Edesa Biotech (EDSA) 10-Q 12 Aug 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Jun. 30, 2022	Aug. 10, 2022
Cover [Abstract]
Entity Registrant Name	EDESA BIOTECH, INC.
Entity Central Index Key	0001540159
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		15,462,287
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-37619
Entity Incorporation State Country Code	Z4
Entity Address Address Line 1	100 Spy Court
Entity Address City Or Town	Markham
Entity Address State Or Province	ON
Entity Address Country	CA
Entity Address Postal Zip Code	L3R 5H6
City Area Code	289
Local Phone Number	800-9600
Security 12b Title	Common Shares, without par value
Trading Symbol	EDSA
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Interim Consolidated

Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Current assets:
Cash and cash equivalents	$ 12,808,712	$ 7,839,259
Accounts and other receivable	1,403,661	3,302,827
Prepaid expenses and other current assets	968,061	948,645
Total current assets	15,180,434	12,090,731
Non-current assets:
Property and equipment, net	15,245	14,989
Intangible asset, net	2,306,485	2,382,364
Operating lease right-of-use assets	39,037	96,571
Total assets	17,541,201	14,584,655
Current liabilities:
Accounts payable and accrued liabilities	5,617,206	1,379,842
Short-term operating lease liabilities	40,123	78,808
Total current liabilities	5,657,329	1,458,650
Non-current liabilities:
Long-term payables	46,536	47,202
Long-term operating lease liabilities	0	20,512
Total liabilities	5,703,865	1,526,364
Shareholders' equity:
Capital shares Authorized unlimited common and preferred shares without par value Issued and outstanding: 15,462,287 common shares (September 30, 2021 - 13,295,403)	40,264,080	34,887,721
Additional paid-in capital	12,929,686	4,871,461
Accumulated other comprehensive loss	(125,788)	(205,262)
Accumulated deficit	(41,230,642)	(26,495,629)
Total shareholders' equity	11,837,336	13,058,291
Total liabilities and shareholders' equity	$ 17,541,201	$ 14,584,655

Condensed Interim Consolidate_2

Condensed Interim Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Sep. 30, 2021
Condensed Interim Consolidated Balance Sheets (Unaudited)
Capital Shares, Par Value	$ 0	$ 0
Capital Shares, Issued	15,462,287	13,295,403
Capital Shares, Outstanding	15,462,287	13,295,403

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Expenses:
Research and development	$ 4,547,543	$ 4,464,347	$ 11,541,404	$ 13,819,305
General and administrative	1,249,982	1,608,232	3,993,075	4,377,507
Loss from operations	(5,797,525)	(6,072,579)	(15,534,479)	(18,196,812)
Other income (loss):
Reimbursement grant income	0	1,306,796	780,257	8,477,261
Interest income	17,518	2,610	27,386	4,279
Foreign exchange gain (loss)	(7,013)	3,663	(7,377)	58,963
Total Other Income (Loss)	10,505	1,313,069	800,266	8,540,503
Loss before income taxes	(5,787,020)	(4,759,510)	(14,734,213)	(9,656,309)
Income tax expense	0	0	800	800
Net loss	(5,787,020)	(4,759,510)	(14,735,013)	(9,657,109)
Exchange differences on translation	34,559	174,128	79,474	267,075
Net comprehensive loss	$ (5,752,461)	$ (4,585,382)	$ (14,655,539)	$ (9,390,034)
Weighted average number of common shares	15,462,287	13,251,999	14,227,538	11,680,294
Loss per common share - basic and diluted	$ (0.37)	$ (0.36)	$ (1.04)	$ (0.83)

Condensed Interim Consolidate_4

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (14,735,013)	$ (9,657,109)
Adjustments for:
Depreciation and amortization	89,228	89,853
Share-based compensation	1,804,670	2,290,794
Changes in working capital items:
Accounts and other receivable	1,900,776	(4,008,512)
Prepaid expenses and other current assets	(28,858)	(1,389,083)
Accounts payable and accrued liabilities	4,318,102	(635,554)
Net cash used in operating activities	(6,651,095)	(13,309,611)
Cash flows from investing activities:
Purchase of property and equipment	(5,697)	(7,610)
Net cash used in investing activities	(5,697)	(7,610)
Cash flows from financing activities:
Proceeds from issuance of common shares and warrants	11,957,567	12,793,591
Proceeds from exercise of warrants	0	1,467,536
Proceeds from exercise of share options	0	41,985
Payments for issuance costs of common shares and warrants	(327,653)	(349,408)
Net cash provided by financing activities	11,629,914	13,953,704
Effect of exchange rate changes on cash and cash equivalents	(3,669)	202,396
Net change in cash and cash equivalents	4,969,453	838,879
Cash and cash equivalents, beginning of period	7,839,259	7,213,695
Cash and cash equivalents, end of period	12,808,712	8,052,574
Supplemental Disclosure of Noncash Financing Activities:
Preferred shares converted from temporary equity to common shares	0	2,496,480
Issuance costs withheld from gross proceeds from issuance of common shares and warrants	393,461	955,950
Fair value of placement agent/underwriter warrants	$ 408,059	$ 407,023

