Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2023 | Feb. 12, 2024 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2023 | |
Entity File Number | 001-37410 | |
Entity Registrant Name | ESSA Pharma Inc. | |
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 Common Stock, Shares Outstanding | 44,238,147 | |
Entity Central Index Key | 0001633932 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED INTERIM
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Current | ||
Cash and cash equivalents | $ 35,344,517 | $ 33,701,912 |
Short-term investments (Note 4) | 106,775,273 | 114,374,489 |
Receivables | 180,611 | 135,057 |
Prepaids (Note 5) | 1,568,488 | 585,420 |
Total current assets | 143,868,889 | 148,796,878 |
Deposits | 257,245 | 257,245 |
Operating lease right-of-use assets (Note 7) | 363,145 | 68,008 |
Total assets | 144,489,279 | 149,122,131 |
Current | ||
Accounts payable and accrued liabilities (Note 6) | 3,431,505 | 3,414,743 |
Current portion of operating lease liabilities (Note 7) | 99,390 | 80,328 |
Total current liabilities | 3,530,895 | 3,495,071 |
Operating lease liabilities (Note 7) | 275,445 | 0 |
Total liabilities | 3,806,340 | 3,495,071 |
Shareholders' equity | ||
Common shares 44,163,647 issued and outstanding (September 30, 2023 - 44,100,838) (Note 8) | 278,511,447 | 278,161,537 |
Additional paid-in capital (Note 8) | 49,697,447 | 49,047,280 |
Accumulated other comprehensive loss | (2,100,274) | (2,120,398) |
Accumulated deficit | (185,425,681) | (179,461,359) |
Total stockholders equity | 140,682,939 | 145,627,060 |
Total liabilities and shareholders' equity | $ 144,489,279 | $ 149,122,131 |
CONDENSED CONSOLIDATED INTERI_2
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical) - shares | Dec. 31, 2023 | Sep. 30, 2023 |
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS | ||
Common stock, shares issued | 44,163,647 | 44,100,838 |
Common stock, shares outstanding | 44,163,647 | 44,100,838 |
CONDENSED CONSOLIDATED INTERI_3
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
OPERATING EXPENSES | ||
Research and development | $ 5,376,764 | $ 5,344,250 |
Financing costs | 2,350 | |
General and administration | 2,217,868 | 2,519,119 |
Total operating expenses | (7,594,632) | (7,865,719) |
Foreign exchange | (8,479) | 11,533 |
Investment and other income | 1,638,789 | 1,112,304 |
Net loss for the period | (5,964,322) | (6,741,882) |
OTHER COMPREHENSIVE INCOME | ||
Unrealized gain on short-term investments (Note 4) | 20,124 | 29,427 |
Loss and comprehensive loss for the period | $ (5,944,198) | $ (6,712,455) |
Earnings Per Share | ||
Basic loss per common share (in dollars per share) | $ (0.14) | $ (0.15) |
Diluted loss per common share (in dollars per share) | $ (0.14) | $ (0.15) |
Weighted average number of common shares outstanding - Basic (in shares) | 44,129,491 | 44,073,286 |
Weighted average number of common shares outstanding -Diluted (in shares) | 44,129,491 | 44,073,286 |
CONDENSED CONSOLIDATED INTERI_4
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (5,964,322) | $ (6,741,882) |
Items not affecting cash and cash equivalents: | ||
Amortization of right-of-use asset | 23,007 | 30,447 |
Accretion of premiums/discounts on short-term investments, net | (200,600) | (90,945) |
Accretion of lease liability | 6,701 | 2,350 |
Accrued Investment income | (415,033) | (72,056) |
Unrealized foreign exchange | (3,474) | (207) |
Share-based payments | 803,418 | 1,563,608 |
Changes in non-cash working capital items: | ||
Receivables | (45,554) | (8,429) |
Prepaids | (983,068) | 313,930 |
Accounts payable and accrued liabilities | 22,260 | 626,246 |
Operating lease liabilities | (30,338) | 0 |
Net cash used in operating activities | (6,787,003) | (4,376,938) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of short-term investments | (60,988,970) | (90,477,847) |
Proceeds from short-term investments sold | 69,221,481 | 88,983,690 |
Net cash provided by (used in) investing activities | 8,232,511 | (1,494,157) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Options exercised | 163,306 | 0 |
Shares purchased through employee share purchase plan | 33,353 | 50,291 |
Lease payments | 0 | (34,639) |
Net cash provided by financing activities | 196,659 | 15,652 |
Effect of foreign exchange on cash and cash equivalents | 438 | (430) |
Change in cash and cash equivalents for the period | 1,642,605 | (5,855,873) |
Cash and cash equivalents, beginning of period | 33,701,912 | 57,076,475 |
