Novelion Therapeutics (NVLN) 10-Q 30 Apr 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 23, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	QLTI
Entity Registrant Name	QLT INC/BC
Entity Central Index Key	827809
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		51,255,700

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets
Cash and cash equivalents	$151,270	$155,908
Accounts receivable, net of allowances for doubtful accounts - current (Note 4)	258	363
Income taxes receivable	14	47
Prepaid and other	1,016	1,053
Total current assets	152,558	157,371
Accounts receivable - non-current (Note 4)	2,000	2,000
Property, plant and equipment	812	1,000
Total assets	155,370	160,371
Current liabilities
Accounts payable	2,659	1,943
Accrued liabilities (Note 5)	1,164	1,528
Total current liabilities	3,823	3,471
Uncertain tax position liabilities	360	388
Total liabilities	4,183	3,859
Share capital (Note 7)
Authorized 5,000,000 first preference shares without par value, issuable in series	0	0
Authorized 500,000,000 common shares without par value, issued and outstanding common shares March 31, 2015 - 51,255,700 shares December 31, 2014 - 51,199,922 shares	467,339	467,034
Additional paid-in capital	98,104	97,838
Accumulated deficit	-517,225	-511,329
Accumulated other comprehensive income	102,969	102,969
Total shareholders' equity	151,187	156,512
Total shareholders' equity and liabilities	$155,370	$160,371

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preference stock, shares authorized	5,000,000	5,000,000
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	51,255,700	51,199,922
Common stock, shares outstanding	51,255,700	51,199,922

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Expenses
Research and development	$2,208	$4,813
Selling, general and administrative (Note 2)	3,619	2,156
Depreciation	188	229
Restructuring charges (Note 8)	0	571
Total expenses	6,015	7,769
Operating loss	-6,015	-7,769
Other (expense) income
Net foreign exchange gains (losses)	98	-21
Interest income	32	22
Fair value change in contingent consideration (Notes 3, 10)	0	1,466
Other	-2	55
Total other (expense) income	128	1,522
Loss before income taxes	-5,887	-6,247
Provision for income taxes (Note 9)	-9	-215
Net loss and comprehensive loss	($5,896)	($6,462)
Basic and diluted net loss per common share (Note 11)
Net loss per common share	($0.12)	($0.13)
Weighted average number of common shares outstanding (in thousands)
Basic and diluted	51,237	51,082

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash used in operating activities
Net loss and comprehensive loss	($5,896)	($6,462)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	188	229
Stock-based compensation and restricted stock based compensation	365	552
Unrealized foreign exchange	-162	58
Deferred income taxes	4	214
Changes in non-cash operating assets and liabilities
Accounts receivable	61	184
Prepaid and other assets	37	236
Accounts payable	812	65
Income taxes receivable / payable	33	9
Accrued liabilities	-209	-624
Accrued restructuring charges	0	485
Cash provided by (used in) operating activities	-4,767	-5,054
Cash provided by investing activities
Proceeds from contingent consideration (Note 3)	0	26,593
Cash provided by investing activities	0	26,593
Cash provided by financing activities
Issuance of common shares	206	0
Cash used in financing activities	206	0
Effect of exchange rate changes on cash and cash equivalents	-77	-151
Net (decrease) increase in cash and cash equivalents	-4,638	21,388
Cash and cash equivalents, beginning of period	155,908	118,521
Cash and cash equivalents, end of period	151,270	139,909
Supplementary cash flow information:
Income taxes paid	$4	$1

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Changes in Shareholders' Equity (USD $)	Total	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
In Thousands, except Share data
Beginning Balance at Dec. 31, 2013	$157,784	$466,229	$95,844	($507,258)	$102,969	[1]
Beginning Balance, Shares at Dec. 31, 2013		51,081,878
Exercise of stock options, for cash	509	750	-241
Exercise of stock options, for cash, Shares		104,044
Shares issued in connection with RSUs vested	0	55	-55
Shares issued in connection with RSUs vested, shares		14,000
Uncertain tax position liability recovery	837		837
Stock-based compensation	1,394		1,394
Restricted stock compensation	59		59
Net loss and comprehensive loss	-4,071			-4,071
Ending Balance at Dec. 31, 2014	156,512	467,034	97,838	-511,329	102,969	[1]
Ending Balance, Shares at Dec. 31, 2014	51,199,922	51,199,922
Exercise of stock options, for cash	206	305	-99	0	0	[1]
Exercise of stock options, for cash, Shares	55,778	55,778
Stock-based compensation	342	0	342	0	0	[1]
Restricted stock compensation	23	0	23	0	0	[1]
Net loss and comprehensive loss	-5,896	0	0	-5,896	0	[1]
Ending Balance at Mar. 31, 2015	$151,187	$467,339	$98,104	($517,225)	$102,969	[1]
Ending Balance, Shares at Mar. 31, 2015	51,255,700	51,255,700
[1]	At March 31, 2015, our accumulated other comprehensive income is entirely related to historical cumulative translation adjustments from the application of U.S. dollar reporting when the functional currency of QLT Inc. was the Canadian dollar.

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (CAD)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Lower price range for exercise of stock options		4.54
Higher price range for exercise of stock options		5.38
Stock option exercise price per share	4.54
Common Shares [Member]
Lower price range for exercise of stock options		4.54
Higher price range for exercise of stock options		5.38
Stock option exercise price per share	4.54
Additional Paid-in Capital [Member]
Lower price range for exercise of stock options		4.54
Higher price range for exercise of stock options		5.38
Stock option exercise price per share	4.54

