Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2021 | Feb. 14, 2022 | |
Cover [Abstract] | ||
Entity Central Index Key | 0001444192 | |
Entity Registrant Name | Acasti Pharma Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35776 | |
Entity Incorporation, State or Country Code | Z4 | |
Entity Tax Identification Number | 98-1359336 | |
Entity Address, Address Line One | 3009 boul. de la Concorde East, Suite 102 | |
Entity Address, City or Town | Laval | |
Entity Address, State or Province | QC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | H7E 2B5 | |
City Area Code | 450 | |
Local Phone Number | 686-4555 | |
Title of 12(b) Security | Common Shares, no par value per share | |
Trading Symbol | ACST | |
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 | 44,288,183 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheet (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 33,013 | $ 50,942 |
Short-term investments | 13,312 | 9,789 |
Receivables | 238 | 530 |
Assets held for sale | 587 | 768 |
Prepaid expenses | 1,847 | 343 |
Total current assets | 48,997 | 62,372 |
Right of Use asset | 22 | 86 |
Intangible assets | 65,208 | 0 |
Total assets | 114,227 | 62,458 |
Current liabilities: | ||
Trade and other payables | 2,843 | 1,493 |
Lease liability | 22 | 86 |
'Derivative warrant liabilities | 32 | 0 |
Total current liabilities | 2,897 | 1,579 |
Derivative warrant liabilities | 268 | 5,219 |
Total liabilities | 3,165 | 6,798 |
Shareholders’ equity: | ||
Common shares | 257,990 | 197,194 |
Additional paid-in capital | 11,538 | 10,817 |
Accumulated other comprehensive loss | (6,533) | (6,333) |
Accumulated deficit | (151,933) | (146,018) |
Total shareholder’s equity | 111,062 | 55,660 |
Commitments and contingencies | ||
Total liabilities and shareholders’ equity | $ 114,227 | $ 62,458 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from product sales | $ 0 | $ 81 | $ 0 | $ 81 |
Operating expenses | ||||
Cost of sales of products | 0 | (36) | 0 | (36) |
Research and development expenses, net of government assistance | (2,179) | (678) | (3,233) | (3,720) |
General and administrative expenses | (1,808) | (1,105) | (7,441) | (4,078) |
Sales and marketing expenses | (238) | (226) | (263) | (1,076) |
Impairment of intangible assets | 0 | 0 | 0 | (3,706) |
Impairment of equipment | 0 | 0 | 0 | (1,584) |
Impairment of Other asset and prepaid | (249) | 0 | (249) | 0 |
Loss from operating activities | (4,474) | (1,964) | (11,186) | (14,119) |
Financial income (expenses) | 696 | (1,256) | 5,271 | 87 |
Net income (loss) and total comprehensive loss | $ (3,778) | $ (3,220) | $ (5,915) | $ (14,032) |
Basic and diluted loss per share (in dollars per share) | $ (0.09) | $ (0.26) | $ (0.23) | $ (1.18) |
Weighted average number of shares outstanding (in shares) | 44,288,183 | 12,533,584 | 25,785,579 | 11,922,119 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Changes in Shareholder's Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] |
Balance (in shares) at Mar. 31, 2020 | 90,209,449 | ||||
Balance at Mar. 31, 2020 | $ 12,994 | $ 137,424 | $ 9,797 | $ (7,887) | $ (126,340) |
Net income (loss) and total comprehensive loss for the period | (4,666) | (4,666) | |||
Cumulative translation adjustment | 308 | 308 | |||
Net proceeds from shares issued under the at-the-market (ATM) program | 1,765 | $ 1,765 | |||
Net proceeds from shares issued under the at-the-market (ATM) program (in shares) | 2,278,936 | ||||
Stock based compensation | 635 | 635 | |||
Balance (in shares) at Jun. 30, 2020 | 92,488,385 | ||||
Balance at Jun. 30, 2020 | 11,036 | $ 139,189 | 10,432 | (7,579) | (131,006) |
Balance (in shares) at Mar. 31, 2020 | 90,209,449 | ||||
Balance at Mar. 31, 2020 | 12,994 | $ 137,424 | 9,797 | (7,887) | (126,340) |
Net income (loss) and total comprehensive loss for the period | (14,032) | ||||
Balance (in shares) at Dec. 31, 2020 | 156,073,767 | ||||
Balance at Dec. 31, 2020 | 25,715 | $ 162,196 | 10,825 | (6,934) | (140,372) |
Balance (in shares) at Jun. 30, 2020 | 92,488,385 | ||||
Balance at Jun. 30, 2020 | 11,036 | $ 139,189 | 10,432 | (7,579) | (131,006) |
Net income (loss) and total comprehensive loss for the period | (6,146) | (6,146) | |||
Cumulative translation adjustment | 179 | 179 | |||
Net proceeds from shares issued under the at-the-market (ATM) program | 3,427 | $ 3,427 | |||
Net proceeds from shares issued under the at-the-market (ATM) program (in shares) | 4,404,152 | ||||
Stock based compensation | 377 | $ (46) | 423 | ||
Stock based compensation (in shares) | (23,394) | ||||
Balance (in shares) at Sep. 30, 2020 | 96,869,143 | ||||
Balance at Sep. 30, 2020 | 8,873 | $ 142,570 | 10,855 | (7,400) | (137,152) |
Net income (loss) and total comprehensive loss for the period | (3,220) | (3,220) | |||
Cumulative translation adjustment | 466 | 466 | |||
Net proceeds from shares issued under the at-the-market (ATM) program | 19,626 | $ 19,626 | |||
Net proceeds from shares issued under the at-the-market (ATM) program (in shares) | 59,204,624 | ||||
Stock based compensation | (30) | (30) | |||
Balance (in shares) at Dec. 31, 2020 | 156,073,767 | ||||
Balance at Dec. 31, 2020 | 25,715 | $ 162,196 | 10,825 | (6,934) | (140,372) |
Balance (in shares) at Mar. 31, 2021 | 26,046,950 | ||||
Balance at Mar. 31, 2021 | 55,660 | $ 197,194 | 10,817 | (6,333) | (146,018) |
Net income (loss) and total comprehensive loss for the period | (3,118) | (3,118) | |||
Cumulative translation adjustment | 762 | 762 | |||
Stock based compensation | 153 | 153 | |||
Balance (in shares) at Jun. 30, 2021 | 26,046,950 | ||||
Balance at Jun. 30, 2021 | 53,457 | $ 197,194 | 10,970 | (5,571) | (149,136) |
Balance (in shares) at Mar. 31, 2021 | 26,046,950 | ||||
Balance at Mar. 31, 2021 | 55,660 | $ 197,194 | 10,817 | (6,333) | (146,018) |
Net income (loss) and total comprehensive loss for the period | (5,915) | ||||
Balance (in shares) at Dec. 31, 2021 | 44,288,183 | ||||
Balance at Dec. 31, 2021 | 111,062 | $ 257,990 | 11,538 | (6,533) | (151,933) |
Balance (in shares) at Jun. 30, 2021 | 26,046,950 | ||||
Balance at Jun. 30, 2021 | 53,457 | $ 197,194 | 10,970 | (5,571) | (149,136) |
Net income (loss) and total comprehensive loss for the period | 981 | 981 | |||
Cumulative translation adjustment | (1,149) | (1,149) | |||
Stock based compensation | 114 | 114 | |||
Common shares issued in relation to merger with Grace via share-for-share (in shares) | 18,241,233 | ||||
Common shares issued in relation to merger with Grace via share-for-share | 60,801 | $ 60,801 | |||
Balance (in shares) at Sep. 30, 2021 | 44,288,183 | ||||
Balance at Sep. 30, 2021 | 114,204 | $ 257,995 | 11,084 | (6,720) | (148,155) |
Net income (loss) and total comprehensive loss for the period | (3,778) | (3,778) | |||
Cumulative translation adjustment | 187 | 187 | |||
Stock based compensation | 454 | 454 | |||
Fees related to share-for-share issuance for merger with Grace | 5 | $ (5) | |||
Balance (in shares) at Dec. 31, 2021 | 44,288,183 | ||||
Balance at Dec. 31, 2021 | $ 111,062 | $ 257,990 | $ 11,538 | $ (6,533) | $ (151,933) |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows used in operating activities: | ||||
Net loss for the period | $ (3,778) | $ (3,220) | $ (5,915) | $ (14,032) |
Adjustments: | ||||
Amortization of intangible assets | 0 | 0 | 0 | 781 |
Depreciation of equipment | 0 | 0 | 0 | 142 |
Impairment of intangible assets | 0 | 0 | 0 | 3,706 |
Impairment of equipment | 0 | 0 | 0 | 1,584 |
Impairment of Other asset and prepaid | (249) | 0 | (249) | 0 |
Stock-based compensation | 454 | (30) | 721 | 1,003 |
Change in fair value of warrant liabilities | (828) | 1,098 | (4,908) | (420) |
Write Off of Deferred Financing Costs of At-the-Market Program | 0 | 0 | 0 | 264 |
Unrealized foreign exchange (gain) loss | 2 | (54) | (418) | (208) |
Changes in non-cash working capital items | (683) | (2,008) | (3,818) | (5,379) |
Net cash used in operating activities | (4,584) | (4,214) | (14,089) | (12,559) |
Cash flows from (used in) investing activities: | ||||
Acquisition of equipment | 0 | 0 | 0 | (69) |
Acquisition of short-term investments | (13,324) | (1,372) | (34,852) | (1,393) |
Maturity of short-term investment | 13,881 | 0 | 31,319 | 21 |
Net cash from (used in) investing activities | 557 | (1,372) | (3,533) | (1,441) |
Cash flows from (used in) financing activities: | ||||
Net proceeds from issuance of common shares under the at-the-market (ATM) | 0 | 19,745 | 0 | 24,955 |
Deferred financing costs paid | 0 | 0 | 0 | (143) |
Net cash from (used in) financing activities | 0 | 19,745 | 0 | 24,812 |
Effect of exchange rate fluctuations on cash and cash equivalents | 136 | (1,843) | (176) | (1,993) |
Translations effects on cash and cash equivalents related to reporting currency | (25) | 2,678 | (131) | 3,487 |
Net (decrease) increase in cash and cash equivalents | (3,916) | 14,994 | (17,929) | 12,306 |
Cash and cash equivalents, beginning of period | 36,929 | 11,552 | 50,942 | 14,240 |
Cash and cash equivalents, end of period | 33,013 | 26,546 | 33,013 | 26,546 |
Cash and cash equivalents are comprised of: | ||||
Cash | 33,013 | 7,104 | 33,013 | 7,104 |
Cash equivalents | $ 0 | $ 19,442 | $ 0 | $ 19,442 |