Cash and cash equivalents, end of period | 35,344,517 | 51,220,602 |
Supplemental disclosure of non-cash investing and finance items: | ||
Leased assets obtained in exchange for operating lease liabilities | $ 318,144 | $ 0 |
CONDENSED CONSOLIDATED INTERI_5
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Common Shares | Additional paid-in capital | Accumulated other comprehensive loss | Deficit | Total |
Beginning Balance at Sep. 30, 2022 | $ 278,089,136 | $ 44,043,503 | $ (2,135,145) | $ (152,879,016) | $ 167,118,478 |
Beginning Balance, in shares at Sep. 30, 2022 | 44,073,076 | ||||
Shares issued through employee share purchase plan | $ 52,392 | (2,101) | 50,291 | ||
Shares issued through employee share purchase plan, shares | 19,298 | ||||
Share-based payments | 1,563,608 | 1,563,608 | |||
Loss and comprehensive loss for the period | 29,427 | (6,741,882) | (6,712,455) | ||
Ending Balance at Dec. 31, 2022 | $ 278,141,528 | 45,605,010 | (2,105,718) | (159,620,898) | 162,019,922 |
Ending Balance, in shares at Dec. 31, 2022 | 44,092,374 | ||||
Beginning Balance at Sep. 30, 2023 | $ 278,161,537 | 49,047,280 | (2,120,398) | (179,461,359) | 145,627,060 |
Beginning Balance, in shares at Sep. 30, 2023 | 44,100,838 | ||||
Options exercised | $ 298,742 | (135,436) | $ 163,306 | ||
Options exercised, shares | 48,333 | 48,333 | |||
Shares issued through employee share purchase plan | $ 51,168 | (17,815) | $ 33,353 | ||
Shares issued through employee share purchase plan, shares | 14,476 | ||||
Share-based payments | 803,418 | 803,418 | |||
Loss and comprehensive loss for the period | 20,124 | (5,964,322) | (5,944,198) | ||
Ending Balance at Dec. 31, 2023 | $ 278,511,447 | $ 49,697,447 | $ (2,100,274) | $ (185,425,681) | $ 140,682,939 |
Ending Balance, in shares at Dec. 31, 2023 | 44,163,647 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Dec. 31, 2023 | |
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 Suite 3500, The Stack, 1133 Melville Street, Vancouver, BC, V6E 4E5. The Company is listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “EPIX”. 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 December 31, 2023, no products are in commercial production or use. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Dec. 31, 2023 | |
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, 2023 and included in the Company’s 2023 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on December 12, 2023. 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 December 31, 2023 and 2022 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 2023 Annual Report on Form 10-K for the year ended September 30, 2023, with the exception of any policies described in Note 3. Certain prior period amounts in the unaudited condensed consolidated interim statements of cash flows have been reclassified to conform to the current period presentation. 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 valuation of equity instruments issued for services. 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 | 3 Months Ended |
Dec. 31, 2023 | |
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 | 3 Months Ended |
Dec. 31, 2023 | |
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 5.15%-5.405% 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 investment 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 investment income. As of December 31, 2023 Amortized Unrealized Accrued Estimated Cost Gains Losses Investment Income Fair Value U.S. Treasury securities $ 74,749,709 $ — $ (25,586) $ 387,089 $ 75,111,212 GICs and Term deposits 31,141,314 — — 522,747 31,664,061 Corporate debt securities — — — — — Balance, end of period $ 105,891,023 $ — $ (25,586) $ 909,836 $ 106,775,273 As of December 31, 2023, short-term investments have an aggregate fair market value of $106.8 million (September 30, 2023 – $114.4 million) were in an aggregate gross unrealized loss position of $ 25,586 (September 30, 2023 - $43,248 ). 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 December 31, 2023 and no realized gains or losses on sales of short-term investments have been recorded through December 31, 2023. |
PREPAIDS
PREPAIDS | 3 Months Ended |
Dec. 31, 2023 | |
PREPAIDS | |
PREPAIDS | 5. PREPAIDS December 31, September 30, 2023 2023 Prepaid insurance $ 967,328 $ 24,839 Prepaid CMC and clinical expenses and deposits 190,060 181,835 Other deposits and prepaid expenses 411,100 378,746 Balance, end of period $ 1,568,488 $ 585,420 |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 3 Months Ended |
