Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2018 | |
Document Information [Line Items] | |
Entity Registrant Name | Aptose Biosciences Inc. |
Entity Central Index Key | 882,361 |
Trading Symbol | apto |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Condensed Consolidated Interim
Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents (note 4(a)) | $ 17,944 | $ 10,631 |
Investments (note 4(b)) | 520 | 798 |
Prepaid expenses and other assets | 593 | 396 |
Total current assets | 19,057 | 11,825 |
Non-current assets | ||
Property and equipment | 231 | 142 |
Total non-current assets | 231 | 142 |
Total assets | 19,288 | 11,967 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,401 | 1,765 |
Total current liabilities | 2,401 | 1,765 |
Shareholders’ equity: | ||
Common shares (note 6) | 253,081 | 231,923 |
Stock options (note 7) | 9,065 | 6,456 |
Contributed surplus | 22,909 | 22,909 |
Accumulated other comprehensive loss | (4,298) | (4,298) |
Deficit | (263,870) | (246,788) |
Total shareholders’ equity | 16,887 | 10,202 |
Total liabilities and shareholders’ equity | $ 19,288 | $ 11,967 |
Condensed Consolidated Interim3
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||||
Revenue | ||||
Expenses: | ||||
Research and development (note 9) | 7,818 | 1,088 | 10,958 | 2,823 |
General and administrative (note 9) | 2,511 | 1,393 | 6,213 | 2,983 |
Operating Expenses | 10,329 | 2,481 | 17,171 | 5,806 |
Finance expense (note 9) | 11 | 29 | ||
Finance income (note 9) | (74) | (40) | (118) | (73) |
Net finance income | (63) | (40) | (89) | (73) |
Net loss and comprehensive loss for the period | $ (10,266) | $ (2,441) | $ (17,082) | $ (5,733) |
Basic and diluted loss per common share (in dollars per share) | $ (0.30) | $ (0.11) | $ (0.56) | $ (0.30) |
Weighted average number of common shares outstanding used in the calculation of basic and diluted loss per common share (000’s) note 6(b)) (in shares) | 33,950 | 21,309 | 30,744 | 19,375 |
Condensed Consolidated Interim4
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Issued capital [member] | Reserve of share-based payments [member] | Share premium [member] | Accumulated other comprehensive income [member] | Retained earnings [member] | Total |
Balance (in shares) at Dec. 31, 2016 | 15,722 | |||||
Balance at Dec. 31, 2016 | $ 218,034 | $ 7,306 | $ 21,413 | $ (4,298) | $ (235,127) | $ 7,328 |
Statement Line Items [Line Items] | ||||||
Common shares issued (in shares) | 7,473 | |||||
Common shares issued | $ 8,204 | 8,204 | ||||
Stock-based compensation (note 7) | 510 | 510 | ||||
Net loss for the period | (5,733) | (5,733) | ||||
Common shares issued on redemption of restricted share units (note 7) (in shares) | 150 | |||||
Common shares issued on redemption of restricted share units (note 7) | $ 171 | (171) | ||||
Expiry of vested stock options | (1,287) | 1,287 | ||||
Balance (in shares) at Jun. 30, 2017 | 23,345 | |||||
Balance at Jun. 30, 2017 | $ 226,409 | 6,358 | 22,700 | (4,298) | (240,860) | 10,309 |
Balance (in shares) at Dec. 31, 2017 | 27,502 | |||||
Balance at Dec. 31, 2017 | $ 231,923 | 6,456 | 22,909 | (4,298) | (246,788) | 10,202 |
Statement Line Items [Line Items] | ||||||
Common shares issued (in shares) | 1,430 | |||||
Common shares issued | $ 5,246 | 5,246 | ||||
Common shares issued pursuant to share purchase agreement (note 6(a)(ii)) (in shares) | 5,232 | |||||
Common shares issued pursuant to share purchase agreement (note 6(a)(ii)) | $ 14,995 | 14,995 | ||||
Common shares issued pursuant to 2018 share purchase agreement (note 6(a)(iii)) (in shares) | 170 | |||||
Common shares issued pursuant to 2018 share purchase agreement (note 6(a)(iii)) | $ 600 | 600 | ||||
Common shares issued upon exercise of stock options (note 7) (in shares) | 77 | |||||
Common shares issued upon exercise of stock options (note 7) | $ 317 | (134) | 183 | |||
Stock-based compensation (note 7) | 2,743 | 2,743 | ||||
Net loss for the period | (17,082) | (17,082) | ||||
Balance (in shares) at Jun. 30, 2018 | 34,411 | |||||
Balance at Jun. 30, 2018 | $ 253,081 | $ 9,065 | $ 22,909 | $ (4,298) | $ (263,870) | $ 16,887 |
Condensed Consolidated Interim5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||||
Net loss for the period | $ (10,266) | $ (2,441) | $ (17,082) | $ (5,733) |
Items not involving cash: | ||||
Stock-based compensation | 515 | 449 | 2,743 | 510 |
Shares issued to Aspire Capital as commitment fees (note 6(a)(iii)) | 600 | 600 | ||
Depreciation and amortization | 19 | 23 | 35 | 46 |
Interest income | (74) | (11) | (118) | (19) |
Unrealized foreign exchange (loss) gain | (29) | 28 | (50) | |
Change in non-cash operating working capital (note 8) | (51) | (631) | 439 | (47) |
Cash used in operating activities | (9,257) | (2,640) | (13,355) | (5,293) |
Cash flows from financing activities: | ||||
Issuance of common shares under the 2018 ATM, net of issuance costs (note 6(a)(i)) | 5,246 | 5,246 | ||
Issuance of common shares under Share Purchase Agreement (note 6(a)(ii)) | 6,140 | 14,995 | ||
Issuance of common shares under the ATM, net of issuance costs (note 6(a)(iv)) | 4,528 | 8,204 | ||
Issuance of common shares upon exercise of stock options (note 7) | 183 | 183 | ||
