Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2023 | Feb. 09, 2024 | |
Document Information [Line Items] | ||
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 | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Securities Act File Number | 001-35776 | |
Entity Incorporation, State or Country Code | Z4 | |
Entity Tax Identification Number | 98-1359336 | |
Entity Address, Address Line One | 103 Carnegie Center Suite 300 | |
Entity Address, City or Town | Princeton | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08540 | |
City Area Code | 609 | |
Local Phone Number | 649-9272 | |
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 | 9,399,404 | |
Former Address [Member] | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | 2572 boul. Daniel-Johnson, 2nd Floor | |
Entity Address, City or Town | Laval | |
Entity Address, State or Province | QC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | H7T 2R3 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheet (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 18,545 | $ 27,875 |
Short-term investments | 6,569 | 15 |
Receivables | 959 | 802 |
Prepaid expenses | 811 | 598 |
Total current assets | 26,884 | 29,290 |
Operating lease right of use asset | 23 | 463 |
Equipment | 12 | 104 |
Intangible assets | 41,128 | 41,128 |
Goodwill | 8,138 | 8,138 |
Total assets | 76,185 | 79,123 |
Current liabilities: | ||
Trade and other payables | 1,746 | 3,336 |
Operating lease liability, current | 24 | 75 |
Total current liabilities | 1,770 | 3,411 |
Derivative warrant liabilities | 3,332 | |
Operating lease liability, long-term | 0 | 410 |
Deferred tax liability | 6,403 | 7,347 |
Total liabilities | 11,505 | 11,168 |
Shareholders' equity: | ||
Additional paid-in capital | 17,633 | 13,965 |
Accumulated other comprehensive loss | (6,038) | (6,038) |
Accumulated deficit | (207,953) | (198,266) |
Total shareholder’s equity | 64,680 | 67,955 |
Commitments and contingencies | ||
Total liabilities and shareholders’ equity | 76,185 | 79,123 |
Common Class A [Member] | ||
Shareholders' equity: | ||
Common Stock Value | 261,038 | 258,294 |
Common Class B [Member] | ||
Shareholders' equity: | ||
Common Stock Value | $ 0 | $ 0 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheet (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2023 | Mar. 31, 2023 |
Common Class A [Member] | ||
Common shares, par value | $ 0 | $ 0 |
Issue and Sold Aggregate Common Shares | 9,399,404 | 7,435,533 |
Common shares, outstanding | 9,399,404 | 7,435,533 |
Common Class B [Member] | ||
Common shares, par value | $ 0 | $ 0 |
Issue and Sold Aggregate Common Shares | 0 | 0 |
Common shares, outstanding | 0 | 0 |
Common Class C [Member] | ||
Issue and Sold Aggregate Common Shares | 0 | |
Common shares, outstanding | 0 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses | ||||
Research and development expenses, net of government assistance | $ (1,443) | $ (2,450) | $ (2,998) | $ (8,332) |
General and administrative expenses | (1,570) | (1,589) | (4,922) | (5,187) |
Sales and marketing | (30) | (206) | (184) | (563) |
Restructuring cost | 0 | 0 | (1,485) | 0 |
Loss from operating activities | (3,043) | (4,245) | (9,589) | (14,082) |
Foreign exchange gain (loss) | (3) | (15) | (2) | (75) |
Change in fair value of warrant liabilities | 125 | 0 | (1,701) | 10 |
Interest income and other expense | 316 | 67 | 662 | 134 |
Total other income (loss), net | 444 | 82 | (1,041) | 69 |
Loss before income tax recovery | (2,599) | (4,163) | (10,630) | (14,013) |
Income tax recovery | 208 | 274 | 943 | 671 |
Net loss and total comprehensive loss | $ (2,391) | $ (3,889) | $ (9,687) | $ (13,342) |
Loss per share, Basic | $ (0.21) | $ (0.52) | $ (1.09) | $ (1.8) |
Loss per share, Diluted | $ (0.21) | $ (0.52) | $ (1.09) | $ (1.8) |
Weighted Average Number of Shares Outstanding, Basic | 11,506,257 | 7,435,472 | 8,874,872 | 7,416,318 |
Weighted Average Number of Shares Outstanding, Diluted | 11,506,257 | 7,435,472 | 8,874,872 | 7,416,318 |
Condensed Consolidated Interi_4
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, 2022 | 7,381,425 | ||||
Beginning Balance at Mar. 31, 2022 | $ 108,270 | $ 257,990 | $ 12,154 | $ (6,037) | $ (155,837) |
Net Income (Loss) | (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) | 34,335 | ||||
Stock based compensation | 464 | 464 | |||
Ending Balance (in shares) at Jun. 30, 2022 | 7,415,760 | ||||
Ending Balance at Jun. 30, 2022 | 104,403 | $ 258,185 | 12,618 | (6,039) | (160,361) |
Beginning Balance (in shares) at Mar. 31, 2022 | 7,381,425 | ||||
Beginning Balance at Mar. 31, 2022 | 108,270 | $ 257,990 | 12,154 | (6,037) | (155,837) |
Net Income (Loss) | (13,342) | ||||
Ending Balance (in shares) at Dec. 31, 2022 | 7,435,533 | ||||
Ending Balance at Dec. 31, 2022 | 96,720 | $ 258,294 | 13,643 | (6,038) | (169,179) |
Beginning Balance (in shares) at Jun. 30, 2022 | 7,415,760 | ||||
Beginning Balance at Jun. 30, 2022 | 104,403 | $ 258,185 | 12,618 | (6,039) | (160,361) |
Net Income (Loss) | (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) | 19,773 | ||||
Stock based compensation | 582 | 582 | |||
Ending Balance (in shares) at Sep. 30, 2022 | 7,435,533 | ||||
Ending Balance at Sep. 30, 2022 | 100,164 | $ 258,294 | 13,200 | (6,040) | (165,290) |
Net Income (Loss) | (3,889) | (3,889) | |||
Cumulative translation adjustment | 2 | 2 | |||
Stock based compensation | 443 | 443 | |||
Ending Balance (in shares) at Dec. 31, 2022 | 7,435,533 | ||||
Ending Balance at Dec. 31, 2022 | 96,720 | $ 258,294 | 13,643 | (6,038) | (169,179) |
Beginning Balance (in shares) at Mar. 31, 2023 | 7,435,533 | ||||
Beginning Balance at Mar. 31, 2023 | 67,955 | $ 258,294 | 13,965 | (6,038) | (198,266) |
Net Income (Loss) | (4,023) | (4,023) | |||
Stock based compensation | 78 | 78 | |||
Ending Balance (in shares) at Jun. 30, 2023 | 7,435,533 | ||||
Ending Balance at Jun. 30, 2023 | 64,010 | $ 258,294 | 14,043 | (6,038) | (202,289) |
Beginning Balance (in shares) at Mar. 31, 2023 | 7,435,533 | ||||
Beginning Balance at Mar. 31, 2023 | 67,955 | $ 258,294 | 13,965 | (6,038) | (198,266) |
Net Income (Loss) | (9,687) | ||||
Ending Balance (in shares) at Dec. 31, 2023 | 9,399,404 | ||||
Ending Balance at Dec. 31, 2023 | 64,680 | $ 261,038 | 17,633 | (6,038) | (207,953) |
Beginning Balance (in shares) at Jun. 30, 2023 | 7,435,533 | ||||
Beginning Balance at Jun. 30, 2023 | 64,010 | $ 258,294 | 14,043 | (6,038) | (202,289) |
Net Income (Loss) | (3,273) | (3,273) | |||
Stock based compensation | 280 | 280 | |||
Issuance of common shares and pre-funded warrants through private placement, net of offering costs | 5,707 | $ 2,744 | 2,963 | ||
Issuance of common shares and pre-funded warrants through private placement, net of offering costs,shares | 1,951,371 | ||||
Issuance of common shares upon the exercise of stock options, Value | 21 | 21 | |||
Issuance of common shares upon the exercise of stock options, Share | 12,500 | ||||
Ending Balance (in shares) at Sep. 30, 2023 | 9,399,404 | ||||
Ending Balance at Sep. 30, 2023 | 66,745 | $ 261,038 | 17,307 | (6,038) | (205,562) |
Net Income (Loss) | (2,391) | (2,391) | |||
Stock based compensation | 326 | 326 | |||
Ending Balance (in shares) at Dec. 31, 2023 | 9,399,404 | ||||
Ending Balance at Dec. 31, 2023 | $ 64,680 | $ 261,038 | $ 17,633 | $ (6,038) | $ (207,953) |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows used in operating activities: | ||||
Net loss for the period | $ (2,391) | $ (3,889) | $ (9,687) | $ (13,342) |
Adjustments: | ||||
Depreciation of equipment | 10 | 116 | ||
Gain on sale of equipment | (58) | 0 | ||
Stock-based compensation | 684 | 1,489 | ||
Change in fair value of warrant liabilities | (125) | 0 | 1,701 | (10) |
Income tax recovery | (208) | (274) | (943) | (671) |
Unrealized foreign exchange (gain) loss | 0 | (28) | ||
Write off of equipment | 32 | 31 | ||
Changes in operating assets and liabilities: | ||||
Receivables | (157) | (268) | ||
Prepaid expenses | (213) | (382) | ||
Trade and other payables | (1,591) | 478 | ||
Operating lease right of use asset | (23) | 0 | ||
Net cash used in operating activities | (10,245) | (12,587) | ||
Cash flows from investing activities: | ||||
Acquisition of equipment | 0 | (9) | ||
Proceeds from sale of equipment | 110 | 0 | ||
Acquisition of short-term investments | (6,554) | (5,015) | ||
Maturity of short-term investment | 0 | 13,185 | ||