Dec. 31, 2023 | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, September 30, 2023 2023 Accounts payable $ 2,600,156 $ 2,028,265 Accrued expenses 284,818 845,730 Accrued vacation 546,531 540,748 Balance, end of period $ 3,431,505 $ 3,414,743 |
OPERATING LEASE
OPERATING LEASE | 3 Months Ended |
Dec. 31, 2023 | |
OPERATING LEASE | |
OPERATING LEASE | 7. OPERATING LEASE Operating lease right-of-use assets Balance, September 30, 2023 $ 68,008 Addition 318,144 Amortization (23,007) Balance, December 31, 2023 $ 363,145 Operating lease liabilities Balance, September 30, 2023 $ 80,328 Addition 318,144 Cost of operating lease (23,637) Balance, December 31, 2023 $ 374,835 Operating lease liabilities with expected life of less than one year $ 99,390 Operating lease liabilities with expected life greater than one year $ 275,445 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 December 31, 2023 As at December 31, 2023, the maturity of the Company’s operating lease liability was as follows: Operating lease Within 1 year $ 104,187 1 to 2 years 130,947 2 to 3 years 134,875 3 to 4 years 80,326 450,335 Less: Imputed interest (75,500) Operating lease liability $ 374,835 |
SHAREHOLDERS EQUITY
SHAREHOLDERS EQUITY | 3 Months Ended |
Dec. 31, 2023 | |
SHAREHOLDERS' EQUITY | |
SHAREHOLDERS' EQUITY | 8. SHAREHOLDERS’ EQUITY Authorized Unlimited common shares, without par value. Unlimited preferred shares, without par value. Omnibus Incentive Plan On February 25, 2021, the Company adopted an omnibus incentive plan (“Omnibus Plan”) consistent with the policies and rules of 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 September 30, 2023, the Company has not issued any instruments other than stock options under the Omnibus Plan. Prior to the adoption of the Omnibus Plan, the Company issued equity compensation pursuant to the Company’s amended and restated stock option plan (the “Legacy Option Plan”), Amended and Restated Restricted Share Unit Plan (the “RSU Plan”) and Employee Stock Purchase Plan. Since the adoption of the Omnibus Plan, no further grants have been made under the Legacy Option Plan or RSU Plan, though existing grants under the Legacy Option Plan will continue in effect in accordance with their terms. As of December 31, 2023 , 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 of each calendar year, with a single purchase date at the end of the purchase period on June 30 and December 31 of each calendar year. As of December 31, 2023 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. For the three months ended December 31, 2023 2022 Research and development expense $ 2,411 $ 598 General and administrative 6,496 453 $ 8,907 $ 1,051 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: For the three months ended December 31, 2023 2022 Risk-free interest rate 5.18 % 2.65 % Expected life of share purchase rights 6 months 6 months Expected annualized volatility 63.10 % 73.17 % Dividend — — Stock options Pursuant to the Legacy Option Plan and Omnibus Plan, options were previously or may be granted, respectively, with expiry terms of up to 10 years, and vesting criteria and periods are approved by the Board at its discretion. The options issued under the Legacy Option Plan and Omnibus 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, 2023 8,112,774 $ 4.97 Options granted 78,750 3.91 Options exercised (48,333) (3.45) Options expired/forfeited (23,750) (2.89) Balance outstanding, December 31, 2023 8,119,441 $ 4.98 Balance exercisable, December 31, 2023 6,672,009 $ 4.86 * Options exercisable in Canadian dollars as of December 31, 2023 are translated at current rates to reflect the current weighted average exercise price in U.S. dollars for all outstanding options. At December 31, 2023, options were outstanding enabling holders to acquire common shares as follows: Weighted average remaining Exercise price Number of options contractual life (years) $ 2.39 50,000 8.71 $ 2.70 20,000 9.34 $ 2.91 175,000 9.07 $ 2.97 15,000 9.40 $ 3.05 50,000 9.44 $ 3.23 3,599,400 5.77 * $ 3.59 26,667 5.80 $ 3.60 902,917 8.50 $ 3.75 20,000 8.93 $ 3.81 185,816 5.11 $ 3.91 78,750 9.82 $ 4.00 539,518 3.97 $ 4.67 168,227 5.84 $ 5.99 190,000 8.31 $ 7.00 1,458,646 6.95 $ 8.47 120,000 7.79 $ 9.76 50,000 8.13 $ 13.96 190,000 7.04 $ 29.63 100,000 7.33 $ 31.62 50,000 7.42 C$ 4.90 114,500 3.47 C$ 5.06 15,000 5.11 8,119,441 6.46 * 74,500 stock options were exercised