Novelion Therapeutics (NVLN) 10-Q 29 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 23, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	QLTI
Entity Registrant Name	QLT INC/BC
Entity Central Index Key	827,809
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		52,829,398

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 147,068	$ 155,908
Accounts receivable, net of allowances for doubtful accounts	266	363
Income taxes receivable	14	47
Prepaid and other	391	1,053
Total current assets	147,739	157,371
Accounts receivable (Note 5(b))	2,000	2,000
Property, plant and equipment	473	1,000
Total assets	150,212	160,371
Current liabilities
Accounts payable	3,269	1,943
Accrued liabilities (Note 6)	1,570	1,528
Total current liabilities	4,839	3,471
Uncertain tax position liabilities	352	388
Total liabilities	5,191	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 September 30, 2015 - 52,829,398 shares December 31, 2014 - 51,199,922 shares	475,333	467,034
Additional paid-in capital	97,377	97,838
Accumulated deficit	(530,658)	(511,329)
Accumulated other comprehensive income	102,969	102,969
Total shareholders' equity	145,021	156,512
Total shareholders' equity and liabilities	$ 150,212	$ 160,371

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Sep. 30, 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	52,829,398	51,199,922
Common stock, shares outstanding	52,829,398	51,199,922

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Expenses
Research and development	$ 2,142	$ 2,792	$ 7,754	$ 11,684
Selling, general and administrative (Notes 2, 3)	3,166	2,388	13,939	8,642
Depreciation	141	222	508	680
Restructuring charges (Note 8)	0	0	0	744
Termination fee (Note 3)	(2,667)	0	(2,667)	0
Total expenses	2,782	5,402	19,534	21,750
Operating loss	(2,782)	(5,402)	(19,534)	(21,750)
Other (expense) income
Net foreign exchange (losses) gains	(43)	0	(5)	(74)
Interest income	152	27	235	80
Fair value change in contingent consideration (Notes 5(a), 10)	0	0	0	1,466
Other	(6)	17	(8)	115
Total other (expense) income	103	44	222	1,587
Loss from continuing operations before income taxes	(2,679)	(5,358)	(19,312)	(20,163)
(Provision for) recovery of income taxes (Note 9)	(3)	432	(17)	194
Loss from continuing operations	(2,682)	(4,926)	(19,329)	(19,969)
Loss from discontinued operations, net of income taxes	0	(6)	0	(63)
Net loss and comprehensive loss	$ (2,682)	$ (4,932)	$ (19,329)	$ (20,032)
Basic and diluted net loss per common share (Note 11)
Continuing operations	$ (0.05)	$ (0.10)	$ (0.37)	$ (0.39)
Discontinued operations	0	0	0	0
Net loss per common share	$ (0.05)	$ (0.10)	$ (0.37)	$ (0.39)
Weighted average number of common shares outstanding (in thousands)
Basic and diluted	52,829	51,151	51,949	51,105

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash used in operating activities
Net loss and comprehensive loss	$ (2,682)	$ (4,932)	$ (19,329)	$ (20,032)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation	141	222	508	680
Stock-based compensation and restricted stock based compensation	0	179	2,330	1,150
Unrealized foreign exchange	7	(11)	(99)	83
Deferred income taxes	4	(416)	13	(179)
Impairment of long-lived assets	11	0	11	0
Loss on disposal of long-lived assets	7	0	7	0
Changes in non-cash operating assets and liabilities
Accounts receivable	26	4	42	124
Prepaid and other assets	365	228	662	1,077
Accounts payable	(2,203)	(1,415)	1,430	(172)
Income taxes receivable	0	0	33	9
Accrued liabilities	151	84	260	(181)
Accrued restructuring charges	0	0	0	(130)
Cash used in operating activities	(4,173)	(6,057)	(14,132)	(17,571)
Cash provided by investing activities
Purchase of property, plant and equipment	0	0	0	(25)
Proceeds from contingent consideration (Note 5(a))	0	5,544	0	36,582
Secured Note - advances (Note 3)	(2,200)	0	(5,660)	0
Secured Note - repayments (Note 3)	5,660	0	5,660	0
Cash provided by investing activities	3,460	5,544	0	36,557
Cash provided by financing activities
Issuance of common shares related to stock option exercises	563	509	5,508	509
Cash provided by financing activities	563	509	5,508	509
Effect of exchange rate changes on cash and cash equivalents	(122)	(101)	(216)	(188)
Net (decrease) increase in cash and cash equivalents	(272)	(105)	(8,840)	19,307
Cash and cash equivalents, beginning of period	147,340	137,933	155,908	118,521
Cash and cash equivalents, end of period	147,068	137,828	147,068	137,828
Supplementary cash flow information:
Income taxes paid	$ 0	$ 0	$ 0	$ 1

