Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Dec. 31, 2014 | Feb. 01, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Stellar Biotechnologies, Inc. | |
Entity Central Index Key | 1540159 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | SBOTF | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -21 | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 | |
Document Type | 10-Q | |
Entity Common Stock, Shares Outstanding | 79,546,650 |
Condensed_Interim_Consolidated
Condensed Interim Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 |
Current assets: | |||
Cash and cash equivalents | $12,763,533 | $13,769,953 | $13,427,404 |
Accounts receivable | 35,981 | 44,159 | 56,575 |
Short-term investments | 448,632 | 458,098 | |
Inventory | 134,308 | 34,891 | |
Prepaid expenses | 86,417 | 125,840 | 128,593 |
Total current assets | 13,020,239 | 14,423,475 | 14,070,670 |
Noncurrent assets: | |||
Property, plant and equipment, net | 389,654 | 388,340 | 387,392 |
Deposits | 15,900 | 15,900 | 15,900 |
Total noncurrent assets | 405,554 | 404,240 | 403,292 |
Total Assets | 13,425,793 | 14,827,715 | 14,473,962 |
Current liabilities: | |||
Accounts payable and accrued liabilities | 550,574 | 585,047 | 526,626 |
Deferred revenue | 86,667 | 86,667 | 15,000 |
Warrant liability, current portion | 3,318,103 | 460 | 879,040 |
Total current liabilities | 3,955,344 | 672,174 | 1,420,666 |
Long-term liabilities: | |||
Warrant liability, less current portion | 233,607 | 3,690,806 | 5,352,663 |
Total Liabilities | 4,188,951 | 4,362,980 | 6,773,329 |
Commitments (Note 7) | |||
Shareholders' equity: | |||
Common shares, unlimited common shares authorized, no par value, 79,546,650, 79,419,850, and 78,268,850 issued and outstanding at December 31, September 30, and August 31, 2014, respectively | 37,940,641 | 37,883,877 | 36,240,838 |
Accumulated share-based compensation | 5,131,964 | 5,073,144 | 5,079,985 |
Accumulated deficit | -33,835,763 | -32,492,286 | -33,620,190 |
Total shareholders' equity | 9,236,842 | 10,464,735 | 7,700,633 |
Total Liabilities and Shareholders' Equity | $13,425,793 | $14,827,715 | $14,473,962 |
Condensed_Interim_Consolidated1
Condensed Interim Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 |
Condensed Interim Consolidated Balance Sheets [Abstract] | |||
Common shares, par value | |||
Common shares, shares issued | 79,546,650 | 79,419,850 | 78,268,850 |
Common shares, shares outstanding | 79,546,650 | 79,419,850 | 78,268,850 |
Condensed_Interim_Consolidated2
Condensed Interim Consolidated Statements of Operations (USD $) | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Contract services revenue | $20,000 | $60,000 | $15,000 |
Product sales | 32,786 | 152,661 | 16,085 |
Grant revenue | 27,740 | ||
Revenues | 52,786 | 212,661 | 58,825 |
Expenses: | |||
Costs of contract services | 11,107 | 16,697 | 10,406 |
Costs of production and aquaculture | 22,592 | 160,404 | 146,931 |
Grant costs | 27,740 | ||
Research and development | 178,280 | 418,821 | 548,225 |
General and administration | 293,130 | 942,153 | 1,021,130 |
Total Expenses | 505,109 | 1,538,075 | 1,754,432 |
Other Income (Loss) | |||
Foreign exchange gain (loss) | -97,866 | -161,112 | -16,508 |
Increase (decrease) in fair value of warrant liability | 1,680,040 | 139,556 | -3,880,195 |
Investment income | 1,853 | 13,293 | 15,920 |
Other Income (Loss), Total | 1,584,027 | -8,263 | -3,880,783 |
Income (Loss) Before Income Tax | 1,131,704 | -1,333,677 | -5,576,390 |
Income tax expense | 3,800 | 9,800 | 800 |
Net Income (Loss) | $1,127,904 | ($1,343,477) | ($5,577,190) |
Income (loss) per common share - basic | $0.01 | ($0.02) | ($0.08) |
Income (loss) per common share - diluted | $0.01 | ($0.02) | ($0.08) |
Weighted average number of common shares outstanding, Basic | 78,675,750 | 79,461,013 | 73,978,736 |
Weighted average number of common shares outstanding, Diluted | 87,140,449 | 79,461,013 | 73,978,736 |
Condensed_Interim_Consolidated3
Condensed Interim Consolidated Statements of Cash Flows (USD $) | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows Used In Operating Activities: | |||
Net income (loss) | $1,127,904 | ($1,343,477) | ($5,577,190) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 12,529 | 37,535 | 31,811 |
Share-based compensation | 36,509 | 86,865 | 468,717 |
Foreign exchange (gain) loss | 97,866 | 161,112 | 16,508 |
Change in fair value of warrant liability | -1,680,040 | -139,556 | 3,880,195 |
Changes in working capital items: | |||
Accounts receivable | 12,352 | 8,045 | |
Inventory | -34,891 | -99,417 | 158,284 |
Prepaid expenses | 490 | 36,469 | 2,101 |
Accounts payable and accrued liabilities | 58,922 | -33,120 | -67,314 |
Deferred revenue | 71,667 | ||
Net cash used in operating activities | -296,692 | -1,285,544 | -1,086,888 |
Cash Flows Used In Investing Activities: | |||
Acquisition of property, plant and equipment | -13,477 | -38,849 | -209,129 |
Purchase of short-term investments | -2,491 | ||
Proceeds on maturities of short-term investments | 442,911 | ||
Net cash provided by (used in) investing activities | -15,968 | 404,062 | -209,129 |
Cash Flows From Financing Activities: | |||
Proceeds from exercise of warrants and options | 739,292 | 28,719 | 2,557,714 |
Net cash provided by financing activities | 739,292 | 28,719 | 2,557,714 |
Effect of exchange rate changes on cash and cash equivalents | -84,083 | -153,657 | -14,165 |
Net change in cash and cash equivalents | 342,549 | -1,006,420 | 1,247,532 |
Cash and cash equivalents - beginning of year | 13,427,404 | 13,769,953 | 15,478,038 |
Cash and cash equivalents - end of year | $13,769,953 | $12,763,533 | $16,725,570 |
Nature_of_Operations_and_Going
Nature of Operations and Going Concern | 3 Months Ended | ||
Dec. 31, 2014 | |||
Nature of Operations and Going Concern [Abstract] | |||
Nature of Operations and Going Concern | 1 | Nature of Operations and Going Concern | |
Stellar Biotechnologies, Inc. (“the Company”) is organized under the laws of British Columbia, Canada. The Company's common shares are quoted on the U.S. OTCQB Marketplace Exchange under the trading symbol, SBOTF, and are listed on the TSX Venture Exchange as a Tier 2 issuer under the trading symbol, KLH. | |||
On April 7, 2010, the Company changed its name from CAG Capital, Inc. to Stellar Biotechnologies, Inc. On April 12, 2010, the Company completed a reverse merger transaction with Stellar Biotechnologies, Inc. a California corporation, which was founded in September 1999, and remains the Company's wholly-owned subsidiary and principal operating entity. The Company's executive offices are located at 332 E. Scott Street, Port Hueneme, California, 93041, USA, and its registered and records office is Royal Centre, 1055 West Georgia Street, Suite 1500, Vancouver, BC, V6E 4N7, Canada. | |||
Nature of Operations | |||
The Company's business is the aquaculture, research and development, manufacture and commercialization of Keyhole Limpet Hemocyanin (“KLH”). The Company markets and distributes its KLH products to biotechnology and pharmaceutical companies, academic institutions, and clinical research organizations in Europe, United States, and Asia. | |||
Going Concern | |||
For the three months ended December 31, 2014 and 2013, the Company reported net losses of approximately $1.3 million and $5.6 million, respectively. For the one month ended September 30, 2014, the Company reported net income of approximately $1.1 million. The most significant factor in the fluctuations in net income and losses relates to noncash changes in the fair value of warrant liability, which was a gain of $139,556, a loss of $3,880,195 and a gain of $1,680,040 for the three months ended December 31, 2014 and 2013 and the one month ended September 30, 2014, respectively. As of December 31, 2014, the Company had an accumulated deficit of approximately $33.8 million and working capital of approximately $9.1 million. | |||
In the past, operations of the Company have primarily been funded by the issuance of common shares, exercise of warrants, grant revenues, contract services revenue, and product sales. In September 2013, the Company closed a private placement with gross proceeds of $12,000,000. Management believes these financial resources are adequate to support the Company's initiatives at the current level for the foreseeable future. Management is also continuing the ongoing effort toward expanding the customer base for existing marketed products, and the Company may seek additional financing alternatives, including nondilutive financing through grants, collaboration and licensing arrangements, and additional equity financing. | |||
