ESSA Pharma (EPIX) 10-Q10 May 222022 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 10, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Entity Registrant Name	ESSA Pharma Inc.
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-37410
Entity Incorporation, State or Country Code	A1
Entity Address, Country	CA
Entity Tax Identification Number	98-1250703
Entity Address, Address Line One	Suite 720
Entity Address, Address Line Two	999 West Broadway
Entity Address, City or Town	Vancouver
Entity Address State Or Province	BC
Entity Address, Postal Zip Code	V5Z 1K5
City Area Code	778
Local Phone Number	331-0962
Title of 12(b) Security	Common Shares
Trading Symbol	EPIX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001633932
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		44,059,700

CONDENSED CONSOLIDATED INTERIM

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($)	Mar. 31, 2022	Sep. 30, 2021
ASSETS, Current
Cash and cash equivalents	$ 86,235,830	$ 137,825,024
Short-term investments (Note 4)	94,782,609	57,102,159
Receivables	19,254	489,012
Prepaids (Note 5)	1,064,464	2,181,882
Total current assets	182,102,157	197,598,077
Deposits	259,455	259,455
Operating lease right-of-use assets (Note 7)	247,393	308,286
Total assets	182,609,005	198,165,818
LIABILITIES, Current
Accounts payable and accrued liabilities (Note 6)	3,618,508	3,808,944
Current portion of operating lease liabilities (Note 7)	128,366	120,719
Current portion of derivative liabilities (Note 8)	1,929	0
Total current liabilities	3,748,803	3,929,663
Operating lease liabilities (Note 7)	145,268	210,251
Derivative liabilities (Note 8)	0	20,352
Total liabilities	3,894,071	4,160,266
Shareholders' equity
Common shares 44,059,700 issued and outstanding (September 30, 2021 - 43,984,346) (Note 9)	278,029,966	277,415,176
Additional paid-in capital (Note 9)	40,538,466	36,442,620
Accumulated other comprehensive loss	(2,125,210)	(2,076,479)
Accumulated deficit	(137,728,288)	(117,775,765)
Total stockholders equity	178,714,934	194,005,552
Total liabilities and shareholders' equity	$ 182,609,005	$ 198,165,818

CONDENSED CONSOLIDATED INTERI_2

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2022	Sep. 30, 2021
CONSOLIDATED BALANCE SHEETS
Common stock, shares issued	44,059,700	43,984,346
Common stock, shares outstanding	44,059,700	43,984,346

CONDENSED CONSOLIDATED INTERI_3

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
OPERATING EXPENSES
Research and development	$ 7,649,459	$ 7,268,257	$ 13,669,218	$ 11,754,029
Financing costs (Note 7)	3,526	299	7,851	1,480
General and administration	3,817,370	4,615,332	6,879,540	6,824,249
Total operating expenses	(11,470,355)	(11,883,888)	(20,556,609)	(18,579,758)
Foreign exchange	16,259	7,649	29,428	14,845
Interest and other income	481,751	39,208	556,335	74,899
Derivative liability gain (loss) (Note 8)	117,741	(1,128,216)	18,423	(1,039,086)
Net loss for the period before taxes	(10,854,604)	(12,965,247)	(19,952,423)	(19,529,100)
Income tax recovery (expense)			(100)	35,149
Net loss for the period	(10,854,604)	(12,965,247)	(19,952,523)	(19,493,951)
OTHER COMPREHENSIVE LOSS
Unrealized loss on short-term investments	(48,731)		(48,731)
Loss and comprehensive loss for the period	$ 10,903,335	$ 12,965,247	$ 20,001,254	$ 19,493,951
Earnings Per Share [Abstract]
Basic loss per common share	$ (0.25)	$ (0.36)	$ (0.45)	$ (0.56)
Diluted loss per common share	$ (0.25)	$ (0.36)	$ (0.45)	$ (0.56)
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Weighted average number of common shares outstanding - Basic	44,030,480	36,484,041	44,009,903	34,896,509
Weighted average number of common shares outstanding -Diluted	44,030,480	36,484,041	44,009,903	34,896,509

CONDENSED CONSOLIDATED INTERI_4

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the period	$ (19,952,523)	$ (19,493,951)
Items not affecting cash and cash equivalents:
Amortization of right-of-use asset	60,893	55,162
Amortization of premiums/discounts on short-term investments, net	65,060	0
Accretion of lease liability	7,410	1,480
Derivative liability loss (gain)	(18,423)	1,039,086
Interest income	(157,464)	(20,106)
Unrealized foreign exchange	19,520	23,300
Share-based payments	4,363,444	3,868,671
Changes in non-cash working capital items:
Receivables	476,062	19,246
Prepaids	1,117,418	1,108,166
Accounts payable and accrued liabilities	(186,188)	1,883,888
Net cash used in operating activities	(14,204,791)	(11,515,058)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of short-term investments	(104,817,397)	(55,017,103)
Proceeds from short-term investments sold	67,028,803	20,000,000
Interest from short-term investments	162,789	13,625
Net cash used in investing activities	(37,625,805)	(35,003,478)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on issuance of common shares	0	149,999,985
Share issuance costs	0	(9,109,462)
Options exercised	319,832	930,686
Warrants exercised	0	249
Shares purchased through employee share purchase plan	27,360	27,369
Lease payments	(64,746)	(60,575)
Net cash provided by financing activities	282,446	141,788,252
Effect of foreign exchange on cash and cash equivalents	(41,044)	(28,176)
Change in cash and cash equivalents for the period	(51,589,194)	95,241,540
Cash and cash equivalents, beginning of period	137,825,024	56,320,763
Cash and cash equivalents, end of period	$ 86,235,830	$ 151,562,303

