Acasti Pharma (ACST) 10-K 21 Jun 24 2024 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2024	Jun. 21, 2024	Sep. 30, 2023
Cover [Abstract]
Entity Registrant Name	ACASTI PHARMA INC.
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	98-1359336
Entity Central Index Key	0001444192
Current Fiscal Year End Date	--03-31
Entity File Number	001-35776
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	818
Local Phone Number	839-4378
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction	false
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding (in shares)		9,399,404
Entity Public Float			$ 17,617,435
Entity Shell Company	false
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common Shares, no par value per share
Trading Symbol	ACST
Security Exchange Name	NASDAQ
Auditor Firm ID	185
Auditor Location	Philadelphia, Pennsylvania, United States
Auditor Name	KPMG LLP

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Current assets:
Cash and cash equivalents	$ 23,005	$ 27,875
Short- term investments	0	15
Receivables	722	802
Prepaid expenses	283	598
Total current assets	24,010	29,290
Operating lease right of use asset	0	463
Equipment,net	24	104
Intangible assets	41,128	41,128
Goodwill	8,138	8,138
Total assets	73,300	79,123
Current liabilities:
Trade and other payables	1,684	3,336
Operating lease liability	0	75
Total current liabilities	1,684	3,411
Derivative warrant liabilities	4,359	0
Operating lease liability	0	410
Deferred tax liability	5,514	7,347
Total liabilities	11,557	11,168
Commitments and contingencies
Shareholders equity:
Additional paid-in capital	17,862	13,965
Accumulated other comprehensive loss	(6,038)	(6,038)
Accumulated deficit	(211,119)	(198,266)
Total shareholder's equity	61,743	67,955
Total liabilities and shareholders’ equity	73,300	79,123
Common Class A [Member]
Shareholders equity:
Common Stock, Value, Total	261,038	258,294
Common Class B [Member]
Shareholders equity:
Common Stock, Value, Total	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Mar. 31, 2023
Statement of Financial Position [Abstract]
Common shares, par value	$ 0	$ 0
Common shares, issued	9,399,404	7,435,533
Common shares, outstanding	9,399,404	7,435,533

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses
Research and development expenses, net of government assistance	$ (4,683)	$ (9,972)
General and administrative expenses	(6,432)	(7,614)
Sales and marketing	(252)	(661)
Restructuring cost	(1,485)	0
Impairment of intangible assets	0	(28,682)
Impairment of goodwill	0	(4,826)
Impairment of assets held for sale	0	(400)
Loss from operating activities	(12,852)	(52,155)
Foreign exchange loss	(16)	(72)
Change in fair value of warrant liabilities	(2,728)	10
Interest income and other expense, net	911	246
Total other income (expense), net	(1,833)	184
Loss before income tax benefit	(14,685)	(51,971)
Income tax benefit	1,832	9,542
Net loss and total comprehensive loss	$ (12,853)	$ (42,429)
Earnings Per Share Basic	$ (1.35)	$ (5.71)
Earnings Per Share Diluted	$ (1.35)	$ (5.71)
Weighted Average Number Of Shares Outstanding Basic	9,529,123	7,435,472
Weighted Average Number Of Shares Outstanding Diluted	9,529,123	7,435,472

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity - USD ($) $ in Thousands	Total	Common Stock [Member] Class A common shares [Member]	Additional Paid-in Capital [Member]	Accumulated other comprehensive loss [Member]	Accumulated deficit [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)	(42,429)				(42,429)
Cumulative translation adjustment	(1)			(1)
Stock-based compensation	1,811		1,811
Net proceeds from shares issued under the at-the-market (ATM) program (Shares)		54,108
Net proceeds from shares issued under the at-the-market (ATM) program	304	$ 304
Ending Balance (in shares) at Mar. 31, 2023		7,435,533
Ending Balance at Mar. 31, 2023	67,955	$ 258,294	13,965	(6,038)	(198,266)
Net Income (Loss)	(12,853)				(12,853)
Stock-based compensation	913		913
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	12,500
Issuance of common shares and pre-funded warrants through private placement, net of offering costs		1,951,371
Issuance of common shares and pre-funded warrants through private placement, net of offering costs (Value)	$ 5,707	$ 2,744	2,963
Ending Balance (in shares) at Mar. 31, 2024		9,399,404
Ending Balance at Mar. 31, 2024	$ 61,743	$ 261,038	$ 17,862	$ (6,038)	$ (211,119)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows used in operating activities:
Net loss	$ (12,853)	$ (42,429)
Adjustments:
Depreciation of equipment	11	124
Gain on sale of equipment	(59)	0
Impairment of intangible assets	0	28,682
Impairment of goodwill	0	4,826
Impairment of assets held for sale	0	400
Stock-based compensation	913	1,811
Change in fair value of warrant liabilities	2,728	(10)
Deferred income tax benefit	(1,832)	(9,542)
Unrealized foreign exchange (gain) loss	0	5
Loss on disposal	39	39
Changes in operating assets and liabilities:
Receivables	80	(302)
Prepaid expenses	315	72
Trade and other payables	(1,652)	411
Operating lease right of use asset	(23)	0
Net cash used in operating activities	(12,333)	(15,913)
Cash flows from investing activities:
Purchase of equipment	(22)	(17)
Proceeds from sale of equipment	111	0
Purchase of short-term investments	(6,554)	(5,015)
Maturity of short-term investments	6,569	18,185
Net cash provided by investing activities	104	13,153
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 shares issued under the at-the-market (ATM) program	0	304
Net cash provided by financing activities	7,359	304
Effect of exchange rate fluctuations on cash and cash equivalents	0	(8)
Net decrease in cash and cash equivalents	(4,870)	(2,464)
Cash and cash equivalents, beginning of year	27,875	30,339
Cash and cash equivalents, end of year	23,005	27,875
Cash and Cash Equivalents [Abstract]
Cash	3,280	17,803
Cash equivalents	$ 19,725	$ 10,072

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (12,853)	$ (42,429)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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 Operations

