Cover Page
Cover Page | 12 Months Ended |
Nov. 30, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Nov. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | THERATECHNOLOGIES INC. |
Entity Central Index Key | 0001512717 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | true |
Current Fiscal Year End Date | --11-30 |
Document Registration Statement | false |
Document Annual Report | true |
Entity Common Stock, Shares Outstanding | 45,980,019 |
Title of 12(b) Security | Common Shares, no par value |
Entity Interactive Data Current | Yes |
Entity Ex Transition Period | false |
Trading Symbol | THTX |
Security Exchange Name | NASDAQ |
ICFR Auditor Attestation Flag | false |
Entity File Number | 001-35203 |
Entity Incorporation, State or Country Code | A8 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Shell Company | false |
Entity Filer Category | Non-accelerated Filer |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Address, Address Line One | 2015 Peel Street |
Entity Address, Address Line Two | 11th Floor |
Entity Address, City or Town | Montreal |
Entity Address, State or Province | QC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | H3A 1T8 |
Auditor Name | KPMG LLP |
Auditor Firm ID | 85 |
Auditor Location | Montreal, Quebec, Canada |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Jocelyn Lafond |
Entity Address, Address Line One | 2015 Peel Street |
Entity Address, Address Line Two | 11th Floor |
Entity Address, City or Town | Montreal |
Entity Address, State or Province | QC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | H3A 1T8 |
City Area Code | 438 |
Local Phone Number | 315-6607 |
Contact Personnel Fax Number | (514) 331-9691 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Current assets | ||
Cash | $ 34,097 | $ 23,856 |
Bonds and money market funds | 6,290 | 9,214 |
Trade and other receivables | 13,023 | 12,045 |
Tax credits and grants receivable | 524 | 299 |
Income taxes receivable | 4 | 0 |
Deferred tax assets | 29 | 0 |
Inventories | 6,066 | 19,688 |
Prepaid expenses and deposits | 3,154 | 7,665 |
Derivative financial assets | 110 | 603 |
Total current assets | 63,297 | 73,370 |
Non-current assets | ||
Property and equipment | 1,206 | 1,494 |
Right-of-use-assets | 770 | 1,595 |
Intangible assets | 12,496 | 15,009 |
Deferred financing costs | 0 | 1,792 |
Total non-current assets | 14,472 | 19,890 |
Total assets | 77,769 | 93,260 |
Current liabilities | ||
Accounts payable and accrued liabilities | 28,471 | 41,065 |
Provisions | 9,603 | 7,517 |
Convertible unsecured senior notes | 0 | 26,895 |
Current portion of Loan Facility | 7,286 | 37,894 |
Current portion of lease liabilities | 421 | 476 |
Marathon Warrants | 1,475 | 0 |
Income taxes payable | 0 | 394 |
Deferred revenue | 38 | 38 |
Total current liabilities | 47,294 | 114,279 |
Non-current liabilities | ||
Loan Facility | 50,688 | 0 |
Lease liabilities | 573 | 1,446 |
Other liabilities | 84 | 106 |
Total non-current liabilities | 51,345 | 1,552 |
Total liabilities | 98,639 | 115,831 |
Equity | ||
Share capital, warrants and subscription receipts | 363,927 | 338,751 |
Equity component of convertible unsecured senior notes | 0 | 2,132 |
Contributed surplus | 23,178 | 18,810 |
Deficit | (408,659) | (382,649) |
Accumulated other comprehensive income | 684 | 385 |
Total equity | (20,870) | (22,571) |
Total liabilities and equity | $ 77,769 | $ 93,260 |
Consolidated Statements of Net
Consolidated Statements of Net Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |||
Statement of comprehensive income [abstract] | |||||
Revenue | $ 81,764 | $ 80,057 | $ 69,823 | ||
Operating expenses | |||||
Cost of goods sold | 19,635 | 23,838 | 18,378 | ||
Amortization of other asset | 0 | 2,441 | 4,882 | ||
Research and development expenses, net of tax credits of $ 539 (2022 - $ 316; 2021 – $ 277) | 30,370 | 36,939 | 28,274 | ||
Selling expenses | 26,769 | 39,391 | 28,909 | ||
General and administrative expenses | 15,617 | 17,356 | 14,616 | ||
Total operating expenses | 92,391 | 119,965 | 95,059 | ||
Loss from operating activities | (10,627) | (39,908) | (25,236) | ||
Finance income | 2,147 | 673 | 195 | ||
Finance costs | (15,056) | (7,559) | (6,621) | ||
Finance income cost | (12,909) | (6,886) | (6,426) | ||
Loss before income taxes | (23,536) | (46,794) | (31,662) | ||
Income tax expense | (421) | (443) | (63) | ||
Net loss | (23,957) | (47,237) | (31,725) | [1] | |
Items that may be reclassified to net profit (loss) in the future | |||||
Net change in fair value of financial assets at fair value through other comprehensive income ("FVOCI") | 299 | (360) | (197) | ||
Exchange differences on translation of foreign operations | 0 | 789 | 634 | ||
Other comprehensive income that will be reclassified to profit or loss, net of tax | 299 | 429 | 437 | ||
Total comprehensive loss | $ (23,658) | $ (46,808) | $ (31,288) | ||
Loss per share | |||||
Basic earnings (loss) per share | [2] | $ (91) | $ (198) | $ (137) | |
Diluted earnings (loss) per share | [2] | $ (91) | $ (198) | $ (137) | |
[1]The company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities, see Note 1.[2]See note 1 for share consolidation. |
Consolidated Statements of Ne_2
Consolidated Statements of Net Loss and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Statement of comprehensive income [abstract] | |||
Other Comprehensive Income Net Of Tax Research and Development Cost | $ 539 | $ 316 | $ 277 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share capital Subscription receipts and Public Offering Warrants | Equity component of convertible unsecured senior notes | Contributed surplus | Deficit | Accumulated other comprehensive income (loss) | ||
Beginning balance at Nov. 30, 2020 | $ 3,224 | $ 287,312 | $ 4,457 | $ 12,065 | $ (300,129) | $ (481) | ||
Beginning balance, Shares at Nov. 30, 2020 | [1] | 19,253,360 | ||||||
Total comprehensive loss | ||||||||
Net loss | (31,725) | [2] | (31,725) | |||||
Other comprehensive income | ||||||||
Net change in fair value of FVOCI financial assets | (197) | (197) | ||||||
Exchange differences on translation of foreign operations | 634 | 634 | ||||||
Total comprehensive loss | (31,288) | (31,725) | 437 | |||||
Transactions with owners, recorded directly in equity | ||||||||
Public issue of common shares and warrants | 46,002 | $ 46,002 | ||||||
Public issue of common shares and warrants (Shares) | [1] | 4,181,975 | ||||||
Share issue costs | (3,394) | (3,394) | ||||||
Exercise of warrants (Shares) | [1] | 58,350 | ||||||
Exercise of warrants | 742 | $ 742 | ||||||
Share issue – Oncology | $ 668 | (668) | ||||||
Share issue – Oncology (Shares) | [1] | 120,482 | ||||||
Share-based compensation plan | ||||||||
Share-based compensation for stock option plan | 1,879 | 1,879 | ||||||
Exercise of Options: | ||||||||
Monetary consideration | 595 | $ 595 | ||||||
Monetary consideration Shares | [1] | 166,250 | ||||||
Attributed value | $ 433 | (433) | ||||||
Total contributions by owners | 45,824 | $ 48,440 | 778 | (3,394) | ||||
Total contributions by owners shares | [1] | 4,527,057 | ||||||
Ending Balance at Nov. 30, 2021 | 17,760 | $ 335,752 | 4,457 | 12,843 | (335,248) | (44) | ||
Ending Balance, Shares at Nov. 30, 2021 | [1] | 23,780,417 | ||||||
Total comprehensive loss | ||||||||
Net loss | (47,237) | (47,237) | ||||||
Other comprehensive income | ||||||||
Net change in fair value of FVOCI financial assets | (360) | (360) | ||||||
Exchange differences on translation of foreign operations | 789 | 789 | ||||||
Total comprehensive loss | (46,808) | (47,237) | 429 | |||||
Transactions with owners, recorded directly in equity | ||||||||
Share issue costs | (164) | (164) | ||||||
Share issue - ATM program | 2,960 | $ 2,960 | ||||||
Share issue - ATM program (shares) | [1] | 400,000 | ||||||
Repurchase of convertible unsecured senior notes | (200) | (2,325) | 2,125 | |||||
Share-based compensation plan | ||||||||
Share-based compensation for stock option plan | 3,860 | 3,860 | ||||||
Exercise of Options: | ||||||||
Monetary consideration | 21 | $ 21 | ||||||
Monetary consideration Shares | [1] | 21,165 | ||||||
Attributed value | $ 18 | (18) | ||||||
Total contributions by owners | 6,477 | $ 2,999 | (2,325) | 5,967 | (164) | |||
Total contributions by owners shares | [1] | 421,165 | ||||||
Ending Balance at Nov. 30, 2022 | (22,571) | $ 338,751 | 2,132 | 18,810 | (382,649) | 385 | ||
Ending Balance, Shares at Nov. 30, 2022 | [1] | 24,201,582 | ||||||
Total comprehensive loss | ||||||||
Net loss | (23,957) | (23,957) | ||||||
Other comprehensive income | ||||||||
Net change in fair value of FVOCI financial assets | 299 | 299 | ||||||
Exchange differences on translation of foreign operations | 0 | |||||||
Total comprehensive loss | (23,658) | (23,957) | 299 | |||||
Transactions with owners, recorded directly in equity | ||||||||
Share issue costs | (2,053) | (2,053) | ||||||
Public issue of common shares | 25,160 | $ 25,160 | ||||||
Public issue of common shares (Shares) | [1] | 21,778,184 | ||||||
Conversion of convertible unsecured senior notes | 15 | $ 16 | (1) | |||||
Conversion of convertible unsecured senior notes (Shares) | [1] | 253 | ||||||
Repurchase of convertible unsecured senior notes | 0 | (2,131) | 2,131 | |||||
Share-based compensation plan | ||||||||
Share-based compensation for stock option plan | 2,237 | 2,237 | ||||||
Exercise of Options: | ||||||||
Total contributions by owners | 25,359 | $ 25,176 | (2,132) | 4,368 | (2,053) | |||
Total contributions by owners shares | [1] | 21,778,437 | ||||||
Ending Balance at Nov. 30, 2023 | $ (20,870) | $ 363,927 | $ 0 | $ 23,178 | $ (408,659) | $ 684 | ||
Ending Balance, Shares at Nov. 30, 2023 | [1] | 45,980,019 | ||||||
[1]See note 1 for share consolidation.[2]The company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities, see Note 1. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |||
Cash flows from (used in) Operating | |||||
Net loss | $ (23,957) | $ (47,237) | $ (31,725) | [1] | |
Adjustments for | |||||
Depreciation of property and equipment | 450 | 390 | 237 | [1] | |
Amortization of intangible assets and other asset | 2,513 | 11,652 | 8,062 | [1] | |
Amortization of right-of-use assets | 352 | 429 | 449 | [1] | |
Share-based compensation for stock option plan and stock appreciation rights | 2,215 | 3,872 | 1,932 | [1] | |
Gain on lease termination | (121) | 0 | 0 | [1] | |
Change in fair value of derivative financial assets | 492 | 217 | (212) | [1] | |
Change in fair value of liability related to deferred stock unit plan | (224) | (221) | 209 | [1] | |
Interest on convertible unsecured senior notes and Loan Facility | 8,263 | 4,357 | 3,306 | [1] | |
Interest paid on convertible unsecured senior notes and Loan Facility | (8,812) | (4,634) | (3,306) | [1] | |
Interest income | (769) | (316) | (195) | [1] | |
Interest received | 865 | 456 | 282 | [1] | |
Income tax expense | 421 | 443 | 63 | [1] | |
Income taxes paid | (848) | (109) | (19) | [1] | |
Foreign exchange | 282 | 1,209 | 890 | [1] | |
Gain on repurchase of convertible unsecured senior notes | 0 | (357) | 0 | ||
Accretion expense and amortization of deferred financing costs | 2,098 | 2,140 | 2,358 | [1] | |
Change in fair value of Marathon Warrants | (1,525) | ||||
Loss on Loan Facility modifications | 3,540 | 0 | 0 | ||
Write off of deferred financing costs | 954 | 0 | 0 | ||
Cash flows from (used in) operations before changes in working capital | (13,811) | (27,709) | (17,669) | [1] | |
Change in operating assets and liabilities | |||||
Trade and other receivables | (902) | (1,669) | 1,852 | [1] | |
Tax credits and grants receivable | (215) | 126 | 323 | [1] | |
Inventories | 10,327 | 8,991 | (4,217) | [1] | |
Prepaid expenses and deposits | 4,511 | 3,058 | (5,569) | [1] | |
Accounts payable and accrued liabilities | (7,508) | (1,100) | 5,549 | [1] | |
Provisions | 1,920 | 3,627 | 2,226 | [1] | |
Deferred revenue | 0 | (16) | 4 | [1] | |
Increase (decrease) in working capital | 8,133 | 13,017 | 168 | [1] | |
Total cash used in operating activities | (5,678) | (14,692) | (17,501) | [1] | |
Financing activities | |||||
Repurchase of convertible unsecured senior notes | (27,452) | (28,746) | |||
Costs related to repurchase of convertible unsecured senior notes | 0 | (73) | |||
Proceeds from issuance of Loan Facility | 20,000 | 40,000 | |||
Costs related to issuance of Loan Facility | (700) | (2,285) | |||
Repayment of other obligations | 0 | 0 | (5,000) | [1] | |
Proceeds from exercise of Options | 0 | 21 | 595 | [1] | |
Proceeds from exercise of warrants | 0 | 0 | 742 | [1] | |
Proceeds from issue of common shares, Public Offering Warrants and subscription receipts | 25,160 | 2,960 | 46,002 | [1] | |
Costs related to issuance of common shares, Public Offering Warrants and subscription receipts | (1,585) | (89) | (3,394) | [1] | |
Deferred financing costs | (196) | (1,527) | (447) | [1] | |
Payment of lease liability | (452) | (605) | (635) | [1] | |
Total cash from financing activities | 14,775 | 9,656 | 37,863 | [1] | |
Investing activities | |||||
Acquisition of intangible assets | (1,500) | 0 | (39) | [1] | |
Acquisition of property and equipment | (318) | (985) | (127) | [1] | |
Proceeds from sale of bonds and money market funds | 3,030 | 9,906 | 640 | [1] | |
Acquisition of bonds and money market funds | 0 | (239) | (13,210) | [1] | |
Acquisition of derivative financial assets | (104) | ||||
Total cash from (used in) investing activities | 1,108 | 8,682 | (12,736) | [1] | |
Net change in cash | 10,205 | 3,646 | 7,626 | [1] | |
Cash, beginning of year | 23,856 | 20,399 | [1] | 12,737 | [1] |
Effect of foreign exchange on cash | 36 | (189) | 36 | [1] | |
Cash, end of year | $ 34,097 | $ 23,856 | $ 20,399 | [1] | |
[1]The company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities, see Note 1. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Basis of preparation | 1. Basis of preparation Share consolidation On July 19, 2023, the Board of Directors approved a consolidation of the issued and outstanding common shares (the “Common Shares”) on the basis of one for four (1-for-4) Statement of compliance The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These Financial Statements were authorized for issue by the Board of Directors on February 20, 2024. Going concern uncertainty As part of the preparation of these Financial Statements, management is responsible for identifying any event or situation that may cast doubt on the Company’s ability to continue as a going concern. Substantial doubt regarding the Company’s ability to continue as a going concern exists if events or conditions, considered collectively, indicate that the Company may be unable to honor its obligations as they fall due during a period of at least, but not limited to, 12 months from November 30, 2023. If the Company concludes that events or conditions cast substantial doubt on its ability to continue as a going concern, it must assess whether the plans developed to mitigate these events or conditions will remove any possible substantial doubt. For the year ended November 30, 2023, the Company incurred a net loss of $23,957 (2022-$47,237 ; 2021-$31,725 flows $ ; 2021- $17,501 The Company’s Loan Facility contains various covenants, including minimum liquidity covenants whereby the Company needs to maintain significant cash, cash equivalent and eligible short-term investments balances in specified accounts, which restricts the management of the Company’s liquidity (refer to Note 17). A breach of the liquidity covenant (a “Liquidity Breach”) provides the lender with the ability to demand immediate repayment of the Loan Facility and makes available to the lender the collateralized assets, which include substantially all cash, bonds and money market funds which are subject to control agreements, and may trigger an increase of 300 basis points of the interest rate on the outstanding loan balance. On July 3, 2023, the Company incurred a Liquidity Breach resulting in the lender having the ability to demand immediate repayment of the debt, which breach was waived on September 21, 2023. During fiscal 2023, the Company entered into several amendments to the Marathon Credit Agreement to amend certain of the terms and conditions therein (see note 17). The amendments to the Marathon Credit Agreement resulted in: (i) revising the minimum liquidity requirements for all times following October 31, 2023 to be between 15,000 20,000 b ased on the Marathon adjusted EBITDA (as defined in the Marathon Credit Agreement, the “Marathon Adjusted EBITDA”) targets over the most recently ended four fiscal quarters; (ii) deleting the quarterly minimum revenue targets and replacing them with Marathon Adjusted EBITDA targets, beginning with the quarter ending November 30, 2023; and (iii) deleting the prohibition against the Company having a going concern explanatory paragraph in the opinion of the independent registered public accounting firm of the Company that accompanies the Company’s annual report. Notwithstanding these amendments, there is no assurance that the lender will agree to amend or to waive any future potential covenant breaches, if any. The Company does not meet the condition precedents to drawdown additional amounts under the Marathon Credit Agreement and does not currently have other committed sources of financing available to i t. The Company’s ability to continue as a going concern for a period of at least, but not limited to, 12 months from November 30, 2023, involves significant judgement and is dependent on the adherence to the conditions of the Marathon Credit Agreement or to obtain the support of the lender (including possible waivers and amendments, if necessary), increase its revenues and the management of its expenses (including the reorganization mainly focused on its R&D activities-see Note 16(a)) in order to meet or exceed the Marathon Adjusted EBITDA target and generate sufficient positive operating cash flows. Some elements of management’s plans are outside of management’s control and the outcome cannot be predicted at this time. Should management’s plans not materialize, the Company may be in default under the Marathon Credit Agreement, be forced to reduce or delay expenditures and capital additions and seek additional alternative financing, or sell or liquidate its assets. As a result, there is material uncertainty related to events or conditions that cast substantial doubt about the Company’s ability to continue as a going concern. These Financial Statements have been prepared assuming the Company will continue as a going concern, which assumes the Company will continue its operations in the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. These Financial Statements do not include any adjustments to the carrying values and classification of assets and liabilities and reported expenses that might result from the outcome of this uncertainty and that may be necessary if the going concern basis was not appropriate for these Financial Statements. If the Company was unable to continue as a going concern, material impairment of the carrying values of the Company’s assets, including intangible assets, could be required. The Company’s Financial Statements have been prepared on a going concern and historical cost basis, except for: · bonds and money market funds, which are measured at fair value, · derivative financial assets, which are measured at fair value, · liabilities related to cash-settled share-based · lease liabilities which are measured at present value of lease payments not paid at commencement date, · equity-classified share-based Share -based The methods used to measure fair value are discussed further in Note 25. Functional and presentation currency The Company’s functional currency is the United States dollar (“USD”). All financial information presented in USD has been rounded to the nearest thousand. Use of estimates and judgments The preparation of the Company’s Financial Statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting year. Judgments in applying accounting policies Information about critical judgments in applying accounting policies and assumptions that have the most significant effect on the amounts recognized in the Financial Statements is noted below. Milestones payments The purchase consideration for the oncology platform (Note 13) includes additional milestone payments based on the attainment of commercial milestones that will be settled through the issuance of the Company’s common shares, which represent a transaction in the scope of IFRS 2. Accordingly, the fair value of the oncology platform at the date of acquisition incorporates management’s judgement as to the probability of attaining the share-based milestones as well as the expected timing of the attainment of the milestones. Management uses judgement in determining whether milestone payments are performance-related development milestones which are capitalized as an intangible asset or are milestones related to the activity or usage of an asset which are expensed. Key sources of estimation uncertainty Key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year are as follows: Sales allowances Management uses judgment in estimating provisions for sale allowances such as cash discounts, returns, rebates and chargebacks, including potential clawbacks in certain jurisdictions when pricing terms are based on temporary use authorizations and thus subject to future negotiation. The product revenue recognized quarter over quarter is net of these estimated allowances. Such estimates require the need to make estimates about matters that are inherently uncertain. These estimates take into consideration historical experience, current contractual and statutory requirements, specific known market events and trends such as competitive pricing and new product introductions, estimated inventory levels, and the shelf life of products. If actual future results vary, these estimates need to be adjusted, with an effect on sales and earnings in the period of the adjustment. (refer to Notes 2 “Revenue recognition” and 3 for additional information). Recoverability of inventories The Company regularly reviews inventory to determine whether the inventory cost exceeds its net realizable value. The determination of the net realizable value requires management to make estimates and use judgement in considering shelf life of a product, the effects of technological changes and new product introductions. Other Other areas of judgment and uncertainty are related to the estimation of accruals for clinical trial expenses, the recoverability of intangible assets, the measurement of derivative financial assets, the measurement of share-based The Company is subject to risks and uncertainties that may cause actual results to differ from estimated amounts, such as changes in the healthcare environment, competition, litigation, legislation and regulations. Management regularly evaluates estimates and assumptions using historical experience and expectations about the future. Management adjusts estimates and assumptions when facts and circumstances indicate the need for change. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Significant accounting policies | 2. Significant accounting policies The accounting policies have been applied consistently by the Company, except as otherwise noted for the initial application of new or amended accounting standards. Basis of consolidation The financial statements of the subsidiaries of the Company are included in these Financial Statements from the date on which control commences until the date on which control ceases. Subsidiaries are entities controlled by the Company. Control is present where the Company has the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. In assessing control, potential voting rights that are currently exercisable are taken into consideration. The accounting policies of subsidiaries are changed when necessary to align them with the policies adopted by the Company. Intercompany balances and transactions, revenues and expenses resulting from transactions between subsidiaries and with the Company are eliminated in preparing the Financial Statements. Foreign currencies Transactions in foreign currencies are translated to the functional currency at exchange rates in effect at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate in effect at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the reporting year, adjusted for effective interest and payments during the reporting year, and the amortized cost in foreign currency translated at the exchange rate in effect at the end of the reporting year. Non-monetary Non-monetary Foreign operations The assets and liabilities of foreign operations whose functional currency is not the US$ are translated into US$ at the reporting date. The income and expenses of foreign-currency Revenue recognition Revenue from contracts with customers – Net sales The Company derives revenue from the sales of finished goods, which include Trogarzo ® EGRIFTA SV ® Some arrangements for the sale of finished goods provide for customer cash discounts for prompt payment, allowances, rights of return, rebates on sales made under governmental and commercial rebate programs, chargebacks on sales made to government agencies and retail pharmacies and distribution fees, including potential clawbacks in certain jurisdictions when pricing terms are based on temporary use authorizations and thus subject to future negotiation which gives rise to variable consideration. At the time of sale, estimates are made for items giving rise to variable consideration based on the terms of the arrangement. The variable consideration is estimated at contract inception using the most likely amount method and revenue is only recognized to the extent that a significant reversal of revenue is not expected to occur. The estimate is based on historical experience, current trends, contractual terms with distributors and other known factors. Sales are recorded net of customer discounts, rebates, chargebacks, distribution fees and estimated sales returns, and exclude sales taxes. A refund liability and a right to recover returned goods asset are recognized for expected returns in relation to sales made before the end of the reporting period. The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover goods. The Company reviews its estimate of variable consideration, including expected returns, on a quarterly basis, adjusting for the amounts of the asset and liability accordingly. Cost of sales Cost of goods sold Cost of goods sold includes the cost of raw materials, supplies, direct labour and overhead charges allocated to goods sold as well as write-downs of inventories. Amortization of the other asset The amortization of the other asset related to the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 14). Employee benefits Salaries and short-term Salaries and short-term short-term profit-sharing Post-employment Post-employment Termination benefits Termination benefits are recognized as an expense when the Company is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Finance income and finance costs Finance income comprises interest income on financial assets and gains on the disposal of financial assets and financial liabilities. Interest income is recognized as it accrues in net loss using the effective interest method. Finance costs comprise bank charges, interest and accretion expense on lease liabilities, convertible unsecured senior notes, long-term long-term Inventories Inventories are presented at the lower of cost, determined using the first-in, first-out pre-launch Work in progress inventory appears from the moment third party suppliers use the material provided by the Company until the time the Company receives the finished product. The value of work in progress inventory is equal to the value of material provided by the Company plus all conversion work performed by third party suppliers. Property and equipment Recognition and measurement Items of property and equipment are recognized at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset and the costs of dismantling and removing the item and restoring the site on which it is located, if any. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment and are recognized in net profit or loss. Subsequent costs The cost of replacing a part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day Depreciation The methods of depreciation and depreciation rates and periods are as follows: Asset Method Rate/period Computer equipment Declining balance 50% Laboratory equipment Declining balance and straight-line 20% 5 years Office furniture and equipment Declining balance 20% Leasehold improvements Straight-line Lower of lease term and economic life The method of depreciation is selected based on the most closely expected pattern of consumption of the future economic benefits embodied in the asset. Estimates for depreciation methods, useful lives and residual values are reviewed at each year-end Intangible assets Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is expensed as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. A development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Company intends to and has sufficient resources to complete development and to use or sell the asset. These criteria are usually met when a regulatory filing has been made in a major market and approval is considered highly probable. The expenditure capitalized includes the cost of materials, direct labour, and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures are expensed as incurred. Capitalized development expenditures are measured at cost, less accumulated amortization and accumulated impairment losses. During the years ended November 30, 2023, 2022 and 2021, no development expenditures were capitalized. Non-refundable Commercialization rights and oncology platform Commercialization rights and the oncology platform acquired by the Company have finite useful lives and are measured at cost less accumulated amortization and any accumulated impairment losses. Commercialization rights – EGRIFTA SV ® months on a straight-line . Commercialization rights – Trogarzo ® months on a straight-line ® months on a straight-line basis. They were fully amortized during the year ended November 30, 2022. Refer to Note 13. Commercialization rights for the oncology platform will be amortized over the estimated useful life on a straight-line The amortization method and useful life of intangible assets are reviewed every year and adjusted as required. Asset acquisitions Asset acquisitions are acquisitions that do not qualify as business combinations. At the date of acquisition, the Company initially recognizes the individual identifiable assets acquired and liabilities assumed. The cost to the Company at the date of the acquisition is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of the acquisition. Subsequent consideration for performance-related development milestones is recognized as intangible assets when the specific milestones have been achieved and other recognition criteria are met. Subsequent payments related to activity or usage of an asset, including sales royalties, are expensed as incurred. Asset acquisition transactions do not give rise to goodwill. Other asset Other asset, which comprised the amount disbursed in connection with the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 14), was amortized over its estimated useful life of Impairment of non-financial The carrying amounts of the Company’s non-financial For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of cash inflows from other assets or groups of assets (“Cash-Generating Unit”). The recoverable amount of an asset or a Cash-Generating Unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax Impairment losses recognized in prior years are determined by the Company at each reporting date for any indications that the loss has decreased or no longer exists. An asset’s carrying amount, increased through the reversal of an impairment loss, must not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Financial instruments The Company initially recognizes financial assets on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or issue. On initial recognition, the Company classifies its financial assets as measured at amortized cost, FVOCI or fair value through profit or loss (“FVPL”), depending on its business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. (i) Financial assets measured at amortized cost A financial asset is measured at amortized cost, using the effective interest method and net of any impairment loss, if it meets both of the following conditions and is not designated at fair value though profit or loss: · it is held within a business model whose objective is to hold assets to collect contractual cash flows; · its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company currently classifies its cash and trade and other receivables as financial assets measured at amortized cost. (ii) Financial assets, measured at fair value through other comprehensive income A debt investment is measured at fair value through other comprehensive income if it meets both of the following conditions and is not designated at fair value through profit or loss: · it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; · its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. (ii) Financial assets, measured at fair value through other comprehensive income (continued) These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income (loss). When an investment is derecognized, gains or losses accumulated in other comprehensive income (loss) are reclassified to profit or loss. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income (loss). This election is made on an investment-by-investment The Company currently classifies its bonds as financial assets measured at FVOCI. (iii) Financial assets measured at fair value through profit or loss All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVPL. These assets are subsequently measured at fair value and changes therein, including any interest or dividend income, are recognized in profit or loss. The Company currently classifies its money market funds and non-hedge The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. (iv) Financial liabilities Financial liabilities are classified into the following categories: · Financial liabilities at fair value through profit or loss A financial liability is classified at fair value through profit or loss if it is classified as held-for-trading, The Company issued the Marathon Warrants which are classified as financial liabilities through profit or loss because the exercise can be made on a cashless basis. All transaction costs related to financial instruments designated at fair value through profit or loss are expensed as incurred. The Company currently has no other financial liabilities measured at FVPL. · Financial liabilities measured at amortized cost This category includes all financial liabilities, other than those measured at FVPL. A financial liability is subsequently measured at amortized cost using the effective interest method. The Company currently classifies accounts payable and accrued liabilities, convertible unsecured senior notes and Loan Facility as financial liabilities measured at amortized cost. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. (v) Compound financial instruments Compound financial instruments are instruments that contain both a liability component and an equity component, and the liability component can be converted into share capital at the option of the holder and the number of shares to be issued does not vary with changes in their fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversation option. The equity component is recognized initially as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Upon repurchase, the proceeds are allocated based on the same basis that was used for the initial recognition. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. (vi) Derivative financial instruments Derivative financial instruments are recorded as either assets or liabilities measured at their fair value unless exempted from derivative treatment as a normal purchase and sale. Certain derivatives embedded in other contracts must also be measured at fair value. The changes in the fair value of derivatives are recognized through profit or loss in the year in which they occur. (vii) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position when, and only when, the Company has a legal right to set off the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. At each reporting date, the Company recognizes loss allowances for expected credit losses (“ECLs”) on financial assets carried at amortized cost and debt securities at FVOCI. The Company’s trade and other receivables are accounts receivable with no financing component and which have maturities of less than 12 months and, as such, the Company has chosen to apply the simplified approach for ECL. As a result, the Company does not track changes in credit risk related to its trade and other receivables, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. (viii) Impairment of financial assets For other financial assets subject to impairment, the Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month · debt securities that are determined to have low credit risk at the reporting date; · other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. The Company considers a debt security to have a low credit risk when its credit risk rating is equivalent or above investment grade credit rating, such as its bonds classified at FVOCI. The Company’s approach to ECLs reflects a probability-weighted economic Leases At inception, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use Right-of-use Right-of-use right-of-use · the initial measurement amount of the lease liabilities recognized; · any lease payments made at or before the commencement date, less any lease incentives received; · any initial direct costs incurred; · an estimate of costs to dismantle and remove the underlying asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease contract. Right-of-use straight-line Right-of-use right-of-use Lease liabilities Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date over the lease term. The present value of the lease payments is determined using the lessee’s incremental borrowing rate at the commencement date if the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is a function of the lessee’s incremental borrowing rate, the nature of the underlying asset, the location of the asset, the length of the lease and the currency of the lease contract. Generally, the Company uses the lessee’s incremental borrowing rate for the present value. At the commencement date, lease payments generally include fixed payments, less any lease incentives receivable, variable lease payments that depend on an index (e.g. based on inflation index) or a specified rate, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising the option to terminate the lease. Lease payments also include amounts expected to be paid under residual value guarantees and the exercise price of a purchase option if the Company is reasonably certain to exercise that option. Variable lease payments that do not depend on an index or a specified rate are not included in the measurement of lease liabilities but instead are recognized as expenses in the period in which the event or condition that triggers the payment occurs. After the commencement date, the carrying amount of lease liabilities is increased to reflect the accretion of interest and reduced to reflect lease payments made. In addition, the carrying amount of lease liabilities is remeasured when there is a change in future lease payments arising from a change in an index or specified rate, if there is a modification to the lease terms and conditions, a change in the estimate of the amount expected to be payable under residual value guarantee, or if the Company changes its assessment of whether it will exercise a termination, extension or purchase option. The remeasurement amount of the lease liabilities is recognized as an adjustment to the right-of-use right-of-use Classification and presentation of lease-related Amortization charge for right-of-use Deferred Financing Costs Deferred financing costs consists of fees charged by underwriters, attorneys, accountants, and other fees directly attributable to future issuances of shares or debt securities. Provided these costs are determined to be recoverable, these costs are deferred and charged subsequently against the gross proceeds of the related equity or debt issuance on a proportionate basis when it occurs. If at such time the Company deems that these costs are no longer recoverable, they will be expensed as a component of finance expenses. Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are assessed by discounting the expected future cash flows at a pre-tax Chargebacks and rebates Chargebacks and rebates are estimated based on historical experience, relevant statutes with respect to governmental pricing programs, and contractual sales terms. Returns Provisions for returns are estimated based on historical return levels, taking into account additional available information on contract changes. The Company reviews its methodology and adequacy of the provision for returns on a quarterly basis, adjusting for changes in assumptions, historical results and business practices, as necessary. Contingent liability A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence Income taxes Income tax expense comprises current and deferred taxes. Current tax and deferred tax are recognized in net loss except to the extent that they relate to items recognized directly in other comprehensive income (loss) or in equity. Current tax Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable in respect of previous years. The Company establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes and deferred tax losses that can be used against taxable profit in future years. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse and to fiscal losses when they will be used, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax liability is generally recognized for all taxable temporary differences. A deferred tax asset is recognized for unused tax losses and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred income tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting or taxable profit or loss at the time of the transaction, and, where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising from the initial recognition of goodwill. Share-based Share option plan The Company records share-based compensation related to Options granted using the fair-value-based method estimated using the Black-Scholes model. Under this method, compensation cost is measured at fair value at the date of grant and expensed over the period in which optionees unconditionally become entitled to the Options. The amount recognized as an expense is adjusted to reflect the number of Options for which the related service conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of Options that do meet the related service conditions at the vesting date. Share-based equity-settled share-based Deferred stock unit plan The deferred stock units (“DSUs”) are totally vested on the date of grant and are settled in cash. When DSUs are granted to officers as part of their annual bonuses, a DSU liability is recorded on the date of grant at the market value of the common shares in place of the liability for the bonus payments. When DSUs are granted to directors as part of their annual compensation in lieu of cash, the expense related to DSUs and their liabilities are recognized on the date of grant. The liability is adjusted to reflect any change in the market value of common shares, and such change is recorded in finance costs. Stock appreciation rights plan Stock appreciation rights (“SARs”) entitle the grantee to a cash payment based on the increase in the share price of the Company’s common shares from the grant date to the settlement date. A liability is recognized for the services acquired and is recorded at the fair value of the SARs in other non-current Black-Scholes Estimating fair value requires determining the most ap ate inputs to the valuation model including the expected life of the SARs, volatility, risk-free interest rate and dividend yield and making assumptions about them. At the end of each reporting period until the liability is settled, the fair value of the liability is remeasured, with any changes in fair value recognized in the consolidated statement of net earnings (loss) and comprehensive earnings (loss) of the current year. Government assistance Government grants are recognized only when the Company has reasonable assurance that it meets the conditions and will receive the grants. Government grants related to assets are recognized in the consolidated statement of financial position as a deduction from the carrying amount of the related asset. They are then recognized in profit or loss over the estimated useful life of the amortization asset that the grants were used to acquire, as a deduction from the amortization expense. Other government grants are recognized in profit or loss as a deduction from the related expenses, such as salaries for the Canadian Emergency Wage Subsidy program. Research and development tax credits The Company elected to account for non-refundable Accounting for Government Grants and Disclosure of Governmental Assistance . Non-refundable Share capital Common shares Common shares, subscription receipts and Public Offering Warrants are classified as equity. Transaction costs Costs directly attributable to the issue of common shares and equity classified warrants and subscription receipts are recognized in equity, net of any tax effects. 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 profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders by taking the weighted average number of common shares outstanding and taking into consideration all dilutive potential common shares, which consist of the outstanding Options, warrants, subscription receipts and convertible unsecured senior notes. Changes in accounting policies In fiscal 2022, the Company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities in the consolidated statement of cash flows. Previously, the Company elected to classify interest paid as cash flow from financing activities and interest received as cash flows from investing activities. This change was applied retrospectively. New standard adopted Onerous contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) The amendments specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. The amendments applied to the Company’s annual reporting periods beginning on December 1, 2022, to contracts existing at the date the amendments were first applied. The adoption of the standard did not have an impact on the financial statements. Standards issued but not yet effective A number of new standards are effective for annual periods beginning after December 1, 2023 and earlier application is permitted; however, the Company has not early adopted the new or amended standards in preparing these Financial Statements. Classification of Liabilities as Current or Non-current For the purposes of non-current The amendments reconfirmed that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current. The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The amendments provide that: settlement of a liability includes transferring a company’s own equity instruments to the counterparty; and when classifying liabilities as current or non-current The amendments will be effective for the Company’s annual reporting period beginning on December 1, 2025. The Company is currently evaluating the impact of the amendments on its financial statements. |
Revenue
Revenue | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Revenue | 3. Revenue United States On May 12, 2014, the Company entered into a master services agreement with RxC Acquisition Company (“RxCrossroads”), along with two statements of work (“RxCrossroads Agreements”). Under the terms of the RxCrossroads Agreements, RxCrossroads acts as the Company’s exclusive third-party Under the RxCrossroads Agreements, RxCrossroads also acts as the Company’s exclusive third-party EGRIFTA ® EGRIFTA ® EGRIFTA ® EGRIFTA ® EGRIFTA ® On November 1, 2017, the Company entered into amended and restated RxCrossroads Agreements to add Trogarzo ® EGRIFTA SV ® as an additional product distributed by RxCrossroads in the United States . Canada The Company commercialized EGRIFTA ® Europe On July 9, 2020, the Company entered into pre-wholesaling ® ® On April 27, 2022, the Company announced that it would focus its commercial operations on the North American territory only and, as a result, would cease commercial sales of Trogarzo ® ® Net sales by product were 2023 2022 2021 EGRIFTA SV ® $ 53,705 $ 50,454 $ 43,009 Trogarzo ® 28,059 29,603 26,814 $ 81,764 $ 80,057 $ 69,823 Net sales by geography were as follows: 2023 2022 2021 Canada $ 86 $ 52 $ 269 United States 81,392 78,744 68,099 Europe 286 1,261 1,455 $ 81,764 $ 80,057 $ 69,823 |
Personnel expenses
Personnel expenses | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Personnel expenses | 4. Personnel expenses Note 2023 2022 2021 Salaries and short-term $ 24,934 $ 22,049 $ 11,480 Post-employment 1,833 1,346 644 Share-based 20(f),(h) 2,109 3,604 1,651 Termination benefits 2,006 566 209 $ 30,882 $ 27,565 $ 13,984 In fiscal 2023, $1,963 was recorded in termination benefits for severance and other expenses. Refer to note 16(a). In fiscal 2022, $ was recorded in termination benefits for severance and other expenses associated with the return to TaiMed of the commercial rights to Trogarzo ® . |
Finance income and finance cost
Finance income and finance costs | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Finance income and finance costs | 5. Finance income and finance costs Note 2023 2022 2021 Gain on repurchase of convertible unsecured senior notes 18 $ $ 357 $ - Net gain on financial instruments carried at fair 1,257 - - Interest income 769 316 195 Gain on lease termination 121 - - Finance income 2,147 673 195 Accretion expense and amortization of deferred financing costs 17, 18, 19 (2,098) (2,140) (2,358) Interest on convertible unsecured senior notes and on long-term loan (8,263) (4,357) Bank charges (42) (35) (31) Net foreign currency loss (159) (1,027 ) (926) Loss on Loan Facility modifications 17, 20(c) (3,540) - - Write off of deferred financing costs 17, 20(d) (954) - - Finance costs (15,056) (7,559) (6,621) Net finance cost recognized in net profit or loss $ (12,909) $ (6,886) $ (6,426) |
Bonds and money market funds
Bonds and money market funds | 12 Months Ended |
Nov. 30, 2023 | |
Schedule Of Detailed Information About Bonds And Money Market Funds [Abstract] | |
Bonds and money market funds | 6. Bonds and money market funds 2023 2022 Bonds $ 6,062 $ 8,990 Guaranteed investment certificates 228 224 $ 6,290 $ 9,214 As at November 30, 2023, bonds were interest-bearing |
Trade And Other Receivables
Trade And Other Receivables | 12 Months Ended |
Nov. 30, 2023 | |
Trade And Other Receivables Explanatory [Abstract] | |
Trade and other receivables | 7. Trade and other receivables 2023 2022 Trade receivables $ 12,798 $ 10,659 Sales taxes receivable 220 538 Other receivables 5 848 $ 13,023 $ 12,045 |
Tax credits and grants receivab
Tax credits and grants receivable | 12 Months Ended |
Nov. 30, 2023 | |
Schedule Of Information About Unused And Unrecorded Non Refundable Federal Tax Credit [Abstract] | |
Tax credits and grants receivable | 8. Tax credits and grants receivable Balance as at November 30, 2021 $ 441 Tax credits and grants recognized in net loss 316 Tax credits and grants received (442) Effect of change in exchange rate (16) Balance as at November 30, 2022 $ 299 Tax Credit and grants recognized in net loss $ 539 Tax credits and grants received (324) Effect of change in exchange rate 10 Balance as at November 30, 2023 $ 524 Tax credits receivable comprise grants receivable, and research and development investment tax credits receivable which relate to eligible 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. There are no unfulfilled conditions or contingencies associated with the government assistance received. The Company has unused and unrecorded non-refundable 2024 $ 438 2025 1,306 2026 1,604 2027 2,209 2028 2,451 2029 1,652 2030 818 2031 572 2032 299 2033 198 2039 185 2040 315 2041 383 2042 657 2043 728 $ 13,815 |
Inventories
Inventories | 12 Months Ended |
Nov. 30, 2023 | |
Classes of current inventories [abstract] | |
Inventories | 9. Inventories 2023 2022 Raw materials $ 2,262 $ 2,583 Work in progress 1,708 5,815 Finished goods 2,096 11,290 $ 6,066 $ 19,688 In fiscal 2023, inventories of $18,540 (2022 - In the second quarter of 2023, inventories for an amount of $3,295 was returned to TaiMed. and accounts payable was reduced by a total amount of € In fiscal 2023, an inventory provision of $ (2022 – ) was recognized pending marketing approval of the F8 formulation of tesamorelin and recorded in cost of sales. Inventories were written down to net realizable value by an amount of $2,137 in 2022, which was recorded in cost of sales. Included in the 2022 write-down is a provision of $1,477 on the F8 formulation and $339 on material for the pen in development to be used in conjunction with the F8 formulation, and $252 on expired raw material. The 2022 write-down also includes a provision of $69 on excess stock of EGRIFTA ® |
Prepaid Expenses and Deposits
Prepaid Expenses and Deposits | 12 Months Ended |
Nov. 30, 2023 | |
Current prepayments [abstract] | |
Prepaid expenses and deposits | 10. Prepaid expenses and deposits 2023 2022 Prepaid expenses $ 2,687 $ 6,320 Deposits 467 1,345 $ 3,154 $ 7,665 |
Property and equipment
Property and equipment | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and equipment | 11. Property and equipment Computer equipment Laboratory equipment Office furniture and equipment Leasehold improvements Total Cost Balance as at November 30, 2021 $ 373 $ 107 $ 332 $ 650 $ 1,462 Additions 180 961 - - 1,141 Disposals (263) - - - (263) Balance as at $ 290 $ 1,068 $ 332 $ 650 $ 2,340 Additions 7 128 27 - 162 Disposals (46) - - - (46) Balance as at $ 251 $ 1,196 $ 359 $ 650 $ 2,456 Accumulated depreciation Balance as at $ 229 $ 69 $ 157 $ 264 $ 719 Depreciation 157 94 38 101 390 Disposals (263) - - - (263) Balance as at $ 123 $ 163 $ 195 $ 365 $ 846 Depreciation 100 217 32 101 450 Disposals (46) - - - (46) Balance as at 3 $ $ 380 $ 227 $ 466 $ 1,250 Net carrying amounts November 30, 2023 $ 74 $ 816 $ 132 $ 184 $ 1,206 November 30, 2022 $ 167 $ 905 $ 137 $ 285 $ 1,494 |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Right-of-use assets | 12. Right-of-use Balance as at November 30, 2021 $ 2,111 Amortization (429) Effect of change in exchange rates (87) Balance as at November 30, 2022 $ 1,595 Amortization (352) Termination 19(a) $ (799) New lease 19( b $ 326 Balance as at November 30, 2023 $ 770 |