Condensed Interim Consolidate_5

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Total	Common Shares	Additional Paid-In Capital	Accumulated other comprehensive loss	Accumulated Deficit
Balance, shares at Sep. 30, 2020		9,615,119
Balance, amount at Sep. 30, 2020	$ 6,631,175	$ 18,500,853	$ 1,550,480	$ (287,204)	$ (13,132,954)
Issuance of common shares and warrants in equity offering, shares		2,148,963
Issuance of common shares and warrants in equity offering, amount	13,749,541	$ 13,749,541	0	0	0
Issuance costs including fair value of underwriter warrants	(1,464,197)	$ (1,871,220)	407,023	0	0
Issuance of common shares upon exercise of warrants, shares		341,806
Issuance of common shares upon exercise of warrants, amount	1,467,536	$ 1,681,936	(214,400)	0	0
Issuance of common shares upon exercise of share options, shares		19,746
Issuance of common shares upon exercise of share options, amount	41,985	$ 69,535	(27,550)	0	0
Preferred return on convertible preferred shares	(19,525)	$ 0	0	0	(19,525)
Conversion of convertible preferred shares, shares		1,129,925
Conversion of convertible preferred shares, amount	2,496,480	$ 2,496,480	0	0	0
Share-based compensation	2,290,794	0	2,290,794	0	0
Net loss and comprehensive loss	(9,390,034)	$ 0	0	267,075	(9,657,109)
Balance, shares at Jun. 30, 2021		13,255,559
Balance, amount at Jun. 30, 2021	15,803,755	$ 34,627,125	4,006,347	(20,129)	(22,809,588)
Balance, shares at Mar. 31, 2021		13,246,559
Balance, amount at Mar. 31, 2021	19,272,784	$ 34,602,637	2,914,482	(194,257)	(18,050,078)
Issuance of common shares upon exercise of share options, shares		9,000
Issuance of common shares upon exercise of share options, amount	15,903	$ 24,488	(8,585)	0	0
Share-based compensation	1,100,450	0	1,100,450	0	0
Net loss and comprehensive loss	(4,585,382)	$ 0	0	174,128	(4,759,510)
Balance, shares at Jun. 30, 2021		13,255,559
Balance, amount at Jun. 30, 2021	15,803,755	$ 34,627,125	4,006,347	(20,129)	(22,809,588)
Balance, shares at Sep. 30, 2021		13,295,403
Balance, amount at Sep. 30, 2021	13,058,291	$ 34,887,721	4,871,461	(205,262)	(26,495,629)
Issuance of common shares and warrants in equity offering, shares		2,166,884
Issuance of common shares and warrants in equity offering, amount	12,941,473	$ 6,239,180	6,702,293	0	0
Share-based compensation	1,804,670	0	1,804,670	0	0
Net loss and comprehensive loss	(14,655,539)	0	0	79,474	(14,735,013)
Issuance costs including fair value of placement agent warrants	(1,311,559)	$ (862,821)	(448,738)	0	0
Balance, shares at Jun. 30, 2022		15,462,287
Balance, amount at Jun. 30, 2022	11,837,336	$ 40,264,080	12,929,686	(125,788)	(41,230,642)
Balance, shares at Mar. 31, 2022		15,462,287
Balance, amount at Mar. 31, 2022	17,024,413	$ 40,264,080	12,364,302	(160,347)	(35,443,622)
Share-based compensation	565,384	0	565,384	0	0
Net loss and comprehensive loss	(5,752,461)	$ 0	0	34,559	(5,787,020)
Balance, shares at Jun. 30, 2022		15,462,287
Balance, amount at Jun. 30, 2022	$ 11,837,336	$ 40,264,080	$ 12,929,686	$ (125,788)	$ (41,230,642)

Nature of operations

Nature of operations	9 Months Ended
	Jun. 30, 2022
Nature of operations
1. Nature Of Operations	1. Nature of Operations Edesa Biotech, Inc. (the “Company” or “Edesa”) is a biopharmaceutical company focused on acquiring, developing and commercializing clinical-stage drugs for inflammatory and immune-related diseases with clear unmet medical needs. The Company is organized under the laws of British Columbia, Canada and is headquartered in Markham, Ontario, Canada. The Company’s common shares trade on The Nasdaq Capital Market in the United States under the symbol “EDSA”. Impact of COVID-19 The ongoing COVID-19 pandemic has severely impacted global economic activity and has caused material disruptions to almost every industry directly or indirectly. The full impact of the pandemic remains uncertain and ongoing developments related to the pandemic may cause material impacts to the Company’s future operations, clinical study timelines and financial results. While the full impact of the COVID-19 pandemic to business and operating results presents additional uncertainty, the Company’s management continues to use reasonably available information to assess impacts to the Company’s business plans and financial condition.

Basis of presentation

Basis of presentation	9 Months Ended
	Jun. 30, 2022
Basis of presentation
2. 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 unaudited 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 September 30, 2021, which was filed with the Securities and Exchange Commission (SEC) on December 28, 2021. The accompanying unaudited condensed interim consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Edesa Biotech Research, Inc., an Ontario corporation, and Edesa Biotech USA, Inc., a California corporation in the U.S. All intercompany balances and transactions have been eliminated on consolidation. All adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the periods presented have been included in the interim periods. Operating results for the three and nine months ended June 30, 2022 are not necessarily indicative of the results that may be expected for other interim periods or the fiscal year ending September 30, 2022. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP 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 revenue and expenses during the period or year. Actual results could differ from those estimates. Areas where significant judgment is involved in making estimates are valuation of accounts and other receivable; valuation and useful lives of property and equipment; intangible assets; right-of-use assets; deferred income taxes; the determination of fair value of share-based compensation; the determination of fair value of warrants in order to allocate proceeds from equity issuances; and forecasting future cash flows for assessing the going concern assumption. Functional and reporting currencies The consolidated financial statements of the Company are presented in U.S. dollars, unless otherwise stated, which is the functional currency of the Company and its U.S. subsidiary. The functional currency of the Company’s Canadian subsidiary, as determined by management, is Canadian dollars.

Intangible assets

Intangible assets	9 Months Ended
	Jun. 30, 2022
Intangible assets
3. Intangible Assets	3. Intangible Assets Acquired License In April 2020, the Company entered into a license agreement with a pharmaceutical development company to obtain exclusive world-wide rights to know-how, patents and data relating to certain monoclonal antibodies (the Constructs), including sublicensing rights. Unless earlier terminated, the term of the license agreement will remain in effect for 25 years from the date of first commercial sale of licensed products containing the Constructs. Subsequently, the license agreement will automatically renew for five-year periods unless either party terminates the agreement in accordance with its terms. Under the license agreement, the Company is exclusively responsible, at its expense, for the research, development, manufacture, marketing, distribution and commercialization of the Constructs and licensed products and to obtain all necessary licenses and rights. The Company is required to use commercially reasonable efforts to develop and commercialize the Constructs in accordance with the terms of a development plan established by the parties. The Company has determined that the license has multiple alternative future uses in research and development projects and sublicensing in other countries or for other disease indications. The value of the acquired license is recorded as an intangible asset with amortization over the estimated useful life of 25 years and evaluation for impairment at the end of each reporting period. The required upfront license payment of $2.5 million was paid by issuance of Series A-1 Convertible Preferred Shares which were subsequently converted to common shares. The value of the license includes acquisition legal costs. See Note 5 for license commitments. Intangible assets, net consisted of the following: June 30, 2022 September 30, 2021 The Constructs $ 2,529,483 $ 2,529,483 Less: accumulated amortization (222,998 ) (147,119 ) Total intangible assets, net $ 2,306,485 $ 2,382,364 Amortization expense amounted to $0.25 million for each of the three months ended June 30, 2022 and 2021 and $0.76 million for each of the nine months ended June 30, 2022 and 2021. Total estimated future amortization of intangible assets for each fiscal year is as follows: Year Ending September 30, 2022 $ 25,293 September 30, 2023 101,172 September 30, 2024 101,172 September 30, 2025 101,172 September 30, 2026 101,172 Thereafter 1,876,504 $ 2,306,485

