COVER
COVER | 12 Months Ended |
Mar. 31, 2024 shares | |
Entity Addresses [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
Current Fiscal Year End Date | --03-31 |
Entity File Number | 001-40673 |
Entity Registrant Name | Cybin Inc. |
Entity Incorporation, State or Country Code | A6 |
Entity Primary SIC Number | 2834 |
Entity Address, Address Line One | 100 King Street West |
Entity Address, Address Line Two | Suite 5600 |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M5X 1C9 |
City Area Code | 908 |
Local Phone Number | 764-8385 |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | CYBN |
Security Exchange Name | NYSEAMER |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 760,053,342 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Document Financial Statement Error Correction [Flag] | false |
Entity Central Index Key | 0001833141 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | FY |
Document Period End Date | Mar. 31, 2024 |
Amendment Flag | false |
Business Contact | |
Entity Addresses [Line Items] | |
Contact Personnel Name | CT Corporation System |
Entity Address, Address Line One | 1015 15th Street N.W. |
Entity Address, Address Line Two | Suite 1000 |
Entity Address, City or Town | Washington |
Entity Address, State or Province | DC |
Entity Address, Postal Zip Code | 20005 |
City Area Code | 202 |
Local Phone Number | 572-3133 |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Mar. 31, 2024 | |
Audit Information [Abstract] | |
Auditor Name | Zeifmans LLP |
Auditor Location | Toronto, Ontario |
Auditor Firm ID | 1149 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Current | ||
Cash | $ 208,992 | $ 16,633 |
Accounts receivable | 4,476 | 3,050 |
Prepaid expenses | 2,891 | 1,733 |
Other current assets | 2,177 | 1,769 |
Total Current Assets | 218,536 | 23,185 |
Non-current | ||
Equipment | 266 | 450 |
Intangible assets | 35,465 | 5,470 |
Right-of-use asset | 281 | 0 |
Goodwill | 47,475 | 24,792 |
Total Non-Current Assets | 83,487 | 30,712 |
TOTAL ASSETS | 302,023 | 53,897 |
Current | ||
Accounts payable and accrued liabilities | 9,805 | 5,663 |
Lease liabilities | 291 | 0 |
Total Liabilities | 10,096 | 5,663 |
SHAREHOLDERS' EQUITY | ||
Share capital | 443,877 | 158,162 |
Contributed surplus | 11,750 | 2,102 |
Options reserve | 39,177 | 27,283 |
Warrants reserve | 25,639 | 10,873 |
Accumulated other comprehensive loss | (2,285) | (2,035) |
Deficit | (226,231) | (148,151) |
TOTAL SHAREHOLDERS' EQUITY | 291,927 | 48,234 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 302,023 | $ 53,897 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
EXPENSES | ||
Research | $ 32,362 | $ 25,491 |
General and administrative costs | 32,588 | 21,341 |
Share-based compensation | 13,886 | 4,686 |
TOTAL EXPENSES | 78,836 | 51,518 |
OTHER INCOME (EXPENSES) | ||
Foreign currency translation gain (loss) | 137 | 4,027 |
Interest income | 619 | 603 |
Change in fair value of investments measured at fair value through profit or loss | 0 | (260) |
Contingent consideration accretion | 0 | (13) |
Change in fair value of contingent consideration | 0 | (329) |
TOTAL OTHER INCOME (EXPENSES) | 756 | 4,028 |
NET LOSS FOR THE YEAR | (78,080) | (47,490) |
OTHER COMPREHENSIVE LOSS | ||
Foreign currency translation differences for foreign operations | (250) | (1,669) |
COMPREHENSIVE LOSS FOR THE YEAR | $ (78,330) | $ (49,159) |
Basic loss per share for the year (in dollars per share) | $ (0.25) | $ (0.26) |
Weighted average number of common shares outstanding - basic (in shares) | 315,300,042 | 185,428,767 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - CAD ($) $ in Thousands | Total | LPC Purchase Agreement | Share capital | Share capital LPC Purchase Agreement | Warrants | Options | Contributed surplus | Deficit | Accumulated other comprehensive loss |
Balance (in shares) at Mar. 31, 2022 | 175,111,654 | ||||||||
Balance at Mar. 31, 2022 | $ 76,155 | $ 141,451 | $ 11,423 | $ 23,783 | $ 525 | $ (100,661) | $ (366) | ||
Changes in equity [abstract] | |||||||||
At-the-market offering - net of share issuance costs (in shares) | 20,754,120 | ||||||||
At-the-market offering - net of share issuance costs | 13,202 | $ 13,202 | |||||||
Shares issued on Adelia milestones (in shares) | 3,603,742 | ||||||||
Shares issued on Adelia milestones | 2,988 | $ 2,988 | |||||||
Warrants exercised (in shares) | 1,164,638 | ||||||||
Warrants exercised | 362 | $ 527 | (165) | ||||||
Options forfeited | 0 | (1,180) | 1,180 | ||||||
Warrants expired | 0 | (397) | 397 | ||||||
Finders' warrants | 0 | (6) | 6 | ||||||
Share-based compensation | 4,686 | 6 | 4,680 | ||||||
Unrealized loss on translation of foreign operations | (1,669) | (1,669) | |||||||
Net loss for the year | (47,490) | (47,490) | |||||||
Balance at Mar. 31, 2023 | 48,234 | $ 158,162 | 10,873 | 27,283 | 2,102 | (148,151) | (2,035) | ||
Balance (in shares) at Mar. 31, 2023 | 200,634,154 | ||||||||
Changes in equity [abstract] | |||||||||
Issuance of common shares as commitment fee for equity financing (in shares) | 439,768,583 | ||||||||
Share issuance net of share issuance costs | 239,753 | $ 217,311 | 22,442 | ||||||
Share issuance on business acquisition (in shares) | 80,945,254 | 1,925,000 | |||||||
Share issuance on business acquisition | 53,481 | $ 147 | $ 53,481 | $ 147 | |||||
At-the-market offering - net of share issuance costs (in shares) | 34,140,507 | ||||||||
At-the-market offering - net of share issuance costs | 14,700 | $ 14,700 | |||||||
Issuance of common shares as commitment fee for equity financing (in shares) | 2,538,844 | ||||||||
Options expired | 0 | (1,992) | 1,992 | ||||||
Warrants exercised (in shares) | 101,000 | ||||||||
Warrants exercised | 56 | $ 76 | (20) | ||||||
Warrants expired | 0 | (7,656) | 7,656 | ||||||
Share-based compensation | 13,886 | 13,886 | |||||||
Unrealized loss on translation of foreign operations | (250) | (250) | |||||||
Net loss for the year | (78,080) | (78,080) | |||||||
Balance at Mar. 31, 2024 | $ 291,927 | $ 443,877 | $ 25,639 | $ 39,177 | $ 11,750 | $ (226,231) | $ (2,285) | ||
Balance (in shares) at Mar. 31, 2024 | 760,053,342 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OPERATING ACTIVITIES | ||
Net loss for the year | $ (78,080) | $ (47,490) |
Adjustments for items not affecting cash: | ||
Interest income | 0 | (18) |
Depreciation and amortization | 424 | 251 |
Share-based compensation | 13,886 | 4,686 |
Lease interest | 8 | 0 |
Computer equipment write-down | 18 | 0 |
Change in fair value of investments measured at fair value through profit or loss | 0 | 260 |
Contingent consideration accretion | 0 | 13 |
Change in fair value of contingent consideration | 0 | 329 |
Unrealized foreign currency translation (gain) | (137) | (4,025) |
Cash flows used in operating activities before net changes in non-cash working capital items | (63,881) | (45,994) |
Net changes in non-cash working capital items: | ||
Accounts receivable | (1,089) | (948) |
Prepaid expenses | (986) | (462) |
Other current assets | (408) | (428) |
Accounts payable and accrued liabilities | (2,544) | 401 |
Net cash flows used in operating activities | (68,908) | (47,431) |
INVESTING ACTIVITIES | ||
Cash acquired on acquisition | 7,632 | 0 |
Purchase of intangible assets | (689) | (3,167) |
Purchase of equipment | (21) | (142) |
Net cash flows used in investing activities | 6,922 | (3,309) |
FINANCING ACTIVITIES | ||
Proceeds on issuance of common shares, net | 254,600 | 13,202 |
Lease payments | (149) | 0 |
Warrant exercise | 56 | 362 |
Net cash flows from financing activities | 254,507 | 13,564 |
Effects of exchange rate changes on cash | (162) | 168 |
Net change in cash | 192,359 | (37,008) |
Cash, beginning of year | 16,633 | 53,641 |
Cash, end of year | $ 208,992 | $ 16,633 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Mar. 31, 2024 | |
Corporate information and statement of IFRS compliance [abstract] | |
CORPORATE INFORMATION | CORPORATE INFORMATION Cybin Inc. (“Cybin”), was incorporated under the Business Corporations Act (British Columbia) on October 13, 2016. These consolidated financial statements include the accounts of Cybin’s eight subsidiaries (together with Cybin, the “Company”): Cybin Corp., Natures Journey Inc. (“Journey”), Serenity Life Sciences Inc. (“Serenity”), Cybin US Holdings Inc. (“Cybin US”), Adelia Therapeutics Inc. (“Adelia”) Cybin IRL Limited (“Cybin IRL”), Cybin UK Ltd., and Small Pharma Inc. (“Small Pharma”). Cybin’s head office, principal address and registered address and records office is 100 King Street West, Suite 5600, Toronto, Ontario M5X 1C9. The Company is a biopharmaceutical company focused on advancing psychedelic-based therapies, delivery mechanisms, novel compounds and protocols as potential treatments for various psychiatric and neurological conditions. The Company is developing technologies and delivery systems aimed at improving the pharmacokinetics of its psychedelic-based molecules while retaining the therapeutic benefit. These new molecules and delivery systems are expected to be studied through clinical trials to confirm safety and efficacy. These consolidated financial statements as at, and for the year ended, March 31, 2024 were approved and authorized for issue by the board of directors on June 25, 2024. Stock exchange listings Cybin’s common shares (“Common Shares”) are listed for trading on the Cboe Canada Exchange Inc. (“Cboe’) and NYSE American LLC under the symbol “CYBN” and on the Frankfurt Stock Exchange under the symbol “R7E1”. Basis of consolidation The Company consolidates entities which it controls. Control exists when the Company has the power, directly and indirectly to govern the financial and operating policies of an entity and be exposed to the variable returns from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. |
MATERIAL ACCOUNTING POLICY INFO
MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
MATERIAL ACCOUNTING POLICIES AND BASIS OF PREPARATION | MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION Statement of compliance The Company’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) . The policies applied to these consolidated financial statements are based on IFRS, which have been applied consistently to all periods presented. These consolidated financial statements were issued and effective as at June 25, 2024, the date the Board of Directors approved these consolidated financial statements. The Company’s board of directors has the power to amend the consolidated financial statement after issuance. Basis of measurement These consolidated financial statements have been prepared on a going concern basis, under the historical cost convention, except for certain financial instruments classified at fair value upon initial recognition. Functional and presentation currency The functional currency of a company is the currency of the primary economic environment in which the company operates. The presentation currency for a company is the currency in which the company chooses to present its financial statements. These consolidated financial statements are presented in Canadian dollars, the Company’s presentation currency. The subsidiaries’ functional currencies are as follows: Entity Currency Ownership Cybin Corp. Canadian dollars 100% Journey Canadian dollars 100% Serenity Canadian dollars 100% Cybin US 1 Canadian dollars 100% Adelia U.S. dollars 100% Cybin IRL U.S. dollars 100% Cybin UK Ltd .2 Great Britain pounds 100% Small Pharma Inc. (“Small Pharma”) 2 Canadian dollars 100% 1 For accounting purposes, Cybin US is a wholly-owned subsidiary of Cybin. Certain Former Adelia Shareholders (as defined below) hold Class B Shares (defined below) in Cybin US. 2 Cybin UK Ltd and Small Pharma Inc. which were acquired on October 23, 2023. Cybin UK Ltd. was formerly Small Pharma Ltd. and was a wholly-owned subsidiary of Small Pharma Inc. On April 1, 2024 Small Pharma Inc was amalgamated with Cybin Corp. Basis of consolidation The Company consolidates entities which it controls. Control exists when the Company has the power, directly and indirectly to govern the financial and operating policies of an entity and be exposed to the variable returns from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances, and any unrealized gains and losses or income and expenses arising from transactions with controlled entities are eliminated to the extent of the Company’s interest in the entity. Cash and cash equivalents Cash and cash equivalents are comprised of cash on deposit and highly liquid short-term interest-bearing variable rate investments with an original maturity of three months or less, or which are readily convertible into a known amount of cash with no significant changes. As at March 31, 2024 and March 31, 2023 there were no cash equivalents. Inventories Inventories include raw materials and finished goods. Raw materials are stated at the lower of cost and replacement cost with cost determined on a first-in, first-out basis. The Company monitors the shelf life and expiry of finished goods to determine when inventory values are not recoverable and a write-down is necessary. Equipment Equipment consists of lab and computer equipment and are recorded at cost less accumulated depreciation and accumulated impairment losses. Cost includes all expenditures incurred to bring the asset to the location and condition necessary for them to be operating in the manner intended by management. Depreciation is recognized based on the cost of the item less its estimated residual value, over its estimated useful life on a straight-line basis at the following rates: • Lab equipment– 5 years • Computer equipment– 3 years An item of equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated statement of loss and comprehensive loss when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed at each reporting date and adjusted prospectively if appropriate. Intangible Assets Intangible assets include expenditures related to obtaining patents, software related items and in-process research and development (“IPR&D”). The amortization of software related items begins when the software is in use and will be amortized on a straight-line basis over a period of 3 years. The amortization of patent costs commences when the associated products are available for commercial sale and is amortized on a straight-line basis over its respective legal lives or economic life, if shorter. Patents have an estimated useful life of 17 years. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate. Acquired IPR&D is capitalized based on technical feasibility and remains on the balance sheet, subject to impairment. Acquired IPR&D is initially measured at fair value and recognized as an indefinite-lived intangible asset until completion or abandonment of the related project. Amortization commences when the assets become available for use. Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in operations as incurred. Development activities involve a plan or design for the production of new, or substantially improved, products or processes related to the Company’s development of psychedelic-based therapeutics. Development expenditures are capitalized only if the relevant IFRS criteria are met. Capitalized development expenditures are amortized from the beginning of commercial production and sales and are amortized on a straight-line basis over the remaining useful life of the related patents. Development expenditures, in relation to the Company’s psychedelic-based therapeutics, have not satisfied the above criteria and are recognized in operations as incurred. Goodwill Goodwill represents the excess of the consideration transferred for the acquisition of an entity over the fair value of the net identifiable assets. Goodwill is initially measured at cost, and subsequently recorded at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company’s cash-generating units (“CGUs”) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those CGUs. The Company tests for impairment annually, or when indications of impairment exist. Impairment is determined for goodwill by assessing if the carrying value of CGUs, including goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal and the value in use. Impairment losses recognized in respect of the CGUs are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the CGUs. Any goodwill impairment is recorded in the consolidated statement of loss and comprehensive loss. Impairment of long-lived assets Long-lived assets, including equipment and intangible assets, are reviewed for impairment at each consolidated statement of financial position date or whenever events or changes in circumstances indicate that the carrying amount of the asset exceeds its recoverable amount. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the asset’s cash-generating unit, which is the lowest group of assets in which the asset belongs for which there are separate cash inflows that are largely independent of the cash inflows from other assets. An impairment loss is charged to operations. Financial instruments Recognition and initial measurement The Company initially recognizes financial instruments on the trade date, which is the date on which the Company becomes a party to the contractual provisions of the instrument. A financial asset or financial liability is measured initially at fair value plus/minus, for an item not at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or use. Classification Financial asset On initial recognition, a financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (“FVOCI”), or FVTPL. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company currently measures accounts receivable at amortized cost. A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated as at FVTPL: • The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in FVOCI. This election is made on an investment-by-investment basis. The Company has not elected to present any assets as FVOCI. Cash is measured at FVTPL. In addition, on initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost as FVOCI or FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Business model assessment The Company makes an assessment of the objective of a business model in which an asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes: • The stated policies and objectives for the portfolio and the operation of those policies in practice. In particular, whether management’s strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets or realizing cash flows through the sale of the assets; • How the performance of the portfolio is evaluated and reported to the Company’s management; • The risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; • How managers of the business are compensated (e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected); and • The frequency, volume and timing of sales in prior periods, the reasons for such sales and its expectation about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of the Company’s stated objective for managing the financial asset is achieved and how cash flows are realized. Assessment whether contractual cash flows are solely payments of principal and interest For the purpose of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of the contractual cash flows such that it would not meet this condition. In making the assessment, the Company considers: • contingent events that would change the amount and timing of cash flows; • leverage features; • prepayment and extension terms; • terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recourse asset arrangements); and • features that modify consideration of the time value of money– e.g. periodical rest of interest rates Reclassifications The Company would reclassify a financial asset when the Company changes its business model for managing the financial asset. All reclassifications are recorded at fair value at the date of the reclassification, which becomes the new carrying value. Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Company changes its business model for managing financial assets. Financial liabilities The Company classifies its financial liabilities at amortized cost or FVTPL. The Company currently measures accounts payable, lease liabilities and accrued liabilities at amortized cost and contingent consideration payable at FVTPL. Derecognition Financial assets The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transition in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognized) and the sum of (i) the consideration received (including any new assets obtained less any new liability assumed) and (ii) cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss. Financial liabilities The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. Modifications of financial assets and financial liabilities Financial assets If the terms of a financial asset are modified, the Company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to cash flows from the original financial asset are deemed to have expired. In this case, the original financial asset is derecognized and a new financial asset is recognized at fair value. If the cash flows of the modified asset carried at amortized cost are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the Company recalculates the gross carrying amount of the financial asset and recognizes the amount arising from adjusting the gross carrying amount as a modification gain or loss in profit or loss. If such a modification is carried out because of financial difficulties of the borrower, then the gain or loss is presented together with impairment losses. In other cases, it is presented as interest income. Financial liabilities The Company derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case, a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognized in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Income and expenses are presented on a net basis only when permitted under IFRS, or for gains and losses arising from a group of similar transactions. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Company has access at that date. The fair value of a liability reflects its non-performance risk. When one is available, the Company measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Company uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price (i.e. the fair value of the consideration given or received). If the Company determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique for which any observable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognized in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out. If an asset or a liability at fair value has a bid price and an ask price, then the Company measures assets and long positions at bid price and liabilities and short positions at an ask price. Portfolio of financial assets and financial liabilities that are exposed to market risk and credit risk that are managed by the Company on the basis of the net exposure to either market or credit risk are measured on the basis of a price that would be received to sell a net long position (or paid to transfer a net short position) for the particular risk exposure. Portfolio-level adjustment e.g. bid-ask adjustment or credit risk adjustments that reflect the measurement on the basis of the net exposure are allocated to the individual assets and liabilities on the basis of the relative risk adjustment of each of the individual instruments in the portfolio. The fair value of a financial liability with a demand feature is not less than the amount payable on demand, discounted from the first date on which the amount could be required to be paid. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period during which the change has occurred. Impairment Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized costs and debt financial assets carried at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: • Significant financial difficulty of the borrower or issuer; • A breach of contract such as a default of past due event; • The restructuring of a loan or advance by the Company on terms that the Company would not consider otherwise; • It is becoming probable that the borrower will enter bankruptcy or other financial reorganization; or • The disappearance of an active market for a security because of financial difficulties. A loan that has been renegotiated due to a deterioration in the borrower’s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. Recognition of allowance of expected credit losses (“ECL”) in the consolidated statement of financial position The Company recognizes a loss allowance for ECL on trade receivables that are measured at amortized cost. The Company’s applied the simplified approach for trade receivables and recognizes the lifetime ECL for these assets. The ECL on trade receivables is estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the customers, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial assets measured at amortized cost of FVOCI, the Company recognizes lifetime ECL only when there has been a significant increase in credit risk since initial recognition. If the credit risk on such financial instruments has not increased significantly since initial recognition, the Company measures the loss allowance on those financial instruments at an amount equal to 12-months ECL. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial asset. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial asset that are possible within 12 months after the reporting date. In assessing whether the credit risk on a financial asset has increased significantly since initial recognition, the Company compares the risk of default occurring on the financial asset at the reporting date with the risk of default occurring at the initial recognition. The Company considers both quantitative and qualitative factors that are supportable, including historical experience and forward-looking information that is available without undue cost or effort. Irrespective of the above assessment, the Company presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Company has reasonable and supportable information that demonstrates otherwise. Despite the foregoing, the Company presumes that the credit risk on a financial asset has not increased significantly since initial recognition if the financial asset is determined to have low credit risk at the reporting date. The Company regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes pas due. Definition of default: For internal credit risk management purposes, the Company considers a financial asset not recoverable if the customer balance owing is 180 days past due and information obtained from the customer and other external factors indicate that the customer is unlikely to pay its creditors in full. Write-off Financial assets are written off (either partially or in full) when there is no realistic prospect of recovery. This is generally the case when the Company determines that the counterparty does not have assets or sources of income that could general sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company’s procedures for recovery of amounts due. Taxation Income tax comprises current and deferred tax. Income tax is recognized in the consolidated statement of loss and comprehensive loss except to the extent that it relates to items recognized directly in equity, in which case the income tax is also recognized directly in equity. Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted, at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. Deferred income tax is recorded using the asset and liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences do not result in deferred tax assets or liabilities: the initial recognized of assets or liabilities that affect neither accounting or taxable loss; or difference relating to investment in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the consolidated statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its correct tax assets and liabilities on a net basis. Share capital Equity instruments are contracts that give a residual interest in the net assets of the Company. Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Common Shares and the Company’s Common Share purchase warrants, and options are classified as equity instruments. Incremental costs directly attributable to the issue of new Common Shares, or warrants are shown in equity as a deduction, net of tax, from the proceeds. Share-based compensation Under the Company’s equity incentive plan, all stock options granted may have graded vesting periods and are exercisable up to a maximum of 10 years form the date of grant. Each tranche of an award with graded vesting periods is considered a separate grant at each grant date for the calculation of fair value, and the resulting fair value is amortized over the vesting period of the respective tranches. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted, the estimated volatility, estimated risk free rate and estimated forfeitures. If a grant of the share-based payments is cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied or options granted in error and cancelled retroactively), the Company accounts for the cancellation or settlement as an acceleration of vesting, and recognizes immediately the amount that otherwise would have been recognized for services over the remainder of the vesting period. The amount recognized for goods or services received during the vesting period is based on the best available estimate of the number of equity instruments anticipated to vest. The Company revises that estimate, if necessary, if subsequent information indicates that the number of share options anticipated to vest differs from previous estimates. On the vesting date, the Company revises the estimate to equal the number of equity instrument that ultimately vested. After the vesting date, the Company makes no subsequent adjustment to total equity for goods or services received if the share options are later forfeited or they expire at the end of the share option’s life. If a grant of the share based payment is modified during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied) and the fair value of the new instruments is higher than the fair value of the original instrument, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from modification date until the date when the modified equity instruments vests, in addition to the amount based on the grant date fair value of the original equity instruments, which is recognized over the remainder of the original vesting period of the original instrument. Warrants The Company follows the relative fair value method with respect to the measurement of Common Shares and warrants issued as units. The proceeds from the issuance of units are allocated between share capital and warrants. The warrant component is recorded in equity reserve. Unit proceeds are allocated to Common Shares and warrants using the Black-Scholes option pricing model and the share price at the time of financing. If and when the warrants are exercised, consideration paid by the warrant holder, together with the amount previously recognized in warrant reserve, is recorded as an increase to share capital. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of warrants that vest. When stock options or warrants are cancelled, they are treated as if they have vested on the date of collation and any cost not yet recognized in profit or loss is immediately expensed. Upon expiration of warrants, the amount applicable to expired warrants is moved to contributed surplus. Loss per share Basic loss per share is calculated using the weighted-average number of shares outstanding during the period. The diluted earnings (loss) per share reflects the potential dilution of Common Share equivalents, such as outstanding stock options and warrants, in the weighted average number of Common Shares outstanding during the period, if they are dilutive. Currency translation All figures presented in the consolidated financial statements are reflected in Canadian dollars unless otherwise noted. Foreign currency transactions are translated into Canadian dollars at exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the consolidated statement of financial position date are translated to Canadian dollars at the foreign exchange rate applicable as that date. Realized and unrealized exchange gains and losses are recognized through profit or loss. The assets and liabilities of foreign operations are translated into Canadian dollars at period-end exchange rates. Income and expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from translating foreign operation |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Mar. 31, 2024 | |
Critical Accounting Estimates and Judgements [Abstract] | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of these consolidated financial statements requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting year. Actual outcomes could differ from these estimates. These consolidated financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the consolidated financial statements and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the year in which the estimate is revised and future years if the revision affects both current and future years. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements include warrants and fair value of share-based payments (note 9) and the fair value of financial instruments (note 15). Ability to continue as a going concern In order to assess whether it is appropriate for the Company to continue as a going concern, management is required to apply judgment and make estimates with respect to future cash flow projections. In arriving at this judgment, there were a number of assumptions and estimates involved in calculating these future cash flow projections. This includes making estimates regarding the timing and amounts of future expenditures and the ability and timing of raising additional financing. Business combinations A business combination is a transaction or event in which an acquirer obtains control of one or more businesses and is accounted for using the acquisition method. The total consideration paid for the acquisition is the aggregate of the fair values of assets given, liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquiree at the acquisition date. The acquisition date is the date where the Company obtains control of the acquiree. The identifiable assets acquired and liabilities assumed are recognized at their acquisition date fair values, except for deferred taxes and share-based payment awards where IFRS provides exceptions to recording the amounts at fair value. Acquisition costs are expensed to profit or loss. Contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9, or IAS 37 Provisions, Contingent Liabilities and Contingent Assets, as appropriate, with the corresponding gain or loss being recognized in profit or loss. Non-controlling interest in the acquiree, if any, is recognized either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets, determined on an acquisition-by-acquisition basis. For each acquisition, the excess of total consideration, the fair value of previously held equity interest prior to obtaining control and the non-controlling interest in the acquiree, over the fair value of the identifiable net asset acquired, is recorded as goodwill. Certain fair values may be estimated at the acquisition date pending confirmation or completion of the valuation process. Where provisional values are used in accounting for a business combination, they may be adjusted retrospectively in subsequent periods. The measurement period is the period from the acquisition date to the date complete information about facts and circumstances that existed as of the acquisition date is received. However, the measurement period does not exceed one year from the acquisition date. Acquisitions that do not meet the definition of a business combination are accounted for as an asset acquisition. Consideration paid for an asset acquisition is allocated to the individual identifiable assets acquired and liabilities assumed based on their relative fair values. Share based payments The fair value of share-based compensation expenses are estimated using the Black-Scholes option pricing model and rely on a number of estimates, such as the expected life of the option, the volatility of the underlying share price, the risk-free rate of return, and the estimated rate of forfeiture of options or warrants granted. Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a discounted cash flow (“DCF”) model. The cash flows are derived from the forecast for the next ten years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested. The determination of the Company’s CGUs is based on management’s judgement. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognized by the Company. Future events could cause the assumptions used in the impairment review to change with a consequential adverse effect on the results of the Company. Income taxes |
ACQUISITION
ACQUISITION | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
ACQUISITIONS | ACQUISITION On October 23, 2023, Cybin completed the acquisition of Small Pharma and its wholly-owned subsidiary Small Pharma Ltd. (the “Acquisition”) and issued 0.2409 Common Shares for every one common share of Small Pharma outstanding, resulting in a total of 80,945,254 Common Shares being issued to Small Pharma shareholders. As a result of the Acquisition, Small Pharma became a wholly-owned subsidiary of Cybin. On December 16, 2023 the Company changed the name of Small Pharma Ltd to Cybin UK Ltd. In connection with the Acquisition, all unvested options of Small Pharma were vested and holders were able to exercise their options prior to the close of the Acquisition. All stock options of Small Pharma remaining unexercised at October 23, 2023 were cancelled and compensation of $0.001 per stock option was paid to the optionees. As at October 23, 2023 Small Pharma’s patent portfolio consisted of 17 active patent families with 92 pending applications and 30 granted patents across its psychedelic and non-psychedelic portfolio. The Company has determined that the Acquisition was a business combination under IFRS. In accordance with the measurement period permitted under IFRS 3 - Business Combinations, the fair value of the assets acquired and liabilities assumed have been estimated as follows for the purposes of these condensed interim consolidated financial statements. This fair valuation is provisional, and its finalization is to be completed within one year from the business combination date as allowed under IFRS 3 and adjusted retrospectively. Acquisition Summary Share Consideration $ 53,481 Fair value of purchaser consideration $ 53,481 Provisional Allocation of Purchase Price Cash $ 7,632 Current assets $ 510 Net equipment $ 37 Intellectual property $ 29,339 Right of use asset $ 412 Lease liability $ (415) Liabilities assumed $ (6,686) Goodwill $ 22,652 Total allocation of purchase price $ 53,481 A professional valuator has been engaged by the Company to estimate the value of the assets of Small Pharma for the purpose of the final purchase price allocation. Accordingly, the above estimated values may be subject to change. As at February 28, 2023, Small Pharma had Canadian loss carry forwards of $9,393 and UK loss carry forwards (stated in Canadian dollars) of $46,631. No value has been ascribed to loss carry forward in these consolidated financial statements. Tax values of assets acquired may differ from their accounting values. The following revenue and net loss is attributable to the period from Acquisition date to March 31, 2024 and included in these consolidated financial statements. Revenue $ — Net loss $ (1,666) |
EQUIPMENT
EQUIPMENT | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment1 [Abstract] | |
EQUIPMENT | EQUIPMENT Equipment consists as follows: Lab Equipment Computer Equipment Total Cost $ $ $ Balance as at March 31, 2022 475 238 713 Additions 142 — 142 Effect of foreign exchange 47 1 48 Balance as at March 31, 2023 664 239 903 Acquisition from Small Pharma — 37 37 Additions — 21 21 Computer equipment write-down — (33) (33) Effect of foreign exchange — 1 1 Balance as at March 31, 2024 664 266 930 Accumulated Depreciation Balance as at March 31, 2022 138 84 222 Depreciation charge 135 79 214 Effect of foreign exchange 17 — 17 Balance as at March 31, 2023 290 163 453 Depreciation charge 137 86 223 Computer equipment write-down — (15) (15) Effect of foreign exchange 3 — 3 Balance as at March 31, 2024 430 234 664 Net book value as at March 31, 2023 374 76 450 Net book value as at March 31, 2024 234 32 266 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2024 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS IP Research & Development Patents Licenses Software Total Cost $ $ $ $ $ Balance as at March 31, 2022 1,566 443 — 74 2,083 Additions 1,342 495 1,330 — 3,167 Effect of foreign exchange 168 40 49 — 257 Balance as at March 31, 2023 3,076 978 1,379 74 5,507 Acquisition of Small Pharma 29,339 — — — 29,339 Additions — 689 — — 689 Effect of foreign exchange 25 1 2 — 28 Balance as at March 31, 2024 32,440 1,668 1,381 74 35,563 Accumulated Amortization Amortization charge — — 19 18 37 Balance as at March 31, 2023 — — 19 18 37 Amortization charge — — 37 24 61 Balance as at March 31, 2024 — — 56 42 98 Net book value as at March 31, 2023 3,076 978 1,360 56 5,470 Net book value as at March 31, 2024 32,440 1,668 1,325 32 35,465 IP Research & Development See note 4 for information on the Small Pharma Acquisition. On July 11, 2022, the Company completed the acquisition of a Phase 1 N,N-dimethyltryptamine (“DMT”) study (the “DMT Acquisition”) from Entheon Biomedical Corp. to accelerate the clinical development path for CYB004, Cybin’s proprietary deuterated DMT molecule for the potential treatment of anxiety disorders. The Company paid $1,000 for the DMT Acquisition, and assumed liabilities of $342. Licenses During the year ended March 31, 2023, the Company entered into multiple licensing agreements that provide Cybin with additional access to IP from over 15 more patents or patent applications, including the acquisition of an exclusive license to a targeted class of tryptamine-based molecules from Mindset Pharma Inc. (“Mindset”), for which it paid a one-time license fee of $680 (US$500). The licensing agreements collectively provide the Company with access to a broad range of preclinical molecule combinations for its library of psychedelic derivative drug development candidates. In addition to the exclusive license with Mindset, the Company spent an additional $650 on a licensing agreement. Patents Costs associated with patent procurement Impairment |
LEASES
LEASES | 12 Months Ended |
Mar. 31, 2024 | |
Presentation of leases for lessee [abstract] | |
LEASES | LEASES RIGHT-OF-USE -ASSET Cost Balance as at March 31, 2023 $ — Additions $ 412 Effect of foreign exchange $ 12 Balance as at March 31, 2024 $ 424 Accumulated amortization Balance as at March 31, 2023 $ — Amortization $ 140 Effect of foreign exchange $ 3 Balance as at March 31, 2024 $ 143 Net book value, March 31, 2024 $ 281 LEASE LIABILITY Balance as at March 31, 2023 $ — Additions 415 Interest accretion 8 Effect of foreign exchange 17 Payments (149) Balance as at March 31, 2024 291 Current lease liabilities $ 291 |
GOODWILL
GOODWILL | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill [Abstract] | |
GOODWILL | GOODWILL Goodwill is recognized at the acquisition date when total consideration exceeds the net identifiable assets acquired. Cost $ Balance as at March 31, 2022 22,892 Effect of foreign exchange 1,900 Balance as at March 31, 2023 24,792 Acquisition from Small Pharma 22,652 Effect of foreign exchange 31 Balance as at March 31, 2024 47,475 Impairment For purposes of the Company’s goodwill impairment testing, the Company has grouped certain CGUs to test at the lowest level at which management monitors goodwill for internal management purposes, which is the Company wide level. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Mar. 31, 2024 | |
Share Capital, Reserves, and Other Equity Interest [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL a) Authorized share capital The authorized share capital of Cybin consists of an unlimited number of Common Shares and an unlimited number of preferred shares without par value. The board of directors of Cybin would determine the designation, rights, privileges, and conditions attached to any preferred shares prior to issuance. b) Issued share capital Common Shares As at March 31, 2024, the Company has 15,807,443 Common Shares held in escrow (2023: nil). During the year ended March 31, 2024, the Company completed the following share issuances: On August 23, 2023, the Company established a new at-the-market equity program (the “2023 ATM Program” and together with the 2022 ATM Program (see below), the “ATM Programs”) that allows the Company to issue and sell up to US$35,000 of Common Shares from treasury to the public, from time to time. Distributions of Common Shares under the 2023 ATM Program are made pursuant to the terms and conditions of an at-the-market equity distribution agreement (the “2023 Distribution Agreement”) dated August 23, 2023, among the Company, Cantor Fitzgerald Canada Corporation and Cantor Fitzgerald & Co. The 2023 ATM Program is to be effective until the earlier of the issuance and sale of all of the Common Shares issuable pursuant to the 2023 ATM Program and September 17, 2025, unless earlier terminated in accordance with the terms of the 2023 Distribution Agreement. During the year ended March 31, 2024, the Company sold 34,140,507 Common Shares under the ATM Programs at an average price of $0.4549 (US$0.3374) per Common Share, for aggregate gross proceeds of $15,532 (US$11,518). Share issuance costs related to the ATM Programs for the year were $832. On May 30, 2023, the Company entered into an agreement (the “LPC Agreement”) with Lincoln Park Capital Fund, LLC (“LPC”). Subject to the terms and conditions of the LPC Agreement, the Company has the right to sell, and LPC is obligated to purchase, up to US$30,000 of Common Shares over a 36-month period at prices that are based on the market price at the time of each sale to LPC. Cybin, in its sole discretion, controls the timing and amount of all sales of Common Shares under the LPC Agreement. During the year ended March 31, 2024, the Company sold 1,925,000 Common Shares, at an average price of $0.3236 (US$0.2417) per Common Shares, for aggregate gross proceeds of $623 (US$465) pursuant to the LPC Agreement. Share issuance costs related to the LPC Agreement for the year ended March 31, 2024 were $476 (US$351). Cybin has the right to terminate the LPC Agreement at any time at no cost or penalty. LPC has agreed not to engage in any short selling or hedging activity of any kind in the Common Shares. As consideration for LPC’s obligation to purchase Common Shares from the Company at its direction under the LPC Agreement, Cybin issued 2,538,844 Common Shares to LPC as a commitment fee on May 30, 2023. The LPC Agreement provides that Cybin may not issue or sell any Common Shares to LPC under the LPC Agreement which, when aggregated with all other Common Shares then beneficially owned by LPC and its affiliates (as calculated pursuant to Section 13(d) of the U.S. Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder), would result in LPC beneficially owning more than 9.99% of the outstanding Common Shares. On July 31, 2023, Cybin announced that it had suspended all sales under the LPC Agreement. On August 23, 2023, the Company filed a prospectus supplement to the base shelf prospectus dated August 17, 2023 to re-qualify sales of up to US$30,000 of the Company’s Common Shares pursuant to the LPC Agreement. On August 4, 2023, the Company completed a public offering (the “August 2023 Offering”) of 24,264,706 units of the Company (the “August 2023 Units”) at a price of US$0.34 per August 2023 Unit for gross proceeds of $11,018(US$8,250) pursuant to a supplement to the Company’s short form base shelf prospectus dated July 5, 2021. Each August 2023 Unit is comprised of one Common Share and one Common Share purchase warrant (the “August 2023 Warrants”). Each August 2023 Warrant is exercisable to acquire one Common Share at a price of $0.53(US$0.40) for a period of 60 months from issuance, subject to acceleration in certain circumstances. In connection with the Offering, Cybin paid the underwriters a cash commission of $506(US$379) and incurred additional share issuance costs, being professional fees of $622(US$465). On November 14, 2023, the Company completed a public offering (the “November 2023 Offering”) of 66,666,667 units of the Company (the “November 2023 Units”) at a price of US$0.45 per November 2023 Unit for gross proceeds of $41,107(US$30,000) pursuant to a supplement to the Company’s short form base shelf prospectus dated August 17, 2023. Each November 2023 Unit is comprised of one Common Share and one Common Share purchase warrant (the “November 2023 Warrants”). Each November 2023 Warrant is exercisable to acquire one Common Share at a price of$0.70 (US$0.51) between May 14, 2024 and May 14, 2029, subject to acceleration in certain circumstances. In connection with the November 2023 Offering, Cybin paid the underwriters a cash commission of $2,096(US$1,530) and incurred additional share issuance costs being professional fees of $339(US$247). On March 19, 2024, the Company completed a private placement (the “March 2024 Offering”) of 348,837,210 Common Shares at a price of US$0.43 per Common Share for gross proceeds of $202,995(US$150,000). 