Intangible assets
Intangible assets | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Intangible assets | 13. Intangible assets Commercialization rights – Trogarzo ® North American Territory Commercialization rights – Trogarzo ® European Territory Commercialization rights – EGRIFTA SV ® Oncology platform Total Cost Balance as at November 30, 2021 $ 11,972 $ 7,612 $ 14,041 $ 3,488 $ 37,113 Additions 2,832 - - - 2,832 Balance as at $ 14,804 $ 7,612 $ 14,041 $ 3,488 $ 39,945 Disposal - (7,612) - - (7,612) Balance as at $ 14,804 $ - $ 14,041 $ 3,488 $ 32,333 Accumulated amortization Balance as at $ 3,267 $ $ 11,459 - $ 15,725 Amortization 1,087 6,613 1,511 - 9,211 Balance as at $ 4,354 $ 7,612 $ 12,970 - $ 24,936 Disposal $ - (7,612) - - (7,612) Amortization $ 1,442 $ - $ 1,071 - $ 2,513 Balance as at $ 5,796 $ - $ 14,041 - $ 19,837 Net carrying amounts November 30, 2023 $ 9,008 $ - $ - $ 3,488 $ 12,496 November 30, 2022 $ 10,450 $ - $ 1,071 $ 3,488 $ 15,009 The amortization expense of $ (2022 – $ ; 2021 – $ ) is included in selling expenses. Commercialization rights – Trogarzo ® On March 18, 2016, the Company entered into a distribution and marketing agreement with TaiMed granting the Company the exclusive right to market Trogarzo ® ® 12-year country-by-country ® ® Commercialization rights – Trogarzo ® Under the terms of the TaiMed Agreement, TaiMed was responsible for developing Trogarzo ® ® ® ® Initial payments Under the TaiMed Agreement, the Company agreed to make an initial payment of US$5,000 and will make several further milestone payments in exchange for the right to commercialize Trogarzo ® The initial payment of $5,000 was made in accordance with the following: (i) $1,000 was paid in cash at the signature of the TaiMed Agreement entered into in March 2016; and (ii) $4,000 through the issuance of the Company’s common shares, payable after the first commercial sale of Trogarzo ® In 2016, the Company recorded as additions to intangible assets an amount of $ , related to the TaiMed Agreement, which comprised the cash payment of $ at the signature of the TaiMed Agreement, the share-based $ , and $ in Further development milestone payments Under the terms of the TaiMed Agreement, a further milestone of $7,000 was payable in two annual equal ® equal intravenous (IV) push injection formulation. An amount of $ has been capitalized as an intangible asset in fiscal 2022 related to these milestone payments (refer to Note 15). Under the terms of the TaiMed Agreement, TaiMed may also launch a larger Phase III trial using Trogarzo ® depending on the size of the newly targeted population, payable quarterly, based on the percentage of net sales generated by Trogarzo ® . Further commercial milestone payments As further consideration under the TaiMed Agreement, the Company shall make the following one-time Commercial milestone Commercial milestone payment (i) Upon first achieving annual net sales of $200,000 $10,000 (ii) Upon first achieving annual net sales of $500,000 $40,000 (iii) Upon first achieving annual net sales of $1,000,000 $100,000 Commercialization rights – Trogarzo ® On April 17, 2022, the Company announced that it would focus its commercial operations on the North American Territory only and, as a result, would cease the commercial sale of Trogarzo ® Consequently, during the second quarter of 2022, the remaining balance of the intangible asset amounting the expenses to accelerate and fully amortize – Commercialization rights Trogarzo ® Oncology platform On February 25, 2019, the Company acquired Katana Biopharma Inc. (“Katana”) through the purchase of all of its issued and outstanding shares. On May 21, 2019, Katana was wound-up Katana (now the Company) is the worldwide exclusive licensee of a technology platform using peptides as a vehicle to specifically deliver existing cytotoxic agents to Sortilin receptors, which are overexpressed on cancer cells. The licence was entered into on February 25, 2019 with Transfert Plus, L.P. (“Transfert Plus”), an affiliate of Aligo Innovation, a university research company that commercializes the research results of universities and other institutional partners from various areas of innovation, including life sciences (the “Licence Agreement”). Under the terms of the acquisition agreement, part of the purchase price was to be settled through the issuance of common shares upon achieving two milestones. The first milestone consisted in initiating a Phase 1 clinical trial evaluating Sudocetaxel zendusortide for the treatment of Sortilin positive solid tumors. This milestone was achieved in March 2021 and was satisfied through the issuance 0 The second milestone payment of CA$2.3 million will occur when the proof of concept will have been demonstrated in human subjects and will be satisfied through the issuance of common shares of the Company. This acquisition was accounted for as an asset acquisition. During 2019, the Company recorded additions to intangible assets of $3,073, which comprised the payment at closing of $1,965 in cash, $5 through the issuance of 900 common shares of the Company, the estimated fair value of the share-based in acquisition costs. As the share-based equity-settled, In August 2019, the acquisition agreement was amended to provide for an adjustment to the purchase price of CA$1.08 million in the event the Company could indirectly benefit from a CA$1.2 million subsidy in connection with its research and development activities. The subsidy was granted in October 2019. The adjustment will be payable in two installments. The first installment of CA$500 thousand was paid in cash in October 2019, whereas the second installment of CA$580 thousand will be paid through the issuance of common shares of the Company at the same time as the second milestone payment of CA$2.3 million. The cash The annual maintenance fees, under the Licence Agreement amount The royalties payable under the Licence Agreement vary between 1.0% and 2.5% on net sales of a product based on the licensed technology. If the Company enters into a sublicence agreement, it must then pay amounts varying between 5% and 15% of revenues received fr om The Company must pay Transfert Plus the following milestone payments upon the occurrence of the following development milestones for the first product developed in the field of oncology: (i) First milestone payment: $39 (CA$50) thousand , which was paid in May 2021 , (ii) Second milestone payment: CA$100 thousand upon th (iii) Third milestone payment: CA$200 thousand upon the successful enrollment of the first patient in the first Phase 3 clinical trial. In addition, thousand per product upon receiving the first approval for such product by a regulatory authority. The approval shall entitle the sponsor to commercialize the product in the territory in which the approval was obtained |
Other asset
Other asset | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Other asset | 14. Other asset Cost Balance as at November 30, 2021, 2022 and 2023 $ 19,530 Accumulated amortization Balance as at November 30, 2021 $ 17,089 Amortization 2,441 Balance as at November 30, 2022 $ 19,530 Net carrying amounts November 30, 2023 and November 30, 2022 $ - On May 29, 2018, the Company entered into an agreement with EMD Serono, Inc. (the “Renegotiated Agreement”) to settle all outstanding cash payment obligations stemming from a termination and transfer agreement dated December 13, 2013, as amended (the “2013 Termination Agreement”). The remaining contractual obligations under the 2013 Termination Agreement totalled approxima EGRIFTA ® long-term EGRIFTA ® |
Accounts payable and accured li
Accounts payable and accured liabilities | 12 Months Ended |
Nov. 30, 2023 | |
Trade and Accrued Payables [Abstract] | |
Accounts payable and accured liabilities | 15. Accounts payable and accrued liabilities Note 2023 2022 Trade payables $ 6,990 $ 12,886 Accrued liabilities and other payables 15,016 18,951 Salaries and benefits due to key management personnel 28 1,036 3,387 Employee salaries and benefits payable 3,053 1,298 Liability related to deferred stock unit plan 20(e) 39 589 Accrued interest payable on convertible unsecured senior notes and Loan Facility 17 and 18 840 1,108 TaiMed milestone (a) 13 1,497 2,846 $ 28,471 $ 41,065 (a) On October 3, 2022, the Company announced that the United States Food and Drug Administration approved Trogarzo ® A d , equal 1,500 two |
Provisions
Provisions | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of other provisions [abstract] | |
Provisions | 16. Provisions Chargebacks and rebates Returns Restructuring (a) Total Balance as at November 30, 2021 $ 3,713 $ 410 $ - $ 4,123 Provisions made 12,910 2,004 - 14,914 Provisions used (10,358) (929) - (11,287) Effect of change in exchange rate (233) - - (233) Balance as at November 30, 2022 $ 6,032 $ 1,485 $ - $ 7,517 Provisions made 15,407 1,086 1,963 18,456 Provisions used (14,506) (309) (1,721) (16,536) Effect of change in exchange rate 168 - (2) 166 Balance as at November 30, 2023 $ 7,101 $ 2,262 $ 240 $ 9,603 (a) In July 2023, the Company initiated a reorganization mainly focused on its R&D activities. On October 24, 2023, the Company announced changes to its operations that saw a tapering of its research and development activities. As such, for the year ended November 30, 2023, $1,963 was recorded in charges related to severance and other expenses, of which an amount of $1,384 was recorded in research and development expenses, $220 in selling expenses and $359 in general and administrative expenses. |
Loan Facility
Loan Facility | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Loan Facility | 17. Loan Facility On July 20, 2022, the Company entered into a credit agreement with certain funds and accounts for which Marathon Asset Management, L.P. acts as investment manager (collectively, “Marathon”) providing for up to $ (the “Loan Facility” or “Marathon Credit Agreement”) in loan. The disbursement of the loan was to be made available to the Company over time in four various tranches with each bearing specific conditions to be met by the Company. On July 27, 2022, a principal amount of $40,000 (“Tranche 1 Loan”) was funded while on June 21, 2023, a second $20,000 (‘Tranche 2 Loan”) was funded as a result of the lender removing during the first quarter of 2023 the condition related to the submission to the FDA of the results from the human factor study the Company was then conducting. Refer to Note 20(c) for a discussion on the cost of the amendment. The Company does not meet the conditions precedents to draw down the additional tranches of capital of $15,000 and $25,000, respectively. On July 3, 2023, the Company incurred a Liquidity Breach resulting in the lender having the ability to demand immediate repayment of the debt and in making available to the lender the collateralized assets, which include substantially all cash, bonds and money market funds which are subject to control agreements. On July 10, 2023, the Company and the lender amended the terms of the Marathon Credit Agreement to reduce the minimum liquidity covenant for the period of July 10 to July 28, 2023 as follows: ● From $20,000 to $14,000 between July 10, 2023 up to and including July 21, 2023; and ● From $14,000 to $16,000 between July 22, 2023 up to and including July 28, 2023. On July 28, 2023, the Company and the lender entered into an additional amendment to the terms of the Marathon Credit Agreement to provide, amongst other things, for the minimum liquidity covenant to be from July 29, 2023, up to and including October 31, 2023. After such date, the minimum liquidity covenant was set at ; provided, however, that if the F8 formulation of tesamorelin was not approved by the United States Food and Drug Administration by March 31, 2024, the minimum liquidity covenant was set at . On September 21, 2023, the Company obtained a waiver from the lender relating to the Liquidity Breach for the period between July 3, 2023 up to end and including July 9, 2023. On October 13, 2023, the Company and the lender entered into an additional amendment to the Marathon Credit Agreement (the “Fifth Amendment”) providing for, amongst other things, the following amendments: - revising the minimum liquidity requirements for all times following October 31, 2023 to be between $15,000 and $20,000, based on thresholds for Marathon Adjusted EBITDA over the most recently ended four fiscal quarters; - revising the minimum revenue requirements to be based on Marathon Adjusted EBITDA-based targets instead of quarterly revenue-based targets, beginning with the quarter ending November 30, 2023; - deleting the prohibition against the Company having a going concern explanatory paragraph in the opinion of the independent registered public accounting firm of the Company that accompanies to the Company’s annual report. In consideration of the Fifth Amendment, the Company agreed to (i) pay an amount equal to amortized value ($600), or ($60,000), which amount was added to the outstanding principal amount of the funded debt as payment in kind; and (ii) reset the exercise price of the Marathon Warrants, which are now exercisable into 1,250,000 2.30 5.80 The salient conditions of the amounts drawn under the Loan Facility are as follows: ● The Loan Facility has an initial term of five years, provides for an interest-only period of 24 months, and bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 9.5%. The Tranche 1 Loan and Tranche 2 Loan are repayable in equal monthly installments on an amortization schedule of 36 months starting in July 2024. The Company is entitled to prepay the outstanding Loan Facility at any time subject to certain prepayment premium amount: for Tranche 1 Loan until July 27, 2024, an amount equal to the make whole amount, and after this date, a maximum amount of 3% of the principal amount being prepaid. For Tranche 2 Loan, until June 21, 2025, an amount equal to the make whole amount, and after this date, a maximum amount of 3% of the principal amount being prepaid; ● The Loan Facility provides Marathon Adjusted EBITDA-based targets and minimum liquidity requirements (both as defined in the Marathon Credit Agreement) for all times to be between and based on thresholds for Marathon Adjusted EBITDA over the most recently ended four financial quarters; ● The Loan Facility restricts the ability to incur additional debt and to make acquisitions, dispositions, in-licensing and out-licensing of products or assets, except in very limited circumstances. A breach of the terms and conditions of the Marathon Credit Agreement will create an event of default resulting in an increase of on the outstanding loan and provide the lender with the ability to demand immediate repayment of the debt; ● The lender has a first ranking security interest on all of the Company’s assets, subject to certain credit card arrangements restrictions. The movement in the carrying value of the Loan Facility is as follows: Proceeds from Loan Facility on July 27, 2022 $ 40,000 Transaction costs (2,285) Accretion expense 179 Term loan as at November 30, 2022 $ 37,894 Proceeds from Tranche 2 Loan on June 21, 2023 20,000 Costs related to issuance of Tranche 2 Loan (1,182) Costs related to Marathon Warrants (note 20(c)) (78) Consideration f or 540 Accretion expense 800 Term loan as at November 30, 2023 $ 57,974 Current portion (7,286) Non-current portion $ 50,688 On June 21, 2023, the Company drew down on the Tranche 2 Loan, for net proceeds of $19,300. An amount of $482 was reclassed from deferred financing costs assets and applied against the loan balance. Deferred financing costs in the amount of $347 were written off in the statement of net loss of November 30, 2023 in relation to the additional tranches of the Loan Facility. |
Convertible unsecured senior no
Convertible unsecured senior notes | 12 Months Ended |
Nov. 30, 2023 | |
Convertible Unsecured Senior Notes [Abstract] | |
Convertible unsecured senior notes | 18. Convertible unsecured senior notes The movement in the carrying value of the convertible unsecured senior notes is as follows: Convertible unsecured senior notes as at November 30, 2021 $ 54,227 Changes from financing cash flows: Cash paid on repurchase (28,546) Transaction costs incurred (73) Other changes: Gain on repurchase (357) Accretion expense 1,644 Convertible unsecured senior notes as at November 30, 2022 $ 26,895 Changes from financing cash flows: Cash paid on repurchase (27,452) Other changes: Conversion (15) Accretion expense 572 Convertible unsecured senior notes as at November 30, 2023 $ - On June 30, 2023, the Company reimbursed all of the issued and outstanding convertible unsecured senior notes for proceeds of $ |
Leases liabilities
Leases liabilities | 12 Months Ended |
Nov. 30, 2023 | |
Lease liabilities [abstract] | |
Leases liabilities | 19. Leases liabilities Carrying value Balance as at November 30, 2021 $ 2,518 Accretion expense 157 Lease payments (605) Effect of change in exchange rates (148) Balance as at November 30, 2022 $ 1,922 Accretion expense 101 Lease payments (452) Effect of change in exchange rates 17 Termination (a) (920) New lease (b) 326 Balance as at November 30, 2023 $ 994 Current portion (421) Non-current $ 573 (a) On February 17, 2023, the Company terminated its lease in Ireland. Accordingly, the Company reduced its right-of-use The gain is presented in finance income (Note 5). (b) On March 1, 2023, the Company signed a new lease in Ireland. Accordingly, the Company recorded a right-of-use |
Share capital warrants and subs
Share capital warrants and subscription receipts | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of classes of share capital [abstract] | |
Share capital warrants and subscription receipts | 20. Share capital, warrants and subscription receipts Authorized in unlimited number and without par value Common shares; Preferred shares, issuable in one or more series. All issued shares were fully paid on November 30, 2023 and 2022. Common shareholders are entitled to receive dividends as declared by the Company at its discretion and are entitled to one vote per share at the Company’s annual meeting of shareholders. No preferred shares are outstanding. (a) Public offering On January 19, 2021, the Company completed a public offering for the sale and issuance of units. Each unit was comprised of one common share of the Company and o ne half of one common share purchase warrant of the Company (each whole warrant, a “Public Offering Warrant”) and is classified in Share Capital and Public Offering Warrants within equity. During the year ended November 30, 2023, no Public Offering Warrant were exercised (November 30, 2022 nil and November 30, 2021 , Public Offering Warrants outstanding. Four (4) Public Offering Warrants entitles the holder thereof to purchase one (1) common share at an exercise price of $ at any time until January 19, 2024 . The 8,130,550 Public Offering Warrants expired on January 19, 2024 On October 31, 2023, the Company completed a public offering for the sale and issuance of per common share for gross proceeds o per common share for gross proceeds of $ in relation to the partial exercise of the over-allotment option. The C fully-funded, non-voting for gross proceeds of $ . The subscription receipts were issued to limit the share ownership of the investor to not more than 19.9% of the issued and outstanding common shares and the subscription receipts are exchangeable at any time, provided ownership limitations are respected. The Company has also entered into an investor rights agreement pursuant to which Investissement Québec will be entitled to nominate one director to the Company’s board of directors for as long as it holds 50% of the Common Shares purchased pursuant to the Concurrent Private Placement. The cost of the offering amounted to $ . (b) Milestone oncology In March 2021, the Company issued 120,482 common shares under the terms of the acquisition agreement entered into with all of the shareholders of Katana for Katana’s in-licensed (c) Marathon warrants On February 27, 2023, the Company issued to Marathon an aggregate of common share purchase warrants (the “Marathon Warrants exercisable into 1,250,000 common shares, at an exercise price of , post Consolidation. The Marathon Warrants are exercisable for a period of The Marathon Warrants are not traded on any stock exchange, are transferable only to affiliates of Marathon or to other potential lenders under the terms of the Loan Facility and their affiliates and may be exercised on a cashless basis. Accordingly, the Marathon Warrants are derivative financial liabilities measured at fair value through profit or loss. The Marathon Warrants were issued as consideration for various amendments made to the Marathon Credit Agreement, including: ● An amendment to remove a condition precedent to the disbursement of the Tranche 2 Loan requiring the Company to have filed with the FDA the results of a human factor study before June 30, 2023; and ● An amendment to allow for the inclusion of a going concern explanatory paragraph in the annual report of the independent registered public accounting firm for the fiscal year ended November 30, 2022. In consideration of the Fifth Amendment, the Company has agreed to reset the exercise price of the 5,000,000 Marathon Warrants, which are now exercisable into 1,250,000 common shares at $ 2.30 per common share. (Refer to Note 17) The fair value of the Marathon Warrants was treated as a cash outflow in testing whether the debt modification was a substantial modification and it was concluded that the modification was not substantial. At the issuance , $ were recorded as loss on debt modification using the Black-Sholes model and the assumptions set forth in the table below. An amount of $ was recorded reflecting the increase of fair value of Marathon Warrants for the repricing upon entering into the Fifth Amendment. The derivative financial liability relating to the Marathon Warrants is recorded as a liability on the consolidated statement of financial position and resulted in a gain on fair value remeasurement o f $ for the year ended November , . Measurement date as at November 30, 2023 Issuance date measurement Risk-free 4.326% 3.92% Expected volatility 88.568% 61.985% Average option life in years 6.25 years 7 years Share price $ 1.63 $ 3.80 Exercise price $ 2.30 $ 5.80 The risk-free interest rate is based on the implied yield on a Canadian government zero-coupon issue, with a remaining term equal to the term of the Marathon warrant life. The volatility is based on weighted average historical volatility adjusted for changes expected due to publicly available information. The life of the Marathon warrant is based upon the contractual term. The dividend yield was excluded from the calculation, since it is the present policy of the Company to retain all earnings to finance operations and future growth. With the issuance of the Marathon Warrants, the Company incurred transaction costs totalling $ of which $ was allocated to the Loan Facility and $ was recorded as deferred financing costs relating to the available tranches under the Loan Facility . Deferred financing costs were written off on November 30, 2023 (Note 17). (d) ATM program Under the terms of a sales agreement dated July 23, 2021, the Company was able to issue and sell from time to time its common shares, having an aggregate offering price of up through or to the Agent, as agent or principal, in the United States for a period ending in December 2023. Sales of the common shares were to be made in transactions that were deemed to be “at-the-market s offering common were written off in the statement of net loss of November 30, 2023, in relation to the end of the program in December of 2023 without additional usage. (e) DSU plan On December 10, 2010, the Board of Directors adopted the DSU Plan for the benefit of its directors and officers (the “Beneficiaries”). The goal of the DSU Plan is to increase the Company’s ability to attract and retain high-quality long-term DSUs may only be redeemed when a Beneficiary ceases to act as a director or an officer of the Company. Upon redemption, the Company must provide a Beneficiary with an amount in cash equal to the DSU value on the redemption date. Beneficiaries may not sell, transfer or otherwise assign their DSUs or any rights associated therewith other than by will or in accordance with legislation regarding the vesting and partition of successions. DSUs are totally vested on the grant date. When DSUs are granted to officers as part of their annual bonus, a DSU liability is recorded on the grant date in lieu of a liability for a cash bonus payment. In the case of directors, the expenses related to DSUs and their liabilities are recognized on the grant date. During the year ended November 30, 2023, nil (2022 - $ ; 2021 – $ ) was recorded as an expense and is included in general and administrative expenses. The liability related to DSUs is adjusted periodically to reflect any change in the market value of the common shares. As at November 30, 2023, a gain of $ (2022 - $221; 2021 – loss of $ was recognized within finance costs (Note . As at November , 3 , the Company had a total DSUs outstanding 2 DSUs) and a liability related to the DSUs of $ 2 liability of $ ). Cash-settled To protect against fluctuations in the value of DSUs, the Company entered into cash-settled 3 cash-settled 2 2 8 4 2 9 3 3 cash-settled 2 3 $492 (2022 - ;2021 – (f) S tock On October 4, 2018, the Board of Directors approved a stock appreciation rights plan (the “SARs Plan”) for its consultants that entitles the grantee to receive a cash payment based on the increase in the stock price of the Company’s common shares from the grant date to the settlement date. The term of a SAR may not exceed years from the grant date. Generally, SARs vest over a period of three years. For the year ended November 30, 2023, ($22) (2022 - $12, 2021 – $53) was recorded as share-based P cash-settled, Black-Scholes Granted in 2019 and 2021 Measurement date as at November 30, 2023 Measurement date as at November 30, 2022 Risk-free 3.55% 3.50% Expected volatility 89.51% 58.4% Average option life in years 6.8 years 7.8 years Share price $ $ Option exercise price $ $ The risk-free zero-coupon No SARs w ere (g) Shareholder rights plan On March 3, 2022, the Board of Directors approved certain amendments and the renewal of the Company’s shareholder rights plan and, on April 6, 2022, the Company and Computershare Trust Services of Canada entered into an amended and restated shareholder rights plan agreement (the “Rights Plan”). The Rights Plan was approved by the shareholders on May 10, 2022. The Rights Plan is The rights issued under the Rights Plan are initially attached to and traded with the common shares, and no separate certificate is issued unless a triggering event occurs. The rights become exercisable only when an acquiring person, including any party related to it, acquires or attempts to acquire 20 Under the Rights Plan, a Permitted Bid is a bid made to all holders of common shares and which is open for acceptance for no less than 105 105 50 50 105 (h) Stock option plan The Company has established a stock option plan (the “Option Plan”) under which it can grant its directors, officers, employees, researchers and consultants non-transferable options (the “Option”) for the purchase of