Lease with Related Party

Lease with Related Party	9 Months Ended
	Jun. 30, 2022
Lease with Related Party
4. Lease With Related Party	4. Lease with Related Party The Company leases facilities used for executive offices from a company controlled by the Company’s CEO for a six-year term through December 2022, with an option to renew for another two-year term. The option period is not included in the right-of-use assets and related lease obligation. The components of lease cost were as follows: Three Months Ended Nine Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Operating lease cost, included in general and administrative on the Statements of Operations $ 20,105 $ 20,887 $ 60,713 $ 60,828 Lease terms and discount rates were as follows: June 30, 2022 September 30, 2021 Remaining lease term (months): 6 15 Estimated incremental borrowing rate: 6.5 % 6.5 % The approximate future minimum lease payments under operating leases at June 30, 2022 were as follows: Year Ending September 30, 2022 $ 20,443 September 30, 2023 20,443 Total lease payment 40,886 Less imputed interest 763 Present value of lease liabilities, short-term $ 40,123 Cash flow information was as follows: Nine Months Ended June 30, 2022 June 30, 2021 Cash paid for amounts included in the measurement of lease liabilities, included in accounts payable and accrued liabilities on the Statements of Cash Flows $ 60,714 $ 60,830

Commitments

Commitments	9 Months Ended
	Jun. 30, 2022
Commitments
5. Commitments	5. Commitments Research and other commitments The Company has commitments for contracted research organizations that perform clinical trials for the Company’s ongoing clinical studies and other service providers. Aggregate future contractual payments at June 30, 2022 are as follows: Year Ending September 30, 2022 $ 1,175,000 September 30, 2023 2,053,000 September 30, 2024 43,000 September 30, 2025 5,000 $ 3,276,000 License and royalty commitments In April 2020, through its Ontario subsidiary, the Company entered into a license agreement with a third party to obtain exclusive world-wide rights to certain know-how, patents and data relating to certain monoclonal antibodies (the Constructs), including sublicensing rights. An intangible asset for the acquired license has been recognized. See Note 3 for intangible assets. Under the license agreement, the Company recorded an expense of $3.5 million as a result of meeting a milestone during the three and nine months ended June 30, 2021 and is committed to remaining payments of up to an aggregate amount of $352.5 million contingent upon meeting certain milestones outlined in the license agreement, primarily relating to future potential commercial approval and sales milestones. No milestone payments were made to the third party during the three and nine months ended June 30, 2022. The Company also has a commitment to pay royalties based on any net sales of products containing the Constructs in the countries where the Company directly commercializes the products containing the Constructs and a percentage of any sublicensing revenue received by the Company and its affiliates in the countries where it does not directly commercialize the products containing the Constructs. No royalty or sublicensing payments were made to the third party during the three and nine months ended June 30, 2022 and 2021. In connection with this license agreement and pursuant to a purchase agreement entered into in April 2020, the Company acquired drug substance of one of the Constructs for an aggregate purchase price of $5.0 million, payable in two future installments based on the earlier of certain clinical trial progress or fixed dates. The Company recorded expense of $2.5 million during each of the three and nine months ended June 30, 2022 and 2021. In 2016, through its Ontario subsidiary, the Company entered into a license agreement with a third party to obtain exclusive rights to certain know-how, patents and data relating to a pharmaceutical product. The Company will use the exclusive rights to develop the product for therapeutic, prophylactic and diagnostic uses in topical dermal applications and anorectal applications. No intangible assets have been recognized under the license agreement with the third party. Under the license agreement, the Company is committed to payments of various amounts to the third party upon meeting certain milestones outlined in the license agreement, up to an aggregate amount of $18.6 million. Upon divestiture of substantially all of the assets of the Company, the Company would pay the third party a percentage of the valuation of the licensed technology sold as determined by an external objective expert. The Company also has a commitment to pay the third party a royalty based on net sales of the product in countries where the Company, or an affiliate, directly commercializes the product and a percentage of sublicensing revenue received by the Company and its affiliates in the countries where it does not directly commercialize the product. No milestone, license or royalty payments were made to the third party during the three and nine months ended June 30, 2022 and 2021. In March 2021, through its Ontario subsidiary, the Company entered into a license agreement with the inventor of the same pharmaceutical product to acquire global rights for all fields of use beyond those named under the 2016 license agreement. The Company recorded an expense of $0.11 million as a result of meeting milestones outlined in the 2021 license agreement for the three months ended June 30, 2021 and $0.03 million and $0.11 million for the nine months ended June 30, 2022 and 2021, respectively. No milestones were met during the three months ended June 30, 2022. The Company is committed to remaining payments of up to an aggregate amount of $68.9 million, primarily relating to future potential commercial approval and sales milestones. In addition, if the Company fails to file an investigational new drug application or foreign equivalent (IND) for the product within a certain period of time following the date of the agreement, the Company is required to remit to the inventor a fixed license fee annually as long as the requirement to file an IND remains unfulfilled.

