 2023, respectively (a gain of $ 1,064 and $ 1,307 for the quarter and six months ended June 30, 2022, respectively), was recognized in the consolidated statement of operations. The fair value of the November 2020 warrants on the various dates discussed above was calculated using a Black-Scholes option pricing model in a Monte Carlo simulation in order to evaluate the downward adjustment mechanism to the exercise price. The assumptions used at the different valuation dates are provided in the table below: June 30, December 31, 2023 2022 Underlying common share fair value (in USD) $ 6.28 $ 3.25 Remaining life until expiry 2.3 2.8 Volatility 71.0 % 51.0 % Risk-free interest rate 4.75 % 4.26 % Expected dividend rate — — Fair value of a warrant calculated using a $ 0.19 $ — Fair value of exercise price adjustment mechanism $ 0.53 $ 0.12 Illiquidity discount 26.0 % 20.0 % Fair value of a warrant (in USD) $ 0.53 $ 0.10 Fair value of a warrant (in CAD) $ 0.70 $ 0.13 |
Long-term debt
Long-term debt | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Long-term debt | 8. Long-term debt On February 15, 2022, the Company settled the entirety of the first and second term loans, representing an aggregate principal amount of $ 39,123 and the stated interest accrued of $ 484 , for an amount of $ 39,123 , thus terminating the consolidated loan agreement with SALP and releasing the security interests granted by the Company over its assets pursuant to the loan agreement and related documents. The difference between the carrying amount of the loans extinguished and the cash payment of $ 292 was recorded as a loss on extinguishment of liabilities. The Company incurred $ 40 in legal fees in relation to the prepayment, which were recorded against the loss on extinguishment of liabilities. The repayment also terminated the royalty stream agreement with SALP resulting in the derecognition of the royalty payment obligation to SALP included in other long-term liabilities and the recognition of a gain on extinguishment of liabilities of $ 120 . In concurrence with the repayment, the 16,873 warrants held by SALP and having an exercise price of $ 152.10 per common share (note 9c) were cancelled. |
Share capital and other equity
Share capital and other equity instruments | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share capital and other equity instruments | 9. Share capital and other equity instruments a) Share capital On February 1, 2023, the Company performed a share consolidation of all its issued and outstanding common shares, stock options and warrants on the basis of a consolidation ratio of ten pre-consolidation shares to one post-consolidation share. The quantities and per unit prices of the Company's common shares, stock options and warrants presented in these interim financial statements have been retroactively adjusted to give effect to the share consolidation. Authorized and without par value Common shares: unlimited number authorized, participating, carrying one vote per share, entitled to dividends. Preferred shares: unlimited number authorized, issuable in one or more series. - Series A preferred shares: unlimited number authorized, no par value, non-voting, ranking in priority to the common shares, entitled to the same dividends as the common shares, non-transferable, redeemable at the redemption amount offered for the common shares upon a change in control event. No preferred shares have been issued. At June 30, 2023 and 2022, the number of common shares outstanding were as follows: June 30, 2023 June 30, 2022 Number Amount Number Amount Balance - beginning of period 3,104,222 $ 979,849 3,104,222 $ 979,849 Shares issued for milestone achievement (note 4) 145,312 1,313 — — Balance - end of period 3,249,534 $ 981,162 3,104,222 $ 979,849 b) Contributed surplus (Share-based payments) Stock options For stock options having a CAD exercise price, the changes in the number of stock options outstanding during the six months ended June 30, 2023 and 2022 were as follows: June 30, 2023 June 30, 2022 Weighted Weighted average average exercise price exercise price Number ($) Number ($) Balance - beginning of period 101,629 $ 214.46 102,805 $ 215.29 Forfeited ( 1,709 ) 146.12 — — Expired — — ( 8 ) 21,225.00 Balance - end of period 99,920 $ 215.63 102,797 $ 213.65 For options having a USD exercise price, the changes in the number of stock options outstanding during the quarters ended June 2023, and 2022 were as follows: June 30, 2023 June 30, 2022 Weighted Weighted average average exercise price exercise price Number (USD) Number (USD) Balance - beginning of period 130,916 $ 21.52 74,900 $ 34.88 Granted 44,600 3.99 60,850 6.70 Forfeited ( 5,166 ) 16.34 ( 4,500 ) 18.08 Balance - end of period 170,350 $ 17.09 131,250 $ 22.39 2023 In March 2023, there were two option grants issued of which 41,500 stock options having an exercise price of USD 3.99 and vesting over a period of up to four years were issued to executives and 3,100 stock options having an exercise price of USD 3.99 and vesting over a period of up to four years were issued to employees. 2022 In March 2022, there were two option grants issued of which 11,500 stock options, having an exercise price of USD 10.20 and vesting over a period of up to four years were issued to executives and 5,000 stock options, having an exercise price of USD 10.20 and vesting over a period of up to four years were issued to a member of the Board of Directors. The Company uses the Black-Scholes option pricing model to calculate the fair value of stock options at the date of grant. The weighted average inputs into the model and the resulting grant date fair values during the quarters ended June 30, 2023 and 2022 were as follows: June 30, June 30, 2023 2022 Expected dividend rate — — Expected volatility of share price 117.2 % 115.8 % Risk-free interest rate 3.54 % 2.85 % Expected life in years 6.8 6.8 Weighted average grant date fair value $ 4.65 $ 7.50 At June 30, 2023, stock options issued and outstanding denominated in CAD and USD by range of exercise price are as follows: Weighted Weighted Weighted Range of exercise remaining average average price for stock option Number contractual life exercise price Number exercise price issued in CAD outstanding (in years) ($) exercisable ($) $ 119.90 -$ 146.35 15,399 6.8 $ 136.57 13,079 $ 136.15 $ 146.36 -$ 211.05 78,973 5.9 152.10 68,197 152.10 $ 211.06 - $ 2,130.00 5,025 5.9 358.66 5,025 358.66 $ 2,130.01 -$ 20,700.00 523 5.0 10,761.57 523 10,761.57 99,920 6.1 $ 215.63 86,824 $ 225.56 Weighted Weighted Weighted Range of exercise remaining average average price for stock option Number contractual life exercise price Number exercise price issued in USD outstanding (in years) (USD) exercisable (USD) $ 3.99 -$ 4.75 54,600 9.7 $ 4.01 — $ — $ 4.76 -$ 7.80 37,850 8.9 5.40 14,370 5.40 $ 7.81 - $ 15.95 16,500 8.7 10.20 5,169 10.20 $ 15.96 -$ 41.80 31,400 8.2 27.56 18,939 31.42 $ 41.81 - $ 108.00 30,000 7.4 48.48 27,164 48.28 170,350 8.7 $ 17.09 65,642 $ 31.03 A share-based payment compensation expense of $ 243 and $ 530 was recorded for the stock options for the quarter and six months ended June 30, 2023, respectively ($ 537 and $ 1,156 for the quarter and six months ended June 30, 2022, respectively). Share-based payments expense The total share-based payments compensation expense has been included in the consolidated statements of operations for the quarters and six months ended June 30, 2023 and 2022 as indicated in the following table: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 Research and development expenses $ 98 $ 256 $ 231 $ 523 Administration expenses 145 281 299 633 $ 243 $ 537 $ 530 $ 1,156 c) Warrants The following table presents the number of warrants outstanding with an exercise price in CAD during the six months ended June 30, 2023 and 2022: June 30, 2023 June 30, 2022 Weighted Weighted average average exercise price exercise price Number ($) Number ($) Balance of warrants - beginning of period 400 $ 30,000.00 17,273 $ 843.30 Cancelled (note 8) — — ( 16,873 ) 152.10 Expired ( 400 ) 30,000.00 — — Balance of warrants - end of period — $ — 400 $ 30,000.00 There were no changes in the number of warrants having a USD exercise price during the quarter ended June 30, 2023 and 2022. These are the same warrants presented as a warrant liability (note 7) and they are listed here with the warrants classified as equity instruments, simply so the readers may see all the warrants outstanding together. At June 30, 2023, the number of warrants outstanding by exercise price were as follows: June 30, 2023 Weighted average exercise price Number (USD) Balance of warrants - end of period 789,472 $ 55.00 The 789,472 warrants shown in the table above, are those accounted for as a warrant liability (note 7) and are included in this note in order to present all the outstanding warrants in aggregate in the tables above. The warrants outstanding at June 30, 2023, their exercise price in USD, expiry rate and the overall weighted average exercise price in both currencies are as follows: Number Expiry Exercise Warrants outstanding with an exercise price in USD 789,472 November 2025 $ 55.00 On February 15, 2022, the 16,873 warrants having an exercise price of $ 152.10 were cancelled (note 8). |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related party transactions [abstract] | |
Related party transactions | 10. Related party transactions Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Company and other related parties are disclosed below and in other notes according to the nature of the transactions. These transactions have been recorded at the exchange amount, meaning the amount agreed to between the parties. At June 30, 2023, a former CEO had a balance of $ 197 ($ 197 at December 31, 2022), owing to the Company under a tax equalization program. The amount is required to be repaid to the Company following the receipt of a refund by the former employee from the taxation authority for each of the two years covered by the program. At December 31, 2022, the Company received the reimbursment of the first year. The remaining amount is expected to be received once the tax return of the second and final year of the program has been assessed by the appropriate government agencies. All material transactions with SALP are disclosed in notes 7, 8 and 11 where the particular transactions are disclosed, and otherwise in this note. During the quarter and six months ended June 30, 2023, the Company also recorded legal expenses of $ 53 and $ 117 , respectively ($ 46 and $ 205 for the quarter and six months ended June 30, 2022), incurred by SALP, that is required to be reimbursed pursuant to the subscription agreement signed with SALP on April 14, 2019. In connection with the milestone event that resulted from the nomination of LMNL6326 as the lead preclinical candidate for the OXER1 program, a cash payment of $ 188 was made to a Board member, who is also a consultant to the Company. |
Subsequent event
Subsequent event | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent event | 11. Subsequent event On July 11, 2023, the Company entered into a Definitive Arrangement Agreement (the "Agreement") with SALP. Under the terms of the Arrangement Agreement, Liminal BioSciences shareholders (other than SALP and its affiliates or associates) will receive USD 8.50 in cash per Common Share, which represents a premium of approximately 135 % over Liminal BioSciences' closing share price on the Nasdaq Capital Market ("Nasdaq") on April 4, 2023, which was the last full trading day prior to the public announcement of SALP's initial non-binding proposal to acquire the remaining Common Shares of Liminal BioSciences that it does not already own, and is $ 1.00 per Common Share more than SALP's initial non-binding proposal.The transaction is expected to be completed pursuant to a court-approved plan of arrangement under section 192 of the Canada Business Corporations Act and is subject to the satisfaction of customary closing conditions, including (without limitation) court approval and the approval of the shareholders of Liminal BioSciences. After completion of the transaction, Liminal BioSciences expects to no longer be subject to the reporting requirements of applicable Canadian securities legislation or the U.S. Securities Exchange Act of 1934, as amended, and its common shares will be delisted from Nasdaq. |
Material accounting policies (P
