Grace Therapeutics (GRCE) 10-Q 14 Nov 22 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2022	Nov. 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	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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		44,612,831

Condensed Consolidated Interim

Condensed Consolidated Interim Balance Sheet (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 34,926	$ 30,339
Short-term investments	14	13,322
Receivables	859	548
Assets held for sale	352	352
Prepaid expenses	1,354	720
Total current assets	37,505	45,281
Right of use asset	510	315
Equipment	122	250
Intangible assets	69,810	69,810
Goodwill	12,964	12,964
Total assets	120,911	128,620
Current liabilities:
Trade and other payables	3,735	3,156
Lease liability	70	104
Total current liabilities	3,805	3,260
Derivative warrant liabilities	0	10
Lease liability	450	191
Deferred tax liability	16,492	16,889
Total liabilities	20,747	20,350
Shareholders' equity:
Common shares	258,294	257,990
Additional paid-in capital	13,200	12,154
Accumulated other comprehensive loss	(6,040)	(6,037)
Accumulated deficit	(165,290)	(155,837)
Total shareholder’s equity	100,164	108,270
Commitments and contingencies
Total liabilities and shareholders’ equity	$ 120,911	$ 128,620

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses
Research and development expenses, net of government assistance	$ (3,292)	$ (585)	$ (5,882)	$ (1,054)
General and administrative expenses	(1,680)	(2,957)	(3,598)	(5,633)
Sales and marketing expenses	(136)	(25)	(357)	(25)
Loss from operating activities	(5,108)	(3,567)	(9,837)	(6,712)
Financial income (expenses)	24	4,548	(13)	4,575
Income (loss) before income tax recovery	(5,084)	981	(9,850)	(2,137)
Income tax recovery	155	0	397
Net income (loss) and total comprehensive income (loss)	$ (4,929)	$ 981	$ (9,453)	$ (2,137)
Loss per share, Basic	$ (0.11)	$ (0.03)	$ (0.21)	$ (0.07)
Loss per share, Diluted	$ (0.11)	$ (0.03)	$ (0.21)	$ (0.07)
Weighted Average Number of Shares Outstanding, Basic	44,550,996	32,788,275	44,440,132	29,436,032
Weighted Average Number of Shares Outstanding, Diluted	44,550,996	32,788,275	44,440,132	29,436,032

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]
Beginning Balance (in shares) at Mar. 31, 2021		26,046,950
Beginning Balance at Mar. 31, 2021	$ 55,660	$ 197,194	$ 10,817	$ (6,333)	$ (146,018)
Net loss and total comprehensive loss for the period	(3,118)				(3,118)
Cumulative translation adjustment	762			762
Stock based compensation	153		153
Ending Balance (in shares) at Jun. 30, 2021		26,046,950
Ending Balance at Jun. 30, 2021	53,457	$ 197,194	10,970	(5,571)	(149,136)
Beginning Balance (in shares) at Mar. 31, 2021		26,046,950
Beginning Balance at Mar. 31, 2021	55,660	$ 197,194	10,817	(6,333)	(146,018)
Net loss and total comprehensive loss for the period	(2,137)
Ending Balance (in shares) at Sep. 30, 2021		44,288,183
Ending Balance at Sep. 30, 2021	114,204	$ 257,995	11,084	(6,720)	(148,155)
Beginning Balance (in shares) at Jun. 30, 2021		26,046,950
Beginning Balance at Jun. 30, 2021	53,457	$ 197,194	10,970	(5,571)	(149,136)
Net 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 Grade via share-for-share, (in shares)		18,241,233
Common shares issued in relation to merger with Grade via share-for-share	60,801	$ 60,801		0
Ending Balance (in shares) at Sep. 30, 2021		44,288,183
Ending Balance at Sep. 30, 2021	114,204	$ 257,995	11,084	(6,720)	(148,155)
Beginning Balance (in shares) at Mar. 31, 2022		44,288,183
Beginning Balance at Mar. 31, 2022	108,270	$ 257,990	12,154	(6,037)	(155,837)
Net loss and total comprehensive loss for the period	(4,524)				(4,524)
Cumulative translation adjustment	(2)			(2)
Net proceeds from shares issued under the at-the-market (ATM) program	195	$ 195
Net proceeds from shares issued under the at-the-market (ATM) program (in shares)		206,010
Stock based compensation	464		464
Ending Balance (in shares) at Jun. 30, 2022		44,494,193
Ending Balance at Jun. 30, 2022	104,403	$ 258,185	12,618	(6,039)	(160,361)
Beginning Balance (in shares) at Mar. 31, 2022		44,288,183
Beginning Balance at Mar. 31, 2022	108,270	$ 257,990	12,154	(6,037)	(155,837)
Net loss and total comprehensive loss for the period	(9,453)
Ending Balance (in shares) at Sep. 30, 2022		44,612,831
Ending Balance at Sep. 30, 2022	100,164	$ 258,294	13,200	(6,040)	(165,290)
Beginning Balance (in shares) at Jun. 30, 2022		44,494,193
Beginning Balance at Jun. 30, 2022	104,403	$ 258,185	12,618	(6,039)	(160,361)
Net loss and total comprehensive loss for the period	(4,929)				(4,929)
Cumulative translation adjustment	(1)			(1)
Net proceeds from shares issued under the at-the-market (ATM) program	109	$ 109
Net proceeds from shares issued under the at-the-market (ATM) program (in shares)		118,638
Stock based compensation	582		582
Ending Balance (in shares) at Sep. 30, 2022		44,612,831
Ending Balance at Sep. 30, 2022	$ 100,164	$ 258,294	$ 13,200	$ (6,040)	$ (165,290)