Capital shares

Capital shares	9 Months Ended
	Jun. 30, 2022
Capital shares
6. Capital Shares	6. Capital Shares Equity offerings On March 24, 2022, the Company completed a registered direct offering of 1,540,000 common shares, no par value, and pre-funded warrants to purchase up to an aggregate of 1,199,727 common shares. In a concurrent private placement, the Company issued common share purchase warrants to purchase an aggregate of up to 2,739,727 common shares. Aggregate gross proceeds to the Company were approximately $10.0 million. The common share purchase warrants were immediately exercisable at an exercise price of $3.52 per share and will expire on September 24, 2027. The pre-funded warrants were immediately exercisable at an exercise price of $0.0001 per share and do not expire. In connection with the offering, the Company also issued warrants to purchase an aggregate of 191,780 common shares to certain affiliated designees of the placement agent as part of the placement agent’s compensation. The placement agent warrants are exercisable on or after March 24, 2022, at an exercise price of $4.5625 per share, and will expire on March 21, 2027. The direct costs related to the issuance of the common shares and warrants were $0.99 million. These direct costs were recorded as an offset against gross proceeds. The warrants are considered contracts on the Company’s own shares and are classified as equity. The Company allocated gross proceeds with $5.87 million as the value of common shares and pre-funded warrants and $4.13 million as the value of common share purchase warrants under additional paid-in capital in the unaudited condensed interim consolidated statements of changes in shareholders’ equity on a relative fair value basis. The Company also recorded the fair value of underwriter warrants in the amount of $0.41 million as share-based compensation to non-employees under additional paid-in capital and an offset against gross proceeds. On March 2, 2021, the Company closed an underwritten offering of 1,562,500 common shares, no par value, at a price to the public of $6.40 per share less underwriting discounts and commissions. Gross proceeds from the offering amounted to $10.0 million. The Company granted to the underwriters a 30-day option to purchase up to an additional 234,375 common shares, which expired with no further shares issued. On the closing date, the Company issued underwriter warrants to purchase an aggregate of up to 109,375 common shares at an exercise price of $8.00 per share, expiring on February 26, 2026. The direct costs related to the issuance of the common shares were $0.99 million. These direct costs were recorded as an offset against gross proceeds. The Company also recorded the fair value of underwriter warrants in the amount of $0.41 million as share-based compensation to non-employees under additional paid-in capital and an offset against gross proceeds. Equity distribution agreements On November 22, 2021, the Company entered into an equity distribution agreement with RBC Capital Markets, LLC (RBCCM), as sales agent. Pursuant to the terms of the agreement, as amended March 4, 2022, the Company could offer and sell common shares having an aggregate offering price of up to $15.4 million from time to time through RBCCM. From November 22, 2021 to March 21, 2022, the Company sold a total of 626,884 common shares pursuant to the agreement for gross proceeds of $2.94 million. The commissions and direct costs of the offering program totaled approximately $0.32 million and were recorded as an offset against gross proceeds. On March 21, 2022, the Company and RBCCM entered into an agreement terminating the agreement effective March 21, 2022. Black-Scholes option valuation model The Company uses the Black-Scholes option valuation model to determine the fair value of share-based compensation for share options and compensation warrants granted and the fair value of warrants issued. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company calculates expected volatility based on historical volatility of the Company’s share price. When there is insufficient data available, the Company uses a peer group that is publicly traded to calculate expected volatility. The Company adopted interest-free rates by reference to the U.S. treasury yield rates. The Company calculated the fair value of share options granted based on the expected life of 5 years, considering expected forfeitures during the option term of 10 years. Expected life of warrants is based on warrant terms. The Company did not and is not expected to declare any dividends. 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 and share options. Warrants A summary of the Company’s warrants activity is as follows: Number of Warrant Shares (#) Weighted Average Exercise Price Nine Months Ended June 30, 2022 Balance - September 30, 2021 720,446 $ 5.69 Issued 2,931,507 3.59 Balance - June 30, 2022 3,651,953 $ 4.00 Nine Months Ended June 30, 2021 Balance - September 30, 2020 992,721 $ 4.92 Issued 109,375 8.00 Exercised (341,806 ) 4.29 Balance - June 30, 2021 760,290 $ 5.65 The weighted average contractual life remaining on the outstanding warrants at June 30, 2022 is 53 months. The following table summarizes information about the warrants outstanding at June 30, 2022: Number of Warrants (#) Exercise Prices Expiry Dates 28,124 $ 15.90 May 2023 563,685 $ 4.80 July 2023 7,484 $ 4.81 June 2024 11,778 $ 3.20 January 2025 109,375 $ 8.00 February 2025 191,780 $ 4.56 March 2027 2,739,727 $ 3.52 September 2027 3,651,953 The fair value of warrants granted during the three and nine months ended June 30, 2022 and 2021 was estimated using the Black-Scholes option valuation model using the following assumptions: Nine Months Ended June 30, 2022 Nine Months Ended June 30, 2021 Common Warrants Placement Agent Warrants Underwriter Warrants Risk free interest rate 2.37 % 2.37 % 0.67 % Expected life 5.5 years 5 years 5 years Expected share price volatility 87.09 % 87.09 % 94.20 % Expected dividend yield 0.00 % 0.00 % 0.00 % Pre-funded Warrants A summary of the Company’s pre-funded warrant activity is as follows: Number of Pre-funded Warrant Shares (#) Balance - September 30, 2021 - Issued 1,199,727 Balance - June 30, 2022 1,199,727 Share Options The Company adopted an Equity Incentive Compensation Plan in 2019 (the 2019 Plan) administered by the independent members of the Board of Directors, which amended and restated the 2017 Incentive Compensation Plan (the 2017 Plan). Options, restricted shares and restricted share units are eligible for grant under the 2019 Plan. The remaining number of options available for grant is 422,252. The total number of shares available for issuance is 2,625,951 including shares available for the exercise of outstanding options under the 2019 and 2017 Plans as described below. The Company’s 2019 Plan allows options to be granted to directors, officers, employees and certain external consultants and advisers. Under the 2019 Plan, the option term is not to exceed 10 years and the exercise price of each option is determined by the independent members of the Board of Directors. Options have been granted under the 2019 Plan allowing the holders to purchase common shares of the Company as follows: Number of Options (#) Weighted Average Exercise Price Weighted Average Grant Date Fair Value Nine Months Ended June 30, 2022 Balance - September 30, 2021 1,776,219 $ 5.06 $ 3.79 Granted 500,083 3.66 2.48 Forfeited (26,954 ) 6.56 4.97 Expired (45,649 ) 8.05 6.48 Balance - June 30, 2022 2,203,699 $ 4.66 $ 3.42 Nine Months Ended June 30, 2021 Balance - September 30, 2020 675,437 $ 3.30 $ 2.56 Granted 1,138,000 6.21 4.65 Exercised (19,746 ) 2.12 1.35 Forfeited (19,066 ) 6.07 4.76 Expired (1,906 ) 102.49 135.66 Balance - June 30, 2021 1,772,719 $ 5.07 $ 3.67 During the nine months ended June 30, 2022, the independent members of the Board of Directors granted a total of 415,083 options to employees of the Company pursuant to the 2019 Plan. The options have a term of 10 years with vesting in equal proportions over 36 months beginning on the monthly anniversary of the grant date (following 90 days of employment for new employees), and an exercise price equal to the Nasdaq closing price on the grant dates. During the nine months ended June 30, 2022, the independent directors of the Board of Directors granted a total of 85,000 options, respectively, to directors of the Company pursuant to the 2019 Plan. The options have a term of 10 years and an exercise price equal to the Nasdaq closing price on the grant dates. Options for directors have monthly vesting in equal proportions over 12 months beginning on the grant date. The weighted average contractual life remaining on the outstanding options at June 30, 2022 is 99 months. The following table summarizes information about the options under the 2019 Plan outstanding and exercisable at June 30, 2022: Number of Options (#) Exercisable at Range of Exercise Prices Expiry Dates 238 238 $ 304.08 Dec 2022 3,499 3,499 $ 35.28 - 93.24 Sep 2023-Mar 2025 296,403 296,403 C$ 2.16 Aug 2027-Dec 2028 323,976 275,723 $ 3.16 Feb 2030 397,000 231,457 $ 7.44 - 8.07 Sep 2030-Oct 2030 682,500 334,995 $ 5.25 - 5.65 Jan 2031-Sep 2031 500,083 90,560 $ 2.94 - 3.71 Feb 2032-Mar 2032 2,203,699 1,232,875 The fair value of options granted during the nine months ended June 30, 2022 and 2021 was estimated using the Black-Scholes option valuation model using the following assumptions: Nine Months Ended June 30, 2022 June 30, 2021 Risk free interest rate 1.71% - 2.54% 0.31% - 0.90% Expected life 5 years 5 years Expected share price volatility 85.91% - 86.59% 94.27% - 97.28% Expected dividend yield 0.00 % 0.00 % The Company recorded $0.57 million and $1.10 million of share-based compensation expenses for the three months ended June 30, 2022 and 2021, respectively and $1.80 million and $2.29 million for the nine months ended June 30, 2022 and 2021, respectively. As of June 30, 2022, the Company had approximately $1.49 million of unrecognized share-based compensation expense, which is expected to be recognized over a period of 31 months.