Note 1 - Nature of Operation
Note 1 - Nature of Operation | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Nature Of Operations | 1. Nature of operation Acasti Pharma Inc. (“Acasti” or the “Corporation”) is incorporated under the Business Corporations Act (Québec) (formerly Part 1A of the Companies Act (Québec)). The Corporation is domiciled in Canada and its registered office is located at 3009 boul. de la Concorde East, Suite 102, Laval, Québec, Canada H7E 2B5. In January 2020 and August 2020, the Corporation released Phase 3 TRILOGY clinical study results for the Corporation’s lead drug candidate, CaPre. The TRILOGY studies did not meet the primary endpoint which resulted in the Corporation’s Board of Directors deciding not to proceed with a filing of an NDA with the FDA. With the completion of the TRILOGY studies beginning in the second half of fiscal 2021, marketing and research and development activities and expenses were reduced while management undertook a strategic review, and some CaPre related equipment and other assets were and continue to be classified as held for sale as they are expected to be sold. In August 2021, the Corporation completed the acquisition via a share-for-share merger of Grace Therapeutics, Inc. (“Grace”) a privately held emerging biopharmaceutical company focused on developing innovative drug delivery technologies for the treatment of rare and orphan diseases. The post-merger Corporation is focused on building a late-stage specialty pharmaceutical company specializing in rare and orphan diseases and focused on developing and commercializing products that improve clinical outcomes using novel drug delivery technologies. The Corporation seeks to apply new proprietary formulations to existing pharmaceutical compounds to achieve enhanced efficacy, faster onset of action, reduced side effects, more convenient delivery and increased patient compliance; all of which could result in improved patient outcomes. The active pharmaceutical ingredients chosen by the Corporation for further development may be already approved in the target indication or could be repurposed for use in new indications. The Corporation has incurred operating losses and negative cash flows from operations in each year since its inception. The Corporation expects to incur significant expenses and continued operating losses for the foreseeable future. The Corporation expects its expenses will increase substantially in connection with its ongoing activities, particularly as it advances clinical development for the first three drug candidates in the Corporation’s pipeline; continues to engage contract manufacturing organizations (“CMOs”) to manufacture its clinical study materials and to ultimately develop large-scale manufacturing capabilities in preparation for commercial launch; seeks regulatory approval for its product candidates; and adds personnel to support its product development and future product launch and commercialization. The Corporation does not expect to generate revenue from product sales unless and until it successfully completes drug development and obtains regulatory approval, which the Corporation expects will take several years and is subject to significant uncertainty. To date, the Corporation has financed its operations primarily through public offerings and private placements of its common shares, warrants and convertible debt and the proceeds from research tax credits. Until such time that the Corporation can generate significant revenue from product sales, if ever, it will require additional financing, which is expected to be sourced from a combination of public or private equity or debt financings or other non-dilutive sources, which may include fees, milestone payments and royalties from collaborations with third parties. Arrangements with collaborators or others may require the Corporation to relinquish certain rights related to its technologies or drug product candidates. Adequate additional financing may not be available to the Corporation on acceptable terms, or at all. The Corporation’s inability to raise capital as and when needed would have a negative impact on its financial condition and its ability to pursue its business strategy. The Corporation remains subject to risks similar to other development stage companies in the biopharmaceutical industry, including compliance with government regulations, protection of proprietary technology, dependence on third party contractors and consultants and potential product liability, among others. Reverse stock split On August 26, 2021, the shareholders of the Corporation approved a resolution to undertake a reverse split of the common stock within a range of 1-6 to 1-8 with such specific ratio to be approved by the Acasti Board. All references in these financial statements to number of common shares, warrants and options, price per share and weighted average number of shares outstanding prior to the reverse split have been adjusted to reflect the approved reverse stock split of 1- 8 , which was made effective on August 31, 2021, on a retroactive basis as of the earliest period presented. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies: Basis of presentation These unaudited Consolidated Interim Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and on a basis consistent with those accounting principles followed by the Corporation and disclosed in note 2 of its most recent Annual Consolidated Financial Statements, except as disclosed in note 3 – Recent accounting pronouncements and policies and note 4 Acquisition of Grace, and should be read in conjunction with such statements and notes thereto. Use of estimates The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Estimates are based on management’s best knowledge of current events and actions that management may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Estimates and assumptions include the measurement of derivative warrant liabilities (note 8), stock-based compensation (note 12), assets held for sale (note 5), supply agreement (note 15), acquisition of Grace and valuation of intangibles (note 4). Estimates and assumptions are also involved in measuring the accrual of services rendered with respect to research and development expenditures at each reporting date, including whether contingencies should be accrued for, as well as in determining which research and development expenses qualify for investment tax credits and in what amounts. The Corporation recognizes the tax credits once it has reasonable assurance that they will be realized. Recorded tax credits are subject to review and approval by tax authorities and, therefore, could be different from the amounts recorded. Intangible assets - acquired in-process research and development In a business combination, the fair value of in-process research and development (“IPR&D”) acquired is capitalized and accounted for as indefinite-lived intangible assets, and not amortized until the underlying project receives regulatory approval, at which point the intangible assets will be accounted for as definite-lived intangible assets and amortized over the remaining useful life or discontinued. If discontinued, the intangible asset will be written off. Research and development (“R&D”) costs incurred after the acquisition are expensed as incurred. The estimated fair values of identifiable intangible assets were determined using the "income approach" which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. Some of the assumptions inherent in the development of these asset valuations include the estimated net cash flows for each year for the asset (including net revenues, cost of products sold, R&D costs, and selling and marketing costs), the appropriate discount rate necessary to measure the risk inherent in each future cash flow stream, the life cycle of each asset, the potential regulatory and commercial success risk, competitive trends impacting the asset and each cash flow stream, as well as other factors. Indefinite-lived assets are not amortized but are subject to an impairment review annually and more frequently when indicators of impairment exist. An impairment of indefinite-lived intangible assets would occur if the fair value of the intangible asset is less than the carrying value. The Corporation tests indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If the Corporation concludes it is more likely than not that the fair value is less than it's carrying amount, a quantitative impairment test is performed. For its quantitative impairment tests, the Corporation uses an estimated future cash flow approach that requires judgment with respect to estimated net cash flows for each year for the asset (including net revenues, cost of products sold, R&D costs, and selling and marketing costs), the appropriate discount rate necessary to measure the risk inherent in each future cash flow stream, the life cycle of each asset, the potential regulatory and commercial success risk, competitive trends impacting the asset and each cash flow stream, as well as other factors. The use of alternative estimates and assumptions could increase or decrease the estimated fair value of the assets and potentially result in different impacts to the Corporation's results of operations. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. Recent accounting pronouncements In June 2016, the Financial Accounting Standards Board issued ASU 2016-13-Financial Instruments-Credit Losses (Topic 326), which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost, the new guidance eliminates the probable initial recognition threshold in current U.S. GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. ASU 2016-13 will affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, and any other financial assets not excluded from the scope that have the contractual right to receive cash. ASU 2016-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2022. Management has not yet evaluated the impact of this ASU on the consolidated financial statements. |