The accompanying condensed interim consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operation for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of business. | |||
Functional Currency | |||
The condensed interim consolidated financial statements of the Company are presented in U.S. dollars, unless otherwise stated, which is the Company's functional currency. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | ||
Dec. 31, 2014 | |||
Basis of Presentation [Abstract] | |||
Basis of Presentation | 2 | Basis of Presentation | |
The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q. They do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. GAAP for complete financial statements. These condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company's Annual Report on Form 10-K for the year ended August 31, 2014. | |||
The accompanying condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Stellar Biotechnologies, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the period presented have been included in the interim period. Operating results for the three months ended December 31, 2014 are not necessarily indicative of the results that may be expected for other interim periods or the year ending September 30, 2015. The condensed interim consolidated financial data at August 31, 2014 is derived from audited financial statements included in the Company's Annual Report on Form 10-K for the year ended August 31, 2014, as filed on November 14, 2014 with the SEC. | |||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. | |||
Change in Fiscal Year End | |||
On June 3, 2014, the Board of Directors of the Company approved a change in the Company's fiscal year end from August 31 to September 30 of each year. This change to the calendar quarter reporting cycle began September 1, 2014. As a result of the change, the Company had a one-month transition period from September 1, 2014 to September 30, 2014. The unaudited results for the one month ended September 30, 2014 are included in this report. The Company has also included selected unaudited results for the one month ended September 30, 2013 for comparative purposes in Note 12. The audited results for the one month ended September 30, 2014 will be included in the Company's Annual Report on Form 10-K for the fiscal year ending September 30, 2015, if not filed with the SEC prior thereto. | |||
In addition, the results for the quarter ended December 31, 2014 are compared with the results of the quarter ended December 31, 2013, which have been recast on a calendar quarter basis due to the change in the Company's fiscal year end from August 31 to September 30. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | |
Dec. 31, 2014 | ||
Significant Accounting Policies [Abstract] | ||
Significant Accounting Policies | 3 | Significant Accounting Policies |
Recent Accounting Pronouncements | ||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the ASC Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company's financial statements. | ||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15 defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. The guidance in ASU 2014-15 is effective for annual reporting periods beginning after December 15, 2016, with early application permitted. Management is in the process of assessing the impact of ASU 2014-15 on the Company's financial statements. |
Inventory
Inventory | 3 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Inventory [Abstract] | |||||||||||
Inventory | 4 | Inventory | |||||||||
The Company records inventory for custom manufacturing of products for specific customers, including manufacturing under supply agreements. Raw materials include inventory of manufacturing supplies. Work in process includes manufacturing supplies, direct and indirect labor and allocated manufacturing overhead for custom manufacturing in process at the end of the period. There are no finished goods since once the custom manufacturing is complete, goods are shipped to the customer and removed from inventory. Inventory consisted of the following at December 31 and September 30, 2014. There was no inventory for custom manufactured products at August 31, 2014. | |||||||||||
December 31, | September 30, | ||||||||||
2014 | 2014 | ||||||||||
Raw materials | $ | 15,212 | $ | 10,480 | |||||||
Work in process | 119,096 | 24,411 | |||||||||
$ | 134,308 | $ | 34,891 | ||||||||
Property_Plant_and_Equipment_n
Property, Plant and Equipment, net | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment, net [Abstract] | |||||||||||||
Property, Plant and Equipment, net | 5 | Property, Plant and Equipment, net | |||||||||||
Property, plant and equipment, net consisted of the following: | |||||||||||||
December 31, | September 30, | August 31, | |||||||||||
2014 | 2014 | 2014 | |||||||||||
Aquaculture system | $ | 58,923 | $ | 58,923 | $ | 58,923 | |||||||
Laboratory facilities | 62,033 | 62,033 | 62,033 | ||||||||||
Computer and office equipment | 77,697 | 77,697 | 77,697 | ||||||||||
Tools and equipment | 635,766 | 635,766 | 622,289 | ||||||||||
Vehicles | 10,997 | 10,997 | 10,997 | ||||||||||
Leasehold improvements | 100,036 | 61,187 | 61,187 | ||||||||||
945,452 | 906,603 | 893,126 | |||||||||||
Less: accumulated depreciation | (555,798 | ) | (518,263 | ) | (505,734 | ) | |||||||
$ | 389,654 | $ | 388,340 | $ | 387,392 | ||||||||
Depreciation expense amounted to $37,535, $24,668 and $12,529 for the three months ended December 31, 2014 and 2013 and the one month ended September 30, 2014, respectively. | |||||||||||||
Intangible_Assets_Licensing_Ri
Intangible Assets - Licensing Rights | 3 Months Ended | ||
Dec. 31, 2014 | |||
Intangible Assets - Licensing Rights [Abstract] | |||
Intangible Assets - Licensing Rights | 6 | Intangible Assets - Licensing Rights | |
In December 2010, the Company entered into a research collaboration agreement with a customer. When the agreement terminated according to its terms in August 2011, the Company acquired an exclusive, worldwide sub-licensable and royalty-free license for certain technology developed in collaboration with the customer. The Company paid a $200,000 license fee for the licensing rights, which are jointly owned by the Company and the customer. The licensing rights do not have a fixed term or termination provisions. The licensing rights are amortized over the estimated useful life of seven years and are shown net of accumulated amortization and impairment losses. During the year ended August 31, 2014, the Company discontinued its use of these licensing rights and recorded impairment loss for the remaining value of licensing rights. | |||
Amortization expense amounted to $7,143 for the three months ended December 31, 2013. |
Commitments
Commitments | 3 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments [Abstract] | |||||
Commitments | 7 | Commitments | |||
Operating leases | |||||
The Company leases three buildings and facilities used in its operations under sublease agreements with the Port Hueneme Surplus Property Authority. In September 2010, the Company exercised its option to extend these sublease agreements for an additional five-year term. The Company has an option to extend the lease for a second additional five-year term. | |||||
The Company also leases facilities used for executive offices and laboratories. The Company must pay a portion of the common area maintenance. In July 2014, the Company exercised its option to extend this lease for a two-year term. | |||||
Future minimum lease payments are as follows: | |||||
December 31, | |||||
2014 | |||||
For The Year Ending September 30, | |||||
2015 | $ | 118,000 | |||
2016 | 59,000 | ||||
$ | 177,000 | ||||
Rent expense on these lease agreements amounted to approximately $46,000, $45,000, and $15,000 for the three months ended December 31, 2014 and 2013, and the one month ended September 30, 2014, respectively. | |||||
Purchase obligations | |||||
The Company has commitments totaling approximately $60,000 at December 31, 2014, for signed agreements with contract research organizations and consultants, which are scheduled to be paid in accordance with contract terms during the 2015 fiscal year. | |||||
Supply agreements | |||||
The Company has four commitments under certain supply agreements with customers for fixed prices per gram on a non-exclusive basis except within that customer's field of use. Two agreements automatically renew each January unless terminated in writing by either party. One agreement is effective through October 2019 and is renewable for one-year terms upon written request of the customer. One agreement is effective through October 2017 and is renewable for one-year terms upon written request of the customer. | |||||