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash flows used in operating activities:
Net loss for the period	$ (4,929)	$ 981	$ (9,453)	$ (2,137)
Adjustments:
Depreciation of equipment			106
Stock-based compensation			1,046	267
Change in fair value of warrant liabilities		(3,435)	(10)	(4,080)
Income tax recovery	155	0	397
Unrealized foreign exchange (gain) loss			(51)	420
Write off of equipment			31
Changes in non-cash working capital items			(137)	(3,135)
Net cash used in operating activities			(8,865)	(9,505)
Net Cash Provided by (Used in) Investing Activities [Abstract]
Acquisition of equipment			(9)
Acquisition of short-term investments			(14)	(21,528)
Maturity of short-term investment			13,185	17,438
Net cash from (used in) investing activities			13,162	(4,090)
Cash flows from (used in) financing activities:
Net proceeds from issuance of common shares under the at-the-market (ATM)			304
Net cash from (used in) financing activities			304
Effect of exchange rate fluctuations on cash and cash equivalents			156	(312)
Translations effects on cash and cash equivalents related to reporting currency			(170)	(106)
Net increase (decrease) in cash and cash equivalents			4,587	(14,013)
Cash and cash equivalents, beginning of period			30,339	50,942
Cash and cash equivalents, end of period	34,926	36,929	34,926	36,929
Cash and cash equivalents are comprised of:
Cash	34,926	36,929	34,926	36,929
Cash equivalents	$ 0	$ 0	$ 0	$ 0

Note 1 - Nature of Operation

Note 1 - Nature of Operation	6 Months Ended
	Sep. 30, 2022
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 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 developing and commercializing products that improve clinical outcomes using our 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 drug candidates; and adds personnel to support its drug product development and future drug 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 drug 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 could 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	6 Months Ended
	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Summary of significant accounting policies	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 should be read in conjunction with such statements and notes thereto. Functional currency On April 1, 2022, the Corporation’s functional currency was changed from the Canadian dollar to the US dollar. This change is reflected prospectively in the Corporation’s financial statements. FASB ASC Topic 830, “Functional Currency Matters,” requires a change in functional currency to be reported as of the date it is determined there has been a change, and it is generally accepted practice that the change is made at the start of the most recent period that approximates the date of the change. Management determined it would enact this change effective on April 1, 2022. While the change was based on a factual assessment, the determination of the date of the change required management’s judgement given the change in the Corporations primary economic and business environment, which has evolved over time. As part of management’s functional currency assessment, changes in economic facts and circumstances were considered. This included analysis of changes in: impact of the merger with Grace Therapeutics, management of operations, and in the composition of cash and short term investment balances. Additionally, budgeting is in USD, whereas this was previously performed in CAD. The Corporations cash outflows consist primarily of USD cash balances and less of CAD, as also reflected in the budget. 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 7), stock-based compensation (note 10), assets held for sale (note 6), supply agreement (note 12), valuation of intangibles (note 4) and goodwill. 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.