subsequent to December 31, 2023. Share-based compensation During the three months ended December 31, 2023 , the Company granted a total of 78,750 (2022 – 20,000) stock options with a weighted average fair value of $3.90 per option (2022 - $3.11 ). The Company recognized share-based payments expense for options granted and vesting, net of recoveries on cancellations of unvested options, during the period ended December 31, 2023 and 2022 with allocations to its functional expense as follows: For the three months ended December 31, 2023 2022 Research and development expense $ 523,830 $ 790,594 General and administrative 270,681 771,966 $ 794,511 $ 1,562,560 The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted: 2023 2022 Risk-free interest rate 4.49 % 4.18 % Expected life of options 10.00 years 10.00 years Expected annualized volatility 234.00 % 79.00 % Dividend — — Warrants Warrant transactions are summarized as follows: Weighted Number Average of Warrants Exercise Price Balance, September 30, 2023 2,927,477 $ 0.11 Warrants expired (7,477) (42.80) Balance outstanding and exercisable, December 31, 2023 2,920,000 $ 0.00 At December 31, 2023, warrants were outstanding enabling holders to acquire common shares as follows: Number of Warrants Exercise Price Expiry Date 2,920,000 $ 0.0001 August 23, 2024 2,920,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS Included in accounts payable and accrued liabilities at December 31, 2023 is $126,568 (September 30, 2023 - $98,360 ) 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 | 3 Months Ended |
Dec. 31, 2023 | |
SEGMENTED INFORMATION | |
SEGMENTED INFORMATION | 10. SEGMENTED INFORMATION The Company works in one industry being the development of small molecule drugs for prostate cancer. The Company’s right of use assets are located in the USA. |
FINANCIAL INSTRUMENTS AND RISK
FINANCIAL INSTRUMENTS AND RISK | 3 Months Ended |
Dec. 31, 2023 | |
FINANCIAL INSTRUMENTS AND RISK | |
FINANCIAL INSTRUMENTS AND RISK | 11. FINANCIAL INSTRUMENTS AND RISK The Company’s financial instruments consist of cash and cash equivalents, short-term investments, receivables and accounts payable and accrued 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 and the fair value of the money market funds included in cash equivalents are measured using Level 2 inputs based on standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers (Note 4). 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 judgment, 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, to the extent possible in segregated funds 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 December 31, 2023 , cash and cash equivalents consisted of cash in Canada and the United States, money market funds in the United States 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 December 31, 2023 , the Company had working capital of $140,337,994 . 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 December 31, 2023 , 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 and Euro. The Company maintains its cash and cash equivalents in U.S. 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 and U.S. dollar in relation to Canadian dollar held at December 31, 2023 would result in a fluctuation of $7,738 in the net gain recognized for the period. The Company does not currently engage in hedging activities. |
BASIS OF PRESENTATION (Policy)
BASIS OF PRESENTATION (Policy) | 3 Months Ended |
Dec. 31, 2023 | |
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, 2023 and included in the Company’s 2023 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on December 12, 2023. 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 December 31, 2023 and 2022 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 2023 Annual Report on Form 10-K for the year ended September 30, 2023, with the exception of any policies described in Note 3. Certain prior period amounts in the unaudited condensed consolidated interim statements of cash flows have been reclassified to conform to the current period presentation. 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 valuation of equity instruments issued for services. 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. |
SHORT-TERM INVESTMENTS (Tables)
SHORT-TERM INVESTMENTS (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
SHORT-TERM INVESTMENTS | |