Material accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Accounting framework | a) Accounting framework These interim financial statements have been prepared in accordance with IAS 34, Interim financial reporting . Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with IFRS, have been omitted or condensed. These interim financial statements should therefore be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2022, which have been prepared in accordance with IFRS and can be found at www.sec.gov/edgar and at www.sedar.com. These interim financial statements were approved for issue on August 8, 2023 by the Company’s Audit, Risk and Finance committee as delegated by the Board of Directors. |
New standards and interpretations adopted | b) New standards and interpretations adopted The accounting policies used in our interim financial statements are consistent with those we applied in our December 31, 2022 audited annual consolidated financial statements except for the adoption of the following amendments on January 1, 2023. Amendments to I AS 8, Accounting policies , Changes in Accounting Estimates and Errors (IAS 8) - The amendments to IAS 8 introduce a definition of accounting estimates and provide clarifications to distinguish accounting policies from accounting estimates. The amendments are applicable retrospectively and are effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted. |
New Standards and interpretations not yet adopted | c) New standards and interpretations not yet adopted The IFRS accounting standards, amendments, and interpretations that the Company reasonably expects may have a material impact on the disclosures, the financial position or results of operations of the Company when applied at a future date are as follows: Amendments IAS 1, Presentation of Financial Statements (IAS 1) - IAS 1 has been revised to clarify how to classify debt and other liabilities as current or non-current. The amendments help to determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments also include clarifying the classification requirements for debt an entity might settle by converting it into equity. The amendments are applicable retrospectively and are effective for annual reporting periods beginning on or after January 1, 2024 with earlier application permitted. The Company concluded that these amendments will not have an impact on its financial statements at the date of adoption and for the comparative periods. |
Significant accounting judgements and estimation uncertainty | d) Significant accounting judgements and estimation uncertainty The preparation of these interim financial statements requires the use of judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying disclosures. The uncertainty that is often inherent in estimates and assumptions could result in material adjustments to assets or liabilities affected in future periods. The significant judgments made and critical accounting estimates applied by us and disclosed in the consolidated financial statements for the year ended December 31, 2022, remain unchanged. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Discontinued Operations [Abstract] | |
Summary of Results and Cash Flows from Discontinued Operations | The net loss from discontinued operations for the quarters and six months ended June 30, 2023 and 2022 are presented below: Quarter ended June30, Six months ended June 30, 2023 2022 2023 2022 Revenues $ — $ 8 $ — $ 15 Expenses Research and development expenses 1) ( 14 ) ( 389 ) ( 345 ) ( 1,201 ) Administration expenses 80 142 261 336 Gain on foreign exchange — ( 12 ) — ( 12 ) Finance costs 2 144 3 145 Income (loss) from discontinued $ ( 68 ) $ 123 $ 81 $ 747 1) Expense (income) recognized in regards to an agreement with a CDMO which in the comparative period is accounted for in part as a lease (note 5) and an onerous contract (note 6). These expenses (income) are due to changes to the discounted value caused by changes in inflation and discount rates. The cash flows from the discontinued operations and the gain on sale of discontinued operations for the six months ended June 30, 2023 and 2022 are presented in the following table: June 30, June 30, Cash flows used in operating activities $ ( 264 ) $ ( 323 ) Cash flows utilized during the period $ ( 264 ) $ ( 323 ) |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Summary of Intangible Assets | Licenses and Patents Software Total Cost Balance at January 1, 2023 $ 145,759 $ 5,477 $ 265 $ 151,501 Additions 1,312 — — 1,312 Disposals — ( 420 ) — ( 420 ) Effect of foreign exchange differences — ( 16 ) 1 ( 15 ) Balance at June 30, 2023 $ 147,071 $ 5,041 $ 266 $ 152,378 Accumulated amortization Balance at January 1, 2023 $ 142,562 $ 5,439 $ 260 $ 148,261 Amortization expense 121 21 — 142 Disposals — ( 420 ) — ( 420 ) Effect of foreign exchange differences — ( 16 ) ( 1 ) ( 17 ) Balance at June 30, 2023 $ 142,683 $ 5,024 $ 259 $ 147,966 Carrying amounts At June 30, 2023 $ 4,388 $ 17 $ 7 $ 4,412 At December 31, 2022 3,197 38 5 3,240 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Lease liabilities [abstract] | |
Summary of Lease Liabilities | The transactions affecting the lease liabilities during the six months ended June 30, 2023 were as follows: Balance at January 1, 2023 $ 1,487 Additions 12 Interest expense 109 Payments ( 406 ) Lease modification and other remeasurements — Effect of foreign exchange differences 5 Balance at June 30, 2023 $ 1,207 Less current portion of lease liabilities ( 679 ) Long-term portion of lease liabilities $ 528 |
Provisions (Tables)
Provisions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Restructuring provision [abstract] | |
Summary of Provisions | The transactions affecting the provisions during the six months ended June 30, 2023 were as follows: Balance at January 1, 2023 $ 6,690 Decrease to provision during the period ( 320 ) Payments ( 3,238 ) Interest expense 60 Effect of changes in the discount rate ( 26 ) Balance at June 30, 2023 $ 3,166 Less current portion of provision ( 3,166 ) Long-term portion of provision $ — |
Warrant Liability (Tables)
Warrant Liability (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Warrant Liability [Abstract] | |
Schedule of Fair Value of Warrants | The fair value of the November 2020 warrants on the various dates discussed above was calculated using a Black-Scholes option pricing model in a Monte Carlo simulation in order to evaluate the downward adjustment mechanism to the exercise price. The assumptions used at the different valuation dates are provided in the table below: June 30, December 31, 2023 2022 Underlying common share fair value (in USD) $ 6.28 $ 3.25 Remaining life until expiry 2.3 2.8 Volatility 71.0 % 51.0 % Risk-free interest rate 4.75 % 4.26 % Expected dividend rate — — Fair value of a warrant calculated using a $ 0.19 $ — Fair value of exercise price adjustment mechanism $ 0.53 $ 0.12 Illiquidity discount 26.0 % 20.0 % Fair value of a warrant (in USD) $ 0.53 $ 0.10 Fair value of a warrant (in CAD) $ 0.70 $ 0.13 |