Note 3 - Recent Accounting Pron

Note 3 - Recent Accounting Pronouncements	6 Months Ended
	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Recent accounting pronouncements	3. Recent accounting pronouncements The Corporation has considered recent accounting pronouncements and concluded that they are either not applicable to the business or that the effect is not expected to be material to the consolidated financial statements as a result of future adoption.

Note 4 - Intangible Assets

Note 4 - Intangible Assets	6 Months Ended
	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Intangible Assets	4. Intangible assets 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. Intangible assets of $ 69,810 relate to the value of IPR&D, related to Grace’s therapeutic pipeline, consisting of three unique clinical stage programs/assets supported by intellectual property, the value of which has been attributed as follows: $ Intangible assets – in-process research and development GTX-104 27,595 GTX-102 31,908 GTX-101 10,307 Total 69,810 The Corporation performed an impairment test as at August 27, 2022 for each of our IPR&D technologies as well as for goodwill. The Corporation has one reporting unit which we have determined to be the Company. The estimated fair values of identifiable intangible assets and the reporting unit were determined using the multi-period excess earnings method. As a result of this quantitative assessment, we did not identify an impairment loss. The projected discounted cash flow models used to estimate the fair value of assets of our IPR&D reflect significant assumptions and are level 3 unobservable data regarding the estimates a market participant would make in order to evaluate a drug development asset, including the following: • Probability of clinical success of research and development and obtaining regulatory approval; • Forecasted net sales from up-front and milestone payments, royalties and product sales; and • A discount rate reflecting our weighted average cost of capital and specific risk inherent in the underlying assets. All IPR&D projects have risks and uncertainties associated with the timely and successful completion of the development and commercialization of product candidates, including our ability to confirm safety and efficacy based on data from clinical trials, our ability to obtain necessary regulatory approvals and our ability to successfully complete these tasks within budgeted costs. It is not permitted to market a human therapeutic without obtaining regulatory approvals, and such approvals require the completion of clinical trials that demonstrate that a product candidate is safe and effective. In addition, the availability and extent of coverage and reimbursement from third-party payers, including government healthcare programs and private insurance plans as well as competitive product launches, affect the revenues a product can generate. Consequently, the eventual realized values, if any, of acquired IPR&D projects may vary from their estimated fair values. The Corporation reviews individual IPR&D projects for impairment annually on the anniversary of acquisition, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and upon establishment of technological feasibility or regulatory approval.

Note 5 - Short-term Investments

Note 5 - Short-term Investments	6 Months Ended
	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Short-term Investments	5. Short-term investments The Corporation holds various marketable securities, with maturities greater than 3 months at the time of purchase, as follows: September 30, March 31, $ $ Term deposits issued in US currency earning interest at 0.20 % and maturing on April 1, 2022 — 11,893 Term deposits issued in CAD currency earning interest at ranges between 0.50 % and 0.58 % and maturing on various dates from April 1, 2022 to March 30, 2023 14 1,429 Total short-term investments 14 13,322

Note 6 - Assets Held for Sale

Note 6 - Assets Held for Sale	6 Months Ended
	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Assets held for sale	6. Assets held for sale During the period, the Corporation determined to actively market for sale Other assets and Production equipment and has met the criteria for classification of assets held for sale: September 30, March 31, Reclassed as explained below $ $ Other assets (a) 195 195 Production equipment (b) 157 157 352 352 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. 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. Production equipment September 30, 2022 Cost, net of Accumulated Net book $ $ $ Production equipment 1,179 ( 1,022 ) 157 1,179 ( 1,022 ) 157 During the three months ended June 30, 2022, the Corporation reclassed the following assets from assets held for sale as they no longer met the criteria of such classification. Cost, net of Accumulated Net $ $ $ Furniture and office equipment 17 ( 5 ) 12 Computer equipment 94 ( 6 ) 88 Laboratory equipment 585 ( 435 ) 150 696 ( 446 ) 250 Furthermore, depreciation expense of $ 167 was recognized related to the period from the date that the assets were classified as held for sale until the quarter ended June 30, 2022. The recla ssification from held for sale to equipment was reflected on the comparative balance sheet.