CONDENSED CONSOLIDATED INTERI_5

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($)	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings (Deficit) [Member]	Total
Beginning Balance at Sep. 30, 2020	$ 131,086,364	$ 31,204,284	$ (2,076,479)	$ (80,970,304)	$ 79,243,865
Beginning Balance, in shares at Sep. 30, 2020	32,064,411
Warrants exercised	$ 2,987,158	(2,987,009)			149
Warrants exercised, in shares	1,493,504
Options exercised	$ 274,365	(120,664)			153,701
Options exercised, shares	42,207
Shares issued through employee share purchase plan	$ 39,638	(12,269)			27,369
Shares issued through employee share purchase plan, shares	5,261
Share-based payments		1,204,985			1,204,985
Loss for the period				(6,528,704)	(6,528,704)
Ending Balance at Dec. 31, 2020	$ 134,387,525	29,289,327	(2,076,479)	(87,499,008)	74,101,365
Ending Balance, in shares at Dec. 31, 2020	33,605,383
Beginning Balance at Sep. 30, 2020	$ 131,086,364	31,204,284	(2,076,479)	(80,970,304)	79,243,865
Beginning Balance, in shares at Sep. 30, 2020	32,064,411
Loss for the period					(19,493,951)
Ending Balance at Mar. 31, 2021	$ 276,740,509	31,208,296	(2,076,479)	(100,464,255)	205,408,071
Ending Balance, in shares at Mar. 31, 2021	40,417,857
Beginning Balance at Sep. 30, 2020	$ 131,086,364	31,204,284	(2,076,479)	(80,970,304)	$ 79,243,865
Beginning Balance, in shares at Sep. 30, 2020	32,064,411
Options exercised, shares					323,610
Ending Balance at Sep. 30, 2021	$ 277,415,176	36,442,620	(2,076,479)	(117,775,765)	$ 194,005,552
Ending Balance, in shares at Sep. 30, 2021	43,984,346
Beginning Balance at Dec. 31, 2020	$ 134,387,525	29,289,327	(2,076,479)	(87,499,008)	74,101,365
Beginning Balance, in shares at Dec. 31, 2020	33,605,383
Share issuance costs	$ (9,168,801)				(9,168,801)
Warrants exercised	$ 143,853	(143,753)			100
Warrants exercised, in shares	1,043,538
Financing	$ 149,999,985				149,999,985
Financing , in shares	5,555,555
Options exercised	$ 1,377,947	(600,962)			776,985
Options exercised, shares	213,381
Share-based payments		2,663,684			2,663,684
Loss for the period				(12,965,247)	(12,965,247)
Ending Balance at Mar. 31, 2021	$ 276,740,509	31,208,296	(2,076,479)	(100,464,255)	205,408,071
Ending Balance, in shares at Mar. 31, 2021	40,417,857
Beginning Balance at Sep. 30, 2021	$ 277,415,176	36,442,620	(2,076,479)	(117,775,765)	194,005,552
Beginning Balance, in shares at Sep. 30, 2021	43,984,346
Options exercised	$ 184,512	(80,188)			104,324
Options exercised, shares	29,080
Shares issued through employee share purchase plan	$ 45,936	(18,576)			27,360
Shares issued through employee share purchase plan, shares	2,444
Share-based payments		2,500,091			2,500,091
Loss for the period				(9,097,919)	(9,097,919)
Ending Balance at Dec. 31, 2021	$ 277,645,624	38,843,947	(2,076,479)	(126,873,684)	187,539,408
Ending Balance, in shares at Dec. 31, 2021	44,015,870
Beginning Balance at Sep. 30, 2021	$ 277,415,176	36,442,620	(2,076,479)	(117,775,765)	$ 194,005,552
Beginning Balance, in shares at Sep. 30, 2021	43,984,346
Options exercised, shares					72,910
Loss for the period					$ (20,001,254)
Ending Balance at Mar. 31, 2022	$ 278,029,966	40,538,466	(2,125,210)	(137,728,288)	178,714,934
Ending Balance, in shares at Mar. 31, 2022	44,059,700
Beginning Balance at Dec. 31, 2021	$ 277,645,624	38,843,947	(2,076,479)	(126,873,684)	187,539,408
Beginning Balance, in shares at Dec. 31, 2021	44,015,870
Options exercised	$ 384,342	(168,834)			215,508
Options exercised, shares	43,830
Share-based payments		1,863,353			1,863,353
Loss for the period			(48,731)	(10,854,604)	(10,903,335)
Ending Balance at Mar. 31, 2022	$ 278,029,966	$ 40,538,466	$ (2,125,210)	$ (137,728,288)	$ 178,714,934
Ending Balance, in shares at Mar. 31, 2022	44,059,700

NATURE OF OPERATIONS

NATURE OF OPERATIONS	6 Months Ended
NATURE OF OPERATIONS	Mar. 31, 2022
NATURE OF OPERATIONS
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Nature of Operations The Company was incorporated under the laws of the Province of British Columbia on January 6, 2009. The Company’s head office address is Suite 720 – 999 West Broadway, Vancouver, BC, V5Z 1K5. The registered and records office address is the 26 th The Company is focused on the development of small molecule drugs for the treatment of prostate cancer. The Company has acquired a license to certain patents (“NTD”) which were the joint property of the British Columbia Cancer Agency and the University of British Columbia. As of March 31, 2022, no products are in commercial production or use.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2022
BASIS OF PRESENTATION
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION Basis of Presentation These accompanying unaudited condensed consolidated interim financial statements, including comparatives, have been prepared in accordance with United States’ Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these condensed consolidated interim financial statements do not include all of the information and footnotes required for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes for the year ended September 30, 2021 and included in the Company’s 2021 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on November 18, 2021. These unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended March 31, 2022 and 2021 are not necessarily indicative of results that can be expected for a full year. These unaudited condensed consolidated interim financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company included in the Company’s 2021 Annual Report on Form 10-K for the year ended September 30, 2021, with the exception of any policies described in Note 3. These accompanying unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiaries. Inter-company transactions, balances and unrealized gains or losses on transactions are eliminated upon consolidation. The accompanying condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain financial assets measured at fair value. All amounts expressed in these accompanying condensed consolidated interim financial statements and the accompanying notes are expressed in United States dollars, except per share data and where otherwise indicated. References to “$” are to United States dollars and references to “C$” are to Canadian dollars. Use of Estimates The preparation of the accompanying condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets and contingent liabilities as of the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the derivative liabilities, the valuation of equity instruments issued for services, income taxes and the product development and relocation grant. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements. The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. Estimates and assumptions are reviewed quarterly.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Mar. 31, 2022
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	3. RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting pronouncements not yet adopted Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated interim financial statements. Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statement presentation or disclosures.

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS	6 Months Ended
SHORT-TERM INVESTMENTS	Mar. 31, 2022
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS	4. SHORT-TERM INVESTMENTS Short-term investments consist of guaranteed investment certificates (“GICs”) held at financial institutions purchased in accordance with the Company’s treasury policy. These GICs and term deposits bear interest at 0.31%-1.58% per annum and have maturities of up to 12 months. Short-term investments also consist of U.S. treasury securities, corporate debt securities and commercial paper. The Company has classified these investments as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investment securities as current assets. Those investments with maturity dates of three months or less at the date of purchase are presented as cash equivalents in the accompanying balance sheets. Short-term investments are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive loss as a component of shareholders’ equity (deficit) until realized. Any premium or discount arising at purchase is amortized or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. The Company records an allowance for credit losses when unrealized losses are due to credit-related factors. Realized gains and losses are calculated using the specific identification method and recorded as interest income. As of March 31, 2022 Amortized Unrealized Accrued Estimated Cost Gains Losses Interest Fair Value GICs and Term deposits $ 77,171,949 $ — $ — $ 20,918 $ 77,192,867 U.S. Treasury securities 11,266,180 — (25,478) 121,842 11,362,544 Corporate debt securities 5,220,823 — (21,024) 30,444 5,230,243 Commercial paper 996,955 — — — 996,955 Balance, end of period $ 94,655,907 $ — $ (46,502) $ 173,204 $ 94,782,609 As of September 30, 2021 Amortized Unrealized Accrued Estimated Cost Gains Losses Interest Fair Value GICs and Term deposits $ 57,026,103 $ — $ — $ 76,056 $ 57,102,159 Balance, end of period $ 57,026,103 $ — $ — $ 76,056 $ 57,102,159 As of March 31, 2022, short-term investments have an aggregate fair market value of $94.8 million (2021 – $57.1 million) were in an aggregate gross unrealized loss position of $46,502 (2021 - $Nil ). The Company considers the decline in market value for the securities to be primarily attributable to current economic and market conditions. These particular investments have been in an unrealized loss position for less than 12 months and it is not more likely than not that the Company will be required to sell any of its securities prior to maturity. Accordingly, no allowance for credit losses has been recorded as of March 31, 2022 and no realized gains or losses on sales of short-term investments have been recorded through March 31, 2022.