Note 1 - Nature of Operations	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Nature of Operations	1. Nature of Operations Acasti Pharma Inc. (“Acasti” or the “Company”) is incorporated under the Business Companies Act (Québec) (formerly Part 1A of the Companies Act (Québec)). The Company is domiciled in Canada and its principal executive office is located at 103 Carnegie Center Suite 300 Princeton, New Jersey 08540. The Company’s Class A common shares, no par value per share (“Common Shares”), are listed on the Nasdaq Capital Market (“Nasdaq”) and, through March 27, 2023, the Company's Common Shares were also listed on the TSX Venture Exchange (“TSXV”), in each case, under the symbol “ACST”. On March 13, 2023, the Company received approval to voluntarily delist from the TSXV. Effective as at the close of trading on March 27, 2023, the Company's Common Shares are no longer listed and posted for trading on the TSXV. In August 2021, the Company completed the acquisition via a share-for-share merger of Grace Therapeutics, Inc. (“Grace Therapeutics”), a privately held emerging biopharmaceutical company focused on developing innovative drug delivery technologies for the treatment of rare and orphan diseases. The post-merger Company 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 Company 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 Company for further development may be already approved in the target indication or could be repurposed for use in new indications. The Company has incurred operating losses and negative cash flows from operations in each year since its inception. The Company expects to incur significant expenses and continued operating losses for the foreseeable future. In May 2023, the Company implemented a strategic realignment plan to enhance shareholder value that resulted in the Company engaging a new management team, streamlining its research and development activities and greatly reducing its workforce. Following the realignment, the Company 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 Company entered into a securities purchase agreement with certain institutional and accredited investors. Gross proceeds to the Company from this private placement were approximately $ 7,500 , before deducting fees and expenses. The Company 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 Company 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 Company believes its existing cash and cash equivalents, will be sufficient to fund the Company’s operations into the second calendar quarter of 2026. The Company will require additional capital to fund its daily operating needs beyond that time. The Company does not expect to generate revenue from product sales unless and until it successfully completes drug development and obtains regulatory approval, which the Company expects will take several years and is subject to significant uncertainty. To date, the Company 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 Company 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 Company to relinquish certain rights related to its technologies or drug product candidates. Adequate additional financing may not be available to the Company on acceptable terms, or at all. The Company’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 Company plans to raise additional capital in order to maintain adequate liquidity. Negative results from studies or trials, if any, or depressed prices of the Company’s stock could impact the Company’s ability to raise additional financing. Raising additional equity capital is subject to market conditions that are not within the Company’s control. If the Company is unable to raise additional funds, the Company may not be able to realize its assets and discharge its liabilities in the normal course of business. The Company 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 June 29, 2023, the Board of Directors of the Company approved an amendment to the Company's Articles of Incorporation to implement a reverse stock split of the Company's Common Shares, at a ratio of 1-for-6 (the “Reverse Stock Split”). On July 4, 2023, the Company 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	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Summary of significant accounting policies	2. Summary of significant accounting policies Basis of presentation These consolidated financial statements of Acasti Pharma Inc., which include the accounts of its subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). All intercompany transactions and balances are eliminated on consolidation. Use of estimates The preparation of the consolidated 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 Company recognizes tax credits once it has reasonable assurance that they will be realized. Cash equivalents Cash equivalents comprise of highly liquid investments purchased with original maturities of 90 days or less. Cash equivalents consist of guaranteed investment certificates. Equipment Equipment is measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset, including all costs incurred in bringing the asset to its present location and condition. Gains and losses on disposal of equipment are determined by comparing the proceeds from disposal with the carrying amount of equipment. Depreciation is recognized on a declining basis over the estimated useful lives of equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Items of equipment are depreciated from the date that they are available for use or, in respect of assets not yet in service, from the date they are ready for their intended use. Intangible assets - acquired in-process research and development In a business combination, the fair value of in-process research and development (“IPR&D”) acquired is capitalized and accounted for as indefinite-lived intangible assets, and not amortized until the underlying project receives regulatory approval, at which point the intangible assets will be accounted for as definite-lived intangible assets and amortized over the remaining useful life or discontinued. If discontinued, the intangible asset will be written off. Research and development (“R&D”) costs incurred after the acquisition are expensed as incurred. The estimated fair values of identifiable intangible assets were determined using the multi-period excess earnings method, which is a valuation methodology that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. The significant assumptions used in the valuation are the discount rate, the probability of clinical success of research and development programs, obtaining regulatory approval and forecasted net sales, including milestone payments and royalty revenues. Impairment of long-lived assets The Company reviews the recoverability of its finite long-lived assets whenever events or changes in circumstances indicate that it is carrying amount may not be recoverable. The carrying amount is first compared with the undiscounted cash flows. If the carrying amount is higher than the sum of undiscounted cash flows, then the Company determines the fair value of the underlying asset group. Any impairment loss to be recognized is measured as the difference by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Goodwill and indefinite-lived assets are not amortized but are subject to an impairment review annually and more frequently when indicators of impairment exist. An impairment of goodwill could occur if the carrying amount of a reporting unit exceeds the fair value of that reporting unit. An impairment of indefinite-lived intangible assets would occur if the fair value of the intangible asset is less than the carrying value. The Company tests its goodwill for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If the Company concludes it is more likely than not that fair value of the reporting unit is less than its carrying amount, a quantitative impairment test is performed. The Company tests indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If the Company concludes it is more likely than not that the fair value is less than it's carrying amount, a quantitative impairment test is performed. The Company's annual impairment test is performed in the fourth quarter of the fiscal year. Research and development costs Research and developments expenditures are expensed as incurred. These costs consist of employees’ salaries and benefits related to research and development activities, contractors and consultants that conduct the Company’s clinical trials, laboratory material and small equipment, clinical trial materials, stock-based compensation expense, and other non-clinical costs and regulatory fees. Advance payments for goods and services that will be used in future research and development are recognized in prepaids or other assets and are expensed when the services are performed, or the goods are used. Stock-based compensation The Company has in place a stock option plan for directors, officers, employees, and consultants of the Company, with grants under the stock option plan approved by the Company’s Board of Directors. The plan provides for the granting of options to purchase Common Shares and the exercise price of each option equals the closing trading price of Common Shares on the day prior to the grant. The Company accounts for stock-based compensation arrangements in accordance with provisions of Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation . ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based payments including stock options. ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The Company measures the cost of such awards based on the fair value of the award at grant date and recognizes stock-based compensation expense in the Consolidated Statements of Operations and Comprehensive Loss on a tranche by tranche basis. The fair value of options is estimated for each tranche of an award that vests on a graded basis. The fair value of options is estimated using the Black-Scholes option pricing model, which uses various inputs including fair value of the Common Shares at the grant date, expected term, historical volatility, risk-free interest rate and expected dividend yields of the Common Shares. The Company applies an estimated forfeiture rate derived from historical employee termination behavior in determining compensation expense. If the actual forfeitures differ from those estimated by management, adjustment to compensation expense may be required in future periods. Government grants Government grants are recorded as a reduction of the related expense or cost of the asset acquired. Government grants are recognized when there is reasonable assurance that the Company has met the requirements of the approved grant program and there is reasonable assurance that the grant will be received. Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company 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. The Company has elected not to recognize leases with an original term of one year or less on the balance sheet. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. The Company’s lease expense is recognized in research and development expenses. The Company does not have financing leases. In accordance with FASB ASC 842— Leases (“Topic 842”), components of a lease should be split into three categories: lease components, non-lease components and non-components. The fixed and in-substance fixed contract consideration (including any consideration related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. Entities may elect not to separate lease and non-lease components. The Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only. Income taxes Income taxes comprises current and deferred taxes. The provision for income taxes is computed using the asset and liability method. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts (tax base) of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are measured at the tax rate expected to apply when the underlying asset or liability is realized (settled) based on the rates that are enacted at the reporting date. Deferred tax assets and liabilities are offset if the Company has the right to set off the amount owed by with the amount owed by the other party, the Company intends to set off and the offset right is enforceable at law. A deferred tax asset is recognized for unused tax losses, and tax credits, reduced by a valuation allowance. A valuation allowance is recorded to reduce the carrying amount of deferred income tax assets when it is more likely than not that these assets will not be realized. tax benefits related to tax positions not deemed to meet the “more-likely-than-not” threshold are not permitted to be recognized in the consolidated financial statements. Earnings per share The Company presents basic and diluted earnings per share ("EPS") data for its Common Shares. Basic EPS is calculated by dividing the net income or loss attributable to the holders of Common Shares by the weighted average number of Common Shares outstanding during the year. Diluted EPS is determined by adjusting the net income or loss attributable to the holders of Common Shares and the weighted average number of Common Shares outstanding adjusted for the effects of all dilutive potential Common Shares, which comprise warrants and share options granted to employees. The basic and diluted EPS are the same due to loss position. Segment reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses. The Company has one reportable operating segment: the development and commercialization of pharmaceutical applications of its patent portfolio and licensed rights. The majority of the Company’s assets are located in Canada and the United States. Derivative warrant liabilities Derivative warrant liabilities are recognized initially at fair value. Subsequent to initial recognition, derivative warrant liabilities are measured at fair value, with changes in fair value are recognized in the Consolidated Statement of Operations and Comprehensive Loss . Fair value measurements Certain of the Company’s accounting policies and disclosures require the determination of fair value, for both financial assets and liabilities. In establishing fair value, the Company uses a fair value hierarchy based on levels as defined below: • Level 1: defined as observable inputs such as quoted prices in active markets. • Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. • Level 3: defined as inputs that are based on little or no observable market data, therefore requiring entities to develop their own assumptions. The Company has determined that the carrying values of its short-term financial assets and liabilities (cash and cash equivalents, short-term investments and trade and other payables) approximate their fair value given the short-term nature of these instruments. The Company measured its derivative warrant liabilities at fair value on a recurring basis using level 3 inputs . Financial Instruments Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents are all invested in accordance with the Company’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 Company maintains its cash and cash equivalents at accredited financial institutions in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Recent accounting pronouncements The Company 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 3 - Fair Value Measurement

Note 3 - Fair Value Measurements	12 Months Ended
	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Fair Value Measurements	3. Fair value measurements Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 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 19,725 19,725 — — Total assets 19,725 19,725 — — Liabilities Derivative warrant liabilities 4,359 — — 4,359 Total liabilities 4,359 — — 4,359 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 Term deposits classified as cash equivalents 10,072 10,072 — — Guaranteed investment certificate classified as a 15 15 — — Total assets 10,087 10,087 — — There were no changes in valuation techniques or transfers between Levels 1, 2 or 3 during the years ended March 31, 2024 and 2023. The Company’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 10(b) for the valuation techniques and assumptions used in estimating the fair value of the derivative warrant liabilities.

Note 4 - Receivables

Note 4 - Receivables	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Receivables	4. Receivables March 31, 2024 March 31, 2023 $ $ Sales tax receivables 316 338 Government assistance 356 412 Interest receivable 15 52 Other receivable 35 — Total receivables 722 802 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 - Equipment

Note 5 - Equipment	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Equipment	5. Equipment The following is a summary of equipment, net: March 31, 2024 Cost Accumulated Write-off Net book $ $ $ Furniture and office equipment 18 ( 13 ) ( 4 ) 1 Computer equipment 114 ( 76 ) ( 34 ) 4 Laboratory equipment 571 ( 519 ) ( 52 ) — Software 19 0 0 19 722 ( 608 ) ( 90 ) 24 March 31, 2023 Cost Accumulated Write-off Net book $ $ $ $ Furniture and office equipment 19 ( 11 ) ( 1 ) 7 Computer equipment 108 ( 47 ) ( 22 ) 39 Laboratory equipment 586 ( 512 ) ( 16 ) 58 713 ( 570 ) ( 39 ) 104 Depreciation expense was $ 11 and $ 124 for the years ended March 31, 2024 and 2023, respectively.