Note 7 - Capital and Other Comp

Note 7 - Capital and Other Components of Equity	6 Months Ended
	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Capital and other components of equity	7. 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 three and nine months ending December 31, 2021. During the six months ended September 30, 2022 324,648 common shares were sold for total net proceeds of approximately $ 304 with commissions, legal expenses and costs related to the share sale amounting to $ 10 . The common shares were sold at the prevailing market prices, which resulted in an average price of app roximately $ 0.95 per share. During the three and six months ended September 30, 2021 , no common shares were sold under the ATM program. (b) Warrants The outstanding warrants of the Corporation are composed of the following as at September 30, 2022, and March 31, 2022: September 30, 2022 March 31, 2022 Number Amount Number Amount $ $ Liability May 2018 Canadian public offering warrants (i) 824,218 — 824,218 10 December 2017 U.S. public offering warrants (ii) 884,120 — 884,120 — 1,708,338 — 1,708,338 10 Equity December 2017 US public offering broker warrants (iii) 32,390 161 32,390 161 32,390 161 32,390 161 (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.

Note 8 - Government Assistance

Note 8 - Government Assistance	6 Months Ended
	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Government assistance	8. 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 six months ended September 30, 2022 and 2021 , the Corporation recorded $ 81 and $ 129 , respectively, as a reduction of research and development expenses in the Statement of Loss and Comprehensive Loss.

Note 9 - Net Financial Income

Note 9 - Net Financial Income	6 Months Ended
	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Net Financial Income	9. Net financial income Three months ended Six Months ended September 30, September 30, September 30, September 30, $ $ $ $ Foreign exchange gain (loss) ( 12 ) 1,099 ( 90 ) 344 Change in fair value of warrant liabilities — 3,435 10 4,080 Interest income and bank charges — 14 — 151 Other income 36 — 67 — Financial income (expenses) 24 4,548 ( 13 ) 4,575

Note 10 - Stock Based Compensat

Note 10 - Stock Based Compensation	6 Months Ended
	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Stock-based compensation	10. Stock-based compensation: At September 30, 2022, 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 September 28, 2022. The amendment provides for an increase to the existing limits for common shares reserved for issuance 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 20% of the aggregate number of issued and outstanding shares of the Corporation as of July 28, 2022. 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 six month period ended: September 30, 2022 September 30, 2021 Weighted average Number of Weighted average Number of CAD $ CAD $ Outstanding at beginning of period 3.94 2,989,381 8.33 911,871 Granted 1.10 1,482,500 — — Exercised - — — — Forfeited 7.66 ( 22,263 ) 10.39 ( 7,995 ) Expired 37.06 ( 3,774 ) — — Outstanding at end of period 2.94 4,445,844 8.32 903,876 Exercisable at end of period 5.34 1,584,279 8.95 723,916 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 Six Months ended September 30, September 30, $ $ Exercise price CAD $ 0.80 CAD $ 1.10 Share price CAD $ 0.80 CAD $ 1.10 Weighted average grant-date fair value per award CAD $ 0.67 CAD $ 0.94 Volatility 117.96 % 117.56 % Risk-free interest rate 3.20 % 3.28 % Expected life 5.27 5.73 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 six months ended September 30, 2022 and 2021 was as follows: Three months ended Six Months ended September 30, September 30, September 30, September 30, $ $ $ $ Research and development expenses 184 38 342 88 General and administrative expenses 368 76 650 179 Sales and marketing expenses 30 — 54 — 582 114 1,046 267

Note 11 - Supplemental Cash Flo

Note 11 - Supplemental Cash Flow Disclosure	6 Months Ended
	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Supplemental cash flow disclosure	11. Supplemental cash flow disclosure (a) Changes in non-cash operating items Six Months ended September 30, September 30, $ $ Receivables ( 359 ) ( 287 ) Prepaid expenses ( 704 ) ( 1,838 ) Trade and other payables 926 ( 1,010 ) ( 137 ) ( 3,135 )