PREPAIDS

PREPAIDS	6 Months Ended
PREPAIDS	Mar. 31, 2022
PREPAIDS
PREPAIDS	5. PREPAIDS March 31, September 30, 2022 2021 Prepaid insurance $ 800,780 $ 1,751,052 Prepaid CMC and clinical expenses and deposits 240,513 240,513 Other deposits and prepaid expenses 23,171 190,317 Balance, end of period $ 1,064,464 $ 2,181,882

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6 Months Ended
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	Mar. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES March 31, September 30, 2022 2021 Accounts payable $ 756,555 $ 1,425,871 Accrued expenses 2,485,360 2,062,441 Accrued vacation 376,593 320,632 Balance, end of period $ 3,618,508 $ 3,808,944

OPERATING LEASE

OPERATING LEASE	6 Months Ended
OPERATING LEASE	Mar. 31, 2022
OPERATING LEASE
OPERATING LEASE	7. OPERATING LEASE Operating lease right-of-use asset Balance, September 30, 2020 $ 55,162 Addition 341,125 Amortization (55,162) Balance, March 31, 2021 $ 341,125 Balance, September 30, 2021 $ 308,286 Amortization (60,893) Balance, March 31, 2022 $ 247,393 Operating lease liabilities Balance, September 30, 2020 $ 59,094 Addition 341,125 Accretion 1,480 Lease payments (60,574) Balance, March 31, 2021 $ 341,125 Balance, September 30, 2021 $ 330,970 Accretion 7,410 Lease payments (64,746) Balance, March 31, 2022 $ 273,634 The Company recognizes a right-of-use asset for the right to use the underlying asset for the lease term, and a lease liability, which represents the present value of the Company’s obligation to make payments over the lease term. The present value of the lease payments is calculated using an incremental borrowing rate as the Company’s leases do not provide an implicit interest rate. At March 31, 2022, the Company’s incremental borrowing rate was 5.0% and the remaining lease term for the South San Francisco office was 26 months and Houston office was 16 months. Accretion expense of $7,410 (2021 - $1,480) has been recorded in “general and administrative expenses” and “financing costs” in the condensed consolidated interim statements of operations and comprehensive loss respectively.

DERIVATIVE LIABILITIES

DERIVATIVE LIABILITIES	6 Months Ended
DERIVATIVE LIABILITIES	Mar. 31, 2022
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES	8. DERIVATIVE LIABILITIES In January 2016, the Company completed a private placement of 227,273 units of the Company at $66.00 per unit (“Unit”) for gross proceeds of $14,999,992. Each Unit consisted of one common share of the Company, one 7-year 7-Year one half 2-year 2-Year 7-Year 2-Year 7-Year 7-Year 7-Year 7-Year 7-Year Additionally, the 2016 Warrants contain provisions which may require the Company to redeem the 2016 Warrants, at the option of the holder, in the event of a major transaction, such as a change of control or sale of the Company’s assets (“Major Transaction”). The redemption value would be subject to a Black-Scholes valuation at the time of exercise. In the event the consideration for a Major Transaction payable to the common shareholders is in cash, in whole or in part, the redemption of the 2016 Warrants would be made in cash pro-rata to the composition of the consideration. The potential for a cash settlement for the 2016 Warrants outside the control of the Company, in accordance with U.S. GAAP, requires the 2016 Warrants to be treated as financial liabilities measured at fair value through profit or loss. The 2016 Warrants are not traded in an active market. Valuation The Company uses the Black-Scholes option pricing model to estimate fair value. The following weighted average assumptions were used to estimate the fair value of the derivative warrant liabilities on March 31, 2022 and 2021: March 31, March 31, 2022 2021 Risk-free interest rate 2.65 % 0.29 % Expected life 0.79 years 1.79 years Expected annualized volatility 93.6 % 85.9 % Dividend — — Liquidity discount 20 % 20 % Sensitivity The derivative warrants are a recurring Level 3 fair value measurement. The key level 3 inputs used by management to determine the fair value are the market price, expected volatility and liquidity discount. If the market price were to increase by a factor of 10% this would increase the obligation by approximately $1,039 as of March 31, 2022. If the market price were to decrease by a factor of 10% this would decrease the obligation by approximately $747 as of March 31, 2022. If the volatility were to increase by 10%, this would increase the obligation by approximately $2,926 as of March 31, 2022. If the volatility were to decrease by 10%, this would decrease the obligation by approximately $1,348 as of March 31, 2022. The following table is a continuity schedule of changes to the Company’s derivative liabilities: Total Balance, September 30, 2020 $ 127,376 Change in fair value (107,023) Balance, September 30, 2021 $ 20,353 Change in fair value (18,424) Balance, March 31, 2022 $ 1,929 Derivatives with expected life of less than one year $ 1,929 Derivatives with expected life greater than one year $ —