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	[1]
Beginning Balance at Dec. 31, 2013	$ 157,784	$ 466,229	$ 95,844	$ (507,258)	$ 102,969
Beginning Balance, Shares at Dec. 31, 2013		51,081,878
Exercise of stock options	509	$ 750	(241)
Exercise of stock options, 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
Ending Balance, Shares at Dec. 31, 2014	51,199,922	51,199,922
Exercise of stock options	$ 206	$ 305	(99)
Exercise of stock options, Shares		55,778
Stock-based compensation	342		342
Restricted stock compensation	23		23
Net loss and comprehensive loss	(5,896)			(5,896)
Ending Balance at Mar. 31, 2015	151,187	$ 467,339	98,104	(517,225)	102,969
Ending Balance, Shares at Mar. 31, 2015		51,255,700
Beginning Balance at Dec. 31, 2014	$ 156,512	$ 467,034	97,838	(511,329)	102,969
Beginning Balance, Shares at Dec. 31, 2014	51,199,922	51,199,922
Exercise of stock options, Shares	1,565,476
Net loss and comprehensive loss	$ (19,329)
Ending Balance at Sep. 30, 2015	$ 145,021	$ 475,333	97,377	(530,658)	102,969
Ending Balance, Shares at Sep. 30, 2015	52,829,398	52,829,398
Beginning Balance at Mar. 31, 2015	$ 151,187	$ 467,339	98,104	(517,225)	102,969
Beginning Balance, Shares at Mar. 31, 2015		51,255,700
Exercise of stock options	5,294	$ 7,760	(2,466)
Exercise of stock options, Shares		1,507,048
Shares issued in connection with RSUs vested	0	$ 222	(222)
Shares issued in connection with RSUs vested, shares		64,000
Stock-based compensation	1,790		1,790
Restricted stock compensation	175		175
Net loss and comprehensive loss	(10,751)			(10,751)
Ending Balance at Jun. 30, 2015	147,695	$ 475,321	97,381	(527,976)	102,969
Ending Balance, Shares at Jun. 30, 2015		52,826,748
Exercise of stock options	$ 8	$ 12	(4)
Exercise of stock options, Shares	2,650	2,650
Net loss and comprehensive loss	$ (2,682)			(2,682)
Ending Balance at Sep. 30, 2015	$ 145,021	$ 475,333	$ 97,377	$ (530,658)	$ 102,969
Ending Balance, Shares at Sep. 30, 2015	52,829,398	52,829,398
[1]	At September 30, 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 Stateme7

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - CAD / shares	3 Months Ended			12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Lower price range for exercise of stock options		CAD 4.08		CAD 4.54
Higher price range for exercise of stock options		4.54		5.38
Price for exercise of stock options	CAD 4.08		CAD 4.54
Common Shares [Member]
Lower price range for exercise of stock options		4.08		4.54
Higher price range for exercise of stock options		4.54		5.38
Price for exercise of stock options	4.08		4.54
Additional Paid-in Capital [Member]
Lower price range for exercise of stock options		4.08		4.54
Higher price range for exercise of stock options		CAD 4.54		CAD 5.38
Price for exercise of stock options	CAD 4.08		CAD 4.54

Condensed Summary of Significan

Condensed Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 the annual 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 included thereto 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 unaudited condensed consolidated financial statements reflect all adjustments (including reclassifications and normal recurring adjustments) necessary to present fairly the financial position as at September 30, 2015, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of the 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 tax 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 generally recognized over the requisite service period, which coincides with the vesting period. RSUs are 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 5 — 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 and RSUs. 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 June 15, 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-10 – Technical Corrections and Improvements On May 11, 2015, the FASB issued ASU No. 2015-08 – Business Combinations: Pushdown Accounting Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 Recently Issued Accounting Standards On September 25, 2015, the FASB issued ASU No. 2015-16 – Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments On August 12, 2015, the FASB issued ASU No. 2015-14 – Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers On April 15, 2015, the FASB issued ASU No. 2015-05 – Customers’ Accounting for Cloud Computing Costs Intangibles – Goodwill and Other On April 7, 2015, the FASB issued ASU No. 2015-03 – Simplifying the Presentation of Debt Issuance Costs On February 18, 2015, FASB issued ASU No. 2015-02 – Amendments to Consolidation Analysis Consolidation On January 9, 2015, the FASB issued ASU No. 2015-01 – Extraordinary Items

