Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 22, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-39311 | ||
Entity Registrant Name | POINT BIOPHARMA GLOBAL INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 85-0800493 | ||
Entity Address, Address Line One | 4850 West 78th Street | ||
Entity Address, City or Town | Indianapolis | ||
Entity Address, State or Province | IN | ||
Entity Address, Postal Zip Code | 46268 | ||
City Area Code | 647 | ||
Local Phone Number | 812-2417 | ||
Title of 12(b) Security | Common stock, par value $0.0001 per share | ||
Trading Symbol | PNT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 504 | ||
Entity Common Stock, Shares Outstanding | 105,682,677 | ||
Documents Incorporated by Reference | Information required in response to Part III Items 10, 11, 12, 13 and 14 of Form 10-K is hereby incorporated by reference to portions of the Registrant’s Proxy Statement for the Annual Meeting of Stockholders to be held in 2023. The Proxy Statement will be filed by the Registrant with the Securities and Exchange Commission no later than 120 days after the end of the Registrant’s fiscal year ended December 31, 2022. | ||
Entity Central Index Key | 0001811764 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | ArmaninoLLP |
Auditor Location | San Jose, California |
Auditor Firm ID | 32 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 286,428,371 | $ 238,815,991 |
Short-term investments | 238,783,470 | 0 |
Prepaid expenses and other current assets | 5,610,889 | 5,030,565 |
Total current assets | 530,822,730 | 243,846,556 |
Non-current assets | ||
Long-term investments | 16,119,430 | 0 |
Property, plant and equipment, net | 31,380,576 | 19,412,086 |
Total non-current assets | 47,500,006 | 19,412,086 |
Total assets | 578,322,736 | 263,258,642 |
Current liabilities | ||
Accounts payable | 7,703,150 | 1,738,470 |
Accrued liabilities | 19,094,454 | 5,990,516 |
Deferred revenue | 23,242,290 | 0 |
Income taxes payable | 29,698,546 | 250,978 |
Total current liabilities | 79,738,440 | 7,979,964 |
Deferred tax liability | 0 | 65,592 |
Long-term income taxes payable | 1,452,356 | 0 |
Deferred revenue, net of current portion | 10,178,147 | 0 |
Total liabilities | 91,368,943 | 8,045,556 |
Commitments and contingencies (Notes 14 and 15) | ||
Stockholders' equity | ||
Common Stock, par value $0.0001 per share, 430,000,000 authorized, 105,649,741 and 90,121,794 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively | 10,565 | 9,012 |
Additional paid-in capital | 448,391,574 | 314,488,782 |
Retained earnings (accumulated deficit) | 39,008,505 | (59,284,708) |
Accumulated other comprehensive loss | (456,851) | 0 |
Total stockholders' equity | 486,953,793 | 255,213,086 |
Total liabilities and stockholders' equity | $ 578,322,736 | $ 263,258,642 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | |||
Common shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.001 |
Common stock, authorized (in shares) | 430,000,000 | 430,000,000 | |
Common stock, shares issued (in shares) | 105,649,741 | 90,121,794 | |
Common stock, shares outstanding (in shares) | 105,649,741 | 90,121,794 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | ||
Total revenue | $ 226,579,563 | $ 0 |
Operating expenses | ||
Research and development | 82,050,392 | 33,505,392 |
General and administrative | 19,006,876 | 12,006,438 |
Total operating expenses | 101,057,268 | 45,511,830 |
Income (loss) from operations | 125,522,295 | (45,511,830) |
Other income (expenses) | ||
Investment income (finance costs) | 4,469,320 | (11,840) |
Foreign currency loss | (405,527) | (73,153) |
Total other income (expenses) | 4,063,793 | (84,993) |
Income (loss) before provision for income taxes | 129,586,088 | (45,596,823) |
Provision for income taxes | (31,292,875) | (305,658) |
Net income (loss) | $ 98,293,213 | $ (45,902,481) |
Net income (loss) per common share: | ||
Basic (in dollars per share) | $ 1.04 | $ (0.62) |
Diluted (in dollars per share) | $ 1.02 | $ (0.62) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 94,601,214 | 73,850,822 |
Diluted (in shares) | 96,034,506 | 73,850,822 |
License revenue | ||
Revenue | ||
Total revenue | $ 225,165,000 | $ 0 |
Other revenue | ||
Revenue | ||
Total revenue | $ 1,414,563 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 98,293,213 | $ (45,902,481) |
Other comprehensive loss, net of tax | ||
Net unrealized loss on available-for-sale debt securities | (456,851) | 0 |
Total comprehensive income (loss) | $ 97,836,362 | $ (45,902,481) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2020 | 54,647,656 | ||||
Beginning balance at Dec. 31, 2020 | $ 13,480,278 | $ 5,465 | $ 26,857,040 | $ (13,382,227) | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of shares of Common Stock in connection with exercise of warrants (in shares) | 2,869,799 | ||||
Issuance of shares of Common Stock in connection with exercise of warrants | 20,000,000 | $ 287 | 19,999,713 | ||
Issuance of shares of Common Stock, net of direct and incremental costs (in shares) | 800,000 | ||||
Issuance of shares of Common Stock in connection with stock option exercises (in shares) | 64,570 | ||||
Issuance of shares of Common Stock in connection with stock option exercises | 450,000 | $ 6 | 449,994 | ||
Issuance of shares of Common Stock, net of direct and incremental costs in connection with the Business Combination (refer to Note 4) (in shares) | 32,539,769 | ||||
Issuance of shares of Common Stock, net of direct and incremental costs in connection with the Business Combination (refer to Note 4) | 264,882,682 | $ 3,254 | 264,879,428 | ||
Stock-based compensation | 2,302,607 | 2,302,607 | |||
Net income (loss) | $ (45,902,481) | (45,902,481) | |||
Ending balance (in shares) at Dec. 31, 2021 | 90,121,794 | 90,121,794 | |||
Ending balance at Dec. 31, 2021 | $ 255,213,086 | $ 9,012 | 314,488,782 | (59,284,708) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of shares of Common Stock, net of direct and incremental costs (in shares) | 15,489,779 | ||||
Issuance of shares of Common Stock, net of direct and incremental costs | 130,305,691 | $ 1,549 | 130,304,142 | ||
Issuance of shares of Common Stock in connection with stock option exercises (in shares) | 38,168 | ||||
Issuance of shares of Common Stock in connection with stock option exercises | 53,053 | $ 4 | 53,049 | ||
Stock-based compensation | 3,545,601 | 3,545,601 | |||
Net income (loss) | 98,293,213 | 98,293,213 | |||
Other comprehensive loss, net of taxes | $ (456,851) | (456,851) | |||
Ending balance (in shares) at Dec. 31, 2022 | 105,649,741 | 105,649,741 | |||
Ending balance at Dec. 31, 2022 | $ 486,953,793 | $ 10,565 | $ 448,391,574 | $ 39,008,505 | $ (456,851) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||
Net income (loss): | $ 98,293,213 | $ (45,902,481) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation on property, plant and equipment | 1,395,029 | 0 |
Deferred income taxes | 1,386,764 | 65,592 |
Share-based compensation expense | 3,545,601 | 2,302,607 |
Amortization of debt issuance costs | 0 | 11,840 |
Accretion of discounts net of amortization of premiums on investments | (1,953,604) | 0 |
Changes in operating assets and liabilities | ||
Prepaid expenses and other current assets | (580,324) | (3,180,219) |
Accounts payable | 4,825,228 | (2,022,472) |
Accrued liabilities | 13,669,291 | 3,790,310 |
Deferred revenue | 33,420,437 | 0 |
Income taxes payable | 29,447,568 | 163,096 |
Amount due to related party within accrued liabilities | (22,898) | 72,969 |
Change in accrued interest and dividends within investments | 92,317 | 0 |
Net cash provided by (used in) operating activities | 183,518,622 | (44,698,758) |
Cash flows from investing activities | ||
Purchase of investments, net of sales and maturities | (253,498,464) | 0 |
Purchase of property, plant and equipment | (12,766,522) | (8,802,182) |
Net cash used in investing activities | (266,264,986) | (8,802,182) |
Cash flows from financing activities | ||
Issuance of shares of Common Stock | 130,305,691 | 264,882,682 |
Issuance of shares of Common Stock in connection with stock option exercises | 53,053 | 450,000 |
Repayment of mortgage payable | 0 | (3,562,500) |
Issuance of shares of Common Stock in connection with exercise of warrants | 0 | 20,000,000 |
Net cash provided by financing activities | 130,358,744 | 281,770,182 |
Net increase in cash and cash equivalents | 47,612,380 | 228,269,242 |
Cash and cash equivalents, beginning of period | 238,815,991 | 10,546,749 |
Cash and cash equivalents, end of period | 286,428,371 | 238,815,991 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | (483,797) | (68,785) |
Cash paid for interest on mortgage payable | 0 | (92,338) |
Non-cash investment activities: | ||
Purchase of property, plant and equipment recorded in accounts payable and accrued liabilities | $ 1,409,501 | $ 812,504 |
Nature of business
Nature of business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of business | Nature of business Formation and organization POINT Biopharma Global Inc., together with its consolidated subsidiaries ("POINT" or the “Company”), is a globally focused radioligand company building a platform for the clinical development and commercialization of radioligands that fight cancer. On September 18, 2019, POINT Theranostics Inc. was incorporated under the General Corporation Law of the State of Delaware (the "DGCL") and amended its name to “POINT Biopharma Inc.” on November 22, 2019. On June 30, 2021, following the Business Combination (as defined below), POINT Biopharma Inc. became a wholly-owned subsidiary of POINT Biopharma Global Inc. Under the terms of the Business Combination Agreement (as defined below), stockholders of POINT Biopharma Inc. received approximately 3.59 shares of common stock, par value $0.0001 per share, of the Company (“Common Stock”) in exchange for each common share of Point Biopharma Inc. Also in connection with the closing of the Business Combination, RACA (as defined below) consummated the sale of an aggregate of 16,500,000 shares of Class A common stock, par value $0.0001 per share, of RACA (“Class A Common Stock”) in a private placement at a price of $10.00 per share, for aggregate gross proceeds of $165.0 million (“PIPE Financing”). In accordance with the terms of the Business Combination Agreement, upon the closing of the Business Combination (as defined below), each share of Class A Common Stock and each share of Class B common stock, par value $0.0001 per share, of RACA (“Class B Common Stock”) was converted into one share of Common Stock of the Company. For additional information on the Business Combination, please see Note 4. The Company was founded on a mission to make radioligand therapy applicable to more cancers and available to more people, thereby improving the lives of cancer patients and their families everywhere. The Company has four wholly-owned subsidiaries, POINT Biopharma Inc., POINT Biopharma USA Inc. and West 78th Street, LLC, each located in the U.S., and POINT Biopharma Corp., located in Canada. The Company’s headquarters is located at 4850 West 78th Street, Indianapolis, Indiana, 46268. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Summary of significant accounting policies Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries, POINT Biopharma Inc., POINT Biopharma Corp., POINT Biopharma USA, Inc. and West 78th Street, LLC, for financial information and pursuant to the rules and regulations of the SEC. All intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements and accompanying notes have been prepared in accordance with the provisions of Accounting Standards Codification ("ASC") Topic 205-40, Presentation of Financial Statements—Going Concern, on the basis that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. Impact of Covid-19 and other geopolitical events The COVID-19 pandemic has caused many governments to implement measures to slow the spread of the outbreak through quarantines, travel restrictions, heightened border security and other measures. The U.S. administration has announced that it intends to end the public health emergency declaration as a result of COVID-19 on May 11, 2023. Although the impact has decreased and many of these measures have been terminated, COVID-19 may continue to have an impact on the global economy as well as businesses and capital markets around the world. Further, general macroeconomic trends, including rising inflation rates, sustained supply chain disruptions, and any resulting recession, depression or other sustained adverse market event could materially and adversely affect our business, financial condition, results of operations and the value of our Common Stock. Additionally, financial markets may be adversely affected by the current or anticipated impact of military conflict, including escalating military fighting between Russia and Ukraine, terrorism or other or macroeconomic geopolitical events. The U.S. and other nations in response to the Russo-Ukrainian conflict have announced economic sanctions which may have an adverse effect on the global financial markets. The Company's SPLASH trial has vendor staff in Ukraine, and any political instability in the region may disrupt resourcing assigned to the trial and negatively impact our business. The Company is monitoring the potential impact of the COVID-19 pandemic and the potential impact of the Russo-Ukrainian conflict and other macroeconomic events on its business and consolidated financial statements. To date, the Company has not experienced any material business disruptions or incurred any impairment losses in the carrying values of its assets as a result of these events and it is not aware of any specific related event or circumstance that would require it to revise its estimates reflected in these consolidated financial statements. Risks and uncertainties Prior to the Lantheus License Agreements (as defined in Note 3 below), the Company had incurred significant net losses and had funded operations through the Business Combination and equity financings. Operating losses and negative cash flows are expected to be incurred again in the future. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, successful discovery and development of its product candidates, regulatory approval of its product candidates, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, protection of proprietary technology, compliance with governmental regulations, the impact of macroeconomic disruptions, such as those arising from the COVID-19 coronavirus and the Russo-Ukrainian conflict, the ability to secure additional capital to fund operations and commercial success of its product candidates. Product candidates currently under development will require extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, related disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses for the periods presented. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the allocation of consideration to the performance obligations as well as the recognition of revenue with respect to performance obligations recognized over time each in connection with the Lantheus License Agreements, the accrual of research and development expenses and the valuations of stock options and warrants. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. Foreign currency and currency translation The reporting currency of the Company is the U.S. dollar. The functional currency of the Company’s legal entities is also the U.S. dollar. As a result, the Company records no cumulative translation adjustments related to translation of unrealized foreign exchange gains or losses. Realized foreign exchange gains and losses that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in other income (expense), net in the consolidated statements of operations, as incurred. Account balances denominated in a currency other than the local currency are translated at the year-end spot rate with the unrealized exchanged gains and losses included in other income (expense) net in the consolidated statements of operations. Fair value of financial instruments Cash and cash equivalents are carried at fair value. Other financial instruments, including accounts payable and mortgage payable, are carried at amortized cost, which approximates fair value given their short-term nature. Fair value measurements Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1 — Quoted prices in active markets for identical assets or liabilities. Cash and cash equivalents fall within level 1 of the fair value hierarchy. • Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Cash and cash equivalents The Company considers all highly liquid instruments with an original maturity of three months or less as cash equivalents. Investments The Company determines the appropriate classification of its investments in debt securities at the time of purchase and re-evaluates such determination at each balance sheet date. The Company classifies its investments as current or non-current based on each instrument’s underlying maturity date. Investments with original maturities of greater than three months and less than one year are classified as current and are included in short-term investments in the consolidated balance sheets. Investments with remaining maturities greater than one year from the balance sheet date are classified as non-current and are included in long-term investments in the consolidated balance sheets. The Company’s investments are classified as available-for-sale and reported at fair value. Unrealized gains and losses are included in other comprehensive income (loss) as a component of stockholders’ equity until realized. Amortization and accretion of premiums and discounts are recorded in finance income (expense). Realized gains and losses on debt securities are included in other income (expense), net. The Company evaluates its investments with unrealized losses for other-than-temporary impairment. If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is other-than-temporary in nature. For any adjustment the Company considers to be other-than-temporary, the Company reduces the investment to fair value through a charge to the statement of operations. No such adjustments were necessary during the periods presented. Recent and potential future disruptions in access to bank deposits or lending commitments due to bank failure could have a negative impact on the valuation of our investments. Leases Currently, the Company only holds short term leases and has elected to apply the short-term lease exemption. For all future lease arrangements, at the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement and in accordance with the guidance of ASC 842. Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow, on a collateralized basis, the amount of the lease payments in the same currency, for a similar term, and in a similar economic environment. The Company currently does not have financing leases. The Company has elected not to recognize leases with an original term of one year or less on the consolidated balance sheets. Options to renew or early terminate a lease are included in the initial lease term of a lease when there is reasonable certainty that the option will be applied. The Company’s lease expense is recognized in the consolidated statements of operations according to its use in either research and development expenses or general administrative expenses. Currently, all lease expense is recorded in general and administrative expense. Warrants Common share purchase warrants entitle the holder to acquire common shares of the Company at a specified price for a specified period of time, which are classified as equity. Warrants are measured at the date of issuance using the Black-Scholes-Merton option pricing model. On January 28, 2021, all outstanding warrants to purchase common shares of the Company were exercised resulting in cash proceeds of $20.0 million. Revenue Recognition The Company recognizes revenue in accordance with ASC Topic 606, Revenue From Contracts With Customers (“ASC 606”). Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue as the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the promised goods or services within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services until a distinct bundle is identified. In determining whether goods or services are distinct, the Company evaluates certain criteria, including whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (capable of being distinct) and (ii) the good or service is separately identifiable from other goods or services in the contract (distinct in the context of the contract). The Company then determines the transaction price, which is the amount of consideration it expects to be entitled from a customer in exchange for the promised goods or services for each performance obligation and recognizes the associated revenue as each performance obligation is satisfied. The Company’s estimate of the transaction price for each contract includes all variable consideration to which it expects to be entitled. If it is probable that a significant revenue reversal would not occur, the associated variable consideration is included in the transaction price. ASC 606 requires the Company to allocate the arrangement consideration on a relative standalone selling price basis for each performance obligation after determining the transaction price of the contract and identifying the performance obligations to which that amount should be allocated. The relative standalone selling price is defined in the revenue standard as the price at which an entity would sell a promised good or service separately to a customer. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation as each performance obligation is satisfied, either at a point in time or over time, and if over time, recognition is based on the use of an output or input method. Research and development costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including costs for salaries and bonuses, employee benefits, subcontractors, facility-related expenses, depreciation and amortization, share-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, preclinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Upfront payments under license agreements are expensed as research and development expense upon receipt of the license, and annual maintenance fees under license agreements are expensed in the period in which they are incurred. Milestone payments under license agreements are accrued, with a corresponding expense being recognized, in the period in which the milestone is determined to be probable of achievement and the related amount is reasonably estimable. Acquired in-process research and development costs The Company has entered into various research, development and manufacturing contracts with research institutions and other companies. These agreements are generally cancelable, and related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research, development and manufacturing costs. The upfront payments to acquire a new drug compound, as well as subsequent milestone payments, are immediately expensed as acquired in-process research and development, provided that the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no alternative future use. Once regulatory approval is received, payments to acquire rights, and the related milestone payments, are capitalized and the amortization of such assets recorded to product cost of sales. Share-based compensation expense The Company recognizes share-based compensation expense for all share-based awards made to employees, directors and consultants based on estimated fair values. The Company determines share-based compensation on the grant date using the Black-Scholes-Merton option pricing model. The value of the award is recognized as expense on a straight-line basis over the requisite service period. ASC 718, Stock Compensation ("ASC 718") allows for forfeitures to be recognized in the period in which they occur. ASC 718 aligns the accounting for share-based payments to non-employees with that of employees, with certain exceptions. Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more likely than not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. The Company may be entitled to investment tax credits in connection with its research and development costs. These investment tax credits are non-refundable tax credits and are accounted for in accordance with the Company’s income tax accounting policies. Net income (loss) per share Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting net income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares. For the purpose of this calculation, outstanding warrants, stock options and performance share units are considered potential dilutive common shares. Segment information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s focus is on the development of radioligand therapy for the treatment of cancer. Recent accounting pronouncements Debt with Conversion and Other Options The FASB has issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for convertible instruments, such as convertible debt or convertible preferred stock, by eliminating two potential methods in accounting for the embedded conversion feature. The standard also removes certain conditions previously used to evaluate whether a freestanding financial instrument, or certain types of embedded features, are considered to be settled in the issuer’s own equity. Finally, ASU 2020-06 requires that an entity use the if-converted method in calculating the effects of convertible instruments on diluted earnings per share, with one limited exception. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2023. The Company early adopted the provisions of ASU 2020-06 on January 1, 2022 and there was no material impact to its consolidated financial statements. Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options The FASB has issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2021-04 provides guidance that an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as an exchange of the original instrument for a new instrument. The standard also provides guidance on how an entity should measure and recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2021. The Company adopted the provisions of ASU 2021-04 on January 1, 2022 and there was no material impact to its consolidated financial statements. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | RevenueIn November 2022, POINT announced strategic collaboration and exclusive license agreements with Lantheus Holdings Inc. ("Lantheus") for exclusive worldwide rights for PNT2002 and PNT2003, excluding certain territories (Japan, South Korea, Singapore, Indonesia, and China including Hong Kong, Macau and Taiwan) (the "PNT2002 Agreement" and "PNT2003 Agreement", respectively, and collectively the "Lantheus License Agreements"). The collaboration pairs POINT's expertise in next generation radioligand development and manufacturing with Lantheus’ commercial leadership in PSMA PET and radiopharmaceuticals. In December 2022, closing conditions for the transaction, including Hart-Scott-Rodino antitrust clearance, were met. For PNT2002, POINT has received a $250 million upfront payment. POINT will receive an additional payment of up to $250 million upon U.S. regulatory approval, and, once certain return on investment financial thresholds have been achieved and other conditions met, royalties of 20% on all net sales (prior to which there is a period of sales in which the royalty may be based on only a portion of the gross profit), as well as the potential for up to an additional $1.3 billion in various net sales milestone payments. For PNT2003, POINT has received a $10 million upfront payment, and will receive up to an additional $30 million upon U.S. regulatory approval, royalties of 15% on net sales, as well as the potential for up to an additional $275 million in various net sales milestone payments. The Company is responsible for completing the SPLASH trial and the parties will work together to file the New Drug Application (“NDA”) with the costs incurred in connection with the U.S. Food and Drug Administration ("FDA") submission being borne by Lantheus. Thereafter, Lantheus will be responsible for all additional clinical and regulatory costs in the U.S., as well as all costs for development, clinical trials and regulatory approval in the rest of its territories outside the U.S., except Asia. To determine the appropriate amount of revenue to be recognized under ASC 606, the Company performed the following steps: (i) identify the promised goods or services in the contract, (ii) determine whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract, (iii) measure the transaction price, including the constraint on variable consideration, (iv) allocate the transaction price to the performance obligations and (v) recognize revenue when (or as) the Company satisfies each performance obligation. In connection with the PNT2002 Agreement the Company identified the following performance conditions: (i) the license it conveyed to Lantheus with respect to certain intellectual property, (ii) service provided to complete the SPLASH trial, support the NDA submission and participate in joint steering activities and (iii) manufacturing activities. The Company determined the transaction price under ASC 606 at the inception of the PNT2002 Agreement to be the $250 million upfront payment and has allocated this to the first two performance obligations based on a relative standalone selling price basis. The standalone selling prices for the first two performance obligations were determined using adjusted market and expected cost plus a margin assessments, respectively. The Company concluded that variable consideration associated with the product manufacturing relates solely to the manufacturing activities performance obligation on the basis that it believes that the expected margin associated with this consideration is in line with market standards and specifically relate to the Company's efforts to satisfy its manufacturing obligations. In connection with the PNT2003 Agreement the Company identified the following performance conditions: (i) the license it conveyed to Lantheus with respect to certain intellectual property, (ii) service provided to complete the necessary submissions for regulatory approval and participate in joint steering activities and (iii) manufacturing activities. The Company determined the transaction price under ASC 606 at the inception of the PNT2003 Agreement to be the $10 million upfront payment and has allocated this to the first two performance obligations based on a relative standalone selling price basis. The standalone selling prices for the first two performance obligations were determined using adjusted market and expected cost plus a margin assessments, respectively. The Company concluded that variable consideration associated with the product manufacturing relates solely to the manufacturing activities performance obligation on the basis that it believes that the expected margin associated with this consideration is in line with market standards and specifically relate to the Company's efforts to satisfy its manufacturing obligations. The Company does not include variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will occur. Variable consideration in the PNT2002 Agreement and PNT2003 Agreement consists of: • Potential future regulatory milestone payments. The Company concluded that this variable consideration is constrained considering that achievement of the milestones are outside its control and contingent upon the future success of clinical trials and regulatory approval by the FDA and in respect of other territories outside the U.S.. • Potential future milestone payments in connection with certain sales targets as well as any future royalties. The Company concluded that these payments qualify for the royalty exception. Under the royalty exception, sales-based royalties are recognized at the later of when (1) the subsequent sale or usage occurs or (2) the performance obligation to which some or all of the sales- or usage-based royalty has been allocated is satisfied (in whole or in part). That is, an entity does not estimate the amount of a sales-based royalty at contract inception; rather, revenue would be recognized when the subsequent sales occur (under the assumption that the associated performance obligation has been satisfied or partially satisfied). • Potential payments for the manufacturing and supply of commercial product. The Company concluded that this variable consideration is constrained as it is contingent upon future regulatory approvals and the execution of a manufacturing and supply agreement. The estimate of the Company’s variable consideration to be included in the transaction price will be updated at each reporting date as a change in estimate. For the potential future regulatory milestone payments, the Company utilizes the most likely amount approach to determine the amounts recognized and timing of recognition. For the potential payments for manufacturing and supply of commercial product, the Company utilizes the expected value approach to determine the amounts recognized and timing of recognition. Once the constraint is removed, the milestone payments will be accounted for and allocated to the performance obligations. For the licenses conveyed to Lantheus, the Company recognized revenue at a point in time upon execution and regulatory approval of the Lantheus License Agreements. The Company concluded that the licenses represent that of functional intellectual property as each has significant standalone functionality and derives a substantial portion of their utility from that standalone functionality. For the obligations to complete the SPLASH trial, support the NDA submission and participate in joint steering activities in connection with the PNT2002 Agreement as well as the obligations to complete the necessary submissions for regulatory approval and participate in joint steering activities for the PNT2003 Agreement, the Company recognizes revenue using the cost-to-cost method, which it concluded best depicts the transfer of control to the customer. Under the cost-to-cost method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the identified performance obligation. Under this method, revenue is recorded as a percentage of the estimated transaction price based on the extent of progress towards completion. The following table presents the Company’s contract liabilities as of December 31, 2022 and December 31, 2021: December 31, 2022 December 31, 2021 Deferred revenue Deferred revenue, current $ 23,242,290 $ — Deferred revenue, net of current portion 10,178,147 — Total $ 33,420,437 $ — At inception of the Lantheus License Agreements, deferred revenue $34.8 million was recognized in connection with future performance. During the year ended December 31, 2022 , the Company recognized $1.4 million in revenue for services performed. The current portion of deferred revenue reflects the Company’s estimate of the revenue it expects to recognize within the next 12 months. The Company expects to recognize the remainder of the deferred revenue in subsequent periods through the year ending December 31, 2028. No contract assets, were recognized in connection with the Lantheus License Agreements, including costs incurred in obtaining the agreements. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination | Business Combination On March 15, 2021, POINT Biopharma Inc. entered into a definitive business combination agreement (the “Business Combination Agreement”) with Therapeutics Acquisition Corp. (NASDAQ:RACA), d/b/a Research Alliance Corp. I (“RACA”), a special purpose acquisition company sponsored by RA Capital Management L.P., that was created for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. On June 30, 2021 (the “Closing Date”), Bodhi Merger Sub, Inc., a wholly-owned subsidiary of RACA, merged with and into POINT Biopharma Inc. (the “Business Combination”), with POINT Biopharma Inc. as the surviving company in the Business Combination and, after giving effect to such Business Combination, POINT Biopharma Inc. became a wholly-owned subsidiary of RACA. RACA was then renamed “POINT Biopharma Global Inc.” In accordance with the terms of the Business Combination Agreement, upon the closing of the Business Combination: (i) each share and vested equity award of POINT Biopharma Inc. outstanding as of immediately prior to the Closing Date was converted into shares of Common Stock of the Company or comparable vested equity awards that are exercisable for shares of Common Stock of the Company, based on an implied vested equity value of $585.0 million (which is equal to a conversion ratio of approximately 3.59-for-1); (ii) all unvested equity awards of POINT Biopharma Inc. were converted into comparable equity awards that are exercisable for shares of Common Stock of the Company, determined based on the same conversion ratio at which the vested equity awards are converted into shares of Common Stock of the Company; and (iii) each share of RACA Class A Common Stock and each share of RACA Class B Common Stock that was issued and outstanding immediately prior to the Closing Date became one share of Common Stock of the Company. In connection with the Business Combination, the Company consummated the PIPE Financing, pursuant to which it received $165.0 million in exchange for 16,500,000 shares of Common Stock of the Company. After giving effect to the Business Combination, there were 90,121,794 shares of Common Stock issued and outstanding. We accounted for the Business Combination as a reverse recapitalization, in accordance with U.S. GAAP. POINT Biopharma Inc. is treated as the accounting acquirer (legal acquiree), while RACA is the accounting acquiree (legal acquirer) for financial reporting purposes. This determination is primarily based on the fact that the former POINT Biopharma Inc. stockholders retained a majority of the voting power of the Company and comprise a majority of the governing body of the Company, and the former POINT Biopharma Inc. senior management comprise substantially all of the senior management of the Company. Accordingly, for accounting purposes, the Business Combination is treated as the equivalent of POINT Biopharma Inc. issuing shares for the net assets of RACA, accompanied by a recapitalization. The net assets of RACA are stated at historical costs. No goodwill or other intangible assets is recorded. In connection with the Business Combination, the Company incurred underwriting fees and other costs considered to be direct or incremental to the proceeds raised in connection with the Business Combination and PIPE Financing totaling approximately $21.9 million, consisting of costs incurred by RACA prior to the completion of the Business Combination as well as investment banker, legal, audit, tax, accounting and listing fees. These amounts are reflected within additional paid-in capital in the consolidated balance sheet as of December 31, 2022. Summary of net proceeds The following table summarizes the elements of the net proceeds from the Business Combination: Recapitalization Cash - RACA Trust and cash (net of redemptions) $ 121,770,367 Cash - PIPE Financing 165,000,000 Less: Underwriting fees, costs incurred by RACA and other direct and incremental costs, each paid prior to December 31, 2021 (21,887,685) Net proceeds from the Business Combination, net of costs incurred by RACA and direct and incremental costs paid per the statement of cash flows $ 264,882,682 The net proceeds noted above exclude approximately $4.7 million in transaction costs that were not considered direct and incremental to the raising of capital. These costs consist of corporate expenses in the normal course of business comprised of accounting, consulting, insurance and board retainer fees. These costs were recorded as incurred in accordance with the nature of the services received. Summary of shares of Common Stock issued The following table summarizes the number of shares of Common Stock outstanding immediately following the consummation of the Business Combination: Number of RACA Class A and Class B shares outstanding prior to the Business Combination 16,039,769 Class A shares issued pursuant to the PIPE Financing 16,500,000 Common Stock issued upon conversion of RACA Class A Common Stock and Class B Common Stock and PIPE Financing shares 32,539,769 Common Stock issued upon conversion of POINT Biopharma Inc. common shares 57,582,025 Total shares of Common Stock outstanding immediately following the Business Combination 90,121,794 |
