Document And Entity Information
Document And Entity Information - shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001807983 | |
Entity Registrant Name | Medicenna Therapeutics Corp. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2022 | |
Document Type | 20-F | |
Document Annual Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-39458 | |
Entity Incorporation, State or Country Code | Z4 | |
Entity Address, Address Line One | 2 Bloor St. W., 7th Floor | |
Entity Address, City or Town | Toronto | |
Entity Address, State or Province | ON | |
Entity Address, Postal Zip Code | M4W 3E2 | |
Title of 12(b) Security | Common Shares | |
Trading Symbol | MDNA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 55,647,479 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
ICFR Auditor Attestation Flag | false | |
Entity Shell Company | false | |
Document Accounting Standard | International Financial Reporting Standards | |
Document Shell Company Report | false | |
Document Registration Statement | false | |
Auditor Name | PricewaterhouseCoopers LLP | DAVIDSON & COMPANY LLP |
Auditor Location | Oakville, Canada | Vancouver, Canada |
Auditor Firm ID | 271 | 731 |
Business Contact [Member] | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | 2 Bloor St. W., 7th Floor | |
Entity Address, City or Town | Toronto | |
Entity Address, State or Province | ON | |
Entity Address, Postal Zip Code | M4W 3E2 | |
City Area Code | 416 | |
Local Phone Number | 648-5555 | |
Contact Personnel Name | Elizabeth Williams, Chief Financial Officer |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Assets | ||
Cash and cash equivalents (Note 2d) | $ 20,535 | $ 30,375 |
Marketable securities (Note 2d) | 0 | 10,010 |
Prepaids and deposits | 1,548 | 1,354 |
Other receivables (Note 7) | 1,308 | 410 |
Total current assets | 23,391 | 42,149 |
Intangible assets (Note 13) | 65 | 71 |
Right-of-use assets | 0 | 32 |
Total assets | 23,456 | 42,252 |
Liabilities | ||
Accounts payable and accrued liabilities (Note 8) | 2,621 | 4,073 |
Lease liability | 0 | 34 |
Total current liabilities | 2,621 | 4,107 |
Shareholders' Equity | ||
Common shares (Note 9) | 83,671 | 79,587 |
Contributed surplus (Notes 10 and 11) | 7,926 | 6,680 |
Accumulated other comprehensive income | 171 | 234 |
Deficit | (70,933) | (48,356) |
Total equity | 20,835 | 38,145 |
Total equity and liabilities | $ 23,456 | $ 42,252 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Line Items [Line Items] | |||
General and administration (Note 16) | $ 7,757 | $ 6,525 | $ 2,375 |
Research and development (Note 16) | 14,716 | 10,870 | 5,870 |
Total operating expenses | 22,473 | 17,395 | 8,245 |
Finance income (Note 2d) | (69) | (314) | (7) |
Foreign exchange loss | 173 | 208 | 39 |
Nonoperating income (expense) | 104 | (106) | 32 |
Net loss for the year | (22,577) | (17,289) | (8,277) |
Cumulative translation adjustment | (63) | (14) | 91 |
Comprehensive loss for the year | $ (22,640) | $ (17,303) | $ (8,186) |
Basic and diluted loss per share for the year (in CAD per share) | $ (0.42) | $ (0.35) | $ (0.26) |
Weighted average number of common shares outstanding (Note 9) (in shares) | 54,286,671 | 49,661,776 | 31,899,640 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities | |||
Net loss for the year | $ (22,577) | $ (17,289) | $ (8,277) |
Depreciation | 38 | 40 | 8 |
Stock based compensation | 1,415 | 1,006 | 1,125 |
Government grant expense recoveries (Note 12) | (700) | 0 | 2,463 |
Unrealized foreign exchange | 121 | 267 | 62 |
Accrued interest | (37) | (15) | (3) |
Other receivables and deposits | (392) | (1,612) | 139 |
Accounts payable and accrued liabilities | (1,452) | 2,292 | (932) |
Net cash flows from (used in) operating activities | (23,584) | (15,311) | (5,415) |
Investing activities | |||
Acquisition of marketable securities | (10,000) | (10,000) | (15,000) |
Disposition of marketable securities | 20,050 | 15,013 | 0 |
Net cash flows from (used in) investing activities | 10,050 | 5,013 | (15,000) |
Financing activities | |||
Repayment of lease liabilities | (37) | (39) | (3) |
Issuance of share capital, net of issuance costs (Note 9) | 3,509 | 11,411 | 38,375 |
Warrant and option exercises (Notes 10 and 11) | 406 | 6,884 | 2,373 |
Net cash flows from (used in) financing activities | 3,878 | 18,256 | 40,745 |
Effect of foreign exchange on cash | (184) | (281) | (3) |
Net (decrease) increase in cash | (9,840) | 7,677 | 20,327 |
Cash, beginning of year | 30,375 | 22,698 | 2,371 |
Cash, end of year | 20,535 | 30,375 | 22,698 |
Other non-cash transactions | |||
Broker warrants issued | 0 | 69 | 561 |
Warrants issued | 0 | 0 | 705 |
Share issuance costs accrued through accounts payable and accrued liabilities | $ 0 | $ 0 | $ 257 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - CAD ($) $ in Thousands | Shares issued in public offering in October 2019 [member] Issued capital [member] | Shares issued in public offering in October 2019 [member] Share premium [member] | Shares issued in public offering in October 2019 [member] Accumulated other comprehensive income [member] | Shares issued in public offering in October 2019 [member] Retained earnings [member] | Shares issued in public offering in October 2019 [member] | Shares issued in public offering in March 2020 [member] Issued capital [member] | Shares issued in public offering in March 2020 [member] Share premium [member] | Shares issued in public offering in March 2020 [member] Accumulated other comprehensive income [member] | Shares issued in public offering in March 2020 [member] Retained earnings [member] | Shares issued in public offering in March 2020 [member] | Shares issued in connection with April 2020 overallotment [member] Issued capital [member] | Shares issued in connection with April 2020 overallotment [member] Share premium [member] | Shares issued in connection with April 2020 overallotment [member] Accumulated other comprehensive income [member] | Shares issued in connection with April 2020 overallotment [member] Retained earnings [member] | Shares issued in connection with April 2020 overallotment [member] | Shares issued in connection with ATM Offering [member] Issued capital [member] | Shares issued in connection with ATM Offering [member] Share premium [member] | Shares issued in connection with ATM Offering [member] Accumulated other comprehensive income [member] | Shares issued in connection with ATM Offering [member] Retained earnings [member] | Shares issued in connection with ATM Offering [member] | Issued capital [member] | Share premium [member] | Accumulated other comprehensive income [member] | Retained earnings [member] | Total |
Common shares issued and outstanding, beginning of year (in shares) at Mar. 31, 2019 | 28,578,137 | 28,578,137 | |||||||||||||||||||||||
Balance at Mar. 31, 2019 | $ 16,616 | $ 8,633 | $ 157 | $ (22,790) | $ 2,616 | ||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Stock based compensation | $ 0 | 1,125 | 0 | 0 | $ 1,125 | ||||||||||||||||||||
Warrant and option exercises (in shares) | 1,623,675 | 482,319 | |||||||||||||||||||||||
Warrant and option exercises | $ 3,008 | (635) | 0 | 0 | $ 2,373 | ||||||||||||||||||||
Issued financing (in shares) | 5,307,693 | 11,290,323 | |||||||||||||||||||||||
Issued financing | $ 5,319 | $ 811 | $ 0 | $ 0 | $ 6,130 | $ 31,635 | $ 456 | $ 0 | $ 0 | $ 32,091 | |||||||||||||||
Cumulative translation adjustment | 0 | 0 | 91 | 0 | 91 | ||||||||||||||||||||
Net loss for the year | $ 0 | 0 | 0 | (8,277) | $ (8,277) | ||||||||||||||||||||
Common shares issued and outstanding, end of year (in shares) at Mar. 31, 2020 | 46,799,828 | 46,799,828 | |||||||||||||||||||||||
Balance at Mar. 31, 2020 | $ 56,578 | 10,390 | 248 | (31,067) | $ 36,149 | ||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Stock based compensation | $ 0 | 1,006 | 0 | 0 | $ 1,006 | ||||||||||||||||||||
Warrant and option exercises (in shares) | 3,655,976 | 1,055,772 | |||||||||||||||||||||||
Warrant and option exercises | $ 11,667 | (4,785) | 0 | 0 | $ 6,882 | ||||||||||||||||||||
Issued financing (in shares) | 1,693,548 | 1,398,357 | |||||||||||||||||||||||
Issued financing | $ 4,783 | $ 69 | $ 0 | $ 0 | $ 4,852 | $ 6,559 | $ 0 | $ 0 | $ 0 | $ 6,559 | |||||||||||||||
Cumulative translation adjustment | 0 | 0 | (14) | 0 | (14) | ||||||||||||||||||||
Net loss for the year | $ 0 | 0 | 0 | (17,289) | $ (17,289) | ||||||||||||||||||||
Common shares issued and outstanding, end of year (in shares) at Mar. 31, 2021 | 53,547,709 | 53,547,709 | |||||||||||||||||||||||
Balance at Mar. 31, 2021 | $ 79,587 | 6,680 | 234 | (48,356) | $ 38,145 | ||||||||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||||||||||||
Stock based compensation | $ 0 | 1,415 | 0 | 0 | $ 1,415 | ||||||||||||||||||||
Warrant and option exercises (in shares) | 351,170 | 223,269 | |||||||||||||||||||||||
Warrant and option exercises | $ 575 | (169) | 0 | 0 | $ 406 | ||||||||||||||||||||
Issued financing (in shares) | 1,748,600 | 1,748,600 | |||||||||||||||||||||||
Issued financing | $ 3,509 | $ 0 | $ 0 | $ 0 | $ 3,509 | ||||||||||||||||||||
Cumulative translation adjustment | 0 | 0 | (63) | 0 | (63) | ||||||||||||||||||||
Net loss for the year | $ 0 | 0 | 0 | (22,577) | $ (22,577) | ||||||||||||||||||||
Common shares issued and outstanding, end of year (in shares) at Mar. 31, 2022 | 55,647,479 | 55,647,479 | |||||||||||||||||||||||