Terminated Merger Transaction

Terminated Merger Transaction	9 Months Ended
	Sep. 30, 2015
Auxilium [Member]
Terminated Merger Transaction	2. TERMINATED MERGER TRANSACTION WITH AUXILIUM On June 25, 2014, the Company entered into the Agreement and Plan of Merger (the “Auxilium Merger Agreement”) among QLT, Auxilium Pharmaceuticals, Inc., a Delaware corporation (“Auxilium”), QLT Holding Corp., a Delaware corporation and a wholly owned subsidiary of QLT (“HoldCo”), and QLT Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of HoldCo (“AcquireCo”). The Auxilium 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 “Auxilium Merger”). On the date of the closing of the Auxilium Merger, Auxilium would have become an indirect wholly owned subsidiary of QLT and Auxilium stockholders would have received common shares representing approximately 76% of the combined company, subject to certain adjustments. On October 8, 2014, the Auxilium 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 Auxilium 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 Auxilium Merger Agreement. Our financial advisory services agreement with Credit Suisse was subsequently terminated. During the three and nine months ended September 30, 2014, QLT incurred consulting and transaction fees of $1.2 million and $4.4 million, respectively, in connection with our pursuit of a merger with Auxilium. These consulting and transaction fees have been reflected as part of the Selling, General and Administrative expenses on the consolidated statements of operations and comprehensive loss.
InSite Vision Incorporated [Member]
Terminated Merger Transaction	3. TERMINATED MERGER TRANSACTION WITH INSITE Following the termination of the Auxilium Merger Agreement (as defined and described under Note 2 — Terminated Merger Transaction with Auxilium On June 8, 2015, QLT and InSite Vision Incorporated (“InSite”) entered into an Agreement and Plan of Merger (as amended and restated on August 26, 2015, the “InSite Merger Agreement”). The InSite Merger Agreement contemplated a business combination whereby Isotope Acquisition Corp. (“Merger Sub”), a Delaware corporation and an indirect and wholly owned subsidiary of QLT, would have merged with and into InSite; following which the separate corporate existence of Merger Sub would have ceased; and InSite would have continued as the surviving corporation (the “InSite Merger”). Based on the terms of the InSite Merger Agreement, InSite would have become an indirect wholly owned subsidiary of QLT and InSite stockholders would have received QLT common shares based on an exchange ratio equal to 0.078 of a QLT common share per share of InSite common stock, subject to a collar mechanism. In addition, following the InSite Merger, InSite’s stockholders were expected to participate in the Aralez Distribution and Convertible Notes issuance, as described and defined in Note 4 – Strategic Transactions. On September 15, 2015, the InSite Merger Agreement was terminated after InSite’s board of directors notified QLT that they had reviewed a second unsolicited offer (as amended, the “Sun Proposal”) from Sun Pharmaceuticals Industries Ltd. (“Sun”) and determined that it was superior to the proposed InSite Merger with QLT. The Sun Proposal was an all-cash offer to acquire InSite for $0.35 per share of InSite common stock. Due to this change in recommendation by InSite’s board of directors and in accordance with the termination provisions of the InSite Merger Agreement, InSite paid QLT a termination fee of $2.7 million. In conjunction with the entry into the InSite Merger Agreement, on June 8, 2015 QLT granted InSite a secured line of credit (the “Secured Note”) for up to $9.9 million to fund continuing operations through to the completion of the InSite Merger, subject to certain conditions and restrictions. The Secured Note bore interest at 12% per annum and was secured by a first priority security interest in substantially all of InSite’s assets. Upon termination of the InSite Merger Agreement, InSite’s obligations under the Secured Note were accelerated and InSite paid QLT $5.8 million on September 15, 2015, which consisted of $5.7 million of principal owed and $0.1 million of accrued interest. During the three and nine months ended September 30, 2015, QLT incurred consulting and transaction fees of $2.2 million and $8.9 million, respectively, in connection with the pursuit of the InSite Merger and the strategic transactions described below. These consulting and advisory fees have been reflected as part of Selling, General and Administrative expenses on the consolidated statements of operations and comprehensive loss. Following the termination of the InSite Merger Agreement, we are continuing to identify, evaluate and review our strategic and business options in parallel with the ongoing development of our synthetic retinoid, QLT091001.

Strategic Transactions

Strategic Transactions	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Strategic Transactions	4. STRATEGIC TRANSACTIONS Aralez Investment and Distribution On June 8, 2015, QLT entered into a Share Subscription Agreement (the “Aralez Share Subscription Agreement”) with, among other parties, Aguono Limited, a private limited company incorporated in Ireland that will be re-registered as a public limited company and renamed Aralez Pharmaceuticals plc (“Aralez”). Aralez will be the holding company resulting from the pending merger transaction between Tribute Pharmaceuticals Canada, Inc. (“Tribute”) and POZEN Inc. (“Pozen”), which was announced on June 8, 2015. The Aralez shares are expected to trade on the NASDAQ and TSX. The Aralez Share Subscription Agreement provides that, among other things, subject to the terms and conditions set forth therein, Aralez will issue and sell to QLT fully paid and non-assessable ordinary shares of Aralez (the “Aralez Shares”) for an aggregate purchase price of $45.0 million at a price per share of $7.20 (the “Aralez Investment”). QLT intends, following the purchase of the Aralez shares to effect a special election distribution to each of its shareholders, payable at the election of each such shareholder, in either Aralez shares or cash (the “Aralez Distribution”), subject to possible pro-ration reflecting a maximum cash component of $15.0 million, which is described below. The Aralez Distribution would be effected only following the completion of the issuance of the Aralez Shares to QLT and the formal approval by the Board of Directors of QLT of the Aralez Distribution, including the establishment of a record date for such purposes. QLT is under no obligation to make such a distribution and any change in circumstances may lead the Board of Directors to determine that such a distribution is not in the best interests of QLT. Furthermore, if the merger between Tribute and Pozen is not consummated, and accordingly the Aralez Shares are not issued to QLT, the Aralez Distribution will not occur. On June 8, 2015, QLT entered into an agreement (the “Backstop Agreement”) with each of the following co-investors (the “Co-Investors”): Broadfin Healthcare Master Fund Ltd., JW Partners, LP, JW Opportunities Fund, LLC, ECOR1 Capital Fund, L.P., and ECOR1 Capital Fund Qualified, L.P. Pursuant to the Backstop Agreement, the Co-Investors agreed to purchase from the Company, within three business days of the expiration of the election period for the Aralez Distribution described above, those Aralez Shares that QLT shareholders have elected not to receive in the Aralez Distribution, up to a maximum of $15 million of Aralez Shares. The per share price to be paid by the Co-Investors in exchange for the Aralez Shares will be equal to the price per share paid by QLT for the Aralez Shares. As a result, QLT shareholders will be able to elect to receive their respective pro rata entitlement of the Aralez Distribution in cash instead of Aralez Shares, up to an aggregate amount of $15 million (the “Maximum Cash Amount”). The Company’s ability to distribute the Maximum Cash Amount to its shareholders is entirely dependent on the completion of the transactions under the Backstop Agreement. In the event the sale of Aralez Shares to the Co-Investors under the Backstop Agreement does not complete for any reason, it is anticipated that QLT shareholders will receive their entire pro rata entitlement to the Aralez Distribution in Aralez Shares, notwithstanding that they may have elected to receive cash instead. The Aralez Distribution and the issuance of the Convertible Notes (as defined and described below) may include a reduction of paid-up capital on QLT’s common shares, reorganization of QLT’s capital or other alternatives, all of which are subject to various conditions, including, among other things, QLT obtaining shareholder approval by special resolution at an annual general and special meeting of QLT shareholders, which is currently anticipated to be held in the fourth quarter of 2015. If the required QLT shareholder approval is not obtained or if the other conditions are not met, the Aralez Distribution and the issuance of the Convertible Notes may be effected by way of a dividend in kind. Convertible Notes The Company may also, concurrent with the Aralez Distribution, return an additional $25.0 million of capital to QLT shareholders by way of the issuance of convertible notes (the “Convertible Notes”), which would be redeemable for cash, or at the sole discretion of the holder, convertible into QLT common shares within a 21 month term starting from the third month following issuance. The conversion price of the Convertible Notes would be equal to the volume-weighted average price of QLT common shares for the ten trading days following the distribution date of the Convertible Notes, plus a 35% premium. Concurrently with the issuance of the Convertible Notes, QLT would irrevocably and unconditionally place $25.0 million in trust with a trustee, to be held for and on behalf of the QLT shareholders, to fund any redemptions or conversions of the Convertible Notes. The issuance of the Convertible Notes, including the determination of the terms and record date for such purposes, is subject to the discretion and formal approval of QLT’s Board of Directors. QLT is under no obligation to make such a distribution and the Board of Directors may determine that such a distribution is not in the best interests of QLT. Private Placement On June 8, 2015, QLT entered into a Share Purchase and Registration Rights Agreement (the “Share Purchase and Registration Rights Agreement”) with Broadfin Healthcare Master Fund, Ltd, JW Partners, LP, JW Opportunities Fund, LLC, and EcoR1 Capital Fund, LP (the “QLT Investors”). The Share Purchase and Registration Rights Agreement provides that, among other things, subject to the terms and conditions set forth therein, QLT will, following the completion or termination of the InSite Merger Agreement and the Aralez Share Subscription Agreement, issue and sell to the QLT Investors a certain number of QLT common shares for an aggregate purchase price of $20.0 million (the “Private Placement”), reflecting a per share purchase price of $1.87, subject to adjustment in the event that the Aralez Investment does not occur. The closing of the share issuance contemplated by the Share Purchase and Registration Rights Agreement is subject to a number of conditions, some of which are outside of our control. Accordingly, there can be no guarantee that the transactions contemplated by such agreement will be consummated.