Share Capital and Other Equit_2
Share Capital and Other Equity Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Schedule of Changes in Issued and Outstanding Common Share or RSU or Warrants | At June 30, 2023 and 2022, the number of common shares outstanding were as follows: June 30, 2023 June 30, 2022 Number Amount Number Amount Balance - beginning of period 3,104,222 $ 979,849 3,104,222 $ 979,849 Shares issued for milestone achievement (note 4) 145,312 1,313 — — Balance - end of period 3,249,534 $ 981,162 3,104,222 $ 979,849 |
Schedule of Changes in Number of Stock Options Outstanding and Weighted Average Exercise Price | For stock options having a CAD exercise price, the changes in the number of stock options outstanding during the six months ended June 30, 2023 and 2022 were as follows: June 30, 2023 June 30, 2022 Weighted Weighted average average exercise price exercise price Number ($) Number ($) Balance - beginning of period 101,629 $ 214.46 102,805 $ 215.29 Forfeited ( 1,709 ) 146.12 — — Expired — — ( 8 ) 21,225.00 Balance - end of period 99,920 $ 215.63 102,797 $ 213.65 For options having a USD exercise price, the changes in the number of stock options outstanding during the quarters ended June 2023, and 2022 were as follows: June 30, 2023 June 30, 2022 Weighted Weighted average average exercise price exercise price Number (USD) Number (USD) Balance - beginning of period 130,916 $ 21.52 74,900 $ 34.88 Granted 44,600 3.99 60,850 6.70 Forfeited ( 5,166 ) 16.34 ( 4,500 ) 18.08 Balance - end of period 170,350 $ 17.09 131,250 $ 22.39 |
Summary of Weighted Average Inputs into Model and Resulting Grant Date Fair Values | The Company uses the Black-Scholes option pricing model to calculate the fair value of stock options at the date of grant. The weighted average inputs into the model and the resulting grant date fair values during the quarters ended June 30, 2023 and 2022 were as follows: June 30, June 30, 2023 2022 Expected dividend rate — — Expected volatility of share price 117.2 % 115.8 % Risk-free interest rate 3.54 % 2.85 % Expected life in years 6.8 6.8 Weighted average grant date fair value $ 4.65 $ 7.50 |
Schedule of Stock Options Issued and Outstanding by Range of Exercise Price | At June 30, 2023, stock options issued and outstanding denominated in CAD and USD by range of exercise price are as follows: Weighted Weighted Weighted Range of exercise remaining average average price for stock option Number contractual life exercise price Number exercise price issued in CAD outstanding (in years) ($) exercisable ($) $ 119.90 -$ 146.35 15,399 6.8 $ 136.57 13,079 $ 136.15 $ 146.36 -$ 211.05 78,973 5.9 152.10 68,197 152.10 $ 211.06 - $ 2,130.00 5,025 5.9 358.66 5,025 358.66 $ 2,130.01 -$ 20,700.00 523 5.0 10,761.57 523 10,761.57 99,920 6.1 $ 215.63 86,824 $ 225.56 Weighted Weighted Weighted Range of exercise remaining average average price for stock option Number contractual life exercise price Number exercise price issued in USD outstanding (in years) (USD) exercisable (USD) $ 3.99 -$ 4.75 54,600 9.7 $ 4.01 — $ — $ 4.76 -$ 7.80 37,850 8.9 5.40 14,370 5.40 $ 7.81 - $ 15.95 16,500 8.7 10.20 5,169 10.20 $ 15.96 -$ 41.80 31,400 8.2 27.56 18,939 31.42 $ 41.81 - $ 108.00 30,000 7.4 48.48 27,164 48.28 170,350 8.7 $ 17.09 65,642 $ 31.03 |
Schedule of Total Share-Based Payments Expense | The total share-based payments compensation expense has been included in the consolidated statements of operations for the quarters and six months ended June 30, 2023 and 2022 as indicated in the following table: Quarter ended June 30, Six months ended June 30, 2023 2022 2023 2022 Research and development expenses $ 98 $ 256 $ 231 $ 523 Administration expenses 145 281 299 633 $ 243 $ 537 $ 530 $ 1,156 |
Warrants | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Schedule of Changes in Issued and Outstanding Common Share or RSU or Warrants | The following table presents the number of warrants outstanding with an exercise price in CAD during the six months ended June 30, 2023 and 2022: June 30, 2023 June 30, 2022 Weighted Weighted average average exercise price exercise price Number ($) Number ($) Balance of warrants - beginning of period 400 $ 30,000.00 17,273 $ 843.30 Cancelled (note 8) — — ( 16,873 ) 152.10 Expired ( 400 ) 30,000.00 — — Balance of warrants - end of period — $ — 400 $ 30,000.00 At June 30, 2023, the number of warrants outstanding by exercise price were as follows: June 30, 2023 Weighted average exercise price Number (USD) Balance of warrants - end of period 789,472 $ 55.00 |
Schedule of Warrants Outstanding, Exercise Price, Expiry Rate and Overall Weighted Average Exercise Price | The warrants outstanding at June 30, 2023, their exercise price in USD, expiry rate and the overall weighted average exercise price in both currencies are as follows: Number Expiry Exercise Warrants outstanding with an exercise price in USD 789,472 November 2025 $ 55.00 |
Nature of Operations and Goin_2
Nature of Operations and Going Concern - Additional Information (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure Of Nature Of Operations And Going Concern [Abstract] | |||||
Net loss from continuing operations | $ (8,975) | $ (6,348) | $ (16,556) | $ (17,536) | |
Operating cash flows | 18,121 | $ 13,823 | |||
Accumulated deficit | 1,098,874 | 1,098,874 | $ 1,082,301 | ||
Working capital | $ 16,400 | $ 16,400 | $ 31,200 |
Acquisition of Fairhaven Pharma
Acquisition of Fairhaven Pharmaceuticals Inc - Additional Information (Details) - Fairhaven Pharmaceuticals Inc. - Share Purchase Agreement $ in Thousands | 3 Months Ended |
Jun. 30, 2023 CAD ($) shares | |
Disclosure Of Business Combinations [Line Items] | |
Date of business acquisition | Jul. 17, 2020 |
Common Shares | |
Disclosure Of Business Combinations [Line Items] | |
Business acquisition, ownership percentage | 100% |
Shares issued for acquisition | shares | 145,312 |
Aggregate value of additional payment in shares | $ | $ 1,312 |
Number of days in average volume weighted trading price | 5 days |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||