Reimbursement Grant Income and

Reimbursement Grant Income and Receivable	9 Months Ended
	Jun. 30, 2022
Reimbursement Grant Income and Receivable
7. Reimbursement Grant Income And Receivable	7. Reimbursement Grant Income and Receivable Reimbursement grant income for the Company’s federal grant with the Canadian government’s Strategic Innovation Fund (SIF) is recorded based on the claim period of eligible costs. At June 30, 2022, grant reimbursements receivable of $1.1 million were included in accounts and other receivable.

Financial instruments

Financial instruments	9 Months Ended
	Jun. 30, 2022
Financial instruments
8. Financial Instruments	8. Financial Instruments (a) Fair values The Company uses the fair value measurement framework for valuing financial assets and liabilities measured on a recurring basis in situations where other accounting pronouncements either permit or require fair value measurements. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company follows the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. There are three levels of inputs that may be used to measure fair value: · Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets and liabilities in markets that are not active. · Level 3 - Unobservable inputs for the asset or liability that are supported by little or no market activity. The carrying value of certain financial instruments such as cash and cash equivalents, accounts and other receivable, accounts payable and accrued liabilities approximates fair value due to the short-term nature of such instruments. The fair value of lease obligations on right-of-use assets approximates carrying value due to a fixed lease rate, which represents market rate. (b) Interest rate and credit risk Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in interest rates. The Company does not believe that the results of operations or cash flows would be affected to any significant degree by a significant change in market interest rates, relative to interest rates on cash and cash equivalents due to the short-term nature of these balances. The Company is also exposed to credit risk at period end from the carrying value of its cash and cash equivalents and accounts and other receivable. The Company manages this risk by maintaining bank accounts with Canadian Chartered Banks, U.S. banks believed to be credit worthy and money market mutual funds of U.S. government securities. The Company’s cash is not subject to any external restrictions. The Company assesses the collectability of accounts receivable through a review of the current aging, as well as an analysis of historical collection rates, general economic conditions and credit status of customers. Credit risk for reimbursement grant and HST refunds receivable are not considered significant since amounts are due from the Canadian government’s Strategic Innovation Fund (SIF) and the Canada Revenue Agency. (c) Foreign exchange risk The Company and its subsidiary have balances in Canadian dollars that give rise to exposure to foreign exchange (FX) risk relating to the impact of translating certain non-U.S. dollar balance sheet accounts as these statements are presented in U.S. dollars. A strengthening U.S. dollar will lead to a FX loss while a weakening U.S. dollar will lead to a FX gain. The Company has not entered into any agreements or purchased any instruments to hedge possible currency risks. At June 30, 2022, the Company and its Canadian subsidiary had assets denominated in Canadian dollars of approximately C$7 million and the U.S. dollar exchange rate as at this date was equal to 1.2893 Canadian dollars. Based on the exposure at June 30, 2022, a 10% annual change in the Canadian/U.S. exchange rate would impact the Company’s loss and other comprehensive loss by approximately $541,000. (d) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty raising liquid funds to meet commitments as they fall due. In meeting its liquidity requirements, the Company closely monitors its forecasted cash requirements with expected cash drawdown.

Loss per share

Loss per share	9 Months Ended
	Jun. 30, 2022
Loss per share
9. Loss Per Share	9. Loss per Share The Company had securities outstanding which could potentially dilute basic EPS in the future but were excluded from the computation of diluted loss per share in the periods presented, as their effect would have been anti-dilutive.

Related party transactions

Related party transactions	9 Months Ended
	Jun. 30, 2022
Related party transactions
10. Related Party Transactions	10. Related Party Transactions The Company incurred rent expense of $0.20 million and $0.21 million for the three months ended June 30, 2022 and 2021, respectively, and $0.61 million for each of the nine months ended June 30, 2022 and 2021, from a company controlled by the Company’s CEO. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by both parties.