Cash, cash equivalents and inve
Cash, cash equivalents and investments | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash, cash equivalents and investments | Cash, cash equivalents and investments Cash, cash equivalents and investments consisted of the following: As of December 31, 2022 As of December 31, 2021 Cash $ 12,429,627 $ 238,815,991 Cash equivalents: Money market funds 273,998,744 — Commercial paper — — Total cash and cash equivalents 286,428,371 238,815,991 Short-term investments Commercial paper 115,156,455 — Corporate bonds 45,219,042 — U.S. Government agency debt securities 42,577,762 — Asset backed securities 35,830,211 — Total short-term investments 238,783,470 — Long-term investments Asset backed securities 16,119,430 — Total long-term investments 16,119,430 — Total cash, cash equivalents and investments $ 541,331,271 $ 238,815,991 Available-for-sale investments The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security as at December 31, 2022, were as follows: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current Non-current Commercial paper $ 115,156,455 $ — $ — $ 115,156,455 $ 115,156,455 $ — Asset backed securities 52,019,619 26,527 (96,505) 51,949,641 35,830,211 16,119,430 Corporate bonds 45,468,482 — (249,440) 45,219,042 45,219,042 — U.S. Government agency debt securities 42,715,195 — (137,433) 42,577,762 42,577,762 — Total available-for-sale securities $ 255,359,751 $ 26,527 $ (483,378) $ 254,902,900 $ 238,783,470 $ 16,119,430 The following table summarizes the fair value of available-for-sale investments based on maturities as of December 31, 2022: Amortized Cost Fair Value Maturing within one year $ 239,236,498 $ 238,783,470 Maturing between one and five years 16,123,253 16,119,430 Total $ 255,359,751 $ 254,902,900 |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements We measure fair value based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include the following: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. These inputs include quoted prices for similar assets or liabilities; quoted market prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. The following tables present information about the Company’s financial assets and liabilities as of December 31, 2022 that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values (in thousands): Level 1 Level 2 Level 3 Total December 31, 2022 Cash equivalents: Money market mutual fund $ 273,998,744 $ — $ — $ 273,998,744 Commercial paper — — — — Available-for-sale debt securities: Commercial paper — 115,156,455 — 115,156,455 Asset backed securities — 51,949,641 — 51,949,641 Corporate bonds — 45,219,042 — 45,219,042 U.S. Government agency debt securities 42,577,762 — — 42,577,762 Total $ 316,576,506 $ 212,325,138 $ — $ 528,901,644 Certain of our available-for-sale debt securities, including U.S. Government agency debt securities, are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within the fair value hierarchy. We did not have any financial liabilities measured at fair value on a recurring basis as of December 31, 2022. There have been no transfers of assets or liabilities between the fair value measurement levels. |
Prepaid expenses and other curr
Prepaid expenses and other current assets | 12 Months Ended |
Dec. 31, 2022 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid expenses and other current assets | Prepaid expenses and other current assetsPrepaid expenses and other current assets consisted of the following: As at December 31, As at December 31, Prepaid clinical trial expenses $ 4,011,419 $ 1,973,609 Insurance 1,310,314 2,175,379 Canadian harmonized sales tax receivable 60,222 72,666 Deposit on production equipment 13,738 703,461 Other 215,196 105,450 Total $ 5,610,889 $ 5,030,565 |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment consisted of the following: As at December 31, As at December 31, Land and building $ 18,163,962 $ — Property in development 8,434,384 16,561,032 Machinery and equipment 5,328,639 2,132,768 Furniture and fixtures 698,728 590,545 Computer equipment 149,892 127,741 32,775,605 19,412,086 Less: Accumulated depreciation (1,395,029) — Property, plant and equipment, net $ 31,380,576 $ 19,412,086 On July 2020, the Company purchased land and a building in Indianapolis, Indiana (which has been expanded to approximately 81,000 square feet) for the purpose of retrofitting the existing building into a state-of-the-art, Good Manufacturing Practices ("GMP") compliant facility that will support the Company’s drug manufacturing operations. The purchase of the property was financed by a mortgage that was repaid on July 29, 2021 (see Note 11). The Company commenced the manufacture of clinical supply in the Indianapolis manufacturing facility in January 2022; however, construction continues on the facility to expand capacity. The Company has determined this to be the date upon which its property, plant and equipment was available for its intended use. Property, plant and equipment that have finite lives are recorded at cost less accumulated depreciation and impairment losses. Depreciation is expensed from the month the particular asset is available for its intended use, using the straight-line method over the estimated useful life of such asset at the following rates, which in each case are intended to reduce the carrying value of the asset to the estimated residual value: Asset Category Estimated Useful Life Computer equipment 5 years Machinery and equipment 7 years Furniture and fixtures 7 years Building 20 years |
Accounts payable
Accounts payable | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accounts payable | Accounts payableAccounts payable consisted of the following: As at December 31, As at December 31, Accounts payable $ 7,676,552 $ 1,730,304 Other payables 26,598 8,166 Total $ 7,703,150 $ 1,738,470 |
Accrued expenses
Accrued expenses | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued expenses | Accrued expenses Accrued liabilities consisted of the following: As at December 31, As at December 31, Accrued research and development costs $ 9,645,594 $ 1,142,056 Accrued personnel costs 7,116,382 3,440,558 Accrued corporate legal fees and other professional services 2,068,793 654,945 Accrued costs for purchase of property, plant and equipment 105,741 648,196 Other accrued costs 157,944 104,761 Total $ 19,094,454 $ 5,990,516 |
Mortgage payable
Mortgage payable | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Mortgage payable | Mortgage payable On July 10, 2020, the Company obtained a mortgage loan in the amount of $3,562,500 (the “Mortgage”) for the purpose of purchasing its manufacturing facility and related land located in Indianapolis, Indiana (the “Property”). The Mortgage was collateralized by a first charge over the Property. As part of the financing, the Company incurred $17,194 of costs and fees from the lender that were capitalized and recorded as finance costs over the life of the Mortgage. On July 29, 2021, the loan on the manufacturing facility in Indianapolis, Indiana was repaid and the related mortgage on the Company's facility in Indianapolis, Indiana was released. Prior to its repayment, the Mortgage bore interest at 2.85% plus a minimum rate of 1-month LIBOR, subject to a LIBOR floor of 0.25%. The Mortgage required quarterly interest payments, which commenced on October 1, 2020, with the principal amount due at maturity on January 10, 2022. For the year ended December 31, 2021, the Company recorded $63,195 in interest costs which have been capitalized within property, in development, and recorded amortization of debt issuance costs of $11,840 through finance costs. |
Stockholders_ equity
Stockholders’ equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ equity | Stockholders’ equity Common and Preferred Stock The Company is authorized to issue 430,000,000 shares of Common Stock, with a par value of $0.0001 per share, as well as 20,000,000 of shares of preferred stock, with a par value of $0.0001 per share (“Preferred Stock”). The figures below are presented giving effect to a retroactive application of the Business Combination which resulted in a conversion of the previous POINT Biopharma Inc. common shares to shares of Common Stock of the Company at a conversion ratio of approximately 3.59:1. The par value of previous POINT Biopharma Inc. common shares was $0.001. See Note 4 for additional details. During the year ended December 31, 2022, the Company issued 15,527,947 shares of Common Stock, including (a) 15,489,779 shares of Common Stock in connection with an underwritten public offering at the price of $9.00 per share pursuant to a registration statement on Form S-3 previously filed and declared effective by the Securities and Exchange Commission, resulting in total gross proceeds of $139.4 million (excluding approximately $9.1 million of issuance costs) and (b) 38,168 shares of Common Stock in connection with the exercise of stock options issued to non-employee consultants, resulting in total cash proceeds of $0.1 million. During the year ended December 31, 2021, the Company issued 35,474,138 shares of Common Stock, including (a) 32,539,769 of shares of Common Stock in connection with the Business Combination and PIPE Financing (see Note 4), (b) 800,000 shares of common stock of POINT Biopharma Inc. (exchanged for 2,869,799 shares of Common Stock) in connection with the exercise of warrants, resulting in cash proceeds of $20.0 million and (c) 18,000 shares of common stock of POINT Biopharma Inc. (exchanged for 64,570 shares of Common Stock) in connection with the exercise of stock options issued to a non-employee consultant, resulting in cash proceeds of $0.5 million. As of December 31, 2022, the number of total issued and outstanding shares of Common Stock was 105,649,741 (December 31, 2021 – 90,121,794). Each share of Common Stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, if any, as may be declared by the Company’s board of directors. During the year ended December 31, 2022, no cash dividends had been declared or paid by the Company (December 31, 2021 — $nil). The Company’s board of directors has the authority to issue shares of Preferred Stock from time to time on terms it may determine, to divide shares of Preferred Stock into one or more series and to fix the designations, preferences, privileges, and restrictions of Preferred Stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, sinking fund terms, and the number of shares constituting any series or the designation of any series to the fullest extent permitted by the DGCL. During the year ended December 31, 2022, no shares of Preferred Stock have been issued by the Company (December 31, 2021 — nil). |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based compensation | Share-based compensation Equity Incentive Plans In March 2020, the board of directors of POINT Biopharma Inc. approved the 2020 Equity Incentive Plan (the “2020 EIP”). The 2020 EIP provided for the granting of incentive and non-qualified stock options, stock appreciation rights, restricted stock units, performance awards and other stock-based awards to employees, directors, and consultants of POINT Biopharma Inc. Effective as of June 30, 2021, in connection with the Business Combination, the Company’s board of directors adopted the POINT Biopharma Global Inc. 2021 Equity Incentive Plan (the “2021 EIP”) to replace the 2020 EIP and allow the Company to grant equity and equity-based incentive awards to officers, employees, non-employee directors and consultants of the Company. Upon the closing of the Business Combination, the Company assumed the outstanding equity awards under the 2020 EIP and each outstanding option to acquire common shares of POINT Biopharma Inc. (whether vested or unvested) under the 2020 EIP was substituted with a substantially equivalent option to acquire shares of Common Stock of the Company based on the conversion ratio for the POINT Biopharma Inc. common shares in the Business Combination and remained outstanding under the 2020 EIP. No further grants may be made under the 2020 EIP. The 2021 EIP provides that the number of shares reserved and available for issuance under the 2021 EIP will automatically increase each January 1, beginning on January 1, 2022, by 4% of the number of outstanding shares of Common Stock on the immediately preceding December 31, or such lesser amount as determined by the Company's board of directors. As of December 31, 2022, the number of shares of Common Stock authorized for issuance under the 2021 EIP was 7,925,052. On January 1, 2023, the number of shares of Common Stock available under the 2021 EIP increased by 4,225,990. Stock options The Company concluded that the replacement stock options issued in connection with the Business Combination did not require accounting for effects of the modification under the ASC 718 as it was concluded that (a) the fair value of the modified award is the same as the fair value of the original award immediately before the original award was modified, (b) there are no changes to the vesting conditions of the award, and (c) there is no change to the classification of the award. Stock options generally vest over a four-year period, with 25% vesting after the 1st year anniversary and the remaining options vesting ratably over the remaining three years. All employee stock options generally expire 6 years from the date of the grant. Share-based compensation expense for the years ended December 31, 2022 and 2021 was recognized in the Consolidated Statements of Operations as follows: Year ended December 31, 2022 Year ended December 31, 2021 Research and development $ 1,616,383 $ 1,899,471 General and administrative 1,929,218 403,136 Total share-based compensation expense $ 3,545,601 $ 2,302,607 The Company did not recognize a tax benefit related to share-based compensation expense during the years ended December 31, 2022 and December 31, 2021. Stock option valuation and activity The fair value of stock option grants is estimated using the Black-Scholes-Merton option-pricing model. The Company lacks sufficient company-specific historical and implied volatility information. Therefore, it estimates its expected share volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The following table presents the assumptions used in the Black-Scholes-Merton option-pricing model to determine the grant date fair value of stock options granted: Year ended December 31, 2022 Year ended December 31, 2021 Risk-free interest rate 1.24% – 3.13% 0.66% – 1.16% Expected term (in years) 4.25 4.25 – 5.38 Expected volatility 72% – 75% 65% – 73% Expected dividend yield 0% 0% The following table summarizes the activity relating to the Company’s stock options. The below stock option figures are presented giving effect to a retroactive application of the Business Combination which resulted in a replacement of the previous POINT Biopharma Inc. stock options with stock options of the Company, as described above, at a conversion ratio of approximately 3.59:1. In addition, the exercise price for each replacement stock option was also adjusted using the ratio of approximately 3.59:1. See Note 4 for additional details: Number of Weighted Weighted- Aggregate Outstanding as of December 31, 2021 3,825,751 4.78 Granted 1,948,614 8.01 Exercised (38,168) 1.39 Forfeited (143,899) 7.90 Expired (125) 8.47 Outstanding as of December 31, 2022 5,592,173 5.85 4.5 10,612,980 Vested and expected to vest as of December 31, 2022 5,592,173 5.85 4.5 10,612,980 Options exercisable as of December 31, 2022 1,841,790 4.65 4.5 5,165,869 The aggregate intrinsic value in the table above represents the pretax intrinsic value, which is calculated as the difference between the exercise price of the stock options and the fair value of the Common Stock. During the year ended December 31, 2022, 1,948,614 stock options were granted to employees and directors of the Company, with a weighted average grant date fair value of $4.590. The vesting terms of these stock options are such that 25% of the options vest on the one-year anniversary of the date of grant and the remaining 75% of such stock options vest ratably over the remaining three years. On June 6, 2022, the terms of 128,070 stock options previously granted to directors of the Company were amended to reduce the vesting period to one year. This amendment was accounted for as a modification and there was no material impact to stock-based compensation recorded. During the year ended December 31, 2021, 1,614,683 stock options were granted, including: (a) 1,255,959 stock options granted to employees and directors of the Company, with a weighted average grant date fair value of $4.466 and (b) 358,724 stock options to a non-employee consultant of the Company, with a weighted average grant date fair value of $3.885. The vesting terms of the stock options granted to employees and directors are such that 25% vest on the one-year anniversary of the date of grant and the remaining 75% vest ratably over the remaining three years. The vesting terms of the grant to the non-employee consultant were such that 25% of the options vested immediately upon grant, 10% vesting on the first anniversary of the date of the grant and the remaining 65% vesting based on certain performance milestones. Upon completion of the Business Combination, the remaining 269,043 unvested stock options immediately vested and all remaining unrecognized stock-based compensation expense associated with these stock options was recorded. During the year ended December 31, 2022, non-employee consultants of the Company exercised 38,168 stock options with an intrinsic value of $0.3 million, resulting in the issuance of 38,168 shares of Common Stock for cash proceeds of $0.1 million. During the year ended December 31, 2021, a non-employee consultant of the Company exercised 64,570 stock options with an intrinsic value of $nil, resulting in the issuance of 64,570 shares of Common Stock for cash proceeds of $0.5 million. As of December 31, 2022, the unrecognized share-based compensation expense related to unvested options, was $10.5 million and the estimated weighted average remaining vesting period was 2.0 years. As of December 31, 2021, the unrecognized share-based compensation expense related to unvested options, was $5.8 million and the estimated weighted average remaining vesting period was 2.4 years. Performance Share Units During the year ended December 31, 2022, 146,044 (December 31, 2021 - nil) performance share units ("PSUs") were granted to employees of the Company, with a grant date fair value of $6.61 per unit based on the closing share price of the Company's Common Stock on the date of grant. The vesting terms of these PSUs are such that 100% vest upon the regulatory approval of PNT2002 by the FDA. The Company did not record any stock based compensation expense related to these PSUs on the basis that they cannot be considered probable to vest as the regulatory approval requirement is outside the control of the Company and the clinical trial remains ongoing. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Indianapolis facility commitments The Company is party to certain agreements for the continuing expansion of the manufacturing capabilities of the Indianapolis facility. Effective in the second quarter of 2022, the Company entered into an agreement for the design and build of a commercial manufacturing line. As of December 31, 2022, the Company is committed to aggregate future payments of approximately $18.3 million in connection with these agreements. During the years ended December 31, 2022 and December 31, 2021 approximately $8.7 million and $6.1 million, respectively, has been recorded within property, plant and equipment in connection with these agreements. Clinical trial and commercial commitments The Company, in the normal course of business, enters into various services and supply agreements in connection with its clinical trials to ensure the supply of certain product and product lines during the Company’s clinical phase. These agreements often have minimum purchase commitments and generally terminate upon the termination of the clinical trial. Minimum purchase commitments under these agreements include individual commitments up to $1.4 million. Aggregate remaining minimum commitments amount to approximately $3.1 million with payments ranging from three The Company also has supply agreements with third parties to purchase certain products for use in the Company’s full scale production process. The Company is committed to purchase a minimum quantity of product in the amount of approximately $109.3 million ($148.3 million CAD) over the remaining contract term. The purchase commitments are contingent upon the completion of certain milestones by the third-party suppliers. The Company recorded $0.1 million in connection with this agreement during the year ended December 31, 2022 (year ended December 31, 2021 – $nil). The Company also has an agreement with a third party to provide certain services in connection with the Company’s SPLASH clinical phase study. The agreement expires on the date of the completion or termination of the clinical trial. The remaining minimum purchase commitment under this agreement is approximately $23.6 million with payments that range from one |