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
SHAREHOLDERS' EQUITY	Mar. 31, 2022
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY	9. SHAREHOLDERS’ EQUITY Authorized Unlimited common shares, without par value. Unlimited preferred shares, without par value. February 2021 Financing On February 22, 2021, the Company completed an underwritten public offering for aggregate gross proceeds of $149,999,985 (the “ February 2021 Financing 30-day Nomination Rights In connection with a January 2016 private placement of 227,273 Units, a Unit consisting of one common share, one 7-year one 2-year Clarus Omnibus incentive plans The Company has adopted an omnibus incentive plan (“Omnibus Plan”) consistent with the policies and rules of the Nasdaq. Pursuant to the Omnibus Plan, the Company may issue stock options, share appreciation rights, restricted shares, restricted share units and other share-based awards. As of March 31, 2022, the Company has not issued any instruments other than stock options under the Omnibus Plan. As of March 31, 2022, the Omnibus Plan has a maximum of 8,410,907 common shares which may be reserved for issuance. Employee Share Purchase Plan The Company has adopted an Employee Share Purchase Plan (“ESPP”) under which qualifying employees may be granted purchase rights (“Purchase Rights”) to the Company’s common shares at not less of 85% of the market price at the lesser of the date the Purchase Right is granted or exercisable. The Company currently holds offerings consisting of six-month periods commencing on January 1 and July 1 and ending on June 30 and December 31 of each calendar year. As of March 31, 2022, the ESPP has a maximum of 249,974 (September 30, 2021 – 252,418) common shares reserved for issuance. Eligible employees are able to contribute up to 15% of their gross base earnings for purchases under the ESPP through regular payroll deductions. Purchase of shares under the ESPP are limited for each employee at $25,000 worth of the Company’s common shares (determined using the lesser of (i) the market price of a common share on the first day of an applicable purchase period and (ii) the market price of a common share on the purchase date) for each calendar year in which a purchase right is outstanding. During the six months ended March 31, 2022, the Company issued 2,444 shares (2021 – 5,261) upon the exercise of Purchase Rights. The Company recognizes compensation expense for purchase rights on a straight-line basis over the service period. For the three months ended For the six months ended March 31, March 31, 2022 2021 2022 2021 Research and development expense $ 8,483 $ 9,123 $ 12,133 $ 14,693 General and administrative 805 17,381 6,957 17,946 $ 9,288 $ 26,504 $ 19,090 $ 32,639 The Company measures the purchase rights based on their estimated grant date fair value using the Black-Scholes option pricing model and the estimated number of shares that can be purchased. The following weighted average assumptions were used for the valuation of purchase rights: 2022 2021 Risk-free interest rate 0.44 % 0.19 % Expected life of share purchase rights 6 months 6 months Expected annualized volatility 87.90 % 61.26 % Dividend — — Stock options Pursuant to the Omnibus Plan, options may be granted with expiry terms of up to 10 years, and vesting criteria and periods are approved by the Board of Directors at its discretion. The options issued under the Stock Option Plan are accounted for as equity-settled share-based payments. Stock option transactions are summarized as follows: Weighted Number Average of Options Exercise Price* Balance, September 30, 2020 5,309,584 $ 3.42 Options granted 1,889,646 9.87 Options exercised (323,610) (3.68) Options expired/forfeited (72,390) (4.46) Balance, September 30, 2021 6,803,230 $ 5.20 Options granted 170,000 8.85 Options exercised (72,910) (4.41) Options expired/forfeited (104,584) (3.18) Balance outstanding, March 31, 2022 6,795,736 $ 5.33 Balance exercisable, March 31, 2022 3,908,576 $ 4.14 * Options exercisable in Canadian dollars as of March 31, 2022 are translated at current rates to reflect the current weighted average exercise price in US dollars for all outstanding options. At March 31, 2022, options were outstanding enabling holders to acquire common shares as follows: Weighted average remaining Exercise price Number of options contractual life (years) $ 3.23 3,674,188 7.52 * $ 3.59 26,667 7.55 $ 3.81 185,816 6.87 $ 4.00 539,518 5.73 $ 4.67 183,511 7.59 $ 7.00 1,491,646 8.70 $ 8.47 120,000 9.54 $ 9.76 50,000 9.89 $ 13.96 190,000 8.79 $ 29.63 100,000 9.08 $ 31.62 75,000 9.17 C$ 4.90 129,503 5.16 C$ 5.06 29,887 6.87 * 6,795,736 7.71 * Share-based compensation During the six months ended March 31, 2022, the Company granted a total of 170,000 (2021 – 1,714,646) stock options with a weighted average fair value of $8.85 per option (2021 – $7.77). The Company recognized share-based payments expense for options granted and vesting, net of recoveries on cancellations of unvested options, during the period ended March 31, 2022 and 2021 with allocations to its functional expense as follows: For the three months ended For the six months ended March 31, March 31, 2022 2021 2022 2021 Research and development expense $ 1,113,376 $ 782,846 $ 2,369,077 $ 1,064,700 General and administrative 740,689 1,854,336 1,975,277 2,771,332 $ 1,854,065 $ 2,637,182 $ 4,344,354 $ 3,836,032 The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted: 2022 2021 Risk-free interest rate 1.20 % 0.39 % Expected life of options 10.00 years 10.00 years Expected annualized volatility 80.00 % 78.05 % Dividend — — Warrants Warrant transactions are summarized as follows: Weighted Number Average of Warrants Exercise Price Balance, September 30, 2020 9,272,977 $ 1.73 Warrants exercised (6,038,227) (0.06) Balance outstanding and exercisable, September 30, 2021 and March 31, 2022 3,234,750 $ 4.84 At March 31, 2022, warrants were outstanding enabling holders to acquire common shares as follows: Number of Warrants Exercise Price Expiry Date 227,273 (1) US$ 66.00 January 14, 2023 7,477 US$ 42.80 November 18, 2023 80,000 US$ 4.00 January 9, 2023 2,920,000 US$ 0.0001 August 23, 2024 3,234,750 (1) Detailed terms of the 2016 Warrants are included in Note 8 .

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS Included in accounts payable and accrued liabilities at March 31, 2022 is $77,658 (September 30, 2021 - $82,036) due to related parties with respect to key management personnel compensation and expense reimbursements. Amounts due to related parties are non-interest bearing, with no fixed terms of repayment.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	6 Months Ended
SEGMENTED INFORMATION	Mar. 31, 2022
SEGMENTED INFORMATION
SEGMENTED INFORMATION	11. SEGMENTED INFORMATION The Company works in one industry being the development of small molecule drugs for prostate cancer. The Company’s right of use asset is located in the USA.

FINANCIAL INSTRUMENTS AND RISK

FINANCIAL INSTRUMENTS AND RISK	6 Months Ended
FINANCIAL INSTRUMENTS AND RISK	Mar. 31, 2022
FINANCIAL INSTRUMENTS AND RISK
FINANCIAL INSTRUMENTS AND RISK	12. FINANCIAL INSTRUMENTS AND RISK The Company’s financial instruments consist of cash and cash equivalents, short-term investments, receivables, accounts payable and accrued liabilities and derivative liabilities. The fair value of cash and cash equivalents, GICs and term deposists included in short-term investments, receivables and accounts payable and accrued liabilities approximates their carrying values due to their short term to maturity. The fair value of U.S. treasury securities, corporate debt securities and commercial paper included in short-term investments are measured using Level 2 inputs based on standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers (Note 4).The derivative liabilities are measured using Level 3 inputs (Note 8). Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of judgement, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values. Financial risk factors The Company’s risk exposures and the impact on the Company’s financial instruments are summarized below: Credit risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents, short-term investments and receivables. The Company limits its exposure to credit loss by placing its cash with major financial institutions. The Company considers highly liquid investments with a maturity of up to twelve months when purchased to be short-term investments. Short-term investments includes investments that may have maturity dates exceeding one year at the date of purchase; however, the Company may liquidate investment positions prior to maturity to implement management strategies. The Company maintains an investment policy which requires certain minimum investment grades over its investment instruments. As of March 31, 2022, cash and cash equivalents consisted of cash in Canada and the United States and term deposits in Canada and investments in certain instruments which have a maturity of less than three months at the date of purchase. Balances in cash accounts exceed amounts insured by the Canada Deposit Insurance Corporation for up to C$100,000 and by the Federal Deposit Insurance Corporation for up to $250,000. Amounts due from government agencies are considered to have minimal credit risk. Liquidity risk The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As of March 31, 2022, the Company had working capital of $178,353,354. The Company does not generate revenue and will be reliant on external financing to fund operations. Debt and equity financing are dependent on market conditions and may not be available on favorable terms. Market risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates, and foreign exchange rates. (a) As of March 31, 2022, the Company has cash and cash equivalents balances and short-term investments which are interest bearing. Interest income is not central to the Company’s capital management strategy and not significant to the Company’s projected operational budget. Interest rate fluctuations are not significant to the Company’s risk assessment. (b) The Company’s foreign currency risk exposure relates to net monetary assets denominated in Canadian dollars, UK pound and Euro. The Company maintains its cash and cash equivalents in US dollars and converts on an as needed basis to discharge Canadian denominated expenditures. A 10% change in the foreign exchange rate between the Canadian dollar, UK Pound, Euro and U.S. dollar in relation to Canadian dollar, UK Pound, Euro dollars held at March 31, 2022 would result in a fluctuation of $6,565 in the net loss recognized for the period. The Company does not currently engage in hedging activities.