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	6 Months Ended
	Sep. 30, 2022
Notes To Financial Statements [Abstract]
Commitments and Contingencies Disclosure [Text Block]	12. 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 fixed value of $ 3.1 million. As at September 30, 2022 , the remaining balance of the commitment with Aker amounts to $ 2.8 million. During the second calendar quarter of 2022, Aker informed the Corporation that Aker believed it had satisfied the terms of the supply agreement as to their ability to deliver the remaining balance of krill oil product, and that the Corporation was therefore required to accept the remaining product commitment and to pay Aker the $2.8 million balance. The Corporation disagrees with Aker’s position and believes that Aker is not entitled to further payment under the supply agreement. Accordingly, no liability has been recorded. The dispute was unresolved as of September 30, 2022, and remains unresolved. There is uncertainty as to whether the Corporation will be required to make further payment to Aker in connection with the dispute. Additionally, in the event the Corporation is required to accept delivery from Aker of the remaining balance of krill oil product under the supply agreement, there is uncertainty as to whether the Corporation can recover value from the product, which may result in the Corporation incurring a loss on the supply agreement in the near term. Legal proceedings and disputes In the ordinary course of business, the Corporation is at times subject to various legal proceedings and disputes. The Corporation assesses 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 September 30, 2022.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	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 should be read in conjunction with such statements and notes thereto.
Functional Currency	Functional currency On April 1, 2022, the Corporation’s functional currency was changed from the Canadian dollar to the US dollar. This change is reflected prospectively in the Corporation’s financial statements. FASB ASC Topic 830, “Functional Currency Matters,” requires a change in functional currency to be reported as of the date it is determined there has been a change, and it is generally accepted practice that the change is made at the start of the most recent period that approximates the date of the change. Management determined it would enact this change effective on April 1, 2022. While the change was based on a factual assessment, the determination of the date of the change required management’s judgement given the change in the Corporations primary economic and business environment, which has evolved over time. As part of management’s functional currency assessment, changes in economic facts and circumstances were considered. This included analysis of changes in: impact of the merger with Grace Therapeutics, management of operations, and in the composition of cash and short term investment balances. Additionally, budgeting is in USD, whereas this was previously performed in CAD. The Corporations cash outflows consist primarily of USD cash balances and less of CAD, as also reflected in the budget.
Use of estimates	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 7), stock-based compensation (note 10), assets held for sale (note 6), supply agreement (note 12), valuation of intangibles (note 4) and goodwill. 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.

Note 4 - Intangible Assets (Tab

Note 4 - Intangible Assets (Tables)	6 Months Ended
	Sep. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
In Process Research and Development	Intangible assets of $ 69,810 relate to the value of IPR&D, related to Grace’s therapeutic pipeline, consisting of three unique clinical stage programs/assets supported by intellectual property, the value of which has been attributed as follows: $ Intangible assets – in-process research and development GTX-104 27,595 GTX-102 31,908 GTX-101 10,307 Total 69,810

Note 5 - Short-term Investmen_2

Note 5 - Short-term Investments (Tables)	6 Months Ended
	Sep. 30, 2022
Short-Term Investments [Abstract]
Marketable Securities	The Corporation holds various marketable securities, with maturities greater than 3 months at the time of purchase, as follows: September 30, March 31, $ $ Term deposits issued in US currency earning interest at 0.20 % and maturing on April 1, 2022 — 11,893 Term deposits issued in CAD currency earning interest at ranges between 0.50 % and 0.58 % and maturing on various dates from April 1, 2022 to March 30, 2023 14 1,429 Total short-term investments 14 13,322

Note 6 - Assets Held for Sale (

Note 6 - Assets Held for Sale (Tables)	6 Months Ended
	Sep. 30, 2022
Assets Held-for-sale, Not Part of Disposal Group [Abstract]
Disposal Groups, Including Discontinued Operations	During the period, the Corporation determined to actively market for sale Other assets and Production equipment and has met the criteria for classification of assets held for sale: September 30, March 31, Reclassed as explained below $ $ Other assets (a) 195 195 Production equipment (b) 157 157 352 352 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. 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. Production equipment September 30, 2022 Cost, net of Accumulated Net book $ $ $ Production equipment 1,179 ( 1,022 ) 157 1,179 ( 1,022 ) 157 During the three months ended June 30, 2022, the Corporation reclassed the following assets from assets held for sale as they no longer met the criteria of such classification. Cost, net of Accumulated Net $ $ $ Furniture and office equipment 17 ( 5 ) 12 Computer equipment 94 ( 6 ) 88 Laboratory equipment 585 ( 435 ) 150 696 ( 446 ) 250