License agreements
License agreements | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
License agreements | License agreements License agreement with Scintomics GMBH (“SCI”) In November 2019, the Company entered into a sublicense agreement with SCI (“SCI Agreement). Under the SCI Agreement, the Company was granted an exclusive, sublicensable, worldwide (other than the Middle East and Asia) license under SCI’s patent rights to use, develop, manufacture and commercialize any products arising from SCI’s patent rights related to PSMA ligands for imaging and endoradiotherapy. Under the SCI Agreement, the Company is obligated to make aggregate milestone payments to SCI of up to $25.4 million (€23.5 million), upon the achievement of specified development and regulatory milestones. The Company is also obligated to pay a low-teens percentage royalty related to the annual net sales by the Company and any of its affiliates and sublicensees. Royalties will be paid by the Company on a country-by-country basis beginning upon the first commercial sale in such country. There is also an additional low thirties percentage fee payable to SCI for monetary payments arising from the grant of a sublicense to a sublicensee or in the form of other benefits. The Company has the right to terminate the agreement, subject to a prior notice of five months. If the Company or SCI fails to comply with any of its obligations or otherwise breaches the agreement, the other party may terminate the agreement upon written notification. During the year ended December 31, 2022, the Company made a payment to SCI of approximately $1.1 million upon the achievement of a specified development milestone and recognized this amount as a research and development expense. During the year ended December 31, 2021 the Company did not make any payments to SCI or recognize any research and development expenses under the SCI Agreement. Research and license agreements with Bach Sciences LLC (“Bach Biosciences”) First BACH Agreement In April 2020, the Company entered into a sublicense and collaboration agreement with Bach Biosciences to develop and commercialize a radioligand agent as amended on April 14, 2020, January 5, 2021, September 24, 2021, and May 6, 2022 (collectively, the “BACH Agreement"). The BACH Agreement grants to POINT Biopharma Inc. an exclusive, sublicensable, worldwide license under Bach Biosciences' patent rights to use, develop, manufacture and commercialize any products arising from the licensed technology. Pursuant to the September 24, 2021 amendment (the "Third Amendment"), POINT Biopharma Inc. exercised its option (the “Commercialization Option”) under the BACH Agreement to acquire a worldwide exclusive, royalty-bearing license to commercialize any products and processes from uses of patent rights for FAP-targeted radioligands. The Third Amendment also amended the Sublicense Agreement to provide the Company with the first option (the “Invention Option”) to acquire a worldwide exclusive royalty-bearing license to Bach Biosciences' patent rights, materials and know-how with respect to new inventions directed to FAP-targeted radioligands. As partial consideration for the exercise of the Commercialization Option and the grant of the Invention Option under the Third Amendment, POINT Biopharma Inc. paid, upon execution of the BACH Agreement, an option exercise fee of $3.3 million. Pursuant to the May 6, 2022 amendment (the “Fourth Amendment”), the Company and Bach Biosciences agreed to remove all regulatory and sales milestones which would have been payable from the Company to Bach Biosciences, as well as to reduce the royalty rate payable by Company to Bach Biosciences by fifty percent (one-half). In signing the Fourth Amendment, the Company agreed to pay a one-time amendment fee to Bach Biosciences of $2.0 million, and to extend the duration of the Company’s sponsored research relationship relating to the generation of new FAPi-targeting drugs with Bach Biosciences and Tufts Medical School by an additional two years at the current sponsorship rate. The Company is also obligated to pay a low-teens percentage royalty related to the annual net sales of each licensed products or licensed process covered by a valid claim, but reduced to a single digit percentage royalty related to net sales in the absence of a valid claim by the Company and any of its affiliates and sublicensees based on its global sales. Royalties will be paid by the Company on a country-by-country basis beginning upon the first commercial sale in such country. There is also an additional low- teens to mid-twenties percentage sublicense fee payable to Bach Biosciences for monetary payments arising from a grant of a sub-license to a sub-licensee or in the form of other benefits, depending on the specified development stage of the product. In April 2020, we entered into a research agreement with Bach Biosciences for a period of 5 years where Bach Biosciences is contracted to perform research on our behalf, with respect to the BACH Agreement. During the year ended December 31, 2022, the Company made a payment to Bach Biosciences of $2.0 million related to the Fourth Amendment fee discussed above and recognized this amount as research and development expenses in its consolidated statements of operations. During the year ended December 31, 2021, a payment of $3.3 million was recorded as research and development expenses. During the year ended December 31, 2022, the Company also made payments for the sponsored research agreements in the amount of $1.8 million (December 31, 2021 – $1.3 million), which are recognized as research and development expenses in the Company’s consolidated statements of operations. Second BACH Agreement In December 2020, the Company entered into a sublicense and collaboration agreement with Bach Biosciences to develop and commercialize compounds that leverage a proprietary technology platform (“Second BACH Agreement’”). Under the Second BACH Agreement, the Company was granted an exclusive, sublicensable, worldwide license under Bach Bioscience’s patent rights to use, develop, manufacture and commercialize any products arising from the patent related to the synthetic compound. The Company is obligated to make aggregate milestone payments to Bach Biosciences of up to $3.0 million for the first product developed, upon the achievement of specified development and regulatory milestones and of up to $45.0 million upon the achievement of specified sales milestones. For subsequent products, the Company is obligated to make a milestone payment to Bach Biosciences of up to $1.0 million for major market regulatory approval and of up to $45.0 million upon the achievement of specified sales milestones. The Company is also obligated to pay a low-teens percentage royalty related to net sales of each licensed product or licensed process covered by a valid claim, which reduces to a single digit percentage royalty related to net sales in the absence of a valid claim. Royalty payments will be reduced in an amount equal to 100% of royalty fees paid to Avacta (defined below) for the same licensed product. Royalties will be paid by the Company on a country-by-country basis beginning upon the first commercial sale in such country. There is also an additional low-teens to mid-twenties percentage sublicense fee payable to Bach Biosciences for monetary payments arising from a grant of a sub-license to a sub-licensee or in the form of other benefits, depending on the specified development stage of the product. In January 2021, we entered into a research agreement with Bach Biosciences for a period of three years where Bach Biosciences is contracted to perform research on our behalf, with respect to the Second BACH Agreement. During the year ended December 31, 2022, the Company made payments in connection with the sponsored research agreement in the amount of $1.0 million as a research and development expense. During the year ended December 31, 2021, the Company made payments in connection with the sponsored research agreement in the amount of $0.8 million and $0.2 million for the exclusive commercialization option upfront fee, both of which were recorded within research and development expense. License agreement with Avacta Life Sciences Limited (“ Avacta ”) In December 2020, the Company entered into an agreement with Avacta (“Avacta Agreement”), which is directly related to the Second BACH Agreement described above. Under the Avacta Agreement, the Company became a sublicensee of Avacta’s license for using intellectual property related to developing and marketing FAP-activated radioligand agents. Under this agreement, the Company obtained an exclusive license of Avacta’s patent rights to use, develop, manufacture and commercialize any products arising from the patent. The Company has the right to grant sublicenses of its rights. The Company is obligated to make aggregate milestone payments to Avacta of up to $4.5 million, upon the achievement of specified development milestones for its first product and up to $3.0 million each for any additional products developed with the technology upon reaching the specified development milestones. In addition, the Company is obligated to pay a milestone payment of $5.0 million for each product for the regulatory milestone being approved in specified territories. There is also an additional single digit percentage fee payable to Avacta for monetary payments arising from a grant of a sublicense to a sublicensee or in the form of other benefits. The Company is also obligated to pay a single digit percentage royalty (subject to a reduction on certain conditions) related to the annual net sales by the Company, its affiliates or its sublicensees for each licensed product or license process and a single digit percentage royalty on a specified product arising out of the patents. The royalty rate will be reduced by 50% for net sales occurring in the U.S. if there is no valid claim at the time of sale. There is also an additional single digit percentage fee payable to Avacta for monetary payments arising from a grant of a sublicense to a sublicensee or in the form of other benefits. During the year ended December 31, 2022, the Company did not make any payments to Avacta or recognize any research and development expenses under the Avacta Agreement (December 31, 2021 – the last three installments of the initial license fee of $0.8 million as a research and development expense). License agreement with Canadian Molecular Probe Consortium (“CanProbe”) In December 2020, the Company entered into a license agreement with CanProbe (“CanProbe Agreement”). Under the CanProbe Agreement, the Company was granted an exclusive, sublicensable and worldwide license under CanProbe’s patent rights to use, develop, manufacture and commercialize any products arising from a patent associated with the process for the production of 177 Lu. The Company is obligated to make aggregate milestone payments to CanProbe of up to $2.4 million ($3.3 million CAD) upon the achievement of receiving marketing authorization milestones for specified territories. On November 8, 2022, POINT entered into a first amendment to the CanProbe Agreement, between the Company; the Canadian Molecular Probe Consortium; the Centre for Probe Development and Commercialization; and The University Health Network, collectively the (“Parties”) pursuant to which certain amendments have been made to the Company's royalty obligations. The Company is obligated to pay a single digit royalty related to the annual net sales by the Company and any of its affiliates and sublicensees. Royalties will be paid by the Company on a country-by-country basis beginning upon the first commercial sale in such country. There is also an additional low-teens percentage fee payable to CanProbe for monetary payments arising from a grant of a sublicense to a sublicensee or in the form of other benefits. In the event it is necessary for the Company or its sublicensees to sell the product in a sub-territory or to obtain a license and to pay royalties to one or more third parties on net sales, and if the aggregate royalty burden payable is greater than a high single digit percent of net sales, then the Company may reduce the royalty fees or sub-licensing fees for sales of such product by 50% of royalties actually paid to the third party on net sales of the product in the territory in the same royalty period. During the year ended December 31, 2022, the Company paid $1.0 million in royalty payments in connection with this agreement (December 31, 2021 – nil). License agreement with Belgian Nuclear Research Centre (“SCK-CEN”) On June 30, 2021, the Company entered into a license agreement with the Belgian Nuclear Research Centre (“SCK-CEN”). Under the SCK-CEN Agreement, the Company was granted a worldwide, royalty-bearing, non-exclusive, sublicensable license under SCK-CEN’s patent rights to develop, make, have made, use and import n.c.a 177 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes Domestic and international pre-tax income (loss) consists of the following: Year ended December 31, 2022 Year ended December 31, 2021 U.S. $ 128,516,847 $ (46,225,053) Canada 1,069,241 628,230 Income (loss) before provision for income taxes $ 129,586,088 $ (45,596,823) Income tax expense attributable to operations is comprised of the following: Year ended December 31, 2022 Year ended December 31, 2021 Current income tax: Federal $ 28,633,595 $ 75 State 2,009,860 (114) Foreign 715,012 240,105 Total current expense 31,358,467 240,066 Deferred income tax: Federal — — State — — Foreign (65,592) 65,592 Total deferred expense (65,592) 65,592 Total provision for income tax $ 31,292,875 $ 305,658 A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year ended December 31, 2022 Year ended December 31, 2021 Provision for income taxes at the Company’s statutory tax rate of 21% $ 27,213,079 $ (9,575,333) State income taxes, net of federal tax benefit 274,628 (1,496,432) Change in valuation allowance 5,679,256 10,570,870 Research and development credits (2,231,764) — Permanent items and other 357,676 806,553 Provision for income taxes at the Company’s effective income tax rate $ 31,292,875 $ 305,658 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows: Year ended December 31, 2022 Year ended December 31, 2021 Net operating loss carryforwards $ 425,356 $ 12,909,104 License agreements 2,710,026 1,763,889 Capitalized research expenses 17,138,905 — Start-up costs 240,007 233,205 Share based compensation 733,062 811,236 Reserves and accruals 845,881 266,480 Tax credits 615,621 71,934 Other 418,696 2,829 Total deferred tax assets 23,127,554 16,058,677 Valuation allowance (21,848,269) (16,054,274) Net deferred tax assets 1,279,285 4,403 Deferred tax liabilities Depreciation (1,279,285) — Unrealized exchange gain — (69,995) Total deferred tax liabilities (1,279,285) (69,995) Net deferred tax liabilities $ — $ (65,592) Deferred income tax assets and liabilities are recorded for differences between the financial statement and tax basis of the assets and liabilities that will result in taxable or deductible amounts in the future based on enacted laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Currently, management expects to generate losses for the foreseeable future as a result of the Company's continued focus on the development of its existing research programs. In addition, the federal jurisdiction and state jurisdictions in which the Company operates do not allow for carryback of operating losses. As a result of the expectation of future losses and the lack of carryback potential, the Company has concluded that its deferred tax assets are not realizable. As a result, the Company has recognized a valuation allowance against its deferred tax assets. As of December 31, 2022, the Company has fully utilized its federal net operating loss carryforwards and has state net operating loss carryforwards of approximately $8.3 million. The state net operating losses will begin to expire in 2030. As of December 31, 2022, the Company has $0.4 million of state research and development credits that begin to expire in 2029. As of December 31, 2022, the Company has $0.4 million of Indiana Hoosier Business tax credits that begin to expire in 2029. Pursuant to the Internal Revenue Code (IRC) Sections 382 and 383, annual use of the Company's net operating losses and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company completed an ownership change analysis pursuant to IRS Section 382 through 2022 and ownership changes were identified, however, the changes did not result in a reduction in net operating loss carryforwards or research and development credit carryforwards. If ownership changes occur in the future, the amount of remaining tax attribute carryforwards available to offset taxable income and income tax expense in future years may be restricted or eliminated. If eliminated, the related asset would be removed from deferred tax assets with corresponding reduction in the valuation allowance. Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period. Subsequent changes in judgement based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustment may result, for example, upon resolution of an issue with the taxing authorities or expiration of a statute of limitations barring an assessment for an issue. The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination by tax authorities. The following table summarizes the changes to the Company’s gross unrecognized tax benefits for the years ended December 31, 2022 and 2021, respectively: Year ended December 31, 2022 Year ended December 31, 2021 Unrecognized tax benefits, beginning of year and period $ — $ — Additions for tax positions of current year positions 1,338,144 — Additions for tax positions of prior year positions 159,624 — Unrecognized tax benefits, end of year and period $ 1,497,768 $ — As of December 31, 2022, the Company has unrecognized tax benefits of $1.5 million of which $1.5 million will affect the effective tax rate if recognized when the Company no longer has a valuation allowance offsetting its deferred tax assets. As of December 31, 2021, the Company had no unrecognized tax benefits. The Company is subject to taxation in the United States, Canada and various state jurisdictions. All of the Company’s tax years from inception are subject to examination by federal, and state tax authorities. The Company’s practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had no accrued interest or penalties related to income tax matters in the Company’s consolidated balance sheet at December 31, 2022, and has not recognized interest or penalties in the Company’s consolidated statement of operations and consolidated statement of comprehensive income (loss) for the year ended December 31, 2022. Further, the Company is not currently under examination by any federal, state or local tax authority. The Company does not record U.S. income taxes on the undistributed earnings of its foreign subsidiaries based upon the Company's intention to permanently reinvest undistributed earnings to ensure sufficient working capital and further expansion of existing operations outside the U.S. In the event the Company is required to repatriate funds from outside of the U.S., such repatriation would be subject to local laws, customs, and tax consequences. The Tax Cut and Jobs Act subjects a U.S. stockholder to tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. The Company has elected to account for GILTI in the year the tax is incurred in accordance with the FASB Staff Q&A, Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, which states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was passed into law. The CARES Act includes several significant business tax provisions including modification to the taxable income limitation for utilization of net operating losses incurred in 2019 to 2021, an increase to the limitation on deductibility of certain business interest expense, bonus depreciation for purchases of qualified improvement property and special deductions on certain corporate charitable contributions. The Company analyzed the provisions of the CARES Act and determined there was no impact to its income tax provision for the years ended December 31, 2022 and 2021. The Inflation Reduction Act (IRA) was signed into law on August 16, 2022. The IRA introduces a 15% corporate alternative minimum tax (CAMT) for corporations whose average annual adjusted financial statement income (AFSI) for any consecutive three-tax-year period ending after December 31, 2021 and preceding the tax year exceeds $1.0 billion and a 1% excise tax on stock repurchases made by publicly traded U.S. corporations. Since the Company does not meet the book income threshold to be subject to CAMT, the excise tax is not an ASC 740 tax, they are not expected to have any impact. The other tax law updates are not expected to have any material impact to the Company's consolidated financial statements and related disclosures. The Company will continue to evaluate the impact and will monitor in future quarters. The CHIPS and Science Act was signed into law on August 9, 2022. The Act introduces the advanced manufacturing investment tax credit, a 25% tax credit for investments in semiconductor manufacturing. It also includes incentives for manufacturing semiconductors, as well as specialized tooling equipment required in the semiconductor manufacturing process. The Company is not currently claiming any such tax credits, as such the tax law updates are not expected to have any material impact to the Company's consolidated financial statements and related disclosures. Enacted in 2017, the Tax Cuts and Jobs Act (“TCJA”) included significant changes in tax law including a change to Internal Revenue Code section 174 regarding the deductibility of research and experimentation expenses (“R&E expenses”). The section 174 tax law change had a delayed effective date and became effective for the Company in fiscal year 2022. New section 174 requires that companies capitalize and amortize R&E expenses performed in the U.S. over five years and further provides for a fifteen-year amortization period for R&E expenses incurred outside the U.S. This has impacted our effective tax rate and our cash tax payable in 2022, and it may also impact our effective tax rate and our cash tax liability in future years. |
Net earnings (loss) per share
Net earnings (loss) per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net earnings (loss) per share | Net earnings (loss) per share Basic earnings (loss) per share is computed by dividing the earnings (loss) available to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period. Diluted earnings (loss) per share is computed by dividing earnings (loss) available to common stockholders by the weighted-average number of shares of Common Stock outstanding during the period increased to include the number of additional shares of Common Stock that would have been outstanding if the potentially dilutive securities had been issued, using the treasury stock method. Year ended December 31, 2022 Year ended December 31, 2021 Numerator: Net income (loss) attributable to common stockholders $ 98,293,213 $ (45,902,481) Denominator: Weighted-average basic common shares outstanding 94,601,214 73,850,822 Effect of dilutive stock options 1,433,292 — Weighted-average diluted shares 96,034,506 73,850,822 Basic income (loss) per share $ 1.04 $ (0.62) Diluted income (loss) per share $ 1.02 $ (0.62) For the year ended December 31, 2022, the Company’s stock options have been included in the computation of diluted net income per share where those stocks options are in-the-money. The Company's performance share units are considered contingently issuable shares for the purpose of the computation of earnings (loss) per share and have been excluded on the basis that as at December 31, 2022, the performance condition for vesting had not been achieved. For the year ended December 31, 2021 , the Company’s potentially dilutive securities, which include stock options and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of shares of Common Stock outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the 3,411,611 and 3,825,751 stock options to purchase Common Stock for the years ended December 31, 2022 and December 31, 2021 , respectively, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect. |
Financial instruments risk mana
Financial instruments risk management | 12 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Financial instruments risk management | Financial instruments risk management Concentration risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company’s cash equivalents and investments as of December 31, 2022 consisted of money market funds, U.S. and Canadian government agency securities, corporate bonds and commercial paper. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company currently holds all its cash, cash equivalents and investments with two financial institutions. These financial institutions are large and high-quality investment grade institutions. The Company will continue to monitor for changes in credit quality in relation to the counterparties to which it has relationships. Foreign currency risk The Company does not have significant operating subsidiaries or significant investments in foreign countries as of December 31, 2022 and 2021. The Company is subject to foreign currency exposure on its cash balances, accounts payable and accrued liabilities denominated in currencies other than the U.S. dollar, expenses incurred from certain supplier and service agreements denominated in Canadian dollars and Euro, as well as salaries and wages in respect of the Company’s Canadian employees. The Company does not currently manage its foreign currency exposure through hedging programs and will continue to monitor its foreign currency assets and liabilities and evaluate the needs for these programs in the future. During the years ended December 31, 2022 and 2021, the Company recorded $0.4 million and $0.1 million, respectively, of foreign currency losses in the consolidated statements of operations. A 10% increase or decrease in current exchange rates would not have a material effect on our financial results. Interest rate risk As of December 31, 2022, we had an aggregate cash, cash equivalents, restricted cash and investments balance of $541.3 million which consisted of cash, money market funds, U.S. and Canadian government agency debt securities, corporate bonds, municipal bonds and commercial paper. The Company has a policy of investing in highly-rated securities, whose maturities are, at December 31, 2022, primarily less than one year. Due to the short-term duration of our investment portfolio and the low risk profile of our investments, a 10% increase or decrease in interest rates would not have a material effect on the fair market value of our investment portfolio. We have the ability to hold our investments until maturity, and therefore, we would not expect our operating results or cash flows to be affected to any significant degree by the effect of a change in market interest rates on our investment portfolio. The Company does not enter into investments for trading or speculative purposes. The Company was previously subject to interest rate risk under its Mortgage loan. The Mortgage bore interest at 2.85% plus a minimum rate of 1-month LIBOR, subject to a LIBOR floor of 0.25%. The Mortgage required quarterly interest payments, which commenced on October 1, 2020, with the principal amount originally due at maturity on January 10, 2022. On July 29, 2021, the mortgage loan was repaid in full and the related mortgage on our facility in Indianapolis, Indiana was released. For more details around the Mortgage see Note 11. The Company does not currently manage interest rate exposure through hedging programs. The Company will continue to monitor and evaluate the need for interest rate hedging programs in the future. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related party transactions | Related party transactions The Company recognized expenses in connection with related party transactions in the consolidated statements of operations as follows: Year ended December 31, 2022 Year ended December 31, 2021 Consulting fees on business activities to Board member $ 326,859 $ 235,095 Reimbursement to Board member for occupancy costs 69,709 73,894 $ 396,568 $ 308,989 Transactions with related parties are in the normal course of operations and have been measured at their agreed upon exchange amount. During the year ended December 31, 2022, the Company received consulting services for research and development from a Board member. As of December 31, 2022, $0.1 million is recorded within accrued liabilities in relation to this consulting arrangement (December 31, 2021 - $0.1 million). The Company currently has a lease arrangement in place with a Board member for the use of office space. The arrangement does not have a defined contractual lease term and is payable monthly. The Company has applied the short-term lease exemption under ASC Topic 842, Leases to this arrangement and is recording the lease payments of approximately $6,000 monthly as rent expense. |
Employee benefit plans
Employee benefit plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee benefit plans | Employee benefit plans The Company maintains a retirement plan, which is qualified under section 401(k) of the Internal Revenue Code for its U.S. employees. The plan allows eligible employees to defer, at the employee’s discretion, pretax compensation up to the IRS annual limits. The Company matched contributions up to 50% of the first 4% of the eligible employee’s compensation or the maximum amount permitted by law. Total expense for contributions made to U.S. employees was $0.2 million for the year ended December 31, 2022 (December 31, 2021 - $0.05 million). The Company also sponsors a registered retirement savings plan, which is registered with the Canada Revenue Agency ("CRA") for its Canadian employees. The plan allows eligible employees to defer, at the employee’s discretion, pretax compensation up to the individuals cumulative limits as determined by the CRA. The Company matched contributions up to 50% of the first 4% of the eligible employee’s compensation. Total expense for contributions made to Canadian employees was $0.2 million CAD for the year ended December 31, 2022 (December 31, 2021 - $nil). |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events University Health Network (“UHN”) Agreement On February 2, 2023, Point Biopharma Corp., a wholly owned subsidiary of POINT, entered into a Facility Agreement with UHN (the “UHN Agreement”), a not-for-profit corporation incorporated under the laws of Canada. Pursuant to the UHN Agreement, which will become effective on April 1, 2023, POINT is authorized to access and utilize a 7,700 square foot, licensed research and development space with cGMP manufacturing suites (the “Facility”), which the Company will use to develop and expand its pipeline of next-generation radioligands. The initial term of the UHN Agreement will run for five years from the effective date, with an option to renew for additional two year terms thereafter, subject to certain conditions described in the UHN Agreement. The agreement does not transfer any title in the Facility to POINT. The access fee for the Facility is expected to be approximately $4.0 million for the first two years of the term, after which the access fee is subject to a Consumer Price Index adjustment. POINT will also bear variable costs for services such as radiation safety, equipment service, IT, engineering and other services. During the term, POINT shall be responsible for day-to-day management, activities and decision-making regarding the Facility. General governance of the Facility will be exercised by POINT and UHN through a joint committee. The joint committee, which will meet quarterly, will have a minimum of six (6) people and will be comprised of an equal number of members from each of POINT and UHN. Lease Agreement On March 10, 2023, West 78th Street, LLC, a wholly owned subsidiary of POINT, entered into a Lease Agreement (the "Lease") for the lease of approximately 103,000 square feet of building space which the Company will utilize as additional office space and will develop the property as needed. The initial term of the lease is from July 1, 2023 through July 31, 2033 with an option for two additional ten year renewal periods at the Company's discretion and subject to certain conditions as described in the Lease. The agreement does not transfer any title in to the Company but provides for the right of first offer to purchase in the event of a proposed sale, subject to certain conditions as described in the Lease. Over the initial term of the Lease, the Company will be required to make annual payments increasing from approximately $0.7 million to approximately $1.0 million in annual payments including certain estimated variable costs as described in the Lease. Annual payments in connection with the renewal options will be at the then market rate for a similar lease. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries, POINT Biopharma Inc., POINT Biopharma Corp., POINT Biopharma USA, Inc. and West 78th Street, LLC, for financial information and pursuant to the rules and regulations of the SEC. All intercompany accounts and transactions have been eliminated in consolidation. |
Going concern | These consolidated financial statements and accompanying notes have been prepared in accordance with the provisions of Accounting Standards Codification ("ASC") Topic 205-40, Presentation of Financial Statements—Going Concern, on the basis that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. |
Risks and uncertainties | Risks and uncertainties Prior to the Lantheus License Agreements (as defined in Note 3 below), the Company had incurred significant net losses and had funded operations through the Business Combination and equity financings. Operating losses and negative cash flows are expected to be incurred again in the future. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, successful discovery and development of its product candidates, regulatory approval of its product candidates, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, protection of proprietary technology, compliance with governmental regulations, the impact of macroeconomic disruptions, such as those arising from the COVID-19 coronavirus and the Russo-Ukrainian conflict, the ability to secure additional capital to fund operations and commercial success of its product candidates. Product candidates currently under development will require extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. |
Use of estimates | Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, related disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses for the periods presented. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the allocation of consideration to the performance obligations as well as the recognition of revenue with respect to performance obligations recognized over time each in connection with the Lantheus License Agreements, the accrual of research and development expenses and the valuations of stock options and warrants. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. |
Foreign currency and currency translation | Foreign currency and currency translation The reporting currency of the Company is the U.S. dollar. The functional currency of the Company’s legal entities is also the U.S. dollar. As a result, the Company records no cumulative translation adjustments related to translation of unrealized foreign exchange gains or losses. Realized foreign exchange gains and losses that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in other income (expense), net in the consolidated statements of operations, as incurred. Account balances denominated in a currency other than the local currency are translated at the year-end spot rate with the unrealized exchanged gains and losses included in other income (expense) net in the consolidated statements of operations. |
Fair value of financial instruments | Fair value of financial instruments Cash and cash equivalents are carried at fair value. Other financial instruments, including accounts payable and mortgage payable, are carried at amortized cost, which approximates fair value given their short-term nature. |
Fair value measurements | Fair value measurements Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1 — Quoted prices in active markets for identical assets or liabilities. Cash and cash equivalents fall within level 1 of the fair value hierarchy. • Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid instruments with an original maturity of three months or less as cash equivalents. |