common shares. The exercise date of an Option may not be later than amended the Option Plan maximum number Option Plan non-diluted . shares issuable under the Option Plan will be replenished and such exercised O As at November 30, 2023, 5,762,675 O by – 2021 – ) under the Option Plan. All Options are to be settled by the physical delivery of common shares. Changes in the number of Options outstanding during the past two years were as follows: Weighted average exercise price per option Number of Options CA$ US$ O ptions outstanding in CA $ Options outstanding as at November 30, 2021 797,583 $ 15.32 $ 12.00 Granted – CA$ 547,847 16.68 13.00 Forfeited and expired – CA$ (144,213) 17.80 13.52 Exercised (share price: CA$11.12 (US$8.24)) (21,165) 1.24 0.92 Options outstanding as at November 30, 2022 1,180,052 $ 15,92 $ 11,84 Granted – CA$ 792,193 5.16 3.80 Forfeited and expired – CA$ (197,686) 12.34 9.10 Options outstanding as at November 30, 2023 – CA$ 1,774,559 $ 11.51 $ 8.48 Options exercisable as at November 30, 2023 – CA$ 926,539 $ 15.19 $ 11.19 Options exercisable as at November 30, 2022 – CA$ 554,354 $ 16.32 $ 12.12 Options outstanding in US$ Options as at November 30, 2021 – US$ 20,183 - 12.36 Granted – US$ 96,668 - 12.08 Forfeited – US$ (10,208) - 12.52 Options outstanding as at November 30, 2022 – US$ 106,643 $ - $ 10.00 Granted – US$ 203,935 - 3.80 Forfeited – US$ (31,209) - 5.01 Options outstanding as at November 30, 2023 – US$ 279,369 $ - $ 6.02 Options exercisable as at November 30, 2023 – US$ 65,692 $ - $ 9.48 Options exercisable as at November 30, 2022 – US$ 7,769 $ - $ 11.96 The following table provides Option information as at November 30, 2023 (Options outstanding in CA$). Price range Number of options outstanding Weighted average remaining life Weighted average exercise price CA$ US$ (years) CA$ US$ 1.00 – 4.76 0.74 – 3.50 57,500 0.03 1.52 1.12 4.77 – 8.00 3.51 – 5.89 707,695 9.25 5.16 3.80 8.01 – 15.00 5.90 – 11.04 308,196 5.43 11.10 8.17 15.01 – 24.00 11.05 – 17.67 621,167 7.55 16.85 12.40 24.01 – 36.00 17.68 – 26.51 51,575 4.86 33.27 24.50 36.01 – 40.00 26.51 – 29.45 28,426 4.35 38.24 28.16 1,774,559 7.49 11.51 8.48 The following table provides Option information as at November 30, 2023 (Options outstanding in US$). Price range Number of Options outstanding Weighted average remaining life Weighted average exercise price US$ (years) US$ 1.00 – 4.76 179,185 9.25 3.80 4.77 – 15.00 100,184 8.03 10.00 279,369 8.81 6.02 For the year ended November 30, 2023, $2,237 (2022 - $3,860, 2021 – $1,879) was recorded as share-based 3 2 was estimated on Black-Scholes Options granted in CA$ 2023 2022 Risk-free 3.33% 1.62% Expected volatility 64.3% 65.5% Average option life in years 9.5 years 9 years Grant-date $ 3.80 (CA$5.16) 13.00 (CA$16.68) Option exercise price $ 13.00 (CA$16.68) Options granted in US$ 2023 2022 Risk-free 3.92% 1.95% Expected volatility 62% 64% Average option life in years 9.5 years 9 years Grant-date $ 3.80 12.08 Option exercise price $ 3.80 12.08 The risk-free interest rate is based on the implied yield on a Canadian or U.S. government zero-coupon The following table summarizes the measurement date weighted average fair value of Options granted during the years ended November 30, 2023 and 2022. Options granted in CA$ Number of Options granted Weighted average grant date fair value 2023 792,193 $ 2.77 (CA$3.76 ) 2022 547,847 $ 8.64 (CA$11.64 ) Options granted in US$ Number of Options granted Weighted average grant date fair value 2023 203,935 $ 2.72 2022 96,668 $ 8.36 The Black-Scholes (i) Loss per share The calculation of basic loss per 2023 2022 2021 Issued common shares as at December 1 24,201,582 23,780,417 19,253,360 Effect of share options exercised - 3,338 93,562 Effect of public issue common shares 1,843,517 - 3,704,071 Impact on conversion of convertible 107 - - Effect of share issue - ATM program - 29,589 - Effect of subscription receipts issue 287,223 - - Effect of broker warrants exercised - - 36,564 Weighted average number of common shares, 26,332,429 23,813,344 23,087,557 For the year ended November 30, 2023, 2,053,928 (2022 – 1,286,695, 2021 – 817,766) O anti-dilutive. The convertible unsecured senior notes were also excluded from the weighted average number of diluted common share calculation for the periods they were outstanding. The average market value of the Company’s common shares for purposes of calculating the dilutive effect of Options was based on quoted market prices for the period during which the options were outstanding. (j) Accumulated other comprehensive income (loss) 2023 2022 2021 Unrealized losses on FVOCI financial assets, net of tax $ (256) $ (555) $ (195) Cumulative exchange difference on translation of foreign 940 940 151 $ 684 $ 385 $ (44) |
Income taxes
Income taxes | 12 Months Ended |
Nov. 30, 2023 | |
Major components of tax expense (income) [abstract] | |
Income taxes | 21. Income taxes The following table presents the components of the current and deferred tax expenses (recovery). 2023 2022 2021 Current tax expense $ 450 $ 443 $ 63 Deferred tax expense (recovery) Origination and reversal of temporary differences $ (5,972) $ (11,705) $ (7,796) Change in unrecognized deductible 5,943 11,705 7,796 Total deferred tax expense (recovery) $ (29) $ - $ - Total current and deferred tax expense $ 421 $ 443 $ 63 Reconciliation between effective and applicable tax amounts. 2023 2022 2021 Income taxes at domestic tax statutory rate $ (6,237) $ (12,400) $ (8,390) Change in unrecognized deductible temporary differences 5,943 11,705 7,796 Impact of differences in statutory tax rates (130) 102 64 Non-deductible 845 1,036 593 Total income tax expense $ 421 $ 443 $ 63 The applicable statutory tax rate was % in 2023, 2022 and 2021. The Company’s applicable tax rate is the Canadian combined rates applicable in the jurisdictions in which the Company operates. Unrecognized deferred tax assets As at November 30, 2023 and 2022, the amounts and expiry dates of Canadian tax attributes for which no deferred tax asset was recognized were as follows: 2023 2022 Federal Provincial Federal Provincial Research and development expenses, $ 87,151 $ 105,549 $ 86,768 $ 105,174 Losses carried forward 2027 5,512 5,504 5,569 5,561 2028 33,761 16,258 34,110 16,426 2029 14,345 12,124 14,494 12,250 2030 8,423 8,420 8,510 8,507 2031 17,346 15,397 17,525 15,556 2032 11,752 10,791 11,874 10,902 2033 8,444 8,365 8,532 8,451 2034 7,733 7,665 7,813 7,744 2037 6,901 6,818 6,972 6,889 2038 2,013 1,938 2,034 1,958 2039 1,326 1,289 1,340 1,302 2040 7,242 7,218 7,317 7,292 2041 19,152 19,078 19,350 19,276 2042 29,042 28,885 31,181 31,190 2043 19,298 19,284 - - Other temporary differences, Excess of tax value of property and 435 420 1,000 454 Excess of tax value of intellectual 10,660 10,656 10,765 10,765 Available deductions and other 73,522 32,536 69,448 28,034 Given the Company’s past losses, management does not believe that it is probable that the Company can realize its deferred tax assets and, therefore, no amount has been recognized in the consolidated statements of financial position. The generation of future taxable profit is dependent on the successful commercialization of the Company’s products and technologies. In addition to the above attributes, as at November 30, 2023, the Company had available $8,816 (2022 – $8,883) of losses carried forward in Ireland without expiry dates for which no deferred tax assets were recognized. As at November 30, 2023, deferred tax liabilities had not been recognized for taxable temporary differences arising from investments in a subsidiary because the Company controls the decisions affecting the realization of such liabilities and it is probable that the temporary differences will not reverse in the foreseeable future. |
Supplemental cash flow disclosu
Supplemental cash flow disclosures | 12 Months Ended |
Nov. 30, 2023 | |
Supplemental cash flow disclosures [abstract] | |
Supplemental cash flow disclosures | 22. Supplemental cash flow disclosures The Company entered into the following transactions, which had no impact on its cash flows. 2023 2022 2021 Deferred financing costs included in accounts $ - $ - $ 174 Additions to property and equipment included in accounts payable and - 156 - Acquisition of derivative financial assets included in accounts payable and - 104 - Additions to intangible assets included in accounts payable and accrued - 2,832 - Reclassification of other Deferred financing costs to deficit - 38 - Share issue cost included in accounts payable 505 37 - |
Financial instruments
Financial instruments | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments | 23. Financial instruments Overview This note provides disclosures relating to the nature and extent of the Company’s exposure to risks arising from financial instruments, including credit risk, liquidity risk, currency risk and interest rate risk, and how the Company manages those risks. In addition to currency risk, the Company has exposure to risks from disputed accounts receivables. Credit risk Credit risk refers to the risk of a loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company regularly monitors credit risk exposure and takes steps to mitigate the likelihood of this exposure resulting in losses. The Company’s exposure to credit risk currently relates to accounts receivable with one major customer (refer to Note 27), other receivable and derivative financial assets which it manages by dealing only with highly rated Canadian high-grade 2 Liquidity risk Liquidity risk refers to the risk that the Company will not be able to meet its financial obligations as they become due. As indicated in Note 24, the Company manages this risk through the management of its capital structure. It also manages liquidity risk by continuously monitoring actual and projected cash flows. The Board of Directors reviews and approves the Company’s operating and capital budgets, as well as any material transactions out of the ordinary course of business. The Company has adopted an investment policy in respect of the safety and preservation of its capital designed to ensure that the Company’s liquidity needs are met. The instruments are selected with regards to the expected timing of expenditures and prevailing interest rates. Pursuant to the Marathon Credit Agreement, the Company is required to maintain cash, cash equivalents and eligible short-term investments overtime between to $20,000 based on the last twelve months adjusted EBITDA-based targets, which restricts the management of the Company’s liquidity. Refer to notes 1 and 17. The following are amounts due on the contractual maturities of financial liabilities as at November 30, 2023 and 2022. 2023 Carrying Total Less From More Accounts payable and accrued liabilities $ 28,471 $ 28,471 $ 28,471 $ - $ - Facility loan, including interest (1) 57,974 80,141 17,416 50,348 12,377 Lease liabilities 994 1,108 487 516 105 $ 87,439 $ 109,720 $ 46,374 $ 50,864 $ 12,482 (1) Based on SOFR forward rates. 2022 Carrying Total Less From More Accounts payable and accrued liabilities $ 41,065 $ 41,065 $ 41,065 $ - $ - Term loan, including interest (2) 37,894 57,667 5,649 28,421 23,597 Convertible unsecured senior notes, including interest 26,895 29,081 29,081 - - Lease liabilities 1,922 2,196 595 1,145 456 $ 107,776 $ 130,009 $ 76,390 $ 29,566 $ 24,053 (2) Based on SOFR forward rates. The maturities above reflect the fact that the Marathon Credit Agreement has been amended in the subsequent event period and, as such, the contractual maturities are used. Currency risk The Company is exposed to financial risk related to the fluctuation of foreign exchange rates and the degree of volatility of those rates. Currency risk is limited to the portion of the Company’s business transactions denominated in currencies other than US$, primarily cash, sale of goods and expenses incurred in CA$ and euros. Exchange rate fluctuations for foreign currency transactions can cause cash flows, as well as amounts recorded in the consolidated statements of net loss, to vary from period to period and not necessarily correspond to those forecasted in operating budgets and projections. Additional earnings variability arises from the translation of monetary assets and liabilities denominated in currencies other than the US$ at the rates of exchange at each consolidated statement of financial position date, the impact of which is reported as foreign exchange gain or loss in the consolidated statements of net loss. The following table presents the significant items in the original currencies exposed to currency risk as at November 30, 2023 and 2022. 2023 2022 CA$ EURO CA$ EURO Cash 358 123 1,547 236 Bonds and money market funds 8,543 - 12,387 - Trade and other receivables 296 2 733 2,141 Tax credits and grants receivable 497 145 66 239 Accounts payables and accrued liabilities (5,395) (224) (10,784) (5,849) Lease liabilities (925) (288) (1,362) (873) Provisions (326) (3,192) - (3,486) Total exposure 3,048 (3,434) 2,587 (7,592) The following exchange rates are those applicable as at November 30, 2023 and 2022. 2023 2022 Average rate Reporting date rate Average rate Reporting date rate CA$ – US$ 0,7404 0,7363 0,7722 0,7439 Euro – US$ 1,0792 1,0903 1,0600 1,0406 Based on the Company’s foreign currency exposures noted above, varying the above foreign exchange rates to reflect a 5% strengthening of the CA$ or the euro would have an impact on net earnings for CA$ and in the accumulated other comprehensive loss for euro as follows, assuming that all other variables remained constant. 2023 2022 CA$ Euro CA$ Euro Positive (negative) impact 152 (172) 129 (380) An assumed 5% weakening of the CA$ or of the euro would have had an equal but opposite effect on the above currencies in the amounts shown above, assuming that all other variables remained constant. Interest rate risk Interest rate risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Short-term Long-term Based on the value of the Company’s short- long-term $ 42 Cash and money market funds bear interest at variable rates. Trade and other receivables, accounts payable and accrued liabilities and provisions bear no interest. |
Capital management
Capital management | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
Captital management | 24. Capital management The Company’s objective in managing its capital is to ensure a liquidity position sufficient to finance its business activities. The Company depends primarily on revenue generated by sales of EGRIFTA SV ® ® The capital management objectives remain the same as of the previous year, including that the Company’s cash deposit and brokerage accounts are subject to control agreements relating to the Loan Facility and certain credit card arrangements allowing creditors to collateralized outstanding loaned values. Furthermore, the Company is required to maintain cash, cash equivalents and eligible short-term investments over time to range of $15,000 to $20,000 based on targeted Marathon Adjusted EBITDA. As at November 30, 2023, cash, bonds and money market funds amounted to $40,387 (2022-$33,070). Currently, the Company’s general policy on dividends is to retain cash to keep funds available to finance its growth. The Company defines capital to include total equity and, prior to June 30, 2023, convertible unsecured senior notes. The Company is not subject to any externally imposed capital requirements, except those disclosed in Note 17 in relation to the Marathon Credit Agreement. |
Determination of fair values
Determination of fair values | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of Fair Value Measurement [Abstract] | |
Determination of fair values | 25. Determination of fair values Certain of the Company’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial Financial assets and financial liabilities measured at fair value 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. Other financial assets and financial liabilities The Company has determined that the carrying values of its short-term Bonds and money market funds and derivative financial assets and financial liabilities are stated at fair value, determined by inputs that are primarily based on broker quotes at the reporting date (Level 2). The Company has determined that the carrying value of its Loan Facility approximates its fair value because the terms were modified near the end of the 2023 fiscal year-end. Share-based The fair value of the Share Options is measured based on the Black-Scholes risk-free non-market The fair value of the DSUs is determined using the quoted price of the common shares of the Company and considered Level 2 in the fair value hierarchy. Marathon Warrants The Marathon Warrants are recognized at fair value and considered Level 3 in the fair value hierarchy. Reasonably possible changes at November 30, 2023, to one of the significant unobservable input, holding other inputs consistent, would have the following effects: Net loss Increase Decrease Expected volatility (10% movement (100 bps)) $ (100) $ 125 |
Commitments
Commitments | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of commitments [abstract] | |
Commitments | 26. Commitments (a) Long-term The Company has long-term EGRIFTA SV ® ® (2022 – ® EGRIFTA SV ® and for other various services. As at November 30, 202 3 d 1,310 (2022 – (b) Licence agreement On February 3 Non-Alcoholic EGRIFTA SV ® Non-Alcoholic |
Operating segments
Operating segments | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Operating segments | 27. Operating segments The Company has a single operating segment. As described in Note 3, almost all of the Company’s revenues are generated from one customer, RxCrossroads, which is domiciled in the United States. 2023 2022 2021 RxCrossroads $ 81,392 $ 78,744 $ 68,917 Others 372 1,313 906 $ 81,764 $ 80,057 $ 69,823 All of the Company’s non-current Of the Company’s total non-current |
Related parties
Related parties | 12 Months Ended |
Nov. 30, 2023 | |
Related party transactions [abstract] | |
Related parties | 28. Related parties The key management personnel of the Company are the directors, the President and Chief Executive Officer, the Senior Vice President and Chief Financial Officer, the Global Commercial Officer and the Senior Vice President and Chief Medical Officer. Key management personnel compensation comprises: 2023 2022 2021 Short-term $ 3,259 $ 3,191 $ 2,690 Post-employment 95 86 72 Share-based 1,355 2,078 1,243 $ 4,709 $ 5,355 $ 4,005 As at November 30, 2023, the key management personnel controlled 1.1% (2022 – 0.8%) of the voting shares of the Company. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Basis of consolidation | Basis of consolidation The financial statements of the subsidiaries of the Company are included in these Financial Statements from the date on which control commences until the date on which control ceases. Subsidiaries are entities controlled by the Company. Control is present where the Company has the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. In assessing control, potential voting rights that are currently exercisable are taken into consideration. The accounting policies of subsidiaries are changed when necessary to align them with the policies adopted by the Company. Intercompany balances and transactions, revenues and expenses resulting from transactions between subsidiaries and with the Company are eliminated in preparing the Financial Statements. |
Foreign currencies | Foreign currencies Transactions in foreign currencies are translated to the functional currency at exchange rates in effect at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate in effect at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the reporting year, adjusted for effective interest and payments during the reporting year, and the amortized cost in foreign currency translated at the exchange rate in effect at the end of the reporting year. Non-monetary Non-monetary Foreign operations The assets and liabilities of foreign operations whose functional currency is not the US$ are translated into US$ at the reporting date. The income and expenses of foreign-currency |
Revenue recognition | Revenue recognition Revenue from contracts with customers – Net sales The Company derives revenue from the sales of finished goods, which include Trogarzo ® EGRIFTA SV ® Some arrangements for the sale of finished goods provide for customer cash discounts for prompt payment, allowances, rights of return, rebates on sales made under governmental and commercial rebate programs, chargebacks on sales made to government agencies and retail pharmacies and distribution fees, including potential clawbacks in certain jurisdictions when pricing terms are based on temporary use authorizations and thus subject to future negotiation which gives rise to variable consideration. At the time of sale, estimates are made for items giving rise to variable consideration based on the terms of the arrangement. The variable consideration is estimated at contract inception using the most likely amount method and revenue is only recognized to the extent that a significant reversal of revenue is not expected to occur. The estimate is based on historical experience, current trends, contractual terms with distributors and other known factors. Sales are recorded net of customer discounts, rebates, chargebacks, distribution fees and estimated sales returns, and exclude sales taxes. A refund liability and a right to recover returned goods asset are recognized for expected returns in relation to sales made before the end of the reporting period. The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover goods. The Company reviews its estimate of variable consideration, including expected returns, on a quarterly basis, adjusting for the amounts of the asset and liability accordingly. |
Cost of sales | Cost of sales Cost of goods sold Cost of goods sold includes the cost of raw materials, supplies, direct labour and overhead charges allocated to goods sold as well as write-downs of inventories. Amortization of the other asset The amortization of the other asset related to the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 14). |
Employee benefits | Employee benefits Salaries and short-term Salaries and short-term short-term profit-sharing Post-employment Post-employment Termination benefits Termination benefits are recognized as an expense when the Company is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. |
Finance income and finance costs | Finance income and finance costs Finance income comprises interest income on financial assets and gains on the disposal of financial assets and financial liabilities. Interest income is recognized as it accrues in net loss using the effective interest method. Finance costs comprise bank charges, interest and accretion expense on lease liabilities, convertible unsecured senior notes, long-term long-term |
Inventories | Inventories Inventories are presented at the lower of cost, determined using the first-in, first-out pre-launch Work in progress inventory appears from the moment third party suppliers use the material provided by the Company until the time the Company receives the finished product. The value of work in progress inventory is equal to the value of material provided by the Company plus all conversion work performed by third party suppliers. |
Property and equipment | Property and equipment Recognition and measurement Items of property and equipment are recognized at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset and the costs of dismantling and removing the item and restoring the site on which it is located, if any. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment and are recognized in net profit or loss. Subsequent costs The cost of replacing a part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day Depreciation The methods of depreciation and depreciation rates and periods are as follows: Asset Method Rate/period Computer equipment Declining balance 50% Laboratory equipment Declining balance and straight-line 20% 5 years Office furniture and equipment Declining balance 20% Leasehold improvements Straight-line Lower of lease term and economic life The method of depreciation is selected based on the most closely expected pattern of consumption of the future economic benefits embodied in the asset. Estimates for depreciation methods, useful lives and residual values are reviewed at each year-end |
Intangible assets | Intangible assets Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is expensed as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. A development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Company intends to and has sufficient resources to complete development and to use or sell the asset. These criteria are usually met when a regulatory filing has been made in a major market and approval is considered highly probable. The expenditure capitalized includes the cost of materials, direct labour, and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures are expensed as incurred. Capitalized development expenditures are measured at cost, less accumulated amortization and accumulated impairment losses. During the years ended November 30, 2023, 2022 and 2021, no development expenditures were capitalized. Non-refundable Commercialization rights and oncology platform Commercialization rights and the oncology platform acquired by the Company have finite useful lives and are measured at cost less accumulated amortization and any accumulated impairment losses. Commercialization rights – EGRIFTA SV ® months on a straight-line . Commercialization rights – Trogarzo ® months on a straight-line ® months on a straight-line basis. They were fully amortized during the year ended November 30, 2022. Refer to Note 13. Commercialization rights for the oncology platform will be amortized over the estimated useful life on a straight-line The amortization method and useful life of intangible assets are reviewed every year and adjusted as required. |
Asset acquisitions | Asset acquisitions Asset acquisitions are acquisitions that do not qualify as business combinations. At the date of acquisition, the Company initially recognizes the individual identifiable assets acquired and liabilities assumed. The cost to the Company at the date of the acquisition is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of the acquisition. Subsequent consideration for performance-related development milestones is recognized as intangible assets when the specific milestones have been achieved and other recognition criteria are met. Subsequent payments related to activity or usage of an asset, including sales royalties, are expensed as incurred. Asset acquisition transactions do not give rise to goodwill. |
Other asset | Other asset Other asset, which comprised the amount disbursed in connection with the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 14), was amortized over its estimated useful life of |
Impairment of non-financial assets | Impairment of non-financial The carrying amounts of the Company’s non-financial For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of cash inflows from other assets or groups of assets (“Cash-Generating Unit”). The recoverable amount of an asset or a Cash-Generating Unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax Impairment losses recognized in prior years are determined by the Company at each reporting date for any indications that the loss has decreased or no longer exists. An asset’s carrying amount, increased through the reversal of an impairment loss, must not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