Condensed_Summary_of_Significa

Condensed Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Condensed Summary of Significant Accounting Policies	1	CONDENSED SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for the presentation of interim financial information. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to such rules and regulations. These financial statements do not include all disclosures required for the annual financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included as part of our Annual Report on Form 10-K for the year ended December 31, 2014. All amounts herein are expressed in United States dollars unless otherwise noted.
	In management’s opinion, the condensed consolidated financial statements reflect all adjustments (including reclassifications and normal recurring adjustments) necessary to present fairly the financial position as at March 31, 2015, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for a full year.
	Principles of Consolidation
	These condensed consolidated financial statements include the accounts of QLT and its subsidiaries, all of which are wholly owned. All intercompany transactions have been eliminated.
	Use of Estimates
	The preparation of financial statements in accordance with U.S. 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 financial statements, and the reported amounts of expenses during the reporting periods presented. Significant estimates include but are not limited to accounts receivable valuation provisions and fair value adjustments, allocation of overhead expenses to research and development, stock-based compensation, and provisions for taxes, tax assets and liabilities. Actual results may differ from estimates made by management.
	Segment Information
	We operate in one industry segment, which is the business of developing, manufacturing, and commercializing opportunities in ophthalmology. As at the date of this report, our clinical development programs are solely focused on our synthetic retinoid, QLT091001. Our chief operating decision maker reviews our operating results and manages our operations as a single operating segment.
	Stock-Based Compensation
	ASC topic 718 requires stock-based compensation expense, which is measured at fair value on the grant date, to be recognized in the statement of operations over the period in which a grantee is required to provide services in exchange for the stock award. Compensation expense recognition provisions are applicable to new awards as well as previously granted awards which are modified, repurchased or cancelled after the adoption date. We recognize stock-based compensation expense based on the estimated grant date fair value using the Black-Scholes valuation model, adjusted for estimated forfeitures. When estimating forfeitures, we consider attrition rates and trends of actual stock option forfeitures.
	The Company has a Deferred Share Unit Plan (“DSU Plan”) for our directors. We recognize compensation expense for Deferred Share Units (“DSUs”) based on the market price of the Company’s stock. A vested DSU is convertible to cash only. The financial obligations related to the future settlement of these DSUs are recognized as compensation expense and accrued liabilities as the DSUs vest. Each reporting period, these obligations are revalued for changes in the market value of QLT’s common shares.
	The Company issues Restricted Stock Units (“RSUs”) to its directors as consideration for their provision of future services as directors. Restricted stock-based compensation expense is measured based on the fair value market price of QLT’s common shares on the grant date and is recognized over the requisite service period, which coincides with the vesting period. RSUs can only be exchanged and settled for QLT’s common shares, on a one-to-one basis, upon vesting.
	Income Taxes
	Income taxes are reported using the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to: (i) differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and (ii) operating loss and tax credit carry forwards using applicable enacted tax rates. An increase or decrease in these tax rates will increase or decrease the carrying value of deferred net tax assets resulting in an increase or decrease to net income. Income tax credits, such as investment tax credits, are included as part of the provision for income taxes. The realization of our deferred tax assets is primarily dependent on generating sufficient capital gains and taxable income prior to expiration of any loss carry forward balance. A valuation allowance is provided when it is more likely than not that a deferred tax asset may not be realized. Changes in valuation allowances are included in our tax provision.
	Contingent Consideration
	Where contingent consideration assets are recorded, they are measured at fair value and revalued at each reporting period. The resulting fair value changes are included in continuing operations. See Note 3 — Contingent Consideration.
	Net (Loss) Income Per Common Share
	Basic net (loss) income per common share is computed using the weighted average number of common shares outstanding during the period. Diluted net (loss) income per common share is computed in accordance with the treasury stock method, which uses the weighted average number of common shares outstanding during the period and also includes the dilutive effect of common shares potentially issuable from outstanding stock options.
	Fair Value of Financial Assets and Liabilities
	The carrying values of cash and cash equivalents, trade receivables and payables, and contingent consideration approximate fair value. For cash and cash equivalents, trade receivables and trade payables, we estimate fair value using the market approach. For contingent consideration, we estimate fair value using the income approach. The fair values of our financial instruments reflect the amounts that would be received in connection with the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).
	Recently Adopted Accounting Standards
	On January 9, 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-01 – Extraordinary Items. The new guidance eliminates from U.S. GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under the ASU No. 2015-01, an entity is no longer permitted to (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. This update is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. The adoption of this standard in the first quarter of 2015 did not have a significant impact on the Company’s financial position or results of operations.
	Recently Issued Accounting Standards
	On February 18, 2015, FASB issued ASU No. 2015-02 – Amendments to Consolidation Analysis. The new guidance amends consolidation requirements under ASC No. 810, and significantly changes the consolidation analysis required under U.S. GAAP. ASU No. 2015-02 makes specific amendments to the current consolidation guidance for variable interest entities. ASU No. 2015-02 is effective for annual periods beginning after December 15, 2016, and interim periods beginning after December 15, 2017. As at the date of this assessment, management does not expect ASU No. 2015-02 to significantly impact the Company’s consolidated financial statements.

Terminated_Merger_Transaction_

Terminated Merger Transaction with Auxilium	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Terminated Merger Transaction with Auxilium	2	TERMINATED MERGER TRANSACTION WITH AUXILIUM
	On June 25, 2014, the Company entered into the Merger Agreement among QLT, Auxilium, HoldCo, and AcquireCo. The Merger Agreement contemplated a business combination, through a stock transaction, whereby AcquireCo would be merged with and into Auxilium; AcquireCo’s corporate existence would then subsequently cease; and Auxilium would continue as the surviving corporation (the “Merger”). On the date of the closing of the Merger, Auxilium would have become an indirect wholly owned subsidiary of QLT (the “Combined Company”) and Auxilium stockholders would have received common shares representing approximately 76% of the Combined Company, subject to certain adjustments.
	On October 8, 2014, the Merger Agreement terminated after Auxilium delivered a notice of termination to QLT informing QLT that Auxilium’s board of directors had reviewed an offer from Endo International plc (the “Endo Proposal”) to acquire all of the issued and outstanding shares of Auxilium and, after consulting with its financial advisors and external legal counsel, determined that the Endo Proposal was superior to the proposed merger with QLT. Due to this change in recommendation by Auxilium’s board of directors and in accordance with the termination provisions of the Merger Agreement, on October 9, 2014, Auxilium paid QLT a termination fee of $28.4 million. On October 22, 2014, pursuant to the terms of our financial advisory services agreement with Credit Suisse Securities (USA) LLC (“Credit Suisse”), we paid Credit Suisse a breakup fee of $5.7 million (the “Breakup Fee”) in connection with the termination of the Merger Agreement. Our financial advisory services agreement with Credit Suisse was subsequently terminated.
	During the three months ended March 31, 2014, QLT incurred consulting and transaction fees of $0.7 million in connection with our pursuit of a merger with Auxilium. Following the termination of the Merger Agreement with Auxilium, we have continued to review our strategic and business options and we engaged Greenhill & Co. to act as our financial advisor in connection with developing and providing advice with respect to various strategic and business alternatives. Strategic and business alternatives which QLT may consider include, but are not limited to, asset divestiture, partnering or other collaboration agreements, merger, reverse merger, reorganization or similar transactions, and potential acquisitions or recapitalizations. During the three months ended March 31, 2015, we incurred $1.9 million of consulting and advisory fees related to our exploration of these strategic options. For both comparative periods, these fees have been reflected in Selling, General and Administrative expenses on the consolidated statements of operations and comprehensive (loss) income.