Cash provided by financing activities | 11,569 | 4,528 | 20,424 | 8,204 |
Cash flows from (used in) investing activities: | ||||
Maturity (acquisition) of investments | 250 | (2,985) | 250 | (2,985) |
Purchase of property and equipment | (100) | (124) | ||
Interest received | 74 | 11 | 118 | 19 |
Cash provided by (used in) investing activities | 224 | (2,974) | 244 | (2,966) |
Effect of exchange rate fluctuations on cash and cash equivalents held | 29 | 50 | ||
Increase (decrease) in cash and cash equivalents | 2,536 | (1,057) | 7,313 | (5) |
Cash and cash equivalents, beginning of year | 15,408 | 8,992 | 10,631 | 7,940 |
Cash and cash equivalents, end of year | $ 17,944 | $ 7,935 | $ 17,944 | $ 7,935 |
Note 1 - Reporting Entity
Note 1 - Reporting Entity | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of notes and other explanatory information [text block] | 1. Reporting Entity Aptose Biosciences Inc. ("Aptose" or the "Company") is a clinical-stage biotechnology company committed to developing highly differentiated therapeutics that target the underlying mechanisms and unmet medical needs in oncology. Aptose is a publicly listed company incorporated under the laws of Canada. The Company's shares are listed on the Nasdaq Capital Markets and the Toronto Stock Exchange. The head office, principal address and records of the Company are located at 251 1105, M2J 4R3. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 2. Basis of presentation (a) Statement of Compliance These unaudited condensed consolidated interim financial statements of the Company as at June 30, 2018, 34, Interim Financial Reporting not not three six June 30, 2018, not may December 31, 2018. December 31, 2017. The unaudited condensed consolidated interim financial statements of the Company were reviewed by the Audit Committee and approved and authorized for issue by the Board of Directors on August 7, 2018. (b) Functional and presentation currency The functional and presentation currency of the Company is the US dollar. (c) Significant accounting judgments, estimates and assumptions The preparation of these unaudited condensed consolidated interim financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities at the date of the unaudited condensed consolidated interim financial statements and reported amounts of revenues and expenses during the reporting period. Actual outcomes could differ from these estimates. Management’s assessment of the Company’s ability to continue as a going concern involves making a judgment, at a particular point in time, about inherently uncertain future outcomes and events or conditions. Please see note 5 The unaudited condensed consolidated interim financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the unaudited condensed consolidated interim financial statements, and may |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 3. Significant accounting policies The accompanying unaudited condensed consolidated interim financial statements follow the same accounting policies and methods of application as the audited consolidated financial statements of the Company for the year ended December 31, 2017, a) Policies adopted in the period IFRS 9, Financial Instruments 9" IFRS 9 2014 9 2014 9 2014 not not b) Recent accounting pronouncements not IFRS 16, Leases 16” On January 13, 2016, 16 Leases January 1, 2019. 16 17 12 not |
Note 4 - Capital Disclosures
Note 4 - Capital Disclosures | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of capital [text block] | 4. Capital disclosures Our primary objective when managing capital is to ensure that we have sufficient cash resources to fund our development activities and to maintain our ongoing operations. To secure the additional capital necessary to pursue these plans, we may We include cash and cash equivalents and short-term investments in the definition of capital. We are not no three six June 30, 2018. In March 2018, “2018 $100,000,000 may one may 2018 may second “2018 Under the terms of the ATM facility with Cantor Fitzgerald, we may, $30 2018 $20.0 30 (a) Cash and cash equivalents: Cash and cash equivalents consists of cash of $1.053 December 31, 2017 - $3.225 three $16.891 December 31, 2017 - $7.406 (b) Investments: As at June 30, 2018 December 31, 2017, October 10, 2018, 1.45% . |
Note 5 - Financial Instruments
Note 5 - Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | 5. Financial instruments (a) Financial instruments The Company financial instruments are as follows: As at June 30, 2018 As at December 31, 2017 Financial assets Cash and cash equivalents (consisting of high interest savings accounts, treasury bill and short-term bankers’ acceptance), measured at amortized cost $ 17,944 $ 10,631 Investments, consisting of fixed income securities, measured at amortized cost 520 798 Financial liabilities Accounts payable and accrued liabilities, measured at amortized cost $ 2,401 $ 1,765 At June 30, 2018, no (b) Financial risk management The Company has exposure to credit risk, liquidity risk, foreign currency risk and market risk. The Company's Board of Directors has the overall responsibility for the oversight of these risks and reviews the Company's policies on an ongoing basis to ensure that these risks are appropriately managed. (i) Credit risk Credit risk is the risk of financial loss to the Company if a customer, partner or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company's cash and cash equivalents. The carrying amount of the financial assets represents the maximum credit exposure. The Company manages credit risk for its cash and cash equivalents and short-term investments by maintaining minimum standards of R1 (ii) Liquidity risk Liquidity risk is the risk that the Company will not not In managing its liquidity risk, the Company has considered its available cash and cash equivalents and short-term investments as at June 30, 2018. 