BASIS OF PRESENTATION (Policy)

BASIS OF PRESENTATION (Policy)	6 Months Ended
BASIS OF PRESENTATION (Policy)	Mar. 31, 2022
BASIS OF PRESENTATION
Basis of Presentation	Basis of Presentation These accompanying unaudited condensed consolidated interim financial statements, including comparatives, have been prepared in accordance with United States’ Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these condensed consolidated interim financial statements do not include all of the information and footnotes required for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes for the year ended September 30, 2021 and included in the Company’s 2021 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on November 18, 2021. These unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended March 31, 2022 and 2021 are not necessarily indicative of results that can be expected for a full year. These unaudited condensed consolidated interim financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company included in the Company’s 2021 Annual Report on Form 10-K for the year ended September 30, 2021, with the exception of any policies described in Note 3. These accompanying unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiaries. Inter-company transactions, balances and unrealized gains or losses on transactions are eliminated upon consolidation. The accompanying condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain financial assets measured at fair value. All amounts expressed in these accompanying condensed consolidated interim financial statements and the accompanying notes are expressed in United States dollars, except per share data and where otherwise indicated. References to “$” are to United States dollars and references to “C$” are to Canadian dollars.
Use of Estimates	Use of Estimates The preparation of the accompanying condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets and contingent liabilities as of the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the derivative liabilities, the valuation of equity instruments issued for services, income taxes and the product development and relocation grant. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements. The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. Estimates and assumptions are reviewed quarterly.

RECENT ACCOUNTING PRONOUNCEME_2

RECENT ACCOUNTING PRONOUNCEMENTS (Policy)	6 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS (Policy)	Mar. 31, 2022
RECENT ACCOUNTING PRONOUNCEMENTS
Recent Accounting Pronouncements	Recent accounting pronouncements not yet adopted Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated interim financial statements. Recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statement presentation or disclosures.

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	6 Months Ended
SHORT-TERM INVESTMENTS (Tables)	Mar. 31, 2022
SHORT-TERM INVESTMENTS
Schedule of available for sale securities reconciliation	As of March 31, 2022 Amortized Unrealized Accrued Estimated Cost Gains Losses Interest Fair Value GICs and Term deposits $ 77,171,949 $ — $ — $ 20,918 $ 77,192,867 U.S. Treasury securities 11,266,180 — (25,478) 121,842 11,362,544 Corporate debt securities 5,220,823 — (21,024) 30,444 5,230,243 Commercial paper 996,955 — — — 996,955 Balance, end of period $ 94,655,907 $ — $ (46,502) $ 173,204 $ 94,782,609 As of September 30, 2021 Amortized Unrealized Accrued Estimated Cost Gains Losses Interest Fair Value GICs and Term deposits $ 57,026,103 $ — $ — $ 76,056 $ 57,102,159 Balance, end of period $ 57,026,103 $ — $ — $ 76,056 $ 57,102,159

PREPAIDS (Tables)

PREPAIDS (Tables)	6 Months Ended
PREPAIDS (Tables)	Mar. 31, 2022
PREPAIDS
Schedule of Prepaid Expenses	March 31, September 30, 2022 2021 Prepaid insurance $ 800,780 $ 1,751,052 Prepaid CMC and clinical expenses and deposits 240,513 240,513 Other deposits and prepaid expenses 23,171 190,317 Balance, end of period $ 1,064,464 $ 2,181,882

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	6 Months Ended
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	Mar. 31, 2022
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Schedule of Accounts Payable and Accrued Liabilities	March 31, September 30, 2022 2021 Accounts payable $ 756,555 $ 1,425,871 Accrued expenses 2,485,360 2,062,441 Accrued vacation 376,593 320,632 Balance, end of period $ 3,618,508 $ 3,808,944

OPERATING LEASE (Tables)

OPERATING LEASE (Tables)	6 Months Ended
OPERATING LEASE (Tables)	Mar. 31, 2022
OPERATING LEASE
Schedule of Operating Leases	Operating lease right-of-use asset Balance, September 30, 2020 $ 55,162 Addition 341,125 Amortization (55,162) Balance, March 31, 2021 $ 341,125 Balance, September 30, 2021 $ 308,286 Amortization (60,893) Balance, March 31, 2022 $ 247,393 Operating lease liabilities Balance, September 30, 2020 $ 59,094 Addition 341,125 Accretion 1,480 Lease payments (60,574) Balance, March 31, 2021 $ 341,125 Balance, September 30, 2021 $ 330,970 Accretion 7,410 Lease payments (64,746) Balance, March 31, 2022 $ 273,634

DERIVATIVE LIABILITIES (Tables)

DERIVATIVE LIABILITIES (Tables)	6 Months Ended
DERIVATIVE LIABILITIES (Tables)	Mar. 31, 2022
DERIVATIVE LIABILITIES
Fair Value Measurement Inputs and Valuation Techniques	The Company uses the Black-Scholes option pricing model to estimate fair value. The following weighted average assumptions were used to estimate the fair value of the derivative warrant liabilities on March 31, 2022 and 2021: March 31, March 31, 2022 2021 Risk-free interest rate 2.65 % 0.29 % Expected life 0.79 years 1.79 years Expected annualized volatility 93.6 % 85.9 % Dividend — — Liquidity discount 20 % 20 %
Schedule of Changes to Derivative Liabilities	The following table is a continuity schedule of changes to the Company’s derivative liabilities: Total Balance, September 30, 2020 $ 127,376 Change in fair value (107,023) Balance, September 30, 2021 $ 20,353 Change in fair value (18,424) Balance, March 31, 2022 $ 1,929 Derivatives with expected life of less than one year $ 1,929 Derivatives with expected life greater than one year $ —

