Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001444192 | |
Entity Registrant Name | Acasti Pharma Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35776 | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 98-1359336 | |
Entity Address, Address Line One | 3009 boul. de la Concorde East, Suite 102 | |
Entity Address, City or Town | Laval | |
Entity Address, State or Province | QC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | H7E 2B5 | |
City Area Code | 450 | |
Local Phone Number | 686-4555 | |
Title of 12(b) Security | Common Shares, no par value per share | |
Trading Symbol | ACST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 208,375,549 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance sheet (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 40,975 | $ 50,942 |
Short-term investments | 16,747 | 9,789 |
Receivables | 448 | 530 |
Assets held for sale | 778 | 768 |
Prepaid expenses | 1,439 | 343 |
Total current assets | 60,387 | 62,372 |
Right of Use Asset | 66 | 86 |
Total assets | 60,453 | 62,458 |
Current liabilities: | ||
Trade and other payables | 2,279 | 1,493 |
Lease liability | 66 | 86 |
Total current liabilities | 2,345 | 1,579 |
Derivative warrant liabilities | 4,651 | 5,219 |
Total liabilities | 6,996 | 6,798 |
Shareholders’ Equity: | ||
Common shares | 197,194 | 197,194 |
Additional paid-in capital | 10,970 | 10,817 |
Accumulated other comprehensive loss | (5,571) | (6,333) |
Accumulated deficit | (149,136) | (146,018) |
Total shareholder’s equity | 53,457 | 55,660 |
Commitments and contingencies | ||
Total liabilities and shareholders’ equity | $ 60,453 | $ 62,458 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Research and development expenses, net of government assistance | $ (469) | $ (1,756) |
General and administrative expenses | (2,676) | (1,649) |
Sales and marketing expenses | 0 | (716) |
Loss from operating activities | (3,145) | (4,121) |
Net financial Income (Expenses) | 27 | (545) |
Net loss and comprehensive loss | $ (3,118) | $ (4,666) |
Basic and diluted loss per share (in dollars per share) | $ (0.01) | $ (0.05) |
Weighted average number of shares outstanding (in shares) | 208,375,549 | 90,691,726 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Changes in Shareholder's Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Mar. 31, 2020 | 90,209,449 | ||||
Balance at Mar. 31, 2020 | $ 137,424 | $ 9,797 | $ (7,887) | $ (126,340) | $ 12,994 |
Net loss and total comprehensive loss for the period | (4,666) | (4,666) | |||
Cumulative translation adjustment | 308 | 308 | |||
Stock Issued During Period, Shares, New Issues (in shares) | 2,278,936 | ||||
Net proceeds from shares issued under the at-the-market (ATM) program | $ 1,765 | 1,765 | |||
Stock based compensation | $ 0 | 635 | 635 | ||
Stock based compensation (in shares) | 0 | ||||
Balance (in shares) at Jun. 30, 2020 | 92,488,385 | ||||
Balance at Jun. 30, 2020 | $ 139,189 | 10,432 | (7,579) | (131,006) | 11,036 |
Balance (in shares) at Mar. 31, 2021 | 208,375,549 | ||||
Balance at Mar. 31, 2021 | $ 197,194 | 10,817 | (6,333) | (146,018) | 55,660 |
Net loss and total comprehensive loss for the period | (3,118) | (3,118) | |||
Cumulative translation adjustment | 762 | 762 | |||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | ||||
Net proceeds from shares issued under the at-the-market (ATM) program | $ 0 | 0 | |||
Stock based compensation | $ 0 | 153 | 153 | ||
Balance (in shares) at Jun. 30, 2021 | 208,375,549 | ||||
Balance at Jun. 30, 2021 | $ 197,194 | $ 10,970 | $ (5,571) | $ (149,136) | $ 53,457 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows used in operating activities: | ||
Net loss for the period | $ (3,118) | $ (4,666) |
Adjustments: | ||
Amortization of intangible assets | 0 | 462 |
Depreciation of equipment | 0 | 86 |
Stock-based compensation | 153 | 632 |
Change in fair value of warrant liabilities | (643) | 509 |
Write off-of deferred financing costs of at-the-market (ATM) program | 0 | 121 |
Unrealized foreign exchange loss (gain) | 740 | (134) |
Changes in non-cash working capital items | (533) | (1,179) |
Net cash used in operating activities | (3,401) | (4,169) |
Cash flows from (used in) investing activities: | ||
Acquisition of equipment | 0 | (36) |
Acquisition of short-term investments | (8,301) | 0 |
Maturity of short-term investment | 1,374 | 0 |
Net cash from (used in) investing activities | (6,927) | (36) |