Contingent_Consideration

Contingent Consideration	3 Months Ended
	Mar. 31, 2015
Text Block [Abstract]
Contingent Consideration	3	CONTINGENT CONSIDERATION
	Related to the Sale of QLT USA, Inc.
	On October 1, 2009, we divested the Eligard® product line as part of the sale of all of the shares of our U.S. subsidiary, QLT USA, Inc. (“QLT USA”) to TOLMAR Holding, Inc. (“Tolmar”) for up to an aggregate $230.0 million plus cash on hand of $118.3 million. Pursuant to the stock purchase agreement with Tolmar dated October 1, 2009 (the “Tolmar Agreement”), we received $20.0 million on closing, $10.0 million on October 1, 2010 and were entitled to certain consideration payable on a quarterly basis in amounts equal to 80% of the royalties paid under the license with Sanofi Synthelabo Inc. for the commercial marketing of Eligard in the U.S. and Canada (the “Sanofi License”), and the license with MediGene Aktiengesellschaft which, effective March 1, 2011, was assigned to Astellas Pharma Europe Ltd., for the commercial marketing of Eligard in Europe (the “Astellas License”). In accordance with the terms of the Tolmar Agreement, we were entitled to these payments until the earlier of (i) our receipt of $200.0 million of such payments or (ii) October 1, 2024. As at August 2014, the cumulative $200.0 million of such consideration was collected in full and no further amounts remain outstanding as at March 31, 2015.
	Effective March 17, 2014, QLT entered into a consent and amendment agreement (the “Consent and Amendment Agreement”) to the Tolmar Agreement, under which Tolmar obtained our consent to consummate certain transactions that would affect the Sanofi License described above. Pursuant to the terms of the Consent and Amendment Agreement, in exchange for our consent, we received $17.0 million on March 17, 2014 as prepayment and full satisfaction of the remaining contingent consideration owing with respect to potential royalties under the Sanofi License.
	Given that all contingent consideration under the terms of the Tolmar Agreement was collected in full by August 31, 2014, during the three months ended March 31, 2015, we received nil proceeds and recorded nil fair value gains or losses under the Tolmar Agreement. However, during the three months ended March 31, 2014, we collected $28.1 million of proceeds from the contingent consideration, which included the prepayment pursuant to the Consent and Amendment Agreement with respect to potential royalties under the Sanofi License described above. Approximately $26.6 million of these proceeds were reflected as cash provided by investing activities in the condensed consolidated statements of cash flows. The remaining proceeds of $1.5 million were recognized as a fair value increase in contingent consideration on the condensed consolidated statement of operations and comprehensive loss and were therefore reflected in the net loss and comprehensive loss line as part of the cash used in operating activities in the condensed consolidated statements of cash flows.
	Related to the Sale of Visudyne
	On September 24, 2012, we completed the sale of our Visudyne business to Valeant Pharmaceuticals International, Inc. (“Valeant”). Pursuant to the asset purchase agreement with Valeant (the “Valeant Agreement”), we received a payment of $112.5 million at closing, of which $7.5 million (previously held in escrow) was released to us on September 26, 2013. These funds were held in escrow for one year following the closing date to satisfy any potential indemnification claims that Valeant may have had under certain provisions of the Valeant Agreement. Subject to the achievement of certain future milestones, we are also eligible to receive the following additional consideration: (i) a milestone payment of $5.0 million if receipt of the registration required for commercial sale of the Qcellus laser in the United States (the “Laser Registration”) is obtained by December 31, 2013, $2.5 million if the Laser Registration is obtained after December 31, 2013 but before January 1, 2015, and $0 if the Laser Registration is obtained thereafter (the “Laser Earn-Out Payment”); (ii) up to $5.0 million in each calendar year commencing January 1, 2013 (up to a maximum of $15.0 million in the aggregate) for annual net royalties exceeding $8.5 million pursuant to the Amended and Restated PDT Product Development, Manufacturing and Distribution Agreement with Novartis Pharma AG (the “Novartis Agreement”) or from other third-party sales of Visudyne outside of the United States; and (iii) a royalty on net sales attributable to new indications for Visudyne, if any should be approved by the FDA.
	On September 26, 2013, the FDA approved the premarket approval application (“PMA”) supplement for the Qcellus laser and on October 10, 2013, we invoiced Valeant for the $5.0 million Laser Earn-Out Payment. Valeant has disputed payment on the basis that it believes the Laser Earn-Out Payment remains contingent upon receipt of additional governmental authorizations with regard to the Qcellus laser. While we believe that the $5.0 million Laser Earn-Out Payment is currently due and payable by Valeant, the outcome of any dispute is uncertain and we may have difficulty collecting the Laser Earn-Out Payment in full.
	As at March 31, 2015, the $5.0 million Laser Earn-Out Payment is recorded in accounts receivable on our condensed consolidated balance sheet at its estimated fair value of $2.0 million (December 31, 2014 – $2.0 million). Management’s fair value estimate reflects its assessment of collection risk, the impact of the passage of time and potential collection costs associated with the Valeant dispute. The remaining estimated fair value of the contingent consideration, which relates to estimated future net royalties pursuant to the Novartis Agreement, is currently valued at nil. We received no proceeds related to the collection of the contingent consideration for the sale of Visudyne during the three months ended March 31, 2015 and 2014.
	The above contingent consideration payments related to the sale of QLT USA and our Visudyne business are not generated from a migration or continuation of activities and therefore are not direct cash flows of the divested business. See Note 10 — Financial Instruments and Concentration of Credit Risk.
	Related to the Sale of the PPDS Technology
	On April 3, 2013, we completed the sale of our punctual plug drug delivery system technology (the “PPDS Technology”) to Mati Therapeutics Inc. (“Mati”) pursuant to the terms of our asset purchase agreement with Mati (the “Mati Agreement”). On December 24, 2012, we entered into an exclusive option agreement with Mati, under which we granted Mati a 90-day option to acquire assets related to our PPDS Technology in exchange for $0.5 million. Upon receipt of this payment, we recorded it as deferred income and recognized the $0.5 million rateably into income over the 90 day option term in accordance with our obligation to maintain the related intellectual property during that period. In accordance with the terms of the Mati Agreement, we received an additional payment of approximately $0.8 million upon closing. Furthermore, we are eligible to receive future potential payments upon completion of certain product development and commercialization milestones that could reach $19.5 million (or exceed that amount if more than two products are commercialized), a low single digit royalty on world-wide net sales of all products using or developed from the PPDS Technology and a fee on payments received by Mati in respect of the PPDS Technology other than net sales. Under the terms of the Mati Agreement, we did not have any significant ongoing involvement in the operations or cash flows related to the PPDS Technology other than minor transition services which we provided. The activities related to transition services were complete as at September 30, 2013.

Accounts_Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
Accounts Receivable	4		ACCOUNTS RECEIVABLE
	(In thousands of U.S. dollars)		March 31, 2015		December 31, 2014
	Accounts receivable - Laser Earn-Out Payment - non-current (a)		$	2,000	$	2,000
	Accounts receivable - Other - current			258		363
			$	2,258	$	2,363
	(a)	Accounts receivable relates to the Laser Earn-Out Payment as described in Note 3 – Contingent Consideration and Note 10 – Financial Instruments and Concentration of Credit Risk.

Accrued_Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	5	ACCRUED LIABILITIES
	(In thousands of U.S. dollars)	March 31, 2015		December 31, 2014
	Compensation	$	726	$	1,136
	Directors’ Deferred Share Units compensation (“DSU”)		438		392
		$	1,164	$	1,528

Foreign_Exchange_Facility

Foreign Exchange Facility	3 Months Ended
	Mar. 31, 2015
Foreign Currency [Abstract]
Foreign Exchange Facility	6	FOREIGN EXCHANGE FACILITY
	We have a foreign exchange facility (as amended, the “Facility”) with HSBC Bank of Canada for the sole purpose of entering into foreign exchange contracts. The Facility allows us to enter into maximum of $12.5 million in forward foreign exchange contracts for terms up to one month and a maximum of $10.0 million for spot foreign exchange contracts.
	The Facility requires security in the form of cash or money market instruments based on the contingent credit exposure for any outstanding foreign exchange transactions. At March 31, 2015, and December 31, 2014, no collateral was pledged as security for this facility given that we did not have any foreign exchange transactions outstanding.