Note 6 - Intangible assets and

Note 6 - Intangible assets and Goodwill	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Intangible assets and Goodwill	6. Intangible assets and goodwill Individual IPR&D projects and goodwill are tested for impairment on an annual basis in the fourth quarter, and in between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of each technology or our reporting unit below its carrying value. In April 2023, the Company announced its strategic realignment plan to prioritize resources to GTX-104, from GTX-101 and GTX-102 triggering a comprehensive review as of March 31, 2023. The estimated fair values of identifiable intangible assets were determined using the multi-period excess earnings method. The estimated fair value of the reporting unit was determined using the projected discounted cash flow model. The impairment assessments resulted in the following activity during the years ended March 31, 2024 and 2023: GTX-104 GTX-102 GTX-101 Total $ $ $ $ Intangible assets – in-process research and development Balance, March 31, 2022 27,595 31,908 10,307 69,810 Impairment — ( 22,712 ) ( 5,970 ) ( 28,682 ) Balance, March 31, 2023 27,595 9,196 4,337 41,128 Impairment — — — — Balance, March 31, 2024 27,595 9,196 4,337 41,128 During 2023, the impairment of $ 28,682 of the intangible assets resulted in a recovery of $ 8,633 of the related deferred tax liability. $ Goodwill Balance, March 31, 2022 12,964 Impairment ( 4,826 ) Balance, March 31, 2023 8,138 Impairment — Balance, March 31, 2024 8,138 The multi-period excess earnings method 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. The Company's IPR&D projects, consistent with others in our industry, 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.

Note 7 - Trade and Other Payabl

Note 7 - Trade and Other Payables	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Trade and Other Payables	7. Trade and other payables March 31, 2024 March 31, 2023 $ $ Trade payables 1,007 1,242 Accrued liabilities and other payables 176 946 Employee salaries and benefits payable 501 1,148 Total trade and other payables 1,684 3,336

Note 8- Leases

Note 8- Leases	12 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	8. Leases The Company has historically entered into lease arrangements for its research and development and quality control laboratory facility located in Sherbrooke, Québec. In March 2022, the Company 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 Company elected not to renew the additional 48-month option to renew, and terminated the lease on March 31, 2024. Supplemental balance sheet information related to leases was as follows: March 31, 2024 March 31, 2023 $ $ Operating lease right of use asset — 463 Operating lease liability, current — 75 Operating lease liability, long-term — 410 Total operating lease liability — 485 Supplemental lease expense related to leases is as follows: Year ended March 31, 2024 Year ended March 31, 2023 $ $ Operating lease cost 93 206 Total lease expense 93 206 The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating lease for the year ended March 31, 2024: Operating cash flows for operating lease $ 93 Weighted-average remaining lease term (in years) - Weighted-average discount rate 4.3 % As the Company's lease does not provide an implicit rate, the Company utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company 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. As of March 31, 2024, there were no future minimum lease payments.

Note 9 -Shareholders' Equity

Note 9 -Shareholders' Equity	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Shareholders' Equity	9. Shareholders' equity Common Shares Authorized capital stock ➣ Class A common shares ("Common Shares"), voting ( one vote per share), participating and without par value. As of March 31, 2024, 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 March 31, 2024, 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 March 31, 2024, 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 Company's Articles of Incorporation, as amended, at the holder’s discretion, subject to certain conditions. As of March 31, 2024, there were no Class D or E common shares issued and outstanding. Private Placement In September 2023, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional and accredited investors in connection with a private placement of the Company's securities (the “Offering”). Pursuant to the Purchase Agreement, the Company 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 Company 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 Company’s product candidate GTX-104 or (ii) five years from the date of issuance. The Offering closed on September 25, 2023. The Offering included the issuance of Common Shares, Pre-funded Warrants, and Common Warrants to related parties Shore Pharma LLC, an entity that was controlled by Vimal Kavuru, the Chair of our Board of Directors, at the time of the Offering and SS Pharma LLC, resulting in proceeds of $ 2,500 . The net proceeds to the Company from the Offering were $ 7,338 , after deducting fees and expenses. At-the-Market (“ATM”) Program In June 2020, the Company 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 Company’s existing ATM program. Under the terms of the Sales Agreement, which had a three-year term, the Company 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 Company’s instructions. The Company had no obligation to sell any of the Common Shares and could, at any time, suspend sales under the Sales Agreement. The Company and the Agents could terminate the Sales Agreement in accordance with its terms. Under the terms of the Sales Agreement, the Company 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 the year ended March 31, 2024, no Common Shares were sold under the ATM program. During the year ended March 31, 2023, 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. Warrants On May 9, 2023, warrants issued pursuant to the Company’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 Company 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. 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 Company’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. 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: March 31, 2024 March 31, 2023 $ $ Beginning balance — 10 Issued during the year 1,631 — Change in fair value 2,728 ( 10 ) Ending balance 4,359 — 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 Company's product candidate GTX-104 or (ii) five years from the date on issuance. September 25, 2023 March 31, 2024 Risk-free interest rate 5.00 % 4.69 % Share price $ 1.78 $ 3.43 Expected warrant life 2.54 2.03 Dividend yield 0 % 0 % Expected volatility 80.90 % 85.94 % 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 Company'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 $ 1.72 per Common Warrant, as of September 25, 2023 and March 31, 2024, respectively. The risk-free interest rate at the issue date and on the reporting date of March 31, 2024 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 Company. At March 31, 2024, the Company 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 March 31, 2024, the Company 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. During the years ended March 31, 2024 and 2023, no warrants were exercised.

Note 10 - Stock Based Compensat

Note 10 - Stock Based Compensation	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Stock-based compensation	10. Stock-based compensation At March 31, 2024, the Company had in place a stock option plan for directors, officers, employees, and consultants of the Company (“Stock Option Plan”). As of March 31, 2024, there were 738,725 awards available under the plan for issuance. 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 Company’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 Company as of July 28, 2022. The terms and conditions for acquiring and exercising options are set by the Company’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 Company’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 Company (or any subsidiary of the Company) conducting investor relations services, cannot exceed in the aggregate 2 % of the Company’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 year ended March 31, 2024: Number of Weighted average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) $ $ Outstanding, March 31, 2023 740,957 13.60 8.19 8,121 Granted 607,670 2.50 Exercised ( 12,500 ) 1.27 Forfeited/Cancelled ( 614,334 ) 12.89 Outstanding, March 31, 2024 721,793 3.68 9.08 527 Exercisable, March 31, 2024 312,924 4.65 8.84 188 Forfeited and cancelled options were as a result of the Company's restructuring that occurred during the year ended March 31, 2024. On July 14, 2023, the Company'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 Company's Stock Option Plan. On December 19, 2023, the Company'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 Company's Stock Option Plan. The weighted-average grant date fair value of awards for options granted during the years ended March 31, 2024 and 2023 was $ 2.13 and $ 4.32 , respectively. 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: March 31, 2024 March 31, 2023 Weighted-average Weighted-average Exercise price $ 2.50 $ 5.10 Share price $ 2.50 $ 5.10 Dividend — — Risk-free interest 3.95 % 3.28 % Estimated life (years) 5.62 5.73 Expected volatility 117.94 % 117.56 % Stock-based compensation expense recognized under ASC 718 related to the stock option plan is summarized as follows: March 31, 2024 March 31, 2023 $ $ Research and development expenses 198 591 General and administrative expenses 697 1,123 Sales and marketing expenses 18 97 913 1,811 As of March 31, 2024, there was $ 467 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 1.24 years. Equity incentive plan The Company established an equity incentive plan (the “Equity Incentive Plan”) for employees, directors, and consultants. The Equity Incentive Plan provides for the issuance of 1,483,140 restricted share units, 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 March 31, 2024 , and no stock-based compensation was recognized for the year ended March 31, 2024 .