Indemnified Adjustment Expense Made In Respect Of Research And Development Tax Credit Claims | $ 98 | $ 600 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Net Loss from Discontinued Operations (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | |||||
Revenues | $ 112 | $ 157 | $ 248 | $ 157 | |
Expenses | |||||
Research and development expenses | (4,339) | (3,942) | (8,508) | (8,317) | |
Administration expenses | 4,776 | 4,505 | 8,335 | 9,205 | |
Total income (loss) from discontinued operations | (166) | 123 | (17) | 147 | |
Discontinued Operations | |||||
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | |||||
Revenues | 0 | 8 | 0 | 15 | |
Expenses | |||||
Research and development expenses | [1] | (14) | (389) | (345) | (1,201) |
Administration expenses | 80 | 142 | 261 | 336 | |
Gain on foreign exchange | 0 | (12) | 0 | (12) | |
Finance costs | 2 | 144 | 3 | 145 | |
Total income (loss) from discontinued operations | $ (68) | $ 123 | $ 81 | $ 747 | |
[1] Expense (income) recognized in regards to an agreement with a CDMO which in the comparative period is accounted for in part as a lease (note 5) and an onerous contract (note 6). These expenses (income) are due to changes to the discounted value caused by changes in inflation and discount rates. |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Cash Flows from Discontinued Operations and the Gain on Sale of Discontinued Operations (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||
Net effect of currency exchange rate on cash | $ 18 | $ 567 |
Discontinued Operations | ||
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||
Cash flows used in operating activities | (264) | (323) |
Cash flows utilized during the period | $ (264) | $ (323) |
Accounts Receivable and Others
Accounts Receivable and Others - Summary of Trade and Other Receivables (Details) - CAD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Trade and other receivables [abstract] | ||
Trade and other receivables | $ 788 | $ 1,177 |
Other Long-term Assets - Summar
Other Long-term Assets - Summary of Other Long-Term Assets (Details) - CAD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Other Non Current Assets [Abstract] | ||
Other non-current assets | $ 357 | $ 243 |
Capital Assets - Summary of Cap
Capital Assets - Summary of Capital Assets (Details) $ in Thousands | Jun. 30, 2023 CAD ($) |
Disclosure Of Property Plant And Equipment [Line Items] | |
Beginning balance | $ 4,344 |
Ending balance | $ 327 |
Right-of-use Assets - Summary o
Right-of-use Assets - Summary of Quantitative Information About Right-Of-Use Assets (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Net book value | $ 1,146 | |
Depreciation expense | (263) | $ (252) |
Net book value | $ 895 |
Right-of-use Assets - Additiona
Right-of-use Assets - Additional Information (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of quantitative information about right-of-use assets [abstract] | ||
Depreciation, right-of-use assets | $ 263 | $ 252 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | $ 3,240 | |
Amortization expense | (142) | $ (141) |
Ending balance | 4,412 | |
Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 151,501 | |
Additions | 1,312 | |
Disposals | (420) | |
Effect of foreign exchange differences | (15) | |
Ending balance | 152,378 | |
Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (148,261) | |
Amortization expense | 142 | |
Disposals | 420 | |
Effect of foreign exchange differences | (17) | |
Ending balance | (147,966) | |
Licenses and Other Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 3,197 | |
Ending balance | 4,388 | |
Licenses and Other Rights | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 145,759 | |
Additions | 1,312 | |
Ending balance | 147,071 | |
Licenses and Other Rights | Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (142,562) | |
Amortization expense | 121 | |
Ending balance | (142,683) | |
Patents | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 38 | |
Ending balance | 17 | |
Patents | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 5,477 | |
Disposals | (420) | |
Effect of foreign exchange differences | (16) | |
Ending balance | 5,041 | |
Patents | Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (5,439) | |
Amortization expense | 21 | |
Disposals | 420 | |
Effect of foreign exchange differences | (16) | |
Ending balance | (5,024) | |
Software | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 5 | |
Ending balance | 7 | |
Software | Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 265 | |
Effect of foreign exchange differences | 1 | |
Ending balance | 266 | |
Software | Accumulated Amortization | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | (260) | |
Effect of foreign exchange differences | (1) | |
Ending balance | $ (259) |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - Share Purchase Agreement - Fairhaven Pharmaceuticals Inc. $ in Thousands | 3 Months Ended |
Jun. 30, 2023 CAD ($) shares | |
Disclosure Of Intangible Assets [Line Items] | |
Date of business acquisition | Jul. 17, 2020 |
Common Shares | |
Disclosure Of Intangible Assets [Line Items] | |
Aggregate value of additional payment in shares | $ | $ 1,312 |
Shares issued for acquisition | shares | 145,312 |
Business acquisition, ownership percentage | 100% |
Number of days in average volume weighted trading price | 5 days |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Details) - CAD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Trade and other current payables [abstract] | ||
Trade and other current payables | $ 5,394 | $ 5,968 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Lease Liabilities (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Less current portion of lease liabilities | $ (679) | $ (735) |
Long-term portion of lease liabilities | 528 | $ 752 |
Lease Liabilities | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Balance at January 1, 2023 | 1,487 | |
Additions | 12 | |
Interest expense | 109 | |
Payments | (406) | |
Lease modification and other remeasurements | 0 | |
Effect of foreign exchange differences | 5 | |
Balance at June 30, 2023 | 1,207 | |
Less current portion of lease liabilities | (679) | |
Long-term portion of lease liabilities | $ 528 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 CAD ($) | |
Restructuring provision [abstract] | |
Begining Balance | $ 6,690 |