2018 twelve June 30, 2019. After considering the above factors, management has concluded that there are no may may (iii) Foreign currency risk Currency risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. We are exposed to currency risk from employee costs as well as the purchase of goods and services for activities in Canada and the cash balances held in foreign currencies. Fluctuations in the Canadian dollar exchange rate could potentially have a significant impact on the Company’s results. Assuming all other variables remain constant, a 10% $44 June 30, 2018, CA$ Balances at CA$ Balances at Cash and cash equivalents $ 303 $ 83 Investments 706 1,000 Accounts payable and accrued liabilities (429 ) (384 ) Balance, end of period $ 580 $ 699 The Company does not (iv) Market risk Market risk is the risk that changes in market prices, such as interest rates, foreign exchange rates and equity prices will affect the Company's income or the value of its financial instruments. The Company is subject to interest rate risk on its cash and cash equivalents and investments. The Company does not not |
Note 6 - Share Capital
Note 6 - Share Capital | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 6. Share capital The Company is authorized to issue an unlimited number of common shares. (a) Equity issuances: i) 2018 On March 28, 2018, may, $30 During the three six June 30, 2018, 1,429,847 $3.78 $5.41 $ 5.25 3% ii) 2017 On October 27, 2017, $15,500,000 30 October 31, 2017, 357,143 $500 $324 321,429 June 30, 2018, $15.5 During the six June 30, 2018, 5,231,953 $2.87 $15 iii) 2018 On May 30, 2018, 2018 $20 30 June 8, 2018, 170,261 2018 $600 June 30, 2018, not 2018 iv) 2015 On April 2, 2015, $20 December 29, 2017 $20 During the three June 30, 2017, 7,472,618 $1.14 $8.5 $8.2 3% (b) Loss per share Loss per common share is calculated using the weighted average number of common shares outstanding for the three six June 30, 2018 2017 Three months ended Six months ended 2018 2017 2018 2017 Issued common shares, beginning of period 32,225 18,944 27,502 15,722 Effect of ATM issuances 459 2,362 231 3,651 Effect of shares issued pursuant to share purchase agreements 1,257 - 3,007 - Effect of exercise of stock options 9 - 4 - Effect of RSUs redemptions - 3 - 2 33,950 21,309 30,744 19,375 The effect of any potential exercise of our stock options outstanding during the period has been excluded from the calculation of diluted loss per common share as it would be anti-dilutive. |
Note 7 - Other Equity
Note 7 - Other Equity | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of share-based payment arrangements [text block] | 7. Other equity (a) Stock options transactions for the period: Six months ended Six months ended Number of Weighted average Number of Weighted Outstanding, Beginning of period 2,344 $ 3.46 2,005 $ 4.31 Granted 2,084 2.96 728 1.10 Exercised (77 ) 2.31 - - Forfeited (17 ) 2.01 (142 ) 3.65 Expired - - (263 ) 4.97 Outstanding, end of period 4,334 $ 3.16 2,328 3.40 (b) Stock options outstanding at June 30, 2018: Options outstanding Options exercisable Range of exercise prices Options Weighted Weighted Options Weighted $1.03-$2.66 824 8.5 $ 1.26 401 $ 1.28 $2.67-$2.85 790 9.6 2.78 790 2.78 $2.86-$3.00 359 7.9 2.91 184 2.91 $3.01-$3.97 1,165 9.5 3.09 28 3.70 $3.98-$32.88 1,196 6.1 4.87 1,158 4.86 4,334 8.2 $ 3.16 2,561 $ 3.51 (c) Fair value assumptions The following table presents the weighted average assumptions that were used in the Black-Scholes option pricing model to determine the fair value of stock options granted during the period, and the resultant weighted average fair values: Six months ended June 30, 2018 Six months ended June 30, 2017 Weighted average risk-free interest rate 2.39 % 1.24 % Expected dividend yield — — Weighted average expected volatility 93.9 % 100.2 % Weighted average expected life of options (in years) 5 5 Weighted average grant date fair value $ 2.14 $ 0.81 The Company uses historical data to estimate the expected dividend yield and expected volatility of its common shares in determining the fair value of stock options. The expected life of the options represents the estimated length of time the options are expected to remain outstanding. Stock options granted by the Company during the six June 30, 2018 50% one 16.67% three 116,000 50% one 25% two 850,000 three six June 30, 2018, $515 2017 $286 $2.743 2017 $339 Refer to note 9 The Company has available up to 6,021,923 June 30, 2018. (d) Restricted share units The Company has a stock incentive plan (SIP) pursuant to which the Board may one six June 30, 2018, Six months ended, Six months ended, Number Weighted Number Weighted Outstanding, beginning of period - $ - - $ - Granted - - 150 1.14 Redeemed - - (150 ) 1.14 Outstanding, end of period - $ - - $ - On March 28, 2017 150,000 three three six June 30, 2018, $nil 2017 $163 $nil 2017 $171 The grant date fair value was determined as the closing value of the common shares of the Company on the Toronto Stock Exchange on the date prior to the date of grant. |