Net cash from investing activities | (6,444) | 8,161 | ||
Cash flows from financing activities: | ||||
Net proceeds from issuance of common shares and warrants from private placement | 7,338 | 0 | ||
Proceeds from issuance of common shares from exercise of stock options | 21 | 0 | ||
Net proceeds from issuance under the at-the-market (ATM) program | 0 | 304 | ||
Net cash from financing activities | 7,359 | 304 | ||
Effect of exchange rate fluctuations on cash and cash equivalents | 0 | (24) | ||
Net (decrease) increase in cash and cash equivalents | (9,330) | (4,098) | ||
Cash and cash equivalents, beginning of period | 18,545 | 26,241 | 27,875 | 30,339 |
Cash and cash equivalents are comprised of: | ||||
Cash | 2,060 | 26,241 | 2,060 | 26,241 |
Cash equivalents | $ 16,485 | $ 0 | $ 16,485 | $ 0 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net Income (Loss) | $ (2,391) | $ (3,273) | $ (4,023) | $ (3,889) | $ (4,929) | $ (4,524) | $ (9,687) | $ (13,342) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Note 1 - Nature of Operation
Note 1 - Nature of Operation | 9 Months Ended |
Dec. 31, 2023 | |
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 2572 boul. Daniel-Johnson, 2nd Floor Laval, Québec, Canada H7T 2R3. The Corporation’s Class A common shares, no par value per share (“Common Shares”), are listed on the Nasdaq Capital Market (the “Nasdaq”) and, through March 27, 2023, the Corporation's Common Shares were also listed on the TSX Venture Exchange (“TSXV”), in each case, under the symbol “ACST”. On March 13, 2023, the Corporation received approval to voluntarily delist from the TSXV. Effective as at the close of trading on March 27, 2023, the Corporation's Common Shares are no longer listed and posted for trading on the TSXV. 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 its 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. In May 2023, the Corporation implemented a strategic realignment plan to enhance shareholder value that resulted in the Corporation engaging a new management team, streamlining its research and development activities and greatly reducing its workforce. Following the realignment, the Corporation is a smaller, more focused organization, based in the United States, and concentrated on its development of its lead product GTX-104. Further development of GTX-102 and GTX-101 will occur at such time when the Company is able to secure additional funding, or enters into strategic partnerships for license or sale with third parties. On September 24, 2023, the Corporation entered into a securities purchase agreement with certain institutional and accredited investors. Gross proceeds to the Corporation from this private placement were $ 7,500 , before deducting fees and expenses. The Corporation issued and sold an aggregate of 1,951,371 Common Shares, pre-funded warrants (the "Pre-funded Warrants") to purchase up to an aggregate of 2,106,853 Common Shares, each at a purchase price of $ 1.8481 per Common Share and accompanying common warrants (the "Common Warrants" and, together with the Pre-funded Warrants, the "Warrants") to purchase up to an aggregate of 2,536,391 Common Shares. The Corporation currently intends to use the net proceeds from the private placement for clinical trial expenses to further the Phase 3 clinical trial for GTX-104, pre-commercial planning, working capital and other general corporate purposes. The Corporation believes its cash runway, including net proceeds from this financing, will be sufficient to fund the Corporation’s operations into the second calendar quarter of 2026. The Corporation will require additional capital to fund its daily operating needs beyond that time. 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 financing 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 plans to raise additional capital in order to maintain adequate liquidity. Negative results from studies or trials, if any, or depressed prices of the Corporation’s stock could impact the Corporation’s ability to raise additional financing. Raising additional equity capital is subject to market conditions that are not within the Corporation’s control. If the Corporation is unable to raise additional funds, the Corporation may not be able to realize its assets and discharge its liabilities in the normal course of business. 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. Please refer to the risk factors included in Part 1, Item 1A of the Corporation’s Annual Report on Form 10-K for the year ended March 31, 2023, filed with the SEC on June 23, 2023 (the “Annual Report”). Reverse stock split On June 29, 2023, the Board of Directors of the Corporation approved an amendment to the Corporation's Articles of Incorporation to implement a reverse stock split of the Corporation's Common Shares, at a ratio of 1-for-6 (the “Reverse Stock Split”). On July 4, 2023, the Corporation filed Articles of Amendment to its Articles of Incorporation with the Registraire des entreprises du Québec , to implement the Reverse Stock Split. All references in these financial statements to number of Common Shares, warrants and options, price per share and weighted-average number of shares outstanding have been adjusted to reflect the Reverse Stock Split, which became effective on July 10, 2023. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2023 | |
Notes To Financial Statements [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies: Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X under the Securities Exchange Act of 1934. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended March 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Corporation’s consolidated financial position as of December 31, 2023, the consolidated results of its operations for the three and nine months ended December 31, 2023 and 2022, its statements of shareholders’ equity for the three and nine months ended December 31, 2023 and 2022, and its consolidated cash flows for the nine months ended December 31, 2023 and 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the Corporation’s audited consolidated financial statements and the accompanying notes for the year ended March 31, 2023 included in the Corporation’s Annual Report. The condensed consolidated balance sheet data as of March 31, 2023 presented for comparative purposes was derived from the Corporation’s audited consolidated financial statements. The results for the three and nine months ended December 31, 2023 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Corporation’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended March 31, 2023 included in the Annual Report. There have been no changes to the Corporation's significant accounting policies since the date of the audited consolidated financial statements for the year ended March 31, 2023 included in the Annual Report. 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 stock-based compensation, derivative warrant liabilities, accruals for research and development contracts and contract organization agreements, and valuation of intangibles and goodwill. Estimates and assumptions are also involved in determining the extent to which research and development expenses qualify for research and development tax credits. The Corporation recognizes tax credits once it has reasonable assurance that they will be realized. Recent accounting pronouncements The Corporation has considered recent accounting pronouncements and concluded that they are either not applicable to the Corporation's business or that the effect is not expected to be material to the consolidated financial statements as a result of future adoption. |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 9 Months Ended |
Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value [Table Text Block] | 3. Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 are as follows: Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) $ $ $ $ Assets Guaranteed investment certificates and term deposits 16,485 16,485 — — Guaranteed investment certificates and term deposits 6,569 6,569 — — Total assets 23,054 23,054 — — Liabilities Derivative warrant liabilities 3,332 — — 3,332 Total liabilities 3,332 — — 3,332 Assets measured at fair value on a recurring basis as of March 31, 2023 are as follows: Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) $ $ $ $ Assets Guaranteed investment certificate classified as a 15 15 — — Total assets 15 15 — — There were no changes in valuation techniques or transfers between Levels 1, 2 or 3 during the nine months ended December 31, 2023. The Corporation’s derivative warrant liabilities are measured at fair value on a recurring basis using unobservable inputs that are classified as Level 3 inputs. Refer to Note 8(b) for the valuation techniques and assumptions used in estimating the fair value of the derivative warrant liabilities. |