Note 4 - Acquisition of Grace
Note 4 - Acquisition of Grace | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Business Combination Disclosure [Text Block] | 4. Acquisition of Grace On August 27, 2021, the Corporation completed its acquisition of all outstanding equity interests in Grace Therapeutics Inc, via a merger. Grace, based in New Jersey and organized under the laws of Delaware, was a rare and orphan disease specialty pharmaceutical company. In connection with the share-for-share noncash transaction, Grace was merged with a new wholly owned subsidiary of Acasti and became a subsidiary of Acasti. As a result, Acasti acquired Grace’s entire therapeutic pipeline consisting of three unique clinical stage and multiple pre-clinical stage assets supported by an intellectual property portfolio consisting of various granted and pending patents in various jurisdictions worldwide. Under the terms of the acquisition, each issued and outstanding share of Grace common stock was automatically converted into the right to receive Acasti common shares equal to the equity exchange ratio set forth in the merger agreement. Consideration for acquisition A total of 18,241,233 common shares of Acasti have been issued to Grace stockholders as consideration for the acquisition. Total common shares issued 18,241,233 Acasti share price (closing share price on August 27, 2021) $ 3.3344 Fair value of common shares issued $ 60,824 The acquisition of Grace has been accounted for as a business combination using the acquisition method of accounting. This acquisition method requires, among other things, that assets acquired, and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date. The valuation of assets acquired, and liabilities assumed has not yet been finalized as of December 31, 2021 . As a result, the Corporation recorded preliminary estimates for the fair value of assets acquired and liabilities assumed as of the acquisition date. Finalization of the valuation during the measurement period could result in a change in the amounts recorded for the acquisition date of fair value of intangible assets, goodwill, property and equipment, and income taxes , among other items. The completion of the valuation will occur no later than one year from the acquisition date. The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as of the acquisition date: $ Assets acquired and liabilities assumed Cash and equivalents 90 Prepaid expenses and other current assets 74 Intangible assets – in-process research and development 65,208 Accounts payable and accrued expenses ( 4,548 ) Total assets acquired and liabilities assumed 60,824 Intangible assets of $ 65,208 relate primarily to the value of IPR&D, related to Grace’s therapeutic pipeline, consisting of three unique clinical stage programs/assets supported by intellectual property. Acquisition-related expenses, which were comprised primarily of regulatory, financial advisory and legal fees, totaled nil and $ 3.2 million, respectively for the three and nine-months ended December 31, 2021 and were included in general and administrative expenses in the condensed consolidated interim statements of earnings. The net loss attributed to Grace in the consolidated interim statement of income (loss) for the three- and nine-months period ended December 31, 2021 , since the date of acquisition is immaterial. Pro forma financial information The following table presents the unaudited pro forma combined results of Acasti and Grace for the nine-months ended December 31, 2021, as if the acquisition of Grace had occurred on April 1, 2020: nine months ended December 31, 2021 $ Net loss ( 9,670 ) The unaudited pro forma condensed combined financial information was prepared using the acquisition method of accounting and was based on the historical financial information of Acasti and Grace. The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations would have been had the acquisition been completed on April 1, 2020. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company, nor does it reflect the realization of any synergies or cost savings associated with the acquisition. |
Note 5 - Short-term Investments
Note 5 - Short-term Investments | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. Short-term investments The Corporation holds various marketable securities, with maturities greater than 3 months at the time of purchase, as follows: December 31, March 31, $ $ Term deposits issued in US currency earning interest at ranges between 0.17% and 0.20% and maturing on various dates from March 4, 2022, to April 1, 2022 11,914 7,542 Term deposits issued in CAD currency earning interest at 0.58% maturing on April 1, 2022 1,398 2,247 Total short-term investments 13,312 9,789 |
Note 6 - Impairment of Intangib
Note 6 - Impairment of Intangible Assets | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Intangible Assets Disclosure [Text Block] | 6. Impairment of intangible assets: In prior years, the Corporation entered into agreements with Neptune Wellness Solutions Inc. ("Neptune") pursuant to which the Corporation obtained a license and exercised its option under the license agreement to pay in advance future royalties payable to Neptune. This license allowed the Corporation to exploit the intellectual property rights in order to conduct clinical trials for its CaPre drug candidate. The Corporation tests intangible assets for impairment should circumstances change or events occur that would indicate that the fair value of an asset may be below its carrying value. During the second quarter of fiscal 2021, the Corporation released its Phase 3 clinical programs data and its failure to meet its primary endpoints, and the resulting decision to not file an NDA to obtain FDA approval for CaPre. In addition, a significant share price reduction occurred. Due to these indicators of impairment under ASC 350, the Corporation undertook an analysis to determine the fair value of its intangible asset this quarter. In assessing the magnitude of any impairment of the license the Corporation considered all available evidence, including (i) significant adverse impact from business climate due to the Phase 3 clinical program’s failure to meet its primary endpoints, and the resulting decision to not file an NDA to obtain FDA approval for CaPre, and the resulting internal forecasts that no cash flows from the use of the license was possible, and (ii) management’s estimate that a market place participant would place minimal to no value on the license if it were to be sold on its own or in combination with other assets, recognized or not, which is a level 3 measurement in the fair value hierarchy which included unobservable inputs. Accordingly, an impairment loss of $ 3,706 was recognized in the second quarter of the year ended March 31, 2021, which represents the totality of the intangible assets net book value prior to the impairment trigger. |
Note 7 - Assets Held for Sale
Note 7 - Assets Held for Sale | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. Assets held for sale During the period, the Corporation determined to actively market for sale Other assets and Equipment and has met the criteria for classification of assets held for sale: December 31, March 31, $ $ Other assets (a) 193 387 Equipment (b) 394 381 587 768 a. Other assets Other assets represent krill oil (“RKO”) held by the Corporation that was expected to be used in commercial inventory scale up related to the development and commercialization of the CaPre drug candidate. Given that the development of CaPre will no longer be pursued by Acasti, the Corporation is expected to sell this reserve. The other asset is being recorded at the fair value less cost to sell, which has resulted in an impairment loss during the three and nine months ended December 31, 2021 of $ 249 . Management’s estimate of the fair value of the RKO less cost to sell is based primarily on estimated market prices obtained from an appraiser specializing in the krill oil market. These projections are based on Level 3 inputs of the fair value hierarchy and reflect management’s best estimate of market participants’ pricing of the assets as well as the general condition of the asset. b. Equipment December 31, 2021 Cost, net of Accumulated Net book $ $ $ Furniture and office equipment 17 ( 5 ) 12 Computer equipment 108 ( 29 ) 79 Laboratory equipment 584 ( 436 ) 148 Production equipment 1,181 ( 1,026 ) 155 1,890 ( 1,496 ) 394 Equipment is made up of laboratory, production, computer, and office equipment. Similar to the intangible assets and Other assets, the announcement of the discontinuation of the CaPre program resulted in an impairment trigger for the laboratory and production equipment. The impairment loss is based on management’s estimate of the fair value of the equipment less cost to sell, which is based primarily on estimated market prices obtained from brokers specialized in selling used equipment. These projections are based on Level 3 inputs of the fair value hierarchy and reflect the Corporation’s best estimate of market participants’ pricing of the assets as well as the general condition of the assets. |