Basis of preparation (Policies)

Basis of preparation (Policies)	9 Months Ended
	Jun. 30, 2022
Basis of preparation (Policies)
Use Of Estimates	The preparation of consolidated financial statements in conformity with U.S. GAAP 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 revenue and expenses during the period or year. Actual results could differ from those estimates. Areas where significant judgment is involved in making estimates are valuation of accounts and other receivable; valuation and useful lives of property and equipment; intangible assets; right-of-use assets; deferred income taxes; the determination of fair value of share-based compensation; the determination of fair value of warrants in order to allocate proceeds from equity issuances; and forecasting future cash flows for assessing the going concern assumption.
Functional And Reporting Currencies	The consolidated financial statements of the Company are presented in U.S. dollars, unless otherwise stated, which is the functional currency of the Company and its U.S. subsidiary. The functional currency of the Company’s Canadian subsidiary, as determined by management, is Canadian dollars.

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Jun. 30, 2022
Intangible assets
Intangible Assets	June 30, 2022 September 30, 2021 The Constructs $ 2,529,483 $ 2,529,483 Less: accumulated amortization (222,998 ) (147,119 ) Total intangible assets, net $ 2,306,485 $ 2,382,364
Estimated Future Amortization Of Intagible Assets	Year Ending September 30, 2022 $ 25,293 September 30, 2023 101,172 September 30, 2024 101,172 September 30, 2025 101,172 September 30, 2026 101,172 Thereafter 1,876,504 $ 2,306,485

Lease with Related Party (Table

Lease with Related Party (Tables)	9 Months Ended
	Jun. 30, 2022
Lease with Related Party
Lease Cost Components	Three Months Ended Nine Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Operating lease cost, included in general and administrative on the Statements of Operations $ 20,105 $ 20,887 $ 60,713 $ 60,828
Lease Terms And Discount Rates	June 30, 2022 September 30, 2021 Remaining lease term (months): 6 15 Estimated incremental borrowing rate: 6.5 % 6.5 %
Future Minimum Lease Payments	Year Ending September 30, 2022 $ 20,443 September 30, 2023 20,443 Total lease payment 40,886 Less imputed interest 763 Present value of lease liabilities, short-term $ 40,123
Cash Paid-lease Liabilities	Nine Months Ended June 30, 2022 June 30, 2021 Cash paid for amounts included in the measurement of lease liabilities, included in accounts payable and accrued liabilities on the Statements of Cash Flows $ 60,714 $ 60,830

Commitments (Tables)

Commitments (Tables)	9 Months Ended
	Jun. 30, 2022
Commitments
Future Contractual Payments	Year Ending September 30, 2022 $ 1,175,000 September 30, 2023 2,053,000 September 30, 2024 43,000 September 30, 2025 5,000 $ 3,276,000

Capital Shares (Tables)

Capital Shares (Tables)	9 Months Ended
	Jun. 30, 2022
Capital Shares (Tables)
Warrant Activity	Number of Warrant Shares (#) Weighted Average Exercise Price Nine Months Ended June 30, 2022 Balance - September 30, 2021 720,446 $ 5.69 Issued 2,931,507 3.59 Balance - June 30, 2022 3,651,953 $ 4.00 Nine Months Ended June 30, 2021 Balance - September 30, 2020 992,721 $ 4.92 Issued 109,375 8.00 Exercised (341,806 ) 4.29 Balance - June 30, 2021 760,290 $ 5.65
Warrants Outstanding	Number of Warrants (#) Exercise Prices Expiry Dates 28,124 $ 15.90 May 2023 563,685 $ 4.80 July 2023 7,484 $ 4.81 June 2024 11,778 $ 3.20 January 2025 109,375 $ 8.00 February 2025 191,780 $ 4.56 March 2027 2,739,727 $ 3.52 September 2027 3,651,953
Stock Option Activity	Number of Options (#) Weighted Average Exercise Price Weighted Average Grant Date Fair Value Nine Months Ended June 30, 2022 Balance - September 30, 2021 1,776,219 $ 5.06 $ 3.79 Granted 500,083 3.66 2.48 Forfeited (26,954 ) 6.56 4.97 Expired (45,649 ) 8.05 6.48 Balance - June 30, 2022 2,203,699 $ 4.66 $ 3.42 Nine Months Ended June 30, 2021 Balance - September 30, 2020 675,437 $ 3.30 $ 2.56 Granted 1,138,000 6.21 4.65 Exercised (19,746 ) 2.12 1.35 Forfeited (19,066 ) 6.07 4.76 Expired (1,906 ) 102.49 135.66 Balance - June 30, 2021 1,772,719 $ 5.07 $ 3.67
Pre-Funded Warrant Activity	Number of Pre-funded Warrant Shares (#) Balance - September 30, 2021 - Issued 1,199,727 Balance - June 30, 2022 1,199,727
Stock Options Outstanding	Number of Options (#) Exercisable at Range of Exercise Prices Expiry Dates 238 238 $ 304.08 Dec 2022 3,499 3,499 $ 35.28 - 93.24 Sep 2023-Mar 2025 296,403 296,403 C$ 2.16 Aug 2027-Dec 2028 323,976 275,723 $ 3.16 Feb 2030 397,000 231,457 $ 7.44 - 8.07 Sep 2030-Oct 2030 682,500 334,995 $ 5.25 - 5.65 Jan 2031-Sep 2031 500,083 90,560 $ 2.94 - 3.71 Feb 2032-Mar 2032 2,203,699 1,232,875
Fair Value Of warrant Granted Assumptions	Nine Months Ended June 30, 2022 Nine Months Ended June 30, 2021 Common Warrants Placement Agent Warrants Underwriter Warrants Risk free interest rate 2.37 % 2.37 % 0.67 % Expected life 5.5 years 5 years 5 years Expected share price volatility 87.09 % 87.09 % 94.20 % Expected dividend yield 0.00 % 0.00 % 0.00 % Nine Months Ended June 30, 2022 June 30, 2021 Risk free interest rate 1.71% - 2.54% 0.31% - 0.90% Expected life 5 years 5 years Expected share price volatility 85.91% - 86.59% 94.27% - 97.28% Expected dividend yield 0.00 % 0.00 %

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Intangible assets
The Constructs	$ 2,529,483	$ 2,529,483
Less: Accumulated Amortization	(222,998)	(147,119)
Intangible Assets, Net	$ 2,306,485	$ 2,382,364

Intangible Assets (Details 1)

Intangible Assets (Details 1) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Intangible assets
September 30, 2022	$ 25,293
September 30, 2023	101,172
September 30, 2024	101,172
September 30, 2025	101,172
September 30, 2026	101,172
Thereafter	1,876,504
Intangible Asset, Net	$ 2,306,485	$ 2,382,364