Cash flows from (used in) financing activities: | ||
Net proceeds from issuance of common shares under the at-the-market (ATM) | 0 | 1,775 |
Deferred financing costs | 0 | (140) |
Net cash from (used in) financing activities | 0 | 1,635 |
Effect of exchange rate fluctuations on cash and cash equivalents | (511) | (120) |
Translations effects on cash and cash equivalents related to reporting currency | 872 | 572 |
Net (decrease) increase in cash and cash equivalents | (9,967) | (2,118) |
Cash and cash equivalents, beginning of period | 50,942 | 14,240 |
Cash and cash equivalents, end of period | 40,975 | 12,122 |
Cash and cash equivalents are comprised of: | ||
Cash | 40,975 | 5,270 |
Cash equivalents | $ 0 | $ 6,852 |
Note 1 - Nature of Operation
Note 1 - Nature of Operation | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of Operation: Acasti Pharma Inc. (“Acasti” or the “Corporation”) is incorporated under the Business Corporations Act (Québec) (formerly Part 1A 3009 102, H7E 2B5. In January 2020 August 2020, 3 not not In September 2020, In May 2021, third |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies: Basis of presentation: These unaudited Consolidated Interim Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and on a basis consistent with those accounting principles followed by the Corporation and disclosed in note 2 3 The following summarizes the principal conditions or events relevant to the Corporation’s going concern assessment, which primarily considers the period of one The Corporation has incurred operating losses and negative cash flows from operations since its inception. In prior years there was substantial doubt regarding the Corporation’s ability to realize its assets and discharge its liabilities and commitments in the ordinary course of business. During year ended March 31, 2021, June 30, 2021, June 30, 2021 The Corporation’s ability to continue as a going concern is dependent upon its ability to achieve a successful strategic alternative and ultimately generate cashflows to meet its obligations. To date, the Corporation has financed its operations primarily through public offerings of common shares, private placements, and the proceeds from research tax credits, and will require additional financing in the future. Refer to note 1 no not no one Use of estimates: The preparation of the 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 Estimates are based on management’s best knowledge of current events and actions that management may Estimates and assumptions include the measurement of derivative warrant liabilities (note 6 10 5 12 not |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. Recent accounting pronouncements In June 2016, 2016 13 326 2016 13 not 2016 13 December 15, 2022. not |
Note 4 - Short-term Investments
Note 4 - Short-term Investments | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Short-term investments The Corporation holds various marketable securities, with maturities greater than 3 June 30, 2021 March 31, 2021 $ $ Term deposits issued in US currency earning interest at ranges between 0.23 0.35 July 27, 2021 December 20,2021 12,406 7,542 Term deposits issued in CAD currency earning interest at ranges between 0.53 0.60 July 7, 2021 December 20, 2021 4,341 2,247 Total short-term investments 16,747 9,789 |
Note 5 - Assets Held for Sale
Note 5 - Assets Held for Sale | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 5. Assets held for sale During the period the Corporation committed to a plan and is actively marketing for sale Other assets and Equipment and has met the criteria for classification of assets held for sale: June 30, 2021 March 31, 2021 $ $ Other assets (a) 392 387 Equipment (b) 386 381 778 768 a. Other assets Other assets represent krill oil (RKO) held by the Corporation that was expected to be used in the conduct of research and development activities and commercial inventory scale up related to the development and commercialization of the CaPre drug candidate. Given that the development of CaPre will no not 3 b. Equipment June 30, 2021 Cost, net of impairment Accumulated Net book $ $ $ Furniture and office equipment 17 (5 ) 12 Computer equipment 95 (30 ) 65 Laboratory equipment 592 (442 ) 150 Production equipment 1,195 (1,036 ) 159 1,899 (1,513 ) 386 Equipment is made up of laboratory, production, computer, and office equipment that was utilized in the development of CaPre. Similarly, to the intangible assets and Other assets, the announcement of the failed Phase 3 3 |