Schedule of available for sale securities reconciliation | As of December 31, 2023 Amortized Unrealized Accrued Estimated Cost Gains Losses Investment Income Fair Value U.S. Treasury securities $ 74,749,709 $ — $ (25,586) $ 387,089 $ 75,111,212 GICs and Term deposits 31,141,314 — — 522,747 31,664,061 Corporate debt securities — — — — — Balance, end of period $ 105,891,023 $ — $ (25,586) $ 909,836 $ 106,775,273 |
PREPAIDS (Tables)
PREPAIDS (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
PREPAIDS | |
Schedule of Prepaid Expenses | December 31, September 30, 2023 2023 Prepaid insurance $ 967,328 $ 24,839 Prepaid CMC and clinical expenses and deposits 190,060 181,835 Other deposits and prepaid expenses 411,100 378,746 Balance, end of period $ 1,568,488 $ 585,420 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | |
Schedule of Accounts Payable and Accrued Liabilities | December 31, September 30, 2023 2023 Accounts payable $ 2,600,156 $ 2,028,265 Accrued expenses 284,818 845,730 Accrued vacation 546,531 540,748 Balance, end of period $ 3,431,505 $ 3,414,743 |
OPERATING LEASE (Tables)
OPERATING LEASE (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
OPERATING LEASE | |
Schedule of Operating Leases | Operating lease right-of-use assets Balance, September 30, 2023 $ 68,008 Addition 318,144 Amortization (23,007) Balance, December 31, 2023 $ 363,145 Operating lease liabilities Balance, September 30, 2023 $ 80,328 Addition 318,144 Cost of operating lease (23,637) Balance, December 31, 2023 $ 374,835 Operating lease liabilities with expected life of less than one year $ 99,390 Operating lease liabilities with expected life greater than one year $ 275,445 |
Schedule of Maturity of Operating Lease Liability | Operating lease Within 1 year $ 104,187 1 to 2 years 130,947 2 to 3 years 134,875 3 to 4 years 80,326 450,335 Less: Imputed interest (75,500) Operating lease liability $ 374,835 |
SHAREHOLDERS EQUITY (Tables)
SHAREHOLDERS EQUITY (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Warrants Activity | Warrant transactions are summarized as follows: Weighted Number Average of Warrants Exercise Price Balance, September 30, 2023 2,927,477 $ 0.11 Warrants expired (7,477) (42.80) Balance outstanding and exercisable, December 31, 2023 2,920,000 $ 0.00 |
Summary of Warrants Outstanding | Number of Warrants Exercise Price Expiry Date 2,920,000 $ 0.0001 August 23, 2024 2,920,000 |
Employee Share Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share Based Compensation Expense | For the three months ended December 31, 2023 2022 Research and development expense $ 2,411 $ 598 General and administrative 6,496 453 $ 8,907 $ 1,051 |
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: For the three months ended December 31, 2023 2022 Risk-free interest rate 5.18 % 2.65 % Expected life of share purchase rights 6 months 6 months Expected annualized volatility 63.10 % 73.17 % 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 December 31, 2023 and 2022 with allocations to its functional expense as follows: For the three months ended December 31, 2023 2022 Research and development expense $ 523,830 $ 790,594 General and administrative 270,681 771,966 $ 794,511 $ 1,562,560 |
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: 2023 2022 Risk-free interest rate 4.49 % 4.18 % Expected life of options 10.00 years 10.00 years Expected annualized volatility 234.00 % 79.00 % Dividend — — |
Summary of Stock Option Activity | Stock option transactions are summarized as follows: Weighted Number Average of Options Exercise Price* Balance, September 30, 2023 8,112,774 $ 4.97 Options granted 78,750 3.91 Options exercised (48,333) (3.45) Options expired/forfeited (23,750) (2.89) Balance outstanding, December 31, 2023 8,119,441 $ 4.98 Balance exercisable, December 31, 2023 6,672,009 $ 4.86 * Options exercisable in Canadian dollars as of December 31, 2023 are translated at current rates to reflect the current weighted average exercise price in U.S. dollars for all outstanding options. |
Summary of Stock Option Outstanding | At December 31, 2023, options were outstanding enabling holders to acquire common shares as follows: Weighted average remaining Exercise price Number of options contractual life (years) $ 2.39 50,000 8.71 $ 2.70 20,000 9.34 $ 2.91 175,000 9.07 $ 2.97 15,000 9.40 $ 3.05 50,000 9.44 $ 3.23 3,599,400 5.77 * $ 3.59 26,667 5.80 $ 3.60 902,917 8.50 $ 3.75 20,000 8.93 $ 3.81 185,816 5.11 $ 3.91 78,750 9.82 $ 4.00 539,518 3.97 $ 4.67 168,227 5.84 $ 5.99 190,000 8.31 $ 7.00 1,458,646 6.95 $ 8.47 120,000 7.79 $ 9.76 50,000 8.13 $ 13.96 190,000 7.04 $ 29.63 100,000 7.33 $ 31.62 50,000 7.42 C$ 4.90 114,500 3.47 C$ 5.06 15,000 5.11 8,119,441 6.46 * 74,500 stock options were exercised subsequent to December 31, 2023. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (Change in presentation) (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SIGNIFICANT ACCOUNTING POLICIES | ||