Decrease to provision during the period | (320) |
Payments | (3,238) |
Interest expense | 60 |
Effect of changes in the discount rate | (26) |
Ending Balance | 3,166 |
Less current portion of provision | (3,166) |
Long-term portion of provisions | $ 0 |
Warrant Liability - Additional
Warrant Liability - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Nov. 25, 2020 shares | Nov. 03, 2020 $ / shares | Jun. 30, 2023 CAD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2023 CAD ($) shares | Jun. 30, 2022 CAD ($) | Dec. 31, 2022 CAD ($) | |
Disclosure Of Detailed Information About Warrant Liability [Line Items] | |||||||
Number of warrants issued | shares | 789,472 | 789,472 | |||||
Warrants expiration date | November 3, 2025 | ||||||
Warrants exercise price per share | $ / shares | $ 55 | ||||||
Warrant description | Each warrant can be exercised to acquire one common share at an exercise price initially set at USD 55.0 and that can be reduced if equity financings are completed at a lower price before its expiry. | ||||||
Fair value of warrant liability | $ 556 | $ 556 | $ 106 | ||||
Change in fair value of warrant liability | (212) | $ 1,064 | (450) | $ 1,307 | |||
S A L P | |||||||
Disclosure Of Detailed Information About Warrant Liability [Line Items] | |||||||
Fair value of warrant liability | $ 278 | $ 278 | $ 53 |
Warrant Liability - Schedule of
Warrant Liability - Schedule of Fair Value of Warrants on Various Dates Calculated Using a Black-Scholes Option Pricing Model with Assumptions (Details) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 $ / shares | Jun. 30, 2023 $ / shares | Jun. 30, 2022 | Dec. 31, 2022 $ / shares | Dec. 31, 2022 $ / shares | |
Disclosure Of Detailed Information About Stock Option Assumption [Line Items] | |||||
Expected dividend rate | 0% | 0% | 0% | ||
Black Scholes Option Pricing Model | |||||
Disclosure Of Detailed Information About Stock Option Assumption [Line Items] | |||||
Underlying common share fair value (in USD) | $ 6.28 | $ 3.25 | |||
Remaining life until expiry | 0.023 | 0.023 | 0.028 | 0.028 | |
Volatility | 71% | 71% | 51% | 51% | |
Risk-free interest rate | 4.75% | 4.75% | 4.26% | 4.26% | |
Fair value of a warrant calculated using a Black-Sholes pricing model (in USD) | $ 0.19 | $ 0 | |||
Fair value of exercise price adjustment mechanism (in USD) | $ 0.53 | $ 0.12 | |||
Illiquidity discount | 26% | 26% | 20% | 20% | |
Fair value of a warrant | (per share) | $ 0.53 | $ 0.7 | $ 0.1 | $ 0.13 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Details) - CAD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Feb. 15, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings repurchase principal amount | $ 39,123 | ||
Borrowings repurchase interest amount | 484 | ||
Repayment of loans | 39,123 | $ 0 | $ 39,123 |
Loss on extinguishment of liabilities | 292 | ||
Legal fees incurred in settlement of debt | 40 | ||
Gain on Extinguishment of Royalty Payment Obligations | $ 120 | ||
Warrant Transaction Member | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Number of warrants cancelled | 16,873 | ||
Range of exercise price | $ 152.1 | $ 0 | $ 152.1 |
Warrants Held by SALP [Member] | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Number of warrants cancelled | 16,873 | ||
Range of exercise price | $ 152.1 |
Share Capital and Other Equit_3
Share Capital and Other Equity Instruments - Share Capital - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Common Shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Share capital description | unlimited number authorized, participating, carrying one vote per share, entitled to dividends. |
Preferred Shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Share capital description | unlimited number authorized, issuable in one or more series. |
Series A Preferred Shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Share capital description | unlimited number authorized, no par value, non-voting, ranking in priority to the common shares, entitled to the same dividends as the common shares, non-transferable, redeemable at the redemption amount offered for the common shares upon a change in control event. |
Share Capital and Other Equit_4
Share Capital and Other Equity Instruments - Schedule of Changes in Issued and Outstanding Common Shares (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of classes of share capital [abstract] | ||
Balance - beginning of year, Number | 3,104,222 | 3,104,222 |
Shares issued for milestone achievement (note 4), Number | 145,312 | 0 |
Balance - end of year, Number | 3,249,534 | 3,104,222 |
Balance - beginning of year | $ 979,849 | $ 979,849 |
Shares issued for milestone achievement (note 4) | 1,313 | 0 |
Balance - end of year | $ 981,162 | $ 979,849 |
Share Capital and Other Equit_5
Share Capital and Other Equity Instruments - Contributed Surplus (Share-Based Payments) - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2023 shares Plan $ / shares | Mar. 31, 2022 shares Plan $ / shares | Jun. 30, 2023 CAD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2023 CAD ($) | Jun. 30, 2022 CAD ($) | |
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Number of stock option plan | Plan | 2 | 2 | ||||
Share-based payment compensation expense | $ | $ 243 | $ 537 | $ 530 | $ 1,156 | ||
Executives | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Number of stock options granted | shares | 41,500 | 11,500 | ||||
Exercise price of options granted | $ / shares | $ 3.99 | $ 10.2 | ||||
Vesting period | 4 years | 4 years | ||||
Employees | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Number of stock options granted | shares | 3,100 | |||||
Exercise price of options granted | $ / shares | $ 3.99 | |||||
Board of Directors | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Number of stock options granted | shares | 5,000 | |||||
Exercise price of options granted | $ / shares | $ 10.2 | |||||
Stock Options | ||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||
Share-based payment compensation expense | $ | $ 243 | $ 537 | $ 530 | $ 1,156 |
Share Capital and Other Equit_6
Share Capital and Other Equity Instruments - Schedule of Changes in Number of Stock Options Outstanding and Weighted Average Exercise Price (Details) | 6 Months Ended | |
Jun. 30, 2023 shares $ / shares | Jun. 30, 2022 shares $ / shares | |
Disclosure Of Classes Of Share Capital [Line Items] | ||