Note 4 - Receivables
Note 4 - Receivables | 9 Months Ended |
Dec. 31, 2023 | |
Notes To Financial Statements [Abstract] | |
Receivables | 4. Receivables December 31, 2023 March 31, $ $ Sales tax receivables 411 338 Government assistance 356 412 Interest receivable 164 52 Other receivables 28 — Total receivables 959 802 Government assistance is comprised of research and development investment tax credits from the Québec provincial government, which relate to quantifiable 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. |
Note 5 - Short-term Investments
Note 5 - Short-term Investments | 9 Months Ended |
Dec. 31, 2023 | |
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: December 31, 2023 March 31, $ $ Term deposits issued in CAD currency earning interest at 3 % and maturing on March 29, 2024 15 15 Term deposits issued in USD currency earning interest at 5.62 % and maturing on January 4, 2024 3,500 — Term deposits issued in USD currency earning interest at 5.65 % and maturing on February 5, 2024 3,054 — Total short-term investments 6,569 15 |
Note 6 - Trade and other payabl
Note 6 - Trade and other payables | 9 Months Ended |
Dec. 31, 2023 | |
Notes To Financial Statements [Abstract] | |
Trade and Other Payables | . Trade and other payables December 31, 2023 March 31, 2023 $ $ Trade payables 913 1,242 Accrued liabilities and other payables 532 946 Employee salaries and benefits payable 301 1,148 Total trade and other payables 1,746 3,336 |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | 7. Leases The Corporation has historically entered into lease arrangements for its research and development and quality control laboratory facility located in Sherbrooke, Québec. As of December 31, 2023, the Corporation had one operating lease with required future minimum payments. On March 14, 2022, the Corporation renewed the lease agreement effective April 1, 2022, resulting in a commitment of $ 556 over a 24 -month base lease term with an option to renew for an additional 48 -month term. In April 2023, the Corporation elected not to renew the additional 48-month option to renew, with the lease expected to terminate March 31, 2024. The Corporation accounted for the change in lease term as a lease modification under ASC 842. Due to the modification in lease term, the Corporation remeasured the lease liability and right-of-use asset associated with the lease. As of the effective date of modification, the Corporation recorded an adjustment to the right-of-use asset and lease liability in the amount of $ 369 based on the net present value of lease payments discounted using an estimated incremental borrowing rate of 4.3 %. Supplemental balance sheet information related to leases as of December 31, 2023 was as follows: December 31, 2023 March 31, 2023 $ $ Operating lease right of use asset 23 463 Operating lease liability, current 24 75 Operating lease liability, long-term — 410 Total operating lease liability 24 485 Supplemental lease expense related to leases is as follows: Three months ended Nine months ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 $ $ $ $ Operating lease cost 23 22 70 69 Total lease expense 23 22 70 69 The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Corporation’s operating lease for the nine-month period ended December 31, 2023: Operating cash flows for operating lease $ 70 Weighted-average remaining lease term (in years) 0.25 Weighted-average discount rate 4.3 % As the Corporation's lease does not provide an implicit rate, the Corporation utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Corporation could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Future minimum lease payments under the Corporation’s operating lease as of December 31, 2023 were as follows: December 31, 2023 $ 2024 24 2025 and thereafter — Total lease payments 24 Less: interest — Total lease liability 24 |
Note 8 - Capital and Other Comp
Note 8 - Capital and Other Components of Equity | 9 Months Ended |
Dec. 31, 2023 | |
Notes To Financial Statements [Abstract] | |
Capital and other components of equity | 8. Common shares and warrants a. Common Shares Authorized capital stock Unlimited number of shares • Class A common shares ("Common Shares"), voting ( one vote per share), participating and without par value. As of December 31, 2023, there were 9,399,404 Common Shares issued and outstanding. • Class B common shares, voting ( ten votes per share), non-participating, without par value and maximum annual non-cumulative dividend of 5 % on the amount paid per share. Class B common shares are convertible, at the holder’s discretion, into Common Shares, on a one-for-one basis, and Class B common shares are redeemable at the holder’s discretion for CAD $ 4.80 per share, subject to certain conditions. As of December 31, 2023, there were no Class B common shares issued and outstanding. • Class C common shares, non-voting, non-participating, without par value and maximum annual non-cumulative dividend of 5 % on the amount paid per share. Class C common shares are convertible, at the holder’s discretion, into Common Shares, on a one-for-one basis, and Class C common shares are redeemable at the holder’s discretion for CAD $ 1.20 per share, subject to certain conditions. As of December 31, 2023, there were no Class C common shares issued and outstanding. • Class D and E common shares, non-voting, non-participating, without par value and maximum monthly non-cumulative dividend between 0.5 % and 2 % on the amount paid per share. Class D and E common shares are convertible, at the holder’s discretion, into Common Shares, on a one-for-one basis, and Class D and E common shares are redeemable for the price paid for such shares, plus a redemption premium described in the Corporation's Articles of Incorporation, as amended, at the holder’s discretion, subject to certain conditions. As of December 31, 2023, there were no Class D or E common shares issued and outstanding. Private Placement On September 24, 2023, the Corporation entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional and accredited investors in connection with a private placement of the Corporation's securities (the “Offering”). Pursuant to the Purchase Agreement, the Corporation agreed to offer and sell 1,951,371 Common Shares, at a purchase price of $ 1.848 per Common Share and Pre-funded Warrants to purchase up to 2,106,853 Common Shares at a purchase price equal to the purchase price per Common Share less $0.0001. Each Pre-funded Warrant is exercisable for one Common Share at an exercise price of $ 0.0001 per Common Share, is immediately exercisable, and will expire once exercised in full. Pursuant to the Purchase Agreement, the Corporation also issued to such institutional and accredited investors Common Warrants to purchase Common Shares, exercisable for an aggregate of 2,536,391 Common Shares. Under the terms of the Purchase Agreement, for each Common Share and each Pre-funded Warrant issued in the Offering, an accompanying five-eighths (0.625) of a Common Warrant was issued to the purchaser thereof. Each whole Common Warrant is exercisable for one Common Share at an exercise price of $3.003 per Common Share, is immediately exercisable, and will expire on the earlier of (i) the 60th day after the date of the acceptance by the U.S. Food and Drug Administration of a New Drug Application for the Corporation’s product candidate GTX-104 or (ii) five years from the date of issuance. The Offering closed on September 25, 2023. The net proceeds to the Corporation from the Offering were $ 7,338 , after deducting fees and expenses. At-the-Market (“ATM”) Program On June 29, 2020, the Corporation entered into an amended and restated sales agreement (the “Sales Agreement”) with B. Riley FBR, Inc. (“B.Riley”), Oppenheimer & Co. Inc. and H.C. Wainwright & Co., LLC (collectively, the “Agents”) to amend the Corporation’s existing ATM program. Under the terms of the Sales