Licensing fees | |||||
In July 2013, the Company acquired the exclusive, worldwide license to certain patented technology for the development of human immunotherapies against Clostridium difficile infection (“C. diff”). The license agreement required an initial, non-refundable license fee of $25,000, which was paid in fiscal August 2013, and payment of an aggregate of $200,000 in delayed license fees, which were paid in fiscal August 2014. Beginning September 2014, the terms also require a license fee of $20,000 to be paid annually, creditable against royalties due, if any. Royalties are payable for a percentage of related net sales, if any. License fees are also payable for a percentage of related non-royalty sublicensing revenue, if any. No royalties have been paid to date. The Company also reimbursed patent filing costs of approximately $11,000 and $12,000 in the three months ended December 31, 2014 and 2013, respectively, and will reimburse certain future patent filing, prosecution, and maintenance costs. There were no reimbursed patent filing costs during the one month ended September 30, 2014. License fees and patent cost reimbursements paid during the three months ended December 31, 2014 and 2013, and the one month ended September 30, 2014, have been accounted for as research and development expense in the accompanying condensed interim consolidated statements of operations. | |||||
The license agreement expires when the last valid patent claim licensed under the license agreement expires. Prior to that time, the license agreement can be terminated by the licensor upon certain conditions. The Company will have 30 days after written notice from the licensor to cure the problem prior to termination of the license agreement. The Company can terminate the agreement with three months' prior written notice. | |||||
Upon execution of the license agreement, the Company issued 371,200 common shares and warrants to purchase up to 278,400 of the Company's common shares to the licensor. The warrants expired on January 23, 2015 and were not exercised. | |||||
The license agreement provides for the Company to pay up to an aggregate of $6,020,000 in milestone payments to the licensor upon achievement of various financing and development targets up to the first regulatory approval. Remaining contingent milestone payments to the licensor totaling $57,025,000 are related to achievement of sales targets. A financing milestone was met during the year ended August 31, 2014, and accordingly, the Company made a milestone payment of $100,000. No milestones were met during the three months ended December 31, 2014 and 2013, and the one month ended September 30, 2014, and there can be no assurance that any of the remaining milestones will be met in the future. | |||||
Retirement savings plan 401(k) contributions | |||||
The Company sponsors a 401(k) retirement savings plan that requires an annual non-elective safe harbor employer contribution of 3% of eligible employee wages. All employees over 21 years of age are eligible beginning the first payroll after 3 consecutive months of employment. Employees are 100% vested in employer contributions and in any voluntary employee contributions. Contributions to the 401(k) plan were approximately $20,000, $16,000 and $5,000 for the three months ended December 31, 2014 and 2013, and the one month ended September 30, 2014, respectively. | |||||
Related party commitments | |||||
See Note 9. |
Share_Capital
Share Capital | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share Capital [Abstract] | |||||||||||||
Share Capital | 8 | Share Capital | |||||||||||
The Company had the following transactions in share capital: | |||||||||||||
Three Months Ended | One Month Ended | ||||||||||||
December 31, | December 31, | September 30, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Proceeds from exercise of warrants and broker units | $ | 938 | $ | 2,419,745 | $ | 727,804 | |||||||
Transfer to common shares on exercise of warrants and broker units | 426 | 5,035,567 | 890,214 | ||||||||||
Proceeds from exercise of options | 27,781 | 137,969 | 11,488 | ||||||||||
Transfer to common shares on exercise of options | 27,619 | 142,405 | 13,533 | ||||||||||
Share-based compensation | 86,865 | 468,717 | 36,509 | ||||||||||
Number of common shares issued | 126,800 | 4,217,101 | 1,151,000 | ||||||||||
Performance shares | |||||||||||||
There were 10,000,000 common shares allotted as performance shares to be issued to certain officers, directors and employees of the Company based on meeting milestones related to completion of method development for commercial-scale manufacture of KLH, compilation and regulatory submittal of all required chemistry, manufacturing and control data and completion of preclinical toxicity and immunogenicity testing of products under a performance share plan. Share-based compensation was recorded over the estimated vesting period ending in August 2012. | |||||||||||||
At December 31, 2014, there are 3,838,383 performance shares reserved for issuance. | |||||||||||||
Black-Scholes option valuation model | |||||||||||||
The Company uses the Black-Scholes option valuation model to determine the fair value of warrants, broker units and stock options. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company has used historical volatility to estimate the volatility of the share price. Changes in the subjective input assumptions can materially affect the fair value estimates, and therefore the existing models do not necessarily provide a reliable single measure of the fair value of the Company's warrants, broker units and stock options. | |||||||||||||
Warrants | |||||||||||||
A summary of the Company's warrants activity is as follows: | |||||||||||||
Number of Warrants | Weighted | ||||||||||||
Average | |||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2013 | 11,326,300 | $ | 0.57 | CDN $ | |||||||||
Granted | 38,100 | 0.46 | CDN $ | ||||||||||
Granted | 6,047,612 | 1.33 | |||||||||||
Exercised | (5,832,300 | ) | 0.68 | CDN $ | |||||||||
Exercised | (60,000 | ) | 1.35 | ||||||||||
Balance - August 31, 2014 | 11,519,712 | $ | 0.97 | CDN $ | |||||||||
Granted | 42,600 | 0.75 | CDN $ | ||||||||||
Exercised | (1,017,000 | ) | 0.75 | CDN $ | |||||||||
Balance - September 30, 2014 | 10,545,312 | $ | 1.01 | CDN $ | |||||||||
Exercised | (600 | ) | 0.75 | CDN $ | |||||||||
Expired | (300 | ) | 0.75 | CDN $ | |||||||||
Balance - December 31, 2014 | 10,544,412 | $ | 1.04 | CDN $ | |||||||||
The weighted average contractual life remaining on the outstanding warrants at December 31, 2014 is 1.30 years. | |||||||||||||
The following table summarizes information about the outstanding warrants at December 31, 2014: | |||||||||||||
Exercise Price | Number of | Expiry Date | |||||||||||
Warrants | |||||||||||||
CDN$1.25 | 278,400 | 23-Jan-15 | |||||||||||
CDN$0.40 | 4,000,000 | 25-Oct-15 | |||||||||||
CDN$0.40 | 278,400 | 4-Jan-16 | |||||||||||
$1.35 | 4,701,902 | 9-Sep-16 | |||||||||||
$1.05 | 200,000 | 9-Sep-16 | Broker warrants | ||||||||||
$1.35 | 952,377 | 20-Sep-16 | |||||||||||
$1.05 | 133,333 | 20-Sep-16 | Broker warrants | ||||||||||
10,544,412 | |||||||||||||
Warrant liability | |||||||||||||
Equity offerings conducted by the Company in prior years included the issuance of warrants with exercise prices denominated in Canadian dollars. The Company's functional currency is the U.S. dollar. As a result of having exercise prices denominated in other than the Company's functional currency, these warrants meet the definition of derivatives and are therefore classified as derivative liabilities measured at fair value with adjustments to fair value recognized through the consolidated statements of operations. As these warrants are exercised, the fair value of the recorded warrant liability on date of exercise is included in common shares along with the proceeds from the exercise. If these warrants expire, the related decrease in warrant liability is recognized in profit or loss, as part of the change in fair value of warrant liability. There is no cash flow impact as a result of this accounting treatment. | |||||||||||||
The fair value of the warrants is determined using the Black-Scholes option valuation model at the end of each reporting period. Upon exercise of the warrants, the fair value of warrants included in derivative liabilities is reclassified to equity. | |||||||||||||