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
SHAREHOLDERS' EQUITY (Tables)	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of Stock Option Activity	Stock option transactions are summarized as follows: Weighted Number Average of Options Exercise Price* Balance, September 30, 2020 5,309,584 $ 3.42 Options granted 1,889,646 9.87 Options exercised (323,610) (3.68) Options expired/forfeited (72,390) (4.46) Balance, September 30, 2021 6,803,230 $ 5.20 Options granted 170,000 8.85 Options exercised (72,910) (4.41) Options expired/forfeited (104,584) (3.18) Balance outstanding, March 31, 2022 6,795,736 $ 5.33 Balance exercisable, March 31, 2022 3,908,576 $ 4.14 * Options exercisable in Canadian dollars as of March 31, 2022 are translated at current rates to reflect the current weighted average exercise price in US dollars for all outstanding options.
Summary of Stock Option Outstanding	At March 31, 2022, options were outstanding enabling holders to acquire common shares as follows: Weighted average remaining Exercise price Number of options contractual life (years) $ 3.23 3,674,188 7.52 * $ 3.59 26,667 7.55 $ 3.81 185,816 6.87 $ 4.00 539,518 5.73 $ 4.67 183,511 7.59 $ 7.00 1,491,646 8.70 $ 8.47 120,000 9.54 $ 9.76 50,000 9.89 $ 13.96 190,000 8.79 $ 29.63 100,000 9.08 $ 31.62 75,000 9.17 C$ 4.90 129,503 5.16 C$ 5.06 29,887 6.87 * 6,795,736 7.71 *
Summary of Warrants Activity	Warrant transactions are summarized as follows: Weighted Number Average of Warrants Exercise Price Balance, September 30, 2020 9,272,977 $ 1.73 Warrants exercised (6,038,227) (0.06) Balance outstanding and exercisable, September 30, 2021 and March 31, 2022 3,234,750 $ 4.84
Summary of Warrants Outstanding	At March 31, 2022, warrants were outstanding enabling holders to acquire common shares as follows: Number of Warrants Exercise Price Expiry Date 227,273 (1) US$ 66.00 January 14, 2023 7,477 US$ 42.80 November 18, 2023 80,000 US$ 4.00 January 9, 2023 2,920,000 US$ 0.0001 August 23, 2024 3,234,750 (1) Detailed terms of the 2016 Warrants are included in Note 8 .
Employee Share Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share Based Compensation Expense	During the six months ended March 31, 2022, the Company issued 2,444 shares (2021 – 5,261) upon the exercise of Purchase Rights. The Company recognizes compensation expense for purchase rights on a straight-line basis over the service period. For the three months ended For the six months ended March 31, March 31, 2022 2021 2022 2021 Research and development expense $ 8,483 $ 9,123 $ 12,133 $ 14,693 General and administrative 805 17,381 6,957 17,946 $ 9,288 $ 26,504 $ 19,090 $ 32,639
Weighted Average Assumptions for the Valuation of Stock Options	The Company measures the purchase rights based on their estimated grant date fair value using the Black-Scholes option pricing model and the estimated number of shares that can be purchased. The following weighted average assumptions were used for the valuation of purchase rights: 2022 2021 Risk-free interest rate 0.44 % 0.19 % Expected life of share purchase rights 6 months 6 months Expected annualized volatility 87.90 % 61.26 % Dividend — —
Stock Options Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share Based Compensation Expense	The Company recognized share-based payments expense for options granted and vesting, net of recoveries on cancellations of unvested options, during the period ended March 31, 2022 and 2021 with allocations to its functional expense as follows: For the three months ended For the six months ended March 31, March 31, 2022 2021 2022 2021 Research and development expense $ 1,113,376 $ 782,846 $ 2,369,077 $ 1,064,700 General and administrative 740,689 1,854,336 1,975,277 2,771,332 $ 1,854,065 $ 2,637,182 $ 4,344,354 $ 3,836,032
Weighted Average Assumptions for the Valuation of Stock Options	The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted: 2022 2021 Risk-free interest rate 1.20 % 0.39 % Expected life of options 10.00 years 10.00 years Expected annualized volatility 80.00 % 78.05 % Dividend — —

SHORT-TERM INVESTMENTS (Narrati

SHORT-TERM INVESTMENTS (Narrative) (Details)	Mar. 31, 2022
Maximum [Member]
Guaranteed investment certificates, interest rate	1.58%
Minimum [Member]
Guaranteed investment certificates, interest rate	0.31%

SHORT-TERM INVESTMENTS - Realiz

SHORT-TERM INVESTMENTS - Realized gains and losses (Details) - USD ($)	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	$ 94,655,907	$ 57,026,103
Unrealized Losses	(46,502)
Accrued Interest	173,204	76,056
Estimated Fair Value	94,782,609	57,102,159
Short-term investments have an aggregate fair market value	94,800,000	57,100,000
Unrealized loss position	46,502
Gains or losses on sales of short-term investments	0
GICs and Term deposits
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	77,171,949	57,026,103
Accrued Interest	20,918	76,056
Estimated Fair Value	77,192,867	$ 57,102,159
U.S. Treasury securities
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	11,266,180
Unrealized Losses	(25,478)
Accrued Interest	121,842
Estimated Fair Value	11,362,544
Corporate debt securities
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	5,220,823
Unrealized Losses	(21,024)
Accrued Interest	30,444
Estimated Fair Value	5,230,243
Commercial paper
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	996,955
Estimated Fair Value	$ 996,955

PREPAIDS (Schedule of Prepaid E

PREPAIDS (Schedule of Prepaid Expenses) (Details) - USD ($)	Mar. 31, 2022	Sep. 30, 2021
PREPAIDS
Prepaid insurance	$ 800,780	$ 1,751,052
Prepaid CMC and clinical expenses and deposits	240,513	240,513
Other deposits and prepaid expenses	23,171	190,317
Balance, end of period	$ 1,064,464	$ 2,181,882

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($)	Mar. 31, 2022	Sep. 30, 2021
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable	$ 756,555	$ 1,425,871
Accrued expenses	2,485,360	2,062,441
Accrued vacation	376,593	320,632
Balance, end of period	$ 3,618,508	$ 3,808,944

OPERATING LEASE (Narrative) (De

OPERATING LEASE (Narrative) (Details) - USD ($)	6 Months Ended
OPERATING LEASE (Narrative) (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Incremental borrowing rate	5.00%
Accretion expense	$ 7,410	$ 1,480
South San Francisco Office [Member]
Remaining lease term	26 months
Houston Office [Member]
Remaining lease term	16 months
Financing costs [Member]
Accretion expense	$ 7,410	$ 1,480

OPERATING LEASE (Schedule of Op

OPERATING LEASE (Schedule of Operating Leases) (Details) - USD ($)	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020
Operating lease right-of-use asset
Operating lease right-of-use assets	$ 247,393	$ 341,125	$ 308,286	$ 55,162
Addition		341,125
Amortization	(60,893)	(55,162)
Operating lease liabilities
Operating lease liabilities	273,634	341,125	$ 330,970	$ 59,094
Addition		341,125
Accretion	7,410	1,480
Lease payments	$ (64,746)	$ (60,574)