Share_Capital

Share Capital	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Share Capital	7		SHARE CAPITAL
	(a)	Stock Options
	On April 25, 2013, the Company’s board of directors amended and restated the QLT 2000 Incentive Stock Plan (the “Plan”) to increase the number of shares of the Company’s common stock, without par value, available for grant under the Plan from 7,800,000 to 11,800,000 and to make certain other amendments to the Plan. The amendment and restatement of the Plan was subject to shareholder approval, which was obtained on June 14, 2013. On July 29, 2013, the Company filed a registration statement with the SEC to register the issuance of up to 4,000,000 additional common shares that may be issued under the Plan as a result of the amendment to the Plan.
	We use the Black-Scholes option pricing model to estimate the value of the options at each grant date. The Black-Scholes option pricing model was developed for use in estimating the value of traded options that have no vesting restrictions and are fully transferable. In addition, option pricing models require the input of highly subjective assumptions, including the expected stock price volatility. We project expected volatility and expected life of our stock options based upon historical and other economic data trended into future years. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected life of our stock options.
	On January 6, 2015, the Board of Directors granted 100,000 stock options to QLT’s Interim Chief Financial Officer, Glen Ibbott. These stock options vest and become exercisable in thirty six (36) successive and equal monthly installments from the grant date. Furthermore, they are subject to a ten (10) year expiration period and have an exercise price of CAD $4.84 per common share, which is equal to the closing price of the Company’s common shares on the Toronto Stock Exchange on the date of grant.
	There were no stock options granted during the three months ended March 31, 2014.
	The following weighted average assumptions (no dividends are assumed) were used to value stock options granted in each of the following years:
			Three months ended
			March 31,
			2015			2014
	Annualized volatility			41.3	%		—
	Risk-free interest rate			1.4	%		—
	Expected life (years)			6.8			—
	The weighted average grant date fair value of stock options granted during the three months ended March 31, 2015 was CAD $2.12 (three months ended March 31, 2014 – nil).
	The impact on our results of operations of recording stock-based compensation for the three months ended March 31, 2015 and 2014 was as follows:
			Three months ended
			March 31,
	(In thousands of U.S. dollars)		2015			2014
	Research and development		$	205		$	335
	Selling, general and administrative			137			203
	Stock-based compensation expense		$	342		$	538
	As at March 31, 2015, 961,947 stock options were exercisable (December 31, 2014 – 816,197) and 1,107,979 stock options were unvested (December 31, 2014 – 1,273,952). As at March 31, 2015, the total estimated unrecognized compensation cost related to unvested stock options and the expected weighted average periods over which such costs are expected to be recognized is as follows:
			March 31,
			2015
	Unrecognized estimated compensation costs (in thousands of U.S. dollars)		$	1,639
	Expected weighted average period of recognition of compensation cost (in months)			31
	Expected remaining weighted average period of compensation cost to be recognized (in years)			2.21
	We issue new common shares upon exercise of stock options. During the three months ended March 31, 2015, 55,778 stock options were exercised (three months ended March 31, 2014 – nil). The intrinsic values associated with these stock options and the related cash received during the respective periods was as follows:
			Three months ended
			March 31,
	(In thousands of U.S. dollars)		2015			2014
	Intrinsic value of stock options exercised		$	44		$	—
	Cash from exercise of stock options			206			—
	(b)	Deferred Share Units
	DSUs have only been issued to our directors. DSUs vest in thirty-six (36) successive and equal monthly installments beginning on the first day of the first month after the date of grant. A vested DSU can only be settled by conversion to cash (i.e. no share is issued), and is automatically converted after the director ceases to be member of the Board unless the director is removed from the Board for just cause.
	The impact on our results of operations of recording DSU compensation expense for the three months ended March 31, 2015 and 2014 was as follows:
			Three months ended
			March 31,
	(In thousands of U.S. dollars)		2015			2014
	Research and development		$	24		$	24
	Selling, general and administrative			54			54
	Deferred share unit compensation expense		$	78		$	78
	No cash payments were made under the DSU Plan during the three months ended March 31, 2015 and 2014.
	As at March 31, 2015, 111,222 DSUs were vested (December 31, 2014 – 98,389) and 42,778 DSUs were unvested (December 31, 2014 – 55,611).
	(c)	Restricted Stock Units
	RSUs vest in three (3) successive and equal yearly installments on the date of each of the first three annual general meetings of the Company held after the date of grant. Upon vesting, each RSU represents the right to receive one common share of the Company.
	The impact on our results of operations of recording RSU compensation expense for the three months ended March 31, 2015 and 2014 was as follows:
			Three months ended
			March 31,
	(In thousands of U.S. dollars)		2015			2014
	Research and development		$	7		$	5
	Selling, general and administrative			16			9
	Restricted stock unit compensation expense		$	23		$	14
	Upon vesting of RSUs, common shares are issued and these vested RSUs are no longer considered outstanding but are rather reflected as part of the total number of shares outstanding. As such, as at March 31, 2015 nil RSUs were vested (December 31, 2014 – nil) and 64,000 RSUs were unvested (December 31, 2014 – 64,000). In addition, the total estimated unrecognized compensation cost related to RSUs was $0.2 million (December 31, 2014 – $0.2 million) and the weighted average period over which such costs are expected to be recognized is 2.09 years (December 31, 2014 – 2.34 years).

Restructuring_Charge

Restructuring Charge	3 Months Ended
	Mar. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring Charge	8		RESTRUCTURING CHARGE
	In July 2012 we restructured our operations in order to focus our resources on our clinical development programs related to our synthetic retinoid, QLT091001, for the treatment of certain inherited retinal diseases. Following the sale of Visudyne to Valeant, we further reduced our workforce to better align the Company’s resources with our corporate objectives. Approximately 180 employees were affected by the restructuring. Severance and support provisions were made to assist these employees with outplacement. During the three months ended March 31, 2015, we recorded charges of nil (three months ended March 31, 2014 – $0.6 million), related to this restructuring. The cumulative cost of the restructuring to date is $19.6 million (December 31, 2014 – $19.6 million).
	Effective December 18, 2013, we entered into a letter agreement with Alexander R. Lussow, the Company’s Senior Vice President, Business Development and Commercial Operations, in which we, among other things, agreed to terminate him on either March 31, 2014, April 30, 2014 or May 31, 2014, at the Company’s discretion. Effective May 31, 2014, Alexander R. Lussow’s employment with QLT was terminated. The cost of his severance and termination benefits was $0.8 million, which was fully paid out on May 30, 2014.
	The details of our restructuring accrual and activity are as follows:
	(In thousands of U. S. dollars)		Employee			Contract			Total
			Termination			Termination
			Costs(1)			Costs(2)
	Balance at January 1, 2014		$	130		$	—		$	130
	Restructuring charge			666			78			744
	Foreign exchange			(5	)		—			(5	)
	Cash payments			(791	)		(78	)		(869	)
	Balance at December 31, 2014			—			—			—
	Balance at March 31, 2015		$	—		$	—		$	—
	(1)	Costs include severance, termination benefits, and outplacement support.
	(2)	Costs include lease costs related to excess office space and certain property, plant and equipment.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	9	INCOME TAXES
	During the three months ended March 31, 2015, the provision for income taxes was negligible compared to a provision of $0.2 million for the same period in 2014. The provision for income taxes in 2014 primarily relates to the gain on the fair value change of our Eligard related contingent consideration. The provisions in both periods also reflect that we had insufficient evidence to support the current or future realization of the tax benefits associated with our development expenditures at that time.
	As insufficient evidence exists to support current or future realization of the tax benefits associated with the vast majority of our current and prior period operating expenditures, the benefit of certain tax assets was not recognized during the three months ended March 31, 2015 and 2014.

Financial_Instruments_and_Conc

Financial Instruments and Concentration of Credit Risk	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Financial Instruments and Concentration of Credit Risk	10		FINANCIAL INSTRUMENTS AND CONCENTRATION OF CREDIT RISK
	We have various financial instruments that must be measured under the fair value standard including cash and cash equivalents, accounts receivable and, from time to time, forward currency contracts. Our financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy.
	The following tables provide information about our assets and liabilities that are measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014 and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value:
			As at March 31, 2015
	(In thousands of U.S. dollars)		Level 1			Level 2		Level 3		Total
	Assets:
	Cash and cash equivalents		$	151,270		$	—	$	—	$	151,270
	Accounts receivable - Laser Earn-Out Payment - non-current (1)			—			—		2,000	$	2,000
	Total		$	151,270		$	—	$	2,000	$	153,270
			As at December 31, 2014
	(In thousands of U.S. dollars)		Level 1			Level 2		Level 3		Total
	Assets:
	Cash and cash equivalents		$	155,908		$	—	$	—	$	155,908
	Accounts receivable - Laser Earn-Out Payment - non-current (1)			—			—		2,000	$	2,000
	Total		$	155,908		$	—	$	2,000	$	157,908
	(1)	Represents the estimated fair value of the Laser Earn-Out Payment as described in Note 3 – Contingent Consideration. The fair value of the Laser Earn-Out Payment was estimated using a probability weighted approach to examine various possible outcomes with respect to the timing and amount that may be collected.
	The following table represents a reconciliation of our contingent consideration assets measured and recorded at fair value on a recurring basis, using significant unobservable inputs (Level 3):
			Level 3
	(In thousands of U.S. dollars)		Related to
			Sale of QLT
			USA
	Balance at January 1, 2014		$	36,582
	Transfer to Accounts Receivable			(9,989	)
	Settlements			(28,059	)
	Fair value change in contingent consideration			1,466
	Balance at December 31, 2014			—
	Balance at March 31, 2015		$	—
	As at March 31, 2015 and December 31, 2014 we had no outstanding forward foreign currency contracts. Other financial instruments that may be subject to credit risk include our cash and cash equivalents and accounts receivable. To limit our credit exposure, we deposit our cash and cash equivalents with high quality financial institutions in accordance with our treasury policy goal to preserve capital and maintain liquidity. Our treasury policy limits investments to certain money market securities issued by governments, financial institutions and corporations with investment-grade credit ratings, and places restrictions on maturities and concentration by issuer.

Net_Loss_Per_Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Net Loss Per Share	11	NET LOSS PER SHARE
	The following table sets out the computation of basic and diluted net loss per common share:
		Three months ended
		March 31,
	(In thousands of U.S. dollars, except share and per share data)	2015			2014
	Numerator:
	Net loss and comprehensive loss	$	(5,896	)	$	(6,462	)
	Denominator: (in thousands)
	Weighted average number of common shares outstanding		51,237			51,082
	Basic and diluted net loss per common share	$	(0.12	)	$	(0.13	)
	As at March 31, 2015, 2,069,926 stock options (December 31, 2014 – 2,090,149) and 64,000 RSUs (December 31, 2014 – 64,000) were excluded from the calculation of diluted net loss per common share because their effect was anti-dilutive.

Condensed_Summary_of_Significa1

Condensed Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	These unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for the presentation of interim financial information. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to such rules and regulations. These financial statements do not include all disclosures required for the annual financial statements and should be read in conjunction with our audited consolidated financial statements and notes thereto included as part of our Annual Report on Form 10-K for the year ended December 31, 2014. All amounts herein are expressed in United States dollars unless otherwise noted.
	In management’s opinion, the condensed consolidated financial statements reflect all adjustments (including reclassifications and normal recurring adjustments) necessary to present fairly the financial position as at March 31, 2015, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of results that can be expected for a full year.
Principles of Consolidation	Principles of Consolidation
	These condensed consolidated financial statements include the accounts of QLT and its subsidiaries, all of which are wholly owned. All intercompany transactions have been eliminated.
Use of Estimates	Use of Estimates
	The preparation of financial statements in accordance with U.S. 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 financial statements, and the reported amounts of expenses during the reporting periods presented. Significant estimates include but are not limited to accounts receivable valuation provisions and fair value adjustments, allocation of overhead expenses to research and development, stock-based compensation, and provisions for taxes, tax assets and liabilities. Actual results may differ from estimates made by management.
Segment Information	Segment Information
	We operate in one industry segment, which is the business of developing, manufacturing, and commercializing opportunities in ophthalmology. As at the date of this report, our clinical development programs are solely focused on our synthetic retinoid, QLT091001. Our chief operating decision maker reviews our operating results and manages our operations as a single operating segment.
Stock-Based Compensation	Stock-Based Compensation
	ASC topic 718 requires stock-based compensation expense, which is measured at fair value on the grant date, to be recognized in the statement of operations over the period in which a grantee is required to provide services in exchange for the stock award. Compensation expense recognition provisions are applicable to new awards as well as previously granted awards which are modified, repurchased or cancelled after the adoption date. We recognize stock-based compensation expense based on the estimated grant date fair value using the Black-Scholes valuation model, adjusted for estimated forfeitures. When estimating forfeitures, we consider attrition rates and trends of actual stock option forfeitures.
	The Company has a Deferred Share Unit Plan (“DSU Plan”) for our directors. We recognize compensation expense for Deferred Share Units (“DSUs”) based on the market price of the Company’s stock. A vested DSU is convertible to cash only. The financial obligations related to the future settlement of these DSUs are recognized as compensation expense and accrued liabilities as the DSUs vest. Each reporting period, these obligations are revalued for changes in the market value of QLT’s common shares.
	The Company issues Restricted Stock Units (“RSUs”) to its directors as consideration for their provision of future services as directors. Restricted stock-based compensation expense is measured based on the fair value market price of QLT’s common shares on the grant date and is recognized over the requisite service period, which coincides with the vesting period. RSUs can only be exchanged and settled for QLT’s common shares, on a one-to-one basis, upon vesting.
Income Taxes	Income Taxes
	Income taxes are reported using the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to: (i) differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and (ii) operating loss and tax credit carry forwards using applicable enacted tax rates. An increase or decrease in these tax rates will increase or decrease the carrying value of deferred net tax assets resulting in an increase or decrease to net income. Income tax credits, such as investment tax credits, are included as part of the provision for income taxes. The realization of our deferred tax assets is primarily dependent on generating sufficient capital gains and taxable income prior to expiration of any loss carry forward balance. A valuation allowance is provided when it is more likely than not that a deferred tax asset may not be realized. Changes in valuation allowances are included in our tax provision.
Contingent Consideration	Contingent Consideration
	Where contingent consideration assets are recorded, they are measured at fair value and revalued at each reporting period. The resulting fair value changes are included in continuing operations. See Note 3 — Contingent Consideration.
Net (Loss) Income Per Common Share	Net (Loss) Income Per Common Share
	Basic net (loss) income per common share is computed using the weighted average number of common shares outstanding during the period. Diluted net (loss) income per common share is computed in accordance with the treasury stock method, which uses the weighted average number of common shares outstanding during the period and also includes the dilutive effect of common shares potentially issuable from outstanding stock options.
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities
	The carrying values of cash and cash equivalents, trade receivables and payables, and contingent consideration approximate fair value. For cash and cash equivalents, trade receivables and trade payables, we estimate fair value using the market approach. For contingent consideration, we estimate fair value using the income approach. The fair values of our financial instruments reflect the amounts that would be received in connection with the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price).
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards
	On January 9, 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-01 – Extraordinary Items. The new guidance eliminates from U.S. GAAP the concept of an extraordinary item, which is an event or transaction that is both (1) unusual in nature and (2) infrequently occurring. Under the ASU No. 2015-01, an entity is no longer permitted to (1) segregate an extraordinary item from the results of ordinary operations; (2) separately present an extraordinary item on its income statement, net of tax, after income from continuing operations; or (3) disclose income taxes and earnings-per-share data applicable to an extraordinary item. This update is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. The adoption of this standard in the first quarter of 2015 did not have a significant impact on the Company’s financial position or results of operations.
	Recently Issued Accounting Standards
	On February 18, 2015, FASB issued ASU No. 2015-02 – Amendments to Consolidation Analysis. The new guidance amends consolidation requirements under ASC No. 810, and significantly changes the consolidation analysis required under U.S. GAAP. ASU No. 2015-02 makes specific amendments to the current consolidation guidance for variable interest entities. ASU No. 2015-02 is effective for annual periods beginning after December 15, 2016, and interim periods beginning after December 15, 2017. As at the date of this assessment, management does not expect ASU No. 2015-02 to significantly impact the Company’s consolidated financial statements.

Accounts_Receivable_Tables

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2015
Receivables [Abstract]
Accounts Receivable
	(In thousands of U.S. dollars)		March 31, 2015		December 31, 2014
	Accounts receivable - Laser Earn-Out Payment - non-current (a)		$	2,000	$	2,000
	Accounts receivable - Other - current			258		363
			$	2,258	$	2,363
	(a)	Accounts receivable relates to the Laser Earn-Out Payment as described in Note 3 – Contingent Consideration and Note 10 – Financial Instruments and Concentration of Credit Risk.

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accrued Liabilities
	(In thousands of U.S. dollars)	March 31, 2015		December 31, 2014
	Compensation	$	726	$	1,136
	Directors’ Deferred Share Units compensation (“DSU”)		438		392
		$	1,164	$	1,528

Share_Capital_Tables

Share Capital (Tables)	3 Months Ended
	Mar. 31, 2015
Weighted Average Assumptions Used to Estimate Value of Stock Options Granted	The following weighted average assumptions (no dividends are assumed) were used to value stock options granted in each of the following years:
		Three months ended
		March 31,
		2015			2014
	Annualized volatility		41.3	%		—
	Risk-free interest rate		1.4	%		—
	Expected life (years)		6.8			—
Impact on Results of Operations of Recording Stock Based Compensation Expense	The impact on our results of operations of recording stock-based compensation for the three months ended March 31, 2015 and 2014 was as follows:
		Three months ended
		March 31,
	(In thousands of U.S. dollars)	2015			2014
	Research and development	$	205		$	335
	Selling, general and administrative		137			203
	Stock-based compensation expense	$	342		$	538
Estimated Compensation Cost Related to Unvested Stock Options	As at March 31, 2015, 961,947 stock options were exercisable (December 31, 2014 – 816,197) and 1,107,979 stock options were unvested (December 31, 2014 – 1,273,952). As at March 31, 2015, the total estimated unrecognized compensation cost related to unvested stock options and the expected weighted average periods over which such costs are expected to be recognized is as follows:
		March 31,
		2015
	Unrecognized estimated compensation costs (in thousands of U.S. dollars)	$	1,639
	Expected weighted average period of recognition of compensation cost (in months)		31
	Expected remaining weighted average period of compensation cost to be recognized (in years)		2.21
Intrinsic Values of Stock Options Exercised and Related Cash from Exercise of Stock Options	The intrinsic values associated with these stock options and the related cash received during the respective periods was as follows:
		Three months ended
		March 31,
	(In thousands of U.S. dollars)	2015			2014
	Intrinsic value of stock options exercised	$	44		$	—
	Cash from exercise of stock options		206			—
Deferred Share Units [Member]
Impact on Results of Operations of Recording Stock Based Compensation Expense	The impact on our results of operations of recording DSU compensation expense for the three months ended March 31, 2015 and 2014 was as follows:
		Three months ended
		March 31,
	(In thousands of U.S. dollars)	2015			2014
	Research and development	$	24		$	24
	Selling, general and administrative		54			54
	Deferred share unit compensation expense	$	78		$	78
RSU's [Member]
Impact on Results of Operations of Recording Stock Based Compensation Expense	The impact on our results of operations of recording RSU compensation expense for the three months ended March 31, 2015 and 2014 was as follows:
		Three months ended
		March 31,
	(In thousands of U.S. dollars)	2015			2014
	Research and development	$	7		$	5
	Selling, general and administrative		16			9
	Restricted stock unit compensation expense	$	23		$	14

Restructuring_Charge_Tables

Restructuring Charge (Tables)	3 Months Ended
	Mar. 31, 2015
Restructuring and Related Activities [Abstract]
Summary of Restructuring Accrual and Activity	The details of our restructuring accrual and activity are as follows:
	(In thousands of U. S. dollars)		Employee			Contract			Total
			Termination			Termination
			Costs(1)			Costs(2)
	Balance at January 1, 2014		$	130		$	—		$	130
	Restructuring charge			666			78			744
	Foreign exchange			(5	)		—			(5	)
	Cash payments			(791	)		(78	)		(869	)
	Balance at December 31, 2014			—			—			—
	Balance at March 31, 2015		$	—		$	—		$	—
	(1)	Costs include severance, termination benefits, and outplacement support.
	(2)	Costs include lease costs related to excess office space and certain property, plant and equipment.

Financial_Instruments_and_Conc1

Financial Instruments and Concentration of Credit Risk (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value	The following tables provide information about our assets and liabilities that are measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014 and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value:
			As at March 31, 2015
	(In thousands of U.S. dollars)		Level 1			Level 2		Level 3		Total
	Assets:
	Cash and cash equivalents		$	151,270		$	—	$	—	$	151,270
	Accounts receivable - Laser Earn-Out Payment - non-current (1)			—			—		2,000	$	2,000
	Total		$	151,270		$	—	$	2,000	$	153,270
			As at December 31, 2014
	(In thousands of U.S. dollars)		Level 1			Level 2		Level 3		Total
	Assets:
	Cash and cash equivalents		$	155,908		$	—	$	—	$	155,908
	Accounts receivable - Laser Earn-Out Payment - non-current (1)			—			—		2,000	$	2,000
	Total		$	155,908		$	—	$	2,000	$	157,908
	(1)	Represents the estimated fair value of the Laser Earn-Out Payment as described in Note 3 – Contingent Consideration. The fair value of the Laser Earn-Out Payment was estimated using a probability weighted approach to examine various possible outcomes with respect to the timing and amount that may be collected.
Reconciliation of Contingent Consideration Assets Measured and Recorded at Fair Value	The following table represents a reconciliation of our contingent consideration assets measured and recorded at fair value on a recurring basis, using significant unobservable inputs (Level 3):
			Level 3
	(In thousands of U.S. dollars)		Related to
			Sale of QLT
			USA
	Balance at January 1, 2014		$	36,582
	Transfer to Accounts Receivable			(9,989	)
	Settlements			(28,059	)
	Fair value change in contingent consideration			1,466
	Balance at December 31, 2014			—
	Balance at March 31, 2015		$	—

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Common Share	The following table sets out the computation of basic and diluted net loss per common share:
		Three months ended
		March 31,
	(In thousands of U.S. dollars, except share and per share data)	2015			2014
	Numerator:
	Net loss and comprehensive loss	$	(5,896	)	$	(6,462	)
	Denominator: (in thousands)
	Weighted average number of common shares outstanding		51,237			51,082
	Basic and diluted net loss per common share	$	(0.12	)	$	(0.13	)

Condensed_Summary_of_Significa2

Condensed Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015
	Segment
Accounting Policies [Abstract]
Number of operating industry segment	1
RSU exchange for QLT's common shares, description	1

Terminated_Merger_Transaction_1

Terminated Merger Transaction with Auxilium - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended
In Millions, unless otherwise specified	Oct. 22, 2014	Mar. 31, 2015	Mar. 31, 2014	Oct. 09, 2014
Business Acquisition [Line Items]
Merger Agreement date		25-Jun-14
Merger Agreement termination date		8-Oct-14
Fees paid	$5.70
Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Fees related to merger		1.9	0.7
Auxilium [Member]
Business Acquisition [Line Items]
Percentage of Combined Company common shares expected to be owned by Auxilium Pharmaceuticals, Inc.		76.00%
Termination fee received				$28.40

Contingent_Consideration_Addit

Contingent Consideration - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended	12 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Oct. 01, 2009	Dec. 31, 2014	Apr. 03, 2013	Dec. 24, 2012	Mar. 17, 2014	Oct. 01, 2010	Dec. 31, 2013	Oct. 10, 2013	Sep. 24, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investing activities proceeds from contingent consideration	$0	$26,593,000
QLT USA and Eligard [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestiture of businesses			230,000,000
Cash proceeds received from sale of a subsidiary			118,300,000					10,000,000
Cash proceeds received from sale of a subsidiary on the closing date of the sale			20,000,000
Percentage of royalties to be received as contingent consideration	80.00%
Date of assignment of license agreement for commercial marketing	1-Mar-11
Maximum amount of contingent consideration pertaining to royalties	200,000,000
Expiration date of entitlement to contingent consideration			1-Oct-24
Outstanding amount of contingent consideration pertaining to royalties	0
Cash proceeds received from contingent consideration related to the sale of subsidiary		28,100,000
Fair value change in contingent consideration		1,500,000		1,466,000
Investing activities proceeds from contingent consideration		26,600,000
Visudyne [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds received from sale of a subsidiary											112,500,000
Maximum amount of contingent consideration pertaining to royalties	15,000,000
Cash proceeds received from contingent consideration related to the sale of subsidiary	0	0
Restricted cash											7,500,000
Laser Earn-Out Payment	5,000,000								5,000,000	5,000,000
Laser Earn-Out Payment to be received contingent upon laser registration after December 31, 2013 but before January 1, 2015	2,500,000
Laser Earn-Out Payment to be received contingent upon laser registration after January 1, 2015	0
Annual maximum amount of contingent consideration receivable from Visudyne royalties	5,000,000
Minimum threshold for contingent consideration receivable on Visudyne royalties	8,500,000
Laser Earn-Out Payment estimated fair value	2,000,000			2,000,000
Remaining estimated fair value of the contingent consideration	0
Laser Registration [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period in which the milestone payment related to the laser registration is expected to be received	2013
PPDS Technology [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash proceeds received from contingent consideration related to the sale of subsidiary						500,000
Term of Mati's purchase option to acquire QLT's PPDS Technology						90 days
Deferred income						500,000
Contingent consideration potentially receivable upon completion of certain product development and commercialization milestones						19,500,000
Additional payment received from exercise of option to acquire assets					800,000
Consent and Amendment Agreement [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sanofi Prepayment							$17,000,000

Accounts_Receivable_Accounts_R

Accounts Receivable - Accounts Receivable (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable - non-current	$2,000	$2,000
Accounts receivable - current	258	363
Accounts receivable, net	2,258	2,363
Laser Earn-Out Payment [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable - non-current	2,000	2,000
Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable - current	$258	$363

Accrued_Liabilities_Accrued_Li

Accrued Liabilities - Accrued Liabilities (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accrued Liabilities, Current [Abstract]
Compensation	$726	$1,136
Directors' Deferred Share Units compensation ("DSU")	438	392
Total accrued liabilities	$1,164	$1,528

Foreign_Exchange_Facility_Addi

Foreign Exchange Facility - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Collateral pledged as security	$0	$0
Outstanding forward foreign currency contracts	0	0
Amendment [Member] | Forward Foreign Exchange Contracts [Member]
Derivative [Line Items]
Maximum limit of foreign exchange contracts permitted under the foreign exchange facility	$12,500,000
Maximum term permitted for foreign exchange contracts	1 month