The fair value of warrants exercised during the three months ended December 31, 2014 and 2013 and the one month ended September 30, 2014 was determined using the Black-Scholes option valuation model, using the following weighted average assumptions: | |||||||||||||
Three Months Ended | One Month Ended | ||||||||||||
December 31, | December 31, | September 30, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Risk free interest rate | 1.12 | % | 1.07 | % | 1.12 | % | |||||||
Expected life (years) | 0.01 | 0.25 | 0.03 | ||||||||||
Expected share price volatility | 97 | % | 111 | % | 97 | % | |||||||
There were no warrants granted during the three months ended December 31, 2014 and 2013 and the one month ended September 30, 2014. | |||||||||||||
Broker units | |||||||||||||
The Company granted broker units as finders' fees in conjunction with equity offerings in prior years. Broker units are fully vested when granted and allow the holders to purchase equity units. A unit consists of one common share and either one whole warrant or one half warrant. | |||||||||||||
A summary of broker units activity is as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Units | Average | ||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2013 | 596,200 | $ | 0.29 | CDN $ | |||||||||
Exercised | (45,000 | ) | 0.33 | CDN $ | |||||||||
Balance - August 31, 2014 | 551,200 | $ | 0.29 | CDN $ | |||||||||
Exercised | (84,000 | ) | 0.5 | CDN $ | |||||||||
Balance - September 30, 2014 | 467,200 | $ | 0.25 | CDN $ | |||||||||
Exercised | (1,200 | ) | 0.5 | CDN $ | |||||||||
Balance - December 31, 2014 | 466,000 | $ | 0.25 | CDN $ | |||||||||
The weighted average contractual life remaining on the outstanding broker units is 0.84 years. | |||||||||||||
The following table summarizes information about the outstanding broker units at December 31, 2014: | |||||||||||||
Exercise Price | Number of | Expiry Date | |||||||||||
Units | |||||||||||||
CDN$0.25 | 400,000 | 25-Oct-15 | |||||||||||
CDN$0.25 | 66,000 | 4-Jan-16 | |||||||||||
466,000 | |||||||||||||
The outstanding broker units at December 31, 2014 include one warrant. | |||||||||||||
There were no broker units granted during the three months ended December 31, 2014 and 2013 and the one month ended September 30, 2014. | |||||||||||||
Options | |||||||||||||
The Company has a 2013 fixed stock option plan (“the Plan”) administered by the Board of Directors, who have the discretion to grant up to an aggregate of 10,000,000 options. The exercise price of an option is set at the closing price of the Company's common shares on the date of grant. Stock options granted to directors, officers, employees and consultants are subject to the following vesting schedule: | |||||||||||||
(a) One-third of the shares subject to the option shall vest immediately; | |||||||||||||
(b) One-third of the shares subject to the option shall vest 12 months from the date of grant; and | |||||||||||||
(c) One-third of the shares subject to the option shall vest 18 months from the date of grant. | |||||||||||||
Stock options granted to investor relations consultants vest over a period of not less than 12 months with 25% of the shares subject to the option vesting on the date that is three months from the date of grant, and a further 25% vesting on each successive date that is three months from the date of the prior vesting. | |||||||||||||
Options have been granted under the Plan allowing the holders to purchase common shares of the Company as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Options | Average | ||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2013 | 6,588,868 | $ | 0.42 | CDN $ | |||||||||
Granted | 195,000 | 1.42 | CDN $ | ||||||||||
Granted | 595,000 | 1.83 | |||||||||||
Exercised | (1,441,668 | ) | 0.41 | CDN $ | |||||||||
Expired | (1,667 | ) | 0.42 | CDN $ | |||||||||
Balance - August 31, 2014 | 5,935,533 | $ | 0.61 | CDN $ | |||||||||
Exercised | (50,000 | ) | 0.25 | CDN $ | |||||||||
Balance - September 30, 2014 | 5,885,533 | $ | 0.62 | CDN $ | |||||||||
Granted | 102,500 | 1.52 | CDN $ | ||||||||||
Exercised | (125,000 | ) | 0.25 | CDN $ | |||||||||
Balance - December 31, 2014 | 5,863,033 | $ | 0.65 | CDN $ | |||||||||
The weighted average contractual life remaining on the outstanding options is 3.94 years. | |||||||||||||
The following table summarizes information about the options under the Plan outstanding and exercisable at December 31, 2014: | |||||||||||||
Exercise Price | Number of | Exercisable at | Expiry Date | ||||||||||
Options | 31-Dec-14 | ||||||||||||
CDN$ | 0.28 | 1,645,000 | 1,645,000 | 9-Apr-17 | |||||||||
CDN$ | 0.25 | 55,000 | 55,000 | 17-May-17 | |||||||||
CDN$ | 0.28 | 20,000 | 20,000 | 28-Jun-17 | |||||||||
CDN$ | 0.28 | 70,000 | 70,000 | 13-Jul-17 | |||||||||
CDN$ | 0.64 | 70,000 | 70,000 | 25-Oct-17 | |||||||||
CDN$ | 1 | 60,000 | 60,000 | 10-Feb-18 | |||||||||
CDN$ | 0.65 | 848,600 | 848,600 | 8-Aug-18 | |||||||||
CDN$ | 0.5 | 5,000 | 5,000 | 26-Sep-18 | |||||||||
CDN$ | 1.87 | 100,000 | 66,667 | 7-Nov-18 | |||||||||
CDN$ | 0.4 | 70,000 | 70,000 | 22-Dec-18 | |||||||||
CDN$ | 0.42 | 853,600 | 853,600 | 13-Apr-19 | |||||||||
CDN$ | 0.29 | 90,000 | 90,000 | 18-Jun-19 | |||||||||
CDN$ | 0.37 | 150,000 | 150,000 | 9-Aug-19 | |||||||||
CDN$ | 0.37 | 150,000 | 150,000 | 16-Aug-19 | |||||||||
CDN$ | 0.25 | 8,333 | 8,333 | 23-Oct-19 | |||||||||
CDN$ | 0.25 | 215,000 | 215,000 | 19-Dec-19 | |||||||||
CDN$ | 0.58 | 560,000 | 560,000 | 14-May-20 | |||||||||
CDN$ | 0.58 | 100,000 | 100,000 | 23-May-20 | |||||||||
$ | 1.83 | 495,000 | 330,000 | 1-Nov-20 | |||||||||
$ | 1.84 | 100,000 | 66,667 | 15-Nov-20 | |||||||||
CDN$ | 0.94 | 95,000 | 31,667 | 27-Jun-21 | |||||||||
CDN$ | 1.52 | 102,500 | 34,167 | 12-Nov-21 | |||||||||
5,863,033 | 5,499,701 | ||||||||||||
The estimated fair value of the stock options granted during the three months ended December 31, 2014 and 2013 was determined using a Black-Scholes option valuation model with the following weighted average assumptions. There were no stock options granted during the one month ended September 30, 2014. | |||||||||||||
Three Months Ended | |||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Risk free interest rate | 1.71 | % | 1.98 | % | |||||||||
Expected life (years) | 7 | 6.42 | |||||||||||
Expected share price volatility | 116 | % | 120 | % | |||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||
The weighted average fair value of stock options awarded during the three months ended December 31, 2014 and 2013 was CDN$1.34 and CDN$1.49, respectively. There were no stock options awarded during the one month ended September 30, 2014. | |||||||||||||
As of December 31, 2014, the Company had approximately $175,000 of unrecognized share-based compensation expense, which is expected to be recognized over a period of 1.50 years. | |||||||||||||
The intrinsic value of the options exercised during the three months ended December 31, 2014 and 2013 and the one month ended September 30, 2014 was $1.15, $1.55, and $1.74, respectively. The intrinsic value of the vested options at December 31, 2014 was $0.83. | |||||||||||||
Related_Party_Disclosures
Related Party Disclosures | 12 Months Ended | |
Aug. 31, 2014 | ||
Related Party Disclosures [Abstract] | ||
Related Party Disclosures | 9 | Related Party Disclosures |
Royalty agreement | ||
On August 14, 2002, through its California subsidiary, the Company entered into an agreement with a director and officer of the Company, where he would receive royalty payments in exchange for assignment of his patent rights to the Company. The royalty is 5% of gross receipts from products using this invention in excess of $500,000 annually. The Company's current operations utilize this invention. There was no royalty expense incurred during the three months ended December 31, 2014 and 2013, and the one month ended September 30, 2014. | ||
Collaboration agreement | ||
In December 2013, the Company entered into a collaboration agreement with a privately-held Taiwan biopharmaceuticals manufacturer and a beneficial owner of over 5% of the Company's common shares. Under the terms of the agreement, the Company will be responsible for the production and delivery of GMP grade KLH for evaluation as a carrier molecule in the collaboration partner's potential manufacture of OBI-822 active immunotherapy. The Company is also responsible for method development, product formulation, and process qualification for certain KLH reference standards. The collaboration partner is responsible for development objectives and product specifications. The agreement provides for the collaboration partner to pay fees for certain expenses and costs associated with the collaboration. Subject to certain conditions and timing, the collaboration also provides for the parties to negotiate a commercial supply agreement for Stellar KLH™ in the future. However, there can be no assurance that any such negotiations will lead to successful execution of any further agreements related to this collaboration. |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow and Non-Cash Transactions | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] | |||||||||||||