Note 8 - Additional Cash Flow D
Note 8 - Additional Cash Flow Disclosures | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of cash flow statement [text block] | 8. Additional cash flow disclosures Net change in non-cash operating working capital is summarized as follows: Three months ended Six months ended 2018 2017 2018 2017 Prepaid expenses and other assets $ (247 ) $ 119 $ (197 ) $ 262 Accrued payables and accrued liabilities 196 (750 ) 636 (309 ) Net (used) provided $ (51 ) $ (631 ) $ 439 $ (47 ) |
Note 9 - Other Expenses
Note 9 - Other Expenses | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Components of other expenses [text block] | 9. Other expenses Components of research and development expenses: Three months ended Six months ended 2018 2017 2018 2017 Program costs, excluding salaries $ 2,201 $ 692 $ 4,476 $ 1,939 Salaries 457 314 946 743 License fee, CrystalGenomics (note 9(a),(b)) 5,000 - 5,000 - Stock-based compensation 152 73 519 123 Depreciation and amortization 8 9 17 18 $ 7,818 $ 1,088 $ 10,958 $ 2,823 a) On May 7, 2018, $2.0 806 10. b) On June 13, 2018, $3.0 806 10. Components of general and administrative expenses: Three months ended Six months ended 2018 2017 2018 2017 General and administrative excluding salaries $ 1,003 $ 560 $ 2,296 $ 1,268 Salaries 533 443 1,074 1,301 Stock-based payment financing fees (note 6(a)(iii) 600 - 600 - Stock-based compensation 364 376 2,225 386 Depreciation and amortization 11 14 18 28 $ 2,511 $ 1,393 $ 6,213 $ 2,983 Components of finance expense: Three months ended Six months ended 2018 2017 2018 2017 Foreign exchange loss $ 11 $ - $ 28 $ - Components of finance income: Three months ended Six months ended 2018 2017 2018 2017 Interest income $ 74 $ 11 $ 118 $ 19 Foreign exchange gain - 29 - 54 $ 74 $ 40 $ 118 $ 73 |
Note 10 - Commitments, Continge
Note 10 - Commitments, Contingencies and Guarantees | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of other provisions, contingent liabilities and contingent assets [text block] | 10. Commitments, contingencies and guarantees Less than 1 – 3 years 3 – 5 years Greater than Total Operating leases $ 280 $ 505 $ 518 $ 213 $ 1,516 The Company has entered into various contracts with service providers with respect to the clinical development of APTO- 253 CG’806. $3.2 The Company enters into research, development and license agreements in the ordinary course of business where the Company receives research services and rights to proprietary technologies. Milestone and royalty payments that may Under the license agreement with CrystalGenomics, the Company has obligations for development milestones of $16 2 $44 may not On June 13, 2018, 806 $6 2 $20 may not |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 11. Related Party Transactions The Company uses Moores Cancer Center at the University of California San Diego (UCSD) to provide pharmacology lab services to the Company. Dr. Stephen Howell is the Acting Chief Medical Officer of Aptose and is also a Professor of Medicine at UCSD and oversees the laboratory work. The work is completed under the terms of research services agreements executed in March 2015 March 2018, twelve $300,000. During the six June 30, 2018, $143 2017 $122 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for new accounting pronouncements [text block] | a) Policies adopted in the period IFRS 9, Financial Instruments 9" IFRS 9 2014 9 2014 9 2014 not not b) Recent accounting pronouncements not IFRS 16, Leases 16” On January 13, 2016, 16 Leases January 1, 2019. 16 17 12 not |
Note 5 - Financial Instruments
Note 5 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about financial instruments [text block] | As at June 30, 2018 As at December 31, 2017 Financial assets Cash and cash equivalents (consisting of high interest savings accounts, treasury bill and short-term bankers’ acceptance), measured at amortized cost $ 17,944 $ 10,631 Investments, consisting of fixed income securities, measured at amortized cost 520 798 Financial liabilities Accounts payable and accrued liabilities, measured at amortized cost $ 2,401 $ 1,765 |
Disclosure of currency risk [text block] | CA$ Balances at CA$ Balances at Cash and cash equivalents $ 303 $ 83 Investments 706 1,000 Accounts payable and accrued liabilities (429 ) (384 ) Balance, end of period $ 580 $ 699 |
Note 6 - Share Capital (Tables)
Note 6 - Share Capital (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | Three months ended Six months ended 2018 2017 2018 2017 Issued common shares, beginning of period 32,225 18,944 27,502 15,722 Effect of ATM issuances 459 2,362 231 3,651 Effect of shares issued pursuant to share purchase agreements 1,257 - 3,007 - Effect of exercise of stock options 9 - 4 - Effect of RSUs redemptions - 3 - 2 33,950 21,309 30,744 19,375 |