Note 11 - Loss Per Share

Note 11 - Loss Per Share	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Loss per share	11. Loss per share The Company 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 Company 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: March 31, 2024 March 31, 2023 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 12 - Income Taxes

Note 12 - Income Taxes	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Income taxes	12. Income taxes Income tax (benefit) expense: Year ended March 31, 2024 Year ended March 31, 2023 $ $ Current tax (benefit) expense 2 — Deferred tax (benefit) expense ( 1,834 ) ( 9,542 ) Income tax (benefit) expense ( 1,832 ) ( 9,542 ) A reconciliation between tax expense and the product of accounting income multiplied by the basic income tax rate for the years ended March 31, 2024 and 2023 is as follows: Year ended March 31, 2024 Year ended March 31, 2023 $ $ Tax at Canadian Rate ( 3,891 ) ( 13,772 ) Difference in foreign tax rates ( 77 ) ( 1,315 ) Non-deductible stock-based compensation 242 480 Non-deductible change in fair value of warrants 3 ( 3 ) Non-deductible transaction costs 723 — Non-deductible goodwill impairment — 1,453 Other non-deductible items 15 — Non-refundable federal investment tax credit — ( 642 ) State non income taxes 1 — Change in tax rates ( 486 ) — Change in valuation allowance 1,635 4,263 Other 3 ( 6 ) Total tax (benefit) expense ( 1,832 ) ( 9,542 ) Net deferred income tax assets as of March 31, 2024, and 2023 were comprised of the following: March 31, 2024 March 31, 2023 $ $ Deferred income tax assets Tax losses carried forward 40,659 38,628 Research and development expenses 8,522 7,672 Property, plant and equipment 523 905 Intangible assets 328 — Operating lease right of use liability — 129 Financing expenses 169 267 Net federal investment tax credits 2,882 3,950 Other deductible temporary differences 56 92 Total deferred income tax assets 53,139 51,643 Valuation allowance ( 47,284 ) ( 46,664 ) Deferred income tax liabilities Intangible assets ( 11,369 ) ( 12,198 ) Operating lease asset — ( 123 ) Other taxable temporary differences — ( 5 ) Deferred tax liabilities ( 11,369 ) ( 12,326 ) Net deferred tax liabilities ( 5,514 ) ( 7,347 ) As at March 31, 2024, the amounts and expiry dates of tax attributes and temporary differences, which are available to reduce future years’ taxable income, were as follows: March 31, 2024 Federal Provincial United States $ $ $ Tax losses carried forward 2028 571 571 2029 1,302 1,297 2030 1,657 1,651 2031 1,810 1,794 2032 1,484 1,461 2033 2,879 2,879 2034 3,678 3,568 2035 4,397 4,397 2036 6,470 6,371 2037 401 396 2038 14,856 13,821 2039 32,424 32,381 2040 23,576 23,439 2041 13,999 13,999 2042 9,417 9,416 2043 11,568 11,558 2044 7,206 7,206 No expiry 15,443 Total 137,695 136,205 15,443 Research and development expenses, without time limitation 25,708 27,887 Scientific Research & Experimental Development Expenditures investment tax credit carryforwards 3,922 — Unrecognized tax benefits The Company does not expect a significant change to the amount of unrecognized tax benefits over the next 12 months. However, any adjustments arising from certain ongoing examinations by tax authorities could alter the timing or amount of taxable income or deductions, of the allocation of income among tax jurisdictions, and these adjustments could differ from the amount accrued. The Company’s federal and provincial income tax returns filed for all years remain subject to examination by the taxation authorities. Government assistance Government assistance is comprised of research and development investment tax credits receivable from the Quebec 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 years ended March 31, 2024 and 2023, the Company recorded ($ 55 ) and $ 165 , respectively, as a reduction of research and development expenses in the Consolidated Statements of Operations and Comprehensive Loss. March 31, 2024 March 31, 2023 $ $ Investment tax credit 356 412 Unrecognized Canadian federal investment tax credits may be used to reduce future Canadian federal income tax and expire as follows: $ 2029 9 2030 23 2031 36 2032 345 2033 353 2034 348 2035 415 2036 229 2037 252 2038 259 2039 355 2040 226 2041 146 2042 312 2043 614 2044 - 3,922

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Commitments and Contingencies	13. Commitments and contingencies Research and development contracts and contract research organizations agreements The Company 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 Company has either the right to terminate the agreements without penalties or under certain penalty conditions. As of March 31, 2024, the Company has no commitments from CMOs and $ 6,020 of c ommitments for the next twelve months to CROs. Raw krill oil supply contract On October 25, 2019, the Company 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 Company’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 Company 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 Company was therefore required to accept the remaining product commitment. The Company 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 Company. The dispute remained unresolved as of both March 31, 2023 and 2022. On October 18, 2023, the Company 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 Company and AKBM agreed to the following: (a) AKBM retained ownership of all raw krill oil product, including amounts previously delivered to the Company, (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 Company. 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 Company 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 Company, 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 March 31, 2024, no liability was recorded by the Company. Legal proceedings and disputes In the ordinary course of business, the Company is at times subject to various legal proceedings and disputes. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, the Company 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 Company 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 Company’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 Company’s financial position, results of operations, or cash flows. No reserves or liabilities have been accrued as at March 31, 2024 .