Note 8 - Derivative Warrant Lia
Note 8 - Derivative Warrant Liabilities | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | In connection with the Canadian public offering that closed on May 9, 2018, the Corporation issued a total of 1,369,937 warrants. Each warrant entitles the holder thereof to acquire one common share at an exercise price of CAD $ 10.48 at any time until May 9, 2023. The warrants issued are derivative warrant liabilities given the warrant indenture contains certain contingent provisions that allow for cash settlement. In connection with the U.S. public offering that closed on December 27, 2017, the Corporation issued a total of 1,225,366 warrants. Each warrant entitles the holder thereof to acquire one common share at an exercise price of $ 10.08 at any time until December 27, 2022. The warrants issued are derivative warrant liabilities given the currency of the exercise price is different from the Corporation’s functional currency. The derivative warrant liabilities are measured at fair value at each reporting period and the reconciliation of changes in fair value is presented in the following tables: Warrant liabilities issued Warrant liabilities issued December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 $ $ $ $ Balance – beginning of year 2,597 1,146 2,622 1,247 Change in fair value ( 2,322 ) ( 100 ) ( 2,586 ) ( 320 ) Translation effect ( 7 ) 182 ( 4 ) 185 Balance – end of period 268 1,228 32 1,112 Fair value per share issuable 0.32 1.49 0.04 1.26 The fair value of the derivative warrant liabilities was estimated using the Black-Scholes option pricing model and based on the following assumptions: Warrant liabilities issued Warrant liabilities issued December 31, March 31, December 31, March 31, Exercise price CAD$ 10.48 CAD$ 10.48 USD$ 10.08 USD$ 10.08 Share price CAD$ 1.62 CAD$ 2.16 USD$ 1.26 USD$ 1.6 Risk-free interest 1.25 % 1.39 % 1.26 % 0.92 % Estimated life (years) 1.35 2.11 0.99 1.74 Expected volatility 150.42 % 156.00 % 108.49 % 171.12 % Dividend nil nil nil nil |
Note 9 - Capital and Other Comp
Note 9 - Capital and Other Components of Equity | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Capital and other components of equity (a) “At-the-market ” sales agreement On February 14, 2019, the Corporation entered into an ATM sales agreement with B. Riley FBR, Inc. (“B. Riley”) pursuant to which common shares may be sold from time to time for aggregate gross proceeds of up to $ 30 million, with sales only being made on the NASDAQ Stock Market. The common shares would be issued at market prices prevailing at the time of the sale and, as a result, prices may vary between purchasers and during the period of distribution. The ATM program has a 3 -year term and requires the Corporation to pay between 3 % and 4 % commission to B. Riley based on volume of sales made. On June 29, 2020, the Corporation entered into an amended and restated sales agreement (the “Sales Agreement”) with B. Riley, Oppenheimer & Co. Inc. and H.C. Wainwright & Co., LLC (collectively, the “Agents”) to amend the existing ATM program. Under the terms of the Sales Agreement, which has a three-year term, the Corporation may issue and sell from time-to-time common shares having an aggregate offering price of up to $ 75,000,000 through the Agents. Subject to the terms and conditions of the Sales Agreement, the Agents will use their commercially reasonable efforts to sell the common shares from time to time, based upon the Corporation’s instructions. The Corporation has no obligation to sell any of the common shares and may at any time suspend sales under the Sales Agreement. The Corporation and the Agents may terminate the Sales Agreement in accordance with its terms. Under the terms of the Sales Agreement, the Corporation has provided the Agents with customary indemnification rights and the Agents will be entitled to compensation at a commission rate equal to 3.0 % of the gross proceeds from each sale of the common shares. The remaining balance of the costs incurred relating to the February 2019 ATM program for an amount of $ 115 were written off to financing expenses. On November 10, 2021, the Corporation filed a prospectus supplement relating to its at-the-market program with B. Riley, Oppenheimer& Co. Inc. and H.C. Wainwright & Co., LLC acting as agents. Under the terms of the ATM Sales Agreement and the prospectus supplement, the Corporation may issue and sell from time-to-time common shares having an aggregate offering price of up to $ 75,000,000 through the agents. The common shares will be distributed at market prices prevailing at the time of the sale and, as a result, prices may vary between purchasers and during the period of distribution. The volume and timing of sales under the ATM program, if any, will b e determined at the sole discretion of the Corporation’s board of directors and management. Costs incurred relating to prospectus supplement were $ 198 and are included in General and administrative expenses. During the nine months ended December 31, 2021 , no common shares were sold under the ATM program. During the nine months ended December 31, 2020, 8,236 common shares were sold for total net proceeds of approximately $ 24.8 million with commissions, legal expenses and costs related to the share sale amounting to $ 903 . The common shares were sold at the prevailing market prices, which resulted in an average price of app roximately $ 5.22 per share. Accordingly, proportional costs of $ 18 related to the common shares sold have been reclassified from deferred financings costs to equity. To tal costs incurred to register the Sales Agreements were initially recorded as deferred financing costs in the Consolidated Balance Sheet. During the nine-month period ended December 31, 2020, the remaining balance of the costs incurred of $ 264 were written off as financing expenses. (b) Warrants The outstanding warrants of the Corporation are composed of the following as at December 31, 2021, and March 31, 2021: December 31, 2021 March 31, 2021 Number Amount Number Amount $ $ Liability May 2018 Canadian public offering warrants (i) 824,218 268 824,218 2,597 December 2017 U.S. public offering warrants (ii) 884,120 32 884,120 2,622 1,708,338 300 1,708,338 5,219 Equity December 2017 US public offering broker warrants (iii) 32,390 161 32,390 161 February 2017 Canadian public offering warrants (iv) 215,491 631 215,491 631 247,881 792 247,881 792 (i) Warrants to acquire one common share at an exercise price of CAD $ 10.48 , expiring on May 9, 2023. (ii) Warrants to acquire one common share at an exercise price of $ 10.08 , expiring on December 27, 2022. (iii) Warrants to acquire one common share at an exercise price of $ 10.10 , expiring on December 19, 2022. (iv) Warrants to acquire one common share at an exercise price of CAD $ 17.20 , expiring on February 21, 2022. |
Note 10 - Government Assistance
Note 10 - Government Assistance | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Government Assistance [Text Block] | 10. Government assistance Government assistance is comprised of a government grant from the Canadian federal government and research and development investment tax credits receivable from the Québec provincial government, which relate to qualifiable research and development expenditures under the applicable tax laws. The amounts recorded as receivables are subject to a government tax audit and the final amounts received may differ from those recorded. For the nine months ended December 31, 2021 and 2020 , the Corporation recorded $ 184 and $ 84 , respectively, as a reduction of research and development expenses in the Statement of Loss and Comprehensive Loss. In September 2019, the Corporation was awarded up to CAD $ 750 in non-dilutive and non-repayable funding from the National Research Council of Canada Industrial Research Assistance Program (“NRC IRAP”) to apply towards eligible research and development disbursements of the Corporation’s unique commercial production platform for CaPre. In October 2020, the Corporation received correspondence from the NRC IRAP that the eligible amount awarded to the Corporation for non-dilutive and non-repayable funding was reduced from up to CAD $750 to up to CAD $ 326 . During the nine months ended December 31, 2021 and 2020 , the Corporation claimed nil and $ 79 , respectively, in connection with this program, which has been recorded as a reduction of research and development expenses in the Consolidated Statements of Loss and Comprehensive Loss. |
Note 11 - Revenues
Note 11 - Revenues | 9 Months Ended |
Dec. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Revenue from Contract with Customer [Text Block] | 11. Revenues In October 2020, the Corporation entered into an agreement with the Centre Integre Universitaire et des services sociaux de L’Estrie -Centre hospitalier Universitaire de Sherbrooke to start producing and selling Viral transport medium tubes to be utilized in testing related to the Covid-19 pandemic. Revenue is recognized when the product is received by the customer. |
Note 12 - Net Financial Income
Note 12 - Net Financial Income | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Net Financial Income | 12. Net financial income Three Months ended Nine Months ended December 31, December 31, December 31, December 31, $ $ $ $ Foreign exchange gain (loss) ( 172 ) ( 196 ) 172 ( 146 ) Write-off of deferred financing fees related to at-the-market (ATM) program — — — ( 264 ) Change in fair value of warrant liabilities 828 ( 1,098 ) 4,908 420 Interest income 40 38 191 77 Financial income 696 ( 1,256 ) 5,271 87 |
Note 13 - Stock Based Compensat
Note 13 - Stock Based Compensation | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Share-based Payment Arrangement [Text Block] | 13. Stock-based compensation: At December 31, 2021, the Corporation has in place a stock option plan for directors, officers, employees, and consultants of the Corporation (“Stock Option Plan”). An amendment of the Stock Option Plan was approved by shareholders on August 26, 2021. The amendment provides for an increase to the existing limits for common shares reserved for issuance under the Stock Option Plan as well as certain changes to the minimum vesting period applicable to options granted to directors under the Stock Option Plan. The Stock Option Plan continues to provide for the granting of options to purchase common shares. The exercise price of the stock options granted under this amended plan is not lower than the closing price of the common shares on the TSXV at the close of markets the day preceding the grant. The maximum number of common shares that may be issued upon exercise of options granted under the amended Stock Option Plan shall not exceed 10% of the aggregate number of issued and outstanding shares of the Corporation. This resulted in an increase from 1,816,735 representing 15 % of the issued and outstanding common shares as of August 26, 2020, to 4,428,818 representing 10% of the issued and outstanding common shares as of December 31, 2021 . The terms and conditions for acquiring and exercising options are set by the Corporation’s Board of Directors, subject among others, to the following limitations: the term of the options cannot exceed ten years and (i) all options granted to a director will be vested evenly on a monthly basis over a period of at least twelve (12) months, and (ii) all options granted to an employee will be vested evenly on a quarterly basis over a period of at least thirty-six (36) months. The total number of shares issued to any one consultant within any twelve-month period cannot exceed 2 % of the Corporation’s total issued and outstanding shares (on a non-diluted basis). The Corporation is not authorized to grant within any twelve-month period such number of options under the Stock Option Plan that could result in a number of common shares issuable pursuant to options granted to (a) related persons exceeding 2 % of the Corporation’s issued and outstanding common shares (on a non-diluted basis) on the date an option is granted, or (b) any one eligible person in a twelve-month period exceeding 2 % of the Corporation’s issued and outstanding common shares (on a non-diluted basis) on the date an option is granted. The following table summarizes information about activities within the Stock Option Plan for the three and nine-month periods ended: December 31, 2021 December 31, 2020 Weighted average Number of Weighted average Number of CAD$ CAD$ Outstanding at beginning of period 8.33 911,871 7.97 1,241,611 Granted 2.05 2,077,900 — — Exercised — — — — Forfeited 10.39 ( 7,995 ) 6.70 ( 224,560 ) Expired — — — — Outstanding at end of period 3.95 2,981,776 9.42 1,017,051 Exercisable at end of period 8.84 761,563 9.42 661,796 The fair value of options granted was estimated using the Black-Scholes option pricing model, resulting in the following weighted average assumptions for the options granted: Three Months ended Nine Months ended December 31, December 31, December 31, December 31, $ $ $ $ Exercise price CAD $ 2.05 CAD $ — CAD $ 2.05 CAD $ — Share price CAD $ 2.05 CAD $ — CAD $ 2.05 CAD $ — Weighted average grant-date fair value per award CAD $ 1.76 CAD $ — CAD $ 1.76 CAD $ — Volatility 120.66 % — 120.66 % — Risk-free interest rate 1.47 % — 1.47 % — Expected life 5.77 — 5.77 — Dividend — — — — Stock-based compensation payment transactions The fair value of stock-based compensation transactions is measured using the Black-Scholes option pricing model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility for a duration equal to the estimated weighted average life of the instruments, life based on the average of the vesting and contractual periods for employee awards as minimal prior exercises of options in which to establish historical exercise experience; and contractual life for broker warrants), and the risk-free interest rate (based on government bonds). Service and performance conditions attached to the transactions, if any, are not taken into account in determining fair value. The expected life of the stock options is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may also not necessarily be the actual outcome. Compensation expense recognized under the Stock Option Plan for the three and nine-month periods ended December 31, 2021, and December 31, 2020 was as follows: Three Months ended Nine Months ended December 31, December 31, December 31, December 31, $ $ $ $ Research and development expenses 154 58 242 304 General and administrative expenses 281 174 460 706 Sales and marketing expenses 19 ( 262 ) 19 ( 7 ) 454 ( 30 ) 721 1,003 |
Note 14 - Supplemental Cash Flo
Note 14 - Supplemental Cash Flow Disclosure | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 14. Supplemental cash flow disclosure (a) Changes in non-cash operating items Three Months ended Nine Months ended December 31, December 31, December 31, December 31, $ $ $ $ Receivables 579 27 292 ( 20 ) Inventory — ( 14 ) — ( 14 ) Prepaid expenses 331 ( 23 ) ( 1,507 ) 521 Trade and other payables ( 1,593 ) ( 1,999 ) ( 2,603 ) ( 5,891 ) ( 683 ) ( 2,009 ) ( 3,818 ) ( 5,404 ) |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2021 | |
Notes To Financial Statements [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 15. Commitments and contingencies Research and development contracts and contract research organizations agreements We utilize contract manufacturing organizations, for the development and production of clinical materials and contract research organizations to perform services related to our clinical trials. Pursuant to the agreements with these contract manufacturing organizations and contract research organizations, we have either the right to terminate the agreements without penalties or under certain penalty conditions. Supply contract On October 25, 2019, the Corporation signed a supply agreement with Aker Biomarine Antartic. (“Aker”) to purchase raw krill oil product for a committed volume of commercial starting material for CaPre for a total value of $ 3.1 million. As at December 31, 2021 , the remaining balance of the commitment with Aker amounts to $ 2.8 mil lion. As of February 14, 2022, no krill oil product has been made available for delivery under the supply agreement, therefore no liability has been incurred. Acasti no longer has any planned use for the product for its own operating purposes. There is uncertainty whether the Corporation can recover value from the raw krill oil product and expects it may incur a loss on this contract in the near term, absent an amended arrangement with the counterparty. Legal proceedings and disputes In the ordinary course of business, the Corporation is at times subject to various legal proceedings and disputes. The Corporation assess its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Corporation will incur a loss and the amount of the loss can be reasonably estimated, the Corporation records a liability in its consolidated financial statements. These legal contingencies may be adjusted to reflect any relevant developments. Where a loss is not probable or the amount of loss is not estimable, the Corporation does not accrue legal contingencies. While the outcome of legal proceedings is inherently uncertain, based on information currently available, management believes that it has established appropriate legal reserves. Any incremental liabilities arising from pending legal proceedings are not expected to have a material adverse effect on the Corporation’s financial position, results of operations, or cash flows. However, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the Corporation’s financial position, results of operations, or cash flows. No reserves or liabilities have been accrued as at December 31, 2021. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation These unaudited Consolidated Interim Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and on a basis consistent with those accounting principles followed by the Corporation and disclosed in note 2 of its most recent Annual Consolidated Financial Statements, except as disclosed in note 3 – Recent accounting pronouncements and policies and note 4 Acquisition of Grace, and should be read in conjunction with such statements and notes thereto. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates. Estimates are based on management’s best knowledge of current events and actions that management may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Estimates and assumptions include the measurement of derivative warrant liabilities (note 8), stock-based compensation (note 12), assets held for sale (note 5), supply agreement (note 15), acquisition of Grace and valuation of intangibles (note 4). Estimates and assumptions are also involved in measuring the accrual of services rendered with respect to research and development expenditures at each reporting date, including whether contingencies should be accrued for, as well as in determining which research and development expenses qualify for investment tax credits and in what amounts. The Corporation recognizes the tax credits once it has reasonable assurance that they will be realized. Recorded tax credits are subject to review and approval by tax authorities and, therefore, could be different from the amounts recorded. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible assets - acquired in-process research and development In a business combination, the fair value of in-process research and development (“IPR&D”) acquired is capitalized and accounted for as indefinite-lived intangible assets, and not amortized until the underlying project receives regulatory approval, at which point the intangible assets will be accounted for as definite-lived intangible assets and amortized over the remaining useful life or discontinued. If discontinued, the intangible asset will be written off. Research and development (“R&D”) costs incurred after the acquisition are expensed as incurred. The estimated fair values of identifiable intangible assets were determined using the "income approach" which is a valuation technique that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. Some of the assumptions inherent in the development of these asset valuations include the estimated net cash flows for each year for the asset (including net revenues, cost of products sold, R&D costs, and selling and marketing costs), the appropriate discount rate necessary to measure the risk inherent in each future cash flow stream, the life cycle of each asset, the potential regulatory and commercial success risk, competitive trends impacting the asset and each cash flow stream, as well as other factors. Indefinite-lived assets are not amortized but are subject to an impairment review annually and more frequently when indicators of impairment exist. An impairment of indefinite-lived intangible assets would occur if the fair value of the intangible asset is less than the carrying value. The Corporation tests indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If the Corporation concludes it is more likely than not that the fair value is less than it's carrying amount, a quantitative impairment test is performed. For its quantitative impairment tests, the Corporation uses an estimated future cash flow approach that requires judgment with respect to estimated net cash flows for each year for the asset (including net revenues, cost of products sold, R&D costs, and selling and marketing costs), the appropriate discount rate necessary to measure the risk inherent in each future cash flow stream, the life cycle of each asset, the potential regulatory and commercial success risk, competitive trends impacting the asset and each cash flow stream, as well as other factors. The use of alternative estimates and assumptions could increase or decrease the estimated fair value of the assets and potentially result in different impacts to the Corporation's results of operations. |
Note 4 - Acquisition of Grace (
Note 4 - Acquisition of Grace (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Total common shares issued 18,241,233 Acasti share price (closing share price on August 27, 2021) $ 3.3344 Fair value of common shares issued $ 60,824 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | $ Assets acquired and liabilities assumed Cash and equivalents 90 Prepaid expenses and other current assets 74 Intangible assets – in-process research and development 65,208 Accounts payable and accrued expenses ( 4,548 ) Total assets acquired and liabilities assumed 60,824 |
Business Acquisition, Pro Forma Information [Table Text Block] | nine months ended December 31, 2021 $ Net loss ( 9,670 ) |
Note 5 - Short-term Investmen_2
Note 5 - Short-term Investments (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Short-term Investments [Abstract] | |
Marketable Securities [Table Text Block] | December 31, March 31, $ $ Term deposits issued in US currency earning interest at ranges between 0.17% and 0.20% and maturing on various dates from March 4, 2022, to April 1, 2022 11,914 7,542 Term deposits issued in CAD currency earning interest at 0.58% maturing on April 1, 2022 1,398 2,247 Total short-term investments 13,312 9,789 |
Note 7 - Assets Held for Sale (
Note 7 - Assets Held for Sale (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Assets Held-for-sale, Not Part of Disposal Group [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | During the period, the Corporation determined to actively market for sale Other assets and Equipment and has met the criteria for classification of assets held for sale: December 31, March 31, $ $ Other assets (a) 193 387 Equipment (b) 394 381 587 768 December 31, 2021 Cost, net of Accumulated Net book $ $ $ Furniture and office equipment 17 ( 5 ) 12 Computer equipment 108 ( 29 ) 79 Laboratory equipment 584 ( 436 ) 148 Production equipment 1,181 ( 1,026 ) 155 1,890 ( 1,496 ) 394 |
Note 8 - Derivative Warrant L_2
Note 8 - Derivative Warrant Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedges, Liabilities [Abstract] | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | The derivative warrant liabilities are measured at fair value at each reporting period and the reconciliation of changes in fair value is presented in the following tables: Warrant liabilities issued Warrant liabilities issued December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 $ $ $ $ Balance – beginning of year 2,597 1,146 2,622 1,247 Change in fair value ( 2,322 ) ( 100 ) ( 2,586 ) ( 320 ) Translation effect ( 7 ) 182 ( 4 ) 185 Balance – end of period 268 1,228 32 1,112 Fair value per share issuable 0.32 1.49 0.04 1.26 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The fair value of the derivative warrant liabilities was estimated using the Black-Scholes option pricing model and based on the following assumptions: Warrant liabilities issued Warrant liabilities issued December 31, March 31, December 31, March 31, Exercise price CAD$ 10.48 CAD$ 10.48 USD$ 10.08 USD$ 10.08 Share price CAD$ 1.62 CAD$ 2.16 USD$ 1.26 USD$ 1.6 Risk-free interest 1.25 % 1.39 % 1.26 % 0.92 % Estimated life (years) 1.35 2.11 0.99 1.74 Expected volatility 150.42 % 156.00 % 108.49 % 171.12 % Dividend nil nil nil nil |
Note 9 - Capital and Other Co_2
Note 9 - Capital and Other Components of Equity (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The outstanding warrants of the Corporation are composed of the following as at December 31, 2021, and March 31, 2021: December 31, 2021 March 31, 2021 Number Amount Number Amount $ $ Liability May 2018 Canadian public offering warrants (i) 824,218 268 824,218 2,597 December 2017 U.S. public offering warrants (ii) 884,120 32 884,120 2,622 1,708,338 300 1,708,338 5,219 Equity December 2017 US public offering broker warrants (iii) 32,390 161 32,390 161 February 2017 Canadian public offering warrants (iv) 215,491 631 215,491 631 247,881 792 247,881 792 |
Note 12 - Net Financial Income
Note 12 - Net Financial Income (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Investment Income, Net [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Three Months ended Nine Months ended December 31, December 31, December 31, December 31, $ $ $ $ Foreign exchange gain (loss) ( 172 ) ( 196 ) 172 ( 146 ) Write-off of deferred financing fees related to at-the-market (ATM) program — — — ( 264 ) Change in fair value of warrant liabilities 828 ( 1,098 ) 4,908 420 Interest income 40 38 191 77 Financial income 696 ( 1,256 ) 5,271 87 |
Note 13 - Stock Based Compens_2