Note 7 - Capital and Other Co_2

Note 7 - Capital and Other Components of Equity (Tables)	6 Months Ended
	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights	The outstanding warrants of the Corporation are composed of the following as at September 30, 2022, and March 31, 2022: September 30, 2022 March 31, 2022 Number Amount Number Amount $ $ Liability May 2018 Canadian public offering warrants (i) 824,218 — 824,218 10 December 2017 U.S. public offering warrants (ii) 884,120 — 884,120 — 1,708,338 — 1,708,338 10 Equity December 2017 US public offering broker warrants (iii) 32,390 161 32,390 161 32,390 161 32,390 161 (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.

Note 9 - Net Financial Income (

Note 9 - Net Financial Income (Tables)	6 Months Ended
	Sep. 30, 2022
Investment Income, Net [Abstract]
Schedule of Other Nonoperating Income (Expense)	Three months ended Six Months ended September 30, September 30, September 30, September 30, $ $ $ $ Foreign exchange gain (loss) ( 12 ) 1,099 ( 90 ) 344 Change in fair value of warrant liabilities — 3,435 10 4,080 Interest income and bank charges — 14 — 151 Other income 36 — 67 — Financial income (expenses) 24 4,548 ( 13 ) 4,575

Note 10 - Stock Based Compens_2

Note 10 - Stock Based Compensation (Tables)	6 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Share-Based Payment Arrangement, Option, Activity	The following table summarizes information about activities within the Stock Option Plan for the six month period ended: September 30, 2022 September 30, 2021 Weighted average Number of Weighted average Number of CAD $ CAD $ Outstanding at beginning of period 3.94 2,989,381 8.33 911,871 Granted 1.10 1,482,500 — — Exercised - — — — Forfeited 7.66 ( 22,263 ) 10.39 ( 7,995 ) Expired 37.06 ( 3,774 ) — — Outstanding at end of period 2.94 4,445,844 8.32 903,876 Exercisable at end of period 5.34 1,584,279 8.95 723,916
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	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 Six Months ended September 30, September 30, $ $ Exercise price CAD $ 0.80 CAD $ 1.10 Share price CAD $ 0.80 CAD $ 1.10 Weighted average grant-date fair value per award CAD $ 0.67 CAD $ 0.94 Volatility 117.96 % 117.56 % Risk-free interest rate 3.20 % 3.28 % Expected life 5.27 5.73 Dividend — —
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount	Compensation expense recognized under the Stock Option Plan for the six months ended September 30, 2022 and 2021 was as follows: Three months ended Six Months ended September 30, September 30, September 30, September 30, $ $ $ $ Research and development expenses 184 38 342 88 General and administrative expenses 368 76 650 179 Sales and marketing expenses 30 — 54 — 582 114 1,046 267

Note 11 - Supplemental Cash F_2

Note 11 - Supplemental Cash Flow Disclosure (Tables)	6 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of Changes in working capital items	(a) Changes in non-cash operating items Six Months ended September 30, September 30, $ $ Receivables ( 359 ) ( 287 ) Prepaid expenses ( 704 ) ( 1,838 ) Trade and other payables 926 ( 1,010 ) ( 137 ) ( 3,135 )

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 - Intangible Assets (Det

Note 4 - Intangible Assets (Details Textual) - Grace Therapeutics Inc. [Member] - USD ($) $ in Thousands		6 Months Ended
	Aug. 27, 2021	Sep. 30, 2022
Finite-lived Intangible Assets Acquired		$ 69,810
In Process Research and Development [Member]
Finite-lived Intangible Assets Acquired	$ 69,810

Note 4 - Intangible Assets - Sc

Note 4 - Intangible Assets - Schedule of Intangible Assets in Process Research and Development (Details) - Grace Therapeutics Inc. [Member] $ in Thousands	6 Months Ended
	Sep. 30, 2022 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 69,810
GTX 104 [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	27,595
GTX 102 [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	31,908
GTX 101 [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 10,307