Net loss for the period | $ (5,964,322) | $ (6,741,882) |
Basic loss per common share (in dollars per share) | $ (0.14) | $ (0.15) |
Diluted loss per common share (in dollars per share) | $ (0.14) | $ (0.15) |
SHORT-TERM INVESTMENTS (Narrati
SHORT-TERM INVESTMENTS (Narrative) (Details) - GICs and Term deposits | 3 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Guaranteed investment certificates, interest rate | 5.15% |
Maximum | |
Guaranteed investment certificates, interest rate | 5.405% |
Guaranteed investment certificates, maturity term | 12 months |
SHORT-TERM INVESTMENTS - Realiz
SHORT-TERM INVESTMENTS - Realized gains and losses (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | $ 105,891,023 | |
Unrealized Losses | (25,586) | $ (43,248) |
Accrued Investment Income | $ 909,836 | |
Accrued Investment Income - extensible enumeration | Short-term investments (Note 4) | |
Estimated Fair Value | $ 106,775,273 | $ 114,400,000 |
Unrealized loss position | 0 | |
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 | 31,141,314 | |
Accrued Investment Income | 522,747 | |
Estimated Fair Value | 31,664,061 | |
U.S. Treasury securities | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 74,749,709 | |
Unrealized Losses | (25,586) | |
Accrued Investment Income | 387,089 | |
Estimated Fair Value | $ 75,111,212 |
PREPAIDS (Schedule of Prepaid E
PREPAIDS (Schedule of Prepaid Expenses) (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
PREPAIDS | ||
Prepaid insurance | $ 967,328 | $ 24,839 |
Prepaid CMC and clinical expenses and deposits | 190,060 | 181,835 |
Other deposits and prepaid expenses | 411,100 | 378,746 |
Balance, end of year | $ 1,568,488 | $ 585,420 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Schedule of Accounts Payable and Accrued Liabilities) (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | ||
Accounts payable | $ 2,600,156 | $ 2,028,265 |
Accrued expenses | 284,818 | 845,730 |
Accrued vacation | 546,531 | 540,748 |
Balance, end of year | $ 3,431,505 | $ 3,414,743 |
OPERATING LEASE (Schedule of Op
OPERATING LEASE (Schedule of Operating Leases) (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Increase (Decrease) in Operating Lease, Right-of-Use Asset [Roll Forward] | |||
Balance, at beginning of the period | $ 68,008 | ||
Addition | 318,144 | $ 0 | |
Amortization | (23,007) | $ (30,447) | |
Balance, at end of the period | 363,145 | ||
Increase (Decrease) in Operating Lease Liabilities [Roll Forward] | |||
Balance, at beginning of the period | 80,328 | ||
Addition | 318,144 | ||
Cost of operating lease | (23,637) | ||
Balance, at end of the period | 374,835 | ||
Operating lease liabilities with expected life of less than one year | 99,390 | $ 80,328 | |
Operating lease liabilities with expected life greater than one year | $ 275,445 | $ 0 |
OPERATING LEASE (Narrative) (De
OPERATING LEASE (Narrative) (Details) | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Incremental borrowing rate | 10.25% |
Operating lease costs | $ 23,637 |
South San Francisco Office | |
Remaining lease term | 42 months |
OPERATING LEASE (Maturity of op
OPERATING LEASE (Maturity of operating lease liability) (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | ||
Within 1 year | $ 104,187 | |
1 to 2 years | 130,947 | |
2 to 3 years | 134,875 | |
3 to 4 years | 80,326 | |
Payments due | 450,335 | |
Imputed interest | (75,500) | |
Operating lease liability | $ 374,835 | $ 80,328 |
SHAREHOLDERS EQUITY (Narrative)
SHAREHOLDERS EQUITY (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
SHAREHOLDERS' EQUITY | |||
Options granted | 78,750 | 20,000 | |
Weighted average fair value of options granted | $ 3.90 | $ 3.11 | |
Employee Share Purchase Plan [Member] | |||
SHAREHOLDERS' EQUITY | |||
Shares issued | 14,476 | 19,298 | |
Offering term | 6 months | ||
Maximum eligibility to Common Shares amount | $ 25,000 | ||
Stock Options [Member] | |||
SHAREHOLDERS' EQUITY | |||
Option expiration period | 10 years | ||
Minimum | Employee Share Purchase Plan [Member] | |||
SHAREHOLDERS' EQUITY | |||
Price percentage of Common Shares granted | 85% | ||