Contingent Consideration

Contingent Consideration	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Contingent Consideration	5. CONTINGENT CONSIDERATION (a) Related to the Sale of QLT USA, Inc. On October 1, 2009, we divested the Eligard ® 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. As at August 2014, the cumulative $200.0 million of such consideration was collected in full and no further amounts remain outstanding as at September 30, 2015. Given that all contingent consideration under the terms of the Tolmar Agreement was collected in full by August 31, 2014, during the three and nine months ended September 30, 2015, we received nil proceeds and recorded nil fair value gains or losses. However, during the three and nine months ended September 30, 2014, we collected $5.5 million and $38.1 million, respectively, 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. During the three months ended September 30, 2014, the full $5.5 million of proceeds was reflected as cash provided by investing activities in the condensed consolidated statements of cash flows. During the nine months ended September 30, 2014, approximately $36.6 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. (b) 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 U.S. Food and Drug Administration (“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 September 30, 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 and nine months ended September 30, 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 (c) Related to the Sale of the PPDS Technology On April 3, 2013, we completed the sale of our punctal plug drug delivery system technology for approximately $1.3 million (the “PPDS Technology”) to Mati Therapeutics Inc. (“Mati”) pursuant to the terms of our asset purchase agreement with Mati (the “Mati Agreement”). Under the terms of the Mati Agreement, 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.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	6. ACCRUED LIABILITIES (In thousands of U.S. dollars) September 30, December 31, Compensation $ 1,217 $ 1,136 Directors’ Deferred Share Units compensation (“DSU”) 353 392 $ 1,570 $ 1,528