Number of Share Options, Beginning Balance | shares | 101,629 | 102,805 |
Number of Share Options, Forfeited | shares | (1,709) | 0 |
Number of Share Options, Expired | shares | 0 | (8) |
Number of share Options, Ending Balance | shares | 99,920 | 102,797 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 214.46 | $ 215.29 |
Weighted Average Exercise Price, Forfeited | $ / shares | 146.12 | 0 |
Weighted Average Exercise Price, Expired | $ / shares | 0 | 21,225 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 215.63 | $ 213.65 |
US$ | ||
Disclosure Of Classes Of Share Capital [Line Items] | ||
Number of Share Options, Beginning Balance | shares | 130,916 | 74,900 |
Number of Share Options, Granted | shares | 44,600 | 60,850 |
Number of Share Options, Forfeited | shares | (5,166) | (4,500) |
Number of share Options, Ending Balance | shares | 170,350 | 131,250 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 21.52 | $ 34.88 |
Weighted Average Exercise Price, Granted | $ / shares | 3.99 | 6.7 |
Weighted Average Exercise Price, Forfeited | $ / shares | 16.34 | 18.08 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 17.09 | $ 22.39 |
Share Capital and Other Equit_7
Share Capital and Other Equity Instruments - Summary of Weighted Average Inputs into Model and Resulting Grant Date Fair Values (Details) | 6 Months Ended | |
Jun. 30, 2023 yr $ / shares | Jun. 30, 2022 yr $ / shares | |
Disclosure of classes of share capital [abstract] | ||
Expected dividend rate | 0% | 0% |
Expected volatility of share price | 117.20% | 115.80% |
Risk-free interest rate | 3.54% | 2.85% |
Expected life in years | yr | 6.8 | 6.8 |
Weighted average grant date incremental fair value | $ / shares | $ 4.65 | $ 7.5 |
Share Capital and Other Equit_8
Share Capital and Other Equity Instruments - Schedule of Stock Options Issued and Outstanding by Range of Exercise Price (Details) | 6 Months Ended | |||
Jun. 30, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Jun. 30, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 99,920 | 101,629 | 102,797 | 102,805 |
Weighted average remaining contractual life (in years) | 6 years 1 month 6 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 215.63 | $ 214.46 | $ 213.65 | $ 215.29 |
Number exercisable, options | shares | 86,824 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 225.56 | |||
US$ | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 170,350 | 130,916 | 131,250 | 74,900 |
Weighted average remaining contractual life (in years) | 8 years 8 months 12 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 17.09 | $ 21.52 | $ 22.39 | $ 34.88 |
Number exercisable, options | shares | 65,642 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 31.03 | |||
$119.90-$146.35 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 15,399 | |||
Weighted average remaining contractual life (in years) | 6 years 9 months 18 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 136.57 | |||
Number exercisable, options | shares | 13,079 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 136.15 | |||
$146.36-$211.05 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 78,973 | |||
Weighted average remaining contractual life (in years) | 5 years 10 months 24 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 152.1 | |||
Number exercisable, options | shares | 68,197 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 152.1 | |||
$211.06 - $2,130.00 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 5,025 | |||
Weighted average remaining contractual life (in years) | 5 years 10 months 24 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 358.66 | |||
Number exercisable, options | shares | 5,025 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 358.66 | |||
$2,130.01-$20,700.00 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 523 | |||
Weighted average remaining contractual life (in years) | 5 years | |||
Options outstanding, weighted average exercise price | $ / shares | $ 10,761.57 | |||
Number exercisable, options | shares | 523 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 10,761.57 | |||
$3.99-$4.75 | US$ | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 54,600 | |||
Weighted average remaining contractual life (in years) | 9 years 8 months 12 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 4.01 | |||
Number exercisable, options | shares | 0 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 0 | |||
$4.76-$7.80 | US$ | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 37,850 | |||
Weighted average remaining contractual life (in years) | 8 years 10 months 24 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 5.4 | |||
Number exercisable, options | shares | 14,370 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 5.4 | |||
$7.81 - $15.95 | US$ | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 16,500 | |||
Weighted average remaining contractual life (in years) | 8 years 8 months 12 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 10.2 | |||
Number exercisable, options | shares | 5,169 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 10.2 | |||
$15.96-$41.80 | US$ | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 31,400 | |||
Weighted average remaining contractual life (in years) | 8 years 2 months 12 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 27.56 | |||
Number exercisable, options | shares | 18,939 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 31.42 | |||
$41.81 - $108.00 | US$ | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 30,000 | |||
Weighted average remaining contractual life (in years) | 7 years 4 months 24 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 48.48 | |||
Number exercisable, options | shares | 27,164 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 48.28 |
Share Capital and Other Equit_9
Share Capital and Other Equity Instruments - Schedule of Stock Options Issued and Outstanding by Range of Exercise Price (Parenthetical) (Details) | Jun. 30, 2023 $ / shares |
$119.90-$146.35 | Bottom of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | $ 119.9 |
$119.90-$146.35 | Top of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 146.35 |
$146.36-$211.05 | Bottom of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 146.36 |
$146.36-$211.05 | Top of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 211.05 |
$211.06 - $2,130.00 | Bottom of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 211.06 |