Maximum | Employee Share Purchase Plan [Member] | |||
SHAREHOLDERS' EQUITY | |||
Common Shares reserved for issuance | 194,360 | 208,836 | |
Employee contribution percentage | 15% | ||
Maximum | Stock Options and RSU Plan [Member] | |||
SHAREHOLDERS' EQUITY | |||
Common Shares reserved for issuance | 8,410,907 |
SHAREHOLDERS EQUITY (Schedule o
SHAREHOLDERS EQUITY (Schedule of Share Based Compensation Expenses) (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Share Purchase Plan [Member] | ||
SHAREHOLDERS' EQUITY | ||
Compensation Expense | $ 8,907 | $ 1,051 |
Employee Share Purchase Plan [Member] | Research and Development [Member] | ||
SHAREHOLDERS' EQUITY | ||
Compensation Expense | 2,411 | 598 |
Employee Share Purchase Plan [Member] | General and Administrative | ||
SHAREHOLDERS' EQUITY | ||
Compensation Expense | 6,496 | 453 |
Stock Options Plan [Member] | ||
SHAREHOLDERS' EQUITY | ||
Compensation Expense | 794,511 | 1,562,560 |
Stock Options Plan [Member] | Research and Development [Member] | ||
SHAREHOLDERS' EQUITY | ||
Compensation Expense | 523,830 | 790,594 |
Stock Options Plan [Member] | General and Administrative | ||
SHAREHOLDERS' EQUITY | ||
Compensation Expense | $ 270,681 | $ 771,966 |
SHAREHOLDERS EQUITY (Weighted A
SHAREHOLDERS EQUITY (Weighted Average Assumptions for the Valuation of Purchase Rights) (Details) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employee Share Purchase Plan [Member] | ||
Weighted average assumptions | ||
Risk-free interest rate | 5.18% | 2.65% |
Expected life of share purchase options | 6 months | 6 months |
Expected annualized volatility | 63.10% | 73.17% |
Dividend | 0% | 0% |
Stock Options Plan [Member] | ||
Weighted average assumptions | ||
Risk-free interest rate | 4.49% | 4.18% |
Expected life of share purchase options | 10 years | 10 years |
Expected annualized volatility | 234% | 79% |
Dividend | 0% | 0% |
SHAREHOLDERS EQUITY (Summary of
SHAREHOLDERS EQUITY (Summary of Stock Option Activity) (Details) - $ / shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Options | ||
Beginning balance (in shares) | 8,112,774 | |
Options granted (in shares) | 78,750 | 20,000 |
Options exercised (in shares) | (48,333) | |
Options expired/forfeited (in shares) | (23,750) | |
Ending balance (in shares) | 8,119,441 | |
Balance exercisable (in shares) | 6,672,009 | |
Weighted Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 4.97 | |
Options granted (in dollars per share) | 3.91 | |
Options exercised (in dollars per share) | (3.45) | |
Options expired/forfeited (in dollars per share) | (2.89) | |
Ending balance (in dollars per share) | 4.98 | |
Options exercisable (in dollars per share) | $ 4.86 |
SHAREHOLDERS EQUITY (Summary _2
SHAREHOLDERS EQUITY (Summary of Stock Option Outstanding) (Details) | 3 Months Ended | |||
Jan. 01, 2024 shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2023 $ / shares shares | Sep. 30, 2023 $ / shares shares | |
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 4.98 | $ 4.97 | ||
Number of options | 8,119,441 | 8,119,441 | 8,112,774 | |
Weighted average remaining contractual life (years) | 6 years 5 months 15 days | |||
Options exercised, shares | 48,333 | |||
Exercise Price $2.39 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 2.39 | |||
Number of options | 50,000 | 50,000 | ||
Weighted average remaining contractual life (years) | 8 years 8 months 15 days | |||
Exercise Price $2.70 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 2.70 | |||
Number of options | 20,000 | 20,000 | ||
Weighted average remaining contractual life (years) | 9 years 4 months 2 days | |||
Exercise Price $2.91 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 2.91 | |||
Number of options | 175,000 | 175,000 | ||
Weighted average remaining contractual life (years) | 9 years 25 days | |||
Exercise Price $2.97 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 2.97 | |||
Number of options | 15,000 | 15,000 | ||
Weighted average remaining contractual life (years) | 9 years 4 months 24 days | |||
Exercise Price $3.05 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 3.05 | |||
Number of options | 50,000 | 50,000 | ||
Weighted average remaining contractual life (years) | 9 years 5 months 8 days | |||
Exercise Price $3.23 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 3.23 | |||
Number of options | 3,599,400 | 3,599,400 | ||
Weighted average remaining contractual life (years) | 5 years 9 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) | 5 years 9 months 18 days | |||