Agreement, which had a three-year term, the Corporation could issue and sell from time to time, Common Shares having aggregate gross proceeds of up to $ 75,000 through the Agents. Subject to the terms and conditions of the Sales Agreement, the Agents would use their commercially reasonable efforts to sell the Common Shares from time to time, based upon the Corporation’s instructions. The Corporation had no obligation to sell any of the Common Shares and could, at any time, suspend sales under the Sales Agreement. The Corporation and the Agents could terminate the Sales Agreement in accordance with its terms. Under the terms of the Sales Agreement, the Corporation provided the Agents with customary indemnification rights and the Agents were entitled to compensation at a commission rate equal to 3.0 % of the gross proceeds from each sale of the Common Shares. The Sales Agreement expired pursuant to its terms on June 29, 2023 . During th e nine months ended December 31, 2023, no Common Shares were sold under the ATM program. During the nine months ended December 31, 2022, 54,108 Common Shares were sold for total net proceeds of $ 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 approximately $ 5.70 per share. b. Warrants On May 9, 2023, warrants issued pursuant to the Corporation’s May 2018 Canadian public offering to acquire 137,370 Common Shares at an exercise price of CAD $ 62.88 expired. As further discussed above, on September 25, 2023, the Corporation issued Warrants exercisable for 4,643,244 Common Shares in the Offering pursuant to the terms of the Purchase Agreement entered into with certain institutional and accredited investors. As of December 31, 2023, no Warrants have been exercised. The Common Warrants issued as a part of the Offering are derivative warrant liabilities given the warrant indenture did not meet the fixed-for-fixed criterion and that the Common Warrants are not indexed to the Corporation’s own stock. Proceeds were allocated amongst Common Shares, Pre-funded Warrants, and Common Warrants by applying the residual method, with fair value of the Common Warrants determined using the Black-Scholes model, resulting in an initial warrant liability of $ 1,631 and $ 45 of issuance costs allocated to Common Warrants. Accordingly, $ 2,822 and $ 3,047 of gross proceeds were allocated to Common Shares and Pre-funded Warrants, respectively; and $ 78 and $ 84 of issuance costs were allocated to Common Shares and Pre-funded Warrants, respectively. For the nine months ended December 31, 2023, Common Warrants were revalued at fair value. Any changes in fair value of the Common Warrants are reflected in the Corporations Statements of Loss and Comprehensive Loss. 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 table: December 31, 2023 December 31, 2022 $ $ Beginning balance — 10 Issued during the year 1,631 — Change in fair value 1,701 ( 10 ) Ending balance 3,332 — The warrant liability was determined based on the fair value of warrants at the issue date and the reporting dates using the Black-Scholes model with the following weighted-average assumptions will expire on the earlier of (i) the 60th day after the date of the acceptance by the U.S. Food and Drug Administration of a New Drug Application for the Corporation's product candidate GTX-104 or (ii) five years from the date on issuance. September 25, 2023 December 31, 2023 Risk-free interest rate 5.00 % 4.15 % Share price $ 1.78 $ 2.89 Expected warrant life 2.54 2.28 Dividend yield 0 % 0 % Expected volatility 80.90 % 80.84 % The weighted-average assumptions were prorated based on the probability of the warrant liability expiring on the 60th day after the date of the acceptance by the U.S. Food and Drug Administration of a New Drug Application for the Corporation's product candidate GTX-104 and of it expiring on five years from the date of issuance. The weighted-average fair values of the Common Warrants were determined to be $ 0.64 and $ 1.31 per Common Warrant, as of September 25, 2023 and December 31, 2023, respectively. The risk-free interest rate at the issue date and on the reporting date of December 31, 2023 was based on the interest rate corresponding to the U.S. Treasury rate issue with a remaining term equal to the expected term of the warrants. The expected volatility was based on the historical volatility for the Corporation. At December 31, 2023, the Corporation had outstanding Common Warrants to purchase 2,536,391 Common Shares, with an exercise price of $ 3.003 , all of which were classified as derivative warrant liability. At December 31, 2023, the Corporation had outstanding Pre-funded Warrants to purchase 2,106,853 Common Shares, with an exercise price of $ 0.0001 , all of which were classified within shareholders' equity. The Common Warrants will expire on the earlier of (i) the 60th day after the date of the acceptance by the U.S. Food and Drug Administration of a New Drug Application for the Corporation's product candidate GTX-104 or (ii) five years from the date of issuance. |
Note 9 - Stock Based Compensati
Note 9 - Stock Based Compensation | 9 Months Ended |
Dec. 31, 2023 | |
Notes To Financial Statements [Abstract] | |
Stock-based compensation | 9. Stock-based compensation At December 31, 2023, the Corporation had in place a stock option plan for directors, officers, employees, and consultants of the Corporation (“Stock Option Plan”). The Stock Option Plan provides for the granting of options to purchase Common Shares. Under the terms of the Stock Option Plan, the exercise price of the stock options granted under the Stock Option Plan may not be lower than the closing price of the Corporation’s Common Shares on the Nasdaq Capital Market at the close of such market 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 to, among others, 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 options issued to any one consultant within any twelve-month period cannot exceed 2 % of the Corporation’s total issued and outstanding Common Shares (on a non-diluted basis). The total number of options issued within any twelve-month period to all directors, employees and/or consultants of the Corporation (or any subsidiary of the Corporation) conducting investor relations services, cannot exceed in the aggregate 2 % of the Corporation’s issued and outstanding Common Shares (on a non-diluted basis), calculated at the date an option is granted to any such person. The following table summarizes information about activities within the Stock Option Plan for the nine-month period ended December 31, 2023: Number of Weighted-average Weighted-average $ $ Outstanding, March 31, 2023 740,957 13.60 11.23 Granted 607,670 2.50 2.13 Exercised ( 12,500 ) 1.27 2.27 Forfeited/Cancelled ( 614,334 ) 12.89 1.61 Outstanding, December 31, 2023 721,793 3.68 2.02 Exercisable, December 31, 2023 217,480 5.34 1.67 Forfeited and cancelled options were as a result of the Corporation's restructuring that occurred during the nine months ended December 31, 2023. On July 14, 2023, the Corporation's Board of Directors approved the grant of options to purchase 446,502 Common Shares at an exercise price of $ 2.64 per Common Share under the Corporation's Stock Option Plan. On December 19, 2023, the Corporation's Board of Directors approved the grant of options to purchase 161,168 Common Shares at an exercise price of $ 2.125 per Common Share under the Corporation's Stock Option Plan. The weighted-average grant date fair value of awards for options granted during the nine months ended December 31, 2023 was $ 2.13 . 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: December 31, 2023 December 31, 2022 Weighted-average Weighted-average Exercise price 1 $ 2.50 $ 0.81 Share price 1 $ 2.50 $ 0.81 Dividend — — Risk-free interest 3.95 % 3.27 % Estimated life (years) 5.66 5.73 Expected volatility 117.80 % 117.56 % 1 Original CAD price of $ 1.10 has been converted to USD using a conversion rate of 0.7378 as of December 31, 2022. Compensation expense recognized under the Stock Option Plan is summarized as follows: Three months ended Nine months ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 $ $ $ $ Research and development expenses 61 139 145 481 General and administrative expenses 265 280 523 930 Sales and marketing expenses - 24 16 78 326 443 684 1,489 As of December 31, 2023, there was $ 671 of total unrecognized compensation cost, related to non-vested stock options, which is expected to be recognized over a remaining weighted-average vesting period of 1.31 years. Corporation equity incentive plan The Corporation established an equity incentive plan (the “Equity Incentive Plan”) for employees, directors, and consultants. The Equity Incentive Plan provides for the issuance of restricted share units (RSUs), performance share units, restricted shares, deferred share units and other stock-based awards, subject to restricted conditions as may be determined by the Board of Directors. There were no such awards outstanding as of December 31, 2023 and 2022, and no stock-based compensation was recognized for the period ended December 31, 2023 and 2022 under the Equity Incentive Plan. |