Note 7 - Other Equity (Tables)
Note 7 - Other Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [text block] | Six months ended Six months ended Number of Weighted average Number of Weighted Outstanding, Beginning of period 2,344 $ 3.46 2,005 $ 4.31 Granted 2,084 2.96 728 1.10 Exercised (77 ) 2.31 - - Forfeited (17 ) 2.01 (142 ) 3.65 Expired - - (263 ) 4.97 Outstanding, end of period 4,334 $ 3.16 2,328 3.40 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [text block] | Options outstanding Options exercisable Range of exercise prices Options Weighted Weighted Options Weighted $1.03-$2.66 824 8.5 $ 1.26 401 $ 1.28 $2.67-$2.85 790 9.6 2.78 790 2.78 $2.86-$3.00 359 7.9 2.91 184 2.91 $3.01-$3.97 1,165 9.5 3.09 28 3.70 $3.98-$32.88 1,196 6.1 4.87 1,158 4.86 4,334 8.2 $ 3.16 2,561 $ 3.51 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | Six months ended June 30, 2018 Six months ended June 30, 2017 Weighted average risk-free interest rate 2.39 % 1.24 % Expected dividend yield — — Weighted average expected volatility 93.9 % 100.2 % Weighted average expected life of options (in years) 5 5 Weighted average grant date fair value $ 2.14 $ 0.81 |
Disclosure of number and weighted average exercise prices of other equity instruments [text block] | Six months ended, Six months ended, Number Weighted Number Weighted Outstanding, beginning of period - $ - - $ - Granted - - 150 1.14 Redeemed - - (150 ) 1.14 Outstanding, end of period - $ - - $ - |
Note 8 - Additional Cash Flow21
Note 8 - Additional Cash Flow Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Net change in non-cash operating working capital [text block] | Three months ended Six months ended 2018 2017 2018 2017 Prepaid expenses and other assets $ (247 ) $ 119 $ (197 ) $ 262 Accrued payables and accrued liabilities 196 (750 ) 636 (309 ) Net (used) provided $ (51 ) $ (631 ) $ 439 $ (47 ) |
Note 9 - Other Expenses (Tables
Note 9 - Other Expenses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of components of research and development expense [text block] | Three months ended Six months ended 2018 2017 2018 2017 Program costs, excluding salaries $ 2,201 $ 692 $ 4,476 $ 1,939 Salaries 457 314 946 743 License fee, CrystalGenomics (note 9(a),(b)) 5,000 - 5,000 - Stock-based compensation 152 73 519 123 Depreciation and amortization 8 9 17 18 $ 7,818 $ 1,088 $ 10,958 $ 2,823 |
Disclosure of components of general and administrative expense [text block] | Three months ended Six months ended 2018 2017 2018 2017 General and administrative excluding salaries $ 1,003 $ 560 $ 2,296 $ 1,268 Salaries 533 443 1,074 1,301 Stock-based payment financing fees (note 6(a)(iii) 600 - 600 - Stock-based compensation 364 376 2,225 386 Depreciation and amortization 11 14 18 28 $ 2,511 $ 1,393 $ 6,213 $ 2,983 |
Disclosure of finance income (cost) [text block] | Three months ended Six months ended 2018 2017 2018 2017 Foreign exchange loss $ 11 $ - $ 28 $ - Three months ended Six months ended 2018 2017 2018 2017 Interest income $ 74 $ 11 $ 118 $ 19 Foreign exchange gain - 29 - 54 $ 74 $ 40 $ 118 $ 73 |
Note 10 - Commitments, Contin23
Note 10 - Commitments, Contingencies and Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Statement Line Items [Line Items] | |
Disclosure of finance lease and operating lease by lessee [text block] | Less than 1 – 3 years 3 – 5 years Greater than Total Operating leases $ 280 $ 505 $ 518 $ 213 $ 1,516 |
Note 4 - Capital Disclosures (D
Note 4 - Capital Disclosures (Details Textual) - USD ($) | Jun. 30, 2018 | May 30, 2018 | Mar. 31, 2018 | Mar. 28, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | |||||
Maximum equity authorised | $ 100,000,000 | ||||
Total cash | $ 1,053,000 | $ 3,225,000 | |||
Total cash equivalents | $ 16,891,000 | $ 7,406,000 | |||
Investments, Interest Rate | 1.45% | 1.45% | |||
Aspire purchase agreement 2018 [member] | |||||
Statement Line Items [Line Items] | |||||
Sale of Stock, Maximum Offering Value | $ 20,000,000 | ||||
Cantor Fitzgerald [member] | |||||
Statement Line Items [Line Items] | |||||
Sale of Stock, Maximum Offering Value | $ 30,000,000 |
Note 5 - Financial Instrument25
Note 5 - Financial Instruments (Details Textual) $ in Thousands | Jun. 30, 2018USD ($) |
Statement Line Items [Line Items] | |
Value at risk | $ 0 |
Floating interest rate [member] | |
Statement Line Items [Line Items] | |
Total financial liabilities | 0 |
Forward contract [member] | |
Statement Line Items [Line Items] | |
Financial instruments designated as hedging instruments, at fair value | 0 |
Currency risk [member] | |
Statement Line Items [Line Items] | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, impact on pre-tax earnings | $ 44 |
Note 5 - Financial Instrument26
Note 5 - Financial Instruments - Classes of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Cash and cash equivalents, consisting of high interest savings accounts, treasury bill and short term bankers’ acceptance, classified as loans and receivables and measured at amortized cost [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | $ 17,944 | $ 10,631 |
Investments, consisting of fixed income securities, classified as loans and receivables and measured at amortized cost [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 520 | 798 |
Accounts payable and accrued liabilities, measured at amortized cost [Member] | ||
Statement Line Items [Line Items] | ||
Financial liabilities | $ 2,401 | $ 1,765 |
Note 5 - Financial Instrument27
Note 5 - Financial Instruments - Currency Risk (Details) - Currency risk [member] - CAD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | ||
Balance, end of period | $ 580 | $ 699 |
Cash and cash equivalents [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 303 | 83 |
Invesmtents [member] | ||
Statement Line Items [Line Items] | ||
Financial assets | 706 | 1,000 |
Accounts payable and accrued liabilities [member] | ||
Statement Line Items [Line Items] | ||
Accounts payable and accrued liabilities | $ (429) | $ (384) |
Note 6 - Share Capital (Details
Note 6 - Share Capital (Details Textual) - USD ($) | Jun. 08, 2018 | Oct. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 29, 2017 | May 30, 2018 | Mar. 28, 2018 | Oct. 27, 2017 | Apr. 02, 2015 |
Statement Line Items [Line Items] | ||||||||||||
Issue of equity | $ 5,246,000 | $ 8,204,000 | ||||||||||
Aspire purchase agreement [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Sale of Stock, Maximum Offering Value | $ 15,500,000 | |||||||||||
Total number of shares issued | 357,143 | |||||||||||
Weighted average share price | 2.87 | |||||||||||
Proceeds from Issuing Shares, Gross | $ 500,000 | 15,000,000 | $ 15,500,000 | |||||||||
Proceeds from issuing shares | $ 324,000 | $ 15,000,000 | ||||||||||
Number of Shares Issued During the Period | 5,231,953 | |||||||||||
Aspire purchase agreement [member] | Common shares to Aspire Capital in consideration for entering into the Aspire Purchase Agreement [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Total number of shares issued | 321,429 | |||||||||||
Aspire purchase agreement 2018 [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Sale of Stock, Maximum Offering Value | $ 20,000,000 | |||||||||||
Total number of shares issued | 170,261 | |||||||||||
Value of shares issued during the period | $ 600,000 | |||||||||||
At the market equity facility [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Sale of Stock, Maximum Offering Value | $ 20,000,000 | |||||||||||
Total number of shares issued | 7,472,618 | 7,472,618 | ||||||||||
Proceeds from Issuing Shares, Gross | $ 8,500,000 | |||||||||||
Proceeds from issuing shares | $ 8,200,000 | |||||||||||
Equity Issuance, Commission Percentage | 3.00% | 3.00% | ||||||||||
Issue of equity | $ 20,000,000 | |||||||||||
Shares Issued, Price Per Share | $ 1.14 | $ 1.14 | ||||||||||
Cantor Fitzgerald [member] | ||||||||||||
Statement Line Items [Line Items] | ||||||||||||
Sale of Stock, Maximum Offering Value | $ 30,000,000 | |||||||||||
Total number of shares issued | 1,429,847 | 1,429,847 | 1,429,847 | |||||||||
Weighted average share price | $ 3.78 | $ 3.78 | ||||||||||
Proceeds from Issuing Shares, Gross | 5,410,000 | 5,410,000 | ||||||||||
Proceeds from issuing shares | $ 5,250,000 | $ 5,250,000 | ||||||||||
Equity Issuance, Commission Percentage | 3.00% | 3.00% | 3.00% |
Note 6 - Share Capital - Loss P
Note 6 - Share Capital - Loss Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||||
Issued common shares, beginning of period (in shares) | 32,225 | 18,944 | 27,502 | 15,722 |
Effect of ATM issuances (in shares) | 459 | 2,362 | 231 | 3,651 |
Effect of shares issued pursuant to share purchase agreements (in shares) | 1,257 | 3,007 | ||
Effect of exercise of stock options (in shares) | 9 | 4 | ||
Effect of RSUs redemptions (in shares) | 3 | 2 | ||
Issued common shares, end of period (in shares) | 33,950 | 21,309 | 30,744 | 19,375 |
Note 7 - Other Equity (Details
Note 7 - Other Equity (Details Textual) | Mar. 28, 2017 | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($) |
Statement Line Items [Line Items] | |||||
Number of share options granted in share-based payment arrangement | 2,084,000 | 728,000 | |||
Number of shares reserved for issue under options and contracts for sale of shares | shares | 6,021,923 | 6,021,923 | |||
First set of stock options issued in a share-based payment arrangement [member] | |||||
Statement Line Items [Line Items] | |||||
Share-based payment arrangements, option vesting percentage, year one | 50.00% | ||||
Share-based payment arrangements, option vesting percentage, year two | 16.67% | ||||
Share-based payment arrangements, option vesting percentage, year three | 16.67% | ||||
Share-based payment arrangements, option vesting percentage, year four | 16.67% | ||||
Second set of stock options issued in a share-based payment arrangement [member] | |||||
Statement Line Items [Line Items] | |||||
Share-based payment arrangements, option vesting percentage, year one | 50.00% | ||||
Share-based payment arrangements, option vesting percentage, year two | 25.00% | ||||
Number of share options granted in share-based payment arrangement | 116,000 | ||||
Share-based payment arrangements, option vesting percentage, year three | 25.00% | ||||
Third set of stock options issued in a share-based payment arrangement, vesting immediately [member] | |||||