Balance at Mar. 31, 2022 | $ 83,671 | $ 7,926 | $ 171 | $ (70,933) | $ 20,835 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Going Concern | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Description of nature of business [text block] | 1. Nature of business and going concern The Company's principal business activity is the development and commercialization of IL- 2, 4 13 March 30, 2021, April 15, 2021, March 8, 2022. As at March 31, 2022, 2 7 th Since inception, the Company has devoted its resources to funding R&D programs, including securing intellectual property rights and licenses, conducting discovery research, manufacturing drug supplies, initiating preclinical and clinical studies, submitting regulatory dossiers and providing administrative support to R&D activities, which has resulted in an accumulated deficit of $70.9 million as of March 31, 2022. We currently do not MDNA55, MDNA11 TM MDNA55 no The accompanying consolidated financial statements have been prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The going concern basis contemplates the realization of assets and the settlement of liabilities in the normal course of business as they come due for the foreseeable future. Management has forecasted that the Company’s current level of cash is expected to be able to fund operations into Q1 2024. no Q1 2024 These financial statements do not COVID- 19 In March 2020, 19 19 third MDNA11. 19 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 2. Basis of presentation and significant accounting policies a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB”) (“IFRS”) and the Interpretations of the International Financial Reporting and Interpretations Committee (“IFRIC”). The Consolidated financial statements were approved by the Company’s Board of Directors and authorized for issue on June 21, 2022. b) Principles of Consolidation These consolidated financial statements include the accounts of the Company and its wholly owned Subsidiaries MTI, MBI, MAL, MTU (dissolved) and MBIBC (British Columbia, Inactive). Subsidiaries are fully consolidated from the date at which control is determined to have occurred and are deconsolidated from the date that the Company no c) Functional and presentation currency The functional currency of an entity and its subsidiary is the currency of the primary economic environment in which the entity operates. The functional currency of the parent company is the Canadian dollar and the functional currency of MBI is the US dollar, the functional currency of MTI and MBI BC is the Canadian dollar, the functional currency of MAL is the Australian dollar, the functional currency of MTU was the UK pound sterling, and the presentation currency of the parent company is the Canadian dollar. d) Cash and cash equivalents and marketable securities Cash and cash equivalents Cash equivalents include guaranteed investment certificates ( March 31, 2022 - March 31, 2021 - nil 90 Marketable securities Marketable securities consist of guaranteed investment certificates with a maturity of greater than 90 one e) Research and development costs Expenditures on research and development activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in profit or loss as incurred. Investment tax credits related to current expenditures are included in the determination of net income as the expenditures are incurred when there is reasonable assurance they will be realized. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. These criteria will be deemed by the Company to have been met when revenue is received by the Company and a determination that it has sufficient resources to market and sell its product offerings. Upon a determination that the criteria to capitalize development expenditures have been met, the expenditures capitalized will include the cost of materials, direct labour and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures will be expensed as incurred. Capitalized development expenditures will be measured at cost less accumulated amortization and accumulated impairment losses. No f) Government assistance Government grants, including grants from similar bodies, consisting of investment tax credits are recorded as a reduction of the related expense or cost of the asset acquired. Government grants are recognized when there is reasonable assurance that the Company has met the requirements of the approved grant program and there is reasonable assurance that the grant will be received. Research grants that compensate the Company for expenses incurred are recognized in profit, or loss in reduction thereof on a systematic basis in the same years in which the expenses are recognized. Grants that compensate the Company for the cost of an asset are recognized in profit or loss on a systematic basis over the useful life of the asset. g) Intangible assets The Company owns certain patents, intellectual property licenses and options to acquire intellectual property. The Company expenses patent costs, including license fees and other maintenance costs, until such time as the Company has certainty over the future recoverability of the intellectual property at which time it capitalizes the costs incurred. The Company capitalizes costs directly related to the acquisition of existing license patents. The Company does not Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may amortization method and amortization period of an intangible asset with a finite life is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in general and administrative expenses. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date they are available for use to August 31, 2035. h) Income taxes Current tax and deferred tax are recognized in the Company’s profit and loss, except to the extent that it relates to a business combination or items recognized directly in equity or in net loss and comprehensive loss. Current income taxes are recognized for the estimated taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the period end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not accounting nor taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax assets can be utilized. At the end of each reporting period, the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has been probable that future taxable profit will allow the deferred tax asset to be recovered. i) Basic and diluted loss per common share Basic loss per share is computed by dividing the loss available to common shareholders by the weighted average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the “if converted” method. The dilutive effect of outstanding options and warrants and their equivalents is reflected in diluted earnings per share. Since the Company has losses, the exercise of outstanding options and warrants have not j) Equipment The Company’s fixed assets comprise of computer equipment for use in general and administrative and research activities. Depreciation is recognized using the straight-line method based on an expected life of the assets Computer equipment 2 years Right-of-use-assets Over the lease term Impairment of long-lived assets: The Company’s long-lived assets are reviewed for indications of impairment at the date of preparing each statement of financial position. If indication of impairment exists, the asset’s recoverable amount is estimated. An impairment loss is recognized when the carrying value of an asset, or its cash-generating unit, exceeds its recoverable amount. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets. For the purpose of impairment testing, the Company determined it has one cash-generating unit. The recoverable amount is the greater of the asset’s fair value less cost to sell and value in use. k) Stock-based compensation The Company has a stock-based compensation plan (the "Plan") available to officers, directors, employees and consultants with grants under the Plan approved by the Company's Board of Directors. Under the Plan, the exercise price of each option equals the closing trading price of the Company's stock on the day prior to the grant or a higher price as determined by the Board of Directors. Vesting is provided for at the discretion of the Board of Directors and the expiration of options is to be not accounting for employee awards granted under the Plan. The Company calculates the fair value of each stock option grant using the Black Scholes option pricing model at the grant date. The stock-based compensation cost of the options is recognized as stock-based compensation expense over the relevant vesting period of the stock options using an estimate of the number of options that will eventually vest. Stock options awarded to non-employees are accounted for at the fair value of the goods received or the services rendered. The fair value is measured at the date the Company obtains the goods or the date the counterparty renders the service. If the fair value of the goods or services cannot be reliably measured, the fair value of the options granted will be used. l) Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a reduction of equity. The Company has adopted a relative fair value method with respect to the measurement of shares and warrants issued as private placement units. The relative fair value method allocates value to each component on a pro-rata basis, based on the fair value of the components calculated independently of one two m) Financial Instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. The Company recognizes financial instruments based on their classification. Depending on the financial instruments’ classification, changes in subsequent measurements are recognized in net loss and comprehensive loss. The Company has implemented the following classifications: ● Cash, cash equivalents and marketable securities are classified at fair value through profit or loss. ● Other receivables, prepaid and deposits are classified as amortized cost. After their initial fair value measurement, they are measured at amortized cost using the effective interest method; and ● Accounts payable and accrued liabilities are classified as other amortized cost. After their initial fair value measurement, they are measured at amortized cost using the effective interest method. n) Impairment of financial assets The Company applies the simplified method of the expected credit loss model required under IFRS 9. no If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows. The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. o) Employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid in short-term cash bonuses if the Company expects to pay these amounts as approved by the Board of Directors as a result of past services provided by the employee and the obligation can be estimated reliably. p) Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are assessed by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount on provisions is recognized in finance costs. A provision for onerous contracts is recognized when the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. q) Research and development tax credits Research and development tax credits Refundable investment tax credits relating to Research and Development Tax Incentive (“RDTI”) are recorded in the accounts in the fiscal period in which the qualifying expenditures are incurred provided there is reasonable assurance that the tax credits will be realized. Refundable investment tax credits, in connection with RDTI activities, are accounted for using the cost reduction method and included in government assistance on the statements of loss and comprehensive loss. Amounts recorded for refundable investment tax credits are calculated based on the expected eligibility and tax treatment of qualifying RDTI expenditures recorded in the Company’s consolidated financial statements. |
Note 3 - New Standards and Inte