Note 10 - Loss per share
Note 10 - Loss per share | 9 Months Ended |
Dec. 31, 2023 | |
Notes To Financial Statements [Abstract] | |
Loss per share | 10. Loss per share The Corporation has generated a net loss for all periods presented, therefore diluted loss per share is the same as basic loss per share since the inclusion of potentially dilutive securities would have had an anti-dilutive effect. All currently outstanding options and warrants could potentially be dilutive in the future. The Corporation excluded the following potential Common Shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: December 31, 2023 December 31, 2022 Options outstanding 721,793 740,974 September 2023 Common Warrants 2,536,391 — May 2018 public offering warrants — 137,370 Basic and diluted net loss per share is calculated based upon the weighted-average number of Common Shares outstanding during the period. Common Shares underlying the Pre-funded Warrants are included in the calculation of basic and diluted earnings per share. |
Note 11- Financial instruments
Note 11- Financial instruments | 9 Months Ended |
Dec. 31, 2023 | |
Notes To Financial Statements [Abstract] | |
Financial instruments | 11. Financial instruments a. Concentration of credit risk Financial instruments that potentially subject the Corporation to a concentration of credit risk consist primarily of cash, cash equivalents, and short-term investments. Cash, cash equivalents, and short-term investments are all invested in accordance with the Corporation’s Investment Policy with the primary objective being the preservation of capital and the maintenance of liquidity, which risk is managed by dealing only with highly rated Canadian and U.S. institutions. The carrying amount of financial assets, as disclosed in the consolidated balance sheets, represents the Corporation’s credit exposure at the reporting date. b. Foreign currency risk The Corporation is exposed to financial risk related to the fluctuation of foreign exchange rates and the degrees of volatility of those rates. Foreign currency risk is limited to the portion of the Corporation's business transactions denominated in currencies other than the Corporation's functional currency of the U.S. dollar. Fluctuations related to foreign exchange rates could cause unforeseen fluctuations in the Corporation's operating results. The Corporation does not use derivative instruments to hedge exposure to foreign exchange risk. The fluctuation of the Canadian dollar in relation to the U.S. dollar and other foreign currencies will consequently have an impact upon the Corporation’s net loss. c. Liquidity risk Liquidity risk is the risk that the Corporation will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Corporation manages liquidity risk through the management of its capital structure and financial leverage. It also manages liquidity risk by continuously monitoring actual and projected cash flows. The Board of Directors reviews and approves the Corporation's operating budgets, and reviews material transactions outside the normal course of business. The Corporation currently does not have long-term debt nor arranged committed sources of financing and is currently using existing cash and short-term investment balances to fund operations. Refer to Note 1 – Nature of Operations. |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2023 | |
Notes To Financial Statements [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and contingencies Research and development contracts and contract research organizations agreements The Corporation utilizes contract manufacturing organizations (“CMOs”) for the development and production of clinical materials and contract research organizations (“CROs”) to perform services related to its clinical trials. Pursuant to the agreements with these CMOs and CROs, the Corporation has either the right to terminate the agreements without penalties or under certain penalty conditions. As of December 31, 2023, the Corporation has no commitments from CMOs and $ 7,670 of commitments for the next twelve months to CROs. Raw krill oil supply contract On October 25, 2019, the Corporation signed a supply agreement with Aker BioMarine Antarctic AS. (“AKBM”) to purchase raw krill oil product for a committed volume of commercial starting material for CaPre, one of the Corporation’s former drug candidates, for a total fixed value of $ 3,100 based on the value of krill oil at that time. As of March 31, 2022, the remaining balance of commitment amounted to $ 2,800 . During the second calendar quarter of 2022, AKBM informed the Corporation that AKBM believed it had satisfied the terms of the supply agreement as to their obligation to deliver the remaining balance of raw krill oil product, and that the Corporation was therefore required to accept the remaining product commitment. The Corporation disagreed with AKBM’s position and believed that AKBM was not entitled to further payment under the supply agreement. Accordingly, no liability was recorded by the Corporation. The dispute remained unresolved as of both March 31, 2023 and 2022. On October 18, 2023, the Corporation entered into an agreement with AKBM to settle any and all potential claims regarding amounts due under the supply agreement (“Settlement Agreement”). Pursuant to the terms of the Settlement Agreement, in exchange for a release and waiver of claims arising out of the supply agreement by AKBM and any of AKBM’s affiliates, the Corporation and AKBM agreed to the following: (a) AKBM retained ownership of all raw krill oil product, including amounts previously delivered to the Corporation, (b) AKBM acquired and took ownership of all production equipment related to the production of CaPre, (c) AKBM acquired and took ownership of all data from research, clinical trials and pre-clinical studies with respect to CaPre, and (d) AKBM acquired and took ownership over all rights, title and interest in and to all intellectual property rights, including all patents and trademarks, related to CaPre owned by the Corporation. Pursuant to the terms of the Settlement Agreement, AKBM acknowledged that the CaPre assets were transferred on an “as is” basis, and in connection therewith the Corporation disclaimed all representations and warranties in connection with the CaPre assets, including any representations with respect to performance or sufficiency . The value of the raw krill oil previously delivered to the Corporation, the production equipment, and the intellectual property rights related to CaPre were fully impaired in prior reporting periods and had a carrying value of nil as of March 31, 2023. As of December 31, 2023, no liability was recorded by the Corporation. 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 of December 31, 2023. |
Note 13 - Restructuring