Note 6 - Derivative Warrant Lia
Note 6 - Derivative Warrant Liabilities | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 6. Derivative warrant liabilities: In connection with the Canadian public offering closed on May 9, 2018, one May 9, 2023. In connection with the U.S. public offering on December 27, 2017, one December 27, 2022. The derivative warrant liabilities are measured at fair value at each reporting period and the reconciliation of changes in fair value is presented in the following tables: Warrant liabilities issued Warrant liabilities issued June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 $ $ $ $ Balance – beginning of period 2,597 1,146 2,622 1,247 Change in fair value (296 ) 378 (347 ) 131 Translation effect 38 80 37 89 Balance – end of period 2,339 1,604 2,312 1,467 Fair value per share issuable 0.35 0.23 0.33 0.21 The fair value of the derivative warrant liabilities was estimated using the Black-Scholes option pricing model and based on the following assumptions: Warrant liabilities issued Warrant liabilities issued June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Exercise price CAD$ 1.31 CAD$ 1.31 USD$ 1.26 USD$ 1.26 Share price CAD$ 0.70 CAD$ 0.76 USD$ 0.56 USD$ 0.60 Risk-free interest 0.97 % 1.39 % 0.87 % 0.92 % Estimated life (years) 1.86 2.11 1.49 1.74 Expected volatility 163.54 % 156.00 % 178.31 % 171.12 % Dividend nil nil nil nil |
Note 7 - Capital and Other Comp
Note 7 - Capital and Other Components of Equity | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. Capital and other components of equity: (a) “At-the-market sales agreement: On February 14, 2019, may may June 29, 2020, three may no may may February 2019 During the three June 30, 2021, three June 30, 2020, (b) Warrants: The warrants of the Corporation are composed of the following as at June 30, 2021, March 31, 2021: June 30, 2021 March 31, 2021 Number Amount Number Amount $ $ Liability May 2018 public offering warrants 2018 (i) 6,593,750 2,339 6,593,750 2,597 Series December 2017 U.S. public offering warrants 2017 (ii) 7,072,962 2,312 7,072,962 2,622 13,666,712 4,651 13,666,712 5,219 Equity Public offering warrants Public offering Broker warrants May 2018(iii) 1 - 1 - Series December 2017 US Broker warrants (iv) 259,121 161 259,121 161 Public offering warrants February 2017 (v) 1,723,934 631 1,723,934 631 1,983,056 792 1,983,056 792 (i) Warrant to acquire one May 9, 2023. (ii) Warrant to acquire one December 27, 2022. (iii) Warrant to acquire one $1.05, May 9, 2023. (iv) Warrant to acquire one December 19, 2022. (v) Warrant to acquire one $2.15, February 21, 2022. |
Note 8 - Government Assistance
Note 8 - Government Assistance | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Government Assistance [Text Block] | 8. Government assistance: Government assistance is comprised of a government grant from the Canadian federal government and research and development investment tax credits receivable from the 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 three June 30, 2021, June 30, 2020, nil In September 2019, October 2020, $750,000 three June 30, 2021, June 30, 2020, nil |
Note 9 - Net Financial Income (
Note 9 - Net Financial Income (Expenses) | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 9. Net financial income (expenses): Three-month periods ended June 30, 2021 June 30, 2020 $ $ Foreign exchange gain (loss) (755 ) 60 Financing costs - (121 ) Change in fair value of warrant liabilities 643 (509 ) Interest income 139 25 Financial income (expenses) 27 (545 ) |
Note 10 - Stock Based Compensat
Note 10 - Stock Based Compensation | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. Stock based compensation: At June 30, 2021, September 30, 2020. not may April 9, 2019, August 26, 2020. ten twelve 12 thirty-six 36 The total number of shares issued to any one twelve not twelve one twelve The following table summarizes information about activities within the Stock Option Plan for the nine June 30, 2021 June 30, 2020 Weighted average Number of Weighted average Number of CAD$ CAD$ Outstanding at beginning of period 1.04 7,294,919 1.00 9,936,486 Granted - - - - Exercised - - - - Forfeited 1.30 (63,941 ) - - Expired - - - - Outstanding at end of period 1.04 7,230,978 1.00 9,936,486 Exercisable at end of period 1.14 5,376,373 1.28 4,132,146 No three June 30, 