Note 13 - Stock Based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | December 31, 2021 December 31, 2020 Weighted average Number of Weighted average Number of CAD$ CAD$ Outstanding at beginning of period 8.33 911,871 7.97 1,241,611 Granted 2.05 2,077,900 — — Exercised — — — — Forfeited 10.39 ( 7,995 ) 6.70 ( 224,560 ) Expired — — — — Outstanding at end of period 3.95 2,981,776 9.42 1,017,051 Exercisable at end of period 8.84 761,563 9.42 661,796 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of options granted was estimated using the Black-Scholes option pricing model, resulting in the following weighted average assumptions for the options granted: Three Months ended Nine Months ended December 31, December 31, December 31, December 31, $ $ $ $ Exercise price CAD $ 2.05 CAD $ — CAD $ 2.05 CAD $ — Share price CAD $ 2.05 CAD $ — CAD $ 2.05 CAD $ — Weighted average grant-date fair value per award CAD $ 1.76 CAD $ — CAD $ 1.76 CAD $ — Volatility 120.66 % — 120.66 % — Risk-free interest rate 1.47 % — 1.47 % — Expected life 5.77 — 5.77 — Dividend — — — — |
Note 14 - Supplemental Cash F_2
Note 14 - Supplemental Cash Flow Disclosure (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Operating Capital [Table Text Block] | Three Months ended Nine Months ended December 31, December 31, December 31, December 31, $ $ $ $ Receivables 579 27 292 ( 20 ) Inventory — ( 14 ) — ( 14 ) Prepaid expenses 331 ( 23 ) ( 1,507 ) 521 Trade and other payables ( 1,593 ) ( 1,999 ) ( 2,603 ) ( 5,891 ) ( 683 ) ( 2,009 ) ( 3,818 ) ( 5,404 ) |
Note 1 - Nature of Operation (D
Note 1 - Nature of Operation (Details Textual) | Aug. 31, 2021 |
Reverse Stock Split [Member] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 8 |
Note 4 - Acquisition of Grace_2
Note 4 - Acquisition of Grace (Details Textual) - Grace Therapeutics Inc. [Member] - USD ($) $ in Thousands | Aug. 27, 2020 | Dec. 31, 2021 | Dec. 31, 2021 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 18,241,233 | ||
Business Combination, Acquisition Related Costs | $ 0 | $ 3,200 | |
In Process Research and Development [Member] | |||
Finite-lived Intangible Assets Acquired | $ 65,208 |
Note 4 - Acquisition of Grace -
Note 4 - Acquisition of Grace - Consideration (Details) - Grace Therapeutics Inc. [Member] | Aug. 27, 2020USD ($)$ / sharesshares |
Total common shares issued (in shares) | shares | 18,241,233 |
Acasti share price (closing share price on August 27, 2021) (in dollars per share) | $ / shares | $ 3.3344 |
Fair value of common shares issued | $ | $ 60,824 |
Note 4 - Acquisition of Grace_3
Note 4 - Acquisition of Grace - Assets Acquired and Liabilities Assumed (Details) - Grace Therapeutics Inc. [Member] $ in Thousands | Aug. 27, 2020USD ($) |
Cash and equivalents | $ 90 |
Prepaid expenses and other current assets | 74 |
Intangible assets – in-process research and development | 65,208 |
Accounts payable and accrued expenses | (4,548) |
Total assets acquired and liabilities assumed | $ 60,824 |
Note 4 - Acquisition of Grace_4
Note 4 - Acquisition of Grace - Pro Forma Financial Information (Details) $ in Thousands | 9 Months Ended |
Dec. 31, 2021USD ($) | |
Business Combination and Asset Acquisition [Abstract] | |
Net loss | $ (9,670) |
Note 5 - Short-term Investmen_3
Note 5 - Short-term Investments - Marketable Securities (Details) $ in Thousands, $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021CAD ($) |
Total short-term investments | $ 13,312 | $ 9,789 | ||
Deposits [Member] | ||||
Total short-term investments | $ 11,914 | $ 7,542 | ||
Canadian Deposits [Member] | ||||
Total short-term investments | $ 1,398 | $ 2,247 |
Note 6 - Impairment of Intang_2
Note 6 - Impairment of Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 3,706 | $ 0 | $ 3,706 |
Note 7 - Assets Held for Sale -
Note 7 - Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | ||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | $ 587 | $ 587 | $ 768 | |||
Equipment held-for-sale, impairment loss | 0 | $ 0 | 0 | $ (1,584) | ||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Other assets (a) | [1] | 193 | 193 | 387 | ||
Equipment (b) | [2] | 394 | 394 | 381 | ||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | 587 | 587 | $ 768 | |||
Equipment held-for-sale, cost | 1,890 | 1,890 | ||||
Equipment held-for-sale, accumulated depreciation | (1,496) | (1,496) | ||||
Equipment held-for-sale, impairment loss | 394 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Furniture and Office Equipment [Member] | ||||||
Equipment held-for-sale, cost | 17 | 17 | ||||
Equipment held-for-sale, accumulated depreciation | (5) | (5) | ||||
Equipment held-for-sale, impairment loss | (12) | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Computer Equipment [Member] | ||||||
Equipment held-for-sale, cost | 108 | 108 | ||||
Equipment held-for-sale, accumulated depreciation | (29) | (29) | ||||
Equipment held-for-sale, impairment loss | 79 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Laboratory Equipment [Member] | ||||||
Equipment held-for-sale, cost | 584 | 584 | ||||
Equipment held-for-sale, accumulated depreciation | (436) | (436) | ||||
Equipment held-for-sale, impairment loss | 148 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Production Equipment [Member] | ||||||
Equipment held-for-sale, cost | 1,181 | 1,181 | ||||
Equipment held-for-sale, accumulated depreciation | $ (1,026) | (1,026) | ||||
Equipment held-for-sale, impairment loss | $ 155 | |||||
[1] | Other assets represent krill oil (“RKO”) held by the Corporation that was expected to be used in commercial inventory scale up related to the development and commercialization of the CaPre drug candidate. Given that the development of CaPre will no longer be pursued by Acasti, the Corporation is expected to sell this reserve. The other asset is being recorded at the fair value less cost to sell, which has resulted in an impairment loss during the three and nine months ended December 31, 2021 of $ 249 . Management’s estimate of the fair value of the RKO less cost to sell is based primarily on estimated market prices obtained from an appraiser specializing in the krill oil market. These projections are based on Level 3 inputs of the fair value hierarchy and reflect management’s best estimate of market participants’ pricing of the assets as well as the general condition of the asset. | |||||
[2] | Equipment is made up of laboratory, production, computer, and office equipment. Similar to the intangible assets and Other assets, the announcement of the discontinuation of the CaPre program resulted in an impairment trigger for the laboratory and production equipment. The impairment loss is based on management’s estimate of the fair value of the equipment less cost to sell, which is based primarily on estimated market prices obtained from brokers specialized in selling used equipment. These projections are based on Level 3 inputs of the fair value hierarchy and reflect the Corporation’s best estimate of market participants’ pricing of the assets as well as the general condition of the assets. |
Note 7 - Assets Held For Sale_2
Note 7 - Assets Held For Sale (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets Held-for-sale, Not Part of Disposal Group [Abstract] | ||||
Impairment of Other asset and prepaid | $ (249) | $ 0 | $ (249) | $ 0 |
Note 8 - Derivative Warrant L_3
Note 8 - Derivative Warrant Liabilities (Details Textual) - $ / shares | Dec. 31, 2021 | Mar. 31, 2021 | May 09, 2018 | Dec. 27, 2017 |
Class of Warrant or Right, Outstanding (in shares) | 247,881 | 247,881 | ||
Warrants Issued in May 2018 [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | 1,369,937 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | 1 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ 10.48 | $ 10.48 | ||
Over-Allotment Option Warrants Issued December 2017 [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | 1,225,366 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ 10.08 |
Note 8 - Derivative Warrant L_4
Note 8 - Derivative Warrant Liabilities - Changes in Fair Value (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Warrants Issued in May 2018 [Member] | ||
Balance - beginning of year | $ 2,597 | $ 1,146 |
Change in fair value | (2,322) | (100) |
Translation effect | (7) | 182 |
Balance – end of period | $ 268 | $ 1,228 |
Fair value per share issuable (in dollars per share) | $ 0.32 | $ 1.49 |
Warrants Issued December 27, 2017 [Member] | ||
Balance - beginning of year | $ 2,622 | $ 1,247 |
Change in fair value | (2,586) | (320) |
Translation effect | (4) | 185 |
Balance – end of period | $ 32 | $ 1,112 |
Fair value per share issuable (in dollars per share) | $ 0.04 | $ 1.26 |
Note 8 - Derivative Warrant L_5
Note 8 - Derivative Warrant Liabilities - Assumptions (Details) | Dec. 31, 2021CAD ($) | Mar. 31, 2021CAD ($) |
Measurement Input, Exercise Price [Member] | Warrants Issued in May 2018 [Member] | ||
Derivative warrant liability, measurement input | 10.48 | 10.48 |
Measurement Input, Exercise Price [Member] | Warrants Issued December 27, 2017 [Member] | ||
Derivative warrant liability, measurement input | 10.08 | 10.08 |
Measurement Input, Share Price [Member] | Warrants Issued in May 2018 [Member] | ||
Derivative warrant liability, measurement input | 1.62 | 2.16 |