Financial instruments | Financial instruments The Company initially recognizes financial assets on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or issue. On initial recognition, the Company classifies its financial assets as measured at amortized cost, FVOCI or fair value through profit or loss (“FVPL”), depending on its business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. (i) Financial assets measured at amortized cost A financial asset is measured at amortized cost, using the effective interest method and net of any impairment loss, if it meets both of the following conditions and is not designated at fair value though profit or loss: · it is held within a business model whose objective is to hold assets to collect contractual cash flows; · its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company currently classifies its cash and trade and other receivables as financial assets measured at amortized cost. (ii) Financial assets, measured at fair value through other comprehensive income A debt investment is measured at fair value through other comprehensive income if it meets both of the following conditions and is not designated at fair value through profit or loss: · it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; · its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. (ii) Financial assets, measured at fair value through other comprehensive income (continued) These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income (loss). When an investment is derecognized, gains or losses accumulated in other comprehensive income (loss) are reclassified to profit or loss. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income (loss). This election is made on an investment-by-investment The Company currently classifies its bonds as financial assets measured at FVOCI. (iii) Financial assets measured at fair value through profit or loss All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVPL. These assets are subsequently measured at fair value and changes therein, including any interest or dividend income, are recognized in profit or loss. The Company currently classifies its money market funds and non-hedge The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. (iv) Financial liabilities Financial liabilities are classified into the following categories: · Financial liabilities at fair value through profit or loss A financial liability is classified at fair value through profit or loss if it is classified as held-for-trading, The Company issued the Marathon Warrants which are classified as financial liabilities through profit or loss because the exercise can be made on a cashless basis. All transaction costs related to financial instruments designated at fair value through profit or loss are expensed as incurred. The Company currently has no other financial liabilities measured at FVPL. · Financial liabilities measured at amortized cost This category includes all financial liabilities, other than those measured at FVPL. A financial liability is subsequently measured at amortized cost using the effective interest method. The Company currently classifies accounts payable and accrued liabilities, convertible unsecured senior notes and Loan Facility as financial liabilities measured at amortized cost. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. (v) Compound financial instruments Compound financial instruments are instruments that contain both a liability component and an equity component, and the liability component can be converted into share capital at the option of the holder and the number of shares to be issued does not vary with changes in their fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversation option. The equity component is recognized initially as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Upon repurchase, the proceeds are allocated based on the same basis that was used for the initial recognition. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. (vi) Derivative financial instruments Derivative financial instruments are recorded as either assets or liabilities measured at their fair value unless exempted from derivative treatment as a normal purchase and sale. Certain derivatives embedded in other contracts must also be measured at fair value. The changes in the fair value of derivatives are recognized through profit or loss in the year in which they occur. (vii) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position when, and only when, the Company has a legal right to set off the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. At each reporting date, the Company recognizes loss allowances for expected credit losses (“ECLs”) on financial assets carried at amortized cost and debt securities at FVOCI. The Company’s trade and other receivables are accounts receivable with no financing component and which have maturities of less than 12 months and, as such, the Company has chosen to apply the simplified approach for ECL. As a result, the Company does not track changes in credit risk related to its trade and other receivables, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. (viii) Impairment of financial assets For other financial assets subject to impairment, the Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month · debt securities that are determined to have low credit risk at the reporting date; · other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. The Company considers a debt security to have a low credit risk when its credit risk rating is equivalent or above investment grade credit rating, such as its bonds classified at FVOCI. The Company’s approach to ECLs reflects a probability-weighted economic |
Leases | Leases At inception, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use Right-of-use Right-of-use right-of-use · the initial measurement amount of the lease liabilities recognized; · any lease payments made at or before the commencement date, less any lease incentives received; · any initial direct costs incurred; · an estimate of costs to dismantle and remove the underlying asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease contract. Right-of-use straight-line Right-of-use right-of-use Lease liabilities Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date over the lease term. The present value of the lease payments is determined using the lessee’s incremental borrowing rate at the commencement date if the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is a function of the lessee’s incremental borrowing rate, the nature of the underlying asset, the location of the asset, the length of the lease and the currency of the lease contract. Generally, the Company uses the lessee’s incremental borrowing rate for the present value. At the commencement date, lease payments generally include fixed payments, less any lease incentives receivable, variable lease payments that depend on an index (e.g. based on inflation index) or a specified rate, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising the option to terminate the lease. Lease payments also include amounts expected to be paid under residual value guarantees and the exercise price of a purchase option if the Company is reasonably certain to exercise that option. Variable lease payments that do not depend on an index or a specified rate are not included in the measurement of lease liabilities but instead are recognized as expenses in the period in which the event or condition that triggers the payment occurs. After the commencement date, the carrying amount of lease liabilities is increased to reflect the accretion of interest and reduced to reflect lease payments made. In addition, the carrying amount of lease liabilities is remeasured when there is a change in future lease payments arising from a change in an index or specified rate, if there is a modification to the lease terms and conditions, a change in the estimate of the amount expected to be payable under residual value guarantee, or if the Company changes its assessment of whether it will exercise a termination, extension or purchase option. The remeasurement amount of the lease liabilities is recognized as an adjustment to the right-of-use right-of-use Classification and presentation of lease-related Amortization charge for right-of-use |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consists of fees charged by underwriters, attorneys, accountants, and other fees directly attributable to future issuances of shares or debt securities. Provided these costs are determined to be recoverable, these costs are deferred and charged subsequently against the gross proceeds of the related equity or debt issuance on a proportionate basis when it occurs. If at such time the Company deems that these costs are no longer recoverable, they will be expensed as a component of finance expenses. |
Provisions | Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are assessed by discounting the expected future cash flows at a pre-tax Chargebacks and rebates Chargebacks and rebates are estimated based on historical experience, relevant statutes with respect to governmental pricing programs, and contractual sales terms. Returns Provisions for returns are estimated based on historical return levels, taking into account additional available information on contract changes. The Company reviews its methodology and adequacy of the provision for returns on a quarterly basis, adjusting for changes in assumptions, historical results and business practices, as necessary. Contingent liability A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence |
Income taxes | Income taxes Income tax expense comprises current and deferred taxes. Current tax and deferred tax are recognized in net loss except to the extent that they relate to items recognized directly in other comprehensive income (loss) or in equity. Current tax Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable in respect of previous years. The Company establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes and deferred tax losses that can be used against taxable profit in future years. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse and to fiscal losses when they will be used, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax liability is generally recognized for all taxable temporary differences. A deferred tax asset is recognized for unused tax losses and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred income tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting or taxable profit or loss at the time of the transaction, and, where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising from the initial recognition of goodwill. |
Share-based compensation | Share-based Share option plan The Company records share-based compensation related to Options granted using the fair-value-based method estimated using the Black-Scholes model. Under this method, compensation cost is measured at fair value at the date of grant and expensed over the period in which optionees unconditionally become entitled to the Options. The amount recognized as an expense is adjusted to reflect the number of Options for which the related service conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of Options that do meet the related service conditions at the vesting date. Share-based equity-settled share-based Deferred stock unit plan The deferred stock units (“DSUs”) are totally vested on the date of grant and are settled in cash. When DSUs are granted to officers as part of their annual bonuses, a DSU liability is recorded on the date of grant at the market value of the common shares in place of the liability for the bonus payments. When DSUs are granted to directors as part of their annual compensation in lieu of cash, the expense related to DSUs and their liabilities are recognized on the date of grant. The liability is adjusted to reflect any change in the market value of common shares, and such change is recorded in finance costs. |
Stock appreciation rights plan | Stock appreciation rights plan Stock appreciation rights (“SARs”) entitle the grantee to a cash payment based on the increase in the share price of the Company’s common shares from the grant date to the settlement date. A liability is recognized for the services acquired and is recorded at the fair value of the SARs in other non-current Black-Scholes Estimating fair value requires determining the most ap ate inputs to the valuation model including the expected life of the SARs, volatility, risk-free interest rate and dividend yield and making assumptions about them. At the end of each reporting period until the liability is settled, the fair value of the liability is remeasured, with any changes in fair value recognized in the consolidated statement of net earnings (loss) and comprehensive earnings (loss) of the current year. |
Government assistance | Government assistance Government grants are recognized only when the Company has reasonable assurance that it meets the conditions and will receive the grants. Government grants related to assets are recognized in the consolidated statement of financial position as a deduction from the carrying amount of the related asset. They are then recognized in profit or loss over the estimated useful life of the amortization asset that the grants were used to acquire, as a deduction from the amortization expense. Other government grants are recognized in profit or loss as a deduction from the related expenses, such as salaries for the Canadian Emergency Wage Subsidy program. |
Research and development tax credits | Research and development tax credits The Company elected to account for non-refundable Accounting for Government Grants and Disclosure of Governmental Assistance . Non-refundable |
Share capital | Share capital Common shares Common shares, subscription receipts and Public Offering Warrants are classified as equity. Transaction costs Costs directly attributable to the issue of common shares and equity classified warrants and subscription receipts are recognized in equity, net of any tax effects. |
Earnings 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 profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders by taking the weighted average number of common shares outstanding and taking into consideration all dilutive potential common shares, which consist of the outstanding Options, warrants, subscription receipts and convertible unsecured senior notes. |
Changes in accounting policies | Changes in accounting policies In fiscal 2022, the Company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities in the consolidated statement of cash flows. Previously, the Company elected to classify interest paid as cash flow from financing activities and interest received as cash flows from investing activities. This change was applied retrospectively. |
New standard adopted | New standard adopted Onerous contracts – Cost of Fulfilling a Contract (Amendments to IAS 37) The amendments specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. The amendments applied to the Company’s annual reporting periods beginning on December 1, 2022, to contracts existing at the date the amendments were first applied. The adoption of the standard did not have an impact on the financial statements. |
Standards issued but not yet effective | Standards issued but not yet effective A number of new standards are effective for annual periods beginning after December 1, 2023 and earlier application is permitted; however, the Company has not early adopted the new or amended standards in preparing these Financial Statements. Classification of Liabilities as Current or Non-current For the purposes of non-current The amendments reconfirmed that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or non-current. The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The amendments provide that: settlement of a liability includes transferring a company’s own equity instruments to the counterparty; and when classifying liabilities as current or non-current The amendments will be effective for the Company’s annual reporting period beginning on December 1, 2025. The Company is currently evaluating the impact of the amendments on its financial statements. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Summary of estimated useful lives, methods of depreciation and depreciation rates | The methods of depreciation and depreciation rates and periods are as follows: Asset Method Rate/period Computer equipment Declining balance 50% Laboratory equipment Declining balance and straight-line 20% 5 years Office furniture and equipment Declining balance 20% Leasehold improvements Straight-line Lower of lease term and economic life |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Summary of net sales by product | Net sales by product were 2023 2022 2021 EGRIFTA SV ® $ 53,705 $ 50,454 $ 43,009 Trogarzo ® 28,059 29,603 26,814 $ 81,764 $ 80,057 $ 69,823 |
Summary of revenue by geographical area | Net sales by geography were as follows: 2023 2022 2021 Canada $ 86 $ 52 $ 269 United States 81,392 78,744 68,099 Europe 286 1,261 1,455 $ 81,764 $ 80,057 $ 69,823 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Summary of detailed information about personnel expenses | Note 2023 2022 2021 Salaries and short-term $ 24,934 $ 22,049 $ 11,480 Post-employment 1,833 1,346 644 Share-based 20(f),(h) 2,109 3,604 1,651 Termination benefits 2,006 566 209 $ 30,882 $ 27,565 $ 13,984 |
Finance income and finance co_2
Finance income and finance costs (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Summary of detailed information about finance income and cost | Note 2023 2022 2021 Gain on repurchase of convertible unsecured senior notes 18 $ $ 357 $ - Net gain on financial instruments carried at fair 1,257 - - Interest income 769 316 195 Gain on lease termination 121 - - Finance income 2,147 673 195 Accretion expense and amortization of deferred financing costs 17, 18, 19 (2,098) (2,140) (2,358) Interest on convertible unsecured senior notes and on long-term loan (8,263) (4,357) Bank charges (42) (35) (31) Net foreign currency loss (159) (1,027 ) (926) Loss on Loan Facility modifications 17, 20(c) (3,540) - - Write off of deferred financing costs 17, 20(d) (954) - - Finance costs (15,056) (7,559) (6,621) Net finance cost recognized in net profit or loss $ (12,909) $ (6,886) $ (6,426) |
Bonds and money market funds (T
Bonds and money market funds (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Detailed Information About Bonds And Money Market Funds | 2023 2022 Bonds $ 6,062 $ 8,990 Guaranteed investment certificates 228 224 $ 6,290 $ 9,214 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Summary of detailed information about trade and other receivables | 2023 2022 Trade receivables $ 12,798 $ 10,659 Sales taxes receivable 220 538 Other receivables 5 848 $ 13,023 $ 12,045 |
Tax credits and grants receiv_2
Tax credits and grants receivable (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Schedule Of Information About Unused And Unrecorded Non Refundable Federal Tax Credit [Abstract] | |
Disclosure Details Of Tax Credits Roll Forward | Balance as at November 30, 2021 $ 441 Tax credits and grants recognized in net loss 316 Tax credits and grants received (442) Effect of change in exchange rate (16) Balance as at November 30, 2022 $ 299 Tax Credit and grants recognized in net loss $ 539 Tax credits and grants received (324) Effect of change in exchange rate 10 Balance as at November 30, 2023 $ 524 |
Summary of information about unused and unrecorded non refundable federal tax credit | 2024 $ 438 2025 1,306 2026 1,604 2027 2,209 2028 2,451 2029 1,652 2030 818 2031 572 2032 299 2033 198 2039 185 2040 315 2041 383 2042 657 2043 728 $ 13,815 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Classes of current inventories [abstract] | |
Summary of detailed information about inventories | 2023 2022 Raw materials $ 2,262 $ 2,583 Work in progress 1,708 5,815 Finished goods 2,096 11,290 $ 6,066 $ 19,688 |
Prepaid Expenses and Deposits (
Prepaid Expenses and Deposits (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Current prepayments [abstract] | |
Summary of prepaid expenses and deposits | 2023 2022 Prepaid expenses $ 2,687 $ 6,320 Deposits 467 1,345 $ 3,154 $ 7,665 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of information about property and equipment | Computer equipment Laboratory equipment Office furniture and equipment Leasehold improvements Total Cost Balance as at November 30, 2021 $ 373 $ 107 $ 332 $ 650 $ 1,462 Additions 180 961 - - 1,141 Disposals (263) - - - (263) Balance as at $ 290 $ 1,068 $ 332 $ 650 $ 2,340 Additions 7 128 27 - 162 Disposals (46) - - - (46) Balance as at $ 251 $ 1,196 $ 359 $ 650 $ 2,456 Accumulated depreciation Balance as at $ 229 $ 69 $ 157 $ 264 $ 719 Depreciation 157 94 38 101 390 Disposals (263) - - - (263) Balance as at $ 123 $ 163 $ 195 $ 365 $ 846 Depreciation 100 217 32 101 450 Disposals (46) - - - (46) Balance as at 3 $ $ 380 $ 227 $ 466 $ 1,250 Net carrying amounts November 30, 2023 $ 74 $ 816 $ 132 $ 184 $ 1,206 November 30, 2022 $ 167 $ 905 $ 137 $ 285 $ 1,494 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of right of use Asset [Abstract] | |
Summary of right-of-use assets | Balance as at November 30, 2021 $ 2,111 Amortization (429) Effect of change in exchange rates (87) Balance as at November 30, 2022 $ 1,595 Amortization (352) Termination 19(a) $ (799) New lease 19( b $ 326 Balance as at November 30, 2023 $ 770 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of Intangible Assets | Commercialization rights – Trogarzo ® North American Territory Commercialization rights – Trogarzo ® European Territory Commercialization rights – EGRIFTA SV ® Oncology platform Total Cost Balance as at November 30, 2021 $ 11,972 $ 7,612 $ 14,041 $ 3,488 $ 37,113 Additions 2,832 - - - 2,832 Balance as at $ 14,804 $ 7,612 $ 14,041 $ 3,488 $ 39,945 Disposal - (7,612) - - (7,612) Balance as at $ 14,804 $ - $ 14,041 $ 3,488 $ 32,333 Accumulated amortization Balance as at $ 3,267 $ $ 11,459 - $ 15,725 Amortization 1,087 6,613 1,511 - 9,211 Balance as at $ 4,354 $ 7,612 $ 12,970 - $ 24,936 Disposal $ - (7,612) - - (7,612) Amortization $ 1,442 $ - $ 1,071 - $ 2,513 Balance as at $ 5,796 $ - $ 14,041 - $ 19,837 Net carrying amounts November 30, 2023 $ 9,008 $ - $ - $ 3,488 $ 12,496 November 30, 2022 $ 10,450 $ - $ 1,071 $ 3,488 $ 15,009 |
Schedule of Commercial Milestone Payment | As further consideration under the TaiMed Agreement, the Company shall make the following one-time Commercial milestone Commercial milestone payment (i) Upon first achieving annual net sales of $200,000 $10,000 (ii) Upon first achieving annual net sales of $500,000 $40,000 (iii) Upon first achieving annual net sales of $1,000,000 $100,000 |
Other asset (Tables)
Other asset (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Text Block [Abstract] | |
Summary of other asset | Cost Balance as at November 30, 2021, 2022 and 2023 $ 19,530 Accumulated amortization Balance as at November 30, 2021 $ 17,089 Amortization 2,441 Balance as at November 30, 2022 $ 19,530 Net carrying amounts November 30, 2023 and November 30, 2022 $ - |
Accounts Payable and accured _2
Accounts Payable and accured liabilities (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Trade and other payables [abstract] | |
Accounts payable and accrued liabilities | Note 2023 2022 Trade payables $ 6,990 $ 12,886 Accrued liabilities and other payables 15,016 18,951 Salaries and benefits due to key management personnel 28 1,036 3,387 Employee salaries and benefits payable 3,053 1,298 Liability related to deferred stock unit plan 20(e) 39 589 Accrued interest payable on convertible unsecured senior notes and Loan Facility 17 and 18 840 1,108 TaiMed milestone (a) 13 1,497 2,846 $ 28,471 $ 41,065 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of other provisions [abstract] | |
Summary of provision | Chargebacks and rebates Returns Restructuring (a) Total Balance as at November 30, 2021 $ 3,713 $ 410 $ - $ 4,123 Provisions made 12,910 2,004 - 14,914 Provisions used (10,358) (929) - (11,287) Effect of change in exchange rate (233) - - (233) Balance as at November 30, 2022 $ 6,032 $ 1,485 $ - $ 7,517 Provisions made 15,407 1,086 1,963 18,456 Provisions used (14,506) (309) (1,721) (16,536) Effect of change in exchange rate 168 - (2) 166 Balance as at November 30, 2023 $ 7,101 $ 2,262 $ 240 $ 9,603 (a) In July 2023, the Company initiated a reorganization mainly focused on its R&D activities. On October 24, 2023, the Company announced changes to its operations that saw a tapering of its research and development activities. As such, for the year ended November 30, 2023, $1,963 was recorded in charges related to severance and other expenses, of which an amount of $1,384 was recorded in research and development expenses, $220 in selling expenses and $359 in general and administrative expenses. |
Loan Facility (Tables)
Loan Facility (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of detailed information about borrowings [abstract] | |
Summary of movement in the carrying value of the term loan | The movement in the carrying value of the Loan Facility is as follows: Proceeds from Loan Facility on July 27, 2022 $ 40,000 Transaction costs (2,285) Accretion expense 179 Term loan as at November 30, 2022 $ 37,894 Proceeds from Tranche 2 Loan on June 21, 2023 20,000 Costs related to issuance of Tranche 2 Loan (1,182) Costs related to Marathon Warrants (note 20(c)) (78) Consideration f or 540 Accretion expense 800 Term loan as at November 30, 2023 $ 57,974 Current portion (7,286) Non-current portion $ 50,688 |
Convertible unsecured senior _2
Convertible unsecured senior notes (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Convertible Unsecured Senior Notes [Abstract] | |
Summary of deferred tax related to equity component of convertible unsecured senior notes | The movement in the carrying value of the convertible unsecured senior notes is as follows: Convertible unsecured senior notes as at November 30, 2021 $ 54,227 Changes from financing cash flows: Cash paid on repurchase (28,546) Transaction costs incurred (73) Other changes: Gain on repurchase (357) Accretion expense 1,644 Convertible unsecured senior notes as at November 30, 2022 $ 26,895 Changes from financing cash flows: Cash paid on repurchase (27,452) Other changes: Conversion (15) Accretion expense 572 Convertible unsecured senior notes as at November 30, 2023 $ - |
Leases liabilities (Tables)
Leases liabilities (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of Lease Liabilities [Abstract] | |
Summary of lease liabilities | Carrying value Balance as at November 30, 2021 $ 2,518 Accretion expense 157 Lease payments (605) Effect of change in exchange rates (148) Balance as at November 30, 2022 $ 1,922 Accretion expense 101 Lease payments (452) Effect of change in exchange rates 17 Termination (a) (920) New lease (b) 326 Balance as at November 30, 2023 $ 994 Current portion (421) Non-current $ 573 (a) On February 17, 2023, the Company terminated its lease in Ireland. Accordingly, the Company reduced its right-of-use The gain is presented in finance income (Note 5). (b) On March 1, 2023, the Company signed a new lease in Ireland. Accordingly, the Company recorded a right-of-use |
Share capital warrants and su_2
Share capital warrants and subscription receipts (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Share Capital [Line Items] | |
Summary of measurement of fair value of warrant liabilities | Measurement date as at November 30, 2023 Issuance date measurement Risk-free 4.326% 3.92% Expected volatility 88.568% 61.985% Average option life in years 6.25 years 7 years Share price $ 1.63 $ 3.80 Exercise price $ 2.30 $ 5.80 |
Summary of changes in the number of options outstanding | Changes in the number of Options outstanding during the past two years were as follows: Weighted average exercise price per option Number of Options CA$ US$ O ptions outstanding in CA $ Options outstanding as at November 30, 2021 797,583 $ 15.32 $ 12.00 Granted – CA$ 547,847 16.68 13.00 Forfeited and expired – CA$ (144,213) 17.80 13.52 Exercised (share price: CA$11.12 (US$8.24)) (21,165) 1.24 0.92 Options outstanding as at November 30, 2022 1,180,052 $ 15,92 $ 11,84 Granted – CA$ 792,193 5.16 3.80 Forfeited and expired – CA$ (197,686) 12.34 9.10 Options outstanding as at November 30, 2023 – CA$ 1,774,559 $ 11.51 $ 8.48 Options exercisable as at November 30, 2023 – CA$ 926,539 $ 15.19 $ 11.19 Options exercisable as at November 30, 2022 – CA$ 554,354 $ 16.32 $ 12.12 Options outstanding in US$ Options as at November 30, 2021 – US$ 20,183 - 12.36 Granted – US$ 96,668 - 12.08 Forfeited – US$ (10,208) - 12.52 Options outstanding as at November 30, 2022 – US$ 106,643 $ - $ 10.00 Granted – US$ 203,935 - 3.80 Forfeited – US$ (31,209) - 5.01 Options outstanding as at November 30, 2023 – US$ 279,369 $ - $ 6.02 Options exercisable as at November 30, 2023 – US$ 65,692 $ - $ 9.48 Options exercisable as at November 30, 2022 – US$ 7,769 $ - $ 11.96 |
Summary of the model used to determine fiar value of stock appreciation rights | the fair value of SARs granted is estimated at each reporting period using the Black-Scholes Granted in 2019 and 2021 Measurement date as at November 30, 2023 Measurement date as at November 30, 2022 Risk-free 3.55% 3.50% Expected volatility 89.51% 58.4% Average option life in years 6.8 years 7.8 years Share price $ $ Option exercise price $ $ |
Summary of the following table provides stock option information | The following table provides Option information as at November 30, 2023 (Options outstanding in CA$). Price range Number of options outstanding Weighted average remaining life Weighted average exercise price CA$ US$ (years) CA$ US$ 1.00 – 4.76 0.74 – 3.50 57,500 0.03 1.52 1.12 4.77 – 8.00 3.51 – 5.89 707,695 9.25 5.16 3.80 8.01 – 15.00 5.90 – 11.04 308,196 5.43 11.10 8.17 15.01 – 24.00 11.05 – 17.67 621,167 7.55 16.85 12.40 24.01 – 36.00 17.68 – 26.51 51,575 4.86 33.27 24.50 36.01 – 40.00 26.51 – 29.45 28,426 4.35 38.24 28.16 1,774,559 7.49 11.51 8.48 The following table provides Option information as at November 30, 2023 (Options outstanding in US$). Price range Number of Options outstanding Weighted average remaining life Weighted average exercise price US$ (years) US$ 1.00 – 4.76 179,185 9.25 3.80 4.77 – 15.00 100,184 8.03 10.00 279,369 8.81 6.02 |
Summary of Accumulated other comprehensive income (loss) (Detail) | Accumulated other comprehensive income (loss) 2023 2022 2021 Unrealized losses on FVOCI financial assets, net of tax $ (256) $ (555) $ (195) Cumulative exchange difference on translation of foreign 940 940 151 $ 684 $ 385 $ (44) |
Summary of the measurement date weighted average fair value of stock options granted | The following table summarizes the measurement date weighted average fair value of Options granted during the years ended November 30, 2023 and 2022. Options granted in CA$ Number of Options granted Weighted average grant date fair value 2023 792,193 $ 2.77 (CA$3.76 ) 2022 547,847 $ 8.64 (CA$11.64 ) Options granted in US$ Number of Options granted Weighted average grant date fair value 2023 203,935 $ 2.72 2022 96,668 $ 8.36 |
Summary of earnings per share calculation | The calculation of basic loss per 2023 2022 2021 Issued common shares as at December 1 24,201,582 23,780,417 19,253,360 Effect of share options exercised - 3,338 93,562 Effect of public issue common shares 1,843,517 - 3,704,071 Impact on conversion of convertible 107 - - Effect of share issue - ATM program - 29,589 - Effect of subscription receipts issue 287,223 - - Effect of broker warrants exercised - - 36,564 Weighted average number of common shares, 26,332,429 23,813,344 23,087,557 |
Summary of the share-based compensation expense for the stock option plan | The fair value of Options granted in 202 3 2 was estimated on Black-Scholes Options granted in CA$ 2023 2022 Risk-free 3.33% 1.62% Expected volatility 64.3% 65.5% Average option life in years 9.5 years 9 years Grant-date $ 3.80 (CA$5.16) 13.00 (CA$16.68) Option exercise price $ 13.00 (CA$16.68) Options granted in US$ 2023 2022 Risk-free 3.92% 1.95% Expected volatility 62% 64% Average option life in years 9.5 years 9 years Grant-date $ 3.80 12.08 Option exercise price $ 3.80 12.08 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Major components of tax expense (income) [abstract] | |
Summary of major component of income tax and deferred tax explanatory | The following table presents the components of the current and deferred tax expenses (recovery). 2023 2022 2021 Current tax expense $ 450 $ 443 $ 63 Deferred tax expense (recovery) Origination and reversal of temporary differences $ (5,972) $ (11,705) $ (7,796) Change in unrecognized deductible 5,943 11,705 7,796 Total deferred tax expense (recovery) $ (29) $ - $ - Total current and deferred tax expense $ 421 $ 443 $ 63 |
Summary of reconciliation between effective and income tax amounts explanatory | Reconciliation between effective and applicable tax amounts. 2023 2022 2021 Income taxes at domestic tax statutory rate $ (6,237) $ (12,400) $ (8,390) Change in unrecognized deductible temporary differences 5,943 11,705 7,796 Impact of differences in statutory tax rates (130) 102 64 Non-deductible 845 1,036 593 Total income tax expense $ 421 $ 443 $ 63 |
Summary of temporary difference, unused tax losses and unused tax credits | As at November 30, 2023 and 2022, the amounts and expiry dates of Canadian tax attributes for which no deferred tax asset was recognized were as follows: 2023 2022 Federal Provincial Federal Provincial Research and development expenses, $ 87,151 $ 105,549 $ 86,768 $ 105,174 Losses carried forward 2027 5,512 5,504 5,569 5,561 2028 33,761 16,258 34,110 16,426 2029 14,345 12,124 14,494 12,250 2030 8,423 8,420 8,510 8,507 2031 17,346 15,397 17,525 15,556 2032 11,752 10,791 11,874 10,902 2033 8,444 8,365 8,532 8,451 2034 7,733 7,665 7,813 7,744 2037 6,901 6,818 6,972 6,889 2038 2,013 1,938 2,034 1,958 2039 1,326 1,289 1,340 1,302 2040 7,242 7,218 7,317 7,292 2041 19,152 19,078 19,350 19,276 2042 29,042 28,885 31,181 31,190 2043 19,298 19,284 - - Other temporary differences, Excess of tax value of property and 435 420 1,000 454 Excess of tax value of intellectual 10,660 10,656 10,765 10,765 Available deductions and other 73,522 32,536 69,448 28,034 |
Summary of amounts and expiry dates of tax attributes carry forward explanatory | The Company entered into the following transactions, which had no impact on its cash flows. 2023 2022 2021 Deferred financing costs included in accounts $ - $ - $ 174 Additions to property and equipment included in accounts payable and - 156 - Acquisition of derivative financial assets included in accounts payable and - 104 - Additions to intangible assets included in accounts payable and accrued - 2,832 - Reclassification of other Deferred financing costs to deficit - 38 - Share issue cost included in accounts payable 505 37 - |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of maturity analysis for non-derivative financial liabilities | 2023 Carrying Total Less From More Accounts payable and accrued liabilities $ 28,471 $ 28,471 $ 28,471 $ - $ - Facility loan, including interest (1) 57,974 80,141 17,416 50,348 12,377 Lease liabilities 994 1,108 487 516 105 $ 87,439 $ 109,720 $ 46,374 $ 50,864 $ 12,482 (1) Based on SOFR forward rates. 2022 Carrying Total Less From More Accounts payable and accrued liabilities $ 41,065 $ 41,065 $ 41,065 $ - $ - Term loan, including interest (2) 37,894 57,667 5,649 28,421 23,597 Convertible unsecured senior notes, including interest 26,895 29,081 29,081 - - Lease liabilities 1,922 2,196 595 1,145 456 $ 107,776 $ 130,009 $ 76,390 $ 29,566 $ 24,053 (2) Based on SOFR forward rates. The maturities above reflect the fact that the Marathon Credit Agreement has been amended in the subsequent event period and, as such, the contractual maturities are used. |
Summary of currency risk exposure explanatory | 2023 2022 CA$ EURO CA$ EURO Cash 358 123 1,547 236 Bonds and money market funds 8,543 - 12,387 - Trade and other receivables 296 2 733 2,141 Tax credits and grants receivable 497 145 66 239 Accounts payables and accrued liabilities (5,395) (224) (10,784) (5,849) Lease liabilities (925) (288) (1,362) (873) Provisions (326) (3,192) - (3,486) Total exposure 3,048 (3,434) 2,587 (7,592) |
Summary of applicable exchange rates explanatory | The following exchange rates are those applicable as at November 30, 2023 and 2022. 2023 2022 Average rate Reporting date rate Average rate Reporting date rate CA$ – US$ 0,7404 0,7363 0,7722 0,7439 Euro – US$ 1,0792 1,0903 1,0600 1,0406 |
Disclosure of effect of changes in foreign exchange rates | 2023 2022 CA$ Euro CA$ Euro Positive (negative) impact 152 (172) 129 (380) |
Determination of fair values (T
Determination of fair values (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of Fair Value Measurement [Abstract] | |
Summary of marathon warrants recognized at fair value and considered level 3 | The Marathon Warrants are recognized at fair value and considered Level 3 in the fair value hierarchy. Reasonably possible changes at November 30, 2023, to one of the significant unobservable input, holding other inputs consistent, would have the following effects: Net loss Increase Decrease Expected volatility (10% movement (100 bps)) $ (100) $ 125 |
Operating segments (Tables)
Operating segments (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Summary of operating segments | 2023 2022 2021 RxCrossroads $ 81,392 $ 78,744 $ 68,917 Others 372 1,313 906 $ 81,764 $ 80,057 $ 69,823 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Nov. 30, 2023 | |
Related party transactions [abstract] | |
Summary of key management personnel compensation comprises | Key management personnel compensation comprises: 2023 2022 2021 Short-term $ 3,259 $ 3,191 $ 2,690 Post-employment 95 86 72 Share-based 1,355 2,078 1,243 $ 4,709 $ 5,355 $ 4,005 |
Basis of preparation - Addition
Basis of preparation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | [1] | |
Basis of Presentation [Line Items] | ||||
Borrowings, interest rate basis | 300 basis points | |||
Negative operating cash flows | $ (5,678) | $ (14,692) | $ (17,501) | |
Net loss | (23,957) | (47,237) | $ (31,725) | |
Cash | 34,097 | 23,856 | ||
Bonds and money market funds | 6,290 | $ 9,214 | ||
Top of range [member] | ||||
Basis of Presentation [Line Items] | ||||
Minimum liquidity requirement amount | 20,000 | |||
Bottom of range [member] | ||||
Basis of Presentation [Line Items] | ||||
Minimum liquidity requirement amount | $ 15,000 | |||
[1]The company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities, see Note 1. |
Significant accounting polici_4
Significant accounting policies - Summary of methods of depreciation (Detail) | 12 Months Ended |
Nov. 30, 2023 | |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method, property, plant and equipment | Declining balance |
Depreciation rate, property, plant and equipment | 50% |
Laboratory equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method, property, plant and equipment | Declining balance and straight-line |
Depreciation rate, property, plant and equipment | 20% |
Useful life measured as period of time, property, plant and equipment | 5 years |
Office furniture and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method, property, plant and equipment | Declining balance |
Depreciation rate, property, plant and equipment | 20% |
Leasehold improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method, property, plant and equipment | Straight-line |
Description of useful life, property, plant and equipment | Lower of lease term and economic life |
Significant accounting polici_5
Significant accounting policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets amortization method | straight-line basis | ||
Other Assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Amortization of other assets | 48 months | ||
Commercialization Rights EGRIFTA SV® | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets finite useful lives | 111 months | ||
Commercialization Rights Trogarzo | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets finite useful lives | 142 months | ||
Capitalised development expenditure [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Development expenditures capitalized | $ 0 | $ 0 | $ 0 |
THTX Commercialization Rights Trogarzo® North America [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets finite useful lives | 148 months |
Revenue - Schedule of net sale
Revenue - Schedule of net sale by product (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 81,764 | $ 80,057 | $ 69,823 |
Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 286 | 1,261 | 1,455 |
EGRIFTA® net sales | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | 53,705 | 50,454 | 43,009 |
Trogarzo® net sales | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue | $ 28,059 | $ 29,603 | $ 26,814 |
Revenue - Schedule of net reven
Revenue - Schedule of net revenue by geographical area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Disaggregation Of Revenue By Geographical Area [Line Items] | |||
Revenue | $ 81,764 | $ 80,057 | $ 69,823 |
Canada [Member] | |||
Disaggregation Of Revenue By Geographical Area [Line Items] | |||
Revenue | 86 | 52 | 269 |
United States [Member] | |||
Disaggregation Of Revenue By Geographical Area [Line Items] | |||
Revenue | 81,392 | 78,744 | 68,099 |
Europe | |||
Disaggregation Of Revenue By Geographical Area [Line Items] | |||
Revenue | $ 286 | $ 1,261 | $ 1,455 |
Personnel expenses - Summary of
Personnel expenses - Summary of detailed information about personnel expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Disclosure Of Personnel Expenses Explanatory [Abstract] | |||
Salaries and short-term employee benefits | $ 24,934 | $ 22,049 | $ 11,480 |
Post-employment benefits | 1,833 | 1,346 | 644 |
Share-based compensation | 2,109 | 3,604 | 1,651 |
Termination benefits | 2,006 | 566 | 209 |
Employee benefits expense | $ 30,882 | $ 27,565 | $ 13,984 |
Personnel expenses - Additional
Personnel expenses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Disclosure Of Personnel Expenses Explanatory [Abstract] | ||
Amount of charges related to severance and other expenses | $ 1,963 | $ 457 |
Finance income and finance co_3
Finance income and finance costs - Summary of detailed information about finance income and cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Feb. 17, 2023 | Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | ||
Schedule Of Detail Information About Finance Income And Costs [Abstract] | |||||
Gain on repurchase of convertible unsecured senior notes | $ 0 | $ 357 | $ 0 | ||
Net gain on financial instruments carried at fair value | 1,257 | 0 | 0 | ||
Interest income | 769 | 316 | 195 | ||
Gain on lease termination | $ 121 | 121 | 0 | 0 | [1] |
Finance income | 2,147 | 673 | 195 | ||
Accretion expense and amortization of deferred financing costs | (2,098) | (2,140) | (2,358) | ||
Interest on convertible unsecured senior notes and on long-term loan | (8,263) | (4,357) | (3,306) | ||
Bank charges | (42) | (35) | (31) | ||
Net foreign currency loss | (159) | (1,027) | (926) | ||
Loss on Loan Facility modifications | (3,540) | 0 | 0 | ||
Write off of deferred financing costs | (954) | 0 | 0 | ||
Finance costs | (15,056) | (7,559) | (6,621) | ||
Finance income cost | $ (12,909) | $ (6,886) | $ (6,426) | ||
[1]The company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities, see Note 1. |
Bonds and money market funds -
Bonds and money market funds - Summary of detailed information about bonds and money market funds (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Schedule Of Detailed Information About Bonds And Money Market Funds [Abstract] | ||
Bonds | $ 6,062 | $ 8,990 |
Guaranteed investment certificates | 228 | 224 |
Bonds and money market funds | $ 6,290 | $ 9,214 |
Bonds and money market funds _2
Bonds and money market funds - Additional information (Detail) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Disclosure of detailed information about Financial Assets [Line Items] | ||
Average maturity period | 1 year 4 months 24 days | 1 year 9 months 10 days |
Bottom of range | ||
Disclosure of detailed information about Financial Assets [Line Items] | ||
Stated interest rate | 0.85% | 0.65% |
Top of range | ||
Disclosure of detailed information about Financial Assets [Line Items] | ||
Stated interest rate | 3.75% | 3.90% |
Trade and other receivables -Su
Trade and other receivables -Summary of detailed information about trade and other receivables (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Schedule of Detailed Information About Trade and Other Receivables [Abstract] | ||
Trade receivables | $ 12,798 | $ 10,659 |
Sales taxes receivable | 220 | 538 |
Other receivables | 5 | 848 |
Total | $ 13,023 | $ 12,045 |
Tax credits and grants receiv_3
Tax credits and grants receivable - Disclosure Details Of Tax Credits Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Disclosure of Tax Credits and Grants Receivable | ||
Beginning balance | $ 299 | $ 441 |
Tax credits and grants recognized in net loss | 539 | 316 |
Tax credits and grants received | (324) | (442) |
Effect of change in exchange rate | 10 | (16) |
Ending balance | $ 524 | $ 299 |
Tax credits and grants receiv_4
Tax credits and grants receivable - Summary of information about unused and unrecorded non refundable federal tax credit (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Statement [line items] | ||
Deferred tax assets | $ 29 | $ 0 |
Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 13,815 | |
Income tax expire 2024 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 438 | |
Income tax expire 2025 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 1,306 | |
Income tax expire 2026 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 1,604 | |
Income tax expire 2027 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 2,209 | |
Income tax expire 2028 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 2,451 | |
Income tax expire 2029 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 1,652 | |
Income tax expire 2030 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 818 | |
Income tax expire 2031 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 572 | |
Income tax expire 2032 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 299 | |
Income tax expire 2033 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 198 | |
Income tax expire 2039 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 185 | |
Income tax expire 2040 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 315 | |
Income tax expire 2041 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 383 | |
Income tax expire 2042 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | 657 | |
Income tax expire 2043 | Unused tax credits | ||
Statement [line items] | ||
Deferred tax assets | $ 728 |
Inventories - Summary of detail
Inventories - Summary of detailed information about inventories (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Classes of current inventories [abstract] | ||
Raw materials | $ 2,262 | $ 2,583 |
Work in progress | 1,708 | 5,815 |
Finished goods | 2,096 | 11,290 |
Total Inventories | $ 6,066 | $ 19,688 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) € in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
May 31, 2023 USD ($) | May 31, 2023 EUR (€) | Nov. 30, 2023 USD ($) | Nov. 30, 2022 USD ($) | |
Statement [line items] | ||||
Cost of inventories recognised as expense during period | $ 220 | $ 0 | ||
Inventory writedown | 2,137 | |||
Provision for formulation | 1,477 | |||
Provision for the inventory in development | 339 | |||
Provision for the expired raw material | 252 | |||
Provision of inventories | 69 | |||
TaiMed Biologics Inc. [Member] | ||||
Statement [line items] | ||||
Inventories returned | $ 3,295 | |||
Reduction in accounts payable | $ 3,399 | € 3,179 | ||
Cost of goods sold | ||||
Statement [line items] | ||||
Inventory writedown | $ 18,540 | $ 19,587 |
Prepaid Expenses and Deposits -
Prepaid Expenses and Deposits - Summary of Prepaid Expenses and Deposits (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Current prepayments [abstract] | ||
Prepaid expenses | $ 2,687 | $ 6,320 |
Deposits | 467 | 1,345 |
Prepaid Expenses and Deposits | $ 3,154 | $ 7,665 |
Property and equipment - Summar
Property and equipment - Summary of information about property plant equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Cost | ||
Beginning Balance | $ 1,494 | |
Ending Balance | 1,206 | $ 1,494 |
Net carrying amounts | ||
Property and equipment | 1,206 | 1,494 |
Cost | ||
Cost | ||
Beginning Balance | 2,340 | 1,462 |
Additions | 162 | 1,141 |
Disposals | (46) | (263) |
Ending Balance | 0 | 2,340 |
Net carrying amounts | ||
Property and equipment | 0 | 2,340 |
Accumulated depreciation | ||
Accumulated depreciation | ||
Beginning Balance | 846 | 719 |
Depreciation | 450 | 390 |
Disposals | (46) | (263) |
Ending Balance | 1,250 | 846 |
Computer equipment | ||
Cost | ||
Beginning Balance | 167 | |
Ending Balance | 74 | 167 |
Net carrying amounts | ||
Property and equipment | 74 | 167 |
Computer equipment | Cost | ||
Cost | ||
Beginning Balance | 290 | 373 |
Additions | 7 | 180 |
Disposals | (46) | (263) |
Ending Balance | 0 | 290 |
Net carrying amounts | ||
Property and equipment | 0 | 290 |
Computer equipment | Accumulated depreciation | ||
Accumulated depreciation | ||
Beginning Balance | 123 | 229 |
Depreciation | 100 | 157 |
Disposals | (46) | (263) |
Ending Balance | 177 | 123 |
Laboratory equipment | ||
Cost | ||
Beginning Balance | 905 | |
Ending Balance | 816 | 905 |
Net carrying amounts | ||
Property and equipment | 816 | 905 |
Laboratory equipment | Cost | ||
Cost | ||
Beginning Balance | 1,068 | 107 |
Additions | 128 | 961 |
Disposals | 0 | 0 |
Ending Balance | 0 | 1,068 |
Net carrying amounts | ||
Property and equipment | 0 | 1,068 |
Laboratory equipment | Accumulated depreciation | ||
Accumulated depreciation | ||
Beginning Balance | 163 | 69 |
Depreciation | 217 | 94 |
Disposals | 0 | 0 |
Ending Balance | 380 | 163 |
Office furniture and equipment | ||
Cost | ||
Beginning Balance | 137 | |
Ending Balance | 132 | 137 |
Net carrying amounts | ||
Property and equipment | 132 | 137 |
Office furniture and equipment | Cost | ||
Cost | ||
Beginning Balance | 332 | 332 |
Additions | 27 | 0 |
Disposals | 0 | 0 |
Ending Balance | 0 | 332 |
Net carrying amounts | ||
Property and equipment | 0 | 332 |
Office furniture and equipment | Accumulated depreciation | ||
Accumulated depreciation | ||
Beginning Balance | 195 | 157 |
Depreciation | 32 | 38 |
Disposals | 0 | 0 |
Ending Balance | 227 | 195 |
Leasehold improvements | ||
Cost | ||
Beginning Balance | 285 | |
Ending Balance | 184 | 285 |
Net carrying amounts | ||
Property and equipment | 184 | 285 |
Leasehold improvements | Cost | ||
Cost | ||
Beginning Balance | 650 | 650 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Ending Balance | 0 | 650 |
Net carrying amounts | ||
Property and equipment | 0 | 650 |
Leasehold improvements | Accumulated depreciation | ||
Accumulated depreciation | ||
Beginning Balance | 365 | 264 |
Depreciation | 101 | 101 |
Disposals | 0 | 0 |
Ending Balance | $ 466 | $ 365 |
Right-of-use assets - Disclosur
Right-of-use assets - Disclosure of right of use asset (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | ||
Disclosure of right of use Asset [Abstract] | |||
Beginning balance | $ 1,595 | $ 2,111 | |
Amortization | (352) | (429) | |
Effect of change in exchange rates | (87) | ||
Termination | (799) | ||
New lease | [1] | 326 | |
Ending balance | $ 770 | $ 1,595 | |
[1]On March 1, 2023, the Company signed a new lease in Ireland. Accordingly, the Company recorded a right-of-use asset and a lease liability of $326. |
Intangible asset - Summary of I
Intangible asset - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Cost | ||
Beginning Balance | $ 15,009 | |
Ending Balance | 12,496 | $ 15,009 |
Accumulated amortization | ||
Disposal | (7,612) | |
Net carrying amounts | ||
Intangible assets | 12,496 | 15,009 |
Cost | ||
Cost | ||
Beginning Balance | 39,945 | 37,113 |
Additions | 2,832 | |
Disposal | (7,612) | |
Ending Balance | 32,333 | 39,945 |
Net carrying amounts | ||
Intangible assets | 32,333 | 39,945 |
Cost | Commercialization rights- Trogarzo® North America | ||
Cost | ||
Beginning Balance | 14,804 | 11,972 |
Additions | 2,832 | |
Ending Balance | 14,804 | 14,804 |
Net carrying amounts | ||
Intangible assets | 14,804 | 14,804 |
Cost | Commercialization rights- Trogarzo® European Territory | ||
Cost | ||
Beginning Balance | 7,612 | 7,612 |
Additions | 0 | |
Disposal | (7,612) | |
Ending Balance | 7,612 | |
Net carrying amounts | ||
Intangible assets | 7,612 | |
Cost | Commercialization rights – EGRIFTA SV® | ||
Cost | ||
Beginning Balance | 14,041 | 14,041 |
Additions | 0 | |
Ending Balance | 14,041 | 14,041 |
Net carrying amounts | ||
Intangible assets | 14,041 | 14,041 |
Cost | Oncology Platform | ||
Cost | ||
Beginning Balance | 3,488 | 3,488 |
Additions | 0 | |
Ending Balance | 3,488 | 3,488 |
Net carrying amounts | ||
Intangible assets | 3,488 | 3,488 |
Accumulated amortization | ||
Accumulated amortization | ||
Beginning balance | 24,936 | 15,725 |
Amortization | 2,513 | 9,211 |
Ending Balance | 19,837 | 24,936 |
Accumulated amortization | Commercialization rights- Trogarzo® North America | ||
Accumulated amortization | ||
Beginning balance | 4,354 | 3,267 |
Amortization | 1,442 | 1,087 |
Ending Balance | 5,796 | 4,354 |
Accumulated amortization | Commercialization rights- Trogarzo® European Territory | ||
Accumulated amortization | ||
Beginning balance | 7,612 | 999 |
Amortization | 6,613 | |
Disposal | (7,612) | |
Ending Balance | 7,612 | |
Accumulated amortization | Commercialization rights – EGRIFTA SV® | ||
Accumulated amortization | ||
Beginning balance | 12,970 | 11,459 |
Amortization | 1,071 | 1,511 |
Ending Balance | 14,041 | 12,970 |
Net Carrying Amount [Member] | ||
Cost | ||
Beginning Balance | 15,009 | |
Ending Balance | 12,496 | 15,009 |
Net carrying amounts | ||
Intangible assets | 12,496 | 15,009 |
Net Carrying Amount [Member] | Commercialization rights- Trogarzo® North America | ||
Cost | ||
Beginning Balance | 10,450 | |
Ending Balance | 9,008 | 10,450 |
Net carrying amounts | ||
Intangible assets | 9,008 | 10,450 |
Net Carrying Amount [Member] | Commercialization rights- Trogarzo® European Territory | ||
Cost | ||
Beginning Balance | 0 | |
Ending Balance | 0 | |
Net carrying amounts | ||
Intangible assets | 0 | |
Net Carrying Amount [Member] | Commercialization rights – EGRIFTA SV® | ||
Cost | ||
Beginning Balance | 1,071 | |
Ending Balance | 1,071 | |
Net carrying amounts | ||
Intangible assets | 1,071 | |
Net Carrying Amount [Member] | Oncology Platform | ||
Cost | ||
Beginning Balance | 3,488 | |
Ending Balance | 3,488 | 3,488 |