2021, June 30, 2020. three June 30, 2021, June 30, 2020, Three-month periods ended June 30, 2021 June 30, 2020 $ $ Research and development expenses 50 141 General and administrative expenses 103 348 Sales and marketing expenses - 143 153 632 Stock-based compensation payment transactions and broker warrants: The fair value of stock-based compensation transactions is measured using the Black-Scholes option pricing model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility for a duration equal to the weighted average life of the instruments, life based on the average of the vesting and contractual periods for employee awards as minimal prior exercises of options in which to establish historical exercise experience; contractual life for broker warrants), and the risk-free interest rate (based on government bonds). Service and performance conditions attached to the transactions, if any, are not not may may not |
Note 11 - Supplemental Cash Flo
Note 11 - Supplemental Cash Flow Disclosure | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 11. Supplemental cash flow disclosure: (a) Changes in non-cash operating items: Three-month periods ended June 30, 2021 June 30, 2020 $ $ Receivables 93 71 Prepaid expenses (653 ) 294 Trade and other payables 27 (1,544 ) (533 ) (1,179 ) |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and contingencies: In the ordinary course of business, the Corporation is at times subject to various legal proceedings and disputes. The Corporation assess its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Corporation will incur a loss and the amount of the loss can be reasonably estimated, the Corporation records a liability in its consolidated financial statements. These legal contingencies may not not not not may No June 30, 2021. (a) Take or pay contract On October 25, 2019, October 31, 2021. June 30, 2021, no may (b) Success fees On September 23, 2020, In October 2020 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 3 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Subsequent events: NASDAQ communication On July 23, 2021, July 12, 2021 5550 $1.00 1 August 26, 2021, 5550 2 September 10, 2021, 5550 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation: These unaudited Consolidated Interim Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and on a basis consistent with those accounting principles followed by the Corporation and disclosed in note 2 3 The following summarizes the principal conditions or events relevant to the Corporation’s going concern assessment, which primarily considers the period of one The Corporation has incurred operating losses and negative cash flows from operations since its inception. In prior years there was substantial doubt regarding the Corporation’s ability to realize its assets and discharge its liabilities and commitments in the ordinary course of business. During year ended March 31, 2021, June 30, 2021, June 30, 2021 The Corporation’s ability to continue as a going concern is dependent upon its ability to achieve a successful strategic alternative and ultimately generate cashflows to meet its obligations. To date, the Corporation has financed its operations primarily through public offerings of common shares, private placements, and the proceeds from research tax credits, and will require additional financing in the future. Refer to note 1 no not no one |
Use of Estimates, Policy [Policy Text Block] | Use of estimates: The preparation of the 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 Estimates are based on management’s best knowledge of current events and actions that management may Estimates and assumptions include the measurement of derivative warrant liabilities (note 6 10 5 12 not |
Note 4 - Short-term Investmen_2
Note 4 - Short-term Investments (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Marketable Securities [Table Text Block] | June 30, 2021 March 31, 2021 $ $ Term deposits issued in US currency earning interest at ranges between 0.23 0.35 July 27, 2021 December 20,2021 12,406 7,542 Term deposits issued in CAD currency earning interest at ranges between 0.53 0.60 July 7, 2021 December 20, 2021 4,341 2,247 Total short-term investments 16,747 9,789 |
Note 5 - Assets Held for Sale (
Note 5 - Assets Held for Sale (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | June 30, 2021 March 31, 2021 $ $ Other assets (a) 392 387 Equipment (b) 386 381 778 768 June 30, 2021 Cost, net of impairment Accumulated Net book $ $ $ Furniture and office equipment 17 (5 ) 12 Computer equipment 95 (30 ) 65 Laboratory equipment 592 (442 ) 150 Production equipment 1,195 (1,036 ) 159 1,899 (1,513 ) 386 |
Note 6 - Derivative Warrant L_2
Note 6 - Derivative Warrant Liabilities (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Warrant liabilities issued Warrant liabilities issued June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 $ $ $ $ Balance – beginning of period 2,597 1,146 2,622 1,247 Change in fair value (296 ) 378 (347 ) 131 Translation effect 38 80 37 89 Balance – end of period 2,339 1,604 2,312 1,467 Fair value per share issuable 0.35 0.23 0.33 0.21 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Warrant liabilities issued Warrant liabilities issued June 30, 2021 March 31, 2021 June 30, 2021 March 31, 2021 Exercise price CAD$ 1.31 CAD$ 1.31 USD$ 1.26 USD$ 1.26 Share price CAD$ 0.70 CAD$ 0.76 USD$ 0.56 USD$ 0.60 Risk-free interest 0.97 % 1.39 % 0.87 % 0.92 % Estimated life (years) 1.86 2.11 1.49 1.74 Expected volatility 163.54 % 156.00 % 178.31 % 171.12 % Dividend nil nil nil nil |
Note 7 - Capital and Other Co_2
Note 7 - Capital and Other Components of Equity (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | June 30, 2021 March 31, 2021 Number Amount Number Amount $ $ Liability May 2018 public offering warrants 2018 (i) 6,593,750 2,339 6,593,750 2,597 Series December 2017 U.S. public offering warrants 2017 (ii) 7,072,962 2,312 7,072,962 2,622 13,666,712 4,651 13,666,712 5,219 Equity Public offering warrants Public offering Broker warrants May 2018(iii) 1 - 1 - Series December 2017 US Broker warrants (iv) 259,121 161 259,121 161 Public offering warrants February 2017 (v) 1,723,934 631 1,723,934 631 1,983,056 792 1,983,056 792 |
Note 9 - Net Financial Income_2
Note 9 - Net Financial Income (Expenses) (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three-month periods ended June 30, 2021 June 30, 2020 $ $ Foreign exchange gain (loss) (755 ) 60 Financing costs - (121 ) Change in fair value of warrant liabilities 643 (509 ) Interest income 139 25 Financial income (expenses) 27 (545 ) |
Note 10 - Stock Based Compens_2
Note 10 - Stock Based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | June 30, 2021 June 30, 2020 Weighted average Number of Weighted average Number of CAD$ CAD$ Outstanding at beginning of period 1.04 7,294,919 1.00 9,936,486 Granted - - - - Exercised - - - - Forfeited 1.30 (63,941 ) - - Expired - - - - Outstanding at end of period 1.04 7,230,978 1.00 9,936,486 Exercisable at end of period 1.14 5,376,373 1.28 4,132,146 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three-month periods ended June 30, 2021 June 30, 2020 $ $ Research and development expenses 50 141 General and administrative expenses 103 348 Sales and marketing expenses - 143 153 632 |
Note 11 - Supplemental Cash F_2
Note 11 - Supplemental Cash Flow Disclosure (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Cash Flow, Operating Capital [Table Text Block] | Three-month periods ended June 30, 2021 June 30, 2020 $ $ Receivables 93 71 Prepaid expenses (653 ) 294 Trade and other payables 27 (1,544 ) (533 ) (1,179 ) |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2021 | |
Proceeds from Issuance of Common Stock, Net | $ 59,300 | |
Cash, Cash Equivalents, and Short-term Investments, Total | $ 57,700 | |
Liabilities, Current, Total | $ 1,579 | $ 2,345 |
Note 4 - Short-term Investmen_3
Note 4 - Short-term Investments - Marketable Securities (Details) $ in Thousands, $ in Thousands | Jun. 30, 2021USD ($) | Jun. 30, 2021CAD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2021CAD ($) |
Term deposits issued in US currency earning interest at ranges between 0.23% and 0.35% and maturing on various dates from July 27, 2021 to December 20,2021 | $ 16,747 | $ 9,789 | ||
Deposits [Member] | ||||
Term deposits issued in US currency earning interest at ranges between 0.23% and 0.35% and maturing on various dates from July 27, 2021 to December 20,2021 | $ 12,406 | $ 7,542 | ||
Canadian Deposits [Member] | ||||
Term deposits issued in US currency earning interest at ranges between 0.23% and 0.35% and maturing on various dates from July 27, 2021 to December 20,2021 | $ 4,341 | $ 2,247 |
Note 4 - Short-term Investmen_4
Note 4 - Short-term Investments - Marketable Securities (Details) (Parentheticals) | Jun. 30, 2021 | Mar. 31, 2021 |
Deposits [Member] | Minimum [Member] | ||
Investment, interest | 0.23% | 0.23% |
Investment, maturity date | Jul. 27, 2021 | Jul. 27, 2021 |
Deposits [Member] | Maximum [Member] | ||
Investment, interest | 0.35% | 0.35% |
Investment, maturity date | Dec. 20, 2021 | Dec. 20, 2021 |
Canadian Deposits [Member] | Minimum [Member] | ||
Investment, interest | 0.53% | 0.53% |
Investment, maturity date | Jul. 7, 2021 | Jul. 7, 2021 |
Canadian Deposits [Member] | Maximum [Member] | ||
Investment, interest | 0.60% | 0.60% |
Investment, maturity date | Dec. 20, 2021 | Dec. 20, 2021 |
Note 5 - Assets Held for Sale -
Note 5 - Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Disposal Group, Including Discontinued Operation, Assets, Current, Total | $ 778 | $ 768 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||
Other assets (a) | 392 | 387 |
Equipment (b) | 386 | 381 |
Disposal Group, Including Discontinued Operation, Assets, Current, Total | 778 | $ 768 |
Equipment held-for-sale, cost | 1,899 | |
Equipment held-for-sale, accumulated depreciation | (1,513) | |
Equipment held-for-sale, impairment loss | 386 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Furniture and Office Equipment [Member] | ||
Equipment held-for-sale, cost | 17 | |
Equipment held-for-sale, accumulated depreciation | (5) | |
Equipment held-for-sale, impairment loss | 12 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Computer Equipment [Member] | ||
Equipment held-for-sale, cost | 95 | |
Equipment held-for-sale, accumulated depreciation | (30) | |
Equipment held-for-sale, impairment loss | 65 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Laboratory Equipment [Member] | ||
Equipment held-for-sale, cost | 592 | |
Equipment held-for-sale, accumulated depreciation | (442) | |
Equipment held-for-sale, impairment loss | 150 | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Production Equipment [Member] | ||
Equipment held-for-sale, cost | 1,195 | |
Equipment held-for-sale, accumulated depreciation | (1,036) | |
Equipment held-for-sale, impairment loss | $ 159 |
Note 6 - Derivative Warrant L_3
Note 6 - Derivative Warrant Liabilities (Details Textual) | Jun. 30, 2021$ / sharesshares | Mar. 31, 2021shares | May 09, 2018$ / sharesshares | Dec. 22, 2017$ / sharesshares |
Class of Warrant or Right, Outstanding (in shares) | 1,983,056 | 1,983,056 | ||
Warrants Issued in May 2018 [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | 10,959,500 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | 1 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.31 | $ 1.31 | ||
Over-Allotment Option Warrants Issued December 2017 [Member] | ||||
Class of Warrant or Right, Outstanding (in shares) | 9,802,935 | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.26 |
Note 6 - Derivative Warrant L_4
Note 6 - Derivative Warrant Liabilities - Changes in Fair Value (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Warrants Issued in May 2018 [Member] | ||
Balance – beginning of period | $ 2,597 | $ 1,146 |
Change in fair value | (296) | 378 |
Translation effect | 38 | 80 |
Balance – end of period | $ 2,339 | $ 1,604 |
Fair value per share issuable (in dollars per share) | $ 0.35 | $ 0.23 |
Warrants Issued December 27, 2017 [Member] | ||
Balance – beginning of period | $ 2,622 | $ 1,247 |
Change in fair value | (347) | 131 |
Translation effect | 37 | 89 |
Balance – end of period | $ 2,312 | $ 1,467 |
Fair value per share issuable (in dollars per share) | $ 0.33 | $ 0.21 |
Note 6 - Derivative Warrant L_5
Note 6 - Derivative Warrant Liabilities - Assumptions (Details) | Jun. 30, 2021 | Mar. 31, 2021 |
Measurement Input, Exercise Price [Member] | Warrants Issued in May 2018 [Member] | ||
Derivative warrant liability, measurement input | 1.31 | 1.31 |
Measurement Input, Exercise Price [Member] | Warrants Issued December 27, 2017 [Member] | ||
Derivative warrant liability, measurement input | 1.26 | 1.26 |
Measurement Input, Share Price [Member] | Warrants Issued in May 2018 [Member] | ||
Derivative warrant liability, measurement input | 0.70 | 0.76 |
Measurement Input, Share Price [Member] | Warrants Issued December 27, 2017 [Member] | ||
Derivative warrant liability, measurement input | 0.56 | 0.60 |
Measurement Input, Risk Free Interest Rate [Member] | Warrants Issued in May 2018 [Member] | ||
Derivative warrant liability, measurement input | 0.0097 | 0.0139 |