Note 13 - Restructuring | 9 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 13. Restructuring Costs On May 8, 2023, the Corporation communicated its decision to terminate a substantial amount of its workforce as part of a plan that intended to align the Corporation’s organizational and management cost structure to prioritize resources to GTX-104, thereby reducing losses to improve cash flow and extend available cash resources. The Corporation incurred $ 1,485 of costs primarily consisting of employee severance costs and legal fees. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X under the Securities Exchange Act of 1934. Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended March 31, 2023, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Corporation’s consolidated financial position as of December 31, 2023, the consolidated results of its operations for the three and nine months ended December 31, 2023 and 2022, its statements of shareholders’ equity for the three and nine months ended December 31, 2023 and 2022, and its consolidated cash flows for the nine months ended December 31, 2023 and 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the Corporation’s audited consolidated financial statements and the accompanying notes for the year ended March 31, 2023 included in the Corporation’s Annual Report. The condensed consolidated balance sheet data as of March 31, 2023 presented for comparative purposes was derived from the Corporation’s audited consolidated financial statements. The results for the three and nine months ended December 31, 2023 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Corporation’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended March 31, 2023 included in the Annual Report. There have been no changes to the Corporation's significant accounting policies since the date of the audited consolidated financial statements for the year ended March 31, 2023 included in the Annual Report. |
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 stock-based compensation, derivative warrant liabilities, accruals for research and development contracts and contract organization agreements, and valuation of intangibles and goodwill. Estimates and assumptions are also involved in determining the extent to which research and development expenses qualify for research and development tax credits. The Corporation recognizes tax credits once it has reasonable assurance that they will be realized. |
Recent accounting pronouncements | Recent accounting pronouncements The Corporation has considered recent accounting pronouncements and concluded that they are either not applicable to the Corporation's business or that the effect is not expected to be material to the consolidated financial statements as a result of future adoption. |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 are as follows: Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) $ $ $ $ Assets Guaranteed investment certificates and term deposits 16,485 16,485 — — Guaranteed investment certificates and term deposits 6,569 6,569 — — Total assets 23,054 23,054 — — Liabilities Derivative warrant liabilities 3,332 — — 3,332 Total liabilities 3,332 — — 3,332 Assets measured at fair value on a recurring basis as of March 31, 2023 are as follows: Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) $ $ $ $ Assets Guaranteed investment certificate classified as a 15 15 — — Total assets 15 15 — — |
Note 4 - Receivables (Tables)
Note 4 - Receivables (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes To Financial Statements [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | December 31, 2023 March 31, $ $ Sales tax receivables 411 338 Government assistance 356 412 Interest receivable 164 52 Other receivables 28 — Total receivables 959 802 |
Note 5 - Short-term Investmen_2
Note 5 - Short-term Investments (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
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: December 31, 2023 March 31, $ $ Term deposits issued in CAD currency earning interest at 3 % and maturing on March 29, 2024 15 15 Term deposits issued in USD currency earning interest at 5.62 % and maturing on January 4, 2024 3,500 — Term deposits issued in USD currency earning interest at 5.65 % and maturing on February 5, 2024 3,054 — Total short-term investments 6,569 15 |
Note 6 - Trade and other paya_2
Note 6 - Trade and other payables (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes To Financial Statements [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, 2023 March 31, 2023 $ $ Trade payables 913 1,242 Accrued liabilities and other payables 532 946 Employee salaries and benefits payable 301 1,148 Total trade and other payables 1,746 3,336 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Supplemental balance sheet information | Supplemental balance sheet information related to leases as of December 31, 2023 was as follows: December 31, 2023 March 31, 2023 $ $ Operating lease right of use asset 23 463 Operating lease liability, current 24 75 Operating lease liability, long-term — 410 Total operating lease liability 24 485 |
Supplemental lease expense | Supplemental lease expense related to leases is as follows: Three months ended Nine months ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 $ $ $ $ Operating lease cost 23 22 70 69 Total lease expense 23 22 70 69 |
Schedule of Lease Costs Recognized for Operating Leases | The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Corporation’s operating lease for the nine-month period ended December 31, 2023: Operating cash flows for operating lease $ 70 Weighted-average remaining lease term (in years) 0.25 Weighted-average discount rate 4.3 % |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under the Corporation’s operating lease as of December 31, 2023 were as follows: December 31, 2023 $ 2024 24 2025 and thereafter — Total lease payments 24 Less: interest — Total lease liability 24 |
Note 8 - Capital and Other Co_2
Note 8 - Capital and Other Components of Equity (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | |
Schedule Of Derivative Liabilities At Fair Value | 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 table: December 31, 2023 December 31, 2022 $ $ Beginning balance — 10 Issued during the year 1,631 — Change in fair value 1,701 ( 10 ) Ending balance 3,332 — |
Fair Value Measurement Inputs and Valuation Techniques | The warrant liability was determined based on the fair value of warrants at the issue date and the reporting dates using the Black-Scholes model with the following weighted-average assumptions will expire on the earlier of (i) the 60th day after the date of the acceptance by the U.S. Food and Drug Administration of a New Drug Application for the Corporation's product candidate GTX-104 or (ii) five years from the date on issuance. September 25, 2023 December 31, 2023 Risk-free interest rate 5.00 % 4.15 % Share price $ 1.78 $ 2.89 Expected warrant life 2.54 2.28 Dividend yield 0 % 0 % Expected volatility 80.90 % 80.84 % |
Note 9 - Stock Based Compensa_2
Note 9 - Stock Based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
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 nine-month period ended December 31, 2023: Number of Weighted-average Weighted-average $ $ Outstanding, March 31, 2023 740,957 13.60 11.23 Granted 607,670 2.50 2.13 Exercised ( 12,500 ) 1.27 2.27 Forfeited/Cancelled ( 614,334 ) 12.89 1.61 Outstanding, December 31, 2023 721,793 3.68 2.02 Exercisable, December 31, 2023 217,480 5.34 1.67 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The weighted-average grant date fair value of awards for options granted during the nine months ended December 31, 2023 was $ 2.13 . 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: December 31, 2023 December 31, 2022 Weighted-average Weighted-average Exercise price 1 $ 2.50 $ 0.81 Share price 1 $ 2.50 $ 0.81 Dividend — — Risk-free interest 3.95 % 3.27 % Estimated life (years) 5.66 5.73 Expected volatility 117.80 % 117.56 % 1 Original CAD price of $ 1.10 has been converted to USD using a conversion rate of 0.7378 as of December 31, 2022. |
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount | Compensation expense recognized under the Stock Option Plan is summarized as follows: Three months ended Nine months ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 $ $ $ $ Research and development expenses 61 139 145 481 General and administrative expenses 265 280 523 930 Sales and marketing expenses - 24 16 78 326 443 684 1,489 |
Note 10 - Loss per share (Table
Note 10 - Loss per share (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Notes To Financial Statements [Abstract] | |
Schedule of diluted net loss per share attributable to common shareholders | The Corporation excluded the following potential Common Shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: December 31, 2023 December 31, 2022 Options outstanding 721,793 740,974 September 2023 Common Warrants 2,536,391 — May 2018 public offering warrants — 137,370 Basic and diluted net loss per share is calculated based upon the weighted-average number of Common Shares outstanding during the period. Common Shares underlying the Pre-funded Warrants are included in the calculation of basic and diluted earnings per share. |