Net carrying amounts | ||
Intangible assets | $ 3,488 | $ 3,488 |
Intangible assets - Summary of
Intangible assets - Summary of Commercial Milestone Payment (Detail) $ in Thousands | Nov. 30, 2023 USD ($) |
Upon first achieving annual net sales of US$ 200,000 | |
Disclosure of detailed information about intangible assets [line items] | |
Initial Milestone Payments Payable | $ 10,000 |
Upon first achieving annual net sales of US$ 500,000 | |
Disclosure of detailed information about intangible assets [line items] | |
Initial Milestone Payments Payable | 40,000 |
Upon first achieving annual net sales of US$ 1,000,000 | |
Disclosure of detailed information about intangible assets [line items] | |
Initial Milestone Payments Payable | $ 100,000 |
Intangible assets - Additional
Intangible assets - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||||||||||||||||
Mar. 06, 2017 | Nov. 30, 2023 USD ($) | Nov. 30, 2023 CAD ($) | Nov. 30, 2022 USD ($) | Nov. 30, 2021 USD ($) | Nov. 30, 2019 USD ($) shares | Nov. 30, 2019 CAD ($) | Nov. 30, 2017 USD ($) | Nov. 30, 2016 USD ($) | Nov. 30, 2023 CAD ($) | Nov. 30, 2022 CAD ($) | May 31, 2022 USD ($) | Nov. 30, 2021 CAD ($) | Mar. 31, 2021 shares | May 15, 2018 shares | Dec. 01, 2017 USD ($) | Dec. 31, 2016 USD ($) | Mar. 31, 2016 USD ($) | |
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Amortisation Expense | $ 2,513 | $ 9,211 | $ 3,180 | |||||||||||||||
Net sales | 81,764 | 80,057 | 69,823 | |||||||||||||||
Additions to intangibles Through cash payment | 1,000 | |||||||||||||||||
Intangible assets | 12,496 | 15,009 | ||||||||||||||||
Trogarzo® | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Intangible assets | $ 6,356 | |||||||||||||||||
Europe [Member] | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Net sales | 286 | 1,261 | 1,455 | |||||||||||||||
Katana | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Number of shares issued | shares | 120,482 | |||||||||||||||||
Acquisition of intangible assets during the year | 3,073 | |||||||||||||||||
Business combination cash consideration transferred | 1,965 | |||||||||||||||||
Business combination shares value of consideration | $ 5 | |||||||||||||||||
Business combination number of shares issued | shares | 900 | |||||||||||||||||
Business combination acquisition costs | 75 | |||||||||||||||||
Business combination contingent consideration fair value | 1,028 | |||||||||||||||||
Number of shares issued and fully paid | shares | 120,482 | |||||||||||||||||
Katana Amendment Agreement | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Business combination contingent consideration | $ 2,300 | |||||||||||||||||
Acquisition of intangible assets during the year | $ 376 | $ 500 | ||||||||||||||||
Business combination adjustment to the purchase consideration | 1,080 | |||||||||||||||||
Subsidy or grants received | $ 1,200 | |||||||||||||||||
Regulatory payable milestone related | 200 | |||||||||||||||||
Katana Amendment Agreement | Business Combination Adjustment To Consideration Installment One | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Business combination cash consideration transferred | $ 500 | |||||||||||||||||
Katana Amendment Agreement | Business Combination Adjustment To Consideration Installment Two | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Business combination contingent consideration | $ 580 | |||||||||||||||||
Katana Amendment Agreement | Royalty Related License Peptides | First Five Years | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Annual maintenance fees | $ 25 | |||||||||||||||||
Katana Amendment Agreement | Royalty Related License Peptides | After Five Years | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Annual maintenance fees | $ 100 | |||||||||||||||||
Katana Amendment Agreement | Development Milestone Phase One Clinical Trial | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Milestone amount payable | 39 | $ 50 | ||||||||||||||||
Katana Amendment Agreement | Development Milestone Phase Two Clinical Trial | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Milestone amount payable | 100 | |||||||||||||||||
Katana Amendment Agreement | Development Milestone Phase Three Clinical Trial | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Milestone amount payable | $ 200 | |||||||||||||||||
Katana Amendment Agreement | Top of range | Net Sales Basis | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Royalty fees in percentage | 2.50% | 2.50% | ||||||||||||||||
Katana Amendment Agreement | Top of range | Royalty Revenue Sublicense Basis | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Royalty fees in percentage | 15% | 15% | ||||||||||||||||
Katana Amendment Agreement | Bottom of range | Net Sales Basis | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Royalty fees in percentage | 1% | 1% | ||||||||||||||||
Katana Amendment Agreement | Bottom of range | Royalty Revenue Sublicense Basis | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Royalty fees in percentage | 5% | 5% | ||||||||||||||||
Taimed Agreement | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Upfront payment | $ 3,000 | |||||||||||||||||
First milestone installment | 3,500 | |||||||||||||||||
Second milestone installment | 3,500 | |||||||||||||||||
Additions to intangibles | 2,832 | $ 5,207 | ||||||||||||||||
Acquisition costs | $ 207 | |||||||||||||||||
Net sales | $ 20,000 | |||||||||||||||||
Milestone Payments annual installment | $ 1,500 | |||||||||||||||||
Additions to intangibles Through cash payment | 1,000 | |||||||||||||||||
Additions to intangibles Through share based payment | $ 4,000 | |||||||||||||||||
Initial Milestone Payments Payable Aggregate Annual Installments. | $ 7,000 | |||||||||||||||||
Taimed Agreement | Milestone One | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Launch milestone payable | $ 5,000 | |||||||||||||||||
Taimed Agreement | Milestone One | Europe [Member] | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Net sales | $ 50,000 | |||||||||||||||||
Taimed Agreement | Ordinary shares | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Number of shares issued | shares | 1,463,505 | |||||||||||||||||
Taimed Agreement | Commercialization rights- Trogarzo® North American Territory | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Intangible Asset Purchase Consideration | 52% | |||||||||||||||||
Initial payments | $ 5,000 | |||||||||||||||||
Taimed Agreement | Commercialization rights- Trogarzo® North American Territory | Ordinary shares | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Number of shares issued | shares | 1,463,505 | |||||||||||||||||
Taimed Agreement | Commercialization Rights Trogarzo | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Intangible Assets Agreement Term | 12 years | |||||||||||||||||
License Agreement Transfer Plus L P | Katana | Milestone Phase Two Live Demonstration | ||||||||||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||||||||||
Business combination contingent consideration | $ 2,300 |
Other asset - Summary of detail
Other asset - Summary of detailed information about other asset (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2022 | Nov. 30, 2023 | Nov. 30, 2021 | |
Cost | |||
Ending balance | $ 19,530 | $ 19,530 | $ 19,530 |
Accumulated amortization | |||
Beginning balance | 17,089 | ||
Amortization | 2,441 | ||
Ending balance | 19,530 | ||
Net carrying amounts | $ 0 | $ 0 |
Other asset - Additional Inform
Other asset - Additional Information (Detail) $ in Thousands | May 29, 2018 USD ($) |
Due with one year | |
Other asset [line items] | |
Contractual obligations | $ 4,000 |
Serono Inc | 2013 Termination agreement | |
Other asset [line items] | |
Contractual obligations | 28,200 |
Performance obligation final settlement amount | 23,850 |
Serono Inc | 2013 Termination agreement | Due with one year | |
Other asset [line items] | |
Contractual obligations | 4,000 |
Serono Inc | 2013 Termination agreement | Due in next four to five years | |
Other asset [line items] | |
Contractual obligations | $ 24,200 |
Accounts payable and accrued li
Accounts payable and accrued liabilities - Summary of accounts payable and accrued liabilities (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Trade And Other Payables [Line Items] | ||
Trade payables | $ 6,990 | $ 12,886 |
Accrued liabilities and other payables | 15,016 | 18,951 |
Salaries and benefits due to key management personnel | 1,036 | 3,387 |
Employee salaries and benefits payable | 3,053 | 1,298 |
Liability related to deferred stock unit plan | 39 | 589 |
Accrued interest payable on convertible unsecured senior notes and Loan Facility | 840 | 1,108 |
TaiMed milestone | 1,497 | 2,846 |
Total | $ 28,471 | $ 41,065 |
Accounts payable and accrued _2
Accounts payable and accrued liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 03, 2022 | Nov. 30, 2023 | |
Trade and other payables [abstract] | ||
payment for Contingent liabilities | $ 1,500 | |
Payment of milestones | $ 3,000 | |
Equal annual installments | $ 1,500 |
Provisions - Summary of provisi
Provisions - Summary of provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Disclosure of other provisions [line items] | ||
Beginning Balance | $ 7,517 | $ 4,123 |
Provisions made | 18,456 | 14,914 |
Provisions used | (16,536) | (11,287) |
Effect of change in exchange rate | 166 | (233) |
Ending Balance | 9,603 | 7,517 |
Chargebacks and rebates | ||
Disclosure of other provisions [line items] | ||
Beginning Balance | 6,032 | 3,713 |
Provisions made | 15,407 | 12,910 |
Provisions used | (14,506) | (10,358) |
Effect of change in exchange rate | 168 | (233) |
Ending Balance | 7,101 | 6,032 |
Returns | ||
Disclosure of other provisions [line items] | ||
Beginning Balance | 1,485 | 410 |
Provisions made | 1,086 | 2,004 |
Provisions used | (309) | (929) |
Ending Balance | 2,262 | 1,485 |
Other | ||
Disclosure of other provisions [line items] | ||
Beginning Balance | 0 | 0 |
Provisions made | 1,963 | |
Provisions used | (1,721) | 0 |
Effect of change in exchange rate | (2) | |
Ending Balance | $ 240 | $ 0 |
Provisions - Summary of provi_2
Provisions - Summary of provision (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Disclosure of other provisions [line items] | ||
Provisions made | $ 18,456 | $ 14,914 |
Severance And Other Expenses [Member] | ||
Disclosure of other provisions [line items] | ||
Provisions made | 1,963 | |
Research and Development Expense [Member] | ||
Disclosure of other provisions [line items] | ||
Provisions made | 1,384 | |
Selling and Marketing Expense [Member] | ||
Disclosure of other provisions [line items] | ||
Provisions made | 220 | |
General and Administrative Expense [Member] | ||
Disclosure of other provisions [line items] | ||
Provisions made | $ 359 |
Loan Facility - Additional Info
Loan Facility - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2023 USD ($) | Oct. 13, 2023 USD ($) | Jul. 28, 2023 USD ($) | Jul. 28, 2023 USD ($) | Jul. 21, 2023 USD ($) | Jun. 21, 2023 USD ($) | Jul. 27, 2022 USD ($) | Jul. 20, 2022 USD ($) | Oct. 31, 2023 USD ($) | Nov. 30, 2022 USD ($) $ / shares | Nov. 30, 2023 USD ($) shares $ / shares | Nov. 30, 2022 USD ($) $ / shares | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate basis | 300 basis points | |||||||||||
Debt instrument collateral amount | $ 20,000 | $ 20,000 | ||||||||||
Debt instrument collateral amount if FDA approval not obtained | $ 30,000 | $ 15,000 | ||||||||||
Proceeds from issuance of long-term loan | $ 20,000 | $ 40,000 | ||||||||||
Fifth Amendment [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Consideration payable | 540 | |||||||||||
Debt instrument amortized value | $ 600 | |||||||||||
Borrowings, interest rate basis | 100 | |||||||||||
Notional amount | $ 60,000 | |||||||||||
Fifth Amendment [member] | Ordinary shares [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Warrants exercisable price per share | $ / shares | $ 5.8 | $ 2.3 | $ 5.8 | |||||||||
Warrants exercisable | shares | 1,250,000 | |||||||||||
Bottom of range [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Debt instrument collateral amount if FDA approval not obtained | $ 15,000 | $ 14,000 | ||||||||||
Top of range [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Debt instrument collateral amount if FDA approval not obtained | 20,000 | $ 20,000 | ||||||||||
Cash, Cash Equivalents and Eligible Short-term Investments [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Debt instrument collateral amount | $ 15,000 | $ 15,000 | ||||||||||
Debt instrument collateral amount if FDA approval not obtained | $ 20,000 | |||||||||||
Cash, Cash Equivalents and Eligible Short-term Investments [member] | Bottom of range [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Debt instrument collateral amount if FDA approval not obtained | 14,000 | |||||||||||
Cash, Cash Equivalents and Eligible Short-term Investments [member] | Top of range [member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Debt instrument collateral amount if FDA approval not obtained | $ 16,000 | |||||||||||
Loan Facility [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 100,000 | |||||||||||
Proceeds from issuance of long-term loan | $ 40,000 | |||||||||||
Loan Facility [Member] | Secured Overnight Financing Rate [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate | 9.50% | |||||||||||
Loan Facility Tranche 1 Loan [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Date of commencement of principal repayment in advance | Jul. 27, 2024 | |||||||||||
Ceiling limit for prepayment of principal amount outstanding, Percent | 3% | |||||||||||
Proceeds from issuance of long-term loan | $ 40,000 | |||||||||||
Loan Facility Tranche 2 Loan [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Date of commencement of principal repayment in advance | Jun. 21, 2025 | |||||||||||
Ceiling limit for prepayment of principal amount outstanding, Percent | 3% | |||||||||||
Amount reclassified from deferred financing costs. | $ 482 | |||||||||||
Proceeds from issuance of long-term loan | 20,000 | |||||||||||
Notional amount | $ 19,300 | |||||||||||
Loan Facility Tranche 3 Loan [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | $ 15,000 | $ 15,000 | ||||||||||
Loan Facility Tranche 4 Loan [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | $ 25,000 | |||||||||||
Loan Facility Tranche 1 and 2 Loan [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, maturity | five | The Tranche 1 Loan and Tranche 2 Loan are repayable in equal monthly installments on an amortization schedule of 36 months starting in July 2024. | ||||||||||
Borrowings interest period | 24 months | |||||||||||
Loan Facility Tranche 3 and 4 Loan [Member] | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Deferred Finance costs Write Off | $ 347 |
Loan Facility - Summary of move
Loan Facility - Summary of movement in the carrying value of the long term loan (Detail) - USD ($) $ in Thousands | 4 Months Ended | 5 Months Ended | 12 Months Ended | |
Nov. 30, 2022 | Nov. 30, 2023 | Nov. 30, 2023 | Nov. 30, 2022 | |
Disclosure of detailed information about borrowings [line items] | ||||
Proceeds from Loan Facility on July 27, 2022 | $ 20,000 | $ 40,000 | ||
Consideration for the Fifth Amendment | $ 540 | |||
Current portion | (7,286) | (7,286) | ||
Non-current portion | 50,688 | 50,688 | ||
Loan Facility [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Proceeds from Loan Facility on July 27, 2022 | $ 40,000 | |||
Transaction costs | (2,285) | |||
Accretion expense | 179 | 800 | ||
Term loan | $ 37,894 | 57,974 | $ 57,974 | $ 37,894 |
Loan Facility Tranche 2 Loan [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Proceeds from Loan Facility on July 27, 2022 | 20,000 | |||
Transaction costs | (1,182) | |||
Marathon Warrants [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Transaction costs | $ (78) |
Convertible unsecured senior _3
Convertible unsecured senior notes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Nov. 30, 2023 | Nov. 30, 2022 | |
Convertible unsecured senior notes [Line Items] | |||
Increase Decrease Through Conversion Of Convertible Instruments | $ 0 | $ (200) | |
Convertible Unsecured Senior Notes [member] | |||
Convertible unsecured senior notes [Line Items] | |||
Convertible instruments number of shares issued | 253 | ||
Increase Decrease Through Conversion Of Convertible Instruments | $ 15 | ||
Proceeds from issue of convertible unsecured senior notes | $ 27,452 |
Convertible unsecured senior _4
Convertible unsecured senior notes - Summary of deferred tax related to equity component of convertible notes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Changes from financing cash flows: | |||
Cash paid on repurchase | $ (27,452) | $ (28,746) | |
Transaction costs incurred | 0 | (73) | |
Other changes: | |||
Gain on repurchase | 0 | (357) | $ 0 |
Conversion | 0 | (200) | |
Liability component | |||
Convertible unsecured senior notes [Line Items] | |||
Convertible unsecured senior notes, Beginning balance | 26,895 | 54,227 | |
Accretion expense | 572 | 1,644 | |
Changes from financing cash flows: | |||
Cash paid on repurchase | (27,452) | (28,546) | |
Transaction costs incurred | (73) | ||
Other changes: | |||
Gain on repurchase | (357) | ||
Conversion | (15) | ||
Convertible unsecured senior notes, Ending balance | $ 0 | $ 26,895 | $ 54,227 |
Leases liabilities - Summary of
Leases liabilities - Summary of lease liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | ||
Disclosure of Lease Liabilities [Abstract] | |||
Beginning Balance | $ 1,922 | $ 2,518 | |
Accretion expense | 101 | 157 | |
Lease payments | (452) | (605) | |
Effect of change in exchange rates | 17 | (148) | |
Termination (a) | [1] | (920) | |
New lease (b) | [2] | 326 | |
Ending Balance | 994 | 1,922 | |
Current portion | (421) | (476) | |
Non-current portion | $ 573 | $ 1,446 | |
[1]On February 17, 2023, the Company terminated its lease in Ireland. Accordingly, the Company reduced its right-of-use assets by $799, the lease liabilities by $920 and recorded a gain on lease termination of $121. The gain is presented in finance costs (Note 5)[2]On March 1, 2023, the Company signed a new lease in Ireland. Accordingly, the Company recorded a right-of-use asset and a lease liability of $326. |
Leases liabilities- Summary of
Leases liabilities- Summary of Leases liabilities (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |||||
Mar. 01, 2023 | Feb. 17, 2023 | Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | [1] | |
Disclosure of Lease Liabilities [Abstract] | ||||||
Termination Of Leases Operating Lease Right Of Use Liability | $ 799 | |||||
Termination Of Leases Operating Lease Right Of Use Assets | 920 | |||||
Gain on lease termination | $ 121,000 | $ 121,000 | $ 0 | $ 0 | ||
Right Of Use Asset Obtained In Exchange For Operating Lease Liability | $ 326 | |||||
[1]The company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities, see Note 1. |
Share capital warrants and su_3
Share capital warrants and subscription receipts - Additional information (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||||||
Nov. 14, 2023 USD ($) $ / shares shares | Oct. 31, 2023 USD ($) $ / shares shares | Feb. 27, 2023 shares $ / shares | Jul. 23, 2021 USD ($) | Jan. 19, 2021 | Oct. 04, 2018 | Aug. 31, 2023 shares | Nov. 30, 2023 USD ($) yr shares $ / shares | Nov. 30, 2022 USD ($) yr shares $ / shares | Nov. 30, 2021 USD ($) shares $ / shares | Jul. 31, 2023 $ / shares shares | Mar. 31, 2021 shares | ||
Disclosure of classes of share capital [line items] | |||||||||||||
Payments for share issue costs | $ 1,585 | $ 89 | $ 3,394 | [1] | |||||||||
Issued capital | 363,927 | 338,751 | |||||||||||
Share based compensation expense | 2,109 | 3,604 | 1,651 | ||||||||||
Change in fair value | (224) | (221) | 209 | [1] | |||||||||
Deferred stock liability | 39 | 589 | |||||||||||
SAR Contractual Life | 10 years | ||||||||||||
Net loss | $ (23,957) | $ (47,237) | $ (31,725) | [1] | |||||||||
Effect of share options number of ordinary shares | shares | 2,053,928 | 1,286,695 | 817,766 | ||||||||||
Effect of share options number of Warrants shares | shares | 8,130,550 | 8,130,550 | |||||||||||
Proceeds from exercise of warrants | $ 0 | $ 0 | $ 742 | [1] | |||||||||
Public Offering [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Common stock, Conversion basis | one half of one | ||||||||||||
Class of warrant or right, Outstanding | shares | 8,130,550 | 8,130,550 | |||||||||||
Exercise price of each warrants | $ / shares | $ 12.72 | ||||||||||||
Number of shares issued and fully paid | shares | 12,500,000 | ||||||||||||
Par value per share | $ / shares | $ 1 | ||||||||||||
Proceeds from issuing shares | $ 12,500 | ||||||||||||
Percentage Of Ownership Holding Common Shares | 50% | ||||||||||||
Percentage Of Ownership Of The Investor | 19.90% | ||||||||||||
Class Of Warrant Or Right Expiration Date | Jan. 19, 2024 | ||||||||||||
Proceeds from exercise of warrants | $ 742 | ||||||||||||
Class Of Warrant Or Right Exercised | shares | 0 | 0 | 233,400 | ||||||||||
Over-allotment [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares issued and fully paid | shares | 160,000 | ||||||||||||
Par value per share | $ / shares | $ 1 | ||||||||||||
Proceeds from issuing shares | $ 160 | ||||||||||||
Investment Quebec [Member] | Private Placement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Class of number warrants or rights issued during the period | shares | 9,118,184 | ||||||||||||
Payments for share issue costs | $ 2,053 | ||||||||||||
Non-voting Subscription Receipts [Member] | Investment Quebec [Member] | Private Placement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Class of number warrants or rights issued during the period | shares | 3,381,816 | ||||||||||||
Class of warrants or rights exercise price per share | $ / shares | $ 1 | ||||||||||||
Proceeds from the issuance of common shares and warrants | $ 12,500 | ||||||||||||
Marathon Warrants [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Potential share issue in the future on exercise of warrants | shares | 5,000,000 | ||||||||||||
Katana [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares issued and fully paid | shares | 120,482 | ||||||||||||
Shares issued during the period | shares | 120,482 | ||||||||||||
Ordinary shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Issued capital | $ 668 | ||||||||||||
Ordinary shares [member] | Marathon Warrants [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrants exercisable price per share | $ / shares | $ 5.8 | ||||||||||||
Warrants exercisable | shares | 1,250,000 | ||||||||||||
Financial liabilities at fair value through profit or loss, category [member] | Marathon Warrants [member] | Affiliates of Marathon Asset Management [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Class of number warrants or rights issued during the period | shares | 5,000,000 | ||||||||||||
Term of warrants | 7 years | ||||||||||||
Fifth Amendment of the Loan facility [member] | Financial liabilities at fair value through profit or loss, category [member] | Marathon Warrants [member] | Affiliates of Marathon Asset Management [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Class of warrants or rights exercise price per share | $ / shares | $ 2.3 | ||||||||||||
Class of warrants or rights outstanding | shares | 5,000,000 | ||||||||||||
Gain (loss) on debt modification | $ (2,650) | ||||||||||||
Increase in the fair value of liability recorded | 350 | ||||||||||||
Gain (loss) due to changes in fair value of financial liabilities at fair value through profit or loss | 1,525 | ||||||||||||
Transaction cost of warrants issued | 196 | ||||||||||||
Transaction costs allocated to the loan facility | 78 | ||||||||||||
Deferred financing costs on the loan facility | $ 118 | ||||||||||||
ATM program [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Par value per share | $ / shares | $ 1.85 | ||||||||||||
Proceeds from issuing shares | $ 2,960 | ||||||||||||
Payments for share issue costs | 126 | $ 0 | |||||||||||
Deferred financing costs written down | $ 607 | ||||||||||||
Shares issued during the period | shares | 400,000 | 0 | |||||||||||
Potential aggregate offering price | $ 50,000 | ||||||||||||
Stock issuable as a percentage of total shares issued and outstanding | 17% | ||||||||||||
Effect of share options number of ordinary shares | shares | 0 | 29,589 | 0 | ||||||||||
Deferred Stock Units [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Share based compensation expense | $ 0 | $ 126 | $ 78 | ||||||||||
Change in fair value | 224 | $ 221 | $ (209) | ||||||||||
Deferred stock units outstanding | shares | 24,878 | 67,536 | |||||||||||
Deferred stock liability | $ 39 | $ 589 | |||||||||||
Cash Settled Forward Contracts [Member] | Deferred Stock Units [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Change in fair value | (492) | $ (217) | $ 212 | ||||||||||
Shares outstanding | shares | 67,535 | 67,535 | |||||||||||
Fair value of cash settled forward contracts | $ 110 | $ 603 | |||||||||||
Two Thousand And Sixteen Shareholders Plan [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Shareholders rights covenants | The rights issued under the Rights Plan are initially attached to and traded with the common shares, and no separate certificate is issued unless a triggering event occurs. The rights become exercisable only when an acquiring person, including any party related to it, acquires or attempts to acquire 20% or more of the outstanding common shares without complying with the “Permitted Bid” provisions of the Rights Plan or without approval of the Board of Directors. Subject to the terms and conditions set out in the Rights Plan, each right (other than those held by the acquiring person) will permit the holder to purchase for the exercise price that number of common shares determined as follows: a value of twice the exercise price divided by the “Market Price” (defined under the Rights Plan as being the average weighted trading price per common share for the 20 consecutive trading days through and including the trading day immediately preceding the relevant date) on the common share acquisition date (defined as “Stock Acquisition Date” under the Rights Plan). The exercise price under the Rights Plan has been set to three (3) times the Market Price. Under the Rights Plan, a Permitted Bid is a bid made to all holders of common shares and which is open for acceptance for no less than 105 days. If, at the end of 105 days, more than 50% of the outstanding common shares, other than those owned by the offeror and certain related parties, have been tendered, the offeror may take up and pay for the common shares. If more than 50% of the outstanding common shares, other than those owed by the offeror and certain related parties, have been tendered within the above mentioned 105 days period, the offeror must make a public announcement of that fact and the bid must remain open for an additional ten business days from the date of the announcement. | ||||||||||||
Two Thousand And Sixteen Shareholders Plan [Member] | Ordinary shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Price per share for the settlement of cash-settled forward stock contracts | $ / shares | $ 19.47 | $ 19.68 | |||||||||||
Stock Option Plan Two Thousand And Nineteen [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Share based compensation expense | $ 2,237 | $ 3,860 | $ 1,879 | ||||||||||
Exercise period of options | yr | 10 | ||||||||||||