Measurement Input, Share Price [Member] | Warrants Issued December 27, 2017 [Member] | ||
Derivative warrant liability, measurement input | 1.26 | 1.6 |
Measurement Input, Risk Free Interest Rate [Member] | Warrants Issued in May 2018 [Member] | ||
Derivative warrant liability, measurement input | 0.0125 | 0.0139 |
Measurement Input, Risk Free Interest Rate [Member] | Warrants Issued December 27, 2017 [Member] | ||
Derivative warrant liability, measurement input | 0.0126 | 0.0092 |
Measurement Input, Expected Term [Member] | Warrants Issued in May 2018 [Member] | ||
Derivative warrant liability, measurement input | 0.0135 | 0.0211 |
Measurement Input, Expected Term [Member] | Warrants Issued December 27, 2017 [Member] | ||
Derivative warrant liability, measurement input | 0.0099 | 0.0174 |
Measurement Input, Price Volatility [Member] | Warrants Issued in May 2018 [Member] | ||
Derivative warrant liability, measurement input | 1.5042 | 1.5600 |
Measurement Input, Price Volatility [Member] | Warrants Issued December 27, 2017 [Member] | ||
Derivative warrant liability, measurement input | 1.0849 | 1.7112 |
Note 9 - Capital and Other Co_3
Note 9 - Capital and Other Components of Equity (Details Textual) | Jun. 29, 2020USD ($) | Feb. 14, 2019USD ($)shares | Feb. 28, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2021$ / sharesshares | Nov. 10, 2021USD ($) | May 09, 2018$ / sharesshares |
At-the-market Sales Agreement, Common Stock, Maximum Amount | $ 75,000,000 | $ 30,000,000 | $ 75,000,000 | ||||||||
At-the-market Sales Agreement, Term (Year) | 3 years | ||||||||||
At-the-market Sales Agreement, Underwriter Fees, Percentage of Sales | 3.00% | ||||||||||
Write Off of Deferred Financing Costs of At-the-Market Program | $ 115,000 | $ 0 | $ 0 | $ 0 | $ 264,000 | ||||||
Warrants Issued in May 2018 [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | 1 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 10.48 | $ 10.48 | |||||||||
Warrants Issued December 27, 2017 [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 10.08 | ||||||||||
Broker Warrants Issued May 2018 [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 10.10 | ||||||||||
Warrants Issued in Connection with Public Offering February 2017 [Member] | |||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 17.20 | ||||||||||
At-the-market Offering [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 0 | 0 | 8,236 | ||||||||
Proceeds from Issuance of Common Stock, Net | $ 24,800,000 | ||||||||||
Commission Costs Related to Share Sale | $ 903,000 | ||||||||||
Sale of Stock, Average Price Per Share (in dollars per share) | $ / shares | $ 5.22 | ||||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 18,000 | ||||||||||
Cost related to prospectus supplement amount | $ 198,000 | ||||||||||
Minimum [Member] | |||||||||||
At-the-market Sales Agreement, Underwriter Fees, Percentage of Sales | 3.00% | ||||||||||
Maximum [Member] | |||||||||||
At-the-market Sales Agreement, Underwriter Fees, Percentage of Sales | 4.00% |
Note 9 - Capital and Other Co_4
Note 9 - Capital and Other Components of Equity - Warrants (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Mar. 31, 2021 | |
Number outstanding (in shares) | 247,881 | 247,881 | |
Amount | $ 792 | $ 792 | |
Over-Allotment Option Warrants Issued in May 2018 [Member] | |||
Number outstanding (in shares) | [1] | 824,218 | 824,218 |
Amount | [1] | $ 268 | $ 2,597 |
Warrants Issued December 27, 2017 [Member] | |||
Number outstanding (in shares) | [2] | 884,120 | 884,120 |
Amount | [2] | $ 32 | $ 2,622 |
Derivative Liability Warrants [Member] | |||
Number outstanding (in shares) | 1,708,338 | 1,708,338 | |
Amount | $ 300 | $ 5,219 | |
Broker Warrants Issued December 2017 [Member] | |||
Number outstanding (in shares) | [3] | 32,390 | 32,390 |
Amount | [3] | $ 161 | $ 161 |
Warrants Issued in Connection with Public Offering February 2017 [Member] | |||
Number outstanding (in shares) | [4] | 215,491 | 215,491 |
Amount | [4] | $ 631 | $ 631 |
[1] | Warrants to acquire one common share at an exercise price of CAD $ 10.48 , expiring on May 9, 2023. | ||
[2] | Warrants to acquire one common share at an exercise price of $ 10.08 , expiring on December 27, 2022. | ||
[3] | Warrants to acquire one common share at an exercise price of $ 10.10 , expiring on December 19, 2022. | ||
[4] | Warrants to acquire one common share at an exercise price of CAD $ 17.20 , expiring on February 21, 2022. |
Note 10 - Government Assistan_2
Note 10 - Government Assistance (Details Textual) $ in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Oct. 31, 2020CAD ($) | Sep. 30, 2019CAD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Proceeds from NRC IRAP | $ 0 | $ 79 | ||
Maximum [Member] | ||||
Award in Non-dilutive and Non-repayable Funding From NRC IRAP | $ 326 | $ 750 | ||
Research and Development Expense [Member] | ||||
Government Assistance | $ 184 | $ 84 |
Note 12 - Net Financial Incom_2
Note 12 - Net Financial Income - Financial Income (Expenses) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Investment Income [Abstract] | |||||
Foreign exchange gain (loss) | $ (172) | $ (196) | $ 172 | $ (146) | |
Write-off of deferred financing fees related to at-the-market (ATM) program | $ (115) | 0 | 0 | 0 | (264) |
Change in fair value of warrant liabilities | 828 | (1,098) | 4,908 | 420 | |
Interest income | 40 | 38 | 191 | 77 | |
Financial income | $ 696 | $ (1,256) | $ 5,271 | $ 87 |
Note 13 - Stock Based Compens_3
Note 13 - Stock Based Compensation (Details Textual) - Stock Option Plan [Member] - shares | 1 Months Ended | 9 Months Ended | |
Aug. 26, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,816,735 | 4,428,818 | |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 15.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person | 2.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 2,077,900 | 0 | |
Consultant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person | 2.00% | ||
Related Party [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person | 2.00% |
Note 13 - Stock Based Compens_4
Note 13 - Stock Based Compensation - Activities Within the Stock Option Plan (Details) - Stock Option Plan [Member] | 9 Months Ended | |
Dec. 31, 2021$ / shares$ / sharesshares | Dec. 31, 2020$ / shares$ / sharesshares | |
Outstanding, weighted average exercise price (in CAD per share) | $ / shares | $ 8.33 | $ 7.97 |
Outstanding, number of options (in shares) | shares | 911,871 | 1,241,611 |
Granted, weighted average exercise price (in CAD per share) | $ / shares | $ 2.05 | $ 0 |
Granted, number of options (in shares) | shares | 2,077,900 | 0 |
Exercised, weighted average exercise price (in CAD per share) | $ / shares | $ 0 | $ 0 |
Exercised, number of options (in shares) | shares | 0 | 0 |
Forfeited, weighted average exercise price (in CAD per share) | $ / shares | $ 10.39 | $ 6.70 |
Forfeited, number of options (in shares) | shares | (7,995) | (224,560) |
Expired, weighted average exercise price (in CAD per share) | $ / shares | $ 0 | $ 0 |
Expired, number of options (in shares) | shares | 0 | 0 |
Outstanding, weighted average exercise price (in CAD per share) | $ / shares | $ 3.95 | $ 9.42 |
Outstanding, number of options (in shares) | shares | 2,981,776 | 1,017,051 |
Exercisable, weighted average exercise price (in CAD per share) | $ / shares | $ 8.84 | $ 9.42 |
Exercisable, number of options (in shares) | shares | 761,563 | 661,796 |
Note 13 - Stock-based Compensat
Note 13 - Stock-based Compensation - Schedule of fair value of options granted (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Exercise price | $ 2.05 | $ 0 | $ 2.05 | $ 0 |
Share price | 2.05 | 0 | 2.05 | 0 |
Weighted average grant-date fair value per award | $ 1.76 | $ 0 | $ 1.76 | $ 0 |
Volatility | 120.66% | 0.00% | 120.66% | 0.00% |
Risk-free interest rate | 1.47% | 0.00% | 1.47% | 0.00% |
Expected life | 5 years 9 months 7 days | 5 years 9 months 7 days | ||
Dividend | 0.00% | 0.00% | 0.00% | 0.00% |
Note 13 - Stock Based Compens_5
Note 13 - Stock Based Compensation - Compensation Expense (Details) - Stock Option Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Compensation expense | $ 454 | $ (30) | $ 721 | $ 1,003 |
Research and Development Expense [Member] | ||||
Compensation expense | 154 | 58 | 242 | 304 |
General and Administrative Expense [Member] | ||||
Compensation expense | 281 | 174 | 460 | 706 |
Selling and Marketing Expense [Member] | ||||
Compensation expense | $ 19 | $ (262) | $ 19 | $ (7) |
Note 14 - Supplemental Cash F_3
Note 14 - Supplemental Cash Flow Disclosure - Changes in Working Capital Items (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Receivables | $ 579 | $ 27 | $ 292 | $ (20) |
Inventory | (14) | (14) | ||
Prepaid expenses | 331 | (23) | (1,507) | 521 |
Trade and other payables | (1,593) | (1,999) | (2,603) | (5,891) |
Increase (Decrease) in Non-cash Working Capital | $ (683) | $ (2,009) | $ (3,818) | $ (5,404) |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) - RKO Supply Agreement [Member] - USD ($) $ in Millions | Dec. 31, 2021 | Oct. 25, 2019 |
Purchase Obligation, Total | $ 3.1 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 2.8 |