Note 5 - Short-term Investmen_3

Note 5 - Short-term Investments - Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2022
Total short-term investments	$ 14	$ 13,322
Canadian Deposits [Member]
Total short-term investments	14	1,429
US Deposits [Member]
Total short-term investments	$ 0	$ 11,893

Note 5 - Short-term Investmen_4

Note 5 - Short-term Investments - Marketable Securities (Details) (Parentheticals)	Sep. 30, 2022
Deposits [Member]
Investment Interest Rate	0.20%
Investment Maturity Date	Apr. 01, 2022
Canadian Deposits [Member] | Minimum [Member]
Investment Interest Rate	0.50%
Investment Maturity Date	Apr. 01, 2022
Canadian Deposits [Member] | Maximum [Member]
Investment Interest Rate	0.58%
Investment Maturity Date	Mar. 30, 2023

Note 6 - Assets Held for Sale -

Note 6 - Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Sep. 30, 2022	Mar. 31, 2022
Disposal Group, Including Discontinued Operation, Assets, Current, Total		$ 352	$ 352
Equipment held-for-sale, cost	$ 696
Equipment held-for-sale, accumulated depreciation	(446)
Equipment held-for-sale, impairment loss	250
Furniture and Office Equipment [Member]
Equipment held-for-sale, cost	17
Equipment held-for-sale, accumulated depreciation	(5)
Equipment held-for-sale, impairment loss	12
Computer Equipment [Member]
Equipment held-for-sale, cost	94
Equipment held-for-sale, accumulated depreciation	(6)
Equipment held-for-sale, impairment loss	88
Laboratory Equipment [Member]
Equipment held-for-sale, cost	585
Equipment held-for-sale, accumulated depreciation	(435)
Equipment held-for-sale, impairment loss	$ 150
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Other assets (a)		195	195
Production equipment (b)		157	157
Disposal Group, Including Discontinued Operation, Assets, Current, Total		352	$ 352
Equipment held-for-sale, cost		1,179
Equipment held-for-sale, accumulated depreciation		1,022
Equipment held-for-sale, impairment loss		(157)
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Production Equipment [Member]
Equipment held-for-sale, cost		1,179
Equipment held-for-sale, accumulated depreciation		1,022
Equipment held-for-sale, impairment loss		$ (157)

Note 6 - Assets Held For Sale_2

Note 6 - Assets Held For Sale (Additional Information) (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2022 USD ($)
Assets Held-for-sale, Not Part of Disposal Group [Abstract]
Depreciation expense	$ 167

Note 7 - Capital and Other Co_3

Note 7 - Capital and Other Components of Equity (Details Textual)			1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 29, 2020 USD ($) shares	Feb. 14, 2019 USD ($)	Feb. 28, 2019 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2021 shares	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Jun. 30, 2022 $ / shares shares	Jun. 30, 2022 $ / shares shares	Nov. 10, 2021 USD ($)
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%
Write Off of Deferred Financing Costs of At-the-Market Program			$ 115,000
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
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares									$ 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
At-the-market Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares) | shares	0				0	324,648
Proceeds from Issuance of Common Stock, Net						$ 304,000
Commission Costs Related to Share Sale						$ 10,000
Sale of Stock, Average Price Per Share (in dollars per share) | $ / shares						$ 0.95
Cost related to prospectus supplement amount				$ 198,000			$ 198,000
Minimum [Member]
At-the-market Sales Agreement, Underwriter Fees, Percentage of Sales		3%
Maximum [Member]
At-the-market Sales Agreement, Underwriter Fees, Percentage of Sales		4%

Note 7 - Capital and Other Co_4

Note 7 - Capital and Other Components of Equity - Warrants (Details) - USD ($) $ in Thousands		Sep. 30, 2022	Mar. 31, 2022
Number outstanding (in shares)		32,390	32,390
Amount		$ 161	$ 161
Over-Allotment Option Warrants Issued in May 2018 [Member]
Number outstanding (in shares)	[1]	824,218	824,218
Amount	[1]	$ 0	$ 10
Warrants Issued December 27, 2017 [Member]
Number outstanding (in shares)	[2]	884,120	884,120
Amount	[2]	$ 0	$ 0
Derivative Liability Warrants [Member]
Number outstanding (in shares)		1,708,338	1,708,338
Amount		$ 0	$ 10
Broker Warrants Issued December 2017 [Member]
Number outstanding (in shares)	[3]	32,390	32,390
Amount	[3]	$ 161	$ 161
[1] Warrants to acquire one common share at an exercise price of CAD $ 10.48 , expiring on May 9, 2023. Warrants to acquire one common share at an exercise price of $ 10.08 , expiring on December 27, 2022. Warrants to acquire one common share at an exercise price of $ 10.10 , expiring on December 19, 2022.