15,807,443 Common Shares issued in the March 2024 Offering are subject to resale restrictions until the July 20, 2024. In connection with the March 2024 Offering, Cybin paid the agent cash commission of $11,726(US$8,665) and incurred additional share issuance costs being professional fees of $78(US$58). During the year ended March 31, 2023, the Company completed the following share issuances: On August 8, 2022, the Company established an at-the-market equity program (the “2022 ATM Program”) that allowed the Company to issue and sell up to US$35,000 of Common Shares from treasury to the public, from time to time. Distributions of Common Shares under the 2022 ATM Program are made pursuant to the terms and conditions of an at-the-market equity distribution agreement dated August 8, 2022 among the Company, Cantor Fitzgerald Canada Corporation and Cantor Fitzgerald & Co. The 2022 ATM Program was effective until August 5, 2023. when it automatically terminated in accordance with the terms of the Distribution Agreement. Up to March 31, 2023 the Company had sold 20,754,120 Common Shares under the 2022 ATM program at an average price of $0.6819 (US$0.5079) per Common Share, for aggregate gross proceeds of $14,152 (US$10,541). Share issuance costs for the year ended March 31, 2023 were $950. Preferred Shares As at March 31, 2024, the Company has nil preferred shares outstanding (March 31, 2023- nil). Cybin US Class B Shares Number of Class B Shares Balance as at March 31, 2022 1,047,135.1 Issued on achievement of milestones 360,374.2 Converted into Common Shares (876,967.2) Balance as at March 31, 2023 530,542.1 Converted to Common Shares (494,457.4) Balance as at March 31, 2024 36,084.7 As at March 31, 2024, 36,084.7 Class B Shares were outstanding, and are exchangeable for a total of 360,847 Common Shares. These consolidated financial statements reflect issued Class B Shares on an as-converted basis. During the year ended March 31, 2024 no additional Class B shares were issued. As of March 31, 2023 all Milestones were achieved and all eligible Class B shares were issued. During the year ended March 31, 2023, the Company issued Class B Shares as follows: On April 1, 2022, 22,428.3 Class B Shares were issued to Former Adelia Shareholders due to the achievement of the Milestone identified as Year 2 Q2 (iv), having an aggregate value of $229 at a price per Class B Share of $10.20. These Class B Shares are exchangeable for a total of 224,283 Common Shares, representing an effective issue price of $1.02 per Common Share. In consideration for the Milestone achieved, on June 22, 2022, an additional 456.5 Class B Shares having an aggregate value of $5 were issued to Former Adelia Shareholders. On June 24, 2022, 266,933.1 Class B Shares were issued to Former Adelia Shareholders due to the achievement of certain Milestones identified as Y2, Q2 (i), (vi), Y2, Q3 (ii), Year 2 Q4 (i) and Year 3 Q1 (i), (ii), (iii), having an aggregate value of $2,034 at a price per Class B Share of $7.62. These Class B Shares are exchangeable for a total of 2,669,331 Common Shares, representing an effective issue price of $0.76 per Common Share. On June 27, 2022, 37,366.2 Class B Shares were issued to Former Adelia Shareholders due to the achievement of the Milestone identified as Y2, Q3 (i), having an aggregate value of $280 at a price per Class B Share of $7.50. These Class B Shares are exchangeable for a total of 373,662 Common Shares, representing an effective issue price of $0.75 per Common Share. On August 31, 2022, 33,190.1 Class B Shares were issued to Former Adelia Shareholders due to the achievement of the Milestone identified as Y2, Q4 (ii), having an aggregate value of $468 at a price per Class B Share of $14.10. These Class B Shares are exchangeable for a total of 331,901 Common Shares, representing an effective issue price of $1.41 per Common Share. With the fulfillment of all of the remaining milestones during the year ended March 31, 2023, it is not anticipated that any additional Class B Shares will be issued. c) Warrants The continuity of the outstanding warrants for the years ended March 31, 2024 and March 31, 2023, are as follows: Number of Warrants Weighted average exercise price $ Common Share Purchase Warrants As at March 31, 2022 25,548,836 1.22 Exercised (1,164,638) 0.31 Expired (1,153,713) 0.75 As at March 31, 2023 23,230,485 1.29 Issued 90,931,373 0.67 Exercised (101,000) 0.53 Expired (7,805,360) 3.47 Outstanding as at March 31, 2024 106,255,498 0.60 Exercisable as at March 31, 2024 39,588,831 0.44 Unit Purchase Warrants (1) As at March 31, 2022 868,740 2.25 Exercised — — As at March 31, 2023 868,740 2.25 Expired (868,740) 2.25 Outstanding as at March 31, 2024 — — Exercisable as at March 31, 2024 — — (1) Each unit consisted of one Common Share and one half of one Common Share purchase warrant, with each Common Share purchase warrant being exercisable to acquire one Common Share at an exercise price of $3.25 per Common Share. During the year ended March 31, 2024, the Company had the following movement in warrants: During the year ended March 31, 2024, 101,000 Common Share purchase warrants (March 31, 2023 - 1,164,638) were exercised by various holders for aggregate proceeds to the Company of $56 (March 31, 2023 - $362). During the year ended March 31, 2024, 7,805,360 warrants with a weighted average exercise price of $3.47 expired. During the year ended March 31, 2024, the Company completed the following warrant issuances: On August 4, 2023, Cybin issued 24,264,706 “August 2023 Warrants” in connection with the August 2023 Offering. Each August 2023 Warrant is exercisable to acquire one Common Share at a price of US$0.40 per Common Share until August 4, 2028, subject to acceleration in certain circumstances. The Company estimated the aggregate fair value of the August 2023 Warrants using the Black-Scholes option pricing model to be $4,600(US$3,442) with the following assumptions: Risk-free interest rate 3.87% Expected annual volatility rate based on comparable companies 95.0% Expected life (in years) 5 Expected divided yield 0.00% Share price US$0.34 Exercise price US$0.40 On November 14, 2023, Cybin issued 66,666,667 “November 2023 Warrants” in connection with the November 2023 Offering. Each November 2023 Warrant is exercisable from May 14, 2024 to May 14, 2029 to acquire one Common Share at a price of US$0.51, subject to acceleration in certain circumstances. The Company estimated the aggregate fair value of the November 2023 Warrants using the Black- Scholes option pricing model to be $17,842(US$12,299) with the following assumptions: Risk-free interest rate 3.76% Expected annual volatility rate based on comparable companies 95.0% Expected life (in years) 5.5 Expected divided yield 0.00% Share price US$0.46 Exercise price US$0.51 The following summarizes information about Common Shares purchase warrants outstanding at March 31, 2024: Date of Expiry Warrants outstanding Warrants exercisable Weighted average of exercisable price Estimated grant date fair value Weighted average remaining contractual life $ $000’s Years June 15, 2025 12,800,000 12,800,000 0.25 2,319 2.21 August 20, 2025 1,475,125 1,475,125 0.64 680 2.39 November 15, 2025 1,150,000 1,150,000 0.25 220 2.63 August 4, 2028 (1) 24,163,706 24,163,706 US$0.40 4,578 4.34 May 14, 2029 (2) 66,666,667 — US$0.51 17,842 5.12 106,255,498 39,588,831 0.44 25,639 4.38 1) On August 4, 2023, the August 2023 Warrants were issued at US$0.40 which was equivalent to $0.53. (2) On November 14, 2023, the November 2023 Warrants were issued at US$0.51 which was equivalent to $0.70. As at March 31, 2024, the Company has no Common Share purchase warrants held in escrow (2023 - nil). The Company recognized share-based payments compensation related to the issuance of Common Share purchase warrants for the year ended March 31, 2024 of $0 (2023 - $6). d) Stock options On November 5, 2020, Cybin adopted an equity incentive plan. Under the plan, the board of directors may grant share-based awards to acquire such number of Common Shares as is equal to up to 20% of the total number of issued and outstanding Common Shares at the time such awards are granted. Options granted under the plan vest over a period of time at the discretion of the board of directors. On August 16, 2021, the board of directors and the shareholders approved an amendment to the equity incentive plan to modify certain provisions for awards granted to residents of the United States, to increase the fixed number of Incentive Stock Options (as defined in the plan) and certain other housekeeping amendments. The changes in options for the years ended March 31, 2024 and 2023 are as follows: Number of Options Weighted average exercise price $ As at March 31, 2022 28,885,002 1.45 Granted 2,475,000 0.91 Forfeited/Expired (1,790,202) 2.20 As at March 31, 2023 29,569,800 1.36 Granted 38,445,000 0.69 Forfeited/Expired (1,813,800) 1.16 Outstanding as at March 31, 2024 66,201,000 0.93 Exercisable as at March 31, 2024 56,449,750 0.98 During the year ended March 31, 2024, the Company completed the following option issuances: On June 29, 2023, the Company granted options to purchase up to 11,615,000 Common Shares, of which 3,991,000 were granted to employees, 3,763,000 were granted to officers of the Company, 3,076,000 were granted to consultants, and 785,000 were granted to directors of the Company. The granted options have an exercise price of $0.44 per Common Share and expire on June 30, 2028. The granted options have different vesting schedules; 1,500,000 options vested immediately, 700,000 options vest over three months, 100,000 options vest over one year, and 9,315,000 options vest over two years. The aggregate estimated grant date fair value was determined to be $4,080, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.47 Exercise price $ 0.44 On September 26, 2023, the Company granted options to purchase up to 1,210,000 Common Shares, of which 135,000 were granted to an employee and, 1,075,000 were granted to consultants. The granted options have an exercise price of $0.79 per Common Share, and 975,000 options expire on September 26, 2026 and the remaining 235,000 options expire on September 26, 2028. The granted options have different vesting schedules. 375,000 options vest over three months, 200,000 options vest over six months, 400,000 options vest over one year, 100,000 options vest over fifteen months, and 135,000 options vest over 18 months. The aggregate estimated grant date fair value was determined to be $577, calculated using the Black-Scholes option pricing model with the following assumptions: Options expiring on September 26, 2026. Risk-free interest rate 4.68% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3.00 Expected dividend yield 0.00% Share price $ 0.79 Exercise price $ 0.79 Options expiring on September 26, 2028. Risk-free interest rate 4.28% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.79 Exercise price $ 0.79 On November 16, 2023, the Company granted options to purchase up to 25,600,000 Common Shares, of which 22,200,000 were granted to officers, 1,600,000 were granted to directors, 1,300,000 were granted to employees and 500,000 were granted to a consultant. The granted options have an exercise price of $0.715 per Common Share, 500,000 options expire on November 16, 2026 and the remaining 25,100,000 options expire on November 16, 2028. The granted options have different vesting schedules. 18,850,000 options vest immediately and 6,750,000 options vest over two years. The aggregate estimated grant date fair value was determined to be $10,907, calculated using the Black-Scholes option pricing model with the following assumptions: Options expiring on November 16, 2026. Risk-free interest rate 4.28% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3.00 Expected dividend yield 0.00% Share price $ 0.60 Exercise price $ 0.72 Options expiring on November 16, 2028. Risk-free interest rate 4.28% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.60 Exercise price $ 0.72 On March 20, 2024, the Company granted options to purchase up to 20,000 Common Shares to an employee with an exercise price of $0.56 per Common Share which expire on March 20, 2029 and vest over two years. The aggregate estimated grant date fair value was determined to be $8, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.52% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.56 Exercise price $ 0.56 During the year ended March 31, 2024, the Company amended the expiry dates of certain options with former employees and consultants of the Company. During the year ended March 31, 2023, the Company completed the following option issuances: On June 30, 2022, the Company granted options to purchase up to: 65,000 Common Shares to employees, with an exercise price of $1.00 per Common Share and vesting over two years. The options expire on June 30, 2027. The aggregate estimated grant date fair value was determined to be $32, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.10% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 1.00 On June 30, 2022, the Company granted options to purchase up to 500,000 Common Shares to consultants, with an exercise price of $0.90 per Common Share. The options vested immediately and expire on June 30, 2025. The estimated grant date fair value was determined to be $183, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.14% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 0.90 On August 15, 2022, the Company granted options to purchase up to 800,000 Common Shares to consultants, with an exercise price of $1.00 per Common Share and vesting over two years. The options expire on August 15, 2025. The estimated grant date fair value was determined to be $429, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.11% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.97 Exercise price $ 1.00 On August 15, 2022, the Company granted options to purchase up to 20,000 Common Shares to an employee, with an exercise price of $1.00 per Common Share and vesting over two years. The options expire on August 15, 2027. The estimated grant date fair value was determined to be $14, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 2.88% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.97 Exercise price $ 1.00 On September 30, 2022, the Company granted options to purchase up to 270,000 Common Shares to consultants, with an exercise price of $0.75 per Common Share and vesting over two years. The options expire on September 30, 2025. The estimated grant date fair value was determined to be $102, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.72% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 0.75 On September 30, 2022, the Company granted options to purchase up to 245,000 Common Shares to employees, with an exercise price of $1.00 per Common Share and vesting over two years. The options expire on September 30, 2027. The estimated grant date fair value was determined to be $98, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.32% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 1.00 On November 16, 2022, the Company granted options to purchase up to 200,000 Common Shares to a consultant with an exercise price of $0.91 per Common Share. The options vested immediately and expire on November 15, 2025. The estimated grant date fair value was determined to be $53, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.91 On November 16, 2022, the Company granted options to purchase up to 375,000 Common Shares to consultants with an exercise price of $0.75 per Common Share. The options vested immediately and expire on November 15, 2025. The estimated grant date fair value was determined to be $110, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.75 The following summarizes information about stock options outstanding on March 31, 2024: Exercise Price Number of options outstanding Number of options exercisable Weighted average remaining life Recognized estimated grant date fair value Expiry date $ Years $000’s June 15, 2025 0.25 2,350,000 2,350,000 1.21 420 June 30, 2025 0.90 500,000 500,000 1.25 183 August 14, 2025 1.00 737,500 737,500 1.37 429 September 30, 2025 0.75 270,000 260,625 1.50 97 October 12, 2025 0.75 3,000,000 3,000,000 1.53 1,607 November 4, 2025 0.75 5,700,000 5,700,000 1.60 3,057 November 13, 2025 0.88 500,000 500,000 1.62 315 November 15, 2025 0.75 375,000 375,000 1.63 110 November 15, 2025 0.91 200,000 200,000 1.63 53 December 11, 2025 1.48 700,000 700,000 1.70 741 December 14, 2025 1.74 1,589,100 1,589,100 1.71 1,971 December 28, 2025 1.89 760,000 760,000 1.74 1,027 January 2, 2026 1.89 225,000 225,000 1.76 304 February 15, 2026 2.03 150,000 150,000 1.88 218 February 16, 2026 2.03 150,000 150,000 1.88 218 March 10, 2026 1.39 1,186,300 1,186,300 1.94 1,185 March 15, 2026 1.55 300,000 300,000 1.95 360 March 28, 2026 1.36 1,575,000 1,575,000 1.99 1,540 March 29, 2026 1.32 37,500 37,500 1.99 36 March 31, 2026 1.35 250,000 250,000 2.00 243 June 28, 2026 2.90 3,160,000 3,160,000 2.24 6,589 August 16, 2026 2.48 215,000 215,000 2.38 383 August 18, 2026 2.48 300,000 300,000 2.38 519 September 26, 2026 0.79 975,000 975,000 2.49 439 Exercise Price Number of options outstanding Number of options exercisable Weighted average remaining life Recognized estimated grant date fair value September 27, 2026 2.87 195,000 195,000 2.49 403 September 27, 2026 3.15 545,000 545,000 2.49 1,105 November 16, 2026 0.72 500,000 125,000 2.63 81 December 31, 2026 1.50 1,250,000 1,250,000 2.75 1,352 December 31, 2026 3.15 20,000 20,000 2.75 18 March 4, 2027 1.13 1,075,600 1,075,600 2.92 878 March 4, 2027 3.15 40,000 40,000 2.92 25 March 8, 2027 1.02 400,000 400,000 2.93 295 June 30, 2027 1.00 65,000 65,000 3.25 32 August 14, 2027 1.00 20,000 20,000 3.37 14 September 30, 2027 1.00 220,000 190,625 3.50 95 June 30, 2028 0.44 11,310,000 6,805,000 4.25 3,297 September 26, 2028 0.79 235,000 105,000 4.49 98 November 16, 2028 0.72 25,100,000 20,412,500 4.63 9,438 March 20, 2029 0.56 20,000 5,000 4.97 2 66,201,000 56,449,750 2.40 39,177 As at March 31, 2024, the Company has no options held in escrow (2023 - nil). The Company recognized share-based payments expense related to the issuance of stock options for the year ended March 31, 2024 of $13,886 (2023 - $4,680). The outstanding options and warrants disclosed above were anti-dilutive for the year ended March 31, 2024 and did not impact the calculation of the loss per share. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Mar. 31, 2024 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | RELATED PARTY TRANSACTIONS AND BALANCES Key management personnel include persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined its key management personnel to be executive officers and directors of the Company. The remuneration of key management personnel for the years ended March 31, 2024 and 2023 are as follows: Year ended March 31, 2024 2023 $ $ Payroll, consulting and benefits (1) 6,406 5,966 Share-based compensation Options 8,643 2,346 Warrants — 3 Total 15,049 8,315 (1) For the year ended March 31, 2024, includes $ 5,145 presented in the consolidated statement of loss and comprehensive loss as a part of “General and administrative costs” and $ 1,261 |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES | GENERAL AND ADMINISTRATIVE EXPENSES Year ended March 31, 2024 2023 $ $ Payroll, consulting and benefits 8,248 6,272 Capital market 11,519 6,323 Office and administration 2,945 3,731 Professional and consulting fees 4,918 2,142 Investor relations 1,896 984 Marketing media 1,895 881 Business development 896 654 Listing fees 271 354 Total 32,588 21,341 |
RESEARCH EXPENSES
RESEARCH EXPENSES | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
RESEARCH EXPENSES | RESEARCH EXPENSES Year ended March 31, 2024 2023 $ $ Advancement of development programs 22,799 14,360 Payroll and benefits 8,319 8,830 Professional and consulting fees 210 1,159 Lab and administration 1,034 1,142 Total 32,362 25,491 |
CONTRACTS, COMMITMENTS AND CONT
CONTRACTS, COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2024 | |
Commitments [Abstract] | |
CONTRACTS, COMMITMENTS AND CONTINGENCIES | CONTRACTS, COMMITMENTS AND CONTINGENCIES As at March 31, 2024, the Company had entered into agreements for various studies which may require the Company to spend up to an additional $6,625. The Company expects to pay this amount within the 12 months ending March 31, 2025, however the timing and certainty of the payments are contingent on availability of materials and successful completion of certain milestones. The Company has the right to cancel the studies at its discretion, in which case a cancellation fee may apply, however the Company is not liable to pay the full amount of the studies. In addition to the above, during the year ended March 31, 2022, the Company entered into an exclusive license agreement with Mindset to acquire access to a number of classes of tryptamine-based molecules to support Company’s early-stage research programs and a fully-paid, perpetual non-exclusive license to a separate class of tryptamine-based molecules. Upon the successful completion of certain milestones contemplated in the exclusive license, the Company may have to pay additional consideration of up to $12,844 (US$9,500). At the sole discretion of Cybin, the milestones may be paid in cash or in Common Shares, or a combination thereof, subject to the approval of the Cboe. Due to the nature of the arrangement, the timing and probability of future potential payments cannot be determined at this time, and no accrual has been recorded. Further, there is no assurance that the aforementioned milestones will be met at all. The agreement also contemplates a sales royalty of approximately 2% for all commercialized licensed products within the scope of the agreement. The Company is party to certain employee and management contracts that contain severance obligations. These contracts contain clauses requiring additional payments to be made upon the occurrence of involuntary termination. As the likelihood of these events taking place is not determinable, no contingent liabilities have been recorded in the consolidated financial statements. In the normal course of business, the Company may be subject to legal proceedings and claims. As at March 31, 2024, there was no ongoing litigation and therefore no contingent liabilities have been recorded. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Mar. 31, 2024 | |
Capital Management [Abstract] | |