Note 14 - Restructuring Costs

Note 14 - Restructuring Costs	12 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring Costs	14. Restructuring Costs On May 8, 2023, the Company communicated its decision to terminate a substantial amount of its workforce as part of a plan that intended to align the Company’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 Company incurred $ 1,485 of costs primarily consisting of employee severance costs and legal fees.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation These consolidated financial statements of Acasti Pharma Inc., which include the accounts of its subsidiaries, have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). All intercompany transactions and balances are eliminated on consolidation.
Use of estimates	Use of estimates The preparation of the consolidated 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 Company recognizes tax credits once it has reasonable assurance that they will be realized.
Cash equivalents	Cash equivalents Cash equivalents comprise of highly liquid investments purchased with original maturities of 90 days or less. Cash equivalents consist of guaranteed investment certificates.
Equipment	Equipment Equipment is measured at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset, including all costs incurred in bringing the asset to its present location and condition. Gains and losses on disposal of equipment are determined by comparing the proceeds from disposal with the carrying amount of equipment. Depreciation is recognized on a declining basis over the estimated useful lives of equipment, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Items of equipment are depreciated from the date that they are available for use or, in respect of assets not yet in service, from the date they are ready for their intended use.
Intangible assets - acquired in-process research and development	Intangible assets - acquired in-process research and development In a business combination, the fair value of in-process research and development (“IPR&D”) acquired is capitalized and accounted for as indefinite-lived intangible assets, and not amortized until the underlying project receives regulatory approval, at which point the intangible assets will be accounted for as definite-lived intangible assets and amortized over the remaining useful life or discontinued. If discontinued, the intangible asset will be written off. Research and development (“R&D”) costs incurred after the acquisition are expensed as incurred. The estimated fair values of identifiable intangible assets were determined using the multi-period excess earnings method, which is a valuation methodology that provides an estimate of the fair value of an asset based on market participant expectations of the cash flows an asset would generate over its remaining useful life. The significant assumptions used in the valuation are the discount rate, the probability of clinical success of research and development programs, obtaining regulatory approval and forecasted net sales, including milestone payments and royalty revenues.
Impairment of long-lived assets	Impairment of long-lived assets The Company reviews the recoverability of its finite long-lived assets whenever events or changes in circumstances indicate that it is carrying amount may not be recoverable. The carrying amount is first compared with the undiscounted cash flows. If the carrying amount is higher than the sum of undiscounted cash flows, then the Company determines the fair value of the underlying asset group. Any impairment loss to be recognized is measured as the difference by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Goodwill and indefinite-lived assets are not amortized but are subject to an impairment review annually and more frequently when indicators of impairment exist. An impairment of goodwill could occur if the carrying amount of a reporting unit exceeds the fair value of that reporting unit. An impairment of indefinite-lived intangible assets would occur if the fair value of the intangible asset is less than the carrying value. The Company tests its goodwill for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If the Company concludes it is more likely than not that fair value of the reporting unit is less than its carrying amount, a quantitative impairment test is performed. The Company tests indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more likely than not that the fair value is less than its carrying amount. If the Company concludes it is more likely than not that the fair value is less than it's carrying amount, a quantitative impairment test is performed. The Company's annual impairment test is performed in the fourth quarter of the fiscal year.
Research and development costs	Research and development costs Research and developments expenditures are expensed as incurred. These costs consist of employees’ salaries and benefits related to research and development activities, contractors and consultants that conduct the Company’s clinical trials, laboratory material and small equipment, clinical trial materials, stock-based compensation expense, and other non-clinical costs and regulatory fees. Advance payments for goods and services that will be used in future research and development are recognized in prepaids or other assets and are expensed when the services are performed, or the goods are used.
Stock-based compensation	Stock-based compensation The Company has in place a stock option plan for directors, officers, employees, and consultants of the Company, with grants under the stock option plan approved by the Company’s Board of Directors. The plan provides for the granting of options to purchase Common Shares and the exercise price of each option equals the closing trading price of Common Shares on the day prior to the grant. The Company accounts for stock-based compensation arrangements in accordance with provisions of Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation . ASC 718 requires the recognition of compensation expense, using a fair-value based method, for costs related to all share-based payments including stock options. ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The Company measures the cost of such awards based on the fair value of the award at grant date and recognizes stock-based compensation expense in the Consolidated Statements of Operations and Comprehensive Loss on a tranche by tranche basis. The fair value of options is estimated for each tranche of an award that vests on a graded basis. The fair value of options is estimated using the Black-Scholes option pricing model, which uses various inputs including fair value of the Common Shares at the grant date, expected term, historical volatility, risk-free interest rate and expected dividend yields of the Common Shares. The Company applies an estimated forfeiture rate derived from historical employee termination behavior in determining compensation expense. If the actual forfeitures differ from those estimated by management, adjustment to compensation expense may be required in future periods.
Government grants	Government grants Government grants are recorded as a reduction of the related expense or cost of the asset acquired. Government grants are recognized when there is reasonable assurance that the Company has met the requirements of the approved grant program and there is reasonable assurance that the grant will be received.
Leases	Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company 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. The Company has elected not to recognize leases with an original term of one year or less on the balance sheet. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew. The Company’s lease expense is recognized in research and development expenses. The Company does not have financing leases. In accordance with FASB ASC 842— Leases (“Topic 842”), components of a lease should be split into three categories: lease components, non-lease components and non-components. The fixed and in-substance fixed contract consideration (including any consideration related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components. Entities may elect not to separate lease and non-lease components. The Company has elected to account for lease and non-lease components together as a single lease component for all underlying assets and allocate all of the contract consideration to the lease component only.
Income taxes	Income taxes Income taxes comprises current and deferred taxes. The provision for income taxes is computed using the asset and liability method. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts (tax base) of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax assets and liabilities are measured at the tax rate expected to apply when the underlying asset or liability is realized (settled) based on the rates that are enacted at the reporting date. Deferred tax assets and liabilities are offset if the Company has the right to set off the amount owed by with the amount owed by the other party, the Company intends to set off and the offset right is enforceable at law. A deferred tax asset is recognized for unused tax losses, and tax credits, reduced by a valuation allowance. A valuation allowance is recorded to reduce the carrying amount of deferred income tax assets when it is more likely than not that these assets will not be realized. tax benefits related to tax positions not deemed to meet the “more-likely-than-not” threshold are not permitted to be recognized in the consolidated financial statements.
Earning per share	Earnings per share The Company presents basic and diluted earnings per share ("EPS") data for its Common Shares. Basic EPS is calculated by dividing the net income or loss attributable to the holders of Common Shares by the weighted average number of Common Shares outstanding during the year. Diluted EPS is determined by adjusting the net income or loss attributable to the holders of Common Shares and the weighted average number of Common Shares outstanding adjusted for the effects of all dilutive potential Common Shares, which comprise warrants and share options granted to employees. The basic and diluted EPS are the same due to loss position.
Segment reporting	Segment reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses. The Company has one reportable operating segment: the development and commercialization of pharmaceutical applications of its patent portfolio and licensed rights. The majority of the Company’s assets are located in Canada and the United States.
Derivative warrant liabilities	Derivative warrant liabilities Derivative warrant liabilities are recognized initially at fair value. Subsequent to initial recognition, derivative warrant liabilities are measured at fair value, with changes in fair value are recognized in the Consolidated Statement of Operations and Comprehensive Loss .
Fair value measurements	Fair value measurements Certain of the Company’s accounting policies and disclosures require the determination of fair value, for both financial assets and liabilities. In establishing fair value, the Company uses a fair value hierarchy based on levels as defined below: • Level 1: defined as observable inputs such as quoted prices in active markets. • Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. • Level 3: defined as inputs that are based on little or no observable market data, therefore requiring entities to develop their own assumptions. The Company has determined that the carrying values of its short-term financial assets and liabilities (cash and cash equivalents, short-term investments and trade and other payables) approximate their fair value given the short-term nature of these instruments. The Company measured its derivative warrant liabilities at fair value on a recurring basis using level 3 inputs .
Financial Instruments	Financial Instruments Concentration of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents are all invested in accordance with the Company’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 Company maintains its cash and cash equivalents at accredited financial institutions in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.
Recent accounting pronouncements	Recent accounting pronouncements The Company 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 3 - Fair Value Measureme_2

Note 3 - Fair Value Measurements (Tables)	12 Months Ended
	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 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 19,725 19,725 — — Total assets 19,725 19,725 — — Liabilities Derivative warrant liabilities 4,359 — — 4,359 Total liabilities 4,359 — — 4,359 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 Term deposits classified as cash equivalents 10,072 10,072 — — Guaranteed investment certificate classified as a 15 15 — — Total assets 10,087 10,087 — —

Note 4 - Receivables (Tables)

Note 4 - Receivables (Tables)	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	March 31, 2024 March 31, 2023 $ $ Sales tax receivables 316 338 Government assistance 356 412 Interest receivable 15 52 Other receivable 35 — Total receivables 722 802

Note 5 - Equipment (Tables)

Note 5 - Equipment (Tables)	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Reclassification from held for sale to equipment	The following is a summary of equipment, net: March 31, 2024 Cost Accumulated Write-off Net book $ $ $ Furniture and office equipment 18 ( 13 ) ( 4 ) 1 Computer equipment 114 ( 76 ) ( 34 ) 4 Laboratory equipment 571 ( 519 ) ( 52 ) — Software 19 0 0 19 722 ( 608 ) ( 90 ) 24 March 31, 2023 Cost Accumulated Write-off Net book $ $ $ $ Furniture and office equipment 19 ( 11 ) ( 1 ) 7 Computer equipment 108 ( 47 ) ( 22 ) 39 Laboratory equipment 586 ( 512 ) ( 16 ) 58 713 ( 570 ) ( 39 ) 104

Note 6 - Intangible assets an_2

Note 6 - Intangible assets and Goodwill (Tables)	12 Months Ended
	Mar. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Schedule of Intangible Assets in Process Research and Development	The estimated fair value of the reporting unit was determined using the projected discounted cash flow model. The impairment assessments resulted in the following activity during the years ended March 31, 2024 and 2023: GTX-104 GTX-102 GTX-101 Total $ $ $ $ Intangible assets – in-process research and development Balance, March 31, 2022 27,595 31,908 10,307 69,810 Impairment — ( 22,712 ) ( 5,970 ) ( 28,682 ) Balance, March 31, 2023 27,595 9,196 4,337 41,128 Impairment — — — — Balance, March 31, 2024 27,595 9,196 4,337 41,128
Schedule of Goodwill	the impairment of $ 28,682 of the intangible assets resulted in a recovery of $ 8,633 of the related deferred tax liability. $ Goodwill Balance, March 31, 2022 12,964 Impairment ( 4,826 ) Balance, March 31, 2023 8,138 Impairment — Balance, March 31, 2024 8,138

Note 7 - Trade and Other Paya_2

Note 7 - Trade and Other Payables (Tables)	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	March 31, 2024 March 31, 2023 $ $ Trade payables 1,007 1,242 Accrued liabilities and other payables 176 946 Employee salaries and benefits payable 501 1,148 Total trade and other payables 1,684 3,336

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	12 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Supplemental balance sheet information	Supplemental balance sheet information related to leases was as follows: March 31, 2024 March 31, 2023 $ $ Operating lease right of use asset — 463 Operating lease liability, current — 75 Operating lease liability, long-term — 410 Total operating lease liability — 485
Supplemental lease expense	Supplemental lease expense related to leases is as follows: Year ended March 31, 2024 Year ended March 31, 2023 $ $ Operating lease cost 93 206 Total lease expense 93 206
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 Company’s operating lease for the year ended March 31, 2024: Operating cash flows for operating lease $ 93 Weighted-average remaining lease term (in years) - Weighted-average discount rate 4.3 %

Note 9 - Shareholders' Equity (

Note 9 - Shareholders' Equity (Tables)	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [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: March 31, 2024 March 31, 2023 $ $ Beginning balance — 10 Issued during the year 1,631 — Change in fair value 2,728 ( 10 ) Ending balance 4,359 —
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 Company's product candidate GTX-104 or (ii) five years from the date on issuance. September 25, 2023 March 31, 2024 Risk-free interest rate 5.00 % 4.69 % Share price $ 1.78 $ 3.43 Expected warrant life 2.54 2.03 Dividend yield 0 % 0 % Expected volatility 80.90 % 85.94 %