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Intangible assets
Amortization Expense	$ 250,000	$ 250,000	$ 760,000	$ 760,000
Useful Life			25 years
Description Of Licence Agreement			The required upfront license payment of $2.5 million was paid by issuance of Series A-1 Convertible Preferred Shares

Lease with Related Party (Detai

Lease with Related Party (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
General and Administrative Expense
Operating Lease Cost, Included In General And Administrative On The Statements Of Operations	$ 20,105	$ 20,887	$ 60,713	$ 60,828

Lease with Related Party (Det_2

Lease with Related Party (Details 1)	9 Months Ended	12 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Lease with Related Party
Remaining Lease Term (months)	6 months	15 months
Estimated Incremental Borrowing Rate	6.50%	6.50%

Lease with Related Party (Det_3

Lease with Related Party (Details 2)	Jun. 30, 2022 USD ($)
Year Ending
September 30, 2022	$ 20,443
September 30, 2023	20,443
Total Lease Payment	40,886
Less Imputed Interest	763
Present Value Of Lease Liabilities, Short-term	$ 40,123

Lease with Related Party (Det_4

Lease with Related Party (Details 3) - USD ($)	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Lease with Related Party
Cash Paid For Amounts Included In The Measurement Of Lease Liabilities, Included In Accounts Payable And Accrued Liabilities On The Statements Of Cash Flows	$ 60,714	$ 60,830

Lease with Related Party (Det_5

Lease with Related Party (Details Narrative)	9 Months Ended
	Jun. 30, 2022
Lease with Related Party
Related Party Operating Lease Description	six-year term through December 2022, with an option to renew for another two-year term.

Commitments (Details)

Commitments (Details)	Jun. 30, 2022 USD ($)
Year Ending
September 30, 2022	$ 1,175,000
September 30, 2023	2,053,000
September 30, 2024	43,000
September 30, 2025	5,000
Total	$ 3,276,000

Commitments (Details Narrative)

Commitments (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
April 2020 [Member] | License Commitments [Member]
Remaining Payments Of Contingent			$ 352,500
Expenses			$ 3,500
Description Of Acquired Drugs			the Company acquired drug substance of one of the Constructs for an aggregate purchase price of $5.0 million, payable in two future installments based on the earlier of certain clinical trial progress or fixed dates. The Company recorded expense of $2.5 million during each of the three and nine months ended June 30, 2022 and 2021
2021 [Member] | License Commitments Agreement [Member]
Payments To Investors			$ 68,900
License Expenses	$ 30	$ 110	110
2016 [Member] | License Commitments [Member]
Payments To Third Party			$ 18,600

Capital Shares (Details)

Capital Shares (Details) - $ / shares	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Capital shares
Number Of Warrants, Beginning Balance	720,446	992,721
Issued	2,931,507	109,375
Exercised		(341,806)
Number Of Warrants, Ending Balance	3,651,953	760,290
Weighted Average Exercise Price, Beginning Balance	$ 5.69	$ 4.92
Issued	3.59	8
Exercised		4.29
Weighted Average Exercise Price, Ending Balance	$ 4	$ 5.65

Capital Shares (Details 1)

Capital Shares (Details 1) - $ / shares	9 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Mar. 24, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Number Of Warrants	3,651,953	3,651,953		720,446	720,446	760,290	760,290	992,721
Weighted Average Exercise Price	$ 4	$ 4	$ 3.52		$ 5.69	$ 5.65	$ 5.65	$ 4.92
Warrant One
Number Of Warrants	28,124
Weighted Average Exercise Price	$ 15.90
Expiry Date	May 2023
Warrant Two
Number Of Warrants	563,685
Weighted Average Exercise Price	$ 4.80
Expiry Date	July 2023
Warrant Three
Number Of Warrants	7,484
Weighted Average Exercise Price	$ 4.81
Expiry Date	June 2024
Warrant Four
Number Of Warrants	11,778
Weighted Average Exercise Price	$ 3.20
Expiry Date	January 2025
Warrant Five
Number Of Warrants	109,375
Weighted Average Exercise Price	$ 8
Expiry Date	February 2025
Warrant Six
Number Of Warrants	191,780
Weighted Average Exercise Price	$ 4.56
Expiry Date	March 2027
Warrant Seven
Number Of Warrants	2,739,727
Weighted Average Exercise Price	$ 3.52
Expiry Date	September 2027

Capital Shares (Details 2)

Capital Shares (Details 2)	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Common Warrants
Risk Free Interest Rate	2.37%
Expected Share Price Volatility	87.09%
Expected Dividend Yield	0%
Expected Life (years)	5 years 6 months
Placement Agent Warrants
Risk Free Interest Rate	2.37%
Expected Share Price Volatility	87.09%
Expected Dividend Yield	0%
Expected Life (years)	5 years
Underwriter Warrants
Risk Free Interest Rate		0.67%
Expected Share Price Volatility		94.20%
Expected Dividend Yield		0%
Expected Life (years)		5 years

Capital Shares (Details 3)

Capital Shares (Details 3) - shares	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Number Of Warrants, Beginning Balance	720,446	992,721
Issued	2,931,507	109,375
Number Of Warrants, Ending Balance	3,651,953	760,290
Pre-Funded Warrant [Member]
Number Of Warrants, Beginning Balance	0
Issued	1,199,727
Number Of Warrants, Ending Balance	1,199,727

Capital Shares (Details 4)

Capital Shares (Details 4) - $ / shares	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Capital shares
Number Of Options, Beginning Balance	1,776,219	675,437
Number Of Options Granted	500,083	1,138,000
Number Of Options, Exercised		(19,746)
Number Of Options, Forfeited	(26,954)	(19,066)
Number Of Options Expired	(45,649)	(1,906)
Number Of Options, Ending Balance	2,203,699	1,772,719
Weighted Average Exercise Price, Beginning Balance	$ 5.06	$ 3.30
Weighted Average Exercise Price Granted	3.66	6.21
Weighted Average Exercise Price Exercised		2.12
Weighted Average Exercise Price Forfeited	6.56	6.07
Weighted Average Exercise Price Expired	8.05	102.49
Weighted Average Exercise Price, Ending Balance	4.66	5.07
Weighted Average Grant Date Fair Value, Beginning Balance	3.79	2.56
Weighted Average Grant Date Fair Value, Granted	2.48	4.65
Weighted Average Grant Date Fair Value, Exercised		1.35
Weighted Average Grant Date Fair Value, Forfeited	4.97	4.76
Weighted Average Grant Date Fair Value, Expired	6.48	135.66
Weighted Average Grant Date Fair Value, Ending Balance	$ 3.42	$ 3.67