$211.06 - $2,130.00 | Top of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 2,130 |
$2,130.01-$20,700.00 | Bottom of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 2,130.01 |
$2,130.01-$20,700.00 | Top of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 20,700 |
$3.99-$4.75 | Bottom of Range | US$ | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 3.99 |
$3.99-$4.75 | Top of Range | US$ | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 4.75 |
$4.76-$7.80 | Bottom of Range | US$ | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 4.76 |
$4.76-$7.80 | Top of Range | US$ | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 7.8 |
$7.81 - $15.95 | Bottom of Range | US$ | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 7.81 |
$7.81 - $15.95 | Top of Range | US$ | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 15.95 |
$15.96-$41.80 | Bottom of Range | US$ | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 15.96 |
$15.96-$41.80 | Top of Range | US$ | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 41.8 |
$41.81 - $108.00 | Bottom of Range | US$ | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 41.81 |
$41.81 - $108.00 | Top of Range | US$ | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | $ 108 |
Share Capital and Other Equi_10
Share Capital and Other Equity Instruments - Schedule of Total Share-Based Payments Expense (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Share-based payments expense | $ 243 | $ 537 | $ 530 | $ 1,156 |
Administration Expenses | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Share-based payments expense | 145 | 281 | 299 | 633 |
Research and Development Expenses | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Share-based payments expense | $ 98 | $ 256 | $ 231 | $ 523 |
Share Capital and Other Equi_11
Share Capital and Other Equity Instruments - Summary of Changes in Number of Warrants Outstanding and Weighted Average Exercise Price (Details) - $ / shares | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Feb. 15, 2022 | |
Warrant Transaction [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants, beginning of year | 400 | 17,273 | |
Number of warrants, ending of year | 0 | 400 | |
Weighted average exercise price, beginning of year | $ 30,000 | $ 843.3 | |
Number of Warrant Cancelled | 0 | (16,873) | |
Number of Warrant Expired | (400) | 0 | |
Exercise price of outstanding share options | $ 0 | $ 152.1 | $ 152.1 |
Weighted average exercise price, Expired | 30,000 | 0 | |
Weighted average exercise price, end of year | $ 0 | $ 30,000 | |
US$ | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants, ending of year | 789,472 | ||
Weighted average exercise price, end of year | $ 55 |
Share Capital and Other Equi_12
Share Capital and Other Equity Instruments - Warrants - Additional Information (Details) - $ / shares | 6 Months Ended | |||
Nov. 25, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Feb. 15, 2022 | |
Disclosure Of Classes Of Share Capital [Line Items] | ||||
Number of warrants issued | 789,472 | 789,472 | ||
Warrant Transaction [Member] | ||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||
Range of exercise price | $ 0 | $ 152.1 | $ 152.1 | |
Number of warrants cancelled | 16,873 |
Share Capital and Other Equi_13
Share Capital and Other Equity Instruments - Schedule of Warrants Outstanding, Exercise Price, Expiry Rate and Overall Weighted Average Exercise Price (Details) - Warrant Expires on November 2025 | 6 Months Ended |
Jun. 30, 2023 Warrant $ / shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Number or warrants outstanding | Warrant | 789,472 |
Expiry date | Nov. 30, 2025 |
Exercise price (USD) | $ / shares | $ 55 |
Capital Management - Summary of
Capital Management - Summary of Capital Management (Details) - CAD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure Of Capital Management [Abstract] | ||||
Warrant liability | $ 556 | $ 106 | ||
Total equity | $ 21,475 | $ 36,208 | $ 17,652 | $ 33,881 |
Supplemental Information - Addi
Supplemental Information - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 CAD ($) | |
Lease Liabilities | |
Supplemental Information Of Statements Of Operations [Line Items] | |
Interest expense on lease liabilities | $ 109 |
Supplemental Information - Summ
Supplemental Information - Summary of Consolidated Statements of Operations (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Supplemental Information Of Statements Of Operations [Line Items] | ||||
Total income (loss) from discontinued operations | $ (166) | $ 123 | $ (17) | $ 147 |
Research and development expense | 4,339 | 3,942 | 8,508 | 8,317 |
Administration expenses | $ 4,776 | $ 4,505 | 8,335 | 9,205 |
Share-based payments expense | $ 530 | $ 1,156 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Recovery in Consolidated Statement of Operations (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||||
Loss from continuing operations, net of taxes of $nil | $ 0 | $ 0 | $ 0 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transactions [Line Items] | |||||
Cash paid to related party | $ 188 | ||||
Former Chief Executive Officer [Member] | |||||
Related Party Transactions [Line Items] | |||||
Owing amount under tax equalization program | $ 197 | 197 | $ 197 | ||
S A L P | |||||
Related Party Transactions [Line Items] | |||||
Legal expenses | $ 53 | $ 46 | $ 117 | $ 205 |
Financial Instruments and Finan
Financial Instruments and Financial Risk Management - Schedule of Contractual Maturities of Financial Liabilities (Details) - CAD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Trade and other current payables | $ 5,394 | $ 5,968 |
Financial Instruments and Fin_2
Financial Instruments and Financial Risk Management - Schedule of Net Exposure to Currency Risk through Financial Assets and Financial Liabilities (Details) - CAD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 |
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | |||
Cash | $ 19,311 | $ 42,914 | |
Accounts payable and accrued liabilities | $ (5,394) | $ (5,968) |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) | Jul. 11, 2023 $ / shares | Apr. 04, 2023 $ / shares |
Disclosure of non-adjusting events after reporting period [line items] | ||
Common stock, Cash per share | $ 8.5 | |
Share premium, Percentage | 135% | |
Common stock, Value per share | $ 1 |