DERIVATIVE LIABILITIES (Narrati

DERIVATIVE LIABILITIES (Narrative) (Details)	1 Months Ended
DERIVATIVE LIABILITIES (Narrative) (Details)	Jan. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2022USD ($)$ / shares	Sep. 30, 2020$ / shares
DERIVATIVE LIABILITIES
Exercise price (in dollars per share) \| $ / shares		$ 4.84	$ 1.73
Level 3 [Member] \| Increase in market Price of warrants by 10% [Member]
DERIVATIVE LIABILITIES
Increase (decrease) in derivative liability due to change in market price		$ 1,039
Level 3 [Member] \| Decrease in market Price of warrants by 10% [Member]
DERIVATIVE LIABILITIES
Increase (decrease) in derivative liability due to change in market price		747
Level 3 [Member] \| Increase in Volatility of warrants by 10% [Member]
DERIVATIVE LIABILITIES
Increase (decrease) in derivative liability due to change in volatility		2,926
Level 3 [Member] \| Decrease in Volatility of warrants by 10% [Member]
DERIVATIVE LIABILITIES
Increase (decrease) in derivative liability due to change in volatility		$ 1,348
Private Placement [Member]
DERIVATIVE LIABILITIES
Shares issued \| shares	227,273
Unit price (in dollars per share) \| $ / shares	$ 66
Fair value of units issued	$ 14,999,992
Exercise price (in dollars per share) \| $ / shares	$ 66
Units issued in private placement, conversion ratio	1
Private Placement [Member] \| 2 Year Warrants [Member]
DERIVATIVE LIABILITIES
Units issued in private placement, conversion ratio	0.5
Term of warrant	2 years
Private Placement [Member] \| 7 Year Warrants [Member]
DERIVATIVE LIABILITIES
Units issued in private placement, conversion ratio	1
Term of warrant	7 years

DERIVATIVE LIABILITIES (Fair Va

DERIVATIVE LIABILITIES (Fair Value Measurement Inputs and Valuation Techniques) (Details) - Weighted Average [Member]	Mar. 31, 2022Y	Mar. 31, 2021Y
Risk-free Interest Rate [Member]
DERIVATIVE LIABILITIES
Assumptions to fair value of the derivative warrant liabilities	0.0265	0.0029
Expected Life (in Years) [Member]
DERIVATIVE LIABILITIES
Assumptions to fair value of the derivative warrant liabilities	0.79	1.79
Expected Annualized Volatility [Member]
DERIVATIVE LIABILITIES
Assumptions to fair value of the derivative warrant liabilities	0.936	0.859
Dividend [Member]
DERIVATIVE LIABILITIES
Assumptions to fair value of the derivative warrant liabilities	0	0
Liquidity Discount [Member]
DERIVATIVE LIABILITIES
Assumptions to fair value of the derivative warrant liabilities	0.20	0.20

DERIVATIVE LIABILITIES (Schedul

DERIVATIVE LIABILITIES (Schedule of Changes of Derivative Liabilities) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Mar. 31, 2022	Sep. 30, 2021
DERIVATIVE LIABILITIES
Beginning balance	$ 20,353	$ 127,376
Change in fair value	(18,424)	(107,023)
Ending balance	1,929	20,353
Derivatives with expected life of less than one year	1,929	0
Derivatives with expected life greater than one year	$ 0	$ 20,352

SHAREHOLDERS' EQUITY (Narrative

SHAREHOLDERS' EQUITY (Narrative) (Details)	Feb. 22, 2021USD ($)$ / sharesshares	Jan. 31, 2016$ / sharesshares	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares	Sep. 30, 2021shares
SHAREHOLDERS' EQUITY
Aggregate gross proceeds \| $			$ 0	$ 149,999,985
Share issuance transaction costs \| $			$ 0	$ 9,109,462
Options granted			170,000	1,714,646	1,889,646
Weighted average fair value of options granted \| $ / shares			$ 8.85	$ 7.77
Employee Share Purchase Plan [Member]
SHAREHOLDERS' EQUITY
Number of new stock issued during the period upon the exercise of Purchase Rights			2,444	5,261
Offering term			6 months
Maximum eligibility to common shares amount \| $			$ 25,000
Stock Options [Member]
SHAREHOLDERS' EQUITY
Option expiration period			10 years
Minimum [Member] \| Employee Share Purchase Plan [Member]
SHAREHOLDERS' EQUITY
Price percentage of common share granted			85.00%
Maximum [Member] \| Employee Share Purchase Plan [Member]
SHAREHOLDERS' EQUITY
Common shares reserved for issuance			249,974		252,418
Employee contribution percentage			15.00%
Maximum [Member] \| Stock Options and RSU Plan [Member]
SHAREHOLDERS' EQUITY
Common shares reserved for issuance			8,410,907
February 2021 Financing [Member]
SHAREHOLDERS' EQUITY
Aggregate gross proceeds \| $	$ 149,999,985
Shares issued	5,555,555
Offering price per share \| $ / shares	$ 27
Underwriter option to purchase additional securities	724,637
Term of underwriters option	30 days
Cash commissions paid \| $	$ 8,999,999
Share issuance transaction costs \| $	$ 229,451
Private Placement [Member]
SHAREHOLDERS' EQUITY
Shares issued		227,273
Offering price per share \| $ / shares		$ 66
Number of Units issued		227,273
Units issued in private placement, conversion ratio		1
Private Placement [Member] \| 2 Year Warrants [Member]
SHAREHOLDERS' EQUITY
Term of warrant		2 years
Units issued in private placement, conversion ratio		0.5
Private Placement [Member] \| 7 Year Warrants [Member]
SHAREHOLDERS' EQUITY
Term of warrant		7 years
Units issued in private placement, conversion ratio		1
Private Placement [Member] \| Clarus Lifesciences III, L.P [Member]
SHAREHOLDERS' EQUITY
Number of shares acquired by shareholders		106,061
Minimum number of shares required to be held for nomination rights		53,030

SHAREHOLDERS' EQUITY (Schedule

SHAREHOLDERS' EQUITY (Schedule of Share Based Compensation Expenses) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Employee Share Purchase Plan [Member]
SHAREHOLDERS' EQUITY
Compensation Expense	$ 9,288	$ 26,504	$ 19,090	$ 32,639
Employee Share Purchase Plan [Member] \| Research and Development [Member]
SHAREHOLDERS' EQUITY
Compensation Expense	8,483	9,123	12,133	14,693
Employee Share Purchase Plan [Member] \| General and Administrative [Member]
SHAREHOLDERS' EQUITY
Compensation Expense	805	17,381	6,957	17,946
Stock Options Plan [Member]
SHAREHOLDERS' EQUITY
Compensation Expense	1,854,065	2,637,182	4,344,354	3,836,032
Stock Options Plan [Member] \| Research and Development [Member]
SHAREHOLDERS' EQUITY
Compensation Expense	1,113,376	782,846	2,369,077	1,064,700
Stock Options Plan [Member] \| General and Administrative [Member]
SHAREHOLDERS' EQUITY
Compensation Expense	$ 740,689	$ 1,854,336	$ 1,975,277	$ 2,771,332