Measurement Input, Risk Free Interest Rate [Member] | Warrants Issued December 27, 2017 [Member] | ||
Derivative warrant liability, measurement input | 0.0087 | 0.0092 |
Measurement Input, Expected Term [Member] | Warrants Issued December 27, 2017 [Member] | ||
Derivative warrant liability, measurement input | 1.49 | 1.74 |
Measurement Input, Expected Term [Member] | Broker Warrants Issued May 2018 [Member] | ||
Derivative warrant liability, measurement input | 1.86 | 2.11 |
Measurement Input, Price Volatility [Member] | Warrants Issued in May 2018 [Member] | ||
Derivative warrant liability, measurement input | 1.6354 | 1.5600 |
Measurement Input, Price Volatility [Member] | Warrants Issued December 27, 2017 [Member] | ||
Derivative warrant liability, measurement input | 1.7831 | 1.7112 |
Note 7 - Capital and Other Co_3
Note 7 - Capital and Other Components of Equity (Details Textual) | Jun. 29, 2020USD ($) | Feb. 14, 2019USD ($)shares | Feb. 28, 2019USD ($) | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)shares | Mar. 31, 2021USD ($) | Jun. 30, 2021$ / sharesshares | May 09, 2018$ / sharesshares |
At-the-market Sales Agreement, Common Stock, Maximum Amount | $ | $ 75,000,000 | $ 30,000,000 | ||||||
At-the-market Sales Agreement, Term (Year) | 3 years | |||||||
At-the-market Sales Agreement, Underwriter Fees, Percentage of Sales | 3.00% | |||||||
Write Off of Deferred Financing Costs of At-the-Market Program | $ | $ 115,000 | $ 0 | $ 121,000 | |||||
Proceeds from Issuance of Common Stock, Net | $ | $ 59,300,000 | |||||||
Warrants Issued in May 2018 [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | 1 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.31 | $ 1.31 | ||||||
Warrants Issued December 27, 2017 [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.26 | |||||||
Broker Warrants Issued May 2018 [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.05 | |||||||
Broker Warrants Issued December 2017 [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 1.2625 | |||||||
Warrants Issued in Connection with Public Offering February 2017 [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in CAD per share) | $ / shares | $ 2.15 | |||||||
At-the-market Offering [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 0 | 0 | 2,300,000 | |||||
Proceeds from Issuance of Common Stock, Net | $ | $ 1,800,000 | |||||||
Commission Costs Related to Share Sale | $ | $ 84,000 | |||||||
Sale of Stock, Average Price Per Share (in dollars per share) | $ / shares | $ 0.81 | |||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ | $ 10,000 | |||||||
Minimum [Member] | ||||||||
At-the-market Sales Agreement, Underwriter Fees, Percentage of Sales | 3.00% | |||||||
Maximum [Member] | ||||||||
At-the-market Sales Agreement, Underwriter Fees, Percentage of Sales | 4.00% |
Note 7 - Capital and Other Co_4
Note 7 - Capital and Other Components of Equity - Warrants (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | |
Number outstanding (in shares) | 1,983,056 | 1,983,056 | |
Amount | $ 792 | $ 792 | |
Number outstanding (in shares) | 1,983,056 | 1,983,056 | |
Amount | $ 792 | $ 792 | |
Over-Allotment Option Warrants Issued in May 2018 [Member] | |||
Number outstanding (in shares) | [1] | 6,593,750 | 6,593,750 |
Amount | [1],[2] | $ 2,339 | $ 2,597 |
Number outstanding (in shares) | [1] | 6,593,750 | 6,593,750 |
Amount | [1],[2] | $ 2,339 | $ 2,597 |
Warrants Issued December 27, 2017 [Member] | |||
Number outstanding (in shares) | [3] | 7,072,962 | 7,072,962 |
Amount | [3] | $ 2,312 | $ 2,622 |
Number outstanding (in shares) | [3] | 7,072,962 | 7,072,962 |
Amount | [3] | $ 2,312 | $ 2,622 |
Derivative Liability Warrants [Member] | |||
Number outstanding (in shares) | 13,666,712 | 13,666,712 | |
Amount | $ 4,651 | $ 5,219 | |
Number outstanding (in shares) | 13,666,712 | 13,666,712 | |
Amount | $ 4,651 | $ 5,219 | |
Broker Warrants Issued May 2018 [Member] | |||
Number outstanding (in shares) | [4] | 1 | 1 |
Amount | [4] | $ 0 | $ 0 |
Number outstanding (in shares) | [4] | 1 | 1 |
Amount | [4] | $ 0 | $ 0 |
Broker Warrants Issued December 2017 [Member] | |||
Number outstanding (in shares) | [2] | 259,121 | 259,121 |
Amount | [2] | $ 161 | $ 161 |
Number outstanding (in shares) | [2] | 259,121 | 259,121 |
Amount | [2] | $ 161 | $ 161 |
Warrants Issued in Connection with Public Offering February 2017 [Member] | |||
Number outstanding (in shares) | [2] | 1,723,934 | 1,723,934 |
Amount | [2] | $ 631 | $ 631 |