Note 3 - New Standards and Interpretations Not Yet Adopted | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of changes in accounting policies [text block] | 3. New standards and interpretations not In January 2020, 1” 1 1 January 1, 2023. There are no not |
Note 4 - Key Sources of Estimat
Note 4 - Key Sources of Estimation Uncertainty and Judgement | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of key sources of estimation uncertainty [text block] | 4. Key sources of estimation uncertainty and judgement The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are accounted for prospectively. The key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities are discussed below: Valuation of stock-based compensation and warrants Management measures the costs for stock-based compensation and warrants using market-based option valuation techniques. Assumptions are made and estimates are used in applying the valuation techniques. These include estimating the future volatility of the share price, expected dividend yield, expected risk-free interest rate, future employee turnover rates, future exercise behaviors and corporate performance. Such estimates and assumptions are inherently uncertain. Changes in these assumptions affect the fair value estimates of stock-based compensation and warrants. |
Note 5 - Capital Disclosures
Note 5 - Capital Disclosures | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 5. Capital disclosures The Company’s objectives, when managing capital, are to safeguard cash and cash equivalents as well as maintain financial liquidity and flexibility in order to preserve its ability to meet financial obligations and deploy capital to grow its businesses. The Company’s financial strategy is designed to maintain a flexible capital structure consistent with the objectives stated above and to respond to business growth opportunities and changes in economic conditions. In order to maintain or adjust its capital structure, the Company may There were no not |
Note 6 - Financial Risk Managem
Note 6 - Financial Risk Management | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of financial risk management [text block] | 6. Financial risk management (a) Fair value The Company’s financial instruments recognized on the Consolidated statements of financial position consist of cash and cash equivalents, marketable securities, government and other receivables, and accounts payable and accrued liabilities. The fair value of these instruments, approximate their carrying values due to their short-term maturity. Classification of financial instruments Financial instruments measured at fair value on the statements of financial position are summarized into the following fair value hierarchy levels: Level 1: Level 2: 1 Level 3: not The Company classifies its financial assets and liabilities depending on the purpose for which the financial instruments were acquired, their characteristics, and management intent as outlined below: Cash and cash equivalents and marketable securities are measured using Level 1 Other receivables, prepaids and deposits are measured at amortized cost less impairments. Accounts payable and accrued liabilities are measured at amortized cost. The Company has exposure to the following risks from its use of financial instruments: credit, interest rate, currency, and liquidity risk. The Company reviews its risk management framework on a quarterly basis and makes adjustments as necessary. (b) Credit risk Credit risk arises from the potential that a counterparty will fail to perform its obligations. The financial instruments that are exposed to concentrations of credit risk consist of cash and cash equivalents and marketable securities. The Company manages credit risk associated with its cash and cash equivalents and marketable securities by maintaining minimum standards of R1 (c) Interest rate risk Interest rate risk is the risk that the fair values and future cash flows of the Company will fluctuate because of changes in market interest rates. The Company believes that its exposure to interest rate risk is not (d) Liquidity risk Liquidity risk is the risk that the Company will not March 31, 2022, one (e) Currency risk Currency risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to currency risk from employee costs as well as the purchase of goods and services primarily in the United States and cash and cash equivalent balances held in foreign currencies. Fluctuations in the US dollar exchange rate could have a significant impact on the Company’s results. Assuming all other variables remain constant, a 10% March 31, 2022 March 31, 2021 - Balances in US dollars are as follows: March 31, 2022 March 31, 2021 $ $ Cash and cash equivalents 5,456 9,593 Accounts payable and accrued liabilities (1,269 ) (2,147 ) 4,187 7,446 |
Note 7 - Other Receivables
Note 7 - Other Receivables | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of other receivables [text block] | 7. Other receivables March 31, 2022 March 31, 2021 $ $ Investment tax credits receivable 700 - Sales tax receivable 608 410 1,308 410 |
Note 8 - Accounts Payable and A
Note 8 - Accounts Payable and Accrued Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other payables [text block] | 8. Accounts payable and accrued liabilities March 31, 2022 March 31, 2021 $ $ Trade payables 1,672 2,245 Accrued liabilities 949 1,828 2,621 4,073 |
Note 9 - Share Capital
Note 9 - Share Capital | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 9. Share capital Authorized Unlimited common shares Equity Issuances On March 17, 2020, On April 15, 2020, March 17, 2022. On December 30, 2020, may, US$25.0 not March 31, 2022, March 31, 2022, Calculation of loss per share Loss per common share is calculated using the weighted average number of common shares outstanding. For the year ended March 31, 2022, 2021 2020, 2022 2021 2020 Common shares issued and outstanding, beginning of year 53,547,709 46,799,828 28,578,137 Shares issued in March/April 2020 financing - 1,623,950 431,870 Shares issued in October 2019 financing - - 2,407,314 ATM issuances 515,693 182,226 - Effect of warrants and options exercised 223,269 1,055,772 482,319 Weighted average common shares issued and outstanding, end of year 54,286,671 49,661,776 31,899,640 Common shares issued and outstanding, end of year 55,647,479 53,547,709 46,799,828 The effect of any potential exercise of the Company’s stock options and warrants outstanding during the year has been excluded from the calculation of diluted loss per common share as it would be anti- dilutive. |
Note 10 - Warrants
Note 10 - Warrants | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Warrants [text block] | 10. Warrants Warrant continuity: Number of Warrants Weighted average exercise price Balance outstanding at March 31, 2019 5,145,083 $ 1.65 Common share purchase warrants issued in the October 2019 financing 2,653,846 1.75 Broker warrants issued in the financing October 2019 financing 350,134 1.30 Broker warrants issued in the March 2020 financing 790,323 3.10 Warrants exercised during the year (1,623,675 ) 1.46 Warrants outstanding at March 31, 2020 7,315,711 $ 1.86 Broker warrants issued in overallotment 118,548 3.10 Warrants exercised during the year (3,415,266 ) 1.96 Warrants outstanding at March 31, 2021 4,018,993 $ 1.82 Warrants expired during the year (788,161 ) 3.07 Warrants exercised during the year (266,290 ) 1.53 Warrants outstanding at March 31, 2022 2,964,542 $ 1.51 The following warrants were exercised during the year ended March 31, 2022: Number of Warrants Exercise Price Proceeds Expiry Date $ $ 50,000 1.20 60,000 December 21, 2023 71,744 1.30 93,267 October 17, 2021 144,546 1.75 252,955 October 17, 2022 266,290 406,222 At March 31, 2022, Number of Warrants Exercise Price Expiry Date $ 1,661,542 1.75 October 17, 2022 1,303,000 1.20 December 21, 2023 2,964,542 |
Note 11 - Stock Options
Note 11 - Stock Options | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 11. Stock options Year ended March 31, 2022 During the year ended March 31, 2022, 1/3 one 1/3 two 1/3 three ten 1/3 one 1/3 two 1/3 three ten 1 five Year ended March 31, 2021 During the year ended March 31, 2021, 1/3 one 1/3 two 1/3 three ten one five Year ended March 31, 2020 During the year ended March 31, 2020 one five one ten 200,000 options were also issued, exercisable at $1.38 per share. 50,000 of the options granted vest 50% after one two three September 1, 2019 December 1, 2019 ten Stock option transactions for the years ended March 31, 2022 Number of options Weighted average exercise price Balance outstanding at March 31, 2019 3,275,000 $ 1.67 Granted 1,230,000 1.38 Forfeited (375,000 ) 1.09 Balance outstanding at March 31, 2020 4,130,000 $ 1.56 Granted 450,084 5.14 Exercised (240,710 ) 1.29 Forfeited (184,290 ) 1.67 Balance outstanding at March 31, 2021 4,155,084 $ 1.96 Granted 1,097,056 3.55 Exercised (84,880 ) 1.47 Forfeited (702,620 ) 4.23 Balance outstanding at March 31, 2022 4,464,640 $ 2.00 The following table summarizes information about stock options outstanding at March 31, 2022: Options Outstanding Options Exercisable Exercise Prices Options Weighted average remaining contractual life Weighted average exercise price Options Weighted average exercise price $ Years $ $ 1.00-1.99 1,955,000 6.42 1.17 1,747,500 1.15 2.00-2.99 1,679,000 4,68 2.08 1,550,000 2.06 3.00-5.19 830,640 5.55 3.82 131,458 5.11 4,464,640 5.61 2.00 3,428,958 1.64 The following assumptions were used in the Black-Scholes option-pricing model to determine the fair value of stock options granted during the year: March 31, 2022 March 31, 2021 March 31, 2020 Exercise price $ 2.05-4.85 $ 5.11-5.19 $ 1.30-1.38 Grant date share price $ 2.05-4.85 $ 5.11-5.19 $ 1.30-1.38 Risk free interest rate 1.0 % 1.0 % 1.5 % Expected life of options 5 years 5 years 2.5-5 years Expected volatility 90 % 103 % 100-114 % Expected dividend yield - - - Forfeiture rate Weighted average fair value of options granted during the year $ 2.58 $ 4.01 $ 0.94 |
Note 12 - Government Assistance
Note 12 - Government Assistance | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of government grants [text block] | 12. Government assistance CPRIT assistance In February 2015, US$14.1 three 2b MDNA55. March 31, 2022, Of the US$14.1 US$14.1 March 31, 2022. US$1.4 March 31, 2022. Under the terms of the grant, the Company is required to pay a royalty to CPRIT, comprised of 3-5% of revenues on net sales of MDNA55 400% not three Refundable Tax In June 2022, March 31, 2022. March 31, 2022. |
Note 13 - Commitments