Period of vesting of options | Generally, the Options vest on the grant date or over a period of up to three years. | ||||||||||||
Remaining options available for issuance | shares | 5,762,675 | 1,091,358 | 1,062,851 | ||||||||||
Stock Appreciation Rights [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Share based compensation expense | $ 22 | $ 12 | $ 53 | ||||||||||
Exercise period of options | yr | 6.8 | 7.8 | |||||||||||
Fifth Amendment [member] | Ordinary shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrants exercisable | shares | 1,250,000 | ||||||||||||
[1]The company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities, see Note 1. |
Share capital warrants and su_4
Share capital warrants and subscription receipts - Summary of measurement of fair value of warrant liabilities (Detail) - Financial liabilities at fair value through profit or loss, category [member] - Marathon Warrants [member] | Nov. 30, 2023 yr | Feb. 27, 2023 yr |
Risk-free interest rate [member] | ||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In The Measurement Of Fair Value Of Warrant Liabilities [Line Items] | ||
Measurement date | 0.04326 | 0.0392 |
Expected volatility [member] | ||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In The Measurement Of Fair Value Of Warrant Liabilities [Line Items] | ||
Measurement date | 0.88568 | 0.61985 |
Average option life in years [member] | ||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In The Measurement Of Fair Value Of Warrant Liabilities [Line Items] | ||
Measurement date | 6.25 | 7 |
Share price [member] | ||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In The Measurement Of Fair Value Of Warrant Liabilities [Line Items] | ||
Measurement date | 1.63 | 3.8 |
Exercise price to acquire one common share with four Marathon Warrants [member] | ||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In The Measurement Of Fair Value Of Warrant Liabilities [Line Items] | ||
Measurement date | 2.3 | 5.8 |
Share capital warrants and su_5
Share capital warrants and subscription receipts - Summary Of The Model Used To Determine Fair Value Of Options (Detail) - Stock Appreciation Rights [Member] | 12 Months Ended | |||
Nov. 30, 2023 yr $ / shares | Nov. 30, 2023 yr $ / shares | Nov. 30, 2022 yr $ / shares | Nov. 30, 2022 yr $ / shares | |
Disclosure Of The Model Used To Determine Fair Value Of Options [Line Items] | ||||
Risk-free interest rate | 3.55% | 3.55% | 3.50% | 3.50% |
Expected volatility | 89.51% | 89.51% | 58.40% | 58.40% |
Average option life in years | 6.8 | 6.8 | 7.8 | 7.8 |
Grant-date share price | (per share) | $ 1.58 | $ 2.15 | $ 8.72 | $ 11.72 |
Option exercise price | (per share) | $ 16.99 | $ 23.07 | $ 17.16 | $ 23.07 |
Share capital warrants and su_6
Share capital warrants and subscription receipts - Summary Of The Number Of Options Outstanding (Detail) | 12 Months Ended | |||||
Nov. 30, 2023 shares $ / shares | Nov. 30, 2023 shares $ / shares $ / shares | Nov. 30, 2022 shares $ / shares | Nov. 30, 2022 shares $ / shares $ / shares | Nov. 30, 2023 shares $ / shares | Nov. 30, 2022 shares $ / shares | |
CA$ | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of options beginning balance | 1,180,052 | 1,180,052 | 797,583 | 797,583 | ||
Number of options, granted | 792,193 | 792,193 | 547,847 | 547,847 | ||
Number of options,Forfeited and expired – CAD | (197,686) | (197,686) | (144,213) | (144,213) | ||
Number of options, exercised | (21,165) | (21,165) | ||||
Number of options ending balance | 1,774,559 | 1,774,559 | 1,180,052 | 1,180,052 | ||
Options exercisable outstanding | 926,539 | 926,539 | 554,354 | 554,354 | 926,539 | 554,354 |
Weighted average beginning balance | (per share) | $ 1,592 | $ 1,184 | $ 15.32 | $ 12 | ||
Weighted average, granted | (per share) | 5.16 | 3.8 | 16.68 | 13 | ||
Weighted average,Forfeited and expired | (per share) | 12.34 | $ 9.1 | 17.8 | 13.52 | ||
Weighted average, exercised | (per share) | 1.24 | $ 0.92 | ||||
Weighted average options exercisable | (per share) | 15.19 | $ 15.19 | 16.32 | $ 16.32 | $ 11.19 | $ 12.12 |
Weighted average ending balance | (per share) | $ 11.51 | $ 8.48 | $ 1,592 | $ 1,184 | ||
US$ | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of options beginning balance | 106,643 | 106,643 | 20,183 | 20,183 | ||
Number of options, granted | 203,935 | 203,935 | 96,668 | 96,668 | ||
Number of options, Forfeited – USD | (31,209) | (31,209) | (10,208) | (10,208) | ||
Number of options ending balance | 279,369 | 279,369 | 106,643 | 106,643 | ||
Options exercisable outstanding | 65,692 | 65,692 | 7,769 | 7,769 | 65,692 | 7,769 |
Weighted average beginning balance | $ / shares | $ 10 | $ 12.36 | ||||
Weighted average, granted | $ / shares | 3.8 | 12.08 | ||||
Weighted average, Forfeited | $ / shares | 5.01 | 12.52 | ||||
Weighted average options exercisable | $ / shares | $ 9.48 | $ 11.96 | ||||
Weighted average ending balance | $ / shares | $ 6.02 | $ 10 |
Share capital warrants and su_7
Share capital warrants and subscription receipts - Summary Of The Number Of Options Outstanding (Parenthetical) (Detail) - 12 months ended Nov. 30, 2022 | $ / shares | $ / shares |
Disclosure of classes of share capital [abstract] | ||
Weighted average share price of options excercised on the exercise date | (per share) | $ 11.12 | $ 8.24 |
Share capital warrants and su_8
Share capital warrants and subscription receipts - Summary Of The Stock Option Information (Detail) | 12 Months Ended | |||||
Nov. 30, 2023 shares $ / shares | Nov. 30, 2023 shares $ / shares | Nov. 30, 2022 shares $ / shares | Nov. 30, 2022 shares $ / shares | Nov. 30, 2021 shares $ / shares | Nov. 30, 2021 shares $ / shares | |
US$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 279,369 | 279,369 | ||||
Weighted average remaining life | 8 years 9 months 21 days | |||||
Weighted average exercise price | $ / shares | $ 6.02 | |||||
CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 1,774,559 | 1,774,559 | 1,180,052 | 1,180,052 | 797,583 | 797,583 |
Weighted average remaining life | 7 years 5 months 26 days | |||||
Weighted average exercise price | (per share) | $ 11.51 | $ 8.48 | $ 1,592 | $ 1,184 | $ 15.32 | $ 12 |
Exercise Price 1 | US$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 179,185 | 179,185 | ||||
Weighted average remaining life | 9 years 3 months | |||||
Weighted average exercise price | $ / shares | $ 3.8 | |||||
Exercise Price 1 | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 57,500 | 57,500 | ||||
Weighted average remaining life | 10 days | |||||
Weighted average exercise price | (per share) | $ 1.52 | $ 1.12 | ||||
Exercise Price 1 | Top of range [member] | US$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | $ / shares | 4.76 | |||||
Exercise Price 1 | Top of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 4.76 | 3.5 | ||||
Exercise Price 1 | Bottom of range [member] | US$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | $ / shares | 1 | |||||
Exercise Price 1 | Bottom of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | $ 1 | $ 0.74 | ||||
Exercise Price 2 | US$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 100,184 | 100,184 | ||||
Weighted average remaining life | 8 years 10 days | |||||
Weighted average exercise price | $ / shares | $ 10 | |||||
Exercise Price 2 | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 707,695 | 707,695 | ||||
Weighted average remaining life | 9 years 3 months | |||||
Weighted average exercise price | (per share) | $ 5.16 | $ 3.8 | ||||
Exercise Price 2 | Top of range [member] | US$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | $ / shares | 15 | |||||
Exercise Price 2 | Top of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 8 | 5.89 | ||||
Exercise Price 2 | Bottom of range [member] | US$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | $ / shares | 4.77 | |||||
Exercise Price 2 | Bottom of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | $ 4.77 | $ 3.51 | ||||
Exercise Price 3 | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 308,196 | 308,196 | ||||
Weighted average remaining life | 5 years 5 months 4 days | |||||
Weighted average exercise price | (per share) | $ 11.1 | $ 8.17 | ||||
Exercise Price 3 | Top of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 15 | 11.04 | ||||
Exercise Price 3 | Bottom of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | $ 8.01 | $ 5.9 | ||||
Exercise Price 4 | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 621,167 | 621,167 | ||||
Weighted average remaining life | 7 years 6 months 18 days | |||||
Weighted average exercise price | (per share) | $ 16.85 | $ 12.4 | ||||
Exercise Price 4 | Top of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 24 | 17.67 | ||||
Exercise Price 4 | Bottom of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | $ 15.01 | $ 11.05 | ||||
Exercise Price 5 | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 51,575 | 51,575 | ||||
Weighted average remaining life | 4 years 10 months 9 days | |||||
Weighted average exercise price | (per share) | $ 33.27 | $ 24.5 | ||||
Exercise Price 5 | Top of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 36 | 26.51 | ||||
Exercise Price 5 | Bottom of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | $ 24.01 | $ 17.68 | ||||
Exercise Price 6 | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 28,426 | 28,426 | ||||
Weighted average remaining life | 4 years 4 months 6 days | |||||
Weighted average exercise price | (per share) | $ 38.24 | $ 28.16 | ||||
Exercise Price 6 | Top of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 40 | 29.45 | ||||
Exercise Price 6 | Bottom of range [member] | CA$ | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | $ 36.01 | $ 26.51 |
Share capital warrants and su_9
Share capital warrants and subscription receipts - Summary Of Fair Value Of Options Used To Determine The Weighted Average Assumptions (Detail) | 12 Months Ended | |||
Nov. 30, 2023 yr $ / shares | Nov. 30, 2023 yr $ / shares | Nov. 30, 2022 yr $ / shares | Nov. 30, 2022 yr $ / shares | |
US$ | ||||
Options granted | ||||
Risk-free interest rate | 3.92% | 3.92% | 1.95% | 1.95% |
Expected volatility | 62% | 62% | 64% | 64% |
Average option life in years | yr | 9.5 | 9.5 | 9 | 9 |
Grant-date share price | $ / shares | $ 3.8 | $ 12.08 | ||
Option exercise price | $ / shares | $ 3.8 | $ 12.08 | ||
CA$ | ||||
Options granted | ||||
Risk-free interest rate | 3.33% | 3.33% | 1.62% | 1.62% |
Expected volatility | 64.30% | 64.30% | 65.50% | 65.50% |
Average option life in years | yr | 9.5 | 9.5 | 9 | 9 |
Grant-date share price | (per share) | $ 3.8 | $ 5.16 | $ 13 | $ 16.68 |
Option exercise price | (per share) | $ 3.8 | $ 5.16 | $ 13 | $ 16.68 |
Share capital warrants and s_10
Share capital warrants and subscription receipts - Summary Of Summarizes The Measurement Date Weighted Average Fair Value Of Stock Options Granted (Detail) | 12 Months Ended | |||
Nov. 30, 2023 USD ($) shares | Nov. 30, 2022 USD ($) shares | Nov. 30, 2023 CAD ($) | Nov. 30, 2022 CAD ($) | |
US$ | ||||
Options granted | ||||
Number of Options granted | 203,935 | 96,668 | ||
Weighted average grant date fair value | $ | $ 2,720 | $ 8,360 | ||
CA$ | ||||
Options granted | ||||
Number of Options granted | 792,193 | 547,847 | ||
Weighted average grant date fair value | $ 2,770 | $ 8,640 | $ 3,760 | $ 11,640 |
Share capital warrants and s_11
Share capital warrants and subscription receipts - Summary of Calculation of Weighted Average Number of Common Shares (Detail) - shares | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Earnings per share [line items] | |||
Issued common shares as at December 1 | 24,201,582 | 23,780,417 | 19,253,360 |
Effect of share issue | 2,053,928 | 1,286,695 | 817,766 |
Weighted average number of common shares, basic and diluted | 26,332,429 | 23,813,344 | 23,087,557 |
ATM program [Member] | |||
Earnings per share [line items] | |||
Effect of share issue | 0 | 29,589 | 0 |
Share options [member] | |||
Earnings per share [line items] | |||
Effect of share options exercised | 0 | 3,338 | 93,562 |
public issue common shares [member] | |||
Earnings per share [line items] | |||
Effect of issue common shares | 1,843,517 | 0 | 3,704,071 |
Brokers warrants [member] | |||
Earnings per share [line items] | |||
Effect of broker warrants exercised | 0 | 0 | 36,564 |
Subscription Receipts Issue [Member] | |||
Earnings per share [line items] | |||
Effect of subscription receipts issue | 287,223 | 0 | 0 |
Convertible Unsecured Senior Notes [member] | |||
Earnings per share [line items] | |||
Impact on conversion of convertible unsecured senior notes | 107 | 0 | 0 |
Share capital warrants and s_12
Share capital warrants and subscription receipts - Summary of Accumulated other comprehensive income (loss) (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 |
Accumulated other comprehensive income | $ 684 | $ 385 | $ (44) |
Unrealized losses on FVOCI financial assets, net of tax | |||
Accumulated other comprehensive income | (256) | (555) | (195) |
Cumulative exchange difference on translation of foreign operations | |||
Accumulated other comprehensive income | $ 940 | $ 940 | $ 151 |
Income Taxes - Summary of compo
Income Taxes - Summary of components of the current and deferred tax expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Major components of tax expense (income) [abstract] | |||
Current tax expense | $ 450 | $ 443 | $ 63 |
Deferred tax expense (recovery) | |||
Origination and reversal of temporary differences | (5,972) | (11,705) | (7,796) |
Change in unrecognized deductible temporary differences | 5,943 | 11,705 | 7,796 |
Total deferred tax expense (recovery) | (29) | 0 | 0 |
Total current and deferred tax expense | $ 421 | $ 443 | $ 63 |
Income Taxes - Summary of recon
Income Taxes - Summary of reconciliation between effective and applicable tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Major components of tax expense (income) [abstract] | |||
Income taxes at domestic tax statutory rate | $ (6,237) | $ (12,400) | $ (8,390) |
Change in unrecognized deductible temporary differences | 5,943 | 11,705 | 7,796 |
Impact of differences in statutory tax rates | (130) | 102 | 64 |
Non-deductible expenses and other | 845 | 1,036 | 593 |
Total current and deferred tax expense | $ 421 | $ 443 | $ 63 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Disclosure of Detailed Information About Income Tax [Line Items] | |||
Effective applicable income tax rate | 26.50% | 26.50% | 26.50% |
IRELAND | |||
Disclosure of Detailed Information About Income Tax [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 8,816 | $ 8,883 |
Income Taxes - Summary of the a
Income Taxes - Summary of the amounts and expiry dates of tax attributes (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Research and development expenses, without time limitation | $ 87,151 | $ 86,768 |
Excess of tax value of property and equipment over carrying value | 435 | 1,000 |
Excess of tax value of intellectual property and patent fees over carrying value | 10,660 | 10,765 |
Available deductions and other | 73,522 | 69,448 |
Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Research and development expenses, without time limitation | 105,549 | 105,174 |
Excess of tax value of property and equipment over carrying value | 420 | 454 |
Excess of tax value of intellectual property and patent fees over carrying value | 10,656 | 10,765 |
Available deductions and other | 32,536 | 28,034 |
2027 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 5,512 | 5,569 |
2027 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 5,504 | 5,561 |
2028 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 33,761 | 34,110 |
2028 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 16,258 | 16,426 |
2029 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 14,345 | 14,494 |
2029 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 12,124 | 12,250 |
2030 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 8,423 | 8,510 |
2030 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 8,420 | 8,507 |
2031 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 17,346 | 17,525 |
2031 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 15,397 | 15,556 |
2032 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 11,752 | 11,874 |
2032 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 10,791 | 10,902 |
2033 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 8,444 | 8,532 |
2033 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 8,365 | 8,451 |
2034 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 7,733 | 7,813 |
2034 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 7,665 | 7,744 |
2037 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 6,901 | 6,972 |
2037 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 6,818 | 6,889 |
2038 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 2,013 | 2,034 |
2038 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 1,938 | 1,958 |
2039 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 1,326 | 1,340 |
2039 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 1,289 | 1,302 |
2040 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 7,242 | 7,317 |
2040 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 7,218 | 7,292 |
2041 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 19,152 | 19,350 |
2041 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 19,078 | 19,276 |
2042 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 29,042 | 31,181 |
2042 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 28,885 | 31,190 |
2043 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 19,298 | 0 |
2043 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | $ 19,284 | $ 0 |
Supplemental cash flow disclo_2
Supplemental cash flow disclosures - Summary of supplemental cash flow (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Supplemental cash flow disclosures [abstract] | |||
Deferred financing costs included in accounts payable and accrued liabilities | $ 0 | $ 0 | $ 174 |
Additions to property and equipment included in accounts payable and accrued liabilities | 0 | 156 | 0 |
Acquisition of derivative financial assets included in accounts payable and accrued liabilities | 0 | 104 | 0 |
Additions to intangible assets included in accounts payable and accrued liabilities | 0 | 2,832 | 0 |
Reclassification of other Deferred financing costs to deficit | 0 | 38 | 0 |
Share issue cost included in accounts payable and accrued liabilities | $ 505 | $ 37 | $ 0 |
Financial instruments - Additio
Financial instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Trade receivables | $ 12,798 | $ 10,659 |
Current trade receivables aging period | 60 days | 60 days |
Bad debt expenses | $ 0 | $ 0 |
Bonds and money market funds | 6,290 | 9,214 |
Cash and money market funds | 20,231 | 23,505 |
Top of range [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Minimum cash cash equivalents and short term investments to be maintained | 20,000 | |
Bottom of range [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Minimum cash cash equivalents and short term investments to be maintained | $ 15,000 | |
Interest rate, measurement | SOFR | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive impact of market interest rates | 0.50% | |
Increase (decrease) in cash flows | $ 300 | |
Increase (decrease) in profit or loss | $ 300 | |
Interest rate, measurement | Bonds | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive impact of market interest rates | 0.50% | |
Increase (decrease) in accumulated other comprehensive | $ 42 | 79 |
Increase (decrease) in fair value of assets | $ 42 | 79 |
Negative impact of market interest rates | 0.50% | |
Interest rate, measurement | Cash and market funds | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive impact of market interest rates | 0.50% | |
Increase (decrease) in cash flows | $ 101 | 118 |
Increase (decrease) in profit or loss | $ 101 | $ 118 |
Negative impact of market interest rates | 0.50% | |
CA$ | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive percentage impact on foreign currency exposures | 5% | |
Negative percentage impact on foreign currency exposures | 5% |
Financial instruments - Summary
Financial instruments - Summary of the contractual maturities of financial liabilities (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and accrued liabilities | $ 28,471 | $ 41,065 | |
Facility loan / Term loan, including interest | 80,141 | 57,667 | |
Convertible unsecured senior notes including interest | 29,081 | ||
Lease Liabilities | 1,108 | 2,196 | |
Financial liabilities | 109,720 | 130,009 | |
Accounts payable and accrued liabilities carrying amount | 28,471 | 41,065 | |
Lease liabilitites | 994 | 1,922 | $ 2,518 |
Carrying amount | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and accrued liabilities carrying amount | 28,471 | 41,065 | |
Term loan, including interest, Carrying amount | 57,974 | 37,894 | |
Convertible unsecured senior notes including interest carrying amount | 26,895 | ||
Lease liabilitites | 994 | 1,922 | |
Financial liabilities | 87,439 | 107,776 | |
Less than 1 year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and accrued liabilities | 28,471 | 41,065 | |
Facility loan / Term loan, including interest | 17,416 | 5,649 | |
Convertible unsecured senior notes including interest | 29,081 | ||
Lease Liabilities | 487 | 595 | |
Financial liabilities | 46,374 | 76,390 | |
From 1 to 2 Years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and accrued liabilities | 0 | 0 | |
Facility loan / Term loan, including interest | 50,348 | 28,421 | |
Convertible unsecured senior notes including interest | 0 | ||
Lease Liabilities | 516 | 1,145 | |
Financial liabilities | 50,864 | 29,566 | |
More than 3 Years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Accounts payable and accrued liabilities | 0 | 0 | |
Facility loan / Term loan, including interest | 12,377 | 23,597 | |
Convertible unsecured senior notes including interest | 0 | ||
Lease Liabilities | 105 | 456 | |
Financial liabilities | $ 12,482 | $ 24,053 |
Financial instruments - Summa_2
Financial instruments - Summary of presents the significant items in the original currencies exposed to currency risk (Detail) € in Thousands, $ in Thousands, $ in Thousands | Nov. 30, 2023 USD ($) | Nov. 30, 2023 CAD ($) | Nov. 30, 2023 EUR (€) | Nov. 30, 2022 USD ($) | Nov. 30, 2022 CAD ($) | Nov. 30, 2022 EUR (€) | Nov. 30, 2021 USD ($) |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Cash | $ 34,097 | $ 23,856 | |||||
Bonds and money market funds | 6,290 | 9,214 | |||||
Trade and other receivables | 13,023 | 12,045 | |||||
Tax credits and grants receivable | 524 | 299 | $ 441 | ||||
Accounts payable and accrued liabilities | $ (28,471) | $ (41,065) | |||||
Currency risk | |||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||||
Cash | $ 358 | € 123 | $ 1,547 | € 236 | |||
Bonds and money market funds | 8,543 | 0 | 12,387 | 0 | |||
Trade and other receivables | 296 | 2 | 733 | 2,141 | |||
Tax credits and grants receivable | 497 | 145 | 66 | 239 | |||
Accounts payable and accrued liabilities | (5,395) | (224) | (10,784) | (5,849) | |||
Lease liabilities | (925) | (288) | (1,362) | (873) | |||
Provisions | (326) | (3,192) | (3,486) | ||||
Total exposure | $ 3,048 | € 3,434 | $ 2,587 | € (7,592) |
Financial instruments - Summa_3
Financial instruments - Summary of exchange rates (Detail) | 12 Months Ended | |
Nov. 30, 2023 | Nov. 30, 2022 | |
CA$ – US$ | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average rate | 7,404 | 7,722 |
Reporting date rate | 7,363 | 7,439 |
Euro – US$ | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average rate | 10,792 | 10,600 |
Reporting date rate | 10,903 | 10,406 |
Financial instruments - Summa_4
Financial instruments - Summary of Company's foreign currency exposures (Detail) € in Thousands, $ in Thousands | 12 Months Ended | |||
Nov. 30, 2023 CAD ($) | Nov. 30, 2023 EUR (€) | Nov. 30, 2022 CAD ($) | Nov. 30, 2022 EUR (€) | |
Disclosure of detailed information about financial instruments [abstract] | ||||
Positive (negative) impact | $ 152 | € (172) | $ 129 | € (380) |
Capital management - Additional
Capital management - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Top of range [member] | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Minimum cash cash equivalents and short term investments to be maintained | $ 20,000 | |
Bottom of range [member] | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Minimum cash cash equivalents and short term investments to be maintained | 15,000 | |
Cash bond and money market funds | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Cash,bond and money market funds | $ 40,387 | $ 33,070 |
Determination of fair values -
Determination of fair values - Summary of marathon warrants recognized at fair value and considered level 3 (Detail) - Revenue multiple, measurement input [member] - Warrant reserve [member] - At fair value [member] | Nov. 30, 2023 |
Bottom of range | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | (100) |
Top of range | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Significant unobservable input, liabilities | 125 |
Determination of fair values _2
Determination of fair values - Summary of marathon warrants recognized at fair value and considered level 3 (Parenthetical) (Detail) - Historical volatility for shares, measurement input [member] - Warrant reserve [member] - At fair value [member] | Nov. 30, 2023 |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | |
Expected volatility unobservable input, liabilities | 10 |
Expected volatility unobservable input, liabilities, basis points | 0.0100 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Oncology Platform | ||
Disclosure of Commitments [Line Items] | ||
Long term purchase commitments | $ 807 | $ 1,310 |
Trogarzo® | ||
Disclosure of Commitments [Line Items] | ||
Long term purchase commitments | 14,682 | 1,644 |
Multidose pass injector developed | ||
Disclosure of Commitments [Line Items] | ||
Line of credit facility outstanding | $ 868 |
Operating segments - Summary of
Operating segments - Summary of single operating segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 81,764 | $ 80,057 | $ 69,823 |
RxCrossroads | |||
Disclosure of operating segments [line items] | |||
Revenue | 81,392 | 78,744 | 68,917 |
Others | |||
Disclosure of operating segments [line items] | |||
Revenue | $ 372 | $ 1,313 | $ 906 |
Operating segments - Additional
Operating segments - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 30, 2023 | Nov. 30, 2022 |
Disclosure of operating segments [line items] | ||
Non-current assets | $ 14,472 | $ 19,890 |
Canada | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 14,138 | 18,980 |
United States | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 32 | 69 |
Ireland | ||
Disclosure of operating segments [line items] | ||
Non-current assets | $ 302 | $ 841 |
Related parties - Summary of ke
Related parties - Summary of key management personnel compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2023 | Nov. 30, 2022 | Nov. 30, 2021 | |
Related party transactions [abstract] | |||
Short-term employee benefits | $ 3,259 | $ 3,191 | $ 2,690 |
Post-employment benefits | 95 | 86 | 72 |
Share-based compensation | 1,355 | 2,078 | 1,243 |
Key management personnel compensation | $ 4,709 | $ 5,355 | $ 4,005 |
Related parties - Additional In
Related parties - Additional Information (Detail) | Nov. 30, 2023 | Nov. 30, 2022 |
Disclosure of transactions between related parties [abstract] | ||
Related party percentage of voting shares held | 1.10% | 0.80% |