Supplemental Disclosure of Cash Flow and Non-Cash Transactions | 10 | Supplemental Disclosure of Cash Flow and Non-Cash Transactions | |||||||||||
Supplemental disclosure of cash flow information follows: | |||||||||||||
December 31, | December 31, | September 30, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Cash paid during the period for taxes | $ | 9,800 | $ | 800 | $ | 800 | |||||||
Cash paid during the period for interest | - | - | - | ||||||||||
Supplemental disclosure of non-cash financing and investing activities follows: | |||||||||||||
December 31, | December 31, | September 30, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Transfer to common stock on exercise of warrants and broker units | $ | 426 | 5,035,567 | 890,214 | |||||||||
Transfer to common stock on exercise of options | 27,619 | 142,405 | 13,533 | ||||||||||
Shares subscribed transferred to common stock | - | 77,736 | - | ||||||||||
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 12 Months Ended | ||
Aug. 31, 2014 | |||
Concentrations of Credit Risk [Abstract] | |||
Concentrations of Credit Risk | 11 | Concentrations of Credit Risk | |
Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents and accounts receivable. Management's assessment of the Company's credit risk for cash and cash equivalents is low as cash and cash equivalents are held in financial institutions believed to be credit worthy. The Company limits its exposure to credit loss by placing its cash with major financial institutions and invests only in short-term obligations. | |||
Approximately 71%, 68% and 74% of the Company's product sales and contract services revenue during the three months ended December 31, 2014 and 2013, and the one month ended September 30, 2014, respectively, were from two customers. All of the grant revenue during the three months ended December 31, 2013 was received from the National Science Foundation. | |||
Approximately 73% and 76% of the Company's accounts receivable at December 31, 2014 and August 31, 2014, respectively, were from one customer and approximately 81% of the Company's accounts receivable at September 30, 2014 was from two customers. | |||
While the Company is exposed to credit losses due to the non-performance of its counterparties, the Company considers the risk of this remote. The Company estimates its maximum credit risk for accounts receivable at the amount recorded on the balance sheet. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2014 | |
Significant Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the ASC Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company's financial statements. | |
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15 defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. The guidance in ASU 2014-15 is effective for annual reporting periods beginning after December 15, 2016, with early application permitted. Management is in the process of assessing the impact of ASU 2014-15 on the Company's financial statements. |
Inventory_Tables
Inventory (Tables) | 3 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Inventory [Abstract] | |||||||||||
Inventory | December 31, | September 30, | |||||||||
2014 | 2014 | ||||||||||
Raw materials | $ | 15,212 | $ | 10,480 | |||||||
Work in process | 119,096 | 24,411 | |||||||||
$ | 134,308 | $ | 34,891 |
Property_Plant_and_Equipment_n1
Property, Plant and Equipment, net (Tables) | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment, net [Abstract] | |||||||||||||
Property, Plant and Equipment, net | Property, plant and equipment, net consisted of the following: | ||||||||||||
December 31, | September 30, | August 31, | |||||||||||
2014 | 2014 | 2014 | |||||||||||
Aquaculture system | $ | 58,923 | $ | 58,923 | $ | 58,923 | |||||||
Laboratory facilities | 62,033 | 62,033 | 62,033 | ||||||||||
Computer and office equipment | 77,697 | 77,697 | 77,697 | ||||||||||
Tools and equipment | 635,766 | 635,766 | 622,289 | ||||||||||
Vehicles | 10,997 | 10,997 | 10,997 | ||||||||||
Leasehold improvements | 100,036 | 61,187 | 61,187 | ||||||||||
945,452 | 906,603 | 893,126 | |||||||||||
Less: accumulated depreciation | (555,798 | ) | (518,263 | ) | (505,734 | ) | |||||||
$ | 389,654 | $ | 388,340 | $ | 387,392 |
Commitments_Tables
Commitments (Tables) | 3 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments [Abstract] | |||||
Schedule of Future Minimum Lease Payments | Future minimum lease payments are as follows: | ||||
December 31, | |||||
2014 | |||||
For The Year Ending September 30, | |||||
2015 | $ | 118,000 | |||
2016 | 59,000 | ||||
$ | 177,000 |
Share_Capital_Tables
Share Capital (Tables) | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Share Capital [Abstract] | |||||||||||||
Transactions In Share Capital | The Company had the following transactions in share capital: | ||||||||||||
Three Months Ended | One Month Ended | ||||||||||||
December 31, | December 31, | September 30, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Proceeds from exercise of warrants and broker units | $ | 938 | $ | 2,419,745 | $ | 727,804 | |||||||
Transfer to common shares on exercise of warrants and broker units | 426 | 5,035,567 | 890,214 | ||||||||||
Proceeds from exercise of options | 27,781 | 137,969 | 11,488 | ||||||||||
Transfer to common shares on exercise of options | 27,619 | 142,405 | 13,533 | ||||||||||
Share-based compensation | 86,865 | 468,717 | 36,509 | ||||||||||
Number of common shares issued | 126,800 | 4,217,101 | 1,151,000 | ||||||||||
Schedule of Warrant Activity | A summary of the Company's warrants activity is as follows: | ||||||||||||
Number of | Weighted | ||||||||||||
Warrants | Average | ||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2013 | 11,326,300 | $ | 0.57 | CDN $ | |||||||||
Granted | 38,100 | 0.46 | CDN $ | ||||||||||
Granted | 6,047,612 | 1.33 | |||||||||||
Exercised | (5,832,300 | ) | 0.68 | CDN $ | |||||||||
Exercised | (60,000 | ) | 1.35 | ||||||||||
Balance - August 31, 2014 | 11,519,712 | $ | 0.97 | CDN $ | |||||||||
Granted | 42,600 | 0.75 | CDN $ | ||||||||||
Exercised | (1,017,000 | ) | 0.75 | CDN $ | |||||||||
Balance - September 30, 2014 | 10,545,312 | $ | 1.01 | CDN $ | |||||||||
Exercised | (600 | ) | 0.75 | CDN $ | |||||||||
Expired | (300 | ) | 0.75 | CDN $ | |||||||||
Balance - December 31, 2014 | 10,544,412 | $ | 1.04 | CDN $ | |||||||||
Summary of Warrants Outstanding | The following table summarizes information about the outstanding warrants at December 31, 2014: | ||||||||||||
Exercise Price | Number of | Expiry Date | |||||||||||
Warrants | |||||||||||||
CDN$1.25 | 278,400 | 23-Jan-15 | |||||||||||
CDN$0.40 | 4,000,000 | 25-Oct-15 | |||||||||||
CDN$0.40 | 278,400 | 4-Jan-16 | |||||||||||
$1.35 | 4,701,902 | 9-Sep-16 | |||||||||||
$1.05 | 200,000 | 9-Sep-16 | Broker warrants | ||||||||||
$1.35 | 952,377 | 20-Sep-16 | |||||||||||
$1.05 | 133,333 | 20-Sep-16 | Broker warrants | ||||||||||
10,544,412 | |||||||||||||
Schedule of Fair Value Of Warrants Exercised, Valuation Assumptions | The fair value of warrants exercised during the three months ended December 31, 2014 and 2013, and the one month ended September 30, 2014 was determined using the Black-Scholes option valuation model, using the following weighted average assumptions: | ||||||||||||
Three Months Ended | One Month Ended | ||||||||||||
December 31, | December 31, | September 30, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Risk free interest rate | 1.12 | % | 1.07 | % | 1.12 | % | |||||||
Expected life (years) | 0.01 | 0.25 | 0.03 | ||||||||||
Expected share price volatility | 97 | % | 111 | % | 97 | % | |||||||
Schedule of Broker Units Activity | A summary of broker units activity is as follows: | ||||||||||||
Number of | Weighted | ||||||||||||
Units | Average | ||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2013 | 596,200 | $ | 0.29 | CDN $ | |||||||||
Exercised | (45,000 | ) | 0.33 | CDN $ | |||||||||
Balance - August 31, 2014 | 551,200 | $ | 0.29 | CDN $ | |||||||||
Exercised | (84,000 | ) | 0.5 | CDN $ | |||||||||
Balance - September 30, 2014 | 467,200 | $ | 0.25 | CDN $ | |||||||||