Note 10 - Stock Based Compens_2

Note 10 - Stock Based Compensation (Tables)	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Share-based Payment Arrangement, Option, Activity	The following table summarizes information about activities within the Stock Option Plan for the year ended March 31, 2024: Number of Weighted average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) $ $ Outstanding, March 31, 2023 740,957 13.60 8.19 8,121 Granted 607,670 2.50 Exercised ( 12,500 ) 1.27 Forfeited/Cancelled ( 614,334 ) 12.89 Outstanding, March 31, 2024 721,793 3.68 9.08 527 Exercisable, March 31, 2024 312,924 4.65 8.84 188
Share-based Payment Arrangement, Expensed and Capitalized, Amount	Stock-based compensation expense recognized under ASC 718 related to the stock option plan is summarized as follows: March 31, 2024 March 31, 2023 $ $ Research and development expenses 198 591 General and administrative expenses 697 1,123 Sales and marketing expenses 18 97 913 1,811
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The weighted-average grant date fair value of awards for options granted during the years ended March 31, 2024 and 2023 was $ 2.13 and $ 4.32 , respectively. 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: March 31, 2024 March 31, 2023 Weighted-average Weighted-average Exercise price $ 2.50 $ 5.10 Share price $ 2.50 $ 5.10 Dividend — — Risk-free interest 3.95 % 3.28 % Estimated life (years) 5.62 5.73 Expected volatility 117.94 % 117.56 %

Note 11 - Loss per share (Table

Note 11 - Loss per share (Tables)	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Schedule Of Loss Per Share	The Company 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: March 31, 2024 March 31, 2023 Options outstanding 721,793 740,974 September 2023 Common Warrants 2,536,391 — May 2018 public offering warrants — 137,370

Note 12 - Income Taxes (Tables)

Note 12 - Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2024
Notes To Financial Statements [Abstract]
Schedule of Income tax (recovery) expense	Income tax (benefit) expense: Year ended March 31, 2024 Year ended March 31, 2023 $ $ Current tax (benefit) expense 2 — Deferred tax (benefit) expense ( 1,834 ) ( 9,542 ) Income tax (benefit) expense ( 1,832 ) ( 9,542 )
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation between tax expense and the product of accounting income multiplied by the basic income tax rate for the years ended March 31, 2024 and 2023 is as follows: Year ended March 31, 2024 Year ended March 31, 2023 $ $ Tax at Canadian Rate ( 3,891 ) ( 13,772 ) Difference in foreign tax rates ( 77 ) ( 1,315 ) Non-deductible stock-based compensation 242 480 Non-deductible change in fair value of warrants 3 ( 3 ) Non-deductible transaction costs 723 — Non-deductible goodwill impairment — 1,453 Other non-deductible items 15 — Non-refundable federal investment tax credit — ( 642 ) State non income taxes 1 — Change in tax rates ( 486 ) — Change in valuation allowance 1,635 4,263 Other 3 ( 6 ) Total tax (benefit) expense ( 1,832 ) ( 9,542 )
Schedule of Deferred Tax Assets and Liabilities	Net deferred income tax assets as of March 31, 2024, and 2023 were comprised of the following: March 31, 2024 March 31, 2023 $ $ Deferred income tax assets Tax losses carried forward 40,659 38,628 Research and development expenses 8,522 7,672 Property, plant and equipment 523 905 Intangible assets 328 — Operating lease right of use liability — 129 Financing expenses 169 267 Net federal investment tax credits 2,882 3,950 Other deductible temporary differences 56 92 Total deferred income tax assets 53,139 51,643 Valuation allowance ( 47,284 ) ( 46,664 ) Deferred income tax liabilities Intangible assets ( 11,369 ) ( 12,198 ) Operating lease asset — ( 123 ) Other taxable temporary differences — ( 5 ) Deferred tax liabilities ( 11,369 ) ( 12,326 ) Net deferred tax liabilities ( 5,514 ) ( 7,347 )
Summary of Tax Credit Carryforwards	As at March 31, 2024, the amounts and expiry dates of tax attributes and temporary differences, which are available to reduce future years’ taxable income, were as follows: March 31, 2024 Federal Provincial United States $ $ $ Tax losses carried forward 2028 571 571 2029 1,302 1,297 2030 1,657 1,651 2031 1,810 1,794 2032 1,484 1,461 2033 2,879 2,879 2034 3,678 3,568 2035 4,397 4,397 2036 6,470 6,371 2037 401 396 2038 14,856 13,821 2039 32,424 32,381 2040 23,576 23,439 2041 13,999 13,999 2042 9,417 9,416 2043 11,568 11,558 2044 7,206 7,206 No expiry 15,443 Total 137,695 136,205 15,443 Research and development expenses, without time limitation 25,708 27,887 Scientific Research & Experimental Development Expenditures investment tax credit carryforwards 3,922 — Unrecognized Canadian federal investment tax credits may be used to reduce future Canadian federal income tax and expire as follows: $ 2029 9 2030 23 2031 36 2032 345 2033 353 2034 348 2035 415 2036 229 2037 252 2038 259 2039 355 2040 226 2041 146 2042 312 2043 614 2044 - 3,922
Schedule of Government Assistance [Table Text Block]	For the years ended March 31, 2024 and 2023, the Company recorded ($ 55 ) and $ 165 , respectively, as a reduction of research and development expenses in the Consolidated Statements of Operations and Comprehensive Loss. March 31, 2024 March 31, 2023 $ $ Investment tax credit 356 412

Note 1 - Nature of Operation (D

Note 1 - Nature of Operation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Sep. 24, 2023	Jun. 29, 2023	Mar. 31, 2024	Mar. 31, 2023
Conversion of Stock [Line Items]
Proceeds from Issuance of Private Placement	$ 7,500
Common shares, issued	1,951,371		9,399,404	7,435,533
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]
Conversion of Stock [Line Items]
Reverse stock split		1-for-6

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Mar. 31, 2024 Vote
Number of Reportable Segments	1

Note 3 - Fair Value Measureme_3

Note 3 - Fair Value Measurements (Additional Information) (Details)	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Changes in valuation techniques	0	0

Note 3 - Fair Value Measureme_4

Note 3 - Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Derivatives, Fair Value [Line Items]
Guaranteed investment certificates and term deposits classified as cash equivalents	$ 19,725	$ 10,072
Guaranteed investment certificate classified as a short-term investment		15
Total assets	19,725	10,087
Liabilities
Derivative warrant liabilities	4,359	0
Total liabilities	4,359
Quoted prices in active markets (Level 1)
Derivatives, Fair Value [Line Items]
Guaranteed investment certificates and term deposits classified as cash equivalents	19,725	10,072
Guaranteed investment certificate classified as a short-term investment		15
Total assets	19,725	10,087
Liabilities
Derivative warrant liabilities	0
Total liabilities	0
Significant other observable inputs (Level 2)
Derivatives, Fair Value [Line Items]
Guaranteed investment certificates and term deposits classified as cash equivalents	0	0
Guaranteed investment certificate classified as a short-term investment		0
Total assets	0	0
Liabilities
Derivative warrant liabilities	0
Total liabilities	0
Significant unobservable inputs (Level 3)
Derivatives, Fair Value [Line Items]
Guaranteed investment certificates and term deposits classified as cash equivalents	0	0
Guaranteed investment certificate classified as a short-term investment		0
Total assets	0	$ 0
Liabilities
Derivative warrant liabilities	4,359
Total liabilities	$ 4,359

Note 4 - Receivables - Receivab

Note 4 - Receivables - Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Notes To Financial Statements [Abstract]
Sales tax receivables	$ 316	$ 338
Government assistance	356	412
Interest receivable	15	52
Other receivables	35	0
Total receivables	$ 722	$ 802

Note 4 - Acquisition of Grace -

Note 4 - Acquisition of Grace - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Goodwill	$ 8,138	$ 8,138	$ 12,964

Note 4 - Acquisition of Grace (

Note 4 - Acquisition of Grace (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]
Net Income (Loss)	$ (12,853)	$ (42,429)
Goodwill	$ 8,138	$ 8,138	$ 12,964

Note 5 - Equipment - Schedule o

Note 5 - Equipment - Schedule of equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Cost	$ 722	$ 713
Accumulated depreciation	(608)	(570)
Write off	(90)	(39)
Net book value	24	104
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Cost	18	19
Accumulated depreciation	(13)	(11)
Write off	(4)	(1)
Net book value	1	7
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	114	108
Accumulated depreciation	(76)	(47)
Write off	(34)	(22)
Net book value	4	39
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	571	586
Accumulated depreciation	(519)	(512)
Write off	(52)	(16)
Net book value	0	$ 58
Software [Member]
Property, Plant and Equipment [Line Items]
Cost	19
Accumulated depreciation	0
Write off	0
Net book value	$ 19

Note 5 - Equipment - Schedule_2

Note 5 - Equipment - Schedule of equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment, Net [Abstract]
Depreciation expense	$ 11	$ 124

Note 6 - Intangible assets an_3

Note 6 - Intangible assets and Goodwill (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Notes To Financial Statements [Abstract]
Goodwill	$ 8,138	$ 8,138	$ 12,964
Impairment	$ 0	28,682
Impairment Related Deferred Tax Liability		$ 8,633