Number outstanding (in shares) | [2] | 1,723,934 | 1,723,934 |
Amount | [2] | $ 631 | $ 631 |
[1] | Warrant to acquire one Common Share at an exercise price of CAD $1.31, expiring on May 9, 2023. | ||
[2] | Warrant to acquire one Common Share at an exercise price of CAD $2.15, expiring on February 21, 2022. | ||
[3] | Warrant to acquire one Common Share at an exercise price of $1.26, expiring on December 27, 2022. | ||
[4] | Warrant to acquire one Common Share o at an exercise price of CAD $1.05, expiring on May 9, 2023. |
Note 8 - Government Assistance
Note 8 - Government Assistance (Details Textual) $ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Oct. 31, 2020CAD ($) | Sep. 30, 2019CAD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Proceeds from NRC IRAP | $ 0 | $ 26 | ||
Maximum [Member] | ||||
Award in Non-dilutive and Non-repayable Funding From NRC IRAP | $ 326,357 | $ 750,000 | ||
Research and Development Expense [Member] | ||||
Government Assistance | $ 0 | $ 50 |
Note 9 - Net Financial Income_3
Note 9 - Net Financial Income (Expenses) - Financial Income (Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Foreign exchange gain (loss) | $ (755) | $ 60 |
Financing costs | 0 | (121) |
Change in fair value of warrant liabilities | 643 | (509) |
Interest income | 139 | 25 |
Financial income (expenses) | $ 27 | $ (545) |
Note 10 - Stock Based Compens_3
Note 10 - Stock Based Compensation (Details Textual) - Stock Option Plan [Member] - shares | Aug. 26, 2020 | Apr. 09, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 14,533,881 | 11,719.910 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 15.00% | 15.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person | 2.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |||
Consultant [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person | 2.00% | ||||
Related Party [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum Per Person | 2.00% |
Note 10 - Stock Based Compens_4
Note 10 - Stock Based Compensation - Activities Within the Stock Option Plan (Details) - Stock Option Plan [Member] - $ / shares | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Outstanding, weighted average exercise price (in CAD per share) | $ 1.04 | $ 1 |
Outstanding, number of options (in shares) | 7,294,919 | 9,936,486 |
Granted, weighted average exercise price (in CAD per share) | $ 0 | $ 0 |
Granted, number of options (in shares) | 0 | 0 |
Exercised, weighted average exercise price (in CAD per share) | $ 0 | $ 0 |
Exercised, number of options (in shares) | 0 | 0 |
Forfeited, weighted average exercise price (in CAD per share) | $ 1.30 | $ 0 |
Forfeited, number of options (in shares) | (63,941) | 0 |
Expired, weighted average exercise price (in CAD per share) | $ 0 | $ 0 |
Expired, number of options (in shares) | 0 | 0 |
Outstanding, weighted average exercise price (in CAD per share) | $ 1.04 | $ 1 |
Outstanding, number of options (in shares) | 7,230,978 | 9,936,486 |
Exercisable, weighted average exercise price (in CAD per share) | $ 1.14 | $ 1.28 |
Exercisable at end of period (in shares) | 5,376,373 | 4,132,146 |
Note 10 - Stock Based Compens_5
Note 10 - Stock Based Compensation - Compensation Expense (Details) - Stock Option Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Compensation expense | $ 153 | $ 632 |
Research and Development Expense [Member] | ||
Compensation expense | 50 | 141 |
General and Administrative Expense [Member] | ||
Compensation expense | 103 | 348 |
Selling and Marketing Expense [Member] | ||
Compensation expense | $ 0 | $ 143 |
Note 11 - Supplemental Cash F_3
Note 11 - Supplemental Cash Flow Disclosure - Changes in Working Capital Items (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Receivables | $ 93 | $ 71 |
Prepaid expenses | (653) | 294 |
Trade and other payables | 27 | (1,544) |
Increase (Decrease) in Working Capital | $ (533) | $ (1,179) |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2021 | Oct. 31, 2020 | Sep. 23, 2020 | Oct. 25, 2019 |
Chief Executive Officer [Member] | ||||
Retention Incentive Agreement, Continued Employment Until April 30, 2021 or Closing Transaction With Third Party | $ 800 | |||
Chief Executive Officer and Chief Operating Officer [Member] | ||||
Retention Incentive Agreement, Maximum Conditional Incentives | $ 125 | |||
RKO Supply Agreement [Member] | ||||
Purchase Obligation, Total | $ 3,100 | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 2,800 |