Exercised | (1,200 | ) | 0.5 | CDN $ | |||||||||
Balance - December 31, 2014 | 466,000 | $ | 0.25 | CDN $ | |||||||||
Summary Of Broker Units Outstanding | The following table summarizes information about the outstanding broker units at December 31, 2014: | ||||||||||||
Exercise Price | Number of | Expiry Date | |||||||||||
Units | |||||||||||||
CDN$0.25 | 400,000 | 25-Oct-15 | |||||||||||
CDN$0.25 | 66,000 | 4-Jan-16 | |||||||||||
466,000 | |||||||||||||
Schedule of Share-based Compensation Stock Options Activity | Options have been granted under the Plan allowing the holders to purchase common shares of the Company as follows: | ||||||||||||
Number of | Weighted | ||||||||||||
Options | Average | ||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2013 | 6,588,868 | $ | 0.42 | CDN $ | |||||||||
Granted | 195,000 | 1.42 | CDN $ | ||||||||||
Granted | 595,000 | 1.83 | |||||||||||
Exercised | (1,441,668 | ) | 0.41 | CDN $ | |||||||||
Expired | (1,667 | ) | 0.42 | CDN $ | |||||||||
Balance - August 31, 2014 | 5,935,533 | $ | 0.61 | CDN $ | |||||||||
Exercised | (50,000 | ) | 0.25 | CDN $ | |||||||||
Balance - September 30, 2014 | 5,885,533 | $ | 0.62 | CDN $ | |||||||||
Granted | 102,500 | 1.52 | CDN $ | ||||||||||
Exercised | (125,000 | ) | 0.25 | CDN $ | |||||||||
Balance - December 31, 2014 | 5,863,033 | $ | 0.65 | CDN $ | |||||||||
Summary of Options Outstanding And Exercisable | The following table summarizes information about the options under the Plan outstanding and exercisable at December 31, 2014: | ||||||||||||
Exercise Price | Number of | Exercisable at | Expiry Date | ||||||||||
Options | 31-Dec-14 | ||||||||||||
CDN$ | 0.28 | 1,645,000 | 1,645,000 | 9-Apr-17 | |||||||||
CDN$ | 0.25 | 55,000 | 55,000 | 17-May-17 | |||||||||
CDN$ | 0.28 | 20,000 | 20,000 | 28-Jun-17 | |||||||||
CDN$ | 0.28 | 70,000 | 70,000 | 13-Jul-17 | |||||||||
CDN$ | 0.64 | 70,000 | 70,000 | 25-Oct-17 | |||||||||
CDN$ | 1 | 60,000 | 60,000 | 10-Feb-18 | |||||||||
CDN$ | 0.65 | 848,600 | 848,600 | 8-Aug-18 | |||||||||
CDN$ | 0.5 | 5,000 | 5,000 | 26-Sep-18 | |||||||||
CDN$ | 1.87 | 100,000 | 66,667 | 7-Nov-18 | |||||||||
CDN$ | 0.4 | 70,000 | 70,000 | 22-Dec-18 | |||||||||
CDN$ | 0.42 | 853,600 | 853,600 | 13-Apr-19 | |||||||||
CDN$ | 0.29 | 90,000 | 90,000 | 18-Jun-19 | |||||||||
CDN$ | 0.37 | 150,000 | 150,000 | 9-Aug-19 | |||||||||
CDN$ | 0.37 | 150,000 | 150,000 | 16-Aug-19 | |||||||||
CDN$ | 0.25 | 8,333 | 8,333 | 23-Oct-19 | |||||||||
CDN$ | 0.25 | 215,000 | 215,000 | 19-Dec-19 | |||||||||
CDN$ | 0.58 | 560,000 | 560,000 | 14-May-20 | |||||||||
CDN$ | 0.58 | 100,000 | 100,000 | 23-May-20 | |||||||||
$ | 1.83 | 495,000 | 330,000 | 1-Nov-20 | |||||||||
$ | 1.84 | 100,000 | 66,667 | 15-Nov-20 | |||||||||
CDN$ | 0.94 | 95,000 | 31,667 | 27-Jun-21 | |||||||||
CDN$ | 1.52 | 102,500 | 34,167 | 12-Nov-21 | |||||||||
5,863,033 | 5,499,701 | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The estimated fair value of the stock options granted during the three months ended December 31, 2014 and 2013 was determined using a Black-Scholes option valuation model with the following weighted average assumptions. There were no stock options granted during the one month ended September 30, 2014. | ||||||||||||
Three Months Ended | |||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Risk free interest rate | 1.71 | % | 1.98 | % | |||||||||
Expected life (years) | 7 | 6.42 | |||||||||||
Expected share price volatility | 116 | % | 120 | % | |||||||||
Expected dividend yield | 0 | % | 0 | % |
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Tables) | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] | |||||||||||||
Supplemental Disclosure of Cash Flow Information | Supplemental disclosure of cash flow information follows: | ||||||||||||
December 31, | December 31, | September 30, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Cash paid during the period for taxes | $ | 9,800 | $ | 800 | $ | 800 | |||||||
Cash paid during the period for interest | - | - | - | ||||||||||
Supplemental Disclosure of Non-Cash Financing and Investing Activities | Supplemental disclosure of non-cash financing and investing activities follows: | ||||||||||||
December 31, | December 31, | September 30, | |||||||||||
2014 | 2013 | 2014 | |||||||||||
Transfer to common stock on exercise of warrants and broker units | $ | 426 | 5,035,567 | 890,214 | |||||||||
Transfer to common stock on exercise of options | 27,619 | 142,405 | 13,533 | ||||||||||
Shares subscribed transferred to common stock | - | 77,736 | - |
Condensed_Transition_Period_Co
Condensed Transition Period Comparable Year Financial Information (Tables) | 3 Months Ended | ||||
Dec. 31, 2014 | |||||
Condensed Transition Period Comparable Year Financial Information [Abstract] | |||||
Condensed Transition Period Comparable Year Balance Sheets [Table Text Block] | September 30, | ||||
2013 | |||||
Assets: | |||||
Cash and cash equivalents | $ | 15,478,038 | |||
Other current assets | 225,713 | ||||
Noncurrent assets | 368,232 | ||||
Total Assets | $ | 16,071,983 | |||
Liabilities and Shareholders' Equity | |||||
Accounts payable, accrued liabilities and deferred revenue | $ | 649,113 | |||
Warrant liability, including current portion | 8,886,084 | ||||
Shareholders' equity | 6,536,786 | ||||
Total Liabilities and Shareholders' Equity | $ | 16,071,983 | |||
Condensed Transition Period Comparable Year Statements Of Operations [Table Text Block] | One Month Ended | ||||
September 30, | |||||
2013 | |||||
Total Revenues | $ | 13,839 | |||
Expenses: | |||||
Costs of revenues | 34,930 | ||||
Research and development | 203,367 | ||||
General and administration | 112,892 | ||||
Total Expenses | 351,189 | ||||
Other Income (Loss): | |||||
Foreign exchange gain (loss) | (106,446 | ) | |||
Change in fair value of warrant liability | 203,021 | ||||
Other income | 386 | ||||
Income tax expense | - | ||||
Net Loss | $ | (240,389 | ) | ||
Loss per common share - basic and diluted | $ | (0.00 | ) | ||
Weighted average number of common shares outstanding | 65,873,540 | ||||
Condensed Transition Period Comparable Year Statements Of Cash Flow [Table Text Block] | One Month Ended | ||||
September 30, | |||||
2013 | |||||
Cash Flows Used In Operating Activities: | |||||
Net loss | $ | (240,389 | ) | ||
Adjustments and changes in working capital items | 240,023 | ||||
Net cash used in operating activities | (366 | ) | |||
Net cash used in investing activities | - | ||||
Net cash provided by financing activities | 7,722,346 | ||||
Effect of exchange rate changes on cash and cash equivalents | (103,831 | ) | |||
Net change in cash and cash equivalents | 7,618,149 | ||||
Cash and cash equivalents - beginning of period | 7,859,889 | ||||
Cash and cash equivalents - end of period | $ | 15,478,038 | |||
Condensed Transition Period Comparable Year Share Capital Transactions [Table Text Block] | One Month Ended | ||||
September 30, | |||||
2013 | |||||
Share Capital Transactions: | |||||
Proceeds of private placements, net of issuance costs | $ | 6,560,833 | |||
Proceeds from exercise of warrants and broker units | 993,243 | ||||
Transfer to common shares on exercise of warrants and broker units | 1,212,985 | ||||
Proceeds from exercise of options | 168,270 | ||||
Transfer to common shares on exercise of options | 147,542 | ||||
Share-based compensation | 77,736 | ||||
Number of common shares issued | 13,701,770 |
Nature_of_Operations_and_Going1
Nature of Operations and Going Concern (Details) (USD $) | 1 Months Ended | 3 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2014 | |
Nature of Operations and Going Concern [Abstract] | |||||
Net income (loss) | $1,127,904 | ($240,389) | ($1,343,477) | ($5,577,190) | |
Accumulated deficit | -32,492,286 | -33,835,763 | -33,620,190 | ||
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net | 1,680,040 | 203,021 | 139,556 | -3,880,195 | |
Proceeds from a private placement | $12,000,000 |
Inventory_Details
Inventory (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 |
Inventory [Abstract] | |||
Raw materials | $15,212 | $10,480 | |
Work in process | 119,096 | 24,411 | |
Inventory | $134,308 | $34,891 |
Property_Plant_and_Equipment_n2
Property, Plant and Equipment, net (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment, net [Abstract] | |||
Depreciation expense | $12,529 | $37,535 | $24,668 |
Property_Plant_and_Equipment_n3
Property, Plant and Equipment, net (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $945,452 | $906,603 | $893,126 |
Less: accumulated depreciation | -555,798 | -518,263 | -505,734 |
Property, Plant and Equipment, net | 389,654 | 388,340 | 387,392 |