Note 6 - Intangible assets an_4

Note 6 - Intangible assets and Goodwill- Schedule of Intangible Assets in Process Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net, Beginning Balance	$ 41,128	$ 69,810
Impairment	0	(28,682)
Finite-Lived Intangible Assets, Net, Ending Balance	41,128	41,128
GTX 104 [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net, Beginning Balance	27,595	27,595
Impairment	0	0
Finite-Lived Intangible Assets, Net, Ending Balance	27,595	27,595
GTX 102 [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net, Beginning Balance	9,196	31,908
Impairment	0	(22,712)
Finite-Lived Intangible Assets, Net, Ending Balance	9,196	9,196
GTX 101 [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net, Beginning Balance	4,337	10,307
Impairment	0	(5,970)
Finite-Lived Intangible Assets, Net, Ending Balance	$ 4,337	$ 4,337

Note 6 - Intangible assets an_5

Note 6 - Intangible assets and Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, beginning of the year	$ 8,138	$ 12,964
Impairment of goodwill	0	(4,826)
Goodwill, end of the year	$ 8,138	$ 8,138

Note 7 - Trade and Other Paya_3

Note 7 - Trade and Other Payables - Trade and Other Payables (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Notes To Financial Statements [Abstract]
Trade payables	$ 1,007	$ 1,242
Accrued liabilities and other payables	176	946
Employee salaries and benefits payable	501	1,148
Total trade and other payables	$ 1,684	$ 3,336

Note 8 - Leases - Supplemental

Note 8 - Leases - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease right of use asset	$ 0	$ 463
Operating lease liability, current	0	75
Operating lease liability	0	410
Total operating lease liability	$ 0	$ 485

Note 8 - Leases - Supplementa_2

Note 8 - Leases - Supplemental lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating cash flows for operating lease	$ 93	$ 206
Total lease expense	$ 93	$ 206

Note 8 - Leases - Schedule of L

Note 8 - Leases - Schedule of Lease Costs Recognized for Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating cash flows for operating lease	$ 93	$ 206
Weighted-average remaining lease term (in years)	0 years
Weighted-average discount rate	4.30%

Note 8 - Leases (Additional Inf

Note 8 - Leases (Additional Information) (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 14, 2022	Mar. 31, 2024
Leases [Abstract]
Extension of lease term, description		In March 2022, the Company 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 Company elected not to renew the additional 48-month option to renew, and terminated the lease on March 31, 2024.
Payments for rent	$ 556
Lease term	24 months
Additional lease renewal term	48 months

Note 9 - Shareholder's Equity -

Note 9 - Shareholder's Equity - Schedule Of Derivative Liabilities At Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Balance – beginning of year	$ 0	$ 10
Issued during the Year	$ 1,631	0
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants
Change in fair value	$ 2,728	(10)
Balance – end of year	$ 4,359	$ 0

Note 9 - Shareholders' Equity -

Note 9 - Shareholders' Equity - Fair Value Measurement Inputs and Valuation Techniques (Details) - USD ($)	Mar. 31, 2024	Sep. 25, 2023
Measurement Input, Share Price [Member]
Derivative warrant liability, measurement input	343	178
Measurement Input, Expected Dividend Rate [Member]
Derivative warrant liability, measurement input	0	0
Measurement Input, Risk Free Interest Rate [Member]
Derivative warrant liability, measurement input	469	500
Measurement Input, Expected Term [Member]
Derivative warrant liability, measurement input	203	254
Measurement Input, Price Volatility [Member]
Derivative warrant liability, measurement input	8,594	8,090

Note 9 - Shareholders' Equity_2

Note 9 - Shareholders' Equity (Details Textual) $ / shares in Units, $ in Thousands				12 Months Ended
	Sep. 30, 2023 $ / shares shares	Sep. 25, 2023 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) shares	Mar. 31, 2024 USD ($) Vote $ / shares shares	Mar. 31, 2024 Vote $ / shares $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Sep. 24, 2023 shares	May 09, 2023 $ / shares shares
Common shares, issued				9,399,404	9,399,404	7,435,533	1,951,371
At-the-market Sales Agreement, Common Stock, Maximum Amount | $			$ 75,000
Fair Value Adjustment of Warrants | $				$ 2,728		$ (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		$ 1.72	$ 1.72
Class of Warrant or Right, Exercised During Period (in shares)				0		0
Common shares, outstanding				9,399,404	9,399,404	7,435,533
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]
Net proceeds from shares issued under the at-the-market (ATM) program (Shares)			0	0		54,108
Other Selling, General and Administrative Expense | $						$ 10
Proceeds from Issuance of Common Stock, Net | $						$ 304
Sale of Stock, Average Price Per Share (in dollars per share) | $ / shares						$ 5.7
Common Stock [Member]
Payment Of Issuance Costs Common Warrants | $				$ 78
Proceeds from Common Shares | $				$ 2,822
Class of Warrant or Right, Outstanding				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
Pre-funded Warrants [Member]
Payment Of Issuance Costs Common Warrants | $		$ 45		$ 84
Proceeds from Common Shares | $				3,047
Fair Value Adjustment of Warrants | $				$ 1,631
Stock Issued Shares Warrants Exercisable Shares	2,106,853
Class of Warrant or Right, Outstanding				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
Purchase Agreement [Member]
Stock Issued Shares Warrants Exercisable Shares		4,643,244
Proceeds from exercise of warrants | $		$ 2,500
Common Warrant and Pre-Funded Warrant [Member]
Stock Issued Shares Warrants Exercisable Shares	2,536,391
Sale of Stock, Price Per Share | $ / shares	$ 1.848
Private Placement [Member]
Net proceeds from shares issued under the at-the-market (ATM) program (Shares)	1,951,371
Proceeds from Issuance of Common Stock, Net | $		$ 7,338
Class A common shares [Member]
Common Stock, Votes Per Share | Vote				1	1
Common shares, issued				9,399,404	9,399,404
Common shares, outstanding				9,399,404	9,399,404
Common Class B [Member]
Common Stock, Votes Per Share | Vote				10	10
Common Stock, Dividend Rate, Percentage				5%
Common Stock, Redemption Price Per Share (in CAD per share) | $ / shares					$ 4.8
Common shares, issued				0	0
Common shares, outstanding				0	0
Common Class C [Member]
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]
Common shares, outstanding				0	0
Common Class D and Common Class E [Member] | Minimum [Member]
Common Stock, Dividend Rate, Percentage				0.50%
Common Class D and Common Class E [Member] | Maximum [Member]
Common Stock, Dividend Rate, Percentage				2%

Note 10 - Stock Based Compens_3

Note 10 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Dec. 19, 2023	Jul. 14, 2023	Mar. 31, 2024	Mar. 31, 2023
Unrecognized compensation cost, related to non-vested share options			$ 467
Granted, number of options (in shares)	161,168	446,502	607,670
Stock options exercise price	$ 2.125	$ 2.64
Options granted, Weighted average grant date fair value			$ 2.13	$ 4.32
Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)			10 years
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 2 months 26 days
Share-based Payment Arrangement, Expense			$ 913	$ 1,811
Stock available under the plan for issuance			738,725
Stock Option Plan [Member] | Related Party [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person			2%
Stock Option Plan [Member] | Consultant [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 (in shares)			0
Share-based Payment Arrangement, Expense			$ 0
Issuance of restricted share unit			1,483,140

Note 10 - Stock-based Compensat

Note 10 - Stock-based Compensation - Activities Within the Stock Option Plan (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Dec. 19, 2023	Jul. 14, 2023	Mar. 31, 2024	Mar. 31, 2023
Number of options Beginning Balance			740,957
Number of Options Granted	161,168	446,502	607,670
Number of Options Exercised			(12,500)
Number of Options Forfeited/Cancelled			(614,334)
Number of options, Ending Balance			721,793	740,957
Number of Options Exercisable			312,924
Weighted average exercise price Beginning balance			$ 13.6
Weighted averageexercise price, Granted			2.5
Weighted average exercise price, Exercised			1.27
Weighted average exercise price, Forfeited/Cancelled			12.89
Weighted average exercise price Ending balance			3.68	$ 13.6
Weighted average exercise price, Exercisable			$ 4.65
Outstanding Remaining Contractual Term (years)			9 years 29 days	8 years 2 months 8 days
Exercisable Remaining Contractual Term (years)			8 years 10 months 2 days
Aggregate Intrinsic Value Beginning			$ 8,121
Aggregate Intrinsic Value Closing			527	$ 8,121
Aggregate Intrinsic Value, Exercisable			$ 188