Note 13 - Commitments | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | 13. Commitments Intellectual property On August 21, 2015, two March 31, 2022, March 31, 2021 - The Company has entered into various license agreements with respect to accessing patented technology. In order to maintain these agreements, the Company is obligated to pay certain costs based on timing or certain milestones within the agreements, the timing of which is uncertain. These costs include ongoing license fees, patent prosecution and maintenance costs, royalty and other milestone payments. As at March 31, 2022, • Given the current development plans and expected timelines of the Company it is assumed that project milestones of US$0.3 five • Project milestone payments, assuming continued success in the development programs, of uncertain timing totaling US$2.0 US$2.0 Contractual obligations Less than 1 year 1-3 years 3-5 years Total $ $ $ $ Patent licensing costs 188 1,137 287 1,612 As at March 31, 2022, March 31, 2022. |
Note 14 - Related Party Disclos
Note 14 - Related Party Disclosures | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 14. Related party disclosures (a) Key management personnel Key management personnel, which consists of the Company’s officers (President and Chief Executive Officer, Chief Financial Officer, Chief Development Officer, former Chief Medical Officer and former Chief Scientific Officer) and directors, earned the following compensation for the following years: 2022 2021 2020 Salaries and wages 1,555 1,501 892 Board fees 285 230 142 Stock option expense 886 797 873 2,726 2,528 1,907 (b) Amounts payable to related parties As at March 31, 2022, 2021 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 15. Income taxes a) Provision for Income Tax A reconciliation of income taxes at statutory rates with the reported taxes is as follows: 2022 2021 2020 $ $ $ Loss before income taxes (22,577 ) (17,289 ) (8,277 ) Tax rate 27.0 % 27.0 % 27.0 % Expected tax recovery (6,095 ) (4,668 ) (2,235 ) Change in statutory rates and foreign exchange rates 29 (288 ) 35 Permanent differences 383 272 309 Share issuance costs (67 ) (153 ) (993 ) Change in unrecognized deductible temporary difference 5,750 4,837 2,884 Total income tax expense (recovery) - - - b) Deferred Income Tax The significant components of the Company’s deferred tax assets that have not 2022 2021 2020 $ $ $ Non-capital losses carry-forward 16,968 10,971 6,287 Property and equipment 50 50 50 Share issuance costs 846 1,093 940 17,864 12,114 7,277 Unrecognized deferred tax asset (17,864 ) (12,114 ) (7,277 ) Net deferred tax assets - - - The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not Type Amount Expiry Non-capital losses carry-forward $ 63,756,000 2036 2042 Property and equipment 186,000 N/A Share issuance costs 3,132,000 2040 2043 |
Note 16 - Components of Expense
Note 16 - Components of Expenses | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of expenses [text block] | 16. Components of Expenses 2022 2021 2020 $ $ $ General and Administration Expenses Depreciation expense 37 40 8 Stock based compensation 949 614 639 Facilities and operations 384 304 253 Public company expenses 5,424 4,677 1,004 Salaries and benefits 963 890 596 CPRIT grant claimed in eligible expenses (Note 12) - - (125 ) 7,757 6,525 2,375 2022 2021 2020 $ $ $ Research and Development Expenses Chemistry, manufacturing, and controls 6,841 2,356 343 Regulatory 502 801 433 Discovery and pre-clinical 3,441 2,896 1,899 Clinical 2,322 1,225 1,528 Salaries and benefits 2,759 1,413 1,095 Licensing, patent, legal fees and royalties 733 1,620 811 Stock based compensation 467 391 486 CPRIT grant claimed in eligible expenses (Note 12) (1,753 ) - (951 ) Australian R&D refund claimed in eligible expenses (Note 12) (700 ) - - Other research and development expenses 104 168 226 14,716 10,870 5,870 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 17. Subsequent events Subsequent to the year end, a total of 656,656 shares were sold under the ATM for total gross proceeds of US $0.8 million (Note 9 In May 2022, 6 March 31, 2022. June 2022, 6 12 March 31, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for basis of measurement and statement of compliance [text block] | a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IASB”) (“IFRS”) and the Interpretations of the International Financial Reporting and Interpretations Committee (“IFRIC”). The Consolidated financial statements were approved by the Company’s Board of Directors and authorized for issue on June 21, 2022. |
Description of accounting policy for subsidiaries [text block] | b) Principles of Consolidation These consolidated financial statements include the accounts of the Company and its wholly owned Subsidiaries MTI, MBI, MAL, MTU (dissolved) and MBIBC (British Columbia, Inactive). Subsidiaries are fully consolidated from the date at which control is determined to have occurred and are deconsolidated from the date that the Company no |
Description of accounting policy for functional currency [text block] | c) Functional and presentation currency The functional currency of an entity and its subsidiary is the currency of the primary economic environment in which the entity operates. The functional currency of the parent company is the Canadian dollar and the functional currency of MBI is the US dollar, the functional currency of MTI and MBI BC is the Canadian dollar, the functional currency of MAL is the Australian dollar, the functional currency of MTU was the UK pound sterling, and the presentation currency of the parent company is the Canadian dollar. |
Description of accounting policy for restricted cash and cash equivalents [text block] | d) Cash and cash equivalents and marketable securities Cash and cash equivalents Cash equivalents include guaranteed investment certificates ( March 31, 2022 - March 31, 2021 - nil 90 Marketable securities Marketable securities consist of guaranteed investment certificates with a maturity of greater than 90 one |
Description of accounting policy for research and development expense [text block] | e) Research and development costs Expenditures on research and development activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in profit or loss as incurred. Investment tax credits related to current expenditures are included in the determination of net income as the expenditures are incurred when there is reasonable assurance they will be realized. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. These criteria will be deemed by the Company to have been met when revenue is received by the Company and a determination that it has sufficient resources to market and sell its product offerings. Upon a determination that the criteria to capitalize development expenditures have been met, the expenditures capitalized will include the cost of materials, direct labour and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures will be expensed as incurred. Capitalized development expenditures will be measured at cost less accumulated amortization and accumulated impairment losses. No |
Description of accounting policy for government grants [text block] | f) Government assistance Government grants, including grants from similar bodies, consisting of investment tax credits are recorded as a reduction of the related expense or cost of the asset acquired. Government grants are recognized when there is reasonable assurance that the Company has met the requirements of the approved grant program and there is reasonable assurance that the grant will be received. Research grants that compensate the Company for expenses incurred are recognized in profit, or loss in reduction thereof on a systematic basis in the same years in which the expenses are recognized. Grants that compensate the Company for the cost of an asset are recognized in profit or loss on a systematic basis over the useful life of the asset. |
Description of accounting policy for intangible assets other than goodwill [text block] | g) Intangible assets The Company owns certain patents, intellectual property licenses and options to acquire intellectual property. The Company expenses patent costs, including license fees and other maintenance costs, until such time as the Company has certainty over the future recoverability of the intellectual property at which time it capitalizes the costs incurred. The Company capitalizes costs directly related to the acquisition of existing license patents. The Company does not Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may amortization method and amortization period of an intangible asset with a finite life is reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in general and administrative expenses. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date they are available for use to August 31, 2035. |
Description of accounting policy for income tax [text block] | h) Income taxes Current tax and deferred tax are recognized in the Company’s profit and loss, except to the extent that it relates to a business combination or items recognized directly in equity or in net loss and comprehensive loss. Current income taxes are recognized for the estimated taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the period end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not accounting nor taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax assets can be utilized. At the end of each reporting period, the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has been probable that future taxable profit will allow the deferred tax asset to be recovered. |
Description of accounting policy for earnings per share [text block] | i) Basic and diluted loss per common share Basic loss per share is computed by dividing the loss available to common shareholders by the weighted average number of common shares outstanding during the year. The computation of diluted earnings per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the “if converted” method. The dilutive effect of outstanding options and warrants and their equivalents is reflected in diluted earnings per share. Since the Company has losses, the exercise of outstanding options and warrants have not |
Description of accounting policy for property, plant and equipment [text block] | j) Equipment The Company’s fixed assets comprise of computer equipment for use in general and administrative and research activities. Depreciation is recognized using the straight-line method based on an expected life of the assets Computer equipment 2 years Right-of-use-assets Over the lease term Impairment of long-lived assets: The Company’s long-lived assets are reviewed for indications of impairment at the date of preparing each statement of financial position. If indication of impairment exists, the asset’s recoverable amount is estimated. An impairment loss is recognized when the carrying value of an asset, or its cash-generating unit, exceeds its recoverable amount. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets. For the purpose of impairment testing, the Company determined it has one cash-generating unit. The recoverable amount is the greater of the asset’s fair value less cost to sell and value in use. |