CAPITAL MANAGEMENT | CAPITAL MANAGEMENT The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue business opportunities and to maintain a flexible capital structure that optimizes the costs of capital at an acceptable risk. The Company’s intentions are to (i) provide financial capacity and flexibility in order to preserve its ability to meet its strategic objectives and financial obligations; (ii) maintain a capital structure which allows the Company to respond to changes in economic and marketplace conditions and affords the Company the ability to participate in new investments; (iii) optimize the use of its capital to provide an appropriate investment return to its shareholders equal with the level of risk; and (iv) maintain a flexible capital structure which optimizes the cost of capital at acceptable levels of risk. The Company’s financial strategy is formulated and adapted according to market conditions in order to maintain a flexible capital structure that is consistent with its objectives and the risk characteristics of its underlying assets. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of its underlying assets. The Company maintains or adjusts its capital level to enable it to meet its objectives by raising capital through the issuance of securities. The Company’s capital management objectives, policies and processes generally remained unchanged during the year ended March 31, 2024. The Company requires capital to fund existing and future operations and meet regulatory capital requirements. The Company’s policy is to maintain adequate levels of capital at all times. The Company’s capital structure includes the following: As at March 31, 2024 March 31, 2023 $ $ Shareholders’ equity comprised of: Share capital 443,877 158,162 Contributed surplus 11,750 2,102 Options reserve 39,177 27,283 Warrants reserve 25,639 10,873 Accumulated other comprehensive loss (2,285) (2,035) Deficit (226,231) (148,151) Total 291,927 48,234 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2024 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The Company’s financial instruments are exposed to certain financial risks, which include currency risk, credit risk, liquidity risk and interest rate risk. The Company has classified its financial instruments as follows: As at March 31, 2024 March 31, 2023 $ $ Financial assets, measured at fair value: Cash 208,992 16,633 Financial assets, measured at amortized cost: Accounts receivable 254 42 Financial liabilities, measured at amortized cost: Accounts payable and accrued liabilities 9,805 5,663 Lease liabilities 291 — The carrying value of the Company’s financial instruments approximate their fair value. Fair value Hierarchy of Financial Instruments The Company has categorized its financial instruments that are carried at fair value, based on the priority of the inputs to the valuation techniques used to measure fair value, into a three-level fair value hierarchy as follows: Level 1: Fair value is based on unadjusted quoted prices for identical assets or liabilities in an active market. The types of assets and liabilities classified as Level 1 generally included cash. Level 2: Fair value is based on quoted prices for similar assets or liabilities in active markets, valuation that is based on significant observable inputs, or inputs that are derived principally from or corroborated with observable market data through correlation or other means. Currently, the Company has no financial instruments that would be classified as Level 2. Level 3: Fair value is based on valuation techniques that require one or more significant inputs that are not based on observable market inputs. These unobservable inputs reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability. Investments and any contingent liabilities are classified as Level 3. There were no transfers between levels of the fair value hierarchy for the year ended March 31, 2024. The following table presents the changes in level 3 financial assets for the for two years ended March 31, 2024 : $ Balance as at March 31, 2022 242 Interest income 18 Change in fair value of investments measured at fair value through profit or loss (260) Balance as at March 31, 2023 — Interest income — Change in fair value of investments measured at fair value through profit or loss — Balance as at March 31, 2024 — The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Description Fair Value as at Unobservable inputs Range of inputs Relationship of unobservable inputs to fair value March 31, 2024 March 31, 2023 $ $ Rx Hybrid Instrument — — Fair value interest rate of loan and conversion feature 10% Increase/decrease in the fair value rate by 1% would not have a material effect on the fair value of the investment Financial risk management Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company’s cash is exposed to credit risk. The Company reduces its credit risk on cash by placing these instruments with institutions of high credit worthiness. As at March 31, 2024, the Company’s maximum exposure to credit risk is the carrying value of its financial assets. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company manages liquidity by maintaining adequate cash balances to meet liabilities as they become due. As at March 31, 2024, the Company had cash of $208,992 (March 31, 2023 - $16,633) in order to meet current liabilities. Accounts payable and accrued liabilities include trade payables and other obligations of $10,096 (March 31, 2023 - $5,663), all amounts are due within the next 12 months. Market risk The significant market risks to which the Company is exposed are interest rate risk and currency risk. Interest rate risk Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in market interest rate. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities. As at March 31, 2024, the Company has determined its exposure to interest rate risk is minimal. Currency risk The Company is exposed to currency risk to the extent that monetary operational expenses are denominated in both CAD and USD while the functional currency of CAD is used for reporting. The Company has not entered into any foreign currency contracts to mitigate this risk. At March 31, 2024, the Company had the following balances in monetary assets and monetary liabilities which are subject to fluctuation against CAD: Denominated in: US$000’s GBP 000’s EUR 000’s Cash 148,713 509 425 Accounts payable and accrued liabilities (343) (299) (201) Lease liability — (217) — 148,370 (7) 225 Foreign currency rate 1.3550 1.7114 1.4632 Equivalent in Canadian dollars $ 201,041 $ (12) $ 329 Impact of 10% change in foreign currency rate $ 20,104 $ (1) $ 33 Based on the above net exposures as at March 31, 2024, and assuming that all other variables remain constant, a 10% change of the USD, GBP and EUR, against the CAD would impact net loss by approximately by $20,138. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Mar. 31, 2024 | |
Income Taxes [Abstract] | |
INCOME TAX | INCOME TAX Major items causing the Company’s income tax rate to differ from the Canadian statutory rate of approximately 26.5% are as follows: Year ended March 31, 2024 2023 Net loss before income taxes $ (78,080) $ (47,490) Expected recovery at statutory rate $ 20,691 $ 12,585 Non-capital loss acquired on acquisition of subsidiary $ 11,658 $ — Share-based compensation $ (3,680) $ (1,242) Share issuance costs $ 4,420 $ 321 Difference between Canadian and foreign tax rates $ (5,440) $ (4,032) Effect of exchange on unbooked deferred tax assets $ (112) $ 438 Non-deductible expenses $ (132) $ (338) Change in unrecognized deferred tax assets $ (27,405) $ (7,732) Income tax recovery $ — $ — The significant components of the Company’s temporary differences, unused tax credits and unused tax losses, that have not been included on the consolidated statements of financial position, are as follows: As at March 31, 2024 March 31, 2023 Non-capital loss carryforwards $ 43,083 $ 19,371 Deferred compensation $ 1,474 $ 1,474 R&D expenditures $ 1,681 $ 1,053 Share issuance costs $ 4,361 $ 1,303 Depreciation/CCA differences $ 7 $ (6) Other $ — $ 6 $ 50,606 $ 23,201 Valuation allowance $ (50,606) $ (23,201) $ — $ — The non-capital losses in Canada expire as follows: Year of expiry 2040 $ 740 2041 $ 19,193 2042 $ 12,234 2043 $ 10,704 2044 $ 24,397 $ 67,268 This loss carryforward in the United States consists of: Pre-acquisition loss generated in the period ended December 4, 2020 $ 992 Post-acquisition loss generated in the period ending March 31, 2021 $ 1,323 Loss generated in the year ending March 31, 2022 $ 5,849 Loss generated in the year ending March 31, 2023 $ 5,311 Loss generated in the year ending March 31, 2024 $ 2,792 $ 16,267 Although the US federal losses carryforward indefinitely, they are subject to restrictions on their deductibility. The deductibility of the pre-acquisition loss and the post-acquisition loss is restricted to 80% of taxable income in the year of deduction. The pre-acquisition loss is further restricted to an annual limitation under Section 382. As at March 31, 2024, the annual limitation was $144. Massachusetts allows for a 20-year carryforward period for restricted and unrestricted losses without limitation. The non-capital losses in Ireland expire as follows: Year of expiry 2042 $ 22,965 2043 $ 23,017 2044 $ 33,857 $ 79,839 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2024 | |
Events after reporting period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On April 1, 2024, pursuant to the provisions of the Business Corporations Act (Ontario), Small Pharma completed a horizontal amalgamation with Cybin Corp., with Cybin Corp. being the resulting entity. As a result of this amalgamation, Cybin UK Ltd. is now a wholly-owned subsidiary of Cybin Corp. On April 5, 2024, the Company granted options to purchase up to 11,715,000 Common Shares, of which 7,250,000 were granted to officers and 4,465,000 were granted to employees. The granted options have an exercise price of $0.56 per Common Share. All the options expire on April 5, 2029. 1,464,375 options vest immediately and 10,250,625 options vest over two years. On May 5, 2024, the Company cancelled options(price ranged from $0.715 to $3.15) to purchase up to 45,586,900 Common Shares. |
MATERIAL ACCOUNTING POLICY IN_2
MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Statement of compliance | Statement of compliance The Company’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) . The policies applied to these consolidated financial statements are based on IFRS, which have been applied consistently to all periods presented. These consolidated financial statements were issued and effective as at June 25, 2024, the date the Board of Directors approved these consolidated financial statements. |
Basis of measurement | Basis of measurement These consolidated financial statements have been prepared on a going concern basis, under the historical cost convention, except for certain financial instruments classified at fair value upon initial recognition. |
Functional and presentation currency | Functional and presentation currency The functional currency of a company is the currency of the primary economic environment in which the company operates. The presentation currency for a company is the currency in which the company chooses to present its financial statements. These consolidated financial statements are presented in Canadian dollars, the Company’s presentation currency. The subsidiaries’ functional currencies are as follows: Entity Currency Ownership Cybin Corp. Canadian dollars 100% Journey Canadian dollars 100% Serenity Canadian dollars 100% Cybin US 1 Canadian dollars 100% Adelia U.S. dollars 100% Cybin IRL U.S. dollars 100% Cybin UK Ltd .2 Great Britain pounds 100% Small Pharma Inc. (“Small Pharma”) 2 Canadian dollars 100% 1 For accounting purposes, Cybin US is a wholly-owned subsidiary of Cybin. Certain Former Adelia Shareholders (as defined below) hold Class B Shares (defined below) in Cybin US. 2 Cybin UK Ltd and Small Pharma Inc. which were acquired on October 23, 2023. Cybin UK Ltd. was formerly Small Pharma Ltd. and was a wholly-owned subsidiary of Small Pharma Inc. On April 1, 2024 Small Pharma Inc was amalgamated with Cybin Corp. |
Basis of consolidation | CORPORATE INFORMATION Cybin Inc. (“Cybin”), was incorporated under the Business Corporations Act (British Columbia) on October 13, 2016. These consolidated financial statements include the accounts of Cybin’s eight subsidiaries (together with Cybin, the “Company”): Cybin Corp., Natures Journey Inc. (“Journey”), Serenity Life Sciences Inc. (“Serenity”), Cybin US Holdings Inc. (“Cybin US”), Adelia Therapeutics Inc. (“Adelia”) Cybin IRL Limited (“Cybin IRL”), Cybin UK Ltd., and Small Pharma Inc. (“Small Pharma”). Cybin’s head office, principal address and registered address and records office is 100 King Street West, Suite 5600, Toronto, Ontario M5X 1C9. The Company is a biopharmaceutical company focused on advancing psychedelic-based therapies, delivery mechanisms, novel compounds and protocols as potential treatments for various psychiatric and neurological conditions. The Company is developing technologies and delivery systems aimed at improving the pharmacokinetics of its psychedelic-based molecules while retaining the therapeutic benefit. These new molecules and delivery systems are expected to be studied through clinical trials to confirm safety and efficacy. These consolidated financial statements as at, and for the year ended, March 31, 2024 were approved and authorized for issue by the board of directors on June 25, 2024. Stock exchange listings Cybin’s common shares (“Common Shares”) are listed for trading on the Cboe Canada Exchange Inc. (“Cboe’) and NYSE American LLC under the symbol “CYBN” and on the Frankfurt Stock Exchange under the symbol “R7E1”. Basis of consolidation The Company consolidates entities which it controls. Control exists when the Company has the power, directly and indirectly to govern the financial and operating policies of an entity and be exposed to the variable returns from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are comprised of cash on deposit and highly liquid short-term interest-bearing variable rate investments with an original maturity of three months or less, or which are readily convertible into a known amount of cash with no significant changes. As at March 31, 2024 and March 31, 2023 there were no cash equivalents. |
Inventories | Inventories Inventories include raw materials and finished goods. Raw materials are stated at the lower of cost and replacement cost with cost determined on a first-in, first-out basis. The Company monitors the shelf life and expiry of finished goods to determine when inventory values are not recoverable and a write-down is necessary. |
Equipment | Equipment Equipment consists of lab and computer equipment and are recorded at cost less accumulated depreciation and accumulated impairment losses. Cost includes all expenditures incurred to bring the asset to the location and condition necessary for them to be operating in the manner intended by management. Depreciation is recognized based on the cost of the item less its estimated residual value, over its estimated useful life on a straight-line basis at the following rates: • Lab equipment– 5 years • Computer equipment– 3 years |
Intangible Assets | Intangible Assets Intangible assets include expenditures related to obtaining patents, software related items and in-process research and development (“IPR&D”). The amortization of software related items begins when the software is in use and will be amortized on a straight-line basis over a period of 3 years. The amortization of patent costs commences when the associated products are available for commercial sale and is amortized on a straight-line basis over its respective legal lives or economic life, if shorter. Patents have an estimated useful life of 17 years. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate. Acquired IPR&D is capitalized based on technical feasibility and remains on the balance sheet, subject to impairment. Acquired IPR&D is initially measured at fair value and recognized as an indefinite-lived intangible asset until completion or abandonment of the related project. Amortization commences when the assets become available for use. Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in operations as incurred. |
Goodwill | Goodwill Goodwill represents the excess of the consideration transferred for the acquisition of an entity over the fair value of the net identifiable assets. Goodwill is initially measured at cost, and subsequently recorded at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company’s cash-generating units (“CGUs”) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those CGUs. The Company tests for impairment annually, or when indications of impairment exist. Impairment is determined for goodwill by assessing if the carrying value of CGUs, including goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal and the value in use. Impairment losses recognized in respect of the CGUs are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the CGUs. Any goodwill impairment is recorded in the consolidated statement of loss and comprehensive loss. |
Impairment of long-lived assets | Impairment of long-lived assets |
Financial instruments | Financial instruments Recognition and initial measurement The Company initially recognizes financial instruments on the trade date, which is the date on which the Company becomes a party to the contractual provisions of the instrument. A financial asset or financial liability is measured initially at fair value plus/minus, for an item not at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or use. Classification Financial asset On initial recognition, a financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (“FVOCI”), or FVTPL. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company currently measures accounts receivable at amortized cost. A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated as at FVTPL: • The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in FVOCI. This election is made on an investment-by-investment basis. The Company has not elected to present any assets as FVOCI. Cash is measured at FVTPL. In addition, on initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost as FVOCI or FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Business model assessment The Company makes an assessment of the objective of a business model in which an asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes: • The stated policies and objectives for the portfolio and the operation of those policies in practice. In particular, whether management’s strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets or realizing cash flows through the sale of the assets; • How the performance of the portfolio is evaluated and reported to the Company’s management; • The risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; • How managers of the business are compensated (e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected); and • The frequency, volume and timing of sales in prior periods, the reasons for such sales and its expectation about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of the Company’s stated objective for managing the financial asset is achieved and how cash flows are realized. Assessment whether contractual cash flows are solely payments of principal and interest For the purpose of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of the contractual cash flows such that it would not meet this condition. In making the assessment, the Company considers: • contingent events that would change the amount and timing of cash flows; • leverage features; • prepayment and extension terms; • terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recourse asset arrangements); and • features that modify consideration of the time value of money– e.g. periodical rest of interest rates Reclassifications The Company would reclassify a financial asset when the Company changes its business model for managing the financial asset. All reclassifications are recorded at fair value at the date of the reclassification, which becomes the new carrying value. Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Company changes its business model for managing financial assets. Financial liabilities The Company classifies its financial liabilities at amortized cost or FVTPL. The Company currently measures accounts payable, lease liabilities and accrued liabilities at amortized cost and contingent consideration payable at FVTPL. Derecognition Financial assets The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transition in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognized) and the sum of (i) the consideration received (including any new assets obtained less any new liability assumed) and (ii) cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss. Financial liabilities The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. Modifications of financial assets and financial liabilities Financial assets If the terms of a financial asset are modified, the Company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to cash flows from the original financial asset are deemed to have expired. In this case, the original financial asset is derecognized and a new financial asset is recognized at fair value. If the cash flows of the modified asset carried at amortized cost are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the Company recalculates the gross carrying amount of the financial asset and recognizes the amount arising from adjusting the gross carrying amount as a modification gain or loss in profit or loss. If such a modification is carried out because of financial difficulties of the borrower, then the gain or loss is presented together with impairment losses. In other cases, it is presented as interest income. Financial liabilities The Company derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different. In this case, a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognized in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Income and expenses are presented on a net basis only when permitted under IFRS, or for gains and losses arising from a group of similar transactions. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Company has access at that date. The fair value of a liability reflects its non-performance risk. When one is available, the Company measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Company uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price (i.e. the fair value of the consideration given or received). If the Company determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique for which any observable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognized in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out. If an asset or a liability at fair value has a bid price and an ask price, then the Company measures assets and long positions at bid price and liabilities and short positions at an ask price. Portfolio of financial assets and financial liabilities that are exposed to market risk and credit risk that are managed by the Company on the basis of the net exposure to either market or credit risk are measured on the basis of a price that would be received to sell a net long position (or paid to transfer a net short position) for the particular risk exposure. Portfolio-level adjustment e.g. bid-ask adjustment or credit risk adjustments that reflect the measurement on the basis of the net exposure are allocated to the individual assets and liabilities on the basis of the relative risk adjustment of each of the individual instruments in the portfolio. The fair value of a financial liability with a demand feature is not less than the amount payable on demand, discounted from the first date on which the amount could be required to be paid. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period during which the change has occurred. Impairment Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized costs and debt financial assets carried at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: • Significant financial difficulty of the borrower or issuer; • A breach of contract such as a default of past due event; • The restructuring of a loan or advance by the Company on terms that the Company would not consider otherwise; • It is becoming probable that the borrower will enter bankruptcy or other financial reorganization; or • The disappearance of an active market for a security because of financial difficulties. A loan that has been renegotiated due to a deterioration in the borrower’s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. Recognition of allowance of expected credit losses (“ECL”) in the consolidated statement of financial position The Company recognizes a loss allowance for ECL on trade receivables that are measured at amortized cost. The Company’s applied the simplified approach for trade receivables and recognizes the lifetime ECL for these assets. The ECL on trade receivables is estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the customers, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial assets measured at amortized cost of FVOCI, the Company recognizes lifetime ECL only when there has been a significant increase in credit risk since initial recognition. If the credit risk on such financial instruments has not increased significantly since initial recognition, the Company measures the loss allowance on those financial instruments at an amount equal to 12-months ECL. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial asset. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial asset that are possible within 12 months after the reporting date. In assessing whether the credit risk on a financial asset has increased significantly since initial recognition, the Company compares the risk of default occurring on the financial asset at the reporting date with the risk of default occurring at the initial recognition. The Company considers both quantitative and qualitative factors that are supportable, including historical experience and forward-looking information that is available without undue cost or effort. Irrespective of the above assessment, the Company presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Company has reasonable and supportable information that demonstrates otherwise. Despite the foregoing, the Company presumes that the credit risk on a financial asset has not increased significantly since initial recognition if the financial asset is determined to have low credit risk at the reporting date. The Company regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes pas due. Definition of default: For internal credit risk management purposes, the Company considers a financial asset not recoverable if the customer balance owing is 180 days past due and information obtained from the customer and other external factors indicate that the customer is unlikely to pay its creditors in full. Write-off |
Taxation | Taxation Income tax comprises current and deferred tax. Income tax is recognized in the consolidated statement of loss and comprehensive loss except to the extent that it relates to items recognized directly in equity, in which case the income tax is also recognized directly in equity. Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted, at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. Deferred income tax is recorded using the asset and liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences do not result in deferred tax assets or liabilities: the initial recognized of assets or liabilities that affect neither accounting or taxable loss; or difference relating to investment in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the consolidated statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. |