Statement Line Items [Line Items] | |||||
Number of share options granted in share-based payment arrangement | 850,000 | ||||
Stock options [member] | |||||
Statement Line Items [Line Items] | |||||
Expense from share-based payment transactions with employees | $ 515,000 | $ 286,000 | $ 2,743 | $ 339,000 | |
Restricted share units [member] | |||||
Statement Line Items [Line Items] | |||||
Expense from share-based payment transactions with employees | $ 0 | $ 163,000 | $ 0 | $ 171,000 | |
Number of other equity instruments granted in share-based payment arrangement | 150,000 | 150,000 |
Note 7 - Other Equity - Stock O
Note 7 - Other Equity - Stock Option Transactions (Details) | 6 Months Ended | |
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | |
Statement Line Items [Line Items] | ||
Outstanding, Beginning of period | 2,344,000 | 2,005,000 |
Outstanding, Beginning of period, weighted average exercise price | $ 3.46 | $ 4.31 |
Stock options, granted | 2,084,000 | 728,000 |
Stock options, weighted average exercise price, granted | $ 2.96 | $ 1.10 |
Stock options, exercised | (77,000) | |
Stock options, weighted average exercise price, exercised | $ 2.31 | |
Stock options, forfeited | (17,000) | (142,000) |
Stock options, weighted average exercise price, forfeited | $ 2.01 | $ 3.65 |
Stock options, expired | (263,000) | |
Stock options, weighted average exercise price, expired | $ 4.97 | |
Outstanding, end of period | 4,334,000 | 2,328,000 |
Outstanding, end of period, weighted average exercise price | $ 3.16 | $ 3.40 |
Note 7 - Other Equity - Stock32
Note 7 - Other Equity - Stock Options Outstanding (Details) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Statement Line Items [Line Items] | ||||
Options outstanding | 4,334,000 | 2,344,000 | 2,328,000 | 2,005,000 |
Options outstanding, weighted average contractual life | 8.2 | |||
Options outstanding, weighted average exercise price | $ 3.16 | $ 3.46 | $ 3.40 | $ 4.31 |
Options exercisable | 2,561,000 | |||
Options exercisable, weighted average exercise price | $ 3.51 | |||
Range one [member] | ||||
Statement Line Items [Line Items] | ||||
Options outstanding | 824,000 | |||
Options outstanding, weighted average contractual life | 8.5 | |||
Options outstanding, weighted average exercise price | $ 1.26 | |||
Options exercisable | 401,000 | |||
Options exercisable, weighted average exercise price | $ 1.28 | |||
Range one [member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Range of exercise prices | 1.03 | |||
Range one [member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Range of exercise prices | $ 2.66 | |||
Range two [member] | ||||
Statement Line Items [Line Items] | ||||
Options outstanding | 790,000 | |||
Options outstanding, weighted average contractual life | 9.6 | |||
Options outstanding, weighted average exercise price | $ 2.78 | |||
Options exercisable | 790,000 | |||
Options exercisable, weighted average exercise price | $ 2.78 | |||
Range two [member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Range of exercise prices | 2.67 | |||
Range two [member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Range of exercise prices | $ 2.85 | |||
Range three [member] | ||||
Statement Line Items [Line Items] | ||||
Options outstanding | 359,000 | |||
Options outstanding, weighted average contractual life | 7.9 | |||
Options outstanding, weighted average exercise price | $ 2.91 | |||
Options exercisable | 184,000 | |||
Options exercisable, weighted average exercise price | $ 2.91 | |||
Range three [member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Range of exercise prices | 2.86 | |||
Range three [member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Range of exercise prices | $ 3 | |||
Range four [member] | ||||
Statement Line Items [Line Items] | ||||
Options outstanding | 1,165,000 | |||
Options outstanding, weighted average contractual life | 9.5 | |||
Options outstanding, weighted average exercise price | $ 3.09 | |||
Options exercisable | 28,000 | |||
Options exercisable, weighted average exercise price | $ 3.70 | |||
Range four [member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Range of exercise prices | 3.01 | |||
Range four [member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Range of exercise prices | $ 3.97 | |||
Range five [member] | ||||
Statement Line Items [Line Items] | ||||
Options outstanding | 1,196,000 | |||
Options outstanding, weighted average contractual life | 6.1 | |||
Options outstanding, weighted average exercise price | $ 4.87 | |||
Options exercisable | 1,158,000 | |||
Options exercisable, weighted average exercise price | $ 4.86 | |||
Range five [member] | Bottom of range [member] | ||||
Statement Line Items [Line Items] | ||||
Range of exercise prices | 3.98 | |||
Range five [member] | Top of range [member] | ||||
Statement Line Items [Line Items] | ||||
Range of exercise prices | $ 32.88 |
Note 7 - Other Equity - Stock33
Note 7 - Other Equity - Stock Option Fair Value Assumptions (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||
Weighted average risk-free interest rate | 2.39% | 1.24% |
Expected dividend yield | ||
Weighted average expected volatility | 93.90% | 100.20% |