Investments | Investments The Company determines the appropriate classification of its investments in debt securities at the time of purchase and re-evaluates such determination at each balance sheet date. The Company classifies its investments as current or non-current based on each instrument’s underlying maturity date. Investments with original maturities of greater than three months and less than one year are classified as current and are included in short-term investments in the consolidated balance sheets. Investments with remaining maturities greater than one year from the balance sheet date are classified as non-current and are included in long-term investments in the consolidated balance sheets. The Company’s investments are classified as available-for-sale and reported at fair value. Unrealized gains and losses are included in other comprehensive income (loss) as a component of stockholders’ equity until realized. Amortization and accretion of premiums and discounts are recorded in finance income (expense). Realized gains and losses on debt securities are included in other income (expense), net. The Company evaluates its investments with unrealized losses for other-than-temporary impairment. If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is other-than-temporary in nature. For any adjustment the Company considers to be other-than-temporary, the Company reduces the investment to fair value through a charge to the statement of operations. No such adjustments were necessary during the periods presented. Recent and potential future disruptions in access to bank deposits or lending commitments due to bank failure could have a negative impact on the valuation of our investments. |
Leases | Leases Currently, the Company only holds short term leases and has elected to apply the short-term lease exemption. For all future lease arrangements, at the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement and in accordance with the guidance of ASC 842. Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow, on a collateralized basis, the amount of the lease payments in the same currency, for a similar term, and in a similar economic environment. The Company currently does not have financing leases. The Company has elected not to recognize leases with an original term of one year or less on the consolidated balance sheets. Options to renew or early terminate a lease are included in the initial lease term of a lease when there is reasonable certainty that the option will be applied. The Company’s lease expense is recognized in the consolidated statements of operations according to its use in either research and development expenses or general administrative expenses. Currently, all lease expense is recorded in general and administrative expense. |
Warrants | Warrants Common share purchase warrants entitle the holder to acquire common shares of the Company at a specified price for a specified period of time, which are classified as equity. Warrants are measured at the date of issuance using the Black-Scholes-Merton option pricing model. On January 28, 2021, all outstanding warrants to purchase common shares of the Company were exercised resulting in cash proceeds of $20.0 million. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with ASC Topic 606, Revenue From Contracts With Customers (“ASC 606”). Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue as the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the promised goods or services within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services until a distinct bundle is identified. In determining whether goods or services are distinct, the Company evaluates certain criteria, including whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (capable of being distinct) and (ii) the good or service is separately identifiable from other goods or services in the contract (distinct in the context of the contract). The Company then determines the transaction price, which is the amount of consideration it expects to be entitled from a customer in exchange for the promised goods or services for each performance obligation and recognizes the associated revenue as each performance obligation is satisfied. The Company’s estimate of the transaction price for each contract includes all variable consideration to which it expects to be entitled. If it is probable that a significant revenue reversal would not occur, the associated variable consideration is included in the transaction price. ASC 606 requires the Company to allocate the arrangement consideration on a relative standalone selling price basis for each performance obligation after determining the transaction price of the contract and identifying the performance obligations to which that amount should be allocated. The relative standalone selling price is defined in the revenue standard as the price at which an entity would sell a promised good or service separately to a customer. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation as each performance obligation is satisfied, either at a point in time or over time, and if over time, recognition is based on the use of an output or input method. |
Research and development costs | Research and development costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including costs for salaries and bonuses, employee benefits, subcontractors, facility-related expenses, depreciation and amortization, share-based compensation, third-party license fees, laboratory supplies, and external costs of outside vendors engaged to conduct discovery, preclinical and clinical development activities and clinical trials as well as to manufacture clinical trial materials, and other costs. The Company recognizes external research and development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such prepaid expenses are recognized as an expense when the goods have been delivered or the related services have been performed, or when it is no longer expected that the goods will be delivered, or the services rendered. Upfront payments under license agreements are expensed as research and development expense upon receipt of the license, and annual maintenance fees under license agreements are expensed in the period in which they are incurred. Milestone payments under license agreements are accrued, with a corresponding expense being recognized, in the period in which the milestone is determined to be probable of achievement and the related amount is reasonably estimable. |
Acquired in-process research and development costs | Acquired in-process research and development costs The Company has entered into various research, development and manufacturing contracts with research institutions and other companies. These agreements are generally cancelable, and related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research, development and manufacturing costs. The upfront payments to acquire a new drug compound, as well as subsequent milestone payments, are immediately expensed as acquired in-process research and development, provided that the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no alternative future use. Once regulatory approval is received, payments to acquire rights, and the related milestone payments, are capitalized and the amortization of such assets recorded to product cost of sales. |
Share-based compensation expense | Share-based compensation expense The Company recognizes share-based compensation expense for all share-based awards made to employees, directors and consultants based on estimated fair values. The Company determines share-based compensation on the grant date using the Black-Scholes-Merton option pricing model. The value of the award is recognized as expense on a straight-line basis over the requisite service period. ASC 718, Stock Compensation ("ASC 718") allows for forfeitures to be recognized in the period in which they occur. ASC 718 aligns the accounting for share-based payments to non-employees with that of employees, with certain exceptions. |
Income taxes | Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty in income taxes recognized in the consolidated financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more likely than not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the consolidated financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. |
Net income (loss) per share | Net income (loss) per share Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting net income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period, including potential dilutive common shares. For the purpose of this calculation, outstanding warrants, stock options and performance share units are considered potential dilutive common shares. |
Segment information | Segment information The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s focus is on the development of radioligand therapy for the treatment of cancer. |
Recent accounting pronouncements | Recent accounting pronouncements Debt with Conversion and Other Options The FASB has issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for convertible instruments, such as convertible debt or convertible preferred stock, by eliminating two potential methods in accounting for the embedded conversion feature. The standard also removes certain conditions previously used to evaluate whether a freestanding financial instrument, or certain types of embedded features, are considered to be settled in the issuer’s own equity. Finally, ASU 2020-06 requires that an entity use the if-converted method in calculating the effects of convertible instruments on diluted earnings per share, with one limited exception. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2023. The Company early adopted the provisions of ASU 2020-06 on January 1, 2022 and there was no material impact to its consolidated financial statements. Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options The FASB has issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). ASU 2021-04 provides guidance that an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as an exchange of the original instrument for a new instrument. The standard also provides guidance on how an entity should measure and recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified. The amendments in this ASU are effective for the Company for fiscal years beginning after December 15, 2021. The Company adopted the provisions of ASU 2021-04 on January 1, 2022 and there was no material impact to its consolidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | The following table presents the Company’s contract liabilities as of December 31, 2022 and December 31, 2021: December 31, 2022 December 31, 2021 Deferred revenue Deferred revenue, current $ 23,242,290 $ — Deferred revenue, net of current portion 10,178,147 — Total $ 33,420,437 $ — |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of net proceeds from the Business Combination | The following table summarizes the elements of the net proceeds from the Business Combination: Recapitalization Cash - RACA Trust and cash (net of redemptions) $ 121,770,367 Cash - PIPE Financing 165,000,000 Less: Underwriting fees, costs incurred by RACA and other direct and incremental costs, each paid prior to December 31, 2021 (21,887,685) Net proceeds from the Business Combination, net of costs incurred by RACA and direct and incremental costs paid per the statement of cash flows $ 264,882,682 |
Summary of number of shares of common stock outstanding immediately following the consummation of the Business Combination | The following table summarizes the number of shares of Common Stock outstanding immediately following the consummation of the Business Combination: Number of RACA Class A and Class B shares outstanding prior to the Business Combination 16,039,769 Class A shares issued pursuant to the PIPE Financing 16,500,000 Common Stock issued upon conversion of RACA Class A Common Stock and Class B Common Stock and PIPE Financing shares 32,539,769 Common Stock issued upon conversion of POINT Biopharma Inc. common shares 57,582,025 Total shares of Common Stock outstanding immediately following the Business Combination 90,121,794 |
Cash, cash equivalents and in_2
Cash, cash equivalents and investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Investments | Cash, cash equivalents and investments consisted of the following: As of December 31, 2022 As of December 31, 2021 Cash $ 12,429,627 $ 238,815,991 Cash equivalents: Money market funds 273,998,744 — Commercial paper — — Total cash and cash equivalents 286,428,371 238,815,991 Short-term investments Commercial paper 115,156,455 — Corporate bonds 45,219,042 — U.S. Government agency debt securities 42,577,762 — Asset backed securities 35,830,211 — Total short-term investments 238,783,470 — Long-term investments Asset backed securities 16,119,430 — Total long-term investments 16,119,430 — Total cash, cash equivalents and investments $ 541,331,271 $ 238,815,991 |
Debt Securities, Available-for-sale | The amortized cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale investments by type of security as at December 31, 2022, were as follows: Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current Non-current Commercial paper $ 115,156,455 $ — $ — $ 115,156,455 $ 115,156,455 $ — Asset backed securities 52,019,619 26,527 (96,505) 51,949,641 35,830,211 16,119,430 Corporate bonds 45,468,482 — (249,440) 45,219,042 45,219,042 — U.S. Government agency debt securities 42,715,195 — (137,433) 42,577,762 42,577,762 — Total available-for-sale securities $ 255,359,751 $ 26,527 $ (483,378) $ 254,902,900 $ 238,783,470 $ 16,119,430 The following table summarizes the fair value of available-for-sale investments based on maturities as of December 31, 2022: Amortized Cost Fair Value Maturing within one year $ 239,236,498 $ 238,783,470 Maturing between one and five years 16,123,253 16,119,430 Total $ 255,359,751 $ 254,902,900 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The following tables present information about the Company’s financial assets and liabilities as of December 31, 2022 that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values (in thousands): Level 1 Level 2 Level 3 Total December 31, 2022 Cash equivalents: Money market mutual fund $ 273,998,744 $ — $ — $ 273,998,744 Commercial paper — — — — Available-for-sale debt securities: Commercial paper — 115,156,455 — 115,156,455 Asset backed securities — 51,949,641 — 51,949,641 Corporate bonds — 45,219,042 — 45,219,042 U.S. Government agency debt securities 42,577,762 — — 42,577,762 Total $ 316,576,506 $ 212,325,138 $ — $ 528,901,644 |
Prepaid expenses and other cu_2
Prepaid expenses and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Summary of prepaid expenses and other current assets | Prepaid expenses and other current assets consisted of the following: As at December 31, As at December 31, Prepaid clinical trial expenses $ 4,011,419 $ 1,973,609 Insurance 1,310,314 2,175,379 Canadian harmonized sales tax receivable 60,222 72,666 Deposit on production equipment 13,738 703,461 Other 215,196 105,450 Total $ 5,610,889 $ 5,030,565 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of property, plant and equipment, net | Property, plant and equipment consisted of the following: As at December 31, As at December 31, Land and building $ 18,163,962 $ — Property in development 8,434,384 16,561,032 Machinery and equipment 5,328,639 2,132,768 Furniture and fixtures 698,728 590,545 Computer equipment 149,892 127,741 32,775,605 19,412,086 Less: Accumulated depreciation (1,395,029) — Property, plant and equipment, net $ 31,380,576 $ 19,412,086 Asset Category Estimated Useful Life Computer equipment 5 years Machinery and equipment 7 years Furniture and fixtures 7 years Building 20 years |
Accounts payable (Tables)
Accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accounts payable | Accounts payable consisted of the following: As at December 31, As at December 31, Accounts payable $ 7,676,552 $ 1,730,304 Other payables 26,598 8,166 Total $ 7,703,150 $ 1,738,470 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Summary of accrued liabilities | Accrued liabilities consisted of the following: As at December 31, As at December 31, Accrued research and development costs $ 9,645,594 $ 1,142,056 Accrued personnel costs 7,116,382 3,440,558 Accrued corporate legal fees and other professional services 2,068,793 654,945 Accrued costs for purchase of property, plant and equipment 105,741 648,196 Other accrued costs 157,944 104,761 Total $ 19,094,454 $ 5,990,516 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of share-based compensation expense | Share-based compensation expense for the years ended December 31, 2022 and 2021 was recognized in the Consolidated Statements of Operations as follows: Year ended December 31, 2022 Year ended December 31, 2021 Research and development $ 1,616,383 $ 1,899,471 General and administrative 1,929,218 403,136 Total share-based compensation expense $ 3,545,601 $ 2,302,607 |
Summary of assumptions used in the Black-Scholes-Merton option-pricing model to determine the grant date fair value of stock options granted | The following table presents the assumptions used in the Black-Scholes-Merton option-pricing model to determine the grant date fair value of stock options granted: Year ended December 31, 2022 Year ended December 31, 2021 Risk-free interest rate 1.24% – 3.13% 0.66% – 1.16% Expected term (in years) 4.25 4.25 – 5.38 Expected volatility 72% – 75% 65% – 73% Expected dividend yield 0% 0% |
Summary of stock option activity | The following table summarizes the activity relating to the Company’s stock options. The below stock option figures are presented giving effect to a retroactive application of the Business Combination which resulted in a replacement of the previous POINT Biopharma Inc. stock options with stock options of the Company, as described above, at a conversion ratio of approximately 3.59:1. In addition, the exercise price for each replacement stock option was also adjusted using the ratio of approximately 3.59:1. See Note 4 for additional details: Number of Weighted Weighted- Aggregate Outstanding as of December 31, 2021 3,825,751 4.78 Granted 1,948,614 8.01 Exercised (38,168) 1.39 Forfeited (143,899) 7.90 Expired (125) 8.47 Outstanding as of December 31, 2022 5,592,173 5.85 4.5 10,612,980 Vested and expected to vest as of December 31, 2022 5,592,173 5.85 4.5 10,612,980 Options exercisable as of December 31, 2022 1,841,790 4.65 4.5 5,165,869 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of loss before provision for income taxes | Domestic and international pre-tax income (loss) consists of the following: Year ended December 31, 2022 Year ended December 31, 2021 U.S. $ 128,516,847 $ (46,225,053) Canada 1,069,241 628,230 Income (loss) before provision for income taxes $ 129,586,088 $ (45,596,823) |
Summary of provision for income taxes | Income tax expense attributable to operations is comprised of the following: Year ended December 31, 2022 Year ended December 31, 2021 Current income tax: Federal $ 28,633,595 $ 75 State 2,009,860 (114) Foreign 715,012 240,105 Total current expense 31,358,467 240,066 Deferred income tax: Federal — — State — — Foreign (65,592) 65,592 Total deferred expense (65,592) 65,592 Total provision for income tax $ 31,292,875 $ 305,658 |
Summary of reconciliation of the United States federal statutory income tax rate to the Company's effective income tax rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year ended December 31, 2022 Year ended December 31, 2021 Provision for income taxes at the Company’s statutory tax rate of 21% $ 27,213,079 $ (9,575,333) State income taxes, net of federal tax benefit 274,628 (1,496,432) Change in valuation allowance 5,679,256 10,570,870 Research and development credits (2,231,764) — Permanent items and other 357,676 806,553 Provision for income taxes at the Company’s effective income tax rate $ 31,292,875 $ 305,658 |