Exercise Price $3.60 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 3.60 | |||
Number of options | 902,917 | 902,917 | ||
Weighted average remaining contractual life (years) | 8 years 6 months | |||
Exercise Price $3.75 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 3.75 | |||
Number of options | 20,000 | 20,000 | ||
Weighted average remaining contractual life (years) | 8 years 11 months 4 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) | 5 years 1 month 9 days | |||
Exercise Price $3.91 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 3.91 | |||
Number of options | 78,750 | 78,750 | ||
Weighted average remaining contractual life (years) | 9 years 9 months 25 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) | 3 years 11 months 19 days | |||
Exercise Price $4.67 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 4.67 | |||
Number of options | 168,227 | 168,227 | ||
Weighted average remaining contractual life (years) | 5 years 10 months 2 days | |||
Exercise Price $5.99 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 5.99 | |||
Number of options | 190,000 | 190,000 | ||
Weighted average remaining contractual life (years) | 8 years 3 months 21 days | |||
Exercise Price $7.00 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 7 | |||
Number of options | 1,458,646 | 1,458,646 | ||
Weighted average remaining contractual life (years) | 6 years 11 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) | 7 years 9 months 14 days | |||
Exercise Price $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) | 8 years 1 month 17 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) | 7 years 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) | 7 years 3 months 29 days | |||
Exercise Price $31.62 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 31.62 | |||
Number of options | 50,000 | 50,000 | ||
Weighted average remaining contractual life (years) | 7 years 5 months 1 day | |||
Exercise Price C$4.90 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 4.90 | |||
Number of options | 114,500 | 114,500 | ||
Weighted average remaining contractual life (years) | 3 years 5 months 19 days | |||
Exercise Price C$5.06 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Stock options, Exercise price | $ / shares | $ 5.06 | |||
Number of options | 15,000 | 15,000 | ||
Weighted average remaining contractual life (years) | 5 years 1 month 9 days | |||
Subsequent Event [Member] | Exercise Price $3.23 [Member] | ||||
SHAREHOLDERS' EQUITY | ||||
Options exercised, shares | 74,500 |
SHAREHOLDERS EQUITY (Summary _3
SHAREHOLDERS EQUITY (Summary of Warrants Activity) (Details) | 3 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Number of Warrants | |
Number of Warrants, Beginning balance (in shares) | shares | 2,927,477 |
Warrants expired (in shares) | shares | (7,477) |
Number of Warrants, Ending balance (in shares) | shares | 2,920,000 |
Weighted Average Exercise Price | |
Weighted Average Exercise Price, Beginning balance (in dollar per share) | $ / shares | $ 0.11 |
Weighted average exercise price, warrants expired (in dollar per share) | $ / shares | (42.80) |
Weighted Average Exercise Price, Ending balance (in dollar per share) | $ / shares | $ 0 |
SHAREHOLDERS EQUITY (Summary _4
SHAREHOLDERS EQUITY (Summary of Warrants Outstanding) (Details) - $ / shares | Dec. 31, 2023 | Sep. 30, 2023 |
Warrant outstanding and Exercise price | ||
Number of Warrants | 2,920,000 | 2,927,477 |
Exercise price (in dollars per share) | $ 0 | $ 0.11 |
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 ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Related party | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 126,568 | $ 98,360 |
SEGMENTED INFORMATION (Narrativ
SEGMENTED INFORMATION (Narrative) (Details) | 3 Months Ended |
Dec. 31, 2023 segment | |
SEGMENTED INFORMATION | |
Number of industries | 1 |
FINANCIAL INSTRUMENTS AND RISK
FINANCIAL INSTRUMENTS AND RISK (Narrative) (Details) - 3 months ended Dec. 31, 2023 | USD ($) | CAD ($) | USD ($) |
Cash, CDIC insured amount | $ 100,000 | ||
Cash, FDIC insured amount | $ 250,000 | ||
Working Capital | $ 140,337,994 | ||
10% Change in Foreign Exchange Rate [Member] | |||
Foreign currency risk, fluctuation in the net income (loss) reported due to change in exchange rate | $ 7,738 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (5,964,322) | $ (6,741,882) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |