Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2021 | |
Document Information Line Items | |
Entity Registrant Name | Allarity Therapeutics, Inc. |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | AMENDMENT NO. 2 |
Entity Central Index Key | 0001860657 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | DE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) kr in Thousands, $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Current assets | |||
Cash and cash equivalents | $ 5,584 | $ 298 | $ 1,524 |
Accounts receivable | 95 | ||
Other current assets | 432 | 335 | 821 |
Prepaid expenses | 125 | 174 | 77 |
Income tax receivable | 1,494 | 908 | 826 |
Total current assets | 7,635 | 1,715 | 3,343 |
Non-current assets: | |||
Investment | 491 | 845 | 137 |
Property, plant and equipment, net | 9 | 21 | 37 |
Operating lease assets | 108 | 331 | 400 |
Intangible assets, net | 28,744 | 30,491 | 27,690 |
Total assets | 36,987 | 33,403 | 31,607 |
Current liabilities | |||
Line of credit | 84 | ||
Accounts payable | 739 | 2,116 | 2,178 |
Accrued liabilities | 2,947 | 1,840 | 1,876 |
Income taxes payable | 54 | 57 | 43 |
Operating lease liabilities | 98 | 109 | 86 |
Loan | 536 | ||
Convertible debt | 1,327 | ||
Total current liabilities | 3,838 | 5,533 | 4,719 |
Non-current liabilities | |||
Derivative liabilities | 218 | 149 | 3,793 |
Lease liabilities | 35 | 267 | 341 |
Deferred tax | 128 | 603 | 1,851 |
Total liabilities | 4,219 | 6,552 | 10,704 |
Stockholders’ equity | |||
Common stock, par value DKK 0.05; shares issued and outstanding at September 30, 2021 and December 31, 2020 were 403,791,200 and 212,601,044 respectively | 3,157 | 1,624 | 924 |
Additional paid-in capital | 73,448 | 61,284 | 50,623 |
Accumulated other comprehensive income (loss) | (419) | 1,375 | (1,086) |
Accumulated Deficit | (43,418) | (37,432) | (32,374) |
Total stockholders’ equity attributable to Allarity A/S common stockholders | 26,851 | 18,087 | |
Non-controlling interest in consolidated subsidiaries | 2,816 | ||
Total stockholders’ equity | 32,768 | 26,851 | 20,903 |
Total liabilities & stockholders’ equity | $ 36,987 | $ 33,403 | $ 31,607 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) | Sep. 30, 2021kr / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2020kr / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2019kr / sharesshares |
Statement of Financial Position [Abstract] | |||||
Common stock, par value (in Dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||
Common stock, shares issued | 403,791,200 | 212,601,044 | 212,601,044 | 121,336,079 | 121,336,079 |
Common stock, shares outstanding | 403,791,200 | 212,601,044 | 212,601,044 | 121,336,079 | 121,336,079 |
Common stock, par value (in Kroner per share) | kr / shares | kr 0.05 | kr 0.05 | kr 0.05 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||||||
Revenue | $ 120 | |||||
Operating expenses: | ||||||
Research and development | $ 1,574 | $ 1,012 | $ 5,329 | $ 3,233 | 5,126 | 6,367 |
General and administrative | 2,619 | 953 | 6,140 | 3,245 | 4,101 | 3,870 |
Proceeds from sale of IP | (1,000) | (1,000) | ||||
Impairment | 7,494 | |||||
Total operating costs and expenses | 3,193 | 1,965 | 10,469 | 6,478 | 9,227 | 17,731 |
Loss from operations | (3,193) | (1,965) | (10,469) | (6,478) | (9,227) | (17,611) |
Interest (income) | (28) | (221) | (7) | |||
Interest expenses | 481 | 115 | 227 | 3,312 | ||
Loss (gain) on investment | 137 | (243) | 317 | (654) | (708) | |
Foreign exchange losses (gains), net | (51) | (32) | 29 | (118) | (62) | (80) |
Fair value adjustment of derivative liabilities | (4,517) | 104 | (4,547) | (957) | (2,131) | (1,859) |
Change in fair value of convertible debt | 78 | 298 | 553 | 681 | ||
Net other (income) expenses | (4,459) | (314) | (3,422) | (1,061) | (1,993) | 1,366 |
Net (loss) income for the period before tax benefit | 1,266 | (1,651) | (7,047) | (5,417) | (7,234) | (18,977) |
Income tax benefit | 406 | 691 | 1,061 | 1,520 | 2,161 | 4,577 |
Net (loss) income | 1,672 | (960) | (5,986) | (3,897) | (5,073) | (14,400) |
Net loss attributable to non-controlling interests | (15) | (15) | (87) | |||
Net (loss) income attributable to Allarity A/S common stockholders | $ 1,672 | $ (960) | $ (5,986) | $ (3,882) | $ (5,058) | $ (14,313) |
Basic and diluted net income (loss) per common share (in Dollars per share) | $ 0 | $ (0.01) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.23) |
Weighted-average number of common shares outstanding, basic (in Shares) | 387,652,549 | 186,230,830 | 288,984,065 | 150,650,949 | ||
Weighted-average number of common shares outstanding, diluted (in Shares) | 397,201,067 | 194,948,069 | 299,740,036 | 159,368,188 | ||
Other comprehensive income (loss), net of tax: | $ 1,672 | $ (960) | $ (5,986) | $ (3,897) | ||
Weighted-average number of common shares outstanding, basic and diluted (in Shares) | 172,723,125 | 63,407,230 | ||||
Other comprehensive loss, net of tax: | ||||||
Change in cumulative translation adjustment | (939) | 1,130 | (1,785) | 1,212 | $ 2,452 | $ (465) |
Change in fair value attributable to instrument specific credit risk | (9) | 6 | 9 | |||
Total comprehensive gain (loss) | 733 | 170 | (7,780) | (2,679) | (2,612) | (14,865) |
Less comprehensive gain (loss) attributable to non-controlling interests | (15) | (15) | (165) | |||
Comprehensive income (loss) attributable to Allarity A/S common stockholders | $ 733 | $ 170 | $ (7,780) | $ (2,664) | $ (2,597) | $ (14,700) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings (Accumulated Deficit) | Stockholders’ Equity | Non- Controlling Interest (net of OCI) | Obligation to Issue Shares | Obligation to Issue Shares | Total |
Balance at Dec. 31, 2018 | $ 397 | $ 39,847 | $ (699) | $ (18,061) | $ 21,484 | $ 3,352 | $ 24,836 | ||
Balance (in Shares) at Dec. 31, 2018 | 50,311,278 | ||||||||
Shares issued for cash | $ 360 | 13,197 | 13,557 | 13,557 | |||||
Shares issued for cash (in Shares) | 48,420,891 | ||||||||
Fair value of investor warrants | (3,514) | (3,514) | (3,514) | ||||||
Debt conversion | $ 167 | 5,620 | 5,787 | 5,787 | |||||
Debt conversion (in Shares) | 22,603,910 | ||||||||
Share issuance costs | (4,429) | (4,429) | (4,429) | ||||||
Acquisition of non-controlling Interest (“NCI”) | (431) | (431) | (371) | (802) | |||||
Share based compensation | 333 | 333 | 333 | ||||||
Currency translation adjustment | (387) | (387) | (78) | (465) | |||||
Net loss for the period | (14,313) | (14,313) | (87) | (14,400) | |||||
Balance at Dec. 31, 2019 | $ 924 | 50,623 | (1,086) | (32,374) | 18,087 | 2,816 | 20,903 | ||
Balance (in Shares) at Dec. 31, 2019 | 121,336,079 | ||||||||
Settlement of Financing Facility | $ 67 | 2,437 | 2,504 | 2,504 | |||||
Settlement of Financing Facility (in Shares) | 9,330,000 | ||||||||
Share issuance costs | (105) | (105) | (105) | ||||||
Share based compensation | 188 | 188 | 188 | ||||||
Cumulative translation adjustment | (229) | (229) | (229) | ||||||
Net loss for the period | (974) | (974) | (1) | (975) | |||||
Balance at Mar. 31, 2020 | $ 991 | 53,143 | (1,315) | (33,348) | 19,471 | 2,815 | 22,286 | ||
Balance (in Shares) at Mar. 31, 2020 | 130,666,079 | ||||||||
Balance at Dec. 31, 2019 | $ 924 | 50,623 | (1,086) | (32,374) | 18,087 | 2,816 | 20,903 | ||
Balance (in Shares) at Dec. 31, 2019 | 121,336,079 | ||||||||
Shares issued for cash | $ 141 | 2,889 | 3,030 | 3,030 | |||||
Shares issued for cash (in Shares) | 18,067,963 | ||||||||
Debt conversion | $ 203 | 2,799 | 3,002 | 3,002 | |||||
Debt conversion (in Shares) | 25,546,633 | ||||||||
Settlement of Financing Facility | $ 67 | 2,437 | 2,504 | 2,504 | |||||
Settlement of Financing Facility (in Shares) | 9,330,000 | ||||||||
Acquisition of NCI | $ 289 | 2,572 | 2,861 | (2,861) | |||||
Acquisition of NCI (in Shares) | 38,320,369 | ||||||||
Share issuance costs | (652) | (652) | (652) | ||||||
Share based compensation | 616 | 616 | 616 | ||||||
Currency translation adjustment | 2,452 | 2,452 | 60 | 2,512 | |||||
Fair value of instrument specific credit risk | 9 | 9 | 9 | ||||||
Net loss for the period | (5,058) | (5,058) | (15) | (5,073) | |||||
Balance at Dec. 31, 2020 | $ 1,624 | 61,284 | 1,375 | (37,432) | 26,851 | 26,851 | |||
Balance (in Shares) at Dec. 31, 2020 | 212,601,044 | ||||||||
Balance at Mar. 31, 2020 | $ 991 | 53,143 | (1,315) | (33,348) | 19,471 | 2,815 | 22,286 | ||
Balance (in Shares) at Mar. 31, 2020 | 130,666,079 | ||||||||
Debt conversion | $ 95 | 1,826 | 1,921 | 1,921 | |||||
Debt conversion (in Shares) | 12,638,305 | ||||||||
Acquisition of NCI | $ 196 | 1,907 | 2,103 | (2,103) | |||||
Acquisition of NCI (in Shares) | 25,936,599 | ||||||||
Share issuance costs | (79) | (79) | (79) | ||||||
Share based compensation | 204 | 204 | 204 | ||||||
Cumulative translation adjustment | 311 | 311 | 60 | 371 | |||||
Fair value of instrument specific credit risk | 6 | 6 | 6 | ||||||
Net loss for the period | (1,948) | (1,948) | (14) | (1,962) | |||||
Balance at Jun. 30, 2020 | $ 1,282 | 57,001 | (998) | (35,296) | 21,989 | 758 | 22,747 | ||
Balance (in Shares) at Jun. 30, 2020 | 169,240,983 | ||||||||
Debt conversion | $ 92 | 1,493 | 1,585 | 1,585 | |||||
Debt conversion (in Shares) | 11,669,340 | ||||||||
Acquisition of NCI | $ 93 | 665 | 758 | (758) | |||||
Acquisition of NCI (in Shares) | 12,383,770 | ||||||||
Share issuance costs | (75) | (75) | (75) | ||||||
Share based compensation | 236 | 236 | 236 | ||||||
Cumulative translation adjustment | 1,130 | 1,130 | 1,130 | ||||||
Net loss for the period | (960) | (960) | (960) | ||||||
Balance at Sep. 30, 2020 | $ 1,467 | 59,320 | 132 | (36,256) | 24,663 | 24,663 | |||
Balance (in Shares) at Sep. 30, 2020 | 193,294,093 | ||||||||
Balance at Dec. 31, 2020 | $ 1,624 | 61,284 | 1,375 | (37,432) | 26,851 | 26,851 | |||
Balance (in Shares) at Dec. 31, 2020 | 212,601,044 | ||||||||
Debt conversion | $ 215 | 2,169 | 2,384 | 2,384 | |||||
Debt conversion (in Shares) | 26,440,475 | ||||||||
Share based compensation | 195 | 195 | 195 | ||||||
Cumulative translation adjustment | (542) | (542) | (542) | ||||||
Fair value of instrument specific credit risk | (6) | (6) | (6) | ||||||
Net loss for the period | (2,965) | (2,965) | (2,965) | ||||||
Balance at Mar. 31, 2021 | $ 1,839 | 63,648 | 827 | (40,397) | 25,917 | 25,917 | |||
Balance (in Shares) at Mar. 31, 2021 | 239,041,519 | ||||||||
Fair value of investor warrants | (5,151) | (5,151) | (5,151) | ||||||
Debt conversion | $ 40 | 456 | 496 | 496 | |||||
Debt conversion (in Shares) | 4,969,135 | ||||||||
Units issued for cash | $ 972 | 11,153 | 12,125 | 12,125 | |||||
Units issued for cash (in Shares) | 121,162,817 | ||||||||
Share issuance costs | (2,606) | 2,606 | |||||||
Share based compensation | 433 | 433 | 433 | ||||||
Cumulative translation adjustment | (304) | (304) | (304) | ||||||
Fair value of instrument specific credit risk | (3) | (3) | (3) | ||||||
Net loss for the period | (4,693) | (4,693) | (4,693) | ||||||
Balance at Jun. 30, 2021 | $ 2,851 | 67,933 | 520 | (45,090) | 28,820 | 2,606 | 28,820 | ||
Balance (in Shares) at Jun. 30, 2021 | 365,173,471 | ||||||||
Shares issued for cash on exercise of warrants | $ 114 | 3,132 | 3,246 | 3,246 | |||||
Shares issued for cash on exercise of warrants (in Shares) | 14,505,206 | ||||||||
Units issued for share issuance costs | $ 192 | 2,192 | (2,384) | ||||||
Units issued for share issuance costs (in Shares) | 24,112,523 | ||||||||
Share issuance costs | (386) | (608) | (222) | (608) | |||||
Share based compensation | 577 | 577 | 577 | ||||||
Cumulative translation adjustment | (939) | (939) | (939) | ||||||
Net loss for the period | 1,672 | 1,672 | 1,672 | ||||||
Balance at Sep. 30, 2021 | $ 3,157 | $ 73,448 | $ (419) | $ (43,418) | $ 32,768 | $ 32,768 | |||
Balance (in Shares) at Sep. 30, 2021 | 403,791,200 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss for the period | $ (5,986) | $ (3,897) | $ (5,073) | $ (14,400) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 90 | 110 | 46 | 51 |
Intangible asset impairment | 7,494 | |||
Share-based compensation | 1,205 | 628 | 616 | 333 |
Non-cash lease expense | 87 | 30 | 40 | 34 |
Non-cash interest | 391 | 115 | 187 | |
Loss (gain) on investment | 317 | (654) | (708) | |
Foreign currency loss (gain), net | 29 | (118) | (68) | (67) |
Fair value adjustment of convertible debt | 298 | 553 | 681 | |
Fair value adjustment of derivative liabilities | (4,547) | (957) | (2,131) | (1,859) |
Deferred income taxes | (475) | (948) | (1,286) | (3,760) |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 95 | 95 | (95) | |
Other current assets | (97) | 623 | 510 | (6) |
Income taxes | (589) | 211 | (71) | 500 |
Prepaid expenses | 49 | (168) | 97 | 217 |
Accounts payable | (1,377) | (395) | (62) | 237 |
Accrued liabilities | 1,107 | 6 | (36) | 1,329 |
Operating lease liability | (243) | (46) | (88) | (74) |
Deferred revenue | (47) | |||
Net cash used in operating activities | (9,741) | (4,812) | (7,251) | (10,113) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchase of property and equipment | (3) | (8) | ||
Proceeds from sale of equity investment | 237 | |||
Net cash used in investing activities | (3) | 229 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Line of credit | 84 | |||
Bank debt | (84) | 110 | ||
Proceeds from share issuance | 14,874 | 2,908 | 3,703 | 13,557 |
Share issuance costs | (620) | (156) | (223) | (4,429) |
Settlement of derivative financial liability | (673) | |||
Purchase of non-controlling interests | (802) | |||
Proceeds from convertible loan | 1,200 | 1,007 | 3,002 | |
Loan proceeds | 2,945 | 8,658 | ||
Repayment of loan (Note 9) | (2,934) | (536) | ||
Repayment of loan | (533) | (5,109) | ||
Net cash provided by financing activities | 15,381 | 3,333 | 6,033 | 11,202 |
Net increase (decrease) in cash | 5,640 | (1,479) | (1,221) | 1,318 |
Effect of exchange rate changes on cash | (354) | (15) | (5) | (31) |
Cash, beginning of period | 298 | 1,524 | 1,524 | 237 |
Cash, end of period | 5,584 | 30 | 298 | 1,524 |
Supplemental disclosure of cash flow information | ||||
Cash paid for income taxes | 49 | 20 | 22 | |
Cash paid for interest | 471 | 78 | 40 | 47 |
Supplemental disclosure of non-cash investing and financing activities: | ||||
Conversion of convertible debt to equity | 2,825 | 2,499 | 3,163 | 5,787 |
Conversion of debt to equity | 55 | |||
Conversion of derivative liability to equity | 483 | 1,412 | 1,412 | |
Acquisition of NCI | 1,873 | |||
Non-cash share issuance costs | $ 2,531 | $ 103 | $ 429 |
Nature of the Business
Nature of the Business | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of the business | 1. Nature of the business (a) Organization Allarity Therapeutics A/S (the “Company”) is a public limited company domiciled in Denmark. The Company was incorporated under the laws of Denmark on 9 September 2004 The Company’s principal operations are located at Venlighedsvej (b) Principal Activities Allarity Therapeutics A/S develops drugs for the personalized treatment of cancer using drug specific companion diagnostics (cDx) generated by its proprietary drug response predictor technology, DRP ® -cancer Allarity Therapeutics A/S (Nasdaq First North Growth Market Stockholm: ALLR) develops drugs for the personalized treatment of cancer using drug -specific ® (c) Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel and collaboration partners, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations, and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval prior to commercialization. Even if the Company’s research and development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The accompanying consolidated financial statements have been prepared on going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The accompanying financial statements do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. The Company expects its costs and expenses to increase as it continues to develop its product candidates and progress its current clinical programs and cost associated with being a public company. Pursuant to the requirements of Accounting Standard Codification (ASC) 205 -40 mitigate the relevant condition or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financials are issued. Certain elements of the Company’s operating plan to alleviate the conditions that raise substantial doubt are outside of the Company’s control and cannot be included in management’s evaluation under the requirements of Accounting Standard Codification (ASC) 205 -40 Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, clinical expenses, recruiting management and technical staff, and securing funding via collaborations. The Company has historically funded its operations with proceeds received from its collaboration arrangements, sale of equity capital and proceeds from sales of convertible notes. The Company has incurred significant losses and has an accumulated deficit of $37.4 As of June Although management continues to pursue its funding plans, there is no assurance that the Company will be successful in obtaining sufficient funding to fund continuing operations on terms acceptable to the Company, if at all. Further, at the date of this filing the above noted 3i $20 Impact of Covid-19 on our Business In March 2020, the World Health Organization declared the novel strain of coronavirus (COVID -19 -19 -imposed As a result of COVID -19 -19 -19 -19 -19 the third parties with which it engages, however, were to experience shutdowns or other business disruptions, the ability to conduct business in the manner and on the timelines presently planned could be materially and negatively affected, which could have a material adverse impact on business, results of operations and financial condition. The estimates of the impact on the Company’s business may change based on new information that may emerge concerning COVID -19 Emerging Growth Companies Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non -emerging |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Nature of Business and Summary of Significant Accounting Policies | 1. Nature of Business and Summary of Significant Accounting Policies (a) Organization Allarity Therapeutics A/S (the “Company”) is a limited liability company domiciled in Denmark. The Company was incorporated under the laws of Denmark on 9 September 2004. The Company’s principal operations are located at Venlighedsvej (b) Principal Activities Allarity Therapeutics A/S develops drugs for the personalized treatment of cancer using drug specific companion diagnostics (cDx) generated by its proprietary drug response predictor technology, DRP ® -cancer Allarity Therapeutics A/S (Nasdaq First North Growth Market Stockholm: ALLR) develops drugs for the personalized treatment of cancer using drug -specific ® (c) Liquidity and Going Concern The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The accompanying financial statements do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Pursuant to the requirements of Accounting Standard Codification (ASC) 205 -40 -40 Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, clinical expenses, recruiting management and technical staff, and securing funding via collaborations. The Company has historically funded its operations with proceeds received from its collaboration arrangements, sale of equity capital and proceeds from sales of convertible notes. The Company has incurred significant losses and has an accumulated deficit of $43.4 million as of September 30, 2021. As of the date of these financial statements our cash is insufficient to fund our current operating plan and planned capital expenditures for at least the next 12 months. These conditions give rise to a substantial doubt over the Company’s ability to continue as a going concern. Management’s plans to mitigate the conditions or events that raise substantial doubt include additional funding through public equity, private equity, debt financing, collaboration partnerships, or other sources. There are no assurances, however, that the Company will be successful in raising additional working capital, or if it is able to raise additional working capital, it may be unable to do so on commercially favorable terms. The Company’s failure to raise capital or enter into other such arrangements if and when needed would have a negative impact on its business, results of operations and financial condition and its ability to develop its product candidates. The Company has entered into a Securities Purchase Agreement with 3i, LP, a Delaware limited partnership that provides for a $20 million equity investment in the Company. Please refer to the subsequent event disclosures in note 18 for further information. Although management continues to pursue its funding plans, there is no assurance that the Company will be successful in obtaining sufficient funding to fund continuing operations on terms acceptable to the Company, if at all. Further, at the date of this filing the above noted 3i $20 million equity investment cannot be asserted as probable and is subject to close of the transaction. Accordingly, based upon cash on hand at the issuance date of these financial statements the Company does not have sufficient funds to finance its operations for at least twelve months from the issuance date and therefore has concluded that substantial doubt exists about the Company’s ability to continue as a going concern. (d) Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The accompanying interim financial statements as of September 30, 2021 and for the three and nine months ended September 30, 2021 and 2020, and related interim information contained within the notes to the financial statements, are unaudited. In management’s opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the Company’s audited financial statements and include all adjustments (including normal recurring adjustments) necessary for a fair statement of the financial statements. The condensed balance sheet at December 31, 2020, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. These interim financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes included in its Form S -4 (f) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: Name Country of Incorporation Oncology Venture Product Development ApS Denmark OV-SPV2 ApS Denmark MPI Inc. United States Oncology Venture US Inc. United States Allarity Therapeutics, Inc. United States Allarity Acquisition Subsidiary, Inc. United States All intercompany transactions and balances, including unrealized profits from intercompany sales, have been eliminated upon consolidation. (g) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting years. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the fair value of the convertible loan, the accrual for research and development expenses, revenue recognition, fair values of acquired intangible assets and impairment review of those assets, the useful life of property, plant and equipment, share based compensation expense, provisions for contingencies and litigation, and income tax uncertainties and valuation allowances. The Company bases its estimates on historical experience, known trends and other market -specific (h) Computation of Earnings (Loss) per Share The Company computes net (loss) income per share in accordance with ASC Topic 260, “Earnings Per Share” (“ASC 260”) and related guidance, which requires two calculations of net (loss) income attributable to the Company’s shareholders per share to be disclosed: basic and diluted. Basic loss per share is derived by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as warrants, and convertible debt, which would result in the issuance of incremental shares of common stock unless such effect is anti -dilutive (i) Conversion of foreign currencies The functional currency is the currency of the primary economic environment in which an entity’s operations are conducted. The Company and its subsidiaries operate mainly in Denmark and the United States. The functional currencies of the Company’s subsidiaries are their local currency. The Company’s reporting currency is the U.S dollar. The Company translates the assets and liabilities of its Denmark subsidiaries into the U.S. dollar at the exchange rate in effect on the balance sheet date. Revenues and expenses are translated at the average exchange rate in effect during each monthly period. Unrealized translation gains and losses are recorded as a cumulative translation adjustment, which is included in the consolidated statements of shareholders’ equity as a component of accumulated other comprehensive (loss) income. Monetary assets and liabilities denominated in currencies other than the functional currency are re -measured -monetary -measured Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss as incurred. (j) Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) includes all changes in equity except those resulting from investments by owners and distributions to owners, including accumulated foreign currency translation, and changes in instrument specific credit risk. During the three months ended September 30, 2021 and 2020 the Company recorded accumulated foreign currency translation losses of ($939) and gains of $1,130 respectively. During the nine months ended September 30, 2021 and 2020 the Company recorded accumulated foreign currency translation losses of ($1,785) and gains of $1,212 and instrument specific credit risk losses of ($9) and gains of $6 respectively. These amounts have been recorded as a separate component of stockholders’ equity (deficit). (k) Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential loss range is probable and reasonably estimable under the provisions of the authoritative guidelines that address accounting for contingencies. The Company expenses costs as incurred in relation to such legal proceedings as general and administrative expense within the consolidated statements of operations and comprehensive loss. (l) JOBS Act accounting election The Company is an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies; however, the Company may adopt new or revised accounting standards early if the standard allows for early adoption. (m) Recently Issued Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (the “FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. Adopted In December 2019, the FASB issued ASU 2019 -12 In August 2020, the FASB issued ASU No. 2020 -06 -20 -40 -06 -06 Not Yet Adopted In May 2021, the FASB issued ASU No. 2021 -04 -Classified -classified | 2. Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying consolidated financial statements have been prepared on an accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). (b) Organization and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: Name Country of Incorporation Oncology Venture Product Development ApS Denmark OV -SPV2 Denmark MPI Inc. United States Oncology Venture US Inc. United States All intercompany transactions and balances, including unrealized profits from intercompany sales, have been eliminated upon consolidation. (c) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting years. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the fair value of the convertible loan, the accrual for research and development expenses, revenue recognition, fair values of acquired intangible assets and impairment review of those assets, the useful life of property, plant and equipment, share based compensation expense, provisions for contingencies and litigation, and income tax uncertainties and valuation allowances. The Company bases its estimates on historical experience, known trends and other market -specific (d) Foreign currency and currency translation The functional currency is the currency of the primary economic environment in which an entity’s operations are conducted. The Company and its subsidiaries operate mainly in Denmark and the United States. The functional currencies of the Company’s subsidiaries are their local currency. The Company’s reporting currency is the U.S. dollar. The Company translates the assets and liabilities of its Denmark subsidiaries into the U.S. dollar at the exchange rate in effect on the balance sheet date. Revenues and expenses are translated at the average exchange rate in effect during each monthly period. Unrealized translation gains and losses are recorded as a cumulative translation adjustment, which is included in the consolidated statements of shareholders’ equity as a component of accumulated other comprehensive (loss) income. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at rates of exchange prevailing at the balance sheet dates. Non -monetary -measured Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss as incurred. The Company recorded a foreign exchange gain (loss) of $2,452 and ($465) included in accumulated other comprehensive loss for the years ended December (e) Concentrations of credit risk and of significant suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash. The Company maintains its cash in financial institutions in amounts that could exceed government -insured -party (f) Cash and Cash Equivalents Cash and cash equivalents consist primarily of highly liquid investments with original maturities of three months or less at date of purchase to be cash equivalents. The Company had no cash equivalents or restricted cash on December (g) Property, plant and equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation expense is recognized using the straight -line Estimated Useful Economic Life Leasehold property improvements Lesser of lease term or useful life Laboratory equipment 5 years Furniture and office equipment 3 years Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in loss from operations. As of December (h) Grants Grants are recognized when the conditions for receipt are met and there is reasonable assurance that the grant will be received. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable. (i) Impairment of long-lived assets Long -lived -lived (j) Business Combinations Business combinations are accounted for in accordance with ASC Topic 805 “Business Combinations”. The total purchase price of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, probabilities of success, discount rates, and asset lives, among other items. Assets acquired and liabilities assumed are recorded at their estimated fair values. (k) Non-controlling interest These financial statements reflect the application of ASC 810, Consolidations, which establishes accounting and reporting standards that require: (i) the ownership interest in subsidiaries held by parties other than the parent to be clearly identified and presented in the consolidated balance sheet within shareholder’s (deficit) equity, but separate from the parent’s (deficit) equity; (ii) the amount of consolidated net income attributable to the parent and the non -controlling Our consolidated financial statements include all assets, liabilities, incidental service revenues, and -than-100 -owned -controlling -controlling -controlling -controlling -controlling -controlling -controlling -controlling (l) Acquired Patents Acquired patents are measured in the balance sheet at the lower of cost less accumulated amortization and impairment charges, if any. The legal costs incurred to renew or extend the term of the acquired patents are expensed as incurred. As of December Cost comprises the acquisition price and the depreciation period are estimated at 6 years with no residual value. Depreciation methods, useful lives and residual values are reviewed every year. (m) Acquired In-Process Research and Development (IPR&D) Acquired IPR&D represents the fair value assigned to research and development assets that the Company acquired as part of a business combination and have not been completed at the acquisition date. The fair value of IPR&D acquired in a business combination is recorded on the consolidated balance sheets at the acquisition -date -party • • • -licensed • Once brought into use, intangible assets are amortized over their estimated useful economic lives using the economic consumption method if anticipated future revenues can be reasonably estimated. The straight -line (n) Fair value measurements of financial instruments The carrying value of the Company’s financial instruments of cash, trade receivables, other receivables, accounts payable and accrued liabilities, bank overdraft and loan approximate their fair value due to their short -term Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three -tier • • • To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. (o) Segment and geographic information Operating segments are defined as components of a business for which separate discrete financial information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company and its chief operating decision maker, the Company’s Chief Executive Officer, view the Company’s operations and manage its business as a single operating segment. The Company operates in two geographic areas: Denmark and the United States however, as at December (p) Leases The Company determines if an arrangement is a lease at inception by establishing if the contract conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Operating leases are included non -current -term ROU assets represent the Company’s right to use and control an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its collateralized incremental borrowing rate for an equivalent lease term, based on the information available at commencement date in determining the present value of lease payments. The ROU asset also includes lease payments made before the lease commencement date and excludes any lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The components of a lease shall be split into three categories, if applicable: lease components (e.g., land, building, etc.), non -lease -components -substance -components -lease -lease -lease -of-use -line (q) Service revenue recognition The Company’s revenues are generated primarily through minor revenue associated with research and development services provided to pharmaceutical and biotechnology companies. The terms of these arrangements may include (i) the grant of intellectual property rights (IP licenses) to therapeutic drug candidates against specified targets, (ii) performing research and development services to optimize drug candidates, and (iii) the grant of options to obtain additional research and development services or licenses for additional targets, or to optimize product candidates, upon the payment of option fees. The Company has adopted Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) Topic 606 — Revenue from Contracts with Customers (“ASC 606”). This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized under ASC 606, the Company performs the following steps: (i) identify the promised goods or services in the contract; (ii) determine whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. (r) Research and development costs Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, share -based (s) Research contract costs and accruals The Company has entered into various research and development contracts with companies in Europe, the United States, and other countries. These agreements are generally cancellable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. (t) Research and development incentives and receivable The Company, through its subsidiaries in Denmark, receives reimbursements of certain research and development expenditures as part of a European agency’s research and development cost reliefs program. Management has assessed the Company’s research and development activities and expenditures to determine which activities and expenditures are likely to be eligible under the research and development incentive program described above. At each period end, management estimates the reimbursement available to the Company based on available information at the time. The Company recognizes a receivable for the research and development incentives when the relevant expenditure has been incurred, the associated conditions have been satisfied and there is reasonable assurance that the reimbursement will be received. The Company records these research and development expense reimbursements as a reduction to research and development expenses in the consolidated statements of operations and comprehensive loss, as the research and development cost reimbursements are not dependent on the Company generating future taxable income, the Company’s ongoing tax status, or tax position. The research and development incentives receivable represent an amount due in connection with the above program. The Company has recorded government grants received as a reduction to research and development expense of $22 and $315 for the years ended December (u) Investments The Company’s investments in equity securities are measured at fair value in the balance sheet with changes in fair value recognized in net income. For investments in equity securities that are traded in an active market, fair value is equivalent to the market value at the balance sheet date and changes in fair value are recognized in operating income. Pursuant to ASC 321 -10-35-2 (v) Convertible note: The Company accounts for certain convertible notes issued during the year ended December 31, 2020 under the fair value option election of ASC 825, Financial Instruments (“ASC -825 -date -measured -specific (w) Warrants When the Company issues warrants, it evaluates the proper balance sheet classification to determine classification as either equity or as a derivative liability on the consolidated balance sheets. In accordance with ASC 815 -40 -Contracts -40 -40 (x) Share-based compensation The Company accounts for share -based -based The Company records the expense for option awards using a graded and straight line method. The Company accounts for forfeitures as they occur. For share based awards granted to non -employee -employee The Company reviews all stock award modifications including when there is an exchange of original award for a new award. In the case of stock award modifications, the Company calculates for the incremental fair value based on the difference between the fair value of the modified award and the fair value of the original award immediately before it was modified. The Company immediately recognizes the incremental value as compensation cost for vested awards and recognizes, on a prospective basis over the remaining requisite service period, the sum of the incremental compensation cost and any remaining unrecognized compensation cost for the original award on the modification date. The fair value of stock options (“options”) on the grant date is estimated using the Black -Scholes -pricing -option -Scholes -Scholes -Scholes Expected term of options granted is calculated using the simplified method being the average between the vesting period and the contractual term to the expected term of the options in effect at the time of grant. The Company has historically not paid dividends and has no foreseeable plans to pay dividends and, therefore, uses an expected dividend yield of zero in the option pricing model. The risk -free The Company classifies share -based (y) Accumulated other comprehensive (Loss) Accumulated other comprehensive loss includes net loss as well as other changes in shareholders’ equity (deficit) that result from transactions and economic events other than those with shareholders. The Company records unrealized gains and losses related to foreign currency translation and instrument specific credit risk as components of other accumulated comprehensive loss in the consolidated statements of operations and comprehensive loss. (z) Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential loss range is probable and reasonably estimable under the provisions of the authoritative guidelines that address accounting for contingencies. The Company expenses costs as incurred in relation to such legal proceedings as general and administrative expense within the consolidated statements of operations and comprehensive loss. (aa) Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty the consolidated financial statements by applying a two -step -likely-than-not (bb) Computation of Loss per Share The Company computes net (loss) income per share in accordance with ASC Topic 260, “Earnings Per Share” (“ASC 260”) and related guidance, which requires two calculations of net (loss) income attributable to the Company’s shareholders per share to be disclosed: basic and diluted. Basic loss per share is derived by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as warrants, and convertible debt, which would result in the issuance of incremental shares of common stock unless such effect is anti -dilutive (cc) Recently adopted accounting pronouncements In August 2018, the FASB issued ASU No. 2018 -13 -13 In June 2016, the FASB issued ASU No. 2016 -13 -13 -13 -to-maturity In November 2018, the FASB issued ASU No. 2018 -18 • • -of-account • The adoption of this standard did not have a material impact on our consolidated financial statements. In February 2016 the FASB issued ASU 2016 -02 -02 lease measured on a discounted basis, and a right -to-use In July 2018, the FASB issued ASU 2018 -10 -02 -type The Company adopted ASC 2018 -10 -term -term -lease (dd) Recently issued accounting pronouncements not yet adopted: In May 2021, the FASB issued ASU No. 2021 -04 -Classified -classified In August 2020, the FASB issued ASU No. 2020 -06 -20 -40 -06 -06 In December 2019, the FASB issued ASU 2019 -12 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Credit Loss, Additional Improvements [Abstract] | |
Accounts Receivable | 3. Accounts Receivable The Company’s accounts receivable is comprised of the following: December 31, 2020 2019 Trade receivables — 95 Less: Allowance for doubtful accounts — — Net trade receivables — 95 |
Other Current Assets
Other Current Assets | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure of Other Current Assets [Abstract] | ||
Other Current Assets | 2. Other Current Assets The Company’s other current assets are comprised of the following: September 30, 2021 December 31, 2020 Deposits 54 68 Grant receivable — 50 Salary deposit 65 51 Value added tax (“VAT”) receivable 312 166 Other 1 — Net other current assets 432 335 | 4. Other Current Assets The Company’s other current assets are comprised of the following: December 31, 2020 2019 Deposits 68 60 Grant receivable 50 315 Salary deposit 51 24 Value added tax (“VAT”) receivable 166 406 Employee receivables — 14 Sales taxes recoverable — 2 335 821 |
Prepaid Expenses
Prepaid Expenses | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Prepaid Expenses | 3. Prepaid Expenses September 30, 2021 December 31, 2020 Prepaid insurance 15 152 Other prepayments 110 22 125 174 | 5. Prepaid Expenses December 31, 2020 2019 Prepaid insurance 152 14 Other prepayments 22 63 174 77 |
Investment
Investment | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Investment [Abstract] | ||
Investment | 4. Investment The Company owns 43,898 common shares in Lantern Pharma Inc. (NasdaqCM) (“Lantern” or “Lantern shares”) as a result of a prior license agreement made with Lantern Pharma in 2017. During June 2020 Lantern Pharma became publicly listed. As at September | 6. Investment The Company owns 43,898 common shares in Lantern Pharma Inc. (NasdaqCM) (“Lantern” or “Lantern shares”) as a result of a prior license agreement made with Lantern Pharma in 2017. During June 2020 Lantern Pharma became publicly listed. As at December 31, 2020 the fair market value of the shares was $845. December 31, 2020 2019 Opening balance 137 137 Gain recognition 708 — Ending balance 845 137 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment, net | 5. Property, plant and equipment, net Property, plant and equipment, net consisted of the following (in thousands): September 30, 2021 December 31, 2020 Laboratory equipment 338 338 Less: accumulated depreciation (329 ) (317 ) 9 21 Depreciation expense for the three months ended September | 7. Property, plant and equipment Property, plant and equipment are recorded at historical cost, net of accumulated depreciation. Components of property, plant and equipment, net are summarized as follows (in thousands): As of December 31, 2020 2019 Laboratory equipment 364 327 Less: accumulated depreciation (343 ) (290 ) 21 37 The Company’s property, plant and equipment is pledged as collateral to its line of credit loan as disclosed in Note 10. Depreciation expense was $21 and $26 for the years ended December |
Operating Lease Assets
Operating Lease Assets | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Operating Lease Assets [Abstract] | |
Operating lease assets | 8. Operating lease assets The facilities of the Company are leased under various operating lease agreements for periods ending no later than 2023. The Company also has the option to extend the term of certain facility lease agreements and these are included in the calculation of right -of-use Under ASC 842, as a practical expedient, the Company has elected to only recognize on the balance sheet all leases with durations greater than 12 -cancellable -term -term Upon implementation of ASC 842, effective January -of-use As of December 31, Balance sheet location (in $1,000’s) 2020 2019 Assets: Operating lease assets $ 331 $ 400 Liabilities: Current operating lease liabilities $ 109 $ 86 Non-current operating lease liabilities 267 341 $ 376 $ 427 Future minimum lease payments under non -cancellable December 31, 2020 2019 Short-term lease liabilities $ 109 $ 86 Long-term lease liabilities 267 341 Net present value of future minimum lease payments $ 376 $ 427 Weighted average of remaining operating lease term (years) 3 4 Weighted average of operating lease discount rate 10 % 10 % Future minimum lease payments under non -cancellable 2021 $ 141 2022 146 2023 151 438 Imputed interest (62 ) Total $ 376 Operating lease costs for the Company’s premises and virtual offices for the years ended December |
Intangible Assets
Intangible Assets | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible assets | 6. Intangible assets Intangible assets, net of accumulated amortization, impairment charges and adjustments are summarized as follows: As of September 30, 2021 As of December 31, 2020 Cost Accumulated Amortization Net Cost Accumulated Amortization Net IPR&D Assets $ 38,876 $ (10,132 ) $ 28,744 $ 38,876 $ (8,399 ) $ 30,477 Acquired patents 99 (99 ) — 99 (85 ) 14 Total intangible assets $ 38,975 $ (10,231 ) $ 28,744 $ 38,975 $ (8,484 ) $ 30,491 The Company’s IPR&D assets have been classified as indefinite -lived September 30, 2021 December 31, 2020 Stenoparib 25,957 27,522 Dovitinib 2,787 2,955 28,744 30,477 Sale of Irofulven On July -100 -license If all milestones are achieved, then we will be entitled to receive up to $16 -digits -by-country | 9. Intangible assets Intangible assets, net of accumulated amortization, impairment charges and adjustments are summarized as follows: As of December 31, 2020 As of December 31, 2019 Cost Accumulated Amortization* Net Cost Accumulated Amortization* Net IPR&D Assets $ 38,876 $ (8,399 ) $ 30,477 $ 35,275 $ (7,624 ) $ 27,651 Acquired patents 78 (64 ) 14 78 (39 ) 39 Total intangible assets $ 38,954 $ (8,463 ) $ 30,491 $ 35,353 $ (7,663 ) $ 27,690 ____________ * Accumulated Amortization of IPR&D Assets includes impairment charges as described below. The Company’s IPR&D assets have been classified as indefinite -lived December 31, 2020 2019 Stenoparib 27,522 24,970 Dovitinib 2,955 2,681 Total 30,477 27,651 Impairments In November 2019 management reassessed its projects and determined to reprioritize its research and development efforts. Consequently, during the year ended December |
Line of Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2020 | |
Lineof Credit Disclosure [Abstract] | |
Line of credit | 10. Line of credit Effective 1 July 2016 the Company established a line of credit with Nordea Bank in the amount of $84 bearing interest at 8.75%. The Company’s assets, up to an amount of $84 have been provided as collateral against the line of credit. As of December 31, 2020, the Company was indebted in the amount of $84 (December |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Payables and Accruals [Abstract] | ||
Accrued liabilities | 7. Accrued liabilities The Company’s accrued liabilities are comprised of the following: September 30, 2021 December 31, 2020 Development cost liability 1,123 1,191 Accrued audit and legal 411 84 Share capital cost accrual 557 — Payroll accruals 337 316 Accrued Director fees 100 119 Accrued liabilities 419 130 2,947 1,840 | 11. Accrued liabilities The Company’s accrued liabilities are comprised of the following: December 31, 2020 2019 Development cost liability (Note 24) 1,191 300 Payroll accruals 316 716 Hospital expense accruals — 265 Accrued Board member fees 119 69 Accrued audit and legal 84 117 Accrued liabilities 130 409 1,840 1,876 |
Loan
Loan | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Loan [Abstract] | ||
Loan | 9. Loan 2021 Loan Effective March The rights offering was completed before June 2019 Loan Effective September | 12. Loan Effective September |
Convertible Debt
Convertible Debt | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Convertible debt | 10. Convertible debt On 31 March 2020 the Company entered into an agreement to issue up to $10,100 (SEK 100,000) (the “Commitment”) to be funded in tranches (“Tranches”) of ten non -interest-bearing The Company accounted for the Notes issued under the FVO election whereby the financial instrument is initially measured at its issue -date -measured We determined the fair value of the Notes using a discounted cash flow valuation technique with a weighted average cost of capital of 15%. The Company estimates the change in fair value attributable to the instrument specific credit risk of the Notes at 1% under the fair value option and accordingly has recognized a loss of $ Nil Nil Finance costs of $ Nil The roll forward of the Notes as of September September 30, 2021 December 31, 2020 Opening fair value 1,327 — Convertible debt issued in the period 1,200 4,670 Change in fair value (loss) reported in statement operations 298 (681 ) Conversion of notes to common shares (2,825 ) (2,662 ) Ending fair value balance — 1,327 An effective interest rate determines the fair value of the Notes. The notes are unlisted and therefore, they are categorized as Level 3 in accordance with ASC 820, “Fair Value Measurements and Disclosures.” The notes were fully converted to shares during the period ended June Nil | 13. Convertible debt On 31 March 2020 the Company entered into an agreement to issue up to $10,100 (SEK 100,000) (the “Commitment”) to be funded in tranches (“Tranches”) of ten non -interest a) Fees payable include 5% of the $10,100 Commitment in 2 equal installments of $252, paid on the disbursement of each of the first and second Tranches; and a further 5% of the principal of the notes is to be deducted from the payment of each Tranche. b) The Conversion Price of the Notes is 95% of the lowest closing volume weighted average price as reported by Bloomberg (“VWAP”) of the shares during the applicable pricing period preceding the conversion date. Conversion of the Loan Amount shall be made at a rate equal to the Conversion Price. The Conversion Price cannot be below par value. The number of new Shares issued by the Company to the Investor upon conversion of the Loan Amount shall be calculated as the Loan Amount divided by the Conversion Price. If the Conversion Price is equal to or less than $0.01 (0.05 DKK), the Investor will not be required to convert such Note. If the Investor (contrary to the clear intention in the Agreement) claims repayment of one or more Tranches and not to convert into Shares the Company shall be entitled to deduct the commitment fee in connection with the repayment. c) The loan is due for repayment in full 12 d) Default interest accrues on the overdue amount from the due date up to the date of actual payment at 8% per annum; calculated on a 360 day year and accrues and compounds on a daily basis. The Company accounted for the Notes issued during the year ended December 31, 2020 under the FVO election whereby the financial instrument is initially measured at its issue -date -measured We determined the fair value of the Notes using a discounted cash flow valuation technique with a weighted average cost of capital of 15%. Therefore, they are categorized as Level 3 in accordance with ASC 820, “Fair Value Measurements and Disclosures”. (Note 23) Following is a roll forward of the fair values from date of issuance to December Beginning fair value balance on issue date $ 4,670 Change in fair value (loss) reported in statement of operations (681 ) Conversion of notes to common shares (2,662 ) Ending fair value balance – December 31, 2020 $ 1,327 The Company estimates the change in fair value attributable to the instrument specific credit risk of the Notes at 1% under the fair value option and accordingly has recognized a gain of $9 in other comprehensive income. |
Derivative Liabilities
Derivative Liabilities | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative Liabilities | 11. Derivative Liabilities (a) Investor Warrants The exercise price of our investor warrants described below is denominated in SEK; however, the functional currency of the Company is DKK. Consequently, the value of the proceeds on exercise is not fixed and will vary based on foreign exchange rate movements. The investor warrants when issued other than as compensation for goods and services are therefore a derivative for accounting purposes and are required to be recognized as a derivative liability and measured at fair value at each reporting period. Any changes in fair value from period to period are recorded as non -cash -cash -cash liability associated with any investor warrants that expire unexercised will be recorded as a gain in the consolidated statements of comprehensive loss. There are no circumstances in which the Company would be required to pay any cash upon exercise or expiry of the investor warrants. In connection with subscriptions of Offer Units in the rights issue carried out April/May 2019, 20,166,221 investor warrants (“TO1 warrants”) have been granted to investors. All Warrants were vested as per the grant date. A warrant gives the right, during a fixed period to subscribe for nominal $0.01 (DKK 0.05) common share in the Company at $0.9 (SEK 7.5) (the “Exercise Price”), converted into DKK using the official exchange rate between DKK and SEK on the exercise day. All TO1 warrants expired unexercised in the period ended December In connection with subscriptions of Offer Units in the rights issue carried out October — December 2019, 50,341,080 investor warrants (“TO2 warrants”) have been granted to investors. All Warrants were vested as per the grant date. A warrant gives the right, during a fixed period to subscribe for nominal $0.01 (DKK 0.05) common share in the Company $0.69 (SEK 6,0 In connection with subscriptions of Offer Units in the rights issue carried out in June 2021, 121,162,817 investor warrants (“TO3 warrants”) have been granted to investors. All Warrants were vested as per the grant date. In accordance with the terms of the Company’s outstanding TO 3 Warrants, exercisable for $0.20 (SEK 1.7) per share, the Company’s Board of Directors can determine an extraordinary and final exercise window of 10 trading days in which warrants shall be exercised provided, however, that the price of the Company’s shares increases to SEK 2.0 or more calculated as average volume weighted price (VWAP) over 10 trading days. On August The table below summarizes the number of investor warrants that were outstanding, their weighted average exercise price (“WAEP”) as at September Nine months ended Year ended Number Weighted Number Weighted Outstanding, opening 54,337,944 $ 0.71 70,507,301 $ 0.69 Granted 120,891,157 0.19 3,996,864 $ 0.36 Exercised (13,728,086 ) 0.19 — — Expired (157,504,151 ) 0.33 (20,166,221 ) $ 0.82 Outstanding, ending 3,996,864 $ 0.38 54,337,944 $ 0.71 Exercisable, ending 3,996,864 $ 0.38 54,337,944 $ 0.71 (b) Financing Facility Effective November The Company has evaluated the terms of the Financing Facility in accordance with ASC 815 -40-15 -40-25 On June All Settlement Warrants immediately vested on the grant date. A warrant gives the right, during a fixed period to subscribe for nominal $0.01 (DKK 0.05) common share in the Company at $0.4 (SEK 3,3 As at September (c) Valuation of Derivative Liabilities The derivative liabilities are measured at fair value at each reporting period and the reconciliation of changes in fair value is presented in the following tables: T01 Warrants T02 Warrants T03 Warrants Financing Facility Warrants issued May 2019 Warrants Warrants issued June 2021 September 30, 2021 December 31, 2020 December 31, 2020 September 30, 2021 December 31, 2020 September 30, 2021 Balance beginning 102 2,138 14 47 1,641 — Issued during the period — — — — — 5,151 Change in fair value 124 (524 ) (14 ) (45 ) (1,594 ) (4,626 ) Amount transferred to Equity — (1,412 ) — — — (483 ) Translation effect (8 ) (100 ) — (2 ) — (42 ) Balance – end of period 218 102 — — 47 — Fair value per warrant issuable at period end 0.03 0.026 — — 0.0009 — The fair value of the Company’s derivative warrant liabilities were estimated using the Black -Scholes Warrants issued Settlement Warrants for the September 30, 2021 December 31, 2020 Exercise price $ 0.38 – (SEK3.3 ) $ 0.40 – (SEK3.3) Share price $ 0.20 – (SEK1.7 ) $ 0.10 – (SEK0.80) Risk-free interest (0.52)% (0.41)% Expected dividend yield (0)% (0)% Contractual life (years) 1.40 2.17 Expected volatility 104.20% 106.50% The Company measured its derivative warrant liabilities on a recurring basis using level 3 inputs (see Note 17). | 14. Derivative Liabilities (a) Investor Warrants The exercise price of our investor warrants described below is denominated in SEK; however, the functional currency of the Company is DKK. Consequently, the value of the proceeds on exercise is not fixed and will vary based on foreign exchange rate movements. The investor warrants when issued other than as compensation for goods and services are therefore a derivative for accounting purposes and are required to be recognized as a derivative liability and measured at fair value at each reporting period. Any changes in fair value from period to period are recorded as non -cash -cash -cash In connection with subscriptions of Offer Units in the rights issue carried out April/May 2019, 20,166,221 investor warrants (“TO1 warrants”) have been granted to investors in connection with subscription of Offer Units in the rights issued carried out April/May 2019. All Warrants were vested as per the grant date. A warrant gives the right, during a fixed period to subscribe for nominal $0.01 (DKK 0.05) common share in the Company at $0.9 (SEK 7.5) (the “Exercise Price”), converted into DKK using the official exchange rate between DKK and SEK on the exercise day. All TO1 warrants were expired in the period ended December In connection with subscriptions of Offer Units in the rights issue carried out October — December 2019, 50,341,080 investor warrants (“TO2 warrants”) have been granted to investors in connection with subscription of Offer Units in the rights issued carried out October — December 2019. All Warrants were vested as per the grant date. A warrant gives the right, during a fixed period to subscribe for nominal $0.01 (DKK 0.05) common share in the Company $0.7 (SEK 6,0) (the “Exercise Price”), converted into DKK using the official exchange rate between DKK and SEK on the exercise day. Each warrant carries the right to subscribe for one common share. Investors in the Rights Issue will have the possibility to exercise their warrants in five two -week -months The table below summarizes the number of investor warrants that were outstanding, their weighted average exercise price (“WAEP”) as at December 2020 2019 Number Weighted Average Exercise Price Number Weighted Average Exercise Price Outstanding at January 1 70,507,301 $ 0.69 — — Granted 3,996,864 $ 0.36 70,507,301 $ 0.68 Expired (20,166,221 ) $ 0.82 — — Outstanding at December 31 50,341,080 $ 0.71 70,507,301 $ 0.69 Exercisable at December 31 50,341,080 $ 0.71 70,507,301 $ 0.69 (b) Financing Facility Effective November The Company has evaluated the terms of the Financing Facility in accordance with ASC 815 -40-15 -40-25 On June , 10,5 All Settlement Warrants immediately vested on the grant date. A warrant gives the right, during a fixed period to subscribe for nominal $0.01 (DKK 0.05) common share in the Company at $0.4 (SEK 3,3 (c) Valuation of Derivative Liabilities The derivative liabilities are measured at fair value at each reporting period and the reconciliation of changes in fair value is presented in the following tables: T01 Warrants T02 Warrants Financing Facility* Warrants issued Warrants issued December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Balance beginning 2,138 2,935 14 — 1,641 — Issued during the year — — — 1,741 — 1,773 Change in fair value (524 ) — (14 ) (1,727 ) (1,594 ) (132 ) Partial settlement – cash — (673 ) — — — — Amount transferred to Equity* (1,412 ) — — — — — Translation effect (100 ) (124 ) — — — — Balance – end of year 102 2,138 — 14 47 1,641 Fair value per warrant issuable 0.026 — — 0.001 0.001 0.033 ____________ * The December 31, 2019 $2,935 estimated fair value of the Financing Facility comprises the $673 cash settlement paid by the Company in June 2019, and the $2,262 market value of 9,330,000 common shares and 3,996,864 warrants issued on settlement of the Facility on February 23, 2020. The 3,996,864 warrants are exchangeable into one common share each at $0.34 (SEK 3.3) for 36 months. The fair value of the Company’s derivative warrant liabilities were estimated initially and on a quarterly basis using the Black -Scholes Warrants issued Warrants issued Warrants issued Settlement Warrants for the T01 Warrants T02 Warrants Grant date Exercise price $0.40 – (SEK 3.3) $0.34 – (SEK 3.3) $0.80 – (SEK 7.5) $0.73 – (SEK 6.0) $0.64 – (SEK 6.0) Share price $0.10 – (SEK 0.80) $0.27 – (SEK 2.61) $0.18 – (SEK 1.70) $0.10 – (SEK 0.80) $0.18 – (SEK 1.70) Risk-free interest (0.41)% (0.38)% (0.68)% (0.57)% (0.68)% Expected dividend yield (0)% (0)% (0)% (0)% (0)% Contractual life (years) 2.17 3.00 0.42 0.71 1.71 Expected volatility 106.50% 104.10% 97.90% 106.50% 97.90% As of December As at December |
Stockholders_ Equity and Non-co
Stockholders’ Equity and Non-controlling Interests | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | ||
Stockholders’ Equity and Non-controlling Interests | 12. Stockholders’ Equity (a) Share Issuances On September 30, 2021 the share capital consists of 403,791,200 common shares of par value $0.01 (DKK 0.05) each (December 31, 2020: 212,601,044 During the three months ended September 30, 2021 the Company issued: i. 14,505,206 common shares valued at $3,232 upon the exercise of common stock purchase warrants; and ii. Units consisting of 24,112,523 common shares and 24,112,523 common share purchase warrants valued at $2,384 upon the issuance of Units on July 14, 2021 to the financial advisors of the May 14, 2021 rights issue. The attached warrants are exercisable for $0.20 (SEK 1,70) each with an original expiration date of September 13, 2023, subsequently amended to September 13, 2021 (Note 11(a)). During the nine months ended September 30, 2021 the Company issued: iii. 14,776,866 common shares valued at $3,232 upon the exercise of common stock purchase warrants; iv. Units consisting of 145,003,680 common shares and 145,003,680 common share purchase warrants for $0.10 (SEK 0.85) per unit; valued at $12,125. The attached warrants are exercisable for $0.20 (SEK 1,70) each with an original expiration date of September 13, 2023, subsequently amended to September 13, 2021 (Note 11(a)); and v. 31,409,610 common shares valued at $2,880 upon conversion of debt. During the three months ended September 30, 2020 the Company issued: vi. 11,669,340 common shares valued at $1,585 on conversion of debt; and vii. 12,383,770 common shares valued at $758 in exchange for 16.09% of the NCI in OV US Inc. During the nine months ended September 30, 2020 the Company issued: viii. 9,330,000 common shares and 3,996,864 warrants in exchange for $1,092 in cash in settlement of the Financing Facility dated February 23, 2020; the fair value of the common shares of $2,504 was recorded in equity and the $625 fair value of the warrants was recorded as a derivative liability which was adjusted to market at the end of every period and as at September 30, 2021 the fair value of the warrants is $218; ix. 24,307,645 common shares valued at $3,506 on conversion of debt; x. 25,936,599 common shares valued at $2,103 in exchange for 37% of the NCI in OV SPV2 ApS; and xi. 12,383,770 common shares valued at $758 in exchange for 16.09% of the NCI in OV US Inc. | 15. Stockholders’ Equity and Non-controlling Interests (a) Stockholders’ Equity i. Capital structure As of December ii. Share issuances During the year ended December (a) 18,067,963 common shares in exchange for $2,869 in cash and recognized $652 in share issuance costs; (b) 9,330,000 common shares and 3,996,864 warrants in exchange for $1,092 in cash in settlement of the Financing Facility dated February (c) 25,546,633 common shares valued at $3,002 on conversion of debt; (d) 25,936,599 common shares valued at $3,906 in exchange for 37% of the NCI in OV SPV2 ApS; and (e) 12,383,770 common shares valued at $2,029 in exchange for 16.09% of the NCI in OV US Inc. During the year ended December (f) 48,420,891 common shares in exchange for $13,557, inclusive of 230,000 common shares issued on the exercise of warrants for $18, and recognized $4,429 in share issuance costs; and (g) 22,603,910 common shares valued at $5,787, on conversion of debt. (b) Non -controlling interests The following provides a reconciliation of the beginning and ending balances of the Company’s non -controlling -SPV2 (US$ in thousands) OV-SPV2 ApS OV US Inc. Total Balance at December 31, 2018: $ 2,550 $ 802 $ 3,352 Acquisition of 8% of OV-SPV2 ApS for cash of $802 (371 ) — (371 ) Income (loss) for 2019 (77 ) (10 ) (87 ) Foreign currency translation (60 ) (18 ) (78 ) Balance at December 31, 2019 2,042 774 2,816 Acquisition of 37% of OV-SPV2 ApS for shares (see (d) above) (2,103 ) — (2,103 ) Acquisition of 16.09% of OV US Inc. for shares (see (e) above) — (758 ) (758 ) Income (Loss) for 2020 17 (32 ) (15 ) Foreign currency translation 44 16 60 Balance at December 31, 2020 $ — $ — $ — ____________ * See Statement of Stockholders’ Equity and above disclosure for detail. |
Share-Based Payments
Share-Based Payments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Share-based payments | 13. Share-based payments Share based payments in the legal form of warrants have been granted to members of the executive management, members of the board of directors, employees and external consultants. All share-based payment warrant plans During the three months ended September 30, 2021, the total expenses recorded in profit or loss were $577 (2020: $237) and are recognized as general and administrative expenses. During the nine months ended September 30, 2021 expenses of $1,205 (2020: $629) are recognized as general and administrative expenses. Total compensation cost of $119 for non -vested The table below summarizes the number of options that were outstanding, their weighted average exercise price (“WAEP”) as at September 30, 2021 and December 31, 2020, as well as the movements during the periods. September 30, 2021 December 31, 2020 Number Weighted Number Weighted Opening balance 10,755,971 $ 0.20 8,717,239 $ 0.18 Granted — — 3,389,550 $ 0.22 Exercised (1,048,780 ) 0.06 — — Forfeited (2,030,260 ) 0.06 (1,350,818 ) $ 0.26 Ending balance outstanding 7,676,931 $ 0.24 10,775,971 $ 0.20 Ending balance, exercisable 4,657,456 $ 0.23 6,008,140 $ 0.18 No warrants were granted in the nine month period ended September 30, 2021. The weighted average remaining contractual life for the warrants outstanding as at September 30, 2021 was 7.75 years (December 31, 2020: 9.3 years). | 16. Share-based payments Share based payments in the legal form of warrants have been granted to members of the executive management, members of the board of directors, employees and external consultants. Warrant plan #7 On December -settled Warrant plan #6 On October -settled Additional Executive Plan Effective September -four -Scholes Warrant plan #5 On February -settled Warrant plan #4 On February -settled Warrant plan #3 On December -settled All share-based payment warrant plans During 2020, the total charge to profit or loss amounted to $616 (2019: $333) of which $616 (2019: $333) are recognized as general and administrative expenses. As of December The table below summarizes the number of options that were outstanding, their weighted average exercise price and contractual term as at December Number of Weighted Weighted (in years) Balance on January 1, 2019 3,309,040 $ 0.08 — Granted 5,638,199 0.23 — Exercised (230,000 ) 0.08 — Balance on December 31, 2019 8,717,239 0.18 10 Granted 3,389,550 0.22 — Forfeited (1,350,818 ) 0.26 — Outstanding as of December 31, 2020 10,775,971 $ 0.20 9.3 Options exercisable at December 31, 2020 6,008,140 $ 0.18 7.3 The intrinsic value of warrants outstanding at December The weighted average grant date fair value of warrants granted in 2020 was $0.12 (2019: $0.20) per share. The total fair value of warrants vested during the years December The estimate of the grant date fair value of each warrant issued is based on a Black Scholes model. The assumptions used in our valuation are summarized as follows: For the Years ended 2020 2019 Expected volatility 80.6 % 70 % Weighted average share price $ 0.14 $ 0.23 Expected life (in years) 10 – 11 10 – 12 Expected dividend yield 0 % 0 % Risk-free interest rate (0.41 )% (0.36 )% Expected Term Expected volatility Risk -Free Interest Rate -free -coupon -based Dividend Rate Fair Value of Common Stock -based |
License and Development Agreeme
License and Development Agreements | 12 Months Ended |
Dec. 31, 2020 | |
License And Development Agreements [Abstract] | |
License and Development Agreements | 17. License and Development Agreements a) License Agreement with Novartis Pharma for Dovitinib We hold the exclusive worldwide rights to all therapeutic and/or diagnostic uses related to cancer in humans for dovitinib from Novartis Pharma AG (“Novartis”) pursuant to a license agreement. Pursuant to the agreement, we are solely responsible for the development of dovitinib during the term of the agreement. Development Milestone Payments Pursuant to the agreement, we have agreed to make milestone payments to Novartis in connection with the development of dovitinib by us or our affiliates, or by a third -party Royalty Payments In addition to the milestone payments described above, we have agreed to pay Novartis royalties based on annual incremental sales of product derived from dovitinib in an amount between five percent (5%) and ten percent (10%) of annual sales of between $0 and $250 We are obligated to pay royalties under the agreement on a country -by-country -by-product -based b) License Agreement with Eisai for Stenoparib We hold the exclusive worldwide rights to any and all preventative, therapeutic and/or diagnostic uses related to cancer in humans and by amendment to the agreement on December of the committee and has the power to break any deadlock in decisions by the committee that must be made by a majority vote with each representative having one (1) vote. The purpose of the committee is to implement and oversee development activities for stenoparib pursuant to the clinical development plan, serves as a forum for exchanging data, information and development strategy. Development Milestone Payments Pursuant to the agreement, we have agreed to make milestone payments to Eisai in connection with the development of stenoparib by us or our affiliates, or by a third -party Royalty Payments In addition to the milestone payments described above, we have agreed to pay Eisai royalties based on annual incremental sales of product derived from stenoparib in an amount between five percent (5%) and ten percent (10%) of annual sales of between $0 and $100 We are obligated to pay royalties under the agreement on a country -by-country -by-product -based Option to Reacquire Rights to Stenoparib For the period of time commencing with enrollment of the first five (5) patients in a Phase 2 clinical trial pursuant to the clinical development plan and ending ninety (90) days following successful completion of such Phase 2 clinical trial, Eisai has the option to reacquire our licensed rights to develop stenoparib for a purchase price equal to the fair market value of our rights, giving effect to the stage of development of stenoparib that we have completed under the agreement. We commenced a Phase 2 clinical trial April c) Development, Option and License Agreement with R-Pharm for IXEMPRA ® On March -license ® -Pharm -Pharm -Pharm -acquire ® -Pharm -Pharm ® Development Milestone Payments Pursuant to the agreement, once we have exercised the Option, we have agreed to make milestone payments to R -Pharm ® -party ® -Pharm Royalty Payments In addition to the milestone payments described above, once we have exercised the Option, we have agreed to pay R -Pharm ® After the Option is exercised, we would be obligated to pay royalties under the agreement on a country -by-country -by-product -based -Pharm -Pharm d) Development costs and Out-License Agreement with Smerud In June of 2020, the Company out -licensed ® -111 -time ® ® -111 ® patients in each trial. Under the license, Smerud must secure sufficient funding (whether by investment and/or by grants) for each program by/before October -by-product -by-country th ® -111 -standard |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block [Abstract] | |
Revenue | 18. Revenue Year ended December 31, 2020 2019 Research and development services — 109 Other — 11 Total — 120 |
Tax
Tax | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Tax | 19. Tax The reconciliation of the statutory rate to the effective tax rate is as follows: Reconciliation of effective tax rate: 2020 2019 Tax computed on the loss before tax at a tax rate of 22.0% (1,592 ) (4,175 ) Foreign rate differential 4 10 Non-deductible expenses, share-based payments 135 73 Non-deductible expenses, other 151 2 Tax value of derivative warrants (491 ) (436 ) Tax deduction on exercise of employee warrants — (8 ) Special tax deduction on research and development expenses (323 ) (17 ) Other adjustments (123 ) (47 ) Adjustment of tax concerning previous years 3 (522 ) Change in valuation allowance 75 543 Effective tax rate (30%/24%) (2,161 ) (4,577 ) The components of income (loss) before income taxes were as follows: Year ended December 31, (in $1,000’s) 2020 2019 Denmark (7,003 ) (18,102 ) Sweden (4 ) 136 United States (227 ) (1,011 ) (7,234 ) (18,977 ) The components of the (benefit) provision for income taxes from operations were as follows: Year ended December 31, (in $1,000’s) 2020 2019 Current: Denmark (908 ) (826 ) Sweden 30 — United States 3 9 Total (875 ) (817 ) Deferred: Denmark (1,286 ) (3,760 ) Sweden — — United States — — Total (1,286 ) (3,760 ) (2,161 ) (4,577 ) Deferred tax comprises: 2020 2019 Property, plant and equipment 21 16 Intangible assets (5,869 ) (5,324 ) Net operating losses 6,163 4,301 Total deferred tax 315 (1,007 ) Valuation allowance (920 ) (844 ) Net deferred tax liabilities (603 ) (1,851 ) Tax on profit/loss for the year: 2020 2019 Current income tax expense (benefit) (36 ) 530 Change in deferred tax (1,286 ) (3,760 ) Adjustment of tax concerning previous years 3 (522 ) Tax received under the tax credit scheme (842 ) (825 ) Tax expense (benefit) on profit/loss for the year (2,161 ) (4,577 ) Under the growth plan adopted by the Danish Parliament in 2013 companies with losses resulting from research and development costs may receive payment of the tax base of losses of up to DKK 25 Tax losses carried forward of approximately $28.2 As of December |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related parties | 20. Related parties Transactions with related parties During the years ended December Acquisition of NCI On June On July |
Segment Information
Segment Information | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | ||
Segment information | 14. Segments The Company is domiciled in Denmark and operates as one operating segment. Our Chief Executive Officer (CEO), as the chief operating decision -maker -term -wide -making -segment of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. The Company has neither revenues from external customers outside Denmark, nor non -current | 21. Segment information The Company is domiciled in Denmark and operates as one operating segment. Our Chief Executive Officer (CEO), as the chief operating decision -maker -term -wide -making -segment -current |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Share | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Basic and diluted net loss per share | 15. Basic and diluted net loss per share Basic net income loss per share is computed based on the weighted average number of ordinary shares outstanding during each period. Diluted net income per share is computed based on the weighted average number of ordinary shares outstanding during the period plus potential shares (deriving from warrants and convertible notes) considered outstanding during the period, in accordance with ASC 260 -10 Three month period ended Nine month period ended 2021 2020 2021 2020 Numerator: Net income (loss) attributable to common shareholders $ 1,672 $ (960 ) (5,986 ) (3,897 ) Denominator: Weighted average common shares outstanding – basic 387,652,549 186,230,830 288,984,065 150,650,949 Weighted average common shares outstanding – diluted 397,201,067 194,948,069 299,740,036 159,368,188 Net income (loss) per share attributable to common shareholders – basic and diluted $ 0.00 $ (0.01 ) $ (0.02 ) $ (0.03 ) In the three month period ended September 30, 2021 the Company’s diluted weighted shares outstanding includes outstanding warrants however the basic and diluted income per share amounts were the same. In the three month period ended September 30, 2020 and the nine month periods ended September 30, 2021 and 2020, the Company’s unvested restricted shares and restricted share units have been excluded from the computation of basic net loss per share attributable to common shareholders. The Company’s potentially dilutive securities, which include warrants and shares issuable upon conversion of convertible debt, have been excluded from the computation of diluted net loss per share attributable to common shareholders as the effect would be to reduce the net loss per share attributable to common shareholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti -dilutive Three month period ended Nine month period ended 2021 2020 2021 2020 Warrants 9,548,518 8,717,239 10,755,971 8,717,239 | 22. Basic and diluted net loss per share Basic net loss per share is computed based on the weighted average number of ordinary shares outstanding during each period. Diluted net loss per share is computed based on the weighted average number of ordinary shares outstanding during the period plus potential shares (deriving from warrants and convertible notes) considered outstanding during the period, in accordance with ASC 260 -10 Years Ended 2020 2019 Numerator: Net loss attributable to common shareholders $ (5,073 ) $ (14,400 ) Denominator: Weighted average common shares outstanding – basic and diluted 163,238,991 63,407,230 Net loss per share attributable to common shareholders – basic and diluted $ (0.03 ) $ (0.23 ) The Company’s unvested restricted shares and restricted share units have been excluded from the computation of basic net loss per share attributable to common shareholders. The Company’s potentially dilutive securities, which include warrants and shares issuable upon conversion of convertible debt, have been excluded from the computation of diluted net loss per share attributable to common shareholders as the effect would be to reduce the net loss per share attributable to common shareholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti -dilutive As of December 31, 2020 2019 Warrants 8,523,918 4,387,223 Convertible debt 960,216 — 9,484,134 4,387,223 |
Financial Instruments
Financial Instruments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Financial Instruments | The following tables present information about the Company’s financial instruments measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets: Investment $ 491 $ — $ — $ 491 Liabilities: Derivative warrants $ — $ — $ (218 ) $ (218 ) $ — $ — $ (218 ) $ (218 ) Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets: Investment $ 845 $ — $ — $ 845 Liabilities: Convertible debt $ — $ — $ (1,327 ) $ (1,327 ) Financing Facility — — (102 ) (102 ) Derivative warrants — — (47 ) (47 ) $ — $ — $ (1,476 ) $ (1,476 ) The following method was used to estimate the fair values of our financial instruments: The carrying amount of level 1 financial instruments are recorded at fair market value based upon market prices. Financial assets and liabilities are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies, or similar techniques, and at least one significant model assumption or input is unobservable. Level 3 financial assets also include investment securities in 2020 for which there is limited market activity such that the determination of fair value requires significant judgment or estimation. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s policy is to recognize transfers into and out of levels within the fair value hierarchy at the date the actual event or change in circumstances that caused the transfer occurs. When a determination is made to classify an asset or liability within Level The following table provides a reconciliation of the beginning and ending balances of the item measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3): Level 3 September 30, 2021 December 31, 2020 Beginning balance $ 1,476 $ 3,793 Gains included in net loss — 845 Transfers out of level 3 — (845 ) Issuance of convertible debt 1,200 4,670 Issuance of investor warrants (TO3) 5,151 — 7,827 8,463 Financing Facility: Fair value adjustment 124 (524 ) Translation effect (8 ) (100 ) Converted to equity on settlement — (1,412 ) Fair value adjustments: TO1 Warrants — (14 ) TO2 Warrants (45 ) (1,594 ) TO3 Warrants (4,524 ) — Translation effect (TO2 and TO3 Warrants) (44 ) — Convertible debt 298 (681 ) Converted to equity on settlement: Exercise of TO2 and TO3 warrants (585 ) — Debt conversion (2,825 ) (2,662 ) Ending balance $ 218 $ 1,476 | 23. Financial Instruments The following tables present information about the Company’s financial instruments measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values: Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets: Investment $ 845 $ — $ — $ 845 Liabilities: Convertible debt $ — $ — $ (1,327 ) $ (1,327 ) Financing Facility — — (102 ) (102 ) Derivative warrants — — (47 ) (47 ) $ — $ — $ (1,476 ) $ (1,476 ) Fair Value Measurements as of Level 1 Level 2 Level 3* Total Assets: Investment $ — $ — $ 137 $ 137 Liabilities: Financing Facility $ — $ — $ (2,138 ) $ (2,138 ) Derivative warrants — — (1,655 ) (1,655 ) $ — $ — $ (3,793 ) $ (3,793 ) The following method was used to estimate the fair values of our financial instruments: The carrying amount of level 1 financial instruments approximates fair value because of the short maturity of the instruments. Financial assets and liabilities are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies, or similar techniques, and at least one significant model assumption or input is unobservable. Level 3 financial assets also include investment securities in 2020 for which there is limited market activity such that the determination of fair value requires significant judgment or estimation. The Company reviews the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s policy is to recognize transfers into and out of levels within the fair value hierarchy at the date the actual event or change in circumstances that caused the transfer occurs. When a determination is made to classify an asset or liability within Level fair value measurement. There were no transfers between level 1 or level 2 during the years ended December Year ended Level 3 2020 2019 Beginning balance – assets: $ 137 $ — Transfers into level 3 — 137 Transfers out of level 3 to level 1 (137 ) — Ending balance – assets: $ — $ 137 Beginning balance – liabilities: $ 3,793 $ — Gains included in net loss 845 — Transfers out of level 3 (845 ) — Issuance of convertible debt (Note 13) 4,670 — Issuance of investor warrants (Note 14(a) — 3,514 Issuance of Financing Facility (Note 14(b)) — 2,935 8,463 6,449 Financing Facility adjustments (Note 14(b)): Fair value (524 ) — Translation effect (100 ) (124 ) Cash (partial) settlement — (673 ) Converted to equity on settlement (1,412 ) — Fair value adjustments: TO1 Warrants (Note 14(a)) (14 ) (1,727 ) TO2 Warrants (Note 14(a)) (1,594 ) (132 ) Convertible debt (Note 13) (681 ) — Debt conversion (Note 13) (2,662 ) — Ending balance – liabilities $ 1,476 $ 3,793 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 17. Commitments and Contingencies a) Development costs The Company is contingently liable for development costs of Smerud Medical Research International (“Smerud”) in the approximate amount of $1,191 which has been accrued as of September 30, 2021 and will be payable only if Smerud is unable to identify investors to fund development of in licensed products from the Company by December 31, 2021; as extended from October 1, 2021 during the period ended September 30, 2021. On November 10, 2020 the Company entered into a cost sharing agreement with Smerud for the development of Ixempra whereby Smerud will be entitled to 7.5% royalties on future revenue in exchange for funding half of the development costs. As of September 30, 2021 Smerud has performed work valued at $139 and is entitled to a very low amount of future royalties. b) License Agreement with Eisai for Stenoparib During the period ended September 30, 2021, the terms of our agreement with Eisai have been revised to provide Eisai the right to terminate the agreement if we do not complete a Phase 2 clinical trial before December 31, 2022, unless we elect to pay a very low seven digit extension payment. | 24. Commitments and Contingencies Development costs The Company is contingently liable for development costs of Smerud Medical Research International (“Smerud”) in the approximate amount of $1,191 which has been accrued as of December |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Subsequent Events [Abstract] | ||
Subsequent Events | 18. Subsequent Events For its interim consolidated financial statements as of September 30, 2021 and for the nine months then ended, the Company evaluated subsequent events through the date on which those financial statements were issued. (a) Plan of Reorganization and US Nasdaq Listing On April 6, 2021, the Company incorporated Allarity Therapeutics, Inc., a Delaware corporation, (“Allarity Delaware”) as a direct wholly owned subsidiary of the Company for the sole purpose of entering into a Plan of Reorganization and Asset Purchase Agreement with Allarity Delaware in order to reorganize the Company as a holding company listed on the US Nasdaq Stock Market and complete a 50 to 1 -4 As of the date of these financial statements, the Company anticipates that approximately 8,075,824 (b) PIPE Investment On May 20, 2021, the Company entered into an Investment Agreement (the “Investment Agreement”) with 3i, LP, a Delaware Limited Partnership (the “Investor”) whereby the Company agreed to issue and sell the Investor 20,000 The Preferred Stock may convert over time into at approximately 20% of the Company’s issued and outstanding shares however, conversion of the Preferred Shares and exercise of the Warrants; is limited to 4.99% of the Company’s issued and outstanding shares. As of the date of these financial statements the Company expects the conversion price of the Preferred Stock to be $9.91 per share. However, if the volume weighted average price for Allarity Delaware common stock on the US Nasdaq Stock Market falls below the fixed conversion price for the preferred stock, then the preferred stock would be entitled to convert at an alternate conversion price between 80% to 90% of the volume weighted average price at the time of conversion with a similar adjustment for the exercise price for the warrants. Lastly, in the event that the average daily US dollar volume of share of Allarity Delaware common stock traded on the US Nasdaq Stock Market falls below $2.5 million, then holders of the convertible preferred stock will be entitled to a one -time | 25. Subsequent Events For its consolidated financial statements as of December 31, 2020 and for the year then ended, the Company evaluated subsequent events through August (a) Rights Issue Effective May a maximum of 120,891,157 units of one common share and one share purchase warrant for $0.10 (SEK 0.85) per unit. The attached warrants are exercisable for $0.20 (1.70 SEK) each and expire on April (b) Plan of Reorganization and US Nasdaq Listing On April As of the date of these financial statements, the Company anticipates that approximately 7,801,262 (c) PIPE Investment On May The Preferred Stock may convert over time into at approximately 20% of the Company’s issued and outstanding shares however, conversion of the Preferred Shares and exercise of the Warrants; is limited to 4.99% of the Company’s issued and outstanding shares. As of the date of these financial statements the Company expects the conversion price of the Preferred Stock to be between $7.47 and $10.25 per share. However, if the volume weighted average price for Allarity Delaware common stock on the US Nasdaq Stock Market falls below the fixed conversion price for the preferred stock, then the preferred stock would be entitled to convert at an alternate conversion price between 80% to 90% of the volume weighted average price at the time of conversion with a similar adjustment for the exercise price for the warrants. Lastly, in the event that the average daily US dollar volume of shares of Allarity Delaware common stock traded on the US Nasdaq Stock Market falls below $2.5 -time (d) Loan Effective March The rights offering was completed before June (e) Sale of Irofulven On July -100 -license If all milestones have been achieved, then we would be entitled to receive up to $16 -single |
Event Subsequent to Original Is
Event Subsequent to Original Issuance of Financial Statements | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Event Subsequent To Original Issuance Of Financial Statements [Abstract] | ||
Event Subsequent to Original Issuance of Financial Statements (Unaudited) | 19. Events Subsequent to Original Issuance of Financial Statements In connection with the reissuance of the financial statements, the Company has evaluated subsequent events through December 6, 2021, the date the financial statements were available to be reissued. (a) Warrant Grants Effective November 24, 2021 we granted 51,292,653 five year term warrants to our management, employees and Board of Directors. Each warrant confers the right to subscribe for one common share in Allarity Therapeutics A/S at the following exercise prices: • • • By application of the Black -Scholes | 26. Event Subsequent to Original Issuance of Financial Statements (Unaudited) In connection with the reissuance of the financial statements, the Company has evaluated subsequent events through December 6, 2021, the date the financial statements were available to be reissued. a) TO 2 and TO 3 Warrants In accordance with the terms of the Company’s 145,003,680 outstanding TO 3 Warrants, exercisable for $0.20 (SEK 1.7) per share, the Company’s Board of Directors can determine an extraordinary and final exercise window of 10 trading days in which warrants shall be exercised provided, however, that the price of the Company’s shares increases to SEK 2.0 or more calculated as average volume weighted price (VWAP) over 10 trading days. On August In total, 13,719,266 warrants of series TO 3 were exercised, corresponding to approximately 9.5 percent of the total number of outstanding warrants, for subscription of 13,719,266 In total, 8,820 warrants of series TO 2 were exercised, corresponding to approximately 0.02 percent of the total number of outstanding warrants, for subscription of 8,820 b) License Agreement with Eisai for Stenoparib Subsequent to August c) Development costs and Out -License Agreement with Smerud Subsequent to August d) Warrant Grants Effective November • • • By application of the Black -Scholes |
Line of credit_2
Line of credit | 9 Months Ended |
Sep. 30, 2021 | |
Line Of Credit [Abstract] | |
Line of credit | 8. Line of credit Effective July |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | (d) Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The accompanying interim financial statements as of September 30, 2021 and for the three and nine months ended September 30, 2021 and 2020, and related interim information contained within the notes to the financial statements, are unaudited. In management’s opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the Company’s audited financial statements and include all adjustments (including normal recurring adjustments) necessary for a fair statement of the financial statements. The condensed balance sheet at December 31, 2020, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. These interim financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes included in its Form S -4 | (a) Basis of Presentation The accompanying consolidated financial statements have been prepared on an accrual basis of accounting, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). |
Principles of Consolidation | (f) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: Name Country of Incorporation Oncology Venture Product Development ApS Denmark OV-SPV2 ApS Denmark MPI Inc. United States Oncology Venture US Inc. United States Allarity Therapeutics, Inc. United States Allarity Acquisition Subsidiary, Inc. United States All intercompany transactions and balances, including unrealized profits from intercompany sales, have been eliminated upon consolidation. | (b) Organization and Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: Name Country of Incorporation Oncology Venture Product Development ApS Denmark OV -SPV2 Denmark MPI Inc. United States Oncology Venture US Inc. United States All intercompany transactions and balances, including unrealized profits from intercompany sales, have been eliminated upon consolidation. |
Use of Estimates | (g) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting years. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the fair value of the convertible loan, the accrual for research and development expenses, revenue recognition, fair values of acquired intangible assets and impairment review of those assets, the useful life of property, plant and equipment, share based compensation expense, provisions for contingencies and litigation, and income tax uncertainties and valuation allowances. The Company bases its estimates on historical experience, known trends and other market -specific | (c) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting years. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the fair value of the convertible loan, the accrual for research and development expenses, revenue recognition, fair values of acquired intangible assets and impairment review of those assets, the useful life of property, plant and equipment, share based compensation expense, provisions for contingencies and litigation, and income tax uncertainties and valuation allowances. The Company bases its estimates on historical experience, known trends and other market -specific |
Conversion of foreign currencies | (i) Conversion of foreign currencies The functional currency is the currency of the primary economic environment in which an entity’s operations are conducted. The Company and its subsidiaries operate mainly in Denmark and the United States. The functional currencies of the Company’s subsidiaries are their local currency. The Company’s reporting currency is the U.S dollar. The Company translates the assets and liabilities of its Denmark subsidiaries into the U.S. dollar at the exchange rate in effect on the balance sheet date. Revenues and expenses are translated at the average exchange rate in effect during each monthly period. Unrealized translation gains and losses are recorded as a cumulative translation adjustment, which is included in the consolidated statements of shareholders’ equity as a component of accumulated other comprehensive (loss) income. Monetary assets and liabilities denominated in currencies other than the functional currency are re -measured -monetary -measured Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss as incurred. | (d) Foreign currency and currency translation The functional currency is the currency of the primary economic environment in which an entity’s operations are conducted. The Company and its subsidiaries operate mainly in Denmark and the United States. The functional currencies of the Company’s subsidiaries are their local currency. The Company’s reporting currency is the U.S. dollar. The Company translates the assets and liabilities of its Denmark subsidiaries into the U.S. dollar at the exchange rate in effect on the balance sheet date. Revenues and expenses are translated at the average exchange rate in effect during each monthly period. Unrealized translation gains and losses are recorded as a cumulative translation adjustment, which is included in the consolidated statements of shareholders’ equity as a component of accumulated other comprehensive (loss) income. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at rates of exchange prevailing at the balance sheet dates. Non -monetary -measured Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss as incurred. The Company recorded a foreign exchange gain (loss) of $2,452 and ($465) included in accumulated other comprehensive loss for the years ended December |
Concentrations of credit risk and of significant suppliers | (e) Concentrations of credit risk and of significant suppliers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash. The Company maintains its cash in financial institutions in amounts that could exceed government -insured -party | |
Cash and Cash Equivalents | (f) Cash and Cash Equivalents Cash and cash equivalents consist primarily of highly liquid investments with original maturities of three months or less at date of purchase to be cash equivalents. The Company had no cash equivalents or restricted cash on December | |
Property, plant and equipment | (g) Property, plant and equipment Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation expense is recognized using the straight -line Estimated Useful Economic Life Leasehold property improvements Lesser of lease term or useful life Laboratory equipment 5 years Furniture and office equipment 3 years Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in loss from operations. As of December | |
Grants | (h) Grants Grants are recognized when the conditions for receipt are met and there is reasonable assurance that the grant will be received. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Group with no future related costs are recognized in profit or loss in the period in which they become receivable. | |
Impairment of long-lived assets | (i) Impairment of long-lived assets Long -lived -lived | |
Business Combinations | (j) Business Combinations Business combinations are accounted for in accordance with ASC Topic 805 “Business Combinations”. The total purchase price of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, probabilities of success, discount rates, and asset lives, among other items. Assets acquired and liabilities assumed are recorded at their estimated fair values. | |
Non-controlling interest | (k) Non-controlling interest These financial statements reflect the application of ASC 810, Consolidations, which establishes accounting and reporting standards that require: (i) the ownership interest in subsidiaries held by parties other than the parent to be clearly identified and presented in the consolidated balance sheet within shareholder’s (deficit) equity, but separate from the parent’s (deficit) equity; (ii) the amount of consolidated net income attributable to the parent and the non -controlling Our consolidated financial statements include all assets, liabilities, incidental service revenues, and -than-100 -owned -controlling -controlling -controlling -controlling -controlling -controlling -controlling -controlling | |
Acquired Patents | (l) Acquired Patents Acquired patents are measured in the balance sheet at the lower of cost less accumulated amortization and impairment charges, if any. The legal costs incurred to renew or extend the term of the acquired patents are expensed as incurred. As of December Cost comprises the acquisition price and the depreciation period are estimated at 6 years with no residual value. Depreciation methods, useful lives and residual values are reviewed every year. | |
Acquired In-Process Research and Development (IPR&D) | (m) Acquired In-Process Research and Development (IPR&D) Acquired IPR&D represents the fair value assigned to research and development assets that the Company acquired as part of a business combination and have not been completed at the acquisition date. The fair value of IPR&D acquired in a business combination is recorded on the consolidated balance sheets at the acquisition -date -party • • • -licensed • Once brought into use, intangible assets are amortized over their estimated useful economic lives using the economic consumption method if anticipated future revenues can be reasonably estimated. The straight -line | |
Fair value measurements of financial instruments | (n) Fair value measurements of financial instruments The carrying value of the Company’s financial instruments of cash, trade receivables, other receivables, accounts payable and accrued liabilities, bank overdraft and loan approximate their fair value due to their short -term Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three -tier • • • To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |
Segment and geographic information | (o) Segment and geographic information Operating segments are defined as components of a business for which separate discrete financial information is available for evaluation by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company and its chief operating decision maker, the Company’s Chief Executive Officer, view the Company’s operations and manage its business as a single operating segment. The Company operates in two geographic areas: Denmark and the United States however, as at December | |
Leases | (p) Leases The Company determines if an arrangement is a lease at inception by establishing if the contract conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. Operating leases are included non -current -term ROU assets represent the Company’s right to use and control an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its collateralized incremental borrowing rate for an equivalent lease term, based on the information available at commencement date in determining the present value of lease payments. The ROU asset also includes lease payments made before the lease commencement date and excludes any lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The components of a lease shall be split into three categories, if applicable: lease components (e.g., land, building, etc.), non -lease -components -substance -components -lease -lease -lease -of-use -line | |
Service revenue recognition | (q) Service revenue recognition The Company’s revenues are generated primarily through minor revenue associated with research and development services provided to pharmaceutical and biotechnology companies. The terms of these arrangements may include (i) the grant of intellectual property rights (IP licenses) to therapeutic drug candidates against specified targets, (ii) performing research and development services to optimize drug candidates, and (iii) the grant of options to obtain additional research and development services or licenses for additional targets, or to optimize product candidates, upon the payment of option fees. The Company has adopted Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) Topic 606 — Revenue from Contracts with Customers (“ASC 606”). This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized under ASC 606, the Company performs the following steps: (i) identify the promised goods or services in the contract; (ii) determine whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. | |
Research and development costs | (r) Research and development costs Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, share -based | |
Research contract costs and accruals | (s) Research contract costs and accruals The Company has entered into various research and development contracts with companies in Europe, the United States, and other countries. These agreements are generally cancellable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies or trials, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. | |
Research and development incentives and receivable | (t) Research and development incentives and receivable The Company, through its subsidiaries in Denmark, receives reimbursements of certain research and development expenditures as part of a European agency’s research and development cost reliefs program. Management has assessed the Company’s research and development activities and expenditures to determine which activities and expenditures are likely to be eligible under the research and development incentive program described above. At each period end, management estimates the reimbursement available to the Company based on available information at the time. The Company recognizes a receivable for the research and development incentives when the relevant expenditure has been incurred, the associated conditions have been satisfied and there is reasonable assurance that the reimbursement will be received. The Company records these research and development expense reimbursements as a reduction to research and development expenses in the consolidated statements of operations and comprehensive loss, as the research and development cost reimbursements are not dependent on the Company generating future taxable income, the Company’s ongoing tax status, or tax position. The research and development incentives receivable represent an amount due in connection with the above program. The Company has recorded government grants received as a reduction to research and development expense of $22 and $315 for the years ended December | |
Investments | (u) Investments The Company’s investments in equity securities are measured at fair value in the balance sheet with changes in fair value recognized in net income. For investments in equity securities that are traded in an active market, fair value is equivalent to the market value at the balance sheet date and changes in fair value are recognized in operating income. Pursuant to ASC 321 -10-35-2 | |
Convertible note | (v) Convertible note: The Company accounts for certain convertible notes issued during the year ended December 31, 2020 under the fair value option election of ASC 825, Financial Instruments (“ASC -825 -date -measured -specific | |
Warrants | (w) Warrants When the Company issues warrants, it evaluates the proper balance sheet classification to determine classification as either equity or as a derivative liability on the consolidated balance sheets. In accordance with ASC 815 -40 -Contracts -40 -40 | |
Share-based compensation | (x) Share-based compensation The Company accounts for share -based -based The Company records the expense for option awards using a graded and straight line method. The Company accounts for forfeitures as they occur. For share based awards granted to non -employee -employee The Company reviews all stock award modifications including when there is an exchange of original award for a new award. In the case of stock award modifications, the Company calculates for the incremental fair value based on the difference between the fair value of the modified award and the fair value of the original award immediately before it was modified. The Company immediately recognizes the incremental value as compensation cost for vested awards and recognizes, on a prospective basis over the remaining requisite service period, the sum of the incremental compensation cost and any remaining unrecognized compensation cost for the original award on the modification date. The fair value of stock options (“options”) on the grant date is estimated using the Black -Scholes -pricing -option -Scholes -Scholes -Scholes Expected term of options granted is calculated using the simplified method being the average between the vesting period and the contractual term to the expected term of the options in effect at the time of grant. The Company has historically not paid dividends and has no foreseeable plans to pay dividends and, therefore, uses an expected dividend yield of zero in the option pricing model. The risk -free The Company classifies share -based | |
Accumulated other comprehensive (Loss) | (y) Accumulated other comprehensive (Loss) Accumulated other comprehensive loss includes net loss as well as other changes in shareholders’ equity (deficit) that result from transactions and economic events other than those with shareholders. The Company records unrealized gains and losses related to foreign currency translation and instrument specific credit risk as components of other accumulated comprehensive loss in the consolidated statements of operations and comprehensive loss. | |
Contingencies | (k) Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential loss range is probable and reasonably estimable under the provisions of the authoritative guidelines that address accounting for contingencies. The Company expenses costs as incurred in relation to such legal proceedings as general and administrative expense within the consolidated statements of operations and comprehensive loss. | (z) Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential loss range is probable and reasonably estimable under the provisions of the authoritative guidelines that address accounting for contingencies. The Company expenses costs as incurred in relation to such legal proceedings as general and administrative expense within the consolidated statements of operations and comprehensive loss. |
Income taxes | (aa) Income taxes The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company’s tax returns. Deferred tax assets and liabilities are determined on the basis of the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company accounts for uncertainty the consolidated financial statements by applying a two -step -likely-than-not | |
Computation of Earnings (Loss) per Share | (h) Computation of Earnings (Loss) per Share The Company computes net (loss) income per share in accordance with ASC Topic 260, “Earnings Per Share” (“ASC 260”) and related guidance, which requires two calculations of net (loss) income attributable to the Company’s shareholders per share to be disclosed: basic and diluted. Basic loss per share is derived by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as warrants, and convertible debt, which would result in the issuance of incremental shares of common stock unless such effect is anti -dilutive | (bb) Computation of Loss per Share The Company computes net (loss) income per share in accordance with ASC Topic 260, “Earnings Per Share” (“ASC 260”) and related guidance, which requires two calculations of net (loss) income attributable to the Company’s shareholders per share to be disclosed: basic and diluted. Basic loss per share is derived by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as warrants, and convertible debt, which would result in the issuance of incremental shares of common stock unless such effect is anti -dilutive |
Recently adopted accounting pronouncements | (cc) Recently adopted accounting pronouncements In August 2018, the FASB issued ASU No. 2018 -13 -13 In June 2016, the FASB issued ASU No. 2016 -13 -13 -13 -to-maturity In November 2018, the FASB issued ASU No. 2018 -18 • • -of-account • The adoption of this standard did not have a material impact on our consolidated financial statements. In February 2016 the FASB issued ASU 2016 -02 -02 lease measured on a discounted basis, and a right -to-use In July 2018, the FASB issued ASU 2018 -10 -02 -type The Company adopted ASC 2018 -10 -term -term -lease | |
Recently Issued Accounting Pronouncements | (m) Recently Issued Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (the “FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined not to be applicable or are expected to have minimal impact on the Company’s consolidated financial position and results of operations. Adopted In December 2019, the FASB issued ASU 2019 -12 In August 2020, the FASB issued ASU No. 2020 -06 -20 -40 -06 -06 Not Yet Adopted In May 2021, the FASB issued ASU No. 2021 -04 -Classified -classified | (dd) Recently issued accounting pronouncements not yet adopted: In May 2021, the FASB issued ASU No. 2021 -04 -Classified -classified In August 2020, the FASB issued ASU No. 2020 -06 -20 -40 -06 -06 In December 2019, the FASB issued ASU 2019 -12 |
Organization | (a) Organization Allarity Therapeutics A/S (the “Company”) is a limited liability company domiciled in Denmark. The Company was incorporated under the laws of Denmark on 9 September 2004. The Company’s principal operations are located at Venlighedsvej | |
Principal Activities | (b) Principal Activities Allarity Therapeutics A/S develops drugs for the personalized treatment of cancer using drug specific companion diagnostics (cDx) generated by its proprietary drug response predictor technology, DRP ® -cancer Allarity Therapeutics A/S (Nasdaq First North Growth Market Stockholm: ALLR) develops drugs for the personalized treatment of cancer using drug -specific ® | |
Liquidity and Going Concern | (c) Liquidity and Going Concern The accompanying consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The accompanying financial statements do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Pursuant to the requirements of Accounting Standard Codification (ASC) 205 -40 -40 Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, clinical expenses, recruiting management and technical staff, and securing funding via collaborations. The Company has historically funded its operations with proceeds received from its collaboration arrangements, sale of equity capital and proceeds from sales of convertible notes. The Company has incurred significant losses and has an accumulated deficit of $43.4 million as of September 30, 2021. As of the date of these financial statements our cash is insufficient to fund our current operating plan and planned capital expenditures for at least the next 12 months. These conditions give rise to a substantial doubt over the Company’s ability to continue as a going concern. Management’s plans to mitigate the conditions or events that raise substantial doubt include additional funding through public equity, private equity, debt financing, collaboration partnerships, or other sources. There are no assurances, however, that the Company will be successful in raising additional working capital, or if it is able to raise additional working capital, it may be unable to do so on commercially favorable terms. The Company’s failure to raise capital or enter into other such arrangements if and when needed would have a negative impact on its business, results of operations and financial condition and its ability to develop its product candidates. The Company has entered into a Securities Purchase Agreement with 3i, LP, a Delaware limited partnership that provides for a $20 million equity investment in the Company. Please refer to the subsequent event disclosures in note 18 for further information. Although management continues to pursue its funding plans, there is no assurance that the Company will be successful in obtaining sufficient funding to fund continuing operations on terms acceptable to the Company, if at all. Further, at the date of this filing the above noted 3i $20 million equity investment cannot be asserted as probable and is subject to close of the transaction. Accordingly, based upon cash on hand at the issuance date of these financial statements the Company does not have sufficient funds to finance its operations for at least twelve months from the issuance date and therefore has concluded that substantial doubt exists about the Company’s ability to continue as a going concern. | |
Accumulated other comprehensive income (loss) | (j) Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) includes all changes in equity except those resulting from investments by owners and distributions to owners, including accumulated foreign currency translation, and changes in instrument specific credit risk. During the three months ended September 30, 2021 and 2020 the Company recorded accumulated foreign currency translation losses of ($939) and gains of $1,130 respectively. During the nine months ended September 30, 2021 and 2020 the Company recorded accumulated foreign currency translation losses of ($1,785) and gains of $1,212 and instrument specific credit risk losses of ($9) and gains of $6 respectively. These amounts have been recorded as a separate component of stockholders’ equity (deficit). | |
JOBS Act accounting election | (l) JOBS Act accounting election The Company is an “emerging growth company”, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies; however, the Company may adopt new or revised accounting standards early if the standard allows for early adoption. |
Nature of Business and Summar_2
Nature of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of depreciation expense is recognized using the straight-line method over the estimated useful lives | Estimated Useful Economic Life Leasehold property improvements Lesser of lease term or useful life Laboratory equipment 5 years Furniture and office equipment 3 years |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Credit Loss, Additional Improvements [Abstract] | |
Schedule of accounts receivable | December 31, 2020 2019 Trade receivables — 95 Less: Allowance for doubtful accounts — — Net trade receivables — 95 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Other Current Assets [Abstract] | ||
Schedule other current assets are comprised | September 30, 2021 December 31, 2020 Deposits 54 68 Grant receivable — 50 Salary deposit 65 51 Value added tax (“VAT”) receivable 312 166 Other 1 — Net other current assets 432 335 | December 31, 2020 2019 Deposits 68 60 Grant receivable 50 315 Salary deposit 51 24 Value added tax (“VAT”) receivable 166 406 Employee receivables — 14 Sales taxes recoverable — 2 335 821 |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Schedule of Prepaid expenses | September 30, 2021 December 31, 2020 Prepaid insurance 15 152 Other prepayments 110 22 125 174 | December 31, 2020 2019 Prepaid insurance 152 14 Other prepayments 22 63 174 77 |
Investment (Tables)
Investment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of common shares in Lantern Pharma Inc | December 31, 2020 2019 Opening balance 137 137 Gain recognition 708 — Ending balance 845 137 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of property, machinery and equipment | September 30, 2021 December 31, 2020 Laboratory equipment 338 338 Less: accumulated depreciation (329 ) (317 ) 9 21 | As of December 31, 2020 2019 Laboratory equipment 364 327 Less: accumulated depreciation (343 ) (290 ) 21 37 |
Operating Lease Assets (Tables)
Operating Lease Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating Lease Assets [Abstract] | |
Schedule of the company performed evaluations of its contracts and determined that each of its identified leases | As of December 31, Balance sheet location (in $1,000’s) 2020 2019 Assets: Operating lease assets $ 331 $ 400 Liabilities: Current operating lease liabilities $ 109 $ 86 Non-current operating lease liabilities 267 341 $ 376 $ 427 |
Schedule of operating lease liabilities | December 31, 2020 2019 Short-term lease liabilities $ 109 $ 86 Long-term lease liabilities 267 341 Net present value of future minimum lease payments $ 376 $ 427 Weighted average of remaining operating lease term (years) 3 4 Weighted average of operating lease discount rate 10 % 10 % |
Schedule of the maturities of the company’s operating lease liabilities | 2021 $ 141 2022 146 2023 151 438 Imputed interest (62 ) Total $ 376 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Schedule of intangible assets, net of accumulated amortization, impairment charges and adjustments | As of September 30, 2021 As of December 31, 2020 Cost Accumulated Amortization Net Cost Accumulated Amortization Net IPR&D Assets $ 38,876 $ (10,132 ) $ 28,744 $ 38,876 $ (8,399 ) $ 30,477 Acquired patents 99 (99 ) — 99 (85 ) 14 Total intangible assets $ 38,975 $ (10,231 ) $ 28,744 $ 38,975 $ (8,484 ) $ 30,491 | As of December 31, 2020 As of December 31, 2019 Cost Accumulated Amortization* Net Cost Accumulated Amortization* Net IPR&D Assets $ 38,876 $ (8,399 ) $ 30,477 $ 35,275 $ (7,624 ) $ 27,651 Acquired patents 78 (64 ) 14 78 (39 ) 39 Total intangible assets $ 38,954 $ (8,463 ) $ 30,491 $ 35,353 $ (7,663 ) $ 27,690 * Accumulated Amortization of IPR&D Assets includes impairment charges as described below. |
Schedule of individually material development projects in progress | September 30, 2021 December 31, 2020 Stenoparib 25,957 27,522 Dovitinib 2,787 2,955 28,744 30,477 | December 31, 2020 2019 Stenoparib 27,522 24,970 Dovitinib 2,955 2,681 Total 30,477 27,651 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Payables and Accruals [Abstract] | ||
Schedule of accrued liabilities | September 30, 2021 December 31, 2020 Development cost liability 1,123 1,191 Accrued audit and legal 411 84 Share capital cost accrual 557 — Payroll accruals 337 316 Accrued Director fees 100 119 Accrued liabilities 419 130 2,947 1,840 | December 31, 2020 2019 Development cost liability (Note 24) 1,191 300 Payroll accruals 316 716 Hospital expense accruals — 265 Accrued Board member fees 119 69 Accrued audit and legal 84 117 Accrued liabilities 130 409 1,840 1,876 |
Convertible Debt (Tables)
Convertible Debt (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Schedule of roll forward of the notes | September 30, 2021 December 31, 2020 Opening fair value 1,327 — Convertible debt issued in the period 1,200 4,670 Change in fair value (loss) reported in statement operations 298 (681 ) Conversion of notes to common shares (2,825 ) (2,662 ) Ending fair value balance — 1,327 | Beginning fair value balance on issue date $ 4,670 Change in fair value (loss) reported in statement of operations (681 ) Conversion of notes to common shares (2,662 ) Ending fair value balance – December 31, 2020 $ 1,327 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Schedule of number of investor warrants outstanding weighted average exercise price | Nine months ended Year ended Number Weighted Number Weighted Outstanding, opening 54,337,944 $ 0.71 70,507,301 $ 0.69 Granted 120,891,157 0.19 3,996,864 $ 0.36 Exercised (13,728,086 ) 0.19 — — Expired (157,504,151 ) 0.33 (20,166,221 ) $ 0.82 Outstanding, ending 3,996,864 $ 0.38 54,337,944 $ 0.71 Exercisable, ending 3,996,864 $ 0.38 54,337,944 $ 0.71 | 2020 2019 Number Weighted Average Exercise Price Number Weighted Average Exercise Price Outstanding at January 1 70,507,301 $ 0.69 — — Granted 3,996,864 $ 0.36 70,507,301 $ 0.68 Expired (20,166,221 ) $ 0.82 — — Outstanding at December 31 50,341,080 $ 0.71 70,507,301 $ 0.69 Exercisable at December 31 50,341,080 $ 0.71 70,507,301 $ 0.69 |
Schedule of derivative liabilities reconciliation of changes in fair value | T01 Warrants T02 Warrants T03 Warrants Financing Facility Warrants issued May 2019 Warrants Warrants issued June 2021 September 30, 2021 December 31, 2020 December 31, 2020 September 30, 2021 December 31, 2020 September 30, 2021 Balance beginning 102 2,138 14 47 1,641 — Issued during the period — — — — — 5,151 Change in fair value 124 (524 ) (14 ) (45 ) (1,594 ) (4,626 ) Amount transferred to Equity — (1,412 ) — — — (483 ) Translation effect (8 ) (100 ) — (2 ) — (42 ) Balance – end of period 218 102 — — 47 — Fair value per warrant issuable at period end 0.03 0.026 — — 0.0009 — | T01 Warrants T02 Warrants Financing Facility* Warrants issued Warrants issued December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Balance beginning 2,138 2,935 14 — 1,641 — Issued during the year — — — 1,741 — 1,773 Change in fair value (524 ) — (14 ) (1,727 ) (1,594 ) (132 ) Partial settlement – cash — (673 ) — — — — Amount transferred to Equity* (1,412 ) — — — — — Translation effect (100 ) (124 ) — — — — Balance – end of year 102 2,138 — 14 47 1,641 Fair value per warrant issuable 0.026 — — 0.001 0.001 0.033 * The December 31, 2019 $2,935 estimated fair value of the Financing Facility comprises the $673 cash settlement paid by the Company in June 2019, and the $2,262 market value of 9,330,000 common shares and 3,996,864 warrants issued on settlement of the Facility on February 23, 2020. The 3,996,864 warrants are exchangeable into one common share each at $0.34 (SEK 3.3) for 36 months. |
Schedule of derivative warrant liabilities estimated initially and quarterly basis | Warrants issued Settlement Warrants for the September 30, 2021 December 31, 2020 Exercise price $ 0.38 – (SEK3.3 ) $ 0.40 – (SEK3.3) Share price $ 0.20 – (SEK1.7 ) $ 0.10 – (SEK0.80) Risk-free interest (0.52)% (0.41)% Expected dividend yield (0)% (0)% Contractual life (years) 1.40 2.17 Expected volatility 104.20% 106.50% | Warrants issued Warrants issued Warrants issued Settlement Warrants for the T01 Warrants T02 Warrants Grant date Exercise price $0.40 – (SEK 3.3) $0.34 – (SEK 3.3) $0.80 – (SEK 7.5) $0.73 – (SEK 6.0) $0.64 – (SEK 6.0) Share price $0.10 – (SEK 0.80) $0.27 – (SEK 2.61) $0.18 – (SEK 1.70) $0.10 – (SEK 0.80) $0.18 – (SEK 1.70) Risk-free interest (0.41)% (0.38)% (0.68)% (0.57)% (0.68)% Expected dividend yield (0)% (0)% (0)% (0)% (0)% Contractual life (years) 2.17 3.00 0.42 0.71 1.71 Expected volatility 106.50% 104.10% 97.90% 106.50% 97.90% |
Stockholders_ Equity and Non-_2
Stockholders’ Equity and Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of non-controlling interests | (US$ in thousands) OV-SPV2 ApS OV US Inc. Total Balance at December 31, 2018: $ 2,550 $ 802 $ 3,352 Acquisition of 8% of OV-SPV2 ApS for cash of $802 (371 ) — (371 ) Income (loss) for 2019 (77 ) (10 ) (87 ) Foreign currency translation (60 ) (18 ) (78 ) Balance at December 31, 2019 2,042 774 2,816 Acquisition of 37% of OV-SPV2 ApS for shares (see (d) above) (2,103 ) — (2,103 ) Acquisition of 16.09% of OV US Inc. for shares (see (e) above) — (758 ) (758 ) Income (Loss) for 2020 17 (32 ) (15 ) Foreign currency translation 44 16 60 Balance at December 31, 2020 $ — $ — $ — * See Statement of Stockholders’ Equity and above disclosure for detail. |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Schedule of weighted average exercise price | September 30, 2021 December 31, 2020 Number Weighted Number Weighted Opening balance 10,755,971 $ 0.20 8,717,239 $ 0.18 Granted — — 3,389,550 $ 0.22 Exercised (1,048,780 ) 0.06 — — Forfeited (2,030,260 ) 0.06 (1,350,818 ) $ 0.26 Ending balance outstanding 7,676,931 $ 0.24 10,775,971 $ 0.20 Ending balance, exercisable 4,657,456 $ 0.23 6,008,140 $ 0.18 | Number of Weighted Weighted (in years) Balance on January 1, 2019 3,309,040 $ 0.08 — Granted 5,638,199 0.23 — Exercised (230,000 ) 0.08 — Balance on December 31, 2019 8,717,239 0.18 10 Granted 3,389,550 0.22 — Forfeited (1,350,818 ) 0.26 — Outstanding as of December 31, 2020 10,775,971 $ 0.20 9.3 Options exercisable at December 31, 2020 6,008,140 $ 0.18 7.3 |
Schedule of the grant date fair value of each warrant issued is based on a Black Scholes model | For the Years ended 2020 2019 Expected volatility 80.6 % 70 % Weighted average share price $ 0.14 $ 0.23 Expected life (in years) 10 – 11 10 – 12 Expected dividend yield 0 % 0 % Risk-free interest rate (0.41 )% (0.36 )% |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block [Abstract] | |
Schedule of revenue | Year ended December 31, 2020 2019 Research and development services — 109 Other — 11 Total — 120 |
Tax (Tables)
Tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of reconciliation of the statutory rate to the effective tax rate | Reconciliation of effective tax rate: 2020 2019 Tax computed on the loss before tax at a tax rate of 22.0% (1,592 ) (4,175 ) Foreign rate differential 4 10 Non-deductible expenses, share-based payments 135 73 Non-deductible expenses, other 151 2 Tax value of derivative warrants (491 ) (436 ) Tax deduction on exercise of employee warrants — (8 ) Special tax deduction on research and development expenses (323 ) (17 ) Other adjustments (123 ) (47 ) Adjustment of tax concerning previous years 3 (522 ) Change in valuation allowance 75 543 Effective tax rate (30%/24%) (2,161 ) (4,577 ) |
Schedule of components of income (loss) before income taxes | Year ended December 31, (in $1,000’s) 2020 2019 Denmark (7,003 ) (18,102 ) Sweden (4 ) 136 United States (227 ) (1,011 ) (7,234 ) (18,977 ) |
Schedule of components of the (benefit) provision for income taxes from operations | Year ended December 31, (in $1,000’s) 2020 2019 Current: Denmark (908 ) (826 ) Sweden 30 — United States 3 9 Total (875 ) (817 ) Deferred: Denmark (1,286 ) (3,760 ) Sweden — — United States — — Total (1,286 ) (3,760 ) (2,161 ) (4,577 ) |
Schedule of deferred tax comprises | Deferred tax comprises: 2020 2019 Property, plant and equipment 21 16 Intangible assets (5,869 ) (5,324 ) Net operating losses 6,163 4,301 Total deferred tax 315 (1,007 ) Valuation allowance (920 ) (844 ) Net deferred tax liabilities (603 ) (1,851 ) |
Schedule of tax on profit/loss for the year | Tax on profit/loss for the year: 2020 2019 Current income tax expense (benefit) (36 ) 530 Change in deferred tax (1,286 ) (3,760 ) Adjustment of tax concerning previous years 3 (522 ) Tax received under the tax credit scheme (842 ) (825 ) Tax expense (benefit) on profit/loss for the year (2,161 ) (4,577 ) |
Basic and Diluted Net Loss Pe_2
Basic and Diluted Net Loss Per Share (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Schedule of basic and diluted net loss per share | Three month period ended Nine month period ended 2021 2020 2021 2020 Numerator: Net income (loss) attributable to common shareholders $ 1,672 $ (960 ) (5,986 ) (3,897 ) Denominator: Weighted average common shares outstanding – basic 387,652,549 186,230,830 288,984,065 150,650,949 Weighted average common shares outstanding – diluted 397,201,067 194,948,069 299,740,036 159,368,188 Net income (loss) per share attributable to common shareholders – basic and diluted $ 0.00 $ (0.01 ) $ (0.02 ) $ (0.03 ) | Years Ended 2020 2019 Numerator: Net loss attributable to common shareholders $ (5,073 ) $ (14,400 ) Denominator: Weighted average common shares outstanding – basic and diluted 163,238,991 63,407,230 Net loss per share attributable to common shareholders – basic and diluted $ (0.03 ) $ (0.23 ) |
Schedule of anti-dilutive effect | Three month period ended Nine month period ended 2021 2020 2021 2020 Warrants 9,548,518 8,717,239 10,755,971 8,717,239 | As of December 31, 2020 2019 Warrants 8,523,918 4,387,223 Convertible debt 960,216 — 9,484,134 4,387,223 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Schedule of financial instruments measured at fair value on a recurring basis and indicate the level of the fair value | Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets: Investment $ 491 $ — $ — $ 491 Liabilities: Derivative warrants $ — $ — $ (218 ) $ (218 ) $ — $ — $ (218 ) $ (218 ) Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets: Investment $ 845 $ — $ — $ 845 Liabilities: Convertible debt $ — $ — $ (1,327 ) $ (1,327 ) Financing Facility — — (102 ) (102 ) Derivative warrants — — (47 ) (47 ) $ — $ — $ (1,476 ) $ (1,476 ) | Fair Value Measurements as of Level 1 Level 2 Level 3 Total Assets: Investment $ 845 $ — $ — $ 845 Liabilities: Convertible debt $ — $ — $ (1,327 ) $ (1,327 ) Financing Facility — — (102 ) (102 ) Derivative warrants — — (47 ) (47 ) $ — $ — $ (1,476 ) $ (1,476 ) Fair Value Measurements as of Level 1 Level 2 Level 3* Total Assets: Investment $ — $ — $ 137 $ 137 Liabilities: Financing Facility $ — $ — $ (2,138 ) $ (2,138 ) Derivative warrants — — (1,655 ) (1,655 ) $ — $ — $ (3,793 ) $ (3,793 ) |
Schedule of fair value measurement | Level 3 September 30, 2021 December 31, 2020 Beginning balance $ 1,476 $ 3,793 Gains included in net loss — 845 Transfers out of level 3 — (845 ) Issuance of convertible debt 1,200 4,670 Issuance of investor warrants (TO3) 5,151 — 7,827 8,463 Financing Facility: Fair value adjustment 124 (524 ) Translation effect (8 ) (100 ) Converted to equity on settlement — (1,412 ) Fair value adjustments: TO1 Warrants — (14 ) TO2 Warrants (45 ) (1,594 ) TO3 Warrants (4,524 ) — Translation effect (TO2 and TO3 Warrants) (44 ) — Convertible debt 298 (681 ) Converted to equity on settlement: Exercise of TO2 and TO3 warrants (585 ) — Debt conversion (2,825 ) (2,662 ) Ending balance $ 218 $ 1,476 | Year ended Level 3 2020 2019 Beginning balance – assets: $ 137 $ — Transfers into level 3 — 137 Transfers out of level 3 to level 1 (137 ) — Ending balance – assets: $ — $ 137 Beginning balance – liabilities: $ 3,793 $ — Gains included in net loss 845 — Transfers out of level 3 (845 ) — Issuance of convertible debt (Note 13) 4,670 — Issuance of investor warrants (Note 14(a) — 3,514 Issuance of Financing Facility (Note 14(b)) — 2,935 8,463 6,449 Financing Facility adjustments (Note 14(b)): Fair value (524 ) — Translation effect (100 ) (124 ) Cash (partial) settlement — (673 ) Converted to equity on settlement (1,412 ) — Fair value adjustments: TO1 Warrants (Note 14(a)) (14 ) (1,727 ) TO2 Warrants (Note 14(a)) (1,594 ) (132 ) Convertible debt (Note 13) (681 ) — Debt conversion (Note 13) (2,662 ) — Ending balance – liabilities $ 1,476 $ 3,793 |
Nature of the Business (Details
Nature of the Business (Details) $ in Thousands, kr in Millions | Jun. 10, 2021USD ($) | Jun. 10, 2021SEK (kr) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 21, 2018 |
Nature of the Business (Details) [Line Items] | |||||
Financial term | 1 year | 1 year | |||
Accumulated deficit | $ 43,400 | $ 37,400 | |||
Gross proceeds | $ 12,459 | kr 102.8 | |||
Equity investment | 20,000 | 20,000 | |||
Cash on hand | 12,459 | ||||
Merger [Member] | |||||
Nature of the Business (Details) [Line Items] | |||||
Percentage of voting interest | 100.00% | ||||
Securities Purchase Agreement [Member] | |||||
Nature of the Business (Details) [Line Items] | |||||
Equity investment | $ 20,000 | $ 20,000 |
Nature of Business and Summar_3
Nature of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 21, 2018 | |
Nature of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Foreign exchange gain (loss) | $ 2,452 | $ 465 | |||||
Depreciation estimated period | 6 years | ||||||
Research and development expense | $ 22 | 315 | |||||
Financial term | 1 year | 1 year | |||||
Accumulated deficit | $ 43,400 | $ 43,400 | $ 37,400 | ||||
Equity investment | 20,000 | 20,000 | 20,000 | ||||
Accumulated foreign currency translation gain (loss) | (939) | $ 1,130 | (1,785) | $ 1,212 | |||
Instrument specific credit risk gain (loss) | (9) | $ 6 | |||||
IPR&D [Member] | |||||||
Nature of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Impairment loss | 0 | $ 7,494 | |||||
Merger [Member] | |||||||
Nature of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Percentage of voting interest | 100.00% | ||||||
Securities Purchase Agreement [Member] | |||||||
Nature of Business and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||
Equity investment | $ 20,000 | $ 20,000 | $ 20,000 |
Nature of Business and Summar_4
Nature of Business and Summary of Significant Accounting Policies (Details) - Schedule of depreciation expense is recognized using the straight-line method over the estimated useful lives | 12 Months Ended |
Dec. 31, 2020 | |
Leasehold property improvements [Member] | |
Nature of Business and Summary of Significant Accounting Policies (Details) - Schedule of depreciation expense is recognized using the straight-line method over the estimated useful lives [Line Items] | |
Estimated useful life | Lesser of lease term or useful life |
Laboratory equipment [Member] | |
Nature of Business and Summary of Significant Accounting Policies (Details) - Schedule of depreciation expense is recognized using the straight-line method over the estimated useful lives [Line Items] | |
Estimated useful life | 5 years |
Furniture and office equipment [Member] | |
Nature of Business and Summary of Significant Accounting Policies (Details) - Schedule of depreciation expense is recognized using the straight-line method over the estimated useful lives [Line Items] | |
Estimated useful life | 3 years |
Accounts Receivable (Details) -
Accounts Receivable (Details) - Schedule of accounts receivable - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of accounts receivable [Abstract] | ||
Trade receivables | $ 95 | |
Less: Allowance for doubtful accounts | ||
Net trade receivables | $ 95 |
Other Current Assets (Details)
Other Current Assets (Details) - Schedule other current assets are comprised - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule other current assets are comprised [Abstract] | ||||
Deposits | $ 54 | $ 68 | $ 68 | $ 60 |
Grant receivable | 50 | 50 | 315 | |
Salary deposit | 65 | 51 | 51 | 24 |
Value added tax (“VAT”) receivable | 312 | 166 | 166 | 406 |
Employee receivables | 14 | |||
Sales taxes recoverable | 2 | |||
Total | $ 432 | $ 335 | $ 335 | $ 821 |
Prepaid Expenses (Details) - Sc
Prepaid Expenses (Details) - Schedule of Prepaid expenses - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Prepaid expenses [Abstract] | |||
Prepaid insurance | $ 15 | $ 152 | $ 14 |
Other prepayments | $ 110 | 22 | 63 |
Total | $ 174 | $ 77 |
Investment (Details)
Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment (Details) [Line Items] | ||||||
Common shares (in Shares) | 403,791,200 | 403,791,200 | 212,601,044 | 121,336,079 | ||
Fair market value | $ 491 | |||||
Recognized finance gain (loss) | $ 137 | $ 243 | 317 | $ 654 | ||
Foreign exchange gain (loss) | $ 13 | $ (28) | $ 37 | $ (36) | ||
Lantern Pharma Inc [Member] | ||||||
Investment (Details) [Line Items] | ||||||
Common shares (in Shares) | 43,898 | 43,898 | 43,898 | |||
Fair market value | $ 845 |
Investment (Details) - Schedule
Investment (Details) - Schedule of common shares in Lantern Pharma Inc - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of common shares in Lantern Pharma Inc [Abstract] | ||
Opening balance | $ 137 | $ 137 |
Gain recognition | 708 | |
Ending balance | $ 845 | $ 137 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment, Net (Details) [Line Items] | ||||||
Depreciation expense | $ 22 | $ 38 | $ 90 | $ 110 | ||
Line of Credit [Member] | ||||||
Property, Plant and Equipment, Net (Details) [Line Items] | ||||||
Depreciation expense | $ 21 | $ 26 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net (Details) - Schedule of property, machinery and equipment - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Laboratory equipment | $ 338 | $ 338 | |
Less: accumulated depreciation | (343) | $ (290) | |
Total | 21 | 37 | $ 9 |
Laboratory equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Laboratory equipment | $ 364 | $ 327 |
Operating Lease Assets (Details
Operating Lease Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Operating Lease Asset [Abstract] | |||
Lease obligations | $ 512 | ||
Operating lease cost | $ 27 | $ 38 |
Operating Lease Assets (Detai_2
Operating Lease Assets (Details) - Schedule of the company performed evaluations of its contracts and determined that each of its identified leases - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Assets: | ||
Operating lease assets | $ 331 | $ 400 |
Liabilities: | ||
Current operating lease liabilities | 109 | 86 |
Non-current operating lease liabilities | 267 | 341 |
Total | $ 376 | $ 427 |
Operating Lease Assets (Detai_3
Operating Lease Assets (Details) - Schedule of operating lease liabilities - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of operating lease liabilities [Abstract] | ||
Short-term lease liabilities | $ 109 | $ 86 |
Long-term lease liabilities | 267 | 341 |
Net present value of future minimum lease payments | $ 376 | $ 427 |
Weighted average of remaining operating lease term (years) | 3 years | 4 years |
Weighted average of operating lease discount rate | 10.00% | 10.00% |
Operating Lease Assets (Detai_4
Operating Lease Assets (Details) - Schedule of the maturities of the company’s operating lease liabilities $ in Thousands | Dec. 31, 2020USD ($) |
Schedule of the maturities of the company’s operating lease liabilities [Abstract] | |
2021 | $ 141 |
2022 | 146 |
2023 | 151 |
Total | 438 |
Imputed interest | (62) |
Total | $ 376 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Jul. 23, 2021 | Sep. 30, 2021 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment losses | $ 7,494 | ||
Upfront payment | $ 1,000 | ||
Milestone payments | $ 16,000 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of intangible assets, net of accumulated amortization, impairment charges and adjustments - Finite-Lived Intangible Assets [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Cost | $ 38,954 | $ 35,353 | |
Accumulated Amortization | [1] | (8,463) | (7,663) |
Net | 30,491 | 27,690 | |
IPR&D Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 38,876 | 35,275 | |
Accumulated Amortization | [1] | (8,399) | (7,624) |
Net | 30,477 | 27,651 | |
Acquired patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 78 | 78 | |
Accumulated Amortization | [1] | (64) | (39) |
Net | $ 14 | $ 39 | |
[1] | Accumulated Amortization of IPR&D Assets includes impairment charges as described below. |
Intangible Assets (Details) -_2
Intangible Assets (Details) - Schedule of individually material development projects in progress - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible Assets (Details) - Schedule of individually material development projects in progress [Line Items] | |||
Indefinite-lived intangible assets | $ 28,744 | $ 30,477 | $ 27,651 |
Stenoparib [Member] | |||
Intangible Assets (Details) - Schedule of individually material development projects in progress [Line Items] | |||
Indefinite-lived intangible assets | 25,957 | 27,522 | 24,970 |
Dovitinib [Member] | |||
Intangible Assets (Details) - Schedule of individually material development projects in progress [Line Items] | |||
Indefinite-lived intangible assets | $ 2,787 | $ 2,955 | $ 2,681 |
Line of Credit (Details)
Line of Credit (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2016 | |
Lineof Credit Disclosure [Abstract] | ||||
Line of credit | $ 84 | |||
Bearing interest rate | 8.75% | |||
Security against line of credit | $84 | $84 | ||
Indebted amount | $ 0 | $ 84 | $ 0 |
Accrued Liabilities (Details) -
Accrued Liabilities (Details) - Schedule of accrued liabilities - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of accrued liabilities [Abstract] | |||
Development cost liability (Note 24) | $ 1,123 | $ 1,191 | $ 300 |
Payroll accruals | 337 | 316 | 716 |
Hospital expense accruals | 265 | ||
Accrued Board member fees | 100 | 119 | 69 |
Accrued audit and legal | 411 | 84 | 117 |
Accrued liabilities | 419 | 130 | 409 |
Total | $ 2,947 | $ 1,840 | $ 1,876 |
Loan (Details)
Loan (Details) - Loan [Member] kr in Thousands, $ in Thousands | Jun. 23, 2021USD ($) | Jan. 07, 2020USD ($) | Mar. 22, 2021USD ($) | Sep. 24, 2019USD ($) | Mar. 22, 2021SEK (kr) |
Loan (Details) [Line Items] | |||||
Loan received | $ 2,900 | $ 512 | kr 25,000 | ||
Bearing interest per month percentage | 3.00% | 3.00% | 3.00% | ||
Due maturity date | Jun. 23, 2021 | Nov. 30, 2019 | |||
Payment of loan including interest | $ 62 | ||||
Debt percentage | 3.00% | 3.00% | |||
Loan origination fee | $ 87 | ||||
Loan origination fee (in Kronor) | kr | kr 750 | ||||
Payment of loan balance | $ 2,817 | ||||
Payment of loan interest | $ 284 |
Convertible Debt (Details)
Convertible Debt (Details) $ / shares in Units, kr in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2020USD ($)$ / shares | Mar. 31, 2020SEK (kr) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020kr / shares | Mar. 31, 2020SEK (kr) | Dec. 31, 2019USD ($) | |
Debt Disclosure [Abstract] | ||||||||||
Stock issued | $ 10,100 | kr 100,000 | ||||||||
Common Stock, Par value | $ 1,010 | kr 10,000 | ||||||||
Fees payable percentage | 5.00% | 5.00% | ||||||||
Fees payable | $ 10,100 | |||||||||
Installments amount | $ 252 | |||||||||
Percentage of principal notes | 5.00% | 5.00% | ||||||||
Conversion price percentage | 95.00% | 95.00% | ||||||||
Conversion Price | (per share) | $ 0.01 | kr 0.05 | ||||||||
Repayments of debt | $ 4 | kr 25 | ||||||||
Interest accrues actual payment percentage | 8.00% | 8.00% | ||||||||
Weighted average cost of capital percentage | 15.00% | 15.00% | ||||||||
Credit risk percentage | 1.00% | 1.00% | ||||||||
Recognized gain percentage | 9.00% | 9.00% | ||||||||
Stock issued | $ 10,100 | $ 3,157 | $ 3,157 | $ 1,624 | kr 100,000 | $ 924 | ||||
Received cash percentage | 95.00% | 95.00% | ||||||||
Fair value recognized gain | 9 | |||||||||
Finance cost amount | $ 475 | 298 | $ 475 | |||||||
Net carrying amount of liability | $ 1,327 |
Convertible Debt (Details) - Sc
Convertible Debt (Details) - Schedule of roll forward of the notes - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
Schedule of roll forward of the notes [Abstract] | |||
Beginning fair value balance on issue date | $ 1,327 | $ 4,670 | |
Change in fair value (loss) reported in statement of operations | 298 | $ (681) | (681) |
Conversion of notes to common shares | $ (2,825) | (2,662) | (2,662) |
Ending fair value balance – December 31, 2020 | $ 1,327 | $ 1,327 |
Derivative Liabilities (Details
Derivative Liabilities (Details) | Jun. 03, 2019USD ($)$ / sharesshares | Jun. 03, 2019SEK (kr)shares | Jun. 30, 2021$ / sharesshares | Jun. 30, 2021kr / sharesshares | Feb. 29, 2020USD ($)shares | Feb. 29, 2020SEK (kr)shares | Feb. 23, 2020USD ($)shares | Jun. 30, 2019USD ($)shares | May 31, 2019USD ($)$ / sharesshares | Nov. 29, 2018USD ($) | Sep. 30, 2021$ / sharesshares | Dec. 31, 2019$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021$ / shareskr / shares | Sep. 30, 2021$ / shareskr / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 30, 2021kr / shares | Sep. 13, 2021$ / shares | Dec. 31, 2020kr / sharesshares | Dec. 31, 2020kr / sharesshares | Dec. 31, 2019kr / shares | Dec. 31, 2019kr / shares | May 31, 2019kr / shares | May 31, 2019SEK (kr) | Nov. 29, 2018SEK (kr) |
Derivative Liabilities (Details) [Line Items] | ||||||||||||||||||||||||||
Investor warrants shares (in Shares) | shares | 3,996,864 | 3,996,864 | 50,341,080 | |||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||||
Exercise Price | (per share) | $ 0.7 | $ 0.4 | $ 0.7 | $ 0.2 | kr 33 | kr 6 | ||||||||||||||||||||
Convertible debt (in Kronor) | kr | kr 200,000,000 | |||||||||||||||||||||||||
Bearing interest rate | 2.00% | 2.00% | ||||||||||||||||||||||||
Convertible shares and warrants percentage | 50.00% | |||||||||||||||||||||||||
Cash payment | $ | $ 673,000 | $ 533,000 | $ 5,109,000 | |||||||||||||||||||||||
Committed tranches settled receipt | $ 1,000,000 | $ 1,000,000 | kr 105,000,000 | |||||||||||||||||||||||
Common stock shares (in Shares) | shares | 9,330,000 | 9,330,000 | 9,330,000 | 9,330,000 | 1 | 1 | 1 | |||||||||||||||||||
Settlement Shares amount | $ | $ 2,500,000 | $ 2,500,000 | ||||||||||||||||||||||||
Settlement warrants amount | $ | $ 625,000 | $ 600,000 | ||||||||||||||||||||||||
Estimated fair value | $ | $ 2,935,000 | |||||||||||||||||||||||||
Cash settlement paid | $ | $ 673,000 | |||||||||||||||||||||||||
Market value | $ | $ 2,262,000 | |||||||||||||||||||||||||
Warrants issued settlement shares (in Shares) | shares | 3,996,864 | |||||||||||||||||||||||||
Warrants exchangeable shares description | The 3,996,864 warrants are exchangeable into one common share each at $0.34 (SEK 3.3) for 36 months. | |||||||||||||||||||||||||
Increase decrease volatility rate | 5.00% | |||||||||||||||||||||||||
Fair value estimate loss | $ | $ 30,000 | |||||||||||||||||||||||||
Fair value estimate profit | $ | $ 26,000 | |||||||||||||||||||||||||
Valuation of derivative liabilities description | the effect of a 5% strengthening of the U.S. dollar against the SEK, would result in a profit of $7. An assumed 5% weakening of the U.S. dollar against the SEK would have an equal but opposite effect on the basis that all other variables remained constant. | |||||||||||||||||||||||||
Total proceeds | $ | $ 6 | |||||||||||||||||||||||||
Average volume weighted price (in Kronor per share) | kr / shares | kr 2 | |||||||||||||||||||||||||
Warrants excercise price (in Dollars per share) | $ / shares | $ 0.38 | |||||||||||||||||||||||||
Rights of warrants (in Dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||||
Exercise price per share | (per share) | $ 0.4 | $ 0.05 | $ 33 | |||||||||||||||||||||||
Weighted average contractual life | 1 year 4 months 24 days | |||||||||||||||||||||||||
Weighted average exercise price (in Dollars per share) | $ / shares | $ 0.38 | |||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||
Derivative Liabilities (Details) [Line Items] | ||||||||||||||||||||||||||
Cash payment | kr | kr 6,000,000 | |||||||||||||||||||||||||
Average volume weighted price (in Kronor per share) | $ / shares | $ 0.3 | $ 0.24 | ||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||
Derivative Liabilities (Details) [Line Items] | ||||||||||||||||||||||||||
Cash payment | kr | kr 4,000,000 | |||||||||||||||||||||||||
Average volume weighted price (in Kronor per share) | $ / shares | $ 0.09 | 0.08 | ||||||||||||||||||||||||
TO1 Warrants [Member] | ||||||||||||||||||||||||||
Derivative Liabilities (Details) [Line Items] | ||||||||||||||||||||||||||
Investor warrants shares (in Shares) | shares | 20,166,221 | |||||||||||||||||||||||||
Common stock, par value | (per share) | $ 0.01 | kr 0.05 | ||||||||||||||||||||||||
Exercise price | $ 0.9 | kr 7.5 | ||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||
Derivative Liabilities (Details) [Line Items] | ||||||||||||||||||||||||||
Common stock, par value | kr / shares | kr 0.05 | kr 0.05 | ||||||||||||||||||||||||
Settlement Warrants [Member] | ||||||||||||||||||||||||||
Derivative Liabilities (Details) [Line Items] | ||||||||||||||||||||||||||
Investor warrants shares (in Shares) | shares | 3,996,864 | 3,996,864 | ||||||||||||||||||||||||
TO2 Warrants [Member] | ||||||||||||||||||||||||||
Derivative Liabilities (Details) [Line Items] | ||||||||||||||||||||||||||
Investor warrants shares (in Shares) | shares | 50,341,080 | |||||||||||||||||||||||||
Common stock, par value | (per share) | $ 0.01 | 0.01 | kr 0.05 | |||||||||||||||||||||||
Exercise Price | (per share) | $ 0.69 | $ 0.69 | kr 60 | |||||||||||||||||||||||
Total warrants (in Shares) | shares | 8,820 | |||||||||||||||||||||||||
Shares subscription (in Shares) | shares | 8,820 | |||||||||||||||||||||||||
TO3 Warrants [Member] | ||||||||||||||||||||||||||
Derivative Liabilities (Details) [Line Items] | ||||||||||||||||||||||||||
Investor warrants shares (in Shares) | shares | 121,162,817 | 121,162,817 | ||||||||||||||||||||||||
Exercise Price | kr / shares | kr 2,679 | |||||||||||||||||||||||||
Shares subscription (in Shares) | shares | 13,719,266 | |||||||||||||||||||||||||
Warrants, exercisable | (per share) | $ 0.2 | kr 1.7 | ||||||||||||||||||||||||
Amount 20 tranches [Member] | ||||||||||||||||||||||||||
Derivative Liabilities (Details) [Line Items] | ||||||||||||||||||||||||||
Funded each over amount | $ | $ 10,000,000 |
Derivative Liabilities (Detai_2
Derivative Liabilities (Details) - Schedule of number of investor warrants outstanding weighted average exercise price - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of number of investor warrants outstanding weighted average exercise price [Abstract] | ||
Number of Outstanding, Beginning | 70,507,301 | |
Weighted Average Exercise Price, Beginning | $ 0.69 | |
Number Granted | 3,996,864 | 70,507,301 |
Weighted Average Exercise Price Granted | $ 0.36 | $ 0.68 |
Number Expired | (20,166,221) | |
Weighted Average Exercise Price Expired | $ 0.82 | |
Number of Outstanding, Ending | 50,341,080 | 70,507,301 |
Weighted Average Exercise Price, Ending | $ 0.71 | $ 0.69 |
Number of Exercisable | 50,341,080 | 70,507,301 |
Weighted Average Exercise Price Exercisable | $ 0.71 | $ 0.69 |
Derivative Liabilities (Detai_3
Derivative Liabilities (Details) - Schedule of derivative liabilities reconciliation of changes in fair value - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
T01 Warrants [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative liabilities reconciliation of changes in fair value [Line Items] | ||||||
Balance beginning | $ 14 | |||||
Issued during the year | 1,741 | |||||
Change in fair value | (14) | (1,727) | ||||
Partial settlement – cash | ||||||
Amount transferred to Equity | [1] | |||||
Translation effect | ||||||
Balance – end of year | $ 14 | |||||
Fair value per warrant issuable (in Dollars per share) | $ 0.001 | |||||
T02 Warrants [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative liabilities reconciliation of changes in fair value [Line Items] | ||||||
Balance beginning | 47 | $ 1,641 | ||||
Issued during the year | 1,773 | |||||
Change in fair value | (1,594) | (132) | ||||
Partial settlement – cash | ||||||
Amount transferred to Equity | [1] | [1] | ||||
Translation effect | ||||||
Balance – end of year | $ 47 | $ 1,641 | ||||
Fair value per warrant issuable (in Dollars per share) | $ 0.001 | $ 0.033 | ||||
Financing Facility [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative liabilities reconciliation of changes in fair value [Line Items] | ||||||
Balance beginning | [1] | $ 102 | $ 2,138 | $ 2,935 | ||
Issued during the year | [1] | |||||
Change in fair value | [1] | (524) | ||||
Partial settlement – cash | [1] | (673) | ||||
Amount transferred to Equity | [1] | (1,412) | ||||
Translation effect | [1] | (100) | (124) | |||
Balance – end of year | [1] | $ 102 | $ 2,138 | |||
Fair value per warrant issuable (in Dollars per share) | [1] | $ 0.026 | ||||
[1] | The December 31, 2019 $2,935 estimated fair value of the Financing Facility comprises the $673 cash settlement paid by the Company in June 2019, and the $2,262 market value of 9,330,000 common shares and 3,996,864 warrants issued on settlement of the Facility on February 23, 2020. The 3,996,864 warrants are exchangeable into one common share each at $0.34 (SEK 3.3) for 36 months. |
Derivative Liabilities (Detai_4
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis | 1 Months Ended | 12 Months Ended | ||||
Feb. 23, 2020$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2020kr / shares | Feb. 23, 2020kr / shares | Dec. 31, 2019kr / shares | |
Settlement Warrants for the Termination of Financing Facility [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | ||||||
Risk-free interest | (0.38%) | (0.41%) | ||||
Expected dividend yield | 0.00% | 0.00% | ||||
Contractual life (years) | 3 years | 2 years 2 months 1 day | ||||
Expected volatility | 104.10% | 106.50% | ||||
T01 Warrants [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | ||||||
Risk-free interest | (0.68%) | |||||
Expected dividend yield | 0.00% | |||||
Contractual life (years) | 5 months 1 day | |||||
Expected volatility | 97.90% | |||||
T02 Warrants [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | ||||||
Risk-free interest | (0.57%) | (0.68%) | ||||
Expected dividend yield | 0.00% | 0.00% | ||||
Contractual life (years) | 8 months 15 days | 1 year 8 months 15 days | ||||
Expected volatility | 106.50% | 97.90% | ||||
Minimum [Member] | Settlement Warrants for the Termination of Financing Facility [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | ||||||
Exercise price (in Dollars per share and Kronor per share) | $ 0.34 | $ 0.4 | ||||
Share price (in Dollars per share and Kronor per share) | $ 0.27 | 0.1 | ||||
Minimum [Member] | T01 Warrants [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | ||||||
Exercise price (in Dollars per share and Kronor per share) | $ 0.8 | |||||
Share price (in Dollars per share and Kronor per share) | 0.18 | |||||
Minimum [Member] | T02 Warrants [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | ||||||
Exercise price (in Dollars per share and Kronor per share) | 0.73 | 0.64 | ||||
Share price (in Dollars per share and Kronor per share) | $ 0.1 | 0.18 | ||||
Maximum [Member] | Settlement Warrants for the Termination of Financing Facility [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | ||||||
Exercise price (in Dollars per share and Kronor per share) | kr / shares | kr 3.3 | kr 3.3 | ||||
Share price (in Dollars per share and Kronor per share) | kr / shares | 0.8 | kr 2.61 | ||||
Maximum [Member] | T01 Warrants [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | ||||||
Exercise price (in Dollars per share and Kronor per share) | kr / shares | kr 7.5 | |||||
Share price (in Dollars per share and Kronor per share) | kr / shares | kr 1.7 | |||||
Maximum [Member] | T02 Warrants [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | ||||||
Exercise price (in Dollars per share and Kronor per share) | (per share) | 6 | 6 | ||||
Share price (in Dollars per share and Kronor per share) | (per share) | $ 1.7 | kr 0.8 |
Stockholders_ Equity and Non-_3
Stockholders’ Equity and Non-controlling Interests (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2021shares | Sep. 30, 2020USD ($)shares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 13, 2021$ / shares | Dec. 31, 2020kr / shares | Dec. 31, 2019kr / shares | |
Stockholders’ Equity and Non-controlling Interests (Details) [Line Items] | |||||||||
Discription of share capital | the Company’s total issued and outstanding common shares were 212,601,044 and 121,336,079 respectively with a par value $0.01 (DKK 0.05). The shares are fully paid in. The shares are not divided into classes, and no shares enjoy special rights. | The shares are fully paid in. The shares are not divided into classes, and no shares enjoy special rights. | |||||||
Common shares (in Shares) | shares | 18,067,963 | 48,420,891 | |||||||
Exchange for Cash | $ 2,869,000 | $ 13,557,000 | |||||||
Issuance costs | $ 652,000 | $ 4,429,000 | |||||||
Stockholders’ equity, description | 9,330,000 common shares and 3,996,864 warrants in exchange for $1,092 in cash in settlement of the Financing Facility dated February 23, 2020; the fair value of the common shares of $2,504 was recorded in equity and the $625 fair value of the warrants was recorded as a derivative liability which was adjusted to market at the end of every period; as at December 31, 2020, the fair value of the warrants is $102; | ||||||||
Common stock, shares issued (in Shares) | shares | 403,791,200 | 403,791,200 | 212,601,044 | 121,336,079 | |||||
Conversion of debt | $ 5,787,000 | ||||||||
Common shares (in Shares) | shares | 14,505,206 | 14,505,206 | 230,000 | ||||||
Exercise of warrants | $ 18,000 | ||||||||
Common shares (in Shares) | shares | 22,603,910 | ||||||||
Description of share capital | the share capital consists of 403,791,200 common shares of par value $0.01 (DKK 0.05) each (December 31, 2020: 212,601,044 shares of par value $0.01 (DKK 0.05 each)). The shares are fully paid in. The shares are not divided into classes, and no shares enjoy special rights. | ||||||||
Common share purchase warrants (in Shares) | shares | 3,232 | ||||||||
Purchase warrants value | $ 24,112,523 | ||||||||
warrants exercisable (in Dollars per share) | $ / shares | $ 2,384 | ||||||||
Warrants exercisable per share (in Dollars per share) | (per share) | $ 0.4 | $ 0.7 | $ 0.2 | kr 33 | kr 6 | ||||
Expiration date | Sep. 13, 2023 | ||||||||
Common shares (in Shares) | shares | 14,776,866 | ||||||||
Exercise of common stock purchase warrants | $ 3,232,000 | ||||||||
Warrants, description | Units consisting of 145,003,680 common shares and 145,003,680 common share purchase warrants for $0.10 (SEK 0.85) per unit; valued at $12,125. | 9,330,000 common shares and 3,996,864 warrants in exchange for $1,092 in cash in settlement of the Financing Facility dated February 23, 2020; the fair value of the common shares of $2,504 was recorded in equity and the $625 fair value of the warrants was recorded as a derivative liability which was adjusted to market at the end of every period and as at September 30, 2021 the fair value of the warrants is $218; | |||||||
Common shares conversion of debt (in Shares) | shares | 11,669,340 | 31,409,610 | 24,307,645 | ||||||
Conversion of debt value | $ 2,880,000 | ||||||||
Conversion of debt value | $ 1,585,000 | $ 3,506,000 | |||||||
Non-controlling Interest One [Member] | |||||||||
Stockholders’ Equity and Non-controlling Interests (Details) [Line Items] | |||||||||
Common shares (in Shares) | shares | 25,936,599 | ||||||||
Exchange for non controlling interest | $ 3,906,000 | ||||||||
Exchange for non controlling interest, percentage | 37.00% | ||||||||
Non-controlling Interest Two [Member] | |||||||||
Stockholders’ Equity and Non-controlling Interests (Details) [Line Items] | |||||||||
Common shares (in Shares) | shares | 12,383,770 | ||||||||
Exchange for non controlling interest | $ 2,029,000 | ||||||||
Exchange for non controlling interest, percentage | 16.09% | ||||||||
NCI in OV SPV2 ApS [Member] | |||||||||
Stockholders’ Equity and Non-controlling Interests (Details) [Line Items] | |||||||||
Common shares exchange (in Shares) | shares | 12,383,770 | 25,936,599 | |||||||
Common shares value | $ 758,000 | $ 2,103,000 | |||||||
Exchange rate percentage | 16.09% | 37.00% | |||||||
NCI in OV US Inc. [Member] | |||||||||
Stockholders’ Equity and Non-controlling Interests (Details) [Line Items] | |||||||||
Common shares exchange (in Shares) | shares | 12,383,770 | ||||||||
Common shares value | $ 758 | ||||||||
Exchange rate percentage | 16.09% | ||||||||
Share issuances [Member] | |||||||||
Stockholders’ Equity and Non-controlling Interests (Details) [Line Items] | |||||||||
Common stock, shares issued (in Shares) | shares | 25,546,633 | ||||||||
Conversion of debt | $ 3,002,000 |
Stockholders_ Equity and Non-_4
Stockholders’ Equity and Non-controlling Interests (Details) - Schedule of non-controlling interests - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stockholders’ Equity and Non-controlling Interests (Details) - Schedule of non-controlling interests [Line Items] | ||
Beginnning Balance | $ 2,816 | $ 3,352 |
Ending Balance | 2,816 | |
Acquisition of 8% of OV-SPV2 ApS for cash of $802 | (371) | |
Acquisition of 37% of OV-SPV2 ApS for shares (see (d) above) | (2,103) | |
Acquisition of 16.09% of OV US Inc. for shares (see (e) above) | (758) | |
Income (loss) | (15) | (87) |
Foreign currency translation | 60 | (78) |
OV-SPV2 ApS Non-controlling Interest [Member] | ||
Stockholders’ Equity and Non-controlling Interests (Details) - Schedule of non-controlling interests [Line Items] | ||
Beginnning Balance | 2,042 | 2,550 |
Ending Balance | 2,042 | |
Acquisition of 8% of OV-SPV2 ApS for cash of $802 | (371) | |
Acquisition of 37% of OV-SPV2 ApS for shares (see (d) above) | (2,103) | |
Acquisition of 16.09% of OV US Inc. for shares (see (e) above) | ||
Income (loss) | 17 | (77) |
Foreign currency translation | 44 | (60) |
OV US Inc. Non-controlling interest [Member] | ||
Stockholders’ Equity and Non-controlling Interests (Details) - Schedule of non-controlling interests [Line Items] | ||
Beginnning Balance | 774 | 802 |
Ending Balance | 774 | |
Acquisition of 8% of OV-SPV2 ApS for cash of $802 | ||
Acquisition of 37% of OV-SPV2 ApS for shares (see (d) above) | ||
Acquisition of 16.09% of OV US Inc. for shares (see (e) above) | (758) | |
Income (loss) | (32) | (10) |
Foreign currency translation | $ 16 | $ (18) |
Share-Based Payments (Details)
Share-Based Payments (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2021kr / shares | Dec. 18, 2020shares | Oct. 18, 2019shares | Feb. 24, 2017shares | Feb. 18, 2016shares | Dec. 17, 2014shares | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018$ / shares | |
Share-Based Payments (Details) [Line Items] | |||||||||||||
Warrants, description | Units consisting of 145,003,680 common shares and 145,003,680 common share purchase warrants for $0.10 (SEK 0.85) per unit; valued at $12,125. | 9,330,000 common shares and 3,996,864 warrants in exchange for $1,092 in cash in settlement of the Financing Facility dated February 23, 2020; the fair value of the common shares of $2,504 was recorded in equity and the $625 fair value of the warrants was recorded as a derivative liability which was adjusted to market at the end of every period and as at September 30, 2021 the fair value of the warrants is $218; | |||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.2 | $ 0.18 | $ 0.08 | ||||||||||
General and administrative expense | $ | $ 2,619 | $ 953 | $ 6,140 | $ 3,245 | $ 4,101 | $ 3,870 | |||||||
Intrinsic value of warrants outstanding | $ | $ 0 | $ 0 | |||||||||||
weighted average share price (in Dollars per share) | $ / shares | $ 0.35 | ||||||||||||
Intrinsic value per share (in Dollars per share) | $ / shares | 0.27 | ||||||||||||
Exercise price for warrants outstanding (in Dollars per share) | kr / shares | kr 2 | ||||||||||||
Weighted average grant date fair value of warrants (in Dollars per share) | $ / shares | $ 0.12 | $ 0.2 | |||||||||||
Fair value of warrants vested | $ | $ 616 | $ 333 | |||||||||||
Total charge to profit or loss | $ | 577 | $ 237 | 1,205 | $ 629 | |||||||||
Total compensation cost | $ | $ 119 | $ 119 | |||||||||||
Warrants outstanding | 7 years 9 months | 7 years 9 months | 9 years 3 months 18 days | ||||||||||
Warrant Plan [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Option to purchase common shares (in Shares) | shares | 3,389,550 | ||||||||||||
Warrants, description | Warrants were granted with monthly vesting over 36 months until September 1, 2022 respectively October 1, 2023 provided they remain within the Group’s employment. Vested warrants are exercisable over a fixed period of time from grant date up to and including September 30, 2032 respectively October 31, 2033. | ||||||||||||
Warrant plan #6 [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Option to purchase common shares (in Shares) | shares | 5,638,199 | ||||||||||||
Warrants, description | Warrants were granted with monthly vesting over 36 months until September 1, 2022 provided they remain within the Group’s employment. Vested warrants are exercisable over a fixed period of time from grant date up to and including September 30, 2032. | ||||||||||||
Additional Executive Plan [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Warrants payable (in Shares) | shares | 4,313,602 | ||||||||||||
Expected life | 120 months | ||||||||||||
Executive Management [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Dividend yield | 0.00% | ||||||||||||
Warrant Plan Two [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Option to purchase common shares (in Shares) | shares | 696,220 | ||||||||||||
Warrants, description | Warrants were granted with either immediate vesting, or monthly vesting over 36 months until July 1, 2019 provided the recipient remains within the Group’s employment. Vested warrants are exercisable over a fixed period of time from grant date up to and including July 1, 2021. | ||||||||||||
Warrant plan #4 [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Option to purchase common shares (in Shares) | shares | 633,780 | ||||||||||||
Warrants, description | Warrants were granted with monthly vesting over 36 months from July 1, 2016 until July 1, 2019, provided the recipient remains within the Group’s employment. Vested warrants are exercisable over a fixed period of time from grant date up to and including July 1, 2021. | ||||||||||||
Warrant plan #3 [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Option to purchase common shares (in Shares) | shares | 570,000 | ||||||||||||
Warrants, description | Warrants were granted with 50% immediately vesting upon grant, 25% vesting on December 17, 2015 and 25% vesting on July 3, 2016, provided the recipient remains within the Group’s employment. | ||||||||||||
Sharebased Payment Warrant Plan [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Profit or loss | $ | $ 616 | 333 | |||||||||||
General and administrative expense | $ | 616 | 333 | |||||||||||
Unrecognized compensation cost | $ | $ 510 | $ 939 | |||||||||||
Expected to realized over a period | 2 years 8 months 12 days | 2 years 8 months 12 days | |||||||||||
Minimum [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Expected life | 10 years | 10 years | |||||||||||
Exercise price for warrants outstanding (in Dollars per share) | $ / shares | $ 0.09 | $ 0.08 | |||||||||||
Minimum [Member] | Additional Executive Plan [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Expected volatility rate | 70.00% | ||||||||||||
Risk free interest rate | 0.32% | ||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.15 | ||||||||||||
Maximum [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Expected life | 11 years | 12 years | |||||||||||
Exercise price for warrants outstanding (in Dollars per share) | $ / shares | $ 0.3 | $ 0.24 | |||||||||||
Maximum [Member] | Additional Executive Plan [Member] | |||||||||||||
Share-Based Payments (Details) [Line Items] | |||||||||||||
Expected volatility rate | 80.60% | ||||||||||||
Risk free interest rate | 0.45% | ||||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 0.3 |
Share-Based Payments (Details)
Share-Based Payments (Details) - Schedule of weighted average exercise price - USD ($) | Jan. 01, 2019 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of weighted average exercise price [Abstract] | ||||
Number of Shares, Beginning Balance | 3,309,040 | 10,775,971 | 8,717,239 | 3,309,040 |
Weighted Average Exercise Price, Beginning Balance | $ 0.08 | $ 0.2 | $ 0.18 | $ 0.08 |
Weighted Average Contractual Term, Beginning Balance | ||||
Number of Shares, Granted | 3,389,550 | 5,638,199 | ||
Weighted Average Exercise Price, Granted | $ 0.22 | $ 0.23 | ||
Weighted Average Contractual Term, Granted | ||||
Number of Shares, Forfeited | (1,350,818) | |||
Weighted Average Exercise Price, Forfeited | $ 0.26 | |||
Weighted Average Contractual Term, Forfeited | ||||
Number of Shares, Exercised | (230,000) | |||
Weighted Average Exercise Price, Exercised | $ 0.33 | $ 0.82 | $ 0.08 | |
Weighted Average Contractual Term, Exercised | ||||
Number of Shares, Ending Balance | 10,775,971 | 8,717,239 | ||
Weighted Average Exercise Price, Ending Balance | $ 0.2 | $ 0.18 | ||
Weighted Average Contractual Term, Ending Balance | 9 years 3 months 18 days | 10 years | ||
Number of Shares, Options exercisable | $ 6,008,140 | |||
Weighted Average Exercise Price, Options exercisable | $ 0.18 | |||
Weighted Average Contractual Term, Options exercisable | 7 years 3 months 18 days |
Share-Based Payments (Details_2
Share-Based Payments (Details) - Schedule of the grant date fair value of each warrant issued is based on a Black Scholes model - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Payments (Details) - Schedule of the grant date fair value of each warrant issued is based on a Black Scholes model [Line Items] | ||
Expected volatility | 80.60% | 70.00% |
Weighted average share price (in Dollars per share) | $ 0.14 | $ 0.23 |
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate | (0.41%) | (0.36%) |
Minimum [Member] | ||
Share-Based Payments (Details) - Schedule of the grant date fair value of each warrant issued is based on a Black Scholes model [Line Items] | ||
Expected life (in years) | 10 years | 10 years |
Maximum [Member] | ||
Share-Based Payments (Details) - Schedule of the grant date fair value of each warrant issued is based on a Black Scholes model [Line Items] | ||
Expected life (in years) | 11 years | 12 years |
License and Development Agree_2
License and Development Agreements (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
License and Development Agreements (Details) [Line Items] | |
Regulatory approval milestones | $ 30 |
First commercial sale, description | (a) the expiration of the last valid claim of a patent within (i) out intellectual property and/or (ii) the joint intellectual property in such country (if, but only if, such joint intellectual property arose from activities under the clinical development plan defined in the agreement), or (b) the fifteenth (15th) anniversary of the date of first commercial sale of such licensed drug in such country. For LiPlaCis® will be entitled between seven percent (7% ) and twelve percent (12%) of sales up to $250,000,000 and between twelve percent (12%) and seventeen percent (17%) of sales above $250,000,000. For 2X-111, we will be entitled to royalties between ten percent (10%) and fifteen percent (15%) of sales up to $250,000,000 and between twelve percent 12% and eighteen percent (18%) of sales above $250,000,000. The license includes industry-standard development diligence requirements and termination (e.g. for uncured material breach by either party) provisions. |
Novartis Royalties [Member] | |
License and Development Agreements (Details) [Line Items] | |
Milestone payments | $ 26 |
Annual sales | $ 750 |
Novartis Royalties [Member] | Minimum [Member] | |
License and Development Agreements (Details) [Line Items] | |
Annual sales increase percentage | 5.00% |
Annual sales | $ 0 |
Annual sales increase percentage one | 6.00% |
Annual sales one | $ 250 |
Annual sales increase percentage two | 7.00% |
Annual sales two | $ 500 |
Annual sales increase percentage three | 13.00% |
Novartis Royalties [Member] | Maximum [Member] | |
License and Development Agreements (Details) [Line Items] | |
Annual sales increase percentage | 10.00% |
Annual sales | $ 250 |
Annual sales increase percentage one | 13.00% |
Annual sales one | $ 500 |
Annual sales increase percentage two | 13.00% |
Annual sales two | $ 750 |
Annual sales increase percentage three | 15.00% |
Eisai royalties [Member] | |
License and Development Agreements (Details) [Line Items] | |
Milestone payments | $ 94 |
Annual sales | $ 500 |
Eisai royalties [Member] | Minimum [Member] | |
License and Development Agreements (Details) [Line Items] | |
Annual sales increase percentage | 5.00% |
Annual sales | $ 0 |
Annual sales increase percentage one | 6.00% |
Annual sales one | $ 100 |
Annual sales increase percentage two | 7.00% |
Annual sales two | $ 250 |
Annual sales increase percentage three | 11.00% |
Eisai royalties [Member] | Maximum [Member] | |
License and Development Agreements (Details) [Line Items] | |
Annual sales increase percentage | 10.00% |
Annual sales | $ 100 |
Annual sales increase percentage one | 10.00% |
Annual sales one | $ 250 |
Annual sales increase percentage two | 11.00% |
Annual sales two | $ 500 |
Annual sales increase percentage three | 15.00% |
R-Pharm [Member] | |
License and Development Agreements (Details) [Line Items] | |
Milestone payments | $ 12.5 |
Annual sales | $ 30 |
R-Pharm [Member] | Minimum [Member] | |
License and Development Agreements (Details) [Line Items] | |
Annual sales increase percentage | 5.00% |
Annual sales | $ 0 |
Annual sales increase percentage one | 8.00% |
R-Pharm [Member] | Maximum [Member] | |
License and Development Agreements (Details) [Line Items] | |
Annual sales increase percentage | 8.00% |
Annual sales | $ 30 |
Annual sales increase percentage one | 12.00% |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of revenue - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of revenue [Abstract] | ||
Research and development services | $ 109 | |
Other | 11 | |
Total | $ 120 |
Tax (Details)
Tax (Details) $ in Thousands, kr in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2020DKK (kr) | Dec. 31, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |||
Tax receive payment (in Kroner) | kr | kr 25 | ||
Company received tax recoveries | $ 825 | $ 1,341 | |
Tax losses carried forward | $ 28,200 | ||
Deferred Tax Percentage | 22.00% | 22.00% |
Tax (Details) - Schedule of rec
Tax (Details) - Schedule of reconciliation of the statutory rate to the effective tax rate - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of reconciliation of the statutory rate to the effective tax rate [Abstract] | ||
Tax computed on the loss before tax at a tax rate of 22.0% | $ (1,592) | $ (4,175) |
Foreign rate differential | 4 | 10 |
Non-deductible expenses, share-based payments | 135 | 73 |
Non-deductible expenses, other | 151 | 2 |
Tax value of derivative warrants | (491) | (436) |
Tax deduction on exercise of employee warrants | (8) | |
Special tax deduction on research and development expenses | (323) | (17) |
Other adjustments | (123) | (47) |
Adjustment of tax concerning previous years | 3 | (522) |
Change in valuation allowance | 75 | 543 |
Effective tax rate (30%/24%) | $ (2,161) | $ (4,577) |
Tax (Details) - Schedule of r_2
Tax (Details) - Schedule of reconciliation of the statutory rate to the effective tax rate (Parentheticals) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of reconciliation of the statutory rate to the effective tax rate [Abstract] | ||
Loss before tax rate | 22.00% | 22.00% |
Effective tax rate | 30.00% | 24.00% |
Tax (Details) - Schedule of com
Tax (Details) - Schedule of components of income (loss) before income taxes - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Tax (Details) - Schedule of components of income (loss) before income taxes [Line Items] | ||||||
Total | $ 1,266 | $ (1,651) | $ (7,047) | $ (5,417) | $ (7,234) | $ (18,977) |
Denmark [Member] | ||||||
Tax (Details) - Schedule of components of income (loss) before income taxes [Line Items] | ||||||
Total | (7,003) | (18,102) | ||||
Sweden [Member] | ||||||
Tax (Details) - Schedule of components of income (loss) before income taxes [Line Items] | ||||||
Total | (4) | 136 | ||||
United States [Member] | ||||||
Tax (Details) - Schedule of components of income (loss) before income taxes [Line Items] | ||||||
Total | $ (227) | $ (1,011) |
Tax (Details) - Schedule of c_2
Tax (Details) - Schedule of components of the (benefit) provision for income taxes from operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | ||||||
Current Tax Total | $ (875) | $ (817) | ||||
Deferred: | ||||||
Deferred Tax Total | $ (475) | $ (948) | (1,286) | (3,760) | ||
Total | $ (406) | $ (691) | $ (1,061) | $ (1,520) | (2,161) | (4,577) |
DENMARK | ||||||
Current: | ||||||
Current Tax Total | (908) | (826) | ||||
Deferred: | ||||||
Deferred Tax Total | (1,286) | (3,760) | ||||
SWEDEN | ||||||
Current: | ||||||
Current Tax Total | 30 | |||||
Deferred: | ||||||
Deferred Tax Total | ||||||
UNITED STATES | ||||||
Current: | ||||||
Current Tax Total | 3 | 9 | ||||
Deferred: | ||||||
Deferred Tax Total |
Tax (Details) - Schedule of def
Tax (Details) - Schedule of deferred tax comprises - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of deferred tax comprises [Abstract] | ||
Property, plant and equipment | $ 21 | $ 16 |
Intangible assets | (5,869) | (5,324) |
Net operating losses | 6,163 | 4,301 |
Total deferred tax | 315 | (1,007) |
Valuation allowance | (920) | (844) |
Net deferred tax liabilities | $ (603) | $ (1,851) |
Tax (Details) - Schedule of tax
Tax (Details) - Schedule of tax on profit/loss for the year - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of tax on profit/loss for the year [Abstract] | ||||||
Current income tax expense (benefit) | $ (36) | $ 530 | ||||
Change in deferred tax | (1,286) | (3,760) | ||||
Adjustment of tax concerning previous years | 3 | (522) | ||||
Tax received under the tax credit scheme | (842) | (825) | ||||
Tax expense (benefit) on profit/loss for the year | $ (406) | $ (691) | $ (1,061) | $ (1,520) | $ (2,161) | $ (4,577) |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | Jul. 13, 2020 | Jun. 08, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 |
Related Parties (Details) [Line Items] | |||||
Compensated amount | $ 156 | $ 349 | |||
Shares issued (in Shares) | 230,000 | 14,505,206 | |||
Interest percentage | 16.09% | 37.00% | |||
Sass Larsen [Member] | |||||
Related Parties (Details) [Line Items] | |||||
Shares issued (in Shares) | 3,281,250 | 25,936,599 | |||
Common stock value | $ 538 | $ 3,906 | |||
Oncology Venture US Inc. [Member] | |||||
Related Parties (Details) [Line Items] | |||||
Shares issued (in Shares) | 12,383,770 | ||||
Common stock value | $ 2,029 |
Basic and Diluted Net Loss Pe_3
Basic and Diluted Net Loss Per Share (Details) - Schedule of basic and diluted net loss per share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | ||||||
Net loss attributable to common shareholders | $ 1,672 | $ (960) | $ (5,986) | $ (3,897) | $ (5,073) | $ (14,400) |
Denominator: | ||||||
Weighted average common shares outstanding – basic and diluted | 163,238,991 | 63,407,230 | ||||
Net loss per share attributable to common shareholders – basic and diluted | $ 0 | $ (0.01) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.23) |
Basic and Diluted Net Loss Pe_4
Basic and Diluted Net Loss Per Share (Details) - Schedule of anti-dilutive effect - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of anti-dilutive effect [Abstract] | ||||||
Warrants | 8,523,918 | 4,387,223 | ||||
Convertible debt | 960,216 | |||||
Total | 9,548,518 | 8,717,239 | 10,755,971 | 8,717,239 | 9,484,134 | 4,387,223 |
Financial Instruments (Details)
Financial Instruments (Details) - Schedule of financial instruments measured at fair value on a recurring basis and indicate the level of the fair value - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | |||
Investment | $ 491 | $ 845 | $ 137 |
Liabilities: | |||
Convertible debt | (1,327) | ||
Financing Facility | (102) | (2,138) | |
Derivative warrants | (218) | (47) | (1,655) |
Total | (218) | (1,476) | (3,793) |
Level 1 [Member] | |||
Assets: | |||
Investment | 491 | 845 | |
Liabilities: | |||
Convertible debt | |||
Financing Facility | |||
Derivative warrants | |||
Total | |||
Level 2 [Member] | |||
Assets: | |||
Investment | |||
Liabilities: | |||
Convertible debt | |||
Financing Facility | |||
Derivative warrants | |||
Total | |||
Level 3 [Member] | |||
Assets: | |||
Investment | 137 | ||
Liabilities: | |||
Convertible debt | (1,327) | ||
Financing Facility | (102) | (2,138) | |
Derivative warrants | (218) | (47) | (1,655) |
Total | $ (218) | $ (1,476) | $ (3,793) |
Financial Instruments (Detail_2
Financial Instruments (Details) - Schedule of fair value measurement - Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments (Details) - Schedule of fair value measurement [Line Items] | ||
Beginning balance – assets: | $ 137 | |
Transfers into level 3 | 137 | |
Transfers out of level 3 to level 1 | (137) | |
Ending balance – assets: | 137 | |
Beginning balance – liabilities: | 3,793 | |
Gains included in net loss | 845 | |
Transfers out of level 3 | (845) | |
Issuance of convertible debt (Note 13) | 4,670 | |
Issuance of investor warrants (Note 14(a) | 3,514 | |
Issuance of Financing Facility (Note 14(b)) | 2,935 | |
Total value | 8,463 | 6,449 |
Financing Facility adjustments (Note 14(b)): | ||
Fair value | (524) | |
Translation effect | (100) | (124) |
Cash (partial) settlement | (673) | |
Converted to equity on settlement | (1,412) | |
Fair value adjustments: | ||
TO1 Warrants (Note 14(a)) | (14) | (1,727) |
TO2 Warrants (Note 14(a)) | (1,594) | (132) |
Convertible debt (Note 13) | (681) | |
Debt conversion (Note 13) | (2,662) | |
Ending balance – liabilities | $ 1,476 | $ 3,793 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Smerud Medical Research International [Member] - USD ($) $ in Thousands | Nov. 10, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies (Details) [Line Items] | |||
Development costs | $ 1,191 | ||
Development costs | $ 1,191 | ||
Royalties on future revenue percentage | 7.50% | ||
Future royalties | $ 139 |
Subsequent Events (Details)
Subsequent Events (Details) kr / shares in Units, $ / shares in Units, kr in Thousands, $ in Thousands | Jul. 23, 2021USD ($) | May 20, 2021USD ($)$ / sharesshares | May 20, 2021SEK (kr)kr / sharesshares | Mar. 22, 2021USD ($) | Mar. 22, 2021SEK (kr) | Sep. 30, 2021shares | Dec. 31, 2020$ / sharesshares | Sep. 13, 2021$ / shares | Jun. 23, 2021USD ($) | May 20, 2021kr / sharesshares | Dec. 31, 2020kr / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2019kr / sharesshares |
Subsequent Events (Details) [Line Items] | |||||||||||||
Warrant exercisable price | (per share) | $ 0.4 | $ 0.2 | kr 33 | $ 0.7 | kr 6 | ||||||||
Shares issued (in Shares) | shares | 14,505,206 | 230,000 | 230,000 | ||||||||||
Additional purchase of warrants (in Dollars) | $ 20,000 | ||||||||||||
Percentage of issued and outstanding shares | 20.00% | 20.00% | 20.00% | 20.00% | |||||||||
Subsequent event, description | Lastly, in the event that the average daily US dollar volume of share of Allarity Delaware common stock traded on the US Nasdaq Stock Market falls below $2.5 million, then holders of the convertible preferred stock will be entitled to a one-time special dividend of 8% of the stated value of the preferred stock ($1.6 million) payable in shares of common stock upon conversion of the convertible preferred stock. The Company is in the process of assessing the accounting treatment of the special dividend. | Lastly, in the event that the average daily US dollar volume of shares of Allarity Delaware common stock traded on the US Nasdaq Stock Market falls below $2.5 million, then holders of the convertible preferred stock will be entitled to a one-time special dividend of 8% of the stated value of the preferred stock ($1.6 million) payable in shares of common stock upon conversion of the convertible preferred stock. The Company is in the process of assessing the accounting treatment of the special dividend. | |||||||||||
Maturity date | Jun. 23, 2021 | Jun. 23, 2021 | |||||||||||
Subsequent Event [Member] | |||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||
Maximum number of common share (in Shares) | shares | 120,891,157 | 120,891,157 | |||||||||||
Purchase warrant per unit | (per share) | $ 0.1 | kr 0.85 | |||||||||||
Warrant exercisable price | (per share) | $ 0.2 | kr 1.7 | |||||||||||
Warrants expire date | Apr. 15, 2023 | Apr. 15, 2023 | |||||||||||
Gross proceeds (in Kronor) | kr | kr 100,000 | ||||||||||||
Additional purchase of warrants (in Dollars) | $ 20,000 | ||||||||||||
Loan value | $ 2,900 | kr 25,000 | |||||||||||
Percentage of debt | 3.00% | 3.00% | |||||||||||
Loan origination fee | $ 87 | kr 750 | |||||||||||
Bearing Interest rate | 3.00% | 3.00% | |||||||||||
Loan balance value (in Dollars) | $ 2,817 | ||||||||||||
Debt interest (in Dollars) | $ 197 | ||||||||||||
Upfront payment (in Dollars) | $ 1,000 | ||||||||||||
Minimum [Member] | |||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||
Conversion price of preferred stock (in Dollars per share) | $ / shares | $ 9.91 | $ 7.47 | |||||||||||
Percentage of weighted average price | 80.00% | 80.00% | 80.00% | 80.00% | |||||||||
Maximum [Member] | |||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||
Conversion price of preferred stock (in Dollars per share) | $ / shares | $ 10.25 | ||||||||||||
Percentage of weighted average price | 90.00% | 90.00% | 90.00% | 90.00% | |||||||||
Common Stock [Member] | |||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||
Shares issued (in Shares) | shares | 8,075,824 | 7,801,262 | 7,801,262 | ||||||||||
Preferred Shares [Member] | |||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||
Percentage of issued and outstanding shares | 4.99% | 4.99% | |||||||||||
Asset Purchase Agreement [Member] | Subsequent Event [Member] | |||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||
Milestone payments (in Dollars) | $ 16,000 | ||||||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||
Shares issued (in Shares) | shares | 20,000 | 20,000 | |||||||||||
Series A Convertible Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||
Shares issued (in Shares) | shares | 20,000 | 20,000 | |||||||||||
Preferred Shares [Member] | |||||||||||||
Subsequent Events (Details) [Line Items] | |||||||||||||
Percentage of issued and outstanding shares | 4.99% | 4.99% |
Event Subsequent to Original _2
Event Subsequent to Original Issuance of Financial Statements (Details) | 1 Months Ended | 12 Months Ended | ||||
Nov. 24, 2021USD ($)$ / sharesshares | Nov. 24, 2021USD ($)kr / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020SEK (kr)kr / sharesshares | Nov. 24, 2021DKK (kr)shares | Dec. 31, 2020SEK (kr)shares | |
TO3 Warrants [Member] | ||||||
Event Subsequent to Original Issuance of Financial Statements (Details) [Line Items] | ||||||
Company’s outstanding warrants (in Shares) | 145,003,680 | 145,003,680 | ||||
warrant term | (per share) | $ 0.2 | kr 1.7 | ||||
Shares increases (in Kronor per share) | kr / shares | kr 2 | |||||
Number of common share (in Shares) | 13,719,266 | 13,719,266 | ||||
Number of outstanding warrants, percentage | 9.50% | 9.50% | ||||
Warrants subscribed (in Shares) | 13,719,266 | 13,719,266 | ||||
Subscription price (in Kronor per share) | kr / shares | kr 1.7 | |||||
Exercise of warrants value | $ 2,700,000 | kr 23,300,000 | ||||
Issuing costs | $ 162,000 | kr 1,400,000 | ||||
TO2 Warrants [Member] | ||||||
Event Subsequent to Original Issuance of Financial Statements (Details) [Line Items] | ||||||
Number of common share (in Shares) | 8,820 | 8,820 | ||||
Number of outstanding warrants, percentage | 0.02% | 0.02% | ||||
Warrants subscribed (in Shares) | 8,820 | 8,820 | ||||
Subscription price (in Kronor per share) | kr / shares | kr 6 | |||||
Exercise of warrants value | $ 6,000 | kr 53,000 | ||||
Warrant Grants [Member] | ||||||
Event Subsequent to Original Issuance of Financial Statements (Details) [Line Items] | ||||||
Company’s outstanding warrants (in Shares) | 51,292,653 | 51,292,653 | 51,292,653 | |||
Number of common share (in Shares) | 1 | 1 | 1 | |||
Warrant term | 5 years | |||||
Grant 1 [Member] | ||||||
Event Subsequent to Original Issuance of Financial Statements (Details) [Line Items] | ||||||
Exercise of warrants value | $ | $ 38,807,413 | |||||
Exercise price | (per share) | $ 0.1 | kr 0.945 | ||||
Aggregate fair value | $ 5,143,821 | kr 5,143,821 | kr 34,172,459 | |||
Grant 2 [Member] | ||||||
Event Subsequent to Original Issuance of Financial Statements (Details) [Line Items] | ||||||
Exercise of warrants value | $ | $ 7,801,262 | |||||
Exercise price | (per share) | $ 0.17 | kr 1.592 | ||||
Aggregate fair value | $ 1,034,037 | kr 1,034,037 | 6,869,520 | |||
Grant 3 [Member] | ||||||
Event Subsequent to Original Issuance of Financial Statements (Details) [Line Items] | ||||||
Exercise of warrants value | $ | $ 4,683,978 | |||||
Exercise price | (per share) | $ 0.2 | kr 1.85 | ||||
Aggregate fair value | $ 620,849 | kr 620,849 | kr 4,124,548 |
Other Current Assets (Details_2
Other Current Assets (Details) - Schedule of other current assets - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of other current assets [Abstract] | ||||
Deposits | $ 54 | $ 68 | $ 68 | $ 60 |
Grant receivable | 50 | 50 | 315 | |
Salary deposit | 65 | 51 | 51 | 24 |
Value added tax (“VAT”) receivable | 312 | 166 | 166 | 406 |
Other | 1 | |||
Net other current assets | $ 432 | $ 335 | $ 335 | $ 821 |
Prepaid Expenses (Details) - _2
Prepaid Expenses (Details) - Schedule of prepaid expenses - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Prepaid expenses [Abstract] | |||
Prepaid insurance | $ 15 | $ 152 | $ 14 |
Other prepayments | 110 | 22 | $ 63 |
Total | $ 125 | $ 174 |
Property, Plant and Equipment_5
Property, Plant and Equipment, Net (Details) - Schedule of Property, plant and equipment - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Property, plant and equipment [Abstract] | |||
Laboratory equipment | $ 338 | $ 338 | |
Less: accumulated depreciation | (329) | (317) | |
Total | $ 9 | $ 21 | $ 37 |
Intangible Assets (Details) -_3
Intangible Assets (Details) - Schedule of intangible assets, net of accumulated amortization - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 38,975 | $ 38,975 |
Accumulated Amortization | (10,231) | (8,484) |
Net | 28,744 | 30,491 |
Acquired patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 99 | 99 |
Accumulated Amortization | (99) | (85) |
Net | 14 | |
IPR&D Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 38,876 | 38,876 |
Accumulated Amortization | (10,132) | (8,399) |
Net | $ 28,744 | $ 30,477 |
Intangible Assets (Details) -_4
Intangible Assets (Details) - Schedule of individually material development projects in progress - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible Assets (Details) - Schedule of individually material development projects in progress [Line Items] | |||
Indefinite-lived intangible assets | $ 28,744 | $ 30,477 | $ 27,651 |
Stenoparib [Member] | |||
Intangible Assets (Details) - Schedule of individually material development projects in progress [Line Items] | |||
Indefinite-lived intangible assets | 25,957 | 27,522 | 24,970 |
Dovitinib [Member] | |||
Intangible Assets (Details) - Schedule of individually material development projects in progress [Line Items] | |||
Indefinite-lived intangible assets | $ 2,787 | $ 2,955 | $ 2,681 |
Accrued Liabilities (Details)_2
Accrued Liabilities (Details) - Schedule of accrued liabilities - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of accrued liabilities [Abstract] | |||
Development cost liability | $ 1,123 | $ 1,191 | $ 300 |
Accrued audit and legal | 411 | 84 | 117 |
Share capital cost accrual | 557 | ||
Payroll accruals | 337 | 316 | 716 |
Accrued Director fees | 100 | 119 | 69 |
Accrued liabilities | 419 | 130 | 409 |
Total | $ 2,947 | $ 1,840 | $ 1,876 |
Line of credit (Details)_2
Line of credit (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2016 | |
Line Of Credit [Abstract] | ||||
Line of credit | $ 84 | |||
Derivative, Fixed Interest Rate | 8.75% | |||
Security against line of credit | $84 | $84 | ||
indebted amount | $ 0 | $ 84 | $ 0 |
Convertible Debt (Details) - _2
Convertible Debt (Details) - Schedule of roll forward of the notes - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
Schedule of roll forward of the notes [Abstract] | |||
Opening fair value | $ 1,327 | ||
Convertible debt issued in the period | 1,200 | 4,670 | |
Change in fair value (loss) reported in statement operations | 298 | (681) | $ (681) |
Conversion of notes to common shares | (2,825) | (2,662) | (2,662) |
Ending fair value balance | $ 1,327 | $ 1,327 |
Derivative Liabilities (Detai_5
Derivative Liabilities (Details) - Schedule of number of investor warrants outstanding weighted average exercise price - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of number of investor warrants outstanding weighted average exercise price [Abstract] | |||
Number of Outstanding, Beginning | 54,337,944 | 70,507,301 | |
Weighted Average Exercise Price, Beginning | $ 0.71 | $ 0.69 | |
Number Granted | 120,891,157 | 3,996,864 | |
Weighted Average Exercise Price Granted | $ 0.19 | $ 0.36 | |
Number Exercised | (13,728,086) | ||
Weighted Average Exercise Price Exercised | $ 190,000 | ||
Number Expired | (157,504,151) | (20,166,221) | |
Weighted Average Exercise Price Expired | $ 0.33 | $ 0.82 | $ 0.08 |
Number of Outstanding, Ending | 3,996,864 | 54,337,944 | 70,507,301 |
Weighted Average Exercise Price, Ending | $ 0.38 | $ 0.71 | $ 0.69 |
Number of Exercisable | 3,996,864 | 54,337,944 | |
Weighted Average Exercise Price Exercisable | $ 0.38 | $ 0.71 |
Derivative Liabilities (Detai_6
Derivative Liabilities (Details) - Schedule of derivative liabilities reconciliation of changes in fair value - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Financing Facility [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative liabilities reconciliation of changes in fair value [Line Items] | ||||||
Balance beginning | $ 102 | $ 2,138 | ||||
Issued during the period | ||||||
Change in fair value | 124 | (524) | ||||
Amount transferred to Equity | (1,412) | |||||
Translation effect | (8) | (100) | ||||
Balance – end of year | $ 218 | $ 102 | $ 2,138 | |||
Fair value per warrant issuable at period end (in Dollars per share) | $ 0.03 | $ 0.026 | ||||
T01 Warrants [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative liabilities reconciliation of changes in fair value [Line Items] | ||||||
Balance beginning | $ 14 | |||||
Issued during the period | ||||||
Change in fair value | (14) | |||||
Amount transferred to Equity | [1] | |||||
Translation effect | ||||||
Balance – end of year | 14 | |||||
Fair value per warrant issuable at period end (in Dollars per share) | ||||||
T02 Warrants Warrants [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative liabilities reconciliation of changes in fair value [Line Items] | ||||||
Balance beginning | 47 | $ 1,641 | ||||
Issued during the period | ||||||
Change in fair value | (45) | (1,594) | ||||
Amount transferred to Equity | [1] | [1] | ||||
Translation effect | (2) | |||||
Balance – end of year | $ 47 | $ 1,641 | ||||
Fair value per warrant issuable at period end (in Dollars per share) | $ 0.0009 | |||||
T03 Warrants [Member] | ||||||
Derivative Liabilities (Details) - Schedule of derivative liabilities reconciliation of changes in fair value [Line Items] | ||||||
Balance beginning | ||||||
Issued during the period | 5,151 | |||||
Change in fair value | (4,626) | |||||
Amount transferred to Equity | (483) | |||||
Translation effect | $ (42) | |||||
Balance – end of year | ||||||
[1] | The December 31, 2019 $2,935 estimated fair value of the Financing Facility comprises the $673 cash settlement paid by the Company in June 2019, and the $2,262 market value of 9,330,000 common shares and 3,996,864 warrants issued on settlement of the Facility on February 23, 2020. The 3,996,864 warrants are exchangeable into one common share each at $0.34 (SEK 3.3) for 36 months. |
Derivative Liabilities (Detai_7
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis - Settlement Warrants for the Termination of Financing Facility [Member] | 9 Months Ended | ||
Sep. 30, 2021$ / shares | Dec. 31, 2020$ / shares | Sep. 30, 2021kr / shares | |
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | |||
Risk-free interest | (0.52%) | (0.41%) | |
Expected dividend yield | 0.00% | 0.00% | |
Contractual life (years) | 1 year 4 months 24 days | 2 years 2 months 1 day | |
Expected volatility | 104.20% | 106.50% | |
Minimum [Member] | |||
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | |||
Exercise price | $ 0.38 | $ 0.4 | |
Share price | $ 0.2 | 0.1 | |
Maximum [Member] | |||
Derivative Liabilities (Details) - Schedule of derivative warrant liabilities estimated initially and quarterly basis [Line Items] | |||
Exercise price | (per share) | 3.3 | kr 3.3 | |
Share price | (per share) | $ 0.8 | kr 1.7 |
Share-based payments (Details_3
Share-based payments (Details) - Schedule of weighted average exercise price - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of weighted average exercise price [Abstract] | |||
Number Opening balance | 10,755,971 | 8,717,239 | |
Weighted Average Exercise Price Opening balance | $ 0.2 | $ 0.18 | |
Number Granted | 3,389,550 | 5,638,199 | |
Weighted Average Exercise Price Granted | $ 0.22 | ||
Number Exercised | (1,048,780) | ||
Weighted Average Exercise Price Exercised | $ 0.06 | ||
Number Forfeited | (2,030,260) | (1,350,818) | |
Weighted Average Exercise Price Forfeited | $ 0.06 | $ 0.26 | |
Number Ending balance | 7,676,931 | 10,775,971 | |
Weighted Average Exercise Price Ending balance | $ 0.24 | $ 0.2 | $ 0.18 |
Number Ending balance, exercisable | 4,657,456 | 6,008,140 | |
Weighted Average Exercise Price Ending balance, exercisable | $ 0.23 | $ 0.18 |
Basic and Diluted Net Loss Pe_5
Basic and Diluted Net Loss Per Share (Details) - Schedule of basic and diluted net loss per share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | ||||||
Net income (loss) attributable to common shareholders (in Dollars) | $ 1,672 | $ (960) | $ (5,986) | $ (3,897) | $ (5,073) | $ (14,400) |
Denominator: | ||||||
Weighted average common shares outstanding – basic | 387,652,549 | 186,230,830 | 288,984,065 | 150,650,949 | ||
Weighted average common shares outstanding – diluted | 397,201,067 | 194,948,069 | 299,740,036 | 159,368,188 | ||
Net income (loss) per share attributable to common shareholders – basic and diluted (in Dollars per share) | $ 0 | $ (0.01) | $ (0.02) | $ (0.03) |
Basic and Diluted Net Loss Pe_6
Basic and Diluted Net Loss Per Share (Details) - Schedule of anti-dilutive effect - shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of anti-dilutive effect [Abstract] | ||||||
Warrants | 9,548,518 | 8,717,239 | 10,755,971 | 8,717,239 | 9,484,134 | 4,387,223 |
Financial Instruments (Detail_3
Financial Instruments (Details) - Schedule of financial instruments measured at fair value on a recurring basis and indicate the level of the fair value - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | |||
Investment | $ 491 | $ 845 | $ 137 |
Liabilities: | |||
Convertible debt | (1,327) | ||
Financing Facility | (102) | (2,138) | |
Derivative warrants | (218) | (47) | (1,655) |
Total | (218) | (1,476) | (3,793) |
Level 1 [Member] | |||
Assets: | |||
Investment | 491 | 845 | |
Liabilities: | |||
Convertible debt | |||
Financing Facility | |||
Derivative warrants | |||
Total | |||
Level 2 [Member] | |||
Assets: | |||
Investment | |||
Liabilities: | |||
Convertible debt | |||
Financing Facility | |||
Derivative warrants | |||
Total | |||
Level 3 [Member] | |||
Assets: | |||
Investment | 137 | ||
Liabilities: | |||
Convertible debt | (1,327) | ||
Financing Facility | (102) | (2,138) | |
Derivative warrants | (218) | (47) | (1,655) |
Total | $ (218) | $ (1,476) | $ (3,793) |
Financial Instruments (Detail_4
Financial Instruments (Details) - Schedule of fair value measurement - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of fair value measurement [Abstract] | ||
Beginning balance | $ 1,476 | $ 3,793 |
Gains included in net loss | 845 | |
Transfers out of level 3 | (845) | |
Issuance of convertible debt | 1,200 | 4,670 |
Issuance of investor warrants (TO3) | 5,151 | |
Total value | 7,827 | 8,463 |
Financing Facility: | ||
Fair value adjustment | 124 | (524) |
Translation effect | (8) | (100) |
Converted to equity on settlement | (1,412) | |
Fair value adjustments: | ||
TO1 Warrants | (14) | |
TO2 Warrants | (45) | (1,594) |
TO3 Warrants | (4,524) | |
Translation effect (TO2 and TO3 Warrants) | (44) | |
Convertible debt | 298 | (681) |
Converted to equity on settlement: | ||
Exercise of TO2 and TO3 warrants | (585) | |
Debt conversion | (2,825) | (2,662) |
Ending balance | $ 218 | $ 1,476 |