Note 8 - Government Assistance

Note 8 - Government Assistance (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Research and Development Expense [Member]
Government Assistance	$ 81	$ 129

Note 9 - Net Financial Income -

Note 9 - Net Financial Income - Financial Income (Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Investment Income [Abstract]
Foreign exchange gain (loss)	$ (12)	$ 1,099	$ (90)	$ 344
Change in fair value of warrant liabilities		3,435	10	4,080
Interest income and bank charges		14		151
Other Income	36		67
Financial income	$ 24	$ 4,548	$ (13)	$ 4,575

Note 10 - Stock Based Compens_3

Note 10 - Stock Based Compensation (Details Textual) - Stock Option Plan [Member] - shares	1 Months Ended	6 Months Ended		9 Months Ended
	Aug. 26, 2020	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
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%
Granted, number of options (in shares)		1,482,500	0
Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person				2%
Related Party [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person				2%

Note 10 - Stock Based Compens_4

Note 10 - Stock Based Compensation - Activities Within the Stock Option Plan (Details) - Stock Option Plan [Member] - $ / shares	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Outstanding, weighted average exercise price (in CAD per share)	$ 3.94	$ 8.33
Granted, weighted average exercise price (in CAD per share)	$ 1.10	$ 0
Outstanding, number of options (in shares)	2,989,381	911,871
Granted, number of options (in shares)	1,482,500	0
Exercised, weighted average exercise price (in CAD per share)	$ 0	$ 0
Exercised, number of options (in shares)	0	0
Forfeited, weighted average exercise price (in CAD per share)	$ 7.66	$ 10.39
Forfeited, number of options (in shares)	(22,263)	(7,995)
Expired, weighted average exercise price (in CAD per share)	$ 37.06	$ 0
Expired, number of options (in shares)	(3,774)	0
Outstanding, weighted average exercise price (in CAD per share)	$ 2.94	$ 8.32
Outstanding, number of options (in shares)	4,445,844	903,876
Exercisable, weighted average exercise price (in CAD per share)	$ 5.34	$ 8.95
Exercisable, number of options (in shares)	1,584,279	723,916

Note 10 - Stock-based Compensat

Note 10 - Stock-based Compensation - Schedule of fair value of options granted (Details) - $ / shares	3 Months Ended	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Exercise price (in CAD per share)	$ 0.80	$ 1.10
Share price (in CAD per share)	0.80	1.10
Weighted average grant-date fair value per award	$ 0.67	$ 0.94
Volatility	117.96%	117.56%
Risk-free interest rate	3.20%	3.28%
Expected life	5 years 3 months 7 days	5 years 8 months 23 days
Dividend

Note 10 - Stock Based Compens_5

Note 10 - Stock Based Compensation - Compensation Expense (Details) - Stock Option Plan [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expense	$ 582	$ 114	$ 1,046	$ 267
Research and Development Expense [Member]
Share-based Payment Arrangement, Expense	184	38	342	88
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense	368	76	650	179
Selling and Marketing Expense [Member]
Share-based Payment Arrangement, Expense	$ 30		$ 54

Note 11 - Supplemental Cash F_3

Note 11 - Supplemental Cash Flow Disclosure - Changes in Working Capital Items (Details) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Receivables	$ (359)	$ (287)
Prepaid expenses	(704)	(1,838)
Trade and other payables	926	(1,010)
Increase (Decrease) in Non-cash Working Capital	$ (137)	$ (3,135)

Note 12 - Commitments and Con_2

Note 12 - Commitments and Contingencies (Details Textual) - RKO Supply Agreement [Member] - USD ($) $ in Millions	Sep. 30, 2022	Oct. 25, 2019
Purchase Obligation, Total		$ 3.1
Purchase Commitment, Remaining Minimum Amount Committed	$ 2.8