Note 10 - Stock Based Compens_4

Note 10 - Stock Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock Option Plan [Member]
Share-based Payment Arrangement, Expense	$ 913	$ 1,811
Research and Development Expense [Member]
Share-based Payment Arrangement, Expense	198	591
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expense	697	1,123
Selling and Marketing Expense [Member]
Share-based Payment Arrangement, Expense	$ 18	$ 97

Note 10- Stock-based compensati

Note 10- Stock-based compensation - Schedule of weighted average grant date fair value of awards for options granted (Details) - $ / shares	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Exercise price	$ 2.5	$ 5.1
Share price	$ 2.5	$ 5.1
Dividend	0%	0%
Risk-free interest	3.95%	3.28%
Estimated life (years)	5 years 7 months 13 days	5 years 8 months 23 days
Expected volatility	117.94%	117.56%

Note 11 - Loss per share - Sche

Note 11 - Loss per share - Schedule of diluted net loss per share attributable to common shareholders (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Impairment Effects on Earnings Per Share [Line Items]
Options outstanding	721,793	740,974
September 2023 Common Warrants [Member]
Impairment Effects on Earnings Per Share [Line Items]
Offering warrants (in shares)	2,536,391	0
May 2018 public offering warrants [Member]
Impairment Effects on Earnings Per Share [Line Items]
Offering warrants (in shares)	0	137,370

Note 12 - Income taxes - Income

Note 12 - Income taxes - Income Tax (Recovery) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income tax (recovery) expense [Abstract]
Current tax (benefit) expense	$ 2	$ 0
Deferred tax (benefit) expense	(1,834)	(9,542)
Total tax (benefit) expense	$ (1,832)	$ (9,542)

Note 12 - Income Taxes - Reconc

Note 12 - Income Taxes - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Loss before income taxes	$ (14,685)	$ (51,971)
Tax at Canadian Rate	(3,891)	(13,772)
Difference in foreign tax rates	(77)	(1,315)
Non-deductible stock-based compensation	242	480
Non-deductible change in fair value of warrants	3	(3)
Non-deductible transaction costs	723	0
Non-deductible goodwill impairment	0	1,453
Other non-deductible items	15	0
Non-refundable federal investment tax credit	0	(642)
State non income taxes	1	0
Change in tax rates	(486)	0
Change in valuation allowance	1,635	4,263
Other	3	(6)
Total tax (benefit) expense	$ (1,832)	$ (9,542)

Note 12 - Income Taxes - Net De

Note 12 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Components of Deferred Tax Assets and Liabilities [Abstract]
Tax losses carried forward	$ 40,659	$ 38,628
Research and development expenses	8,522	7,672
Property, plant and equipment	523	905
Intangible assets	328	0
Operating lease right of use liability	0	129
Financing expenses	169	267
Net federal investment tax credits	2,882	3,950
Other deductible temporary differences	56	92
Total deferred income tax assets	53,139	51,643
Valuation allowance	(47,284)	(46,664)
Intangible assets	(11,369)	(12,198)
Operating lease asset	0	(123)
Other taxable temporary differences	0	(5)
Deferred tax liabilities	(11,369)	(12,326)
Net deferred tax liabilities	$ (5,514)	$ (7,347)

Note 12 - Income Taxes - Tax At

Note 12 - Income Taxes - Tax Attributes and Temporary Differences Available to Reduce Future Years' Taxable Income (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Tax losses carried forward	$ 3,922
2029
Tax losses carried forward	9
2030
Tax losses carried forward	23
2031
Tax losses carried forward	36
2032
Tax losses carried forward	345
2033
Tax losses carried forward	353
2034
Tax losses carried forward	348
2035
Tax losses carried forward	415
2036
Tax losses carried forward	229
2037
Tax losses carried forward	252
2038
Tax losses carried forward	259
2039
Tax losses carried forward	355
2040
Tax losses carried forward	226
2041
Tax losses carried forward	146
2042
Tax losses carried forward	312
2044
Tax losses carried forward	0
Federal
Tax losses carried forward	137,695
Scientific Research & Experimental Development Expenditures investment tax credit carryforwards	3,922
Federal | Research Tax Credit Carryforward [Member]
Research and development expenses, without time limitation	25,708
Federal | 2028
Tax losses carried forward	571
Federal | 2029
Tax losses carried forward	1,302
Federal | 2030
Tax losses carried forward	1,657
Federal | 2031
Tax losses carried forward	1,810
Federal | 2032
Tax losses carried forward	1,484
Federal | 2033
Tax losses carried forward	2,879
Federal | 2034
Tax losses carried forward	3,678
Federal | 2035
Tax losses carried forward	4,397
Federal | 2036
Tax losses carried forward	6,470
Federal | 2037
Tax losses carried forward	401
Federal | 2038
Tax losses carried forward	14,856
Federal | 2039
Tax losses carried forward	32,424
Federal | 2040
Tax losses carried forward	23,576
Federal | 2041
Tax losses carried forward	13,999
Federal | 2042
Tax losses carried forward	9,417
Federal | 2043
Tax losses carried forward	11,568
Federal | 2044
Tax losses carried forward	7,206
Provincial
Tax losses carried forward	136,205
Scientific Research & Experimental Development Expenditures investment tax credit carryforwards	0
Provincial | Research Tax Credit Carryforward [Member]
Research and development expenses, without time limitation	27,887
Provincial | 2028
Tax losses carried forward	571
Provincial | 2029
Tax losses carried forward	1,297
Provincial | 2030
Tax losses carried forward	1,651
Provincial | 2031
Tax losses carried forward	1,794
Provincial | 2032
Tax losses carried forward	1,461
Provincial | 2033
Tax losses carried forward	2,879
Provincial | 2034
Tax losses carried forward	3,568
Provincial | 2035
Tax losses carried forward	4,397
Provincial | 2036
Tax losses carried forward	6,371
Provincial | 2037
Tax losses carried forward	396
Provincial | 2038
Tax losses carried forward	13,821
Provincial | 2039
Tax losses carried forward	32,381
Provincial | 2040
Tax losses carried forward	23,439
Provincial | 2041
Tax losses carried forward	13,999
Provincial | 2042
Tax losses carried forward	9,416
Provincial | 2043
Tax losses carried forward	11,558
Provincial | 2044
Tax losses carried forward	7,206
United States [Member]
Tax losses carried forward	15,443
United States [Member] | No Expiry
Tax losses carried forward	$ 15,443

Note 12 - Income Taxes - Govern

Note 12 - Income Taxes - Government Assistance - Government Assistance (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Receivables [Abstract]
Investment tax credit	$ 356	$ 412

Note 12 - Income Taxes - Gove_2

Note 12 - Income Taxes - Government Assistance - Unrecognized Federal Tax Credits Expirations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Tax Credit Carryforward, Amount	$ 3,922
2029
Tax Credit Carryforward, Amount	9
2030
Tax Credit Carryforward, Amount	23
2031
Tax Credit Carryforward, Amount	36
2032
Tax Credit Carryforward, Amount	345
2033
Tax Credit Carryforward, Amount	353
2034
Tax Credit Carryforward, Amount	348
2035
Tax Credit Carryforward, Amount	415
2036
Tax Credit Carryforward, Amount	229
2037
Tax Credit Carryforward, Amount	252
2038
Tax Credit Carryforward, Amount	259
2039
Tax Credit Carryforward, Amount	355
2040
Tax Credit Carryforward, Amount	226
2041
Tax Credit Carryforward, Amount	146
2042
Tax Credit Carryforward, Amount	312
2043
Tax Credit Carryforward, Amount	614
2044
Tax Credit Carryforward, Amount	$ 0

Note 12 - Income Taxes - Gove_3

Note 12 - Income Taxes - Government Assistance - (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Research and Development Expense	$ 4,683	$ 9,972
Statements of Operations and Comprehensive Loss
Research and Development Expense	$ 55	$ 165

Note 13 - Commitments and Con_2

Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 14, 2022	Oct. 25, 2019
Reserves or liabilities	$ 0
Commitments	no
Commitments and contingencies
Lease term			24 months
Additional lease renewal term			48 months
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 [Member] | Contract Research Organizations [Member]
Commitments and contingencies	$ 6,020

Note 14 - Restructuring Costs (

Note 14 - Restructuring Costs (Additional Information) (Details) $ in Thousands	May 08, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Severance costs incurred	$ 1,485

Assets Held for Sale (Details T

Assets Held for Sale (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Asset, Held-for-Sale, Not Part of Disposal Group [Abstract]
Depreciation expense	$ 11	$ 124

Subsequent events (Additional I

Subsequent events (Additional Information) (Details Textual) - At-the-market Offering [Member] - USD ($) $ in Thousands		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2024	Mar. 31, 2023
Net proceeds from shares issued under the at-the-market (ATM) program (Shares)	0	0	54,108
Proceeds from Issuance of Common Stock, Net			$ 304