Share capital | Share capital Equity instruments are contracts that give a residual interest in the net assets of the Company. Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Common Shares and the Company’s Common Share purchase warrants, and options are classified as equity instruments. |
Share-based compensation | Share-based compensation Under the Company’s equity incentive plan, all stock options granted may have graded vesting periods and are exercisable up to a maximum of 10 years form the date of grant. Each tranche of an award with graded vesting periods is considered a separate grant at each grant date for the calculation of fair value, and the resulting fair value is amortized over the vesting period of the respective tranches. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted, the estimated volatility, estimated risk free rate and estimated forfeitures. If a grant of the share-based payments is cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied or options granted in error and cancelled retroactively), the Company accounts for the cancellation or settlement as an acceleration of vesting, and recognizes immediately the amount that otherwise would have been recognized for services over the remainder of the vesting period. The amount recognized for goods or services received during the vesting period is based on the best available estimate of the number of equity instruments anticipated to vest. The Company revises that estimate, if necessary, if subsequent information indicates that the number of share options anticipated to vest differs from previous estimates. On the vesting date, the Company revises the estimate to equal the number of equity instrument that ultimately vested. After the vesting date, the Company makes no subsequent adjustment to total equity for goods or services received if the share options are later forfeited or they expire at the end of the share option’s life. If a grant of the share based payment is modified during the vesting period (other than a grant cancelled by forfeiture when |
Warrants | Warrants |
Loss per share | Loss per share Basic loss per share is calculated using the weighted-average number of shares outstanding during the period. The diluted earnings (loss) per share reflects the potential dilution of Common Share equivalents, such as outstanding stock options and warrants, in the weighted average number of Common Shares outstanding during the period, if they are dilutive. |
Currency translation | Currency translation All figures presented in the consolidated financial statements are reflected in Canadian dollars unless otherwise noted. Foreign currency transactions are translated into Canadian dollars at exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the consolidated statement of financial position date are translated to Canadian dollars at the foreign exchange rate applicable as that date. Realized and unrealized exchange gains and losses are recognized through profit or loss. The assets and liabilities of foreign operations are translated into Canadian dollars at period-end exchange rates. Income and expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in other comprehensive income (loss) and accumulated separately in shareholders’ equity. |
Provisions | Provisions Provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the consolidated statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to |
New standards and interpretations not yet adopted | New standards and interpretations not yet adopted IAS 1, Presentation of Financial Statements ("IAS 1") - Classification of Liabilities as Current or Non-Current In January 2020, the IASB issued amendments to IAS 1. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the consolidated statements of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The Company has determined that adoption of these amendments has no significant effect on the Company's consolidated financial statements. All other IFRS and amendments issued but not yet effective have been assessed by the Company and are not expected to have a material impact on the Company's consolidated financial statements. New standards and interpretations Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2, Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policies disclosures that are more useful by replacing the requirement for entities to disclose "significant" accounting policies with a requirement to disclose their "material" accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to IFRS Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The Company has determined that adoption of these amendments has no significant effect on the Company's consolidated financial statements. IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors ("IAS 8") - Definition of Accounting Estimates In February 2021, the IASB amendments to IAS 8. The amendment will require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarifies how to distinguish changes in accounting policies from changes in accounting estimates. Under the new definition, accounting estimates are "monetary amounts in financial statements that are subject to measurement uncertainty". The amendment provides clarification to help entities to distinguish between accounting policies and accounting estimates. The amendments are effective for annual periods beginning on or after January 1, 2023. The Company has determined that adoption of these amendments has no significant effect on the Company's consolidated financial statements. IAS 12, Income Taxes ("IAS 12") - Deferred Tax related to Assets and Liabilities Arising from a Single Transaction In May 2021, the IASB issued amendments to IAS 12. The amendment narrows the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal taxable and deductible temporary differences. As a result, companies will need to recognize a deferred tax asset and deferred tax liability for temporary differences arising on initial recognition of transactions such as leases and decommissioning obligations. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and are to be applied retrospectively. The Company has determined that adoption of these amendments has no significant effect on the Company's consolidated financial statements. |
MATERIAL ACCOUNTING POLICY IN_3
MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of subsidiaries and functional currencies | The subsidiaries’ functional currencies are as follows: Entity Currency Ownership Cybin Corp. Canadian dollars 100% Journey Canadian dollars 100% Serenity Canadian dollars 100% Cybin US 1 Canadian dollars 100% Adelia U.S. dollars 100% Cybin IRL U.S. dollars 100% Cybin UK Ltd .2 Great Britain pounds 100% Small Pharma Inc. (“Small Pharma”) 2 Canadian dollars 100% 1 For accounting purposes, Cybin US is a wholly-owned subsidiary of Cybin. Certain Former Adelia Shareholders (as defined below) hold Class B Shares (defined below) in Cybin US. 2 Cybin UK Ltd and Small Pharma Inc. which were acquired on October 23, 2023. Cybin UK Ltd. was formerly Small Pharma Ltd. and was a wholly-owned subsidiary of Small Pharma Inc. |
ACQUISITION (Tables)
ACQUISITION (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Disclosure of detailed information about business combination [abstract] | |
Disclosure of detailed information about business combination | Acquisition Summary Share Consideration $ 53,481 Fair value of purchaser consideration $ 53,481 Provisional Allocation of Purchase Price Cash $ 7,632 Current assets $ 510 Net equipment $ 37 Intellectual property $ 29,339 Right of use asset $ 412 Lease liability $ (415) Liabilities assumed $ (6,686) Goodwill $ 22,652 Total allocation of purchase price $ 53,481 The following revenue and net loss is attributable to the period from Acquisition date to March 31, 2024 and included in these consolidated financial statements. Revenue $ — Net loss $ (1,666) |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment1 [Abstract] | |
Schedule of equipment | Equipment consists as follows: Lab Equipment Computer Equipment Total Cost $ $ $ Balance as at March 31, 2022 475 238 713 Additions 142 — 142 Effect of foreign exchange 47 1 48 Balance as at March 31, 2023 664 239 903 Acquisition from Small Pharma — 37 37 Additions — 21 21 Computer equipment write-down — (33) (33) Effect of foreign exchange — 1 1 Balance as at March 31, 2024 664 266 930 Accumulated Depreciation Balance as at March 31, 2022 138 84 222 Depreciation charge 135 79 214 Effect of foreign exchange 17 — 17 Balance as at March 31, 2023 290 163 453 Depreciation charge 137 86 223 Computer equipment write-down — (15) (15) Effect of foreign exchange 3 — 3 Balance as at March 31, 2024 430 234 664 Net book value as at March 31, 2023 374 76 450 Net book value as at March 31, 2024 234 32 266 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets | IP Research & Development Patents Licenses Software Total Cost $ $ $ $ $ Balance as at March 31, 2022 1,566 443 — 74 2,083 Additions 1,342 495 1,330 — 3,167 Effect of foreign exchange 168 40 49 — 257 Balance as at March 31, 2023 3,076 978 1,379 74 5,507 Acquisition of Small Pharma 29,339 — — — 29,339 Additions — 689 — — 689 Effect of foreign exchange 25 1 2 — 28 Balance as at March 31, 2024 32,440 1,668 1,381 74 35,563 Accumulated Amortization Amortization charge — — 19 18 37 Balance as at March 31, 2023 — — 19 18 37 Amortization charge — — 37 24 61 Balance as at March 31, 2024 — — 56 42 98 Net book value as at March 31, 2023 3,076 978 1,360 56 5,470 Net book value as at March 31, 2024 32,440 1,668 1,325 32 35,465 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Presentation of leases for lessee [abstract] | |
Disclosure of quantitative information about right-of-use assets [text block] | RIGHT-OF-USE -ASSET Cost Balance as at March 31, 2023 $ — Additions $ 412 Effect of foreign exchange $ 12 Balance as at March 31, 2024 $ 424 Accumulated amortization Balance as at March 31, 2023 $ — Amortization $ 140 Effect of foreign exchange $ 3 Balance as at March 31, 2024 $ 143 Net book value, March 31, 2024 $ 281 |
Disclosure of maturity analysis of operating lease payments [text block] | LEASE LIABILITY Balance as at March 31, 2023 $ — Additions 415 Interest accretion 8 Effect of foreign exchange 17 Payments (149) Balance as at March 31, 2024 291 Current lease liabilities $ 291 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill [Abstract] | |
Schedule of goodwill | Goodwill is recognized at the acquisition date when total consideration exceeds the net identifiable assets acquired. Cost $ Balance as at March 31, 2022 22,892 Effect of foreign exchange 1,900 Balance as at March 31, 2023 24,792 Acquisition from Small Pharma 22,652 Effect of foreign exchange 31 Balance as at March 31, 2024 47,475 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Share Capital, Reserves, and Other Equity Interest [Abstract] | |
Summary of share capital | Cybin US Class B Shares Number of Class B Shares Balance as at March 31, 2022 1,047,135.1 Issued on achievement of milestones 360,374.2 Converted into Common Shares (876,967.2) Balance as at March 31, 2023 530,542.1 Converted to Common Shares (494,457.4) Balance as at March 31, 2024 36,084.7 |
Summary of warrants | The continuity of the outstanding warrants for the years ended March 31, 2024 and March 31, 2023, are as follows: Number of Warrants Weighted average exercise price $ Common Share Purchase Warrants As at March 31, 2022 25,548,836 1.22 Exercised (1,164,638) 0.31 Expired (1,153,713) 0.75 As at March 31, 2023 23,230,485 1.29 Issued 90,931,373 0.67 Exercised (101,000) 0.53 Expired (7,805,360) 3.47 Outstanding as at March 31, 2024 106,255,498 0.60 Exercisable as at March 31, 2024 39,588,831 0.44 Unit Purchase Warrants (1) As at March 31, 2022 868,740 2.25 Exercised — — As at March 31, 2023 868,740 2.25 Expired (868,740) 2.25 Outstanding as at March 31, 2024 — — Exercisable as at March 31, 2024 — — (1) Each unit consisted of one Common Share and one half of one Common Share purchase warrant, with each Common Share purchase warrant being exercisable to acquire one Common Share at an exercise price of $3.25 per Common Share. The following summarizes information about Common Shares purchase warrants outstanding at March 31, 2024: Date of Expiry Warrants outstanding Warrants exercisable Weighted average of exercisable price Estimated grant date fair value Weighted average remaining contractual life $ $000’s Years June 15, 2025 12,800,000 12,800,000 0.25 2,319 2.21 August 20, 2025 1,475,125 1,475,125 0.64 680 2.39 November 15, 2025 1,150,000 1,150,000 0.25 220 2.63 August 4, 2028 (1) 24,163,706 24,163,706 US$0.40 4,578 4.34 May 14, 2029 (2) 66,666,667 — US$0.51 17,842 5.12 106,255,498 39,588,831 0.44 25,639 4.38 1) On August 4, 2023, the August 2023 Warrants were issued at US$0.40 which was equivalent to $0.53. (2) On November 14, 2023, the November 2023 Warrants were issued at US$0.51 which was equivalent to $0.70. |
Summary of significant unobservable inputs used, equity | The Company estimated the aggregate fair value of the August 2023 Warrants using the Black-Scholes option pricing model to be $4,600(US$3,442) with the following assumptions: Risk-free interest rate 3.87% Expected annual volatility rate based on comparable companies 95.0% Expected life (in years) 5 Expected divided yield 0.00% Share price US$0.34 Exercise price US$0.40 The Company estimated the aggregate fair value of the November 2023 Warrants using the Black- Scholes option pricing model to be $17,842(US$12,299) with the following assumptions: Risk-free interest rate 3.76% Expected annual volatility rate based on comparable companies 95.0% Expected life (in years) 5.5 Expected divided yield 0.00% Share price US$0.46 Exercise price US$0.51 |
Summary of number and weighted average exercise prices of share options | The changes in options for the years ended March 31, 2024 and 2023 are as follows: Number of Options Weighted average exercise price $ As at March 31, 2022 28,885,002 1.45 Granted 2,475,000 0.91 Forfeited/Expired (1,790,202) 2.20 As at March 31, 2023 29,569,800 1.36 Granted 38,445,000 0.69 Forfeited/Expired (1,813,800) 1.16 Outstanding as at March 31, 2024 66,201,000 0.93 Exercisable as at March 31, 2024 56,449,750 0.98 The following summarizes information about stock options outstanding on March 31, 2024: Exercise Price Number of options outstanding Number of options exercisable Weighted average remaining life Recognized estimated grant date fair value Expiry date $ Years $000’s June 15, 2025 0.25 2,350,000 2,350,000 1.21 420 June 30, 2025 0.90 500,000 500,000 1.25 183 August 14, 2025 1.00 737,500 737,500 1.37 429 September 30, 2025 0.75 270,000 260,625 1.50 97 October 12, 2025 0.75 3,000,000 3,000,000 1.53 1,607 November 4, 2025 0.75 5,700,000 5,700,000 1.60 3,057 November 13, 2025 0.88 500,000 500,000 1.62 315 November 15, 2025 0.75 375,000 375,000 1.63 110 November 15, 2025 0.91 200,000 200,000 1.63 53 December 11, 2025 1.48 700,000 700,000 1.70 741 December 14, 2025 1.74 1,589,100 1,589,100 1.71 1,971 December 28, 2025 1.89 760,000 760,000 1.74 1,027 January 2, 2026 1.89 225,000 225,000 1.76 304 February 15, 2026 2.03 150,000 150,000 1.88 218 February 16, 2026 2.03 150,000 150,000 1.88 218 March 10, 2026 1.39 1,186,300 1,186,300 1.94 1,185 March 15, 2026 1.55 300,000 300,000 1.95 360 March 28, 2026 1.36 1,575,000 1,575,000 1.99 1,540 March 29, 2026 1.32 37,500 37,500 1.99 36 March 31, 2026 1.35 250,000 250,000 2.00 243 June 28, 2026 2.90 3,160,000 3,160,000 2.24 6,589 August 16, 2026 2.48 215,000 215,000 2.38 383 August 18, 2026 2.48 300,000 300,000 2.38 519 September 26, 2026 0.79 975,000 975,000 2.49 439 Exercise Price Number of options outstanding Number of options exercisable Weighted average remaining life Recognized estimated grant date fair value September 27, 2026 2.87 195,000 195,000 2.49 403 September 27, 2026 3.15 545,000 545,000 2.49 1,105 November 16, 2026 0.72 500,000 125,000 2.63 81 December 31, 2026 1.50 1,250,000 1,250,000 2.75 1,352 December 31, 2026 3.15 20,000 20,000 2.75 18 March 4, 2027 1.13 1,075,600 1,075,600 2.92 878 March 4, 2027 3.15 40,000 40,000 2.92 25 March 8, 2027 1.02 400,000 400,000 2.93 295 June 30, 2027 1.00 65,000 65,000 3.25 32 August 14, 2027 1.00 20,000 20,000 3.37 14 September 30, 2027 1.00 220,000 190,625 3.50 95 June 30, 2028 0.44 11,310,000 6,805,000 4.25 3,297 September 26, 2028 0.79 235,000 105,000 4.49 98 November 16, 2028 0.72 25,100,000 20,412,500 4.63 9,438 March 20, 2029 0.56 20,000 5,000 4.97 2 66,201,000 56,449,750 2.40 39,177 |
Summary of measurement of stock option fair value assumptions | The aggregate estimated grant date fair value was determined to be $4,080, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.47 Exercise price $ 0.44 The aggregate estimated grant date fair value was determined to be $577, calculated using the Black-Scholes option pricing model with the following assumptions: Options expiring on September 26, 2026. Risk-free interest rate 4.68% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3.00 Expected dividend yield 0.00% Share price $ 0.79 Exercise price $ 0.79 Options expiring on September 26, 2028. Risk-free interest rate 4.28% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.79 Exercise price $ 0.79 The aggregate estimated grant date fair value was determined to be $10,907, calculated using the Black-Scholes option pricing model with the following assumptions: Options expiring on November 16, 2026. Risk-free interest rate 4.28% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3.00 Expected dividend yield 0.00% Share price $ 0.60 Exercise price $ 0.72 Options expiring on November 16, 2028. Risk-free interest rate 4.28% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.60 Exercise price $ 0.72 The aggregate estimated grant date fair value was determined to be $8, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.52% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.56 Exercise price $ 0.56 Risk-free interest rate 3.10% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 1.00 Risk-free interest rate 3.14% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 0.90 Risk-free interest rate 3.11% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.97 Exercise price $ 1.00 Risk-free interest rate 2.88% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.97 Exercise price $ 1.00 Risk-free interest rate 3.72% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 0.75 Risk-free interest rate 3.32% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 1.00 Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.91 Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.75 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Related Party [Abstract] | |
Schedule of remuneration of key management personnel | The remuneration of key management personnel for the years ended March 31, 2024 and 2023 are as follows: Year ended March 31, 2024 2023 $ $ Payroll, consulting and benefits (1) 6,406 5,966 Share-based compensation Options 8,643 2,346 Warrants — 3 Total 15,049 8,315 (1) For the year ended March 31, 2024, includes $ 5,145 presented in the consolidated statement of loss and comprehensive loss as a part of “General and administrative costs” and $ 1,261 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
Schedule of General and Administrative Expenses | Year ended March 31, 2024 2023 $ $ Payroll, consulting and benefits 8,248 6,272 Capital market 11,519 6,323 Office and administration 2,945 3,731 Professional and consulting fees 4,918 2,142 Investor relations 1,896 984 Marketing media 1,895 881 Business development 896 654 Listing fees 271 354 Total 32,588 21,341 |
RESEARCH EXPENSES (Tables)
RESEARCH EXPENSES (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Analysis of income and expense [abstract] | |
Schedule Of Research Expenses | Year ended March 31, 2024 2023 $ $ Advancement of development programs 22,799 14,360 Payroll and benefits 8,319 8,830 Professional and consulting fees 210 1,159 Lab and administration 1,034 1,142 Total 32,362 25,491 |
CAPITAL MANAGEMENT (Tables)
CAPITAL MANAGEMENT (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Capital Management [Abstract] | |
Disclosure Of Capital Structure | The Company’s capital structure includes the following: As at March 31, 2024 March 31, 2023 $ $ Shareholders’ equity comprised of: Share capital 443,877 158,162 Contributed surplus 11,750 2,102 Options reserve 39,177 27,283 Warrants reserve 25,639 10,873 Accumulated other comprehensive loss (2,285) (2,035) Deficit (226,231) (148,151) Total 291,927 48,234 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Financial Instruments [Abstract] | |
Schedule of Financial Assets | The Company has classified its financial instruments as follows: As at March 31, 2024 March 31, 2023 $ $ Financial assets, measured at fair value: Cash 208,992 16,633 Financial assets, measured at amortized cost: Accounts receivable 254 42 Financial liabilities, measured at amortized cost: Accounts payable and accrued liabilities 9,805 5,663 Lease liabilities 291 — |
Schedule of Financial Liabilities | The Company has classified its financial instruments as follows: As at March 31, 2024 March 31, 2023 $ $ Financial assets, measured at fair value: Cash 208,992 16,633 Financial assets, measured at amortized cost: Accounts receivable 254 42 Financial liabilities, measured at amortized cost: Accounts payable and accrued liabilities 9,805 5,663 Lease liabilities 291 — |
Schedule of Changes in Fair Value of Financial Assets | The following table presents the changes in level 3 financial assets for the for two years ended March 31, 2024 : $ Balance as at March 31, 2022 242 Interest income 18 Change in fair value of investments measured at fair value through profit or loss (260) Balance as at March 31, 2023 — Interest income — Change in fair value of investments measured at fair value through profit or loss — Balance as at March 31, 2024 — |
Schedule of Quantitative Information of Significant Unobservable inputs in Fair Value Measurements | The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Description Fair Value as at Unobservable inputs Range of inputs Relationship of unobservable inputs to fair value March 31, 2024 March 31, 2023 $ $ Rx Hybrid Instrument — — Fair value interest rate of loan and conversion feature 10% Increase/decrease in the fair value rate by 1% would not have a material effect on the fair value of the investment |
Disclosure of Monetary Assets and Liabilities Currency Risk Fluctuations | At March 31, 2024, the Company had the following balances in monetary assets and monetary liabilities which are subject to fluctuation against CAD: Denominated in: US$000’s GBP 000’s EUR 000’s Cash 148,713 509 425 Accounts payable and accrued liabilities (343) (299) (201) Lease liability — (217) — 148,370 (7) 225 Foreign currency rate 1.3550 1.7114 1.4632 Equivalent in Canadian dollars $ 201,041 $ (12) $ 329 Impact of 10% change in foreign currency rate $ 20,104 $ (1) $ 33 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income Taxes [Abstract] | |
Major items causing the income tax rate to differ from the Canadian statutory rate | Major items causing the Company’s income tax rate to differ from the Canadian statutory rate of approximately 26.5% are as follows: Year ended March 31, 2024 2023 Net loss before income taxes $ (78,080) $ (47,490) Expected recovery at statutory rate $ 20,691 $ 12,585 Non-capital loss acquired on acquisition of subsidiary $ 11,658 $ — Share-based compensation $ (3,680) $ (1,242) Share issuance costs $ 4,420 $ 321 Difference between Canadian and foreign tax rates $ (5,440) $ (4,032) Effect of exchange on unbooked deferred tax assets $ (112) $ 438 Non-deductible expenses $ (132) $ (338) Change in unrecognized deferred tax assets $ (27,405) $ (7,732) Income tax recovery $ — $ — |
Significant components of deferred tax assets | The significant components of the Company’s temporary differences, unused tax credits and unused tax losses, that have not been included on the consolidated statements of financial position, are as follows: As at March 31, 2024 March 31, 2023 Non-capital loss carryforwards $ 43,083 $ 19,371 Deferred compensation $ 1,474 $ 1,474 R&D expenditures $ 1,681 $ 1,053 Share issuance costs $ 4,361 $ 1,303 Depreciation/CCA differences $ 7 $ (6) Other $ — $ 6 $ 50,606 $ 23,201 Valuation allowance $ (50,606) $ (23,201) $ — $ — |
Non-capital losses expiration | Year of expiry 2040 $ 740 2041 $ 19,193 2042 $ 12,234 2043 $ 10,704 2044 $ 24,397 $ 67,268 This loss carryforward in the United States consists of: Pre-acquisition loss generated in the period ended December 4, 2020 $ 992 Post-acquisition loss generated in the period ending March 31, 2021 $ 1,323 Loss generated in the year ending March 31, 2022 $ 5,849 Loss generated in the year ending March 31, 2023 $ 5,311 Loss generated in the year ending March 31, 2024 $ 2,792 $ 16,267 The non-capital losses in Ireland expire as follows: Year of expiry 2042 $ 22,965 2043 $ 23,017 2044 $ 33,857 $ 79,839 |
CORPORATE INFORMATION (Details)
CORPORATE INFORMATION (Details) | Mar. 31, 2024 subsidiary |