SHAREHOLDERS' EQUITY (Weighted

SHAREHOLDERS' EQUITY (Weighted Average Assumptions for the Valuation of Purchase Rights) (Details)	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Share Purchase Plan [Member]
Weighted average assumptions
Risk-free interest rate	0.44%	0.19%
Expected life of share purchase options	6 months	6 months
Expected annualized volatility	87.90%	61.26%
Dividend	0.00%	0.00%
Stock Options Plan [Member]
Weighted average assumptions
Risk-free interest rate	1.20%	0.39%
Expected life of share purchase options	10 years	10 years
Expected annualized volatility	80.00%	78.05%
Dividend	0.00%	0.00%

SHAREHOLDERS' EQUITY (Summary o

SHAREHOLDERS' EQUITY (Summary of Stock Option Activity) (Details) - $ / shares	6 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021
Number of Options
Beginning balance (in shares)	6,803,230	5,309,584	5,309,584
Options granted (in shares)	170,000	1,714,646	1,889,646
Options exercised (in shares)	(72,910)		(323,610)
Options expired/forfeited (in shares)	(104,584)		(72,390)
Ending balance (in shares)	6,795,736		6,803,230
Balance exercisable (in shares)	3,908,576
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 5.20	$ 3.42	$ 3.42
Options granted (in dollars per share)	8.85		9.87
Options exercised (in dollars per share)	(4.41)		(3.68)
Options expired/forfeited (in dollars per share)	(3.18)		(4.46)
Ending balance (in dollars per share)	5.33		$ 5.20
Options exercisable (in dollars per share)	$ 4.14

SHAREHOLDERS' EQUITY (Summary_2

SHAREHOLDERS' EQUITY (Summary of Stock Option Outstanding) (Details)	6 Months Ended
	Mar. 31, 2022$ / sharesshares	Mar. 31, 2022$ / sharesshares	Sep. 30, 2021$ / sharesshares	Sep. 30, 2020$ / sharesshares
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 5.33		$ 5.20	$ 3.42
Number of options	6,795,736	6,795,736	6,803,230	5,309,584
Weighted average remaining contractual life (years)	7 years 8 months 15 days
Options expired unexercised	25,258
Exercise Price $3.23 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 3.23
Number of options	3,674,188	3,674,188
Weighted average remaining contractual life (years)	7 years 6 months 7 days
Exercise Price $3.59 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 3.59
Number of options	26,667	26,667
Weighted average remaining contractual life (years)	7 years 6 months 18 days
Exercise Price $3.81 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 3.81
Number of options	185,816	185,816
Weighted average remaining contractual life (years)	6 years 10 months 13 days
Exercise Price $4.00 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 4
Number of options	539,518	539,518
Weighted average remaining contractual life (years)	5 years 8 months 23 days
Exercise Price $4.67 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 4.67
Number of options	183,511	183,511
Weighted average remaining contractual life (years)	7 years 7 months 2 days
Exercise Price $7.00 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 7
Number of options	1,491,646	1,491,646
Weighted average remaining contractual life (years)	8 years 8 months 12 days
Exercise Price $8.47 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 8.47
Number of options	120,000	120,000
Weighted average remaining contractual life (years)	9 years 6 months 14 days
Exercise Price $13.96 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 13.96
Number of options	190,000	190,000
Weighted average remaining contractual life (years)	8 years 9 months 14 days
Exercise Price $29.63 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 29.63
Number of options	100,000	100,000
Weighted average remaining contractual life (years)	9 years 29 days
Exercise Price $31.62 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares		$ 31.62
Number of options	75,000	75,000
Weighted average remaining contractual life (years)	9 years 2 months 1 day
Exercise Price C$4.90 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares		$ 4.90
Number of options	129,503	129,503
Weighted average remaining contractual life (years)	5 years 1 month 28 days
Exercise Price C$5.06 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 5.06
Number of options	29,887	29,887
Weighted average remaining contractual life (years)	6 years 10 months 13 days
Exercise Price C$9.76 [Member]
SHAREHOLDERS' EQUITY
Stock options, Exercise price \| $ / shares	$ 9.76
Number of options	50,000	50,000
Weighted average remaining contractual life (years)	9 years 10 months 20 days

SHAREHOLDERS' EQUITY (Summary_3

SHAREHOLDERS' EQUITY (Summary of Warrants Activity) (Details)	6 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of Warrants
Number of Warrants, Beginning balance (in shares) \| shares	9,272,977
Warrants exercised (in shares) \| shares	(6,038,227)
Weighted Average Exercise Price
Weighted Average Exercise Price, Beginning balance (in dollar per share) \| $ / shares	$ 1.73
Weighted average exercise price, warrants exercised (in dollar per share) \| $ / shares	$ (0.06)

SHAREHOLDERS' EQUITY (Summary_4

SHAREHOLDERS' EQUITY (Summary of Warrants Outstanding) (Details) - $ / shares	Mar. 31, 2022	Sep. 30, 2020
Warrant outstanding and Exercise price
Number of Warrants	3,234,750	9,272,977
Exercise price (in dollars per share)	$ 4.84	$ 1.73
Warrants Exercise Price $66.00 [Member]
Warrant outstanding and Exercise price
Number of Warrants	227,273
Exercise price (in dollars per share)	$ 66
Expiry Date	Jan. 14, 2023
Warrants Exercise Price $42.80 [Member]
Warrant outstanding and Exercise price
Number of Warrants	7,477
Exercise price (in dollars per share)	$ 42.80
Expiry Date	Nov. 18, 2023
Warrants Exercise Price $4.00 [Member]
Warrant outstanding and Exercise price
Number of Warrants	80,000
Exercise price (in dollars per share)	$ 4
Expiry Date	Jan. 9, 2023
Warrants Exercise Price $0.0001 [Member]
Warrant outstanding and Exercise price
Number of Warrants	2,920,000
Exercise price (in dollars per share)	$ 0.0001
Expiry Date	Aug. 23, 2024

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($)	Mar. 31, 2022	Sep. 30, 2021
Accounts Payable and Accrued Liabilities [Member]
Related Party Transaction [Line Items]
Due to related parties	$ 77,658	$ 82,036

SEGMENTED INFORMATION (Narrativ

SEGMENTED INFORMATION (Narrative) (Details)	6 Months Ended
SEGMENTED INFORMATION (Narrative) (Details)	Mar. 31, 2022segment
SEGMENTED INFORMATION
Number of industries	1

FINANCIAL INSTRUMENTS AND RISK

FINANCIAL INSTRUMENTS AND RISK (Narrative) (Details) - 6 months ended Mar. 31, 2022	USD ($)	CAD ($)	USD ($)
Working Capital			$ 178,353,354
Cash, CDIC insured amount		$ 100,000
Cash, FDIC insured amount			$ 250,000
10% Change in Foreign Exchange Rate [Member]
Foreign currency risk, fluctuation in the net income (loss) reported due to change in exchange rate	$ 6,565