Description of accounting policy for share-based payment transactions [text block] | k) Stock-based compensation The Company has a stock-based compensation plan (the "Plan") available to officers, directors, employees and consultants with grants under the Plan approved by the Company's Board of Directors. Under the Plan, the exercise price of each option equals the closing trading price of the Company's stock on the day prior to the grant or a higher price as determined by the Board of Directors. Vesting is provided for at the discretion of the Board of Directors and the expiration of options is to be not accounting for employee awards granted under the Plan. The Company calculates the fair value of each stock option grant using the Black Scholes option pricing model at the grant date. The stock-based compensation cost of the options is recognized as stock-based compensation expense over the relevant vesting period of the stock options using an estimate of the number of options that will eventually vest. Stock options awarded to non-employees are accounted for at the fair value of the goods received or the services rendered. The fair value is measured at the date the Company obtains the goods or the date the counterparty renders the service. If the fair value of the goods or services cannot be reliably measured, the fair value of the options granted will be used. |
Description of accounting policy for issued capital [text block] | l) Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a reduction of equity. The Company has adopted a relative fair value method with respect to the measurement of shares and warrants issued as private placement units. The relative fair value method allocates value to each component on a pro-rata basis, based on the fair value of the components calculated independently of one two |
Description of accounting policy for financial instruments [text block] | m) Financial Instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets and liabilities are offset and the net amount is reported in the consolidated statement of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. The Company recognizes financial instruments based on their classification. Depending on the financial instruments’ classification, changes in subsequent measurements are recognized in net loss and comprehensive loss. The Company has implemented the following classifications: ● Cash, cash equivalents and marketable securities are classified at fair value through profit or loss. ● Other receivables, prepaid and deposits are classified as amortized cost. After their initial fair value measurement, they are measured at amortized cost using the effective interest method; and ● Accounts payable and accrued liabilities are classified as other amortized cost. After their initial fair value measurement, they are measured at amortized cost using the effective interest method. |
Description of accounting policy for impairment of financial assets [text block] | n) Impairment of financial assets The Company applies the simplified method of the expected credit loss model required under IFRS 9. no If there is objective evidence that an impairment loss has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows. The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. |
Description of accounting policy for employee benefits [text block] | o) Employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid in short-term cash bonuses if the Company expects to pay these amounts as approved by the Board of Directors as a result of past services provided by the employee and the obligation can be estimated reliably. |
Description of accounting policy for provisions [text block] | p) Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are assessed by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount on provisions is recognized in finance costs. A provision for onerous contracts is recognized when the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. |
Description of accounting policy for research and development tax credit [text block] | q) Research and development tax credits Research and development tax credits Refundable investment tax credits relating to Research and Development Tax Incentive (“RDTI”) are recorded in the accounts in the fiscal period in which the qualifying expenditures are incurred provided there is reasonable assurance that the tax credits will be realized. Refundable investment tax credits, in connection with RDTI activities, are accounted for using the cost reduction method and included in government assistance on the statements of loss and comprehensive loss. Amounts recorded for refundable investment tax credits are calculated based on the expected eligibility and tax treatment of qualifying RDTI expenditures recorded in the Company’s consolidated financial statements. |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Useful life of property, plant and equipment [text block] | Computer equipment 2 years Right-of-use-assets Over the lease term |
Note 6 - Financial Risk Manag_2
Note 6 - Financial Risk Management (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Summary quantitative data about entity's exposure to risk [text block] | March 31, 2022 March 31, 2021 $ $ Cash and cash equivalents 5,456 9,593 Accounts payable and accrued liabilities (1,269 ) (2,147 ) 4,187 7,446 |
Note 7 - Other Receivables (Tab
Note 7 - Other Receivables (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Other receivables [text block] | March 31, 2022 March 31, 2021 $ $ Investment tax credits receivable 700 - Sales tax receivable 608 410 1,308 410 |
Note 8 - Accounts Payable and_2
Note 8 - Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Accounts payable and accrued liabilities [text block] | March 31, 2022 March 31, 2021 $ $ Trade payables 1,672 2,245 Accrued liabilities 949 1,828 2,621 4,073 |
Note 9 - Share Capital (Tables)
Note 9 - Share Capital (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Earnings per share [text block] | 2022 2021 2020 Common shares issued and outstanding, beginning of year 53,547,709 46,799,828 28,578,137 Shares issued in March/April 2020 financing - 1,623,950 431,870 Shares issued in October 2019 financing - - 2,407,314 ATM issuances 515,693 182,226 - Effect of warrants and options exercised 223,269 1,055,772 482,319 Weighted average common shares issued and outstanding, end of year 54,286,671 49,661,776 31,899,640 Common shares issued and outstanding, end of year 55,647,479 53,547,709 46,799,828 |
Note 10 - Warrants (Tables)
Note 10 - Warrants (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Changes in warrants [text block] | Number of Warrants Weighted average exercise price Balance outstanding at March 31, 2019 5,145,083 $ 1.65 Common share purchase warrants issued in the October 2019 financing 2,653,846 1.75 Broker warrants issued in the financing October 2019 financing 350,134 1.30 Broker warrants issued in the March 2020 financing 790,323 3.10 Warrants exercised during the year (1,623,675 ) 1.46 Warrants outstanding at March 31, 2020 7,315,711 $ 1.86 Broker warrants issued in overallotment 118,548 3.10 Warrants exercised during the year (3,415,266 ) 1.96 Warrants outstanding at March 31, 2021 4,018,993 $ 1.82 Warrants expired during the year (788,161 ) 3.07 Warrants exercised during the year (266,290 ) 1.53 Warrants outstanding at March 31, 2022 2,964,542 $ 1.51 |
Warrants exercised [text block] | Number of Warrants Exercise Price Proceeds Expiry Date $ $ 50,000 1.20 60,000 December 21, 2023 71,744 1.30 93,267 October 17, 2021 144,546 1.75 252,955 October 17, 2022 266,290 406,222 |
Warrants outstanding and exercisable [text block] | Number of Warrants Exercise Price Expiry Date $ 1,661,542 1.75 October 17, 2022 1,303,000 1.20 December 21, 2023 2,964,542 |
Note 11 - Stock Options (Tables
Note 11 - Stock Options (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [text block] | Number of options Weighted average exercise price Balance outstanding at March 31, 2019 3,275,000 $ 1.67 Granted 1,230,000 1.38 Forfeited (375,000 ) 1.09 Balance outstanding at March 31, 2020 4,130,000 $ 1.56 Granted 450,084 5.14 Exercised (240,710 ) 1.29 Forfeited (184,290 ) 1.67 Balance outstanding at March 31, 2021 4,155,084 $ 1.96 Granted 1,097,056 3.55 Exercised (84,880 ) 1.47 Forfeited (702,620 ) 4.23 Balance outstanding at March 31, 2022 4,464,640 $ 2.00 |
Disclosure of range of exercise prices of outstanding share options [text block] | Options Outstanding Options Exercisable Exercise Prices Options Weighted average remaining contractual life Weighted average exercise price Options Weighted average exercise price $ Years $ $ 1.00-1.99 1,955,000 6.42 1.17 1,747,500 1.15 2.00-2.99 1,679,000 4,68 2.08 1,550,000 2.06 3.00-5.19 830,640 5.55 3.82 131,458 5.11 4,464,640 5.61 2.00 3,428,958 1.64 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | March 31, 2022 March 31, 2021 March 31, 2020 Exercise price $ 2.05-4.85 $ 5.11-5.19 $ 1.30-1.38 Grant date share price $ 2.05-4.85 $ 5.11-5.19 $ 1.30-1.38 Risk free interest rate 1.0 % 1.0 % 1.5 % Expected life of options 5 years 5 years 2.5-5 years Expected volatility 90 % 103 % 100-114 % Expected dividend yield - - - Forfeiture rate Weighted average fair value of options granted during the year $ 2.58 $ 4.01 $ 0.94 |
Note 13 - Commitments (Tables)
Note 13 - Commitments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of maturity analysis of contractual obligations [text block] | Contractual obligations Less than 1 year 1-3 years 3-5 years Total $ $ $ $ Patent licensing costs 188 1,137 287 1,612 |
Note 14 - Related Party Discl_2
Note 14 - Related Party Disclosures (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of transactions between related parties [text block] | 2022 2021 2020 Salaries and wages 1,555 1,501 892 Board fees 285 230 142 Stock option expense 886 797 873 2,726 2,528 1,907 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of Reconciliation of Income Taxes [text block] | 2022 2021 2020 $ $ $ Loss before income taxes (22,577 ) (17,289 ) (8,277 ) Tax rate 27.0 % 27.0 % 27.0 % Expected tax recovery (6,095 ) (4,668 ) (2,235 ) Change in statutory rates and foreign exchange rates 29 (288 ) 35 Permanent differences 383 272 309 Share issuance costs (67 ) (153 ) (993 ) Change in unrecognized deductible temporary difference 5,750 4,837 2,884 Total income tax expense (recovery) - - - |