Summary of net deferred tax assets | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows: Year ended December 31, 2022 Year ended December 31, 2021 Net operating loss carryforwards $ 425,356 $ 12,909,104 License agreements 2,710,026 1,763,889 Capitalized research expenses 17,138,905 — Start-up costs 240,007 233,205 Share based compensation 733,062 811,236 Reserves and accruals 845,881 266,480 Tax credits 615,621 71,934 Other 418,696 2,829 Total deferred tax assets 23,127,554 16,058,677 Valuation allowance (21,848,269) (16,054,274) Net deferred tax assets 1,279,285 4,403 Deferred tax liabilities Depreciation (1,279,285) — Unrealized exchange gain — (69,995) Total deferred tax liabilities (1,279,285) (69,995) Net deferred tax liabilities $ — $ (65,592) |
Schedule of Unrecognized Tax Benefits | The following table summarizes the changes to the Company’s gross unrecognized tax benefits for the years ended December 31, 2022 and 2021, respectively: Year ended December 31, 2022 Year ended December 31, 2021 Unrecognized tax benefits, beginning of year and period $ — $ — Additions for tax positions of current year positions 1,338,144 — Additions for tax positions of prior year positions 159,624 — Unrecognized tax benefits, end of year and period $ 1,497,768 $ — |
Net earnings (loss) per share (
Net earnings (loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted net loss per share | Year ended December 31, 2022 Year ended December 31, 2021 Numerator: Net income (loss) attributable to common stockholders $ 98,293,213 $ (45,902,481) Denominator: Weighted-average basic common shares outstanding 94,601,214 73,850,822 Effect of dilutive stock options 1,433,292 — Weighted-average diluted shares 96,034,506 73,850,822 Basic income (loss) per share $ 1.04 $ (0.62) Diluted income (loss) per share $ 1.02 $ (0.62) |
Related party transaction (Tabl
Related party transaction (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | The Company recognized expenses in connection with related party transactions in the consolidated statements of operations as follows: Year ended December 31, 2022 Year ended December 31, 2021 Consulting fees on business activities to Board member $ 326,859 $ 235,095 Reimbursement to Board member for occupancy costs 69,709 73,894 $ 396,568 $ 308,989 |
Nature of business - Narrative
Nature of business - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2022 subsidiary $ / shares | Dec. 31, 2021 $ / shares | |
Nature Of Business [Line Items] | |||
Common shares, par value (in dollars per share) | $ 0.001 | $ 0.0001 | $ 0.0001 |
Number of wholly-owned subsidiaries | subsidiary | 4 | ||
Private Placement | |||
Nature Of Business [Line Items] | |||
Sale of stock, price per share (in dollars per share) | $ 10 | ||
Sale of stock, consideration received on transaction | $ | $ 165 | ||
Class A common shares | |||
Nature Of Business [Line Items] | |||
Common shares, par value (in dollars per share) | $ 0.0001 | ||
Class A common shares | Private Placement | |||
Nature Of Business [Line Items] | |||
Sale of stock, number of shares issued in transaction (in shares) | shares | 16,500,000 | ||
Class B common shares | |||
Nature Of Business [Line Items] | |||
Common shares, par value (in dollars per share) | $ 0.0001 | ||
RACA | |||
Nature Of Business [Line Items] | |||
Business combination, entity shares issued per acquiree share (in shares) | shares | 3.59 | ||
Exchange of common stock per share (in dollars per share) | $ 0.0001 |
Summary of significant accoun_3
Summary of significant accounting policies (Details) $ in Millions | Jan. 28, 2021 USD ($) |
Accounting Policies [Abstract] | |
Cash proceeds from exercise of warrants | $ 20 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended |
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Revenue Recognition, Milestone Method [Line Items] | ||
Revenue recognized for future performance | $ 34.8 | |
Revenue recognized | $ 1.4 | |
Lantheus Holdings, Inc. | License Agreements, PNT2002 Agreement | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Upfront payment | $ 250 | |
Milestone payment | $ 250 | |
Royalty rate | 20% | 20% |
Various net sales milestone payments | $ 1,300 | |
Lantheus Holdings, Inc. | License Agreements, PNT2003 Agreement | ||
Revenue Recognition, Milestone Method [Line Items] | ||
Upfront payment | 10 | |
Milestone payment | $ 30 | |
Royalty rate | 15% | 15% |
Various net sales milestone payments | $ 275 |
Revenue - Contract Liabilities
Revenue - Contract Liabilities (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue, current | $ 23,242,290 | $ 0 |
Deferred revenue, net of current portion | 10,178,147 | 0 |
Total | $ 33,420,437 | $ 0 |
Business Combination (Details)
Business Combination (Details) | Jun. 30, 2021 USD ($) shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares |
Business Acquisition [Line Items] | |||
Exchange ratio | 3.59 | ||
Common stock, shares issued (in shares) | shares | 105,649,741 | 90,121,794 | |
Common stock, shares outstanding (in shares) | shares | 105,649,741 | 90,121,794 | |
POINT Biopharma Inc | |||
Business Acquisition [Line Items] | |||
Implied vested equity value | $ | $ 585,000,000 | ||
Exchange ratio | 3.59 | ||
Number of common share of the company (in shares) | shares | 1 | ||
PIPE Financing | $ | $ 165,000,000 | ||
Number of common shares received for each share (in shares) | shares | 16,500,000 | ||
Common stock, shares issued (in shares) | shares | 90,121,794 | ||
Common stock, shares outstanding (in shares) | shares | 90,121,794 | ||
Goodwill | $ | $ 0 | ||
Other intangible assets | $ | 0 | ||
Acquisition related costs | $ | 21,900,000 | ||
Net proceeds excluding transaction costs | $ | $ 4,700,000 |
Business Combination - Summary
Business Combination - Summary of Net proceeds (Details) - POINT Biopharma Inc | Jun. 30, 2021 USD ($) |
Business Acquisition [Line Items] | |
Cash - RACA Trust and cash (net of redemptions) | $ 121,770,367 |
Cash - PIPE Financing | 165,000,000 |
Less: Underwriting fees, costs incurred by RACA and other direct and incremental costs, each paid prior to December 31, 2021 | (21,887,685) |
Net proceeds from the Business Combination, net of costs incurred by RACA and direct and incremental costs paid per the statement of cash flows | $ 264,882,682 |
Business Combination - Summar_2
Business Combination - Summary of Shares of Common Stock Issued (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Business Acquisition [Line Items] | |||
Total shares of Common Stock outstanding immediately following the Business Combination (in shares) | 105,649,741 | 90,121,794 | |
POINT Biopharma Inc | |||
Business Acquisition [Line Items] | |||
RACA Class A and Class B shares outstanding prior to the Business Combination (in shares) | 16,039,769 | ||
Class A shares issued pursuant to the PIPE Financing (in shares) | 16,500,000 | ||
Common Stock issued upon conversion of RACA Class A Common Stock and Class B Common Stock and PIPE Financing shares (in shares) | 32,539,769 | ||
Common Stock issued upon conversion of POINT Biopharma Inc. common shares (in shares) | 57,582,025 | ||
Total shares of Common Stock outstanding immediately following the Business Combination (in shares) | 90,121,794 |
Cash, cash equivalents and in_3
Cash, cash equivalents and investments - Schedule of cash, cash equivalents, and investments (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and Cash Equivalents [Line Items] | ||
Cash | $ 12,429,627 | $ 238,815,991 |
Money market funds | 273,998,744 | 0 |
Commercial paper | 0 | 0 |
Total cash and cash equivalents | 286,428,371 | 238,815,991 |
Short-term investments | 238,783,470 | 0 |
Long-term investments | 16,119,430 | 0 |
Total cash, cash equivalents and investments | 541,331,271 | 238,815,991 |
Commercial paper | ||
Cash and Cash Equivalents [Line Items] | ||
Short-term investments | 115,156,455 | 0 |
Corporate bonds | ||
Cash and Cash Equivalents [Line Items] | ||
Short-term investments | 45,219,042 | 0 |
U.S. Government agency debt securities | ||
Cash and Cash Equivalents [Line Items] | ||
Short-term investments | 42,577,762 | 0 |
Asset backed securities | ||
Cash and Cash Equivalents [Line Items] | ||
Short-term investments | 35,830,211 | 0 |
Long-term investments | $ 16,119,430 | $ 0 |
Cash, cash equivalents and in_4
Cash, cash equivalents and investments - Schedule of available-for-sale investments (Details) | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | $ 255,359,751 |
Unrealized Gains | 26,527 |
Unrealized Losses | (483,378) |
Fair Value | 254,902,900 |
Current | 238,783,470 |
Non-current | 16,119,430 |
Commercial paper | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 115,156,455 |
Unrealized Gains | 0 |
Unrealized Losses | 0 |
Fair Value | 115,156,455 |
Current | 115,156,455 |
Non-current | 0 |
Corporate bonds | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 52,019,619 |
Unrealized Gains | 26,527 |
Unrealized Losses | (96,505) |
Fair Value | 51,949,641 |
Current | 35,830,211 |
Non-current | 16,119,430 |
U.S. Government agency debt securities | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 45,468,482 |
Unrealized Gains | 0 |
Unrealized Losses | (249,440) |
Fair Value | 45,219,042 |
Current | 45,219,042 |
Non-current | 0 |
Asset backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost | 42,715,195 |
Unrealized Gains | 0 |
Unrealized Losses | (137,433) |
Fair Value | 42,577,762 |
Current | 42,577,762 |
Non-current | $ 0 |
Cash, cash equivalents and in_5
Cash, cash equivalents and investments - Schedule of available-for-sale investments by maturity (Details) | Dec. 31, 2022 USD ($) |
Amortized Cost | |
Due within one year | $ 239,236,498 |
Due between one and five years | 16,123,253 |
Amortized Cost | 255,359,751 |
Fair Value | |
Due within one year | 238,783,470 |
Due between one and five years | 16,119,430 |
Fair Value | $ 254,902,900 |
Fair value measurements - Sched
Fair value measurements - Schedule of financial assets and liabilities measured at fair value on a recurring basis (Details) | Dec. 31, 2022 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | $ 254,902,900 |
Fair Value, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total | 528,901,644 |
Fair Value, Recurring | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total | 316,576,506 |
Fair Value, Recurring | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total | 212,325,138 |
Fair Value, Recurring | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total | 0 |
Commercial paper | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 115,156,455 |
Commercial paper | Fair Value, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 115,156,455 |
Commercial paper | Fair Value, Recurring | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 0 |
Commercial paper | Fair Value, Recurring | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 115,156,455 |
Commercial paper | Fair Value, Recurring | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 0 |
Asset backed securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 42,577,762 |
Asset backed securities | Fair Value, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 51,949,641 |
Asset backed securities | Fair Value, Recurring | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 0 |
Asset backed securities | Fair Value, Recurring | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 51,949,641 |
Asset backed securities | Fair Value, Recurring | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 0 |
Corporate bonds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 51,949,641 |
Corporate bonds | Fair Value, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 45,219,042 |
Corporate bonds | Fair Value, Recurring | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 0 |
Corporate bonds | Fair Value, Recurring | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 45,219,042 |
Corporate bonds | Fair Value, Recurring | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 0 |
U.S. Government agency debt securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 45,219,042 |
U.S. Government agency debt securities | Fair Value, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 42,577,762 |
U.S. Government agency debt securities | Fair Value, Recurring | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 42,577,762 |
U.S. Government agency debt securities | Fair Value, Recurring | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 0 |
U.S. Government agency debt securities | Fair Value, Recurring | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Available-for-sale debt securities: | 0 |
Money market mutual fund | Fair Value, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents: | 273,998,744 |
Money market mutual fund | Fair Value, Recurring | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents: | 273,998,744 |
Money market mutual fund | Fair Value, Recurring | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents: | 0 |
Money market mutual fund | Fair Value, Recurring | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents: | 0 |
Commercial paper | Fair Value, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents: | 0 |
Commercial paper | Fair Value, Recurring | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents: | 0 |
Commercial paper | Fair Value, Recurring | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents: | 0 |
Commercial paper | Fair Value, Recurring | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents: | $ 0 |
Prepaid expenses and other cu_3
Prepaid expenses and other current assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid clinical trial expenses | $ 4,011,419 | $ 1,973,609 |
Insurance | 1,310,314 | 2,175,379 |
Canadian harmonized sales tax receivable | 60,222 | 72,666 |
Deposit on production equipment | 13,738 | 703,461 |
Other | 215,196 | 105,450 |
Total | $ 5,610,889 | $ 5,030,565 |
Property, plant and equipment_2
Property, plant and equipment (Details) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 10, 2020 ft² |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 32,775,605 | $ 19,412,086 | |
Less: Accumulated depreciation | (1,395,029) | 0 | |
Property, plant and equipment, net | 31,380,576 | 19,412,086 | |
Square-foot of building | ft² | 81,000 | ||
Land and building | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 18,163,962 | 0 | |
Property in development | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 8,434,384 | 16,561,032 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 5,328,639 | 2,132,768 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 698,728 | 590,545 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 149,892 | $ 127,741 |
Property, plant and equipment_3
Property, plant and equipment, net - Estimated Useful Life (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Computer equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 5 years |
Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 7 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 7 years |
Building | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 20 years |
Accounts payable (Details)
Accounts payable (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 7,676,552 | $ 1,730,304 |
Other payables | 26,598 | 8,166 |
Total | $ 7,703,150 | $ 1,738,470 |
Accrued expenses (Details)
Accrued expenses (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Accrued research and development costs | $ 9,645,594 | $ 1,142,056 |
Accrued personnel costs | 7,116,382 | 3,440,558 |
Accrued corporate legal fees and other professional services | 2,068,793 | 654,945 |
Accrued costs for purchase of property, plant and equipment | 105,741 | 648,196 |
Other accrued costs | 157,944 | 104,761 |
Total | $ 19,094,454 | $ 5,990,516 |
Mortgage payable (Details)
Mortgage payable (Details) | 12 Months Ended | ||
Jul. 10, 2020 USD ($) ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||
Mortgage loan obtained | $ 3,562,500 | ||
Square-foot of building | ft² | 81,000 | ||
Costs and fees incurred that are capitalized and recorded as finance costs over the life of the Mortgage | $ 17,194 | ||
LIBOR floor | 0.25% | ||
Interest costs | $ 63,195 | ||
Amortization of debt issuance costs | $ 0 | $ 11,840 | |
LIBOR | |||
Debt Instrument [Line Items] | |||
Spread on variable rate | 2.85% | ||
LIBOR floor | 0.25% |
Stockholders_ equity (Details)
Stockholders’ equity (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Jun. 30, 2021 $ / shares | Dec. 31, 2020 shares | |
Class of Stock [Line Items] | ||||
Common stock, authorized (in shares) | 430,000,000 | 430,000,000 | ||
Common shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.001 | |
Exchange ratio | 3.59 | |||
Issuance of shares of common stock | $ | $ 130,305,691 | $ 264,882,682 | ||
Cost and fees on issuance of common shares | $ | 9,100,000 | |||
Issuance of shares of Common Stock in connection with exercise of warrants | $ | $ 0 | $ 20,000,000 | ||
Common stock, shares outstanding (in shares) | 105,649,741 | 90,121,794 | ||
Common stock, shares issued (in shares) | 105,649,741 | 90,121,794 | ||
Cash dividend declared | $ | $ 0 | $ 0 | ||
Cash dividend paid | $ | $ 0 | $ 0 | ||
Stock options | ||||
Class of Stock [Line Items] | ||||
Number of shares issued during period (in shares) | 64,570 | |||
Issuance of shares of Common Stock in connection with stock option exercises (in shares) | 38,168 | |||
Non-employee consultant | ||||
Class of Stock [Line Items] | ||||
Issuance of shares of common stock | $ | $ 100,000 | $ 500,000 | ||
Non-employee consultant | Stock options | ||||
Class of Stock [Line Items] | ||||
Issuance of shares of Common Stock in connection with stock option exercises (in shares) | 38,168 | 64,570 | ||
Public Share Offering | ||||
Class of Stock [Line Items] | ||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 9 | |||
Preferred shares | ||||
Class of Stock [Line Items] | ||||
Preferred shares, shares authorized (in shares) | 20,000,000 | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |||
Number of shares issued during period (in shares) | 0 | 0 | ||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares issued durng period (in shares) | 15,527,947 | |||
Number of shares issued during period (in shares) | 15,489,779 | 800,000 | ||
Issuance of shares of common stock | $ | $ 139,400,000 | |||
Issuance of shares of Common Stock in connection with stock option exercises (in shares) | 38,168 | 64,570 | ||
Shares issued during period (in shares) | 35,474,138 | |||
Issuance of shares of Common Stock, net of direct and incremental costs in connection with the Business Combination (refer to Note 4) (in shares) | 32,539,769 | |||
Common stock, shares outstanding (in shares) | 105,649,741 | 90,121,794 | 54,647,656 | |
Common Stock | Non-employee consultant | ||||
Class of Stock [Line Items] | ||||
Issuance of shares of common stock | $ | $ 100,000 | $ 500,000 | ||
Issuance of shares of Common Stock in connection with stock option exercises (in shares) | 18,000 | |||
Warrants | ||||
Class of Stock [Line Items] | ||||
Number of shares issued during period (in shares) | 2,869,799 | |||
Issuance of shares of Common Stock in connection with exercise of warrants | $ | $ 20,000,000 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) - USD ($) | 12 Months Ended | |||
Jan. 01, 2023 | Jun. 06, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Annual increase in shares authorized, percentage | 4% | |||
Number of shares authorized for issuance under plan (in shares) | 7,925,052 | |||
Expiration period | 6 years | |||
Tax benefit related to share-based compensation expense | $ 0 | $ 0 | ||
Unvested stock options, vested (in shares) | 269,043 | |||
Issuance of shares of Common Stock | 130,305,691 | $ 264,882,682 | ||
Unrecognized share-based compensation expense | $ 10,500,000 | $ 5,800,000 | ||
Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares of Common Stock in connection with stock option exercises (in shares) | 38,168 | 64,570 | ||
Issuance of shares of Common Stock | $ 139,400,000 | |||
Non-employee consultant | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares of Common Stock | 100,000 | $ 500,000 | ||
Non-employee consultant | Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Issuance of shares of Common Stock in connection with stock option exercises (in shares) | 18,000 | |||
Issuance of shares of Common Stock | $ 100,000 | $ 500,000 | ||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted (in shares) | 1,948,614 | 1,614,683 | ||
Issuance of shares of Common Stock in connection with stock option exercises (in shares) | 38,168 | |||
Unrecognized share-based compensation expense, weighted average remaining vesting period | 2 years | 2 years 4 months 24 days | ||
Stock options | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted (in shares) | 1,255,959 | |||
Options granted in period, weighted average grant date fair value (in dollars per share) | $ 4.590 | $ 4.466 | ||
Stock options | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Number of options granted (in shares) | 128,070 | |||
Stock options | Non-employee consultant | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options granted (in shares) | 358,724 | |||
Options granted in period, weighted average grant date fair value (in dollars per share) | $ 3.885 | |||
Issuance of shares of Common Stock in connection with stock option exercises (in shares) | 38,168 | 64,570 | ||
Intrinsic value | $ 300,000 | $ 0 | ||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 100% | |||
Performance share units granted (in period) | 146,044 | 0 | ||
Grant date fair value (in dollars per share) | $ 6.61 | |||
Vesting on 1st year anniversary | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Vesting percentage | 25% | |||
Vesting on 1st year anniversary | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 25% | 25% | ||
Vesting ratably over the remaining three years | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Vesting ratably over the remaining three years | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | 3 years | ||
Vesting percentage | 75% | 75% | ||
Vesting on 1st year anniversary | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 10% | |||
Vest based on certain performance milestones | Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 65% | |||
Subsequent Event | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of additional shares authorized for issuance under plan (in shares) | 4,225,990 |
Share-based compensation - Shar
Share-based compensation - Share-based compensation expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | $ 3,545,601 | $ 2,302,607 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | 1,616,383 | 1,899,471 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | $ 1,929,218 | $ 403,136 |
Share-based compensation - Assu
Share-based compensation - Assumptions used in Black-Scholes-Merton option-pricing model (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0% | 0% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.24% | 0.66% |
Expected term (in years) | 4 years 3 months | 4 years 3 months |
Expected volatility | 72% | 65% |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 3.13% | 1.16% |
Expected term (in years) | 5 years 4 months 17 days | |
Expected volatility | 75% | 73% |
Share-based compensation - Summ
Share-based compensation - Summarizes activity relating to options to purchase stock (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares shares | Jun. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Exchange ratio | 3.59 | ||
Number of Shares (#) | |||
Exercised (in shares) | shares | (125) | ||
Weighted Average Exercise Price ($) | |||
Exercised (in dollars per share) | $ / shares | $ 8.47 | ||
Stock options | |||
Number of Shares (#) | |||
Outstanding at the beginning of period (in shares) | shares | 3,825,751 | ||
Granted (in shares) | shares | 1,948,614 | 1,614,683 | |
Exercised (in shares) | shares | (38,168) | ||
Forfeited (in shares) | shares | (143,899) | ||
Outstanding at the end of period (in shares) | shares | 5,592,173 | 3,825,751 | |
Weighted Average Exercise Price ($) | |||
Outstanding at the beginning of period (in dollars per share) | $ / shares | $ 4.78 | ||
Granted (in dollars per share) | $ / shares | 8.01 | ||
Exercised (in dollars per share) | $ / shares | 1.39 | ||
Forfeited (in dollars per share) | $ / shares | 7.90 | ||
Outstanding at the end of period (in dollars per share) | $ / shares | $ 5.85 | $ 4.78 | |
Weighted- Average Remaining Contractual Term (in years) | |||
Outstanding at the end of period (in years) | 4 years 6 months | ||
Outstanding at the end of period (in dollars) | $ | $ 10,612,980 | ||
Vested and expected to vest at the end of period (in shares) | shares | 5,592,173 | ||
Options exercisable at the end of period (in shares) | shares | 1,841,790 | ||
Vested and expected to vest at the end of period (in dollars per share) | $ / shares | $ 5.85 | ||
Options exercisable at the end of period (in dollars per share) | $ / shares | $ 4.65 | ||
Vested and expected to vest at the end of period (in years) | 4 years 6 months | ||
Options exercisable at the end of period (in years) | 4 years 6 months | ||
Vested and expected to vest at the end of period (in dollars) | $ | $ 10,612,980 | ||
Options exercisable at the end of period (in dollars) | $ | $ 5,165,869 |
Commitments and contingencies -
Commitments and contingencies - Indianapolis facility commitment (Details) - Indianapolis Facility Commitment - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Commitments [Line Items] | ||
Future payments relating to the construction and retrofit of the building | $ 18.3 | |
Total aggregate remaining minimum commitment | $ 8.7 | $ 6.1 |
Commitments and contingencies_2
Commitments and contingencies - Clinical trial and commercial commitments & License agreements (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | |
Supply agreements in connection with clinical trials | |||
Long-term Purchase Commitment [Line Items] | |||
Total aggregate remaining minimum commitment | $ 3,100,000 | ||
Supply agreements in connection with clinical trials | Minimum | |||
Long-term Purchase Commitment [Line Items] | |||
Minimum purchase commitments | $ 1,400,000 | ||
Term for total aggregate remaining minimum commitment | 3 years | 3 years | |
Supply agreements in connection with clinical trials | Maximum | |||
Long-term Purchase Commitment [Line Items] | |||
Term for total aggregate remaining minimum commitment | 5 years | 5 years | |
Supply agreements in connection | Research and development | |||
Long-term Purchase Commitment [Line Items] | |||
Total aggregate remaining minimum commitment | $ 12,100,000 | $ 3,600,000 | |
Supply agreement to purchase certain products | |||
Long-term Purchase Commitment [Line Items] | |||
Minimum purchase commitments | 109,300,000 | $ 148.3 | |
Agreement in connection | |||
Long-term Purchase Commitment [Line Items] | |||
Total aggregate remaining minimum commitment | 100,000 | 0 | |
Agreement in connection with the SPLASH clinical phase study | |||
Long-term Purchase Commitment [Line Items] | |||
Total aggregate remaining minimum commitment | 23,600,000 | ||
Agreement in connection with the SPLASH clinical phase study | Research and development | |||
Long-term Purchase Commitment [Line Items] | |||
Total aggregate remaining minimum commitment | $ 23,500,000 | $ 8,900,000 | |
Agreement in connection with the SPLASH clinical phase study | Minimum | |||
Long-term Purchase Commitment [Line Items] | |||
Term for total aggregate remaining minimum commitment | 1 year | 1 year | |
Agreement in connection with the SPLASH clinical phase study | Maximum | |||
Long-term Purchase Commitment [Line Items] | |||
Term for total aggregate remaining minimum commitment | 5 years | 5 years |
License agreements - License ag
License agreements - License agreement with Scintomics GMBH (Details) - License agreement - Scintomics GMBH ("SCI") € in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2019 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 30, 2019 EUR (€) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Threshold prior notice period to terminate the agreement | 5 months | |||
Specified development milestones | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Aggregate milestone payments | $ 25,400,000 | € 23.5 | ||
Research and development | Specified development milestones | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Payments made | $ 1,100,000 | $ 0 |
License agreements - Research a
License agreements - Research and license agreements with Bach Sciences LLC (Details) - Bach Sciences LLC ("BACH") - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May 06, 2022 | Jan. 22, 2021 | Apr. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sublicense and collaboration agreement, one | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Option exercise fee | $ 3,300,000 | $ 2,000,000 | ||||
Sublicense and collaboration agreement, one | Research and development | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Option exercise fee | $ 3,300,000 | |||||
Payments made | 1,800,000 | 1,300,000 | ||||
Sublicense and collaboration agreement, two | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Reduction in royalty percentage | 100% | |||||
Term of agreement | 3 years | 5 years | ||||
Sublicense and collaboration agreement, two | Research and development | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Upfront fee recognized as expense | $ 1,000,000 | $ 800,000 | $ 200,000 | |||
Sublicense and collaboration agreement, two | Specified development and regulatory milestones | Maximum | First product developed | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Aggregate milestone payments | 3,000,000 | |||||
Sublicense and collaboration agreement, two | Specified development and regulatory milestones | Maximum | Subsequent products | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Aggregate milestone payments | 1,000,000 | |||||
Sublicense and collaboration agreement, two | Specified sales milestones | Maximum | First product developed | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Aggregate milestone payments | 45,000,000 | |||||
Sublicense and collaboration agreement, two | Specified sales milestones | Maximum | Subsequent products | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Aggregate milestone payments | $ 45,000,000 | |||||
Sublicense And Collaboration Agreement Four | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Reduction in royalty percentage | 50% | |||||
Extension fee | $ 2,000,000 | |||||
Extension term | 2 years |
License agreements - License _2
License agreements - License agreement with Avacta Lifesciences Limited (Details) - License agreement - Avacta Lifesciences Limited ("AVACTA") - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Reduction in royalty percentage | 50% | |
Research and development | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Upfront fee recognized as expense | $ 0 | $ 800,000 |
Specified regulatory milestones | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Aggregate milestone payments | 5,000,000 | |
First product developed | Specified development milestones | Maximum | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Aggregate milestone payments | 4,500,000 | |
Subsequent products | Specified development milestones | Maximum | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Aggregate milestone payments | $ 3,000,000 |
License agreements - License _3
License agreements - License agreement with Canadian Molecular Probe Consortium (Details) - License agreement - Canadian Molecular Probe Consortium ("CanProbe") | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CAD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Reduction in royalty percentage | 50% | |||
Research and development | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Upfront fee recognized as expense | $ 1,000,000 | $ 0 | ||
Maximum | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Aggregate milestone payments | $ 2,400,000 | $ 3,300,000 |
License agreements - License _4
License agreements - License agreement with Belgian Nuclear Research Centre (Details) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 USD ($) | Jan. 22, 2021 | Apr. 30, 2020 | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 EUR (€) | |
Belgian Nuclear Research Centre (“SCK-CEN”) | License agreement | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Aggregate milestone payments | $ 100,000 | € 100,000 | ||||
Aggregate minimum royalty payments | $ 7,600,000 | 7,100,000 | ||||
Term of agreement | 8 years | |||||
Aggregate minimum royalty payments | € | € 6,300,000 | |||||
Belgian Nuclear Research Centre (“SCK-CEN”) | License agreement | Specified development milestones | Research and development | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Payments made | $ | $ 34,000 | $ 0 | ||||
Bach Sciences LLC ("BACH") | Sublicense and collaboration agreement, two | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Term of agreement | 3 years | 5 years |
Income taxes - Loss before prov
Income taxes - Loss before provision for income taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
U.S. | $ 128,516,847 | $ (46,225,053) |
Canada | 1,069,241 | 628,230 |
Income (loss) before provision for income taxes | $ 129,586,088 | $ (45,596,823) |
Income taxes - Provision for in
Income taxes - Provision for income taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current income tax: | ||
Federal | $ 28,633,595 | $ 75 |
State | 2,009,860 | (114) |
Foreign | 715,012 | 240,105 |
Total current expense | 31,358,467 | 240,066 |
Deferred income tax: | ||
Federal | 0 | 0 |
State | 0 | 0 |
Foreign | (65,592) | 65,592 |
Total deferred expense | (65,592) | 65,592 |
Total provision for income tax | $ 31,292,875 | $ 305,658 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of the United States federal statutory income tax rate to the Company's effective income tax rate (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes at the Company’s statutory tax rate of 21% | $ 27,213,079 | $ (9,575,333) |
State income taxes, net of federal tax benefit | 274,628 | (1,496,432) |
Change in valuation allowance | 5,679,256 | 10,570,870 |
Research and development credits | (2,231,764) | 0 |
Permanent items and other | 357,676 | 806,553 |
Total provision for income tax | $ 31,292,875 | $ 305,658 |
Statutory tax rate | 21% | 21% |
Income taxes - Net deferred tax
Income taxes - Net deferred tax assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 425,356 | $ 12,909,104 |
License agreements | 2,710,026 | 1,763,889 |
Capitalized research expenses | 17,138,905 | 0 |
Start-up costs | 240,007 | 233,205 |
Share based compensation | 733,062 | 811,236 |
Reserves and accruals | 845,881 | 266,480 |
Tax credits | 615,621 | 71,934 |
Other | 418,696 | 2,829 |
Total deferred tax assets | 23,127,554 | 16,058,677 |
Valuation allowance | (21,848,269) | (16,054,274) |
Net deferred tax assets | 1,279,285 | 4,403 |
Depreciation | (1,279,285) | 0 |
Unrealized exchange gain | 0 | (69,995) |
Total deferred tax liabilities | (1,279,285) | (69,995) |
Net deferred tax liabilities | $ 0 | $ (65,592) |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax Credit Carryforward [Line Items] | |||
Uncertain tax positions | $ 1,497,768 | $ 0 | $ 0 |
Unrecognized tax benefits that would impact effective tax rate | 1,500,000 | ||
Accrued interest and penalties related to income tax | 0 | ||
Income tax penalties and interest expense related to income tax | 0 | ||
Domestic Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Federal and state net operating loss carryforwards | 8,300,000 | ||
Indiana Hoosier Business Tax Credits | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforward | 400,000 | ||
Research Tax Credit Carryforward | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforward | $ 400,000 |
Income taxes - Unrecognized Tax
Income taxes - Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits, beginning of year and period | $ 0 | $ 0 |
Additions for tax positions of current year positions | 1,338,144 | 0 |
Additions for tax positions of prior year positions | 159,624 | 0 |
Unrecognized tax benefits, end of year and period | $ 1,497,768 | $ 0 |
Net earnings (loss) per share -
Net earnings (loss) per share - Summary of basic and diluted net loss per share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to common stockholders | $ 98,293,213 | $ (45,902,481) |
Weighted-average basic common shares outstanding (in shares) | 94,601,214 | 73,850,822 |
Effect of dilutive stock options (in shares) | 1,433,292 | 0 |
Weighted-average diluted shares (in shares) | 96,034,506 | 73,850,822 |
Basic income (loss) per share (in dollars per share) | $ 1.04 | $ (0.62) |
Diluted income (loss) per share (in dollars per share) | $ 1.02 | $ (0.62) |
Net earnings (loss) per share_2
Net earnings (loss) per share - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities not included in the computation of diluted net loss per ordinary share (in shares) | 3,411,611 | 3,825,751 |
Financial instruments risk ma_2
Financial instruments risk management (Details) - USD ($) | 12 Months Ended | ||
Jul. 10, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |||
Foreign currency loss | $ 405,527 | $ 73,153 | |
Foreign currency risk exchange rate threshold | 10% | ||
Cash, cash equivalents, restricted cash and investments | $ 541,331,271 | $ 238,815,991 | |
Interest rate risk threshold | 10% | ||
Interest rate | 2.85% | ||
LIBOR floor | 0.25% |
Related party transactions - Sc
Related party transactions - Schedule of Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Related party expenses | $ 396,568 | $ 308,989 |
Consulting fees on business activities to Board member | ||
Related Party Transaction [Line Items] | ||
Related party expenses | 326,859 | 235,095 |
Reimbursement to Board member for occupancy costs | ||
Related Party Transaction [Line Items] | ||
Related party expenses | $ 69,709 | $ 73,894 |
Related party transactions -Nar
Related party transactions -Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Rent expense with related party | $ 6,000 | |
Consulting fees on business activities to Board member | ||
Related Party Transaction [Line Items] | ||
Amount due to related party | $ 100,000 | $ 100,000 |
Employee benefit plans (Details
Employee benefit plans (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CAD ($) | |
UNITED STATES | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of employer matched contribution | 50% | 50% | ||
Percentage of employer matched contribution of eligible employee's compensation | 4% | 4% | ||
Contribution expenses | $ 200 | $ 50 | ||
Foreign Plan | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of employer matched contribution | 50% | 50% | ||
Percentage of employer matched contribution of eligible employee's compensation | 4% | 4% | ||
Contribution expenses | $ 200,000 | $ 0 |
Subsequent events (Details)
Subsequent events (Details) - Subsequent Event $ in Millions | Mar. 10, 2023 USD ($) ft² option | Feb. 02, 2023 USD ($) ft² person |
Subsequent Event [Line Items] | ||
Area of buillding space | ft² | 103,000 | |
Number of renewal options | option | 2 | |
Renewal term | 10 years | |
Minimum | ||
Subsequent Event [Line Items] | ||
Annual lease payments | $ 0.7 | |
Maximum | ||
Subsequent Event [Line Items] | ||
Annual lease payments | $ 1 | |
University Health Network ("UHN") | Facility Agreement | ||
Subsequent Event [Line Items] | ||
Area of facility | ft² | 7,700 | |
Term of agreement | 5 years | |
Extension term | 2 years | |
Access fee | $ 4 | |
University Health Network ("UHN") | Facility Agreement | Minimum | ||
Subsequent Event [Line Items] | ||
Number of people required in committee | person | 6 |