Share Capital

Share Capital	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Share Capital	7. SHARE CAPITAL (a) Stock Options Under the amended and restated QLT 2000 Incentive Stock Plan (the “Plan”), the maximum number of common shares, without par value, that are allotted for stock option and RSU grants under the Plan is 11,800,000. As at September 30, 2015, there are 3,007,042 remaining common shares available for future grants under 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. In connection with the strategic transactions announced on June 8, 2015 as described under Note 3 — Terminated Merger Transaction with InSite Strategic Transactions 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 were originally expected to vest and become exercisable in thirty six (36) successive and equal monthly installments from the grant date. As described above, the vesting provisions applicable to these stock options were accelerated on June 7, 2015. These stock options 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. No stock options were granted during the three months ended September 30, 2015, or the three and nine months ended September 30, 2014. The following weighted average assumptions (no dividends are assumed) were used to value stock options granted in each of the following periods: Three months ended Nine months ended 2015 2014 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 nine months ended September 30, 2015 was CAD $2.12 (nine months ended September 30, 2014 – nil). Stock-based compensation expense for the three and nine months ended September 30, 2015 and 2014 was as follows: Three months ended Nine months ended (In thousands of U.S. dollars) 2015 2014 2015 2014 Research and development $ — $ 98 $ 1,193 $ 682 Selling, general and administrative — 67 939 425 Stock-based compensation expense $ — $ 165 $ 2,132 $ 1,107 As at September 30, 2015, 428,152 stock options were exercisable (December 31, 2014 – 816,197) and nil stock options were unvested (December 31, 2014 – 1,273,952). Given the accelerated vesting of stock options at June 7, 2015, no stock-based compensation expense was recorded during the three months ended September 30, 2015 and the total estimated unrecognized compensation cost related to unvested stock options as at September 30, 2015 is nil. We issue new common shares upon exercise of stock options. During the three months ended September 30, 2015, 2,650 stock options were exercised (three months ended September 30, 2014 – 104,044). During the nine months ended September 30, 2015, 1,565,476 stock options were exercised (nine months ended September 30, 2014 – 104,044). The intrinsic values associated with these stock options and the related cash received during the respective periods was as follows: Three months ended Nine months ended (In thousands of U.S. dollars) 2015 2014 2015 2014 Intrinsic value of stock options exercised $ 4 $ 53 $ 987 $ 53 Cash from exercise of stock options 8 556 4,953 556 (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 and nine months ended September 30, 2015 and 2014 was as follows: Three months ended Nine months ended (In thousands of U.S. dollars) 2015 2014 2015 2014 Research and development $ (40 ) $ (10 ) $ 4 $ 43 Selling, general and administrative (87 ) (16 ) 13 102 Deferred share unit compensation expense $ (127 ) $ (26 ) $ 17 $ 145 No cash payments were made under the DSU Plan during the three and nine months ended September 30, 2015 and 2014. As at September 30, 2015, 132,611 DSUs were vested (December 31, 2014 – 98,389) and 21,389 DSUs were unvested (December 31, 2014 – 55,611). (c) Restricted Stock Units RSUs generally 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. In connection with the transactions announced on June 8, 2015 as described under Note 3 — Terminated Merger Transaction with InSite Strategic Transactions Total RSU compensation expense recorded during the three and nine months ended September 30, 2015 and 2014 was as follows: Three months ended Nine months ended (In thousands of U.S. dollars) 2015 2014 2015 2014 Research and development $ — $ 5 $ 61 $ 16 Selling, general and administrative — 9 137 27 Restricted stock unit compensation expense $ — $ 14 $ 198 $ 43 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 a result of the June 7, 2015 accelerated vesting of RSUs and related issuance of shares, nil RSUs were outstanding and unvested as at September 30, 2015 (December 31, 2014 – 64,000). In addition, the total estimated unrecognized compensation cost related to RSUs as at September 30, 2015 was nil (December 31, 2014 – $0.2 million) and the weighted average period over which such costs are expected to be recognized is nil (December 31, 2014 – 2.34 years).

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring Charges	8. RESTRUCTURING CHARGES In July 2012, we restructured our operations to focus our resources on our clinical development programs related to our synthetic retinoid, QLT091001, for the treatment of certain inherited retinal diseases. The cumulative cost of the restructuring was $19.6 million (December 31, 2014 – $19.6 million). In connection with this restructuring, effective December 18, 2013, we entered into a letter agreement with Alexander R. Lussow, the Company’s former Senior Vice President, Business Development and Commercial Operations, in which we, among other things, agreed to terminate him on 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. During the nine months ended September 30, 2014, 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 previous restructuring accrual and activity are as follows: (In thousands of U. S. dollars) Employee (1) Contract (2) Total 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, June 30, September 30, 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	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	9. INCOME TAXES During the three months ended September 30, 2015, the provision for income taxes was negligible compared to an income tax recovery of $0.4 million for the same period in 2014. The $0.4 million income tax recovery recognized in 2014 reflects the reversal of interest expense in connection with a decrease in a previous provision for uncertain tax positions due to the expiration of the statute of limitations. The provisions in both periods 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. During the nine months ended September 30, 2015, the provision for income taxes was negligible compared to an income tax recovery of $0.2 million for the same period in 2014. The $0.2 million income tax recovery recognized in 2014 consists of the $0.4 million income tax recovery described above, offset by the tax impact of gains on the fair value changes in our previous Eligard related contingent consideration asset. 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 the 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 and nine months ended September 30, 2015 and 2014. As of September 30, 2015, we have a full valuation allowance against specifically identified tax assets. The valuation allowance is reviewed periodically and if management’s assessment of the “more likely than not” criterion for accounting purposes changes, the valuation allowance is adjusted accordingly.

Financial Instruments and Conce

Financial Instruments and Concentration of Credit Risk	9 Months Ended
	Sep. 30, 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 September 30, 2015 and December 31, 2014 and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value: As at September 30, 2015 (In thousands of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 147,068 $ — $ — $ 147,068 Accounts receivable — Laser Earn-Out Payment (1) — — 2,000 $ 2,000 Total $ 147,068 $ — $ 2,000 $ 149,068 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 (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 5 — Contingent Consideration The following table represents a reconciliation of our previous contingent consideration assets that were 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 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, June 30, September 30, 2015 $ — As at September 30, 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	9 Months Ended
	Sep. 30, 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 Nine months (In thousands of U.S. dollars, except share and per share data) 2015 2014 2015 2014 Numerator: Loss from continuing operations $ (2,682 ) $ (4,926 ) $ (19,329 ) $ (19,969 ) Loss from discontinued operations, net of income taxes — (6 ) — $ (63 ) Net loss and comprehensive loss $ (2,682 ) $ (4,932 ) $ (19,329 ) $ (20,032 ) Denominator: (in thousands) Weighted average number of common shares outstanding 52,829 51,151 51,949 51,105 Basic and diluted net loss per common share: Continuing operations $ (0.05 ) $ (0.10 ) $ (0.37 ) $ (0.39 ) Discontinued operations — (0.00 ) — (0.00 ) Net loss per common share $ (0.05 ) $ (0.10 ) $ (0.37 ) $ (0.39 ) As at September 30, 2015, 428,152 outstanding stock options (December 31, 2014 – 2,090,149) and nil 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 Signific18