Capital Shares (Details 5)

Capital Shares (Details 5) - $ / shares	9 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Options Exercisable	1,232,875
Number Of Options	2,203,699	2,261,334	1,776,219	1,772,719	1,772,719	675,437
Weighted Average Exercise Price	$ 4.66	$ 4.70	$ 5.06	$ 5.07		$ 3.30
Stock Option 1
Options Exercisable	238
Number Of Options	238
Weighted Average Exercise Price	$ 304.08
Expiry Dates	Dec 2022
Stock Option 2
Options Exercisable	3,499
Number Of Options	3,499
Stock Option 2 | Minimum
Weighted Average Exercise Price	$ 35.28
Expiry Dates	Sep 2023
Stock Option 2 | Maximum
Weighted Average Exercise Price	$ 93.24
Expiry Dates	Mar 2025
Stock Option 3
Options Exercisable	296,403
Number Of Options	296,403
Weighted Average Exercise Price	$ 2.16
Stock Option 3 | Minimum
Expiry Dates	Aug 2027
Stock Option 3 | Maximum
Expiry Dates	Dec 2028
Stock Option 4
Options Exercisable	275,723
Number Of Options	323,976
Weighted Average Exercise Price	$ 3.16
Expiry Dates	Feb 2030
Stock Option 5
Options Exercisable	231,457
Number Of Options	397,000
Stock Option 5 | Minimum
Weighted Average Exercise Price	$ 7.44
Expiry Dates	Sep 2030
Stock Option 5 | Maximum
Weighted Average Exercise Price	$ 8.07
Expiry Dates	Oct 2030
Stock Option 6
Options Exercisable	334,995
Number Of Options	682,500
Stock Option 6 | Minimum
Weighted Average Exercise Price	$ 5.25
Expiry Dates	Jan 2031
Stock Option 6 | Maximum
Weighted Average Exercise Price	$ 5.65
Expiry Dates	Sep 2031
Stock Option 7
Options Exercisable	90,560
Number Of Options	500,083
Stock Option 7 | Minimum
Weighted Average Exercise Price	$ 2.94
Expiry Dates	Feb 2032
Stock Option 7 | Maximum
Weighted Average Exercise Price	$ 3.71
Expiry Dates	Mar 2032

Capital Shares (Details 6)

Capital Shares (Details 6)	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Capital shares
Risk Free Interest Rate, Minimum	1.71%	0.31%
Risk Free Interest Rate, Maximum	2.54%	0.90%
Expected Life (years)	5 years	5 years
Expected Share Price Volatility, Minimum	85.91%	94.27%
Expected Share Price Volatility, Maximum	86.59%	97.28%
Expected Dividend Yield	0%	0%

Capital Shares (Details Narrati

Capital Shares (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		4 Months Ended	9 Months Ended
	Mar. 24, 2022	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Weighted Average Contractual Life Remaining On Outstanding Options					99 years
Unrecognized Share-based Compensation		$ 1,490,000			$ 1,490,000
Offering Common Shares	1,540,000
Warrant Exercise Price Per Share	$ 3.52	$ 4	$ 5.65	$ 4	$ 4	$ 5.65		$ 5.69	$ 5.65	$ 4.92
Gross Proceeds	$ 990,000
Warrant Expiry Date	Sep. 24, 2027
Share-based		$ 1,800,000	$ 2,290,000		$ 570,000	$ 1,100,000
Share-based Compensation					$ 1,804,670	$ 2,290,794
2019 Plan [Member]
Number Of Shares Available For Issuance					2,625,951
Option Term					10 years
Remaining Number Of Options Available For Grant					422,252
Non Employees [Member]
Share-based Compensation					$ 410,000
Employees [Member]
Granted Option Shares					415,083
Director [Member]
Granted Option Shares					85,000
Private Placement [Member]
Gross Proceeds	$ 10,000,000
Warrants To Purchase Common Stock	2,739,727
March 2, 2021 [Member]
Warrant Exercise Price Per Share							$ 8
Gross Proceeds					$ 10,000,000
Warrant Expiry Date					Feb. 26, 2026
Direct Costs					$ 990,000
Common Shares In Public Offerings Price Per Share							$ 6.40
Common Shares In Public Offerings, Shares					$ 1,562,500
Additional Of Common Share							234,375
Warrants To Purchase Common Shares					109,375
Black Scholes Option [Member]
Expected Option Forfeitures Term					10 years
Options Granted Expected Life					5 years
Affiliated Designees [Member]
Warrant Exercise Price Per Share	$ 4.5625
Warrants To Purchase Common Stock	191,780
RBC Capital Markets, LLC [Member] | Equity Distribution Agreement [Member]
Gross Proceeds				$ 2,940,000
Direct Costs				320,000
Common Share Sold Aggregate Price				$ 15,400,000
Common Shares Sold				626,884
Pre-Funded Warrant [Member]
Warrant Exercise Price Per Share	$ 0.0001
Gross Proceeds	$ 5,870,000
Warrants To Purchase Common Stock	1,199,727
Warrants Additional Paid In Capital [Member]
Gross Proceeds	$ 4,130,000

Reimbursement Grant Income an_2

Reimbursement Grant Income and Receivable (Details Narrative) $ in Millions	Jun. 30, 2022 USD ($)
Reimbursement Grant Income and Receivable (Details Narrative)
Grant Reimbursements Receivable	$ 1.1

Financial Instruments (Details

Financial Instruments (Details Narrative) $ / shares in Units, $ in Millions	9 Months Ended
	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2022 CAD ($)	Sep. 30, 2021 USD ($)
Assets	$ 17,541,201		$ 14,584,655
Ontario Subsidary [Member]
Assets		$ 7
Currency Exchange Rate Description	Based on the exposure at June 30, 2022, a 10% annual change in the Canadian/U.S. exchange rate would impact the Company’s loss and other comprehensive loss by approximately $541,000
April 2020 [Member] | License Commitments [Member]
Currency Exchange Rate | $ / shares	$ 1.2893

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related party transactions
Rent Expense	$ 200,000	$ 210,000	$ 610,000	$ 610,000