Disclosure of deferred taxes [text block] | 2022 2021 2020 $ $ $ Non-capital losses carry-forward 16,968 10,971 6,287 Property and equipment 50 50 50 Share issuance costs 846 1,093 940 17,864 12,114 7,277 Unrecognized deferred tax asset (17,864 ) (12,114 ) (7,277 ) Net deferred tax assets - - - |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | Type Amount Expiry Non-capital losses carry-forward $ 63,756,000 2036 2042 Property and equipment 186,000 N/A Share issuance costs 3,132,000 2040 2043 |
Note 16 - Components of Expen_2
Note 16 - Components of Expenses (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of general and administrative expense [text block] | 2022 2021 2020 $ $ $ General and Administration Expenses Depreciation expense 37 40 8 Stock based compensation 949 614 639 Facilities and operations 384 304 253 Public company expenses 5,424 4,677 1,004 Salaries and benefits 963 890 596 CPRIT grant claimed in eligible expenses (Note 12) - - (125 ) 7,757 6,525 2,375 |
Disclosure of research and development expense [text block] | 2022 2021 2020 $ $ $ Research and Development Expenses Chemistry, manufacturing, and controls 6,841 2,356 343 Regulatory 502 801 433 Discovery and pre-clinical 3,441 2,896 1,899 Clinical 2,322 1,225 1,528 Salaries and benefits 2,759 1,413 1,095 Licensing, patent, legal fees and royalties 733 1,620 811 Stock based compensation 467 391 486 CPRIT grant claimed in eligible expenses (Note 12) (1,753 ) - (951 ) Australian R&D refund claimed in eligible expenses (Note 12) (700 ) - - Other research and development expenses 104 168 226 14,716 10,870 5,870 |
Note 1 - Nature of Business a_2
Note 1 - Nature of Business and Going Concern (Details Textual) $ in Thousands | Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) |
Statement Line Items [Line Items] | ||
Number of wholly owned subsidiaries | 5 | |
Retained earnings | $ (70,933) | $ (48,356) |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation and Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) | Mar. 31, 2020 | |
Statement Line Items [Line Items] | |||
Short-term investments, classified as cash equivalents | $ 5,000 | $ 0 | |
Total intangible assets other than goodwill | $ 65 | $ 71 | |
Number of cash-generating units | 1 | ||
Option life, share options granted | 5 | 5 | |
Top of range [member] | |||
Statement Line Items [Line Items] | |||
Option life, share options granted | 10 | 5 | |
Computer equipment [member] | |||
Statement Line Items [Line Items] | |||
Total intangible assets other than goodwill | $ 0 |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation and Significant Accounting Policies - Expected Life (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Computer equipment [member] | |
Statement Line Items [Line Items] | |
Computer equipment (Year) | 2 years |
Note 6 - Financial Risk Manag_3
Note 6 - Financial Risk Management (Details Textual) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Line Items [Line Items] | ||
Increase (decrease) in net income (loss) from 10 percent change in foreign currency | $ 660 | $ 938 |
Note 6 - Financial Risk Manag_4
Note 6 - Financial Risk Management - Balances in US Dollars (Details) $ in Thousands, $ in Thousands | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CAD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2020 CAD ($) | Mar. 31, 2019 CAD ($) |
Statement Line Items [Line Items] | ||||||
Cash and cash equivalents (Note 2d) | $ 20,535 | $ 30,375 | $ 22,698 | $ 2,371 | ||
Accounts payable and accrued liabilities | $ (2,621) | $ (4,073) | ||||
Currency risk [member] | ||||||
Statement Line Items [Line Items] | ||||||
Cash and cash equivalents (Note 2d) | $ 5,456 | $ 9,593 | ||||
Accounts payable and accrued liabilities | (1,269) | (2,147) | ||||
Risk exposure associated with instruments sharing characteristic | $ 4,187 | $ 7,446 |
Note 7 - Other Receivables - Ot
Note 7 - Other Receivables - Other Receivable (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Statement Line Items [Line Items] | ||
Investment tax credits receivable | $ 700 | $ 0 |
Sales tax receivable | 608 | 410 |
Other current receivables | $ 1,308 | $ 410 |
Note 8 - Accounts Payable and_3
Note 8 - Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Statement Line Items [Line Items] | ||
Trade payables | $ 1,672 | $ 2,245 |
Accrued liabilities | 949 | 1,828 |
Total trade and other current payables | $ 2,621 | $ 4,073 |
Note 9 - Share Capital (Details
Note 9 - Share Capital (Details Textual) $ / shares in Units, $ in Thousands, $ in Millions | 12 Months Ended | 15 Months Ended | |||||
Apr. 15, 2020 CAD ($) $ / shares shares | Mar. 17, 2020 CAD ($) $ / shares shares | Mar. 31, 2022 CAD ($) shares | Mar. 31, 2021 CAD ($) | Mar. 31, 2020 CAD ($) | Mar. 31, 2022 CAD ($) shares | Dec. 30, 2020 USD ($) | |
Statement Line Items [Line Items] | |||||||
Proceeds from issuing shares | $ 35,000 | $ 3,509 | $ 11,411 | $ 38,375 | |||
Increase (decrease) in number of shares outstanding through issued financing (in shares) | shares | 11,290,323 | ||||||
Price per shares issued (in CAD per share) | $ / shares | $ 3.10 | ||||||
Issuance of shares, overallotment option, percentage | 15% | ||||||
Payments for commissions | $ 2,500 | ||||||
Payments for share issue costs | $ 500 | ||||||
Over-allotment shares option issued in connection with March 2020 public offering [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proceeds from issuing shares | $ 5,300 | ||||||
Increase (decrease) in number of shares outstanding through issued financing (in shares) | shares | 1,693,548 | ||||||
Price per shares issued (in CAD per share) | $ / shares | $ 3.10 | ||||||
Payments for commissions | $ 368 | ||||||
Payments for share issue costs | $ 32 | ||||||
Shares issued in connection with ATM Offering [member] | |||||||
Statement Line Items [Line Items] | |||||||
Proceeds from issuing shares | $ 3,800 | $ 10,900 | |||||
Increase (decrease) in number of shares outstanding through issued financing (in shares) | shares | 1,748,600 | 3,146,957 | |||||
Shares to be issued, maximum aggregate offering price | $ 25 | ||||||
Agents [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of warrants issued (in shares) | shares | 790,323 | ||||||
Number of shares issued upon exercise of each warrant (in shares) | shares | 1 | ||||||
Exercise price of warrants (in CAD per share) | $ / shares | $ 3.10 | ||||||
Period of warrants (Month) | 24 months | ||||||
Agents [member] | Warrants issued in overallotment [member] | |||||||
Statement Line Items [Line Items] | |||||||
Number of warrants issued (in shares) | shares | 118,723 | ||||||
Number of shares issued upon exercise of each warrant (in shares) | shares | 1 | ||||||
Exercise price of warrants (in CAD per share) | $ / shares | $ 3.10 | ||||||
Agents [member] | Warrants [member] | |||||||
Statement Line Items [Line Items] | |||||||
Financial liabilities, at fair value | $ 500 | ||||||
Agents [member] | Warrants [member] | Warrants issued in overallotment [member] | |||||||
Statement Line Items [Line Items] | |||||||
Financial liabilities, at fair value | $ 69 |
Note 9 - Share Capital - Calcul
Note 9 - Share Capital - Calculation of Loss Per Share (Details) - shares | 12 Months Ended | |||
Mar. 17, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Line Items [Line Items] | ||||
Common shares issued and outstanding, beginning of year (in shares) | 53,547,709 | 46,799,828 | 28,578,137 | |
Increase (decrease) in number of shares outstanding through issued financing (in shares) | 11,290,323 | |||
Effect of warrants and options exercised (in shares) | 223,269 | 1,055,772 | 482,319 | |
Weighted average common shares issued and outstanding, end of year (in shares) | 54,286,671 | 49,661,776 | 31,899,640 | |
Common shares issued and outstanding, end of year (in shares) | 55,647,479 | 53,547,709 | 46,799,828 | |
Shares Issued in Short-form Prospectus Offering in December 2018 [Member] | ||||
Statement Line Items [Line Items] | ||||
Increase (decrease) in number of shares outstanding through issued financing (in shares) | 0 | 1,623,950 | 431,870 | |
Shares issued in public offering in October 2019 [member] | ||||
Statement Line Items [Line Items] | ||||
Increase (decrease) in number of shares outstanding through issued financing (in shares) | 0 | 0 | 2,407,314 | |
Shares issued in connection with ATM Offering [member] | ||||
Statement Line Items [Line Items] | ||||
Increase (decrease) in number of shares outstanding through issued financing (in shares) | 515,693 | 182,226 | 0 |
Note 10 - Warrants - Warrant Co
Note 10 - Warrants - Warrant Continuity (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Line Items [Line Items] | |||
Balance outstanding (in shares) | 4,018,993 | 7,315,711 | 5,145,083 |
Balance outstanding, weighted average exercise price (in CAD per share) | $ 1.82 | $ 1.86 | $ 1.65 |
Warrants exercised during the year (in shares) | (266,290) | (3,415,266) | (1,623,675) |
Warrants exercised during the year, weighted average exercise price (in CAD per share) | $ 1.53 | $ 1.96 | $ 1.46 |
Balance outstanding, weighted average exercise price (in CAD per share) | $ 1.51 | $ 1.82 | $ 1.86 |
Warrants expired during the year (in shares) | (788,161) | ||
Warrants expired during the year, weighted average exercise price (in CAD per share) | $ 3.07 | ||
Warrants outstanding (in shares) | 2,964,542 | 4,018,993 | 7,315,711 |
Warrants outstanding at March 31, 2022 (in CAD per share) | $ 1.51 | $ 1.82 | $ 1.86 |
Warrants issued in October 2019 financing [member] | |||
Statement Line Items [Line Items] | |||
Common share purchase warrants issued (in shares) | 2,653,846 | ||
Common share purchase warrants issued, weighted average exercise price (in CAD per share) | $ 1.75 | ||
Broker warrants issued (in shares) | 350,134 | ||
Broker warrants issued, weighted average exercise price (in CAD per share) | $ 1.30 | ||
Warrants issued in March 2020 financing [member] | |||
Statement Line Items [Line Items] | |||
Broker warrants issued (in shares) | 790,323 | ||
Broker warrants issued, weighted average exercise price (in CAD per share) | $ 3.10 | ||
Warrants issued in overallotment [member] | |||
Statement Line Items [Line Items] | |||
Broker warrants issued (in shares) | 118,548 | ||
Broker warrants issued, weighted average exercise price (in CAD per share) | $ 3.10 |
Note 10 - Warrants - Warrants E
Note 10 - Warrants - Warrants Exercised (Details) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Line Items [Line Items] | |||
Number of warrants (in shares) | 266,290 | 3,415,266 | 1,623,675 |