Weighted average expected life of options (in years) | 5 | 5 |
Weighted average grant date fair value | $ 2.14 | $ 0.81 |
Note 7 - Other Equity - Restric
Note 7 - Other Equity - Restricted Share Activity (Details) - Restricted share units [member] | Mar. 28, 2017 | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Statement Line Items [Line Items] | |||
Outstanding, beginning of period | |||
Outstanding, beginning of period, weighted average grant date fair value | |||
Granted | 150,000 | 150,000 | |
Granted, weighted average grant date fair value | $ 1.14 | ||
Redeemed | (150,000) | ||
Redeemed, weighted average grant date fair value | $ 1.14 | ||
Outstanding, end of period | |||
Outstanding, end of period, weighted average grant date fair value |
Note 8 - Additional Cash Flow35
Note 8 - Additional Cash Flow Disclosures - Net Change in Non-cash Operating Working Capital (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||||
Prepaid expenses and other assets | $ (247) | $ 119 | $ (197) | $ 262 |
Accrued payables and accrued liabilities | 196 | (750) | 636 | (309) |
Net (used) provided | $ (51) | $ (631) | $ 439 | $ (47) |
Note 9 - Other Expenses (Detail
Note 9 - Other Expenses (Details Textual) - USD ($) $ in Thousands | Jun. 13, 2018 | May 07, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 |
Statement Line Items [Line Items] | ||||||
Research and development expense, license fee | $ 5,000 | $ 5,000 | ||||
CrystalGenomics [member] | Exclusive license to cg806 outside of Korea and China [member] | ||||||
Statement Line Items [Line Items] | ||||||
Research and development expense, license fee | $ 2,000 | |||||
CrystalGenomics [member] | Exclusive license to cg806 in China [member] | ||||||
Statement Line Items [Line Items] | ||||||
Research and development expense, license fee | $ 3,000 |
Note 9 - Other Expenses - Compo
Note 9 - Other Expenses - Components of Research and Development Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||||
Program costs, excluding salaries | $ 2,201 | $ 692 | $ 4,476 | $ 1,939 |
Salaries | 457 | 314 | 946 | 743 |
License fee, CrystalGenomics (note 9(a),(b)) | 5,000 | 5,000 | ||
Stock-based compensation | 152 | 73 | 519 | 123 |
Depreciation and amortization | 8 | 9 | 17 | 18 |
$ 7,818 | $ 1,088 | $ 10,958 | $ 2,823 |
Note 9 - Other Expenses - Com38
Note 9 - Other Expenses - Components of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||||
General and administrative excluding salaries | $ 1,003 | $ 560 | $ 2,296 | $ 1,268 |
Salaries | 533 | 443 | 1,074 | 1,301 |
Stock-based payment financing fees (note 6(a)(iii) | 600 | 600 | ||
Stock-based compensation | 364 | 376 | 2,225 | 386 |
Depreciation and amortization | 11 | 14 | 18 | 28 |
General and administrative | $ 2,511 | $ 1,393 | $ 6,213 | $ 2,983 |
Note 9 - Other Expenses - Com39
Note 9 - Other Expenses - Components of Finance Income (Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Line Items [Line Items] | ||||
Foreign exchange loss | $ 11 | $ 28 | ||
Interest income | 74 | 11 | 118 | 19 |
Foreign exchange gain | 29 | 54 | ||
$ 74 | $ 40 | $ 118 | $ 73 |
Note 10 - Commitments, Contin40
Note 10 - Commitments, Contingencies and Guarantees (Details Textual) - USD ($) $ in Millions | Jun. 30, 2018 | Jun. 13, 2018 |
CrystalGenomics [member] | Exclusive license to cg806 outside of Korea and China [member] | Development Milestones [Member] | ||
Statement Line Items [Line Items] | ||
Possible future milestone payment | $ 16 | |
CrystalGenomics [member] | Exclusive license to cg806 outside of Korea and China [member] | Regulatory Milestones [Member] | ||
Statement Line Items [Line Items] | ||
Possible future milestone payment | 44 | |
CrystalGenomics [member] | Exclusive license to cg806 in China [member] | Development Milestones [Member] | ||
Statement Line Items [Line Items] | ||
Possible future milestone payment | $ 6 | |
CrystalGenomics [member] | Exclusive license to cg806 in China [member] | Regulatory Milestones [Member] | ||
Statement Line Items [Line Items] | ||
Possible future milestone payment | $ 20 | |
Clinical development of APTO-253 and CG'806 [member] | ||
Statement Line Items [Line Items] | ||
Transaction price allocated to remaining performance obligations | $ 3.2 |
Note 10 - Commitments, Contin41
Note 10 - Commitments, Contingencies and Guarantees - Operating Lease Commitments (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Statement Line Items [Line Items] | |
Operating leases | $ 1,516 |
Not later than one year [member] | |
Statement Line Items [Line Items] | |
Operating leases | 280 |
Later than one year and not later than three years [member] | |
Statement Line Items [Line Items] | |
Operating leases | 505 |
Later than three years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Operating leases | 518 |
Later than five years [member] | |
Statement Line Items [Line Items] | |
Operating leases | $ 213 |
Note 11 - Related Party Trans42
Note 11 - Related Party Transactions (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | May 31, 2017 | |
Statement Line Items [Line Items] | |||
Services to be received, related party transactions, maximum | $ 300,000 | ||
Services received, related party transactions | $ 143,000 | $ 122,000 |