Note 1 - Nature of Operation (D
Note 1 - Nature of Operation (Details Textual) - USD ($) | Sep. 24, 2023 | Jun. 29, 2023 |
Proceeds from Issuance of Private Placement | $ 7,500 | |
Issue and Sold Aggregate Common Shares | 1,951,371 | |
Purchase of pre funded warrants | 2,106,853 | |
Purchase Price per common share | $ 1.8481 | |
purchase of common shares | 2,536,391 | |
Reverse Stock Split [Member] | ||
Reverse stock split | 1-for-6 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Additional Information) (Details) | 9 Months Ended |
Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
changes in valuation techniques | no |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Assets, Fair Value Disclosure [Abstract] | ||
Guaranteed investment certificates and term deposits classified as cash equivalents | $ 16,485 | |
Guaranteed investment certificates and term deposits classified as short-term investments | 6,569 | $ 15 |
Total assets | 23,054 | 15 |
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Derivative warrant liabilities | 3,332 | |
Total liabilities | 3,332 | |
Quoted prices in active markets (Level 1) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Guaranteed investment certificates and term deposits classified as cash equivalents | 16,485 | |
Guaranteed investment certificates and term deposits classified as short-term investments | 6,569 | 15 |
Total assets | 23,054 | 15 |
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Derivative warrant liabilities | 0 | |
Total liabilities | 0 | |
Significant other observable inputs (Level 2) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Guaranteed investment certificates and term deposits classified as cash equivalents | 0 | |
Guaranteed investment certificates and term deposits classified as short-term investments | 0 | 0 |
Total assets | 0 | 0 |
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Derivative warrant liabilities | 0 | |
Total liabilities | 0 | |
Significant unobservable inputs (Level 3) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Guaranteed investment certificates and term deposits classified as cash equivalents | 0 | |
Guaranteed investment certificates and term deposits classified as short-term investments | 0 | 0 |
Total assets | 0 | $ 0 |
Financial Liabilities Fair Value Disclosure [Abstract] | ||
Derivative warrant liabilities | 3,332 | |
Total liabilities | $ 3,332 |
Note 4 - Receivables - Receivab
Note 4 - Receivables - Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Notes To Financial Statements [Abstract] | ||
Sales tax receivables | $ 411 | $ 338 |
Government assistance | 356 | 412 |
Interest receivable | 164 | 52 |
Other Receivables | 28 | 0 |
Total receivables | $ 959 | $ 802 |
Note 5 - Short-term Investmen_3
Note 5 - Short-term Investments - Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Total short-term investments | $ 6,569 | $ 15 |
Canadian Deposits [Member] | ||
Total short-term investments | 15 | 15 |
US Deposits [Member] | ||
Total short-term investments | 3,500 | 0 |
US Deposits one [Member] | ||
Total short-term investments | $ 3,054 | $ 0 |
Note 5 - Short-term Investmen_4
Note 5 - Short-term Investments - Marketable Securities (Details) (Parentheticals) | Dec. 31, 2023 |
Canadian Deposits [Member] | |
Investment Interest Rate | 3% |
Investment Maturity Date | Mar. 29, 2024 |
US Deposits [Member] | |
Investment Interest Rate | 5.62% |
Investment Maturity Date | Jan. 04, 2024 |
US Deposits one [Member] | |
Investment Interest Rate | 5.65% |
Investment Maturity Date | Feb. 05, 2024 |
Note 6 - Trade and other paya_3
Note 6 - Trade and other payables - Trade and other payables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Notes To Financial Statements [Abstract] | ||
Trade payables | $ 913 | $ 1,242 |
Accrued liabilities and other payables | 532 | 946 |
Employee salaries and benefits payable | 301 | 1,148 |
Total trade and other payables | $ 1,746 | $ 3,336 |
Note 7 - Leases - Supplemental
Note 7 - Leases - Supplemental balance sheet information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Leases [Abstract] | ||
Operating lease right of use asset | $ 23 | $ 463 |
Operating lease liability, current | 24 | 75 |
Operating lease liability, long-term | 0 | 410 |
Total lease liability | $ 24 | $ 485 |
Note 7 - Leases - Supplementa_2
Note 7 - Leases - Supplemental lease expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 23 | $ 22 | $ 70 | $ 69 |
Total lease expense | $ 23 | $ 22 | $ 70 | $ 69 |
Note 7 -Leases - Schedule of Le
Note 7 -Leases - Schedule of Lease Costs Recognized for Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 23 | $ 22 | $ 70 | $ 69 |
Weighted-average remaining lease term (in years) | 3 months | 3 months | ||
Weighted-average discount rate | 4.30% | 4.30% |
Note 7 - Leases - Schedule of F
Note 7 - Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Mar. 31, 2023 |
Leases [Abstract] | ||
2024 | $ 24 | |
2025 and thereafter | 0 | |
Total lease payments | 24 | |
Less: interest | 0 | |
Total lease liability | $ 24 | $ 485 |
Note 7 - Leases (Additional Inf
Note 7 - Leases (Additional Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 14, 2022 | Dec. 31, 2023 | |
Leases [Abstract] | ||
Extension of lease term, description | On March 14, 2022, the Corporation renewed the lease agreement effective April 1, 2022, resulting in a commitment of $556 over a 24-month base lease term with an option to renew for an additional 48-month term. In April 2023, the Corporation elected not to renew the additional 48-month option to renew, with the lease expected to terminate March 31, 2024. | |
Right-of-use asset and lease liability | $ 369 | |
Lease payments discounted incremental borrowing rate | 4.30% | |
Payments for rent | $ 556 | |
Lease term | 24 months | |
Additional lease renewal term | 48 months |
Note 8 - Capital and Other Co_3
Note 8 - Capital and Other Components of Equity - Schedule Of Derivative Liabilities At Fair Value (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Beginning balance | $ 0 | $ 10 |
Issued during the year | 1,631 | 0 |
Change in fair value | 1,701 | (10) |
Ending balance | $ 3,332 | $ 0 |
Note 8 - Capital and Other Co_4
Note 8 - Capital and Other Components of Equity - Fair Value Measurement Inputs and Valuation Techniques (Details) | Dec. 31, 2023 yr shares | Sep. 25, 2023 yr shares |
Risk-free interest rate | ||
Derivative Liability, Measurement Input | 0.0415 | 0.05 |
Share price | ||
Derivative Liability, Measurement Input | shares | 0.0289 | 0.0178 |
Expected warrant life | ||
Derivative Liability, Measurement Input | yr | 0.0228 | 0.0254 |
Dividend yield | ||
Derivative Liability, Measurement Input | 0 | 0 |
Expected volatility | ||
Derivative Liability, Measurement Input | 0.8084 | 0.809 |
Note 8 - Capital and Other Co_5
Note 8 - Capital and Other Components of Equity (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 25, 2023 USD ($) $ / shares shares | Sep. 24, 2023 $ / shares shares | Jun. 29, 2020 USD ($) shares | Dec. 31, 2023 USD ($) Vote $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) Vote $ / shares shares | Dec. 31, 2023 Vote $ / shares $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | May 09, 2023 $ / shares shares | Mar. 31, 2023 shares | |
Issue and Sold Aggregate Common Shares | 1,951,371 | |||||||||
At-the-market Sales Agreement, Common Stock, Maximum Amount | $ | $ 75,000 | |||||||||
Change in fair value of warrant liabilities | $ | $ (125) | $ 0 | $ 1,701 | $ (10) | ||||||
At-the-market Sales Agreement, Underwriter Fees, Percentage of Sales | 3% | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 0.64 | $ 1.31 | $ 1.31 | $ 1.31 | ||||||
Warrants Issued in May 2018 [Member] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 137,370 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 62.88 | |||||||||
At-the-market Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 | 54,108 | |||||||
Proceeds from Issuance of Common Stock, Net | $ | $ 304 | |||||||||
Sale of Stock, Average Price Per Share (in dollars per share) | $ / shares | $ 5.7 | |||||||||
Other Selling, General and Administrative Expense | $ | $ 10 | |||||||||
Private Placement [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,951,371 | |||||||||
Proceeds from Issuance of Common Stock, Net | $ | $ 7,338 | |||||||||
Purchase Agreement [Member] | ||||||||||