Warrants exercised during the year, weighted average exercise price (in CAD per share) | $ 1.53 | $ 1.96 | $ 1.46 |
50,000 | $ 406,222 | ||
Warrants with expiration date of December 21, 2023 [member] | |||
Statement Line Items [Line Items] | |||
Number of warrants (in shares) | 50,000 | ||
Warrants exercised during the year, weighted average exercise price (in CAD per share) | $ 1.20 | ||
50,000 | $ 60,000 | ||
Warrants with an expiration date of October 17, 2021 [member] | |||
Statement Line Items [Line Items] | |||
Number of warrants (in shares) | 71,744 | ||
Warrants exercised during the year, weighted average exercise price (in CAD per share) | $ 1.30 | ||
50,000 | $ 93,267 | ||
Warrants with an expiration date of October 17, 2022 [member] | |||
Statement Line Items [Line Items] | |||
Number of warrants (in shares) | 144,546 | ||
Warrants exercised during the year, weighted average exercise price (in CAD per share) | $ 1.75 | ||
50,000 | $ 252,955 |
Note 10 - Warrants - Warrants O
Note 10 - Warrants - Warrants Outstanding and Exercisable (Details) - $ / shares | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | ||||
Number of warrants (in shares) | 2,964,542 | 4,018,993 | 7,315,711 | 5,145,083 |
Warrants with an expiration date of October 17, 2021 [member] | ||||
Statement Line Items [Line Items] | ||||
Number of warrants (in shares) | 1,661,542 | |||
Exercise price (in CAD per share) | $ 1.75 | |||
Warrants with an expiration date of December 21, 2023 [member] | ||||
Statement Line Items [Line Items] | ||||
Number of warrants (in shares) | 1,303,000 | |||
Exercise price (in CAD per share) | $ 1.20 |
Note 11 - Stock Options (Detail
Note 11 - Stock Options (Details Textual) | 12 Months Ended | ||
Mar. 31, 2022 $ / shares | Mar. 31, 2021 $ / shares | Mar. 31, 2020 $ / shares | |
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 1,097,056 | 450,084 | 1,230,000 |
Weighted average exercise price of share options granted in share-based payment arrangement (in CAD per share) | $ 3.55 | $ 5.14 | $ 1.38 |
Option life, share options granted | 5 | 5 | |
Options with an average exercise price of $3.55 per share [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 1,097,056 | ||
Weighted average exercise price of share options granted in share-based payment arrangement (in CAD per share) | $ 3.55 | ||
Options with an average exercise price of $3.55 per share [member] | Officers and employees [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 812,706 | ||
Options with an average exercise price of $3.55 per share [member] | Consultant [Member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 20,000 | ||
Option life, share options granted | 10 | ||
Options with an average exercise price of $3.55 per share, portion vesting after one year [member] | Officers and employees [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 33.33% | ||
Options with an average exercise price of $3.55 per share, portion vesting after one year [member] | Consultant [Member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 33.33% | ||
Options with an average exercise price of $3.55 per share, portion vesting after two years [member] | Officers and employees [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 33.33% | ||
Options with an average exercise price of $3.55 per share, portion vesting after two years [member] | Consultant [Member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 33.33% | ||
Options with an average exercise price of $3.55 per share, portion vesting after three years [member] | Officers and employees [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 33.33% | ||
Options with an average exercise price of $3.55 per share, portion vesting after three years [member] | Consultant [Member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 33.33% | ||
Options with an average exercise price of $2.72 per share, portion vesting immediately [member] | Board of Directors [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 264,350 | ||
Percentage of options to vest | 50% | ||
Option life, share options granted | 2.72 | ||
Options with an average exercise price of $2.72 per share, portion vesting after one year [member] | Board of Directors [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 50% | ||
Option life, share options granted | 5 | ||
Options with an average exercise price of $5.14 per share [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 450,084 | ||
Option life, share options granted | 5.14 | ||
Options with an average exercise price of $5.14 per share [member] | Officers and employees [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 212,464 | ||
Option life, share options granted | 10 | ||
Options with an average exercise price of $5.14 per share [member] | Board of Directors [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 62,620 | ||
Option life, share options granted | 5 | ||
Options with an average exercise price of $5.14 per share [member] | Consultant one [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 75,000 | ||
Option life, share options granted | 10 | ||
Share options granted in share-based payment arrangement, vesting period, months | 48 | ||
Options with an average exercise price of $5.14 per share [member] | Consultant two [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 100,000 | ||
Option life, share options granted | 5 | ||
Share options granted in share-based payment arrangement, vesting period, months | 16 | ||
Options with an average exercise price of $5.14 per share, portion vesting after one year [member] | Officers and employees [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 33.33% | ||
Options with an average exercise price of $5.14 per share, portion vesting after one year [member] | Board of Directors [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 50% | ||
Options with an average exercise price of $5.14 per share, portion vesting after two years [member] | Officers and employees [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 33.33% | ||
Options with an average exercise price of $5.14 per share, portion vesting after three years [member] | Officers and employees [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 33.33% | ||
Options with an average exercise price of $5.14 per share, portion vesting immediately [member] | Board of Directors [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 50% | ||
Options with exercise price of 1.30 [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 1,030,000 | ||
Weighted average exercise price of share options granted in share-based payment arrangement (in CAD per share) | $ 1.30 | ||
First set of options with exercise price of 1.30 [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 300,000 | ||
Option life, share options granted | 5 | ||
First set of options with exercise price of 1.30, vesting immediately [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 50% | ||
First set of options with exercise price of 1.30, vesting in year one [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 50% | ||
Vesting period, options (Year) | 1 year | ||
Second set of options with exercise price of 1.30 [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 730,000 | ||
Option life, share options granted | 10 | ||
Second set of options with exercise price 1.30, vesting in year one [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 50% | ||
Vesting period, options (Year) | 1 year | ||
Second set of options with exercise price of 1.30, vesting in year two [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 25% | ||
Vesting period, options (Year) | 2 years | ||
Second set of options with exercise price of 1.30, vesting in year three [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 25% | ||
Vesting period, options (Year) | 3 years | ||
Options with an exercise price of 1.00 [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 200,000 | ||
Weighted average exercise price of share options granted in share-based payment arrangement (in CAD per share) | $ 1.38 | ||
First set of options with exercise price of 1.00 [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 50,000 | ||
First set of options with exercise price of 1.00, vesting year one [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 50% | ||
Vesting period, options (Year) | 1 year | ||
First set of options with exercise price and 1.00, vesting year two [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 25% | ||
Vesting period, options (Year) | 2 years | ||
First set of options with exercise price of 1.00, vesting year three [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 25% | ||
Vesting period, options (Year) | 3 years | ||
Second set of options with exercise price of 1.00 [member] | |||
Statement Line Items [Line Items] | |||
Number of share options granted in share-based payment arrangement | 150,000 | ||
Option life, share options granted | 10 | ||
Second set of options with exercise price of 1.00, vesting September 1, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 50% | ||
Second set of options with exercise price of 1.00, vesting December 1, 2019 [member] | |||
Statement Line Items [Line Items] | |||
Percentage of options to vest | 50% |
Note 11 - Stock Options - Stock
Note 11 - Stock Options - Stock Option Transactions (Details) | 12 Months Ended | ||
Mar. 31, 2022 $ / shares | Mar. 31, 2021 $ / shares | Mar. 31, 2020 $ / shares | |
Statement Line Items [Line Items] | |||
Balance outstanding, number of options | 4,155,084 | 4,130,000 | 3,275,000 |
Balance outstanding, weighted average exercise price (in CAD per share) | $ 1.96 | $ 1.56 | $ 1.67 |
Granted, number of options | 1,097,056 | 450,084 | 1,230,000 |
Granted, weighted average exercise price (in CAD per share) | $ 3.55 | $ 5.14 | $ 1.38 |
Forfeited, number of options | (702,620) | (184,290) | (375,000) |
Forfeited, weighted average exercise price (in CAD per share) | $ 4.23 | $ 1.67 | $ 1.09 |
Exercised, number of options | (84,880) | (240,710) | |
Exercised (in CAD per share) | $ 1.47 | $ 1.29 | |
Balance outstanding, number of options | 4,464,640 | 4,155,084 | 4,130,000 |
Balance outstanding, weighted average exercise price (in CAD per share) | $ 2 | $ 1.96 | $ 1.56 |
Note 11 - Stock Options - Summa
Note 11 - Stock Options - Summary of Information About Stock Options Outstanding (Details) | 12 Months Ended | |||
Mar. 31, 2022 $ / shares | Mar. 31, 2021 $ / shares | Mar. 31, 2020 $ / shares | Mar. 31, 2019 $ / shares | |
Statement Line Items [Line Items] | ||||
Options outstanding | 4,464,640 | 4,155,084 | 4,130,000 | 3,275,000 |
Options outstanding, weighted average remaining contractual life (Year) | 5 years 7 months 9 days | |||