Condensed Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 the annual 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 included thereto 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 unaudited condensed consolidated financial statements reflect all adjustments (including reclassifications and normal recurring adjustments) necessary to present fairly the financial position as at September 30, 2015, and results of operations and cash flows for all periods presented. The interim results presented are not necessarily indicative of the 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 tax 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 generally recognized over the requisite service period, which coincides with the vesting period. RSUs are 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 5 — 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 and RSUs.
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 June 15, 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-10 – Technical Corrections and Improvements On May 11, 2015, the FASB issued ASU No. 2015-08 – Business Combinations: Pushdown Accounting Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 Recently Issued Accounting Standards On September 25, 2015, the FASB issued ASU No. 2015-16 – Business Combinations (Topic 805) Simplifying the Accounting for Measurement-Period Adjustments On August 12, 2015, the FASB issued ASU No. 2015-14 – Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers On April 15, 2015, the FASB issued ASU No. 2015-05 – Customers’ Accounting for Cloud Computing Costs Intangibles – Goodwill and Other On April 7, 2015, the FASB issued ASU No. 2015-03 – Simplifying the Presentation of Debt Issuance Costs On February 18, 2015, FASB issued ASU No. 2015-02 – Amendments to Consolidation Analysis Consolidation On January 9, 2015, the FASB issued ASU No. 2015-01 – Extraordinary Items

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	(In thousands of U.S. dollars) September 30, December 31, Compensation $ 1,217 $ 1,136 Directors’ Deferred Share Units compensation (“DSU”) 353 392 $ 1,570 $ 1,528

Share Capital (Tables)

Share Capital (Tables)	9 Months Ended
	Sep. 30, 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 periods: Three months ended Nine months ended 2015 2014 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	Stock-based compensation expense for the three and nine months ended September 30, 2015 and 2014 was as follows: Three months ended Nine months ended (In thousands of U.S. dollars) 2015 2014 2015 2014 Research and development $ — $ 98 $ 1,193 $ 682 Selling, general and administrative — 67 939 425 Stock-based compensation expense $ — $ 165 $ 2,132 $ 1,107
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 Nine months ended (In thousands of U.S. dollars) 2015 2014 2015 2014 Intrinsic value of stock options exercised $ 4 $ 53 $ 987 $ 53 Cash from exercise of stock options 8 556 4,953 556
RSU's [Member]
Impact on Results of Operations of Recording Stock Based Compensation Expense	Total RSU compensation expense recorded during the three and nine months ended September 30, 2015 and 2014 was as follows: Three months ended Nine months ended (In thousands of U.S. dollars) 2015 2014 2015 2014 Research and development $ — $ 5 $ 61 $ 16 Selling, general and administrative — 9 137 27 Restricted stock unit compensation expense $ — $ 14 $ 198 $ 43
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 and nine months ended September 30, 2015 and 2014 was as follows: Three months ended Nine months ended (In thousands of U.S. dollars) 2015 2014 2015 2014 Research and development $ (40 ) $ (10 ) $ 4 $ 43 Selling, general and administrative (87 ) (16 ) 13 102 Deferred share unit compensation expense $ (127 ) $ (26 ) $ 17 $ 145

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2015
Restructuring and Related Activities [Abstract]
Summary of Previous Restructuring Accrual and Activity	The details of our previous restructuring accrual and activity are as follows: (In thousands of U. S. dollars) Employee (1) Contract (2) Total 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, June 30, September 30, 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 Con22

Financial Instruments and Concentration of Credit Risk (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2015 and December 31, 2014 and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value: As at September 30, 2015 (In thousands of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 147,068 $ — $ — $ 147,068 Accounts receivable — Laser Earn-Out Payment (1) — — 2,000 $ 2,000 Total $ 147,068 $ — $ 2,000 $ 149,068 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 (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 5 — Contingent Consideration
Reconciliation of Previous Contingent Consideration Assets Measured and Recorded at Fair Value	The following table represents a reconciliation of our previous contingent consideration assets that were 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 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, June 30, September 30, 2015 $ —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine months (In thousands of U.S. dollars, except share and per share data) 2015 2014 2015 2014 Numerator: Loss from continuing operations $ (2,682 ) $ (4,926 ) $ (19,329 ) $ (19,969 ) Loss from discontinued operations, net of income taxes — (6 ) — $ (63 ) Net loss and comprehensive loss $ (2,682 ) $ (4,932 ) $ (19,329 ) $ (20,032 ) Denominator: (in thousands) Weighted average number of common shares outstanding 52,829 51,151 51,949 51,105 Basic and diluted net loss per common share: Continuing operations $ (0.05 ) $ (0.10 ) $ (0.37 ) $ (0.39 ) Discontinued operations — (0.00 ) — (0.00 ) Net loss per common share $ (0.05 ) $ (0.10 ) $ (0.37 ) $ (0.39 )

Condensed Summary of Signific24

Condensed Summary of Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015Segment
Accounting Policies [Abstract]
Number of operating industry segment	1
RSU exchange for QLT's common shares, description	1

Terminated Merger Transaction w

Terminated Merger Transaction with Auxilium - Additional Information (Detail) - Auxilium [Member] - USD ($) $ in Millions	Oct. 22, 2014	Oct. 09, 2014	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Merger Agreement date				Jun. 25, 2014
Percentage of combined company common shares expected to be owned by Auxilium Pharmaceuticals, Inc.				76.00%
Merger Agreement termination date				Oct. 8, 2014
Termination fee received		$ 28.4
Fees paid	$ 5.7
Fees related to merger			$ 1.2		$ 4.4

Terminated Merger Transaction26

Terminated Merger Transaction With Insite - Additional Information (Detail) - USD ($)	Sep. 15, 2015	Jun. 08, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Termination fee received			$ 2,667,000	$ 0	$ 2,667,000	$ 0
Secured Note - Principal Repayment			5,660,000	$ 0	$ 5,660,000	$ 0
InSite Vision Incorporated [Member]
Business Acquisition [Line Items]
Merger Agreement date					Jun. 8, 2015
Common stock conversion per share					7.80%
Merger Agreement termination date					Sep. 15, 2015
Sun Proposal cash offer, share price	$ 0.35
Termination fee received	$ 2,667,000
Fees related to merger			$ 2,200,000		$ 8,900,000
InSite Vision Incorporated [Member] | Minimum [Member]
Business Acquisition [Line Items]
Secured note receivable, minimum interest rate		12.00%
InSite Vision Incorporated [Member] | Secured Note Receivable [Member]
Business Acquisition [Line Items]
Secured note receivable - current		$ 9,900,000
Secured Note - Total Repayments	5,800,000
Secured Note - Principal Repayment	5,700,000
Secured Note - Interest Payments	$ 100,000

Strategic Transactions - Additi

Strategic Transactions - Additional Information (Detail) - USD ($)	Jun. 08, 2015	Sep. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Common shares aggregate purchase price		$ 475,333,000	$ 467,034,000
Scenario Forecast [Member]
Business Acquisition [Line Items]
Return of capital, convertible notes	$ 25,000,000
Convertible notes, period for exchange	21 months
Conversion price, period of price determination	10 days
Convertible notes, percentage premium of conversion price	35.00%
Convertible note, redemption cash held in trust	$ 25,000,000
Scenario Forecast [Member] | Maximum [Member]
Business Acquisition [Line Items]
Return of capital, maximum value of cash component	$ 15,000,000
Scenario Forecast [Member] | Private Placement [Member]
Business Acquisition [Line Items]
Amount of price per share of ordinary shares	$ 1.87
Common shares aggregate purchase price	$ 20,000,000
Aralez Pharmaceuticals Plc [Member] | QLT Expected Share Subscription Participation [Member]
Business Acquisition [Line Items]
Common stock, value, subscriptions	$ 45,000,000
Amount of price per share of ordinary shares	$ 7.20

Contingent Consideration - Addi

Contingent Consideration - Additional Information (Detail) - USD ($)	Mar. 17, 2014	Apr. 03, 2013	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Oct. 10, 2013	Sep. 24, 2012	Oct. 01, 2010	Oct. 01, 2009
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investing activities proceeds from contingent consideration			$ 0	$ 5,544,000	$ 0	$ 36,582,000
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											$ 10,000,000	118,300,000
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					Mar. 1, 2011
Maximum amount of contingent consideration pertaining to royalties			200,000,000		$ 200,000,000
Expiration date of entitlement to contingent consideration					Oct. 1, 2024
Outstanding amount of contingent consideration pertaining to royalties					$ 0
Cash proceeds received from contingent consideration related to the sale of subsidiary						36,600,000
Fair value change in contingent consideration						1,500,000	$ 1,466,000
Investing activities proceeds from contingent consideration				5,500,000		38,100,000
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		15,000,000
Cash proceeds received from contingent consideration related to the sale of subsidiary			0	$ 0	0	$ 0
Restricted cash										$ 7,500,000
Laser Earn-Out Payment			5,000,000		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		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		$ 2,000,000
Remaining estimated fair value of the contingent consideration			$ 0		$ 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					2,013
PPDS Technology [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration potentially receivable upon completion of certain product development and commercialization milestones		$ 19,500,000
Proceeds from Sale of assets		$ 1,300,000
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

Accrued Liabilities - Accrued L

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accrued Liabilities, Current [Abstract]
Compensation	$ 1,217	$ 1,136
Directors' Deferred Share Units compensation ("DSU")	353	392
Total accrued liabilities	$ 1,570	$ 1,528

Share Capital - Stock Options -

Share Capital - Stock Options - Additional Information (Detail) $ in Thousands	Jun. 07, 2015shares	Jan. 06, 2015InstallmentCAD / sharesshares	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)shares	Sep. 30, 2015USD ($)shares	Sep. 30, 2015USD ($)CAD / sharesshares	Sep. 30, 2014USD ($)shares	Sep. 30, 2014CAD / shares	Dec. 31, 2014shares
Class of Stock [Line Items]
Remaining common shares available for future grants under the Plan					3,007,042
Stock options granted		100,000	0	0			0
Stock options vesting period expressed in number of monthly installments | Installment		36
Stock options expiration period		10 years
Exercise price of options granted | CAD / shares		CAD 4.84
Weighted average grant date fair value of stock options granted | CAD / shares						CAD 2.12
Stock options exercisable			428,152		428,152	428,152			816,197
Unvested stock options									1,273,952
Stock-based compensation expense | $			$ 0	$ 165	$ 2,132		$ 1,107
Total estimated unrecognized compensation cost related to unvested stock options | $
Stock options exercised			2,650	104,044	1,565,476		104,044
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		11,800,000	11,800,000
Employee Stock Option [Member]
Class of Stock [Line Items]
Number of options outstanding and vested	1,086,473
Accelerated vesting cost | $					$ 1,500

Share Capital - Weighted Averag

Share Capital - Weighted Average Assumptions Used to Estimate Value of Stock Options Granted (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Annualized volatility	0.00%	0.00%	41.30%	0.00%
Risk-free interest rate	0.00%	0.00%	1.40%	0.00%
Expected life (years)	0 years	0 years	6 years 9 months 18 days	0 years

Share Capital - Impact on Resul

Share Capital - Impact on Results of Operations of Recording Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 0	$ 165	$ 2,132	$ 1,107
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	0	98	1,193	682
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 0	$ 67	$ 939	$ 425

Share Capital - Intrinsic Value

Share Capital - Intrinsic Values of Stock Options Exercised and Related Cash from Exercise of Stock Options (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Intrinsic value of stock options exercised	$ 4	$ 53	$ 987	$ 53
Cash from exercise of stock options	$ 8	$ 556	$ 4,953	$ 556

Share Capital - Deferred Share

Share Capital - Deferred Share Units - Additional Information 1 (Detail) - Deferred Share Units [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Installmentshares	Sep. 30, 2014USD ($)	Dec. 31, 2014shares
Class of Stock [Line Items]
Deferred share units vesting period expressed in number of monthly installments | Installment			36
Cash payments under the DDSU Plan | $	$ 0	$ 0	$ 0	$ 0
Shares, vested	132,611		132,611		98,389
Shares, unvested	21,389		21,389		55,611

Share Capital - Impact on Res35

Share Capital - Impact on Results of Operations of Recording DSU Compensation Expense (Detail) - Deferred Share Units [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Deferred share unit compensation expense	$ (127)	$ (26)	$ 17	$ 145
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Deferred share unit compensation expense	(40)	(10)	4	43
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Deferred share unit compensation expense	$ (87)	$ (16)	$ 13	$ 102

Share Capital - Restricted Stoc

Share Capital - Restricted Stock Units - Additional Information 2 (Detail) - RSU's [Member] $ in Millions	Jun. 07, 2015shares	Sep. 30, 2015USD ($)shares	Sep. 30, 2015USD ($)Installmentshares	Dec. 31, 2014USD ($)shares
Class of Stock [Line Items]
Restricted stock units vesting period expressed in number of annual installments | Installment			3
Restricted stock units, outstanding and vested	64,000
Accelerated vesting cost | $			$ 0.2
Restricted stock units, outstanding and unvested				64,000
Estimated unrecognized compensation cost | $				$ 0.2
Expected weighted average period of compensation cost to be recognized			0 years	2 years 4 months 2 days

Share Capital - Impact on Res37

Share Capital - Impact on Results of Operations of Recording RSU Compensation Expense (Detail) - RSU's [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted stock unit compensation expense	$ 0	$ 14	$ 198	$ 43
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted stock unit compensation expense	0	5	61	16
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Restricted stock unit compensation expense	$ 0	$ 9	$ 137	$ 27

Restructuring Charges - Additio

Restructuring Charges - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
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		$ 0.8

Restructuring Charges - Summary

Restructuring Charges - Summary of Previous Restructuring Accrual and Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 0		$ 0	$ 130	$ 130
Restructuring charge	0	$ 0	0	744	744
Foreign exchange					(5)
Cash payments					(869)
Ending Balance	0		0		0
Employee Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	0		0	130	130
Restructuring charge					666
Foreign exchange					(5)
Cash payments					(791)
Ending Balance	0		0		0
Contract Termination Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	0		0	$ 0	0
Restructuring charge					78
Foreign exchange					0
Cash payments					(78)
Ending Balance	$ 0		$ 0		$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Recovery of (provision for) income taxes	$ (3)	$ 432	$ (17)	$ 194

Financial Instruments and Con41

Financial Instruments and Concentration of Credit Risk - Assets and Liabilities Measured at Fair Value (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 147,068	$ 155,908
Total	147,068	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	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	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	2,000	2,000
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	147,068	155,908
Total	149,068	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	$ 2,000	$ 2,000

Financial Instruments and Con42

Financial Instruments and Concentration of Credit Risk - Reconciliation of Previous Contingent Consideration Assets Measured and Recorded at Fair Value (Detail) - QLT USA and Eligard [Member] - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 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

Financial Instruments and Con43

Financial Instruments and Concentration of Credit Risk - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Outstanding forward foreign currency contracts	$ 0	$ 0

Net (Loss) Income Per Share - C

Net (Loss) Income Per Share - Computation of Basic and Diluted Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Numerator:
Loss from continuing operations	$ (2,682)			$ (4,926)	$ (19,329)	$ (19,969)
Loss from discontinued operations, net of income taxes	0			(6)	0	(63)
Net loss and comprehensive loss	$ (2,682)	$ (10,751)	$ (5,896)	$ (4,932)	$ (19,329)	$ (20,032)	$ (4,071)
Denominator: (in thousands)
Weighted average number of common shares outstanding	52,829			51,151	51,949	51,105
Basic and diluted net loss per common share:
Continuing operations	$ (0.05)			$ (0.10)	$ (0.37)	$ (0.39)
Discontinued operations	0			0	0	0
Net loss per common share	$ (0.05)			$ (0.10)	$ (0.37)	$ (0.39)

Net (Loss) Income Per Share - A

Net (Loss) Income Per Share - Additional Information (Detail) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 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	428,152	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

Uncategorized Items - qlti-2015

Label	Element	Value
Restructuring Reserve	us-gaap_RestructuringReserve	$ 0
Contract Termination [Member]
Restructuring Reserve	us-gaap_RestructuringReserve	0
Employee Severance [Member]
Restructuring Reserve	us-gaap_RestructuringReserve	0
Qlt Usa And Eligard [Member]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue	$ 0