Corporate information and statement of IFRS compliance [abstract] | |
Number of subsidiaries | 8 |
MATERIAL ACCOUNTING POLICY IN_4
MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION - Functional and presentation currency (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Cybin Corp. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Journey | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Serenity | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Cybin US | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Adelia | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Cybin IRL | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Cybin UK Ltd. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Small Pharma Inc. ("Small Pharma") | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
MATERIAL ACCOUNTING POLICY IN_5
MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION - Cash and cash equivalents (Details) - CAD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Accounting Policies [Abstract] | ||
Cash equivalents | $ 0 | $ 0 |
MATERIAL ACCOUNTING POLICY IN_6
MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION - Equipment and Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Computer software | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of intangible assets | 3 years |
Patents | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of intangible assets | 17 years |
Lab Equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of equipment | 5 years |
Computer Equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of equipment | 3 years |
MATERIAL ACCOUNTING POLICY IN_7
MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION - Share-based compensation (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Exercisable period | 10 years |
ACQUISITION - Narrative (Detail
ACQUISITION - Narrative (Details) $ / shares in Units, $ in Thousands | 5 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 CAD ($) | Mar. 31, 2024 CAD ($) | Mar. 31, 2023 CAD ($) | Oct. 23, 2023 shares patent_family patent application $ / shares | Feb. 28, 2023 CAD ($) | |
Disclosure of detailed information about business combination [line items] | |||||
Net loss for the year | $ (78,080) | $ (47,490) | |||
Small Pharma Inc. ("Small Pharma") | |||||
Disclosure of detailed information about business combination [line items] | |||||
Ratio of common shares issued | 24.09% | ||||
Number of instruments or interests issued or issuable (in shares) | shares | 80,945,254 | ||||
Unexercised stock options in subsidiary, compensation for cancellation (in CAD per share) | $ / shares | $ 0.001 | ||||
Number of active patent families | patent_family | 17 | ||||
Number of pending patent applications | application | 92 | ||||
Number of granted patents | patent | 30 | ||||
Net loss for the year | $ (1,666) | ||||
Small Pharma Inc. ("Small Pharma") | Canada | |||||
Disclosure of detailed information about business combination [line items] | |||||
Deferred tax liability (asset) | $ 9,393 | ||||
Small Pharma Inc. ("Small Pharma") | United Kingdom | |||||
Disclosure of detailed information about business combination [line items] | |||||
Deferred tax liability (asset) | $ 46,631 |
ACQUISITION - Details of acquis
ACQUISITION - Details of acquisition (Details) - Small Pharma Inc. ("Small Pharma") $ in Thousands | Oct. 23, 2023 CAD ($) |
Disclosure of detailed information about business combination [line items] | |
Fair value of purchaser consideration | $ 53,481 |
Cash | 7,632 |
Cash | 510 |
Net equipment | 37 |
Intellectual property | 29,339 |
Right of use asset | 412 |
Lease liability | (415) |
Liabilities assumed | (6,686) |
Goodwill | 22,652 |
Total allocation of purchase price | $ 53,481 |
ACQUISITION - Results since acq
ACQUISITION - Results since acquisition (Details) - CAD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of detailed information about business combination [line items] | |||
Net loss for the year | $ (78,080) | $ (47,490) | |
Small Pharma Inc. ("Small Pharma") | |||
Disclosure of detailed information about business combination [line items] | |||
Revenue | $ 0 | ||
Net loss for the year | $ (1,666) |
EQUIPMENT (Details)
EQUIPMENT (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | $ 450 | |
Balance at end of period | 266 | $ 450 |
Net book value | 266 | 450 |
Lab Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 374 | |
Balance at end of period | 234 | 374 |
Net book value | 234 | 374 |
Computer Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 76 | |
Balance at end of period | 32 | 76 |
Net book value | 32 | 76 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 903 | 713 |
Additions | 21 | 142 |
Acquisition from Small Pharma | 37 | |
Computer equipment write-down | (33) | |
Effect of foreign exchange | (1) | (48) |
Balance at end of period | 930 | 903 |
Net book value | 930 | 903 |
Cost | Lab Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 664 | 475 |
Additions | 0 | 142 |
Acquisition from Small Pharma | 0 | |
Computer equipment write-down | 0 | |
Effect of foreign exchange | 0 | (47) |
Balance at end of period | 664 | 664 |
Net book value | 664 | 664 |
Cost | Computer Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | 239 | 238 |
Additions | 21 | 0 |
Acquisition from Small Pharma | 37 | |
Computer equipment write-down | (33) | |
Effect of foreign exchange | (1) | (1) |
Balance at end of period | 266 | 239 |
Net book value | 266 | 239 |
Accumulated Depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | (453) | (222) |
Computer equipment write-down | (15) | |
Depreciation charge | 223 | 214 |
Effect of foreign exchange | 3 | 17 |
Balance at end of period | (664) | (453) |
Net book value | (664) | (453) |
Accumulated Depreciation | Lab Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | (290) | (138) |
Computer equipment write-down | 0 | |
Depreciation charge | 137 | 135 |
Effect of foreign exchange | 3 | 17 |
Balance at end of period | (430) | (290) |
Net book value | (430) | (290) |
Accumulated Depreciation | Computer Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance at beginning of period | (163) | (84) |
Computer equipment write-down | (15) | |
Depreciation charge | 86 | 79 |
Effect of foreign exchange | 0 | 0 |
Balance at end of period | (234) | (163) |
Net book value | $ (234) | $ (163) |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Jul. 11, 2022 CAD ($) | Mar. 31, 2024 CAD ($) | Mar. 31, 2023 CAD ($) patent | Mar. 31, 2023 USD ($) patent | |
Intangible Assets [Abstract] | ||||
Disclosure of intangible assets material to entity [text block] | IP Research & Development See note 4 for information on the Small Pharma Acquisition. On July 11, 2022, the Company completed the acquisition of a Phase 1 N,N-dimethyltryptamine (“DMT”) study (the “DMT Acquisition”) from Entheon Biomedical Corp. to accelerate the clinical development path for CYB004, Cybin’s proprietary deuterated DMT molecule for the potential treatment of anxiety disorders. The Company paid $1,000 for the DMT Acquisition, and assumed liabilities of $342. Licenses During the year ended March 31, 2023, the Company entered into multiple licensing agreements that provide Cybin with additional access to IP from over 15 more patents or patent applications, including the acquisition of an exclusive license to a targeted class of tryptamine-based molecules from Mindset Pharma Inc. (“Mindset”), for which it paid a one-time license fee of $680 (US$500). The licensing agreements collectively provide the Company with access to a broad range of preclinical molecule combinations for its library of psychedelic derivative drug development candidates. In addition to the exclusive license with Mindset, the Company spent an additional $650 on a licensing agreement. Patents Costs associated with patent procurement | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | $ 5,470 | |||
Balance | $ 35,465 | $ 5,470 | ||
Number of patents | patent | 15 | 15 | ||
Intangible assets other than goodwill | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Useful life of intangible assets | 15 years | |||
Intangible assets other than goodwill | Discount rate | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Significant unobservable input, assets | 0.157 | |||
IP Research & Development | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | $ 3,076 | |||
Balance | 32,440 | $ 3,076 | ||
Intangible Assets Under Development - Upfront | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Additions | $ 1,000 | |||
Intangible Assets Under Development - Assumed Liabilities | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Additions | $ 342 | |||
Patents | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 978 | |||
Balance | $ 1,668 | 978 | ||
Useful life of intangible assets | 17 years | |||
Licenses | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | $ 1,360 | |||
Balance | 1,325 | 1,360 | ||
Licences - 1 | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Additions | 680 | $ 500 | ||
Licenses - 2 | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Additions | 650 | |||
Software | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 56 | |||
Balance | $ 32 | 56 | ||
Useful life of intangible assets | 3 years | |||
Cost | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | $ 5,507 | 2,083 | ||
Acquisition of Small Pharma | 29,339 | |||
Additions | 689 | 3,167 | ||
Effect of foreign exchange | 28 | 257 | ||
Balance | 35,563 | 5,507 | ||
Cost | IP Research & Development | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 3,076 | 1,566 | ||
Acquisition of Small Pharma | 29,339 | |||
Additions | 0 | 1,342 | ||
Effect of foreign exchange | 25 | 168 | ||
Balance | 32,440 | 3,076 | ||
Cost | Patents | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 978 | 443 | ||
Acquisition of Small Pharma | 0 | |||
Additions | 689 | 495 | ||
Effect of foreign exchange | 1 | 40 | ||
Balance | 1,668 | 978 | ||
Cost | Licenses | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 1,379 | 0 | ||
Acquisition of Small Pharma | 0 | |||
Additions | 0 | 1,330 | ||
Effect of foreign exchange | 2 | 49 | ||
Balance | 1,381 | 1,379 | ||
Cost | Software | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 74 | 74 | ||
Acquisition of Small Pharma | 0 | |||
Additions | 0 | 0 | ||
Effect of foreign exchange | 0 | 0 | ||
Balance | 74 | 74 | ||
Accumulated Depreciation | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | (37) | |||
Amortisation expense | 61 | 37 | ||
Balance | (98) | (37) | ||
Accumulated Depreciation | IP Research & Development | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 0 | |||
Amortisation expense | 0 | 0 | ||
Balance | 0 | 0 | ||
Accumulated Depreciation | Patents | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 0 | |||
Amortisation expense | 0 | 0 | ||
Balance | 0 | 0 | ||
Accumulated Depreciation | Licenses | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | (19) | |||
Amortisation expense | 37 | 19 | ||
Balance | (56) | (19) | ||
Accumulated Depreciation | Software | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | (18) | |||
Amortisation expense | 24 | 18 | ||
Balance | $ (42) | $ (18) |
LEASES - Right of use assets (D
LEASES - Right of use assets (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2024 CAD ($) | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Right-of-use assets, beginning of period | $ 0 |
Right-of-use assets, end of period | 281 |
Cost | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Right-of-use assets, beginning of period | 0 |
Additions | 412 |
Effect of foreign exchange | (12) |
Right-of-use assets, end of period | 424 |
Accumulated amortization | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Right-of-use assets, beginning of period | 0 |
Effect of foreign exchange | 3 |
Amortization | 140 |
Right-of-use assets, end of period | $ (143) |
LEASES - Lease liabilities (Det
LEASES - Lease liabilities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Presentation of leases for lessee [abstract] | ||
Lease liabilities, beginning of period | $ 0 | |
Additions | 415 | |
Interest accretion | 8 | |
Effect of foreign exchange | 17 | |
Payments | (149) | $ 0 |
Lease liabilities, end of period | 291 | 0 |
Current lease liabilities | $ 291 | $ 0 |
GOODWILL (Details)
GOODWILL (Details) | 12 Months Ended | |
Mar. 31, 2024 CAD ($) | Mar. 31, 2023 CAD ($) | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance at beginning of period | $ 24,792,000 | |
Balance at end of period | 47,475,000 | $ 24,792,000 |
Impairment loss | $ 0 | |
Goodwill | Discount rate | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Significant unobservable input, assets | 0.157 | |
Goodwill | Terminal growth rate | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Significant unobservable input, assets | 0.02 | |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance at beginning of period | $ 24,792,000 | 22,892,000 |
Acquisition from Small Pharma | 22,652,000 | |
Effect of foreign exchange | 31,000 | 1,900,000 |
Balance at end of period | $ 47,475,000 | $ 24,792,000 |
SHARE CAPITAL - Narrative - Iss
SHARE CAPITAL - Narrative - Issued Share Capital (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | |||||||||||||||||||||
Mar. 19, 2024 CAD ($) shares | Mar. 19, 2024 USD ($) $ / shares shares | Nov. 14, 2023 CAD ($) $ / shares shares | Nov. 14, 2023 USD ($) $ / shares shares | Aug. 04, 2023 CAD ($) $ / shares shares | Aug. 04, 2023 USD ($) $ / shares shares | May 30, 2023 CAD ($) shares | Aug. 31, 2022 CAD ($) $ / shares shares | Jun. 27, 2022 CAD ($) $ / shares shares | Jun. 24, 2022 CAD ($) $ / shares shares | Jun. 22, 2022 CAD ($) shares | Apr. 01, 2022 CAD ($) $ / shares shares | Mar. 31, 2024 CAD ($) $ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 CAD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Nov. 14, 2023 $ / shares | Aug. 23, 2023 CAD ($) | Aug. 04, 2023 $ / shares | Aug. 08, 2022 CAD ($) | Mar. 31, 2022 shares | Feb. 04, 2021 | |
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of common shares held in escrow (in shares) | 15,807,443 | 15,807,443 | 0 | 0 | ||||||||||||||||||
Common stock shares, authorized value | $ | $ 35 | $ 35,000 | ||||||||||||||||||||
Payments for share issue costs | $ | $ 832 | $ 950 | ||||||||||||||||||||
Percentage of outstanding common shares | 0.0999 | |||||||||||||||||||||
Professional and consulting fees | $ | 4,918 | 2,142 | ||||||||||||||||||||
Shares issued on Adelia milestones | $ | $ 2,988 | |||||||||||||||||||||
2021 Warrants | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Warrant, conversion ratio | 0.5 | |||||||||||||||||||||
August 2023 compensation common share warrant | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 0.34 | |||||||||||||||||||||
Payments for share issue costs | $ 506 | $ 379 | ||||||||||||||||||||
Exercise price of other equity instruments (in CAD/USD per share) | (per share) | $ 0.53 | $ 0.40 | ||||||||||||||||||||
Professional and consulting fees | $ 622 | 465 | ||||||||||||||||||||
November 2023 compensation common share warrant | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 0.46 | |||||||||||||||||||||
Payments for share issue costs | 2,096 | 1,530 | ||||||||||||||||||||
Exercise price of other equity instruments (in CAD/USD per share) | (per share) | $ 0.70 | $ 0.51 | ||||||||||||||||||||
Professional and consulting fees | $ 339 | $ 247 | ||||||||||||||||||||
March 2024 private placement | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Payments for share issue costs | $ 11,726 | $ 8,665 | ||||||||||||||||||||
Professional and consulting fees | $ 78 | $ 58 | ||||||||||||||||||||
LPC Purchase Agreement | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Common stock shares, authorized value | $ | $ 30,000 | $ 30,000 | ||||||||||||||||||||
Proceeds from issue of ordinary shares | $ 476 | $ 351 | ||||||||||||||||||||
Purchase period, term | 36 months | |||||||||||||||||||||
Common shares | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
At-the-market offering - net of share issuance costs (in shares) | 348,837,210 | 348,837,210 | 24,264,706 | 24,264,706 | 2,538,844 | 34,140,507 | 34,140,507 | 20,754,120 | 20,754,120 | |||||||||||||
Share price (in CAD per share) | (per share) | $ 0.34 | $ 0.4549 | $ 0.3374 | $ 0.6819 | $ 0.5079 | |||||||||||||||||
Proceeds from issue of ordinary shares | $ 11,018 | $ 8,250 | $ 15,532 | $ 11,518 | $ 14,152 | $ 10,541 | ||||||||||||||||
Common shares | November 2023 compensation common share warrant | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
At-the-market offering - net of share issuance costs (in shares) | 66,666,667 | 66,666,667 | ||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 0.45 | |||||||||||||||||||||
Proceeds from issue of ordinary shares | $ 41,107 | $ 30,000 | ||||||||||||||||||||
Common shares | March 2024 private placement | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 0.43 | |||||||||||||||||||||
Proceeds from issue of ordinary shares | $ 202,995 | $ 150,000 | ||||||||||||||||||||
Number of shares subject to resale restrictions (in shares) | 15,807,443 | 15,807,443 | ||||||||||||||||||||
Common shares | LPC Purchase Agreement | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
At-the-market offering - net of share issuance costs (in shares) | 1,925,000 | 1,925,000 | ||||||||||||||||||||
Share price (in CAD per share) | (per share) | $ 0.3236 | $ 0.2417 | ||||||||||||||||||||
Proceeds from issue of ordinary shares | $ 623 | $ 465 | ||||||||||||||||||||
Preferred shares | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares outstanding (in shares) | 0 | 0 | 0 | 0 | ||||||||||||||||||
Class B Shares | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 14.10 | $ 7.50 | $ 7.62 | $ 10.20 | ||||||||||||||||||
Number of shares outstanding (in shares) | 36,084.7 | 36,084.7 | 530,542.1 | 530,542.1 | 1,047,135.1 | |||||||||||||||||
Number of shares issued upon conversion of convertible instruments (in shares) | 331,901 | 373,662 | 2,669,331 | 224,283 | 360,847 | 360,847 | ||||||||||||||||
Shares issued on Adelia milestones (in shares) | 33,190.1 | 37,366.2 | 266,933.1 | 456.5 | 22,428.3 | 0 | 0 | 360,374.2 | 360,374.2 | |||||||||||||
Shares issued on Adelia milestones | $ | $ 468 | $ 280 | $ 2,034 | $ 5 | $ 229 | |||||||||||||||||
Convertible stock, conversion price (in CAD per share) | $ / shares | $ 1.41 | $ 0.75 | $ 0.76 | $ 1.02 | ||||||||||||||||||
Class B Shares | Exchangeable prior to December 14, 2022 | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Shares issued upon conversion, percentage | 33.333% | 33.333% | ||||||||||||||||||||
Class B Shares | Exchangeable prior to December 14, 2023 | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Shares issued upon conversion, percentage | 66.667% | 66.667% |
SHARE CAPITAL - Summary of sign
SHARE CAPITAL - Summary of significant unobservable inputs used, equity (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Mar. 20, 2024 $ / shares | Nov. 14, 2023 CAD ($) $ / shares shares | Nov. 14, 2023 USD ($) $ / shares shares | Aug. 04, 2023 CAD ($) $ / shares shares | Aug. 04, 2023 USD ($) $ / shares shares | Jun. 29, 2023 $ / shares | Mar. 31, 2024 CAD ($) | Mar. 31, 2023 CAD ($) | |
Disclosure of classes of share capital [line items] | ||||||||
Exercise price, share options granted (in CAD per share) | $ 0.56 | $ 0.44 | ||||||
Warrant exercise | $ | $ 56 | $ 362 | ||||||
August 2023 compensation common share warrant | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Risk-free interest rate | 3.87% | 3.87% | ||||||
Expected annual volatility, based on comparable companies | 95% | 95% | ||||||
Expected life (in years) | 5 years | 5 years | ||||||
Expected dividend yield | 0% | 0% | ||||||
Share price (in CAD per share) | $ 0.34 | |||||||
Exercise price (in CAD per share) | (per share) | $ 0.53 | $ 0.4 | ||||||
Issued (in shares) | shares | 24,264,706 | 24,264,706 | ||||||
Exercise price, share options granted (in CAD per share) | $ 0.40 | |||||||
Warrant exercise | $ 4,600 | $ 3,442 | ||||||
November 2023 compensation common share warrant | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Risk-free interest rate | 3.76% | 3.76% | ||||||
Expected annual volatility, based on comparable companies | 95% | 95% | ||||||
Expected life (in years) | 5 years 6 months | 5 years 6 months | ||||||
Expected dividend yield | 0% | 0% | ||||||
Share price (in CAD per share) | $ 0.46 | |||||||
Exercise price (in CAD per share) | (per share) | $ 0.70 | $ 0.51 | ||||||
Issued (in shares) | shares | 66,666,667 | 66,666,667 | ||||||
Exercise price, share options granted (in CAD per share) | $ 0.51 | |||||||
Warrant exercise | $ 17,842 | $ 12,299 |
SHARE CAPITAL - Summary of shar
SHARE CAPITAL - Summary of share capital (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||
Mar. 20, 2024 CAD ($) yr $ / shares | Jun. 29, 2023 CAD ($) yr $ / shares | Nov. 16, 2022 $ / shares | Sep. 30, 2022 CAD ($) $ / shares | Aug. 31, 2022 CAD ($) shares | Aug. 15, 2022 CAD ($) $ / shares | Jun. 27, 2022 CAD ($) shares | Jun. 24, 2022 CAD ($) shares | Jun. 22, 2022 CAD ($) shares | Apr. 01, 2022 CAD ($) shares | Mar. 31, 2024 CAD ($) shares | Mar. 31, 2023 CAD ($) shares | Nov. 14, 2023 CAD ($) | Sep. 26, 2023 CAD ($) | |
Reconciliation of number of shares outstanding [abstract] | ||||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 8 | $ 4,080 | $ 39,177 | $ 10,907 | $ 577 | |||||||||
Risk free interest rate, share options granted | 3.52% | 3.78% | ||||||||||||
Expected volatility, share options granted | 95% | 95% | ||||||||||||
Option life, share options granted | yr | 5 | 5 | ||||||||||||
Expected dividend as percentage, share options granted | 0% | 0% | ||||||||||||
Weighted average share price, share options granted | $ / shares | $ 0.56 | $ 0.47 | ||||||||||||
Exercise price, share options granted (in CAD per share) | $ / shares | $ 0.56 | $ 0.44 | ||||||||||||
Shares issued on Adelia milestones | $ | $ 2,988 | |||||||||||||
Number of common shares held in escrow (in shares) | 15,807,443 | 0 | ||||||||||||
Class B Shares | ||||||||||||||
Reconciliation of number of shares outstanding [abstract] | ||||||||||||||
Balance (in shares) | 1,047,135.1 | 530,542.1 | 1,047,135.1 | |||||||||||
Shares issued on Adelia milestones (in shares) | 33,190.1 | 37,366.2 | 266,933.1 | 456.5 | 22,428.3 | 0 | 360,374.2 | |||||||
Converted to Common Shares (in shares) | (494,457.4) | (876,967.2) | ||||||||||||
Balance (in shares) | 36,084.7 | 530,542.1 | ||||||||||||
Shares issued on Adelia milestones | $ | $ 468 | $ 280 | $ 2,034 | $ 5 | $ 229 | |||||||||
Employee | ||||||||||||||
Reconciliation of number of shares outstanding [abstract] | ||||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 98 | $ 14 | ||||||||||||
Risk free interest rate, share options granted | 3.78% | 3.32% | 2.88% | |||||||||||
Expected volatility, share options granted | 85% | 95% | 95% | |||||||||||
Option life, share options granted | 3 | 5 | 5 | |||||||||||
Expected dividend as percentage, share options granted | 0% | 0% | 0% | |||||||||||
Weighted average share price, share options granted | $ / shares | $ 0.58 | $ 0.67 | $ 0.97 | |||||||||||
Exercise price, share options granted (in CAD per share) | $ / shares | $ 0.75 | $ 1 | $ 1 |
SHARE CAPITAL - Summary of warr
SHARE CAPITAL - Summary of warrants (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2024 CAD ($) shares $ / shares | Mar. 31, 2023 shares $ / shares | Feb. 04, 2021 | |
Exchangeable prior to December 14, 2022 | Class B Shares | |||
Weighted average exercise price | |||
Shares issued upon conversion, percentage | 33.333% | ||
Exchangeable prior to December 14, 2023 | Class B Shares | |||
Weighted average exercise price | |||
Shares issued upon conversion, percentage | 66.667% | ||
Common Share Purchase Warrants | |||
Number of Warrants | |||
Outstanding (in shares) | 23,230,485 | 25,548,836 | |
Issued (in shares) | 90,931,373 | ||
Number of other equity instruments exercised or vested in share-based payment arrangement | (101,000) | (1,164,638) | |
Number of other equity instruments expired in share-based payment arrangement (in shares) | (7,805,360) | (1,153,713) | |
Outstanding (in shares) | 106,255,498 | 23,230,485 | |
Number of other equity instruments exercisable in share-based payment arrangement | 39,588,831 | ||
Weighted average exercise price | |||
Outstanding (in CAD per share) | $ / shares | $ 1.29 | $ 1.22 | |
Weighted average exercise price of other equity instruments exercised or vested in share-based payment arrangement | $ / shares | 0.67 | ||
Weighted average exercise price of other equity instruments exercised or vested in share-based payment arrangement | $ / shares | 0.53 | 0.31 | |
Weighted average exercise price of other equity instruments forfeited in share-based payment arrangement (in CAD per share) | $ / shares | 3.47 | 0.75 | |
Outstanding (in CAD per share) | $ / shares | 0.60 | $ 1.29 | |
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | $ / shares | $ 0.44 | ||
Warrant, conversion ratio | 0.5 | ||