Stock Issued Warrents Exercisable | 4,643,244 | |||||||||
Common Warrant and Pre-Funded Warrant [Member] | ||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 1.848 | |||||||||
Stock Issued Warrents Exercisable | 2,536,391 | |||||||||
Pre-funded Warrants [Member] | ||||||||||
Change in fair value of warrant liabilities | $ | $ 1,631 | |||||||||
Pyment Of Issuance Cost Warrants | $ | $ 45 | $ 84 | ||||||||
Proceeds from Common Shares | $ | $ 3,047 | |||||||||
Stock Issued Warrents Exercisable | 2,106,853 | |||||||||
Number outstanding (in shares) | 2,106,853 | 2,106,853 | 2,106,853 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common Stock [Member] | ||||||||||
Pyment Of Issuance Cost Warrants | $ | $ 78 | |||||||||
Proceeds from Common Shares | $ | $ 2,822 | |||||||||
Number outstanding (in shares) | 2,536,391 | 2,536,391 | 2,536,391 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 3.003 | $ 3.003 | $ 3.003 | |||||||
Common Class A [Member] | ||||||||||
Common Stock, Votes Per Share | Vote | 1 | 1 | 1 | |||||||
Issue and Sold Aggregate Common Shares | 9,399,404 | 9,399,404 | 9,399,404 | 7,435,533 | ||||||
Common shares, outstanding | 9,399,404 | 9,399,404 | 9,399,404 | 7,435,533 | ||||||
Common Class B [Member] | ||||||||||
Common Stock, Votes Per Share | Vote | 10 | 10 | 10 | |||||||
Issue and Sold Aggregate Common Shares | 0 | 0 | 0 | 0 | ||||||
Common shares, outstanding | 0 | 0 | 0 | 0 | ||||||
Common Stock, Dividend Rate, Percentage | 5% | |||||||||
Common Stock, Redemption Price Per Share (in CAD per share) | $ / shares | $ 4.8 | |||||||||
Common Class C [Member] | ||||||||||
Issue and Sold Aggregate Common Shares | 0 | 0 | 0 | |||||||
Common shares, outstanding | 0 | 0 | 0 | |||||||
Common Stock, Dividend Rate, Percentage | 5% | |||||||||
Common Stock, Redemption Price Per Share (in CAD per share) | $ / shares | $ 1.2 | |||||||||
Common Class D and Common Class E [Member] | ||||||||||
Issue and Sold Aggregate Common Shares | 0 | 0 | 0 | |||||||
Common shares, outstanding | 0 | 0 | 0 | |||||||
Minimum [Member] | Common Class D and Common Class E [Member] | ||||||||||
Common Stock, Dividend Rate, Percentage | 0.50% | |||||||||
Maximum [Member] | Common Class D and Common Class E [Member] | ||||||||||
Common Stock, Dividend Rate, Percentage | 2% |
Note 9 - Stock Based Compensa_3
Note 9 - Stock Based Compensation (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Dec. 19, 2023 | Jul. 14, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Unrecognized compensation cost related to non-vested share options | $ 671,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 3 months 21 days | |||||
Stock Options Exercise Price | $ 2.125 | $ 2.64 | ||||
weighted average grant fair value of awards for options granted | $ 2.13 | |||||
Share-Based Payment Arrangement, Expense | $ 326 | $ 443 | $ 684 | $ 1,489 | ||
Granted, number of options (in shares) | 161,168 | 446,502 | ||||
Stock Option Plan [Member] | ||||||
Options granted, Weighted average grant date fair value | $ 2.13 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Granted, number of options (in shares) | 607,670 | |||||
Stock Option Plan [Member] | Consultant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person | 2% | |||||
Stock Option Plan [Member] | Related Party [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person | 2% | |||||
Equity Incentive Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 0 | 0 | 0 | 0 | ||
Share-Based Payment Arrangement, Expense | $ 0 | $ 0 |
Note 9 - Stock Based Compensa_4
Note 9 - Stock Based Compensation - Activities Within the Stock Option Plan (Details) - $ / shares | 9 Months Ended | |||
Dec. 19, 2023 | Jul. 14, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | |
Granted, number of options (in shares) | 161,168 | 446,502 | ||
Stock Option Plan [Member] | ||||
Outstanding, weighted average exercise price | $ 13.6 | |||
Outstanding, Weighted average grant date fair value beginning period | 11.23 | |||
Outstanding, Weighted average grant date fair value period end | 2.02 | |||
Exercised, weighted average fair value | 2.27 | |||
Forfeited, weighted average fair value | 1.61 | |||
Granted, weighted average exercise price | $ 2.5 | |||
Outstanding, number of options (in shares) | 740,957 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.13 | |||
Granted, number of options (in shares) | 607,670 | |||
Exercised, weighted average exercise price | $ 1.27 | |||
Exercised, number of options (in shares) | (12,500) | |||
Forfeited, weighted average exercise price | $ 12.89 | |||
Forfeited, number of options (in shares) | (614,334) | |||
Outstanding, weighted average exercise price | $ 3.68 | |||
Outstanding, number of options (in shares) | 721,793 | |||
Exercisable, weighted average fair value | $ 1.67 | |||
Exercisable, weighted average exercise price | $ 5.34 | |||
Exercisable, number of options (in shares) | 217,480 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation - Schedule of weighted average grant date fair value of awards for options granted (Details) | 9 Months Ended | ||||
Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 $ / shares | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Exercise price | (per share) | $ 2.5 | [1] | $ 0.81 | [1] | $ 1.1 |
Share price | (per share) | $ 2.5 | [1] | $ 0.81 | [1] | $ 1.1 |
Dividend | 0% | 0% | 0% | ||
Risk-free interest rate | 3.95% | 3.27% | 3.27% | ||
Estimated life (years) | 5 years 7 months 28 days | 5 years 8 months 23 days | 5 years 8 months 23 days | ||
Expected volatility | 117.80% | 117.56% | 117.56% | ||
[1] Original CAD price of $ 1.10 has been converted to USD using a conversion rate of 0.7378 as of December 31, 2022. |
Note 9 Stock-based compensation
Note 9 Stock-based compensation - Schedule of weighted average grant date fair value of awards for options granted (Parenthetical) (Details) | 9 Months Ended | ||||
Dec. 31, 2023 $ / shares | [1] | Dec. 31, 2022 $ / shares | Dec. 31, 2022 $ / shares | ||
Share-Based Payment Arrangement [Abstract] | |||||
Exercise price | (per share) | $ 2.5 | $ 0.81 | [1] | $ 1.1 | |
Share price | (per share) | $ 2.5 | $ 0.81 | [1] | $ 1.1 | |
Conversion rate | 0.7378 | 0.7378 | |||
[1] Original CAD price of $ 1.10 has been converted to USD using a conversion rate of 0.7378 as of December 31, 2022. |
Note 9 - Stock Based Compensa_5
Note 9 - Stock Based Compensation - Compensation Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Payment Arrangement, Expense | $ 326 | $ 443 | $ 684 | $ 1,489 |
Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expense | 61 | 139 | 145 | 481 |
General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expense | 265 | 280 | 523 | 930 |
Selling and Marketing Expense [Member] | ||||
Share-based Payment Arrangement, Expense | $ 0 | $ 24 | $ 16 | $ 78 |
Note 10 - Loss per share - Sche
Note 10 - Loss per share - Schedule of diluted net loss per share attributable to common shareholders (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Impairment Effects on Earnings Per Share [Line Items] | ||
Options outstanding | 721,793 | 740,974 |
May 2018 public offering warrants | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Offering warrants | 0 | 137,370 |
September 2023 Common Warrants | ||
Impairment Effects on Earnings Per Share [Line Items] | ||
Offering warrants | 2,536,391 | 0 |
Note 11 - Supplemental Cash Flo
Note 11 - Supplemental Cash Flow Disclosure - Changes in Working Capital Items (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||
Receivables | $ 157 | $ 268 |
Prepaid expenses | $ 213 | $ 382 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) | 9 Months Ended | ||
Dec. 31, 2023 | Mar. 31, 2023 | Oct. 25, 2019 | |
reserves or liabilities | $ 0 | ||
Commitments and Contingencies | |||
RKO Supply Agreement [Member] | |||
Purchase Obligation, Total | $ 3,100 | ||
Purchase Commitment, Remaining Minimum Amount Committed | $ 2,800 | ||
Research and development contracts and contract research organizations agreements | CMOs | |||
commitments | no | ||
Research and development contracts and contract research organizations agreements | CROs | |||
Commitments and Contingencies | $ 7,670 |
Note 13 - Restructuring (Additi
Note 13 - Restructuring (Additional Information) (Details) $ in Thousands | May 08, 2023 USD ($) |
Restructuring and Related Activities [Abstract] | |
Severance costs incurred | $ 1,485 |