Aquaculture system [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 58,923 | 58,923 | 58,923 |
Laboratory facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 62,033 | 62,033 | 62,033 |
Computer and Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 77,697 | 77,697 | 77,697 |
Tools and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 635,766 | 635,766 | 622,289 |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 10,997 | 10,997 | 10,997 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $100,036 | $61,187 | $61,187 |
Intangible_Assets_Licensing_Ri1
Intangible Assets - Licensing Rights (Details) (Licensing Rights [Member], USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2011 | |
Licensing Rights [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Licence fee for the licensing rights | $200,000 | ||
Estimated useful life | 7 years | ||
Amortization expense | $7,143 |
Commitments_Narrative_Details
Commitments (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | |
Commitments [Abstract] | |||||
Rent expense on lease agreements | $15,000 | $46,000 | $45,000 | ||
Purchase obligations for signed agreements with contract research organizations and consultants | 60,000 | ||||
401(k) Retirement Savings Plan [Member] | |||||
Other Commitments [Line Items] | |||||
Employer contributions | 5,000 | 20,000 | 16,000 | ||
Employee vesting percentage | 100.00% | ||||
Annual non-elective safe harbor employer contribution | 3.00% | ||||
Licensing Agreements [Member] | |||||
Other Commitments [Line Items] | |||||
License costs | 200,000 | 25,000 | |||
Patent cost reimbursement | 11,000 | 12,000 | |||
Common shares issued upon execution of license agreement | 371,200 | ||||
Common shared to be called by warrants | 278,400 | ||||
Aggregate milestone payments upon achievement of financing and development targets | 6,020,000 | ||||
Contingent milestone payments due upon achievement of sales target | 57,025,000 | ||||
Milestone payment | $100,000 |
Commitments_Schedule_of_Future
Commitments (Schedule of Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
For The Year Ending September 30, | |
2015 | $118,000 |
2016 | 59,000 |
Future minimum lease payments, total | $177,000 |
Share_Capital_Schedule_of_Tran
Share Capital (Schedule of Transactions In Share Capital) (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Capital [Abstract] | ||||
Proceeds from exercise of warrants and broker units | $727,804 | $993,243 | $938 | $2,419,745 |
Transfer to common shares on exercise of warrants and broker units | 890,214 | 1,212,985 | 426 | 5,035,567 |
Proceeds from exercise of options | 11,488 | 168,270 | 27,781 | 137,969 |
Transfer to common shares on exercise of options | 13,533 | 147,542 | 27,619 | 142,405 |
Share-based compensation | $36,509 | $77,736 | $86,865 | $468,717 |
Number of common shares issued | 1,151,000 | 13,701,770 | 126,800 | 4,217,101 |
Share_Capital_Schedule_of_Warr
Share Capital (Schedule of Warrants Activity) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | |
CAD | CAD | USD ($) | CAD | |
Share Capital [Abstract] | ||||
Number of Warrants, Beginning Balance | 11,519,712 | 10,545,312 | 11,326,300 | 11,326,300 |
Number of Warrants Granted | 42,600 | 38,100 | 38,100 | |
Number of Warrants Granted | 6,047,612 | 6,047,612 | ||
Number of Warrants Exercised | -1,017,000 | -600 | -5,832,300 | -5,832,300 |
Number of Warrants Exercised | -60,000 | -60,000 | ||
Number of Warrants Expired | -300 | |||
Number of Warrants, Ending Balance | 10,545,312 | 10,544,412 | 11,519,712 | 11,519,712 |
Weighted Average Exercise Price, Beginning Balance | 0.97 | 1.01 | 0.57 | |
Weighted Average Exercise Price, Granted | 0.75 | 0.46 | ||
Weighted Average Exercise Price, Granted | $1.33 | |||
Weighted Average Exercise Price, Exercised | 0.75 | 0.75 | 0.68 | |
Weighted Average Exercise Price, Exercised | $1.35 | |||
Weighted Average Exercise Price, Expired | 0.75 | |||
Weighted Average Exercise Price, Ending Balance | 1.01 | 1.04 | 0.97 |
Share_Capital_Summary_of_Outst
Share Capital (Summary of Outstanding Warrants) (Details) | Dec. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
CAD | CAD | CAD | CAD | Warrant One [Member] | Warrant Two [Member] | Warrant Three [Member] | Warrant Four [Member] | Warrant Six [Member] | Broker warrants [Member] | Broker warrants [Member] | |
CAD | CAD | CAD | USD ($) | USD ($) | Warrant Five [Member] | Warrant Seven [Member] | |||||
USD ($) | USD ($) | ||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Exercise Price | 1.04 | 1.01 | 0.97 | 0.57 | 1.25 | 0.4 | 0.4 | $1.35 | $1.35 | $1.05 | $1.05 |
Number of Warrants | 10,544,412 | 10,545,312 | 11,519,712 | 11,326,300 | 278,400 | 4,000,000 | 278,400 | 4,701,902 | 952,377 | 200,000 | 133,333 |
Expiry Date | 23-Jan-15 | 25-Oct-15 | 4-Jan-16 | 9-Sep-16 | 20-Sep-16 | 9-Sep-16 | 20-Sep-16 |
Recovered_Sheet1
Share Capital (Schedule Of Warrants Exercised, Fair Value Assumptions) (Details) (Warrants Exercised [Member]) | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Warrants Exercised [Member] | |||
Class of Warrant or Right [Line Items] | |||
Risk free interest rate | 1.12% | 1.12% | 1.07% |
Expected life (years) | 11 days | 4 days | 3 months |
Expected share price volitility | 97.00% | 97.00% | 111.00% |
Share_Capital_Schedule_of_Brok
Share Capital (Schedule of Broker Units Activity) (Details) (CAD) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2014 | Aug. 31, 2014 | |
Share Capital [Abstract] | |||
Number of units, Beginning Balance | 551,200 | 467,200 | 596,200 |
Number of units, Exercised | -84,000 | -1,200 | -45,000 |
Number of units, Ending Balance | 467,200 | 466,000 | 551,200 |
Weighted average exercise price, Beginning Balance | 0.29 | 0.25 | 0.29 |
Weighted average exercise price, Exercised | 0.5 | 0.5 | 0.33 |
Weighted average exercise price, Ending Balance | 0.25 | 0.25 | 0.29 |
Share_Capital_Summary_of_Outst1
Share Capital (Summary of Outstanding Broker Units) (Details) (CAD) | 3 Months Ended | |||
Dec. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | |
Class of Warrant or Right [Line Items] | ||||
Number of Units | 466,000 | 467,200 | 551,200 | 596,200 |
Broker Unit One [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Price | 0.25 | |||
Number of Units | 400,000 | |||
Expiry Date | 25-Oct-15 | |||
Broker Unit Two [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Price | 0.25 | |||
Number of Units | 66,000 | |||
Expiry Date | 4-Jan-16 |
Share_Capital_Schedule_of_Stoc
Share Capital (Schedule of Stock Option Activity) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | |
CAD | CAD | USD ($) | CAD | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options, Beginning Balance | 5,935,533 | 5,885,533 | 6,588,868 | 6,588,868 |
Number of Options, Granted | 102,500 | 195,000 | 195,000 | |
Number of Options, Granted | 595,000 | 595,000 | ||
Number of Options, Exercised | -50,000 | -125,000 | -1,441,668 | -1,441,668 |
Number of Options, Expired | -1,667 | -1,667 | ||
Number of Options, Ending Balance | 5,885,533 | 5,863,033 | 5,935,533 | 5,935,533 |
Weighted Average Exercise Price, Beginning Balance | 0.61 | 0.62 | 0.42 | |
Weighted Average Exercise Price, Granted | 1.52 | 1.42 | ||
Weighted Average Exercise Price, Granted | $1.83 | |||
Weighted Average Exercise Price, Exercised | 0.25 | 0.25 | 0.41 | |
Weighted Average Exercise Price, Expired | 0.42 | |||
Weighted Average Exercise Price, Ending Balance | 0.62 | 0.65 | 0.61 |
Share_Capital_Summary_of_Stock
Share Capital (Summary of Stock Options Outstanding and Exercisable) (Details) | Dec. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | 2013 Fixed Stock Option Plan [Member] | |||||
Stock Option One [Member] | Stock Option Two [Member] | Stock Option Three [Member] | Stock Option Four [Member] | Stock Option Five [Member] | Stock Option Six [Member] | Stock Option Seven [Member] | Stock Option Eight [Member] | Stock Option Nine [Member] | Stock Option Ten [Member] | Stock Option Eleven [Member] | Stock Option Twelve [Member] | Stock Option Thirteen [Member] | Stock Option Fourteen [Member] | Stock Option Fifteen [Member] | Stock Option Sixteen [Member] | Stock Option Seventeen [Member] | Stock Option Eighteen [Member] | Stock Option Ninteen [Member] | Stock Option Twenty [Member] | Stock Option Twenty One [Member] | Stock Option Twenty Two [Member] | |||||
CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | USD ($) | USD ($) | CAD | CAD | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||
Exercise Price | 0.28 | 0.25 | 0.28 | 0.28 | 0.64 | 1 | 0.65 | 0.5 | 1.87 | 0.4 | 0.42 | 0.29 | 0.37 | 0.37 | 0.25 | 0.25 | 0.58 | 0.58 | $1.83 | $1.84 | 0.94 | 1.52 | ||||