Weighted average remaining of outstanding contractual life | 4 years 4 months 17 days | ||
Estimated grant date fair value | $ | $ 25,639 | ||
Common Share Purchase Warrants | June 15, 2025 | |||
Number of Warrants | |||
Outstanding (in shares) | 12,800,000 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 12,800,000 | ||
Weighted average exercise price | |||
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | $ / shares | $ 0.25 | ||
Weighted average remaining of outstanding contractual life | 2 years 2 months 15 days | ||
Estimated grant date fair value | $ | $ 2,319 | ||
Common Share Purchase Warrants | August 20, 2025 | |||
Number of Warrants | |||
Outstanding (in shares) | 1,475,125 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 1,475,125 | ||
Weighted average exercise price | |||
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | $ / shares | $ 0.64 | ||
Weighted average remaining of outstanding contractual life | 2 years 4 months 20 days | ||
Estimated grant date fair value | $ | $ 680 | ||
Common Share Purchase Warrants | November 15, 2025 | |||
Number of Warrants | |||
Outstanding (in shares) | 1,150,000 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 1,150,000 | ||
Weighted average exercise price | |||
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | $ / shares | $ 0.25 | ||
Weighted average remaining of outstanding contractual life | 2 years 7 months 17 days | ||
Estimated grant date fair value | $ | $ 220 | ||
Common Share Purchase Warrants | August 4, 2028 | |||
Number of Warrants | |||
Outstanding (in shares) | 24,163,706 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 24,163,706 | ||
Weighted average exercise price | |||
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | $ / shares | $ 0.4 | ||
Weighted average remaining of outstanding contractual life | 4 years 4 months 2 days | ||
Estimated grant date fair value | $ | $ 4,578 | ||
Common Share Purchase Warrants | May 14, 2029 | |||
Number of Warrants | |||
Outstanding (in shares) | 66,666,667 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 0 | ||
Weighted average exercise price | |||
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | $ / shares | $ 0.51 | ||
Weighted average remaining of outstanding contractual life | 5 years 1 month 13 days | ||
Estimated grant date fair value | $ | $ 17,842 | ||
Unit Purchase Warrants | |||
Number of Warrants | |||
Outstanding (in shares) | 868,740 | 868,740 | |
Issued (in shares) | (868,740) | 0 | |
Outstanding (in shares) | 0 | 868,740 | |
Number of other equity instruments exercisable in share-based payment arrangement | 0 | ||
Weighted average exercise price | |||
Outstanding (in CAD per share) | $ / shares | $ 2.25 | $ 2.25 | |
Weighted average exercise price of other equity instruments exercised or vested in share-based payment arrangement | $ / shares | 2.25 | 0 | |
Outstanding (in CAD per share) | $ / shares | 0 | $ 2.25 | |
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | $ / shares | 0 | ||
Exercise price of other equity instruments (in CAD/USD per share) | $ / shares | $ 3.25 | ||
2021 Warrants | |||
Weighted average exercise price | |||
Warrant, conversion ratio | 0.5 |
SHARE CAPITAL - Narrative - War
SHARE CAPITAL - Narrative - Warrants (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Mar. 20, 2024 $ / shares | Aug. 04, 2023 CAD ($) $ / shares shares | Aug. 04, 2023 USD ($) shares | Jun. 29, 2023 $ / shares | Mar. 31, 2024 CAD ($) shares $ / shares | Mar. 31, 2023 CAD ($) shares $ / shares | Feb. 04, 2021 | |
Disclosure of classes of share capital [line items] | |||||||
Warrant exercise | $ | $ 56,000 | $ 362,000 | |||||
Exercise price, share options granted (in CAD per share) | $ / shares | $ 0.56 | $ 0.44 | |||||
Share-based compensation | $ | $ 13,886,000 | $ 4,686,000 | |||||
Number of warrants held in escrow (in shares) | 0 | 0 | |||||
Warrants | |||||||
Disclosure of classes of share capital [line items] | |||||||
Share-based compensation | $ | $ 0 | $ 6 | |||||
Common Share Purchase Warrants | |||||||
Disclosure of classes of share capital [line items] | |||||||
Exercised (in shares) | 101,000 | 1,164,638 | |||||
Number of other equity instruments expired in share-based payment arrangement (in shares) | 7,805,360 | 1,153,713 | |||||
Weighted average exercise price of other equity instruments forfeited in share-based payment arrangement (in CAD per share) | $ / shares | $ 3.47 | $ 0.75 | |||||
Issued (in shares) | 90,931,373 | ||||||
Warrant, conversion ratio | 0.5 | ||||||
2021 Warrants | |||||||
Disclosure of classes of share capital [line items] | |||||||
Warrant, conversion ratio | 0.5 | ||||||
August 2023 compensation common share warrant | |||||||
Disclosure of classes of share capital [line items] | |||||||
Warrant exercise | $ 4,600,000 | $ 3,442 | |||||
Issued (in shares) | 24,264,706 | 24,264,706 | |||||
Exercise price, share options granted (in CAD per share) | $ / shares | $ 0.40 |
SHARE CAPITAL - Summary of wa_2
SHARE CAPITAL - Summary of warrants by expiry period (Details) $ / shares in Units, $ in Thousands | Nov. 14, 2023 $ / shares | Nov. 14, 2023 $ / shares | Aug. 04, 2023 $ / shares | Aug. 04, 2023 $ / shares | Mar. 31, 2024 CAD ($) shares $ / shares | Mar. 31, 2023 shares | Mar. 31, 2022 shares |
Common Share Purchase Warrants | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of other equity instruments outstanding in share-based payment arrangement | 106,255,498 | 23,230,485 | 25,548,836 | ||||
Number of other equity instruments exercisable in share-based payment arrangement | 39,588,831 | ||||||
Warrants exercisable (in CAD per share) | $ / shares | $ 0.44 | ||||||
Estimated grant date fair value | $ | $ 25,639 | ||||||
Weighted average remaining of outstanding contractual life | 4 years 4 months 17 days | ||||||
August 2023 compensation common share warrant | |||||||
Disclosure of classes of share capital [line items] | |||||||
Exercise price (in CAD per share) | (per share) | $ 0.53 | $ 0.4 | |||||
November 2023 compensation common share warrant | |||||||
Disclosure of classes of share capital [line items] | |||||||
Exercise price (in CAD per share) | (per share) | $ 0.70 | $ 0.51 |
SHARE CAPITAL - Narrative - Sto
SHARE CAPITAL - Narrative - Stock options (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||
Mar. 20, 2024 shares $ / shares | Nov. 16, 2023 shares $ / shares | Sep. 26, 2023 shares $ / shares | Jun. 29, 2023 shares $ / shares | Nov. 16, 2022 shares $ / shares | Sep. 30, 2022 shares $ / shares | Aug. 15, 2022 shares $ / shares | Jun. 30, 2022 shares $ / shares | Mar. 31, 2024 CAD ($) shares $ / shares | Mar. 31, 2023 CAD ($) shares $ / shares | Mar. 31, 2024 shares | Mar. 31, 2022 shares | Nov. 05, 2020 | |
Disclosure of classes of share capital [line items] | |||||||||||||
Shares available for grant, percent of total shares outstanding (up to) | 20% | ||||||||||||
Number of share options granted in share-based payment arrangement (in shares) | 25,600,000 | 1,210,000 | 11,615,000 | 38,445,000 | 2,475,000 | ||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 0.56 | $ 0.715 | $ 0.79 | $ 0.44 | $ 0.69 | $ 0.91 | |||||||
Number of share options outstanding in share-based payment arrangement | 66,201,000 | 29,569,800 | 66,201,000 | 28,885,002 | |||||||||
Award vesting period | 2 years | ||||||||||||
Number of options held in escrow (in shares) | 0 | 0 | |||||||||||
Share-based compensation | $ | $ 13,886 | $ 4,686 | |||||||||||
Immediate Vesting | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of options vested (in shares) | 1,500,000 | ||||||||||||
Share Options, Vesting, First Tranche | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options granted in share-based payment arrangement (in shares) | 18,850,000 | ||||||||||||
Award vesting period | 3 months | 3 months | |||||||||||
Number of options vested (in shares) | 375,000 | 700,000 | |||||||||||
Share Options, Vesting, Second Tranche | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options granted in share-based payment arrangement (in shares) | 6,750,000 | ||||||||||||
Award vesting period | 6 months | 1 year | |||||||||||
Number of options vested (in shares) | 200,000 | 100,000 | |||||||||||
Share Options, Vesting, Third Tranche | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Award vesting period | 1 year | 2 years | |||||||||||
Number of options vested (in shares) | 400,000 | 9,315,000 | |||||||||||
Share Options, Vesting, Fourth Tranche | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Award vesting period | 15 months | ||||||||||||
Number of options vested (in shares) | 100,000 | ||||||||||||
Share Options, Vesting, Fifth Tranche | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Award vesting period | 18 months | ||||||||||||
Number of options vested (in shares) | 135,000 | ||||||||||||
Option Expiration Period Twenty Four | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options outstanding in share-based payment arrangement | 975,000 | 975,000 | |||||||||||
Option Expiration Period Thirty Seven | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options outstanding in share-based payment arrangement | 235,000 | 235,000 | |||||||||||
Option Expiration Period Twenty Seven | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options outstanding in share-based payment arrangement | 500,000 | 500,000 | |||||||||||
Option Expiration Period Thirty Eight | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options outstanding in share-based payment arrangement | 25,100,000 | 25,100,000 | |||||||||||
Options | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Share-based compensation | $ | $ 13,886 | $ 4,680 | |||||||||||
Executive officers | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options granted in share-based payment arrangement (in shares) | 22,200,000 | 3,763,000 | |||||||||||
Employees | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options granted in share-based payment arrangement (in shares) | 20,000 | 65,000 | |||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 1 | ||||||||||||
Consultant | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options granted in share-based payment arrangement (in shares) | 500,000 | 1,075,000 | 3,076,000 | 200,000 | 270,000 | 800,000 | 500,000 | ||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 0.91 | $ 0.75 | $ 1 | $ 0.90 | |||||||||
Employee | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options granted in share-based payment arrangement (in shares) | 1,300,000 | 135,000 | 3,991,000 | 245,000 | 20,000 | ||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 1 | $ 1 | |||||||||||
Director | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options granted in share-based payment arrangement (in shares) | 1,600,000 | 785,000 | |||||||||||
Consultant two | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of share options granted in share-based payment arrangement (in shares) | 375,000 | ||||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 0.75 | ||||||||||||
Option contract | Employees | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Award vesting period | 2 years | 2 years | |||||||||||
Option contract | Consultant | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Award vesting period | 2 years | 2 years |
SHARE CAPITAL - Summary of numb
SHARE CAPITAL - Summary of number and weighted average exercise prices of share options (Details) | 12 Months Ended | ||||||||||
Mar. 20, 2024 $ / shares | Nov. 16, 2023 shares $ / shares | Sep. 26, 2023 shares $ / shares | Jun. 29, 2023 shares $ / shares | Mar. 31, 2024 shares | Mar. 31, 2024 shares | Mar. 31, 2024 shares $ / shares | Mar. 31, 2024 shares | Mar. 31, 2023 shares $ / shares | Mar. 31, 2024 $ / shares | Mar. 31, 2024 | |
Share Capital, Reserves, and Other Equity Interest [Abstract] | |||||||||||
Number of options, beginning balance (in shares) | shares | 29,569,800 | 28,885,002 | |||||||||
Number of share options granted in share-based payment arrangement (in shares) | shares | 25,600,000 | 1,210,000 | 11,615,000 | 38,445,000 | 2,475,000 | ||||||
Number of share options exercised in share-based payment arrangement | shares | (1,813,800) | (1,790,202) | |||||||||
Number of options, ending balance (in shares) | 66,201,000 | 66,201,000 | 29,569,800 | ||||||||
Number of share options exercisable in share-based payment arrangement | 56,449,750 | 56,449,750 | 56,449,750 | 56,449,750 | 56,449,750 | ||||||
Weighted average exercise price, beginning balance (in dollars per share) | $ 1.36 | $ 1.45 | |||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ 0.56 | $ 0.715 | $ 0.79 | $ 0.44 | 0.69 | 0.91 | |||||
Weighted average exercise price of share options exercised in share-based payment arrangement | 2.20 | ||||||||||
Weighted average exercise price of share options forfeited in share-based payment arrangement (in CAD per share) | 1.16 | ||||||||||
Weighted average exercise price, ending balance (in dollars per share) | $ 0.93 | $ 1.36 | |||||||||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 0.98 | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [table] | |||||||||||
Number of share options outstanding in share-based payment arrangement | 66,201,000 | 66,201,000 | 66,201,000 | 66,201,000 | 29,569,800 | 66,201,000 | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 4 months 24 days | ||||||||||
Option Expiration Period Three | |||||||||||
Share Capital, Reserves, and Other Equity Interest [Abstract] | |||||||||||
Number of options, ending balance (in shares) | 737,500 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 737,500 | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [table] | |||||||||||
Number of share options outstanding in share-based payment arrangement | 737,500 | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 4 months 13 days | ||||||||||
Option Expiration Period One | |||||||||||
Share Capital, Reserves, and Other Equity Interest [Abstract] | |||||||||||
Number of options, ending balance (in shares) | 2,350,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 2,350,000 | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [table] | |||||||||||
Number of share options outstanding in share-based payment arrangement | 2,350,000 | ||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 2 months 15 days |
SHARE CAPITAL - Summary of meas
SHARE CAPITAL - Summary of measurement of stock option fair value assumptions (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Mar. 20, 2024 CAD ($) yr $ / shares | Nov. 16, 2023 yr $ / shares | Sep. 26, 2023 CAD ($) yr $ / shares | Jun. 29, 2023 CAD ($) yr $ / shares | Nov. 16, 2022 CAD ($) $ / shares | Sep. 30, 2022 CAD ($) $ / shares | Aug. 15, 2022 CAD ($) $ / shares | Jun. 30, 2022 CAD ($) $ / shares | Mar. 31, 2024 CAD ($) | Nov. 14, 2023 CAD ($) | |
Disclosure of classes of share capital [line items] | ||||||||||
Risk free interest rate, share options granted | 3.52% | 3.78% | ||||||||
Expected volatility, share options granted | 95% | 95% | ||||||||
Option life, share options granted | yr | 5 | 5 | ||||||||
Expected dividend as percentage, share options granted | 0% | 0% | ||||||||
Weighted average share price, share options granted | $ 0.56 | $ 0.47 | ||||||||
Exercise price, share options granted (in CAD per share) | $ 0.56 | $ 0.44 | ||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 8 | $ 577 | $ 4,080 | $ 39,177 | $ 10,907 | |||||
Summary of measurement of stock option fair value assumptions | The aggregate estimated grant date fair value was determined to be $4,080, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.47 Exercise price $ 0.44 The aggregate estimated grant date fair value was determined to be $577, calculated using the Black-Scholes option pricing model with the following assumptions: Options expiring on September 26, 2026. Risk-free interest rate 4.68% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3.00 Expected dividend yield 0.00% Share price $ 0.79 Exercise price $ 0.79 Options expiring on September 26, 2028. Risk-free interest rate 4.28% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.79 Exercise price $ 0.79 The aggregate estimated grant date fair value was determined to be $10,907, calculated using the Black-Scholes option pricing model with the following assumptions: Options expiring on November 16, 2026. Risk-free interest rate 4.28% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3.00 Expected dividend yield 0.00% Share price $ 0.60 Exercise price $ 0.72 Options expiring on November 16, 2028. Risk-free interest rate 4.28% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.60 Exercise price $ 0.72 The aggregate estimated grant date fair value was determined to be $8, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.52% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.56 Exercise price $ 0.56 Risk-free interest rate 3.10% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 1.00 Risk-free interest rate 3.14% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 0.90 Risk-free interest rate 3.11% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.97 Exercise price $ 1.00 Risk-free interest rate 2.88% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.97 Exercise price $ 1.00 Risk-free interest rate 3.72% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 0.75 Risk-free interest rate 3.32% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 1.00 Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.91 Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.75 | |||||||||
Option Expiration Period Twenty Seven | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Risk free interest rate, share options granted | 4.28% | |||||||||
Expected volatility, share options granted | 85% | |||||||||
Option life, share options granted | yr | 3 | |||||||||
Expected dividend as percentage, share options granted | 0% | |||||||||
Weighted average share price, share options granted | $ 0.60 | |||||||||
Exercise price, share options granted (in CAD per share) | $ 0.72 | |||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 81 | |||||||||
Option Expiration Period Thirty Eight | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Risk free interest rate, share options granted | 4.28% | |||||||||
Expected volatility, share options granted | 95% | |||||||||
Option life, share options granted | yr | 5 | |||||||||
Expected dividend as percentage, share options granted | 0% | |||||||||
Weighted average share price, share options granted | $ 0.60 | |||||||||
Exercise price, share options granted (in CAD per share) | $ 0.72 | |||||||||
Weighted average fair value at measurement date, share options granted | $ | 9,438 | |||||||||
Option Expiration Period Thirty Seven | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Risk free interest rate, share options granted | 4.28% | |||||||||
Expected volatility, share options granted | 95% | |||||||||
Option life, share options granted | yr | 5 | |||||||||
Expected dividend as percentage, share options granted | 0% | |||||||||
Weighted average share price, share options granted | $ 0.79 | |||||||||
Exercise price, share options granted (in CAD per share) | $ 0.79 | |||||||||
Weighted average fair value at measurement date, share options granted | $ | 98 | |||||||||
Option Expiration Period Twenty Four | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Risk free interest rate, share options granted | 4.68% | |||||||||
Expected volatility, share options granted | 85% | |||||||||
Option life, share options granted | yr | 3 | |||||||||
Expected dividend as percentage, share options granted | 0% | |||||||||
Weighted average share price, share options granted | $ 0.79 | |||||||||
Exercise price, share options granted (in CAD per share) | $ 0.79 | |||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 439 | |||||||||
Employees | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Risk free interest rate, share options granted | 3.10% | |||||||||
Expected volatility, share options granted | 95% | |||||||||
Option life, share options granted | 5 | |||||||||
Expected dividend as percentage, share options granted | 0% | |||||||||
Weighted average share price, share options granted | $ 0.72 | |||||||||
Exercise price, share options granted (in CAD per share) | $ 1 | |||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 32 | |||||||||
Consultants | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Risk free interest rate, share options granted | 3.78% | 3.72% | 3.11% | 3.14% | ||||||
Expected volatility, share options granted | 85% | 85% | 85% | 85% | ||||||
Option life, share options granted | 3 | 3 | 3 | 3 | ||||||
Expected dividend as percentage, share options granted | 0% | 0% | 0% | 0% | ||||||
Weighted average share price, share options granted | $ 0.58 | $ 0.67 | $ 0.97 | $ 0.72 | ||||||
Exercise price, share options granted (in CAD per share) | $ 0.91 | $ 0.75 | $ 1 | $ 0.90 | ||||||
Consultant | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 53 | $ 102 | $ 429 | $ 183 | ||||||
Consultant two | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 110 | |||||||||
Employee | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Risk free interest rate, share options granted | 3.78% | 3.32% | 2.88% | |||||||
Expected volatility, share options granted | 85% | 95% | 95% | |||||||
Option life, share options granted | 3 | 5 | 5 | |||||||
Expected dividend as percentage, share options granted | 0% | 0% | 0% | |||||||
Weighted average share price, share options granted | $ 0.58 | $ 0.67 | $ 0.97 | |||||||
Exercise price, share options granted (in CAD per share) | $ 0.75 | $ 1 | $ 1 | |||||||
Weighted average fair value at measurement date, share options granted | $ | $ 98 | $ 14 |
SHARE CAPITAL - Summary of stoc
SHARE CAPITAL - Summary of stock option information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||
Mar. 31, 2024 shares | Mar. 31, 2024 CAD ($) | Mar. 31, 2024 | Mar. 31, 2024 $ / shares | Mar. 20, 2024 CAD ($) | Nov. 16, 2023 | Nov. 14, 2023 CAD ($) | Sep. 26, 2023 CAD ($) | Jun. 29, 2023 CAD ($) | Mar. 31, 2023 shares | Mar. 31, 2022 shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Number of share options outstanding in share-based payment arrangement | 66,201,000 | 66,201,000 | 29,569,800 | 28,885,002 | |||||||
Number of share options exercisable in share-based payment arrangement | 56,449,750 | 56,449,750 | |||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 4 months 24 days | ||||||||||
Weighted average fair value at measurement date, share options granted | $ 39,177 | $ 8 | $ 10,907 | $ 577 | $ 4,080 | ||||||
Option Expiration Period One | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.25 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 2,350,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 2,350,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 2 months 15 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 420 | ||||||||||
Option Expiration Period Two | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.90 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 500,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 500,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 3 months | ||||||||||
Weighted average fair value at measurement date, share options granted | 183 | ||||||||||
Option Expiration Period Three | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 737,500 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 737,500 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 4 months 13 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 429 | ||||||||||
Option Expiration Period Four | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.75 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 270,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 260,625 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 6 months | ||||||||||
Weighted average fair value at measurement date, share options granted | 97 | ||||||||||
Option Expiration Period Five | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.75 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 3,000,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 3,000,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 6 months 10 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 1,607 | ||||||||||
Option Expiration Period Six | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.75 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 5,700,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 5,700,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 7 months 6 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 3,057 | ||||||||||
Option Expiration Period Seven | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.88 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 500,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 500,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 7 months 13 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 315 | ||||||||||
Option Expiration Period Eight | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.75 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 375,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 375,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 7 months 17 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 110 | ||||||||||