Options outstanding, weighted average exercise price (in CAD per share) | $ 2 | $ 1.96 | $ 1.56 | $ 1.67 |
Options exercisable | 3,428,958 | |||
Options exercisable, weighed average exercise price (in CAD per share) | $ 1.64 | |||
Range one [member] | ||||
Statement Line Items [Line Items] | ||||
Options outstanding | 1,955,000 | |||
Options outstanding, weighted average remaining contractual life (Year) | 6 years 5 months 1 day | |||
Options outstanding, weighted average exercise price (in CAD per share) | $ 1.17 | |||
Options exercisable | 1,747,500 | |||
Options exercisable, weighed average exercise price (in CAD per share) | $ 1.15 | |||
Range one [member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise prices (in CAD per share) | 1 | |||
Range one [member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise prices (in CAD per share) | $ 1.99 | |||
Range two [member] | ||||
Statement Line Items [Line Items] | ||||
Options outstanding | 1,679,000 | |||
Options outstanding, weighted average remaining contractual life (Year) | 4 years 8 months 4 days | |||
Options outstanding, weighted average exercise price (in CAD per share) | $ 2.08 | |||
Options exercisable | 1,550,000 | |||
Options exercisable, weighed average exercise price (in CAD per share) | $ 2.06 | |||
Range two [member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise prices (in CAD per share) | 2 | |||
Range two [member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise prices (in CAD per share) | $ 2.99 | |||
Range three [member] | ||||
Statement Line Items [Line Items] | ||||
Options outstanding | 830,640 | |||
Options outstanding, weighted average remaining contractual life (Year) | 5 years 6 months 18 days | |||
Options outstanding, weighted average exercise price (in CAD per share) | $ 3.82 | |||
Options exercisable | 131,458 | |||
Options exercisable, weighed average exercise price (in CAD per share) | $ 5.11 | |||
Range three [member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise prices (in CAD per share) | 3 | |||
Range three [member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Exercise prices (in CAD per share) | $ 5.19 |
Note 11 - Stock Options - Assum
Note 11 - Stock Options - Assumptions Used to Determine Fair Value (Details) | 12 Months Ended | ||
Mar. 31, 2022 $ / shares | Mar. 31, 2021 $ / shares | Mar. 31, 2020 $ / shares | |
Statement Line Items [Line Items] | |||
Risk free interest rate | 1% | 1% | 1.50% |
Expected life of options | 5 | 5 | |
Expected volatility | 90% | 103% | |
Weighted average fair value of options granted during the year (in CAD per share) | $ 2.58 | $ 4.01 | $ 0.94 |
Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in CAD per share) | 2.05 | 5.11 | 1.30 |
Grant date share price (in CAD per share) | 2.05 | 5.11 | $ 1.30 |
Expected life of options | 2.5 | ||
Expected volatility | 100% | ||
Top of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in CAD per share) | 4.85 | 5.19 | $ 1.38 |
Grant date share price (in CAD per share) | $ 4.85 | $ 5.19 | $ 1.38 |
Expected life of options | 10 | 5 | |
Expected volatility | 114% |
Note 12 - Government Assistan_2
Note 12 - Government Assistance (Details Textual) $ in Millions | 1 Months Ended | |||||
Feb. 08, 2015 | Jun. 30, 2022 CAD ($) | Feb. 28, 2015 USD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CAD ($) | |
Receipt of refunds [member] | Australian R&D incentive program [member] | ||||||
Statement Line Items [Line Items] | ||||||
Income taxes refund, classified as operating activities | $ 700,000 | |||||
Cancer Prevention Research Institute of Texas [member] | ||||||
Statement Line Items [Line Items] | ||||||
Government grant, maximum receivable | $ 14.1 | $ 14.1 | ||||
Government grant, period of eligibility (Year) | 3 years | |||||
Government grant, remaining receivable | $ 1.4 | |||||
Royalty, percentage of revenues on sales, after aggregate royalty payments equal 400 percent of grant fund | 0.50% | |||||
Royalty-related liability | $ 0 | |||||
Cancer Prevention Research Institute of Texas [member] | Bottom of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Royalty, percentage revenue of sales | 3% | |||||
Cancer Prevention Research Institute of Texas [member] | Top of range [member] | ||||||
Statement Line Items [Line Items] | ||||||
Royalty, percentage revenue of sales | 5% |
Note 13 - Commitments (Details
Note 13 - Commitments (Details Textual) $ in Thousands, $ in Millions | Aug. 21, 2015 CAD ($) shares | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 CAD ($) |
Statement Line Items [Line Items] | ||||
Total intangible assets other than goodwill | $ 65 | $ 71 | ||
Miscellaneous other provisions [member] | ||||
Statement Line Items [Line Items] | ||||
Total other provisions | 10,700 | |||
Other provisions, cumulative amount that has been paid or accrued | $ 8,400 | |||
Stanford [member] | ||||
Statement Line Items [Line Items] | ||||
Increase (decrease) in number of shares outstanding from licensing agreement (in shares) | shares | 649,999 | |||
Issue of equity | $ 100 | |||
License agreement, second project milestone | $ 2 | |||
License agreement, sales milestone | 2 | |||
Stanford [member] | Not later than five years [member] | ||||
Statement Line Items [Line Items] | ||||
Licensing agreement, first project milestone | $ 0.3 |
Note 13 - Commitments - Contrac
Note 13 - Commitments - Contractual Obligations (Details) $ in Thousands | Mar. 31, 2022 CAD ($) |
Statement Line Items [Line Items] | |
Patent licensing costs | $ 1,612 |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Patent licensing costs | 188 |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Patent licensing costs | 1,137 |
Later than three years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Patent licensing costs | $ 287 |
Note 14 - Related Party Discl_3
Note 14 - Related Party Disclosures (Details Textual) - CAD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Directors and officers [member] | ||
Statement Line Items [Line Items] | ||
Amounts payable, related party transactions | $ 0.1 | $ 0.1 |
Note 14 - Related Party Discl_4
Note 14 - Related Party Disclosures - Key Management Personnel Compensation (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Line Items [Line Items] | |||
Salaries and wages | $ 1,555 | $ 1,501 | $ 892 |
Board fees | 285 | 230 | 142 |
Stock option expense | 886 | 797 | 873 |
Key management personnel compensation | $ 2,726 | $ 2,528 | $ 1,907 |
Note 15 - Income Taxes - Reconc
Note 15 - Income Taxes - Reconciliation of Income Taxes at Statutory Rates with the Reported Taxes (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Line Items [Line Items] | |||
Loss before income taxes | $ (22,577) | $ (17,289) | $ (8,277) |
Tax rate | 27% | 27% | 27% |
Expected tax recovery | $ (6,095) | $ (4,668) | $ (2,235) |
Change in statutory rates and foreign exchange rates | 29 | (288) | 35 |
Permanent differences | 383 | 272 | 309 |
Share issuance costs | (67) | (153) | (993) |
Change in unrecognized deductible temporary difference | 5,750 | 4,837 | 2,884 |
Total income tax expense (recovery) | $ 0 | $ 0 | $ 0 |
Note 15 - Income Taxes - Signif
Note 15 - Income Taxes - Significant Components of Deferred Tax Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Statement Line Items [Line Items] | |||
Deferred tax asset | $ 17,864 | $ 12,114 | $ 7,277 |
Unrecognized deferred tax asset | (17,864) | (12,114) | (7,277) |
Net deferred tax assets | 0 | 0 | 0 |
Unused tax losses [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax asset | 16,968 | 10,971 | 6,287 |
Temporary differences, property, plant and equipment [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax asset | 50 | 50 | 50 |
Temporary differences, share issuance costs [member] | |||
Statement Line Items [Line Items] | |||
Deferred tax asset | $ 846 | $ 1,093 | $ 940 |
Note 15 - Income Taxes - Sign_2
Note 15 - Income Taxes - Significant Components of Temporary Differences, Unused Tax Credits, and Unused Tax Losses (Details) | Mar. 31, 2022 CAD ($) |
Statement Line Items [Line Items] | |
Non-capital losses carry-forward | $ 63,756,000 |
Temporary differences, property, plant and equipment [member] | |
Statement Line Items [Line Items] | |
Temporary differences not recognized | 186,000 |
Temporary differences, share issuance costs [member] | |
Statement Line Items [Line Items] | |
Temporary differences not recognized | $ 3,132,000 |
Note 16 - Components of Expen_3
Note 16 - Components of Expenses - General and Administrative Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Line Items [Line Items] | |||
Depreciation expense | $ 37 | $ 40 | $ 8 |
Stock based compensation | 949 | 614 | 639 |
Facilities and operations | 384 | 304 | 253 |
Public company expenses | 5,424 | 4,677 | 1,004 |
Salaries and benefits | 963 | 890 | 596 |
CPRIT grant claimed in eligible expenses (Note 12) | 0 | 0 | (125) |
General and administrative expense | $ 7,757 | $ 6,525 | $ 2,375 |
Note 16 - Components of Expen_4
Note 16 - Components of Expenses - Research and Development Expenses (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Line Items [Line Items] | |||
Chemistry, manufacturing, and controls | $ 6,841 | $ 2,356 | $ 343 |
Regulatory | 502 | 801 | 433 |
Discovery and pre-clinical | 3,441 | 2,896 | 1,899 |
Clinical | 2,322 | 1,225 | 1,528 |
Salaries and benefits | 2,759 | 1,413 | 1,095 |
Licensing, patent, legal fees and royalties | 733 | 1,620 | 811 |
Stock based compensation | 467 | 391 | 486 |
CPRIT grant claimed in eligible expenses (Note 12) | (1,753) | 0 | (951) |
Australian R&D refund claimed in eligible expenses (Note 12) | (700) | 0 | 0 |
Other research and development expenses | 104 | 168 | 226 |
Research and development expense | $ 14,716 | $ 10,870 | $ 5,870 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - CAD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 17, 2020 | Jun. 30, 2022 | May 31, 2022 | Jun. 22, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Line Items [Line Items] | |||||||
Proceeds from issuing shares | $ 35,000 | $ 3,509 | $ 11,411 | $ 38,375 | |||
Receipt of refunds [member] | HST credits [member] | |||||||
Statement Line Items [Line Items] | |||||||
Income taxes refund, classified as operating activities | $ 600 | ||||||
Receipt of refunds [member] | Australian R&D incentive program [member] | |||||||
Statement Line Items [Line Items] | |||||||
Income taxes refund, classified as operating activities | $ 700 | ||||||
Shares issued in connection with ATM Offering [member] | Major ordinary share transactions [member] | |||||||
Statement Line Items [Line Items] | |||||||
Total number of shares issued (in shares) | 656,656 | ||||||
Proceeds from issuing shares | $ 800 |