Foreign_Exchange_Facility_Addi1

Foreign Exchange Facility - Additional Information 1 (Detail) (Amendment [Member], Foreign Exchange Spot [Member], USD $)	Mar. 31, 2015
In Millions, unless otherwise specified
Amendment [Member] | Foreign Exchange Spot [Member]
Line of Credit Facility [Line Items]
Maximum limit of foreign exchange contracts permitted under the foreign exchange facility	$10

Share_Capital_Stock_Options_Ad

Share Capital - Stock Options - Additional Information (Detail) (CAD)	0 Months Ended		3 Months Ended
	Jan. 06, 2015	Jul. 29, 2013	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Apr. 25, 2013
	Installment
Class of Stock [Line Items]
Number of shares of common stock available for grant under the Plan			11,800,000
Additional common shares issued under Plan		4,000,000
Stock options granted	100,000			0
Stock options vesting period expressed in number of monthly installments	36
Stock options expiration period	10 years
Exercise price of options granted	4.84
Weighted average grant date fair value of stock options granted			2.12
Stock options exercisable			961,947		816,197
Unvested stock options			1,107,979		1,273,952
Stock options exercised			55,778
QLT 2000 Original Stock Option Plan [Member]
Class of Stock [Line Items]
Number of shares of common stock available for grant under the Plan						7,800,000
QLT 2000 Amended Stock Option Plan [Member]
Class of Stock [Line Items]
Number of shares of common stock available for grant under the Plan						11,800,000

Share_Capital_Weighted_Average

Share Capital - Weighted Average Assumptions Used to Estimate Value of Stock Options Granted (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Annualized volatility	41.30%	0.00%
Risk-free interest rate	1.40%	0.00%
Expected life (years)	6 years 9 months 18 days	0 years

Share_Capital_Impact_on_Result

Share Capital - Impact on Results of Operations of Recording Stock Based Compensation Expense (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$342	$538
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	205	335
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$137	$203

Share_Capital_Estimated_Compen

Share Capital - Estimated Compensation Cost Related to Unvested Stock Options (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract]
Unrecognized estimated compensation costs (in thousands of U.S. dollars)	$1,639
Expected weighted average period of recognition of compensation cost (in months)	31 months
Expected remaining weighted average period of compensation cost to be recognized (in years)	2 years 2 months 15 days

Share_Capital_Intrinsic_Values

Share Capital - Intrinsic Values of Stock Options Exercised and Related Cash from Exercise of Stock Options (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Intrinsic value of stock options exercised	$44	$0
Cash from exercise of stock options	$206	$0

Share_Capital_Deferred_Share_U

Share Capital - Deferred Share Units - Additional Information 1 (Detail) (Deferred Share Units [Member], USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	Installment
Deferred Share Units [Member]
Class of Stock [Line Items]
Deferred share units vesting period expressed in number of monthly installments	36
Cash payments under the DDSU Plan	$0	$0
Shares, vested	111,222		98,389
Shares, unvested	42,778		55,611

Share_Capital_Impact_on_Result1

Share Capital - Impact on Results of Operations of Recording DSU Compensation Expense (Detail) (Deferred Share Units [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Deferred share unit compensation expense	$78	$78
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Deferred share unit compensation expense	24	24
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Deferred share unit compensation expense	$54	$54

Share_Capital_Restricted_Stock

Share Capital - Restricted Stock Units - Additional Information 2 (Detail) (USD $)	3 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
	Installment
Class of Stock [Line Items]
Expected weighted average period of compensation cost to be recognized	2 years 2 months 15 days
RSU's [Member]
Class of Stock [Line Items]
Restricted stock units vesting period expressed in number of annual installments	3
Restricted stock units, vested
Restricted stock units, unvested	64,000	64,000
Estimated unrecognized compensation cost	$0.20	$0.20
Expected weighted average period of compensation cost to be recognized	2 years 1 month 2 days	2 years 4 months 2 days

Share_Capital_Impact_on_Result2

Share Capital - Impact on Results of Operations of Recording RSU Compensation Expense (Detail) (RSU's [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted stock unit compensation expense	$23	$14
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted stock unit compensation expense	7	5
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted stock unit compensation expense	$16	$9

Restructuring_Charges_Addition

Restructuring Charges - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	30-May-14	Dec. 31, 2014
	Employee
Restructuring Cost and Reserve [Line Items]
Total number of employees affected by restructuring initiatives	180
Restructuring charge		$0.60
Cumulative cost of restructuring to date	19.6			19.6
Special Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Contractual termination range of dates	Agreed to terminate him on either March 31, 2014, April 30, 2014 or May 31, 2014, at the Company's discretion.
Cost of severance and termination benefits			$0.80

Restructuring_Charge_Summary_o

Restructuring Charge - Summary of Restructuring Accrual and Activity (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$0	$130	$130
Restructuring charge	0	571	744
Foreign exchange			-5
Cash payments			-869
Ending Balance	0		0
Employee Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance		130	130
Restructuring charge			666
Foreign exchange			-5
Cash payments			-791
Ending Balance	0		0
Contract Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance		0	0
Restructuring charge			78
Foreign exchange			0
Cash payments			-78
Ending Balance	$0		$0

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Provision for income taxes	$9	$215

Financial_Instruments_and_Conc2

Financial Instruments and Concentration of Credit Risk - Assets and Liabilities Measured at Fair Value (Detail) (Fair Value, Measurements, Recurring [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$151,270	$155,908
Total	151,270	155,908
Level 1 [Member] | Laser Earn-Out Payment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable - non-current	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total	0	0
Level 2 [Member] | Laser Earn-Out Payment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable - non-current	0	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total	2,000	2,000
Level 3 [Member] | Laser Earn-Out Payment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable - non-current	2,000	2,000
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	151,270	155,908
Total	153,270	157,908
Carrying Value [Member] | Laser Earn-Out Payment [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable - non-current	$2,000	$2,000

Financial_Instruments_and_Conc3

Financial Instruments and Concentration of Credit Risk - Reconciliation of Contingent Consideration Assets Measured and Recorded at Fair Value (Detail) (QLT USA and Eligard [Member], USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
QLT USA and Eligard [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$0	$36,582	$36,582
Transfer to Accounts Receivable			-9,989
Settlements			-28,059
Fair value change in contingent consideration		1,500	1,466
Ending balance	$0		$0

Financial_Instruments_and_Conc4

Financial Instruments and Concentration of Credit Risk - Additional Information (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Outstanding forward foreign currency contracts	$0	$0

Net_Loss_Income_Per_Share_Comp

Net (Loss) Income Per Share - Computation of Basic and Diluted Net Loss Per Common Share (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Numerator:
Net loss and comprehensive loss	($5,896)	($6,462)	($4,071)
Denominator: (in thousands)
Weighted average number of common shares outstanding	51,237	51,082
Basic and diluted net loss per common share	($0.12)	($0.13)

Net_Loss_Income_Per_Share_Addi

Net (Loss) Income Per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of stock options excluded from the calculation of diluted net loss per common share	2,069,926	2,090,149
RSU's [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of stock options excluded from the calculation of diluted net loss per common share	64,000	64,000