Number of Options | 5,863,033 | 5,885,533 | 5,935,533 | 6,588,868 | 1,645,000 | 55,000 | 20,000 | 70,000 | 70,000 | 60,000 | 848,600 | 5,000 | 100,000 | 70,000 | 853,600 | 90,000 | 150,000 | 150,000 | 8,333 | 215,000 | 560,000 | 100,000 | 495,000 | 100,000 | 95,000 | 102,500 |
Exercisable at December 31, 2014 | 5,499,701 | 1,645,000 | 55,000 | 20,000 | 70,000 | 70,000 | 60,000 | 848,600 | 5,000 | 66,667 | 70,000 | 853,600 | 90,000 | 150,000 | 150,000 | 8,333 | 215,000 | 560,000 | 100,000 | 330,000 | 66,667 | 31,667 | 34,167 | |||
Expiry Date | 9-Apr-17 | 17-May-17 | 28-Jun-17 | 13-Jul-17 | 25-Oct-17 | 10-Feb-18 | 8-Aug-18 | 26-Sep-18 | 7-Nov-18 | 22-Dec-18 | 13-Apr-19 | 18-Jun-19 | 9-Aug-19 | 16-Aug-19 | 23-Oct-19 | 19-Dec-19 | 14-May-20 | 23-May-20 | 1-Nov-20 | 15-Nov-20 | 27-Jun-21 | 12-Nov-21 |
Share_Capital_Schedule_of_Stoc1
Share Capital (Schedule of Stock Options Granted, Fair Value Assumptions) (Details) (Employee Stock Option [Member]) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 1.71% | 1.98% |
Expected life (years) | 7 years | 6 years 5 months 1 day |
Expected share price volitility | 116.00% | 120.00% |
Expected dividend yield | 0.00% | 0.00% |
Share_Capital_Narrative_Detail
Share Capital (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 3 Months Ended | |||||||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 31, 2012 | Dec. 31, 2014 | |
USD ($) | USD ($) | CAD | USD ($) | CAD | Broker units [Member] | Warrant [Member] | Performance Shares [Member] | Performance Shares [Member] | Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share based compensation, shared reserved for issuance | 10,000,000 | 10,000,000 | ||||||||
Share based compensation, shares outstanding | 3,838,383 | |||||||||
Weighted average contractual life remaining on the outstanding warrants or broker units | 10 months 2 days | 1 year 3 months 18 days | ||||||||
Weighted average contractual life remaining on the outstanding options | 3 years 11 months 9 days | 3 years 11 months 9 days | ||||||||
Share based compensation, stock option vesting schedule | The exercise price of an option is set at the closing price of the Company's common shares on the date of grant. Stock options granted to directors, officers, employees and consultants are subject to the following vesting schedule: (a) One-third of the shares subject to the option shall vest immediately; (b) One-third of the shares subject to the option shall vest 12 months from the date of grant; and (c) One-third of the shares subject to the option shall vest 18 months from the date of grant. Stock options granted to investor relations consultants vest over a period of not less than 12 months with 25% of the shares subject to the option vesting on the date that is three months from the date of grant, and a further 25% vesting on each successive date that is three months from the date of the prior vesting. | |||||||||
Weighted average fair value of stock options awarded | 1.34 | 1.49 | ||||||||
Unrecognized share-based compensation expense | $175,000 | |||||||||
Unrecognized share-based compensation expense, recognition period | 1 year 6 months | 1 year 6 months | ||||||||
Intrinsic value of the options exercised | 1.74 | 1.15 | 1.55 | |||||||
Intrinsic value of the vested options | $0.83 |
Related_Party_Disclosures_Deta
Related Party Disclosures (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 14, 2002 | |
Director and Officer [Member] | Royalty Agreements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Royalty percentage of gross receipts over base amount | 5.00% | |||
Gross receipt base amount for royalty calculation | $500,000 | |||
Royalty expense | ||||
A Taiwan Biopharmaceuticals Manufacturer and a Beneficial Owner [Member] | Collaborative Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 5.00% |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Schedule of Supplemental Disclosure of Cash Flow Information) (Details) (USD $) | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] | |||
Cash paid during the period for taxes | $800 | $9,800 | $800 |
Cash paid during the period for interest |
Supplemental_Disclosure_of_Cas3
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Schedule of Supplemental Disclosure of Non-cash Financing and Investing Activities) (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] | ||||
Transfer to common shares on exercise of warrants and broker units | $890,214 | $1,212,985 | $426 | $5,035,567 |
Transfer to common shares on exercise of options | 13,533 | 147,542 | 27,619 | 142,405 |
Shares subscribed transferred to common stock | $77,736 |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk (Details) (Customer Concentration Risk [Member]) | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 81.00% | 73.00% | 76.00% |
Product Sales and Contract Services Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 74.00% | 71.00% | 68.00% |
Condensed_Transition_Period_Co1
Condensed Transition Period Comparable Year Financial Information (Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 |
Assets [Abstract] | ||||||
Cash and cash equivalents | $12,763,533 | $13,769,953 | $13,427,404 | $16,725,570 | $15,478,038 | $7,859,889 |
Other current assets | 225,713 | |||||
Noncurrent assets | 405,554 | 404,240 | 403,292 | 368,232 | ||
Total Assets | 13,425,793 | 14,827,715 | 14,473,962 | 16,071,983 | ||
Liabilities and Equity [Abstract] | ||||||
Accounts payable, accrued liabilities and deferred revenue | 649,113 | |||||
Warrant liability, including current portion | 8,886,084 | |||||
Shareholders' equity | 9,236,842 | 10,464,735 | 7,700,633 | 6,536,786 | ||
Total Liabilities and Shareholders' Equity | $13,425,793 | $14,827,715 | $14,473,962 | $16,071,983 |
Condensed_Transition_Period_Co2
Condensed Transition Period Comparable Year Financial Information (Statements of Operations) (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Transition Period Comparable Year Financial Information [Abstract] | ||||
Total Revenues | $52,786 | $13,839 | $212,661 | $58,825 |
Expenses: | ||||
Cost of revenue | 34,930 | |||
Research and development | 178,280 | 203,367 | 418,821 | 548,225 |
General and administration | 293,130 | 112,892 | 942,153 | 1,021,130 |
Total Expenses | 505,109 | 351,189 | 1,538,075 | 1,754,432 |
Other Income (Loss) | ||||
Foreign exchange gain (loss) | -97,866 | -106,446 | -161,112 | -16,508 |
Increase (decrease) in fair value of warrant liability | 1,680,040 | 203,021 | 139,556 | -3,880,195 |
Other income | 386 | |||
Income tax expense | 3,800 | 9,800 | 800 | |
Net Income (Loss) | $1,127,904 | ($240,389) | ($1,343,477) | ($5,577,190) |
Loss per common share - basic and diluted | $0 | |||
Weighted average number of common shares outstanding | 65,873,540 |
Condensed_Transition_Period_Co3
Condensed Transition Period Comparable Year Financial Information (Statements of Cash Flows) (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows Used In Operating Activities: | ||||
Net loss | $1,127,904 | ($240,389) | ($1,343,477) | ($5,577,190) |
Adjustments and changes in working capital items | 240,023 | |||
Net cash used in operating activities | -296,692 | -366 | -1,285,544 | -1,086,888 |
Net cash used in investing activities | -15,968 | 404,062 | -209,129 | |
Net cash provided by financing activities | 739,292 | 7,722,346 | 28,719 | 2,557,714 |
Effect of exchange rate changes on cash and cash equivalents | -84,083 | -103,831 | -153,657 | -14,165 |
Net change in cash and cash equivalents | 342,549 | 7,618,149 | -1,006,420 | 1,247,532 |
Cash and cash equivalents - beginning of year | 13,427,404 | 7,859,889 | 13,769,953 | 15,478,038 |
Cash and cash equivalents - end of year | $13,769,953 | $15,478,038 | $12,763,533 | $16,725,570 |
Condensed_Transition_Period_Co4
Condensed Transition Period Comparable Year Financial Information (Share Capital Transactions) (Details) (USD $) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Transition Period Comparable Year Financial Information [Abstract] | ||||
Proceeds of private placements, net of issuance costs | $6,560,833 | |||
Proceeds from exercise of warrants and broker units | 727,804 | 993,243 | 938 | 2,419,745 |
Transfer to common shares on exercise of warrants and broker units | 890,214 | 1,212,985 | 426 | 5,035,567 |
Proceeds from exercise of options | 11,488 | 168,270 | 27,781 | 137,969 |
Transfer to common shares on exercise of options | 13,533 | 147,542 | 27,619 | 142,405 |
Share-based compensation | $36,509 | $77,736 | $86,865 | $468,717 |
Number of common shares issued | 1,151,000 | 13,701,770 | 126,800 | 4,217,101 |