Option Expiration Period Nine | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.91 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 200,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 200,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 7 months 17 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 53 | ||||||||||
Option Expiration Period Ten | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.48 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 700,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 700,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 8 months 12 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 741 | ||||||||||
Option Expiration Period Eleven | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.74 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 1,589,100 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 1,589,100 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 8 months 15 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 1,971 | ||||||||||
Option Expiration Period Twelve | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.89 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 760,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 760,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 8 months 26 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 1,027 | ||||||||||
Option Expiration Period Thirteen | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.89 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 225,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 225,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 9 months 3 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 304 | ||||||||||
Option Expiration Period Fourteen | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 2.03 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 150,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 150,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 10 months 17 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 218 | ||||||||||
Option Expiration Period Fifteen | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 2.03 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 150,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 150,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 10 months 17 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 218 | ||||||||||
Option Expiration Period Sixteen | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.39 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 1,186,300 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 1,186,300 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 11 months 8 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 1,185 | ||||||||||
Option Expiration Period Seventeen | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.55 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 300,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 300,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 11 months 12 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 360 | ||||||||||
Option Expiration Period Eighteen | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.36 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 1,575,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 1,575,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 11 months 26 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 1,540 | ||||||||||
Option Expiration Period Nineteen | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.32 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 37,500 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 37,500 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 11 months 26 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 36 | ||||||||||
Option Expiration Period Twenty | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.35 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 250,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 250,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years | ||||||||||
Weighted average fair value at measurement date, share options granted | 243 | ||||||||||
Option Expiration Period Twenty One | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 2.90 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 3,160,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 3,160,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 2 months 26 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 6,589 | ||||||||||
Option Expiration Period Twenty Two | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 2.48 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 215,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 215,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 4 months 17 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 383 | ||||||||||
Option Expiration Period Twenty Three | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 2.48 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 300,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 300,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 4 months 17 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 519 | ||||||||||
Option Expiration Period Twenty Four | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.79 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 975,000 | 975,000 | |||||||||
Number of share options exercisable in share-based payment arrangement | 975,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 5 months 26 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 439 | ||||||||||
Option Expiration Period Twenty Five | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 2.87 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 195,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 195,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 5 months 26 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 403 | ||||||||||
Option Expiration Period Twenty Six | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 3.15 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 545,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 545,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 5 months 26 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 1,105 | ||||||||||
Option Expiration Period Twenty Seven | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.72 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 500,000 | 500,000 | |||||||||
Number of share options exercisable in share-based payment arrangement | 125,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 7 months 17 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 81 | ||||||||||
Option Expiration Period Twenty Eight | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.50 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 1,250,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 1,250,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 9 months | ||||||||||
Weighted average fair value at measurement date, share options granted | 1,352 | ||||||||||
Option Expiration Period Twenty Nine | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 3.15 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 20,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 20,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 9 months | ||||||||||
Weighted average fair value at measurement date, share options granted | 18 | ||||||||||
Option Expiration Period Thirty | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.13 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 1,075,600 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 1,075,600 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 11 months 1 day | ||||||||||
Weighted average fair value at measurement date, share options granted | 878 | ||||||||||
Option Expiration Period Thirty One | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 3.15 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 40,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 40,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 11 months 1 day | ||||||||||
Weighted average fair value at measurement date, share options granted | 25 | ||||||||||
Option Expiration Period Thirty Two | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1.02 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 400,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 400,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 11 months 4 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 295 | ||||||||||
Option Expiration Period Thirty Three | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 65,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 65,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 3 months | ||||||||||
Weighted average fair value at measurement date, share options granted | 32 | ||||||||||
Option Expiration Period Thirty Four | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 20,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 20,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 4 months 13 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 14 | ||||||||||
Option Expiration Period Thirty Five | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 1 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 220,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 190,625 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 6 months | ||||||||||
Weighted average fair value at measurement date, share options granted | 95 | ||||||||||
Option Expiration Period Thirty Six | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.44 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 11,310,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 6,805,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 3 months | ||||||||||
Weighted average fair value at measurement date, share options granted | 3,297 | ||||||||||
Option Expiration Period Thirty Seven | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.79 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 235,000 | 235,000 | |||||||||
Number of share options exercisable in share-based payment arrangement | 105,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 5 months 26 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 98 | ||||||||||
Option Expiration Period Thirty Eight | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | 0.72 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 25,100,000 | 25,100,000 | |||||||||
Number of share options exercisable in share-based payment arrangement | 20,412,500 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 7 months 17 days | ||||||||||
Weighted average fair value at measurement date, share options granted | 9,438 | ||||||||||
Option Expiration Period Forty | |||||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||||
Exercise price (in dollars per share) | $ / shares | $ 0.56 | ||||||||||
Number of share options outstanding in share-based payment arrangement | 20,000 | ||||||||||
Number of share options exercisable in share-based payment arrangement | 5,000 | ||||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 11 months 19 days | ||||||||||
Weighted average fair value at measurement date, share options granted | $ 2 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES - Schedule of Remuneration of Key Management Personnel (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Payroll, consulting and benefits | $ 6,406 | $ 5,966 |
Total | 15,049 | 8,315 |
General and administrative costs | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Payroll, consulting and benefits | 5,145 | |
Research | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Payroll, consulting and benefits | 1,261 | |
Options | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Share-based compensation | 8,643 | 2,346 |
Warrants | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Share-based compensation | $ 0 | $ 3 |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSES (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Analysis of income and expense [abstract] | ||
Payroll, consulting and benefits | $ 8,248 | $ 6,272 |
Capital market | 11,519 | 6,323 |
Office and administration | 2,945 | 3,731 |
Professional and consulting fees | 4,918 | 2,142 |
Investor relations | 1,896 | 984 |
Marketing media | 1,895 | 881 |
Business development | 896 | 654 |
Listing fees | 271 | 354 |
General and administrative costs | $ 32,588 | $ 21,341 |
RESEARCH EXPENSES (Details)
RESEARCH EXPENSES (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Analysis of income and expense [abstract] | ||
Advancement of development programs | $ 22,799 | $ 14,360 |
Payroll and benefits | 8,319 | 8,830 |
Professional and consulting fees | 210 | 1,159 |
Lab and administration | 1,034 | 1,142 |
Total | $ 32,362 | $ 25,491 |
CONTRACTS, COMMITMENTS AND CO_2
CONTRACTS, COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 CAD ($) | Mar. 31, 2024 CAD ($) | Mar. 31, 2022 USD ($) | |
COMMITMENTS [Line Items] | |||
Contractual commitments | $ 6,625 | ||
Sales Royalty, Percentage | 2% | ||
Other contingent liabilities | |||
COMMITMENTS [Line Items] | |||
Contractual commitments | $ 12,844 | $ 9,500 |
CAPITAL MANAGEMENT (Details)
CAPITAL MANAGEMENT (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Capital Management [Abstract] | |||
Share capital | $ 443,877 | $ 158,162 | |
Contributed surplus | 11,750 | 2,102 | |
Options reserve | 39,177 | 27,283 | |
Warrants reserve | 25,639 | 10,873 | |
Accumulated other comprehensive loss | (2,285) | (2,035) | |
Deficit | (226,231) | (148,151) | |
TOTAL SHAREHOLDERS' EQUITY | $ 291,927 | $ 48,234 | $ 76,155 |
FINANCIAL INSTRUMENTS - Schedul
FINANCIAL INSTRUMENTS - Schedule of Financial Assets and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of Financial Assets and Liabilities [Line Items] | ||
Cash | $ 208,992 | $ 16,633 |
Accounts receivable | 4,476 | 3,050 |
Accounts payable and accrued liabilities | 9,805 | 5,663 |
Lease liabilities | 291 | 0 |
Financial liabilities, measured at amortized cost: | Accounts payable and accrued liabilities | ||
Disclosure of Financial Assets and Liabilities [Line Items] | ||
Accounts payable and accrued liabilities | 9,805 | 5,663 |
Financial liabilities, measured at amortized cost: | Lease liabilities | ||
Disclosure of Financial Assets and Liabilities [Line Items] | ||
Lease liabilities | 291 | 0 |
Financial assets, measured at fair value: | Cash | ||
Disclosure of Financial Assets and Liabilities [Line Items] | ||
Cash | 208,992 | 16,633 |
Financial assets, measured at amortized cost: | Accounts receivable | ||
Disclosure of Financial Assets and Liabilities [Line Items] | ||
Accounts receivable | $ 254 | $ 42 |
FINANCIAL INSTRUMENTS - Sched_2
FINANCIAL INSTRUMENTS - Schedule of Changes in Fair Value of Financial Instruments (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Changes in fair value measurement, assets [abstract] | ||
Change in fair value of investments measured at fair value through profit or loss | $ 0 | $ (260) |
Level 3 of fair value hierarchy | Investments | ||
Changes in fair value measurement, assets [abstract] | ||
Balance at beginning of period | 0 | 242 |
Interest income | 0 | 18 |
Change in fair value of investments measured at fair value through profit or loss | 0 | (260) |
Balance at end of period | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Sched_3
FINANCIAL INSTRUMENTS - Schedule of Quantitative Information of Significant Unobservable Inputs Used in Fair Value Measurements (Details) - Investments $ in Thousands | Mar. 31, 2024 CAD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) |
Level 3 of fair value hierarchy | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial assets | $ 0 | $ 0 | $ 242 |
Rx Hybrid Instrument | Fair value interest rate of loan and conversion feature | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Range of inputs | 0.10 | ||
Rx Hybrid Instrument | Level 3 of fair value hierarchy | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial assets | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 CAD ($) | Mar. 31, 2023 CAD ($) | |
Disclosure of Financial Assets and Liabilities [Line Items] | ||
Cash | $ 208,992 | $ 16,633 |
Current liabilities | 10,096 | 5,663 |
Accounts payable and accrued liabilities | $ 9,805 | $ 5,663 |
Currency risk | ||
Disclosure of Financial Assets and Liabilities [Line Items] | ||
Reasonably possible change in risk variable, percent | 0.10 | |
Reasonably possible change in risk variable, impact on net loss | $ 20,138 |
FINANCIAL INSTRUMENTS - Sched_4
FINANCIAL INSTRUMENTS - Schedule of Monetary Assets and Liabilities Currency Risk Fluctuations (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands | Mar. 31, 2024 USD ($) shares | Mar. 31, 2024 GBP (£) shares | Mar. 31, 2024 EUR (€) shares | Mar. 31, 2024 CAD ($) shares |
United States of America, Dollars | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | $ 148,370 | $ 201,041 | ||
Foreign currency rate | shares | 1.3550 | 1.3550 | 1.3550 | 1.3550 |
Impact of 10% change in foreign currency rate | $ 20,104 | |||
United States of America, Dollars | Cash | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | $ 148,713 | |||
United States of America, Dollars | Accounts payable and accrued liabilities | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | (343) | |||
United States of America, Dollars | Lease liabilities | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | $ 0 | |||
United Kingdom, Pounds | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | £ (7) | $ (12) | ||
Foreign currency rate | shares | 1.7114 | 1.7114 | 1.7114 | 1.7114 |
Impact of 10% change in foreign currency rate | $ (1) | |||
United Kingdom, Pounds | Cash | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | £ | £ 509 | |||
United Kingdom, Pounds | Accounts payable and accrued liabilities | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | £ | (299) | |||
United Kingdom, Pounds | Lease liabilities | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | £ | £ (217) | |||
Euro Member Countries, Euro | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | € 225 | $ 329 | ||
Foreign currency rate | shares | 1.4632 | 1.4632 | 1.4632 | 1.4632 |
Impact of 10% change in foreign currency rate | $ 33 | |||
Euro Member Countries, Euro | Cash | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | € | € 425 | |||
Euro Member Countries, Euro | Accounts payable and accrued liabilities | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | € | (201) | |||
Euro Member Countries, Euro | Lease liabilities | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | € | € 0 |
INCOME TAX - Income Tax Rate Re
INCOME TAX - Income Tax Rate Reconciliation (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Taxes [Abstract] | ||
Net loss before income taxes | $ (78,080) | $ (47,490) |
Expected recovery at statutory rate | 20,691 | 12,585 |
Non-capital loss acquired on acquisition of subsidiary | 11,658 | 0 |
Share-based compensation | (3,680) | (1,242) |
Share issuance costs | 4,420 | 321 |
Difference between Canadian and foreign tax rates | (5,440) | (4,032) |
Effect of exchange on unbooked deferred tax assets | (112) | 438 |
Non-deductible expenses | (132) | (338) |
Change in unrecognized deferred tax assets | (27,405) | (7,732) |
Income tax recovery | $ 0 | $ 0 |
INCOME TAX - Deferred Tax Asset
INCOME TAX - Deferred Tax Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 50,606 | $ 23,201 |
Valuation allowance | (50,606) | (23,201) |
Net deferred tax assets | 0 | 0 |
Non-capital loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 43,083 | 19,371 |
Deferred compensation | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,474 | 1,474 |
R&D expenditures | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,681 | 1,053 |
Share issuance costs | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 4,361 | 1,303 |
Depreciation/CCA differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 7 | (6) |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 0 | $ 6 |
INCOME TAX - Non-capital Losses
INCOME TAX - Non-capital Losses Expiration (Details) $ in Thousands | Mar. 31, 2024 CAD ($) |
Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | $ 67,268 |
United States | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 16,267 |
Ireland | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 79,839 |
2040 | Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 740 |
2041 | Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 19,193 |
2041 | United States | Pre-acquisition loss generated in the period ended December 4, 2020 | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 992 |
2041 | United States | Post-acquisition loss generated in the period ending March 31, 2021 | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 1,323 |
2042 | Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 12,234 |
2042 | United States | Loss generated in the year ending March 31, 2022 | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 5,849 |
2042 | Ireland | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 22,965 |
2043 | Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 10,704 |
2043 | United States | Loss generated in the year ending March 31, 2023 | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 5,311 |
2043 | United States | Loss generated in the year ending March 31, 2024 | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 2,792 |
2043 | Ireland | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 23,017 |
2044 | Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 24,397 |
2044 | Ireland | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | $ 33,857 |
INCOME TAX - Additional Informa
INCOME TAX - Additional Information (Details) $ in Thousands | Mar. 31, 2024 CAD ($) |
Income Taxes [Abstract] | |
Section 382 limitation | $ 144 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | 12 Months Ended | |||||||
May 05, 2024 shares $ / shares | Apr. 05, 2024 shares $ / shares | Mar. 20, 2024 $ / shares | Nov. 16, 2023 shares | Sep. 26, 2023 shares | Jun. 29, 2023 shares $ / shares | Mar. 31, 2024 shares $ / shares | Mar. 31, 2023 shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of share options granted in share-based payment arrangement (in shares) | 25,600,000 | 1,210,000 | 11,615,000 | 38,445,000 | 2,475,000 | |||
Exercise price, share options granted (in CAD per share) | $ / shares | $ 0.56 | $ 0.44 | ||||||
Award vesting period | 2 years | |||||||
Weighted average exercise price of share options forfeited in share-based payment arrangement (in CAD per share) | $ / shares | $ 1.16 | |||||||
Share Options, Vesting, First Tranche | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of share options granted in share-based payment arrangement (in shares) | 18,850,000 | |||||||
Number of options vested (in shares) | 375,000 | 700,000 | ||||||
Award vesting period | 3 months | 3 months | ||||||
Share Options, Vesting, Second Tranche | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of share options granted in share-based payment arrangement (in shares) | 6,750,000 | |||||||
Number of options vested (in shares) | 200,000 | 100,000 | ||||||
Award vesting period | 6 months | 1 year | ||||||
Major ordinary share transactions | Minimum | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Weighted average exercise price of share options forfeited in share-based payment arrangement (in CAD per share) | $ / shares | $ 0.715 | |||||||
Major ordinary share transactions | Maximum | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Weighted average exercise price of share options forfeited in share-based payment arrangement (in CAD per share) | $ / shares | $ 3.15 | |||||||
Major ordinary share transactions | Share Options, Vesting, First Tranche | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of options vested (in shares) | 1,464,375 | |||||||
Major ordinary share transactions | Share Options, Vesting, Second Tranche | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of options vested (in shares) | 10,250,625 | |||||||
Award vesting period | 2 years | |||||||
Major ordinary share transactions | Common shares | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of share options granted in share-based payment arrangement (in shares) | 11,715,000 | |||||||
Exercise price, share options granted (in CAD per share) | $ / shares | $ 0.56 | |||||||
Number of share options cancelled (in shares) | 45,586,900 | |||||||
Major ordinary share transactions | Common shares | Granted to officers | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of share options granted in share-based payment arrangement (in shares) | 7,250,000 | |||||||
Major ordinary share transactions | Common shares | Granted to employees | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of share options granted in share-based payment arrangement (in shares) | 4,465,000 |